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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues:        
Revenue subject to contracts with customers $ 890,976 $ 861,148 $ 2,635,691 $ 2,465,095
Dividend and interest income 9,070 24,882 42,227 79,882
Investment gains (losses) 1,106 4,433 (19,011) 31,117
Other revenues 26,583 24,497 78,186 71,499
Total revenues 901,505 890,845 2,659,864 2,577,571
Less: Interest expense 1,467 12,978 14,221 46,443
Net revenues 900,038 877,867 2,645,643 2,531,128
Expenses:        
Employee compensation and benefits 357,821 361,822 1,069,731 1,064,833
Promotion and servicing:        
Amortization of deferred sales commissions 7,434 3,605 19,582 10,348
Trade execution, marketing, T&E and other 41,220 53,814 141,118 161,012
General and administrative:        
General and administrative 119,318 117,056 363,009 355,084
Real estate charges 0 153 5,526 701
Contingent payment arrangements 813 829 2,413 1,712
Interest on borrowings 1,073 2,802 5,003 10,775
Amortization of intangible assets 6,833 7,277 20,042 21,536
Total expenses 682,892 675,084 2,040,627 1,975,974
Operating income 217,146 202,783 605,016 555,154
Income taxes 9,089 10,827 29,949 29,959
Net income 208,057 191,956 575,067 525,195
Net income (loss) of consolidated entities attributable to non-controlling interests 81 4,145 (4,550) 22,018
Net income attributable to AB Unitholders $ 207,976 $ 187,811 $ 579,617 $ 503,177
Net income per AB Unit:        
Basic (in dollars per unit) $ 0.77 $ 0.69 $ 2.13 $ 1.86
Diluted (in dollars per unit) $ 0.77 $ 0.69 $ 2.13 $ 1.86
Investment advisory and services fees        
Revenues:        
Revenue subject to contracts with customers $ 630,539 $ 616,384 $ 1,830,467 $ 1,769,342
Bernstein research services        
Revenues:        
Revenue subject to contracts with customers 98,514 102,014 341,346 298,240
Distribution related        
Revenues:        
Revenue subject to contracts with customers 135,693 118,635 386,649 327,491
Promotion and servicing:        
Distribution-related payments $ 148,380 $ 127,726 $ 414,203 $ 349,973