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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Components of Provisions for Income Taxes | The provision for income taxes consists of the following:
|  | Year Ended
|  | December 31,
|  | 2022 |  | 2021 |  | 2020
|  | (in thousands)
Current: |  |  |  |  |  |
Federal |  | $ | 7,260 |  |  | $ | 2,025 |  |  | $ | (16,529) |
State and Local |  | 16,243 |  |  | 8,334 |  |  | 5,261 |
Foreign |  | 1,154 |  |  | 1,107 |  |  | 2,153 |
Total current tax expense |  | 24,657 |  |  | 11,466 |  |  | (9,115) |
Deferred: |  |  |  |  |  |
Federal |  | 66,591 |  |  | 49,266 |  |  | 52,845 |
State and local |  | (11,384) |  |  | 40,363 |  |  | 12,572 |
Foreign |  | (2,344) |  |  | (4,220) |  |  | (228) |
Total deferred tax expense |  | 52,863 |  |  | 85,409 |  |  | 65,189 |
Total provision for income taxes |  | $ | 77,520 |  |  | $ | 96,875 |  |  | $ | 56,074 |
Reconciliation of the Statutory Tax Rate | A reconciliation of the U.S. federal statutory tax rate to the effective rate is as follows:
|  | Year Ended
|  | December 31,
|  | 2022 |  | 2021 |  | 2020
Statutory U.S. federal income tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income taxes, net of federal income tax benefit |  | 5.3 |  |  | 3.7 |  |  | 5.0 |
Foreign tax rate differential |  | — |  |  | (0.2) |  |  | 0.2 |
Non-controlling interest |  | (2.1) |  |  | (2.3) |  |  | (3.4) |
Tax Receivable Agreement adjustment |  | (0.7) |  |  | (0.7) |  |  | (0.9) |
Rate change |  | (4.1) |  |  | 6.7 |  |  | (0.2) |
Equity Compensation |  | (2.1) |  |  | (2.5) |  |  | (1.8) |
Other |  | 0.4 |  |  | 0.5 |  |  | 0.5 |
Effective income tax rate |  | 17.7 | % |  | 26.2 | % |  | 20.4 | %
Components of Deferred Tax Assets (Liabilities) | The components of the Company’s net deferred tax asset (liability) are as follows:
|  | December 31,
|  | 2022 |  | 2021
|  | (in thousands)
Deferred tax assets: |  |  |  |
Investment in partnership |  | $ | 566,524 |  |  | $ | 506,586 |
Net operating losses |  | 57,247 |  |  | 55,236 |
Tax Receivable Agreement - Interest |  | 14,918 |  |  | 13,393 |
Employee compensation |  | 43,861 |  |  | 31,507 |
Tax credits |  | 9,985 |  |  | 8,947 |
Other |  | 5,569 |  |  | 9,775 |
Deferred tax assets, gross |  | 698,104 |  |  | 625,444 |
Valuation Allowance |  | — |  |  | (741) |
Total deferred tax assets, net |  | 698,104 |  |  | 624,703 |
Deferred tax liabilities |  |  |  |
Goodwill and Intangibles |  | (29,913) |  |  | (26,744) |
Total deferred tax liabilities |  | (29,913) |  |  | (26,744) |
Total net deferred tax asset (liability) |  | $ | 668,191 |  |  | $ | 597,959 |
Components of Uncertain Tax Positions | The components of the Company’s uncertain tax positions are as follows:
|  | Amount
|  | (in thousands)
Gross unrecognized tax benefits as of January 1, 2022 |  | $ | 7,006 |
Increase in current year tax positions |  | 1,833 |
Increase in prior year tax positions |  | 1,109 |
Decrease in prior year tax positions |  | (1,900) |
Settlements |  | — |
Gross unrecognized tax benefits as of December 31, 2022 |  | $ | 8,048 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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