000082531312/312023Q3false00008253132023-01-012023-09-3000008253132023-09-30xbrli:sharesiso4217:USD00008253132022-12-3100008253132023-07-012023-09-3000008253132022-07-012022-09-3000008253132022-01-012022-09-30iso4217:USDxbrli:shares0000825313us-gaap:GeneralPartnerMember2023-06-300000825313us-gaap:GeneralPartnerMember2022-06-300000825313us-gaap:GeneralPartnerMember2022-12-310000825313us-gaap:GeneralPartnerMember2021-12-310000825313us-gaap:GeneralPartnerMember2023-07-012023-09-300000825313us-gaap:GeneralPartnerMember2022-07-012022-09-300000825313us-gaap:GeneralPartnerMember2023-01-012023-09-300000825313us-gaap:GeneralPartnerMember2022-01-012022-09-300000825313us-gaap:GeneralPartnerMember2023-09-300000825313us-gaap:GeneralPartnerMember2022-09-300000825313us-gaap:LimitedPartnerMember2023-06-300000825313us-gaap:LimitedPartnerMember2022-06-300000825313us-gaap:LimitedPartnerMember2022-12-310000825313us-gaap:LimitedPartnerMember2021-12-310000825313us-gaap:LimitedPartnerMember2023-07-012023-09-300000825313us-gaap:LimitedPartnerMember2022-07-012022-09-300000825313us-gaap:LimitedPartnerMember2023-01-012023-09-300000825313us-gaap:LimitedPartnerMember2022-01-012022-09-300000825313us-gaap:LimitedPartnerMember2023-09-300000825313us-gaap:LimitedPartnerMember2022-09-300000825313us-gaap:DeferredCompensationShareBasedPaymentsMember2023-06-300000825313us-gaap:DeferredCompensationShareBasedPaymentsMember2022-06-300000825313us-gaap:DeferredCompensationShareBasedPaymentsMember2022-12-310000825313us-gaap:DeferredCompensationShareBasedPaymentsMember2021-12-310000825313us-gaap:DeferredCompensationShareBasedPaymentsMember2023-07-012023-09-300000825313us-gaap:DeferredCompensationShareBasedPaymentsMember2022-07-012022-09-300000825313us-gaap:DeferredCompensationShareBasedPaymentsMember2023-01-012023-09-300000825313us-gaap:DeferredCompensationShareBasedPaymentsMember2022-01-012022-09-300000825313us-gaap:DeferredCompensationShareBasedPaymentsMember2023-09-300000825313us-gaap:DeferredCompensationShareBasedPaymentsMember2022-09-300000825313us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000825313us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000825313us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000825313us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000825313us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000825313us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000825313us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000825313us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300000825313us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000825313us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-3000008253132022-09-3000008253132021-12-310000825313ab:ABHoldingMemberab:EQHMember2023-01-012023-09-30xbrli:pure0000825313ab:AllianceBernsteinCorporationMemberab:ABHoldingMember2023-09-300000825313ab:AllianceBernsteinCorporationMemberab:ABHoldingMember2023-01-012023-09-300000825313ab:AllianceBernsteinCorporationMemberab:EQHAndItsSubsidiariesMember2023-01-012023-09-300000825313ab:AllianceBernsteinCorporationMemberab:UnaffiliatedHoldersMember2023-01-012023-09-300000825313ab:AllianceBernsteinCorporationMemberab:AllianceBernsteinL.P.Member2023-01-012023-09-300000825313ab:AllianceBernsteinL.P.Memberab:EQHAndItsSubsidiariesMember2023-01-012023-09-300000825313us-gaap:SubsequentEventMember2023-10-262023-10-260000825313ab:EmployeesAndEligibleDirectorsMemberab:ABHoldingUnitsMember2023-01-012023-09-300000825313ab:EmployeesAndEligibleDirectorsMemberab:ABHoldingUnitsMember2022-01-012022-09-300000825313ab:ABHoldingUnitsMember2023-01-012023-09-300000825313ab:ABHoldingUnitsMember2022-01-012022-09-300000825313us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-07-012023-09-300000825313us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-07-012022-09-300000825313us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-01-012023-09-300000825313us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-09-3000008253132022-12-142022-12-14ab:plaintiff
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2023
OR
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File No. 001-09818
ALLIANCEBERNSTEIN HOLDING L.P.
(Exact name of registrant as specified in its charter)
| | | | | |
Delaware | 13-3434400 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
501 Commerce Street, Nashville, TN 37203
(Address of principal executive offices)
(Zip Code)
(615) 622-0000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
| | | | | | | | | | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
| | | |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | |
| | Emerging growth company | ☐ |
| | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of Each Class | | Trading Symbol | | Name of Each Exchange on Which Registered |
Units Rep. Assignments of Beneficial Ownership of LP Interests in AB Holding ("Units") | | AB | | New York Stock Exchange |
The number of units representing assignments of beneficial ownership of limited partnership interests outstanding as of September 30, 2023 was 111,796,873.*
*includes 100,000 units of general partnership interest having economic interests equivalent to the economic interests of the units representing assignments of beneficial ownership of limited partnership interests.
ALLIANCEBERNSTEIN HOLDING L.P.
Index to Form 10-Q
| | | | | | | | |
| | Page |
| | |
| Part I | |
| | |
| FINANCIAL INFORMATION | |
| | |
Item 1. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Item 2. | | |
| | |
Item 3. | | |
| | |
Item 4. | | |
| | |
| Part II | |
| | |
| OTHER INFORMATION | |
| | |
Item 1. | | |
| | |
Item 1A. | | |
| | |
Item 2. | | |
| | |
Item 3. | | |
| | |
Item 4. | | |
| | |
Item 5. | | |
| | |
Item 6. | | |
| | |
| |
Part I
FINANCIAL INFORMATION
Item 1. Financial Statements
ALLIANCEBERNSTEIN HOLDING L.P.
Condensed Statements of Financial Condition
(in thousands, except unit amounts)
(unaudited)
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
ASSETS | | | |
Investment in AB | $ | 1,973,046 | | | $ | 2,074,626 | |
| | | |
| | | |
Total assets | $ | 1,973,046 | | | $ | 2,074,626 | |
| | | |
LIABILITIES AND PARTNERS’ CAPITAL | | | |
Liabilities: | | | |
| | | |
Other liabilities | $ | 552 | | | $ | 1,623 | |
Total liabilities | 552 | | | 1,623 | |
| | | |
Commitments and contingencies (See Note 8) | | | |
| | | |
Partners’ capital: | | | |
General Partner: 100,000 general partnership units issued and outstanding | 1,321 | | | 1,355 | |
Limited partners: 111,696,873 and 113,701,097 limited partnership units issued and outstanding | 2,056,961 | | | 2,160,207 | |
AB Holding Units held by AB to fund long-term incentive compensation plans | (33,658) | | | (37,551) | |
Accumulated other comprehensive loss | (52,130) | | | (51,008) | |
Total partners’ capital | 1,972,494 | | | 2,073,003 | |
Total liabilities and partners’ capital | $ | 1,973,046 | | | $ | 2,074,626 | |
See Accompanying Notes to Condensed Financial Statements.
ALLIANCEBERNSTEIN HOLDING L.P.
Condensed Statements of Income
(in thousands, except per unit amounts)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | | | | | | | |
Equity in net income attributable to AB Unitholders | | $ | 65,761 | | | $ | 63,905 | | | $ | 211,264 | | | $ | 233,616 | |
| | | | | | | | |
Income taxes | | 8,770 | | | 7,589 | | | 26,278 | | | 23,231 | |
| | | | | | | | |
Net income | | $ | 56,991 | | | $ | 56,316 | | | $ | 184,986 | | | $ | 210,385 | |
| | | | | | | | |
Net income per unit: | | | | | | | | |
Basic | | $ | 0.50 | | | $ | 0.56 | | | $ | 1.63 | | | $ | 2.11 | |
Diluted | | $ | 0.50 | | | $ | 0.56 | | | $ | 1.63 | | | $ | 2.11 | |
See Accompanying Notes to Condensed Financial Statements.
ALLIANCEBERNSTEIN HOLDING L.P.
Condensed Statements of Comprehensive Income
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| | | | | | | |
Net income | $ | 56,991 | | | $ | 56,316 | | | $ | 184,986 | | | $ | 210,385 | |
Other comprehensive income (loss): | | | | | | | |
| | | | | | | |
| | | | | | | |
Foreign currency translation adjustments, before tax | (5,816) | | | (11,574) | | | (1,580) | | | (27,875) | |
Income tax (expense) benefit | (85) | | | 284 | | | (57) | | | 544 | |
Foreign currency translation adjustments, net of tax | (5,901) | | | (11,290) | | | (1,637) | | | (27,331) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Changes in employee benefit related items: | | | | | | | |
Amortization of prior service cost | 5 | | | (4) | | | 10 | | | 4 | |
Recognized actuarial gain (loss) | 254 | | | (204) | | | 508 | | | 237 | |
Changes in employee benefit related items | 259 | | | (208) | | | 518 | | | 241 | |
Income tax (expense) benefit | (1) | | | 3 | | | (3) | | | (4) | |
Employee benefit related items, net of tax | 258 | | | (205) | | | 515 | | | 237 | |
| | | | | | | |
Other comprehensive income (loss) | (5,643) | | | (11,495) | | | (1,122) | | | (27,094) | |
Comprehensive income | $ | 51,348 | | | $ | 44,821 | | | $ | 183,864 | | | $ | 183,291 | |
See Accompanying Notes to Condensed Financial Statements.
ALLIANCEBERNSTEIN HOLDING L.P.
Condensed Statements of Changes in Partners’ Capital
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
General Partner’s Capital | | | | | | | |
Balance, beginning of period | $ | 1,332 | | | $ | 1,376 | | | $ | 1,355 | | | $ | 1,439 | |
Net income | 51 | | | 56 | | | 163 | | | 212 | |
Cash distributions to Unitholders | (62) | | | (71) | | | (197) | | | (290) | |
| | | | | | | |
Balance, end of period | 1,321 | | | 1,361 | | | 1,321 | | | 1,361 | |
Limited Partners’ Capital | | | | | | | |
Balance, beginning of period | 2,124,142 | | | 1,552,011 | | | 2,160,207 | | | 1,696,199 | |
Net income | 56,940 | | | 56,260 | | | 184,823 | | | 210,173 | |
Cash distributions to Unitholders | (69,271) | | | (71,269) | | | (223,482) | | | (288,698) | |
Retirement of AB Holding Units | (55,168) | | | (2,487) | | | (72,592) | | | (114,794) | |
Issuance of AB Holding Units to fund long-term incentive compensation plan awards | 318 | | | 995 | | | 8,005 | | | 32,452 | |
Issuance of AB Holding Units to fund CarVal acquisition | — | | | 132,839 | | | — | | | 132,839 | |
Exercise of compensatory options to buy AB Holding Units | — | | | — | | | — | | | 178 | |
| | | | | | | |
| | | | | | | |
Balance, end of period | 2,056,961 | | | 1,668,349 | | | 2,056,961 | | | 1,668,349 | |
AB Holding Units held by AB to fund long-term incentive compensation plans | | | | | | | |
Balance, beginning of period | (35,152) | | | (43,546) | | | (37,551) | | | (43,309) | |
Change in AB Holding Units held by AB to fund long-term incentive compensation plans | 1,494 | | | 3,382 | | | 3,893 | | | 3,145 | |
Balance, end of period | (33,658) | | | (40,164) | | | (33,658) | | | (40,164) | |
Accumulated Other Comprehensive (Loss) | | | | | | | |
Balance, beginning of period | (46,487) | | | (48,304) | | | (51,008) | | | (32,705) | |
| | | | | | | |
Foreign currency translation adjustment, net of tax | (5,901) | | | (11,290) | | | (1,637) | | | (27,331) | |
Changes in employee benefit related items, net of tax | 258 | | | (205) | | | 515 | | | 237 | |
| | | | | | | |
Balance, end of period | (52,130) | | | (59,799) | | | (52,130) | | | (59,799) | |
Total Partners’ Capital | $ | 1,972,494 | | | $ | 1,569,747 | | | $ | 1,972,494 | | | $ | 1,569,747 | |
See Accompanying Notes to Condensed Financial Statements.
ALLIANCEBERNSTEIN HOLDING L.P.
Condensed Statements of Cash Flows
(in thousands)
(unaudited)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
Cash flows from operating activities: | | | |
Net income | $ | 184,986 | | | $ | 210,385 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Equity in net income attributable to AB Unitholders | (211,264) | | | (233,616) | |
Cash distributions received from AB | 248,529 | | | 313,438 | |
Changes in assets and liabilities: | | | |
| | | |
(Decrease) in other liabilities | (1,071) | | | (1,531) | |
Net cash provided by operating activities | 221,180 | | | 288,676 | |
| | | |
Cash flows from investing activities: | | | |
Acquisition of business, net cash acquired | — | | | 40,777 | |
Contribution of CarVal to AB | — | | | (40,777) | |
Investments in AB with proceeds from exercise of compensatory options to buy AB Holding Units | — | | | (178) | |
Net cash used in investing activities | — | | | (178) | |
| | | |
Cash flows from financing activities: | | | |
Cash distributions to Unitholders | (223,679) | | | (288,988) | |
Capital contributions from AB | 2,499 | | | 312 | |
Proceeds from exercise of compensatory options to buy AB Holding Units | — | | | 178 | |
Net cash used in financing activities | (221,180) | | | (288,498) | |
| | | |
Change in cash and cash equivalents | — | | | — | |
Cash and cash equivalents as of beginning of period | — | | | — | |
Cash and cash equivalents as of end of period | $ | — | | | $ | — | |
| | | |
Non-cash investing activities: | | | |
Fair value of assets acquired (less cash acquired of $40.8 million in 2022) | $ | — | | | $ | 1,052,062 | |
Fair value of liabilities assumed | — | | | 300,381 | |
Fair value of redeemable non-controlling interest assumed | — | | | 13,191 | |
Fair value of assets contributed to AB (less cash acquired of $40.8 million in 2022) | — | | | (1,052,062) | |
Fair value of liabilities contributed to AB | — | | | (300,381) | |
Fair value of redeemable non-controlling interest contributed to AB | — | | | (13,191) | |
| | | |
Non-cash financing activities: | | | |
Payables recorded under contingent payment arrangements | — | | | 227,071 | |
Equity consideration issued/to be issued in connection with acquisition | — | | | 552,196 | |
Payables contributed to AB under contingent payment arrangements | — | | | (227,071) | |
Equity consideration received/to be received from AB in connection with acquisition | — | | | (552,196) | |
See Accompanying Notes to Condensed Financial Statements.
ALLIANCEBERNSTEIN HOLDING L.P.
Notes to Condensed Financial Statements
September 30, 2023
(unaudited)
The words “we” and “our” refer collectively to AllianceBernstein Holding L.P. (“AB Holding”) and AllianceBernstein L.P. and its subsidiaries (“AB”), or to their officers and employees. Similarly, the word “company” refers to both AB Holding and AB. Where the context requires distinguishing between AB Holding and AB, we identify which of them is being discussed. These statements should be read in conjunction with the audited consolidated financial statements included in the Form 10-K for the year ended December 31, 2022.
1. Business Description, Organization and Basis of Presentation
Business Description
AB Holding’s principal source of income and cash flow is attributable to its investment in AB limited partnership interests. The condensed financial statements and notes of AB Holding should be read in conjunction with the condensed consolidated financial statements and notes of AB included as an exhibit to this quarterly report on Form 10-Q and with AB Holding’s and AB’s audited financial statements included in AB Holding’s Form 10-K for the year ended December 31, 2022.
AB provides diversified investment management, research and related services globally to a broad range of clients. Its principal services include:
•Institutional Services – servicing its institutional clients, including private and public pension plans, foundations and endowments, insurance companies, central banks and governments worldwide, and affiliates such as Equitable Holdings, Inc. ("EQH") and its subsidiaries, by means of separately-managed accounts, sub-advisory relationships, structured products, collective investment trusts, mutual funds, hedge funds and other investment vehicles.
•Retail Services – servicing its retail clients, primarily by means of retail mutual funds sponsored by AB or an affiliated company, sub-advisory relationships with mutual funds sponsored by third parties, separately-managed account programs sponsored by financial intermediaries worldwide and other investment vehicles.
•Private Wealth Services – servicing its private clients, including high-net-worth individuals and families, trusts and estates, charitable foundations, partnerships, private and family corporations, and other entities, by means of separately-managed accounts, hedge funds, mutual funds and other investment vehicles.
•Bernstein Research Services – servicing institutional investors, such as pension fund, hedge fund and mutual fund managers, seeking high-quality fundamental research, quantitative services and brokerage-related services in equities and listed options.
AB also provides distribution, shareholder servicing, transfer agency services and administrative services to certain of the mutual funds it sponsors.
AB’s high-quality, in-depth research is the foundation of its asset management and private wealth management businesses. AB’s research disciplines include economic, fundamental equity, fixed income and quantitative research. In addition, AB has expertise in multi-asset strategies, wealth management, environmental, social and corporate governance ("ESG"), and alternative investments.
AB provides a broad range of investment services with expertise in:
•Actively-managed equity strategies, with global and regional portfolios across capitalization ranges, concentration ranges and investment strategies, including value, growth and core equities;
•Actively-managed traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies;
•Actively-managed alternative investments, including hedge funds, fund of funds and direct assets (e.g., direct lending, real estate and private equity);
•Portfolios with Purpose, including actively managed, impact-focused and Responsible+ (climate-conscious, ESG leaders, change catalysts) equity, fixed income and multi-asset strategies that address the evolving objectives of our clients to invest their capital with purpose while pursuing strong investment returns;
•Multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds; and
•Passive management, including index, ESG index and enhanced index strategies.
Organization
As of September 30, 2023, EQH owned approximately 3.6% of the issued and outstanding units representing assignments of beneficial ownership of limited partnership interests in AB Holding (“AB Holding Units”). AllianceBernstein Corporation (an indirect wholly-owned subsidiary of EQH, “General Partner”) is the general partner of both AB Holding and AB. AllianceBernstein Corporation owns 100,000 general partnership units in AB Holding and a 1.0% general partnership interest in AB.
As of September 30, 2023, the ownership structure of AB, expressed as a percentage of general and limited partnership interests, was as follows:
| | | | | |
EQH and its subsidiaries | 60.3 | % |
AB Holding | 39.0 | |
Unaffiliated holders | 0.7 | |
| 100.0 | % |
Including both the general partnership and limited partnership interests in AB Holding and AB, EQH and its subsidiaries had an approximate 61.7% economic interest in AB as of September 30, 2023.
Basis of Presentation
The interim condensed financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the interim results, have been made. The preparation of the condensed financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed financial statements and the reported amounts of revenues and expenses during the interim reporting periods. Actual results could differ from those estimates. The condensed statement of financial condition as of December 31, 2022 was derived from audited financial statements. Certain disclosures included in the annual financial statements have been condensed or omitted from these financial statements as they are not required for interim financial statements under principles generally accepted in the United States of America ("GAAP") and the rules of the SEC.
AB Holding records its investment in AB using the equity method of accounting. AB Holding’s investment is increased to reflect its proportionate share of income of AB and decreased to reflect its proportionate share of losses of AB and cash distributions made by AB to its Unitholders. In addition, AB Holding's investment is adjusted to reflect its proportionate share of certain capital transactions of AB.
Subsequent Events
We have evaluated subsequent events through the date that these financial statements were filed with the SEC and did not identify any subsequent events that would require disclosure in these financial statements.
2. Cash Distributions
AB Holding is required to distribute all of its Available Cash Flow, as defined in the Amended and Restated Agreement of Limited Partnership of AB Holding (“AB Holding Partnership Agreement”), to its Unitholders pro rata in accordance with their percentage interests in AB Holding. Available Cash Flow is defined as the cash distributions AB Holding receives from AB minus such amounts as the General Partner determines, in its sole discretion, should be retained by AB Holding
for use in its business (such as the payment of taxes) or plus such amounts as the General Partner determines, in its sole discretion, should be released from previously retained cash flow.
On October 26, 2023, the General Partner declared a distribution of $0.65 per unit, representing a distribution of Available Cash Flow for the three months ended September 30, 2023. Each general partnership unit in AB Holding is entitled to receive distributions equal to those received by each AB Holding Unit. The distribution is payable on November 22, 2023 to holders of record at the close of business on November 6, 2023.
3. Long-term Incentive Compensation Plans
AB maintains several unfunded, non-qualified long-term incentive compensation plans, under which the company grants awards of restricted AB Holding Units to its employees and members of the Board of Directors, who are not employed by AB or by any of AB’s affiliates (“Eligible Directors”).
AB funds its restricted AB Holding Unit awards either by purchasing AB Holding Units on the open market or purchasing newly-issued AB Holding Units from AB Holding, and then keeping these AB Holding Units in a consolidated rabbi trust until delivering them or retiring them. In accordance with the AB Holding Partnership Agreement, when AB purchases newly-issued AB Holding Units from AB Holding, AB Holding is required to use the proceeds it receives from AB to purchase the equivalent number of newly-issued AB Units, thus increasing its percentage ownership interest in AB. AB Holding Units held in the consolidated rabbi trust are corporate assets in the name of the trust and are available to the general creditors of AB.
Repurchases and retention of AB Holding Units for the three and nine months ended September 30, 2023 and 2022 consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (in millions) |
Total amount of AB Holding Units Purchased/Retained (1) | | 1.8 | | | — | | | 2.3 | | | 2.6 | |
Total Cash Paid for AB Holding Units Purchased/Retained (1) | | $ | 56.9 | | | $ | 1.0 | | | $ | 75.7 | | | $ | 107.7 | |
Open Market Purchases of AB Holding Units Purchased (1) | | 1.8 | | | — | | | 1.8 | | | 2.3 | |
Total Cash Paid for Open Market Purchases of AB Holding Units (1) | | $ | 56.9 | | | $ | — | | | $ | 56.9 | | | $ | 92.7 | |
(1) Purchased on a trade date basis. The difference between open-market purchases and units retained reflects the retention of AB Holding Units from employees to fulfill statutory tax withholding requirements at the time of delivery of long-term incentive compensation awards.
Each quarter, AB considers whether to implement a plan to repurchase AB Holding Units pursuant to Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (“Exchange Act”). A plan of this type allows a company to repurchase its shares at times when it otherwise might be prevented from doing so because of self-imposed trading blackout periods or because it possesses material non-public information. Each broker selected by AB has the authority under the terms and limitations specified in the plan to repurchase AB Holding Units on AB’s behalf. Repurchases are subject to regulations promulgated by the SEC as well as certain price, market volume and timing constraints specified in the plan. The plan adopted during the third quarter of 2023 expired at the close of business on October 25, 2023. AB may adopt plans in the future to engage in open-market purchases of AB Holding Units to help fund anticipated obligations under its incentive compensation award program and for other corporate purposes.
During the first nine months of 2023 and 2022, AB awarded to employees and Eligible Directors 0.4 million and 0.8 million restricted AB Holding Unit awards, respectively. AB used AB Holding Units repurchased during the applicable period and newly-issued AB Holding Units to fund these restricted AB Holding Unit awards.
During the first nine months of 2023 and 2022, AB Holding issued zero and 5,774 AB Holding Units, respectively, upon exercise of options to buy AB Holding Units. AB Holding used the proceeds of zero and $0.1 million, respectively, received from award recipients as payment in cash for the exercise price to purchase the equivalent number of newly-issued AB Units.
4. Net Income per Unit
Basic net income per unit is derived by dividing net income by the basic weighted average number of units outstanding for each period. Diluted net income per unit is derived by adjusting net income for the assumed dilutive effect of compensatory options (“Net income – diluted”) and dividing by the diluted weighted average number of units outstanding for each period.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (in thousands, except per unit amounts) |
| | | | | | | | |
Net income – basic | | $ | 56,991 | | | $ | 56,316 | | | $ | 184,986 | | | $ | 210,385 | |
Additional allocation of equity in net income attributable to AB resulting from assumed dilutive effect of compensatory options | | — | | | — | | | — | | | 2 | |
Net income – diluted | | $ | 56,991 | | | $ | 56,316 | | | $ | 184,986 | | | $ | 210,387 | |
| | | | | | | | |
Weighted average units outstanding – basic | | 113,185 | | | 100,466 | | | 113,407 | | | 99,494 | |
Dilutive effect of compensatory options | | — | | | — | | | — | | | 2 | |
Weighted average units outstanding – diluted | | 113,185 | | | 100,466 | | | 113,407 | | | 99,496 | |
| | | | | | | | |
Basic net income per unit | | $ | 0.50 | | | $ | 0.56 | | | $ | 1.63 | | | $ | 2.11 | |
Diluted net income per unit | | $ | 0.50 | | | $ | 0.56 | | | $ | 1.63 | | | $ | 2.11 | |
There were no anti-dilutive options excluded from diluted net income in the three and nine months ended September 30, 2023 or 2022.
5. Investment in AB
Changes in AB Holding’s investment in AB during the nine-month period ended September 30, 2023 are as follows (in thousands):
| | | | | |
Investment in AB as of December 31, 2022 | $ | 2,074,626 | |
Equity in net income attributable to AB Unitholders | 211,264 | |
Changes in accumulated other comprehensive income | (1,122) | |
Cash distributions received from AB | (248,529) | |
| |
| |
Capital contributions (from) AB | (2,499) | |
AB Holding Units retired | (72,592) | |
AB Holding Units issued to fund long-term incentive compensation plans | 8,005 | |
| |
Change in AB Holding Units held by AB for long-term incentive compensation plans | 3,893 | |
| |
| |
Investment in AB as of September 30, 2023 | $ | 1,973,046 | |
6. Units Outstanding
Changes in AB Holding Units outstanding during the nine-month period ended September 30, 2023 are as follows:
| | | | | |
Outstanding as of December 31, 2022 | 113,801,097 | |
| |
Units issued | 226,691 | |
Units retired | (2,230,915) | |
Outstanding as of September 30, 2023 | 111,796,873 | |
7. Income Taxes
AB Holding is a publicly-traded partnership (“PTP”) for federal tax purposes and, accordingly, is not subject to federal or state corporate income taxes. However, AB Holding is subject to the 4.0% New York City unincorporated business tax (“UBT”), net of credits for UBT paid by AB, and to a 3.5% federal tax on partnership gross income from the active conduct of a trade or business. AB Holding’s partnership gross income is derived from its interest in AB.
AB Holding’s federal income tax is computed by multiplying certain AB qualifying revenues (primarily U.S. investment advisory fees, research payments and brokerage commissions) by AB Holding’s ownership interest in AB, multiplied by the 3.5% tax rate. AB Holding Units in AB’s consolidated rabbi trust are not considered outstanding for purposes of calculating AB Holding’s ownership interest in AB.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | | | Nine Months Ended September 30, | | |
| | 2023 | | 2022 | | % Change | | 2023 | | 2022 | | % Change |
| | | | | | | | (in thousands) | | |
Net income attributable to AB Unitholders | | $ | 167,404 | | | $ | 175,180 | | | (4.4) | % | | $ | 537,292 | | | $ | 644,676 | | | (16.7) | % |
Multiplied by: weighted average equity ownership interest | | 39.3 | % | | 36.5 | % | | | | 39.3 | % | | 36.2 | % | | |
Equity in net income attributable to AB Unitholders | | $ | 65,761 | | | $ | 63,905 | | | 2.9 | | | $ | 211,264 | | | $ | 233,616 | | | (9.6) | |
| | | | | | | | | | | | |
AB qualifying revenues | | $ | 689,323 | | | $ | 678,682 | | | 1.6 | | | $ | 2,059,866 | | | $ | 2,089,206 | | | (1.4) | |
Multiplied by: weighted average equity ownership interest for calculating tax | | 35.6 | % | | 31.3 | % | | | | 35.7 | % | | 31.1 | % | | |
Multiplied by: federal tax | | 3.5 | % | | 3.5 | % | | | | 3.5 | % | | 3.5 | % | | |
Federal income taxes | | 8,593 | | | 7,442 | | | | | 25,713 | | | 22,748 | | | |
State income taxes | | 177 | | | 147 | | | | | 565 | | | 483 | | | |
Total income taxes | | $ | 8,770 | | | $ | 7,589 | | | 15.6 | | | $ | 26,278 | | | $ | 23,231 | | | 13.1 | |
| | | | | | | | | | | | |
Effective tax rate | | 13.3 | % | | 11.9 | % | | | | 12.4 | % | | 9.9 | % | | |
In order to preserve AB Holding’s status as a PTP for federal income tax purposes, management ensures that AB Holding does not directly or indirectly (through AB) engage in a substantial new line of business. If AB Holding were to lose its status as a PTP, it would be subject to corporate income tax, which would reduce materially AB Holding’s net income and its quarterly distributions to AB Holding Unitholders.
8. Commitments and Contingencies
Legal and regulatory matters described below pertain to AB and are included here due to their potential significance to AB Holding’s investment in AB.
With respect to all significant litigation matters, we consider the likelihood of a negative outcome. If we determine the likelihood of a negative outcome is probable and the amount of the loss can be reasonably estimated, we record an estimated loss for the expected outcome of the litigation. If the likelihood of a negative outcome is reasonably possible and we are able to determine an estimate of the possible loss or range of loss in excess of amounts already accrued, if any, we disclose that fact together with the estimate of the possible loss or range of loss. However, it is often difficult to predict the outcome or estimate a possible loss or range of loss because litigation is subject to inherent uncertainties, particularly when plaintiffs allege substantial or indeterminate damages. Such is also the case when the litigation is in its early stages or when the litigation is highly complex or broad in scope. In these cases, we disclose that we are unable to predict the outcome or estimate a possible loss or range of loss.
On December 14, 2022, four individual participants in the Profit Sharing Plan for Employees of AllianceBernstein L.P., (the "Plan") filed a class action complaint (the “Complaint”) in the U.S. District Court for the Southern District of New York against AB, current and former members of the Compensation and Workplace Practices Committee of the Board, and the Investment and Administrative Committees under the Plan. Plaintiffs, who seek to represent a class of all participants in
the Plan from December 14, 2016 to the present, allege that defendants violated their fiduciary duties and engaged in prohibited transactions under the Employee Retirement Income Security Act of 1974, as amended ("ERISA") by including proprietary collective investment trusts as investment options offered under the Plan. The Complaint seeks unspecified damages, disgorgement and other equitable relief. AB is prepared to defend itself vigorously against these claims. While the ultimate outcome of this matter is currently not determinable given the matter remains in its early stages, we do not believe this litigation will have a material adverse effect on our results of operations, financial condition or liquidity.
AB may be involved in various other matters, including regulatory inquiries, administrative proceedings and litigation, some of which may allege significant damages. It is reasonably possible that AB could incur losses pertaining to these other matters, but management cannot currently estimate any such losses. Management, after consultation with legal counsel, currently believes that the outcome of any individual matter that is pending or threatened, or all of them combined, will not have a material adverse effect on our results of operations, financial condition or liquidity. However, any inquiry, proceeding or litigation has the element of uncertainty; management cannot determine whether further developments relating to any individual matter that is pending or threatened, or all of them combined, will have a material adverse effect on our results of operations, financial condition or liquidity in any future reporting period.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
AB Holding’s principal source of income and cash flow is attributable to its investment in AB Units. AB Holding’s interim condensed financial statements and notes and management’s discussion and analysis of financial condition and results of operations (“MD&A”) should be read in conjunction with those of AB included as an exhibit to this Form 10-Q. They also should be read in conjunction with AB’s audited financial statements and notes and MD&A included in AB Holding’s Form 10-K for the year ended December 31, 2022.
