Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

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,
	2018		2017		2016
U.S.	$	237,920	$	279,038	$	172,401
Non-U.S.		532		71,313		(5,727	)
Income (loss) before income taxes	$	238,452	$	350,351	$	166,674

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, 2018, 2017, and 2016 are as follows:

	For the Year Ended December 31,
	2018		2017			2016
Current income taxes:
Federal	$	15,023	$	19,923		$	22,178
State and Local		7,218		4,556			5,361
Foreign		1,393		7,651			(1,716	)
	$	23,634	$	32,130		$	25,823
Deferred income taxes:
Federal	$	5,221	$	192,102		$	(848	)
State and Local		1,087		1,538			(207	)
Foreign		506		(1,943	)		41
Total	$	30,448	$	223,827		$	24,809

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,
	2018			2017			2016
Reconciliation of federal statutory tax rates
U.S. statutory tax rate		21.0	%		35.0	%		35.0	%
Increase (decrease) due to state and local taxes		4.0	%	2.7		%	2.3		%
Rate benefit as a U.S. limited partnership/flow through		-6.1	%	-10.1		%	-21.8		%
Estimated re-measurement impact primarily related to the Tax Act		0.0	%	51.7		%		0.0	%
Other income from reduction of amount due pursuant to tax receivable agreement in connection with the Tax Act		0.0	%	-14.6		%		0.0	%
Excess tax benefit from equity compensation delivery	-5.7		%	-1.7		%		0.0	%
Foreign taxes	0.4		%	0.7		%	-0.9		%
Other	-0.8		%	0.2		%	0.3		%
Effective income tax rate		12.8	%		63.9	%		14.9	%

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,
	2018			2017
Net operating loss	$	8,397		$	7,685
Step-up in tax basis in Group LP assets		356,069			208,799
Deferred Compensation		45,875			28,043
Accrued expenses and other		(468	)		292
		409,873			244,819
Valuation allowance on NOL and other		(7,014	)		(10,819	)
Net deferred tax asset	$	402,859		$	234,000