Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 22, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-32236 | ||
Entity Registrant Name | COHEN & STEERS, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 14-1904657 | ||
Entity Address, Address Line One | 280 Park Avenue | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10017 | ||
City Area Code | 212 | ||
Local Phone Number | 832-3232 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | CNS | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
Entity Public Float | $ 2 | ||
Entity Common Stock, Shares Outstanding | 48,674,918 | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Documents Incorporated by Reference Portions of the definitive Proxy Statement of Cohen & Steers, Inc. (the Proxy Statement) to be filed pursuant to Regulation 14A of the general rules and regulations of the Securities Exchange Act of 1934, as amended, for the 2022 annual meeting of stockholders scheduled to be held on May 5, 2022 are incorporated by reference into Part III of this Form 10-K. | ||
Entity Central Index Key | 0001284812 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 34 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |||
Assets: | |||||
Cash and cash equivalents | $ 184,373 | $ 41,232 | |||
Investments ($80,743 and $82,829) | 154,654 | [1] | 154,978 | [2] | |
Accounts receivable | 84,090 | 69,680 | |||
Due from brokers ($1,340 and $223) (1) | [1],[2] | 3,567 | 5,125 | ||
Property and equipment—net | 8,938 | 10,341 | |||
Operating lease right-of-use assets | 22,009 | 31,203 | |||
Goodwill and intangible assets—net | 19,696 | 20,495 | |||
Other assets ($637 and $1,041) | [1],[2] | 15,360 | 15,399 | ||
Total assets | 492,687 | 348,453 | |||
Liabilities: | |||||
Accrued compensation | 79,167 | 56,384 | |||
Distribution and service fees payable | 10,183 | 7,748 | |||
Operating lease liabilities | 24,525 | 34,926 | |||
Income tax payable | 22,611 | 12,672 | |||
Due to brokers ($128 and $366) | [1],[2] | 927 | 501 | ||
Other liabilities and accrued expenses ($326 and $784) | [1],[2] | 10,948 | 11,318 | ||
Total liabilities | 148,361 | 123,549 | |||
Commitments and contingencies | |||||
Redeemable noncontrolling interest | $ 89,143 | $ 50,665 | |||
Common stock, shares issued (in shares) | 54,267,309 | 53,462,621 | |||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |||
Common stock, par value | $ 0.01 | $ 0.01 | |||
Stockholders’ equity: | |||||
Common stock, $0.01 par value; 500,000,000 shares authorized; 53,462,621 and 52,580,246 shares issued at December 31, 2020 and 2019, respectively | $ 543 | $ 535 | |||
Additional paid-in capital | 715,847 | 670,142 | |||
Accumulated deficit | (231,967) | (291,542) | |||
Accumulated other comprehensive income, net of tax | $ (5,886) | $ (4,134) | |||
Treasury stock, shares | 5,997,239 | 5,674,510 | |||
Less: Treasury stock, at cost, 5,674,510 and 5,329,820 shares at December 31, 2020 and 2019, respectively | $ (223,354) | $ (200,762) | |||
Total stockholders’ equity | 255,183 | 174,239 | |||
Total liabilities and stockholders’ equity | $ 492,687 | $ 348,453 | |||
[1] | Asset and liability amounts in parentheses represent the aggregated balances at December 31, 2021 and 2020 attributable to variable interest entities consolidated by the Company. Refer to Note 4, Investments for further discussion. | ||||
[2] | Asset and liability amounts in parentheses represent the aggregated balances at December 31, 2021 and 2020 attributable to variable interest entities consolidated by the Company. Refer to Note 4, Investments for further discussion. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |||
Investments | $ 154,654 | [1] | $ 154,978 | [2] | |
Due from brokers | [1],[2] | 3,567 | 5,125 | ||
Other assets | [1],[2] | 15,360 | 15,399 | ||
Due to brokers | [1],[2] | 927 | 501 | ||
Other liabilities and accrued expenses | [1],[2] | $ 10,948 | $ 11,318 | ||
Common stock, par value | $ 0.01 | $ 0.01 | |||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |||
Common stock, shares issued (in shares) | 54,267,309 | 53,462,621 | |||
Common stock, shares outstanding | 54,267,309 | 53,462,621 | |||
Treasury stock, shares | 5,997,239 | 5,674,510 | |||
GLI SICAV, GRP-CIP, SICAV GRE and SICAV RAP [Member] | |||||
Investments | $ 127,912 | $ 80,743 | |||
Other assets | 1,589 | 637 | |||
Due to brokers | 926 | 128 | |||
Other liabilities and accrued expenses | $ 689 | $ 326 | |||
[1] | Asset and liability amounts in parentheses represent the aggregated balances at December 31, 2021 and 2020 attributable to variable interest entities consolidated by the Company. Refer to Note 4, Investments for further discussion. | ||||
[2] | Asset and liability amounts in parentheses represent the aggregated balances at December 31, 2021 and 2020 attributable to variable interest entities consolidated by the Company. Refer to Note 4, Investments for further discussion. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total revenue | $ 583,832 | $ 427,536 | $ 410,830 |
Expenses: | |||
Employee compensation and benefits | 195,443 | 156,457 | 143,431 |
Distribution and service fees | 75,891 | 115,084 | 55,237 |
General and administrative | 48,034 | 56,286 | 47,632 |
Depreciation and amortization | 4,092 | 4,652 | 4,396 |
Total expenses | 323,460 | 332,479 | 250,696 |
Operating income (loss) | 260,372 | 95,057 | 160,134 |
Non-operating income (loss): | |||
Interest and dividend income—net | 2,877 | 3,362 | 6,716 |
Gain (loss) from investments—net | 18,784 | (4,116) | 21,673 |
Foreign currency gains (losses)—net | (89) | (916) | (974) |
Total non-operating income (loss) | 21,572 | (1,670) | 27,415 |
Income before provision for income taxes | 281,944 | 93,387 | 187,549 |
Income tax expense and effective income tax rate | 55,790 | 18,222 | 40,565 |
Net income | 226,154 | 75,165 | 146,984 |
Net (income) loss attributable to redeemable noncontrolling interest | (14,758) | 1,419 | (12,363) |
Net income attributable to common stockholders | $ 211,396 | $ 76,584 | $ 134,621 |
Earnings Per Share [Abstract] | |||
Basic (in dollars per share) | $ 4.38 | $ 1.60 | $ 2.85 |
Diluted (in dollars per share) | $ 4.31 | $ 1.57 | $ 2.79 |
Weighted average shares outstanding: | |||
Basic (shares) | 48,316 | 47,800 | 47,273 |
Diluted (shares) | 49,090 | 48,676 | 48,297 |
Investment advisory and administration fees | |||
Total revenue | $ 543,544 | $ 395,037 | $ 378,578 |
Distribution and service fees | |||
Total revenue | 37,630 | 30,134 | 30,048 |
Other | |||
Total revenue | $ 2,658 | $ 2,365 | $ 2,204 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 226,154 | $ 75,165 | $ 146,984 |
Net (income) loss attributable to redeemable noncontrolling interest | (14,758) | 1,419 | (12,363) |
Net income attributable to common stockholders | 211,396 | 76,584 | 134,621 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation income (loss) | (1,752) | 2,192 | 997 |
Total comprehensive income attributable to common stockholders | $ 209,644 | $ 78,776 | $ 135,618 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest - USD ($) $ in Thousands | Total | Common stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total Stockholders' Equity | Redeemable Noncontrolling Interest |
Beginning balance at Dec. 31, 2018 | $ 518 | $ 602,272 | $ (208,404) | $ (7,323) | $ (164,417) | $ 222,646 | ||
Beginning balance (redeemable noncontrolling interest) at Dec. 31, 2018 | $ 114,192 | |||||||
Beginning balance (shares of common stock, net) at Dec. 31, 2018 | 46,768,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividends | (168,678) | (168,678) | ||||||
Issuance of common stock | $ 9 | 861 | 0 | 870 | ||||
Issuance of common stock, shares | 762,000 | |||||||
Repurchase of common stock | (10,408) | (10,408) | ||||||
Repurchase of common stock, shares | (280,000) | |||||||
Issuance of restricted stock units | 7,039 | 7,039 | ||||||
Amortization of restricted stock units | 26,883 | 26,883 | ||||||
Forfeitures of vested restricted stock units | (267) | (267) | ||||||
Net income (loss) | $ 146,984 | 134,621 | 134,621 | 12,363 | ||||
Other comprehensive income (loss) | 997 | 997 | ||||||
Net contributions (distributions) attributable to redeemable noncontrolling interests | (2,242) | 2,242 | ||||||
Net consolidation (deconsolidation) of Company-sponsored funds | $ (75,385) | |||||||
Ending balance at Dec. 31, 2019 | $ 527 | 636,788 | (242,461) | (6,326) | (174,825) | 213,703 | ||
Ending balance (shares of common stock, net) at Dec. 31, 2019 | 47,250,000 | |||||||
Ending balance (redeemable noncontrolling interest) at Dec. 31, 2019 | 53,412 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividends declared per share | $ 3.44 | |||||||
Dividends | (125,665) | (125,665) | ||||||
Issuance of common stock | $ 8 | 1,002 | 1,010 | |||||
Issuance of common stock, shares | 883,000 | |||||||
Repurchase of common stock | (25,937) | (25,937) | ||||||
Repurchase of common stock, shares | (345,000) | |||||||
Issuance of restricted stock units | 3,865 | 3,865 | ||||||
Amortization of restricted stock units | 28,740 | 28,740 | ||||||
Forfeitures of vested restricted stock units | (253) | (253) | ||||||
Net income (loss) | $ 75,165 | 76,584 | 76,584 | (1,419) | ||||
Other comprehensive income (loss) | 2,192 | 2,192 | ||||||
Net contributions (distributions) attributable to redeemable noncontrolling interests | 1,328 | |||||||
Net consolidation (deconsolidation) of Company-sponsored funds | (1,328) | |||||||
Ending balance at Dec. 31, 2020 | $ 174,239 | $ 535 | 670,142 | (291,542) | (4,134) | (200,762) | 174,239 | |
Ending balance (shares of common stock, net) at Dec. 31, 2020 | 53,462,621 | 47,788,000 | ||||||
Ending balance (redeemable noncontrolling interest) at Dec. 31, 2020 | 50,665 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividends declared per share | $ 2.56 | |||||||
Dividends | (151,821) | (151,821) | ||||||
Issuance of common stock | $ 8 | 1,170 | 1,178 | |||||
Issuance of common stock, shares | 805,000 | |||||||
Repurchase of common stock | (22,592) | (22,592) | ||||||
Repurchase of common stock, shares | (323,000) | |||||||
Issuance of restricted stock units | 6,389 | 6,389 | ||||||
Amortization of restricted stock units | 40,766 | 40,766 | ||||||
Forfeitures of vested restricted stock units | (2,620) | (2,620) | ||||||
Net income (loss) | $ 226,154 | 211,396 | 211,396 | 14,758 | ||||
Other comprehensive income (loss) | (1,752) | (1,752) | ||||||
Net contributions (distributions) attributable to redeemable noncontrolling interests | (23,720) | 23,720 | ||||||
Ending balance at Dec. 31, 2021 | $ 255,183 | $ 543 | $ 715,847 | $ (231,967) | $ (5,886) | $ (223,354) | $ 255,183 | |
Ending balance (shares of common stock, net) at Dec. 31, 2021 | 54,267,309 | 48,270,000 | ||||||
Ending balance (redeemable noncontrolling interest) at Dec. 31, 2021 | $ 89,143 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividends declared per share | $ 3.05 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest (parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividends declared per share | $ 3.05 | $ 2.56 | $ 3.44 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 226,154 | $ 75,165 | $ 146,984 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock compensation expense | 40,464 | 29,337 | 27,811 |
Depreciation and amortization | 5,690 | 6,145 | 4,982 |
Amortization of right-of-use assets | 10,343 | 10,128 | 10,048 |
(Gain) loss from investments—net | (18,784) | 4,116 | (21,673) |
Deferred income taxes | 104 | 107 | 96 |
Foreign currency (gain) loss | 1,974 | (1,269) | 9 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (16,384) | (9,310) | (8,729) |
Due from brokers | 1,539 | (3,382) | 989 |
Deferred commissions | (1,440) | (1,474) | (1,628) |
Investments within consolidated funds | (27,525) | (3,605) | (13,997) |
Other assets | 4,334 | (771) | (120) |
Accrued compensation | 22,783 | 4,622 | 4,988 |
Distribution and service fees payable | 2,435 | 430 | (1,175) |
Operating lease liabilities | (11,550) | (11,314) | (10,955) |
Due to broker | 450 | 135 | 45 |
Income tax payable | 9,991 | (9,640) | 3,531 |
Other liabilities and accrued expenses | (7,677) | (234) | 239 |
Net cash provided by (used in) operating activities | 242,901 | 89,186 | 141,445 |
Cash flows from investing activities: | |||
Purchases of investments | (54,043) | (70,963) | (50,943) |
Proceeds from sales of investments | 104,386 | 71,695 | 89,644 |
Purchases of property and equipment | (2,695) | (2,502) | (2,752) |
Net cash provided by (used in) investing activities | 47,648 | (1,770) | 35,949 |
Cash flows from financing activities: | |||
Issuance of common stock | 1,001 | 859 | 741 |
Repurchase of common stock | (22,592) | (25,937) | (10,408) |
Dividends to stockholders | (147,555) | (122,489) | (162,705) |
Contributions from redeemable noncontrolling interests | 23,720 | (1,328) | 2,242 |
Net cash provided by (used in) financing activities | (145,426) | (148,895) | (170,130) |
Net increase (decrease) in cash and cash equivalents | 145,123 | (61,479) | 7,264 |
Effect of foreign exchange rate changes on cash and cash equivalents | (999) | 1,359 | 1,355 |
Cash and cash equivalents, beginning of the year | 41,232 | 101,352 | 92,733 |
Cash and cash equivalents, end of the year | $ 185,356 | $ 41,232 | $ 101,352 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - Supplemental Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents | $ 184,373,000 | $ 41,232,000 | $ 101,352,000 |
Investments and Cash | 983,000 | 0 | 0 |
Total cash and cash equivalents within consolidated statements of cash flows | 185,356,000 | 41,232,000 | 101,352,000 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Income taxes paid | (45,700,000) | (27,700,000) | (37,000,000) |
Restricted stock unit dividend equivalents, net of forfeitures | 4,300,000 | 3,200,000 | 6,000,000 |
Transfer of redeemable noncontrolling interest in consolidated entity | $ 1,328,000 | $ 75,385,000 | |
The Cohen & Steers Preferred Securities and Income SMA Shares | |||
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Transfer of redeemable noncontrolling interest in consolidated entity | 7,200,000 | ||
SICAV GRE | |||
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Transfer of redeemable noncontrolling interest in consolidated entity | 114,200,000 | ||
SICAV GRE | |||
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Noncontrolling interest, increase from business combination | $ 46,000,000 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Organization and Description of Business [Abstract] | |
