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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
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,
| 2021 |  | 2020 |  | 2019
U.S. | $ | 832,411 |  |  | $ | 407,015 |  |  | $ | 359,496 |
Non-U.S. | 155,731 |  |  | 71,710 |  |  | 32,986 |
Income before Income Tax Expense(a) | $ | 988,142 |  |  | $ | 478,725 |  |  | $ | 392,482 |
(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, 2021, 2020 and 2019 consist of:
| For the Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | 141,260 |  |  | $ | 73,119 |  |  | $ | 72,712 |
Foreign | 25,643 |  |  | 20,360 |  |  | 6,134 |
State and Local | 52,045 |  |  | 20,848 |  |  | 26,703 |
Total Current | 218,948 |  |  | 114,327 |  |  | 105,549 |
Deferred: |  |  |  |  |
Federal | 25,352 |  |  | 9,640 |  |  | (2,169) |
Foreign | (1,757) |  |  | 3,290 |  |  | (5,022) |
State and Local | 5,483 |  |  | 894 |  |  | (3,312) |
Total Deferred | 29,078 |  |  | 13,824 |  |  | (10,503) |
Total | $ | 248,026 |  |  | $ | 128,151 |  |  | $ | 95,046 |
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, 2021, 2020 and 2019 is as follows:
| For the Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Reconciliation of Federal Statutory Tax Rates: |  |  |  |  |
U.S. Statutory Tax Rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase Due to State and Local Taxes | 4.6 | % |  | 3.7 | % |  | 4.2 | %
Rate Benefits as a Limited Liability Company/Flow Through | (2.6) | % |  | (2.2) | % |  | (2.5) | %
Foreign Taxes | 0.5 | % |  | (1.1) | % |  | (0.1) | %
Non-Deductible Expenses(1) | 0.3 | % |  | 0.7 | % |  | 1.6 | %
ASU 2016-09 Benefit for Stock Compensation | (1.7) | % |  | — | % |  | (2.7) | %
Valuation Allowances | (0.4) | % |  | 1.8 | % |  | 0.3 | %
Other Adjustments | 0.5 | % |  | (0.2) | % |  | (0.6) | %
Effective Income Tax Rate | 22.2 | % |  | 23.7 | % |  | 21.2 | %
(1)Primarily related to non-deductible share-based compensation expense.
Schedule of Deferred Tax Assets and Liabilities | Details of the Company's deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows:
| December 31,
| 2021 |  | 2020
Deferred Tax Assets: |  |  |
Depreciation and Amortization | $ | 26,207 |  |  | $ | 24,179 |
Compensation and Benefits | 95,532 |  |  | 90,787 |
Step up in tax basis due to the exchange of LP Units for Class A Shares(1) | 83,313 |  |  | 90,157 |
Step up in tax basis due to the exchange of LP Units for Class A Shares(2) | 44,840 |  |  | 46,215 |
Operating Lease | 81,198 |  |  | 80,446 |
Other | 9,511 |  |  | 21,478 |
Total Deferred Tax Assets | $ | 340,601 |  |  | $ | 353,262 |
Deferred Tax Liabilities: |  |  |
Operating Lease | $ | 62,164 |  |  | $ | 63,460 |
Goodwill, Intangible Assets and Other | 16,289 |  |  | 12,873 |
Total Deferred Tax Liabilities | $ | 78,453 |  |  | $ | 76,333 |
Net Deferred Tax Assets Before Valuation Allowance | 262,148 |  |  | 276,929 |
Valuation Allowance | (14,071) |  |  | (19,067) |
Net Deferred Tax Assets | $ | 248,077 |  |  | $ | 257,862 |
(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.
Summary of Income Tax Contingencies | A reconciliation of the changes in tax positions for the years ended December 31, 2021, 2020 and 2019 is as follows:
| December 31,
| 2021 |  | 2020 |  | 2019
Beginning unrecognized tax benefit | $ | 376 |  |  | $ | 494 |  |  | $ | — |
Additions for tax positions of prior years | — |  |  | — |  |  | 616 |
Reductions for tax positions of prior years | — |  |  | — |  |  | — |
Lapse of Statute of Limitations | (122) |  |  | (118) |  |  | (122) |
Decrease due to settlement with Taxing Authority | — |  |  | — |  |  | — |
Ending unrecognized tax benefit | $ | 254 |  |  | $ | 376 |  |  | $ | 494 |

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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 http://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 http://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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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