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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
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,
| 2023 |  | 2022 |  | 2021
U.S. | $ | 288,414 |  |  | $ | 455,584 |  |  | $ | 832,411 |
Non-U.S. | 47,632 |  |  | 193,562 |  |  | 155,731 |
Income before Income Tax Expense(1) | $ | 336,046 |  |  | $ | 649,146 |  |  | $ | 988,142 |
(1)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, 2023, 2022 and 2021 consist of:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 48,940 |  |  | $ | 85,699 |  |  | $ | 141,260 |
Foreign | 20,426 |  |  | 40,680 |  |  | 25,643 |
State and Local | 14,095 |  |  | 47,102 |  |  | 52,045 |
Total Current | 83,461 |  |  | 173,481 |  |  | 218,948 |
Deferred: |  |  |  |  |
Federal | 4,400 |  |  | 3,020 |  |  | 25,352 |
Foreign | (6,580) |  |  | (5,893) |  |  | (1,757) |
State and Local | (714) |  |  | 2,018 |  |  | 5,483 |
Total Deferred | (2,894) |  |  | (855) |  |  | 29,078 |
Total | $ | 80,567 |  |  | $ | 172,626 |  |  | $ | 248,026 |
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, 2023, 2022 and 2021 is as follows:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
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 | % |  | 5.6 | % |  | 4.6 | %
Rate Benefits as a Limited Liability Company/Flow Through | (2.2) | % |  | (1.9) | % |  | (2.6) | %
Foreign Taxes | 0.5 | % |  | 1.0 | % |  | 0.5 | %
Non-Deductible Expenses(1) | 2.0 | % |  | 1.0 | % |  | 0.3 | %
ASU 2016-09 Benefit for Stock Compensation | (3.7) | % |  | (2.8) | % |  | (1.7) | %
Valuation Allowances | 0.3 | % |  | (0.3) | % |  | (0.4) | %
Other Adjustments | (0.5) | % |  | 0.9 | % |  | 0.5 | %
Effective Income Tax Rate | 22.0 | % |  | 24.5 | % |  | 22.2 | %
(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, 2023 and 2022 were as follows:
| December 31,
| 2023 |  | 2022
Deferred Tax Assets: |  |  |
Depreciation and Amortization | $ | 21,796 |  |  | $ | 23,558 |
Compensation and Benefits | 142,340 |  |  | 119,908 |
Step up in tax basis due to the exchange of LP Units for Class A Shares(1) | 62,637 |  |  | 71,955 |
Step up in tax basis due to the exchange of LP Units for Class A Shares(2) | 39,999 |  |  | 41,047 |
Operating Lease | 112,715 |  |  | 75,519 |
Other | 11,728 |  |  | 13,098 |
Total Deferred Tax Assets | $ | 391,215 |  |  | $ | 345,085 |
Deferred Tax Liabilities: |  |  |
Operating Lease | $ | 90,666 |  |  | $ | 56,824 |
Goodwill, Intangible Assets and Other | 17,312 |  |  | 14,806 |
Total Deferred Tax Liabilities | $ | 107,978 |  |  | $ | 71,630 |
Net Deferred Tax Assets Before Valuation Allowance | 283,237 |  |  | 273,455 |
Valuation Allowance | (17,423) |  |  | (16,289) |
Net Deferred Tax Assets | $ | 265,814 |  |  | $ | 257,166 |
(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, 2023, 2022 and 2021 is as follows:
| December 31,
| 2023 |  | 2022 |  | 2021
Beginning unrecognized tax benefit | $ | 359 |  |  | $ | 254 |  |  | $ | 376 |
Additions for tax positions of prior years | — |  |  | 105 |  |  | — |
Reductions for tax positions of prior years | — |  |  | — |  |  | — |
Lapse of Statute of Limitations | — |  |  | — |  |  | (122) |
Decrease due to settlement with Taxing Authority | — |  |  | — |  |  | — |
Ending unrecognized tax benefit | $ | 359 |  |  | $ | 359 |  |  | $ | 254 |

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