XML 48 R37.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Company-Sponsored Investment Funds (Tables)
 9 Months Ended
Sep. 30, 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:
September 30, 2021December 31, 2020
(in thousands)
VIEsVOEsTotalVIEsVOEsTotal
Cash and cash equivalents$32,904 $— $32,904 $36,370 $136 $36,506 
Investments276,199 — 276,199 242,541 60,041 302,582 
Other assets12,797 — 12,797 4,859 7,385 12,244 
Total assets$321,900 $— $321,900 $283,770 $67,562 $351,332 
Liabilities$32,594 $— $32,594 $7,741 $22,879 $30,620 
Redeemable non-controlling interest117,804 — 117,804 82,753 19,606 102,359 
Partners' capital attributable to AB Unitholders171,502 — 171,502 193,276 25,077 218,353 
Total liabilities, redeemable non-controlling interest and partners' capital$321,900 $— $321,900 $283,770 $67,562 $351,332 
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Valuation of our financial instruments by pricing observability levels as of September 30, 2021 and December 31, 2020 was as follows (in thousands):
 Level 1Level 2Level 3
NAV Expedient(1)
Other Total
September 30, 2021:
Money markets$152,335 $— $— $— $— $152,335 
Securities segregated (U.S. Treasury Bills)— 907,999 — — — 907,999 
Derivatives 2,280 15,879 — — — 18,159 
Investments:
  Equity securities 116,131 17,748 127 156 — 134,162 
Long exchange-traded options1,569 — — — — 1,569 
   Limited partnership hedge funds(2)
— — — — 52,923 52,923 
   Time deposits(3)
— — — — 19,054 19,054 
   Other investments8,137 — — — 7,273 15,410 
Total investments125,837 17,748 127 156 79,250 223,118 
Total assets measured at fair value$280,452 $941,626 $127 $156 $79,250 $1,301,611 
Securities sold not yet purchased:    
Short equities – corporate$1,881 $— $— $— $— $1,881 
Short exchange-traded options701 — — — — 701 
Derivatives448 14,828 — — — 15,276 
Contingent payment arrangements— — 38,023 — — 38,023 
Total liabilities measured at fair value$3,030 $14,828 $38,023 $— $— $55,881 
 Level 1Level 2Level 3
NAV Expedient(1)
Other Total
December 31, 2020:
Money markets$130,675 $— $— $— $— $130,675 
Securities segregated (U.S. Treasury Bills)— 1,752,906 — — — 1,752,906 
Derivatives 118 21,623 — — — 21,741 
Investments:
  Equity securities147,705 17,565 125 161 — 165,556 
  Long exchange-traded options7,527 — — — — 7,527 
    Limited partnership hedge funds(2)
— — — — 42,408 42,408 
    Time deposits(3)
— — — — 18,602 18,602 
    Other investments7,011 — — — 12,271 19,282 
Total investments162,243 17,565 125 161 73,281 253,375 
Total assets measured at fair value$293,036 $1,792,094 $125 $161 $73,281 $2,158,697 
Securities sold not yet purchased:    
Short equities – corporate$5,305 $— $— $— $— $5,305 
Short exchange-traded options12,486 — — — — 12,486 
Derivatives1,834 28,703 — — — 30,537 
Contingent payment arrangements— — 27,750 — — 27,750 
Total liabilities measured at fair value$19,625 $28,703 $27,750 $— $— $76,078 

