QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
☒ | No | ☐ |
☒ | No | ☐ |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||
☒ | Smaller reporting company | |||||||||||||
Emerging growth company | ||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Yes | No | ☒ |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
None | None | None |
Page | ||||||||
Part I | ||||||||
FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II | ||||||||
OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Cash and securities segregated, at fair value (cost: $ | |||||||||||
Receivables, net: | |||||||||||
Brokers and dealers | |||||||||||
Brokerage clients | |||||||||||
AB funds fees | |||||||||||
Other fees | |||||||||||
Investments: | |||||||||||
Long-term incentive compensation-related | |||||||||||
Other | |||||||||||
Assets of consolidated company-sponsored investment funds: | |||||||||||
Cash and cash equivalents | |||||||||||
Investments | |||||||||||
Other assets | |||||||||||
Furniture, equipment and leasehold improvements, net | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Deferred sales commissions, net | |||||||||||
Right-of-use assets | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND CAPITAL | |||||||||||
Liabilities: | |||||||||||
Payables: | |||||||||||
Brokers and dealers | $ | $ | |||||||||
Securities sold not yet purchased | |||||||||||
Brokerage clients | |||||||||||
AB mutual funds | |||||||||||
Accounts payable and accrued expenses | |||||||||||
Lease liabilities | |||||||||||
Liabilities of consolidated company-sponsored investment funds | |||||||||||
Accrued compensation and benefits | |||||||||||
Debt | |||||||||||
Total liabilities | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Commitments and contingencies (See Note 12) | |||||||||||
Redeemable non-controlling interest | |||||||||||
Capital: | |||||||||||
General Partner | |||||||||||
Limited partners: | |||||||||||
Receivables from affiliates | ( | ( | |||||||||
AB Holding Units held for long-term incentive compensation plans | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Partners’ capital attributable to AB Unitholders | |||||||||||
Total liabilities, redeemable non-controlling interest and capital | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Revenues: | ||||||||||||||
Investment advisory and services fees | $ | $ | ||||||||||||
Bernstein research services | ||||||||||||||
Distribution revenues | ||||||||||||||
Dividend and interest income | ||||||||||||||
Investment gains (losses) | ( | |||||||||||||
Other revenues | ||||||||||||||
Total revenues | ||||||||||||||
Less: Interest expense | ||||||||||||||
Net revenues | ||||||||||||||
Expenses: | ||||||||||||||
Employee compensation and benefits | ||||||||||||||
Promotion and servicing: | ||||||||||||||
Distribution-related payments | ||||||||||||||
Amortization of deferred sales commissions | ||||||||||||||
Trade execution, marketing, T&E and other | ||||||||||||||
General and administrative | ||||||||||||||
Contingent payment arrangements | ||||||||||||||
Interest on borrowings | ||||||||||||||
Amortization of intangible assets | ||||||||||||||
Total expenses | ||||||||||||||
Operating income | ||||||||||||||
Income taxes | ||||||||||||||
Net income | ||||||||||||||
Net (loss) of consolidated entities attributable to non-controlling interests | ( | ( | ||||||||||||
Net income attributable to AB Unitholders | $ | $ | ||||||||||||
Net income per AB Unit: | ||||||||||||||
Basic | $ | $ | ||||||||||||
Diluted | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net income | $ | $ | ||||||||||||
Other comprehensive (loss): | ||||||||||||||
Foreign currency translation adjustments, before tax | ( | ( | ||||||||||||
Income tax benefit | ||||||||||||||
Foreign currency translation adjustments, net of tax | ( | ( | ||||||||||||
Changes in employee benefit related items: | ||||||||||||||
Amortization of prior service cost | ||||||||||||||
Recognized actuarial gain | ||||||||||||||
Changes in employee benefit related items | ||||||||||||||
Income tax (expense) | ( | |||||||||||||
Employee benefit related items, net of tax | ||||||||||||||
Other comprehensive (loss) | ( | ( | ||||||||||||
Less: Comprehensive (loss) in consolidated entities attributable to non-controlling interests | ( | ( | ||||||||||||
Comprehensive income attributable to AB Unitholders | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
General Partner’s Capital | |||||||||||
Balance, beginning of period | $ | $ | |||||||||
Net income | |||||||||||
Cash distributions to General Partner | ( | ( | |||||||||
Long-term incentive compensation plans activity | ( | ||||||||||
Issuance (retirement) of AB Units, net | ( | ||||||||||
Balance, end of period | |||||||||||
Limited Partners' Capital | |||||||||||
Balance, beginning of period | |||||||||||
Net income | |||||||||||
Cash distributions to Unitholders | ( | ( | |||||||||
Long-term incentive compensation plans activity | ( | ||||||||||
Issuance (retirement) of AB Units, net | ( | ||||||||||
Balance, end of period | |||||||||||
Receivables from Affiliates | |||||||||||
Balance, beginning of period | ( | ( | |||||||||
Long-term incentive compensation awards expense | |||||||||||
Capital contributions from AB Holding | ( | ||||||||||
Balance, end of period | ( | ( | |||||||||
AB Holding Units held for Long-term Incentive Compensation Plans | |||||||||||
Balance, beginning of period | ( | ( | |||||||||
Purchases of AB Holding Units to fund long-term compensation plans, net | ( | ( | |||||||||
(Issuance) retirement of AB Units, net | ( | ||||||||||
Long-term incentive compensation awards expense | |||||||||||
Re-valuation of AB Holding Units held in rabbi trust | ( | ||||||||||
Other | |||||||||||
Balance, end of period | ( | ( | |||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||
Balance, beginning of period | ( | ( | |||||||||
Foreign currency translation adjustment, net of tax | ( | ( | |||||||||
Changes in employee benefit related items, net of tax | |||||||||||
Balance, end of period | ( | ( | |||||||||
Total Partners' Capital attributable to AB Unitholders | |||||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Amortization of deferred sales commissions | |||||||||||
Non-cash long-term incentive compensation expense | |||||||||||
Depreciation and other amortization | |||||||||||
Unrealized (gains) losses on investments | ( | ||||||||||
Unrealized losses on investments of consolidated company-sponsored investment funds | |||||||||||
Other, net | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Decrease (increase) in securities, segregated | ( | ||||||||||
(Increase) in receivables | ( | ( | |||||||||
Decrease (increase) in investments | ( | ||||||||||
(Increase) decrease in investments of consolidated company-sponsored investment funds | ( | ||||||||||
(Increase) in deferred sales commissions | ( | ( | |||||||||
(Increase) decrease in right-of-use assets | ( | ||||||||||
(Increase) in other assets | ( | ( | |||||||||
Increase in other assets and liabilities of consolidated company-sponsored investment funds, net | |||||||||||
(Decrease) increase in payables | ( | ||||||||||
(Decrease) in lease liabilities | ( | ( | |||||||||
(Decrease) increase in accounts payable and accrued expenses | ( | ||||||||||
Increase in accrued compensation and benefits | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchases of furniture, equipment and leasehold improvements | ( | ( | |||||||||
Acquisition of business, net of cash acquired | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from financing activities: | |||||||||||
(Repayment) borrowings of debt, net | ( | ||||||||||
(Decrease) increase in overdrafts payable | ( | ||||||||||
Distributions to General Partner and Unitholders | ( | ( | |||||||||
(Redemptions) of non-controlling interest in consolidated company-sponsored investment funds, net | ( | ( | |||||||||
Capital contributions from (to) affiliates | ( | ||||||||||
Interest accretion, net of (payments) on contingent payment arrangements | |||||||||||
Additional investments by AB Holding with proceeds from exercise of compensatory options to buy AB Holding Units | |||||||||||
Purchases of AB Holding Units to fund long-term incentive compensation plan awards, net | ( | ( | |||||||||
Other | ( | ( | |||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | |||||||||
Net (decrease) increase in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents as of beginning of the period | |||||||||||
Cash and cash equivalents as of end of the period | $ | $ | |||||||||
Non-cash investing activities: | |||||||||||
Fair value of assets acquired (less cash acquired of $ | $ | $ | |||||||||
Fair value of liabilities assumed | $ | $ | |||||||||
Non-cash financing activities: | |||||||||||
Payables recorded under contingent payment arrangements | $ | $ |
EQH and its subsidiaries | % | ||||
AB Holding | |||||
Unaffiliated holders | |||||
% |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Subject to contracts with customers: | ||||||||||||||
Investment advisory and services fees | ||||||||||||||
Base fees | $ | $ | ||||||||||||
Performance-based fees | ||||||||||||||
Bernstein research services | ||||||||||||||
Distribution revenues | ||||||||||||||
All-in-management fees | ||||||||||||||
12b-1 fees | ||||||||||||||
Other | ||||||||||||||
Other revenues | ||||||||||||||
Shareholder servicing fees | ||||||||||||||
Other | ||||||||||||||
Not subject to contracts with customers: | ||||||||||||||
Dividend and interest income, net of interest expense | ||||||||||||||
Investment gains (losses) | ( | |||||||||||||
Other revenues | ( | |||||||||||||
( | ||||||||||||||
Total net revenues | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in millions) | ||||||||||||||
Total amount of AB Holding Units Purchased (1) | ||||||||||||||
Total Cash Paid for AB Holding Units Purchased (1) | $ | $ | ||||||||||||
Open Market Purchases of AB Holding Units Purchased (2) | ||||||||||||||
Total Cash Paid for Open Market Purchases of AB Holding Units (2) | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands, except per unit amounts) | ||||||||||||||
Net income attributable to AB Unitholders | $ | $ | ||||||||||||
Weighted average limited partnership units outstanding – basic | ||||||||||||||
Dilutive effect of compensatory options to buy AB Holding Units | ||||||||||||||
Weighted average limited partnership units outstanding – diluted | ||||||||||||||
Basic net income per AB Unit | $ | $ | ||||||||||||
Diluted net income per AB Unit | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(amounts as shown) | ||||||||||||||
Anti-dilutive options excluded from diluted net income |
March 31, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Equity securities: | |||||||||||
Long-term incentive compensation-related | $ | $ | |||||||||
Seed capital | |||||||||||
Other | |||||||||||
Exchange-traded options | |||||||||||
Investments in limited partnership hedge funds: | |||||||||||
Long-term incentive compensation-related | |||||||||||
Seed capital | |||||||||||
Time deposits | |||||||||||
Other | |||||||||||
Total investments | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Net gains (losses) recognized during the period | $ | $ | ( | |||||||||||
Less: net gains (losses) recognized during the period on equity securities sold during the period | ( | |||||||||||||
Unrealized gains (losses) recognized during the period on equity securities held | $ | $ | ( |
Fair Value | |||||||||||||||||
Notional Value | Derivative Assets | Derivative Liabilities | |||||||||||||||
(in thousands) | |||||||||||||||||
March 31, 2021: | |||||||||||||||||
Exchange-traded futures | $ | $ | $ | ||||||||||||||
Currency forwards | |||||||||||||||||
Interest rate swaps | |||||||||||||||||
Credit default swaps | |||||||||||||||||
Total return swaps | |||||||||||||||||
Option swaps | |||||||||||||||||
Total derivatives | $ | $ | $ | ||||||||||||||
December 31, 2020: | |||||||||||||||||
Exchange-traded futures | $ | $ | $ | ||||||||||||||
Currency forwards | |||||||||||||||||
Interest rate swaps | |||||||||||||||||
Credit default swaps | |||||||||||||||||
Total return swaps | |||||||||||||||||
Option swaps | |||||||||||||||||
Total derivatives | $ | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Exchange-traded futures | $ | $ | ||||||||||||
Currency forwards | ||||||||||||||
Interest rate swaps | ( | |||||||||||||
Credit default swaps | ( | |||||||||||||
Total return swaps | ( | |||||||||||||
Option swaps | ||||||||||||||
Net gains on derivative instruments | $ | $ |
