Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Income before Income Tax, Domestic and Foreign

The following table presents the U.S. and non-U.S. components of Income before income tax expense:



	For the Years Ended December 31,
	2017		2016		2015
U.S.	$	379,407	$	204,920	$	81,157
Non-U.S.	4,489		21,911		38,736
Income before Income Tax Expense^(a)	$	383,896	$	226,831	$	119,893


(a)	Net of Noncontrolling Interest.

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision for income taxes reflected on the Consolidated Statements of Operations for the years ended December 31, 2017, 2016 and 2015 consist of:



	For the Years Ended December 31,
	2017			2016			2015
Current:
Federal	$	85,371		$	79,596		$	56,064
Foreign	9,796			10,832			9,798
State and Local	14,955			18,832			14,795
Total Current	110,122			109,260			80,657
Deferred:
Federal	150,800			11,510			(1,196		)
Foreign	(3,464		)	(1,439		)	659
State and Local	984			(28		)	(3,090		)
Total Deferred	148,320			10,043			(3,627		)
Total	$	258,442		$	119,303		$	77,030

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation between the federal statutory income tax rate and the Company's effective income tax rate for the years ended December 31, 2017, 2016 and 2015 is as follows:



	For the Years Ended December 31,
	2017		2016		2015
Reconciliation of Federal Statutory Tax Rates:
U.S. Statutory Tax Rate	35.0	%	35.0	%	35.0	%
Increase Due to State and Local Taxes	3.1	%	4.8	%	7.0	%
Rate Benefits as a Limited Liability Company/Flow Through	(2.3	)%	(5.9	)%	(5.9	)%
Foreign Taxes	(1.1	)%	0.7	%	1.5	%
Non-Deductible Expenses⁽¹⁾	1.6	%	9.9	%	19.9	%
ASU 2016-09 Benefit for Stock Compensation	(5.5	)%	—	%	—	%
Tax Cuts and Jobs Act - Reduction to Tax Receivable Agreement Liability	(5.6	)%	—	%	—	%
Tax Cuts and Jobs Act - Primarily Related to the Re-measurement of Net Deferred Tax Assets	32.7	%	—	%	—	%
Valuation Allowances	1.1	%	—	%	—	%
Other Adjustments	0.1	%	—	%	(0.3	)%
Effective Income Tax Rate	59.1	%	44.5	%	57.2	%


(1)	Primarily related to non-deductible share-based compensation expense.

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Statements of Financial Condition. These temporary differences result in taxable or deductible amounts in future years. Details of the Company's deferred tax assets and liabilities as of December 31, 2017 and 2016 were as follows:



	December 31,
	2017			2016
Deferred Tax Assets:
Depreciation and Amortization	$	26,319		$	31,475
Compensation and Benefits	46,697			54,410
Step up in tax basis due to the exchange of LP Units for Class A Shares	106,360			202,257
Other	46,165			44,065
Total Deferred Tax Assets	$	225,541		$	332,207
Deferred Tax Liabilities:
Goodwill, Intangible Assets and Other	$	20,241		$	25,273
Total Deferred Tax Liabilities	$	20,241		$	25,273
Net Deferred Tax Assets Before Valuation Allowance	$	205,300		$	306,934
Valuation Allowance	(6,406		)	(1,510		)
Net Deferred Tax Assets	$	198,894		$	305,424