CNS AR24 Digital - Book - Page 86
COHEN & STEERS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS4(Continued)
15. Income Taxes
The income before provision for income taxes and provision for income taxes are as follows:
Years Ended December 31,
(in thousands)
2024
Income before provision for income taxes - U.S. . . . . . . . . . . . . . . . . . . . . . . . $
Income before provision for income taxes - Non-U.S. . . . . . . . . . . . . . . . . . . .
Total income before provision for income taxes . . . . . . . . . . . . . . . . . . . . . $
195,885
13,656
209,541
2023
$
2022
175,290
4,961
180,251
$
$
$
189,577
7,320
196,897
Years Ended December 31,
2024
(in thousands)
Current tax expense:
U.S. federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
State and local . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax (benefit) expense:
U.S. federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State and local . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
2023
38,203
6,819
2,024
47,046
$
2022
34,310
8,249
546
43,105
(942)
(254)
899
(297)
46,749 $
$
44,965
1,125
2,520
48,610
2,241
(1,290)
(414)
537
43,642 $
82
(59)
(1,222)
(1,199)
47,411
A reconciliation of the Company9s statutory federal income tax rate to the effective tax rate is as follows:
(in thousands)
U.S. statutory tax rate . . . . . . . . . . . . . . . . . . $
State and local income taxes, net of federal
benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-deductible executive compensation . . .
Valuation allowance . . . . . . . . . . . . . . . . . . .
Excess tax benefits related to the vesting
and delivery of restricted stock units . . . . . .
Unrecognized tax benefit adjustments . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income tax expense and effective
income tax rate . . . . . . . . . . . . . . . . . . . . $
Years Ended December 31,
2023
2024
41,583
21.0 % $
36,265
21.0 %
5,406
2,363
(1,308)
2.7 %
1.2 %
(0.7)%
5,453
3,270
605
(520)
(737)
(38)
(0.3)%
(0.4)%
0.1 %
46,749
23.6 % $
2022
$
45,875
21.0 %
3.2 %
1.9 %
0.4 %
7,210
6,534
783
3.3 %
3.0 %
0.4 %
(2,044)
56
37
(1.2)%
4 %*
4 %*
(5,784)
(7,244)
37
(2.7)%
(3.3)%
4%*
43,642
25.3 %
47,411
21.7 %
$
_________________________
* Amounts round to less than 0.1%.
Deferred income taxes represent the tax effects of temporary differences between book and tax bases and are measured
using enacted tax rates that will be in effect when such items are expected to reverse. The Company records a valuation
allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The
Company's net deferred income tax asset is included in other assets on the consolidated statements of financial condition.
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