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Condition | Net Amounts of Assets Presented in the Statement of Financial Condition | Financial Instruments Collateral | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
March 31, 2021: | |||||||||||||||||||||||||||||||||||
Securities borrowed | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Long exchange-traded options | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
December 31, 2020: | |||||||||||||||||||||||||||||||||||
Securities borrowed | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Long exchange-traded options | $ | $ | $ | $ | $ | $ |
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Condition | Net Amounts of Liabilities Presented in the Statement of Financial Condition | Financial Instruments Collateral | Cash Collateral Pledged | Net Amount | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
March 31, 2021: | |||||||||||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Short exchange-traded options | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
December 31, 2020: | |||||||||||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Short exchange-traded options | $ | $ | $ | $ | $ | $ |
Level 1 | Level 2 | Level 3 | NAV Expedient(1) | Other | Total | ||||||||||||||||||||||||||||||
March 31, 2021: | |||||||||||||||||||||||||||||||||||
Money markets | $ | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||||
Securities segregated (U.S. Treasury Bills) | — | — | |||||||||||||||||||||||||||||||||
Derivatives | — | — | |||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||
Equity securities | — | ||||||||||||||||||||||||||||||||||
Long exchange-traded options | — | — | |||||||||||||||||||||||||||||||||
Limited partnership hedge funds(2) | — | — | — | — | |||||||||||||||||||||||||||||||
Time deposits(3) | — | — | — | — | |||||||||||||||||||||||||||||||
Other investments | — | — | — | ||||||||||||||||||||||||||||||||
Total investments | |||||||||||||||||||||||||||||||||||
Total assets measured at fair value | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Securities sold not yet purchased: | |||||||||||||||||||||||||||||||||||
Short equities – corporate | $ | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||||
Short exchange-traded options | — | — | |||||||||||||||||||||||||||||||||
Derivatives | — | — | |||||||||||||||||||||||||||||||||
Contingent payment arrangements | — | — | |||||||||||||||||||||||||||||||||
Total liabilities measured at fair value | $ | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | NAV Expedient(1) | Other | Total | ||||||||||||||||||||||||||||||
December 31, 2020: | |||||||||||||||||||||||||||||||||||
Money markets | $ | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||||
Securities segregated (U.S. Treasury Bills) | — | — | |||||||||||||||||||||||||||||||||
Derivatives | — | — | |||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||
Equity securities | — | ||||||||||||||||||||||||||||||||||
Long exchange-traded options | — | — | |||||||||||||||||||||||||||||||||
Limited partnership hedge funds(2) | — | — | — | — | |||||||||||||||||||||||||||||||
Time deposits(3) | — | — | — | — | |||||||||||||||||||||||||||||||
Other investments | — | — | — | ||||||||||||||||||||||||||||||||
Total investments | |||||||||||||||||||||||||||||||||||
Total assets measured at fair value | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Securities sold not yet purchased: | |||||||||||||||||||||||||||||||||||
Short equities – corporate | $ | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||||
Short exchange-traded options | — | — | |||||||||||||||||||||||||||||||||
Derivatives | — | — | |||||||||||||||||||||||||||||||||
Contingent payment arrangements | — | — | |||||||||||||||||||||||||||||||||
Total liabilities measured at fair value | $ | $ | $ | $ | — | $ | — | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Balance as of beginning of period | $ | $ | ||||||||||||
Purchases | ||||||||||||||
Sales | ||||||||||||||
Realized gains (losses), net | ||||||||||||||
Unrealized gains (losses), net | ( | ( | ||||||||||||
Balance as of end of period | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Balance as of beginning of period | $ | $ | ||||||||||||
Addition | ||||||||||||||
Accretion | ||||||||||||||
Payments | ||||||||||||||
Balance as of end of period | $ | $ |
Classification | March 31, 2021 | December 31, 2020 | |||||||||||||||
(in thousands) | |||||||||||||||||
Operating Leases | |||||||||||||||||
Operating lease right-of-use assets | Right-of-use assets | $ | $ | ||||||||||||||
Operating lease liabilities | Lease liabilities | ||||||||||||||||
Finance Leases | |||||||||||||||||
Property and equipment, gross | Right-of-use assets | ||||||||||||||||
Amortization of right-of-use assets | Right-of-use assets | ( | ( | ||||||||||||||
Property and equipment, net | |||||||||||||||||
Finance lease liabilities | Lease liabilities |
Three Months Ended March 31, | ||||||||||||||||||||
Classification | 2021 | 2020 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Operating lease cost | General and administrative | $ | $ | |||||||||||||||||
Financing lease cost: | ||||||||||||||||||||
Amortization of right-of-use assets | General and administrative | |||||||||||||||||||
Interest on lease liabilities | Interest expense | |||||||||||||||||||
Total finance lease cost | ||||||||||||||||||||
Variable lease cost (1) | General and administrative | |||||||||||||||||||
Sublease income | General and administrative | ( | ( | |||||||||||||||||
Net lease cost | $ | $ |
Operating Leases | Financing Leases | Total | |||||||||||||||
Year ending December 31, | (in thousands) | ||||||||||||||||
2021 (excluding the three months ended March 31, 2021) | $ | $ | $ | ||||||||||||||
2022 | |||||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
Thereafter | |||||||||||||||||
Total lease payments | |||||||||||||||||
Less interest | ( | ( | |||||||||||||||
Present value of lease liabilities | $ | $ |
Lease term and discount rate: | |||||
Weighted average remaining lease term (years): | |||||
Operating leases | |||||
Finance leases | |||||
Weighted average discount rate: | |||||
Operating leases | % | ||||
Finance leases | % |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows used for operating leases | $ | $ | |||||||||
Operating cash flows used for financing leases | |||||||||||
Financing cash flows from finance leases | |||||||||||
Right-of-use assets obtained in exchange for lease obligations(1): | |||||||||||
Operating leases (2) | |||||||||||
Finance leases |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
VIEs | VOEs | Total | VIEs | VOEs | Total | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Liabilities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Redeemable non-controlling interest | ||||||||||||||||||||||||||||||||||||||
Partners' capital attributable to AB Unitholders | ||||||||||||||||||||||||||||||||||||||
Total liabilities, redeemable non-controlling interest and partners' capital | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
March 31, 2021: | |||||||||||||||||||||||
Investments - VIEs | $ | $ | $ | $ | |||||||||||||||||||
Investments - VOEs | |||||||||||||||||||||||
Derivatives - VIEs | |||||||||||||||||||||||
Derivatives - VOEs | |||||||||||||||||||||||
Total assets measured at fair value | $ | $ | $ | $ | |||||||||||||||||||
Derivatives - VIEs | |||||||||||||||||||||||
Derivatives - VOEs | |||||||||||||||||||||||
Total liabilities measured at fair value | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2020: | |||||||||||||||||||||||
Investments - VIEs | $ | $ | $ | $ | |||||||||||||||||||
Investments - VOEs | |||||||||||||||||||||||
Derivatives - VIEs | |||||||||||||||||||||||
Derivatives - VOEs | |||||||||||||||||||||||
Total assets measured at fair value | $ | $ | $ | $ | |||||||||||||||||||
Derivatives - VIEs | $ | $ | $ | $ | |||||||||||||||||||
Derivatives - VOEs | |||||||||||||||||||||||
Total liabilities measured at fair value | $ | $ | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Balance as of beginning of period | $ | $ | ||||||||||||
Transfers (out) in | ( | |||||||||||||
Purchases | ||||||||||||||
Sales | ( | ( | ||||||||||||
Realized gains (losses), net | ||||||||||||||
Unrealized gains (losses), net | ( | ( | ||||||||||||
Accrued discounts | ||||||||||||||
Balance as of end of period | $ | $ |
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Condition | Net Amounts of Assets Presented in the Statement of Financial Condition | Financial Instruments Collateral | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
March 31, 2021: | |||||||||||||||||||||||||||||||||||
Derivatives - VIEs | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Derivatives - VOEs | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
December 31, 2020: | |||||||||||||||||||||||||||||||||||
Derivatives - VIEs | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Derivatives - VOEs | $ | $ | $ | $ | $ | $ |
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Condition | Net Amounts of Liabilities Presented in the Statement of Financial Condition | Financial Instruments Collateral | Cash Collateral Pledged | Net Amount | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
March 31, 2021: | |||||||||||||||||||||||||||||||||||
Derivatives - VIEs | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Derivatives - VOEs | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
December 31, 2020: | |||||||||||||||||||||||||||||||||||
Derivatives - VIEs | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Derivatives - VOEs | $ | $ | $ | $ | $ | ( | $ |
Outstanding as of December 31, 2020 | |||||
Options exercised | |||||
Units issued | |||||
Units retired(1) | ( | ||||
Outstanding as of March 31, 2021 |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Redeemable non-controlling interests: | ||||||||||||||
Consolidated company-sponsored investment funds | $ | ( | $ | ( | ||||||||||
Total non-controlling interest in net income | $ | ( | $ | ( |
March 31, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Consolidated company-sponsored investment funds | $ | $ | |||||||||
Total redeemable non-controlling interest | $ | $ |
As of March 31, | |||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | ||||||||||||||||||||
(in billions) | |||||||||||||||||||||||
Institutions | $ | 314.7 | $ | 256.7 | $ | 58.0 | 22.6 | % | |||||||||||||||
Retail | 272.3 | 198.6 | 73.7 | 37.1 | |||||||||||||||||||
Private Wealth Management | 110.2 | 86.5 | 23.7 | 27.3 | |||||||||||||||||||
Total | $ | 697.2 | $ | 541.8 | $ | 155.4 | 28.7 | % |
As of March 31, | |||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | ||||||||||||||||||||
(in billions) | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Actively Managed | $ | 231.8 | $ | 141.5 | $ | 90.3 | 63.9 | % | |||||||||||||||
Passively Managed(1) | 66.3 | 47.2 | 19.1 | 40.4 | |||||||||||||||||||
Total Equity | 298.1 | 188.7 | 109.4 | 58.0 | |||||||||||||||||||
Fixed Income | |||||||||||||||||||||||
Actively Managed | |||||||||||||||||||||||
Taxable | 252.2 | 236.1 | 16.1 | 6.8 | |||||||||||||||||||
Tax–exempt | 51.8 | 45.9 | 5.9 | 12.8 | |||||||||||||||||||
304.0 | 282.0 | 22.0 | 7.8 | ||||||||||||||||||||
Passively Managed(1) | 8.3 | 10.3 | (2.0) | (19.5) | |||||||||||||||||||
Total Fixed Income | 312.3 | 292.3 | 20.0 | 6.8 | |||||||||||||||||||
Alternatives/Multi-Asset Solutions(2) | |||||||||||||||||||||||
Actively Managed | 83.6 | 59.4 | 24.2 | 40.7 | |||||||||||||||||||
Passively Managed(1) | 3.2 | 1.4 | 1.8 | n/m | |||||||||||||||||||
Total Alternatives/Multi-Asset Solutions | 86.8 | 60.8 | 26.0 | 42.7 | |||||||||||||||||||
Total | $ | 697.2 | $ | 541.8 | $ | 155.4 | 28.7 | % |
Distribution Channel | |||||||||||||||||||||||
Institutions | Retail | Private Wealth Management | Total | ||||||||||||||||||||
(in billions) | |||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 315.6 | $ | 265.3 | $ | 105.0 | $ | 685.9 | |||||||||||||||
Long-term flows: | |||||||||||||||||||||||
Sales/new accounts | 4.9 | 23.0 | 5.4 | 33.3 | |||||||||||||||||||
Redemptions/terminations | (2.8) | (17.7) | (3.7) | (24.2) | |||||||||||||||||||
Cash flow/unreinvested dividends | (1.3) | (2.6) | — | (3.9) | |||||||||||||||||||
Net long-term inflows | 0.8 | 2.7 | 1.7 | 5.2 | |||||||||||||||||||
Transfers | (0.2) | 0.2 | — | — | |||||||||||||||||||
Market (depreciation) appreciation | (1.5) | 4.1 | 3.5 | 6.1 | |||||||||||||||||||
Net change | (0.9) | 7.0 | 5.2 | 11.3 | |||||||||||||||||||
Balance as of March 31, 2021 | $ | 314.7 | $ | 272.3 | $ | 110.2 | $ | 697.2 | |||||||||||||||
