Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ALLIANCEBERNSTEIN HOLDING L.P. | |
Entity Central Index Key | 825,313 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Public Float | $ 2.1 | |
Entity Common Stock, Shares Outstanding | 96,652,190 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | FY | |
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2016 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Investment in AB | $ 1,540,508 | $ 1,576,120 |
Other assets | 0 | 0 |
Total assets | 1,540,508 | 1,576,120 |
Liabilities: | ||
Other liabilities | 619 | 274 |
Total liabilities | 619 | 274 |
Commitments and contingencies (See Note 7) | ||
Partners’ capital: | ||
General Partner: 100,000 general partnership units issued and outstanding | 1,405 | 1,357 |
Limited partners: 96,552,190 and 99,944,485 limited partnership units issued and outstanding | 1,592,240 | 1,619,841 |
AB Holding Units held by AB to fund long-term incentive compensation plans | (11,731) | (10,669) |
Accumulated other comprehensive loss | (42,025) | (34,683) |
Total partners’ capital | 1,539,889 | 1,575,846 |
Total liabilities and partners’ capital | $ 1,540,508 | $ 1,576,120 |
Statements of Financial Condit3
Statements of Financial Condition (Parenthetical) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
General partner: units issued (in shares) | 100,000 | 100,000 |
General Partner: units outstanding (in shares) | 100,000 | 100,000 |
Limited partners: units issued (in shares) | 96,552,190 | 99,944,485 |
Limited partners: units outstanding (in shares) | 96,552,190 | 99,944,485 |
Statements of Income
Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Income Statement [Abstract] | |||||||||||||||||||
Equity in net income attributable to AB Unitholders | $ 78,630 | $ 55,925 | $ 44,657 | $ 60,177 | $ 56,890 | $ 48,387 | $ 53,799 | $ 51,008 | $ 239,389 | $ 210,084 | $ 200,931 | ||||||||
Income taxes | 22,803 | 24,320 | 22,463 | ||||||||||||||||
Net income | $ 72,664 | $ 50,258 | $ 39,072 | $ 54,592 | $ 51,087 | $ 42,086 | $ 47,614 | $ 44,977 | $ 216,586 | $ 185,764 | $ 178,468 | ||||||||
Net income per unit: | |||||||||||||||||||
Basic (in dollars per share) | $ 0.77 | [1],[2] | $ 0.52 | [1],[2] | $ 0.40 | [2] | $ 0.55 | [2] | $ 0.53 | [2] | $ 0.42 | [2] | $ 0.47 | [2] | $ 0.45 | [2] | $ 2.24 | $ 1.87 | $ 1.84 |
Diluted (in dollars per share) | $ 0.77 | [1],[2] | $ 0.52 | [1],[2] | $ 0.40 | [2] | $ 0.55 | [2] | $ 0.52 | [2] | $ 0.42 | [2] | $ 0.47 | [2] | $ 0.45 | [2] | $ 2.23 | $ 1.86 | $ 1.84 |
[1] | Certain prior-period amounts have been revised, see Note 2 for a discussion of the revision. | ||||||||||||||||||
[2] | Basic and diluted net income per unit are computed independently for each of the periods presented. Accordingly, the sum of the quarterly net income per unit amounts may not agree to the total for the year. |
Statements of Comprehensive Inc
Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 216,586 | $ 185,764 | $ 178,468 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments, before reclassification and tax | (6,697) | (5,508) | (7,655) |
Less: reclassification adjustment for (losses) gains included in net income upon liquidation | (2) | 561 | 0 |
Foreign currency translation adjustments, before tax | (6,695) | (6,069) | (7,655) |
Income tax benefit (expense) | 56 | 11 | (78) |
Foreign currency translation adjustments, net of tax | (6,639) | (6,058) | (7,733) |
Unrealized gains (losses) on investments: | |||
Unrealized gains (losses) arising during period | 4 | (132) | 602 |
Less: reclassification adjustments for (losses) gains included in net income | (2) | 457 | 7 |
Changes in unrealized gains (losses) on investments | 6 | (589) | 595 |
Income tax benefit (expense) | 0 | 256 | (283) |
Unrealized gains (losses) on investments, net of tax | 6 | (333) | 312 |
Changes in employee benefit related items: | |||
Amortization of prior service cost | 40 | (326) | (1,841) |
Recognized actuarial (loss) gain | (737) | 1,264 | (7,486) |
Changes in employee benefit related items | (697) | 938 | (9,327) |
Income tax (expense) benefit | (12) | (61) | 113 |
Employee benefit related items, net of tax | (709) | 877 | (9,214) |
Other comprehensive (loss) | (7,342) | (5,514) | (16,635) |
Comprehensive income | $ 209,244 | $ 180,250 | $ 161,833 |
Statements of Changes in Partne
Statements of Changes in Partners' Capital - USD ($) $ in Thousands | Total | AB Holding Units Held by AB to Fund Long-Term Incentive Compensation Plans [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | General Partner's Capital [Member] | Limited Partners' Capital [Member] |
