Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of the Company's income tax expense for the years ended December 31, 2020, 2019 and 2018 are as follows:

	Year ended December 31,
	2020		2019		2018
	(dollars in thousands)
Current tax expense/(benefit)
Federal	$	13,840	$	(731)	$	(1,883)
State and local	5,060		457		(2,148)
Foreign	1,355		1,831		785
Total	$	20,255	$	1,557	$	(3,246)
Deferred tax expense/(benefit)
Federal	$	53,231	$	10,242	$	12,018
State and local	17,337		3,598		6,956
Foreign	(450)		(544)		(9)
Total	70,118		13,296		18,965
Total tax expense/(benefit)	$	90,373	$	14,853	$	15,719

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The reconciliations of the Company's federal statutory rate to the effective income tax rate for the years ended December 31, 2020, 2019, and 2018 are as follows:

	Year ended December 31,
	2020		2019		2018
Pre-tax loss at U.S. statutory rate	21.0	%	21.0	%	21.0	%
Basis adjustment on investments	—		—		3.5
Nondeductible expenses	1.5		4.1		1.2
Goodwill impairment	—		1.2		—
Change in valuation allowance	—		(4.0)		7.1
State and foreign tax	7.3		8.0		(10.0)
Reversal of income attributable to non-controlling interests	0.7		(9.2)		(8.6)
Other, net	(0.1)		(0.1)		1.7
Total	30.4	%	21.0	%	15.9	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of the Company's deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows:

	As of December 31,
	2020		2019
	(dollars in thousands)
Deferred tax assets, net of valuation allowance
Net operating loss	$	18,039	$	60,160
Deferred compensation	24,068		46,545
Intangible assets	4,513		2,969
Tax credits	6,230		6,716
Lease liability	20,401		24,623
Other	2,858		3,043
Total deferred tax assets	76,109		144,056
Valuation allowance	(5,194)		(5,234)
Deferred tax assets, net of valuation allowance	70,915		138,822
Deferred tax liabilities
Right-of-use assets	(19,443)		(23,028)
Unrealized gains on investments	(33,439)		(26,545)
Amortization of bond discount	(1,686)		(3,980)
Other	(7,317)		(6,103)
Total deferred tax liabilities	(61,885)		(59,656)
Deferred tax assets/(liabilities), net	$	9,030	$	79,166

Summary of Operating Loss Carryforwards [Table Text Block]

The Company has the following net operating loss carryforwards at December 31, 2020:

Jurisdiction:	Federal	New York State	New York City	Hong Kong
Net operating loss (in millions)	$26.0	$33.6	$60.5	$12.4
Year of expiration	2038	2037	2037	Indefinite

Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block]

The components of unrecognized tax benefits are as follows:

	As of December 31,
	2020		2019
	(dollars in thousands)
Beginning balance at January 1	$	299	$	299
Increases/(Decreases) due to current year positions	—		—
Ending balance at December 31	$	299	$	299

Summary of Income Tax Examinations

The following are the major tax jurisdictions in which the Company has significant business operations and the earliest tax year subject to examination:

Jurisdiction:	Federal	New York State	New York City	United Kingdom	Luxembourg	Germany	Switzerland
Tax Year	2017	2013	2017	2016	2015	2016	2015