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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of Components of Income Taxes From Continuing Operations

The components of pretax income from continuing operations, generally based on the jurisdiction of the legal entity, were as follows:

			Year Ended December 31,
			2020						2019						2018
Components of pre-tax (loss) income:
Domestic			$	(1,032,549)					$	30,960					$	190,291
Foreign			(281,696)						168,678						208,122
			$	(1,314,245)					$	199,638					$	398,413

Summary of Provision for Income Tax Relating to Continuing Operations

The provision for income taxes relating to continuing operations consists of the following:

			Year Ended December 31,
			2020						2019						2018
Current portion:
Federal			$	(5,067)					$	4,488					$	(49,518)
State and Local			(435)						3,781						4,168
Non U.S.			11,823						49,982						59,743
Total current			6,321						58,251						14,393
Deferred portion:
Federal			(34,295)						(14,215)						55,502
State and Local			(4,533)						(1,692)						(4,812)
Non U.S.			(7,406)						(7,018)						(7,591)
Total deferred			(46,234)						(22,925)						43,099
Total provision for income taxes			$	(39,913)					$	35,326					$	57,492

Schedule of Reconciliation of Statutory Income Taxes and Effective Income Taxes Relating to Continuing Operation

The provision for income taxes relating to continuing operations differs from amounts computed at the statutory federal income tax rate as follows:

			Year Ended December 31,
			2020						2019						2018
Income tax provision at statutory federal income tax rate			$	(275,992)					$	41,924					$	83,667
State income taxes, net of federal benefit			(15,126)						2,223						(42)
Impact of non U.S. taxing jurisdictions, net			31,207						13,121						1,714
Impact of U.S. TCJA(1)			—						—						(26,730)
Employee stock based compensation			13,985						8,380						3,884
Research tax credit			(11,328)						(28,593)						(9,818)
Tax receivable agreement (TRA)(2)			—						(536)						1,019
Valuation Allowance			201,863						957						3,878
Other, net			15,478						(2,150)						(80)
Total provision for income taxes			$	(39,913)					$	35,326					$	57,492

___________________________

(1)In 2018, amount includes adjustments for deferred taxes and foreign tax effects.

(2)Amount includes adjustments to the TRA, which are not taxable.

Summary of Deferred Tax Assets and Liabilities

The components of our deferred tax assets and liabilities are as follows:

			As of December 31,
			2020						2019
Deferred tax assets:
Employee benefits other than pension			$	21,903					$	23,272
Lease liabilities			22,108						9,415
Deferred revenue			33,824						30,715
Pension obligations			27,865						27,407
Tax loss carryforwards			259,035						59,939
Incentive consideration			4,158						6,722
Tax credit carryforwards			47,110						18,496
Suspended loss			14,528						14,635
Accrued expenses			1,797						7,547
Other			—						533
Total deferred tax assets			432,328						198,681
Deferred tax liabilities:
Exchangeable notes			(19,114)						—
Right of use assets			(21,376)						(9,261)
Depreciation and amortization			(8,284)						(7,059)
Software developed for internal use			(19,917)						(66,918)
Intangible assets			(110,625)						(120,528)
Unrealized gains and losses			(24,109)						(18,778)
Non U.S. operations			(15,674)						(16,149)
Investment in partnership			(7,565)						(7,306)
Other			(2,974)						—
Total deferred tax liabilities			(229,638)						(245,999)
Valuation allowance			(251,253)						(38,272)
Net deferred tax (liability)			$	(48,563)					$	(85,590)

Summary of Reconciliation of Unrecognized Tax Benefit

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows:

			Year Ended December 31,
			2020						2019						2018
Balance at beginning of year			$	64,645					$	70,327					$	74,388
Additions for tax positions taken in the current year			3,090						5,149						4,450
Additions for tax positions of prior years			7,504						12,679						2,612
Additions for tax positions from acquisitions			—						1,294						—
Reductions for tax positions of prior years			—						(19,611)						(5,831)
Reductions for tax positions of expired statute of limitations			(656)						(1,192)						(3,143)
Settlements			(1,529)						(4,001)						(2,149)
Balance at end of year			$	73,054					$	64,645					$	70,327

Summary of Income Tax Examinations

The following table summarizes, by major tax jurisdiction, our tax years that remain subject to examination by taxing authorities:

Tax Jurisdiction			Years Subject to Examination
United Kingdom			2016 - forward
Singapore			2016 - forward
India			1996 - 2015
Uruguay			2015 - forward
U.S. Federal			2014, 2015, 2017 - forward
Texas			2016 - forward

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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.

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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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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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