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Segments (Tables)
 3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
The following table presents the financial data for the Company’s three segments for the three months ended March 31, 2020 (in millions):
 
Three Months Ended March 31, 2020
 
Quant & Solutions
 
Alter-natives
 
Liquid Alpha
 
Other
 
Reconciling Adjustments
 
Total U.S. GAAP(1)
ENI revenue
$
86.1

 
$
41.9

 
$
52.5

 
$
0.1

 
$
2.0

(a)
$
182.6

 
 
 
 
 
 
 
 
 
 
 
 
ENI operating expenses
37.1

 
16.6

 
19.8

 
7.7

 
(28.6
)
(b)
52.6

Earnings before variable compensation
49.0

 
25.3

 
32.7

 
(7.6
)
 
30.6

 
130.0

Variable compensation
17.0

 
9.2

 
12.5

 
1.0

 
6.4

(c)
46.1

ENI operating earnings (after variable comp)
32.0

 
16.1

 
20.2

 
(8.6
)
 
24.2

 
83.9

Affiliate key employee distributions
0.8

 
5.8

 
3.2

 
—

 
—

 
9.8

Earnings after Affiliate key employee distributions
31.2

 
10.3

 
17.0

 
(8.6
)
 
24.2

 
74.1

Net interest expense
—

 
—

 
—

 
(5.6
)
 
(1.9
)
(d)
(7.5
)
Net investment loss
—

 
—

 
—

 
—

 
(30.9
)
(e)
(30.9
)
Net loss attributable to non-controlling interests in consolidated Funds
—

 
—

 
—

 
—

 
10.5

(e)
10.5

Income tax (expense) benefit
—

 
—

 
—

 
(10.0
)
 
(3.6
)
(f)
(13.6
)
Economic net income
$
31.2

 
$
10.3

 
$
17.0

 
$
(24.2
)
 
$
(1.7
)
 
$
32.6


The following table presents the financial data for the Company’s three segments for the three months ended March 31, 2019 (in millions):
 
Three Months Ended March 31, 2019
 
Quant & Solutions
 
Alter-natives
 
Liquid Alpha
 
Other
 
Reconciling Adjustments
 
Total U.S. GAAP(1)
ENI revenue
$
90.5

 
$
44.0

 
$
71.1

 
$
0.1

 
$
1.5

(a)
$
207.2

 
 
 
 
 
 
 
 
 
 
 
 
ENI operating expenses
39.9

 
17.7

 
21.6

 
9.3

 
(15.4
)
(b)
73.1

Earnings before variable compensation
50.6

 
26.3

 
49.5

 
(9.2
)
 
16.9

 
134.1

Variable compensation
18.8

 
9.8

 
16.8

 
3.3

 
4.0

(c)
52.7

ENI operating earnings (after variable comp)
31.8

 
16.5

 
32.7

 
(12.5
)
 
12.9

 
81.4

Affiliate key employee distributions
1.0

 
5.7

 
6.7

 
—

 
—

 
13.4

Earnings after Affiliate key employee distributions
30.8

 
10.8

 
26.0

 
(12.5
)
 
12.9

 
68.0

Net interest expense
—

 
—

 
—

 
(3.5
)
 
(2.4
)
(d)
(5.9
)
Net investment income
—

 
—

 
—

 
—

 
20.6

(e)
20.6

Net income attributable to non-controlling interests in consolidated Funds
—

 
—

 
—

 
—

 
(8.4
)
(e)
(8.4
)
Income tax expense
—

 
—

 
—

 
(12.4
)
 
(9.2
)
(f)
(21.6
)
Economic net income
$
30.8

 
$
10.8

 
$
26.0

 
$
(28.4
)
 
$
13.5

 
$
52.7

 
 
(1)
The most directly comparable U.S. GAAP measure of ENI revenue is U.S. GAAP revenue. The most directly comparable U.S. GAAP measure of ENI operating expenses is U.S. GAAP operating expenses, which is comprised of ENI operating expenses, variable compensation and Affiliate key employee distributions above. The most directly comparable U.S. GAAP measure of earnings after Affiliate key employee distributions is U.S. GAAP operating Income. The most directly comparable U.S. GAAP measure of ENI is U.S. GAAP net income attributable to controlling interests.
Reconciling Adjustments:
(a)
Adjusted to exclude earnings from equity-accounted Affiliates, which are included in U.S. GAAP investment income, and to include consolidated Funds revenues and the separate revenues recorded for certain Fund expenses reimbursed by customers, which are included in U.S. GAAP revenue.
(b)
Adjusted to include non-cash amortization expense for pre-acquisition employee equity, non-cash expenses for key employee equity and profit interest revaluations, capital transaction costs, goodwill impairment and amortization of acquired intangible assets, restructuring costs, consolidated Funds’ operating expenses and the Fund expenses reimbursed by customers, each of which are included in U.S. GAAP operating expenses.
(c)
Adjusted to include restructuring costs and the impact of a one-time compensation arrangement entered into that includes advances against future compensation payments, which are included in U.S. GAAP compensation expense.
(d)
Adjusted to include the cost of seed financing, which is included in U.S. GAAP interest expense.
(e)
Adjusted to include net investment income (loss), net income (loss) attributable to non-controlling interests in consolidated Funds, and the gain on disposal of discontinued operations, all of which are included in U.S. GAAP net income attributable to controlling interests.
(f)
Adjusted to include the impact of deferred taxes resulting from changes in tax law and the amortization of goodwill and acquired intangibles. Also adjusted to include tax expense or benefits relating to uncertain tax positions, the tax impact of certain ENI adjustments and other unusual items that are not included in current operating results for ENI purposes.
Management fee revenue by principal geographic area is comprised of the following for the three months ended March 31 (in millions):
 
Three Months Ended March 31,
 
2020
 
2019
U.S.
$
133.1

 
$
156.3

Non-U.S.
45.4

 
51.2

Management fee revenue
$
178.5

 
$
207.5
Revenue from External Customers by Geographic Areas [Table Text Block]
Management fee revenue by principal geographic area is comprised of the following for the three months ended March 31 (in millions):
 
Three Months Ended March 31,
 
2020
 
2019
U.S.
$
133.1

 
$
156.3

Non-U.S.
45.4

 
51.2

Management fee revenue
$
178.5

 
$
207.5