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INCOME TAXES | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
INCOME TAXES | 10. INCOME TAXES The Company’s effective income tax rate is dependent on many factors, including the estimated nature and amounts of income and expenses allocated to the non-controlling interests without being subject to federal, state and local income taxes at the corporate level. Additionally, the Company’s effective tax rate is influenced by the amount of income tax provision recorded for any affiliated funds and co-investment vehicles that are consolidated in the Company’s consolidated financial statements. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by U.S. federal, state, local and foreign tax authorities. With limited exceptions, the Company is no longer subject to income tax audits by taxing authorities for any years prior to 2020. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s consolidated financial statements. The provision for income taxes attributable to the Company and the Consolidated Funds, consisted of the following:
|  | Year ended December 31,
Provision for Income Taxes |  | 2023 |  | 2022 |  | 2021
The Company |  |  |  |  |  |
Current: |  |  |  |  |  |
U.S. federal income tax expense |  | $ | 34,051 |  |  | $ | 42,452 |  |  | $ | 40,861 |
State and local income tax expense |  | 13,316 |  |  | 7,614 |  |  | 12,121 |
Foreign income tax expense |  | 24,029 |  |  | 14,119 |  |  | 11,684 |
|  | 71,396 |  |  | 64,185 |  |  | 64,666 |
Deferred: |  |  |  |  |  |
U.S. federal income tax expense |  | 85,610 |  |  | 10,660 |  |  | 68,201 |
State and local income tax expense |  | 15,872 |  |  | 2,131 |  |  | 13,040 |
Foreign income tax expense (benefit) |  | (3,730) |  |  | (5,416) |  |  | 1,390 |
|  | 97,752 |  |  | 7,375 |  |  | 82,631 |
Total: |  |  |  |  |  |
U.S. federal income tax expense |  | 119,661 |  |  | 53,112 |  |  | 109,062 |
State and local income tax expense |  | 29,188 |  |  | 9,745 |  |  | 25,161 |
Foreign income tax expense |  | 20,299 |  |  | 8,703 |  |  | 13,074 |
Income tax expense |  | 169,148 |  |  | 71,560 |  |  | 147,297 |
Consolidated Funds |  |  |  |  |  |
Current: |  |  |  |  |  |
Foreign income tax expense |  | 3,823 |  |  | 331 |  |  | 88 |
Income tax expense |  | 3,823 |  |  | 331 |  |  | 88 |
Total Provision for Income Taxes |  |  |  |  |  |
Total current income tax expense |  | 75,219 |  |  | 64,516 |  |  | 64,754 |
Total deferred income tax expense |  | 97,752 |  |  | 7,375 |  |  | 82,631 |
Income tax expense |  | $ | 172,971 |  |  | $ | 71,891 |  |  | $ | 147,385 |
The effective income tax rate differed from the federal statutory rate for the following reasons:
|  | Year ended December 31,
|  | 2023 |  | 2022 |  | 2021
Income tax expense at federal statutory rate |  | 21.0% |  | 21.0% |  | 21.0%
Income passed through to non-controlling interests |  | (9.6) |  | (8.9) |  | (9.2)
State and local taxes, net of federal benefit |  | 1.7 |  | 2.2 |  | 1.9
Foreign taxes |  | (0.7) |  | (1.4) |  | (0.1)
Permanent items |  | 0.2 |  | 0.6 |  | (0.3)
Disallowed executive compensation |  | 0.2 |  | 0.1 |  | 0.7
Other, net |  | 0.3 |  | 0.3 |  | (0.2)
Valuation allowance |  | (0.1) |  | 0.2 |  | —
Total effective rate |  | 13.0% |  | 14.1% |  | 13.8%
Deferred Taxes The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of December 31, 2023 and 2022. Deferred tax assets, net are included within other assets within the Consolidated Statements of Financial Condition.
|  | As of December 31,
Deferred Tax Assets and Liabilities of the Company |  | 2023 |  | 2022
Deferred tax assets |  |  |  |
Amortizable tax basis for AOG Unit exchanges |  | $ | 205,627 |  |  | $ | 124,217 |
Net operating losses and capital loss carryforwards |  | 1,829 |  |  | 2,192 |
Other, net |  | 6,511 |  |  | 6,089 |
Total gross deferred tax assets |  | 213,967 |  |  | 132,498 |
Valuation allowance |  | (942) |  |  | (2,155) |
Total net deferred tax assets |  | 213,025 |  |  | 130,343 |
Deferred tax liabilities |  |  |  |
Investment in partnerships |  | (191,476) |  |  | (61,410) |
Total deferred tax liabilities |  | (191,476) |  |  | (61,410) |
Deferred tax assets, net |  | $ | 21,549 |  |  | $ | 68,933 |
|  | As of December 31,
Deferred Tax Assets and Liabilities of the Consolidated Funds |  | 2023 |  | 2022
Deferred tax assets |  |  |  |
Other, net |  | $ | 2,598 |  |  | $ | — |
Total gross deferred tax assets |  | 2,598 |  |  | — |
Valuation allowance |  | (2,598) |  |  | — |
Total deferred tax assets, net |  | $ | — |  |  | $ | — |
In assessing the realizability of deferred tax assets, the Company considers whether it is probable that some or all of the deferred tax assets will not be realized. In determining whether the deferred taxes are realizable, the Company considers the period of expiration of the tax asset, historical and projected taxable income, and tax liabilities for the tax jurisdiction in which the tax asset is located. Valuation allowances are provided to reduce the amounts of deferred tax assets to an amount that is more likely than not to be realized based on an assessment of positive and negative evidence, including estimates of future taxable income necessary to realize future deductible amounts. The Company’s income tax provision includes corporate income taxes and other entity level income taxes, as well as income taxes incurred by Consolidated Funds. As of December 31, 2023 and 2022, the valuation allowance for the Company’s deferred tax assets was $0.9 million and $2.2 million, respectively. The deferred tax assets related to operating losses in foreign jurisdictions and certain capital loss carryforwards do not meet the more likely than not threshold and have a valuation allowance recorded for the net balance. As of December 31, 2023, the Company had $10.6 million of net operating loss (“NOL”) carryforwards and other tax attributes related to its Consolidated Funds available to reduce future income taxes for which a full valuation allowance has been provided. The NOLs generally have no expiry. As of, and for the years ended December 31, 2023, 2022 and 2021, the Company had no significant uncertain tax positions.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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