Balance as of March 31, 2020 | $ | 256.7 | $ | 198.6 | $ | 86.5 | $ | 541.8 | |||||||||||||||
Long-term flows: | |||||||||||||||||||||||
Sales/new accounts | 31.8 | 77.8 | 16.1 | 125.7 | |||||||||||||||||||
Redemptions/terminations | (23.1) | (61.7) | (15.9) | (100.7) | |||||||||||||||||||
Cash flow/unreinvested dividends | (7.3) | (9.6) | 0.1 | (16.8) | |||||||||||||||||||
Net long-term inflows(1) | 1.4 | 6.5 | 0.3 | 8.2 | |||||||||||||||||||
Transfers | 1.1 | (0.3) | (0.8) | — | |||||||||||||||||||
Market appreciation | 55.5 | 67.5 | 24.2 | 147.2 | |||||||||||||||||||
Net change | 58.0 | 73.7 | 23.7 | 155.4 | |||||||||||||||||||
Balance as of March 31, 2021 | $ | 314.7 | $ | 272.3 | $ | 110.2 | $ | 697.2 |
Investment Service | |||||||||||||||||||||||||||||||||||||||||
Equity Actively Managed | Equity Passively Managed(1) | Fixed Income Actively Managed - Taxable | Fixed Income Actively Managed - Tax- Exempt | Fixed Income Passively Managed(1) | Alternatives/ Multi-Asset Solutions(2) | Total | |||||||||||||||||||||||||||||||||||
(in billions) | |||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | 217.8 | $ | 64.5 | $ | 263.2 | $ | 50.3 | $ | 8.5 | $ | 81.6 | $ | 685.9 | |||||||||||||||||||||||||||
Long-term flows: | |||||||||||||||||||||||||||||||||||||||||
Sales/new accounts | 15.6 | 0.2 | 12.4 | 3.4 | — | 1.7 | 33.3 | ||||||||||||||||||||||||||||||||||
Redemptions/terminations | (9.3) | (0.6) | (12.2) | (2.0) | (0.1) | — | (24.2) | ||||||||||||||||||||||||||||||||||
Cash flow/unreinvested dividends | (2.6) | (1.6) | (1.0) | 0.2 | 0.3 | 0.8 | (3.9) | ||||||||||||||||||||||||||||||||||
Net long-term inflows (outflows) | 3.7 | (2.0) | (0.8) | 1.6 | 0.2 | 2.5 | 5.2 | ||||||||||||||||||||||||||||||||||
Market appreciation (depreciation) | 10.3 | 3.8 | (10.2) | (0.1) | (0.4) | 2.7 | 6.1 | ||||||||||||||||||||||||||||||||||
Net change | 14.0 | 1.8 | (11.0) | 1.5 | (0.2) | 5.2 | 11.3 | ||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | 231.8 | $ | 66.3 | $ | 252.2 | $ | 51.8 | $ | 8.3 | $ | 86.8 | $ | 697.2 | |||||||||||||||||||||||||||
Balance as of March 31, 2020 | $ | 141.5 | $ | 47.2 | $ | 236.1 | $ | 45.9 | $ | 10.3 | $ | 60.8 | $ | 541.8 | |||||||||||||||||||||||||||
Long-term flows: | |||||||||||||||||||||||||||||||||||||||||
Sales/new accounts | 54.9 | 1.4 | 52.0 | 10.8 | — | 6.6 | 125.7 | ||||||||||||||||||||||||||||||||||
Redemptions/terminations | (36.9) | (2.4) | (50.7) | (8.6) | (0.3) | (1.8) | (100.7) | ||||||||||||||||||||||||||||||||||
Cash flow/unreinvested dividends | (8.3) | (4.4) | (5.4) | 0.4 | (1.8) | 2.7 | (16.8) | ||||||||||||||||||||||||||||||||||
Net long-term inflows (outflows)(3) | 9.7 | (5.4) | (4.1) | 2.6 | (2.1) | 7.5 | 8.2 | ||||||||||||||||||||||||||||||||||
Market appreciation | 80.6 | 24.5 | 20.2 | 3.3 | 0.1 | 18.5 | 147.2 | ||||||||||||||||||||||||||||||||||
Net change | 90.3 | 19.1 | 16.1 | 5.9 | (2.0) | 26.0 | 155.4 | ||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | 231.8 | $ | 66.3 | $ | 252.2 | $ | 51.8 | $ | 8.3 | $ | 86.8 | $ | 697.2 |
Periods Ended March 31, 2021 | |||||||||||
Three-months | Twelve-months | ||||||||||
(in billions) | |||||||||||
Actively Managed | |||||||||||
Equity | $ | 3.7 | $ | 9.7 | |||||||
Fixed Income | 0.8 | (1.5) | |||||||||
Alternatives/Multi-Asset Solutions | 2.0 | 6.6 | |||||||||
6.5 | 14.8 | ||||||||||
Passively Managed | |||||||||||
Equity | (2.0) | (5.4) | |||||||||
Fixed Income | 0.2 | (2.1) | |||||||||
Alternatives/Multi-Asset Solutions | 0.5 | 0.9 | |||||||||
(1.3) | (6.6) | ||||||||||
Total net long-term inflows | $ | 5.2 | $ | 8.2 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
(in billions) | ||||||||||||||||||||||||||
Distribution Channel: | ||||||||||||||||||||||||||
Institutions | $ | 313.4 | $ | 276.6 | $ | 36.8 | 13.3 | % | ||||||||||||||||||
Retail | 268.0 | 229.0 | 39.0 | 17.1 | ||||||||||||||||||||||
Private Wealth Management | 107.1 | 96.4 | 10.7 | 11.1 | ||||||||||||||||||||||
Total | $ | 688.5 | $ | 602.0 | $ | 86.5 | 14.4 | % | ||||||||||||||||||
Investment Service: | ||||||||||||||||||||||||||
Equity Actively Managed | $ | 223.4 | $ | 164.8 | $ | 58.6 | 35.5 | % | ||||||||||||||||||
Equity Passively Managed(1) | 64.6 | 55.4 | 9.2 | 16.6 | ||||||||||||||||||||||
Fixed Income Actively Managed – Taxable | 257.3 | 256.7 | 0.6 | 0.2 | ||||||||||||||||||||||
Fixed Income Actively Managed – Tax-exempt | 51.2 | 47.7 | 3.5 | 7.3 | ||||||||||||||||||||||
Fixed Income Passively Managed(1) | 8.4 | 9.7 | (1.3) | (13.5) | ||||||||||||||||||||||
Alternatives/Multi-Asset Solutions(2) | 83.6 | 67.7 | 15.9 | 23.5 | ||||||||||||||||||||||
Total | $ | 688.5 | $ | 602.0 | $ | 86.5 | 14.4 | % |
1-Year | 3-Year(1) | 5-Year(1) | |||||||||||||||
Global High Income - Hedged (fixed income) | |||||||||||||||||
Absolute return | 27.4 | % | 4.6 | % | 7.0 | % | |||||||||||
Relative return (vs. Bloomberg Barclays Global High Yield Index - Hedged) | 3.9 | (0.8) | (0.1) | ||||||||||||||
Global Plus - Hedged (fixed income) | |||||||||||||||||
Absolute return | 6.2 | 4.5 | 3.9 | ||||||||||||||
Relative return (vs. Bloomberg Barclays Global Aggregate Index - Hedged) | 4.7 | 0.1 | 0.6 | ||||||||||||||
Intermediate Municipal Bonds (fixed income) | |||||||||||||||||
Absolute return | 6.5 | 4.2 | 2.9 | ||||||||||||||
Relative return (vs. Lipper Short/Int. Blended Muni Fund Avg) | 2.2 | 1.0 | 0.7 | ||||||||||||||
U.S. Strategic Core Plus (fixed income) | |||||||||||||||||
Absolute return | 4.9 | 5.1 | 4.0 | ||||||||||||||
Relative return (vs. Bloomberg Barclays U.S. Aggregate Index) | 4.2 | 0.5 | 0.9 | ||||||||||||||
Emerging Market Debt (fixed income) | |||||||||||||||||
Absolute return | 21.8 | 3.8 | 5.8 | ||||||||||||||
Relative return (vs. JPM EMBI Global/JPM EMBI) | 7.5 | (0.1) | 1.0 | ||||||||||||||
Sustainable Global Thematic (equity) | |||||||||||||||||
Absolute return | 72.4 | 20.2 | 19.6 | ||||||||||||||
Relative return (vs. MSCI ACWI Index) | 17.8 | 8.1 | 6.4 | ||||||||||||||
International Strategic Core Equity (equity) | |||||||||||||||||
Absolute return | 32.3 | 4.8 | 8.0 | ||||||||||||||
Relative return (vs. MSCI EAFE Index) | (12.2) | (1.2) | (0.8) | ||||||||||||||
U.S. Small & Mid Cap Value (equity) | |||||||||||||||||
Absolute return | 98.6 | 10.5 | 12.6 | ||||||||||||||
Relative return (vs. Russell 2500 Value Index) | 11.1 | (0.4) | 0.5 | ||||||||||||||
U.S. Strategic Value (equity) | |||||||||||||||||
Absolute return | 63.1 | 8.4 | 9.4 | ||||||||||||||
Relative return (vs. Russell 1000 Value Index) | 7.0 | (2.5) | (2.3) | ||||||||||||||
U.S. Small Cap Growth (equity) | |||||||||||||||||
Absolute return | 98.1 | 27.9 | 28.5 | ||||||||||||||
Relative return (vs. Russell 2000 Growth Index) | 7.9 | 10.8 | 9.9 | ||||||||||||||
U.S. Large Cap Growth (equity) | |||||||||||||||||
Absolute return | 54.1 | 23.0 | 21.5 | ||||||||||||||
Relative return (vs. Russell 1000 Growth Index) | (8.7) | 0.2 | 0.5 | ||||||||||||||
1-Year | 3-Year(1) | 5-Year(1) | |||||||||||||||
U.S. Small & Mid Cap Growth (equity) | |||||||||||||||||
Absolute return | 86.3 | 23.3 | 24.1 | ||||||||||||||
Relative return (vs. Russell 2500 Growth Index) | (1.2) | 3.4 | 4.2 | ||||||||||||||
Concentrated U.S. Growth (equity) | |||||||||||||||||
Absolute return | 61.2 | 22.2 | 20.5 | ||||||||||||||
Relative return (vs. S&P 500 Index) | 4.8 | 5.4 | 4.2 | ||||||||||||||
Select U.S. Equity (equity) | |||||||||||||||||
Absolute return | 56.9 | 16.5 | 16.7 | ||||||||||||||
Relative return (vs. S&P 500 Index) | 0.6 | (0.3) | 0.4 | ||||||||||||||
Strategic Equities (equity) | |||||||||||||||||
Absolute return | 57.3 | 15.5 | 14.2 | ||||||||||||||
Relative return (vs. Russell 3000 Index) | (5.2) | (1.6) | (2.4) | ||||||||||||||
Global Core Equity (equity) | |||||||||||||||||
Absolute return | 49.9 | 13.0 | 14.7 | ||||||||||||||
Relative return (vs. MSCI ACWI Index) | (4.7) | 0.9 | 1.5 | ||||||||||||||
U.S. Strategic Core Equity (equity) | |||||||||||||||||
Absolute return | 39.9 | 14.1 | 12.4 | ||||||||||||||
Relative return (vs. S&P 500 Index) | (16.4) | (2.7) | (3.9) | ||||||||||||||
Select U.S. Equity Long/Short (alternatives) | |||||||||||||||||
Absolute return | 31.5 | 11.8 | 11.2 | ||||||||||||||
Relative return (vs. S&P 500 Index) | (24.8) | (4.9) | (5.1) |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
(in thousands, except per unit amounts) | ||||||||||||||||||||||||||
Net revenues | $ | 1,007,266 | $ | 874,156 | $ | 133,110 | 15.2 | % | ||||||||||||||||||
Expenses | 746,682 | 695,933 | 50,749 | 7.3 | ||||||||||||||||||||||
Operating income | 260,584 | 178,223 | 82,361 | 46.2 | ||||||||||||||||||||||
Income taxes | 16,745 | 9,474 | 7,271 | 76.7 | ||||||||||||||||||||||
Net income | 243,839 | 168,749 | 75,090 | 44.5 | ||||||||||||||||||||||
Net (loss) of consolidated entities attributable to non-controlling interests | (292) | (25,571) | 25,279 | (98.9) | ||||||||||||||||||||||
Net income attributable to AB Unitholders | $ | 244,131 | $ | 194,320 | $ | 49,811 | 25.6 | |||||||||||||||||||
Diluted net income per AB Unit | $ | 0.89 | $ | 0.71 | $ | 0.18 | 25.4 | |||||||||||||||||||
Distributions per AB Unit | $ | 0.88 | $ | 0.71 | $ | 0.17 | 23.9 | |||||||||||||||||||
Operating margin (1) | 25.9 | % | 23.3 | % |
Higher base advisory fees | $ | 74.1 | |||
Higher investment gains | 46.2 | ||||
Higher distribution revenues | 16.7 | ||||
Higher performance-based fees | 7.6 | ||||
Lower amortization of intangible assets | 5.0 | ||||
Lower general and administrative expenses | 2.0 | ||||
Higher employee compensation and benefits expense | (43.8) | ||||
Higher net income of consolidated entities attributable to non-controlling interest | (25.3) | ||||
Higher promotion and servicing expense | (15.6) | ||||
Lower Bernstein Research Services revenue | (10.2) | ||||
Higher income tax expense | (7.3) | ||||
Other | 0.4 | ||||
$ | 49.8 |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands, except per unit amounts) | ||||||||||||||
Net revenues, US GAAP basis | $ | 1,007,266 | $ | 874,156 | ||||||||||
Adjustments: | ||||||||||||||
Distribution-related adjustments: | ||||||||||||||
Distribution revenues | (147,600) | (130,857) | ||||||||||||
Investment advisory services fees | (22,553) | (14,814) | ||||||||||||
Pass-through adjustments: | ||||||||||||||
Investment advisory services fees | (4,196) | (7,062) | ||||||||||||
Other revenues | (10,531) | (9,607) | ||||||||||||
Impact of consolidated company-sponsored funds | (311) | 24,135 | ||||||||||||
Long-term incentive compensation-related investment gains and dividend and interest | (2,097) | 6,993 | ||||||||||||
Write-down of investment | — | 859 | ||||||||||||
Adjusted net revenues | $ | 819,978 | $ | 743,803 | ||||||||||
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands, except per unit amounts) | ||||||||||||||
Operating income, US GAAP basis | $ | 260,584 | $ | 178,223 | ||||||||||
Adjustments: | ||||||||||||||
Real estate | (985) | (339) | ||||||||||||
Long-term incentive compensation-related items | 6 | 566 | ||||||||||||
CEO's EQH award compensation | 142 | 184 | ||||||||||||
Write-down of investment | — | 859 | ||||||||||||
Acquisition-related expenses | 22 | 526 | ||||||||||||
Sub-total of non-GAAP adjustments | (815) | 1,796 | ||||||||||||
Less: Net (loss) of consolidated entities attributable to non-controlling interests | (292) | (25,571) | ||||||||||||
Adjusted operating income | 260,061 | 205,590 | ||||||||||||
Adjusted income taxes | 16,722 | 10,362 | ||||||||||||
Adjusted net income | $ | 243,339 | $ | 195,228 | ||||||||||
Diluted net income per AB Unit, GAAP basis | $ | 0.89 | $ | 0.71 | ||||||||||
Impact of non-GAAP adjustments | (0.01) | — | ||||||||||||
Adjusted diluted net income per AB Unit | $ | 0.88 | $ | 0.71 | ||||||||||
Operating margin, GAAP basis | 25.9 | % | 23.3 | % | ||||||||||
Impact of non-GAAP adjustments | 5.8 | 4.3 | ||||||||||||
Adjusted operating margin | 31.7 | % | 27.6 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Investment advisory and services fees: | ||||||||||||||||||||||||||
Institutions: | ||||||||||||||||||||||||||
Base fees | $ | 129,430 | $ | 110,363 | $ | 19,067 | 17.3 | % | ||||||||||||||||||
Performance-based fees | 4,430 | 2,290 | 2,140 | 93.4 | ||||||||||||||||||||||
133,860 | 112,653 | 21,207 | 18.8 | |||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||
Base fees | 330,397 | 296,371 | 34,026 | 11.5 | ||||||||||||||||||||||
Performance-based fees | 2,965 | 749 | 2,216 | n/m | ||||||||||||||||||||||
333,362 | 297,120 | 36,242 | 12.2 | |||||||||||||||||||||||
Private Wealth Management: | ||||||||||||||||||||||||||
Base fees | 227,864 | 206,853 | 21,011 | 10.2 | ||||||||||||||||||||||