Results of Operations
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | | | Nine Months Ended September 30, | | |
| | 2023 | | 2022 | | % Change | | 2023 | | 2022 | | % Change |
| | (in thousands, except per unit amounts) |
| | | | | | | | | | | | |
Net income attributable to AB Unitholders | | $ | 167,404 | | | $ | 175,180 | | | (4.4) | % | | $ | 537,292 | | | $ | 644,676 | | | (16.7) | % |
Weighted average equity ownership interest | | 39.3 | % | | 36.5 | % | | | | 39.3 | % | | 36.2 | % | | |
Equity in net income attributable to AB Unitholders | | 65,761 | | | 63,905 | | | 2.9 | | | 211,264 | | | 233,616 | | | (9.6) | |
Income taxes | | 8,770 | | | 7,589 | | | 15.6 | | | 26,278 | | | 23,231 | | | 13.1 | |
Net income of AB Holding | | $ | 56,991 | | | $ | 56,316 | | | 1.2 | | | $ | 184,986 | | | $ | 210,385 | | | (12.1) | |
Diluted net income per AB Holding Unit | | $ | 0.50 | | | $ | 0.56 | | | (10.7) | | | $ | 1.63 | | | $ | 2.11 | | | (22.7) | |
Distribution per AB Holding Unit(1) | | $ | 0.65 | | | $ | 0.64 | | | 1.6 | | | $ | 1.92 | | | $ | 2.25 | | | (14.7) | |
________________________
(1)Distributions reflect the impact of AB’s non-GAAP adjustments.
AB Holding's net income for the three months ended September 30, 2023 increased $0.7 million from the three months ended September 30, 2022, primarily due to a higher weighted average equity ownership interest, partially offset by lower net income attributable to AB Unitholders. AB Holding's net income for the nine months ended September 30, 2023 decreased $25.4 million, compared to the nine months ended September 30, 2022, primarily due to lower net income attributable to AB Unitholders, partially offset by a higher weighted average equity ownership interest.
AB Holding’s partnership gross income is derived from its interest in AB. AB Holding’s income taxes, which reflect a 3.5% federal tax on its partnership gross income from the active conduct of a trade or business, are computed by multiplying certain AB qualifying revenues (primarily U.S. investment advisory fees, research payments and brokerage commissions) by AB Holding’s ownership interest in AB, multiplied by the 3.5% tax rate. AB Holding's effective tax rate was 13.3% during the three months ended September 30, 2023, compared to 11.9% during the three months ended September 30, 2022. AB Holding's effective tax rate was 12.4% during the nine months ended September 30, 2023, compared to 9.9% during the nine months ended September 30, 2022. See Note 7 to the condensed financial statements in Item 1 for the calculation of income tax expense.
Management Operating Metrics
As supplemental information, AB provides the performance measures “adjusted net revenues,” “adjusted operating income” and “adjusted operating margin,” which are the principal metrics management uses in evaluating and comparing the period-to-period operating performance of AB. Management principally uses these metrics in evaluating performance because they present a clearer picture of AB's operating performance and allow management to see long-term trends without the distortion primarily caused by long-term incentive compensation-related mark-to-market adjustments, acquisition-related expenses, interest expense and other adjustment items. Similarly, management believes that these management operating metrics help investors better understand the underlying trends in AB's results and, accordingly, provide a valuable perspective for investors. Such measures are not based on generally accepted accounting principles (“non-GAAP measures”).
We provide the non-GAAP measures "adjusted net income" and "adjusted diluted net income per unit" because our quarterly distribution per unit is typically our adjusted diluted net income per unit (which is derived from adjusted net income).
These non-GAAP measures are provided in addition to, and not as substitutes for, net revenues, operating income and operating margin, and they may not be comparable to non-GAAP measures presented by other companies. Management uses both GAAP
and non-GAAP measures in evaluating the company’s financial performance. The non-GAAP measures alone may pose limitations because they do not include all of AB’s revenues and expenses. Further, adjusted diluted net income per AB Holding Unit is not a liquidity measure and should not be used in place of cash flow measures. See AB’s MD&A contained in Exhibit 99.1.
The impact of these adjustments on AB Holding’s net income and diluted net income per AB Holding Unit is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (in thousands, except per Unit amounts) |
| | | | | | | | |
AB non-GAAP adjustments 1 | | $ | 46,231 | | | $ | 23,961 | | | $ | 87,185 | | | $ | 41,913 | |
AB income tax (expense) on non-GAAP adjustments | | (2,761) | | | (1,057) | | | (4,156) | | | (4,865) | |
AB non-GAAP adjustments, after taxes | | 43,470 | | | 22,904 | | | 83,029 | | | 37,048 | |
AB Holding’s weighted average equity ownership interest in AB | | 39.3 | % | | 36.5 | % | | 39.3 | % | | 36.2 | % |
Impact on AB Holding’s net income of AB non-GAAP adjustments | | $ | 17,077 | | | $ | 8,373 | | | $ | 32,647 | | | $ | 13,441 | |
| | | | | | | | |
Net income – diluted, GAAP basis | | $ | 56,991 | | | $ | 56,316 | | | $ | 184,986 | | | $ | 210,387 | |
Impact on AB Holding’s net income of AB non-GAAP adjustments | | 17,077 | | | 8,373 | | | 32,647 | | | 13,441 | |
Adjusted net income – diluted | | $ | 74,068 | | | $ | 64,689 | | | $ | 217,633 | | | $ | 223,828 | |
| | | | | | | | |
Diluted net income per AB Holding Unit, GAAP basis | | $ | 0.50 | | | $ | 0.56 | | | $ | 1.63 | | | $ | 2.11 | |
Impact of AB non-GAAP adjustments | | 0.15 | | | 0.08 | | | 0.29 | | | 0.14 | |
Adjusted diluted net income per AB Holding Unit | | $ | 0.65 | | | $ | 0.64 | | | $ | 1.92 | | | $ | 2.25 | |
The degree to which AB's non-GAAP adjustments impact AB Holding's net income fluctuates based on AB Holding's ownership percentage in AB.
Cash Distributions
AB Holding is required to distribute all of its Available Cash Flow, as defined in the AB Holding Partnership Agreement, to its Unitholders (including the General Partner). Available Cash Flow typically is the adjusted diluted net income per unit for the quarter multiplied by the number of units outstanding at the end of the quarter. Management anticipates that Available Cash Flow will continue to be based on adjusted diluted net income per unit, unless management determines, with concurrence of the Board of Directors, that one or more adjustments made to adjusted net income should not be made with respect to the Available Cash Flow calculation. See Note 2 to the condensed financial statements in Item 1 for a description of Available Cash Flow.
Capital Resources and Liquidity
During the nine months ended September 30, 2023, net cash provided by operating activities was $221.2 million, compared to $288.7 million during the corresponding 2022 period. The decrease primarily resulted from lower cash distributions received from AB of $64.9 million.
During the nine months ended September 30, 2023, net cash used in investing activities was zero compared to $178 thousand during the corresponding 2022 period. The activity in the prior year period reflects the investments in AB with proceeds from exercises of compensatory options to buy AB Holding Units.
1 Includes all AB non-GAAP adjustments to pre-tax income.
During the nine months ended September 30, 2023, net cash used in financing activities was $221.2 million, compared to $288.5 million during the corresponding 2022 period. The decrease was primarily due to lower cash distributions to Unitholders of $65.3 million.
Management believes that AB Holding will have the resources it needs to meet its financial obligations as a result of the cash flow AB Holding realizes from its investment in AB.
Commitments and Contingencies
See Note 8 to the condensed financial statements in Item 1.
CAUTIONS REGARDING FORWARD-LOOKING STATEMENTS
Certain statements provided by management in this report and in the portion of AB’s Form 10-Q attached hereto as Exhibit 99.1 are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The most significant of these factors include, but are not limited to, the following: the performance of financial markets, the investment performance of sponsored investment products and separately managed accounts, general economic conditions, industry trends, future acquisitions, integration of acquired companies, competitive conditions and government regulations, including changes in tax regulations and rates and the manner in which the earnings of publicly-traded partnerships are taxed. We caution readers to carefully consider such factors. Further, these forward-looking statements speak only as of the date on which such statements are made; we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. For further information regarding these forward-looking statements and the factors that could cause actual results to differ, see “Risk Factors” in Part I, Item 1A of our Form 10-K for the year ended December 31, 2022 and Part II, Item 1A in this Form 10-Q. Any or all of the forward-looking statements that we make in our Form 10-K, this Form 10-Q, other documents we file with or furnish to the SEC, and any other public statements we issue, may turn out to be wrong. It is important to remember that other factors besides those listed in “Risk Factors” and those listed below could also adversely impact our revenues, financial condition, results of operations and business prospects.
The forward-looking statements referred to in the preceding paragraph, most of which directly affect AB but also affect AB Holding because AB Holding’s principal source of income and cash flow is attributable to its investment in AB, include statements regarding:
•Our belief that the cash flow AB Holding realizes from its investment in AB will provide AB Holding with the resources it needs to meet its financial obligations: AB Holding’s cash flow is dependent on the quarterly cash distributions it receives from AB. Accordingly, AB Holding’s ability to meet its financial obligations is dependent on AB’s cash flow from its operations, which is subject to the performance of the capital markets and other factors beyond our control.
•Our financial condition and ability to access the public and private capital markets providing adequate liquidity for our general business needs: Our financial condition is dependent on our cash flow from operations, which is subject to the performance of the capital markets, our ability to maintain and grow client assets under management and other factors beyond our control. Our ability to access public and private capital markets on reasonable terms may be limited by adverse market conditions, our firm’s credit ratings, our profitability and changes in government regulations, including tax rates and interest rates.
•The outcome of litigation: Litigation is inherently unpredictable, and excessive damage awards do occur. Though we have stated that we do not expect any pending legal proceedings to have a material adverse effect on our results of operations, financial condition or liquidity, any settlement or judgment with respect to a legal proceeding could be significant and could have such an effect.
•The possibility that we will engage in open market purchases of AB Holding Units to help fund anticipated obligations under our incentive compensation award program: The number of AB Holding Units AB may decide to buy in future periods, if any, to help fund incentive compensation awards depends on various factors, some of which are beyond our control, including the fluctuation in the price of an AB Holding Unit (NYSE: AB) and the availability of cash to make these purchases.
•Our determination that adjusted employee compensation expense, excluding the impact of performance-based fees, generally should not exceed 50% of our adjusted net revenues on an annual basis: Aggregate employee compensation
reflects employee performance and competitive compensation levels. Fluctuations in our revenues and/or changes in competitive compensation levels could result in adjusted employee compensation expense exceeding 50% of our adjusted net revenues.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes in AB Holding’s market risk from the information provided under “Quantitative and Qualitative Disclosures About Market Risk” in Part II, Item 7A of AB Holding's Form 10-K for the year ended December 31, 2022.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
Each of AB Holding and AB maintains a system of disclosure controls and procedures that is designed to ensure that information required to be disclosed in our reports under the Exchange Act is (i) recorded, processed, summarized and reported in a timely manner, and (ii) accumulated and communicated to management, including the Chief Executive Officer ("CEO") and the Interim Chief Financial Officer ("CFO"), to permit timely decisions regarding our disclosure.
As of the end of the period covered by this report, management carried out an evaluation, under the supervision and with the participation of the CEO and the CFO, of the effectiveness of the design and operation of the disclosure controls and procedures. Based on this evaluation, the CEO and the CFO concluded that the disclosure controls and procedures are effective.
Changes in Internal Control over Financial Reporting
No change in our internal control over financial reporting occurred during the third quarter of 2023 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Part II
OTHER INFORMATION
Item 1. Legal Proceedings
See Note 8 to the condensed financial statements contained in Part I, Item 1.
Item 1A. Risk Factors
There have been no material changes to the risk factors from those appearing in AB Holding's Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
There were no AB Holding Units sold by AB Holding in the period covered by this report that were not registered under the Securities Act.
Each quarter, AB considers whether to implement a plan to repurchase AB Holding Units pursuant to Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934 ("Exchange Act"). The plan adopted during the third quarter of 2023 expired at the close of business on October 25, 2023. AB may adopt additional plans in the future to engage in open-market purchases of AB Holding Units to help fund anticipated obligations under the firm's incentive compensation award program and for other corporate purposes. See Note 3 to the condensed financial statements contained in Part 1, Item 1.
AB Holding Units bought by us or one of our affiliates during the third quarter of 2023 are as follows:
ISSUER PURCHASES OF EQUITY SECURITIES
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Period | | Total Number of AB Holding Units Purchased | | Average Price Paid Per AB Holding Unit, net of Commissions | | Total Number of AB Holding Units Purchased as Part of Publicly Announced Plans or Programs | | Maximum Number (or Approximate Dollar Value) of AB Holding Units that May Yet Be Purchased Under the Plans or Programs |
7/1/23 - 7/31/23(1) | | 230 | | | $ | 33.62 | | | — | | | — | |
8/1/23 - 8/31/23(2) | | 714,333 | | | 30.71 | | | — | | | — | |
9/1/23 - 9/30/23(2) | | 1,099,556 | | | 31.82 | | | — | | | — | |
Total | | 1,814,119 | | | $ | 31.39 | | | — | | | — | |
(1)During the third quarter of 2023, AB retained from employees 230 AB Holding Units to allow them to fulfill statutory withholding tax requirements at the time of distribution of long-term incentive compensation awards.
(2)During the third quarter of 2023, AB purchased 1,813,889 AB Holding Units on the open market pursuant to a Rule 10b5-1 plan to help fund anticipated obligations under our incentive compensation award program.
AB Units bought by us or one of our affiliates during the third quarter of 2023 are as follows:
ISSUER PURCHASES OF EQUITY SECURITIES
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Period | | Total Number of AB Units Purchased | | Average Price Paid Per AB Unit, net of Commissions | | Total Number of AB Units Purchased as Part of Publicly Announced Plans or Programs | | Maximum Number (or Approximate Dollar Value) of AB Units that May Yet Be Purchased Under the Plans or Programs |
7/1/23 - 7/31/23 | | — | | | — | | | — | | | — | |
8/1/23 - 8/31/23 | | — | | | — | | | — | | | — | |
9/1/23 - 9/30/23(1) | | 200 | | | $ | 31.70 | | | — | | | — | |
Total | | 200 | | | $ | 31.70 | | | — | | | — | |
(1)During the third quarter of 2023, AB purchased 200 AB Units in private transactions and retired them.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
None.
Item 5. Other Information
Pursuant to item 408(a) of Regulation S-K there were no directors or officers that had adopted or terminated a 10b5-1 plan or other trading arrangement during the third quarter of 2023.
Item 6. Exhibits
| | | | | |
31.1 | |
| |
31.2 | |
| |
32.1 | |
| |
32.2 | |
| |
99.1 | |
| |
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| |
101.SCH | XBRL Taxonomy Extension Schema. |
| |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase. |
| |
101.LAB | XBRL Taxonomy Extension Label Linkbase. |
| |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase. |
| |
101.DEF | XBRL Taxonomy Extension Definition Linkbase. |
| |
104 | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, formatted in Inline XBRL (included in Exhibit 101). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | | | | |
Date: October 26, 2023 | ALLIANCEBERNSTEIN HOLDING L.P. |
| | | |
| By: | /s/ Bill Siemers | |
| | Bill Siemers | |
| | Interim Chief Financial Officer |
| | | |
| By: | /s/ Thomas Simeone | |
| | Thomas Simeone | |
| | Controller and Chief Accounting Officer |
| | | |
| | | |
Exhibit 31.1
I, Seth Bernstein, certify that:
1.I have reviewed this quarterly report on Form 10-Q of AllianceBernstein Holding L.P.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Date: October 26, 2023 | /s/ Seth Bernstein | |
| Seth Bernstein | |
| President & Chief Executive Officer |
| AllianceBernstein Holding L.P. |
Exhibit 31.2
I, Bill Siemers, certify that:
1.I have reviewed this quarterly report on Form 10-Q of AllianceBernstein Holding L.P.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Date: October 26, 2023 | /s/ Bill Siemers | |
| Bill Siemers | |
| Interim Chief Financial Officer |
| AllianceBernstein Holding L.P. | |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of AllianceBernstein Holding L.P. (the “Company”) on Form 10-Q for the period ending September 30, 2023 to be filed with the Securities and Exchange Commission on or about October 26, 2023 (the “Report”), I, Seth Bernstein, President and Chief Executive Officer of the Company, certify, for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Exchange Act; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
Date: October 26, 2023 | /s/ Seth Bernstein | |
| Seth Bernstein | |
| President & Chief Executive Officer | |
| AllianceBernstein Holding L.P. | |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of AllianceBernstein Holding L.P. (the “Company”) on Form 10-Q for the period ending September 30, 2023 to be filed with the Securities and Exchange Commission on or about October 26, 2023 (the “Report”), I, Bill Siemers, Interim Chief Financial Officer of the Company, certify, for the purpose of complying with Rule 13a-14(b) or 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Exchange Act; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
Date: October 26, 2023 | /s/ Bill Siemers | |
| Bill Siemers | |
| Interim Chief Financial Officer |
| AllianceBernstein Holding L.P. | |
Exhibit 99.1
Part I
FINANCIAL INFORMATION
Item 1. Financial Statements
ALLIANCEBERNSTEIN L.P.
AND SUBSIDIARIES
Condensed Consolidated Statements of Financial Condition
(in thousands, except unit amounts)
(unaudited)
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
ASSETS |
Cash and cash equivalents | $ | 922,773 | | | $ | 1,130,143 | |
Cash and securities segregated, at fair value (cost: $916,463 and $1,511,916) | 927,934 | | | 1,522,431 | |
Receivables, net: | | | |
Brokers and dealers | 101,614 | | | 112,226 | |
Brokerage clients | 1,444,542 | | | 1,881,496 | |
AB funds fees | 351,063 | | | 314,247 | |
Other fees | 119,817 | | | 127,040 | |
Investments: | | | |
Long-term incentive compensation-related | 37,278 | | | 47,870 | |
Other | 200,936 | | | 169,648 | |
Assets of consolidated company-sponsored investment funds: | | | |
Cash and cash equivalents | 13,247 | | | 19,751 | |
Investments | 319,805 | | | 516,536 | |
Other assets | 14,434 | | | 44,424 | |
Furniture, equipment and leasehold improvements, net | 174,541 | | | 189,258 | |
Goodwill | 3,598,591 | | | 3,598,591 | |
Intangible assets, net | 275,913 | | | 310,203 | |
Deferred sales commissions, net | 73,186 | | | 52,250 | |
Right-of-use assets | 343,055 | | | 371,898 | |
Assets held for sale | 681,327 | | | 551,351 | |
Other assets | 184,065 | | | 179,568 | |
Total assets | $ | 9,784,121 | | | $ | 11,138,931 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| | | |
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND CAPITAL |
Liabilities: | | | |
Payables: | | | |
Brokers and dealers | $ | 263,988 | | | $ | 389,828 | |
| | | |
Brokerage clients | 2,321,128 | | | 3,322,903 | |
AB mutual funds | 1,013 | | | 162,291 | |
| | | |
Contingent consideration liability | 251,522 | | | 247,309 | |
Accounts payable and accrued expenses | 163,972 | | | 173,466 | |
Lease liabilities | 391,058 | | | 427,479 | |
Liabilities of consolidated company-sponsored investment funds | 14,301 | | | 55,529 | |
Accrued compensation and benefits | 753,341 | | | 415,878 | |
Debt | 900,000 | | | 990,000 | |
Liabilities held for sale | 216,333 | | | 107,952 | |
Total liabilities | 5,276,656 | | | 6,292,635 | |
| | | |
| | | |
Commitments and contingencies (See Note 12) | | | |
| | | |
Redeemable non-controlling interest of consolidated entities | 182,934 | | | 368,656 | |
| | | |
Capital: | | | |
General Partner | 44,427 | | | 45,985 | |
Limited partners: 283,971,597 and 285,979,913 units issued and outstanding | 4,494,822 | | | 4,648,113 | |
Receivables from affiliates | (5,240) | | | (4,270) | |
AB Holding Units held for long-term incentive compensation plans | (86,358) | | | (95,318) | |
Accumulated other comprehensive (loss) | (133,752) | | | (129,477) | |
Partners’ capital attributable to AB Unitholders | 4,313,899 | | | 4,465,033 | |
Non-redeemable non-controlling interests in consolidated entities | 10,632 | | | 12,607 | |
Total capital | 4,324,531 | | | 4,477,640 | |
Total liabilities, redeemable non-controlling interest and capital | $ | 9,784,121 | | | $ | 11,138,931 | |
See Accompanying Notes to Condensed Consolidated Financial Statements.
ALLIANCEBERNSTEIN L.P.
AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per unit amounts)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
Revenues: | | | | | | | | |
Investment advisory and services fees | | $ | 748,951 | | | $ | 714,564 | | | $ | 2,199,536 | | | $ | 2,257,822 | |
Bernstein research services | | 93,875 | | | 91,557 | | | 285,760 | | | 315,806 | |
Distribution revenues | | 149,049 | | | 147,960 | | | 434,925 | | | 469,431 | |
Dividend and interest income | | 49,889 | | | 30,437 | | | 150,761 | | | 64,424 | |
Investment (losses) | | (6,694) | | | (3,861) | | | (760) | | | (91,105) | |
Other revenues | | 24,484 | | | 27,096 | | | 75,349 | | | 80,201 | |
Total revenues | | 1,059,554 | | | 1,007,753 | | | 3,145,571 | | | 3,096,579 | |
Less: Broker-dealer related interest expense | | 27,498 | | | 20,769 | | | 80,968 | | | 32,464 | |
Net revenues | | 1,032,056 | | | 986,984 | | | 3,064,603 | | | 3,064,115 | |
| | | | | | | | |
Expenses: | | | | | | | | |
Employee compensation and benefits | | 453,619 | | | 429,842 | | | 1,315,861 | | | 1,267,535 | |
Promotion and servicing: | | | | | | | | |
Distribution-related payments | | 155,620 | | | 152,005 | | | 454,039 | | | 486,781 | |
Amortization of deferred sales commissions | | 9,585 | | | 8,341 | | | 26,506 | | | 26,678 | |
Trade execution, marketing, T&E and other | | 52,289 | | | 51,594 | | | 157,057 | | | 163,225 | |
| | | | | | | | |
| | | | | | | | |
General and administrative | | 145,388 | | | 154,961 | | | 434,976 | | | 480,441 | |
| | | | | | | | |
| | | | | | | | |
Contingent payment arrangements | | 15,364 | | | 2,371 | | | 20,251 | | | 4,047 | |
Interest on borrowings | | 13,209 | | | 5,309 | | | 41,594 | | | 9,401 | |
Amortization of intangible assets | | 11,732 | | | 12,256 | | | 35,148 | | | 14,652 | |
Total expenses | | 856,806 | | | 816,679 | | | 2,485,432 | | | 2,452,760 | |
| | | | | | | | |
Operating income | | 175,250 | | | 170,305 | | | 579,171 | | | 611,355 | |
| | | | | | | | |
Income taxes | | 10,010 | | | 5,239 | | | 31,253 | | | 28,609 | |
| | | | | | | | |
Net income | | 165,240 | | | 165,066 | | | 547,918 | | | 582,746 | |
| | | | | | | | |
Net (loss) income of consolidated entities attributable to non-controlling interests | | (2,164) | | | (10,114) | | | 10,626 | | | (61,930) | |
| | | | | | | | |
Net income attributable to AB Unitholders | | $ | 167,404 | | | $ | 175,180 | | | $ | 537,292 | | | $ | 644,676 | |
| | | | | | | | |
Net income per AB Unit: | | | | | | | | |
Basic | | $ | 0.58 | | | $ | 0.64 | | | $ | 1.86 | | | $ | 2.35 | |
Diluted | | $ | 0.58 | | | $ | 0.64 | | | $ | 1.86 | | | $ | 2.35 | |
See Accompanying Notes to Condensed Consolidated Financial Statements.
ALLIANCEBERNSTEIN L.P.
AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | | | | | | | |
Net income | | $ | 165,240 | | | $ | 165,066 | | | $ | 547,918 | | | $ | 582,746 | |
Other comprehensive (loss) income: | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Foreign currency translation adjustments, before tax | | (15,627) | | | (30,066) | | | (4,971) | | | (76,174) | |
Income tax benefit | | (274) | | | 907 | | | (211) | | | 1,542 | |
Foreign currency translation adjustments, net of tax | | (15,901) | | | (29,159) | | | (5,182) | | | (74,632) | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Changes in employee benefit related items: | | | | | | | | |
Amortization of prior service cost | | 6 | | | 6 | | | 18 | | | 18 | |
Recognized actuarial gain | | 298 | | | 324 | | | 894 | | | 971 | |
Changes in employee benefit related items | | 304 | | | 330 | | | 912 | | | 989 | |
Income tax (expense) benefit | | (1) | | | 3 | | | (5) | | | (12) | |
Employee benefit related items, net of tax | | 303 | | | 333 | | | 907 | | | 977 | |
| | | | | | | | |
Other comprehensive (loss) | | (15,598) | | | (28,826) | | | (4,275) | | | (73,655) | |
Less: Comprehensive (loss) income in consolidated entities attributable to non-controlling interests | | (2,164) | | | (10,114) | | | 10,626 | | | (61,930) | |
Comprehensive income attributable to AB Unitholders | | $ | 151,806 | | | $ | 146,354 | | | $ | 533,017 | | | $ | 571,021 | |
See Accompanying Notes to Condensed Consolidated Financial Statements.
ALLIANCEBERNSTEIN L.P.
AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Partners' Capital
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
General Partner’s Capital | | | | | | | |
Balance, beginning of period | $ | 45,233 | | | $ | 40,270 | | | $ | 45,985 | | | $ | 42,850 | |
Net income | 1,674 | | | 1,752 | | | 5,373 | | | 6,447 | |
Cash distributions to General Partner | (1,962) | | | (2,149) | | | (6,319) | | | (8,645) | |
Long-term incentive compensation plans activity | 31 | | | (11) | | | 34 | | | 19 | |
(Retirement) of AB Units, net | (549) | | | (14) | | | (646) | | | (823) | |
Issuance of AB Units for CarVal acquisition | — | | | 1,328 | | | — | | | 1,328 | |
| | | | | | | |
| | | | | | | |
Balance, end of period | 44,427 | | | 41,176 | | | 44,427 | | | 41,176 | |
Limited Partners' Capital | | | | | | | |
Balance, beginning of period | 4,573,989 | | | 4,082,109 | | | 4,648,113 | | | 4,336,211 | |
Net income | 165,730 | | | 173,428 | | | 531,919 | | | 638,229 | |
Cash distributions to Unitholders | (193,614) | | | (212,485) | | | (624,470) | | | (854,213) | |
Long-term incentive compensation plans activity | 3,025 | | | (1,099) | | | 3,352 | | | 1,815 | |
(Retirement) of AB Units, net | (54,308) | | | (1,537) | | | (64,092) | | | (81,626) | |
Issuance of AB Units for CarVal acquisition | — | | | 131,511 | | | — | | | 131,511 | |
| | | | | | | |
| | | | | | | |
Balance, end of period | 4,494,822 | | | 4,171,927 | | | 4,494,822 | | | 4,171,927 | |
Receivables from Affiliates | | | | | | | |
Balance, beginning of period | (5,148) | | | (6,235) | | | (4,270) | | | (8,333) | |
| | | | | | | |
| | | | | | | |
Long-term incentive compensation awards expense | 142 | | | 134 | | | 548 | | | 474 | |
Capital contributions (to) from AB Holding | (234) | | | (430) | | | (1,518) | | | 1,328 | |
Balance, end of period | (5,240) | | | (6,531) | | | (5,240) | | | (6,531) | |
AB Holding Units held for Long-term Incentive Compensation Plans | | | | | | | |
Balance, beginning of period | (89,343) | | | (121,697) | | | (95,318) | | | (119,470) | |
Purchases of AB Holding Units to fund long-term compensation plans, net | (52,175) | | | (838) | | | (70,837) | | | (107,295) | |
Retirement of AB Units, net | 54,851 | | | 2,509 | | | 65,607 | | | 84,124 | |
Long-term incentive compensation awards expense | 3,600 | | | 9,176 | | | 18,561 | | | 35,952 | |
Re-valuation of AB Holding Units held in rabbi trust | (3,291) | | | 860 | | | (4,371) | | | (3,301) | |
Other | — | | | (153) | | | — | | | (153) | |
Balance, end of period | (86,358) | | | (110,143) | | | (86,358) | | | (110,143) | |
Accumulated Other Comprehensive (Loss) | | | | | | | |
Balance, beginning of period | (118,154) | | | (135,164) | | | (129,477) | | | (90,335) | |
| | | | | | | |
Foreign currency translation adjustment, net of tax | (15,901) | | | (29,159) | | | (5,182) | | | (74,632) | |
Changes in employee benefit related items, net of tax | 303 | | | 333 | | | 907 | | | 977 | |
| | | | | | | |
Balance, end of period | (133,752) | | | (163,990) | | | (133,752) | | | (163,990) | |
Total Partners' Capital attributable to AB Unitholders | 4,313,899 | | | 3,932,439 | | | 4,313,899 | | | 3,932,439 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Non-redeemable Non-controlling Interests in Consolidated Entities | | | | | | | |
Balance, beginning of period | 10,385 | | | — | | | 12,607 | | | — | |
CarVal Acquisition | — | | | 11,208 | | | — | | | 11,208 | |
Net income | 108 | | | — | | | 623 | | | — | |
| | | | | | | |
| | | | | | | |
Distributions to (from) non-controlling interests, net | 139 | | | — | | | (2,334) | | | — | |
Adjustment | — | | | — | | | (264) | | | — | |
| | | | | | | |
Balance, end of period | 10,632 | | | 11,208 | | | 10,632 | | | 11,208 | |
Total Capital | $ | 4,324,531 | | | $ | 3,943,647 | | | $ | 4,324,531 | | | $ | 3,943,647 | |
| | | | | | | |
| | | | | | | |
See Accompanying Notes to Condensed Consolidated Financial Statements.
ALLIANCEBERNSTEIN L.P. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited) | | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
| | | |
Cash flows from operating activities: | | | |
Net income | $ | 547,918 | | | $ | 582,746 | |
| | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Amortization of deferred sales commissions | 26,506 | | | 26,678 | |
Non-cash long-term incentive compensation expense | 19,109 | | | 36,426 | |
Depreciation and other amortization | 68,868 | | | 44,702 | |
Unrealized losses on investments | 3,892 | | | 47,765 | |
Unrealized (gains) losses on investments of consolidated company-sponsored investment funds | (22,413) | | | 90,297 | |
Non-cash lease expense | 76,745 | | | 76,050 | |
| | | |
Change in estimate of contingent payment arrangements | 13,115 | | | — | |
Other, net | 18,102 | | | 20,158 | |
Changes in assets and liabilities: | | | |
Decrease in securities, segregated | 594,497 | | | 168,835 | |
Decrease (increase) in receivables | 332,161 | | | (224,089) | |
(Increase) decrease in investments | (24,726) | | | 12,253 | |
Decrease in investments of consolidated company-sponsored investment funds | 219,144 | | | 51,108 | |
(Increase) in deferred sales commissions | (47,442) | | | (6,214) | |
(Increase) in other assets | (53,776) | | | (76,810) | |
(Decrease) in other assets and liabilities of consolidated company-sponsored investment funds, net | (11,238) | | | (41,294) | |
(Decrease) in payables | (1,253,296) | | | (75,629) | |
(Decrease) increase in accounts payable and accrued expenses | (2,656) | | | 1,571 | |
Increase in accrued compensation and benefits | 366,485 | | | 360,817 | |
Cash payments to relieve operating lease liabilities | (80,678) | | | (82,223) | |
Net cash provided by operating activities | 790,317 | | | 1,013,147 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
Cash flows from investing activities: | | | |
| | | |
| | | |
Purchases of furniture, equipment and leasehold improvements | (21,399) | | | (36,088) | |
| | | |
| | | |
Acquisition of business, net cash acquired | — | | | 40,282 | |
| | | |
| | | |
| | | |
Net cash (used in) provided by investing activities | (21,399) | | | 4,194 | |
| | | |
Cash flows from financing activities: | | | |
(Repayment of) debt, net | (90,000) | | | (65,000) | |
| | | |
| | | |
(Decrease) in overdrafts payable | — | | | (19,746) | |
Distributions to General Partner and Unitholders | (630,789) | | | (862,858) | |
(Redemptions) of non-controlling interest in consolidated company-sponsored investment funds, net | (196,348) | | | (47,345) | |
| | | |
| | | |
Capital contributions (to) affiliates | (2,499) | | | (312) | |
| | | |
| | | |
Additional investments by AB Holding with proceeds from exercise of compensatory options to buy AB Holding Units | — | | | 178 | |
Purchases of AB Holding Units to fund long-term incentive compensation plan awards, net | (70,837) | | | (107,295) | |
| | | |
| | | |
Repayment of acquisition-related debt obligation | — | | | (42,661) | |
Other, net | (3,523) | | | (1,268) | |
Net cash used in financing activities | (993,996) | | | (1,146,307) | |
| | | |
Effect of exchange rate changes on cash and cash equivalents | (2,240) | | | (89,665) | |
| | | |
| | | |
Net (decrease) in cash and cash equivalents | (227,318) | | | (218,631) | |
Cash and cash equivalents as of beginning of the period | 1,309,017 | | | 1,376,026 | |
Cash and cash equivalents as of end of the period | $ | 1,081,699 | | | $ | 1,157,395 | |
| | | |
Non-cash investing activities: | | | |
Fair value of assets acquired (less cash acquired of $40.8 in 2022) | $ | — | | | $ | 1,050,234 | |
Fair value of deferred tax asset recorded | — | | | 4,823 | |
Fair value of liabilities assumed | — | | | 300,381 | |
Fair value of redeemable non-controlling interest assumed | — | | | 13,191 | |
| | | |
Non-cash financing activities: | | | |
Payables recorded under contingent payment arrangements | $ | — | | | $ | 229,571 | |
Equity consideration issued/to be issued in connection with acquisition | — | | | 552,196 | |
See Accompanying Notes to Condensed Consolidated Financial Statements.
