Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of U.S. and Non-U.S. Components of Income (Loss) before Income Tax Expense

The following table presents the U.S. and non‑U.S. components of income (loss) before income tax expense:

	For the Year Ended December 31,
	2021		2020		2019
U.S.	$	468,725	$	264,047	$	156,983
Non-U.S.		67,588		6,066		(9,478	)
Income (loss) before income taxes	$	536,313	$	270,113	$	147,505

Schedule of Current and Deferred Components of Income Tax Provision

The current and deferred components of the income tax provision for the years ended December 31, 2021, 2020, and 2019 are as follows:

	For the Year Ended December 31,
	2021			2020		2019
Current income taxes:
Federal	$	63,979		$	8,207	$	4,527
State and Local		15,875			2,955		3,212
Foreign		10,619			1,517		409
	$	90,473		$	12,679	$	8,148
Deferred income taxes:
Federal	$	20,811		$	31,773	$	3,084
State and Local		4,295			7,122		613
Foreign		(2,244	)		101		(32	)
Total	$	113,335		$	51,675	$	11,813

Reconciliation from Appropriate Statutory Rate to Income Before Income Taxes

The total provision for income taxes differs from the amount which would be computed by applying the appropriate statutory rate to income before income taxes as follows:

	For the Year Ended December 31,
	2021		2020		2019
Reconciliation of federal statutory tax rates
U.S. statutory tax rate	21.0	%	21.0	%	21.0	%
Increase (decrease) due to state and local taxes	3.6	%	3.7	%	4.3	%
Rate benefit as a U.S. limited partnership/flow through	-2.3	%	-3.1	%	-4.4	%
Excess tax benefit from equity compensation delivery	-3.4	%	-2.6	%	-11.9	%
Foreign taxes	1.3	%	0.0	%	-0.4	%
Non-deductible expenses	2.2	%	1.1	%	0.8	%
Other	-1.3	%	-1.0	%	-1.4	%
Effective income tax rate	21.1	%	19.1	%	8.0	%

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities included on the Company’s consolidated statements of financial condition are as follows:

	For the Year Ended December 31,
	2021			2020
Net operating loss	$	9,867		$	9,751
Step-up in tax basis in Group LP assets		384,080			369,216
Deferred compensation		63,778			56,628
Lease liability		43,479			43,214
Other		12,631			—
		513,835			478,809
Valuation allowance on NOL and other		(18,368	)		(10,445	)
Deferred tax asset	$	495,467		$	468,364
Right-of-use asset	$	(37,117	)	$	(38,862	)
Other		(10,227	)		(5,157	)
Deferred tax liability	$	(47,344	)	$	(44,019	)
Net deferred tax asset	$	448,123		$	424,345