Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

The components of the provision for income taxes reflected on the consolidated statements of operations are set forth below:

	For the Years Ended December 31,
	2017			2016			2015
	(in thousands)
Current taxes:
U.S. federal	$	8,792		$	19,392		$	15,995
State and local	1,181			1,939			3,624
Foreign	1,786			13,245			4,136
Total current tax expense	11,759			34,576			23,755
Deferred taxes:
U.S. federal	14,626			(4,530		)	(2,252		)
State and local	795			(321		)	(759		)
Foreign	(827		)	(2,606		)	(3,047		)
Total deferred tax (benefit) expense	14,594			(7,457		)	(6,058		)
Total tax expense	$	26,353		$	27,119		$	17,697

Significant Components of Net Deferred Tax Assets and Liabilities

Significant components of the Company's net deferred tax assets and liabilities are set forth below:

	As of December 31,
	2017			2016
	(in thousands)
Deferred tax assets:
Compensation and benefits	$	23,080		$	32,021
Depreciation and amortization	1,521			2,483
Cumulative translation adjustment	8,878			20,361
Operating loss carryforwards	10,133			4,944
Capital loss carryforwards	2,106			1,938
Unrealized loss on investments	61			—
Other financial accruals	2,047			2,299
Valuation allowances	(5,481		)	(1,938		)
Total deferred tax assets	42,345			62,108
Deferred tax liabilities:
Unrealized gain on investments	—			659
Other financial accruals	2,928			3,008
Total deferred tax liabilities	2,928			3,667
Net deferred tax asset	$	39,417		$	58,441

Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Income Tax Rate

A reconciliation of the statutory U.S. federal income tax rate of 35.0% to the Company’s effective income tax rate is set forth below:

	For the Years Ended December 31,
	2017		2016		2015
U.S. statutory tax rate	35.0	%	35.0	%	35.0	%
Increase related to state and local taxes, net of U.S. income tax benefit	(499.9	)	1.3		4.7
Benefits and taxes related to foreign operations	(2,796.3	)	(6.2	)	0.7
Accounting pronouncement for equity compensation including foreign	(486.2	)	—		—
Rate change to deferred items related to Tax Cuts and Jobs Act	(5,193.7	)	—		—
Other	89.2		0.8		0.5
Effective income tax rate	(8,851.9	)%	30.9	%	40.9	%