Performance-based fees | 8,380 | 5,099 | 3,281 | 64.3 | ||||||||||||||||||||||
236,244 | 211,952 | 24,292 | 11.5 | |||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||
Base fees | 687,691 | 613,587 | 74,104 | 12.1 | ||||||||||||||||||||||
Performance-based fees | 15,775 | 8,138 | 7,637 | 93.8 | ||||||||||||||||||||||
703,466 | 621,725 | 81,741 | 13.1 | |||||||||||||||||||||||
Bernstein Research Services | 119,021 | 129,223 | (10,202) | (7.9) | ||||||||||||||||||||||
Distribution revenues | 147,600 | 130,857 | 16,743 | 12.8 | ||||||||||||||||||||||
Dividend and interest income | 8,684 | 20,465 | (11,781) | (57.6) | ||||||||||||||||||||||
Investment gains (losses) | 1,928 | (44,306) | 46,234 | n/m | ||||||||||||||||||||||
Other revenues | 27,711 | 25,511 | 2,200 | 8.6 | ||||||||||||||||||||||
Total revenues | 1,008,410 | 883,475 | 124,935 | 14.1 | ||||||||||||||||||||||
Less: Interest expense | 1,144 | 9,319 | (8,175) | (87.7) | ||||||||||||||||||||||
Net revenues | $ | 1,007,266 | $ | 874,156 | $ | 133,110 | 15.2 |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Long-term incentive compensation-related investments: | ||||||||||||||
Realized gains | $ | 2,052 | $ | 1,412 | ||||||||||
Unrealized (losses) | (40) | (8,511) | ||||||||||||
Investments held by consolidated company-sponsored investment funds: | ||||||||||||||
Realized gains (losses) | 1,342 | (3,193) | ||||||||||||
Unrealized (losses) | (6,941) | (52,115) | ||||||||||||
Seed capital investments: | ||||||||||||||
Realized gains (losses) | ||||||||||||||
Seed capital and other | 2,557 | (2,653) | ||||||||||||
Derivatives | (7,847) | 31,183 | ||||||||||||
Unrealized gains (losses) | ||||||||||||||
Seed capital and other | 567 | (11,926) | ||||||||||||
Derivatives | 10,166 | (1,600) | ||||||||||||
Brokerage-related investments: | ||||||||||||||
Realized gains (losses) | 122 | (453) | ||||||||||||
Unrealized (losses) gains | (50) | 3,550 | ||||||||||||
$ | 1,928 | $ | (44,306) |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Employee compensation and benefits | $ | 406,059 | $ | 362,272 | $ | 43,787 | 12.1 | % | ||||||||||||||||||
Promotion and servicing: | ||||||||||||||||||||||||||
Distribution-related payments | 162,254 | 140,145 | 22,109 | 15.8 | ||||||||||||||||||||||
Amortization of deferred sales commissions | 7,899 | 5,526 | 2,373 | 42.9 | ||||||||||||||||||||||
Trade execution, marketing, T&E and other | 46,678 | 55,610 | (8,932) | (16.1) | ||||||||||||||||||||||
216,831 | 201,281 | 15,550 | 7.7 | |||||||||||||||||||||||
General and administrative | 120,223 | 122,267 | (2,044) | (1.7) | ||||||||||||||||||||||
Contingent payment arrangements | 796 | 793 | 3 | 0.4 | ||||||||||||||||||||||
Interest on borrowings | 1,294 | 2,834 | (1,540) | (54.3) | ||||||||||||||||||||||
Amortization of intangible assets | 1,479 | 6,486 | (5,007) | (77.2) | ||||||||||||||||||||||
Total | $ | 746,682 | $ | 695,933 | $ | 50,749 | 7.3 |
Period | Total Number of AB Units Purchased | Average Price Paid Per AB Unit, net of Commissions | Total Number of AB Units Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of AB Units that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
1/1/21 - 1/31/21 | — | $ | — | — | — | |||||||||||||||||||||
2/1/21 - 2/28/21 | — | — | — | — | ||||||||||||||||||||||
3/1/21 - 3/31/21(1) | 1,400 | 37.00 | — | — | ||||||||||||||||||||||
Total | 1,400 | $ | 37.00 | — | — |
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema. | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase. | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase. | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase. | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase. | ||||
104 | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, formatted in Inline XBRL (included in Exhibit 101). |
Date: | April 29, 2021 | ALLIANCEBERNSTEIN L.P. | ||||||||||||
By: | /s/ Ali Dibadj | |||||||||||||
Ali Dibadj | ||||||||||||||
Chief Financial Officer and Head of Strategy | ||||||||||||||
By: | /s/ William R. Siemers | |||||||||||||
William R. Siemers | ||||||||||||||
Chief Accounting Officer |
Date: April 29, 2021 | /s/ Seth P. Bernstein | |||||||
Seth P. Bernstein | ||||||||
President and Chief Executive Officer | ||||||||
AllianceBernstein L.P. |
Date: April 29, 2021 | /s/ Ali Dibadj | |||||||
Ali Dibadj | ||||||||
Chief Financial Officer and Head of Strategy | ||||||||
AllianceBernstein L.P. |
Date: April 29, 2021 | /s/ Seth P. Bernstein | |||||||
Seth P. Bernstein | ||||||||
President and Chief Executive Officer | ||||||||
AllianceBernstein L.P. |
Date: April 29, 2021 | /s/ Ali Dibadj | |||||||
Ali Dibadj | ||||||||
Chief Financial and Head of Strategy | ||||||||
AllianceBernstein L.P. |
Cover Page |
3 Months Ended |
---|---|
Mar. 31, 2021
shares
| |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2021 |
Document Transition Report | false |
Entity File Number | 000-29961 |
Entity Registrant Name | ALLIANCEBERNSTEIN L.P. |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 13-4064930 |
Entity Address, Address Line One | 1345 Avenue of the Americas |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10105 |
City Area Code | 212 |
Local Phone Number | 969-1000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 272,675,165 |
Entity Central Index Key | 0001109448 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Cash and securities segregated, at cost | $ 1,412,296 | $ 1,752,483 |
Limited partners, units issued (in units) | 272,675,165 | 270,509,658 |
Limited partners, units outstanding (in units) | 272,675,165 | 270,509,658 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 243,839 | $ 168,749 |
Other comprehensive (loss): | ||
Foreign currency translation adjustments, before tax | (7,138) | (21,396) |
Income tax benefit | 22 | 73 |
Foreign currency translation adjustments, net of tax | (7,116) | (21,323) |
Changes in employee benefit related items: | ||
Amortization of prior service cost | 6 | 6 |
Recognized actuarial gain | 81 | 325 |
Changes in employee benefit related items | 87 | 331 |
Income tax (expense) | 0 | (77) |
Employee benefit related items, net of tax | 87 | 254 |
Other comprehensive (loss) | (7,029) | (21,069) |
Less: Comprehensive (loss) in consolidated entities attributable to non-controlling interests | (292) | (25,571) |
Comprehensive income attributable to AB Unitholders | $ 237,102 | $ 173,251 |
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Cash Flows [Abstract] | ||
Cash acquired from acquisition | $ 2.8 | $ 0.6 |
Business Description Organization and Basis of Presentation |
3 Months Ended | ||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||
Business Description Organization and Basis of Presentation | Business Description Organization and Basis of Presentation Business Description We provide diversified investment management, research and related services globally to a broad range of clients. Our principal services include: • Institutional Services – servicing our institutional clients, including private and public pension plans, foundations and endowments, insurance companies, central banks and governments worldwide, and affiliates such as Equitable Holdings, Inc. ("EQH") and its subsidiaries, by means of separately-managed accounts, sub-advisory relationships, structured products, collective investment trusts, mutual funds, hedge funds and other investment vehicles. • Retail Services – servicing our retail clients, primarily by means of retail mutual funds sponsored by AB or an affiliated company, sub-advisory relationships with mutual funds sponsored by third parties, separately-managed account programs sponsored by financial intermediaries worldwide and other investment vehicles. • Private Wealth Management Services – servicing our private clients, including high-net-worth individuals and families, trusts and estates, charitable foundations, partnerships, private and family corporations, and other entities, by means of separately-managed accounts, hedge funds, mutual funds and other investment vehicles. •Bernstein Research Services – servicing institutional investors, such as pension fund, hedge fund and mutual fund managers, seeking high-quality fundamental research, quantitative services and brokerage-related services in equities and listed options. We also provide distribution, shareholder servicing, transfer agency services and administrative services to the mutual funds we sponsor. Our high-quality, in-depth research is the foundation of our business. Our research disciplines include economic, fundamental equity, fixed income and quantitative research. In addition, we have expertise in multi-asset strategies, wealth management, environmental, social and corporate governance ("ESG"), and alternative investments. We provide a broad range of investment services with expertise in: •Actively-managed equity strategies, with global and regional portfolios across capitalization ranges, concentration ranges and investment strategies, including value, growth and core equities; •Actively-managed traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies; •Alternative investments, including hedge funds, fund of funds, direct lending, real estate and private equity; •Multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds; and •Some passive management, including index and enhanced index strategies. Organization As of March 31, 2021, EQH owned approximately 4.0% of the issued and outstanding units representing assignments of beneficial ownership of limited partnership interests in AllianceBernstein Holding L.P. (“AB Holding Units”). AllianceBernstein Corporation (an indirect wholly-owned subsidiary of EQH, “General Partner”) is the general partner of both AllianceBernstein Holding L.P. (“AB Holding”) and AB. AllianceBernstein Corporation owns 100,000 general partnership units in AB Holding and a 1% general partnership interest in AB. As of March 31, 2021, the ownership structure of AB, including limited partnership units outstanding as well as the general partner's 1% interest, was as follows:
Including both the general partnership and limited partnership interests in AB Holding and AB, EQH and its subsidiaries had an approximate 64.3% economic interest in AB as of March 31, 2021. Basis of Presentation The interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the interim results, have been made. The preparation of the condensed consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the interim reporting periods. Actual results could differ from those estimates. The condensed consolidated statement of financial condition as of December 31, 2020 was derived from audited financial statements. Certain disclosures included in the annual financial statements have been condensed or omitted from these financial statements as they are not required for interim financial statements under principles generally accepted in the United States of America ("GAAP") and the rules of the Securities and Exchange Commission. Principles of Consolidation The condensed consolidated financial statements include AB and its majority-owned and/or controlled subsidiaries, and the consolidated entities that are considered to be variable interest entities (“VIEs”) and voting interest entities (“VOEs”) in which AB has a controlling financial interest. Non-controlling interests on the condensed consolidated statements of financial condition include the portion of consolidated company-sponsored investment funds in which we do not have direct equity ownership. All significant inter-company transactions and balances among the consolidated entities have been eliminated. Reclassifications During 2021, prior period amounts previously presented as net issuance (repayment) of commercial paper, proceeds (repayment) of EQH facility and proceeds (repayment) of bank loans are now combined and presented as net repayments (borrowings) of debt in the condensed consolidated statements of cash flows to conform to the current period's presentation.
|
Significant Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20). The amendment modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. We adopted this standard prospectively on January 1, 2021. The adoption of this standard did not have a material impact on our financial condition or results of operations. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify US GAAP for other areas of Topic 740 by clarifying and amending the existing guidance. We adopted this standard prospectively on January 1, 2021. The adoption of this standard did not have a material impact on our financial condition or results of operations.
