Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Provisions for Income Taxes

The provision for income taxes consists of the following:

	Year Ended
	December 31,
	2022		2021		2020
	(in thousands)
Current:
Federal	$	7,260	$	2,025	$	(16,529)
State and Local	16,243		8,334		5,261
Foreign	1,154		1,107		2,153
Total current tax expense	24,657		11,466		(9,115)
Deferred:
Federal	66,591		49,266		52,845
State and local	(11,384)		40,363		12,572
Foreign	(2,344)		(4,220)		(228)
Total deferred tax expense	52,863		85,409		65,189
Total provision for income taxes	$	77,520	$	96,875	$	56,074

Reconciliation of the Statutory Tax Rate

A reconciliation of the U.S. federal statutory tax rate to the effective rate is as follows:

	Year Ended
	December 31,
	2022		2021		2020
Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal income tax benefit	5.3		3.7		5.0
Foreign tax rate differential	—		(0.2)		0.2
Non-controlling interest	(2.1)		(2.3)		(3.4)
Tax Receivable Agreement adjustment	(0.7)		(0.7)		(0.9)
Rate change	(4.1)		6.7		(0.2)
Equity Compensation	(2.1)		(2.5)		(1.8)
Other	0.4		0.5		0.5
Effective income tax rate	17.7	%	26.2	%	20.4	%

Components of Deferred Tax Assets (Liabilities)

The components of the Company’s net deferred tax asset (liability) are as follows:

	December 31,
	2022		2021
	(in thousands)
Deferred tax assets:
Investment in partnership	$	566,524	$	506,586
Net operating losses	57,247		55,236
Tax Receivable Agreement - Interest	14,918		13,393
Employee compensation	43,861		31,507
Tax credits	9,985		8,947
Other	5,569		9,775
Deferred tax assets, gross	698,104		625,444
Valuation Allowance	—		(741)
Total deferred tax assets, net	698,104		624,703
Deferred tax liabilities
Goodwill and Intangibles	(29,913)		(26,744)
Total deferred tax liabilities	(29,913)		(26,744)
Total net deferred tax asset (liability)	$	668,191	$	597,959

Components of Uncertain Tax Positions

The components of the Company’s uncertain tax positions are as follows:

	Amount
	(in thousands)
Gross unrecognized tax benefits as of January 1, 2022	$	7,006
Increase in current year tax positions	1,833
Increase in prior year tax positions	1,109
Decrease in prior year tax positions	(1,900)
Settlements	—
Gross unrecognized tax benefits as of December 31, 2022	$	8,048