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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
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,
| 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
U.S. federal | $ | 12,949 |  |  | $ | (7,267) |  |  | $ | 239 |
U.S. state and local | 6,147 |  |  | 4,940 |  |  | 6,828 |
Foreign | 34,506 |  |  | 36,699 |  |  | 30,788 |
UBT | (390) |  |  | 588 |  |  | (3) |
| 53,212 |  |  | 34,960 |  |  | 37,852 |
Deferred: |  |  |  |  |
U.S. federal | (17,083) |  |  | (1,000) |  |  | (11,050) |
U.S. state and local | (1,596) |  |  | (1,515) |  |  | (5,848) |
Foreign | 3,971 |  |  | (12,098) |  |  | 3,602 |
UBT | 80 |  |  | 2,666 |  |  | (3,253) |
| (14,628) |  |  | (11,947) |  |  | (16,549) |
Provision for income taxes | $ | 38,584 |  |  | $ | 23,013 |  |  | $ | 21,303 |
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,
| 2022 |  | 2021 |  | 2020
Tax expense at federal statutory rate | $ | 20,584 |  |  | $ | 37,065 |  |  | $ | 15,166 |
Non-controlling interest | 2,366 |  |  | 2,440 |  |  | 73 |
Incremental impact of foreign taxes compared to federal tax rate | 8,122 |  |  | 5,009 |  |  | (476) |
Other permanent differences | 2,287 |  |  | 11,797 |  |  | 6,531 |
U.S. state and local taxes, net of U.S. federal benefit | (876) |  |  | 2,737 |  |  | (321) |
New York City UBT | (1,071) |  |  | 2,929 |  |  | (3,256) |
Other rate changes | 153 |  |  | (7,007) |  |  | (12,783) |
Nontaxable gain on insurance disposition | — |  |  | (65,231) |  |  | — |
Uncertain tax positions | 3,496 |  |  | (6,936) |  |  | 1,475 |
U.S. tax on foreign earnings, net of tax credits | 4,808 |  |  | 31,299 |  |  | 2,643 |
Prior year adjustments | 4,189 |  |  | (714) |  |  | 1,076 |
Valuation allowance | (4,670) |  |  | 11,532 |  |  | 11,966 |
Other | (804) |  |  | (1,907) |  |  | (791) |
Provision for income taxes | $ | 38,584 |  |  | $ | 23,013 |  |  | $ | 21,303 |
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,
| 2022 |  | 2021
Deferred tax asset |  |  |
Basis difference of investments | $ | 15,857 |  |  | $ | 15,906 |
Deferred compensation | 70,361 |  |  | 70,635 |
Excess interest expense | 39,645 |  |  | 31,319 |
Other deferred and accrued expenses | 10,693 |  |  | 12,157 |
Net operating loss and credit carry-forwards | 45,592 |  |  | 60,160 |
Total deferred tax asset 1 | 182,148 |  |  | 190,177 |
Valuation allowance | (31,362) |  |  | (48,623) |
Deferred tax asset, net of valuation allowance | 150,786 |  |  | 141,554 |
Deferred tax liability |  |  |
Depreciation and amortization | 19,675 |  |  | 24,331 |
Total deferred tax liability 1 | 19,675 |  |  | 24,331 |
Net deferred tax asset | $ | 131,111 |  |  | $ | 117,223 |
_______________________________________ 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, 2022 and 2021 is as follows (in thousands):
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 |
Increases for prior year tax positions | 3,159 |
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, 2022 | $ | 7,553 |

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