Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019			2018		2017
U.S.	$	156,983		$	237,920	$	279,038
Non-U.S.		(9,478	)		532		71,313
Income (loss) before income taxes	$	147,505		$	238,452	$	350,351

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, 2019, 2018, and 2017 are as follows:

	For the Year Ended December 31,
	2019			2018		2017
Current income taxes:
Federal	$	4,527		$	15,023	$	19,923
State and Local		3,212			7,218		4,556
Foreign		409			1,393		7,651
	$	8,148		$	23,634	$	32,130
Deferred income taxes:
Federal	$	3,084		$	5,221	$	192,102
State and Local		613			1,087		1,538
Foreign		(32	)		506		(1,943	)
Total	$	11,813		$	30,448	$	223,827

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,
	2019			2018			2017
Reconciliation of federal statutory tax rates
U.S. statutory tax rate		21.0	%		21.0	%		35.0	%
Increase (decrease) due to state and local taxes		4.5	%		4.0	%	2.7		%
Rate benefit as a U.S. limited partnership/flow through		-4.4	%	-6.1		%	-10.1		%
Estimated re-measurement impact primarily related to the Tax Act		0.0	%		0.0	%		51.7	%
Other income from reduction of amount due pursuant to tax receivable agreement in connection with the Tax Act		0.0	%		0.0	%		-14.6	%
Excess tax benefit from equity compensation delivery	-11.9		%	-5.7		%		-1.7	%
Foreign taxes	-0.4		%	0.4		%	0.7		%
Other	-0.8		%	-0.8		%	0.2		%
Effective income tax rate		8.0	%		12.8	%		63.9	%

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,
	2019			2018
Net operating loss	$	12,275		$	8,397
Step-up in tax basis in Group LP assets		333,221			356,069
Deferred compensation		65,742			45,875
Lease liability		39,994			—
		451,232			410,341
Valuation allowance on NOL and other		(10,038	)		(7,014	)
Deferred tax asset	$	441,194		$	403,327
Right-of-use asset	$	(38,559	)	$	—
Other		(2,139	)		(468	)
Deferred tax liability	$	(40,698	)	$	(468	)
Net deferred tax asset	$	400,496		$	402,859