Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

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,
	2020		2019		2018
U.S.	$	407,015	$	359,496	$	449,171
Non-U.S.	71,710		32,986		36,589
Income before Income Tax Expense(a)	$	478,725	$	392,482	$	485,760

(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, 2020, 2019 and 2018 consist of:

	For the Years Ended December 31,
	2020		2019		2018
Current:
Federal	$	73,119	$	72,712	$	80,690
Foreign	20,360		6,134		7,360
State and Local	20,848		26,703		24,451
Total Current	114,327		105,549		112,501
Deferred:
Federal	9,640		(2,169)		(4,771)
Foreign	3,290		(5,022)		(61)
State and Local	894		(3,312)		851
Total Deferred	13,824		(10,503)		(3,981)
Total	$	128,151	$	95,046	$	108,520

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, 2020, 2019 and 2018 is as follows:

	For the Years Ended December 31,
	2020		2019		2018
Reconciliation of Federal Statutory Tax Rates:
U.S. Statutory Tax Rate	21.0	%	21.0	%	21.0	%
Increase Due to State and Local Taxes	3.7	%	4.2	%	3.6	%
Rate Benefits as a Limited Liability Company/Flow Through	(2.2)	%	(2.5)	%	(2.6)	%
Foreign Taxes	(1.1)	%	(0.1)	%	0.2	%
Non-Deductible Expenses(1)	0.7	%	1.6	%	1.2	%
ASU 2016-09 Benefit for Stock Compensation	—	%	(2.7)	%	(4.2)	%
Tax Cuts and Jobs Act - Primarily Related to the Re-measurement of Net Deferred Tax Assets	—	%	—	%	0.1	%
Valuation Allowances	1.8	%	0.3	%	0.3	%
Other Adjustments	(0.2)	%	(0.6)	%	0.1	%
Effective Income Tax Rate	23.7	%	21.2	%	19.7	%

(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, 2020 and 2019 were as follows:

	December 31,
	2020		2019
Deferred Tax Assets:
Depreciation and Amortization	$	24,179	$	37,912
Compensation and Benefits	90,787		85,567
Step up in tax basis due to the exchange of LP Units for Class A Shares(1)	90,157		99,979
Step up in tax basis due to the exchange of LP Units for Class A Shares(2)	46,215		41,286
Operating Lease(3)	80,446		58,497
Other	21,478		20,617
Total Deferred Tax Assets	$	353,262	$	343,858
Deferred Tax Liabilities:
Operating Lease(3)	$	63,460	$	46,682
Goodwill, Intangible Assets and Other	12,873		19,012
Total Deferred Tax Liabilities	$	76,333	$	65,694
Net Deferred Tax Assets Before Valuation Allowance	276,929		278,164
Valuation Allowance	(19,067)		(9,573)
Net Deferred Tax Assets	$	257,862	$	268,591

(1)Step-up in the tax basis associated with the exchange of LP Units for holders which have a tax receivable agreement.

(2)Step-up in the tax basis associated with the exchange of LP Units for holders which do not have a tax receivable agreement.

(3)As discussed in Note 2, in 2019, the Company adopted ASC 842 using the modified retrospective approach as of the date of adoption, which resulted in the recognition of operating lease right-of-use assets and lease liabilities.

Summary of Income Tax Contingencies

A reconciliation of the changes in tax positions for the years ended December 31, 2020, 2019 and 2018 is as follows:

	December 31,
	2020		2019		2018
Beginning unrecognized tax benefit	$	494	$	—	$	—
Additions for tax positions of prior years	—		616		—
Reductions for tax positions of prior years	—		—		—
Lapse of Statute of Limitations	(118)		(122)		—
Decrease due to settlement with Taxing Authority	—		—		—
Ending unrecognized tax benefit	$	376	$	494	$	—