v3.6.0.2

INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2016
INCOME TAXES |
Schedule of U.S. and non-U.S. components of income (loss) before income tax expense |
|  | For the Year Ended December 31, |
|  | 2016 |  | 2015 |  | 2014 |
U.S. |  | $ | 172,401 |  | $ | 140,477 |  | $ | 69,734 |
Non‑U.S. |  |  | (5,727) |  |  | 3,587 |  |  | (23,439) |
Income (loss) before income taxes |  | $ | 166,674 |  | $ | 144,064 |  | $ | 46,295 |
Schedule of current and deferred components of income tax provision |
|  | For the Year Ended December 31, |
|  | 2016 |  | 2015 |  | 2014 |
Current income taxes: |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 22,178 |  | $ | 14,483 |  | $ | 8,242 |
State and Local |  |  | 5,361 |  |  | 4,254 |  |  | 3,759 |
Foreign |  |  | (1,716) |  |  | 4,314 |  |  | 2,492 |
|  | $ | 25,823 |  | $ | 23,051 |  | $ | 14,493 |
Deferred income taxes: |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (848) |  | $ | 774 |  | $ | (688) |
State and Local |  |  | (207) |  |  | (29) |  |  | 164 |
Foreign |  |  | 41 |  |  | 51 |  |  | (229) |
Total |  | $ | 24,809 |  | $ | 23,847 |  | $ | 13,740 |
Reconciliation from appropriate statutory rate to income before income taxes |
|  | For the Year Ended December 31, |
|  | 2016 |  | 2015 |  | 2014 |
Reconciliation of federal statutory tax rates |  |  |  |  |  |  |
U.S. statutory tax rate |  | 35.0 | % | 35.0 | % | 35.0 | %
Increase (decrease) due to state and local taxes |  | 2.3 | % | 2.2 | % | 7.5 | %
Rate benefit as a U.S. limited partnership/flow through |  | -21.8 | % | -22.1 | % | -29.9 | %
Non‑deductible expenses* |  | 0.2 | % | 0.3 | % | 12.2 | %
Foreign taxes |  | -0.9 | % | 1.8 | % | 4.9 | %
Other |  | 0.1 | % | -0.6 | % | — |
Effective income tax rate |  | 14.9 | % | 16.6 | % | 29.7 | %
*Primarily related to non‑deductible equity compensation associated with the vesting of Group LP units granted prior to the IPO.
Schedule of components of deferred tax assets and liabilities |
|  | For the Year Ended December 31, |
|  | 2016 |  | 2015 |
Net operating loss |  | $ | 5,988 |  | $ | 9,043 |
Step-up in tax basis in Group LP assets |  |  | 143,630 |  |  | 149,605 |
Deferred Compensation |  |  | 21,132 |  |  | 10,064 |
Accrued expenses and other |  |  | 3,995 |  |  | 5,965 |
|  |  | 174,745 |  |  | 174,677 |
Valuation allowance on NOL and other |  |  | (6,954) |  |  | (9,172) |
Net deferred tax asset |  | $ | 167,791 |  | $ | 165,505 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319 + Details
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