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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
| 2024 |  | 2023 |  | 2022
U.S. | $ | 431,248 |  |  | $ | 288,414 |  |  | $ | 455,584 |
Non-U.S. | 62,439 |  |  | 47,632 |  |  | 193,562 |
Income before Income Tax Expense(1) | $ | 493,687 |  |  | $ | 336,046 |  |  | $ | 649,146 |
(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, 2024, 2023 and 2022 consist of:
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 58,118 |  |  | $ | 48,940 |  |  | $ | 85,699 |
Foreign | 25,577 |  |  | 20,426 |  |  | 40,680 |
State and Local | 23,639 |  |  | 14,095 |  |  | 47,102 |
Total Current | 107,334 |  |  | 83,461 |  |  | 173,481 |
Deferred: |  |  |  |  |
Federal | 18,212 |  |  | 4,400 |  |  | 3,020 |
Foreign | (14,498) |  |  | (6,580) |  |  | (5,893) |
State and Local | 4,360 |  |  | (714) |  |  | 2,018 |
Total Deferred | 8,074 |  |  | (2,894) |  |  | (855) |
Total | $ | 115,408 |  |  | $ | 80,567 |  |  | $ | 172,626 |
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, 2024, 2023 and 2022 is as follows:
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Reconciliation of Federal Statutory Tax Rates: |  |  |  |  |
U.S. Statutory Tax Rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase Due to State and Local Taxes | 5.5 | % |  | 4.6 | % |  | 5.6 | %
Rate Benefits as a Limited Liability Company/Flow Through | (1.6) | % |  | (2.2) | % |  | (1.9) | %
Foreign Taxes | 2.5 | % |  | 0.5 | % |  | 1.0 | %
Non-Deductible Expenses(1) | 2.3 | % |  | 2.0 | % |  | 1.0 | %
ASU 2016-09 Benefit for Stock Compensation | (6.6) | % |  | (3.7) | % |  | (2.8) | %
Valuation Allowances | (2.3) | % |  | 0.3 | % |  | (0.3) | %
Other Adjustments | 0.8 | % |  | (0.5) | % |  | 0.9 | %
Effective Income Tax Rate | 21.6 | % |  | 22.0 | % |  | 24.5 | %
(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, 2024 and 2023 were as follows:
| December 31,
| 2024 |  | 2023
Deferred Tax Assets: |  |  |
Depreciation and Amortization | $ | 21,316 |  |  | $ | 21,796 |
Compensation and Benefits | 149,275 |  |  | 142,340 |
Step up in tax basis due to the exchange of LP Units for Class A Shares(1) | 63,884 |  |  | 62,637 |
Step up in tax basis due to the exchange of LP Units for Class A Shares(2) | 42,503 |  |  | 39,999 |
Operating Lease | 132,504 |  |  | 112,715 |
Other | 13,354 |  |  | 11,728 |
Total Deferred Tax Assets | $ | 422,836 |  |  | $ | 391,215 |
Deferred Tax Liabilities: |  |  |
Operating Lease | $ | 106,087 |  |  | $ | 90,666 |
Goodwill, Intangible Assets and Other | 26,962 |  |  | 17,312 |
Total Deferred Tax Liabilities | $ | 133,049 |  |  | $ | 107,978 |
Net Deferred Tax Assets Before Valuation Allowance | 289,787 |  |  | 283,237 |
Valuation Allowance | (5,279) |  |  | (17,423) |
Net Deferred Tax Assets | $ | 284,508 |  |  | $ | 265,814 |
(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.
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the changes in tax positions for the years ended December 31, 2024, 2023 and 2022 is as follows:
| December 31,
| 2024 |  | 2023 |  | 2022
Beginning unrecognized tax benefit | $ | 359 |  |  | $ | 359 |  |  | $ | 254 |
Additions for tax positions of prior years | 79 |  |  | — |  |  | 105 |
Reductions for tax positions of prior years | — |  |  | — |  |  | — |
Lapse of Statute of Limitations | — |  |  | — |  |  | — |
Decrease due to settlement with Taxing Authority | (58) |  |  | — |  |  | — |
Ending unrecognized tax benefit | $ | 380 |  |  | $ | 359 |  |  | $ | 359 |

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