Organization and Description of Business | Basis of Presentation Cohen & Steers, Inc. (CNS) was organized as a Delaware corporation on March 17, 2004. CNS is the holding company for its direct and indirect subsidiaries, including Cohen & Steers Capital Management, Inc. (CSCM), Cohen & Steers Securities, LLC (CSS), Cohen & Steers UK Limited (CSUK), Cohen & Steers Ireland Limited (CSIL), Cohen & Steers Asia Limited (CSAL) and Cohen & Steers Japan Limited (CSJL) (collectively, the Company). The Company is a global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the Company is headquartered in New York City, with offices in London, Dublin, Hong Kong and Tokyo. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Recently Adopted Accounting Pronouncements —In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The standard is intended to simplify various aspects related to income taxes and removes certain exceptions to the general principles in Topic 740. This new guidance became effective on January 1, 2021. The Company's adoption of the new standard did not have a material effect on its consolidated financial statements and related disclosures. Accounting Estimates —The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. Reclassifications— The Company reclassified certain prior period amounts to conform with the current period presentation, primarily related to accrued employee benefits which were reclassified from other liabilities and accrued expenses to accrued compensation and benefits on the Company's consolidated statements of financial condition and cash flows. Consolidation of Company-sponsored Funds —Investments in Company-sponsored funds and management fees are evaluated at inception and thereafter, if there is a reconsideration event, in order to determine whether to apply the Variable Interest Entity (VIE) model or the Voting Interest Entity (VOE) model. A VIE is an entity in which either (i) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (ii) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has (i) the power to direct the activities of the VIE that most significantly affect its performance, and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Subscriptions and redemptions or amendments to the governing documents of the respective entities could affect an entity's status as a VIE or the determination of the primary beneficiary. Limited partnerships and similar entities are determined to be a VIE when the Company is the general partner and the limited partners do not hold substantive kick-out or participation rights. The Company assesses whether it is the primary beneficiary of any VIEs identified by evaluating its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. VIEs for which the Company is deemed to be the primary beneficiary are consolidated. Investments in Company-sponsored funds that are determined to be VOEs are consolidated when the Company’s ownership interest is greater than 50% of the outstanding voting interests of the fund. The Company records noncontrolling interests in consolidated Company-sponsored funds for which the Company’s ownership is less than 100%. Cash and Cash Equivalents —Cash and cash equivalents are on deposit with several highly rated financial institutions and include short-term, highly liquid investments, which are readily convertible into cash and have original maturities of three months or less. Due from/to Brokers —The Company, including the consolidated Company-sponsored funds, may transact with brokers for certain investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to brokers balances represent cash and/or cash collateral balances at brokers/custodians and/or receivables and payables for unsettled securities transactions with brokers. Investments —Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination no less than on a quarterly basis. The Company's investments are categorized as follows: • Equity investments at fair value, which generally represent listed equity securities held within the consolidated Company-sponsored funds, listed equity securities held directly for the purpose of establishing performance track records and seed investments in Company-sponsored open-end funds where the Company has neither control nor the ability to exercise significant influence. • Trading investments, which generally represent debt securities held within the consolidated Company-sponsored funds and listed debt securities held directly for the purpose of establishing performance track records. • Held-to-maturity investments generally represent corporate investments in U.S. Treasury securities recorded at amortized cost. Under the current expected credit loss model, any expected credit losses are recognized as an allowance, which represents an adjustment to the amortized costs basis. The Company did not hold any held-to-maturity investments at December 31, 2021. • Equity method investments, which generally represent seed investments in Company-sponsored funds in which the Company owns between 20-50% of the outstanding voting interests or when it is determined that the Company is able to exercise significant influence but not control over the investments. When using the equity method, the Company recognizes its respective share of net income or loss for the period which is recorded in gain (loss) from investments—net in the Company's consolidated statements of operations. Realized and unrealized gains and losses on equity investments at fair value, trading investments and equity method investments are recorded in gain (loss) from investments—net in the Company's consolidated statements of operations. From time to time, the Company, including the consolidated Company-sponsored funds, may enter into derivative contracts, including options, futures and swaps contracts, to gain exposure to the underlying commodities markets or to economically hedge market risk of the underlying portfolios. Gains and losses on derivative contracts are recorded in gain (loss) from investments—net in the Company's consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses on the Company's consolidated statements of financial condition. Additionally, from time to time, the Company, including the consolidated Company-sponsored funds, may enter into forward foreign exchange contracts to economically hedge currency exposure. These instruments are measured at fair value based on the prevailing forward exchange rate with gains and losses recorded in foreign currency gain (loss)—net in the Company’s consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses on the Company’s consolidated statements of financial condition. Leases —The Company determines if an arrangement is a lease at inception. The Company has operating leases for corporate offices and certain information technology equipment which are included in operating lease right-of-use (ROU) assets and operating lease liabilities on the Company’s consolidated statements of financial condition. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the net present value of lease payments over the life of the lease. The majority of the Company’s lease agreements do not provide an implicit rate. As a result, the Company used its estimated incremental borrowing rate based on the information available as of lease commencement dates in determining the present value of lease payments. The operating lease ROU assets reflect any upfront lease payments made as well as lease incentives received. The lease terms may include options to extend or terminate the lease and these are factored into the determination of the ROU asset and lease liability at lease inception when and if it is reasonably certain that the Company will exercise that option. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. The Company has certain lease agreements with non-lease components such as maintenance and executory costs, which are accounted for separately and not included in ROU assets. ROU assets are tested for impairment whenever changes in facts or circumstances indicate that the carrying amount of an asset may not be recoverable. Modification of a lease term would result in remeasurement of the lease liability and a corresponding adjustment to the ROU assets. Redeemable Noncontrolling Interests —Redeemable noncontrolling interests represent third-party interests in the consolidated Company-sponsored funds. These interests are redeemable at the option of the investors and therefore are not treated as permanent equity. Redeemable noncontrolling interests are recorded at fair value which approximates the redemption value at each reporting period. Investment Advisory and Administration Fees —The Company earns revenue by providing asset management services to institutional accounts, Company-sponsored open-end and closed-end funds as well as model-based portfolios. Investment advisory fees are earned pursuant to the terms of investment management agreements and are generally based on a contractual fee rate applied to the average assets under management. The Company also earns administration fees from certain Company-sponsored open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average daily assets under management of such funds. Investment advisory and administration fee revenue is recognized when earned and is recorded net of any fund reimbursements. The investment advisory and administration contracts each include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, investment advisory and administration fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. In certain instances, the Company may earn performance fees when specified performance hurdles are met during the performance period. Performance fees are forms of variable consideration and are not recognized until it becomes probable that there will not be a significant reversal of the cumulative revenue recognized . Distribution and Service Fee Revenue —Distribution and service fee revenue is based on the average daily net assets of certain share classes of the Company's sponsored open-end funds distributed by CSS. Distribution and service fee revenue is earned daily and is recorded gross of any third-party distribution and service fee expense for applicable share classes. Distribution fee agreements include a single performance obligation that is satisfied at a point in time when an investor purchases shares in a Company-sponsored open-end fund. For all periods presented, a portion of the distribution fee revenue recognized in the period may relate to performance obligations satisfied (or partially satisfied) in prior periods. Service fee agreements include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, distribution and service fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. Distribution and Service Fee Expense —Distribution and service fee expense includes distribution fees, shareholder servicing fees and intermediary assistance payments. Distribution fees represent payments made to qualified intermediaries for (i) assistance in connection with the distribution of the Company's sponsored open-end funds' shares and (ii) for other expenses such as advertising, printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940. Distribution fees are based on average daily net assets under management of certain share classes of certain of the funds. Shareholder servicing fees represent payments made to qualified intermediaries for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. Shareholder servicing fees are generally based on average daily net assets under management. Intermediary assistance payments represent payments to qualified intermediaries for activities related to distribution, shareholder servicing as well as marketing and support of the Company's sponsored open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on average daily net assets under management. Stock-based Compensation —The Company recognizes compensation expense for the grant-date fair value of restricted stock unit awards to certain employees. This expense is recognized over the period during which employees are required to provide service. Forfeitures are recorded as incurred. Any change to the key terms of an employee’s award subsequent to the grant date is evaluated and, if necessary, accounted for as a modification. If the modification results in the remeasurement of the fair value of the award, the remeasured compensation cost is recognized over the remaining service period. Income Taxes —The Company records the current and deferred tax consequences of all transactions that have been recognized in the consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The calculation of tax liabilities involves uncertainties in the application of complex tax laws and regulations across the Company's global operations. A tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, on the basis of the technical merits. The Company records potential interest and penalties related to uncertain tax positions in the provision for income taxes in the consolidated statements of operations. Currency Translation and Transactions —Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's consolidated statements of comprehensive income. The cumulative translation adjustment was $(5.9) million, $(4.1) million and $(6.3) million as of December 31, 2021, 2020 and 2019, respectively, and was reported within accumulated other comprehensive income (loss) on the consolidated statements of financial condition. Gains or losses resulting from transactions denominated in currencies other than the U.S. dollar within certain foreign subsidiaries and gains and losses arising on revaluation of U.S. dollar-denominated assets and liabilities held by certain foreign subsidiaries are included in foreign currency gain (loss)-net in the Company’s consolidated statements of operations. Comprehensive Income —The Company reports all changes in comprehensive income in the consolidated statements of comprehensive income. Comprehensive income generally includes net income or loss attributable to common stockholders and amounts attributable to foreign currency translation gain (loss). |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle: Years ended December 31, (in thousands) 2021 2020 2019 Client domicile: North America $ 506,364 $ 363,834 $ 352,629 Japan 38,039 32,517 33,967 Europe, Middle East and Africa 26,330 19,869 11,087 Asia Pacific excluding Japan 13,099 11,316 13,147 Total $ 583,832 $ 427,536 $ 410,830 Years ended December 31, (in thousands) 2021 2020 2019 Investment vehicle: Open-end funds (1) $ 328,647 $ 233,634 $ 219,982 Institutional accounts 146,345 115,876 110,346 Closed-end funds 108,840 78,026 80,502 Total $ 583,832 $ 427,536 $ 410,830 ________________________ (1) Included distribution and service fees and other revenue. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Investment Holdings | Investments The following table summarizes the Company’s investments: (in thousands) December 31, 2021 December 31, 2020 Equity investments at fair value $ 130,930 $ 94,089 Trading 23,711 18,700 Held-to-maturity carried at amortized cost (1) — 41,648 Equity method 13 541 Total investments $ 154,654 $ 154,978 _________________________ (1) At December 31, 2020, held-to-maturity investments comprised of U.S. Treasury securities had a fair value of $41.7 million. These securities would have been classified as level 2 within the fair value hierarchy if carried at fair value. The following table summarizes gain (loss) from investments—net, including derivative financial instruments, the majority of which are used to economically hedge certain exposures (see Note 6 , Derivatives ): Years Ended December 31, (in thousands) 2021 2020 2019 Net realized gains (losses) during the period $ 8,402 $ (5,395) $ 12,227 Net unrealized gains (losses) during the period on investments still held at the end of the period 10,382 1,279 9,446 Gain (loss) from investments—net (1) $ 18,784 $ (4,116) $ 21,673 _________________________ (1) Included gain (loss) attributable to redeemable noncontrolling interests. At December 31, 2021, the Company's consolidated VIEs included the Cohen & Steers SICAV Global Listed Infrastructure Fund (GLI SICAV), SICAV GRE, the Cohen & Steers SICAV Diversified Real Assets Fund (SICAV RAP), the Cohen & Steers Co-Investment Partnership, L.P. (GRP-CIP) and the Cohen & Steers Real Estate Opportunities Fund, L.P. (REOF). At December 31, 2020, the Company's consolidated VIEs included GLI SICAV, SICAV GRE, SICAV RAP and GRP-CIP. The following tables summarize the consolidated statements of financial condition attributable to the Company's consolidated VIEs: December 31, 2021 (in thousands) GLI SICAV SICAV GRE SICAV RAP GRP-CIP REOF Total Assets (1) Investments $ 8,266 $ 57,354 $ 59,493 $ 150 $ 2,649 $ 127,912 Due from brokers — 1,107 86 147 — 1,340 Other assets 42 214 740 — 593 1,589 Total assets $ 8,308 $ 58,675 $ 60,319 $ 297 $ 3,242 $ 130,841 Liabilities (1) Due to brokers $ — $ 347 $ 579 $ — $ — 926 Other liabilities and accrued expenses 35 126 108 5 415 689 Total liabilities $ 35 $ 473 $ 687 $ 5 $ 415 $ 1,615 December 31, 2020 (in thousands) GLI SICAV SICAV GRE SICAV RAP GRP-CIP Total Assets (1) Investments $ 7,140 $ 39,672 $ 33,654 $ 277 $ 80,743 Due from brokers 69 45 52 57 223 Other assets 44 359 234 — 637 Total assets $ 7,253 $ 40,076 $ 33,940 $ 334 $ 81,603 Liabilities (1) Due to brokers $ 27 $ 40 $ 61 $ — $ 128 Other liabilities and accrued expenses 29 211 81 5 326 Total liabilities $ 56 $ 251 $ 142 $ 5 $ 454 _________________________ (1) The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Accounting Standards Codification Topic 820, Fair Value Measurement (ASC 820) specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below: • Level 1—Unadjusted quoted prices for identical instruments in active markets. • Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable. • Level 3—Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable. Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are not necessarily an indication of the risk or liquidity associated with the investments. The following tables present fair value measurements: December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV (1) Total Cash equivalents $ 104,591 $ — $ — $ — $ 104,591 Equity investments at fair value: Common stocks $ 126,301 $ 116 $ — $ — $ 126,417 Company-sponsored funds 103 — — — 103 Limited partnership interests 986 — — 1,816 2,802 Preferred securities 1,465 — — — 1,465 Other — — — 143 143 Total $ 128,855 $ 116 $ — $ 1,959 $ 130,930 Trading investments: Fixed income $ — $ 23,711 $ — $ — $ 23,711 Equity method investments $ — $ — $ — $ 13 $ 13 Total investments $ 128,855 $ 23,827 $ — $ 1,972 $ 154,654 Derivatives - assets: Total return swaps - commodities (2) $ — $ 481 $ — $ — $ 481 Forward contracts - foreign exchange — 209 — — 209 Total $ — $ 690 $ — $ — $ 690 Derivatives - liabilities: Total return swaps - commodities $ — $ 17 $ — $ — $ 17 Total return swaps - equities — 867 — — 867 Forward contracts - foreign exchange — 3 — — 3 Total $ — $ 887 $ — $ — $ 887 ________________________ (1) Comprised of certain investments measured at fair value using net asset value (NAV) as a practical expedient. (2) Included total return swaps - commodities held by consolidated Company-sponsored funds. December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV (1) Investments Total Cash equivalents $ 23,372 $ — $ — $ — $ — $ 23,372 Equity investments at fair value: Common stocks $ 91,614 $ — $ — $ — $ — $ 91,614 Company-sponsored funds 246 — — — — 246 Limited partnership interests 831 — — 277 — 1,108 Preferred securities 983 12 — — — 995 Other — — — 126 — 126 Total $ 93,674 $ 12 $ — $ 403 $ — $ 94,089 Trading investments: Fixed income $ — $ 18,700 $ — $ — $ — $ 18,700 Held-to-maturity investments $ — $ — $ — $ — $ 41,648 $ 41,648 Equity method investments $ — $ — $ — $ 541 $ — $ 541 Total investments $ 93,674 $ 18,712 $ — $ 944 $ 41,648 $ 154,978 Derivatives - assets: Futures - commodities $ 1,012 $ — $ — $ — $ — $ 1,012 Derivatives - liabilities: Futures - commodities $ 416 $ — $ — $ — $ — $ 416 Total return swaps - commodities — 136 — — — 136 Total return swaps - equities — 1,562 — — — 1,562 Forward contracts - foreign exchange — 345 — — — 345 Total $ 416 $ 2,043 $ — $ — $ — $ 2,459 ________________________ (1) Comprised of certain investments measured at fair value using NAV as a practical expedient. Cash equivalents were comprised of investments in actively traded U.S. Treasury money market funds measured at NAV. Equity investments at fair value classified as level 2 were comprised of common stocks and preferred securities with predominately equity-like characteristics for which quoted prices in active markets are not available. Fair values for the common stocks classified as level 2 were generally based on quoted prices for similar instruments in active markets. Fair values for the preferred securities classified as level 2 were generally determined using third-party pricing services. The pricing services may utilize pricing models, and inputs into those models may include reported trades, executable bid and ask prices, broker-dealer quotations, prices or yields of similar securities, benchmark curves and other market information. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Trading investments classified as level 2 were comprised of U.S. Treasury securities and corporate debt securities. The fair value amounts were generally determined using third-party pricing services. The pricing services may utilize evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information. Investments measured at NAV were comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient as follows: • Equity investments at fair value included: ◦ interests in private real estate funds held by the Company's consolidated funds; and ◦ the Company's co-investment in a Cayman trust invested in global listed infrastructure securities (which is included in "Other" in the leveling table). At December 31, 2021 and 2020, the Company did not have the ability to redeem the interests in private real estate funds held by the Company's consolidated funds. There were no contractual restrictions on the Company's ability to redeem its interest in the Cayman trust. • Equity method investments included the Company's partnership interest in the Cohen & Steers Global Realty Partners III-TE, L.P. (GRP-TE) which invests in non-registered real estate funds. The Company's ownership interest was approximately 0.2% and the Company did not have the ability to redeem the investment at either December 31, 2021 or 2020. In addition, at December 31, 2020, the Cohen & Steers Global Realty Focus Fund (GRF), a series of Cohen & Steers Series LP was included. During the first quarter of 2021, GRF was redeemed. Held-to-maturity investments at December 31, 2020 were comprised of U.S. Treasury securities directly issued by the U.S. government. These securities were purchased with the intent to hold to maturity and were recorded at amortized cost. Investments measured at NAV as a practical expedient and investments carried at amortized cost have not been classified in the fair value hierarchy. The amounts presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the consolidated statements of financial condition. Swap contracts classified as level 2 were valued based on the underlying futures contracts or equity indices. Foreign currency exchange contracts classified as level 2 were valued based on the prevailing forward exchange rate, which is an input that is observable in active markets. Valuation Techniques In certain instances, debt, equity and preferred securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable broker-dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in Company-sponsored funds are valued at their closing price or NAV (or its equivalent) as a practical expedient. In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involve a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued no less than on a quarterly basis, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The valuation process also includes a review by the Company's valuation committee which is comprised of senior members from various departments within the Company, including investment management. The valuation committee provides independent oversight of the valuation policies and procedures. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2021 | |
Derivatives [Abstract] | |
Derivatives | Derivatives The following tables summarize the notional amount and fair value of the outstanding derivative financial instruments none of which were designated in a formal hedging relationship. As of December 31, 2021 Notional Amount Fair Value (1) (in thousands) Long Short Assets Liabilities Corporate derivatives: Total return swaps - commodities $ 2,549 $ 3,810 $ 94 $ 17 Total return swaps - equities — 22,899 — 867 Forward contracts - foreign exchange — 11,969 209 3 Total corporate derivatives $ 2,549 $ 38,678 $ 303 $ 887 Derivatives held by consolidated Company-sponsored funds: Total return swaps - commodities 10,931 — 387 — Total $ 13,480 $ 38,678 $ 690 $ 887 As of December 31, 2020 Notional Amount Fair Value (1) (in thousands) Long Short Assets Liabilities Corporate derivatives: Futures - commodities $ 13,624 $ 4,257 $ 1,012 $ 416 Total return swaps - commodities — 9,598 — 136 Total return swaps - equities — 17,688 — 1,562 Forward contracts - foreign exchange — 14,061 — 345 Total $ 13,624 $ 45,604 $ 1,012 $ 2,459 ________________________ (1) The fair value of derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the Company's consolidated statements of financial condition. The Company's corporate derivatives include: • Total return equity and commodity swap contracts which are utilized to economically hedge a portion of the market risk of certain seed investments and to gain exposure in the commodities market for the purpose of establishing a performance track record; and • Forward foreign exchange contracts which are utilized to economically hedge currency exposure arising from certain non-U.S. dollar investment advisory fees. Non-corporate derivatives are comprised of commodity swap contracts that are utilized by certain of the consolidated Company-sponsored funds to gain exposure in the commodities market as part of the funds' investment strategies. For corporate derivatives, cash included in due from brokers on the consolidated statements of financial condition of $2.2 million and $4.9 million and U.S. Treasury securities included in investments of $0.2 million and $1.5 million at December 31, 2021 and 2020, respectively, were held as collateral for forward and swap contracts. At December 31, 2020, due to brokers included $0.4 million of cash collateral payable. For non-corporate derivatives, due to brokers included $0.5 million of cash collateral payable to trade counterparties at December 31, 2021. The following table summarizes net gains (losses) from derivative financial instruments: Years Ended December 31, (in thousands) 2021 2020 2019 Corporate derivatives: Futures - commodities (1) $ 3,391 $ (105) $ 881 Total return swaps - commodities (3,082) (266) (485) Total return swaps - equities (4,530) (1,562) — Forward contracts - foreign exchange 550 (375) 235 Total corporate derivatives $ (3,671) $ (2,308) $ 631 Derivatives held by consolidated Company-sponsored funds: Total return swaps - commodities 1,526 — — Total (2) $ (2,145) $ (2,308) $ 631 ________________________ (1) The Company liquidated its commodity future contracts during 2021. (2) Gains and losses on futures and total return swap contracts are included in gain (loss) from investments—net in the Company's consolidated statements of operations. Gains and losses on forward foreign exchange contracts are included in foreign currency gain (loss)—net in the Company's consolidated statements of operations. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment The following table summarizes the Company’s property and equipment: December 31, (in thousands) 2021 2020 Equipment $ 7,274 $ 6,725 Furniture and fixtures 3,683 3,685 Software 23,556 21,789 Leasehold improvements 15,518 16,085 Subtotal 50,031 48,284 Less: Accumulated depreciation and amortization (41,093) (37,943) Property and equipment, net $ 8,938 $ 10,341 Depreciation and amortization expense related to property and equipment was $4.1 million, $4.7 million and $4.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. Depreciation and amortization expense related to property and equipment is recorded using the straight-line method over the estimated useful lives of the related assets which range from 3-7 years. Leasehold improvements are amortized using the straight-line method over the lease term. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per ShareBasic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average shares outstanding. Diluted earnings per share is calculated by dividing net income attributable to common stockholders by the total weighted average shares of common stock outstanding and common stock equivalents determined using the treasury stock method. Common stock equivalents are comprised of dilutive potential shares from restricted stock unit awards and are excluded from the computation if their effect is anti-dilutive. The following table reconciles income and share data used in the basic and diluted earnings per share computations: Years Ended December 31, (in thousands, except per share data) 2021 2020 2019 Net income $ 226,154 $ 75,165 $ 146,984 Net (income) loss attributable to redeemable noncontrolling interests (14,758) 1,419 (12,363) Net income attributable to common stockholders $ 211,396 $ 76,584 $ 134,621 Basic weighted average shares outstanding 48,316 47,800 47,273 Dilutive potential shares from restricted stock units 774 876 1,024 Diluted weighted average shares outstanding 49,090 48,676 48,297 Basic earnings per share attributable to common stockholders $ 4.38 $ 1.60 $ 2.85 Diluted earnings per share attributable to common stockholders $ 4.31 $ 1.57 $ 2.79 Anti-dilutive common stock equivalents excluded from the calculation — — — |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Amended and Restated Stock Incentive Plan The Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan (the SIP) provides for the issuance of Restricted Stock Units (RSUs), stock options and other stock-based awards to eligible employees and directors. A total of 20.0 million shares of common stock may be granted under the SIP. The board of directors is authorized to increase the number of shares available for issuance under the SIP, subject to shareholder approval. At December 31, 2021, 18.0 million RSUs, representing the same amount of common stock, had been issued under the SIP. As of December 31, 2021, there was $65.2 million of compensation related to unamortized RSUs that had not yet been recognized in the consolidated statement of operations. The Company expects to recognize this expense over approximately the next three years. In January 2022, the Company granted approximately 634,000 RSUs under the SIP with a grant date fair value of $52.3 million, which generally vest over a four-year period. Restricted Stock Units Vested Restricted Stock Unit Grants The Company grants awards of vested RSUs to the non-management directors and certain employees of the Company pursuant to the SIP. Dividends declared on these awards are paid in cash. In connection with the grant of these vested RSUs, the Company recorded non-cash stock-based compensation expense of $2.1 million, $0.7 million and $0.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. Unvested Restricted Stock Unit Grants From time to time, the Company grants awards of unvested RSUs to certain employees pursuant to the SIP. The fair value at the date of grant is expensed on a straight-line basis over the applicable service period, which is generally four years. Dividends declared by the Company are paid in additional RSUs which are subject to forfeiture until they are delivered. The dividend equivalent RSUs will generally vest and be delivered on the fourth anniversary of the original grant date. The Company recorded stock-based compensation expense, net of forfeitures, of $8.5 million, $4.6 million and $4.