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Income Taxes and Related Payments (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30,												For the Six Months Ended June 30,
			2022						2021						2022						2021
Current:
Federal			$	5,801					$	14,285					$	13,672					$	23,317
State and local			1,742						3,920						3,671						6,567
Foreign			138						92						278						254
Total			7,681						18,297						17,621						30,138
Deferred:
Federal			4,714						8,645						12,246						16,957
State and local			830						1,523						2,144						2,988
Total			5,544						10,168						14,390						19,945
Income tax expense (benefit)			$	13,225					$	28,465					$	32,011					$	50,083

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 six months ended June 30, 2022 is summarized as follows:

			Deferred Tax Asset - Amortizable Basis						Amounts Payable Under TRAs
December 31, 2021			$	459,893					$	425,427
2022 Holdings Common Unit Exchanges			1,345						1,142
Amortization			(21,027)						—
Payments under TRAs			—						(25,112)
Change in estimate			7						(482)
June 30, 2022			$	440,218					$	400,975

Components of deferred tax assets

Net deferred tax assets comprise the following:

			As of June 30, 2022						As of December 31, 2021
Deferred tax assets:
Amortizable basis (1)			$	440,218					$	459,893
Other (2)			44,768						38,009
Total deferred tax assets			484,986						497,902
Less: valuation allowance (3)			—						—
Net deferred tax assets			$	484,986					$	497,902
(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=121826272&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=121826272&loc=d3e32537-109319

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Tabular disclosure of assets and liabilities, classified as other.

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