Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule Of Principal Components Of Deferred Taxes

The principal components of deferred taxes at December 31, 2015 and 2014 are as follows (in thousands):

	2015			2014
Deferred tax asset:
NOL carryover	$	1,375,759		$	1,266,972
Compensation	284,761			334,576
Long-term debt	89,160			134,079
Other assets	162,393			160,586
Securities valuation reserves	32,141			25,499
Intangible assets, net and goodwill	6,855			13,842
Other liabilities	40,393			57,006
	1,991,462			1,992,560
Valuation allowance	(97,177		)	(110,404		)
	1,894,285			1,882,156
Deferred tax liability:
Unrealized gains on investments	(153,035		)	(10,406		)
Amortization of intangible assets	(103,561		)	(97,268		)
Property and equipment	(4,151		)	(866		)
Other	(58,170		)	(61,081		)
	(318,917		)	(169,621		)
Net deferred tax asset	$	1,575,368		$	1,712,535

Schedule Of Provision (Benefit) For Income Taxes

The provision for income taxes for continuing operations for each of the three years in the period ended December 31, 2015 was as follows (in thousands):

	2015			2014		2013
Current taxes:
Federal	$	709		$	746	$	2,900
State and local	(25,308		)	17,232		22,006
Foreign	3,504			12,375		9,050
Total current income taxes	(21,095		)	30,353		33,956
Deferred taxes:
Federal	134,590			97,190		82,173
State and local	4,552			30,707		23,198
Foreign	(8,100		)	7,721		(2,846		)
Total deferred income taxes	131,042			135,618		102,525
Provision for income taxes	$	109,947		$	165,971	$	136,481

Schedule Of Reconciliation Of Expected Statutory Federal Income Tax To Actual Income Tax Provision (Benefit)

The table below reconciles the expected statutory federal income tax to the actual income tax provision (benefit) (in thousands):

	2015			2014			2013
Expected federal income tax	$	124,788		$	133,428		$	190,955
State income taxes, net of federal income tax benefit	(6,928		)	31,160			21,396
Increase (decrease) in valuation allowance	(13,227		)	(22,203		)	12,287
Tax expense not provided on income recorded on the Jefferies investment prior to the acquisition	—			—			(63,952		)
Reversal of prior years’ deferred tax liability related to Jefferies investment	—			—			(33,972		)
Foreign rate differential	(10,130		)	(14,305		)	(4,750		)
Permanent differences	8,064			6,181			13,210
Tax exempt income	(6,789		)	(6,812		)	(4,033		)
Income allocated to noncontrolling interest, not subject to tax	11,039			3,270			3,655
Nondeductible settlements	—			24,500			—
Foreign taxes	(2,989		)	2,542			4,033
Other	6,119			8,210			(2,348		)
Actual income tax provision	$	109,947		$	165,971		$	136,481

Schedule Of Reconciliation Of Unrecognized Tax Benefits

The following table reconciles the total amount of unrecognized tax benefits as of the beginning and end of the periods presented (in thousands):

	Gross Unrecognized Tax Benefits			Interest			Total
As of January 1, 2013	$	11,590		$	4,180		$	15,770
Jefferies amounts at date of acquisition	129,010			17,100			146,110
Increases based on tax positions related to current period	8,750			—			8,750
Increases based on tax positions related to prior periods	14,780			—			14,780
Decreases based on tax positions related to prior periods	(18,300		)	—			(18,300		)
Interest expense recognized	—			7,000			7,000
Audit payments	(310		)	(110		)	(420		)
Reductions as a result of the lapse of the statute of limitations	—			—			—
Balance, December 31, 2013	145,520			28,170			173,690
Increases based on tax positions related to current period	5,630			—			5,630
Increases based on tax positions related to prior periods	4,340			—			4,340
Decreases based on tax positions related to prior periods	(3,940		)	—			(3,940		)
Interest expense recognized	—			9,200			9,200
Audit payments	(2,960		)	(100		)	(3,060		)
Reductions as a result of the lapse of the statute of limitations	—			—			—
Balance, December 31, 2014	148,590			37,270			185,860
Increases based on tax positions related to current period	3,475			—			3,475
Increases based on tax positions related to prior periods	22,030			—			22,030
Decreases based on tax positions related to prior periods	(15,349		)	(4,884		)	(20,233		)
Interest expense recognized	—			10,336			10,336
Audit payments	—			—			—
Reductions as a result of the lapse of the statute of limitations	(7,879		)	(3,641		)	(11,520		)
Balance, December 31, 2015	$	150,867		$	39,081		$	189,948