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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The following table presents the U.S. and non-U.S. components of Income before income tax expense:
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
U.S. | $ | 407,015 |  |  | $ | 359,496 |  |  | $ | 449,171 |
Non-U.S. | 71,710 |  |  | 32,986 |  |  | 36,589 |
Income before Income Tax Expense(a) | $ | 478,725 |  |  | $ | 392,482 |  |  | $ | 485,760 |
(a)Net of Noncontrolling Interest.
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes reflected on the Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018 consist of:
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |
Federal | $ | 73,119 |  |  | $ | 72,712 |  |  | $ | 80,690 |
Foreign | 20,360 |  |  | 6,134 |  |  | 7,360 |
State and Local | 20,848 |  |  | 26,703 |  |  | 24,451 |
Total Current | 114,327 |  |  | 105,549 |  |  | 112,501 |
Deferred: |  |  |  |  |
Federal | 9,640 |  |  | (2,169) |  |  | (4,771) |
Foreign | 3,290 |  |  | (5,022) |  |  | (61) |
State and Local | 894 |  |  | (3,312) |  |  | 851 |
Total Deferred | 13,824 |  |  | (10,503) |  |  | (3,981) |
Total | $ | 128,151 |  |  | $ | 95,046 |  |  | $ | 108,520 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation between the federal statutory income tax rate and the Company's effective income tax rate for the years ended December 31, 2020, 2019 and 2018 is as follows:
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Reconciliation of Federal Statutory Tax Rates: |  |  |  |  |
U.S. Statutory Tax Rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase Due to State and Local Taxes | 3.7 | % |  | 4.2 | % |  | 3.6 | %
Rate Benefits as a Limited Liability Company/Flow Through | (2.2) | % |  | (2.5) | % |  | (2.6) | %
Foreign Taxes | (1.1) | % |  | (0.1) | % |  | 0.2 | %
Non-Deductible Expenses(1) | 0.7 | % |  | 1.6 | % |  | 1.2 | %
ASU 2016-09 Benefit for Stock Compensation | — | % |  | (2.7) | % |  | (4.2) | %
Tax Cuts and Jobs Act - Primarily Related to the Re-measurement of Net Deferred Tax Assets | — | % |  | — | % |  | 0.1 | %
Valuation Allowances | 1.8 | % |  | 0.3 | % |  | 0.3 | %
Other Adjustments | (0.2) | % |  | (0.6) | % |  | 0.1 | %
Effective Income Tax Rate | 23.7 | % |  | 21.2 | % |  | 19.7 | %
(1)Primarily related to non-deductible share-based compensation expense.
Schedule of Deferred Tax Assets and Liabilities | Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Statements of Financial Condition. These temporary differences result in taxable or deductible amounts in future years. Details of the Company's deferred tax assets and liabilities as of December 31, 2020 and 2019 were as follows:
| December 31,
| 2020 |  | 2019
Deferred Tax Assets: |  |  |
Depreciation and Amortization | $ | 24,179 |  |  | $ | 37,912 |
Compensation and Benefits | 90,787 |  |  | 85,567 |
Step up in tax basis due to the exchange of LP Units for Class A Shares(1) | 90,157 |  |  | 99,979 |
Step up in tax basis due to the exchange of LP Units for Class A Shares(2) | 46,215 |  |  | 41,286 |
Operating Lease(3) | 80,446 |  |  | 58,497 |
Other | 21,478 |  |  | 20,617 |
Total Deferred Tax Assets | $ | 353,262 |  |  | $ | 343,858 |
Deferred Tax Liabilities: |  |  |
Operating Lease(3) | $ | 63,460 |  |  | $ | 46,682 |
Goodwill, Intangible Assets and Other | 12,873 |  |  | 19,012 |
Total Deferred Tax Liabilities | $ | 76,333 |  |  | $ | 65,694 |
Net Deferred Tax Assets Before Valuation Allowance | 276,929 |  |  | 278,164 |
Valuation Allowance | (19,067) |  |  | (9,573) |
Net Deferred Tax Assets | $ | 257,862 |  |  | $ | 268,591 |
(1)Step-up in the tax basis associated with the exchange of LP Units for holders which have a tax receivable agreement. (2)Step-up in the tax basis associated with the exchange of LP Units for holders which do not have a tax receivable agreement. (3)As discussed in Note 2, in 2019, the Company adopted ASC 842 using the modified retrospective approach as of the date of adoption, which resulted in the recognition of operating lease right-of-use assets and lease liabilities.
Summary of Income Tax Contingencies | A reconciliation of the changes in tax positions for the years ended December 31, 2020, 2019 and 2018 is as follows:
| December 31,
| 2020 |  | 2019 |  | 2018
Beginning unrecognized tax benefit | $ | 494 |  |  | $ | — |  |  | $ | — |
Additions for tax positions of prior years | — |  |  | 616 |  |  | — |
Reductions for tax positions of prior years | — |  |  | — |  |  | — |
Lapse of Statute of Limitations | (118) |  |  | (122) |  |  | — |
Decrease due to settlement with Taxing Authority | — |  |  | — |  |  | — |
Ending unrecognized tax benefit | $ | 376 |  |  | $ | 494 |  |  | $ | — |

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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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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