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Income Taxes and Related Payments (Tables)

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Components of the provision for income taxes

Components of the provision for income taxes consist of the following:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2020						2019						2020						2019
Current:
Federal			$	8,539					$	4,401					$	15,685					$	8,787
State and local			1,992						3,348						4,511						4,663
Foreign			97						111						261						339
Total			10,628						7,860						20,457						13,789
Deferred:
Federal			6,703						2,315						20,313						15,717
State and local			1,117						(17,530)						3,385						(15,935)
Total			7,820						(15,215)						23,698						(218)
Income tax expense (benefit)			$	18,448					$	(7,355)					$	44,155					$	13,571

Schedule of Other Assets and Other Liabilities

The change in the Company’s deferred tax assets related to the tax benefits described above and the change in corresponding amounts payable under the TRAs for the nine months ended September 30, 2020 is summarized as follows:

			Deferred Tax Asset - Amortizable basis						Amounts payable under tax receivable agreements
December 31, 2019			$	408,140					$	375,324
2020 Follow-On Offering			21,424						18,211
2020 Holdings Common Unit Exchanges			23,094						19,630
Amortization			(26,504)						—
Payments under TRA			—						(26,943)
Change in estimate			(61)						(238)
September 30, 2020			$	426,093					$	385,984

Components of deferred tax assets

Net deferred tax assets comprise the following:

			As of September 30, 2020						As of December 31, 2019
Deferred tax assets:
Amortizable basis (1)			$	426,093					$	408,140
Other (2)			32,605						27,757
Total deferred tax assets			458,698						435,897
Less: valuation allowance (3)			—						—
Net deferred tax assets			$	458,698					$	435,897
(1) Represents the unamortized step-up of tax basis and other tax attributes from the merger and partnership unit sales and exchanges described above. These future tax benefits are subject to the TRA agreements.
(2) Represents the net deferred tax assets associated with the merger described above and other miscellaneous deferred tax assets. These future tax benefits are not subject to the TRA agreements.
(3) Artisan assessed whether the deferred tax assets would be realizable and determined based on its history of taxable income that the benefits would more likely than not be realized. Accordingly, no valuation allowance is required.

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- 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

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- 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

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Tabular disclosure of assets and liabilities, classified as other.

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