ALLIANCEBERNSTEIN L.P.
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
September 30, 2023
(unaudited)
The words “we” and “our” refer collectively to AllianceBernstein L.P. and its subsidiaries (“AB”), or to their officers and employees. Similarly, the word “company” refers to AB. These statements should be read in conjunction with AB’s audited consolidated financial statements included in AB’s Form 10-K for the year ended December 31, 2022.
1. Business Description Organization and Basis of Presentation
Business Description
We provide diversified investment management, research and related services globally to a broad range of clients. Our principal services include:
• Institutional Services – servicing our institutional clients, including private and public pension plans, foundations and endowments, insurance companies, central banks and governments worldwide, and affiliates such as Equitable Holdings, Inc. ("EQH") and its subsidiaries, by means of separately-managed accounts, sub-advisory relationships, structured products, collective investment trusts, mutual funds, hedge funds and other investment vehicles.
• Retail Services – servicing our retail clients, primarily by means of retail mutual funds sponsored by AB or an affiliated company, sub-advisory relationships with mutual funds sponsored by third parties, separately-managed account programs sponsored by financial intermediaries worldwide and other investment vehicles.
• Private Wealth Services – servicing our private clients, including high-net-worth individuals and families, trusts and estates, charitable foundations, partnerships, private and family corporations, and other entities, by means of separately-managed accounts, hedge funds, mutual funds and other investment vehicles.
•Bernstein Research Services – servicing institutional investors, such as pension fund, hedge fund and mutual fund managers, seeking high-quality fundamental research, quantitative services and brokerage-related services in equities and listed options.
We also provide distribution, shareholder servicing, transfer agency services and administrative services to certain of the mutual funds we sponsor.
Our high-quality, in-depth research is the foundation of our asset management and private wealth management businesses. Our research disciplines include economic, fundamental equity, fixed income and quantitative research. In addition, we have expertise in multi-asset strategies, wealth management, environmental, social and corporate governance ("ESG"), and alternative investments.
We provide a broad range of investment services with expertise in:
•Actively-managed equity strategies, with global and regional portfolios across capitalization ranges, concentration ranges and investment strategies, including value, growth and core equities;
•Actively-managed traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies;
•Actively-managed alternative investments, including hedge funds, fund of funds and direct assets (e.g., direct lending, real estate and private equity);
•Portfolios with Purpose, including actively managed, impact-focused and Responsible+ (climate-conscious, ESG leaders, change catalysts) equity, fixed income and multi-asset strategies that address the evolving objectives of our clients to invest their capital with purpose while pursuing strong investment returns;
•Multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds; and
•Passive management, including index, ESG index and enhanced index strategies.
Organization
As of September 30, 2023, EQH owned approximately 3.6% of the issued and outstanding units representing assignments of beneficial ownership of limited partnership interests in AllianceBernstein Holding L.P. (“AB Holding Units”). AllianceBernstein Corporation (an indirect wholly-owned subsidiary of EQH, “General Partner”) is the general partner of both AllianceBernstein Holding L.P. (“AB Holding”) and AB. AllianceBernstein Corporation owns 100,000 general partnership units in AB Holding and a 1.0% general partnership interest in AB.
As of September 30, 2023, the ownership structure of AB, including limited partnership units outstanding as well as the general partner's 1.0% interest, was as follows:
| | | | | |
EQH and its subsidiaries | 60.3 | % |
AB Holding | 39.0 | |
Unaffiliated holders | 0.7 | |
| 100.0 | % |
Including both the general partnership and limited partnership interests in AB Holding and AB, EQH and its subsidiaries had an approximate 61.7% economic interest in AB as of September 30, 2023.
Basis of Presentation
The interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the interim results, have been made. The preparation of the condensed consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the interim reporting periods. Actual results could differ from those estimates. The condensed consolidated statement of financial condition as of December 31, 2022 was derived from audited financial statements. Certain disclosures included in the annual financial statements have been condensed or omitted from these financial statements as they are not required for interim financial statements under principles generally accepted in the United States of America ("GAAP") and the rules of the SEC.
Principles of Consolidation
The condensed consolidated financial statements include AB and its majority-owned and/or controlled subsidiaries, and the consolidated entities that are considered to be variable interest entities (“VIEs”) and/or voting interest entities (“VOEs”) in which AB has a controlling financial interest. Non-controlling interests on the condensed consolidated statements of financial condition include the portion of consolidated company-sponsored investment funds in which we do not have direct equity ownership. All significant inter-company transactions and balances among the consolidated entities have been eliminated.
Subsequent Events
We have evaluated subsequent events through the date that these financial statements were filed with the SEC and did not identify any subsequent events that would require disclosure in these financial statements.
2. Significant Accounting Policies
Recently Adopted Accounting Pronouncements or Accounting Pronouncements Not Yet Adopted
During the nine months ended September 30, 2023, there have been no recently adopted accounting pronouncements or pronouncements not yet adopted that have or are expected to have a material impact on our consolidated results of operations.
3. Revenue Recognition
Revenues for the three and nine months ended September 30, 2023 and 2022 consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (in thousands) |
Subject to contracts with customers: | | | | | | | | |
Investment advisory and services fees | | | | | | | | |
Base fees | | $ | 720,969 | | | $ | 700,809 | | | $ | 2,116,668 | | | $ | 2,145,307 | |
Performance-based fees | | 27,982 | | | 13,755 | | | 82,868 | | | 112,515 | |
Bernstein research services | | 93,875 | | | 91,557 | | | 285,760 | | | 315,806 | |
Distribution revenues | | | | | | | | |
All-in-management fees | | 72,240 | | | 69,717 | | | 211,877 | | | 224,337 | |
12b-1 fees | | 16,388 | | | 16,594 | | | 47,321 | | | 53,547 | |
Other distribution fees | | 60,421 | | | 61,649 | | | 175,727 | | | 191,547 | |
Other revenues | | | | | | | | |
Shareholder servicing fees | | 21,539 | | | 21,474 | | | 62,633 | | | 66,282 | |
Other | | 2,861 | | | 5,383 | | | 12,354 | | | 13,210 | |
| | 1,016,275 | | | 980,938 | | | 2,995,208 | | | 3,122,551 | |
Not subject to contracts with customers: | | | | | | | | |
Dividend and interest income, net of broker-dealer related interest expense | | 22,391 | | | 9,668 | | | 69,793 | | | 31,960 | |
Investment (losses) | | (6,694) | | | (3,861) | | | (760) | | | (91,105) | |
Other revenues | | 84 | | | 239 | | | 362 | | | 709 | |
| | 15,781 | | | 6,046 | | | 69,395 | | | (58,436) | |
Total net revenues | | $ | 1,032,056 | | | $ | 986,984 | | | $ | 3,064,603 | | | $ | 3,064,115 | |
4. Long-term Incentive Compensation Plans
We maintain several unfunded, non-qualified long-term incentive compensation plans, under which we grant annual awards to employees, generally in the fourth quarter, and to members of the Board of Directors of the General Partner, who are not employed by our company or by any of our affiliates (“Eligible Directors”).
We fund our restricted AB Holding Unit awards either by purchasing AB Holding Units on the open market or purchasing newly-issued AB Holding Units from AB Holding, and then keeping these AB Holding Units in a consolidated rabbi trust until delivering them or retiring them. In accordance with the Amended and Restated Agreement of Limited Partnership of AB (“AB Partnership Agreement”), when AB purchases newly-issued AB Holding Units from AB Holding, AB Holding is required to use the proceeds it receives from AB to purchase the equivalent number of newly-issued AB Units, thus increasing its percentage ownership interest in AB. AB Holding Units held in the consolidated rabbi trust are corporate assets in the name of the trust and are available to the general creditors of AB.
Repurchases and retention of AB Holding Units for the three and nine months ended September 30, 2023 and 2022 consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (in millions) |
Total amount of AB Holding Units Purchased/Retained (1) | | 1.8 | | | — | | | 2.3 | | | 2.6 | |
Total Cash Paid for AB Holding Units Purchased/Retained (1) | | $ | 56.9 | | | $ | 1.0 | | | $ | 75.7 | | | $ | 107.7 | |
Open Market Purchases of AB Holding Units Purchased (1) | | 1.8 | | | — | | | 1.8 | | | 2.3 | |
Total Cash Paid for Open Market Purchases of AB Holding Units (1) | | $ | 56.9 | | | $ | — | | | $ | 56.9 | | | $ | 92.7 | |
(1) Purchased on a trade date basis. The difference between open-market purchases and units retained reflects the retention of AB Holding Units from employees to fulfill statutory tax withholding requirements at the time of delivery of long-term incentive compensation awards.
Purchases of AB Holding Units reflected on the condensed consolidated statements of cash flows are net of AB Holding Unit purchases by employees as part of a distribution reinvestment election.
Each quarter, we consider whether to implement a plan to repurchase AB Holding Units pursuant to Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended ("Exchange Act"). A plan of this type allows a company to repurchase its shares at times when it otherwise might be prevented from doing so because of self-imposed trading blackout periods or because it possesses material non-public information. Each broker we select has the authority under the terms and limitations specified in the plan to repurchase AB Holding Units on our behalf. Repurchases are subject to regulations promulgated by the SEC as well as certain price, market volume and timing constraints specified in the plan. The plan adopted during the third quarter of 2023 expired at the close of business on October 25, 2023. We may adopt plans in the future to engage in open-market purchases of AB Holding Units to help fund anticipated obligations under our incentive compensation award program and for other corporate purposes.
During the first nine months of 2023 and 2022, we awarded to employees and Eligible Directors 0.4 million and 0.8 million restricted AB Holding Unit awards, respectively. We use AB Holding Units repurchased during the applicable period and newly-issued AB Holding Units to fund these awards.
During the first nine months of 2023 and 2022, AB Holding issued zero and 5,774 AB Holding Units, respectively, upon exercise of options to buy AB Holding Units. AB Holding used the proceeds of zero and $0.1 million, respectively, received from award recipients as payment in cash for the exercise price to purchase the equivalent number of newly-issued AB Units.
5. Net Income per Unit
Basic net income per unit is derived by reducing net income for the 1% general partnership interest and dividing the remaining 99% by the basic weighted average number of limited partnership units outstanding for each period. Diluted net income per unit is derived by reducing net income for the 1% general partnership interest and dividing the remaining 99% by the total of the diluted weighted average number of limited partnership units outstanding for each period.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (in thousands, except per unit amounts) |
Net income attributable to AB Unitholders | | $ | 167,404 | | | $ | 175,180 | | | $ | 537,292 | | | $ | 644,676 | |
| | | | | | | | |
Weighted average limited partnership units outstanding – basic | | 285,360 | | | 272,646 | | | 285,584 | | | 271,675 | |
Dilutive effect of compensatory options to buy AB Holding Units | | — | | | — | | | — | | | 2 | |
Weighted average limited partnership units outstanding – diluted | | 285,360 | | | 272,646 | | | 285,584 | | | 271,677 | |
Basic net income per AB Unit | | $ | 0.58 | | | $ | 0.64 | | | $ | 1.86 | | | $ | 2.35 | |
Diluted net income per AB Unit | | $ | 0.58 | | | $ | 0.64 | | | $ | 1.86 | | | $ | 2.35 | |
There were no anti-dilutive options excluded from diluted net income in the three and nine months ended September 30, 2023 or 2022.
6. Cash Distributions
AB is required to distribute all of its Available Cash Flow, as defined in the AB Partnership Agreement, to its Unitholders and to the General Partner. Available Cash Flow can be summarized as the cash flow received by AB from operations minus such amounts as the General Partner determines, in its sole discretion, should be retained by AB for use in its business, or plus such amounts as the General Partner determines, in its sole discretion, should be released from previously retained cash flow.
Typically, Available Cash Flow has been the adjusted diluted net income per unit for the quarter multiplied by the number of general and limited partnership interests at the end of the quarter. In future periods, management anticipates that Available Cash Flow will be based on adjusted diluted net income per unit, unless management determines, with the concurrence of the Board of Directors, that one or more adjustments that are made for adjusted net income should not be made with respect to the Available Cash Flow calculation.
On October 26, 2023, the General Partner declared a distribution of $0.73 per AB Unit, representing a distribution of Available Cash Flow for the three months ended September 30, 2023. The General Partner, as a result of its 1% general partnership interest, is entitled to receive 1% of each distribution. The distribution is payable on November 22, 2023 to holders of record on November 6, 2023.
7. Cash and Securities Segregated Under Federal Regulations and Other Requirements
As of September 30, 2023 and December 31, 2022, $0.9 billion and $1.5 billion, respectively, of U.S. Treasury Bills were segregated in a special reserve bank custody account for the exclusive benefit of our brokerage customers under Rule 15c3-3 of the Exchange Act.
8. Investments
Investments consist of:
| | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
| (in thousands) |
| | | |
Equity securities: | | | |
Long-term incentive compensation-related | $ | 17,176 | | | $ | 21,055 | |
Seed capital | 126,384 | | | 138,012 | |
| | | |
| | | |
Investments in limited partnership hedge funds: | | | |
Long-term incentive compensation-related | 20,102 | | | 26,815 | |
Seed capital | 57,331 | | | 15,711 | |
Time deposits | 7,262 | | | 7,750 | |
Other | 9,959 | | | 8,175 | |
Total investments | $ | 238,214 | | | $ | 217,518 | |
Total investments related to long-term incentive compensation obligations of $37.3 million and $47.9 million as of September 30, 2023 and December 31, 2022, respectively, consist of company-sponsored mutual funds and hedge funds. For long-term incentive compensation awards granted before 2009, we typically made investments in company-sponsored mutual funds and hedge funds that were notionally elected by plan participants and maintained them (and continue to maintain them) in a consolidated rabbi trust or separate custodial account. The rabbi trust and custodial account enable us to hold such investments separate from our other assets for the purpose of settling our obligations to participants. The investments held in the rabbi trust and custodial account remain available to the general creditors of AB.
The underlying investments of hedge funds in which we invest include long and short positions in equity securities, fixed income securities (including various agency and non-agency asset-based securities), currencies, commodities and derivatives (including various swaps and forward contracts). These investments are valued at quoted market prices or, where quoted market prices are not available, are fair valued based on the pricing policies and procedures of the underlying funds.
We allocate seed capital to our investment teams to help develop new products and services for our clients. A portion of our seed capital trading investments are equity and fixed income products, primarily in the form of separately-managed account portfolios, U.S. mutual funds, Luxembourg funds, Japanese investment trust management funds or Delaware business trusts. We also may allocate seed capital to investments in private equity funds. Regarding our seed capital investments, the amounts above reflect those funds in which we are not the primary beneficiary of a VIE or hold a controlling financial interest in a VOE. See Note 14, Consolidated Company-Sponsored Investment Funds, for a description of the seed capital investments that we consolidate. As of September 30, 2023 and December 31, 2022, our total seed capital investments were $333.4 million and $309.6 million, respectively. Seed capital investments in unconsolidated company-sponsored investment funds are valued using published net asset values or non-published net asset values if they are not listed on an active exchange but have net asset values that are comparable to funds with published net asset values and have no redemption restrictions.
In addition, we have long positions in corporate equities and long exchange-traded options traded through our options desk.
The portion of unrealized gains (losses) related to equity securities, as defined by ASC 321-10, held as of September 30, 2023 and 2022 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (in thousands) |
Net (losses) gains recognized during the period | | $ | (4,991) | | | $ | 2,603 | | | $ | 3,456 | | | $ | (31,275) | |
Less: net gains recognized during the period on equity securities sold during the period | | 754 | | | 8,197 | | | 6,603 | | | 17,953 | |
Unrealized (losses) recognized during the period on equity securities held | | $ | (5,745) | | | $ | (5,594) | | | $ | (3,147) | | | $ | (49,228) | |
9. Derivative Instruments
See Note 14, Consolidated Company-Sponsored Investment Funds, for disclosure of derivative instruments held by our consolidated company-sponsored investment funds.
We enter various futures, forwards, options and swaps to economically hedge certain seed capital investments. Also, we have currency forwards that help us to economically hedge certain balance sheet exposures. In addition, our options desk trades long and short exchange-traded equity options. We do not hold any derivatives designated in a formal hedge relationship under ASC 815-10, Derivatives and Hedging.
The notional value and fair value as of September 30, 2023 and December 31, 2022 for derivative instruments (excluding derivative instruments relating to our options desk trading activities discussed below) not designated as hedging instruments were as follows:
| | | | | | | | | | | | | | | | | |
| | | Fair Value |
| Notional Value | | Derivative Assets | | Derivative Liabilities |
| (in thousands) |
September 30, 2023: | | | | | |
Exchange-traded futures | $ | 155,467 | | | $ | 2,946 | | | $ | 9 | |
Currency forwards | 27,740 | | | 5,314 | | | 4,494 | |
Interest rate swaps | 19,350 | | | 671 | | | 483 | |
Credit default swaps | 170,418 | | | 13,130 | | | 5,234 | |
Total return swaps | 70,403 | | | 2,367 | | | 3 | |
Option swaps | 50,000 | | | — | | | 499 | |
Total derivatives | $ | 493,378 | | | $ | 24,428 | | | $ | 10,722 | |
| | | | | |
December 31, 2022: | | | | | |
Exchange-traded futures | $ | 154,687 | | | $ | 1,768 | | | $ | 162 | |
Currency forwards | 34,597 | | | 4,446 | | | 5,047 | |
Interest rate swaps | 16,847 | | | 386 | | | 262 | |
Credit default swaps | 225,671 | | | 17,507 | | | 7,302 | |
Total return swaps | 28,742 | | | 605 | | | 933 | |
Option swaps | 50,000 | | | — | | | 6 | |
Total derivatives | $ | 510,544 | | | $ | 24,712 | | | $ | 13,712 | |
As of September 30, 2023 and December 31, 2022, the derivative assets and liabilities are included in both receivables and payables to brokers and dealers on our condensed consolidated statements of financial condition.
The gains and losses for derivative instruments (excluding our options desk trading activities discussed below) for the three and nine months ended September 30, 2023 and 2022 recognized in investment gains (losses) in the condensed consolidated statements of income were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (in thousands) |
Exchange-traded futures | $ | 4,622 | | | $ | 9,388 | | | $ | 2,022 | | | $ | 23,342 | |
Currency forwards | 594 | | | 1,318 | | | 557 | | | 3,600 | |
Interest rate swaps | 93 | | | 45 | | | 144 | | | (7) | |
Credit default swaps | (272) | | | (1,079) | | | (4,513) | | | 5,358 | |
Total return swaps | 2,858 | | | 2,970 | | | (843) | | | 18,401 | |
Option swaps | 1,041 | | | 1,897 | | | 214 | | | 5,676 | |
Net gains (losses) on derivative instruments | $ | 8,936 | | | $ | 14,539 | | | $ | (2,419) | | | $ | 56,370 | |
We may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. We minimize our counterparty exposure through a credit review and approval process. In addition, we have executed various collateral arrangements with counterparties to the over-the-counter derivative transactions that require both pledging and accepting collateral in the form of cash. As of September 30, 2023 and December 31, 2022, we held $13.5 million and $8.4 million, respectively, of cash collateral payable to trade counterparties. This obligation to return cash is reported in payables to brokers and dealers in our condensed consolidated statements of financial condition.
Although notional amount typically is utilized as the measure of volume in the derivatives market, it is not used as a measure of credit risk. Generally, the current credit exposure of our derivative contracts is limited to the net positive estimated fair value of derivative contracts at the reporting date after taking into consideration the existence of netting agreements and any collateral received. A derivative with positive value (a derivative asset) indicates existence of credit risk because the counterparty would owe us if the contract were closed. Alternatively, a derivative contract with negative value (a derivative liability) indicates we would owe money to the counterparty if the contract were closed. Generally, if there is more than one derivative transaction with a single counterparty, a master netting arrangement exists with respect to derivative transactions with that counterparty to provide for aggregate net settlement.
Certain of our standardized contracts for over-the-counter derivative transactions (“ISDA Master Agreements”) contain credit risk related contingent provisions pertaining to each counterparty’s credit rating. In some ISDA Master Agreements, if the counterparty’s credit rating, or in some agreements, our assets under management (“AUM”), falls below a specified threshold, either a default or a termination event permitting us or the counterparty to terminate the ISDA Master Agreement would be triggered. In all agreements that provide for collateralization, various levels of collateralization of net liability positions are applicable, depending on the credit rating of the counterparty. As of September 30, 2023 and December 31, 2022, we delivered $1.6 million and $4.2 million, respectively, of cash collateral into brokerage accounts. We report this cash collateral in cash and cash equivalents in our condensed consolidated statement of financial condition.
As of September 30, 2023 and December 31, 2022, long and short exchange-traded equity options were classified as held for sale on our condensed consolidated statement of financial condition. Our options desk provides our clients with equity derivative strategies and execution for exchange-traded options on single stocks, exchange-traded funds and indices. While predominately agency-based, the options desk may commit capital to facilitate a client’s transaction. Our options desk hedges the risks associated with this activity by taking offsetting positions in equities. For the three and nine months ended September 30, 2023, we recognized gains of $0.4 million and losses of $3.3 million, respectively, on equity options activity. For the three and nine months ended September 30, 2022, we recognized losses of $3.6 million and $13.4 million, respectively, on equity options activity. These gains and losses are recognized in investment gains (losses) in the condensed consolidated statement of income.
10. Offsetting Assets and Liabilities
See Note 14, Consolidated Company-Sponsored Investment Funds, for disclosure of offsetting assets and liabilities of our consolidated company-sponsored investment funds.
Offsetting of assets as of September 30, 2023 and December 31, 2022 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) |
September 30, 2023: | | | | | | | | | | | |
Securities borrowed | $ | 47,728 | | | $ | — | | | $ | 47,728 | | | $ | (47,728) | | | $ | — | | | $ | — | |
Derivatives | $ | 24,428 | | | $ | — | | | $ | 24,428 | | | $ | — | | | $ | (13,487) | | | $ | 10,941 | |
| | | | | | | | | | | |
December 31, 2022: | | | | | | | | | | | |
Securities borrowed | $ | 62,063 | | | $ | — | | | $ | 62,063 | | | $ | (62,058) | | | $ | — | | | $ | 5 | |
Derivatives | $ | 24,712 | | | $ | — | | | $ | 24,712 | | | $ | — | | | $ | (8,361) | | | $ | 16,351 | |
| | | | | | | | | | | |
Offsetting of liabilities as of September 30, 2023 and December 31, 2022 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) |
September 30, 2023: | | | | | | | | | | | |
Securities loaned | $ | 118,713 | | | $ | — | | | $ | 118,713 | | | $ | (115,811) | | | $ | — | | | $ | 2,902 | |
Derivatives | $ | 10,722 | | | $ | — | | | $ | 10,722 | | | $ | — | | | $ | (1,636) | | | $ | 9,086 | |
| | | | | | | | | | | |
December 31, 2022: | | | | | | | | | | | |
Securities loaned | $ | 272,580 | | | $ | — | | | $ | 272,580 | | | $ | (267,053) | | | $ | — | | | $ | 5,527 | |
Derivatives | $ | 13,712 | | | $ | — | | | $ | 13,712 | | | $ | — | | | $ | (4,158) | | | $ | 9,554 | |
| | | | | | | | | | | |
Cash collateral, whether pledged or received on derivative instruments, is not considered material and, accordingly, is not disclosed by counterparty.
11. Fair Value
See Note 14, Consolidated Company-Sponsored Investment Funds, for disclosure of fair value of our consolidated company-sponsored investment funds.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. The three broad levels of fair value hierarchy are as follows:
• Level 1 – Quoted prices in active markets are available for identical assets or liabilities as of the reported date.
• Level 2 – Quoted prices in markets that are not active or other pricing inputs that are either directly or indirectly observable as of the reported date.
• Level 3 – Prices or valuation techniques that are both significant to the fair value measurement and unobservable as of the reported date. These financial instruments do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Valuation of our financial instruments by pricing observability levels as of September 30, 2023 and December 31, 2022 was as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Level 1 | | Level 2 | | Level 3 | | NAV Expedient(1) | | Other | | Total |
September 30, 2023: | | | | | | | | | | | |
Money markets | $ | 171,192 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 171,192 | |
Securities segregated (U.S. Treasury Bills) | — | | | 927,934 | | | — | | | — | | | — | | | 927,934 | |
Derivatives | 2,945 | | | 21,483 | | | — | | | — | | | — | | | 24,428 | |
Investments: | | | | | | | | | | | |
| | | | | | | | | | | |
Equity securities | 116,893 | | | 25,077 | | | 122 | | | 1,468 | | | — | | | 143,560 | |
| | | | | | | | | | | |
Limited partnership hedge funds(2) | — | | | — | | | — | | | — | | | 77,433 | | | 77,433 | |
| | | | | | | | | | | |
Time deposits(3) | — | | | — | | | — | | | — | | | 7,262 | | | 7,262 | |
Other investments | 6,987 | | | — | | | — | | | — | | | 2,972 | | | 9,959 | |
Total investments | 123,880 | | | 25,077 | | | 122 | | | 1,468 | | | 87,667 | | | 238,214 | |
Total assets measured at fair value | $ | 298,017 | | | $ | 974,494 | | | $ | 122 | | | $ | 1,468 | | | $ | 87,667 | | | $ | 1,361,768 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Derivatives | $ | 10 | | | $ | 10,712 | | | $ | — | | | $ | — | | | $ | — | | | $ | 10,722 | |
Contingent payment arrangements | — | | | — | | | 251,522 | | | — | | | — | | | 251,522 | |
Total liabilities measured at fair value | $ | 10 | | | $ | 10,712 | | | $ | 251,522 | | | $ | — | | | $ | — | | | $ | 262,244 | |
| | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Level 1 | | Level 2 | | Level 3 | | NAV Expedient(1) | | Other | | Total |
December 31, 2022: | | | | | | | | | | | |
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(2) | — | | | — | | | — | | | — | | | 42,526 | | | 42,526 | |
| | | | | | | | | | | |
Time deposits(3) | — | | | — | | | — | | | — | | | 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 | |
(1) Investments measured at fair value using NAV (or its equivalent) as a practical expedient.
(2) Investments in equity method investees that are not measured at fair value in accordance with GAAP.
(3) Investments carried at amortized cost that are not measured at fair value in accordance with GAAP.
Other investments included in Level 1 of the fair value hierarchy include our investment in a mutual fund measured at fair value ($7.0 million and $6.7 million as of September 30, 2023 and December 31, 2022, respectively). Other investments not measured at fair value include (i) investment in a start-up company that does not have a readily available fair value (this investment was $0.3 million as of both September 30, 2023 and December 31, 2022) and (ii) broker dealer exchange memberships that are not measured at fair value in accordance with GAAP ($2.7 million and $1.2 million as of September 30, 2023 and December 31, 2022, respectively).
We provide below a description of the fair value methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy:
• Money markets: We invest excess cash in various money market funds that are valued based on quoted prices in active markets; these are included in Level 1 of the valuation hierarchy.
• Treasury Bills: We hold U.S. Treasury Bills, which are primarily segregated in a special reserve bank custody account as required by Rule 15c3-3 of the Exchange Act. These securities are valued based on quoted yields in secondary markets and are included in Level 2 of the valuation hierarchy.
• Equity securities: Our equity securities consist principally of company-sponsored mutual funds with NAVs and various separately-managed portfolios consisting primarily of equity and fixed income mutual funds with quoted prices in active markets, which are included in Level 1 of the valuation hierarchy. In addition, some securities are valued based on observable inputs from recognized pricing vendors, which are included in Level 2 of the valuation hierarchy.
• Derivatives: We hold exchange-traded futures with counterparties that are included in Level 1 of the valuation hierarchy. In addition, we also hold currency forward contracts, interest rate swaps, credit default swaps, option swaps and total return swaps with counterparties that are valued based on observable inputs from recognized pricing vendors, which are included in Level 2 of the valuation hierarchy.
• Contingent payment arrangements: Contingent payment arrangements relate to contingent payment liabilities associated with various acquisitions. At each reporting date, we estimate the fair values of the contingent consideration expected to be paid based upon probability-weighted AUM and revenue projections, using unobservable market data inputs, which are included in Level 3 of the valuation hierarchy.
During the nine months ended September 30, 2023 there were no transfers between Level 2 and Level 3 securities.
The change in carrying value associated with Level 3 financial instruments carried at fair value, classified as equity securities, is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (in thousands) |
Balance as of beginning of period | | $ | 121 | | | $ | 119 | | | $ | 129 | | | $ | 126 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Unrealized gains (losses), net | | 1 | | | 1 | | | (7) | | | (6) | |
Balance as of end of period | | $ | 122 | | | $ | 120 | | | $ | 122 | | | $ | 120 | |
Realized and unrealized gains and losses on Level 3 financial instruments are recorded in investment gains and losses in the condensed consolidated statements of income.
Our acquisitions may include contingent consideration arrangements as part of the purchase price. The change in carrying value associated with Level 3 financial instruments carried at fair value, classified as contingent payment arrangements, is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (in thousands) |
Balance as of beginning of period | | $ | 249,854 | | | $ | 42,436 | | | $ | 247,309 | | | $ | 38,260 | |
Addition | | — | | | 227,071 | | | — | | | 229,571 | |
Accretion | | 2,249 | | | 3,638 | | | 7,136 | | | 5,314 | |
Change in estimate (1) | | 13,115 | | | — | | | 13,115 | | | — | |
Payments | | — | | | — | | | (792) | | | — | |
Held for sale reclassification (1) | | (13,696) | | | — | | | (15,246) | | | — | |
Balance as of end of period | | $ | 251,522 | | | $ | 273,145 | | | $ | 251,522 | | | $ | 273,145 | |
(1) For the three months ended September 30, 2023 we recorded a $13.1 million change in estimate associated with the acquisition of Autonomous LLC which is included in held for sale liabilities on the condensed consolidated statement of financial condition.
As of September 30, 2023, the expected revenue growth rates ranged from 2.0% to 83.9%, with a weighted average of 10.3%, calculated using cumulative revenues and range of revenue growth rates. The discount rates range from 1.9% to 10.4%, with a weighted average of 4.6%, calculated using total contingent liabilities and range of discount rates. In the third quarter of 2022 we acquired CarVal and recorded a contingent consideration liability of $227.1 million. As of September 30, 2022, including the CarVal acquisition, the expected revenue growth rates ranged from 2.0% to 83.9%, with a weighted average of 11.5%, calculated using cumulative revenues and a range of revenue growth rates (excluding revenue growth from additional AUM contributed in the year of acquisition). The discount rates ranged from 1.9% to 10.4%, with a weighted average of 4.5%, calculated using total contingent liabilities and range of discount rates.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
We did not have any material assets or liabilities that were measured at fair value for impairment on a nonrecurring basis during the nine months ended September 30, 2023 or during the year ended December 31, 2022.