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Revenue Recognition |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Revenues for the three months ended March 31, 2021 and 2020 consisted of the following:
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Long-term Incentive Compensation Plans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Incentive Compensation Plans | Long-term Incentive Compensation Plans We maintain several unfunded, non-qualified long-term incentive compensation plans, under which we grant annual awards to employees, generally in the fourth quarter, and to members of the Board of Directors of the General Partner, who are not employed by our company or by any of our affiliates (“Eligible Directors”). We fund our restricted AB Holding Unit awards either by purchasing AB Holding Units on the open market or purchasing newly-issued AB Holding Units from AB Holding, and then keeping these AB Holding Units in a consolidated rabbi trust until delivering them or retiring them. In accordance with the Amended and Restated Agreement of Limited Partnership of AB (“AB Partnership Agreement”), when AB purchases newly-issued AB Holding Units from AB Holding, AB Holding is required to use the proceeds it receives from AB to purchase the equivalent number of newly-issued AB Units, thus increasing its percentage ownership interest in AB. AB Holding Units held in the consolidated rabbi trust are corporate assets in the name of the trust and are available to the general creditors of AB. Repurchases of AB Holding Units for the three months ended March 31, 2021 and 2020 consisted of the following:
(1) Purchased on a trade date basis. (2) The remainder related to purchases of AB Holding Units from employees to fulfill statutory tax withholding requirements at the time of delivery of long-term incentive compensation award. Purchases of AB Holding Units reflected on the condensed consolidated statements of cash flows are net of AB Holding Unit purchases by employees as part of a distribution reinvestment election. Each quarter, we consider whether to implement a plan to repurchase AB Holding Units pursuant to Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended ("Exchange Act"). A plan of this type allows a company to repurchase its shares at times when it otherwise might be prevented from doing so because of self-imposed trading blackout periods or because it possesses material non-public information. Each broker we select has the authority under the terms and limitations specified in the plan to repurchase AB Holding Units on our behalf. Repurchases are subject to regulations promulgated by the SEC as well as certain price, market volume and timing constraints specified in the plan. The plan adopted during the first quarter of 2021 expired at the close of business on April 28, 2021. We may adopt additional plans in the future to engage in open-market purchases of AB Holding Units to help fund anticipated obligations under our incentive compensation award program and for other corporate purposes. During the first three months of 2021 and 2020, we awarded to employees and Eligible Directors 3.4 million and 0.1 million restricted AB Holding Unit awards, respectively. We used AB Holding Units repurchased during the applicable period and newly-issued AB Holding Units to fund these awards. During the first three months of 2021 and 2020, AB Holding issued 0.1 million and 5,182 AB Holding Units, respectively, upon exercise of options to buy AB Holding Units. AB Holding used the proceeds of $1.9 million and $0.1 million, respectively, received from award recipients as payment in cash for the exercise price to purchase the equivalent number of newly-issued AB Units.
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Net Income per Unit |
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Earnings Per Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income per Unit | Net Income per Unit Basic net income per unit is derived by reducing net income for the 1% general partnership interest and dividing the remaining 99% by the basic weighted average number of limited partnership units outstanding for each period. Diluted net income per unit is derived by reducing net income for the 1% general partnership interest and dividing the remaining 99% by the total of the diluted weighted average number of limited partnership units outstanding for each period.
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Cash Distributions |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Equity [Abstract] | |
Cash Distributions | Cash Distributions AB is required to distribute all of its Available Cash Flow, as defined in the AB Partnership Agreement, to its Unitholders and to the General Partner. Available Cash Flow can be summarized as the cash flow received by AB from operations minus such amounts as the General Partner determines, in its sole discretion, should be retained by AB for use in its business, or plus such amounts as the General Partner determines, in its sole discretion, should be released from previously retained cash flow. Typically, Available Cash Flow has been the adjusted diluted net income per unit for the quarter multiplied by the number of general and limited partnership interests at the end of the quarter. In future periods, management anticipates that Available Cash Flow will be based on adjusted diluted net income per unit, unless management determines, with the concurrence of the Board of Directors, that one or more adjustments that are made for adjusted net income should not be made with respect to the Available Cash Flow calculation. On April 29, 2021, the General Partner declared a distribution of $0.88 per AB Unit, representing a distribution of Available Cash Flow for the three months ended March 31, 2021. The General Partner, as a result of its 1% general partnership interest, is entitled to receive 1% of each distribution. The distribution is payable on May 27, 2021 to holders of record on May 10, 2021.
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Cash and Securities Segregated Under Federal Regulations and Other Requirements |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Brokers and Dealers [Abstract] | |
Cash and Securities Segregated Under Federal Regulations and Other Requirements | Cash and Securities Segregated Under Federal Regulations and Other Requirements As of March 31, 2021 and December 31, 2020, $1.4 billion and $1.8 billion, respectively, of U.S. Treasury Bills were segregated in a special reserve bank custody account for the exclusive benefit of our brokerage customers under Rule 15c3-3 of the Exchange Act. |
Investments |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Investments consist of:
Total investments related to long-term incentive compensation obligations of $58.7 million and $60.1 million as of March 31, 2021 and December 31, 2020, respectively, consist of company-sponsored mutual funds and hedge funds. For long-term incentive compensation awards granted before 2009, we typically made investments in company-sponsored mutual funds and hedge funds that were notionally elected by plan participants and maintained them (and continue to maintain them) in a consolidated rabbi trust or separate custodial account. The rabbi trust and custodial account enable us to hold such investments separate from our other assets for the purpose of settling our obligations to participants. The investments held in the rabbi trust and custodial account remain available to the general creditors of AB. The underlying investments of hedge funds in which we invest include long and short positions in equity securities, fixed income securities (including various agency and non-agency asset-based securities), currencies, commodities and derivatives (including various swaps and forward contracts). These investments are valued at quoted market prices or, where quoted market prices are not available, are fair valued based on the pricing policies and procedures of the underlying funds. We allocate seed capital to our investment teams to help develop new products and services for our clients. A portion of our seed capital trading investments are equity and fixed income products, primarily in the form of separately-managed account portfolios, U.S. mutual funds, Luxembourg funds, Japanese investment trust management funds or Delaware business trusts. We also may allocate seed capital to investments in private equity funds. In regard to our seed capital investments, the amounts above reflect those funds in which we are not the primary beneficiary of a VIE or hold a controlling financial interest in a VOE. See Note 14, Consolidated Company-Sponsored Investment Funds, for a description of the seed capital investments that we consolidate. As of March 31, 2021 and December 31, 2020, our total seed capital investments were $327.1 million and $310.3 million, respectively. Seed capital investments in unconsolidated company-sponsored investment funds are valued using published net asset values or non-published net asset values if they are not listed on an active exchange but have net asset values that are comparable to funds with published net asset values and have no redemption restrictions. In addition, we also have long positions in corporate equities and long exchange-traded options traded through our options desk. The portion of unrealized gains (losses) related to equity securities, as defined by ASC 321-10, held as of March 31, 2021 and 2020 were as follows:
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments See Note 14, Consolidated Company-Sponsored Investment Funds, for disclosure of derivative instruments held by our consolidated company-sponsored investment funds. We enter into various futures, forwards, options and swaps to economically hedge certain seed capital investments. Also, we have currency forwards that help us to economically hedge certain balance sheet exposures. In addition, our options desk trades long and short exchange-traded equity options. We do not hold any derivatives designated in a formal hedge relationship under ASC 815-10, Derivatives and Hedging. The notional value and fair value as of March 31, 2021 and December 31, 2020 for derivative instruments (excluding derivative instruments relating to our options desk trading activities discussed below) not designated as hedging instruments were as follows:
As of March 31, 2021 and December 31, 2020, the derivative assets and liabilities are included in both receivables and payables to brokers and dealers on our condensed consolidated statements of financial condition. The gains and losses for derivative instruments (excluding our options desk trading activities discussed below) for the three months ended March 31, 2021 and 2020 recognized in investment gains (losses) in the condensed consolidated statements of income were as follows:
We may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. We minimize our counterparty exposure through a credit review and approval process. In addition, we have executed various collateral arrangements with counterparties to the over-the-counter derivative transactions that require both pledging and accepting collateral in the form of cash. As of March 31, 2021 and December 31, 2020, we held $3.9 million and $0.4 million, respectively, of cash collateral payable to trade counterparties. This obligation to return cash is reported in payables to brokers and dealers in our condensed consolidated statements of financial condition. Although notional amount is the most commonly used measure of volume in the derivatives market, it is not used as a measure of credit risk. Generally, the current credit exposure of our derivative contracts is limited to the net positive estimated fair value of derivative contracts at the reporting date after taking into consideration the existence of netting agreements and any collateral received. A derivative with positive value (a derivative asset) indicates existence of credit risk because the counterparty would owe us if the contract were closed. Alternatively, a derivative contract with negative value (a derivative liability) indicates we would owe money to the counterparty if the contract were closed. Generally, if there is more than one derivative transaction with a single counterparty, a master netting arrangement exists with respect to derivative transactions with that counterparty to provide for aggregate net settlement. Certain of our standardized contracts for over-the-counter derivative transactions (“ISDA Master Agreements”) contain credit risk related contingent provisions pertaining to each counterparty’s credit rating. In some ISDA Master Agreements, if the counterparty’s credit rating, or in some agreements, our assets under management (“AUM”), falls below a specified threshold, either a default or a termination event permitting us or the counterparty to terminate the ISDA Master Agreement would be triggered. In all agreements that provide for collateralization, various levels of collateralization of net liability positions are applicable, depending on the credit rating of the counterparty. As of March 31, 2021 and December 31, 2020, we delivered $3.3 million and $6.4 million, respectively, of cash collateral into brokerage accounts. We report this cash collateral in cash and cash equivalents in our condensed consolidated statements of financial condition. As of March 31, 2021 and December 31, 2020, we held $4.2 million and $7.5 million, respectively, of long exchange-traded equity options, which are included in other investments on our condensed consolidated statements of financial condition. In addition, as of March 31, 2021 and December 31, 2020, we held $1.3 million and $12.5 million, respectively, of short exchange-traded equity options, which are included in securities sold not yet purchased on our condensed consolidated statements of financial condition. Our options desk provides our clients with equity derivative strategies and execution for exchange-traded options on single stocks, exchange-traded funds and indices. While predominately agency-based, the options desk may commit capital to facilitate a client’s transaction. Our options desk hedges the risks associated with this activity by taking offsetting positions in equities. For the three months ended March 31, 2021 and 2020, we recognized gains of $4.8 million and $18.4 million, respectively, on equity options activity. These gains and losses are recognized in investment gains (losses) in the condensed consolidated statements of income.
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Offsetting Assets and Liabilities |
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Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting Assets and Liabilities | Offsetting Assets and Liabilities See Note 14, Consolidated Company-Sponsored Investment Funds, for disclosure of offsetting assets and liabilities of our consolidated company-sponsored investment funds. Offsetting of assets as of March 31, 2021 and December 31, 2020 was as follows:
Offsetting of liabilities as of March 31, 2021 and December 31, 2020 was as follows:
Cash collateral, whether pledged or received on derivative instruments, is not considered material and, accordingly, is not disclosed by counterparty.
