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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Summary of Provision for Income Taxes | The provision for income taxes consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | 239 |  |  | $ | (4,142 | ) |  | $ | 36,027 |
U.S. state and local |  |  | 6,828 |  |  |  | 3,928 |  |  |  | 6,449 |
Foreign |  |  | 30,788 |  |  |  | 52,943 |  |  |  | 46,982 |
UBT |  |  | (3 | ) |  |  | 1,278 |  |  |  | (1,953 | )
|  |  | 37,852 |  |  |  | 54,007 |  |  |  | 87,505 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal |  |  | (11,050 | ) |  |  | (11,565 | ) |  |  | (32,527 | )
U.S. state and local |  |  | (5,848 | ) |  |  | 8,537 |  |  |  | 149 |
Foreign |  |  | 3,602 |  |  |  | 506 |  |  |  | 6,671 |
UBT |  |  | (3,253 | ) |  |  | (1,674 | ) |  |  | 1,970 |
|  |  | (16,549 | ) |  |  | (4,196 | ) |  |  | (23,737 | )
Provision for income taxes |  | $ | 21,303 |  |  | $ | 49,811 |  |  | $ | 63,768 |
Summary of Actual Income Tax Expense and Amount Calculated Utilizing U.S. Federal Statutory Rates | Differences between the Company’s actual income tax expense and the amount calculated utilizing the U.S. federal statutory rates were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Tax expense at federal statutory rate |  | $ | 16,360 |  |  | $ | 25,633 |  |  | $ | 36,103 |
Non-controlling interest |  |  | 73 |  |  |  | 3,466 |  |  |  | (3,544 | )
Incremental impact of foreign taxes compared to federal tax rate |  |  | (476 | ) |  |  | 7,935 |  |  |  | 2,739 |
Other permanent differences |  |  | 5,337 |  |  |  | 3,397 |  |  |  | 6,051 |
U.S. state and local taxes, net of U.S. federal benefit |  |  | (321 | ) |  |  | (2,650 | ) |  |  | (539 | )
New York City UBT |  |  | (3,256 | ) |  |  | (392 | ) |  |  | (514 | )
Other rate changes |  |  | (12,783 | ) |  |  | 10,509 |  |  |  | 4,024 |
Revaluation of deferred taxes related to tax reform |  |  | — |  |  | — |  |  |  | 4,776 |
Uncertain tax positions |  |  | 1,475 |  |  |  | (1,025 | ) |  |  | 2,764 |
U.S. tax on foreign earnings, net of tax credits |  |  | 2,643 |  |  |  | 3,166 |  |  |  | 2,163 |
Return-to-provision adjustments |  |  | 1,076 |  |  |  | (3,937 | ) |  |  | 2,598 |
Valuation allowance |  |  | 11,966 |  |  |  | 4,015 |  |  |  | 2,567 |
Other |  |  | (791 | ) |  |  | (306 | ) |  |  | 4,580 |
Provision for income taxes |  | $ | 21,303 |  |  | $ | 49,811 |  |  | $ | 63,768 |
Summary of Deferred Tax Asset and Liability | Significant components of the Company’s deferred tax asset and liability consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
Deferred tax asset |  |  |  |  |  |  |  |
Basis difference of investments |  | $ | 15,644 |  |  | $ | 7,678 |
Deferred compensation |  |  | 74,030 |  |  |  | 65,794 |
Excess interest expense |  |  | 26,238 |  |  |  | 21,028 |
Other deferred and accrued expenses |  |  | 8,835 |  |  |  | 17,685 |
Net operating loss and credit carry-forwards |  |  | 84,822 |  |  |  | 73,072 |
Total deferred tax asset1 |  |  | 209,569 |  |  |  | 185,257 |
Valuation allowance |  |  | (81,191 | ) |  |  | (71,931 | )
Deferred tax asset, net of valuation allowance |  |  | 128,378 |  |  |  | 113,326 |
Deferred tax liability |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 27,406 |  |  |  | 35,346 |
Total deferred tax liability1 |  |  | 27,406 |  |  |  | 35,346 |
Net deferred tax asset |  | $ | 100,972 |  |  | $ | 77,980 |
1 | Before netting within tax jurisdictions.
Summary of Gross Unrecognized Tax Benefits | A reconciliation of the beginning to the ending amounts of gross unrecognized tax benefits for the years ended December 31, 2020 and 2019 is as follows (in thousands):
Balance, December 31, 2018 |  | $ | 10,252 |
Increases for prior year tax positions |  |  | 2,500 |
Decreases for prior year tax positions |  |  | — |
Increases for current year tax positions |  |  | — |
Decreases related to settlements with taxing authorities |  |  | (2,271 | )
Decreases related to a lapse of applicable statute of limitations |  |  | — |
Balance, December 31, 2019 |  | $ | 10,481 |
Increases for prior year tax positions |  |  | 1,706 |
Decreases for prior year tax positions |  |  | — |
Increases for current year tax positions |  |  | — |
Decreases related to settlements with taxing authorities |  |  | — |
Decreases related to a lapse of applicable statute of limitations |  |  | — |
Balance, December 31, 2020 |  | $ | 12,187 |

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