12. Commitments and Contingencies
Legal Proceedings
With respect to all significant litigation matters, we consider the likelihood of a negative outcome. If we determine the likelihood of a negative outcome is probable and the amount of the loss can be reasonably estimated, we record an
estimated loss for the expected outcome of the litigation. If the likelihood of a negative outcome is reasonably possible and we are able to determine an estimate of the possible loss or range of loss in excess of amounts already accrued, if any, we disclose that fact together with the estimate of the possible loss or range of loss. However, it is often difficult to predict the outcome or estimate a possible loss or range of loss because litigation is subject to inherent uncertainties, particularly when plaintiffs allege substantial or indeterminate damages. Such is also the case when the litigation is in its early stages or when the litigation is highly complex or broad in scope. In these cases, we disclose that we are unable to predict the outcome or estimate a possible loss or range of loss.
On December 14, 2022, four individual participants in the Profit Sharing Plan for Employees of AllianceBernstein L.P., (the "Plan") filed a class action complaint (the “Complaint”) in the U.S. District Court for the Southern District of New York against AB, current and former members of the Compensation and Workplace Practices Committee of the Board, and the Investment and Administrative Committees under the Plan. Plaintiffs, who seek to represent a class of all participants in the Plan from December 14, 2016 to the present, allege that defendants violated their fiduciary duties and engaged in prohibited transactions under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), by including proprietary collective investment trusts as investment options offered under the Plan. The Complaint seeks unspecified damages, disgorgement and other equitable relief. AB is prepared to defend itself vigorously against these claims. While the ultimate outcome of this matter is currently not determinable given the matter remains in its early stages, we do not believe this litigation will have a material adverse effect on our results of operations, financial condition or liquidity.
AB may be involved in various other matters, including regulatory inquiries, administrative proceedings and litigation, some of which may allege significant damages. It is reasonably possible that we could incur losses pertaining to these other matters, but we cannot currently estimate any such losses. Management, after consultation with legal counsel, currently believes that the outcome of any other individual matter that is pending or threatened, or all of them combined, will not have a material adverse effect on our results of operations, financial condition or liquidity. However, any inquiry, proceeding or litigation has an element of uncertainty; management cannot determine whether further developments relating to any other individual matter that is pending or threatened, or all of them combined, will have a material adverse effect on our results of operation, financial condition or liquidity in any future reporting period.
13. Leases
We lease office space, furniture and office equipment under various operating and financing leases. Our current leases have remaining lease terms of one year to 15 years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the leases within one year. Since 2010, we have sub-leased over one million square feet of office space.
Leases included in the condensed consolidated statement of financial condition as of September 30, 2023 and December 31, 2022 were as follows:
| | | | | | | | | | | | | | | | | |
| Classification | | September 30, 2023 | | December 31, 2022 |
| | | (in thousands) |
Operating Leases | | | | | |
Operating lease right-of-use assets | Right-of-use assets | | $ | 331,269 | | | $ | 360,092 | |
Operating lease liabilities | Lease liabilities | | 379,212 | | | 415,539 | |
| | | | | |
Finance Leases | | | | | |
Property and equipment, gross | Right-of-use assets | | 20,732 | | | 18,116 | |
Amortization of right-of-use assets | Right-of-use assets | | (8,946) | | | (6,310) | |
Property and equipment, net | | | 11,786 | | | 11,806 | |
Finance lease liabilities | Lease liabilities | | 11,846 | | | 11,940 | |
The components of lease expense included in the condensed consolidated statement of income as of September 30, 2023 and September 30, 2022 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended September 30, | | Nine Months Ended September 30, |
| Classification | | 2023 | | 2022 | | 2023 | | 2022 |
| | | (in thousands) |
Operating lease cost | General and administrative | | $ | 23,611 | | | $ | 24,491 | | | $ | 70,895 | | | $ | 73,076 | |
Financing lease cost: | | | | | | | | | |
Amortization of right-of-use assets | General and administrative | | 1,248 | | | 1,021 | | | 3,527 | | | 2,845 | |
Interest on lease liabilities | Interest expense | | 96 | | | 50 | | | 249 | | | 143 | |
Total finance lease cost | | | 1,344 | | | 1,071 | | | 3,776 | | | 2,988 | |
Variable lease cost (1) | General and administrative | | 9,445 | | | 9,970 | | | 25,744 | | | 30,125 | |
Sublease income | General and administrative | | (8,300) | | | (8,296) | | | (25,301) | | | (26,167) | |
Net lease cost | | | $ | 26,100 | | | $ | 27,236 | | | $ | 75,114 | | | $ | 80,022 | |
(1) Variable lease expense includes operating expenses, real estate taxes and employee parking.
The sub-lease income represents all revenues received from sub-tenants. It is primarily fixed base rental payments combined with variable reimbursements such as operating expenses, real estate taxes and employee parking. The vast majority of sub-tenant income is derived from our New York metro sub-tenant agreements. Sub-tenant income related to base rent is recorded on a straight-line basis.
Maturities of lease liabilities were as follows:
| | | | | | | | | | | | | | | | | |
| Operating Leases | | Financing Leases | | Total |
Year ending December 31, | (in thousands) |
2023 (excluding the nine months ended September 30, 2023) | $ | 24,167 | | | $ | 1,117 | | | $ | 25,284 | |
2024 | 110,237 | | | 4,265 | | | 114,502 | |
2025 | 41,901 | | | 3,836 | | | 45,737 | |
2026 | 40,076 | | | 2,405 | | | 42,481 | |
2027 | 37,444 | | | 741 | | | 38,185 | |
Thereafter | 163,211 | | | 67 | | | 163,278 | |
Total lease payments | 417,036 | | | 12,431 | | | 429,467 | |
Less interest | (37,824) | | | (585) | | | |
Present value of lease liabilities | $ | 379,212 | | | $ | 11,846 | | | |
We have signed a lease that commences in 2024, relating to approximately 166,000 square feet of space in New York City. Our estimated total base rent obligation (excluding taxes, operating expenses and utilities) over the 20-year lease term is approximately $393.0 million.
| | | | | |
Lease term and discount rate: | |
Weighted average remaining lease term (years): | |
Operating leases | 7.30 |
Finance leases | 3.07 |
Weighted average discount rate: | |
Operating leases | 2.8 | % |
Finance leases | 3.0 | % |
Supplemental non-cash activity related to leases was as follows:
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
| (in thousands) |
| | | |
| | | |
| | | |
| | | |
Right-of-use assets obtained in exchange for lease obligations(1): | | | |
Operating leases | 32,867 | | | 32,862 | |
Finance leases | 3,516 | | | 6,414 | |
(1) Represents non-cash activity and, accordingly, is not reflected in the condensed consolidated statement of cash flows.
14. Consolidated Company-Sponsored Investment Funds
We regularly provide seed capital to new company-sponsored investment funds. As such, we may consolidate or de-consolidate a variety of company-sponsored investment funds each quarter. Due to the similarity of risks related to our involvement with each company-sponsored investment fund, disclosures required under the VIE model are aggregated, such as disclosures regarding the carrying amount and classification of assets.
We are not required to provide financial support to company-sponsored investment funds, and only the assets of such funds are available to settle each fund's own liabilities. Our exposure to loss regarding consolidated company-sponsored investment funds is limited to our investment in, and our management fee earned from, such funds. Equity and debt holders of such funds have no recourse to AB’s assets or to the general credit of AB.
The balances of consolidated VIEs and VOEs included in our condensed consolidated statements of financial condition were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 |
| | (in thousands) |
| | VIEs | | VOEs | | Total | | VIEs | | VOEs | | Total |
Cash and cash equivalents | | $ | 13,247 | | | $ | — | | | $ | 13,247 | | | $ | 19,751 | | | $ | — | | | $ | 19,751 | |
Investments | | 297,386 | | | 22,419 | | | 319,805 | | | 516,536 | | | — | | | 516,536 | |
Other assets | | 13,516 | | | 918 | | | 14,434 | | | 44,424 | | | — | | | 44,424 | |
Total assets | | $ | 324,149 | | | $ | 23,337 | | | $ | 347,486 | | | $ | 580,711 | | | $ | — | | | $ | 580,711 | |
| | | | | | | | | | | | |
Liabilities | | $ | 13,363 | | | $ | 938 | | | $ | 14,301 | | | $ | 55,529 | | | $ | — | | | $ | 55,529 | |
Redeemable non-controlling interest | | 176,307 | | | 6,627 | | | 182,934 | | | 368,656 | | | — | | | 368,656 | |
Partners' capital attributable to AB Unitholders | | 134,479 | | | 15,772 | | | 150,251 | | | 156,526 | | | — | | | 156,526 | |
Total liabilities, redeemable non-controlling interest and partners' capital | | $ | 324,149 | | | $ | 23,337 | | | $ | 347,486 | | | $ | 580,711 | | | $ | — | | | $ | 580,711 | |
During the nine-month period ended September 30, 2023, we deconsolidated three funds in which we had a seed investment of approximately $40.6 million as of December 31, 2022, due to no longer having a controlling financial interest.
Changes in the redeemable non-controlling interest balance during the nine-month period ended September 30, 2023 are as follows (in thousands):
| | | | | |
| |
Redeemable non-controlling interest as of December 31, 2022 | $ | 368,656 | |
Deconsolidated funds | (196,277) | |
Changes in third-party seed investments in consolidated funds | 10,555 | |
Redeemable non-controlling interest as of September 30, 2023 | $ | 182,934 | |
Fair Value
Cash and cash equivalents include cash on hand, demand deposits, overnight commercial paper and highly liquid investments with original maturities of three months or less. Due to the short-term nature of these instruments, the recorded value has been determined to approximate fair value.
Valuation of consolidated company-sponsored investment funds' financial instruments by pricing observability levels as of September 30, 2023 and December 31, 2022 was as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Level 1 | | Level 2 | | Level 3 | | | | Total |
September 30, 2023: | | | | | | | | | |
Investments - VIEs | $ | 50,467 | | | $ | 246,919 | | | $ | — | | | | | $ | 297,386 | |
Investments - VOEs | 22,419 | | | — | | | — | | | | | 22,419 | |
Derivatives - VIEs | 343 | | | 1,568 | | | — | | | | | 1,911 | |
| | | | | | | | | |
Total assets measured at fair value | $ | 73,229 | | | $ | 248,487 | | | $ | — | | | | | $ | 321,716 | |
| | | | | | | | | |
Derivatives - VIEs | 1,192 | | | 2,549 | | | — | | | | | 3,741 | |
| | | | | | | | | |
Total liabilities measured at fair value | $ | 1,192 | | | $ | 2,549 | | | $ | — | | | | | $ | 3,741 | |
| | | | | | | | | |
December 31, 2022: | | | | | | | | | |
Investments - VIEs | $ | 129,706 | | | $ | 386,830 | | | $ | — | | | | | $ | 516,536 | |
| | | | | | | | | |
Derivatives - VIEs | 1,529 | | | 6,023 | | | — | | | | | 7,552 | |
| | | | | | | | | |
Total assets measured at fair value | $ | 131,235 | | | $ | 392,853 | | | $ | — | | | | | $ | 524,088 | |
| | | | | | | | | |
| | | | | | | | | |
Derivatives - VIEs | $ | 14,932 | | | $ | 6,608 | | | $ | — | | | | | $ | 21,540 | |
| | | | | | | | | |
Total liabilities measured at fair value | $ | 14,932 | | | $ | 6,608 | | | $ | — | | | | | $ | 21,540 | |
See Note 11 for a description of the fair value methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy.
The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (in thousands) |
Balance as of beginning of period | | $ | — | | | $ | — | | | $ | — | | | $ | 3,357 | |
Deconsolidated funds | | — | | | — | | | — | | | (3,351) | |
Transfers (out) | | — | | | — | | | — | | | (6) | |
Purchases | | — | | | — | | | — | | | 248 | |
Sales | | — | | | — | | | — | | | (248) | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Balance as of end of period | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
The Level 3 securities primarily consist of corporate bonds that are vendor priced with no ratings available, bank loans, non-agency collateralized mortgage obligations and asset-backed securities.
Transfers into and out of all levels of the fair value hierarchy are reflected at end-of-period fair values. Realized and unrealized gains and losses on Level 3 financial instruments are recorded in investment gains and losses in the condensed consolidated statements of income.
Derivative Instruments
As of September 30, 2023 and December 31, 2022, the VIEs held $1.8 million and $14.0 million (net), respectively, of futures, forwards and swaps within their portfolios. For the three and nine months ended September 30, 2023, we recognized $3.3 million and $2.9 million of losses, respectively, on these derivatives. For the three and nine months ended September 30, 2022, we recognized $4.9 million and $10.1 million of losses, respectively, on these derivatives. These gains and losses are recognized in investment gains (losses) in the condensed consolidated statements of income.
As of September 30, 2023 and December 31, 2022, the VIEs held $0.6 million and $2.7 million, respectively, of cash collateral payable to trade counterparties. This obligation to return cash is reported in the liabilities of consolidated company-sponsored investment funds in our condensed consolidated statements of financial condition.
As of September 30, 2023 and December 31, 2022, the VIEs delivered $3.3 million and $5.4 million, respectively, of cash collateral into brokerage accounts. The VIEs report this cash collateral in the consolidated company-sponsored investment funds cash and cash equivalents in our condensed consolidated statements of financial condition.
As of September 30, 2023, the VOEs held no futures, forwards, options or swaps within their portfolios.
As of September 30, 2023, the VOEs held no cash collateral payable to trade counterparties.
As of September 30, 2023, the VOEs delivered no cash collateral in brokerage accounts.
Offsetting Assets and Liabilities
Offsetting of derivative assets of consolidated company-sponsored investment funds as of September 30, 2023 and December 31, 2022 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) |
September 30, 2023: | | | | | | | | | | | |
Derivatives - VIEs | $ | 1,911 | | | $ | — | | | $ | 1,911 | | | $ | — | | | $ | (621) | | | $ | 1,290 | |
| | | | | | | | | | | |
December 31, 2022: | | | | | | | | | | | |
Derivatives - VIEs | $ | 7,552 | | | $ | — | | | $ | 7,552 | | | $ | — | | | $ | (2,731) | | | $ | 4,821 | |
| | | | | | | | | | | |
Offsetting of derivative liabilities of consolidated company-sponsored investment funds as of September 30, 2023 and December 31, 2022 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) |
September 30, 2023: | | | | | | | | | | | |
Derivatives - VIEs | $ | 3,741 | | | $ | — | | | $ | 3,741 | | | $ | — | | | $ | (3,337) | | | $ | 404 | |
| | | | | | | | | | | |
December 31, 2022: | | | | | | | | | | | |
Derivatives - VIEs | $ | 21,540 | | | $ | — | | | $ | 21,540 | | | $ | — | | | $ | (5,444) | | | $ | 16,096 | |
| | | | | | | | | | | |
Cash collateral, whether pledged or received on derivative instruments, is not considered material and, accordingly, is not disclosed by counterparty.
Non-Consolidated VIEs
As of September 30, 2023, the net assets of company-sponsored investment products that are non-consolidated VIEs are approximately $54.9 billion, and our maximum risk of loss is our investment of $11.0 million in these VIEs and our advisory fee receivables from these VIEs is $99.3 million. As of December 31, 2022, the net assets of company-sponsored investment products that were non-consolidated VIEs was approximately $46.4 billion; our maximum risk of loss was our investment of $5.7 million in these VIEs and our advisory fees receivable from these VIEs was $54.2 million.
15. Units Outstanding
Changes in AB Units outstanding during the nine-month period ended September 30, 2023 were as follows:
| | | | | |
Outstanding as of December 31, 2022 | 285,979,913 | |
| |
Units issued | 226,691 | |
Units retired(1) | (2,235,007) | |
Outstanding as of September 30, 2023 | 283,971,597 | |
(1) During the nine months ended September 30, 2023, we purchased 4,092 AB Units in private transactions and retired them.
16. Debt
Credit Facility
AB has an $800.0 million committed, unsecured senior revolving credit facility (the “Credit Facility”) with a group of commercial banks and other lenders, which matures on October 13, 2026. The Credit Facility was amended and restated on February 9, 2023, to reflect the transition from US LIBOR, which was retired June 30, 2023, to the term Secured Overnight Financial Rate or "SOFR". Other than this immaterial change, there were no other significant changes included in the amendment. The Credit Facility provides for possible increases in the principal amount by up to an aggregate incremental amount of $200.0 million; any such increase is subject to the consent of the affected lenders. The Credit Facility is available for AB and Sanford C. Bernstein & Co., LLC ("SCB LLC") business purposes, including the support of AB’s commercial paper program. Both AB and SCB LLC can draw directly under the Credit Facility and management may draw on the Credit Facility from time to time. AB has agreed to guarantee the obligations of SCB LLC under the Credit Facility.
The Credit Facility contains affirmative, negative and financial covenants, which are customary for facilities of this type, including restrictions on dispositions of assets, restrictions on liens, a minimum interest coverage ratio and a maximum leverage ratio. As of September 30, 2023, we were in compliance with these covenants. The Credit Facility also includes customary events of default (with customary grace periods, as applicable), including provisions under which, upon the occurrence of an event of default, all outstanding loans may be accelerated and/or lender’s commitments may be terminated. Also, under such provisions, upon the occurrence of certain insolvency- or bankruptcy-related events of default, all amounts payable under the Credit Facility would automatically become immediately due and payable, and the lender’s commitments automatically would terminate.
Amounts under the Credit Facility may be borrowed, repaid and re-borrowed by us from time to time until the maturity of the facility. Voluntary prepayments and commitment reductions requested by us are permitted at any time without a fee (other than customary breakage costs relating to the prepayment of any drawn loans) upon proper notice and subject to a minimum dollar requirement. Borrowings under the Credit Facility bear interest at a rate per annum, which will be, at our option, a rate equal to an applicable margin, which is subject to adjustment based on the credit ratings of AB, plus one of the following indices: SOFR; a Prime rate; or the Federal Funds rate.
As of September 30, 2023 and December 31, 2022, we had no amounts outstanding under the Credit Facility. Furthermore, during the first nine months of 2023 and the full year 2022, we did not draw upon the Credit Facility.
EQH Facility
AB also has a $900.0 million committed, unsecured senior credit facility (“EQH Facility”) with EQH. The EQH Facility matures on November 4, 2024 and is available for AB's general business purposes. Borrowings under the EQH Facility generally bear interest at a rate per annum based on prevailing overnight commercial paper rates.
The EQH Facility contains affirmative, negative and financial covenants which are substantially similar to those in AB’s committed bank facilities. As of September 30, 2023, we were in compliance with these covenants. The EQH Facility also
includes customary events of default substantially similar to those in AB’s committed bank facilities, including provisions under which, upon the occurrence of an event of default, all outstanding loans may be accelerated and/or the lender’s commitment may be terminated.
Amounts under the EQH Facility may be borrowed, repaid and re-borrowed by us from time to time until the maturity of the facility. AB or EQH may reduce or terminate the commitment at any time without penalty upon proper notice. EQH also may terminate the facility immediately upon a change of control of our general partner.
As of both September 30, 2023 and December 31, 2022, AB had $900.0 million outstanding under the EQH Facility, with interest rates of approximately 5.3% and 4.3%, respectively. Average daily borrowings on the EQH Facility for the first nine months of 2023 and the full year 2022 were $778.7 million and $655.2 million, respectively, with weighted average interest rates of approximately 4.8% and 1.7%, respectively.
EQH Uncommitted Facility
In addition to the EQH Facility, AB has a $300.0 million uncommitted, unsecured senior credit facility (“EQH Uncommitted Facility”) with EQH. The EQH Uncommitted Facility matures on September 1, 2024 and is available for AB's general business purposes. Borrowings under the EQH Uncommitted Facility generally bear interest at a rate per annum based on prevailing overnight commercial paper rates. The EQH Uncommitted Facility contains affirmative, negative and financial covenants which are substantially similar to those in the EQH Facility. As of September 30, 2023, we were in compliance with these covenants. As of September 30, 2023, we had no amounts outstanding under the EQH Uncommitted Facility. As of December 31, 2022, we had $90.0 million outstanding under the EQH Uncommitted Facility, with an interest rate of approximately 4.3%. Average daily borrowing on the EQH Uncommitted Facility for the first nine months of 2023 and the full year 2022 were $4.8 million and $0.7 million, respectively, with weighted average interest rates of approximately 4.6% and 4.3%, respectively.
Commercial Paper
As of September 30, 2023 and December 31, 2022, we had no commercial paper outstanding. The commercial paper is short term in nature, and as such, recorded value is estimated to approximate fair value (and considered a Level 2 security in the fair value hierarchy). Average daily borrowings of commercial paper during the first nine months of 2023 and full year 2022 were $277.1 million and $189.9 million, respectively, with weighted average interest rates of approximately 5.1% and 1.5%, respectively.
SCB Lines of Credit
SCB LLC currently has five uncommitted lines of credit with five financial institutions. Four of these lines of credit permit us to borrow up to an aggregate of approximately $315.0 million, with AB named as an additional borrower, while the other line has no stated limit. AB has agreed to guarantee the obligations on SCB LLC under these lines of credit. As of September 30, 2023 and December 31, 2022, SCB LLC had no outstanding balance on these lines of credit. Average daily borrowings during the first nine months of 2023 and full year 2022 were $1.5 million and $1.4 million, respectively, with weighted average interest rates of approximately 7.8% and 3.7%, respectively.
17. Divestitures
On November 22, 2022, AB and Société Générale (EURONEXT: SCGLY, “SocGen”), a leading European bank, announced plans to form a joint venture combining their respective cash equities and research businesses. Upon closing, AB will own a 49% interest in the joint venture and SocGen will own a 51% interest, with an option to reach 100% ownership after five years. The consummation of the joint venture is subject to customary closing conditions, including regulatory clearances. Due to the expected timing of regulatory approvals, we now expect the closing to occur in the first half of 2024.
The assets and liabilities of AB's research services business (“the disposal group”) continue to be classified as held for sale on the condensed consolidated statement of financial condition and recorded at fair value, less cost to sell. As a result of classifying these assets as held for sale, we recognized a non-cash valuation adjustment of $2.1 million and $7.6 million in general and administrative expenses on the condensed consolidated statement of income for the three and nine months ended September 30, 2023, respectively, as well as $7.4 million for the three months ended December 31, 2022, to recognize the net carrying value at lower of cost or fair value, less estimated costs to sell. Approximately $4.9 million in costs to sell have been paid as of September 30, 2023.
The following table summarizes the assets and liabilities of the disposal group classified as held for sale on the condensed consolidated statement of financial condition as of September 30, 2023 and December 31, 2022:
| | | | | | | | |
(in thousands) | September 30, 2023 | December 31, 2022 |
Cash and cash equivalents | $ | 145,679 | | $ | 159,123 | |
Receivables, net: | | |
Brokers and dealers | 96,768 | | 44,717 | |
Brokerage clients | 77,765 | | 29,243 | |
Other fees | 19,860 | | 22,988 | |
Investments | 23,941 | | 24,507 | |
Furniture and equipment, net | 4,947 | | 4,128 | |
Other assets | 153,127 | | 107,764 | |
Right-of-use assets | 5,293 | | 1,552 | |
Intangible assets | 4,271 | | 4,903 | |
Goodwill | 159,826 | | 159,826 | |
Valuation adjustment (allowance) on disposal group | (10,150) | | (7,400) | |
Total assets held for sale | $ | 681,327 | | $ | 551,351 | |
| | |
Payables: | | |
Brokers and dealers | $ | 70,927 | | $ | 32,983 | |
Brokerage clients | 29,281 | | 10,232 | |
Other liabilities | 75,177 | | 50,884 | |
Accrued compensation and benefits | 40,948 | | 13,853 | |
Total liabilities held for sale | $ | 216,333 | | $ | 107,952 | |
| | |
As of September 30, 2023 and December 31, 2022, cash and cash equivalents classified as held for sale included in the condensed consolidated statement of cash flows was $145.7 million and $159.1 million, respectively.
We have determined that the exit from the sell-side research business does not represent a strategic shift that has had, or is likely to have a major effect on our consolidated results of operations. Accordingly, we have not classified the disposal group as discontinued operations. The results of operations of the disposal group up to the respective dates of sale will be included in our consolidated results of operations for all periods presented. The lower of amortized cost or fair value adjustment upon transferring these assets to held for sale was not material.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Executive Overview
Our total assets under management (“AUM”) as of September 30, 2023 were $669.0 billion, down $22.5 billion, or 3.3%, compared to June 30, 2023, and up $56.3 billion, or 9.2%, compared to September 30, 2022. During the third quarter of 2023, AUM decreased due to market depreciation of $20.6 billion and net outflows of $1.9 billion (Institutional net outflows of $3.5 billion offset by Retail net inflows of $1.6 billion, while Private Wealth flows were flat).
Institutional AUM decreased $12.3 billion, or 4.0%, to $296.9 billion during the third quarter of 2023, due to market depreciation of $8.8 billion and net outflows of $3.5 billion. Gross sales increased sequentially from $1.5 billion during the second quarter of 2023 to $4.3 billion during the third quarter of 2023. Redemptions and terminations decreased sequentially from $4.0 billion to $2.7 billion.
Retail AUM decreased $7.4 billion, or 2.8%, to $259.2 billion during the third quarter of 2023, due to market depreciation of $9.0 billion, offset by net inflows of $1.6 billion. Gross sales increased sequentially from $16.5 billion during the second quarter of 2023 to $16.9 billion during the third quarter of 2023. Redemptions and terminations decreased sequentially from $14.6 billion to $13.6 billion.
Private Wealth AUM decreased $2.8 billion, or 2.4%, to $112.9 billion during the third quarter of 2023, due to market depreciation of $2.8 billion. Gross sales decreased sequentially from $4.4 billion during the second quarter of 2023 to $4.0 billion during the third quarter of 2023. Redemptions and terminations decreased sequentially from $4.5 billion to $4.0 billion.
Bernstein Research Services revenue for the third quarter of 2023 was $93.9 million, up $2.3 million, or 2.5%, compared to the third quarter of 2022. The increase was driven by a modest growth in research payments.
Net revenues for the third quarter of 2023 increased $45.1 million, or 4.6%, to $1.0 billion from $987.0 million in the third quarter of 2022. The increase was primarily due to higher investment advisory base fees of $20.2 million, higher performance-based fees of $14.2 million and higher net dividend and interest income of $12.7 million. Operating expenses for the third quarter of 2023 increased $40.1 million, or 4.9%, to $856.8 million from $816.7 million in the third quarter of 2022. The increase was primarily due to higher employee compensation and benefits expense of $23.8 million, higher contingent payment arrangements expense of $13.0 million, higher promotion and servicing expenses of $5.6 million and higher interest on borrowings of $7.9 million, partially offset by lower general and administrative expenses of $9.6 million. Our operating income increased $4.9 million, or 2.9%, to $175.3 million from $170.3 million in the third quarter of 2022 and our operating margin decreased to 17.2% in the third quarter of 2023 from 18.3% in the third quarter of 2022.
Market Commentary
Equity and fixed income markets posted declines in the third quarter as interest rates continued to rise, with the U.S. Federal Reserve raising rates yet again signaling less easing in 2024. Thirty year mortgage rates hit their highest level since 2000 and the 10-year Treasury yield rose to its highest level since 2007. The U.S. economy has weathered higher interest rates well, emboldening the Federal Reserve to tighten monetary policies aggressively. While inflation is trending lower, core inflation remains over 4%, well above the Federal Reserve’s 2% target. Meanwhile, U.S. Congress agreed on a short term government funding measure as September came to a close, postponing a government shutdown.
In the U.K., inflation remains high and interest rates are likely to rise further in the fourth quarter. The European Central Bank raised rates in September and regional recession fears are acute, particularly as German manufacturing suffers from sluggish Chinese demand. China’s growth continues to disappoint, primarily reflecting a longer term secular slowdown amid waning consumer and business confidence, housing sector imbalances and little sign of government stimulus.
Relationship with EQH and its Subsidiaries
EQH (our parent company) and its subsidiaries are our largest client. EQH is collaborating with AB in order to improve the risk-adjusted yield for the General Accounts of EQH's insurance subsidiaries by investing additional assets at AB, including the utilization of AB's higher-fee, longer-duration alternative offerings. In mid-2021, Equitable Financial Life Insurance Company, a subsidiary of EQH ("Equitable Financial"), agreed to provide an initial $10 billion in permanent capital1 to build out AB's private illiquid offerings, including private alternatives and private placements. Deployment of this initial capital commitment is approximately 80% completed and is expected to continue over the next year. In addition, during the second quarter of 2023, EQH committed to provide an additional $10 billion in permanent capital, which will begin following the completion of the initial $10 billion commitment. We expect this anticipated capital from Equitable Financial will continue to accelerate both organic and inorganic growth in our private alternatives business, allowing us to continue to deliver for our clients, employees, unitholders and other stakeholders. For example, included in the initial $10 billion commitment by EQH is $750 million in capital to be deployed through AB CarVal.
Assets Under Management
Assets under management by distribution channel are as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| As of September 30, | | | | |
| 2023 | | 2022 | | $ Change | | % Change |
| (in billions) | | |
| | | | | | | |
Institutions | $ | 296.9 | | | $ | 279.4 | | | $ | 17.5 | | | 6.3 | % |
Retail | 259.2 | | | 232.3 | | | 26.9 | | | 11.6 | |
Private Wealth | 112.9 | | | 101.0 | | | 11.9 | | | 11.7 | |
Total | $ | 669.0 | | | $ | 612.7 | | | $ | 56.3 | | | 9.2 | % |
Assets under management by investment service are as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| As of September 30, | | | | |
| 2023 | | 2022 | | $ Change | | % Change |
| (in billions) | | |
Equity | | | | | | | |
Actively Managed | $ | 226.8 | | | $ | 202.9 | | | $ | 23.9 | | | 11.8 | % |
Passively Managed(1) | 56.0 | | | 52.1 | | | 3.9 | | | 7.5 | |
Total Equity | 282.8 | | | 255.0 | | | 27.8 | | | 10.9 | |
| | | | | | | |
Fixed Income | | | | | | | |
Actively Managed | | | | | | | |
Taxable | 195.0 | | | 187.2 | | | 7.8 | | | 4.2 | |
Tax–exempt | 55.6 | | | 51.9 | | | 3.7 | | | 7.0 | |
| 250.6 | | | 239.1 | | | 11.5 | | | 4.8 | |
Passively Managed(1) | 9.4 | | | 9.5 | | | (0.1) | | | (0.9) | |
Total Fixed Income | 260.0 | | | 248.6 | | | 11.4 | | | 4.6 | |
| | | | | | | |
Alternatives/Multi-Asset Solutions(2) | | | | | | | |
Actively Managed | 118.6 | | | 103.8 | | | 14.8 | | | 14.2 | |
Passively Managed(1) | 7.6 | | | 5.3 | | | 2.3 | | | 41.8 | |
Total Alternatives/Multi-Asset Solutions | 126.2 | | | 109.1 | | | 17.1 | | | 15.6 | |
Total | $ | 669.0 | | | $ | 612.7 | | | $ | 56.3 | | | 9.2 | % |
(1)Includes index and enhanced index services.
(2)Includes certain multi-asset solutions and services not included in equity or fixed income services.
1 Permanent capital means investment capital of indefinite duration, which may be withdrawn under certain conditions. Although Equitable Financial has indicated its intention over time to provide this investment capital to AB, which is mutually beneficial to both firms, it has no binding commitment to do so.