(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 September 30, 2021 and December 31, 2020 was as follows (in thousands):
 Level 1Level 2Level 3Total
September 30, 2021:
  Investments - VIEs$61,230 $214,969 $— $276,199 
  Derivatives - VIEs804 3,677 — 4,481 
Total assets measured at fair value$62,034 $218,646 $— $280,680 
Derivatives - VIEs18,383 3,284 — 21,667 
Total liabilities measured at fair value$18,383 $3,284 $— $21,667 
December 31, 2020:
  Investments - VIEs$73,909 $168,114 $518 $242,541 
  Investments - VOEs— 59,940 101 60,041 
  Derivatives - VIEs442 2,782 — 3,224 
  Derivatives - VOEs— 464 — 464 
Total assets measured at fair value$74,351 $231,300 $619 $306,270 
Derivatives - VIEs$1,649 $5,244 $— $6,893 
  Derivatives - VOEs— 664 — 664 
Total liabilities measured at fair value$1,649 $5,908 $— $7,557 
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:
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
 (in thousands)
Balance as of beginning of period$126 $114 $125 $119 
Purchases— — — — 
Sales— — — — 
Realized gains (losses), net— — — — 
Unrealized gains (losses), net1 7 2 2 
Balance as of end of period$127 $121 $127 $121 
The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
 (in thousands)
Balance as of beginning of period$210 $517 $619 $854 
Deconsolidated funds— — (717)(135)
Transfers (out) in, net(202)(6)(212)565 
Purchases— 61 323 107 
Sales(4)(7)(7)(451)
Realized gains (losses), net— (7)3 (21)
Unrealized gains (losses), net(4)39 (9)(323)
Accrued discounts— — — 1 
Balance as of end of period$— $597 $— $597 
Schedule of Offsetting of Derivative Assets
Offsetting of assets as of September 30, 2021 and December 31, 2020 was as follows:
 
 Gross Amounts of Recognized AssetsGross Amounts Offset in the Statement of Financial ConditionNet Amounts of Assets Presented in the Statement of Financial ConditionFinancial
Instruments Collateral		Cash Collateral
Received		Net
Amount
 (in thousands)
September 30, 2021:
Securities borrowed$15,384 $— $15,384 $(14,161)$— $1,223 
Derivatives$18,159 $— $18,159 $— $(2,712)$15,447 
Long exchange-traded options$1,569 $— $1,569 $— $— $1,569 
December 31, 2020:      
Securities borrowed$7,808 $— $7,808 $(7,344)$— $464 
Derivatives$21,741 $— $21,741 $— $(380)$21,361 
Long exchange-traded options$7,527 $— $7,527 $— $— $7,527 
Offsetting of derivative assets of consolidated company-sponsored investment funds as of September 30, 2021 and December 31, 2020 was as follows:
 
 Gross Amounts of Recognized AssetsGross Amounts Offset in the Statement of Financial ConditionNet Amounts of Assets Presented in the Statement of Financial ConditionFinancial
Instruments Collateral		Cash Collateral
Received		Net
Amount
 (in thousands)
September 30, 2021:
Derivatives - VIEs$4,481 $— $4,481 $— $(1,005)$3,476 
December 31, 2020:     
Derivatives - VIEs$3,224 $— $3,224 $— $(513)$2,711 
Derivatives - VOEs$464 $— $464 $— $— $464 
Schedule of Offsetting of Derivative Liabilities
Offsetting of liabilities as of September 30, 2021 and December 31, 2020 was as follows:
 Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Statement of Financial ConditionNet Amounts of Liabilities Presented in the Statement of Financial ConditionFinancial
Instruments Collateral		Cash Collateral
Pledged		Net Amount
 (in thousands)
September 30, 2021:
Derivatives$15,276 $— $15,276 $— $(3,354)$11,922 
Short exchange-traded options$701 $— $701 $— $— $701 
December 31, 2020:      
Derivatives$30,537 $— $30,537 $— $(6,374)$24,163 
Short exchange-traded options$12,486 $— $12,486 $— $— $12,486 
Offsetting of derivative liabilities of consolidated company-sponsored investment funds as of September 30, 2021 and December 31, 2020 was as follows:
 Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Statement of Financial ConditionNet Amounts of Liabilities Presented in the Statement of Financial ConditionFinancial
Instruments Collateral		Cash Collateral
Pledged		Net Amount
 (in thousands)
September 30, 2021:
Derivatives - VIEs$21,667 $— $21,667 $— $(1,075)$20,592 
December 31, 2020:     
Derivatives - VIEs$6,893 $— $6,893 $— $(4,201)$2,692 
Derivatives - VOEs$664 $— $664 $— $(138)$526