XML 126 R48.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Company-Sponsored Investment Funds (Tables)
 12 Months Ended
Dec. 31, 2021
Consolidated Company-Sponsored Investment Funds [Abstract]  
Balances of Consolidated VIEs and VOEs Included In Condensed Consolidated Statements of Financial Condition
The balances of consolidated VIEs and VOEs included in our consolidated statements of financial condition were as follows:
December 31, 2021December 31, 2020
(in thousands)
VIEsVOEsTotalVIEsVOEsTotal
Cash and cash equivalents$90,326 $— $90,326 $36,370 $136 $36,506 
Investments613,025 — 613,025 242,541 60,041 302,582 
Other assets30,461 — 30,461 4,859 7,385 12,244 
Total assets$733,812 $— $733,812 $283,770 $67,562 $351,332 
Liabilities$87,000 $— $87,000 $7,741 $22,879 $30,620 
Redeemable non-controlling interest421,169 — 421,169 82,753 19,606 102,359 
Partners' capital attributable to AB Unitholders225,643 — 225,643 193,276 25,077 218,353 
Total liabilities, redeemable non-controlling interest and partners' capital$733,812 $— $733,812 $283,770 $67,562 $351,332 
Fair Value of Assets and Liabilities Measured on a Recurring Basis
Valuation of our financial instruments by pricing observability levels as of December 31, 2021 and 2020 was as follows (in thousands):
 Level 1Level 2Level 3
NAV Expedient(1)
Other Total
December 31, 2021:
Money markets$151,156 $— $— $— $— $151,156 
Securities segregated (U.S. Treasury Bills)— 1,503,828 — — — 1,503,828 
Derivatives 392 15,030 — — — 15,422 
Investments:
Equity securities144,917 39,284 126 145 — 184,472 
Long exchange-traded options1,893 — — — — 1,893 
Limited partnership hedge funds(2)
— — — — 50,920 50,920 
Time deposits(3)
— — — — 21,024 21,024 
Other investments9,094 — — — 6,015 15,109 
Total investments155,904 39,284 126 145 77,959 273,418 
Total assets measured at fair value$307,452 $1,558,142 $126 $145 $77,959 $1,943,824 
Securities sold not yet purchased:    
Short equities – corporate$1,054 $— $— $— $— $1,054 
Short exchange-traded options2,774 — — — — 2,774 
Derivatives1,186 15,737 — — — 16,923 
Contingent payment arrangements— — 38,260 — — 38,260 
Total liabilities measured at fair value$5,014 $15,737 $38,260 $— $— $59,011 
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 December 31, 2021 and 2020 was as follows (in thousands):
 Level 1Level 2Level 3Total
December 31, 2021:
Investments - VIEs$165,415 $444,253 $3,357 $613,025 
Investments - VOEs— — — — 
Derivatives - VIEs622 5,265 — 5,887 
Derivatives - VOEs— — — — 
Total assets measured at fair value$166,037 $449,518 $3,357 $618,912 
Derivatives - VIEs$16,291 $2,051 $— $18,342 
Derivatives - VOEs— — — — 
Total liabilities measured at fair value$16,291 $2,051 $— $18,342 
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 
Change in Carrying Value Associated with Level 3 Financial Instruments Carried at Fair Value
The change in carrying value associated with Level 3 financial instruments carried at fair value, classified as equity securities, is as follows:
December 31
20212020
(in thousands)
Balance as of beginning of period$125 $119 
Purchases— — 
Sales— — 
Realized gains (losses), net— — 
Unrealized gains (losses), net1 6 
Balance as of end of period$126 $125 
The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:
 December 31,
 20212020
 (in thousands)
Balance as of beginning of period$619 $854 
Deconsolidated funds(717)(135)
Transfers (out) in(205)552 
Purchases3,675 259 
Sales(7)(571)
Realized gains (losses), net3 (99)
Unrealized (losses), net(11)(242)
Accrued discounts— 1 
Balance as of end of period$3,357 $619 
Offsetting of Derivative Assets
Offsetting of assets as of December 31, 2021 and 2020 was as follows:
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)
December 31, 2021
Securities borrowed$19,899 $— $19,899 $(18,327)$— $1,572 
Derivatives$15,422 $— $15,422 $— $(2,872)$12,550 
Long exchange-traded options$1,893 $— $1,893 $— $— $1,893 
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 December 31, 2021 and 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		Cash Collateral
Received		Net
Amount
 (in thousands)
December 31, 2021:
Derivatives - VIEs$5,887 $— $5,887 $— $(904)$4,983 
Derivatives - VOEs$— $— $— $— $— $— 
December 31, 2020:
Derivatives - VIEs$3,224 $— $3,224 $— $(513)$2,711 
Derivatives - VOEs$464 $— $464 $— $— $464 
Offsetting of Derivative Liabilities
Offsetting of liabilities as of December 31, 2021 and 2020 was as follows:
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)
December 31, 2021
Securities loaned$23,911 $— $23,911 $(23,373)$— $538 
Derivatives$16,923 $— $16,923 $— $(5,572)$11,351 
Short exchange-traded options$2,774 $— $2,774 $— $— $2,774 
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 December 31, 2021 and 2020 was as follows:
 Gross
 Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial ConditionNet Amounts
of Liabilities Presented in the Statement of Financial Condition		Financial
Instruments		Cash Collateral
Pledged		Net
Amount
 (in thousands)
December 31, 2021:
Derivatives - VIEs$18,342 $— $18,342 $— $(1,824)$16,518 
Derivatives - VOEs$— $— $— $— $— $— 
December 31, 2020:
Derivatives - VIEs$6,893 $— $6,893 $— $(4,201)$2,692 
Derivatives - VOEs$664 $— $664 $— $(138)$526