XML 97 R69.htm IDEA: XBRL DOCUMENT v3.7.0.1
SEGMENT REPORTING (Reconciliation of Income Before Taxes) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Economic net income        
Income (loss) before taxes $ 115,080 $ 83,006 $ (75,508) $ 74,032
Adjustments:        
Amortization of intangibles     10,500 14,400
Equity compensation expenses 18,917 9,536 34,006 18,709
Income tax expense (benefit) (1,253) 4,434 33,011 (231)
Operating segment        
Adjustments:        
Amortization of intangibles 5,274 7,121 10,549 14,384
Depreciation expense 2,774 1,934 5,990 3,792
Equity compensation expenses 18,917 9,536 34,006 18,709
Acquisition and merger-related expenses 756 61 255,844 557
Placement fees and underwriting costs 6,383 1,754 9,822 2,684
Offering costs (5) 0 655 0
Economic net income 209,630 154,681 330,338 222,106
Total performance fees income - realized (74,130) (81,604) (82,935) (87,953)
Total performance fees income - unrealized (263,629) (123,314) (312,890) (85,966)
Total performance fee compensation - realized (52,973) (51,031) (58,274) (53,014)
Total performance fee compensation - unrealized 208,732 100,865 244,133 77,552
Total investment income (30,237) (22,427) (41,157) (17,645)
Fee related earnings 103,339 79,232 195,763 161,108
Investment and other income (expense) realized, net 4,522 14,657 5,907 18,828
Dividend equivalent (1,520) (706) (4,201) (1,390)
One-time acquisition costs (11) (12) (23) (282)
Income tax expense (benefit) (381) (249) (607) (481)
Non-cash items 322 683 136 847
Placement fees and underwriting costs (6,383) (1,747) (9,822) (2,685)
Depreciation and amortization (1,315) (998) (2,785) (1,929)
Distributable earnings 119,730 121,433 209,029 208,955
Economic net income 209,630 154,681 330,338 222,106
Performance related earnings 106,291 75,449 134,575 60,998
Operating segment | Subsidiaries        
Adjustments:        
(Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations 623 0 623 0
Reconciling items        
Adjustments:        
Amortization of intangibles 5,274 7,121 10,549 14,384
Depreciation expense 2,774 1,934 5,990 3,792
Equity compensation expenses 18,917 9,536 34,006 18,709
Acquisition and merger-related expenses 724 85 276,060 353
Placement fees and underwriting costs 6,383 1,754 9,822 2,684
Offering costs (5) 0 655 0
Total consolidation adjustments and reconciling items 94,550 71,675 405,846 148,074
OMG        
Adjustments:        
OMG expenses, net 51,577 52,330 96,429 95,607
Economic net income (51,577) (52,330) (96,429) (95,607)
Total performance fees income - realized 0 0 0 0
Total performance fees income - unrealized 0 0 0 0
Total performance fee compensation - realized 0 0 0 0
Total performance fee compensation - unrealized 0 0 0 0
Total investment income 1,626 12,663 776 13,112
Fee related earnings (49,951) (39,667) (95,653) (82,495)
Distributable earnings (50,038) (44,613) (98,428) (90,854)
Economic net income (51,577) (52,330) (96,429) (95,607)
Performance related earnings (1,626) (12,663) (776) (13,112)
Consolidated Funds        
Adjustments:        
(Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations (8,647) 1,054 7,208 (10,925)
Total investment income (11,451) (9,690) (21,621) (17,022)
Consolidated Funds | Operating segment        
Adjustments:        
(Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations $ 8,251 $ (1,061) $ (8,072) $ 12,341