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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of income (loss) before provision of taxes | The income (loss) before provision for income taxes consists of the following:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in millions)
U.S. domestic income (loss) | $(857.6) |  | $1,402.9 |  | $3,816.2
Foreign income | 256.7 |  | 169.6 |  | 211.3
Total income (loss) before provision for income taxes | $(600.9) |  | $1,572.5 |  | $4,027.5
Schedule of provision for income taxes | The provision for income taxes consists of the following:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Current |  |  |  |  |
Federal income tax | $186.0 |  | $263.6 |  | $351.3
State and local income tax | 29.1 |  | 30.4 |  | 59.6
Foreign income tax | 46.2 |  | 55.6 |  | 56.5
Total current | 261.3 |  | 349.6 |  | 467.4
Deferred |  |  |  |  |
Federal income tax | (333.4) |  | (25.1) |  | 450.7
State and local income tax | (26.0) |  | (3.3) |  | 48.9
Foreign income tax | (6.1) |  | (33.4) |  | 15.3
Total deferred | (365.5) |  | (61.8) |  | 514.9
Total provision (benefit) for income taxes | $(104.2) |  | $287.8 |  | $982.3
Schedule of effective income tax rate | The following table summarizes the effective income tax rate:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Income (loss) before provision for income taxes | $(600.9) |  | $1,572.5 |  | $4,027.5
Provision (benefit) for income taxes | $(104.2) |  | $287.8 |  | $982.3
Effective income tax rate | 17.34% |  | 18.30% |  | 24.39%
Schedule of reconciliation of provision for income taxes to U.S Federal statutory tax rate | The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Statutory U.S. federal income tax rate | 21.00% |  | 21.00% |  | 21.00%
State and local income taxes | 1.55% |  | 0.83% |  | 2.35%
Foreign income taxes(1) | (1.19)% |  | (1.75)% |  | 0.64%
Income passed through to common unitholders and non-controlling interest holders(2) | 3.17% |  | (0.67)% |  | (0.07)%
Equity-based compensation | (2.76)% |  | (0.67)% |  | (0.60)%
Valuation allowance(3) | (1.02)% |  | 0.30% |  | 0.79%
Unrecognized tax benefits | (1.13)% |  | 0.01% |  | 0.02%
Other adjustments(3) | (2.28)% |  | (0.75)% |  | 0.26%
Effective income tax rate | 17.34% |  | 18.30% |  | 24.39%
(1)2022 includes a tax benefit due to restructuring the ownership of its foreign Global Investment Solutions business and the impact of amending the Company's 2020 tax return to claim a foreign tax credit rather than the original filing position claiming a foreign tax deduction. (2)Includes income that is not taxable to the Company and its subsidiaries. (3)2023 includes updates to the current and/or deferred tax balances related to the filing of the Company’s 2022 tax returns. The gross impact of these changes in estimates to Valuation allowance and Other adjustments was 1.36% and (0.86)%, respectively.
Schedule of tax effects of temporary differences | The following table summarizes the tax effects of the temporary differences:
| As of December 31,
| 2023 |  | 2022
| (Dollars in millions)
Deferred tax assets |  |  |
Federal foreign tax credit carryforward | $46.8 |  | $37.3
State net operating loss carryforwards | 5.7 |  | 5.9
Tax basis goodwill and intangibles | 240.3 |  | 259.8
Depreciation and amortization | 61.7 |  | 25.4
Deferred restricted common unit compensation | 36.5 |  | 24.7
Lease liabilities | 116.1 |  | 119.0
Accrued compensation | 926.2 |  | 781.3
Other | 109.8 |  | 140.4
Deferred tax assets before valuation allowance | 1,543.1 |  | 1,393.8
Valuation allowance | (62.8) |  | (56.7)
Total deferred tax assets | $1,480.3 |  | $1,337.1
Deferred tax liabilities(1) |  |  |
Unrealized appreciation on investments | $1,333.8 |  | $1,558.0
Lease right-of-use assets | 87.7 |  | 89.2
Basis difference in investments | 48.8 |  | 47.9
Other | 38.8 |  | 28.9
Total deferred tax liabilities | $1,509.1 |  | $1,724.0
Net deferred tax assets (liabilities) | $(28.8) |  | $(386.9)
(1)As of December 31, 2023 and 2022, $1,463.8 million and $1,321.3 million of deferred tax assets were offset and presented as a single deferred tax liability amount on the Company’s consolidated balance sheet as these deferred tax assets and liabilities relate to the same jurisdiction.
Schedule of reconciliation on the beginning and ending amount of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits, exclusive of penalties and interest, is as follows:
| As of December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Balance at January 1 | $26.2 |  | $20.6 |  | $17.2
Additions based on tax positions related to current year | 1.5 |  | 2.4 |  | 1.3
Additions for tax positions of prior years | 1.6 |  | 5.3 |  | 2.6
Reductions for tax position of prior years | (0.2) |  | (1.6) |  | (0.5)
Reductions due to lapse of statute of limitations | (4.6) |  | (0.5) |  | —
Balance at December 31 | $24.5 |  | $26.2 |  | $20.6

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