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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of income before income taxes

Income before income taxes and noncontrolling interest is as follows for the years ended December 31, 2020, 2019 and 2018:

			Years Ended December 31,
			2020						2019						2018
(in thousands)
U.S. operations			$	1,214,282					$	(103,080)					$	659,937
Non-U.S. operations			168,555						(12,902)						36,426
			$	1,382,837					$	(115,982)					$	696,363

Summary of provision for income taxes

The provision for income taxes consists of the following for the years ended December 31, 2020, 2019 and 2018:

			Years Ended December 31,
(in thousands)			2020						2019						2018
Current provision (benefit)
Federal			$	148,034					$	(1,861)					$	49,047
State and Local			52,040						4,362						18,697
Foreign			37,474						3,675						4,276
Deferred provision (benefit)
Federal			26,255						(13,422)						4,986
State and Local			(2,580)						(1,455)						(1,599)
Foreign			701						(3,576)						764
Provision for income taxes			$	261,924					$	(12,277)					$	76,171

Schedule of reconciliation of the tax provision at U.S. Federal Statutory Rate to the provision for income taxes

The reconciliation of the tax provision at the U.S. federal statutory rate to the provision for income taxes for the

years ended December 31, 2020, 2019 and 2018 is as follows:

			Years Ended December 31,
			2020						2019						2018
(in thousands, except percentages)
Tax provision at the U.S. federal statutory rate			21.0		%				21.0		%				21.0		%
Less: rate attributable to noncontrolling interest			(7.5)		%				(8.1)		%				(10.2)		%
State and local taxes, net of federal benefit			3.4		%				2.4		%				1.9		%
Non-deductible expenses, net			0.1		%				(3.7)		%				(0.3)		%
Other, net			1.9		%				(1.0)		%				(1.5)		%
Effective tax rate			18.9		%				10.6		%				10.9		%

Schedule of components of deferred tax assets and liabilities

The components of the deferred tax assets and liabilities as of December 31, 2020, and 2019 are as follows:

			December 31,
(in thousands)			2020						2019
Deferred income tax assets
Tax Receivable Agreement			$	199,107					$	197,598
Share-based compensation			17,140						15,572
Intangibles			2,563						2,467
Fixed assets and other			37,100						44,908
Tax credits and net operating loss carryforwards			60,597						86,420
Less: Valuation allowance on net operating loss carryforwards and tax credits			(60,385)						(60,594)
Total deferred income tax assets			$	256,122					$	286,371
Deferred income tax liabilities
Intangibles			$	63,052					$	71,700
Total deferred income tax liabilities			$	63,052					$	71,700

Summary of reconciliation of the beginning and ending amount of unrecognized tax benefits

The table below presents the changes in the liability for unrecognized tax benefits. This liability is included in Accounts payable and accrued expenses and other liabilities on the Consolidated Statements of Financial Condition.

(in thousands)
Balance at December 31, 2017			$	7,300
Decreases based on tax positions related to prior period			(840)
Increase based on tax positions related to current period			868
Balance at December 31, 2018			7,328
Increase from ITG Acquisition			2,713
Decreases based on tax positions related to prior period			(1,263)
Increase based on tax positions related to current period			—
Balance at December 31, 2019			8,778
Decreases based on tax positions related to prior period			(311)
Increase based on tax positions related to current period			110
Balance at December 31, 2020			$	8,577

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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.

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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