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value See Note 14, Consolidated Company-Sponsored Investment Funds, for disclosure of fair value of our consolidated company-sponsored investment funds. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. The three broad levels of fair value hierarchy are as follows: • Level 1 – Quoted prices in active markets are available for identical assets or liabilities as of the reported date. • Level 2 – Quoted prices in markets that are not active or other pricing inputs that are either directly or indirectly observable as of the reported date. • Level 3 – Prices or valuation techniques that are both significant to the fair value measurement and unobservable as of the reported date. These financial instruments do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Assets and Liabilities Measured at Fair Value on a Recurring Basis Valuation of our financial instruments by pricing observability levels as of March 31, 2021 and December 31, 2020 was as follows (in thousands):
(1) Investments measured at fair value using NAV (or its equivalent) as a practical expedient. (2) Investments in equity method investees that are not measured at fair value in accordance with GAAP. (3) Investments carried at amortized cost that are not measured at fair value in accordance with GAAP. Other investments include (i) an investment in a software publishing company that does not have a readily available fair value ($2.2 million and $2.1 million as of March 31, 2021 and December 31, 2020, respectively), (ii) investment in a start-up company that does not have a readily available fair value (this investment was $0.3 million as of both March 31, 2021 and December 31, 2020), (iii) investments in equity method investees that are not measured at fair value in accordance with GAAP ($2.3 million and $6.5 million as of March 31, 2021 and December 31, 2020, respectively), and (iv) broker dealer exchange memberships that are not measured at fair value in accordance with GAAP ($3.3 million as of both March 31, 2021 and December 31, 2020). We provide below a description of the fair value methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy: • Money markets: We invest excess cash in various money market funds that are valued based on quoted prices in active markets; these are included in Level 1 of the valuation hierarchy. • Treasury Bills: We hold U.S. Treasury Bills, which are primarily segregated in a special reserve bank custody account as required by Rule 15c3-3 of the Exchange Act. These securities are valued based on quoted yields in secondary markets and are included in Level 2 of the valuation hierarchy. • Equity securities: Our equity securities consist principally of company-sponsored mutual funds with NAVs and various separately-managed portfolios consisting primarily of equity and fixed income mutual funds with quoted prices in active markets, which are included in Level 1 of the valuation hierarchy. In addition, some securities are valued based on observable inputs from recognized pricing vendors, which are included in Level 2 of the valuation hierarchy. • Derivatives: We hold exchange-traded futures with counterparties that are included in Level 1 of the valuation hierarchy. In addition, we also hold currency forward contracts, interest rate swaps, credit default swaps, option swaps and total return swaps with counterparties that are valued based on observable inputs from recognized pricing vendors, which are included in Level 2 of the valuation hierarchy. • Options: We hold long exchange-traded options that are included in Level 1 of the valuation hierarchy. • Securities sold not yet purchased: Securities sold not yet purchased, primarily reflecting short positions in equities and exchange-traded options, are included in Level 1 of the valuation hierarchy. • Contingent payment arrangements: Contingent payment arrangements relate to contingent payment liabilities associated with various acquisitions. At each reporting date, we estimate the fair values of the contingent consideration expected to be paid based upon probability-weighted AUM and revenue projections, using unobservable market data inputs, which are included in Level 3 of the valuation hierarchy. During the three months ended March 31, 2021 there were no transfers between Level 2 and Level 3 securities. The change in carrying value associated with Level 3 financial instruments carried at fair value, classified as equity securities, is as follows:
Realized and unrealized gains and losses on Level 3 financial instruments are recorded in investment gains and losses in the condensed consolidated statements of income. As part of acquisitions made by the Company, we may enter into contingent consideration arrangements as part of the purchase price. The change in carrying value associated with Level 3 financial instruments carried at fair value, classified as contingent payment arrangements, is as follows:
The liabilities were valued using expected revenue growth rates and discount rates. As of March 31, 2021 the expected revenue growth rates range from 2.0% to 135.6%, with a weighted average of 9.0%, calculated using cumulative revenues and range of revenue growth rates (excluding revenue growth from additional AUM contributed from existing clients). The discount rates ranged from 1.9% to 20.0%, with a weighted average of 10.8%, calculated using total contingent liabilities and range of discount rates. As of March 31, 2020 the expected revenue growth rates ranged from 0.7% to 50.0%, with a weighted average of 4.9%, calculated using cumulative revenues and a range of revenue growth rates. The discount rates ranged from 3.0% to 10.0%, with a weighted average of 9.3%, calculated using total contingent liabilities and range of discount rates. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis We did not have any material assets or liabilities that were measured at fair value for impairment on a nonrecurring basis during the three months ended March 31, 2021 or during the year ended December 31, 2020.
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Commitments and Contingencies |
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Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings With respect to all significant litigation matters, we consider the likelihood of a negative outcome. If we determine the likelihood of a negative outcome is probable and the amount of the loss can be reasonably estimated, we record an estimated loss for the expected outcome of the litigation. If the likelihood of a negative outcome is reasonably possible and we can determine an estimate of the possible loss or range of loss in excess of amounts already accrued, if any, we disclose that fact together with the estimate of the possible loss or range of loss. However, it is often difficult to predict the outcome or estimate a possible loss or range of loss because litigation is subject to inherent uncertainties, particularly when plaintiffs allege substantial or indeterminate damages. Such is also the case when the litigation is in its early stages or when the litigation is highly complex or broad in scope. In these cases, we disclose that we are unable to predict the outcome or estimate a possible loss or range of loss. AB may be involved in various matters, including regulatory inquiries, administrative proceedings and litigation, some of which may allege significant damages. It is reasonably possible that we could incur losses pertaining to these matters, but we cannot currently estimate any such losses. Management, after consultation with legal counsel, currently believes that the outcome of any individual matter that is pending or threatened, or all of them combined, will not have a material adverse effect on our results of operations, financial condition or liquidity. However, any inquiry, proceeding or litigation has an element of uncertainty; management cannot determine whether further developments relating to any individual matter that is pending or threatened, or all of them combined, will have a material adverse effect on our results of operation, financial condition or liquidity in any future reporting period.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases We lease office space, furniture and office equipment under various operating and financing leases. Our current leases have remaining lease terms of one year to 15 years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the leases within one year. Since 2010, we have sub-leased over one million square feet of office space. Leases included in the condensed consolidated statement of financial condition as of March 31, 2021 and December 31, 2020 were as follows:
The components of lease expense included in the condensed consolidated statement of income as of March 31, 2021 and March 31, 2020 were as follows:
(1) Variable lease expense includes operating expenses, real estate taxes and employee parking. The sub-lease income represents all revenues received from sub-tenants. It is primarily fixed base rental payments combined with variable reimbursements such as operating expenses, real estate taxes and employee parking. We derive most of our sub-tenant income from our New York metro sub-tenant agreements. Sub-tenant income related to base rent is recorded on a straight-line basis. Maturities of lease liabilities were as follows:
We have signed a lease which commences in 2024, relating to approximately 166,000 square feet of space in New York City. Our estimated total base rent obligation (excluding taxes, operating expenses and utilities) over the 20-year lease term is approximately $393.0 million.
Supplemental cash flow information related to leases was as follows:
(1) Represents non-cash activity and, accordingly, is not reflected in the consolidated statements of cash flows. (2) Represents net non-cash activity of new lease obligations, extensions and reductions of existing lease obligations.
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Leases | Leases We lease office space, furniture and office equipment under various operating and financing leases. Our current leases have remaining lease terms of one year to 15 years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the leases within one year. Since 2010, we have sub-leased over one million square feet of office space. Leases included in the condensed consolidated statement of financial condition as of March 31, 2021 and December 31, 2020 were as follows:
The components of lease expense included in the condensed consolidated statement of income as of March 31, 2021 and March 31, 2020 were as follows:
(1) Variable lease expense includes operating expenses, real estate taxes and employee parking. The sub-lease income represents all revenues received from sub-tenants. It is primarily fixed base rental payments combined with variable reimbursements such as operating expenses, real estate taxes and employee parking. We derive most of our sub-tenant income from our New York metro sub-tenant agreements. Sub-tenant income related to base rent is recorded on a straight-line basis. Maturities of lease liabilities were as follows:
We have signed a lease which commences in 2024, relating to approximately 166,000 square feet of space in New York City. Our estimated total base rent obligation (excluding taxes, operating expenses and utilities) over the 20-year lease term is approximately $393.0 million.
Supplemental cash flow information related to leases was as follows:
(1) Represents non-cash activity and, accordingly, is not reflected in the consolidated statements of cash flows. (2) Represents net non-cash activity of new lease obligations, extensions and reductions of existing lease obligations.
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Leases | Leases We lease office space, furniture and office equipment under various operating and financing leases. Our current leases have remaining lease terms of one year to 15 years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the leases within one year. Since 2010, we have sub-leased over one million square feet of office space. Leases included in the condensed consolidated statement of financial condition as of March 31, 2021 and December 31, 2020 were as follows:
The components of lease expense included in the condensed consolidated statement of income as of March 31, 2021 and March 31, 2020 were as follows:
(1) Variable lease expense includes operating expenses, real estate taxes and employee parking. The sub-lease income represents all revenues received from sub-tenants. It is primarily fixed base rental payments combined with variable reimbursements such as operating expenses, real estate taxes and employee parking. We derive most of our sub-tenant income from our New York metro sub-tenant agreements. Sub-tenant income related to base rent is recorded on a straight-line basis. Maturities of lease liabilities were as follows:
We have signed a lease which commences in 2024, relating to approximately 166,000 square feet of space in New York City. Our estimated total base rent obligation (excluding taxes, operating expenses and utilities) over the 20-year lease term is approximately $393.0 million.
Supplemental cash flow information related to leases was as follows:
(1) Represents non-cash activity and, accordingly, is not reflected in the consolidated statements of cash flows. (2) Represents net non-cash activity of new lease obligations, extensions and reductions of existing lease obligations.
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Consolidated Company-Sponsored Investment Funds |
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Consolidated Company-Sponsored Investment Funds [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Company-Sponsored Investment Funds | Consolidated Company-Sponsored Investment Funds We regularly provide seed capital to new company-sponsored investment funds. As such, we may consolidate or de-consolidate a variety of company-sponsored investment funds each quarter. Due to the similarity of risks related to our involvement with each company-sponsored investment fund, disclosures required under the VIE model are aggregated, such as disclosures regarding the carrying amount and classification of assets. We are not required to provide financial support to company-sponsored investment funds, and only the assets of such funds are available to settle each fund's own liabilities. Our exposure to loss regarding consolidated company-sponsored investment funds is limited to our investment in, and our management fee earned from, such funds. Equity and debt holders of such funds have no recourse to AB’s assets or to the general credit of AB. The balances of consolidated VIEs and VOEs included in our condensed consolidated statements of financial condition were as follows:
During the first quarter of 2021, we deconsolidated one fund in which we had a seed investment of approximately $4.1 million due to no longer having a controlling financial interest. Fair Value Cash and cash equivalents include cash on hand, demand deposits, overnight commercial paper and highly liquid investments with original maturities of three months or less. Due to the short-term nature of these instruments, the recorded value has been determined to approximate fair value. Valuation of consolidated company-sponsored investment funds' financial instruments by pricing observability levels as of March 31, 2021 and December 31, 2020 was as follows (in thousands):
See Note 11 for a description of the fair value methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:
The Level 3 securities primarily consist of corporate bonds that are vendor priced with no ratings available, bank loans, non-agency collateralized mortgage obligations and asset-backed securities. Transfers into and out of all levels of the fair value hierarchy are reflected at end-of-period fair values. Realized and unrealized gains and losses on Level 3 financial instruments are recorded in investment gains and losses in the condensed consolidated statements of income. Derivative Instruments As of March 31, 2021 and December 31, 2020, the VIEs held $9.3 million and $3.7 million (net), respectively, of futures, forwards and swaps within their portfolios. For the three months ended March 31, 2021 and 2020, we recognized $1.1 million and $1.7 million of losses, respectively, on these derivatives. These gains and losses are recognized in investment gains (losses) in the condensed consolidated statements of income. As of March 31, 2021 and December 31, 2020, the VIEs held $0.6 million and $0.5 million, respectively, of cash collateral payable to trade counterparties. This obligation to return cash is reported in the liabilities of consolidated company-sponsored investment funds in our condensed consolidated statements of financial condition. As of March 31, 2021 and December 31, 2020, the VIEs delivered $4.9 million and $4.2 million, respectively, of cash collateral into brokerage accounts. The VIEs report this cash collateral in the consolidated company-sponsored investment funds cash and cash equivalents in our condensed consolidated statements of financial condition. As of March 31, 2021 and December 31, 2020, the VOEs held $5.4 million and $0.2 million (net), respectively, of futures, forwards, options and swaps within their portfolios. For the three months ended March 31, 2021 and 2020, we recognized $0.9 million and $0.1 million of gains, respectively, on these derivatives. These gains and losses are recognized in investment gains (losses) in the condensed consolidated statements of income. As of both March 31, 2021 and December 31, 2020, the VOEs held no cash collateral payable to trade counterparties. This obligation to return cash is reported in the liabilities of consolidated company-sponsored investment funds in our condensed consolidated statements of financial condition. As of March 31, 2021 and December 31, 2020, the VOEs delivered zero and $0.1 million, respectively, of cash collateral in brokerage accounts. The VOEs report this cash collateral in the consolidated company-sponsored investment funds cash and cash equivalents in our condensed consolidated statements of financial condition. Offsetting Assets and Liabilities Offsetting of derivative assets of consolidated company-sponsored investment funds as of March 31, 2021 and December 31, 2020 was as follows:
Offsetting of derivative liabilities of consolidated company-sponsored investment funds as of March 31, 2021 and December 31, 2020 was as follows:
Cash collateral, whether pledged or received on derivative instruments, is not considered material and, accordingly, is not disclosed by counterparty. Non-Consolidated VIEs As of March 31, 2021, the net assets of company-sponsored investment products that are non-consolidated VIEs are approximately $70.9 billion, and our maximum risk of loss is our investment of $7.2 million in these VIEs and our advisory fee receivables from these VIEs is $76.1 million.