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. Incentive Bonus Plans for Employees of the Company The Company has implemented a program for employees which, based upon compensation levels, automatically allocates a portion of their year-end bonuses in the form of unvested RSUs (Mandatory Program). The fair value at the date of grant of the RSUs under the Mandatory Program is expensed on a straight-line basis over the vesting period, which is generally four years. Dividends declared by the Company are paid in additional RSUs which are subject to forfeiture until they are delivered. The dividend equivalent RSUs will generally vest and be delivered on the fourth anniversary of the original grant date. The Company recorded stock-based compensation expense under the Mandatory Program, net of forfeitures, of $29.9 million, $23.9 million and $22.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. During the year ended December 31, 2021, RSU awards representing approximately 169,000 shares of common stock were modified resulting in $5.6 million of incremental compensation expense that will be recognized over the requisite service period, of which $1.3 million was recorded in 2021. The following table sets forth activity relating to the Company’s RSUs under the SIP (share data in thousands): Vested Restricted Stock Unit Grants Unvested Restricted Stock Unit Grants Incentive Bonus Plans Restricted Stock Unit Grants (in thousands, except per share data) Number Weighted Average Grant Date Fair Value Number Weighted Average Grant Date Fair Value Number Weighted Average Grant Date Fair Value Balance at January 1, 2019 45 $ 37.93 306 $ 35.80 1,745 $ 36.55 Granted 22 50.29 132 40.97 763 39.92 Delivered (13) 37.61 (131) 35.46 (601) 36.30 Forfeited — — (5) 38.15 (33) 38.31 Balance at December 31, 2019 54 44.06 302 38.78 1,874 38.38 Granted 12 55.71 189 63.17 437 73.29 Delivered (16) 38.22 (143) 36.96 (705) 36.30 Forfeited — — (7) 50.60 (78) 49.73 Balance at December 31, 2020 50 48.80 341 52.80 1,528 48.76 Granted 26 81.05 285 71.74 672 72.81 Delivered (18) 46.34 (139) 46.80 (632) 44.15 Forfeited — — (31) 59.35 (186) 57.61 Balance at December 31, 2021 58 64.07 456 66.02 1,382 61.37 Employee Stock Purchase Plan Pursuant to the Amended and Restated Employee Stock Purchase Plan (ESPP), the Company allows eligible employees, as defined in the ESPP, to purchase common stock at a 15% discount from fair market value up to a maximum of $25,000 in annual aggregate purchases by any one individual. The number of shares of common stock authorized for purchase by eligible employees is 600,000. Through December 31, 2021, the Company had issued approximately 464,000 shares of common stock under the ESPP. For the years ended December 31, 2021, 2020 and 2019, approximately 15,000, 18,000 and 18,000, respectively, was purchased by eligible employees through the ESPP. For the years ended December 31, 2021, 2020 and 2019, the Company recorded a non-cash stock-based compensation expense of approximately $177,000, $152,000 and $131,000, respectively, which represents the discount on the shares issued pursuant to this plan. The ESPP will terminate upon the earliest to occur of (1) termination of the ESPP by the board of directors or (2) issuance of all of the shares reserved for issuance under the ESPP. The board of directors is authorized to increase the number of shares available for issuance under the ESPP, subject to shareholder approval. |
401(k) and Profit-Sharing Plan
401(k) and Profit-Sharing Plan | 12 Months Ended |
Dec. 31, 2021 | |
Compensation Related Costs [Abstract] | |
401 (k) and Profit-Sharing Plan | 401(k) and Profit-Sharing Plan The Company sponsors a profit-sharing plan (the Plan) covering all U.S. employees who meet certain age and service requirements. Subject to limitations, the Plan permits participants to defer up to 100% of their eligible compensation pursuant to Section 401(k) of the Internal Revenue Code. Employee contributions are matched by the Company at $0.50 per $1.00 deferred. The Plan also allows the Company to make discretionary contributions, which are integrated with the taxable wage base under the Social Security Act. No discretionary contributions were made for the years ended December 31, 2021, 2020 and 2019. Forfeitures occur when participants terminate employment before becoming entitled to their full benefits under the Plan. In accordance with the Plan document, forfeited amounts are used to reduce the Company’s contributions to the Plan or to pay Plan expenses. Forfeitures for the years ended December 31, 2021, 2020 and 2019 totaled approximately $248,000, $147,000 and $131,000, respectively. Matching contributions, net of forfeitures, to the Plan for the years ended December 31, 2021, 2020 and 2019 totaled $2.3 million, $2.5 million and $2.1 million, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company is an investment adviser to, and has administration agreements with, Company-sponsored funds for which certain employees are officers and/or directors. The following table summarizes the amount of revenue the Company earned from these affiliated funds: Years Ended December 31, (in thousands) 2021 2020 2019 Investment advisory and administration fees (1) $ 389,648 $ 274,566 $ 264,116 Distribution and service fees 37,630 30,134 30,048 Total $ 427,278 $ 304,700 $ 294,164 _________________________ (1) Investment advisory and administration fees are reflected net of fund reimbursements of $16.6 million, $13.6 million and $11.1 million for and the years ended December 31, 2021, 2020 and 2019, respectively. Included in accounts receivable at December 31, 2021 and 2020 are receivables due from Company-sponsored funds of $40.8 million and $30.2 million, respectively. Included in accounts payable at December 31, 2021 and 2020 are payables due to Company-sponsored funds of $1.1 million and $0.6 million, respectively. |
Regulatory Requirements
Regulatory Requirements | 12 Months Ended |
Dec. 31, 2021 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Requirements | Regulatory Requirements CSS, a registered broker-dealer in the U.S., is subject to the SEC’s Uniform Net Capital Rule 15c3-1 (the Rule), which requires that broker-dealers maintain a minimum level of net capital, as prescribed by the Rule. At December 31, 2021, CSS had net capital of $3.9 million, which exceeded its requirement by $3.6 million. The Rule also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital of a broker-dealer is less than the amount required under the Rule and requires prior notice to the SEC for certain withdrawals of capital. CSS does not carry customer accounts and has no possession or control obligations under SEA Rule 15c3-3(b) or reserve deposit obligations under SEA Rule 15c3-3(e). During 2021, CSCM, its parent, made a capital contribution of $3.0 million to CSS. CSAL is subject to regulation by the Hong Kong Securities and Futures Commission. At December 31, 2021, CSAL had regulatory capital of $7.9 million, which exceeded its minimum regulatory capital requirement by $7.6 million. During 2021, CSAL paid dividends in the amount of $3.9 million to its parent, CSCM. CSUK is subject to regulation by the United Kingdom Financial Conduct Authority. At December 31, 2021, CSUK had regulatory capital of $32.7 million, which exceeded its minimum regulatory capital requirement by $26.1 million. CSIL is subject to regulation by the Central Bank of Ireland. At December 31, 2021, CSIL had regulatory capital of $2.8 million, which exceeded its minimum regulatory capital requirement by $2.5 million. CSJL is registered with the Financial Services Agency of Japan and the Kanto Local Finance Bureau and is subject to the Financial Instruments and Exchange Act. In accordance with its license, CSJL is required to maintain regulatory capital, as defined, of $0.6 million. At December 31, 2021, CSJL had stated capital in excess of this requirement. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | Commitments and ContingenciesFrom time to time, the Company is involved in legal matters relating to claims arising in the ordinary course of business. There are currently no such matters pending that the Company believes could have a material adverse effect on its consolidated results of operations, cash flows or financial position.The Company has committed to invest up to $50.0 million in REOF. As of December 31, 2021, the Company had funded $3.1 million of this commitment. On February 15, 2022, the Company funded an additional $18.0 million of this commitment. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income before provision for income taxes and provision for income taxes are as follows: Years Ended December 31, (in thousands) 2021 2020 2019 Income before provision for income taxes - U.S. (1) $ 262,102 $ 83,617 $ 171,497 Income before provision for income taxes - Non-U.S. 19,842 9,770 16,052 Total income before provision for income taxes $ 281,944 $ 93,387 $ 187,549 _________________________ (1) Included income of $14.8 million, loss of $1.4 million and income of $12.4 million attributable to third-party interests for the years ended December 31, 2021, 2020 and 2019, respectively. Years Ended December 31, (in thousands) 2021 2020 2019 Current tax expense: U.S. federal $ 41,658 $ 12,859 $ 30,818 State and local 12,068 3,291 7,627 Non-U.S. 1,960 1,965 2,024 55,686 18,115 40,469 Deferred tax (benefit) expense: U.S. federal (739) (67) (133) State and local (149) (32) (74) Non-U.S. 992 206 303 104 107 96 Provision for income taxes $ 55,790 $ 18,222 $ 40,565 A reconciliation of the Company’s statutory federal income tax rate and the effective tax rate is as follows: Years Ended December 31, (in thousands) 2021 2020 2019 U.S. statutory tax rate $ 56,110 21.0 % $ 19,908 21.0 % $ 36,789 21.0 % State and local income taxes, net of federal benefit 10,190 3.8 % 3,867 4.1 % 5,972 3.4 % Unrecognized tax benefit adjustments (8,515) (3.2) % 323 0.4 % (650) (0.3) % Non-deductible executive compensation 6,037 2.3 % 2,468 2.6 % 695 0.4 % Excess tax benefits related to the vesting of share-based compensation (5,762) (2.2) % (8,494) (9.0) % (368) (0.2) % Foreign tax rate differential (661) (0.2) % 120 0.1 % (866) (0.5) % Other (1,609) (0.6) % 30 — % (1,007) (0.6) % Income tax expense and effective income tax rate $ 55,790 20.9 % $ 18,222 19.2 % $ 40,565 23.2 % Deferred income taxes represent the tax effects of temporary differences between book and tax bases and are measured using enacted tax rates that will be in effect when such items are expected to reverse. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The Company's net deferred tax asset is included in other assets on the consolidated statements of financial condition. Significant components of the Company’s net deferred income tax asset consist of the following: At December 31, (in thousands) 2021 2020 Deferred income tax assets (liabilities): Stock-based compensation $ 6,951 $ 7,064 Realized losses on investments 2,374 3,567 Net unrealized (gains) losses on investments (2,861) (1,364) Property and equipment depreciation 937 (337) Deferred rent 608 904 Other 14 (141) Subtotal 8,023 9,693 Less: valuation allowance (1,132) (2,698) Deferred income tax asset—net $ 6,891 $ 6,995 The Company had capital loss carryforwards of $9.5 million and $14.3 million for the years ended December 31, 2021 and 2020, respectively, which, if unused, will expire in years 2022 to 2026. The valuation allowance on the net deferred income tax asset decreased by $1.6 million during the year ended December 31, 2021. At December 31, 2021, the Company had $10.4 million of total gross unrecognized tax benefits. Of this total, $7.9 million (net of the federal benefit on state issues) represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the Company’s effective tax rate in future periods. The Company believes it is reasonably possible that it will reduce its net unrecognized tax benefits by $2.8 million to $3.3 million within the next twelve months due to the expected conclusion of jurisdictional reviews and the lapse of the statute of limitations on certain positions. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: (in thousands) Liability for Unrecognized Tax Benefits Gross unrecognized tax benefits balance at January 1, 2019 $ 12,037 Addition for tax positions of current year 2,430 Addition for tax positions of prior years 133 Reduction of tax positions from prior years (1,720) Gross unrecognized tax benefits balance at December 31, 2019 $ 12,880 Addition for tax positions of current year 1,697 Addition for tax positions of prior years 3,599 Reduction of tax positions from prior years (4,560) Gross unrecognized tax benefits balance at December 31, 2020 $ 13,616 Addition for tax positions of current year 4,092 Reduction of tax positions from prior years (7,322) Gross unrecognized tax benefits balance at December 31, 2021 $ 10,386 The Company records potential interest and penalties related to uncertain tax positions in the provision for income taxes. At December 31, 2021 and 2020, the Company had $3.5 million and $6.8 million, respectively, in potential interest and penalties associated with uncertain tax positions. The tax years 2015 through 2020 remain open to examination by various taxing jurisdictions. The following table summarizes the remaining transition tax liability at December 31, 2021 (in thousands): 2022 $ 665 2023 1,246 2024 1,662 2025 2,077 $ 5,650 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following table summarizes the changes in the Company’s goodwill and non-amortized intangible assets: (in thousands) Goodwill Indefinite-Lived Intangible Assets Balance at January 1, 2020 $ 18,310 $ 1,250 Currency revaluation 935 — Balance at December 31, 2020 $ 19,245 $ 1,250 Currency revaluation (799) — Balance at December 31, 2021 $ 18,446 $ 1,250 Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually for impairment by comparing the fair value to their carrying amounts. The Company's evaluation indicated that no impairment existed at December 31, 2021. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 16. Leases The Company has operating leases for corporate offices and certain information technology equipment. The following table summarizes the Company's lease cost included in general and administrative expense in the consolidated statements of operations: Years Ended December 31, (in thousands) 2021 2020 2019 Operating lease cost $ 11,097 $ 11,247 $ 11,495 Supplemental information related to operating leases is summarized below: Years Ended December 31, (in thousands) 2021 2020 2019 Supplemental cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 12,303 $ 12,408 $ 12,365 Supplemental non-cash information: Right-of-use assets obtained in exchange for new lease liabilities 1,149 3,026 — Other information related to operating leases is summarized below: Years Ended December 31, 2021 2020 2019 Weighted-average remaining lease term (years) 2 3 4 Weighted-average discount rate 2.7 % 2.8 % 2.8 % The following table summarizes the maturities of lease liabilities at December 31, 2021 (in thousands): Year Ending December 31, Operating Leases 2022 $ 12,281 2023 11,836 2024 1,131 Total remaining undiscounted lease payments 25,248 Less: imputed interest 723 Total remaining discounted lease payments $ 24,525 |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Concentrations The Company’s cash and cash equivalents are principally on deposit with major financial institutions. The Company is subject to credit risk should these financial institutions be unable to fulfill their obligations. The following affiliated funds provided 10% or more of the total revenue of the Company: Years Ended December 31, (in thousands, except percentages) 2021 2020 2019 Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX): Investment advisory and administration fees $ 88,705 $ 69,197 $ 56,638 Distribution and service fees 15,279 13,499 12,753 Total $ 103,984 $ 82,696 $ 69,391 Percent of total revenue 17.8 % 19.3 % 16.9 % Cohen & Steers Real Estate Securities Fund, Inc. (CSI): Investment advisory and administration fees $ 53,250 $ 38,961 $ 41,971 Distribution and service fees 8,658 6,943 8,128 Total $ 61,908 $ 45,904 $ 50,099 Percent of total revenue 10.6 % 10.7 % 12.2 % Cohen & Steers Realty Shares, Inc. (CSR): Investment advisory and administration fees $ 55,402 $ 34,190 $ 32,884 Distribution and service fees 7,279 4,711 4,079 Total $ 62,681 $ 38,901 $ 36,963 Percent of total revenue 10.7 % 9.1 % 9.0 % |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued. Other than the items described below or elsewhere in the footnotes, the Company determined that there were no additional subsequent events that require disclosure and/or adjustment. On February 24, 2022, the Company announced the initial public offering of the Cohen & Steers Real Estate Opportunities and Income Fund (the Fund). The Fund raised approximately $305.0 million in proceeds, excluding leverage. In addition, the underwriters have an option to purchase, within 45 days, up to an additional 2,287,500 common shares at the public offering price of $20.00 per share. The Company expects to incur costs of approximately $15.0 million in connection with the offering, excluding any additional costs that would be incurred should the underwriters exercise their option to purchase additional shares. On February 24, 2022, the Company declared a quarterly dividend on its common stock in the amount of $0.55 per share. This dividend will be payable on March 17, 2022 to stockholders of record at the close of business on March 7, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements —In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The standard is intended to simplify various aspects related to income taxes and removes certain exceptions to the general principles in Topic 740. This new guidance became effective on January 1, 2021. The Company's adoption of the new standard did not have a material effect on its consolidated financial statements and related disclosures. |
Accounting Estimates | Accounting Estimates —The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. |
Reclassifications | Reclassifications— The Company reclassified certain prior period amounts to conform with the current period presentation, primarily related to accrued employee benefits which were reclassified from other liabilities and accrued expenses to accrued compensation and benefits on the Company's consolidated statements of financial condition and cash flows. |
Consolidation of Company-sponsored Funds | Consolidation of Company-sponsored Funds —Investments in Company-sponsored funds and management fees are evaluated at inception and thereafter, if there is a reconsideration event, in order to determine whether to apply the Variable Interest Entity (VIE) model or the Voting Interest Entity (VOE) model. A VIE is an entity in which either (i) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (ii) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has (i) the power to direct the activities of the VIE that most significantly affect its performance, and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Subscriptions and redemptions or amendments to the governing documents of the respective entities could affect an entity's status as a VIE or the determination of the primary beneficiary. Limited partnerships and similar entities are determined to be a VIE when the Company is the general partner and the limited partners do not hold substantive kick-out or participation rights. The Company assesses whether it is the primary beneficiary of any VIEs identified by evaluating its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. VIEs for which the Company is deemed to be the primary beneficiary are consolidated. Investments in Company-sponsored funds that are determined to be VOEs are consolidated when the Company’s ownership interest is greater than 50% of the outstanding voting interests of the fund. |
Cash and Cash Equivalents | Cash and Cash Equivalents —Cash and cash equivalents are on deposit with several highly rated financial institutions and include short-term, highly liquid investments, which are readily convertible into cash and have original maturities of three months or less. |
Due from/to Brokers | Due from/to Brokers —The Company, including the consolidated Company-sponsored funds, may transact with brokers for certain investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to brokers balances represent cash and/or cash collateral balances at brokers/custodians and/or receivables and payables for unsettled securities transactions with brokers. |
Investments | Investments —Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination no less than on a quarterly basis. The Company's investments are categorized as follows: • Equity investments at fair value, which generally represent listed equity securities held within the consolidated Company-sponsored funds, listed equity securities held directly for the purpose of establishing performance track records and seed investments in Company-sponsored open-end funds where the Company has neither control nor the ability to exercise significant influence. • Trading investments, which generally represent debt securities held within the consolidated Company-sponsored funds and listed debt securities held directly for the purpose of establishing performance track records. • Held-to-maturity investments generally represent corporate investments in U.S. Treasury securities recorded at amortized cost. Under the current expected credit loss model, any expected credit losses are recognized as an allowance, which represents an adjustment to the amortized costs basis. The Company did not hold any held-to-maturity investments at December 31, 2021. • Equity method investments, which generally represent seed investments in Company-sponsored funds in which the Company owns between 20-50% of the outstanding voting interests or when it is determined that the Company is able to exercise significant influence but not control over the investments. When using the equity method, the Company recognizes its respective share of net income or loss for the period which is recorded in gain (loss) from investments—net in the Company's consolidated statements of operations. Realized and unrealized gains and losses on equity investments at fair value, trading investments and equity method investments are recorded in gain (loss) from investments—net in the Company's consolidated statements of operations. From time to time, the Company, including the consolidated Company-sponsored funds, may enter into derivative contracts, including options, futures and swaps contracts, to gain exposure to the underlying commodities markets or to economically hedge market risk of the underlying portfolios. Gains and losses on derivative contracts are recorded in gain (loss) from investments—net in the Company's consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses on the Company's consolidated statements of financial condition. Additionally, from time to time, the Company, including the consolidated Company-sponsored funds, may enter into forward foreign exchange contracts to economically hedge currency exposure. These instruments are measured at fair value based on the prevailing forward exchange rate with gains and losses recorded in foreign currency gain (loss)—net in the Company’s consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses on the Company’s consolidated statements of financial condition. |
Leases | Leases —The Company determines if an arrangement is a lease at inception. The Company has operating leases for corporate offices and certain information technology equipment which are included in operating lease right-of-use (ROU) assets and operating lease liabilities on the Company’s consolidated statements of financial condition. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the net present value of lease payments over the life of the lease. The majority of the Company’s lease agreements do not provide an implicit rate. As a result, the Company used its estimated incremental borrowing rate based on the information available as of lease commencement dates in determining the present value of lease payments. The operating lease ROU assets reflect any upfront lease payments made as well as lease incentives received. The lease terms may include options to extend or terminate the lease and these are factored into the determination of the ROU asset and lease liability at lease inception when and if it is reasonably certain that the Company will exercise that option. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. The Company has certain lease agreements with non-lease components such as maintenance and executory costs, which are accounted for separately and not included in ROU assets. ROU assets are tested for impairment whenever changes in facts or circumstances indicate that the carrying amount of an asset may not be recoverable. Modification of a lease term would result in remeasurement of the lease liability and a corresponding adjustment to the ROU assets. |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests —Redeemable noncontrolling interests represent third-party interests in the consolidated Company-sponsored funds. These interests are redeemable at the option of the investors and therefore are not treated as permanent equity. Redeemable noncontrolling interests are recorded at fair value which approximates the redemption value at each reporting period. |
Investment Advisory and Administration Fees | Investment Advisory and Administration Fees —The Company earns revenue by providing asset management services to institutional accounts, Company-sponsored open-end and closed-end funds as well as model-based portfolios. Investment advisory fees are earned pursuant to the terms of investment management agreements and are generally based on a contractual fee rate applied to the average assets under management. The Company also earns administration fees from certain Company-sponsored open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average daily assets under management of such funds. Investment advisory and administration fee revenue is recognized when earned and is recorded net of any fund reimbursements. The investment advisory and administration contracts each include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, investment advisory and administration fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. In certain instances, the Company may earn performance fees when specified performance hurdles are met during the performance period. Performance fees are forms of variable consideration and are not recognized until it becomes probable that there will not be a significant reversal of the cumulative revenue recognized . |
Distribution and Service Fee Revenue | Distribution and Service Fee Revenue —Distribution and service fee revenue is based on the average daily net assets of certain share classes of the Company's sponsored open-end funds distributed by CSS. Distribution and service fee revenue is earned daily and is recorded gross of any third-party distribution and service fee expense for applicable share classes. Distribution fee agreements include a single performance obligation that is satisfied at a point in time when an investor purchases shares in a Company-sponsored open-end fund. For all periods presented, a portion of the distribution fee revenue recognized in the period may relate to performance obligations satisfied (or partially satisfied) in prior periods. Service fee agreements include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, distribution and service fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. |
Distribution and Service Fee Expense | Distribution and Service Fee Expense —Distribution and service fee expense includes distribution fees, shareholder servicing fees and intermediary assistance payments. Distribution fees represent payments made to qualified intermediaries for (i) assistance in connection with the distribution of the Company's sponsored open-end funds' shares and (ii) for other expenses such as advertising, printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940. Distribution fees are based on average daily net assets under management of certain share classes of certain of the funds. Shareholder servicing fees represent payments made to qualified intermediaries for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. Shareholder servicing fees are generally based on average daily net assets under management. Intermediary assistance payments represent payments to qualified intermediaries for activities related to distribution, shareholder servicing as well as marketing and support of the Company's sponsored open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on average daily net assets under management. |
Stock-based Compensation | Stock-based Compensation —The Company recognizes compensation expense for the grant-date fair value of restricted stock unit awards to certain employees. This expense is recognized over the period during which employees are required to provide service. Forfeitures are recorded as incurred. Any change to the key terms of an employee’s award subsequent to the grant date is evaluated and, if necessary, accounted for as a modification. If the modification results in the remeasurement of the fair value of the award, the remeasured compensation cost is recognized over the remaining service period. |
Income Taxes | Income Taxes —The Company records the current and deferred tax consequences of all transactions that have been recognized in the consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The calculation of tax liabilities involves uncertainties in the application of complex tax laws and regulations across the Company's global operations. A tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, on the basis of the technical merits. The Company records potential interest and penalties related to uncertain tax positions in the provision for income taxes in the consolidated statements of operations. |
Currency Translation and Transactions | Currency Translation and Transactions —Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's consolidated statements of comprehensive income. The cumulative translation adjustment was $(5.9) million, $(4.1) million and $(6.3) million as of December 31, 2021, 2020 and 2019, respectively, and was reported within accumulated other comprehensive income (loss) on the consolidated statements of financial condition. Gains or losses resulting from transactions denominated in currencies other than the U.S. dollar within certain foreign subsidiaries and gains and losses arising on revaluation of U.S. dollar-denominated assets and liabilities held by certain foreign subsidiaries are included in foreign currency gain (loss)-net in the Company’s consolidated statements of operations. |
Comprehensive Income | Comprehensive Income —The Company reports all changes in comprehensive income in the consolidated statements of comprehensive income. Comprehensive income generally includes net income or loss attributable to common stockholders and amounts attributable to foreign currency translation gain (loss). |
