Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes

Summary of income before income taxes

	December 31,
	2017		2016		2015
(in thousands)
U.S. operations	$	70,484	$	138,950	$	154,947
Non-U.S. operations		42,680		40,641		60,982
	$	113,164	$	179,591	$	215,929

Summary of provision for income taxes

	For the years ended
	December 31,
(in thousands)	2017		2016		2015
Current provision (benefit)
Federal	$	(9,991)	$	2,690	$	7,584
State and Local		65		38		108
Foreign		1,219		5,210		6,762
Deferred provision (benefit)
Federal		106,415		13,547		3,345
State and Local		(3,380)		194		48
Foreign		(62)		(428)		592
Provision for income taxes	$	94,266	$	21,251	$	18,439

Schedule of reconciliation of the tax provision at U.S. Federal Statutory Rate to the provision for income taxes

	December 31,
	2017		2016		2015
(in thousands, except percentages)
Tax provision at the U.S. federal statutory rate	35.0	%	35.0	%	35.0	%
Less: rate attributable to noncontrolling interest	(19.1)		(24.4)		(27.8)
State and local taxes, net of federal benefit	(1.9)		1.3		1.4
Impact of 2017 Tax Act on deferred tax assets	80.1		—		—
Impact of 2017 Tax Act on tax receivable agreement obligation	(12.9)		—		—
Non-deductible expenses, net	1.9		—		—
Other, net	0.2		—		—
Provision for income taxes	83.3	%	11.9	%	8.6	%

Schedule of components of deferred tax assets and liabilities

	December 31,
(in thousands)	2017		2016
Deferred income tax assets
Tax Receivable Agreement	$	101,594	$	185,677
Share-based compensation		5,213		5,664
Intangibles		14,547		—
Fixed assets and other		13,425		2,518
Tax credits and net operating loss carryforwards		50,867		—
Less: Valuation allowance on net operating loss carryforwards and tax credits		(43,544)		—
Total deferred income tax assets	$	142,102	$	193,859
Deferred income tax liabilities
Intangibles		16,342		—
Fixed assets		—		84
Total deferred income tax liabilities	$	16,342	$	84

Summary of reconciliation of the beginning and ending amount of unrecognized tax benefits

	December 31,
(in thousands)	2017
Balance at December 31, 2016	$	—
Increase from Acquisition of KCG		7,232
Decreases based on tax positions related to prior period		—
Increase based on tax positions related to current period		68
Balance at December 31, 2017	$	7,300