Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
U.S.	$	832,411	$	407,015	$	359,496
Non-U.S.	155,731		71,710		32,986
Income before Income Tax Expense(a)	$	988,142	$	478,725	$	392,482

(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, 2021, 2020 and 2019 consist of:

	For the Years Ended December 31,
	2021		2020		2019
Current:
Federal	$	141,260	$	73,119	$	72,712
Foreign	25,643		20,360		6,134
State and Local	52,045		20,848		26,703
Total Current	218,948		114,327		105,549
Deferred:
Federal	25,352		9,640		(2,169)
Foreign	(1,757)		3,290		(5,022)
State and Local	5,483		894		(3,312)
Total Deferred	29,078		13,824		(10,503)
Total	$	248,026	$	128,151	$	95,046

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, 2021, 2020 and 2019 is as follows:

	For the Years Ended December 31,
	2021		2020		2019
Reconciliation of Federal Statutory Tax Rates:
U.S. Statutory Tax Rate	21.0	%	21.0	%	21.0	%
Increase Due to State and Local Taxes	4.6	%	3.7	%	4.2	%
Rate Benefits as a Limited Liability Company/Flow Through	(2.6)	%	(2.2)	%	(2.5)	%
Foreign Taxes	0.5	%	(1.1)	%	(0.1)	%
Non-Deductible Expenses(1)	0.3	%	0.7	%	1.6	%
ASU 2016-09 Benefit for Stock Compensation	(1.7)	%	—	%	(2.7)	%
Valuation Allowances	(0.4)	%	1.8	%	0.3	%
Other Adjustments	0.5	%	(0.2)	%	(0.6)	%
Effective Income Tax Rate	22.2	%	23.7	%	21.2	%

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

Schedule of Deferred Tax Assets and Liabilities

Details of the Company's deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows:

	December 31,
	2021		2020
Deferred Tax Assets:
Depreciation and Amortization	$	26,207	$	24,179
Compensation and Benefits	95,532		90,787
Step up in tax basis due to the exchange of LP Units for Class A Shares(1)	83,313		90,157
Step up in tax basis due to the exchange of LP Units for Class A Shares(2)	44,840		46,215
Operating Lease	81,198		80,446
Other	9,511		21,478
Total Deferred Tax Assets	$	340,601	$	353,262
Deferred Tax Liabilities:
Operating Lease	$	62,164	$	63,460
Goodwill, Intangible Assets and Other	16,289		12,873
Total Deferred Tax Liabilities	$	78,453	$	76,333
Net Deferred Tax Assets Before Valuation Allowance	262,148		276,929
Valuation Allowance	(14,071)		(19,067)
Net Deferred Tax Assets	$	248,077	$	257,862

(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.

Summary of Income Tax Contingencies

A reconciliation of the changes in tax positions for the years ended December 31, 2021, 2020 and 2019 is as follows:

	December 31,
	2021		2020		2019
Beginning unrecognized tax benefit	$	376	$	494	$	—
Additions for tax positions of prior years	—		—		616
Reductions for tax positions of prior years	—		—		—
Lapse of Statute of Limitations	(122)		(118)		(122)
Decrease due to settlement with Taxing Authority	—		—		—
Ending unrecognized tax benefit	$	254	$	376	$	494