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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024, 2023 and 2022, 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,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 8,693 |  |  | $ | 96 |  |  | $ | 2,081 |
Foreign | 77,840 |  |  | 55,513 |  |  | 73,410 |
State and local | 2,163 |  |  | 2,809 |  |  | 6,165 |
Total current | 88,696 |  |  | 58,418 |  |  | 81,656 |
Deferred: |  |  |  |  |
Federal | 21,312 |  |  | (58,600) |  |  | 31,980 |
Foreign | (20,410) |  |  | (5,123) |  |  | 3,960 |
State and local | 10,166 |  |  | (17,345) |  |  | 6,769 |
Total deferred | 11,068 |  |  | (81,068) |  |  | 42,709 |
Total | $ | 99,764 |  |  | $ | (22,650) |  |  | $ | 124,365 |
Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rates |
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Foreign source income not subject to U.S. income tax | (0.1) |  |  | 1.0 |  |  | (0.4) |
Change in U.S. federal valuation allowance | 1.5 |  |  | 4.3 |  |  | 2.0 |
Share-based incentive compensation | 0.5 |  |  | (4.5) |  |  | 0.2 |
Foreign taxes | 2.3 |  |  | (20.9) |  |  | 4.0 |
Foreign tax credits | (1.4) |  |  | 5.0 |  |  | (3.7) |
State and local taxes | 2.9 |  |  | 19.2 |  |  | 2.3 |
Income attributable to noncontrolling interests | (0.4) |  |  | 5.7 |  |  | (1.4) |
Uncertain tax positions | (1.8) |  |  | (0.3) |  |  | (0.1) |
Other | 1.3 |  |  | (2.2) |  |  | 0.2 |
Effective income tax rate | 25.8 | % |  | 28.3 | % |  | 24.1 | %
Schedule of Deferred Tax Assets and Liabilities | Details of the Company’s deferred tax assets and liabilities are as follows:
| December 31,
| 2024 |  | 2023
Gross Deferred Tax Assets: |  |  |
Basis adjustments (a) | $ | 74,214 |  |  | $ | 96,534 |
Compensation and benefits | 211,677 |  |  | 199,989 |
Net operating loss and tax credit carryforwards | 259,134 |  |  | 277,103 |
Depreciation and amortization | 33,816 |  |  | 30,530 |
Interest carryover - Section 163(j) limitation | 56,601 |  |  | 42,581 |
Other | 41,393 |  |  | 41,969 |
Gross deferred tax assets | 676,835 |  |  | 688,706 |
Valuation allowance | (89,662) |  |  | (99,600) |
Deferred tax assets (net of valuation allowance) | 587,173 |  |  | 589,106 |
Gross Deferred Tax Liabilities: |  |  |
Depreciation and amortization | 8,049 |  |  | 9,221 |
Compensation and benefits | 31,460 |  |  | 22,129 |
Goodwill | 46,237 |  |  | 46,686 |
Other | 22,929 |  |  | 17,587 |
Gross deferred tax liabilities | 108,675 |  |  | 95,623 |
Net deferred tax assets | $ | 478,498 |  |  | $ | 493,483 |
_____________________ (a)The basis adjustments recorded as of December 31, 2024 and 2023 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, 2024, 2023 and 2022 was as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Beginning Balance | $ | 99,600 |  |  | $ | 88,239 |  |  | $ | 88,953 |
Charged (credited) to provision for income taxes | (8,026) |  |  | 11,354 |  |  | 5,220 |
Charged (credited) to other comprehensive income and other | (1,912) |  |  | 7 |  |  | (5,934) |
Ending Balance | $ | 89,662 |  |  | $ | 99,600 |  |  | $ | 88,239 |
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, 2024, 2023 and 2022 is as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Balance, January 1 (excluding interest and penalties of $18,501, $17,992 and $18,579, respectively) | $ | 79,580 |  |  | $ | 77,701 |  |  | $ | 77,617 |
Increases in gross unrecognized tax benefits relating to tax positions taken during: |  |  |  |  |
Prior years | – |  |  | 615 |  |  | 341 |
Current year | 16,229 |  |  | 18,604 |  |  | 19,193 |
Decreases in gross unrecognized tax benefits relating to: |  |  |  |  |
Tax positions taken during prior years | (9,382) |  |  | (836) |  |  | (2,052) |
Settlements with tax authorities | – |  |  | (243) |  |  | (43) |
Lapse of the applicable statute of limitations | (17,801) |  |  | (16,261) |  |  | (17,355) |
Balance, December 31 (excluding interest and penalties of $20,348, $18,501 and $17,992, respectively) | $ | 68,626 |  |  | $ | 79,580 |  |  | $ | 77,701 |
Schedule of Additional Information Relating to Unrecognized Tax Benefits | Additional information with respect to unrecognized tax benefits is as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $20,348, $18,501 and $17,992, respectively) | $ | 73,195 |  |  | $ | 80,346 |  |  | $ | 80,094 |
Unrecognized tax benefits that, if recognized, would not affect the effective tax rate | $ | 15,779 |  |  | $ | 17,735 |  |  | $ | 15,599 |
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $5,641, $5,528 and $6,344, respectively) | $ | 1,847 |  |  | $ | 509 |  |  | $ | (587) |

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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/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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