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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The components of the Company’s provision (benefit) for income taxes for the years ended December 31, 2023, 2022 and 2021, 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,
			2023						2022						2021
Current:
Federal			$	96					$	2,081					$	(12,772)
Foreign			55,513						73,410						100,235
State and local			2,809						6,165						3,197
Total current			58,418						81,656						90,660
Deferred:
Federal			(58,600)						31,980						69,633
Foreign			(5,123)						3,960						6,709
State and local			(17,345)						6,769						14,301
Total deferred			(81,068)						42,709						90,643
Total			$	(22,650)					$	124,365					$	181,303

Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rates

			Year Ended December 31,
			2023						2022						2021
U.S. federal statutory income tax rate			21.0		%				21.0		%				21.0		%
BEAT and GILTI tax			–						–						0.4
Foreign source income not subject to U.S. income tax			1.0						(0.4)						(2.6)
Change in U.S. federal valuation allowance			4.3						2.0						1.1
Share-based incentive compensation			(4.5)						0.2						0.1
Foreign taxes			(20.9)						4.0						6.1
Foreign tax credits			5.0						(3.7)						(3.6)
State and local taxes			19.2						2.3						2.6
Income attributable to noncontrolling interests			5.7						(1.4)						(0.3)
Uncertain tax positions			(0.3)						(0.1)						(0.6)
Other			(2.2)						0.2						0.8
Effective income tax rate			28.3		%				24.1		%				25.0		%

Schedule of Deferred Tax Assets and Liabilities

Details of the Company’s deferred tax assets and liabilities are as follows:

			December 31,
			2023						2022
Deferred Tax Assets:
Basis adjustments (a)			$	96,534					$	131,353
Compensation and benefits			199,989						173,047
Net operating loss and tax credit carryforwards			277,103						227,280
Depreciation and amortization			30,530						11,777
Interest carryover - Section 163(j) limitation			42,581						21,150
Other			41,969						31,056
Gross deferred tax assets			688,706						595,663
Valuation allowance			(99,600)						(88,239)
Deferred tax assets (net of valuation allowance)			589,106						507,424
Deferred Tax Liabilities:
Depreciation and amortization			9,221						10,074
Compensation and benefits			22,129						23,631
Goodwill			46,686						43,448
Other			17,587						26,534
Deferred tax liabilities			95,623						103,687
Net deferred tax assets			$	493,483					$	403,737

_____________________

(a)The basis adjustments recorded as of December 31, 2023 and 2022 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, 2023, 2022 and 2021 was as follows:

			Year Ended December 31,
			2023						2022						2021
Beginning Balance			$	88,239					$	88,953					$	82,210
Charged (credited) to provision for income taxes			11,354						5,220						8,742
Charged (credited) to other comprehensive income and other			7						(5,934)						(1,999)
Ending Balance			$	99,600					$	88,239					$	88,953

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, 2023, 2022 and 2021 is as follows:

			Year Ended December 31,
			2023						2022						2021
Balance, January 1 (excluding interest and penalties of $17,992, $18,579 and $18,882, respectively)			$	77,701					$	77,617					$	80,954
Increases in gross unrecognized tax benefits relating to tax positions taken during:
Prior years			615						341						273
Current year			18,604						19,193						17,829
Decreases in gross unrecognized tax benefits relating to:
Tax positions taken during prior years			(836)						(2,052)						(5,774)
Settlements with tax authorities			(243)						(43)						(134)
Lapse of the applicable statute of limitations			(16,261)						(17,355)						(15,531)
Balance, December 31 (excluding interest and penalties of $18,501, $17,992 and $18,579, respectively)			$	79,580					$	77,701					$	77,617

Schedule of Additional Information Relating to Unrecognized Tax Benefits

Additional information with respect to unrecognized tax benefits is as follows:

			Year Ended December 31,
			2023						2022						2021
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $18,501, $17,992 and $18,579, respectively)			$	80,346					$	80,094					$	81,046
Unrecognized tax benefits that, if recognized, would not affect the effective tax rate			$	17,735					$	15,599					$	15,150
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $5,528, $6,344 and $5,210, respectively)			$	509					$	(587)					$	(303)

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