Consolidated Company-Sponsored Investment Funds (Tables)

12 Months Ended

Dec. 31, 2022

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 included in our consolidated statements of financial condition were as follows:

	December 31, 2022			December 31, 2021
	(in thousands)
Cash and cash equivalents		$	19,751		$	90,326
Investments		516,536			613,025
Other assets		44,424			30,461
Total assets		$	580,711		$	733,812
Liabilities		$	55,529		$	87,000
Redeemable non-controlling interest		368,656			421,169
Partners' capital attributable to AB Unitholders		156,526			225,643
Total liabilities, redeemable non-controlling interest and partners' capital		$	580,711		$	733,812

Fair Value of Assets and Liabilities Measured on a Recurring Basis

Valuation of our financial instruments by pricing observability levels as of December 31, 2022 and 2021 was as follows (in thousands):

	Level 1			Level 2			Level 3			NAV Expedient(2)			Other			Total
December 31, 2022(1):
Money markets		$	95,521		$	—		$	—		$	—		$	—		$	95,521
Securities segregated (U.S. Treasury Bills)		—			1,521,705			—			—			—			1,521,705
Derivatives		1,768			22,944			—			—			—			24,712
Investments:
Equity securities		129,655			27,799			129			1,484			—			159,067
Limited partnership hedge funds(3)		—			—			—			—			42,526			42,526
Time deposits(4)		—			—			—			—			7,750			7,750
Other investments		6,689			—			—			—			1,486			8,175
Total investments		136,344			27,799			129			1,484			51,762			217,518
Total assets measured at fair value		$	233,633		$	1,572,448		$	129		$	1,484		$	51,762		$	1,859,456
Derivatives		162			13,550			—			—			—			13,712
Contingent payment arrangements		—			—			247,309			—			—			247,309
Total liabilities measured at fair value		$	162		$	13,550		$	247,309		$	—		$	—		$	261,021
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 securities		144,917			39,284			126			145			—			184,472
Long exchange-traded options		1,893			—			—			—			—			1,893
Limited partnership hedge funds(3)		—			—			—			—			50,920			50,920
Time deposits(4)		—			—			—			—			21,024			21,024
Other investments		9,094			—			—			—			6,015			15,109
Total investments		155,904			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 options		2,774			—			—			—			—			2,774
Derivatives		1,186			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

(1)Certain amounts have been classified as held for sale on the consolidated statement of financial position as of December 31, 2022. For further discussion, see Note 24 Acquisitions and Divestitures.

(2)Investments measured at fair value using NAV (or its equivalent) as a practical expedient.

(3)Investments in equity method investees that are not measured at fair value in accordance with GAAP.

(4)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, 2022 and 2021 was as follows (in thousands):

	Level 1			Level 2			Level 3			Total
December 31, 2022:
Investments		$	129,706		$	386,830		$	—		$	516,536
Derivatives		1,529			6,023			—			7,552
Total assets measured at fair value		$	131,235		$	392,853		$	—		$	524,088
Derivatives		$	14,932		$	6,608		$	—		$	21,540
Total liabilities measured at fair value		$	14,932		$	6,608		$	—		$	21,540
December 31, 2021:
Investments		$	165,415		$	444,253		$	3,357		$	613,025
Derivatives		622			5,265			—			5,887
Total assets measured at fair value		$	166,037		$	449,518		$	3,357		$	618,912
Derivatives		$	16,291		$	2,051		$	—		$	18,342
Total liabilities measured at fair value		$	16,291		$	2,051		$	—		$	18,342

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
	2022			2021
	(in thousands)
Balance as of beginning of period		$	126		$	125
Purchases		—			—
Sales		—			—
Realized gains (losses), net		—			—
Unrealized gains (losses), net		3			1
Balance as of end of period		$	129		$	126

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,
	2022			2021
	(in thousands)
Balance as of beginning of period		$	3,357		$	619
Deconsolidated funds		(3,351)			(717)
Transfers (out)		(6)			(205)
Purchases		248			3,675
Sales		(248)			(7)
Realized gains, net		—			3
Unrealized (losses), net		—			(11)
Balance as of end of period		$	—		$	3,357

Offsetting of Derivative Assets

Offsetting of assets as of December 31, 2022 and 2021 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, 2022
Securities borrowed(1)		$	62,063		$	—		$	62,063		$	(62,058)		$	—		$	5
Derivatives		24,712			—			24,712			—			(8,361)			16,351
Long exchange-traded options(1)		—			—			—			—			—			—
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

Offsetting of derivative assets of consolidated company-sponsored investment funds as of December 31, 2022 and 2021 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			Cash Collateral Received			Net Amount
	(in thousands)
December 31, 2022:
Derivatives		$	7,552		$	—		$	7,552		$	—		$	(2,731)		$	4,821
December 31, 2021:
Derivatives		$	5,887		$	—		$	5,887		$	—		$	(904)		$	4,983

Offsetting of Derivative Liabilities

Offsetting of liabilities as of December 31, 2022 and 2021 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, 2022
Securities loaned(1)		$	272,580		$	—		$	272,580		$	(267,053)					$	5,527
Derivatives		13,712			—			13,712			—			(4,158)			9,554
Short exchange-traded options(1)		—			—			—			—			—			—
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

(1)Certain amounts have been classified as held for sale on the consolidated statement of financial position as of December 31, 2022. For further discussion, see Note 24 Acquisitions and Divestitures.

Offsetting of derivative liabilities of consolidated company-sponsored investment funds as of December 31, 2022 and 2021 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			Cash Collateral Pledged			Net Amount
	(in thousands)
December 31, 2022:
Derivatives		$	21,540		$	—		$	21,540		$	—		$	(5,444)		$	16,096
December 31, 2021:
Derivatives		$	18,342		$	—		$	18,342		$	—		$	(1,824)		$	16,518