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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2013
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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 Years Ended December 31,
| 2013 |  | 2012 |  | 2011
U.S. | $ | 89,821 |  |  | $ | 45,226 |  |  | $ | 37,681 |
Non-U.S. | 28,735 |  |  | 14,571 |  |  | (7,039 | )
Income before Income Tax Expense (a) | $ | 118,556 |  |  | $ | 59,797 |  |  | $ | 30,642 |
(a) | From continuing operations, net of Noncontrolling Interest from continuing operations.
Components of Provision for Income Taxes Reflected on Consolidated Statements of Operations | The components of the provision for income taxes from continuing operations reflected on the Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011 consist of:
| For the Years Ended December 31,
| 2013 |  | 2012 |  | 2011
Current: |  |  |  |  |
Federal | $ | 24,607 |  |  | $ | 24,956 |  |  | $ | 2,367 |
Foreign | 11,982 |  |  | 6,007 |  |  | 4,447 |
State and Local | 7,541 |  |  | 7,912 |  |  | 4,942 |
Total Current | 44,130 |  |  | 38,875 |  |  | 11,756 |
Deferred: |  |  |  |  |
Federal | 5,992 |  |  | (2,458 | ) |  | 11,368 |
Foreign | 4,733 |  |  | (4,756 | ) |  | (1,129 | )
State and Local | 8,834 |  |  | (753 | ) |  | 729 |
Total Deferred | 19,559 |  |  | (7,967 | ) |  | 10,968 |
Total | $ | 63,689 |  |  | $ | 30,908 |  |  | $ | 22,724 |
Reconciliation Between Statutory Federal Income Tax Rate and Effective Tax Rate | A reconciliation between the statutory federal income tax rate from continuing operations and the Company’s effective tax rate for the years ended December 31, 2013, 2012 and 2011 is as follows:
| For the Years Ended December 31,
| 2013 |  | 2012 |  | 2011
Reconciliation of Federal Statutory Tax Rates: |  |  |  |  |
U.S. Statutory Tax Rate | 35.0 | % |  | 35.0 | % |  | 35.0 | %
Increase (Decrease) Due to State and Local Taxes | 5.3 | % |  | 6.8 | % |  | 13.1 | %
Rate Benefits as a Limited Liability Company/Flow Through | (7.0 | )% |  | (6.9 | )% |  | (5.7 | )%
Foreign Taxes | 3.2 | % |  | 2.2 | % |  | 4.3 | %
Non-Deductible Expenses (1) | 3.4 | % |  | 9.4 | % |  | 17.1 | %
Valuation Allowances | — | % |  | (2.0 | )% |  | (0.9 | )%
Write Down of Deferred Tax Asset | 6.8 | % |  | 1.6 | % |  | — | %
Other Adjustments | (0.7 | )% |  | (2.2 | )% |  | (1.0 | )%
Effective Income Tax Rate | 46.0 | % |  | 43.9 | % |  | 61.9 | %
(1) | Primarily related to non-deductible share-based compensation expense.
Details of Deferred Tax Assets and Liabilities | Details of the Company’s deferred tax assets and liabilities as of December 31, 2013 and 2012 were as follows:
| December 31,
| 2013 |  | 2012
Current Deferred Tax Assets: |  |  |
Step up in tax basis due to the exchange of LP Units for Class A Shares | $ | 11,271 |  |  | $ | 9,214 |
Total Current Deferred Tax Asset | $ | 11,271 |  |  | $ | 9,214 |
Long-term Deferred Tax Assets: |  |  |
Depreciation and Amortization | $ | 20,604 |  |  | $ | 14,673 |
Compensation and Benefits | 31,735 |  |  | 25,958 |
Step up in tax basis due to the exchange of LP Units for Class A Shares | 192,811 |  |  | 181,783 |
Other | 21,396 |  |  | 17,043 |
Total Long-term Deferred Tax Assets | $ | 266,546 |  |  | $ | 239,457 |
Long-term Deferred Tax Liabilities: |  |  |
Goodwill, Investments and Other | $ | 14,933 |  |  | $ | 10,008 |
Total Long-term Deferred Tax Liabilities | $ | 14,933 |  |  | $ | 10,008 |
Net Long-term Deferred Tax Assets Before Valuation Allowance | $ | 251,613 |  |  | $ | 229,449 |
Valuation Allowance | — |  |  | — |
Net Long-term Deferred Tax Assets | $ | 251,613 |  |  | $ | 229,449 |
Reconciliation of Changes in Tax Positions | A reconciliation of the changes in tax positions for the years ended December 31, 2013, 2012 and 2011 is as follows:
| December 31,
| 2013 |  | 2012 |  | 2011
Beginning unrecognized tax benefit | $ | 98 |  |  | $ | 1,109 |  |  | $ | 2,012 |
Additions for tax positions of prior years | 526 |  |  | — |  |  | 98 |
Lapse of Statute of Limitations | — |  |  | (1,011 | ) |  | (1,001 | )
Ending unrecognized tax benefit | $ | 624 |  |  | $ | 98 |  |  | $ | 1,109 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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- Definition Tabular disclosure of 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 (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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