Valuation Techniques | Valuation Techniques In certain instances, debt, equity and preferred securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable broker-dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in Company-sponsored funds are valued at their closing price or NAV (or its equivalent) as a practical expedient. In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involve a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued no less than on a quarterly basis, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The valuation process also includes a review by the Company's valuation committee which is comprised of senior members from various departments within the Company, including investment management. The valuation committee provides independent oversight of the valuation policies and procedures. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle: Years ended December 31, (in thousands) 2021 2020 2019 Client domicile: North America $ 506,364 $ 363,834 $ 352,629 Japan 38,039 32,517 33,967 Europe, Middle East and Africa 26,330 19,869 11,087 Asia Pacific excluding Japan 13,099 11,316 13,147 Total $ 583,832 $ 427,536 $ 410,830 Years ended December 31, (in thousands) 2021 2020 2019 Investment vehicle: Open-end funds (1) $ 328,647 $ 233,634 $ 219,982 Institutional accounts 146,345 115,876 110,346 Closed-end funds 108,840 78,026 80,502 Total $ 583,832 $ 427,536 $ 410,830 ________________________ (1) Included distribution and service fees and other revenue. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Summary of Investment Holdings | The following table summarizes the Company’s investments: (in thousands) December 31, 2021 December 31, 2020 Equity investments at fair value $ 130,930 $ 94,089 Trading 23,711 18,700 Held-to-maturity carried at amortized cost (1) — 41,648 Equity method 13 541 Total investments $ 154,654 $ 154,978 _________________________ (1) At December 31, 2020, held-to-maturity investments comprised of U.S. Treasury securities had a fair value of $41.7 million. These securities would have been classified as level 2 within the fair value hierarchy if carried at fair value. |
Gain (Loss) on Investments | The following table summarizes gain (loss) from investments—net, including derivative financial instruments, the majority of which are used to economically hedge certain exposures (see Note 6 , Derivatives ): Years Ended December 31, (in thousands) 2021 2020 2019 Net realized gains (losses) during the period $ 8,402 $ (5,395) $ 12,227 Net unrealized gains (losses) during the period on investments still held at the end of the period 10,382 1,279 9,446 Gain (loss) from investments—net (1) $ 18,784 $ (4,116) $ 21,673 _________________________ (1) Included gain (loss) attributable to redeemable noncontrolling interests. |
Schedule of Variable Interest Entities | At December 31, 2021, the Company's consolidated VIEs included the Cohen & Steers SICAV Global Listed Infrastructure Fund (GLI SICAV), SICAV GRE, the Cohen & Steers SICAV Diversified Real Assets Fund (SICAV RAP), the Cohen & Steers Co-Investment Partnership, L.P. (GRP-CIP) and the Cohen & Steers Real Estate Opportunities Fund, L.P. (REOF). At December 31, 2020, the Company's consolidated VIEs included GLI SICAV, SICAV GRE, SICAV RAP and GRP-CIP. The following tables summarize the consolidated statements of financial condition attributable to the Company's consolidated VIEs: December 31, 2021 (in thousands) GLI SICAV SICAV GRE SICAV RAP GRP-CIP REOF Total Assets (1) Investments $ 8,266 $ 57,354 $ 59,493 $ 150 $ 2,649 $ 127,912 Due from brokers — 1,107 86 147 — 1,340 Other assets 42 214 740 — 593 1,589 Total assets $ 8,308 $ 58,675 $ 60,319 $ 297 $ 3,242 $ 130,841 Liabilities (1) Due to brokers $ — $ 347 $ 579 $ — $ — 926 Other liabilities and accrued expenses 35 126 108 5 415 689 Total liabilities $ 35 $ 473 $ 687 $ 5 $ 415 $ 1,615 December 31, 2020 (in thousands) GLI SICAV SICAV GRE SICAV RAP GRP-CIP Total Assets (1) Investments $ 7,140 $ 39,672 $ 33,654 $ 277 $ 80,743 Due from brokers 69 45 52 57 223 Other assets 44 359 234 — 637 Total assets $ 7,253 $ 40,076 $ 33,940 $ 334 $ 81,603 Liabilities (1) Due to brokers $ 27 $ 40 $ 61 $ — $ 128 Other liabilities and accrued expenses 29 211 81 5 326 Total liabilities $ 56 $ 251 $ 142 $ 5 $ 454 _________________________ (1) The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company. |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements, Recurring and Nonrecurring | The following tables present fair value measurements: December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV (1) Total Cash equivalents $ 104,591 $ — $ — $ — $ 104,591 Equity investments at fair value: Common stocks $ 126,301 $ 116 $ — $ — $ 126,417 Company-sponsored funds 103 — — — 103 Limited partnership interests 986 — — 1,816 2,802 Preferred securities 1,465 — — — 1,465 Other — — — 143 143 Total $ 128,855 $ 116 $ — $ 1,959 $ 130,930 Trading investments: Fixed income $ — $ 23,711 $ — $ — $ 23,711 Equity method investments $ — $ — $ — $ 13 $ 13 Total investments $ 128,855 $ 23,827 $ — $ 1,972 $ 154,654 Derivatives - assets: Total return swaps - commodities (2) $ — $ 481 $ — $ — $ 481 Forward contracts - foreign exchange — 209 — — 209 Total $ — $ 690 $ — $ — $ 690 Derivatives - liabilities: Total return swaps - commodities $ — $ 17 $ — $ — $ 17 Total return swaps - equities — 867 — — 867 Forward contracts - foreign exchange — 3 — — 3 Total $ — $ 887 $ — $ — $ 887 ________________________ (1) Comprised of certain investments measured at fair value using net asset value (NAV) as a practical expedient. (2) Included total return swaps - commodities held by consolidated Company-sponsored funds. | December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV (1) Investments Total Cash equivalents $ 23,372 $ — $ — $ — $ — $ 23,372 Equity investments at fair value: Common stocks $ 91,614 $ — $ — $ — $ — $ 91,614 Company-sponsored funds 246 — — — — 246 Limited partnership interests 831 — — 277 — 1,108 Preferred securities 983 12 — — — 995 Other — — — 126 — 126 Total $ 93,674 $ 12 $ — $ 403 $ — $ 94,089 Trading investments: Fixed income $ — $ 18,700 $ — $ — $ — $ 18,700 Held-to-maturity investments $ — $ — $ — $ — $ 41,648 $ 41,648 Equity method investments $ — $ — $ — $ 541 $ — $ 541 Total investments $ 93,674 $ 18,712 $ — $ 944 $ 41,648 $ 154,978 Derivatives - assets: Futures - commodities $ 1,012 $ — $ — $ — $ — $ 1,012 Derivatives - liabilities: Futures - commodities $ 416 $ — $ — $ — $ — $ 416 Total return swaps - commodities — 136 — — — 136 Total return swaps - equities — 1,562 — — — 1,562 Forward contracts - foreign exchange — 345 — — — 345 Total $ 416 $ 2,043 $ — $ — $ — $ 2,459 ________________________ (1) Comprised of certain investments measured at fair value using NAV as a practical expedient. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivatives [Abstract] | |
Schedule of Derivative Instruments | The following tables summarize the notional amount and fair value of the outstanding derivative financial instruments none of which were designated in a formal hedging relationship. As of December 31, 2021 Notional Amount Fair Value (1) (in thousands) Long Short Assets Liabilities Corporate derivatives: Total return swaps - commodities $ 2,549 $ 3,810 $ 94 $ 17 Total return swaps - equities — 22,899 — 867 Forward contracts - foreign exchange — 11,969 209 3 Total corporate derivatives $ 2,549 $ 38,678 $ 303 $ 887 Derivatives held by consolidated Company-sponsored funds: Total return swaps - commodities 10,931 — 387 — Total $ 13,480 $ 38,678 $ 690 $ 887 As of December 31, 2020 Notional Amount Fair Value (1) (in thousands) Long Short Assets Liabilities Corporate derivatives: Futures - commodities $ 13,624 $ 4,257 $ 1,012 $ 416 Total return swaps - commodities — 9,598 — 136 Total return swaps - equities — 17,688 — 1,562 Forward contracts - foreign exchange — 14,061 — 345 Total $ 13,624 $ 45,604 $ 1,012 $ 2,459 ________________________ (1) The fair value of derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the Company's consolidated statements of financial condition. |
Gains (Losses) on Derivatives | The following table summarizes net gains (losses) from derivative financial instruments: Years Ended December 31, (in thousands) 2021 2020 2019 Corporate derivatives: Futures - commodities (1) $ 3,391 $ (105) $ 881 Total return swaps - commodities (3,082) (266) (485) Total return swaps - equities (4,530) (1,562) — Forward contracts - foreign exchange 550 (375) 235 Total corporate derivatives $ (3,671) $ (2,308) $ 631 Derivatives held by consolidated Company-sponsored funds: Total return swaps - commodities 1,526 — — Total (2) $ (2,145) $ (2,308) $ 631 ________________________ (1) The Company liquidated its commodity future contracts during 2021. (2) Gains and losses on futures and total return swap contracts are included in gain (loss) from investments—net in the Company's consolidated statements of operations. Gains and losses on forward foreign exchange contracts are included in foreign currency gain (loss)—net in the Company's consolidated statements of operations. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | The following table summarizes the Company’s property and equipment: December 31, (in thousands) 2021 2020 Equipment $ 7,274 $ 6,725 Furniture and fixtures 3,683 3,685 Software 23,556 21,789 Leasehold improvements 15,518 16,085 Subtotal 50,031 48,284 Less: Accumulated depreciation and amortization (41,093) (37,943) Property and equipment, net $ 8,938 $ 10,341 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles income and share data used in the basic and diluted earnings per share computations: Years Ended December 31, (in thousands, except per share data) 2021 2020 2019 Net income $ 226,154 $ 75,165 $ 146,984 Net (income) loss attributable to redeemable noncontrolling interests (14,758) 1,419 (12,363) Net income attributable to common stockholders $ 211,396 $ 76,584 $ 134,621 Basic weighted average shares outstanding 48,316 47,800 47,273 Dilutive potential shares from restricted stock units 774 876 1,024 Diluted weighted average shares outstanding 49,090 48,676 48,297 Basic earnings per share attributable to common stockholders $ 4.38 $ 1.60 $ 2.85 Diluted earnings per share attributable to common stockholders $ 4.31 $ 1.57 $ 2.79 Anti-dilutive common stock equivalents excluded from the calculation — — — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table sets forth activity relating to the Company’s RSUs under the SIP (share data in thousands): Vested Restricted Stock Unit Grants Unvested Restricted Stock Unit Grants Incentive Bonus Plans Restricted Stock Unit Grants (in thousands, except per share data) Number Weighted Average Grant Date Fair Value Number Weighted Average Grant Date Fair Value Number Weighted Average Grant Date Fair Value Balance at January 1, 2019 45 $ 37.93 306 $ 35.80 1,745 $ 36.55 Granted 22 50.29 132 40.97 763 39.92 Delivered (13) 37.61 (131) 35.46 (601) 36.30 Forfeited — — (5) 38.15 (33) 38.31 Balance at December 31, 2019 54 44.06 302 38.78 1,874 38.38 Granted 12 55.71 189 63.17 437 73.29 Delivered (16) 38.22 (143) 36.96 (705) 36.30 Forfeited — — (7) 50.60 (78) 49.73 Balance at December 31, 2020 50 48.80 341 52.80 1,528 48.76 Granted 26 81.05 285 71.74 672 72.81 Delivered (18) 46.34 (139) 46.80 (632) 44.15 Forfeited — — (31) 59.35 (186) 57.61 Balance at December 31, 2021 58 64.07 456 66.02 1,382 61.37 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table summarizes the amount of revenue the Company earned from these affiliated funds: Years Ended December 31, (in thousands) 2021 2020 2019 Investment advisory and administration fees (1) $ 389,648 $ 274,566 $ 264,116 Distribution and service fees 37,630 30,134 30,048 Total $ 427,278 $ 304,700 $ 294,164 _________________________ |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Taxes | The income before provision for income taxes and provision for income taxes are as follows: Years Ended December 31, (in thousands) 2021 2020 2019 Income before provision for income taxes - U.S. (1) $ 262,102 $ 83,617 $ 171,497 Income before provision for income taxes - Non-U.S. 19,842 9,770 16,052 Total income before provision for income taxes $ 281,944 $ 93,387 $ 187,549 _________________________ (1) Included income of $14.8 million, loss of $1.4 million and income of $12.4 million attributable to third-party interests for the years ended December 31, 2021, 2020 and 2019, respectively. Years Ended December 31, (in thousands) 2021 2020 2019 Current tax expense: U.S. federal $ 41,658 $ 12,859 $ 30,818 State and local 12,068 3,291 7,627 Non-U.S. 1,960 1,965 2,024 55,686 18,115 40,469 Deferred tax (benefit) expense: U.S. federal (739) (67) (133) State and local (149) (32) (74) Non-U.S. 992 206 303 104 107 96 Provision for income taxes $ 55,790 $ 18,222 $ 40,565 |
Reconciliation of Federal Statutory Income Tax Rate to Effective Rate | A reconciliation of the Company’s statutory federal income tax rate and the effective tax rate is as follows: Years Ended December 31, (in thousands) 2021 2020 2019 U.S. statutory tax rate $ 56,110 21.0 % $ 19,908 21.0 % $ 36,789 21.0 % State and local income taxes, net of federal benefit 10,190 3.8 % 3,867 4.1 % 5,972 3.4 % Unrecognized tax benefit adjustments (8,515) (3.2) % 323 0.4 % (650) (0.3) % Non-deductible executive compensation 6,037 2.3 % 2,468 2.6 % 695 0.4 % Excess tax benefits related to the vesting of share-based compensation (5,762) (2.2) % (8,494) (9.0) % (368) (0.2) % Foreign tax rate differential (661) (0.2) % 120 0.1 % (866) (0.5) % Other (1,609) (0.6) % 30 — % (1,007) (0.6) % Income tax expense and effective income tax rate $ 55,790 20.9 % $ 18,222 19.2 % $ 40,565 23.2 % |
Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s net deferred income tax asset consist of the following: At December 31, (in thousands) 2021 2020 Deferred income tax assets (liabilities): Stock-based compensation $ 6,951 $ 7,064 Realized losses on investments 2,374 3,567 Net unrealized (gains) losses on investments (2,861) (1,364) Property and equipment depreciation 937 (337) Deferred rent 608 904 Other 14 (141) Subtotal 8,023 9,693 Less: valuation allowance (1,132) (2,698) Deferred income tax asset—net $ 6,891 $ 6,995 |
Reconciliation of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: (in thousands) Liability for Unrecognized Tax Benefits Gross unrecognized tax benefits balance at January 1, 2019 $ 12,037 Addition for tax positions of current year 2,430 Addition for tax positions of prior years 133 Reduction of tax positions from prior years (1,720) Gross unrecognized tax benefits balance at December 31, 2019 $ 12,880 Addition for tax positions of current year 1,697 Addition for tax positions of prior years 3,599 Reduction of tax positions from prior years (4,560) Gross unrecognized tax benefits balance at December 31, 2020 $ 13,616 Addition for tax positions of current year 4,092 Reduction of tax positions from prior years (7,322) Gross unrecognized tax benefits balance at December 31, 2021 $ 10,386 |
Schedule of Transition Tax Liability, Fiscal Year Maturity Schedule | The following table summarizes the remaining transition tax liability at December 31, 2021 (in thousands): 2022 $ 665 2023 1,246 2024 1,662 2025 2,077 $ 5,650 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill and Intangible Assets | The following table summarizes the changes in the Company’s goodwill and non-amortized intangible assets: (in thousands) Goodwill Indefinite-Lived Intangible Assets Balance at January 1, 2020 $ 18,310 $ 1,250 Currency revaluation 935 — Balance at December 31, 2020 $ 19,245 $ 1,250 Currency revaluation (799) — Balance at December 31, 2021 $ 18,446 $ 1,250 Goodwill and indefinite-lived intangible assets are not amortized but are tested at least annually for impairment by comparing the fair value to their carrying amounts. The Company's evaluation indicated that no impairment existed at December 31, 2021. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost | The following table summarizes the Company's lease cost included in general and administrative expense in the consolidated statements of operations: Years Ended December 31, (in thousands) 2021 2020 2019 Operating lease cost $ 11,097 $ 11,247 $ 11,495 Supplemental information related to operating leases is summarized below: Years Ended December 31, (in thousands) 2021 2020 2019 Supplemental cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 12,303 $ 12,408 $ 12,365 Supplemental non-cash information: Right-of-use assets obtained in exchange for new lease liabilities 1,149 3,026 — |
Assets And Liabilities, Lessee | Other information related to operating leases is summarized below: Years Ended December 31, 2021 2020 2019 Weighted-average remaining lease term (years) 2 3 4 Weighted-average discount rate 2.7 % 2.8 % 2.8 % |
Lessee, Operating Lease, Liability, Maturity | The following table summarizes the maturities of lease liabilities at December 31, 2021 (in thousands): Year Ending December 31, Operating Leases 2022 $ 12,281 2023 11,836 2024 1,131 Total remaining undiscounted lease payments 25,248 Less: imputed interest 723 Total remaining discounted lease payments $ 24,525 |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor | The following affiliated funds provided 10% or more of the total revenue of the Company: Years Ended December 31, (in thousands, except percentages) 2021 2020 2019 Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX): Investment advisory and administration fees $ 88,705 $ 69,197 $ 56,638 Distribution and service fees 15,279 13,499 12,753 Total $ 103,984 $ 82,696 $ 69,391 Percent of total revenue 17.8 % 19.3 % 16.9 % Cohen & Steers Real Estate Securities Fund, Inc. (CSI): Investment advisory and administration fees $ 53,250 $ 38,961 $ 41,971 Distribution and service fees 8,658 6,943 8,128 Total $ 61,908 $ 45,904 $ 50,099 Percent of total revenue 10.6 % 10.7 % 12.2 % Cohen & Steers Realty Shares, Inc. (CSR): Investment advisory and administration fees $ 55,402 $ 34,190 $ 32,884 Distribution and service fees 7,279 4,711 4,079 Total $ 62,681 $ 38,901 $ 36,963 Percent of total revenue 10.7 % 9.1 % 9.0 % |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Cumulative Translation Adjustments Balance (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accumulated Translation Adjustment | |||
Cumulative Translation Adjustments balance [Line Items] | |||
Cumulative Foreign Currency Translation Adjustment, Net of Tax | $ (5,900) | $ (4,100) | $ (6,300) |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 583,832 | $ 427,536 | $ 410,830 |
North America | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 506,364 | 363,834 | 352,629 |
Japan | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 38,039 | 32,517 | 33,967 |
Asia Pacific, excluding Japan | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 13,099 | 11,316 | 13,147 |
Europe, Middle East and Africa | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 26,330 | 19,869 | 11,087 |
Open-end funds | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 328,647 | 233,634 | 219,982 |
Institutional accounts | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 146,345 | 115,876 | 110,346 |
Closed-end funds | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 108,840 | 78,026 | 80,502 |
Distribution and service fees | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 37,630 | $ 30,134 | $ 30,048 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Summary of Investments [Abstract] | |||||
Equity investments at fair value | $ 130,930 | $ 94,089 | |||
Trading | 23,711 | 18,700 | |||
Held-to-maturity carried at amortized cost | 0 | 41,648 | |||
Equity method | 13 | 541 | |||
Total investments | 154,654 | [1] | 154,978 | [2] | |
Debt Securities, Held-to-maturity, Fair Value | 41,700 | ||||
Gain (Loss) on Investments [Abstract] | |||||
Net realized gains (losses) during the period | 8,402 | (5,395) | $ 12,227 | ||
Net unrealized gains (losses) during the period on investments still held at the end of the period | 10,382 | 1,279 | 9,446 | ||
Gain (loss) from investments—net (1) | $ 18,784 | $ (4,116) | $ 21,673 | ||
[1] | Asset and liability amounts in parentheses represent the aggregated balances at December 31, 2021 and 2020 attributable to variable interest entities consolidated by the Company. Refer to Note 4, Investments for further discussion. | ||||
[2] | Asset and liability amounts in parentheses represent the aggregated balances at December 31, 2021 and 2020 attributable to variable interest entities consolidated by the Company. Refer to Note 4, Investments for further discussion. |
Investments - Variable Interest
Investments - Variable Interest Entity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |||
Variable Interest Entity [Line Items] | |||||
Investments | $ 154,654 | [1] | $ 154,978 | [2] | |
Other assets | [1],[2] | 15,360 | 15,399 | ||
Total assets | 492,687 | 348,453 | |||
Due to brokers | [1],[2] | 927 | 501 | ||
Other liabilities and accrued expenses | [1],[2] | 10,948 | 11,318 | ||
Total liabilities | 148,361 | 123,549 | |||
GLI SICAV | |||||
Variable Interest Entity [Line Items] | |||||
Investments | 8,266 | 7,140 | |||
Due from brokers | 0 | 69 | |||
Other assets | 42 | 44 | |||
Total assets | 8,308 | 7,253 | |||
Due to brokers | 0 | 27 | |||
Other liabilities and accrued expenses | 35 | 29 | |||
Total liabilities | 35 | 56 | |||
SICAV GRE | |||||
Variable Interest Entity [Line Items] | |||||
Investments | 57,354 | 39,672 | |||
Due from brokers | 1,107 | 45 | |||
Other assets | 214 | 359 | |||
Total assets | 58,675 | 40,076 | |||
Due to brokers | 347 | 40 | |||
Other liabilities and accrued expenses | 126 | 211 | |||
Total liabilities | 473 | 251 | |||
SICAV RAP | |||||
Variable Interest Entity [Line Items] | |||||
Investments | 59,493 | 33,654 | |||
Due from brokers | 86 | 52 | |||
Other assets | 740 | 234 | |||
Total assets | 60,319 | 33,940 | |||
Due to brokers | 579 | 61 | |||
Other liabilities and accrued expenses | 108 | 81 | |||
Total liabilities | 687 | 142 | |||
GRP-CIP | |||||
Variable Interest Entity [Line Items] | |||||
Investments | 150 | 277 | |||
Due from brokers | 147 | 57 | |||
Other assets | 0 | 0 | |||
Total assets | 297 | 334 | |||
Due to brokers | 0 | 0 | |||
Other liabilities and accrued expenses | 5 | 5 | |||
Total liabilities | 5 | 5 | |||
REOF | |||||
Variable Interest Entity [Line Items] | |||||
Investments | 2,649 | ||||
Due from brokers | 0 | ||||
Other assets | 593 | ||||
Total assets | 3,242 | ||||
Due to brokers | 0 | ||||
Other liabilities and accrued expenses | 415 | ||||
Total liabilities | 415 | ||||
Total | |||||
Variable Interest Entity [Line Items] | |||||
Investments | 127,912 | 80,743 | |||
Due from brokers | 1,340 | 223 | |||
Other assets | 1,589 | 637 | |||
Total assets | 130,841 | 81,603 | |||
Due to brokers | 926 | 128 | |||
Other liabilities and accrued expenses | 689 | 326 | |||
Total liabilities | $ 1,615 | $ 454 | |||
[1] | Asset and liability amounts in parentheses represent the aggregated balances at December 31, 2021 and 2020 attributable to variable interest entities consolidated by the Company. Refer to Note 4, Investments for further discussion. | ||||
[2] | Asset and liability amounts in parentheses represent the aggregated balances at December 31, 2021 and 2020 attributable to variable interest entities consolidated by the Company. Refer to Note 4, Investments for further discussion. |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | $ 130,930 | $ 94,089 |
Trading | 23,711 | 18,700 |
Held-to-maturity | 0 | 41,648 |
Equity method investments | 13 | 541 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 104,591 | 23,372 |
Equity investments at fair value | 130,930 | 94,089 |
Total investments | 154,654 | 154,978 |
Derivative - assets | 690 | |
Derivative - liabilities | 887 | 2,459 |
Fair Value, Measurements, Recurring | Futures - commodity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative - assets | 1,012 | |
Derivative - liabilities | 416 | |
Fair Value, Measurements, Recurring | Total return swaps - commodities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative - assets | 481 | |
Derivative - liabilities | 17 | 136 |
Fair Value, Measurements, Recurring | Forward contracts - foreign exchange | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative - assets | 209 | |
Derivative - liabilities | 3 | 345 |
Fair Value, Measurements, Recurring | Total return swaps - equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative - liabilities | 867 | 1,562 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 104,591 | 23,372 |
Equity investments at fair value | 128,855 | 93,674 |
Total investments | 128,855 | 93,674 |
Derivative - assets | 0 | |
Derivative - liabilities | 0 | 416 |
Fair Value, Measurements, Recurring | Level 1 | Futures - commodity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative - assets | 1,012 | |
Derivative - liabilities | 416 | |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 116 | 12 |
Total investments | 23,827 | 18,712 |
Derivative - assets | 690 | |
Derivative - liabilities | 887 | 2,043 |
Fair Value, Measurements, Recurring | Level 2 | Total return swaps - commodities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative - assets | 481 | |
Derivative - liabilities | 17 | 136 |
Fair Value, Measurements, Recurring | Level 2 | Forward contracts - foreign exchange | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative - assets | 209 | |
Derivative - liabilities | 3 | 345 |
Fair Value, Measurements, Recurring | Level 2 | Total return swaps - equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative - liabilities | 867 | 1,562 |
Fair Value, Measurements, Recurring | Investments Measured at NAV | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 1,959 | 403 |
Total investments | 1,972 | 944 |
Company-sponsored funds | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 103 | 246 |
Company-sponsored funds | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 103 | 246 |
Common stocks | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 126,417 | 91,614 |
Common stocks | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 126,301 | 91,614 |
Common stocks | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 116 | |
Fixed income | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading | 23,711 | 18,700 |
Total investments | 41,648 | |
Fixed income | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading | 23,711 | 18,700 |
Limited partnership interests | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 2,802 | 1,108 |
Limited partnership interests | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 986 | 831 |
Limited partnership interests | Fair Value, Measurements, Recurring | Investments Measured at NAV | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 1,816 | 277 |
Preferred securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 1,465 | 995 |
Preferred securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 1,465 | 983 |
Preferred securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 0 | 12 |
Other | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 143 | 126 |
Other | Fair Value, Measurements, Recurring | Investments Measured at NAV | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 143 | 126 |
Held-to-maturity Securities [Member] | Fixed income | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity | 41,648 | |
Equity Method Investments [Member] | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity method investments | 13 | 541 |
Equity Method Investments [Member] | Fair Value, Measurements, Recurring | Investments Measured at NAV | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity method investments | $ 13 | $ 541 |
The Cohen & Steers Global Realty Partners III-TE, L.P. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Ownership percentage | 0.20% | 0.20% |
Derivatives (Details)
Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Notional Amount, Long | $ 13,480 | $ 13,624 | |
Notional Amount, Short | 38,678 | 45,604 | |
Fair Value, Assets | 690 | 1,012 | |
Fair Value, Liabilities | 887 | 2,459 | |
Gain (loss) from derivatives | (2,145) | (2,308) | $ 631 |
Corporate, Non-Segment | |||
Derivative [Line Items] | |||
Notional Amount, Long | 2,549 | ||
Notional Amount, Short | 38,678 | ||
Fair Value, Assets | 303 | ||
Fair Value, Liabilities | 887 | ||
Gain (loss) from derivatives | (3,671) | (2,308) | 631 |
Futures - commodity | |||
Derivative [Line Items] | |||
Notional Amount, Long | 13,624 | ||
Notional Amount, Short | 4,257 | ||
Fair Value, Assets | 1,012 | ||
Fair Value, Liabilities | 416 | ||
Gain (loss) from derivatives | 3,391 | (105) | 881 |
Total return swaps - commodities | |||
Derivative [Line Items] | |||
Notional Amount, Long | 2,549 | 0 | |
Notional Amount, Short | 3,810 | 9,598 | |
Fair Value, Assets | 94 | 0 | |
Fair Value, Liabilities | 17 | 136 | |
Gain (loss) from derivatives | (3,082) | (266) | (485) |
Total return swaps - commodities | Consolidation, Eliminations | |||
Derivative [Line Items] | |||
Notional Amount, Long | 10,931 | ||
Fair Value, Assets | 387 | ||
Gain (loss) from derivatives | 1,526 | ||
Total return swaps - equities | |||
Derivative [Line Items] | |||
Notional Amount, Long | 0 | ||
Notional Amount, Short | 22,899 | 17,688 | |
Fair Value, Assets | 0 | 0 | |
Fair Value, Liabilities | 867 | 1,562 | |
Gain (loss) from derivatives | (4,530) | (1,562) | 0 |
Forward contracts - foreign exchange | |||
Derivative [Line Items] | |||
Notional Amount, Long | 0 | 0 | |
Notional Amount, Short | 11,969 | 14,061 | |
Fair Value, Assets | 209 | 0 | |
Fair Value, Liabilities | 3 | 345 | |
Gain (loss) from derivatives | 550 | (375) | $ 235 |
Investments | |||
Derivative [Line Items] | |||
Trading investment and held as collateral | 200 | 1,500 | |
Cash | |||
Derivative [Line Items] | |||
Trading investment and held as collateral | 2,200 | 4,900 | |
Cash | Individually Immaterial Counterparties | |||
Derivative [Line Items] | |||
Trading investment and held as collateral | $ 500 | $ 400 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property and Equipment [Line Items] | |||
Depreciation and amortization | $ 4,100 | $ 4,700 | $ 4,400 |
Property and equipment, gross | 50,031 | 48,284 | |
Accumulated depreciation and amortization | (41,093) | (37,943) | |
Property and equipment, net | $ 8,938 | 10,341 | |
Minimum | |||
Property and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum | |||
Property and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Equipment | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 7,274 | 6,725 | |
Furniture and fixtures | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | 3,683 | 3,685 | |
Software | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | 23,556 | 21,789 | |
Leasehold improvements | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 15,518 | $ 16,085 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive common stock equivalents excluded from computation (in shares) | 0 | 0 | 0 |
Net income | $ 226,154 | $ 75,165 | $ 146,984 |
Net (income) loss attributable to redeemable noncontrolling interest | (14,758) | 1,419 | (12,363) |
Net income attributable to common stockholders | $ 211,396 | $ 76,584 | $ 134,621 |
Basic weighted average shares outstanding (in shares) | 48,316 | 47,800 | 47,273 |
Dilutive potential shares from restricted stock units (in shares) | 774 | 876 | 1,024 |
Diluted weighted average shares outstanding (in shares) | 49,090 | 48,676 | 48,297 |
