XML 66 R52.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
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,
| 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
U.S. federal | $ | (7,267) |  |  | $ | 239 |  |  | $ | (4,142) |
U.S. state and local | 4,940 |  |  | 6,828 |  |  | 3,928 |
Foreign | 36,699 |  |  | 30,788 |  |  | 52,943 |
UBT | 588 |  |  | (3) |  |  | 1,278 |
| 34,960 |  |  | 37,852 |  |  | 54,007 |
Deferred: |  |  |  |  |
U.S. federal | (1,000) |  |  | (11,050) |  |  | (11,565) |
U.S. state and local | (1,515) |  |  | (5,848) |  |  | 8,537 |
Foreign | (12,098) |  |  | 3,602 |  |  | 506 |
UBT | 2,666 |  |  | (3,253) |  |  | (1,674) |
| (11,947) |  |  | (16,549) |  |  | (4,196) |
Provision for income taxes | $ | 23,013 |  |  | $ | 21,303 |  |  | $ | 49,811 |
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,
| 2021 |  | 2020 |  | 2019
Tax expense at federal statutory rate | $ | 37,065 |  |  | $ | 15,166 |  |  | $ | 24,492 |
Non-controlling interest | 2,440 |  |  | 73 |  |  | 3,466 |
Incremental impact of foreign taxes compared to federal tax rate | 5,009 |  |  | (476) |  |  | 7,935 |
Other permanent differences | 11,797 |  |  | 6,531 |  |  | 4,538 |
U.S. state and local taxes, net of U.S. federal benefit | 2,737 |  |  | (321) |  |  | (2,650) |
New York City UBT | 2,929 |  |  | (3,256) |  |  | (392) |
Other rate changes | (7,007) |  |  | (12,783) |  |  | 10,509 |
Nontaxable gain on insurance disposition | (65,231) |  |  | — |  |  | — |
Uncertain tax positions | (6,936) |  |  | 1,475 |  |  | (1,025) |
U.S. tax on foreign earnings, net of tax credits | 31,299 |  |  | 2,643 |  |  | 3,166 |
Return-to-provision adjustments | (714) |  |  | 1,076 |  |  | (3,937) |
Valuation allowance | 11,532 |  |  | 11,966 |  |  | 4,015 |
Other | (1,907) |  |  | (791) |  |  | (306) |
Provision for income taxes | $ | 23,013 |  |  | $ | 21,303 |  |  | $ | 49,811 |
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,
| 2021 |  | 2020
Deferred tax asset |  |  |
Basis difference of investments | $ | 15,906 |  |  | $ | 15,644 |
Deferred compensation | 70,635 |  |  | 74,030 |
Excess interest expense | 31,319 |  |  | 26,238 |
Other deferred and accrued expenses | 12,157 |  |  | 8,835 |
Net operating loss and credit carry-forwards | 60,160 |  |  | 84,822 |
Total deferred tax asset 1 | 190,177 |  |  | 209,569 |
Valuation allowance | (48,623) |  |  | (81,191) |
Deferred tax asset, net of valuation allowance | 141,554 |  |  | 128,378 |
Deferred tax liability |  |  |
Depreciation and amortization | 24,331 |  |  | 27,406 |
Total deferred tax liability 1 | 24,331 |  |  | 27,406 |
Net deferred tax asset | $ | 117,223 |  |  | $ | 100,972 |
_______________________________________ 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, 2021, 2020 is as follows (in thousands):
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 |
Increases for prior year tax positions | 884 |
Decreases for prior year tax positions | (999) |
Increases for current year tax positions | — |
Decreases related to settlements with taxing authorities | — |
Decreases related to a lapse of applicable statute of limitations | (7,678) |
Balance, December 31, 2021 | $ | 4,394 |

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=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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=124434304&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=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration