XML 71 R55.htm IDEA: XBRL DOCUMENT v3.20.4

Income Taxes (Tables)

12 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=121610041&loc=d3e36027-109320

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration