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Income Taxes and Related Payments (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
			2024						2023
Current:
Federal			$	7,066					$	4,748
State and local			2,021						1,561
Foreign			241						191
Total			9,328						6,500
Deferred:
Federal			10,744						10,328
State and local			1,893						1,819
Total			12,637						12,147
Income tax expense (benefit)			$	21,965					$	18,647

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 three months ended March 31, 2024 is summarized as follows:

			Deferred Tax Asset - Amortizable Basis						Amounts Payable Under TRAs
December 31, 2023			$	384,423					$	364,048
2024 Holdings Common Unit Exchanges			13,590						11,551
Amortization			(11,416)						—
March 31, 2024			$	386,597					$	375,599

Components of deferred tax assets

Net deferred tax assets comprise the following:

			As of March 31, 2024						As of December 31, 2023
Deferred tax assets:
Amortizable basis (1)			$	386,597					$	384,423
Other (2)			51,724						52,106
Total deferred tax assets			438,321						436,529
Less: valuation allowance (3)			—						—
Net deferred tax assets			$	438,321					$	436,529
(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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- 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
-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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