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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The components of the Company’s provision for income taxes for the years ended December 31, 2022, 2021 and 2020, and a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rates for such years, are shown below.
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 2,081 |  |  | $ | (12,772 | ) |  | $ | 6,531 |
Foreign |  |  | 73,410 |  |  |  | 100,235 |  |  |  | 44,381 |
State and local |  |  | 6,165 |  |  |  | 3,197 |  |  |  | 1,389 |
Total current |  |  | 81,656 |  |  |  | 90,660 |  |  |  | 52,301 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 31,980 |  |  |  | 69,633 |  |  |  | 41,817 |
Foreign |  |  | 3,960 |  |  |  | 6,709 |  |  |  | 6,946 |
State and local |  |  | 6,769 |  |  |  | 14,301 |  |  |  | (1,615 | )
Total deferred |  |  | 42,709 |  |  |  | 90,643 |  |  |  | 47,148 |
Total |  | $ | 124,365 |  |  | $ | 181,303 |  |  | $ | 99,449 |
Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rates |
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
U.S. federal statutory income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
BEAT and GILTI tax |  |  | - |  |  |  | 0.4 |  |  |  | 0.9 |
Foreign source income not subject to U.S. income tax |  |  | (0.4 | ) |  |  | (2.6 | ) |  |  | (6.4 | )
Change in U.S. federal valuation allowance |  |  | 2.0 |  |  |  | 1.1 |  |  |  | 0.5 |
Share-based incentive compensation |  |  | 0.2 |  |  |  | 0.1 |  |  |  | 0.6 |
Foreign taxes |  |  | 4.0 |  |  |  | 6.1 |  |  |  | 3.2 |
Foreign tax credits |  |  | (3.7 | ) |  |  | (3.6 | ) |  |  | (2.1 | )
State and local taxes |  |  | 2.3 |  |  |  | 2.6 |  |  |  | 0.2 |
Loss (income) of non-controlling interests |  |  | (1.4 | ) |  |  | (0.3 | ) |  |  | 0.1 |
Uncertain tax positions |  |  | (0.1 | ) |  |  | (0.6 | ) |  |  | 0.7 |
Other |  |  | 0.2 |  |  |  | 0.8 |  |  |  | 1.1 |
Effective income tax rate |  |  | 24.1 | % |  |  | 25.0 | % |  |  | 19.8 | %
Schedule of Deferred Tax Assets and Liabilities | Details of the Company’s deferred tax assets and liabilities are as follows:
|  | December 31, |
|  | 2022 |  |  | 2021 |
Deferred Tax Assets: |  |  |  |  |  |  |  |
Basis adjustments (a) |  | $ | 131,353 |  |  | $ | 154,987 |
Compensation and benefits |  |  | 173,047 |  |  |  | 192,088 |
Net operating loss and tax credit carryforwards |  |  | 227,280 |  |  |  | 247,854 |
Depreciation and amortization |  |  | 1,268 |  |  |  | 1,138 |
Other |  |  | 64,887 |  |  |  | 50,547 |
Gross deferred tax assets |  |  | 597,835 |  |  |  | 646,614 |
Valuation allowance |  |  | (88,239 | ) |  |  | (88,953 | )
Deferred tax assets (net of valuation allowance) |  |  | 509,596 |  |  |  | 557,661 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 9,309 |  |  |  | 13,633 |
Compensation and benefits |  |  | 23,631 |  |  |  | 33,790 |
Goodwill |  |  | 43,448 |  |  |  | 39,451 |
Other |  |  | 29,471 |  |  |  | 37,306 |
Deferred tax liabilities |  |  | 105,859 |  |  |  | 124,180 |
Net deferred tax assets |  | $ | 403,737 |  |  | $ | 433,481 |
(a) | The basis adjustments recorded as of December 31, 2022 and 2021 are primarily the result of additional basis from acquisitions of interests, including the impact of the tax receivable agreement obligation.
Summary of Changes in Deferred Tax Assets Valuation Allowance | Changes in the deferred tax assets valuation allowance for the years ended December 31, 2022, 2021 and 2020 was as follows:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Beginning Balance |  | $ | 88,953 |  |  | $ | 82,210 |  |  | $ | 76,486 |
Charged (credited) to provision for income taxes |  |  | 5,220 |  |  |  | 8,742 |  |  |  | 4,598 |
Charged (credited) to other comprehensive income and other |  |  | (5,934 | ) |  |  | (1,999 | ) |  |  | 1,126 |
Ending Balance |  | $ | 88,239 |  |  | $ | 88,953 |  |  | $ | 82,210 |
Schedule of Gross Unrecognized Tax Benefits | A reconciliation of the beginning to the ending amount of gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2022, 2021 and 2020 is as follows:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Balance, January 1 (excluding interest and penalties of $18,579, $18,882 and $18,376, respectively) |  | $ | 77,617 |  |  | $ | 80,954 |  |  | $ | 86,886 |
Increases in gross unrecognized tax benefits relating to tax positions taken during: |  |  |  |  |  |  |  |  |  |  |  |
Prior years |  |  | 341 |  |  |  | 273 |  |  |  | 2,454 |
Current year |  |  | 19,193 |  |  |  | 17,829 |  |  |  | 14,702 |
Decreases in gross unrecognized tax benefits relating to: |  |  |  |  |  |  |  |  |  |  |  |
Tax positions taken during prior years |  |  | (2,052 | ) |  |  | (5,774 | ) |  |  | (9,814 | )
Settlements with tax authorities |  |  | (43 | ) |  |  | (134 | ) |  |  | (904 | )
Lapse of the applicable statute of limitations |  |  | (17,355 | ) |  |  | (15,531 | ) |  |  | (12,370 | )
Balance, December 31 (excluding interest and penalties of $17,992, $18,579 and $18,882, respectively) |  | $ | 77,701 |  |  | $ | 77,617 |  |  | $ | 80,954 |
Schedule of Additional Information Relating to Unrecognized Tax Benefits | Additional information with respect to unrecognized tax benefits is as follows:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $17,992, $18,579 and $18,882, respectively) |  | $ | 80,094 |  |  | $ | 81,046 |  |  | $ | 86,117 |
Unrecognized tax benefits that, if recognized, would not affect the effective tax rate |  | $ | 15,599 |  |  | $ | 15,150 |  |  | $ | 13,719 |
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $6,344, $5,210 and $3,757, respectively) |  | $ | (587 | ) |  | $ | (303 | ) |  | $ | 506 |

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