Changes in assets under management for the three-month, nine-month and twelve-month periods ended September 30, 2023 are as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Distribution Channel |
| Institutions | | Retail | | Private Wealth | | Total |
| (in billions) |
Balance as of June 30, 2023 | $ | 309.2 | | | $ | 266.6 | | | $ | 115.7 | | | $ | 691.5 | |
Long-term flows: | | | | | | | |
Sales/new accounts | 4.3 | | | 16.9 | | | 4.0 | | | 25.2 | |
Redemptions/terminations | (2.7) | | | (13.6) | | | (4.0) | | | (20.3) | |
Cash flow/unreinvested dividends | (5.1) | | | (1.7) | | | — | | | (6.8) | |
Net long-term (outflows) inflows | (3.5) | | | 1.6 | | | — | | | (1.9) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Market depreciation | (8.8) | | | (9.0) | | | (2.8) | | | (20.6) | |
Net change | (12.3) | | | (7.4) | | | (2.8) | | | (22.5) | |
Balance as of September 30, 2023 | $ | 296.9 | | | $ | 259.2 | | | $ | 112.9 | | | $ | 669.0 | |
| | | | | | | |
Balance as of December 31, 2022 | $ | 297.3 | | | $ | 242.9 | | | $ | 106.2 | | | $ | 646.4 | |
Long-term flows: | | | | | | | |
Sales/new accounts | 8.8 | | | 50.2 | | | 14.2 | | | 73.2 | |
Redemptions/terminations | (10.1) | | | (41.5) | | | (12.5) | | | (64.1) | |
Cash flow/unreinvested dividends | (8.1) | | | (6.2) | | | — | | | (14.3) | |
Net long-term (outflows) inflows | (9.4) | | | 2.5 | | | 1.7 | | | (5.2) | |
Transfers | 0.1 | | | (0.1) | | | — | | | — | |
| | | | | | | |
| | | | | | | |
Market appreciation | 8.9 | | | 13.9 | | | 5.0 | | | 27.8 | |
Net change | (0.4) | | | 16.3 | | | 6.7 | | | 22.6 | |
Balance as of September 30, 2023 | $ | 296.9 | | | $ | 259.2 | | | $ | 112.9 | | | $ | 669.0 | |
| | | | | | | |
Balance as of September 30, 2022 | $ | 279.4 | | | $ | 232.3 | | | $ | 101.0 | | | $ | 612.7 | |
Long-term flows: | | | | | | | |
Sales/new accounts | 21.4 | | | 64.4 | | | 18.4 | | | 104.2 | |
Redemptions/terminations | (13.6) | | | (56.9) | | | (16.8) | | | (87.3) | |
Cash flow/unreinvested dividends | (15.5) | | | (8.5) | | | — | | | (24.0) | |
Net long-term (outflows) inflows | (7.7) | | | (1.0) | | | 1.6 | | | (7.1) | |
| | | | | | | |
Transfers | 0.1 | | | (0.1) | | | — | | | — | |
| | | | | | | |
Market appreciation | 25.1 | | | 28.0 | | | 10.3 | | | 63.4 | |
Net change | 17.5 | | | 26.9 | | | 11.9 | | | 56.3 | |
Balance as of September 30, 2023 | $ | 296.9 | | | $ | 259.2 | | | $ | 112.9 | | | $ | 669.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Service |
| Equity Actively Managed | | Equity Passively Managed(1) | | Fixed Income Actively Managed - Taxable | | Fixed Income Actively Managed - Tax- Exempt | | Fixed Income Passively Managed(1) | | Alternatives/ Multi-Asset Solutions(2) | | Total |
| (in billions) |
Balance as of June 30, 2023 | $ | 235.9 | | | $ | 60.5 | | | $ | 202.3 | | | $ | 56.1 | | | $ | 9.4 | | | $ | 127.3 | | | $ | 691.5 | |
Long-term flows: | | | | | | | | | | | | | |
Sales/new accounts | 10.3 | | | 0.4 | | | 7.6 | | | 3.8 | | | 0.4 | | | 2.7 | | | 25.2 | |
Redemptions/terminations | (9.3) | | | — | | | (7.4) | | | (2.6) | | | (0.1) | | | (0.9) | | | (20.3) | |
Cash flow/unreinvested dividends | (1.2) | | | (2.8) | | | (2.6) | | | 0.1 | | | 0.1 | | | (0.4) | | | (6.8) | |
Net long-term (outflows) inflows | (0.2) | | | (2.4) | | | (2.4) | | | 1.3 | | | 0.4 | | | 1.4 | | | (1.9) | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Market (depreciation) | (8.9) | | | (2.1) | | | (4.9) | | | (1.8) | | | (0.4) | | | (2.5) | | | (20.6) | |
Net change | (9.1) | | | (4.5) | | | (7.3) | | | (0.5) | | | — | | | (1.1) | | | (22.5) | |
Balance as of September 30, 2023 | $ | 226.8 | | | $ | 56.0 | | | $ | 195.0 | | | $ | 55.6 | | | $ | 9.4 | | | $ | 126.2 | | | $ | 669.0 | |
| | | | | | | | | | | | | |
Balance as of December 31, 2022 | $ | 217.9 | | | $ | 53.8 | | | $ | 190.3 | | | $ | 52.5 | | | $ | 9.4 | | | $ | 122.5 | | | $ | 646.4 | |
Long-term flows: | | | | | | | | | | | | | |
Sales/new accounts | 28.0 | | | 1.1 | | | 26.2 | | | 11.0 | | | 0.5 | | | 6.4 | | | 73.2 | |
Redemptions/terminations | (32.8) | | | (0.2) | | | (18.9) | | | (7.5) | | | (0.3) | | | (4.4) | | | (64.1) | |
Cash flow/unreinvested dividends | (5.7) | | | (4.4) | | | (1.3) | | | 0.3 | | | 0.1 | | | (3.3) | | | (14.3) | |
Net long-term (outflows) inflows | (10.5) | | | (3.5) | | | 6.0 | | | 3.8 | | | 0.3 | | | (1.3) | | | (5.2) | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Market appreciation (depreciation) | 19.4 | | | 5.7 | | | (1.3) | | | (0.7) | | | (0.3) | | | 5.0 | | | 27.8 | |
Net change | 8.9 | | | 2.2 | | | 4.7 | | | 3.1 | | | — | | | 3.7 | | | 22.6 | |
Balance as of September 30, 2023 | $ | 226.8 | | | $ | 56.0 | | | $ | 195.0 | | | $ | 55.6 | | | $ | 9.4 | | | $ | 126.2 | | | $ | 669.0 | |
| | | | | | | | | | | | | |
Balance as of September 30, 2022 | $ | 202.9 | | | $ | 52.1 | | | $ | 187.2 | | | $ | 51.9 | | | $ | 9.5 | | | $ | 109.1 | | | $ | 612.7 | |
Long-term flows: | | | | | | | | | | | | | |
Sales/new accounts | 37.3 | | | 1.2 | | | 34.5 | | | 14.7 | | | 0.5 | | | 16.0 | | | 104.2 | |
Redemptions/terminations | (42.3) | | | (1.7) | | | (25.2) | | | (12.1) | | | (0.3) | | | (5.7) | | | (87.3) | |
Cash flow/unreinvested dividends | (8.1) | | | (5.3) | | | (7.3) | | | 0.1 | | | (0.2) | | | (3.2) | | | (24.0) | |
Net long-term (outflows) inflows | (13.1) | | | (5.8) | | | 2.0 | | | 2.7 | | | — | | | 7.1 | | | (7.1) | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Market appreciation (depreciation) | 37.0 | | | 9.7 | | | 5.8 | | | 1.0 | | | (0.1) | | | 10.0 | | | 63.4 | |
Net change | 23.9 | | | 3.9 | | | 7.8 | | | 3.7 | | | (0.1) | | | 17.1 | | | 56.3 | |
Balance as of September 30, 2023 | $ | 226.8 | | | $ | 56.0 | | | $ | 195.0 | | | $ | 55.6 | | | $ | 9.4 | | | $ | 126.2 | | | $ | 669.0 | |
(1)Includes index and enhanced index services.
(2)Includes certain multi-asset solutions and services not included in equity or fixed income services
Net long-term inflows (outflows) for actively managed investment services as compared to passively managed investment services for the three-month, nine-month and twelve-month periods ended September 30, 2023 are as follows:
| | | | | | | | | | | | | | | | | |
| Periods Ended September 30, 2023 |
| Three-months | | Nine-months | | Twelve-months |
| (in billions) |
Actively Managed | | | | | |
Equity | $ | (0.2) | | | $ | (10.5) | | | $ | (13.1) | |
Fixed Income | (1.1) | | | 9.8 | | | 4.7 | |
Alternatives/Multi-Asset Solutions | 1.2 | | | (1.7) | | | 5.9 | |
| (0.1) | | | (2.4) | | | (2.5) | |
Passively Managed | | | | | |
Equity | (2.4) | | | (3.5) | | | (5.8) | |
Fixed Income | 0.4 | | | 0.3 | | | — | |
Alternatives/Multi-Asset Solutions | 0.2 | | | 0.4 | | | 1.2 | |
| (1.8) | | | (2.8) | | | (4.6) | |
Total net long-term (outflows) | $ | (1.9) | | | $ | (5.2) | | | $ | (7.1) | |
Average assets under management by distribution channel and investment service are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | | | | | Nine Months Ended September 30, | | | | |
| | 2023 | | 2022 | | $ Change | | % Change | | 2023 | | 2022 | | $ Change | | % Change |
| | (in billions) | | | | (in billions) | | |
Distribution Channel: | | | | | | | | | | | | | | | | |
Institutions | | $ | 307.0 | | | $ | 297.0 | | | $ | 10.0 | | | 3.4 | % | | $ | 305.1 | | | $ | 312.8 | | | $ | (7.7) | | | (2.5) | % |
Retail | | 266.8 | | | 250.9 | | | 15.9 | | | 6.3 | | | 259.2 | | | 274.9 | | | (15.7) | | | (5.7) | |
Private Wealth | | 115.8 | | | 106.0 | | | 9.8 | | | 9.2 | | | 112.9 | | | 111.6 | | | 1.3 | | | 1.2 | |
Total | | $ | 689.6 | | | $ | 653.9 | | | $ | 35.7 | | | 5.5 | % | | $ | 677.2 | | | $ | 699.3 | | | $ | (22.1) | | | (3.2) | % |
Investment Service: | | | | | | | | | | | | | | | | |
Equity Actively Managed | | $ | 235.8 | | | $ | 222.8 | | | $ | 13.0 | | | 5.9 | % | | $ | 230.7 | | | $ | 245.7 | | | $ | (15.0) | | | (6.1) | % |
Equity Passively Managed(1) | | 59.3 | | | 56.7 | | | 2.6 | | | 4.7 | | | 57.5 | | | 61.8 | | | (4.3) | | | (7.0) | |
Fixed Income Actively Managed – Taxable | | 200.3 | | | 198.9 | | | 1.4 | | | 0.7 | | | 197.9 | | | 216.4 | | | (18.5) | | | (8.5) | |
Fixed Income Actively Managed – Tax-exempt | | 56.3 | | | 53.7 | | | 2.6 | | | 4.8 | | | 55.2 | | | 54.7 | | | 0.5 | | | 0.9 | |
Fixed Income Passively Managed(1) | | 9.4 | | | 11.3 | | | (1.9) | | | (17.0) | | | 9.5 | | | 12.1 | | | (2.6) | | | (21.9) | |
Alternatives/Multi-Asset Solutions(2) | | 128.5 | | | 110.5 | | | 18.0 | | | 16.3 | | | 126.4 | | | 108.6 | | | 17.8 | | | 16.4 | |
Total | | $ | 689.6 | | | $ | 653.9 | | | $ | 35.7 | | | 5.5 | % | | $ | 677.2 | | | $ | 699.3 | | | $ | (22.1) | | | (3.2) | % |
(1)Includes index and enhanced index services.
(2)Includes certain multi-asset solutions and services not included in equity of fixed income services.
Our Institutional channel third quarter average AUM of $307.0 billion increased $10.0 billion, or 3.4%, compared to the third quarter of 2022, primarily due to ending AUM increasing $17.5 billion, or 6.3%, to $296.9 billion from September 30, 2022. The $17.5 billion increase in AUM resulted primarily from market appreciation of $25.1 billion, partially offset by net outflows of $7.7 billion.
Our Retail channel third quarter average AUM of $266.8 billion increased $15.9 billion, or 6.3%, compared to the third quarter of 2022, primarily due to ending AUM increasing $26.9 billion, or 11.6%, to $259.2 billion from September 30, 2022. The $26.9 billion increase resulted primarily from market appreciation of $28.0 billion, partially offset by net outflows of $1.0 billion.
Our Private Wealth channel third quarter average AUM of $115.8 billion increased $9.8 billion, or 9.2%, compared to the third quarter of 2022, primarily due to ending AUM increasing $11.9 billion, or 11.7%, to $112.9 billion from September 30, 2022. The $11.9 billion increase resulted from market appreciation of $10.3 billion and net inflows of $1.6 billion.
Absolute investment composite returns, gross of fees, and relative performance as of September 30, 2023 compared to benchmarks for certain representative Institutional equity and fixed income services are as follows:
| | | | | | | | | | | | | | | | | |
| 1-Year | | 3-Year(1) | | 5-Year(1) |
| | | | | |
Global High Income - Hedged (fixed income) | | | | | |
Absolute return | 12.9 | % | | 2.5 | % | | 2.6 | % |
Relative return (vs. Bloomberg Barclays Global High Yield Index - Hedged) | 0.7 | | | 1.6 | | | 0.4 | |
Global Plus - Hedged (fixed income) | | | | | |
Absolute return | 2.4 | | | (3.2) | | | 0.7 | |
Relative return (vs. Bloomberg Barclays Global Aggregate Index - Hedged) | 0.3 | | | 0.5 | | | 0.2 | |
Intermediate Municipal Bonds (fixed income) | | | | | |
Absolute return | 3.4 | | | (0.4) | | | 1.7 | |
Relative return (vs. Lipper Short/Int. Blended Muni Fund Avg) | 0.8 | | | 0.7 | | | 0.8 | |
U.S. Strategic Core Plus (fixed income) | | | | | |
Absolute return | 1.1 | | | (4.7) | | | 0.4 | |
Relative return (vs. Bloomberg Barclays U.S. Aggregate Index) | 0.5 | | | 0.5 | | | 0.3 | |
Emerging Market Debt (fixed income) | | | | | |
Absolute return | 10.2 | | | (4.4) | | | (0.1) | |
Relative return (vs. JPM EMBI Global/JPM EMBI) | 1.6 | | | (0.2) | | | — | |
Sustainable Global Thematic (equity) | | | | | |
Absolute return | 16.2 | | | 2.9 | | | 9.1 | |
Relative return (vs. MSCI ACWI Index) | (4.7) | | | (4.0) | | | 2.7 | |
International Strategic Core Equity (equity) | | | | | |
Absolute return | 18.5 | | | 3.2 | | | 2.3 | |
Relative return (vs. MSCI EAFE Index) | (7.1) | | | (2.6) | | | (0.9) | |
U.S. Small & Mid Cap Value (equity) | | | | | |
Absolute return | 12.1 | | | 15.5 | | | 4.3 | |
Relative return (vs. Russell 2500 Value Index) | 0.8 | | | 2.2 | | | 0.3 | |
U.S. Strategic Value (equity) | | | | | |
Absolute return | 21.1 | | | 15.7 | | | 6.8 | |
Relative return (vs. Russell 1000 Value Index) | 6.7 | | | 4.6 | | | 0.5 | |
| | | | | | | | | | | | | | | | | |
| 1-Year | | 3-Year(1) | | 5-Year(1) |
U.S. Small Cap Growth (equity) | | | | | |
Absolute return | 11.2 | | | (2.4) | | | 4.0 | |
Relative return (vs. Russell 2000 Growth Index) | 1.6 | | | (3.5) | | | 2.5 | |
U.S. Large Cap Growth (equity) | | | | | |
Absolute return | 25.3 | | | 7.0 | | | 12.2 | |
Relative return (vs. Russell 1000 Growth Index) | (2.4) | | | (0.9) | | | (0.2) | |
U.S. Small & Mid Cap Growth (equity) | | | | | |
Absolute return | 10.6 | | | (2.0) | | | 3.9 | |
Relative return (vs. Russell 2500 Growth Index) | — | | | (3.0) | | | (0.1) | |
Concentrated U.S. Growth (equity) | | | | | |
Absolute return | 16.1 | | | 6.6 | | | 10.0 | |
Relative return (vs. S&P 500 Index) | (5.5) | | | (3.6) | | | 0.1 | |
Select U.S. Equity (equity) | | | | | |
Absolute return | 17.7 | | | 11.3 | | | 10.2 | |
Relative return (vs. S&P 500 Index) | (3.9) | | | 1.1 | | | 0.3 | |
Strategic Equities (equity) | | | | | |
Absolute return | 19.9 | | | 10.1 | | | 9.4 | |
Relative return (vs. Russell 3000 Index) | (0.6) | | | 0.8 | | | 0.2 | |
Global Core Equity (equity) | | | | | |
Absolute return | 22.7 | | | 6.2 | | | 6.3 | |
Relative return (vs. MSCI ACWI Index) | 1.9 | | | (0.7) | | | (0.2) | |
U.S. Strategic Core Equity (equity) | | | | | |
Absolute return | 21.4 | | | 10.4 | | | 9.8 | |
Relative return (vs. S&P 500 Index) | (0.2) | | | 0.2 | | | (0.1) | |
Select U.S. Equity Long/Short (alternatives) | | | | | |
Absolute return | 7.6 | | | 7.1 | | | 7.0 | |
Relative return (vs. S&P 500 Index) | (14.0) | | | (3.0) | | | (2.9) | |
Global Strategic Core Equity (equity) | | | | | |
Absolute return | 20.4 | | | 8.6 | | | 7.3 | |
Relative return (vs. S&P 500 Index) | (1.5) | | | 0.6 | | | 0.1 | |
(1)Reflects annualized returns.
Consolidated Results of Operations
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | | | | | Nine Months Ended September 30, | | | | |
| | 2023 | | 2022 | | $ Change | | % Change | | 2023 | | 2022 | | $ Change | | % Change |
| | (in thousands, except per unit amounts) |
Net revenues | | $ | 1,032,056 | | | $ | 986,984 | | | $ | 45,072 | | | 4.6 | % | | $ | 3,064,603 | | | $ | 3,064,115 | | | $ | 488 | | | — | % |
Expenses | | 856,806 | | | 816,679 | | | 40,127 | | | 4.9 | | | 2,485,432 | | | 2,452,760 | | | 32,672 | | | 1.3 | |
Operating income | | 175,250 | | | 170,305 | | | 4,945 | | | 2.9 | | | 579,171 | | | 611,355 | | | (32,184) | | | (5.3) | |
Income taxes | | 10,010 | | | 5,239 | | | 4,771 | | | 91.1 | | | 31,253 | | | 28,609 | | | 2,644 | | | 9.2 | |
Net income | | 165,240 | | | 165,066 | | | 174 | | | 0.1 | | | 547,918 | | | 582,746 | | | (34,828) | | | (6.0) | |
Net (loss) income of consolidated entities attributable to non-controlling interests | | (2,164) | | | (10,114) | | | 7,950 | | | (78.6) | | | 10,626 | | | (61,930) | | | 72,556 | | | n/m |
Net income attributable to AB Unitholders | | $ | 167,404 | | | $ | 175,180 | | | $ | (7,776) | | | (4.4) | | | $ | 537,292 | | | $ | 644,676 | | | $ | (107,384) | | | (16.7) | |
| | | | | | | | | | | | | | | | |
Diluted net income per AB Unit | | $ | 0.58 | | | $ | 0.64 | | | $ | (0.06) | | | (9.4) | | | $ | 1.86 | | | $ | 2.35 | | | $ | (0.49) | | | (20.9) | |
| | | | | | | | | | | | | | | | |
Distributions per AB Unit | | $ | 0.73 | | | $ | 0.72 | | | $ | 0.01 | | | 1.4 | | | $ | 2.15 | | | $ | 2.49 | | | $ | (0.34) | | | (13.7) | |
| | | | | | | | | | | | | | | | |
Operating margin (1) | | 17.2 | % | | 18.3 | % | | | | | | 18.6 | % | | 22.0 | % | | | | |
(1)Operating income excluding net income (loss) attributable to non-controlling interests as a percentage of net revenues.
Net income attributable to AB Unitholders for the three months ended September 30, 2023 decreased $7.8 million, or 4.4%, from the three months ended September 30, 2022. The decrease primarily is due to (in millions):
| | | | | |
Higher employee compensation and benefits expense | $ | (23.8) | |
Higher contingent payment arrangements | (13.0) | |
Lower net loss of consolidated entities attributable to non-controlling interest | (8.0) | |
Higher interest on borrowings | (7.9) | |
Higher promotion and servicing expense | (5.6) | |
Higher income taxes | (4.8) | |
Higher investment losses | (2.8) | |
Lower other revenues | (2.6) | |
Higher base advisory fees | 20.2 | |
Higher performance-based fees | 14.2 | |
Higher net dividend and interest income | 12.7 | |
Lower general and administrative expenses | 9.6 | |
Higher Bernstein Research Services revenue | 2.3 | |
| |
Other | 1.7 | |
| $ | (7.8) | |
Net income attributable to AB Unitholders for the nine months ended September 30, 2023 decreased $107.4 million, or 16.7%, from the nine months ended September 30, 2022. The decrease primarily is due to (in millions):
| | | | | |
Higher net gain of consolidated entities attributable to non-controlling interest | $ | (72.6) | |
Higher employee compensation and benefits expense | (48.3) | |
Lower distribution revenues | (34.5) | |
Higher interest on borrowings | (32.2) | |
Lower Bernstein Research Services revenue | (30.0) | |
Lower performance-based fees | (29.6) | |
Lower base advisory fees | (28.6) | |
Higher amortization of intangible assets | (20.5) | |
Higher contingent payment arrangements | (16.2) | |
Lower investment losses | 90.3 | |
Lower general and administrative expenses | 45.5 | |
Lower promotion and servicing expenses | 39.1 | |
Higher net dividend and interest income | 37.8 | |
Other | (7.6) | |
| $ | (107.4) | |
Units Outstanding; Unit Repurchases
Each quarter, we consider whether to implement a plan to repurchase AB Holding Units pursuant to Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (“Exchange Act”). A plan of this type allows a company to repurchase its shares at times when it otherwise might be prevented from doing so because of self-imposed trading blackout periods or because it possesses material non-public information. Each broker we select has the authority to repurchase AB Holding Units on our behalf in accordance with the terms and limitations specified in the plan. Repurchases are subject to regulations promulgated by the SEC, as well as certain price, market volume and timing constraints specified in the plan. The plan adopted during the third quarter of 2023 expired at the close of business on October 25, 2023. We may adopt plans in the future to engage in open-market purchases of AB Holding Units to help fund anticipated obligations under our incentive compensation award program and for other corporate purposes.
Cash Distributions
We are required to distribute all of our Available Cash Flow, as defined in the AB Partnership Agreement, to our Unitholders and the General Partner. Available Cash Flow typically is the adjusted diluted net income per unit for the quarter multiplied by the number of general and limited partnership interests at the end of the quarter. In future periods, management anticipates that Available Cash Flow will continue to be based on adjusted diluted net income per unit, unless management determines, with concurrence of the Board of Directors, that one or more adjustments that are made for adjusted net income should not be made with respect to the Available Cash Flow calculation. See Note 6 to our consolidated financial statements contained in Item 1 for a description of Available Cash Flow.
Management Operating Metrics
We are providing the non-GAAP measures “adjusted net revenues,” “adjusted operating income” and “adjusted operating margin” because they are the principal operating metrics management uses in evaluating and comparing period-to-period operating performance. Management principally uses these metrics in evaluating performance because they present a clearer picture of our operating performance and allow management to see long-term trends without the distortion primarily caused by long-term incentive compensation-related mark-to-market adjustments, acquisition-related expenses, interest expense and other adjustment items. Similarly, we believe that these management operating metrics help investors better understand the underlying trends in our results and, accordingly, provide a valuable perspective for investors.
We provide the non-GAAP measures "adjusted net income" and "adjusted diluted net income per unit" because our quarterly distribution per unit is typically our adjusted diluted net income per unit (which is derived from adjusted net income).
These non-GAAP measures are provided in addition to, and not as substitutes for, net revenues, operating income and operating
margin, and they may not be comparable to non-GAAP measures presented by other companies. Management uses both accounting principles generally accepted in the United States of America ("US GAAP") and non-GAAP measures in evaluating our financial performance. The non-GAAP measures alone may pose limitations because they do not include all of our revenues and expenses.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (in thousands, except per unit amounts) |
Net revenues, US GAAP basis | | $ | 1,032,056 | | | $ | 986,984 | | | $ | 3,064,603 | | | $ | 3,064,115 | |
Adjustments: | | | | | | | | |
Distribution-related adjustments: | | | | | | | | |
Distribution revenues | | (149,049) | | | (147,960) | | | (434,925) | | | (469,431) | |
Investment advisory services fees | | (16,156) | | | (12,385) | | | (45,619) | | | (44,027) | |
Pass-through adjustments: | | | | | | | | |
Investment advisory services fees | | (14,567) | | | (11,367) | | | (35,376) | | | (57,386) | |
Other revenues | | (8,661) | | | (10,505) | | | (26,098) | | | (28,905) | |
Impact of consolidated company-sponsored funds | | 1,931 | | | 8,837 | | | (11,452) | | | 59,948 | |
Incentive compensation-related items | | 238 | | | 427 | | | (10,111) | | | 9,806 | |
| | | | | | | | |
| | | | | | | | |
Adjusted net revenues | | $ | 845,792 | | | $ | 814,031 | | | $ | 2,501,022 | | | $ | 2,534,120 | |
| | | | | | | | |
Operating income, US GAAP basis | | $ | 175,250 | | | $ | 170,305 | | | $ | 579,171 | | | $ | 611,355 | |
Adjustments: | | | | | | | | |
Real estate | | (206) | | | (206) | | | (618) | | | (618) | |
Incentive compensation-related items | | 1,354 | | | 622 | | | 4,064 | | | 3,030 | |
EQH award compensation | | 142 | | | 133 | | | 548 | | | 472 | |
| | | | | | | | |
Acquisition-related expenses | | 44,941 | | | 23,412 | | | 83,191 | | | 39,029 | |
Total of non-GAAP adjustments before interest on borrowings | | 46,231 | | | 23,961 | | | 87,185 | | | 41,913 | |
Interest on borrowings 1 | | 13,209 | | | 5,309 | | | 41,594 | | | 9,401 | |
| | | | | | | | |
Sub-total of non-GAAP adjustments | | 59,440 | | | 29,270 | | | 128,779 | | | 51,314 | |
Less: Net (loss) income of consolidated entities attributable to non-controlling interests | | (2,164) | | | (10,114) | | | 10,626 | | | (61,930) | |
Adjusted operating income 1 | | 236,854 | | | 209,689 | | | 697,324 | | | 724,599 | |
Less: Interest on borrowings | | 13,209 | | | 5,309 | | | 41,594 | | | 9,401 | |
Adjusted pre-tax income | | 223,645 | | | 204,380 | | | 655,730 | | | 715,198 | |
Less: Adjusted income taxes | | 12,770 | | | 6,296 | | | 35,409 | | | 33,474 | |
Adjusted net income | | $ | 210,875 | | | $ | 198,084 | | | $ | 620,321 | | | $ | 681,724 | |
| | | | | | | | |
Diluted net income per AB Unit, GAAP basis | | $ | 0.58 | | | $ | 0.64 | | | $ | 1.86 | | | $ | 2.35 | |
Impact of non-GAAP adjustments | | 0.15 | | | 0.08 | | | 0.29 | | | 0.13 | |
Adjusted diluted net income per AB Unit | | $ | 0.73 | | | $ | 0.72 | | | $ | 2.15 | | | $ | 2.48 | |
| | | | | | | | |
Operating margin, GAAP basis | | 17.2 | % | | 18.3 | % | | 18.6 | % | | 22.0 | % |
Impact of non-GAAP adjustments | | 10.8 | | | 7.5 | | | 9.3 | | | 6.6 | |
Adjusted operating margin | | 28.0 | % | | 25.8 | % | | 27.9 | % | | 28.6 | % |
Adjusted operating income for the three months ended September 30, 2023 increased $27.2 million, or 13.0%, from the three months ended September 30, 2022, primarily due to higher performance-based fees of $17.5 million, higher net dividend and
1 During the second quarter of 2023, we revised adjusted operating income to exclude interest on borrowings in order to align with our industry peer group. We have recast prior periods presentation to align with the current period presentation.
interest income of $12.5 million and higher investment advisory base fees of $10.1 million, partially offset by investment losses in the current year compared to investment gains in the prior year of $10.0 million and higher promotion and servicing expenses of $2.5 million.
Adjusted operating income for the nine months ended September 30, 2023 decreased $27.3 million, or 3.8%, from the nine months ended September 30, 2022, primarily due to lower investment advisory base fees of $47.3 million, lower Bernstein Research Services revenue of $30.0 million and higher general and administrative expenses of $3.4 million, partially offset by higher net dividend and interest income of $42.7 million, lower employee compensation and benefits expense (excluding the impact of long-term incentive compensation-related items) of $5.6 million, lower promotion and servicing expenses of $3.4 million and higher performance-based fees of $2.6 million,
Adjusted Net Revenues
Net Revenue, as adjusted, is reduced to exclude all of the company's distribution revenues, which are recorded as a separate line item on the consolidated statement of income, as well as a portion of investment advisory services fees received that is used to pay distribution and servicing costs. For certain products, based on the distinct arrangements, certain distribution fees are collected by us and passed through to third-party client intermediaries, while for certain other products, we collect investment advisory services fees and a portion is passed through to third-party client intermediaries. In both arrangements, the third-party client intermediary owns the relationship with the client and is responsible for performing services and distributing the product to the client on our behalf. We believe offsetting distribution revenues and certain investment advisory services fees is useful for our investors and other users of our financial statements because such presentation appropriately reflects the nature of these costs as pass-through payments to third parties that perform functions on behalf of our sponsored mutual funds and/or shareholders of these funds. Distribution-related adjustments fluctuate each period based on the type of investment products sold, as well as the average AUM over the period. Also, we adjust distribution revenues for the amortization of deferred sales commissions as these costs, over time, will offset such revenues.
We adjust investment advisory and services fees and other revenues for pass through costs, primarily related to our transfer agent and shareholder servicing fees. Also, we adjust for certain investment advisory and services fees passed through to our investment advisors. These fees do not affect operating income, as such, we exclude these fees from adjusted net revenues.
We adjust for the revenue impact of consolidating company-sponsored investment funds by eliminating the consolidated company-sponsored investment funds' revenues and including AB's fees from such consolidated company-sponsored investment funds and AB's investment gains and losses on its investments in such consolidated company-sponsored investment funds that were eliminated in consolidation.
Adjusted net revenues exclude investment gains and losses and dividends and interest on employee long-term incentive compensation-related investments. Also, we adjust for certain acquisition-related pass-through performance-based fees and performance related compensation.
Adjusted Operating Income
Adjusted operating income represents operating income on a US GAAP basis excluding (1) real estate charges (credits), (2) the impact on net revenues and compensation expense of the investment gains and losses (as well as the dividends and interest) associated with employee long-term incentive compensation-related investments, (3) the equity compensation paid by EQH to certain AB executives, (4) acquisition-related expenses, (5) interest on borrowings and (6) the impact of consolidated company-sponsored investment funds.
Real estate charges (credits) incurred during the fourth quarter of 2019 through the fourth quarter of 2020, while excluded in the period in which the charges (credits) were recorded, are included ratably over the remaining applicable lease term.
Prior to 2009, a significant portion of employee compensation was in the form of long-term incentive compensation awards that were notionally invested in AB investment services and generally vested over a period of four years. AB economically hedged the exposure to market movements by purchasing and holding these investments on its balance sheet. All such investments had vested as of year-end 2012 and the investments have been delivered to the participants, except for those investments with respect to which the participant elected a long-term deferral. Fluctuation in the value of these investments, which also impacts compensation expense, is recorded within investment gains and losses on the income statement. Management believes it is useful to reflect the offset achieved from economically hedging the market exposure of these investments in the calculation of adjusted operating income and adjusted operating margin. The non-GAAP measures exclude gains and losses and dividends and interest on employee long-term incentive compensation-related investments included in revenues and compensation expense.
