INCOME TAXES AND RELATED PAYMENTS (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
Income Tax Disclosure [Abstract] |
|
Schedule of Components of Income Tax Expense |
Income tax expense from operations consisted of the following: | | | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2014 | | 2013 | Current: | | | | | | U.S. federal income tax | $ | 1,478 |
| | $ | 4,128 |
| | $ | 5,516 |
| State and local income tax | 1,650 |
| | (372 | ) | | 5,148 |
| Foreign income tax | 2,621 |
| | 2,245 |
| | 3,195 |
| | $ | 5,749 |
| | $ | 6,001 |
| | $ | 13,859 |
| Deferred: | | | |
| | |
| U.S. federal income tax | $ | 11,306 |
| | $ | 12,544 |
| | $ | 11,253 |
| State and local income tax | 786 |
| | 1,836 |
| | 1,120 |
| Foreign income tax | (292 | ) | | (1,845 | ) | | — |
| | $ | 11,800 |
| | $ | 12,535 |
| | $ | 12,373 |
| Total: | | | |
| | |
| U.S. federal income tax | $ | 12,784 |
| | $ | 16,672 |
| | $ | 16,769 |
| State and local income tax | 2,436 |
| | 1,464 |
| | 6,268 |
| Foreign income tax | 2,329 |
| | 400 |
| | 3,195 |
| Income tax expense | $ | 17,549 |
| | $ | 18,536 |
| | $ | 26,232 |
|
|
Schedule of Income before Income Tax, Domestic and Foreign |
The Company’s income (loss) before income taxes consisted of the following: | | | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2014 | | 2013 | Domestic income (loss) before income taxes | $ | (1,518,108 | ) | | $ | 2,195,174 |
| | $ | 6,233,758 |
| Foreign income (loss) before income taxes | 2,695 |
| | (1,086 | ) | | 3,206 |
| Total income (loss) before income taxes | $ | (1,515,413 | ) | | $ | 2,194,088 |
| | $ | 6,236,964 |
|
|
Schedule of Effective Income Tax Rate Reconciliation |
The Company’s effective tax rate differed from the federal statutory rate for the following reasons: | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2014 | | 2013 | Income tax expense at federal statutory rate | 35.00 | % | | 35.00 | % | | 35.00 | % | Income passed through | (35.91 | ) | | (34.15 | ) | | (34.69 | ) | State and local taxes, net of federal benefit | (0.17 | ) | | 0.05 |
| | 0.09 |
| Foreign taxes | (0.09 | ) | | 0.04 |
| | 0.03 |
| Other, net | 0.01 |
| | (0.10 | ) | | (0.01 | ) | Total effective rate | (1.16 | )% | | 0.84 | % | | 0.42 | % |
|
Schedule of Deferred Tax Assets and Liabilities |
The components of the Company’s deferred tax assets and liabilities were as follows: | | | | | | | | | | | | | | As of December 31, | | 2015 | | 2014 | | 2013 | Deferred tax assets: | |
| | |
| | |
| Investment in partnerships | $ | 414,142 |
| | $ | 351,962 |
| | $ | 277,039 |
| Equity-based compensation expense | 3,773 |
| | 5,514 |
| | 3,695 |
| Other, net | 9,675 |
| | 3,071 |
| | 1,822 |
| Total deferred tax assets | 427,590 |
| | 360,547 |
| | 282,556 |
| Total deferred tax liabilities | 1,792 |
| | 3,183 |
| | 3,671 |
| Net deferred tax assets before valuation allowance | 425,798 |
| | 357,364 |
| | 278,885 |
| Valuation allowance | — |
| | — |
| | — |
| Net deferred tax assets | $ | 425,798 |
| | $ | 357,364 |
| | $ | 278,885 |
|
|
Schedule of Unrecognized Tax Benefits Roll Forward |
The following is a reconciliation of unrecognized tax benefits (excluding interest and penalties thereon): | | | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2014 | | 2013 | Unrecognized tax benefits, January 1 | $ | 5,575 |
| | $ | 10,390 |
| | $ | 9,472 |
| Additions for tax positions related to the current year | 1,156 |
| | 1,492 |
| | 1,633 |
| Additions for tax positions related to prior years | 109 |
| | — |
| | 1,029 |
| Reductions for tax positions related to prior years | — |
| | (1,373 | ) | | (806 | ) | Settlements | — |
| | (3,657 | ) | | — |
| Lapse in statute of limitations | (1,884 | ) | | (1,277 | ) | | (938 | ) | Unrecognized tax benefits, December 31 | $ | 4,956 |
| | $ | 5,575 |
| | $ | 10,390 |
|
|