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Income Taxes (Tables)

12 Months Ended

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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