The board of directors of EQH granted to Seth Bernstein, our CEO, equity awards in connection with EQH's IPO. Additionally, equity awards have been granted to Mr. Bernstein and other AB executives for their membership on the EQH Management Committee. These individuals may receive additional equity or cash compensation from EQH in the future related to their service on the Management Committee. Any awards granted to these individuals by EQH are recorded as compensation expense in AB’s consolidated statement of income. The compensation expense associated with these awards has been excluded from our non-GAAP measures because they are non-cash and are based upon EQH's, and not AB's, financial performance.
Acquisition-related expenses have been excluded because they are not considered part of our core operating results when comparing financial results from period to period and to industry peers. Acquisition-related expenses include professional fees, amortization of acquired intangible assets and certain compensation-related expenses. These expenses also include the recording of accretion expense and changes in estimates to acquisition related contingent payment arrangements. During the three months ended September 30, 2023 we recorded an expense of $26.9 million due to a change in estimate related to the contingent consideration associated with the acquisition of Autonomous LLC in 2019. The change in estimate was based upon better than expected revenues during the 2023 performance evaluation period. We recorded $13.1 million as contingent payment arrangement expense and $13.8 million as compensation and benefits expense in the condensed consolidated statement of income. The charges to compensation and benefits expense are due to certain service conditions and special awards included in the acquisition agreement.
We adjust operating income to exclude interest on borrowings in order to align with our industry peer group.
We adjust for the operating income impact of consolidating certain company-sponsored investment funds by eliminating the consolidated company-sponsored funds' revenues and expenses and including AB's revenues and expenses that were eliminated in consolidation. We also exclude the limited partner interests we do not own.
Adjusted Net Income and Adjusted Diluted Net Income per AB Unit
As previously discussed, our quarterly distribution is typically our adjusted diluted net income per unit (which is derived from adjusted net income) for the quarter multiplied by the number of general and limited partnership interests outstanding at the end of the quarter. Adjusted net income is derived from adjusted operating income less interest expense and adjusted income taxes. Adjusted income taxes, used in calculating adjusted net income, are calculated using the GAAP effective tax rate adjusted for non-GAAP income tax adjustments.
Adjusted Operating Margin
Adjusted operating margin allows us to monitor our financial performance and efficiency from period to period without the volatility noted above in our discussion of adjusted operating income and to compare our performance to industry peers on a basis that better reflects our performance in our core business. Adjusted operating margin is derived by dividing adjusted operating income by adjusted net revenues.
Net Revenues
The components of net revenues are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | | | | | Nine Months Ended September 30, | | | | |
| | 2023 | | 2022 | | $ Change | | % Change | | 2023 | | 2022 | | $ Change | | % Change |
| | (in thousands) | | | | (in thousands) | | |
Investment advisory and services fees: | | | | | | | | | | | | | | | | |
Institutions: | | | | | | | | | | | | | | | | |
Base fees | | $ | 154,080 | | | $ | 155,846 | | | $ | (1,766) | | | (1.1) | % | | $ | 461,129 | | | $ | 426,904 | | | $ | 34,225 | | | 8.0 | % |
Performance-based fees | | 4,447 | | | 3,895 | | | 552 | | | 14.2 | | 29,660 | | | 53,734 | | | (24,074) | | | (44.8) | |
| | 158,527 | | | 159,741 | | | (1,214) | | | (0.8) | | | 490,789 | | | 480,638 | | | 10,151 | | | 2.1 | |
Retail: | | | | | | | | | | | | | | | | |
Base fees | | 326,391 | | | 319,358 | | | 7,033 | | | 2.2 | | | 953,347 | | | 1,017,999 | | | (64,652) | | | (6.4) | |
Performance-based fees | | 90 | | | 30 | | | 60 | | | 200.0 | | | 97 | | | 1,080 | | | (983) | | | (91.0) | |
| | 326,481 | | | 319,388 | | | 7,093 | | | 2.2 | | | 953,444 | | | 1,019,079 | | | (65,635) | | | (6.4) | |
Private Wealth: | | | | | | | | | | | | | | | | |
Base fees | | 240,498 | | | 225,605 | | | 14,893 | | | 6.6 | | | 702,192 | | | 700,404 | | | 1,788 | | | 0.3 | |
Performance-based fees | | 23,445 | | | 9,830 | | | 13,615 | | | 138.5 | | | 53,111 | | | 57,701 | | | (4,590) | | | (8.0) | |
| | 263,943 | | | 235,435 | | | 28,508 | | | 12.1 | | | 755,303 | | | 758,105 | | | (2,802) | | | (0.4) | |
Total: | | | | | | | | | | | | | | | | |
Base fees | | 720,969 | | | 700,809 | | | 20,160 | | | 2.9 | | | 2,116,668 | | | 2,145,307 | | | (28,639) | | | (1.3) | |
Performance-based fees | | 27,982 | | | 13,755 | | | 14,227 | | | 103.4 | | | 82,868 | | | 112,515 | | | (29,647) | | | (26.3) | |
| | 748,951 | | | 714,564 | | | 34,387 | | | 4.8 | | | 2,199,536 | | | 2,257,822 | | | (58,286) | | | (2.6) | |
| | | | | | | | | | | | | | | | |
Bernstein Research Services | | 93,875 | | | 91,557 | | | 2,318 | | | 2.5 | | | 285,760 | | | 315,806 | | | (30,046) | | | (9.5) | |
Distribution revenues | | 149,049 | | | 147,960 | | | 1,089 | | | 0.7 | | | 434,925 | | | 469,431 | | | (34,506) | | | (7.4) | |
Dividend and interest income | | 49,889 | | | 30,437 | | | 19,452 | | | 63.9 | | | 150,761 | | | 64,424 | | | 86,337 | | | 134.0 | |
Investment (losses) | | (6,694) | | | (3,861) | | | (2,833) | | | 73.4 | | | (760) | | | (91,105) | | | 90,345 | | | (99.2) | |
Other revenues | | 24,484 | | | 27,096 | | | (2,612) | | | (9.6) | | | 75,349 | | | 80,201 | | | (4,852) | | | (6.0) | |
Total revenues | | 1,059,554 | | | 1,007,753 | | | 51,801 | | | 5.1 | | | 3,145,571 | | | 3,096,579 | | | 48,992 | | | 1.6 | |
Less: broker-dealer related interest expense | | 27,498 | | | 20,769 | | | 6,729 | | | 32.4 | | 80,968 | | | 32,464 | | | 48,504 | | | 149.4 |
Net revenues | | $ | 1,032,056 | | | $ | 986,984 | | | $ | 45,072 | | | 4.6 | | | $ | 3,064,603 | | | $ | 3,064,115 | | | $ | 488 | | | — | |
Investment Advisory and Services Fees
Investment advisory and services fees are the largest component of our revenues. These fees generally are calculated as a percentage of the value of AUM as of a specified date, or as a percentage of the value of average AUM for the applicable billing period, and vary with the type of investment service, the size of account and the total amount of assets we manage for a particular client. Accordingly, fee income generally increases or decreases as AUM increase or decrease and is affected by market appreciation or depreciation, the addition of new client accounts or client contributions of additional assets to existing accounts, withdrawals of assets from and termination of client accounts, purchases and redemptions of mutual fund shares, shifts of assets between accounts or products with different fee structures, and acquisitions. Our average basis points realized (investment advisory and services fees divided by average AUM) generally approximate 30 to 105 basis points for actively-managed equity services, 10 to 70 basis points for actively-managed fixed income services and 2 to 50 basis points for
passively-managed services. Average basis points realized for other services could range from 3 basis points for certain Institutional third party managed services to over 190 basis points for certain Private Wealth alternative services. These ranges include all-inclusive fee arrangements (covering investment management, trade execution and other services) for our Private Wealth clients.
We calculate AUM using established policies and procedures in accordance with applicable rules. Market-based and fair valuation methods include: last sale/settle prices from an exchange for actively-traded listed equities, options and futures; evaluated bid prices from recognized pricing vendors for fixed income, asset-backed or mortgage-backed issues; and mid prices derived from market standard models with inputs from recognized pricing vendors for OTC derivatives. Internally derived fair valuation methods are used only when AUM cannot be valued using any of above valuation methods, and include discounted cash flow models or any other methodology that is validated and approved by our Valuation Committee.
The Valuation Committee, which consists of senior officers and employees, is responsible for overseeing the pricing and valuation of all investments held in client and AB portfolios. The Valuation Committee has adopted a Statement of Pricing Policies describing principles and policies that apply to pricing and valuing investments held in these portfolios. We also have a Pricing Group, which reports to the Valuation Committee and is responsible for overseeing the pricing process for all investments.
We sometimes charge our clients performance-based fees. In these situations, we charge a base advisory fee and are eligible to earn an additional performance-based fee or incentive allocation that is calculated as either a percentage of absolute investment results or a percentage of investment results in excess of a stated benchmark over a specified period of time. Some performance-based fees include a high-watermark provision, which generally provides that if a client account underperforms relative to its performance target (whether absolute or relative to a specified benchmark), it must gain back such underperformance before we can collect future performance-based fees. Therefore, if we fail to achieve our performance target for a particular period, we will not earn a performance-based fee for that period and, for accounts with a high-watermark provision, our ability to earn future performance-based fees will be impaired. We are eligible to earn performance-based fees on 9.7%, 8.8% and 0.4% of the assets we manage for institutional clients, private wealth clients and retail clients, respectively (in total, 5.9% of our AUM).
For the three months ended September 30, 2023, our investment advisory and services fees increased by $34.4 million, or 4.8%, from the three months ended September 30, 2022, due to a $20.2 million, or 2.9%, increase in base fees and a $14.2 million increase in performance-based fees. The increase in base fees is primarily due a 5.5% increase in average AUM, partially offset by a lower portfolio fee rate. Performance-based fees increased primarily due to higher performance fees earned on our Private Credit Funds, partially offset by lower performance fees earned on our U.S. Real Estate Funds.
For the nine months ended September 30, 2023, our investment advisory and services fees decreased by $58.3 million, or 2.6%, from the nine months ended September 30, 2022, due to a $29.6 million, or 26.3%, decrease in performance-based fees and a $28.6 million, or 1.3%, decrease in base fees. The decrease in base fees is primarily due to an 3.2% decrease in average AUM, partially offset by a higher portfolio fee rate. Performance-based fees decreased primarily due to lower performance fees earned on our U.S. Real Estate Funds, partially offset by higher performance fees earned on our Private Credit Funds and Global Opportunistic Credit Fund.
Institutional base fees for the three months ended September 30, 2023 increased $1.8 million, or 1.1%, from the three months ended September 30, 2022, primarily due to a 3.4% increase in average AUM, partially offset by a lower portfolio fee rate. Retail base fees for the three months ended September 30, 2023 increased $7.0 million, or 2.2%, from the three months ended September 30, 2022, primarily due to a 6.3% increase in average AUM, partially offset by a lower portfolio fee rate. Private Wealth base fees for the three months ended September 30, 2023 increased $14.9 million, or 6.6%, from the three months ended September 30, 2022, primarily due to a 9.2% increase in average AUM, partially offset by a lower portfolio fee rate.
Institutional base fees for the nine months ended September 30, 2023 increased $34.2 million, or 8.0%, from the nine months ended September 30, 2022, primarily due to a higher portfolio fee rate, partially offset by a 2.5% decrease in average AUM. Retail base fees for the nine months ended September 30, 2023 decreased $64.7 million, or 6.4%, from the nine months ended September 30, 2022, primarily due to a 5.7% decrease in average AUM. Private Wealth base fees for the nine months ended September 30, 2023 increased $1.8 million, or 0.3%, from the nine months ended September 30, 2022, primarily due to a 1.2% increase in average AUM.
Bernstein Research Services
We earn revenues for providing investment research to, and executing brokerage transactions for, institutional clients. These clients compensate us principally by directing us to execute brokerage transactions on their behalf, for which we earn commissions, and to a lesser extent, but increasingly, by paying us directly for research through commission sharing agreements or cash payments. In the fourth quarter of 2022, AB and Société Générale (EURONEXT: SCGLY, “SocGen”), a leading European bank, announced plans to form a joint venture combining their respective cash equities and research businesses. As a result, the Bernstein Research Services business has been classified as held for sale on the condensed consolidated statement of financial condition. For further discussion, see Note 17 Divestitures.
Revenues from Bernstein Research Services for the three months ended September 30, 2023 increased $2.3 million, or 2.5%, from the three months ended September 30, 2022. The increase was driven by a modest growth in research payments. For the nine months ended September 30, 2023, Bernstein Research Services revenue decreased by $30.0 million, or 9.5%, compared to the nine months ended September 30, 2022. The decrease was driven by a significant decline in customer trading activity, partially offset by higher research payments.
Distribution Revenues
Two of our subsidiaries act as distributors and/or placement agents of company-sponsored mutual funds and receive distribution services fees from certain of those funds as full or partial reimbursement of the distribution expenses they incur. Period-over-period fluctuations of distribution revenues typically are in line with fluctuations of the corresponding average AUM of these mutual funds.
Distribution revenues for the three months ended September 30, 2023 increased $1.1 million, or 0.7%, from the three months ended September 30, 2022, primarily due to the corresponding average AUM of these mutual funds increasing 4.1%, partially offset by a decrease in the overall portfolio fee rate. For the nine months ended September 30, 2023, distribution revenues decreased $34.5 million, or 7.4%, compared to the nine months ended September 30, 2022, primarily due to a decrease in the overall portfolio fee rate.
Dividend and Interest Income and Broker-Dealer Related Interest Expense
Dividend and interest income consists primarily of investment income and interest earned on customer margin balances and U.S. Treasury Bills as well as dividend and interest income in our consolidated company-sponsored investment funds. Broker-dealer related interest expense principally reflects interest accrued on cash balances in customers’ brokerage accounts.
Dividend and interest income for the three months ended September 30, 2023 increased $19.5 million, or 63.9%, from the three months ended September 30, 2022, primarily due to higher interest earned on customer margin balances and higher interest earned on U.S. Treasury Bills. Broker-dealer related interest expense for the three months ended September 30, 2023 increased $6.7 million from the three months ended September 30, 2022, due to higher interest paid on cash balances in customers' brokerage accounts.
For the nine months ended September 30, 2023, dividend and interest income increased $86.3 million, or 134.0%, compared to the nine months ended September 30, 2022, primarily due to higher interest earned on customer margin balances and higher interest earned on U.S. Treasury Bills, partially offset by lower dividend and interest income in our consolidated company-sponsored investment funds. Broker-dealer related interest expense for the nine months ended September 30, 2023 increased $48.5 million compared to the nine months ended September 30, 2022, due to higher interest paid on cash balances in customers' brokerage accounts.
Investment Gains (Losses)
Investment gains (losses) consist primarily of realized and unrealized investment gains or losses on: (i) employee long-term incentive compensation-related investments, (ii) U.S. Treasury Bills, (iii) market-making in exchange-traded options and equities, (iv) seed capital investments, (v) derivatives and (vi) investments in our consolidated company-sponsored investment funds. Investment gains (losses) also include equity in earnings of proprietary investments in limited partnership hedge funds that we sponsor and manage.
Investment gains (losses) are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (in thousands) |
Long-term incentive compensation-related investments: | | | | | | | | |
Realized gains (losses) | | $ | 16 | | | $ | (11) | | | $ | 6,577 | | | $ | 1,328 | |
Unrealized (losses) | | (724) | | | (1,121) | | | (4,095) | | | (11,945) | |
| | | | | | | | |
Investments held by consolidated company-sponsored investment funds: | | | | | | | | |
Realized (losses) | | (6,375) | | | (11,564) | | | (24,295) | | | (25,732) | |
Unrealized (losses) gains | | (4,614) | | | (10,206) | | | 22,413 | | | (90,297) | |
| | | | | | | | |
Seed capital investments: | | | | | | | | |
Realized gains (losses): | | | | | | | | |
Seed capital and other | | 717 | | | 8,348 | | | 536 | | | 17,274 | |
Derivatives | | (452) | | | 9,858 | | | (10,411) | | | 40,493 | |
Unrealized (losses) gains: | | | | | | | | |
Seed capital and other | | (4,929) | | | (4,408) | | | 974 | | | (37,275) | |
Derivatives | | 9,475 | | | 4,712 | | | 8,124 | | | 15,922 | |
| | | | | | | | |
Brokerage-related investments: | | | | | | | | |
Realized (losses) | | — | | | (183) | | | (466) | | | (1,265) | |
Unrealized gains (losses) | | 192 | | | 714 | | | (117) | | | 392 | |
| | $ | (6,694) | | | $ | (3,861) | | | $ | (760) | | | $ | (91,105) | |
Other Revenues
Other revenues consist of fees earned for transfer agency services provided to company-sponsored mutual funds, fees earned for administration and recordkeeping services provided to company-sponsored mutual funds and the general accounts of EQH and its subsidiaries, and other miscellaneous revenues. Other revenues for the three months ended September 30, 2023 decreased $2.6 million, or 9.6%, compared to the three months ended September 30, 2022, primarily due to lower brokerage income and mutual fund reimbursements. Other revenues for the nine months ended September 30, 2023 decreased $4.9 million, or 6.0%, compared to the nine months ended September 30, 2022, primarily due to lower shareholder servicing fees.
Expenses
The components of expenses are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | | | | | Nine Months Ended September 30, | | | | |
| | 2023 | | 2022 | | $ Change | | % Change | | 2023 | | 2022 | | $ Change | | % Change |
| | (in thousands) | | | | (in thousands) | | |
Employee compensation and benefits | | $ | 453,619 | | | $ | 429,842 | | | $ | 23,777 | | | 5.5 | % | | $ | 1,315,861 | | | $ | 1,267,535 | | | $ | 48,326 | | | 3.8 | % |
Promotion and servicing: | | | | | | | | | | | | | | | | |
Distribution-related payments | | 155,620 | | | 152,005 | | | 3,615 | | | 2.4 | | | 454,039 | | | 486,781 | | | (32,742) | | | (6.7) | |
Amortization of deferred sales commissions | | 9,585 | | | 8,341 | | | 1,244 | | | 14.9 | | | 26,506 | | | 26,678 | | | (172) | | | (0.6) | |
Trade execution, marketing, T&E and other | | 52,289 | | | 51,594 | | | 695 | | | 1.3 | | | 157,057 | | | 163,225 | | | (6,168) | | | (3.8) | |
| | 217,494 | | | 211,940 | | | 5,554 | | | 2.6 | | | 637,602 | | | 676,684 | | | (39,082) | | | (5.8) | |
| | | | | | | | | | | | | | | | |
General and administrative | | 145,388 | | | 154,961 | | | (9,573) | | | (6.2) | | | 434,976 | | | 480,441 | | | (45,465) | | | (9.5) | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Contingent payment arrangements | | 15,364 | | | 2,371 | | | 12,993 | | | n/m | | 20,251 | | | 4,047 | | | 16,204 | | | n/m |
Interest on borrowings | | 13,209 | | | 5,309 | | | 7,900 | | | 148.8 | | | 41,594 | | | 9,401 | | | 32,193 | | | n/m |
Amortization of intangible assets | | 11,732 | | | 12,256 | | | (524) | | | (4.3) | | | 35,148 | | | 14,652 | | | 20,496 | | | 139.9 | |
Total | | $ | 856,806 | | | $ | 816,679 | | | $ | 40,127 | | | 4.9 | | | $ | 2,485,432 | | | $ | 2,452,760 | | | $ | 32,672 | | | 1.3 | |
Employee Compensation and Benefits
Employee compensation and benefits expense consists of base compensation (including salaries and severance), annual short-term incentive compensation awards (cash bonuses), annual long-term incentive compensation awards, commissions, fringe benefits and other employment costs (including recruitment, training, temporary help and meals).
Compensation expense as a percentage of net revenues was 44.0% and 43.6% for the three months ended September 30, 2023 and September 30, 2022, respectively. Compensation expense as a percentage of net revenues was 42.9% and 41.4% for the nine months ended September 30, 2023 and 2022, respectively. Compensation expense generally is determined on a discretionary basis and is primarily a function of our firm’s current-year financial performance. The amounts of incentive compensation we award are designed to motivate, reward and retain top talent while aligning our executives' interests with the interests of our Unitholders. Senior management, with the approval of the Compensation and Workplace Practices Committee of the Board of Directors of AllianceBernstein Corporation (“Compensation Committee”), periodically confirms that the appropriate metric to consider in determining the amount of incentive compensation is the ratio of adjusted employee compensation and benefits expense to adjusted net revenues. Adjusted net revenues used in the adjusted compensation ratio are the same as the adjusted annual net revenues presented as a non-GAAP measure (discussed earlier in this Item 2). Adjusted employee compensation and benefits expense is total employee compensation and benefits expense minus other employment costs such as recruitment, training, temporary help and meals (which was 1.0% of adjusted net revenues for the three and nine months ended September 30, 2023, and 1.3% and 1.1% of adjusted net revenues for the three and nine months ended September 30, 2022, respectively), and excludes the impact of mark-to-market vesting expense, as well as dividends and interest expense, associated with employee incentive compensation-related investments and the amortization expense associated with the awards issued by EQH to some of our firm's executive officers relating to their roles as members of the EQH Management Committee. Senior management, with the approval of the Compensation Committee, has established as an objective that adjusted employee compensation and benefits expense, excluding the impact of performance-based fees, generally should not exceed 50.0% of our adjusted net revenues in any year, except in unexpected or unusual circumstances. Our ratio of adjusted compensation expense as a percentage of adjusted net revenues was 49.5% for the three and nine months ended September 30, 2023 and 51.0% and 49.0% for the three and nine months ended September 30, 2022, respectively.
For the three months ended September 30, 2023, employee compensation and benefits expense increased $23.8 million, or 5.5%, compared to the three months ended September 30, 2022, primarily due to higher incentive compensation of $22.0 million and higher base compensation of $9.1 million, partially offset by lower commissions of $5.8 million. For the nine months ended September 30, 2023, employee compensation and benefits expense increased $48.3 million, or 3.8%, compared to the nine months ended September 30, 2022, primarily due to higher base compensation of $58.0 million, higher fringes of $9.2 million and higher incentive compensation of $9.0 million, partially offset by lower commissions of $25.3 million.
Promotion and Servicing
Promotion and servicing expenses include distribution-related payments to financial intermediaries for distribution of AB mutual funds and amortization of deferred sales commissions paid to financial intermediaries for the sale of back-end load shares of AB mutual funds. Also included in this expense category are costs related to trade execution and clearance, travel and entertainment, advertising and promotional materials.
Promotion and servicing expenses increased $5.6 million, or 2.6%, during the three months ended September 30, 2023 compared to the three months ended September 30, 2022. The increase was primarily due to higher distribution-related payments of $3.6 million, higher travel and entertainment expenses of $2.7 million and higher amortization of deferred sales commissions of $1.2 million, partially offset by lower trade execution expenses of $2.0 million. Promotion and servicing expenses decreased $39.1 million, or 5.8%, during the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The decrease was primarily due to lower distribution-related payments of $32.7 million, lower trade execution expenses of $7.0 million and lower transfer fees of $4.5 million, partially offset by higher travel and entertainment expenses of $5.3 million.
General and Administrative
General and administrative expenses include portfolio services expenses, technology expenses, professional fees and office-related expenses (occupancy, communications and similar expenses). General and administrative expenses as a percentage of net revenues were 14.1% and 15.7% for the three months ended September 30, 2023 and 2022, respectively. General and administrative expenses decreased $9.6 million, or 6.2%, during the three months ended September 30, 2023 compared to the corresponding period in 2022, primarily due to lower professional fees of $6.3 million, lower portfolio servicing fees of $3.6 million, a favorable foreign exchange translation impact of $1.9 million and lower technology expenses of $1.3 million, partially offset by higher valuation adjustments related to the classification of Bernstein Research Services as held for sale of $2.3 million and higher office-related expenses of $1.0 million. General and administrative expenses as a percentage of net revenues were 14.2% and 15.7% for the nine months ended September 30, 2023 and 2022, respectively. General and administrative expenses decreased $45.5 million, or 9.5%, during the nine months ended September 30, 2023 compared to the corresponding period in 2022, primarily due to lower portfolio servicing fees of $43.8 million, lower professional fees of $12.7 million and a favorable foreign exchange translation impact of $5.3 million, partially offset by higher valuation adjustments related to the classification of Bernstein Research Services as held for sale of $8.2 million and higher office-related expenses of $5.5 million.
Contingent Payment Arrangements
Contingent payment arrangements reflect changes in estimates of contingent payment liabilities associated with acquisitions in previous periods, as well as accretion expense of these liabilities. During the three months ended September 30, 2023 we recorded a change in estimate related to the contingent consideration liability associated with the acquisition of Autonomous LLC in 2019 of $13.1 million. The change in estimate was based upon better than expected revenues during the 2023 performance evaluation period. This expense resulting from changes to expected payments and the accretion of this obligation to its expected payment amount is reflected within contingent payment arrangements in our condensed consolidated statements of income.
There were no changes in our estimates during the nine months ended September 30, 2022.
Interest on Borrowings
Interest on borrowings reflects interest expense related to our debt and credit facilities. See Note 16 to AB's condensed consolidated financial statements contained in Item 1, for disclosures relating to our debt and credit facilities. For the three months ended September 30, 2023 interest on borrowings increased $7.9 million compared to the three months ended September 30, 2022. The increase was due to higher average borrowings and higher interest rates. For the nine months ended
September 30, 2023 interest on borrowings increased $32.2 million compared to the nine months ended September 30, 2022. The increase was due to higher average borrowings and higher interest rates.
Amortization of Intangible Assets
Amortization of intangible assets reflects our amortization of costs assigned to acquired investment management contracts with a finite life. These assets are recognized at fair value and generally are amortized on a straight-line basis over their estimated useful life. Amortization of intangible assets decreased $0.5 million during the three months ended September 30, 2023 compared to the three months ended September 30, 2022. Amortization of intangible assets increased $20.5 million during the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. This increase was primarily due to acquired intangible assets associated with the CarVal acquisition.
Income Taxes
AB, a private limited partnership, is not subject to federal or state corporate income taxes. However, AB is subject to a 4.0% New York City unincorporated business tax (“UBT”). Our domestic corporate subsidiaries are subject to federal, state and local income taxes and generally are included in the filing of a consolidated federal income tax return. Separate state and local income tax returns also are filed. Foreign corporate subsidiaries generally are subject to taxes in the jurisdictions where they are located.
Income tax expense for the three months ended September 30, 2023 increased $4.8 million, or 91.1%, compared to the three months ended September 30, 2022. The increase was primarily due to a one-time discrete item in the three months ended September 30, 2022. Income tax expense for the nine months ended September 30, 2023 increased $2.6 million, or 9.2%, compared to the nine months ended September 30, 2022. The increase was primarily due to higher foreign income in jurisdictions that carry a higher tax rate. There were no material changes to uncertain tax positions (FIN 48 reserves) or valuation allowances against deferred tax assets for the three and nine months ended September 30, 2023.
Net Income (Loss) of Consolidated Entities Attributable to Non-Controlling Interests
Net income (loss) of consolidated entities attributable to non-controlling interests primarily consists of limited partner interests owned by other investors in our consolidated company-sponsored investment funds. For the three months ended September 30, 2023, we had $2.2 million of net losses of consolidated entities attributable to non-controlling interests compared to $10.1 million of net losses for the three months ended September 30, 2022. For the nine months ended September 30, 2023, we had $10.6 million of net gains of consolidated entities attributable to non-controlling interests compared to net losses of $61.9 million for the nine months ended September 30, 2022. Period-to-period fluctuations result primarily from the number of consolidated company-sponsored investment funds and their respective market performance.
CAPITAL RESOURCES AND LIQUIDITY
Cash flows from operating activities primarily include the receipt of investment advisory and services fees and other revenues offset by the payment of operating expenses incurred in the normal course of business. Our cash flows from operating activities have historically been positive and sufficient in supporting our operations. We do not anticipate this to change in the foreseeable future. Cash flows from investing activities generally consist of small capital expenditures and, when applicable, business acquisitions. Cash flows from financing activities primarily consist of issuance and repayment of debt and the repurchase of AB Holding Units to fund our long-term deferred compensation plans. We are required to distribute all of our Available Cash Flow to our Unitholders and the General Partner.
During the first nine months of 2023, net cash provided by operating activities was $790.3 million compared to $1.0 billion during the corresponding 2022 period. The change is primarily due to lower earnings of $173.0 million (after non-cash reconciling items), an increase in fees receivable of $168.5 million, an increase in deferred sales commissions of $41.2 million and an increase in investments of $37.0 million, partially offset by net activity of our consolidated funds of $198.1 million.
During the first nine months of 2023, net cash used in investing activities was $21.4 million, compared to net cash provided by investing activities of $4.2 million during the corresponding 2022 period. The change is primarily due to the acquisition of CarVal, net of cash acquired, of $40.3 million in the corresponding 2022 period, offset by lower purchases of furniture, equipment and leasehold improvements of $14.7 million.
During the first nine months of 2023, net cash used in financing activities was $994.0 million, compared to $1.1 billion during the corresponding 2022 period. The change is primarily due to lower distributions to the General Partner and Unitholders of
$232.1 million, repayment of CarVal debt subsequent to acquisition in 2022 of $42.7 million and a decrease in the net purchases of AB Holding Units to fund long-term incentive compensation plans of $36.5 million, partially offset by higher net redemptions of non-controlling interests of consolidated company-sponsored investment funds of $149.0 million.
As of September 30, 2023, AB had $1.1 billion of cash and cash equivalents (including cash and cash equivalents of consolidated company-sponsored investment funds and cash held-for-sale), all of which is available for liquidity but consist primarily of cash on deposit for our broker-dealers related to various customer clearing activities, and cash held by foreign subsidiaries of $546.2 million.
Debt and Credit Facilities
See Note 16 to AB’s condensed consolidated financial statements contained in Item 1, for disclosures relating to our debt and credit facilities.
Our financial condition and access to public and private debt markets should provide adequate liquidity for our general business needs. Management believes that cash flow from operations and the issuance of debt and AB Units or AB Holding Units will provide us with the resources we need to meet our financial obligations. See “Cautions Regarding Forward-Looking Statements” for a discussion of credit markets and our ability to renew our credit facilities at expiration.
COMMITMENTS AND CONTINGENCIES
AB’s capital commitments, which consist primarily of operating leases for office space, generally are funded from future operating cash flows. See Note 13 for discussion of lease commitments.
See Note 12 for discussion of commitments and contingencies.
CRITICAL ACCOUNTING ESTIMATES
The preparation of the condensed consolidated financial statements and notes to condensed consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses.
There have been no updates to our critical accounting estimates from those disclosed in “Management’s Discussion and Analysis of Financial Condition” in our Form 10-K for the year ended December 31, 2022.
ACCOUNTING PRONOUNCEMENTS
See Note 2 to AB’s condensed consolidated financial statements contained in Item 1.
CAUTIONS REGARDING FORWARD-LOOKING STATEMENTS
Certain statements provided by management in this report and in the portion of AB’s Form 10-Q attached hereto as Exhibit 99.1 are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The most significant of these factors include, but are not limited to, the following: the performance of financial markets, the investment performance of sponsored investment products and separately managed accounts, general economic conditions, industry trends, future acquisitions, integration of acquired companies, competitive conditions and government regulations, including changes in tax regulations and rates and the manner in which the earnings of publicly-traded partnerships are taxed. We caution readers to carefully consider such factors. Further, these forward-looking statements speak only as of the date on which such statements are made; we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. For further information regarding these forward-looking statements and the factors that could cause actual results to differ, see “Risk Factors” in Part I, Item 1A of our Form 10-K for the year ended December 31, 2022 and Part II, Item 1A in this Form 10-Q. Any or all of the forward-looking statements that we make in our Form 10-K, this Form 10-Q, other documents we file with or furnish to the SEC, and any other public statements we issue, may turn out to be wrong. It is important to remember that other factors besides those listed in “Risk Factors” and those listed below could also adversely impact our revenues, financial condition, results of operations and business prospects.
