Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021		2020
U.S.	$	164,623	$	468,725	$	264,047
Non-U.S.		51,697		67,588		6,066
Income (loss) before income taxes	$	216,320	$	536,313	$	270,113

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, 2022, 2021 and 2020 are as follows:

	For the Year Ended December 31,
	2022		2021		2020
Current income taxes:
Federal	$	8,659	$	63,979	$	8,207
State and Local		6,290		15,875		2,955
Foreign		5,901		10,619		1,517
	$	20,850	$	90,473	$	12,679
Deferred income taxes:
Federal	$	20,308	$	20,811	$	31,773
State and Local		4,788		4,295		7,122
Foreign		1,692		(2,244)		101
Total	$	47,638	$	113,335	$	51,675

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,
	2022		2021		2020
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	2.3	%	3.6	%	3.7	%
Rate benefit as a U.S. limited partnership/flow through	-1.8	%	-2.3	%	-3.1	%
Excess tax benefit from equity compensation delivery	-2.6	%	-3.4	%	-2.6	%
Foreign taxes	0.8	%	1.3	%	0.0	%
Non-deductible expenses	1.9	%	2.2	%	1.1	%
Return to provision	1.1	%	-0.3	%	-0.2	%
Other	-0.8	%	-1.0	%	-0.8	%
Effective income tax rate	21.9	%	21.1	%	19.1	%

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,
	2022		2021
Net operating loss	$	8,679	$	9,867
Step-up in tax basis in Group LP assets		361,544		384,080
Deferred compensation		66,228		63,778
Lease liability		44,326		43,479
Other		9,467		12,631
		490,244		513,835
Valuation allowance on NOL and other		(11,563)		(18,368)
Deferred tax asset	$	478,681	$	495,467
Right-of-use asset	$	(34,972)	$	(37,117)
Other		(14,060)		(10,227)
Deferred tax liability	$	(49,032)	$	(47,344)
Net deferred tax asset	$	429,649	$	448,123