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Units Outstanding |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||
Units Outstanding | Units Outstanding Changes in AB Units outstanding during the three-month period ended March 31, 2021 were as follows:
(1) During the three-months ended March 31, 2021, we purchased 1,400 AB Units in private transactions and retired them.
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Debt |
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Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt AB has an $800.0 million committed, unsecured senior revolving credit facility (the “Credit Facility”) with a group of commercial banks and other lenders, which matures on September 27, 2023. The Credit Facility provides for possible increases in the principal amount by up to an aggregate incremental amount of $200.0 million; any such increase is subject to the consent of the affected lenders. The Credit Facility is available for AB and Sanford C. Bernstein & Co., LLC ("SCB LLC") business purposes, including the support of AB’s commercial paper program. Both AB and SCB LLC can draw directly under the Credit Facility, and management may draw on the Credit Facility from time to time. AB has agreed to guarantee the obligations of SCB LLC under the Credit Facility. The Credit Facility contains affirmative, negative and financial covenants, which are customary for facilities of this type, including restrictions on dispositions of assets, restrictions on liens, a minimum interest coverage ratio and a maximum leverage ratio. As of March 31, 2021, we were in compliance with these covenants. The Credit Facility also includes customary events of default (with customary grace periods, as applicable), including provisions under which, upon the occurrence of an event of default, all outstanding loans may be accelerated and/or lender’s commitments may be terminated. Also, under such provisions, upon the occurrence of certain insolvency- or bankruptcy-related events of default, all amounts payable under the Credit Facility would automatically become immediately due and payable, and the lender’s commitments automatically would terminate. Amounts under the Credit Facility may be borrowed, repaid and re-borrowed by us from time to time until the maturity of the facility. Voluntary prepayments and commitment reductions requested by us are permitted at any time without a fee (other than customary breakage costs relating to the prepayment of any drawn loans) upon proper notice and subject to a minimum dollar requirement. Borrowings under the Credit Facility bear interest at a rate per annum, which will be, at our option, a rate equal to an applicable margin, which is subject to adjustment based on the credit ratings of AB, plus one of the following indices: London Interbank Offered Rate; a floating base rate; or the Federal Funds rate. As of March 31, 2021 and December 31, 2020, we had no amounts outstanding under the Credit Facility. During the first three months of 2021 and the full year 2020, we did not draw upon the Credit Facility. AB also has a $900.0 million committed, unsecured senior credit facility (“EQH Facility”) with EQH. The EQH Facility matures on November 4, 2024 and is available for AB's general business purposes. Borrowings under the EQH Facility generally bear interest at a rate per annum based on prevailing overnight commercial paper rates. The EQH Facility contains affirmative, negative and financial covenants which are substantially similar to those in AB’s committed bank facilities. The EQH Facility also includes customary events of default substantially similar to those in AB’s committed bank facilities, including provisions under which, upon the occurrence of an event of default, all outstanding loans may be accelerated and/or the lender’s commitment may be terminated. Amounts under the EQH Facility may be borrowed, repaid and re-borrowed by us from time to time until the maturity of the facility. AB or EQH may reduce or terminate the commitment at any time without penalty upon proper notice. EQH also may terminate the facility immediately upon a change of control of our general partner. As of March 31, 2021 and December 31, 2020, AB had $625.0 million and $675.0 million outstanding under the EQH Facility, in each case with an interest rate of approximately 0.2%. Average daily borrowings on the EQH Facility for the first three months of 2021 and the full year 2020 were $622.3 million and $470.8 million, respectively, with weighted average interest rates of approximately 0.2% and 0.5%, respectively. In addition to the EQH Facility, on September 1, 2020, AB established a new $300.0 million uncommitted, unsecured senior credit facility (“EQH Uncommitted Facility”) with EQH. The EQH Uncommitted Facility matures on September 1, 2024 and is available for AB's general business purposes. Borrowings under the EQH Unsecured Facility generally bear interest at a rate per annum based on prevailing overnight commercial paper rates. The EQH Uncommitted Facility contains affirmative, negative and financial covenants which are substantially similar to those in the EQH Facility. As of March 31, 2021 and December 31, 2020, we had no amounts outstanding on the EQH Uncommitted Facility. During the first three months of 2021 and the full year 2020, we did not draw upon the EQH Uncommitted Facility. As of March 31, 2021 and December 31, 2020, we had no commercial paper outstanding. The commercial paper is short term in nature, and as such, recorded value is estimated to approximate fair value (and considered a Level 2 security in the fair value hierarchy). Average daily borrowings of commercial paper during the first three months of 2021 and full year 2020 were $120.3 million and $83.2 million, respectively, with weighted average interest rates of approximately 0.2% and 0.4%, respectively. AB has a $200.0 million committed, unsecured senior revolving credit facility (the "Revolver") with a leading international bank, which matures on November 16, 2021. The Revolver is available for AB's and SCB LLC's business purposes, including the provision of additional liquidity to meet funding requirements primarily related to SCB LLC's operations. Both AB and SCB LLC can draw directly under the Revolver and management expects to draw on the Revolver from time to time. AB has agreed to guarantee the obligations of SCB LLC under the Revolver. The Revolver contains affirmative, negative and financial covenants that are identical to those of the Credit Facility. Borrowings under the Revolver bear interest at a rate per annum, which will be, at our option, a rate equal to an applicable margin, which is subject to adjustment based on the credit ratings of AB, plus one of the following indices: London Interbank Offered Rate; a floating base rate; or the Federal Funds rate. As of both March 31, 2021 and December 31, 2020, we had no amounts outstanding under the Revolver. Average daily borrowings under the Revolver during the first three months of 2021 and full year 2020 were $26.1 million and $16.5 million, respectively, with weighted average interest rates of approximately 1.1% and 1.6%, respectively. In addition, SCB LLC currently has three uncommitted lines of credit with three financial institutions. Two of these lines of credit permit us to borrow up to an aggregate of approximately $165.0 million, with AB named as an additional borrower, while the other line has no stated limit. As of March 31, 2021 and December 31, 2020, SCB LLC had no outstanding balance on these lines of credit. We did not draw on these lines of credit during the first three months of 2021. Average daily borrowings during the full year 2020 were $0.9 million with a weighted average interest rate of approximately 1.6%
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Non-controlling Interests |
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Non-controlling Interests | Non-controlling Interests Non-controlling interest in net income for the three months ended March 31, 2021 and 2020 consisted of the following:
Redeemable non-controlling interest as of March 31, 2021 and December 31, 2020 consisted of the following:
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Business Description Organization and Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the interim results, have been made. The preparation of the condensed consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the interim reporting periods. Actual results could differ from those estimates. The condensed consolidated statement of financial condition as of December 31, 2020 was derived from audited financial statements. Certain disclosures included in the annual financial statements have been condensed or omitted from these financial statements as they are not required for interim financial statements under principles generally accepted in the United States of America ("GAAP") and the rules of the Securities and Exchange Commission. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include AB and its majority-owned and/or controlled subsidiaries, and the consolidated entities that are considered to be variable interest entities (“VIEs”) and voting interest entities (“VOEs”) in which AB has a controlling financial interest. Non-controlling interests on the condensed consolidated statements of financial condition include the portion of consolidated company-sponsored investment funds in which we do not have direct equity ownership. All significant inter-company transactions and balances among the consolidated entities have been eliminated. |
Reclassifications | Reclassifications During 2021, prior period amounts previously presented as net issuance (repayment) of commercial paper, proceeds (repayment) of EQH facility and proceeds (repayment) of bank loans are now combined and presented as net repayments (borrowings) of debt in the condensed consolidated statements of cash flows to conform to the current period's presentation.
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Recently Adopted Accounting Pronouncements / Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20). The amendment modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. We adopted this standard prospectively on January 1, 2021. The adoption of this standard did not have a material impact on our financial condition or results of operations. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify US GAAP for other areas of Topic 740 by clarifying and amending the existing guidance. We adopted this standard prospectively on January 1, 2021. The adoption of this standard did not have a material impact on our financial condition or results of operations.
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Business Description Organization and Basis of Presentation (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||
Ownership Structure of AB as a Percentage of General and Limited Partnership Interests | As of March 31, 2021, the ownership structure of AB, including limited partnership units outstanding as well as the general partner's 1% interest, was as follows:
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues for the three months ended March 31, 2021 and 2020 consisted of the following:
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Long-term Incentive Compensation Plans (Tables) |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity | Repurchases of AB Holding Units for the three months ended March 31, 2021 and 2020 consisted of the following:
(1) Purchased on a trade date basis. (2) The remainder related to purchases of AB Holding Units from employees to fulfill statutory tax withholding requirements at the time of delivery of long-term incentive compensation award.
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Net Income per Unit (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Unit, Basic and Diluted | Basic net income per unit is derived by reducing net income for the 1% general partnership interest and dividing the remaining 99% by the basic weighted average number of limited partnership units outstanding for each period. Diluted net income per unit is derived by reducing net income for the 1% general partnership interest and dividing the remaining 99% by the total of the diluted weighted average number of limited partnership units outstanding for each period.
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Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Investments | Investments consist of:
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Portion of Unrealized Gains (Losses) Related to Equity Securities | The portion of unrealized gains (losses) related to equity securities, as defined by ASC 321-10, held as of March 31, 2021 and 2020 were as follows:
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Derivative Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional and Fair Value for Derivative Instruments Not Designated as Hedging Instruments | The notional value and fair value as of March 31, 2021 and December 31, 2020 for derivative instruments (excluding derivative instruments relating to our options desk trading activities discussed below) not designated as hedging instruments were as follows:
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Gains and Losses for Derivative Instruments Recognized in Investment Gains (Losses) in the Condensed Consolidated Statements of Income | The gains and losses for derivative instruments (excluding our options desk trading activities discussed below) for the three months ended March 31, 2021 and 2020 recognized in investment gains (losses) in the condensed consolidated statements of income were as follows:
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Offsetting Assets and Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Offsetting of Financial Assets | Offsetting of assets as of March 31, 2021 and December 31, 2020 was as follows:
Offsetting of derivative assets of consolidated company-sponsored investment funds as of March 31, 2021 and December 31, 2020 was as follows:
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Schedule of Offsetting of Financial Liabilities | Offsetting of liabilities as of March 31, 2021 and December 31, 2020 was as follows:
Offsetting of derivative liabilities of consolidated company-sponsored investment funds as of March 31, 2021 and December 31, 2020 was as follows:
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Fair Value (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Valuation of our financial instruments by pricing observability levels as of March 31, 2021 and December 31, 2020 was as follows (in thousands):
(1) Investments measured at fair value using NAV (or its equivalent) as a practical expedient. (2) Investments in equity method investees that are not measured at fair value in accordance with GAAP. (3) Investments carried at amortized cost that are not measured at fair value in accordance with GAAP. Valuation of consolidated company-sponsored investment funds' financial instruments by pricing observability levels as of March 31, 2021 and December 31, 2020 was as follows (in thousands):
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Schedule of Change in Carrying Value Level 3 Financial Instruments | The change in carrying value associated with Level 3 financial instruments carried at fair value, classified as equity securities, is as follows:
The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:
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Schedule of Contingent Payment Arrangements Level 3 Financial Instruments | The change in carrying value associated with Level 3 financial instruments carried at fair value, classified as contingent payment arrangements, is as follows:
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Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Leases | Leases included in the condensed consolidated statement of financial condition as of March 31, 2021 and December 31, 2020 were as follows:
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Components of Lease Expense and Supplemental Cash Flow Information | The components of lease expense included in the condensed consolidated statement of income as of March 31, 2021 and March 31, 2020 were as follows:
(1) Variable lease expense includes operating expenses, real estate taxes and employee parking.