The forward-looking statements referred to in the preceding paragraph, most of which directly affect AB but also affect AB Holding because AB Holding’s principal source of income and cash flow is attributable to its investment in AB, include statements regarding:
•Our belief that the cash flow AB Holding realizes from its investment in AB will provide AB Holding with the resources it needs to meet its financial obligations: AB Holding’s cash flow is dependent on the quarterly cash distributions it receives from AB. Accordingly, AB Holding’s ability to meet its financial obligations is dependent on AB’s cash flow from its operations, which is subject to the performance of the capital markets and other factors beyond our control.
•Our financial condition and ability to access the public and private capital markets providing adequate liquidity for our general business needs: Our financial condition is dependent on our cash flow from operations, which is subject to the performance of the capital markets, our ability to maintain and grow client assets under management and other factors beyond our control. Our ability to access public and private capital markets on reasonable terms may be limited by adverse market conditions, our firm’s credit ratings, our profitability and changes in government regulations, including tax rates and interest rates.
•The outcome of litigation: Litigation is inherently unpredictable, and excessive damage awards do occur. Though we have stated that we do not expect any pending legal proceedings to have a material adverse effect on our results of operations, financial condition or liquidity, any settlement or judgment with respect to a legal proceeding could be significant and could have such an effect.
•The possibility that we will engage in open market purchases of AB Holding Units to help fund anticipated obligations under our incentive compensation award program: The number of AB Holding Units AB may decide to buy in future periods, if any, to help fund incentive compensation awards depends on various factors, some of which are beyond our control, including the fluctuation in the price of an AB Holding Unit (NYSE: AB) and the availability of cash to make these purchases.
•Our determination that adjusted employee compensation expense, excluding the impact of performance-based fees, generally should not exceed 50% of our adjusted net revenues on an annual basis: Aggregate employee compensation reflects employee performance and competitive compensation levels. Fluctuations in our revenues and/or changes in competitive compensation levels could result in adjusted employee compensation expense exceeding 50% of our adjusted net revenues.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes in AB’s market risk from the information provided under “Quantitative and Qualitative Disclosures About Market Risk” in Part II, Item 7A of AB's Form 10-K for the year ended December 31, 2022.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
Each of AB Holding and AB maintains a system of disclosure controls and procedures that is designed to ensure that information required to be disclosed in our reports under the Exchange Act is (i) recorded, processed, summarized and reported in a timely manner, and (ii) accumulated and communicated to management, including the Chief Executive Officer ("CEO") and the Interim Chief Financial Officer ("CFO"), to permit timely decisions regarding our disclosure.
As of the end of the period covered by this report, management carried out an evaluation, under the supervision and with the participation of the CEO and the CFO, of the effectiveness of the design and operation of the disclosure controls and procedures. Based on this evaluation, the CEO and the CFO concluded that the disclosure controls and procedures are effective.
Changes in Internal Control over Financial Reporting
No change in our internal control over financial reporting occurred during the third quarter of 2023 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
v3.23.3
Cover Page
|
9 Months Ended |
Sep. 30, 2023
shares
|
Cover [Abstract] |
|
Document Type |
10-Q
|
Document Quarterly Report |
true
|
Document Period End Date |
Sep. 30, 2023
|
Document Transition Report |
false
|
Entity File Number |
001-09818
|
Entity Registrant Name |
ALLIANCEBERNSTEIN HOLDING L.P.
|
Entity Incorporation, State or Country Code |
DE
|
Entity Tax Identification Number |
13-3434400
|
Entity Address, Address Line One |
501 Commerce Street
|
Entity Address, City or Town |
Nashville
|
Entity Address, State or Province |
TN
|
Entity Address, Postal Zip Code |
37203
|
City Area Code |
615
|
Local Phone Number |
622-0000
|
Entity Current Reporting Status |
Yes
|
Entity Interactive Data Current |
Yes
|
Entity Filer Category |
Large Accelerated Filer
|
Entity Small Business |
false
|
Entity Emerging Growth Company |
false
|
Entity Shell Company |
false
|
Title of 12(b) Security |
Units Rep. Assignments of Beneficial Ownership of LP Interests in AB Holding ("Units")
|
Trading Symbol |
AB
|
Security Exchange Name |
NYSE
|
Entity Common Stock, Shares Outstanding |
111,796,873
|
Entity Central Index Key |
0000825313
|
Current Fiscal Year End Date |
--12-31
|
Document Fiscal Year Focus |
2023
|
Document Fiscal Period Focus |
Q3
|
Amendment Flag |
false
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionEnd date of current fiscal year in the format --MM-DD.
+ References
+ Details
Name: |
dei_CurrentFiscalYearEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gMonthDayItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.
+ References
+ Details
Name: |
dei_DocumentFiscalPeriodFocus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fiscalPeriodItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThis is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
+ References
+ Details
Name: |
dei_DocumentFiscalYearFocus |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gYearItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true only for a form used as an quarterly report.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form 10-Q -Number 240 -Section 308 -Subsection a
+ Details
Name: |
dei_DocumentQuarterlyReport |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true only for a form used as a transition report.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Forms 10-K, 10-Q, 20-F -Number 240 -Section 13 -Subsection a-1
+ Details
Name: |
dei_DocumentTransitionReport |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
+ References
+ Details
Name: |
dei_EntityCommonStockSharesOutstanding |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionIndicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
+ Details
Name: |
dei_EntityCurrentReportingStatus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityFilerCategory |
Namespace Prefix: |
dei_ |
Data Type: |
dei:filerCategoryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-T -Number 232 -Section 405
+ Details
Name: |
dei_EntityInteractiveDataCurrent |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityShellCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicates that the company is a Smaller Reporting Company (SRC).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntitySmallBusiness |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Condensed Statements of Financial Condition - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
ASSETS |
|
|
Investment in AB |
$ 1,973,046
|
$ 2,074,626
|
Total assets |
1,973,046
|
2,074,626
|
Liabilities: |
|
|
Other liabilities |
552
|
1,623
|
Total liabilities |
552
|
1,623
|
Commitments and contingencies (See Note 8) |
|
|
Partners’ capital: |
|
|
General Partner: 100,000 general partnership units issued and outstanding |
1,321
|
1,355
|
Limited partners: 111,696,873 and 113,701,097 limited partnership units issued and outstanding |
2,056,961
|
2,160,207
|
AB Holding Units held by AB to fund long-term incentive compensation plans |
(33,658)
|
(37,551)
|
Accumulated other comprehensive loss |
(52,130)
|
(51,008)
|
Total partners’ capital |
1,972,494
|
2,073,003
|
Total liabilities and partners’ capital |
$ 1,973,046
|
$ 2,074,626
|
X |
- DefinitionAmount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(23)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(12)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(11)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_Assets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_AssetsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionRepresents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(15)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.17) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommitmentsAndContingencies |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionValue of stock issued under share-based plans to employees or officers which is the unearned portion, accounted for under the fair value method.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 35 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480483/718-10-35-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.30) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DeferredCompensationEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThis item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481664/323-10-45-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 25 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25
+ Details
Name: |
us-gaap_EquityMethodInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe amount of the general partner's ownership interest.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5
+ Details
Name: |
us-gaap_GeneralPartnersCapitalAccount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(14)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 21: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 22: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19-26) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_Liabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_LiabilitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(32)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LiabilitiesAndStockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe amount of the limited partners' ownership interests.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5
+ Details
Name: |
us-gaap_LimitedPartnersCapitalAccount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of liabilities classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(12)(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(12)(b)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(15)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(12)(b)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.15) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_OtherLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe amount of ownership interest of different classes of partners in limited partnership.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
+ Details
Name: |
us-gaap_PartnersCapital |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_PartnersCapitalAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Condensed Statements of Financial Condition (Parenthetical) - shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
General partner units issued (in shares) |
100,000
|
100,000
|
General partner units outstanding (in units) |
100,000
|
100,000
|
Limited partners units issued (in shares) |
111,696,873
|
111,696,873
|
Limited partners units outstanding (in shares) |
113,701,097
|
113,701,097
|
X |
- DefinitionThe number of general partner units issued.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5
+ Details
Name: |
us-gaap_GeneralPartnersCapitalAccountUnitsIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe number of general partner units outstanding.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5
+ Details
Name: |
us-gaap_GeneralPartnersCapitalAccountUnitsOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe number of limited partner units issued.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5
+ Details
Name: |
us-gaap_LimitedPartnersCapitalAccountUnitsIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe number of limited partner units outstanding.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5
+ Details
Name: |
us-gaap_LimitedPartnersCapitalAccountUnitsOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_StatementOfFinancialPositionAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Condensed Statements of Income - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Equity in net income attributable to AB Unitholders |
$ 65,761
|
$ 63,905
|
$ 211,264
|
$ 233,616
|
Income taxes |
8,770
|
7,589
|
26,278
|
23,231
|
Net income |
$ 56,991
|
$ 56,316
|
$ 184,986
|
$ 210,385
|
Net income per unit: |
|
|
|
|
Basic (in dollars per share) |
$ 0.50
|
$ 0.56
|
$ 1.63
|
$ 2.11
|
Diluted (in dollars per share) |
$ 0.50
|
$ 0.56
|
$ 1.63
|
$ 2.11
|
X |
- References
+ Details
Name: |
us-gaap_EarningsPerShareAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of income (loss) for proportionate share of equity method investee's income (loss).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481664/323-10-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(12)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(13)(f)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_IncomeLossFromEquityMethodInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_IncomeStatementAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionPer unit of ownership amount after tax of income (loss) available to limited partnership (LP) unit-holder and units that would have been outstanding assuming the issuance of limited partner units for dilutive potential units outstanding.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5
+ Details
Name: |
us-gaap_NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPer unit of ownership amount after tax of income (loss) available to outstanding limited partnership (LP) unit-holder.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5
+ Details
Name: |
us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Condensed Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net income |
$ 56,991
|
$ 56,316
|
$ 184,986
|
$ 210,385
|
Other comprehensive income (loss): |
|
|
|
|
Foreign currency translation adjustments, before tax |
(5,816)
|
(11,574)
|
(1,580)
|
(27,875)
|
Income tax (expense) benefit |
(85)
|
284
|
(57)
|
544
|
Foreign currency translation adjustments, net of tax |
(5,901)
|
(11,290)
|
(1,637)
|
(27,331)
|
Changes in employee benefit related items: |
|
|
|
|
Amortization of prior service cost |
5
|
(4)
|
10
|
4
|
Recognized actuarial gain (loss) |
254
|
(204)
|
508
|
237
|
Changes in employee benefit related items |
259
|
(208)
|
518
|
241
|
Income tax (expense) benefit |
(1)
|
3
|
(3)
|
(4)
|
Employee benefit related items, net of tax |
258
|
(205)
|
515
|
237
|
Other comprehensive income (loss) |
(5,643)
|
(11,495)
|
(1,122)
|
(27,094)
|
Comprehensive income |
$ 51,348
|
$ 44,821
|
$ 183,864
|
$ 183,291
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(24)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(26)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-5
+ Details
Name: |
us-gaap_ComprehensiveIncomeNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_ComprehensiveIncomeNetOfTaxAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount, before tax, after reclassification adjustment, of (increase) decrease in accumulated other comprehensive (income) loss for defined benefit plan, attributable to parent entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentBeforeTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentBeforeTaxPortionAttributableToParentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, after tax and reclassification adjustment, of (increase) decrease in accumulated other comprehensive income for defined benefit plan, attributable to parent.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 10A -Subparagraph (i-k) -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-10A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount, after reclassification adjustment, of tax (expense) benefit for (increase) decrease in accumulated other comprehensive income for defined benefit plan, attributable to parent.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount before tax, after reclassification adjustments of gain (loss) on foreign currency translation adjustments, on foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of tax expense (benefit), after reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount, before tax, of reclassification adjustment from accumulated other comprehensive (income) loss for prior service cost (credit) of defined benefit plan.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 15 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-15
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 17A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-17A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax of other comprehensive income (loss) attributable to parent entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount, before tax, of gain (loss) for (increase) decrease in value of benefit obligation for change in actuarial assumptions and increase (decrease) in value of plan assets from experience different from that assumed of defined benefit plan, that has not been recognized in net periodic benefit (cost) credit.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 10A -Subparagraph (i) -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-10A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Condensed Statements of Changes in Partners’ Capital - USD ($) $ in Thousands |
Total |
AB Holding Units held by AB to fund long-term incentive compensation plans |
Accumulated Other Comprehensive (Loss) |
General Partner’s Capital |
Limited Partners’ Capital |
Balance, beginning of period at Dec. 31, 2021 |
|
$ (43,309)
|
$ (32,705)
|
$ 1,439
|
$ 1,696,199
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net income |
$ 210,385
|
|
|
212
|
210,173
|
Cash distributions to Unitholders |
|
|
|
(290)
|
(288,698)
|
AB Holding Units retired |
|
|
|
|
(114,794)
|
Issuance of AB Holding Units to fund long-term incentive compensation plan awards |
|
|
|
|
32,452
|
Issuance of AB Holding Units to fund CarVal acquisition |
|
|
|
|
132,839
|
Exercise of compensatory options to buy AB Holding Units |
|
|
|
|
178
|
Change in AB Holding Units held by AB to fund long-term incentive compensation plans |
|
3,145
|
|
|
|
Foreign currency translation adjustment, net of tax |
(27,331)
|
|
(27,331)
|
|
|
Changes in employee benefit related items, net of tax |
237
|
|
237
|
|
|
Balance, end of period at Sep. 30, 2022 |
1,569,747
|
(40,164)
|
(59,799)
|
1,361
|
1,668,349
|
Balance, beginning of period at Jun. 30, 2022 |
|
(43,546)
|
(48,304)
|
1,376
|
1,552,011
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net income |
56,316
|
|
|
56
|
56,260
|
Cash distributions to Unitholders |
|
|
|
(71)
|
(71,269)
|
AB Holding Units retired |
|
|
|
|
(2,487)
|
Issuance of AB Holding Units to fund long-term incentive compensation plan awards |
|
|
|
|
995
|
Issuance of AB Holding Units to fund CarVal acquisition |
|
|
|
|
132,839
|
Exercise of compensatory options to buy AB Holding Units |
|
|
|
|
0
|
Change in AB Holding Units held by AB to fund long-term incentive compensation plans |
|
3,382
|
|
|
|
Foreign currency translation adjustment, net of tax |
(11,290)
|
|
(11,290)
|
|
|
Changes in employee benefit related items, net of tax |
(205)
|
|
(205)
|
|
|
Balance, end of period at Sep. 30, 2022 |
1,569,747
|
(40,164)
|
(59,799)
|
1,361
|
1,668,349
|
Balance, beginning of period at Dec. 31, 2022 |
2,073,003
|
(37,551)
|
(51,008)
|
1,355
|
2,160,207
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net income |
184,986
|
|
|
163
|
184,823
|
Cash distributions to Unitholders |
|
|
|
(197)
|
(223,482)
|
AB Holding Units retired |
(72,592)
|
|
|
|
(72,592)
|
Issuance of AB Holding Units to fund long-term incentive compensation plan awards |
8,005
|
|
|
|
8,005
|
Issuance of AB Holding Units to fund CarVal acquisition |
|
|
|
|
0
|
Exercise of compensatory options to buy AB Holding Units |
|
|
|
|
0
|
Change in AB Holding Units held by AB to fund long-term incentive compensation plans |
|
3,893
|
|
|
|
Foreign currency translation adjustment, net of tax |
(1,637)
|
|
(1,637)
|
|
|
Changes in employee benefit related items, net of tax |
515
|
|
515
|
|
|
Balance, end of period at Sep. 30, 2023 |
1,972,494
|
(33,658)
|
(52,130)
|
1,321
|
2,056,961
|
Balance, beginning of period at Jun. 30, 2023 |
|
(35,152)
|
(46,487)
|
1,332
|
2,124,142
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net income |
56,991
|
|
|
51
|
56,940
|
Cash distributions to Unitholders |
|
|
|
(62)
|
(69,271)
|
AB Holding Units retired |
|
|
|
|
(55,168)
|
Issuance of AB Holding Units to fund long-term incentive compensation plan awards |
|
|
|
|
318
|
Issuance of AB Holding Units to fund CarVal acquisition |
|
|
|
|
0
|
Exercise of compensatory options to buy AB Holding Units |
|
|
|
|
0
|
Change in AB Holding Units held by AB to fund long-term incentive compensation plans |
|
1,494
|
|
|
|
Foreign currency translation adjustment, net of tax |
(5,901)
|
|
(5,901)
|
|
|
Changes in employee benefit related items, net of tax |
258
|
|
258
|
|
|
Balance, end of period at Sep. 30, 2023 |
$ 1,972,494
|
$ (33,658)
|
$ (52,130)
|
$ 1,321
|
$ 2,056,961
|
X |
- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
+ References
+ Details
Name: |
us-gaap_IncreaseDecreaseInStockholdersEquityRollForward |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount, after tax and reclassification adjustment, of (increase) decrease in accumulated other comprehensive income for defined benefit plan, attributable to parent.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 10A -Subparagraph (i-k) -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-10A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of ownership interest of different classes of partners in limited partnership.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
+ Details
Name: |
us-gaap_PartnersCapital |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionTotal distributions to each class of partners (i.e., general, limited and preferred partners).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5
+ Details
Name: |
us-gaap_PartnersCapitalAccountDistributions |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionTotal change in each class of partners' capital accounts during the year due to option exercise. All partners include general, limited and preferred partners.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5
+ Details
Name: |
us-gaap_PartnersCapitalAccountOptionExercise |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionValue of units that were previously issued and then were repurchased and classified as treasury units. This element represents the monetary value of these units which were reissued during the period.
+ References
+ Details
Name: |
us-gaap_PartnersCapitalAccountTreasuryUnitsReissued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionValue of stock issued pursuant to acquisitions during the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodValueAcquisitions |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionValue, after forfeiture, of shares issued under share-based payment arrangement. Excludes employee stock ownership plan (ESOP).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionEquity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_StockRepurchasedAndRetiredDuringPeriodValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v3.23.3
Condensed Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash flows from operating activities: |
|
|
Net income |
$ 184,986
|
$ 210,385
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Equity in net income attributable to AB Unitholders |
(211,264)
|
(233,616)
|
Cash distributions received from AB |
248,529
|
313,438
|
Changes in assets and liabilities: |
|
|
(Decrease) in other liabilities |
(1,071)
|
(1,531)
|
Net cash provided by operating activities |
221,180
|
288,676
|
Cash flows from investing activities: |
|
|
Acquisition of business, net cash acquired |
0
|
40,777
|
Contribution of CarVal to AB |
0
|
(40,777)
|
Investments in AB with proceeds from exercise of compensatory options to buy AB Holding Units |
0
|
(178)
|
Net cash used in investing activities |
0
|
(178)
|
Cash flows from financing activities: |
|
|
Cash distributions to Unitholders |
(223,679)
|
(288,988)
|
Capital contributions from AB |
2,499
|
312
|
Proceeds from exercise of compensatory options to buy AB Holding Units |
0
|
178
|
Net cash used in financing activities |
(221,180)
|
(288,498)
|
Change in cash and cash equivalents |
0
|
0
|
Cash and cash equivalents as of beginning of period |
0
|
0
|
Cash and cash equivalents as of end of period |
0
|
0
|
Non-cash investing activities: |
|
|
Fair value of assets acquired (less cash acquired of $40.8 million in 2022) |
0
|
1,052,062
|
Fair value of liabilities assumed |
0
|
300,381
|
Fair value of redeemable non-controlling interest assumed |
0
|
13,191
|
Fair value of assets contributed to AB (less cash acquired of $40.8 million in 2022) |
0
|
(1,052,062)
|
Fair value of liabilities contributed to AB |
0
|
(300,381)
|
Fair value of redeemable non-controlling interest contributed to AB |
0
|
(13,191)
|
Non-cash financing activities: |
|
|
Payables recorded under contingent payment arrangements |
0
|
227,071
|
Equity consideration issued/to be issued in connection with acquisition |
0
|
552,196
|
Payables contributed to AB under contingent payment arrangements |
0
|
(227,071)
|
Equity consideration received/to be received from AB in connection with acquisition |
$ 0
|
$ (552,196)
|
X |
- DefinitionEquity Consideration Received From AB In Connection With Acquisition
+ References
+ Details
Name: |
ab_EquityConsiderationReceivedFromABInConnectionWithAcquisition |
Namespace Prefix: |
ab_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionFair value of assets contributed
+ References
+ Details
Name: |
ab_FairValueOfAssetsContributed |
Namespace Prefix: |
ab_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionFair Value Of Liabilities Contributed
+ References
+ Details
Name: |
ab_FairValueOfLiabilitiesContributed |
Namespace Prefix: |
ab_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionFair Value Of Redeemable Non-Controlling Interest
+ References
+ Details
Name: |
ab_FairValueOfRedeemableNonControllingInterest |
Namespace Prefix: |
ab_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionFair Value Of Redeemable Non-Controlling Interest Recorded
+ References
+ Details
Name: |
ab_FairValueOfRedeemableNonControllingInterestRecorded |
Namespace Prefix: |
ab_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionPayables Contributed To AB Under Contingent Payment Arrangements
+ References
+ Details
Name: |
ab_PayablesContributedToABUnderContingentPaymentArrangements |
Namespace Prefix: |
ab_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionPayables Recorded Under Contingent Payment Arrangements
+ References
+ Details
Name: |
ab_PayablesRecordedUnderContingentPaymentArrangements |
Namespace Prefix: |
ab_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionPayment of Contributions to Affiliates
+ References
+ Details
Name: |
ab_PaymentOfContributionsToAffiliates |
Namespace Prefix: |
ab_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionProceeds from (Payments For) Contributions from (Distributions To) Affiliates
+ References
+ Details
Name: |
ab_ProceedsFromPaymentsForContributionsFromDistributionsToAffiliates |
Namespace Prefix: |
ab_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow associated with the acquisition of business during the period (for example, cash that was held by the acquired business).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-12
+ Details
Name: |
us-gaap_CashAcquiredFromAcquisition |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-8
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-4
+ Details
Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 1 -SubTopic 230 -Topic 830 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481877/830-230-45-1
+ Details
Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe fair value of assets acquired in noncash investing or financing activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-4
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-3
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-5
+ Details
Name: |
us-gaap_FairValueOfAssetsAcquired |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of income (loss) for proportionate share of equity method investee's income (loss).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481664/323-10-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(12)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(13)(f)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_IncomeLossFromEquityMethodInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_IncreaseDecreaseInOperatingCapitalAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) in operating liabilities classified as other.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInOtherOperatingLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe fair value of liabilities assumed in noncash investing or financing activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-4
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-3
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-5
+ Details
Name: |
us-gaap_LiabilitiesAssumed1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OtherNoncashInvestingAndFinancingItemsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCash outflow in the form of ordinary dividends to common shareholders, preferred shareholders and noncontrolling interests, generally out of earnings.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
+ Details
Name: |
us-gaap_PaymentsOfOrdinaryDividends |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow associated with the acquisition of or advances to an entity that is related to it but not strictly controlled (for example, an unconsolidated subsidiary, affiliate, and joint venture or equity method investment) or the acquisition of an additional interest in a subsidiary (controlled entity).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-13
+ Details
Name: |
us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionDividends received on equity and other investments during the current period.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-16
+ Details
Name: |
us-gaap_ProceedsFromDividendsReceived |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow from exercise of option under share-based payment arrangement.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 14 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-14
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2A -Subparagraph (a) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2A
+ Details
Name: |
us-gaap_ProceedsFromStockOptionsExercised |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe fair value of stock issued in noncash financing activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-4
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-3
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-5
+ Details
Name: |
us-gaap_StockIssued1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v3.23.3
X |
- DefinitionThe cash inflow associated with the acquisition of business during the period (for example, cash that was held by the acquired business).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-12
+ Details
Name: |
us-gaap_CashAcquiredFromAcquisition |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_StatementOfCashFlowsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Business Description, Organization and Basis of Presentation
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Business Description, Organization and Basis of Presentation |
Business Description, Organization and Basis of Presentation Business Description
AB Holding’s principal source of income and cash flow is attributable to its investment in AB limited partnership interests. The condensed financial statements and notes of AB Holding should be read in conjunction with the condensed consolidated financial statements and notes of AB included as an exhibit to this quarterly report on Form 10-Q and with AB Holding’s and AB’s audited financial statements included in AB Holding’s Form 10-K for the year ended December 31, 2022.
AB provides diversified investment management, research and related services globally to a broad range of clients. Its principal services include:
•Institutional Services – servicing its institutional clients, including private and public pension plans, foundations and endowments, insurance companies, central banks and governments worldwide, and affiliates such as Equitable Holdings, Inc. ("EQH") and its subsidiaries, by means of separately-managed accounts, sub-advisory relationships, structured products, collective investment trusts, mutual funds, hedge funds and other investment vehicles.
•Retail Services – servicing its retail clients, primarily by means of retail mutual funds sponsored by AB or an affiliated company, sub-advisory relationships with mutual funds sponsored by third parties, separately-managed account programs sponsored by financial intermediaries worldwide and other investment vehicles.
•Private Wealth Services – servicing its private clients, including high-net-worth individuals and families, trusts and estates, charitable foundations, partnerships, private and family corporations, and other entities, by means of separately-managed accounts, hedge funds, mutual funds and other investment vehicles.
•Bernstein Research Services – servicing institutional investors, such as pension fund, hedge fund and mutual fund managers, seeking high-quality fundamental research, quantitative services and brokerage-related services in equities and listed options.
AB also provides distribution, shareholder servicing, transfer agency services and administrative services to certain of the mutual funds it sponsors.
AB’s high-quality, in-depth research is the foundation of its asset management and private wealth management businesses. AB’s research disciplines include economic, fundamental equity, fixed income and quantitative research. In addition, AB has expertise in multi-asset strategies, wealth management, environmental, social and corporate governance ("ESG"), and alternative investments.
AB provides a broad range of investment services with expertise in:
•Actively-managed equity strategies, with global and regional portfolios across capitalization ranges, concentration ranges and investment strategies, including value, growth and core equities;
•Actively-managed traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies;
•Actively-managed alternative investments, including hedge funds, fund of funds and direct assets (e.g., direct lending, real estate and private equity); •Portfolios with Purpose, including actively managed, impact-focused and Responsible+ (climate-conscious, ESG leaders, change catalysts) equity, fixed income and multi-asset strategies that address the evolving objectives of our clients to invest their capital with purpose while pursuing strong investment returns;
•Multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds; and
•Passive management, including index, ESG index and enhanced index strategies.
Organization
As of September 30, 2023, EQH owned approximately 3.6% of the issued and outstanding units representing assignments of beneficial ownership of limited partnership interests in AB Holding (“AB Holding Units”). AllianceBernstein Corporation (an indirect wholly-owned subsidiary of EQH, “General Partner”) is the general partner of both AB Holding and AB. AllianceBernstein Corporation owns 100,000 general partnership units in AB Holding and a 1.0% general partnership interest in AB.
As of September 30, 2023, the ownership structure of AB, expressed as a percentage of general and limited partnership interests, was as follows: | | | | | | EQH and its subsidiaries | 60.3 | % | AB Holding | 39.0 | | Unaffiliated holders | 0.7 | | | 100.0 | % |
Including both the general partnership and limited partnership interests in AB Holding and AB, EQH and its subsidiaries had an approximate 61.7% economic interest in AB as of September 30, 2023.
Basis of Presentation
The interim condensed financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the interim results, have been made. The preparation of the condensed financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed financial statements and the reported amounts of revenues and expenses during the interim reporting periods. Actual results could differ from those estimates. The condensed statement of financial condition as of December 31, 2022 was derived from audited financial statements. Certain disclosures included in the annual financial statements have been condensed or omitted from these financial statements as they are not required for interim financial statements under principles generally accepted in the United States of America ("GAAP") and the rules of the SEC.
AB Holding records its investment in AB using the equity method of accounting. AB Holding’s investment is increased to reflect its proportionate share of income of AB and decreased to reflect its proportionate share of losses of AB and cash distributions made by AB to its Unitholders. In addition, AB Holding's investment is adjusted to reflect its proportionate share of certain capital transactions of AB.
Subsequent Events
We have evaluated subsequent events through the date that these financial statements were filed with the SEC and did not identify any subsequent events that would require disclosure in these financial statements.
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480424/946-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480424/946-10-50-2
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205/tableOfContent
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Cash Distributions
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Cash Distributions |
Cash Distributions AB Holding is required to distribute all of its Available Cash Flow, as defined in the Amended and Restated Agreement of Limited Partnership of AB Holding (“AB Holding Partnership Agreement”), to its Unitholders pro rata in accordance with their percentage interests in AB Holding. Available Cash Flow is defined as the cash distributions AB Holding receives from AB minus such amounts as the General Partner determines, in its sole discretion, should be retained by AB Holding for use in its business (such as the payment of taxes) or plus such amounts as the General Partner determines, in its sole discretion, should be released from previously retained cash flow.On October 26, 2023, the General Partner declared a distribution of $0.65 per unit, representing a distribution of Available Cash Flow for the three months ended September 30, 2023. Each general partnership unit in AB Holding is entitled to receive distributions equal to those received by each AB Holding Unit. The distribution is payable on November 22, 2023 to holders of record at the close of business on November 6, 2023.
|
X |
- DefinitionThe entire disclosure for cash distributions.
+ References
+ Details
Name: |
ab_CashDistributionsDisclosureTextBlock |
Namespace Prefix: |
ab_ |
Data Type: |
dtr-types1:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_EquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Long-term Incentive Compensation Plans
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Long-term Incentive Compensation Plans |
Long-term Incentive Compensation Plans AB maintains several unfunded, non-qualified long-term incentive compensation plans, under which the company grants awards of restricted AB Holding Units to its employees and members of the Board of Directors, who are not employed by AB or by any of AB’s affiliates (“Eligible Directors”).
AB funds its restricted AB Holding Unit awards either by purchasing AB Holding Units on the open market or purchasing newly-issued AB Holding Units from AB Holding, and then keeping these AB Holding Units in a consolidated rabbi trust until delivering them or retiring them. In accordance with the AB Holding Partnership Agreement, when AB purchases newly-issued AB Holding Units from AB Holding, AB Holding is required to use the proceeds it receives from AB to purchase the equivalent number of newly-issued AB Units, thus increasing its percentage ownership interest in AB. AB Holding Units held in the consolidated rabbi trust are corporate assets in the name of the trust and are available to the general creditors of AB.
Repurchases and retention of AB Holding Units for the three and nine months ended September 30, 2023 and 2022 consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | | (in millions) | Total amount of AB Holding Units Purchased/Retained (1) | | 1.8 | | | — | | | 2.3 | | | 2.6 | | Total Cash Paid for AB Holding Units Purchased/Retained (1) | | $ | 56.9 | | | $ | 1.0 | | | $ | 75.7 | | | $ | 107.7 | | Open Market Purchases of AB Holding Units Purchased (1) | | 1.8 | | | — | | | 1.8 | | | 2.3 | | Total Cash Paid for Open Market Purchases of AB Holding Units (1) | | $ | 56.9 | | | $ | — | | | $ | 56.9 | | | $ | 92.7 | |
(1) Purchased on a trade date basis. The difference between open-market purchases and units retained reflects the retention of AB Holding Units from employees to fulfill statutory tax withholding requirements at the time of delivery of long-term incentive compensation awards. Each quarter, AB considers whether to implement a plan to repurchase AB Holding Units pursuant to Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (“Exchange Act”). A plan of this type allows a company to repurchase its shares at times when it otherwise might be prevented from doing so because of self-imposed trading blackout periods or because it possesses material non-public information. Each broker selected by AB has the authority under the terms and limitations specified in the plan to repurchase AB Holding Units on AB’s behalf. Repurchases are subject to regulations promulgated by the SEC as well as certain price, market volume and timing constraints specified in the plan. The plan adopted during the third quarter of 2023 expired at the close of business on October 25, 2023. AB may adopt plans in the future to engage in open-market purchases of AB Holding Units to help fund anticipated obligations under its incentive compensation award program and for other corporate purposes.