Basic earnings per share attributable to common stockholders (in dollars per share) | $ 4.38 | $ 1.60 | $ 2.85 |
Diluted earnings per share attributable to common stockholders (in dollars per share) | $ 4.31 | $ 1.57 | $ 2.79 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, shares issued (in shares) | 54,267,309 | 53,462,621 | ||
Vesting period of unvested employee stock compensation, number of years | 3 years | |||
Award requisite service period | 4 years | |||
Employee stock purchase plans | 15,000 | 18,000 | 18,000 | |
Restricted Stock Units (RSUs) | Common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 65,200,000 | |||
Incremental cost | $ 5,600,000 | |||
Number of shares modified (in shares) | 169,000 | |||
Accelerated cost recorded in current period | $ 1,300,000 | |||
Stock Incentive Plan | Common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 20,000,000 | |||
Stock Incentive Plan | Restricted Stock Units (RSUs) | Common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, shares issued (in shares) | 18,000,000 | |||
Allocated share-based compensation expense | $ 8,500,000 | $ 4,600,000 | $ 4,400,000 | |
Vesting period of unvested employee stock compensation, number of years | 4 years | |||
Stock Incentive Plan | Restricted Stock Units (RSUs) | Common stock | Subsequent Event | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, shares issued (in shares) | 634,000 | |||
Allocated share-based compensation expense | $ 52,300,000 | |||
Vesting period of unvested employee stock compensation, number of years | 4 years | |||
Stock Incentive Plan | Vested Restricted Stock Units (RSUs) | Common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 2,100,000 | 700,000 | 600,000 | |
Incentive Bonus Plans for Employees | Common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, shares issued (in shares) | 464,000 | |||
Annual aggregate purchases per employee | $ 25,000 | |||
Maximum number of shares per employee (in shares) | 600,000 | |||
Incentive Bonus Plans for Employees | Restricted Stock Units (RSUs) | Common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Discount from market price, purchase date, percent | 15.00% | |||
Mandatory Plan | Restricted Stock Units (RSUs) | Common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 29,900,000 | 23,900,000 | 22,600,000 | |
Employee Stock Purchase Plan | Restricted Stock Units (RSUs) | Common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 177,000 | $ 152,000 | $ 131,000 |
Stock-Based Compensation Unvest
Stock-Based Compensation Unvested RSUs and Incentive Bonus Plans (Details) - Restricted Stock Units (RSUs) - Common stock - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Number of Shares [Roll Forward] [Roll Forward] | |||
Balance at Beginning of Period (shares) | 50 | 54 | 45 |
Granted (shares) | 26 | 12 | 22 |
Delivered (in shares) | 18 | (16) | (13) |
Balance at End of Period (shares) | 58 | 50 | 54 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Weighted Average Grant Date Fair Value [Abstract] [Abstract] | |||
Balance at beginning of period, Weighted Average Grant Date Fair Value (usd per share) | $ 48.80 | $ 44.06 | $ 37.93 |
Delivered, Weighted Average Grant Date Fair Value (usd per share) | 46.34 | 38.22 | 37.61 |
Granted, Weighted Average Grant Date Fair Value (usd per share) | 81.05 | 55.71 | 50.29 |
Balance at end of period, Weighted Average Grant Date Fair Value (usd per share) | $ 64.07 | $ 48.80 | $ 44.06 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Balance at beginning of period (shares) | 341 | 302 | 306 |
Granted (shares) | 285 | 189 | 132 |
Delivered (shares) | (139) | (143) | (131) |
Forfeited (shares) | (31) | (7) | (5) |
Balance at end of period (shares) | 456 | 341 | 302 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Balance at beginning of period, Weighted Average Grant Date Fair Value (usd per share) | $ 52.80 | $ 38.78 | $ 35.80 |
Granted, Weighted Average Grant Date Fair Value (usd per share) | 71.74 | 63.17 | 40.97 |
Delivered, Weighted Average Grant Date Fair Value (usd per share) | 46.80 | 36.96 | 35.46 |
Forfeited, Weighted Average Grant Date Fair Value (usd per share) | 59.35 | 50.60 | 38.15 |
Balance at end of period, Weighted Average Grant Date Fair Value (usd per share) | 66.02 | 52.80 | 38.78 |
Share-based Compensation Arrangement by Share-based Payment Award, Incentive Bonus Plans, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Delivered, Weighted Average Grant Date Fair Value (usd per share) | 46.80 | 36.96 | 35.46 |
Incentive Bonus Plans for Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Delivered, Weighted Average Grant Date Fair Value (usd per share) | $ 44.15 | $ 36.30 | $ 36.30 |
Share-based Compensation Arrangement by Share-based Payment Award, Incentive Bonus Plans [Roll Forward] | |||
Balance at beginning of period (shares) | 1,528 | 1,874 | 1,745 |
Granted (shares) | 672 | 437 | 763 |
Delivered (shares) | 632 | 705 | (601) |
Forfeited (shares) | (186) | (78) | (33) |
Balance at end of period (shares) | 1,382 | 1,528 | 1,874 |
Share-based Compensation Arrangement by Share-based Payment Award, Incentive Bonus Plans, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Balance at beginning of period, Weighted Average Grant Date Fair Value (usd per share) | $ 48.76 | $ 38.38 | $ 36.55 |
Granted, Weighted Average Grant Date Fair Value (usd per share) | 72.81 | 73.29 | 39.92 |
Delivered, Weighted Average Grant Date Fair Value (usd per share) | 44.15 | 36.30 | 36.30 |
Forfeited, Weighted Average Grant Date Fair Value (usd per share) | 57.61 | 49.73 | 38.31 |
Balance at end of period, Weighted Average Grant Date Fair Value (usd per share) | $ 61.37 | $ 48.76 | $ 38.38 |
401(k) and Profit-Sharing Plan
401(k) and Profit-Sharing Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100.00% | ||
The Plan | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Maximum Employee Subscription Rate | 100.00% | ||
Forfeitures during period | $ 248 | $ 147 | $ 131 |
Employer matching contributions | 2,300 | $ 2,500 | $ 2,100 |
Common stock | Restricted Stock Units (RSUs) | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Allocated share-based compensation expense | $ 65,200 |
Related Party Transactions (Det
Related Party Transactions (Details) - Affiliated Entity - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transactions Revenue [Abstract] | |||
Investment advisory and administrative fees | $ 389,648,000 | $ 274,566,000 | $ 264,116,000 |
Distribution and service fees | 37,630,000 | 30,134,000 | 30,048,000 |
Total | 427,278,000 | 304,700,000 | 294,164,000 |
Fund expenses, included in general and administrative expenses | 16,600,000 | 13,600,000 | $ 11,100,000 |
Receivables, Company sponsored mutual funds | 40,800,000 | 30,200,000 | |
Accounts Payable, Company sponsored mutual funds | $ 1,100,000 | $ 600,000 |
Regulatory Requirements (Detail
Regulatory Requirements (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Regulatory Requirements | |
Proceeds from Contributions from Parent | $ 3,000 |
Securities Registered Domestically | |
Regulatory Requirements | |
Net Capital | 3,900 |
Excess Capital | 3,600 |
Securities Regulated By Foreign Entities - Asia | |
Regulatory Requirements | |
Net Capital | 7,900 |
Excess Capital | 7,600 |
Dividends | 3,900 |
Securities Regulated By Foreign Entities - UK | |
Regulatory Requirements | |
Net Capital | 32,700 |
Excess Capital | 26,100 |
Securities Regulated By Foreign Entities - Ireland | |
Regulatory Requirements | |
Net Capital | 2,800 |
Excess Capital | 2,500 |
Securities Regulated By Foreign Entities - Japan | |
Regulatory Requirements | |
Net Capital | $ 600 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Commitment to invest - USD ($) $ in Millions | Feb. 15, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Other Commitment | $ 50 | |
Long-term committment, funded amount | $ 3.1 | |
Subsequent Event | ||
Loss Contingencies [Line Items] | ||
Long-term committment, funded amount | $ 18 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income before Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income before provision for income taxes | |||
U.S. income before provision for income taxes | $ 262,102 | $ 83,617 | $ 171,497 |
Foreign income before provision for income taxes | 19,842 | 9,770 | 16,052 |
Income before provision for income taxes | 281,944 | 93,387 | 187,549 |
Current taxes: | |||
U.S. federal | 41,658 | 12,859 | 30,818 |
State and local | 12,068 | 3,291 | 7,627 |
Non-U.S. | 1,960 | 1,965 | 2,024 |
Total | 55,686 | 18,115 | 40,469 |
Deferred taxes: | |||
U.S. federal | (739) | (67) | (133) |
State and local | (149) | (32) | (74) |
Non-U.S. | 992 | 206 | 303 |
Deferred income taxes | 104 | 107 | 96 |
Provision for income taxes | 55,790 | 18,222 | 40,565 |
Third-Party Interests | |||
Income before provision for income taxes | |||
U.S. income before provision for income taxes | $ 14,800 | $ (1,400) | $ 12,400 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. statutory tax rate | $ 56,110 | $ 19,908 | $ 36,789 |
State and local income taxes, net of federal benefit | 10,190 | 3,867 | 5,972 |
Unrecognized tax benefit adjustments | (8,515) | 323 | (650) |
Non-deductible executive compensation | 6,037 | 2,468 | 695 |
Excess tax benefits related to the vesting of share-based compensation | (5,762) | (8,494) | (368) |
Foreign tax rate differential | (661) | 120 | (866) |
Other | (1,609) | 30 | (1,007) |
Provision for income taxes | $ 55,790 | $ 18,222 | $ 40,565 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. statutory tax rate | 21.00% | 21.00% | 21.00% |
State and local income taxes, net of federal income taxes | 3.80% | 4.10% | 3.40% |
Unrecognized tax benefit adjustments | (3.20%) | 0.40% | (0.30%) |
Non-deductible (gains) losses on investments | 2.30% | 2.60% | 0.40% |
Excess tax benefits related to the vesting of share-based compensation | (2.20%) | (9.00%) | (0.20%) |
Foreign tax rate differential | (0.20%) | 0.10% | (0.50%) |
Other | (0.60%) | 0.00% | (0.60%) |
Income tax expense and effective income tax rate | 20.90% | 19.20% | 23.20% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Stock-based compensation | $ 6,951 | $ 7,064 |
Realized losses on investments | 2,374 | 3,567 |
Net unrealized (gains) losses on investments | (2,861) | (1,364) |
Deferred compensation | 937 | (337) |
Lease liabilities | 608 | 904 |
Other | 14 | (141) |
Subtotal | 8,023 | 9,693 |
Less: valuation allowance | (1,132) | (2,698) |
Deferred income tax asset—net | 6,891 | 6,995 |
Capital Loss Carryforward | 9,500 | $ 14,300 |
Changes in Valuation Allowance | $ 1,600 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||||
Capital Loss Carryforward | $ 9,500 | $ 14,300 | |||
Changes in Valuation Allowance | 1,600 | ||||
Gross unrecognized tax benefits | 10,386 | 13,616 | $ 12,880 | $ 12,037 | |
Unrecognized tax benefits that impact effective tax rate in future periods | 7,900 | ||||
Uncertain tax positions, accrued interest and penalties | 3,500 | $ 6,800 | |||
Tax Cuts and Jobs Act, transition tax for accumulated foreign earnings, liability | $ 8,300 | ||||
Minimum | |||||
Income Tax Contingency [Line Items] | |||||
Reduction in unrecognized tax benefits | 2,800 | ||||
Maximum | |||||
Income Tax Contingency [Line Items] | |||||
Reduction in unrecognized tax benefits | $ 3,300 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Gross unrecognized tax benefits balance | $ 13,616 | $ 12,880 | $ 12,037 |
Addition for tax positions of current year | 4,092 | 1,697 | 2,430 |
Addition for tax positions of prior years | 3,599 | 133 | |
Reduction of tax positions from prior years | (7,322) | (4,560) | (1,720) |
Gross unrecognized tax benefits balance | $ 10,386 | $ 13,616 | $ 12,880 |
Income Taxes - Schedule of Tran
Income Taxes - Schedule of Transition Tax Liabilities by Fiscal Year (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Income Tax Disclosure [Abstract] | |
2022 | $ 665 |
2023 | 1,246 |
2024 | 1,662 |
2025 | 2,077 |
Total | $ 5,650 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill | |||
Beginning balance | $ 19,245 | $ 18,310 | |
Currency revaluation | (799) | 935 | |
Ending balance | 18,446 | 19,245 | |
Indefinite-Lived Intangible Assets | |||
Fund management contracts | $ 1,250 | $ 1,250 | $ 1,250 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 11,097 | $ 11,247 | $ 11,495 |
Right-of-use assets obtained in exchange for new lease liabilities | 1,149 | 3,026 | 0 |
Operating Lease, Payments | $ 12,303 | $ 12,408 | $ 12,365 |
Leases - Schedule of Operating
Leases - Schedule of Operating Leases, Other Information (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | |||
Weighted-average remaining lease term (years) | 2 years | 3 years | 4 years |
Weighted-average discount rate | 2.70% | 2.80% | 2.80% |
Leases - Schedule of Lease Liab
Leases - Schedule of Lease Liability Maturity (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 12,281 |
2023 | 11,836 |
2024 | 1,131 |
Total remaining undiscounted lease payments | 25,248 |
Less: imputed interest | 723 |
Total remaining discounted lease payments | $ 24,525 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) - Customer Concentration Risk - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX) | |||
Concentration Risk (Line Items) | |||
Revenues | $ 103,984 | $ 82,696 | $ 69,391 |
Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX) | Revenue Benchmark | |||
Concentration Risk (Line Items) | |||
Percent of total revenue | 17.80% | 19.30% | 16.90% |
Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX) | Investment advisory and administration fees | |||
Concentration Risk (Line Items) | |||
Revenues | $ 88,705 | $ 69,197 | $ 56,638 |
Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX) | Distribution and service fees | |||
Concentration Risk (Line Items) | |||
Revenues | 15,279 | 13,499 | 12,753 |
Cohen & Steers Real Estate Securities Fund, Inc. (CSI) | |||
Concentration Risk (Line Items) | |||
Revenues | $ 61,908 | $ 45,904 | $ 50,099 |
Cohen & Steers Real Estate Securities Fund, Inc. (CSI) | Revenue Benchmark | |||
Concentration Risk (Line Items) | |||
Percent of total revenue | 10.60% | 10.70% | 12.20% |
Cohen & Steers Real Estate Securities Fund, Inc. (CSI) | Investment advisory and administration fees | |||
Concentration Risk (Line Items) | |||
Revenues | $ 53,250 | $ 38,961 | $ 41,971 |
Cohen & Steers Real Estate Securities Fund, Inc. (CSI) | Distribution and service fees | |||
Concentration Risk (Line Items) | |||
Revenues | 8,658 | 6,943 | 8,128 |
Cohen & Steers Realty Shares, Inc. (CSR) | |||
Concentration Risk (Line Items) | |||
Revenues | $ 62,681 | $ 38,901 | $ 36,963 |
Cohen & Steers Realty Shares, Inc. (CSR) | Revenue Benchmark | |||
Concentration Risk (Line Items) | |||
Percent of total revenue | 10.70% | 9.10% | 9.00% |
Cohen & Steers Realty Shares, Inc. (CSR) | Investment advisory and administration fees | |||
Concentration Risk (Line Items) | |||
Revenues | $ 55,402 | $ 34,190 | $ 32,884 |
Cohen & Steers Realty Shares, Inc. (CSR) | Distribution and service fees | |||
Concentration Risk (Line Items) | |||
Revenues | $ 7,279 | $ 4,711 | $ 4,079 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 24, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | ||||
Dividends declared per share | $ 3.05 | $ 2.56 | $ 3.44 | |
Subsequent Event | Dividend Declared | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share | $ 0.55 | |||
Cohen & Steers Real Estate Opportunities and Income Fund | Common stock | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 305 | |||
Offering costs | $ 15 | |||
Share Price | $ 20 | |||
Preferred Stock, Capital Shares Reserved for Future Issuance | 2,287,500 |