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Income Taxes and Related Payments (Tables)

9 Months Ended

Sep. 30, 2023

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,
			2023						2022						2023						2022
Current:
Federal			$	4,240					$	5,934					$	14,546					$	19,606
State and local			950						1,380						4,128						5,051
Foreign			337						129						703						407
Total			5,527						7,443						19,377						25,064
Deferred:
Federal			7,687						6,212						27,448						18,458
State and local			1,356						1,095						4,838						3,239
Total			9,043						7,307						32,286						21,697
Income tax expense (benefit)			$	14,570					$	14,750					$	51,663					$	46,761

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, 2023 is summarized as follows:

			Deferred Tax Asset - Amortizable Basis						Amounts Payable Under TRAs
December 31, 2022			$	426,468					$	398,789
2023 Holdings Common Unit Exchanges			1,567						1,333
Amortization			(32,885)						—
Payments under TRAs			—						(35,757)
Change in estimate			(2)						(505)
September 30, 2023			$	395,148					$	363,860

Components of deferred tax assets

Net deferred tax assets comprise the following:

			As of September 30, 2023						As of December 31, 2022
Deferred tax assets:
Amortizable basis (1)			$	395,148					$	426,468
Other (2)			51,343						50,556
Total deferred tax assets			446,491						477,024
Less: valuation allowance (3)			—						—
Net deferred tax assets			$	446,491					$	477,024
(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 Artisan’s investment in Holdings, related primarily to incentive compensation plan deduction timing differences. 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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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.

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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Tabular disclosure of assets and liabilities, classified as other.

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