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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Revenue subject to contracts with customers $ 837,395 $ 834,761 $ 1,744,715 $ 1,603,947
Dividend and interest income 12,692 27,654 33,157 55,000
Investment gains (losses) 24,189 10,949 (20,117) 26,684
Other revenues 26,092 24,796 51,603 47,002
Total revenues 874,884 874,101 1,758,359 1,686,726
Less: Interest expense 3,435 16,302 12,754 33,465
Net revenues 871,449 857,799 1,745,605 1,653,261
Expenses:        
Employee compensation and benefits 349,638 363,702 711,910 703,011
Promotion and servicing:        
Amortization of deferred sales commissions 6,622 3,241 12,148 6,743
Trade execution, marketing, T&E and other 44,288 57,550 99,898 107,198
General and administrative:        
General and administrative 121,424 120,180 243,691 238,028
Real estate charges 5,526 548 5,526 548
Contingent payment arrangements 807 829 1,600 883
Interest on borrowings 1,096 3,990 3,930 7,973
Amortization of intangible assets 6,723 7,285 13,209 14,259
Total expenses 661,802 673,579 1,357,735 1,300,890
Operating income 209,647 184,220 387,870 352,371
Income taxes 11,386 10,211 20,860 19,132
Net income 198,261 174,009 367,010 333,239
Net income (loss) of consolidated entities attributable to non-controlling interests 20,940 7,757 (4,631) 17,873
Net income attributable to AB Unitholders $ 177,321 $ 166,252 $ 371,641 $ 315,366
Net income per AB Unit:        
Basic (in dollars per unit) $ 0.65 $ 0.61 $ 1.36 $ 1.17
Diluted (in dollars per unit) $ 0.65 $ 0.61 $ 1.36 $ 1.17
Investment advisory and services fees        
Revenues:        
Revenue subject to contracts with customers $ 578,203 $ 596,364 $ 1,199,928 $ 1,152,958
Bernstein research services        
Revenues:        
Revenue subject to contracts with customers 113,609 105,991 242,832 196,226
Distribution related        
Revenues:        
Revenue subject to contracts with customers 120,099 108,347 250,956 208,856
Promotion and servicing:        
Distribution-related payments $ 125,678 $ 116,254 $ 265,823 $ 222,247