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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 1,193,485 $ 788,619 $ 775,457
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of deferred sales commissions 57,983 36,817 34,762
Non-cash long-term incentive compensation expense 217,220 180,451 199,390
Depreciation and other amortization 91,126 92,113 66,617
Non-cash lease expense 112,458 101,761 99,861
(Gain) on divestiture (134,555) 0 0
(Gain) loss on assets held for sale 0 (800) 7,400
Remeasurement of contingent payment arrangements (130,901) 14,050 0
Retirement plan loss 14,309 0 0
Other, net 28,424 (4,641) 14,604
Changes in assets and liabilities:      
Decrease (increase) in securities, segregated 367,634 654,751 (18,474)
(Increase) decrease in receivables (199,288) 629,204 35,410
(Increase) in deferred sales commissions (153,316) (71,941) (12,113)
(Decrease) in other liabilities of consolidated company-sponsored investment funds, net (10,821) (42,992) (31,471)
(Decrease) increase in payables (388,594) (1,451,280) 110,112
Increase (decrease) in accounts payable and accrued expenses 86,999 (6,992) (8,424)
Increase (decrease) in accrued compensation and benefits 26,113 (22,848) (150,285)
Cash payments to relieve operating lease liabilities (90,190) (107,738) (109,182)
Net cash provided by operating activities 1,406,304 872,292 1,121,231
Cash flows from investing activities:      
Purchases of furniture, equipment and leasehold improvements (122,330) (33,627) (62,308)
Divestiture of business (includes $304.0 million in cash proceeds) (40,196) 0 0
Capital contributions to equity method investments (39,401) 0 0
Debt repayments from equity method investments 86,200 0 0
Acquisition of businesses, net of cash acquired 0 0 40,282
Net cash used in investing activities (115,727) (33,627) (22,026)
Cash flows from financing activities:      
Repayment of debt, net (444,316)    
Proceeds from debt, net   164,316 235,000
(Decrease) increase in overdrafts payable (11) 0 (25,411)
Distributions to General Partner and Unitholders (954,464) (839,271) (1,069,820)
Capital contributions (to) from AB Holding (770) (2,164) 1,590
Additional investments by AB Holding with proceeds from exercise of compensatory options to buy AB Holding Units 0 0 178
Purchases of AB Holding Units to fund long-term incentive compensation plan awards, net (157,038) (144,086) (210,568)
Proceeds from issuance of private units to EQH 150,000 0 0
Payment of acquisition-related debt obligation 0 0 (42,661)
Other, net (9,362) (4,870) (2,131)
Net cash used in financing activities (1,597,130) (1,009,320) (1,109,980)
Effect of exchange rate changes on cash and cash equivalents (20,303) 22,527 (56,234)
Net (decrease) in cash and cash equivalents (326,856) (148,128) (67,009)
Cash and cash equivalents as of beginning of the period 1,160,889 1,309,017 1,376,026
Cash and cash equivalents as of end of the period 834,033 1,160,889 1,309,017
Cash paid:      
Interest paid 125,839 155,335 78,434
Income taxes paid 51,799 57,216 55,473
Non-cash investing activities:      
Fair value of assets acquired (excluding cash acquired of zero , zero and $40.8 million, for 2024, 2023 and 2022, respectively) 0 0 1,085,141
Fair value of deferred tax asset recorded 0 0 5,072
Fair value of liabilities assumed 0 0 296,750
Fair value of non-redeemable non-controlling interest recorded 0 0 13,191
Non-cash financing activities:      
Payables recorded under contingent payment arrangements 0 0 231,385
Equity consideration issued in connection with acquisition 0 0 589,169
Retirement of AB Units for EQH Exchange Agreement (185,101) 0 0
Issuance of AB Units for EQH Exchange Agreement 185,101 0 0
Excluding company-sponsored investment funds      
Adjustments to reconcile net income to net cash provided by operating activities:      
Unrealized (gains) losses on investments (5,503) (7,810) 40,857
Equity in earnings of equity method investments 36,551 0 0
Changes in assets and liabilities:      
Decrease (Increase) in investments 7,238 (10,656) (10,331)
Decrease (increase) in other assets 13,052 (36,263) (5,487)
Company-sponsored investment funds      
Adjustments to reconcile net income to net cash provided by operating activities:      
Unrealized (gains) losses on investments (15,898) (48,350) 73,194
Changes in assets and liabilities:      
Decrease (Increase) in investments 272,280 167,712 23,295
Decrease (Increase) in other assets of consolidated company-sponsored investment funds 10,498 19,125 (13,961)
Cash flows from financing activities:      
(Redemptions) subscriptions of non-controlling interests of consolidated company-sponsored investment funds, net $ (181,169) $ (183,245) $ 3,843