During the first nine months of 2023 and 2022, AB awarded to employees and Eligible Directors 0.4 million and 0.8 million restricted AB Holding Unit awards, respectively. AB used AB Holding Units repurchased during the applicable period and newly-issued AB Holding Units to fund these restricted AB Holding Unit awards.
During the first nine months of 2023 and 2022, AB Holding issued zero and 5,774 AB Holding Units, respectively, upon exercise of options to buy AB Holding Units. AB Holding used the proceeds of zero and $0.1 million, respectively, received from award recipients as payment in cash for the exercise price to purchase the equivalent number of newly-issued AB Units.
|
X |
- DefinitionThe entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//710/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 710 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482969/710-10-50-1
+ Details
Name: |
us-gaap_CompensationRelatedCostsGeneralTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Net Income per Unit
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Unit [Abstract] |
|
Net Income per Unit |
Net Income per Unit Basic net income per unit is derived by dividing net income by the basic weighted average number of units outstanding for each period. Diluted net income per unit is derived by adjusting net income for the assumed dilutive effect of compensatory options (“Net income – diluted”) and dividing by the diluted weighted average number of units outstanding for each period.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | | (in thousands, except per unit amounts) | | | | | | | | | | Net income – basic | | $ | 56,991 | | | $ | 56,316 | | | $ | 184,986 | | | $ | 210,385 | | Additional allocation of equity in net income attributable to AB resulting from assumed dilutive effect of compensatory options | | — | | | — | | | — | | | 2 | | Net income – diluted | | $ | 56,991 | | | $ | 56,316 | | | $ | 184,986 | | | $ | 210,387 | | | | | | | | | | | Weighted average units outstanding – basic | | 113,185 | | | 100,466 | | | 113,407 | | | 99,494 | | Dilutive effect of compensatory options | | — | | | — | | | — | | | 2 | | Weighted average units outstanding – diluted | | 113,185 | | | 100,466 | | | 113,407 | | | 99,496 | | | | | | | | | | | Basic net income per unit | | $ | 0.50 | | | $ | 0.56 | | | $ | 1.63 | | | $ | 2.11 | | Diluted net income per unit | | $ | 0.50 | | | $ | 0.56 | | | $ | 1.63 | | | $ | 2.11 | |
There were no anti-dilutive options excluded from diluted net income in the three and nine months ended September 30, 2023 or 2022.
|
X |
- DefinitionThe entire disclosure for earnings per share.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3
+ Details
Name: |
us-gaap_EarningsPerShareTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_EarningsPerUnitAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Investment in AB
|
9 Months Ended |
Sep. 30, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Investment in AB |
Investment in AB Changes in AB Holding’s investment in AB during the nine-month period ended September 30, 2023 are as follows (in thousands):
| | | | | | Investment in AB as of December 31, 2022 | $ | 2,074,626 | | Equity in net income attributable to AB Unitholders | 211,264 | | Changes in accumulated other comprehensive income | (1,122) | | Cash distributions received from AB | (248,529) | | | | | | Capital contributions (from) AB | (2,499) | | AB Holding Units retired | (72,592) | | AB Holding Units issued to fund long-term incentive compensation plans | 8,005 | | | | Change in AB Holding Units held by AB for long-term incentive compensation plans | 3,893 | | | | | | Investment in AB as of September 30, 2023 | $ | 1,973,046 | |
|
X |
- References
+ Details
Name: |
us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent
+ Details
Name: |
us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Units Outstanding
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Units Outstanding |
Units Outstanding Changes in AB Holding Units outstanding during the nine-month period ended September 30, 2023 are as follows:
| | | | | | Outstanding as of December 31, 2022 | 113,801,097 | | | | Units issued | 226,691 | | Units retired | (2,230,915) | | Outstanding as of September 30, 2023 | 111,796,873 | |
|
X |
- DefinitionEntire disclosure of an entity's capital units or capital shares.
+ References
+ Details
Name: |
ab_CapitalUnitsTextBlock |
Namespace Prefix: |
ab_ |
Data Type: |
dtr-types1:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_EquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Income Taxes AB Holding is a publicly-traded partnership (“PTP”) for federal tax purposes and, accordingly, is not subject to federal or state corporate income taxes. However, AB Holding is subject to the 4.0% New York City unincorporated business tax (“UBT”), net of credits for UBT paid by AB, and to a 3.5% federal tax on partnership gross income from the active conduct of a trade or business. AB Holding’s partnership gross income is derived from its interest in AB.
AB Holding’s federal income tax is computed by multiplying certain AB qualifying revenues (primarily U.S. investment advisory fees, research payments and brokerage commissions) by AB Holding’s ownership interest in AB, multiplied by the 3.5% tax rate. AB Holding Units in AB’s consolidated rabbi trust are not considered outstanding for purposes of calculating AB Holding’s ownership interest in AB. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | Nine Months Ended September 30, | | | | | 2023 | | 2022 | | % Change | | 2023 | | 2022 | | % Change | | | | | | | | | (in thousands) | | | Net income attributable to AB Unitholders | | $ | 167,404 | | | $ | 175,180 | | | (4.4) | % | | $ | 537,292 | | | $ | 644,676 | | | (16.7) | % | Multiplied by: weighted average equity ownership interest | | 39.3 | % | | 36.5 | % | | | | 39.3 | % | | 36.2 | % | | | Equity in net income attributable to AB Unitholders | | $ | 65,761 | | | $ | 63,905 | | | 2.9 | | | $ | 211,264 | | | $ | 233,616 | | | (9.6) | | | | | | | | | | | | | | | AB qualifying revenues | | $ | 689,323 | | | $ | 678,682 | | | 1.6 | | | $ | 2,059,866 | | | $ | 2,089,206 | | | (1.4) | | Multiplied by: weighted average equity ownership interest for calculating tax | | 35.6 | % | | 31.3 | % | | | | 35.7 | % | | 31.1 | % | | | Multiplied by: federal tax | | 3.5 | % | | 3.5 | % | | | | 3.5 | % | | 3.5 | % | | | Federal income taxes | | 8,593 | | | 7,442 | | | | | 25,713 | | | 22,748 | | | | State income taxes | | 177 | | | 147 | | | | | 565 | | | 483 | | | | Total income taxes | | $ | 8,770 | | | $ | 7,589 | | | 15.6 | | | $ | 26,278 | | | $ | 23,231 | | | 13.1 | | | | | | | | | | | | | | | Effective tax rate | | 13.3 | % | | 11.9 | % | | | | 12.4 | % | | 9.9 | % | | |
In order to preserve AB Holding’s status as a PTP for federal income tax purposes, management ensures that AB Holding does not directly or indirectly (through AB) engage in a substantial new line of business. If AB Holding were to lose its status as a PTP, it would be subject to corporate income tax, which would reduce materially AB Holding’s net income and its quarterly distributions to AB Holding Unitholders.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2
+ Details
Name: |
us-gaap_IncomeTaxDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies Legal and regulatory matters described below pertain to AB and are included here due to their potential significance to AB Holding’s investment in AB.
With respect to all significant litigation matters, we consider the likelihood of a negative outcome. If we determine the likelihood of a negative outcome is probable and the amount of the loss can be reasonably estimated, we record an estimated loss for the expected outcome of the litigation. If the likelihood of a negative outcome is reasonably possible and we are able to determine an estimate of the possible loss or range of loss in excess of amounts already accrued, if any, we disclose that fact together with the estimate of the possible loss or range of loss. However, it is often difficult to predict the outcome or estimate a possible loss or range of loss because litigation is subject to inherent uncertainties, particularly when plaintiffs allege substantial or indeterminate damages. Such is also the case when the litigation is in its early stages or when the litigation is highly complex or broad in scope. In these cases, we disclose that we are unable to predict the outcome or estimate a possible loss or range of loss.
On December 14, 2022, four individual participants in the Profit Sharing Plan for Employees of AllianceBernstein L.P., (the "Plan") filed a class action complaint (the “Complaint”) in the U.S. District Court for the Southern District of New York against AB, current and former members of the Compensation and Workplace Practices Committee of the Board, and the Investment and Administrative Committees under the Plan. Plaintiffs, who seek to represent a class of all participants in the Plan from December 14, 2016 to the present, allege that defendants violated their fiduciary duties and engaged in prohibited transactions under the Employee Retirement Income Security Act of 1974, as amended ("ERISA") by including proprietary collective investment trusts as investment options offered under the Plan. The Complaint seeks unspecified damages, disgorgement and other equitable relief. AB is prepared to defend itself vigorously against these claims. While the ultimate outcome of this matter is currently not determinable given the matter remains in its early stages, we do not believe this litigation will have a material adverse effect on our results of operations, financial condition or liquidity.
AB may be involved in various other matters, including regulatory inquiries, administrative proceedings and litigation, some of which may allege significant damages. It is reasonably possible that AB could incur losses pertaining to these other matters, but management cannot currently estimate any such losses. Management, after consultation with legal counsel, currently believes that the outcome of any individual matter that is pending or threatened, or all of them combined, will not have a material adverse effect on our results of operations, financial condition or liquidity. However, any inquiry, proceeding or litigation has the element of uncertainty; management cannot determine whether further developments relating to any individual matter that is pending or threatened, or all of them combined, will have a material adverse effect on our results of operations, financial condition or liquidity in any future reporting period.
|
X |
- References
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for commitments and contingencies.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 440 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482648/440-10-50-4
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 450 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//450/tableOfContent
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 954 -SubTopic 440 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480327/954-440-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 440 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482648/440-10-50-4
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 440 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//440/tableOfContent
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Pay vs Performance Disclosure |
|
|
|
|
Net income |
$ 56,991
|
$ 56,316
|
$ 184,986
|
$ 210,385
|
X |
- ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K -Number 229 -Section 402 -Subsection v -Paragraph 1
+ Details
Name: |
ecd_PvpTable |
Namespace Prefix: |
ecd_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v3.23.3
X |
- ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K -Number 229 -Section 408 -Subsection a -Paragraph 1
+ Details
Name: |
ecd_NonRule10b51ArrAdoptedFlag |
Namespace Prefix: |
ecd_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K -Number 229 -Section 408 -Subsection a -Paragraph 1
+ Details
Name: |
ecd_NonRule10b51ArrTrmntdFlag |
Namespace Prefix: |
ecd_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K -Number 229 -Section 408 -Subsection a -Paragraph 1
+ Details
Name: |
ecd_Rule10b51ArrAdoptedFlag |
Namespace Prefix: |
ecd_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K -Number 229 -Section 408 -Subsection a -Paragraph 1
+ Details
Name: |
ecd_Rule10b51ArrTrmntdFlag |
Namespace Prefix: |
ecd_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K -Number 229 -Section 408 -Subsection a -Paragraph 2 -Subparagraph A
+ Details
Name: |
ecd_TradingArrByIndTable |
Namespace Prefix: |
ecd_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Business Description, Organization and Basis of Presentation (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
Basis of Presentation
The interim condensed financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the interim results, have been made. The preparation of the condensed financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed financial statements and the reported amounts of revenues and expenses during the interim reporting periods. Actual results could differ from those estimates. The condensed statement of financial condition as of December 31, 2022 was derived from audited financial statements. Certain disclosures included in the annual financial statements have been condensed or omitted from these financial statements as they are not required for interim financial statements under principles generally accepted in the United States of America ("GAAP") and the rules of the SEC.
AB Holding records its investment in AB using the equity method of accounting. AB Holding’s investment is increased to reflect its proportionate share of income of AB and decreased to reflect its proportionate share of losses of AB and cash distributions made by AB to its Unitholders. In addition, AB Holding's investment is adjusted to reflect its proportionate share of certain capital transactions of AB.
|
Subsequent Events |
Subsequent Events
We have evaluated subsequent events through the date that these financial statements were filed with the SEC and did not identify any subsequent events that would require disclosure in these financial statements.
|
X |
- DefinitionDisclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
+ References
+ Details
Name: |
us-gaap_BasisOfAccountingPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for reporting subsequent events.
+ References
+ Details
Name: |
us-gaap_SubsequentEventsPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of other units or shares or classes of ownership in a partnership.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 5 -Subparagraph (SAB TOPIC 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5
+ Details
Name: |
us-gaap_ScheduleOfOtherOwnershipInterestsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Long-term Incentive Compensation Plans (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Unit Award Repurchase Activity |
Repurchases and retention of AB Holding Units for the three and nine months ended September 30, 2023 and 2022 consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | | (in millions) | Total amount of AB Holding Units Purchased/Retained (1) | | 1.8 | | | — | | | 2.3 | | | 2.6 | | Total Cash Paid for AB Holding Units Purchased/Retained (1) | | $ | 56.9 | | | $ | 1.0 | | | $ | 75.7 | | | $ | 107.7 | | Open Market Purchases of AB Holding Units Purchased (1) | | 1.8 | | | — | | | 1.8 | | | 2.3 | | Total Cash Paid for Open Market Purchases of AB Holding Units (1) | | $ | 56.9 | | | $ | — | | | $ | 56.9 | | | $ | 92.7 | |
(1) Purchased on a trade date basis. The difference between open-market purchases and units retained reflects the retention of AB Holding Units from employees to fulfill statutory tax withholding requirements at the time of delivery of long-term incentive compensation awards.
|
X |
- DefinitionTabular disclosure of employee stock purchase plan activity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ScheduleOfShareBasedCompensationEmployeeStockPurchasePlanActivityTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Net Income per Unit (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Unit [Abstract] |
|
Schedule of Earnings Per Unit, Basic and Diluted |
Basic net income per unit is derived by dividing net income by the basic weighted average number of units outstanding for each period. Diluted net income per unit is derived by adjusting net income for the assumed dilutive effect of compensatory options (“Net income – diluted”) and dividing by the diluted weighted average number of units outstanding for each period.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | | (in thousands, except per unit amounts) | | | | | | | | | | Net income – basic | | $ | 56,991 | | | $ | 56,316 | | | $ | 184,986 | | | $ | 210,385 | | Additional allocation of equity in net income attributable to AB resulting from assumed dilutive effect of compensatory options | | — | | | — | | | — | | | 2 | | Net income – diluted | | $ | 56,991 | | | $ | 56,316 | | | $ | 184,986 | | | $ | 210,387 | | | | | | | | | | | Weighted average units outstanding – basic | | 113,185 | | | 100,466 | | | 113,407 | | | 99,494 | | Dilutive effect of compensatory options | | — | | | — | | | — | | | 2 | | Weighted average units outstanding – diluted | | 113,185 | | | 100,466 | | | 113,407 | | | 99,496 | | | | | | | | | | | Basic net income per unit | | $ | 0.50 | | | $ | 0.56 | | | $ | 1.63 | | | $ | 2.11 | | Diluted net income per unit | | $ | 0.50 | | | $ | 0.56 | | | $ | 1.63 | | | $ | 2.11 | |
|
X |
- References
+ Details
Name: |
us-gaap_EarningsPerUnitAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
+ Details
Name: |
us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Investment in AB (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Summary of Changes in Investment in AB |
Changes in AB Holding’s investment in AB during the nine-month period ended September 30, 2023 are as follows (in thousands):
| | | | | | Investment in AB as of December 31, 2022 | $ | 2,074,626 | | Equity in net income attributable to AB Unitholders | 211,264 | | Changes in accumulated other comprehensive income | (1,122) | | Cash distributions received from AB | (248,529) | | | | | | Capital contributions (from) AB | (2,499) | | AB Holding Units retired | (72,592) | | AB Holding Units issued to fund long-term incentive compensation plans | 8,005 | | | | Change in AB Holding Units held by AB for long-term incentive compensation plans | 3,893 | | | | | | Investment in AB as of September 30, 2023 | $ | 1,973,046 | |
|
X |
- References
+ Details
Name: |
us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA tabular presentation of the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates, as prescribed by the SEC. It reflects specified information about ownership, financial results from, and financial position in such entities. Includes the tabular presentations that disaggregate investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates.
+ References
+ Details
Name: |
us-gaap_ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Units Outstanding (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Changes in Holding Units Outstanding |
Changes in AB Holding Units outstanding during the nine-month period ended September 30, 2023 are as follows:
| | | | | | Outstanding as of December 31, 2022 | 113,801,097 | | | | Units issued | 226,691 | | Units retired | (2,230,915) | | Outstanding as of September 30, 2023 | 111,796,873 | |
|
X |
- References
+ Details
Name: |
us-gaap_EquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of an entity's capital units or capital shares, including the value of capital units or capital shares, units authorized, units outstanding and other information necessary to a fair presentation.
+ References
+ Details
Name: |
us-gaap_ScheduleOfCapitalUnitsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Income Taxes (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Computation of Effective Income Tax Rate and Changes in Components of Income Tax |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | Nine Months Ended September 30, | | | | | 2023 | | 2022 | | % Change | | 2023 | | 2022 | | % Change | | | | | | | | | (in thousands) | | | Net income attributable to AB Unitholders | | $ | 167,404 | | | $ | 175,180 | | | (4.4) | % | | $ | 537,292 | | | $ | 644,676 | | | (16.7) | % | Multiplied by: weighted average equity ownership interest | | 39.3 | % | | 36.5 | % | | | | 39.3 | % | | 36.2 | % | | | Equity in net income attributable to AB Unitholders | | $ | 65,761 | | | $ | 63,905 | | | 2.9 | | | $ | 211,264 | | | $ | 233,616 | | | (9.6) | | | | | | | | | | | | | | | AB qualifying revenues | | $ | 689,323 | | | $ | 678,682 | | | 1.6 | | | $ | 2,059,866 | | | $ | 2,089,206 | | | (1.4) | | Multiplied by: weighted average equity ownership interest for calculating tax | | 35.6 | % | | 31.3 | % | | | | 35.7 | % | | 31.1 | % | | | Multiplied by: federal tax | | 3.5 | % | | 3.5 | % | | | | 3.5 | % | | 3.5 | % | | | Federal income taxes | | 8,593 | | | 7,442 | | | | | 25,713 | | | 22,748 | | | | State income taxes | | 177 | | | 147 | | | | | 565 | | | 483 | | | | Total income taxes | | $ | 8,770 | | | $ | 7,589 | | | 15.6 | | | $ | 26,278 | | | $ | 23,231 | | | 13.1 | | | | | | | | | | | | | | | Effective tax rate | | 13.3 | % | | 11.9 | % | | | | 12.4 | % | | 9.9 | % | | |
|
X |
- DefinitionTabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12
+ Details
Name: |
us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DistributionMadeToLimitedPartnerLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe number of general partner units outstanding.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5
+ Details
Name: |
us-gaap_GeneralPartnersCapitalAccountUnitsOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionPercentage investment held by the managing member or general partner of the limited liability company (LLC) or limited partnership (LP).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482987/272-10-50-3
+ Details
Name: |
us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_OwnershipAxis=ab_ABHoldingMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
dei_LegalEntityAxis=ab_EQHMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
dei_LegalEntityAxis=ab_AllianceBernsteinCorporationMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_OwnershipAxis=ab_AllianceBernsteinL.P.Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
dei_LegalEntityAxis=ab_EQHAndItsSubsidiariesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DistributionMadeToLimitedPartnerLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPercentage investment held by members or limited partners of limited liability company (LLC) or limited partnership (LP).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482987/272-10-50-3
+ Details
Name: |
us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_OwnershipAxis=ab_EQHAndItsSubsidiariesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
dei_LegalEntityAxis=ab_AllianceBernsteinCorporationMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_OwnershipAxis=ab_ABHoldingMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_OwnershipAxis=ab_UnaffiliatedHoldersMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_OwnershipAxis=ab_AllianceBernsteinL.P.Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
X |
- DefinitionPer unit of ownership amount of cash distributions declared to unit-holder of a limited liability company (LLC).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
+ Details
Name: |
us-gaap_DistributionMadeToLimitedLiabilityCompanyLLCMemberDistributionsDeclaredPerUnit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDetail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2
+ Details
Name: |
us-gaap_SubsequentEventLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
X |
- DefinitionThe cash outflow to reacquire common and preferred stock.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
+ Details
Name: |
us-gaap_PaymentsForRepurchaseOfEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionNumber of shares purchased for issuance under share-based payment arrangement.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_StockRepurchasedDuringPeriodShares |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionEquity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480767/946-205-45-4
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_StockRepurchasedDuringPeriodValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v3.23.3
X |
- DefinitionAmount of cash inflow from exercise of option under share-based payment arrangement.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 14 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-14
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2A -Subparagraph (a) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2A
+ Details
Name: |
us-gaap_ProceedsFromStockOptionsExercised |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 35 -Paragraph 1D -Publisher FASB -URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 35 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480483/718-10-35-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(01) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(02) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2)(iii)(01) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2)(iii)(02) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2)(iii)(03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(2)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(2)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(2)(iv) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(2)(v) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber, before forfeiture, of shares issued under share-based payment arrangement. Excludes employee stock ownership plan (ESOP).
+ References
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of share options (or share units) exercised during the current period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(02) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=ab_ABHoldingUnitsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_TitleOfIndividualAxis=ab_EmployeesAndEligibleDirectorsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
Net Income per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Earnings Per Unit [Abstract] |
|
|
|
|
Net income – basic |
$ 56,991
|
$ 56,316
|
$ 184,986
|
$ 210,385
|
Additional allocation of equity in net income attributable to AB resulting from assumed dilutive effect of compensatory options |
0
|
0
|
0
|
2
|
Net income – diluted |
$ 56,991
|
$ 56,316
|
$ 184,986
|
$ 210,387
|
Weighted average units outstanding – basic (in shares) |
113,185,000
|
100,466,000
|
113,407,000
|
99,494,000
|
Dilutive effect of compensatory options (in shares) |
0
|
0
|
0
|
2,000
|
Weighted average units outstanding – diluted (in shares) |
113,185,000
|
100,466,000
|
113,407,000
|
99,496,000
|
Basic net income per unit (in dollars per share) |
$ 0.50
|
$ 0.56
|
$ 1.63
|
$ 2.11
|
Diluted net income per unit (in dollars per share) |
$ 0.50
|
$ 0.56
|
$ 1.63
|
$ 2.11
|
Anti-dilutive units excluded from diluted net income (in shares) |
0
|
0
|
0
|
0
|
X |
- DefinitionAmount of increase (decrease) to net income used for calculating diluted earnings per share (EPS), resulting from the assumed exercise of stock options or restrictive stock units (RSUs).
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
+ Details
Name: |
us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
+ Details
Name: |
us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_EarningsPerUnitAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 6.B) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-5
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-11
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
+ Details
Name: |
us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 6.B) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-5
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-16
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 40 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-40
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 40 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-40
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 40 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 40 -Subparagraph (b)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-40
+ Details
Name: |
us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionPer unit of ownership amount after tax of income (loss) available to limited partnership (LP) unit-holder and units that would have been outstanding assuming the issuance of limited partner units for dilutive potential units outstanding.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5
+ Details
Name: |
us-gaap_NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPer unit of ownership amount after tax of income (loss) available to outstanding limited partnership (LP) unit-holder.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5
+ Details
Name: |
us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionWeighted average number of limited partnership units outstanding determined by relating the portion of time within a reporting period that limited partnership units have been outstanding to the total time in that period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5
+ Details
Name: |
us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionWeighted average number of limited partnership units outstanding determined by relating the portion of time within a reporting period that limited partnership units have been outstanding to the total time in that period. Used in the calculation of diluted net income or loss per limited partnership unit.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5
+ Details
Name: |
us-gaap_WeightedAverageLimitedPartnershipUnitsOutstandingDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe sum of dilutive potential limited partnership units used in the calculation of the diluted per-unit computation.
+ References
+ Details
Name: |
us-gaap_WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Investment in AB (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Change in Equity Method Investment [Roll Forward] |
|
|
|
|
Beginning balance |
|
|
$ 2,074,626
|
|
Equity in net income attributable to AB Unitholders |
$ 65,761
|
$ 63,905
|
211,264
|
$ 233,616
|
Changes in accumulated other comprehensive income |
(5,643)
|
$ (11,495)
|
(1,122)
|
(27,094)
|
Cash distributions received from AB |
|
|
(248,529)
|
$ (313,438)
|
Capital contributions (from) AB |
|
|
(2,499)
|
|
AB Holding Units retired |
|
|
(72,592)
|
|
AB Holding Units issued to fund long-term incentive compensation plans |
|
|
8,005
|
|
Change in AB Holding Units held by AB for long-term incentive compensation plans |
|
|
3,893
|
|
Ending balance |
$ 1,973,046
|
|
$ 1,973,046
|
|
X |
- DefinitionChange in Equity Method Investment [Roll Forward]
+ References
+ Details
Name: |
ab_ChangeinEquityMethodInvestmentRollForward |
Namespace Prefix: |
ab_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPartners' Capital Account, Treasury Units, Period Increase (Decrease)
+ References
+ Details
Name: |
ab_PartnersCapitalAccountTreasuryUnitsPeriodIncreaseDecrease |
Namespace Prefix: |
ab_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThis item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481664/323-10-45-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 25 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25
+ Details
Name: |
us-gaap_EquityMethodInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of income (loss) for proportionate share of equity method investee's income (loss).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481664/323-10-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(12)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(13)(f)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_IncomeLossFromEquityMethodInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax of other comprehensive income (loss) attributable to parent entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from an entity that is affiliated with the entity by means of direct or indirect ownership.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-14
+ Details
Name: |
us-gaap_ProceedsFromContributionsFromAffiliates |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionDividends received on equity and other investments during the current period.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-16
+ Details
Name: |
us-gaap_ProceedsFromDividendsReceived |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionValue, after forfeiture, of shares issued under share-based payment arrangement. Excludes employee stock ownership plan (ESOP).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionEquity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_StockRepurchasedAndRetiredDuringPeriodValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v3.23.3
Units Outstanding (Details)
|
9 Months Ended |
Sep. 30, 2023
shares
|
Units Outstanding |
|
Outstanding, beginning balance (in shares) |
113,801,097
|
Units issued (in shares) |
226,691
|
Units retired (in shares) |
(2,230,915)
|
Outstanding, ending balance (in shares) |
111,796,873
|
X |
- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
+ References
+ Details
Name: |
us-gaap_IncreaseDecreaseInPartnersCapitalRollForward |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of shares issued which are neither cancelled nor held in the treasury.
+ References
+ Details
Name: |
us-gaap_SharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionTotal number of shares issued during the period, including shares forfeited, as a result of Restricted Stock Awards.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of shares that have been repurchased and retired during the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_StockRepurchasedAndRetiredDuringPeriodShares |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Tax Disclosure [Abstract] |
|
|
|
|
New York City unincorporated business tax (percent) |
|
|
4.00%
|
|
Federal tax rate on partnership gross income (percent) |
|
|
3.50%
|
|
Income Tax Contingency [Line Items] |
|
|
|
|
Multiplied by: weighted average equity ownership interest (percent) |
39.30%
|
36.50%
|
39.30%
|
36.20%
|
Equity in net income attributable to AB Unitholders |
$ 65,761
|
$ 63,905
|
$ 211,264
|
$ 233,616
|
Computation of income tax [Abstract] |
|
|
|
|
AB qualifying revenues |
$ 689,323
|
$ 678,682
|
$ 2,059,866
|
$ 2,089,206
|
Multiplied by: weighted average equity ownership interest for calculating tax (percent) |
35.60%
|
31.30%
|
35.70%
|
31.10%
|
Multiplied by: federal tax (percent) |
3.50%
|
3.50%
|
3.50%
|
3.50%
|
Federal income taxes |
$ 8,593
|
$ 7,442
|
$ 25,713
|
$ 22,748
|
State income taxes |
177
|
147
|
565
|
483
|
Total income taxes |
$ 8,770
|
$ 7,589
|
$ 26,278
|
$ 23,231
|
Effective tax rate (percent) |
13.30%
|
11.90%
|
12.40%
|
9.90%
|
Changes in components for calculation of income tax [Abstract] |
|
|
|
|
Change in net income attributable to AB Unitholders (percent) |
(4.40%)
|
|
(16.70%)
|
|
Change in equity in net income attributable to AB Unitholders (percent) |
2.90%
|
|
(9.60%)
|
|
Change in AB qualifying revenues (percent) |
1.60%
|
|
(1.40%)
|
|
Change in income taxes (percent) |
15.60%
|
|
13.10%
|
|
Variable Interest Entity, Primary Beneficiary |
|
|
|
|
Income Tax Contingency [Line Items] |
|
|
|
|
Net income attributable to AB Unitholders |
$ 167,404
|
$ 175,180
|
$ 537,292
|
$ 644,676
|
X |
- DefinitionThe weighted average percentage of ownership of common stock or equity participation in the investee for calculating tax, net of units held in the rabbi trust.
+ References
+ Details
Name: |
ab_EquityMethodInvestmentWeightedAverageOwnershipPercentageForCalculatingTax |
Namespace Prefix: |
ab_ |
Data Type: |
dtr-types1:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFederal Tax on Partnership Gross Income, Percent
+ References
+ Details
Name: |
ab_FederalTaxonPartnershipGrossIncomePercent |
Namespace Prefix: |
ab_ |
Data Type: |
dtr-types1:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe percentage change in the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied.
+ References
+ Details
Name: |
ab_IncreaseDecreaseInEquityInNetIncomeAttributableToEquityMethodInvestments |
Namespace Prefix: |
ab_ |
Data Type: |
dtr-types1:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe percentage change in the amount of net income (loss) reported by an equity method investments of the entity.
+ References
+ Details
Name: |
ab_IncreaseDecreaseInNetIncomeAttributableToEquityMethodInvestments |
Namespace Prefix: |
ab_ |
Data Type: |
dtr-types1:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe percentage change in the amount of qualifying revenue (primarily investment advisory fees and certain equity commissions) reported by an equity method investment of the entity.
+ References
+ Details
Name: |
ab_IncreaseDecreaseInQualifyingRevenueOfEquityMethodInvestment |
Namespace Prefix: |
ab_ |
Data Type: |
dtr-types1:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTax rate attributable to operating income for unincorporated business entities operating in New York City, before credits paid for unincorporated business entities by a subsidiary.
+ References
+ Details
Name: |
ab_NewYorkCityUnincorporatedBusinessTaxRate |
Namespace Prefix: |
ab_ |
Data Type: |
dtr-types1:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of current federal tax expense (benefit) attributable to income (loss) from continuing operations. Includes, but is not limited to, current national tax expense (benefit) for non-US (United States of America) jurisdiction.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.7) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1
+ Details
Name: |
us-gaap_CurrentFederalTaxExpenseBenefit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of current state and local tax expense (benefit) attributable to income (loss) from continuing operations. Includes, but is not limited to, current regional, territorial, and provincial tax expense (benefit) for non-US (United States of America) jurisdiction.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.7) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1
+ Details
Name: |
us-gaap_CurrentStateAndLocalTaxExpenseBenefit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of income (loss) for proportionate share of equity method investee's income (loss).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481664/323-10-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(12)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(13)(f)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_IncomeLossFromEquityMethodInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480767/946-205-45-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 29: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-05(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 33: http://www.xbrl.org/2003/role/exampleRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 4J -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J
Reference 34: http://www.xbrl.org/2003/role/exampleRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 4K -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K
Reference 35: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-2
Reference 38: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 39: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_ProfitLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionPercentage of subsidiary's or equity method investee's stock owned by parent immediately after all stock transactions.
+ References
+ Details
Name: |
us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_ConsolidatedEntitiesAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
X |
- References
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of plaintiffs that have filed claims pertaining to a loss contingency.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 450 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483076/450-20-50-4
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 450 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483076/450-20-50-9
+ Details
Name: |
us-gaap_LossContingencyNumberOfPlaintiffs |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
duration |
|
AllianceBernstein (NYSE:AB)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
AllianceBernstein (NYSE:AB)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024