Supplemental cash flow information related to leases was as follows:
(1) Represents non-cash activity and, accordingly, is not reflected in the consolidated statements of cash flows. (2) Represents net non-cash activity of new lease obligations, extensions and reductions of existing lease obligations.
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Schedule of Maturities of Finance Lease Liabilities | Maturities of lease liabilities were as follows:
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Schedule of Maturities of Operating Lease Liabilities | Maturities of lease liabilities were as follows:
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Consolidated Company-Sponsored Investment Funds (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Company-Sponsored Investment Funds [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances of Consolidated VIEs and VOEs included in Statement of Financial Condition | The balances of consolidated VIEs and VOEs included in our condensed consolidated statements of financial condition were as follows:
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Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Valuation of our financial instruments by pricing observability levels as of March 31, 2021 and December 31, 2020 was as follows (in thousands):
(1) Investments measured at fair value using NAV (or its equivalent) as a practical expedient. (2) Investments in equity method investees that are not measured at fair value in accordance with GAAP. (3) Investments carried at amortized cost that are not measured at fair value in accordance with GAAP. Valuation of consolidated company-sponsored investment funds' financial instruments by pricing observability levels as of March 31, 2021 and December 31, 2020 was as follows (in thousands):
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Schedule of Change in Carrying Value Level 3 Financial Instruments | The change in carrying value associated with Level 3 financial instruments carried at fair value, classified as equity securities, is as follows:
The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:
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Schedule of Offsetting of Derivative Assets | Offsetting of assets as of March 31, 2021 and December 31, 2020 was as follows:
Offsetting of derivative assets of consolidated company-sponsored investment funds as of March 31, 2021 and December 31, 2020 was as follows:
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Schedule of Offsetting of Derivative Liabilities | Offsetting of liabilities as of March 31, 2021 and December 31, 2020 was as follows:
Offsetting of derivative liabilities of consolidated company-sponsored investment funds as of March 31, 2021 and December 31, 2020 was as follows:
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Units Outstanding (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||
Changes in AB Units Outstanding | Changes in AB Units outstanding during the three-month period ended March 31, 2021 were as follows:
(1) During the three-months ended March 31, 2021, we purchased 1,400 AB Units in private transactions and retired them.
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Non-controlling Interests (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling Interest in Net Income | Non-controlling interest in net income for the three months ended March 31, 2021 and 2020 consisted of the following:
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Redeemable Noncontrolling Interest | Redeemable non-controlling interest as of March 31, 2021 and December 31, 2020 consisted of the following:
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Long-term Incentive Compensation Plans - Unit Purchase Activity (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Payment Arrangement [Abstract] | ||
Total amount of AB Holding Units Purchased (in units) | 1.0 | 0.9 |
Total Cash Paid for AB Holding Units Purchased | $ 37.4 | $ 19.8 |
Open Market Purchases of AB Holding Units Purchased (in units) | 0.6 | 0.8 |
Total Cash Paid for Open Market Purchases of AB Holding Units | $ 24.2 | $ 17.3 |
Long-term Incentive Compensation Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Payment Arrangement [Abstract] | ||
Units granted to employees and Eligible Directors (in units) | 3,400,000 | 100,000 |
Units issued upon exercise of options (in units) | 79,108 | 5,182 |
Proceeds from stock options exercised | $ 1,914 | $ 147 |
Cash Distributions (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Apr. 29, 2021 |
Mar. 31, 2021 |
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Subsequent Event | ||
Distribution Made to Limited Partner [Line Items] | ||
Distribution declared (in dollars per unit) | $ 0.88 | |
General Partner Interest | ||
Distribution Made to Limited Partner [Line Items] | ||
General partnership interest in Company (percent) | 1.00% | |
General Partner Interest | Cash Distribution | ||
Distribution Made to Limited Partner [Line Items] | ||
General partnership interest in Company (percent) | 1.00% |
Cash and Securities Segregated Under Federal Regulations and Other Requirements (Details) - USD ($) $ in Billions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Brokers and Dealers [Abstract] | ||
United States Treasury Bills in special reserve bank custody account for exclusive benefit of brokerage customers of SCB LLC | $ 1.4 | $ 1.8 |
Investments - (Losses) Gains Related to Equity Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Net gains (losses) recognized during the period | $ 4,887 | $ (21,986) |
Less: net gains (losses) recognized during the period on equity securities sold during the period | 4,565 | (1,395) |
Unrealized gains (losses) recognized during the period on equity securities held | $ 322 | $ (20,591) |
Derivative Instruments - Gains and Losses for Derivative Instruments Recognized in Investment Gains (Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Derivative [Line Items] | ||
Net gains on derivative instruments | $ 2,336 | $ 29,566 |
Exchange-traded futures | ||
Derivative [Line Items] | ||
Net gains on derivative instruments | 1,135 | 1,006 |
Currency forwards | ||
Derivative [Line Items] | ||
Net gains on derivative instruments | 1,181 | 658 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Net gains on derivative instruments | 88 | (612) |
Credit default swaps | ||
Derivative [Line Items] | ||
Net gains on derivative instruments | (522) | 12,101 |
Total return swaps | ||
Derivative [Line Items] | ||
Net gains on derivative instruments | (907) | 15,115 |
Option swaps | ||
Derivative [Line Items] | ||
Net gains on derivative instruments | $ 1,361 | $ 1,298 |
Derivative Instruments (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Derivative [Line Items] | |||
Cash collateral payable to trade counterparties | $ 3,900 | $ 400 | |
Cash collateral received | 3,300 | 6,400 | |
Loss on equity options activity | 4,800 | $ (18,400) | |
Exchange-traded options | Long | |||
Derivative [Line Items] | |||
Cash collateral payable to trade counterparties | 0 | 0 | |
Long exchange-traded equity options | 4,200 | 7,500 | |
Exchange-traded options | Short | |||
Derivative [Line Items] | |||
Cash collateral received | 0 | 0 | |
Short exchange-traded equity options, included in securities sold not yet purchased | $ 1,300 | $ 12,500 |
Offsetting Assets and Liabilities - Offsetting Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Offsetting Liabilities [Line Items] | ||
Cash Collateral Pledged | $ (3,300) | $ (6,400) |
Derivatives | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 21,704 | 30,537 |
Gross Amounts Offset in the Statement of Financial Condition | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Condition | 21,704 | 30,537 |
Financial Instruments Collateral | 0 | 0 |
Cash Collateral Pledged | (3,338) | (6,374) |
Net Amount | 18,366 | 24,163 |
Exchange-traded options | Short | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 1,270 | 12,486 |
Gross Amounts Offset in the Statement of Financial Condition | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Condition | 1,270 | 12,486 |
Financial Instruments Collateral | 0 | 0 |
Cash Collateral Pledged | 0 | 0 |
Net Amount | $ 1,270 | $ 12,486 |
Fair Value - Change in Carrying Value of Level 3 Financial Instruments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
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Fair value measurement Level 3 reconciliation [Abstract] | ||
Balance as of beginning of period | $ 125 | $ 119 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Realized gains (losses), net | 0 | 0 |
Unrealized gains (losses), net | (1) | (1) |
Balance as of end of period | $ 124 | $ 118 |
Fair Value - Change in Carrying Value Associated with Contingent Payment Arrangements Level 3 Instruments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
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Fair Value, Liabilities Measurement Level 3 reconciliation | ||
Balance as of beginning of period | $ 27,750 | $ 22,911 |
Addition | 7,526 | 0 |
Accretion | 797 | 793 |
Payments | 0 | 0 |
Balance as of end of period | $ 36,073 | $ 23,704 |
Leases - Additional Information (Details) ft² in Thousands, $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
ft²
| |
Lessee, Lease, Description [Line Items] | |
Operating and finance lease, maximum term of extension option | 5 years |
Operating and finance lease, term of termination option | 1 year |
Area of space leased (in square feet) | ft² | 1,000 |
Total base rent obligation | $ | $ 541,861 |
New York City | |
Lessee, Lease, Description [Line Items] | |
Area of space leased (in square feet) | ft² | 166 |
Operating lease, lease not yet commenced, term of contract | 20 years |
Total base rent obligation | $ | $ 393,000 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating and finance lease, remaining contract term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating and finance lease, remaining contract term | 15 years |
Leases - Leases included in the Condensed Consolidated Statement of Financial Condition (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Operating Leases | ||
Operating lease right-of-use assets | $ 407,608 | $ 416,007 |
Operating lease liabilities | 490,121 | 503,174 |
Finance Leases | ||
Property and equipment, gross | 7,329 | 5,167 |
Amortization of right-of-use assets | (2,098) | (2,719) |
Property and equipment, net | 5,231 | 2,448 |
Finance lease liabilities | $ 5,235 | $ 2,375 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Lease liabilities | |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | Lease liabilities |
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Leases [Abstract] | ||
Operating lease cost | $ 24,418 | $ 23,004 |
Financing lease cost: | ||
Amortization of right-of-use assets | 501 | 477 |
Interest on lease liabilities | 22 | 26 |
Total finance lease cost | 523 | 503 |
Variable lease cost | 9,546 | 9,477 |
Sublease income | (9,807) | (9,615) |
Net lease cost | $ 24,680 | $ 23,369 |
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Operating Leases | ||
2021 (excluding the three months ended March 31, 2021) | $ 82,594 | |
2022 | 100,370 | |
2023 | 93,299 | |
2024 | 90,283 | |
2025 | 25,430 | |
Thereafter | 149,885 | |
Total lease payments | 541,861 | |
Less interest | (51,740) | |
Present value of lease liabilities | 490,121 | $ 503,174 |
Financing Leases | ||
2021 (excluding the three months ended March 31, 2021) | 1,363 | |
2022 | 1,551 | |
2023 | 1,289 | |
2024 | 722 | |
2025 | 426 | |
Thereafter | 24 | |
Total lease payments | 5,375 | |
Less interest | (140) | |
Present value of lease liabilities | 5,235 | $ 2,375 |
Total | ||
2021 (excluding the three months ended March 31, 2021) | 83,957 | |
2022 | 101,921 | |
2023 | 94,588 | |
2024 | 91,005 | |
2025 | 25,856 | |
Thereafter | 149,909 | |
Total lease payments | $ 547,236 |
Leases - Lease Term and Discount Rate (Details) |
Mar. 31, 2021 |
---|---|
Weighted average remaining lease term (years): | |
Operating leases | 7 years 2 months 23 days |
Finance leases | 3 years 6 months 7 days |
Weighted average discount rate: | |
Operating leases | 3.07% |
Finance leases | 1.75% |
Leases - Supplemental Cash Flow (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows used for operating leases | $ 27,970 | $ 29,698 |
Operating cash flows used for financing leases | 22 | 26 |
Financing cash flows from finance leases | 424 | 504 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | 12,161 | 0 |
Finance leases | $ 3,283 | $ 1,695 |
Consolidated Company-Sponsored Investment Funds - Change in Carrying Value Associated with Level 3 Financial Instruments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Fair value measurement Level 3 reconciliation [Abstract] | ||
Balance as of beginning of period | $ 125 | $ 119 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Realized gains (losses), net | 0 | 0 |
Unrealized gains (losses), net | (1) | (1) |
Balance as of end of period | 124 | 118 |
Company-sponsored investment funds | ||
Fair value measurement Level 3 reconciliation [Abstract] | ||
Balance as of beginning of period | 619 | 854 |
Transfers (out) in | (10) | 231 |
Purchases | 119 | 33 |
Sales | (3) | (362) |
Realized gains (losses), net | 3 | 0 |
Unrealized gains (losses), net | (11) | (224) |
Accrued discounts | 0 | 2 |
Balance as of end of period | $ 717 | $ 534 |
Units Outstanding (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Units Outstanding | ||
Outstanding as of December 31, 2020 (in units) | 270,509,658 | |
Options exercised (in units) | 79,108 | 5,182 |
Units issued (in units) | 2,847,552 | |
Units retired (in units) | (761,153) | |
Balance as of March 31, 2021 (in units) | 272,675,165 | |
Limited Partners Capital Account Units | ||
Units Outstanding | ||
Units retired (in units) | (1,400) |
Non-controlling Interests (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Redeemable non-controlling interests: | |||
Total non-controlling interest in net income | $ (292) | $ (25,571) | |
Redeemable non-controlling interest | 88,567 | $ 102,359 | |
Company-sponsored investment funds | |||
Redeemable non-controlling interests: | |||
Consolidated company-sponsored investment funds | (292) | $ (25,571) | |
Redeemable non-controlling interest | $ 88,567 | $ 102,359 |
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