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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 775,457 $ 1,153,734 $ 861,783
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of deferred sales commissions 34,762 34,364 27,355
Non-cash long-term incentive compensation expense 199,390 216,425 195,642
Depreciation and other amortization 66,617 44,985 61,028
Unrealized losses on investments 40,857 4,454 10,405
Non-cash lease expense 99,861 98,773 98,798
Adjustments to Assets Held-For-Sale 7,400 0 0
Other, net 14,604 22,580 (2,914)
Changes in assets and liabilities:      
(Increase) decrease in securities, segregated (18,474) 249,521 (658,612)
Decrease (increase) in receivables 35,410 (360,789) (182,684)
(Increase) decrease in investments (10,331) (27,000) 7,597
(Increase) in deferred sales commissions (12,113) (45,197) (55,125)
(Increase) decrease in other assets (5,487) (6,578) 69,160
Increase in payables 110,112 214,139 861,502
(Decrease) increase in accounts payable and accrued expenses (8,424) 35,877 10,666
(Decrease) increase in accrued compensation and benefits (150,285) 50,545 46,885
Cash payments to relieve operating lease liabilities (109,182) (114,769) (115,656)
Net cash provided by operating activities 1,121,231 1,298,782 1,521,421
Cash flows from investing activities:      
Purchases of equity method investments 0 0 (4,079)
Purchases of furniture, equipment and leasehold improvements (62,308) (61,931) (41,504)
Acquisition of businesses, net of cash acquired 40,282 (3,793) (13,552)
Net cash used in investing activities (22,026) (65,724) (59,135)
Cash flows from financing activities:      
Proceeds from debt, net 235,000 80,000 115,000
(Decrease) increase in overdrafts payable (25,411) 16,192 (12,633)
Distributions to General Partner and Unitholders (1,069,820) (1,059,892) (836,879)
Proceeds from (Payments For) Contributions from (Distributions To) Affiliates 1,590 (2,346) (867)
Additional investments by AB Holding with proceeds from exercise of compensatory options to buy AB Holding Units 178 3,402 147
Purchases of AB Holding Units to fund long-term incentive compensation plan awards, net (210,568) (261,825) (148,624)
Payment of acquisition-related debt obligation (42,661) 0 0
Other, net (2,131) (2,186) 306
Net cash used in financing activities (1,109,980) (912,956) (1,102,583)
Effect of exchange rate changes on cash and cash equivalents (56,234) (17,982) 23,032
Net (decrease) increase in cash and cash equivalents (67,009) 302,120 382,735
Cash and cash equivalents as of beginning of the period 1,376,026 1,073,906 691,171
Cash and cash equivalents as of end of the period 1,309,017 1,376,026 1,073,906
Cash paid:      
Interest paid 78,434 5,263 18,858
Income taxes paid 55,473 55,656 59,791
Non-cash investing activities:      
Fair value of assets acquired (excluding cash acquired of $40.8 million, $2.8 million and $0.6 million, for 2022, 2021 and 2020, respectively) 1,085,141 13,235 18,389
Fair value of deferred tax asset recorded 5,072 0 0
Fair value of liabilities assumed 296,750 1,642 437
Fair value of non-redeemable non-controlling interest recorded 13,191 0 0
Non-cash financing activities:      
Payables recorded under contingent payment arrangements 231,385 7,800 4,400
Equity consideration issued in connection with acquisition 589,169 0 0
Consolidated company-sponsored investment funds      
Adjustments to reconcile net income to net cash provided by operating activities:      
Unrealized losses on investments 73,194 1,882 (854)
Changes in assets and liabilities:      
(Increase) decrease in investments 23,295 (312,325) 279,276
(Increase) decrease in other assets (45,432) 38,161 7,169
Cash flows from financing activities:      
Subscriptions (redemptions) of non-controlling interests of consolidated company-sponsored investment funds, net $ 3,843 $ 313,699 $ (219,033)