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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
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,
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
U.S. federal | $ | 19,297 |  |  | $ | 12,949 |  |  | $ | (7,267) |
U.S. state and local | 5,033 |  |  | 6,147 |  |  | 4,940 |
Foreign | 54,787 |  |  | 34,506 |  |  | 36,699 |
UBT | 373 |  |  | (390) |  |  | 588 |
| 79,490 |  |  | 53,212 |  |  | 34,960 |
Deferred: |  |  |  |  |
U.S. federal | (41,491) |  |  | (17,083) |  |  | (1,000) |
U.S. state and local | (14,989) |  |  | (1,596) |  |  | (1,515) |
Foreign | (5,914) |  |  | 3,971 |  |  | (12,098) |
UBT | 1,838 |  |  | 80 |  |  | 2,666 |
| (60,556) |  |  | (14,628) |  |  | (11,947) |
Provision for income taxes | $ | 18,934 |  |  | $ | 38,584 |  |  | $ | 23,013 |
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,
| 2023 |  | 2022 |  | 2021
Tax expense at federal statutory rate | $ | 12,207 |  |  | $ | 20,584 |  |  | $ | 37,065 |
Non-controlling interest | 1,982 |  |  | 2,366 |  |  | 2,440 |
Incremental impact of foreign taxes compared to federal tax rate | 3,838 |  |  | 8,122 |  |  | 5,009 |
Other permanent differences | 7,536 |  |  | 2,287 |  |  | 11,797 |
U.S. state and local taxes, net of U.S. federal benefit | (4,778) |  |  | (876) |  |  | 2,737 |
New York City UBT | — |  |  | (1,071) |  |  | 2,929 |
Other rate changes | (862) |  |  | 153 |  |  | (7,007) |
Impact of Corporate Conversion | (12,446) |  |  | — |  |  | — |
Nontaxable gain on insurance disposition | — |  |  | — |  |  | (65,231) |
Uncertain tax positions | (797) |  |  | 3,496 |  |  | (6,936) |
U.S. tax on foreign earnings, net of tax credits | 12,388 |  |  | 4,808 |  |  | 31,299 |
Prior year adjustments | 4,078 |  |  | 4,189 |  |  | (714) |
Valuation allowance | (4,190) |  |  | (4,670) |  |  | 11,532 |
Other | (23) |  |  | (804) |  |  | (1,907) |
Provision for income taxes | $ | 18,934 |  |  | $ | 38,584 |  |  | $ | 23,013 |
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,
| 2023 |  | 2022
Deferred tax asset |  |  |
Basis difference of investments | $ | 23,522 |  |  | $ | 15,857 |
Deferred compensation | 90,270 |  |  | 70,361 |
Excess interest expense | 55,040 |  |  | 39,645 |
Other deferred and accrued expenses | 17,625 |  |  | 10,693 |
Net operating loss and credit carry-forwards | 43,426 |  |  | 45,592 |
Total deferred tax asset 1 | 229,883 |  |  | 182,148 |
Valuation allowance | (27,813) |  |  | (31,362) |
Deferred tax asset, net of valuation allowance | 202,070 |  |  | 150,786 |
Deferred tax liability |  |  |
Depreciation and amortization | 10,618 |  |  | 19,675 |
Total deferred tax liability 1 | 10,618 |  |  | 19,675 |
Net deferred tax asset | $ | 191,452 |  |  | $ | 131,111 |
_______________________________________ 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, 2023 and 2022 is as follows (in thousands):
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 |
Increases for prior year tax positions | — |
Decreases for prior year tax positions | (884) |
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, 2023 | $ | 6,669 |

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