Balance, beginning of year at Dec. 31, 2013 | $ (14,045) | $ (12,534) | $ 1,369 | $ 1,549,003 | |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | $ 178,468 | 183 | 178,285 | ||
Cash distributions to Unitholders | (189) | (182,535) | |||
Retirement of AB Holding Units | (14,577) | (14,577) | |||
Issuance of AB Holding Units to fund long-term incentive compensation plan awards | 108,034 | 108,034 | |||
Exercise of compensatory options to buy AB Holding Units | 18,955 | ||||
AB Holding Units held by AB to fund long-term incentive compensation plans | 765 | ||||
Unrealized gain (loss) on investments, net of tax | 312 | ||||
Foreign currency translation adjustment, net of tax | (7,733) | ||||
Changes in employee benefit related items, net of tax | (9,214) | ||||
Balance, end of year at Dec. 31, 2014 | 1,616,079 | (13,280) | (29,169) | 1,363 | 1,657,165 |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 185,764 | 187 | 185,577 | ||
Cash distributions to Unitholders | (193) | (192,106) | |||
Retirement of AB Holding Units | (155,073) | (155,073) | |||
Issuance of AB Holding Units to fund long-term incentive compensation plan awards | 115,045 | 115,045 | |||
Exercise of compensatory options to buy AB Holding Units | 9,233 | ||||
AB Holding Units held by AB to fund long-term incentive compensation plans | 2,611 | 2,611 | |||
Unrealized gain (loss) on investments, net of tax | (333) | ||||
Foreign currency translation adjustment, net of tax | (6,058) | ||||
Changes in employee benefit related items, net of tax | 877 | ||||
Balance, end of year at Dec. 31, 2015 | 1,575,846 | (10,669) | (34,683) | 1,357 | 1,619,841 |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 216,586 | 223 | 216,363 | ||
Cash distributions to Unitholders | (175) | (169,556) | |||
Retirement of AB Holding Units | (184,336) | (184,336) | |||
Issuance of AB Holding Units to fund long-term incentive compensation plan awards | 103,820 | 103,820 | |||
Exercise of compensatory options to buy AB Holding Units | 6,108 | ||||
AB Holding Units held by AB to fund long-term incentive compensation plans | (1,062) | (1,062) | |||
Unrealized gain (loss) on investments, net of tax | 6 | ||||
Foreign currency translation adjustment, net of tax | (6,639) | ||||
Changes in employee benefit related items, net of tax | (709) | ||||
Balance, end of year at Dec. 31, 2016 | $ 1,539,889 | $ (11,731) | $ (42,025) | $ 1,405 | $ 1,592,240 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 216,586 | $ 185,764 | $ 178,468 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in net income attributable to AB Unitholders | (239,389) | (210,084) | (200,931) |
Cash distributions received from AB | 191,989 | 217,065 | 203,919 |
Changes in assets and liabilities: | |||
Decrease (increase) in other assets | 0 | 152 | (152) |
Increase (decrease) in other liabilities | 345 | (108) | (394) |
Net cash provided by operating activities | 169,531 | 192,789 | 180,910 |
Cash flows from investing activities: | |||
Investments in AB with proceeds from exercises of compensatory options to buy AB Holding Units | (6,108) | (9,233) | (18,955) |
Net cash used in investing activities | (6,108) | (9,233) | (18,955) |
Cash flows from financing activities: | |||
Cash distributions to Unitholders | (169,731) | (192,299) | (182,724) |
Capital contributions from (to) AB | 200 | (490) | 1,814 |
Proceeds from exercise of compensatory options to buy AB Holding Units | 6,108 | 9,233 | 18,955 |
Net cash used in financing activities | (163,423) | (183,556) | (161,955) |
Change in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents as of beginning of the year | 0 | 0 | 0 |
Cash and cash equivalents as of end of the year | 0 | 0 | 0 |
Cash paid: | |||
Income taxes | 22,456 | 24,276 | 23,009 |
Non-cash investing activities: | |||
Issuance of AB Holding Units to fund long-term incentive compensation plan awards | 103,820 | 115,045 | 108,034 |
Retirement of AB Holding Units | $ (184,336) | $ (155,073) | $ (14,577) |
Business Description and Organi
Business Description and Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description and Organization | Business Description and Organization AB Holding’s principal source of income and cash flow is attributable to its investment in AB limited partnership interests. AB provides research, diversified investment management and related services globally to a broad range of clients. Its principal services include: • Institutional Services—servicing its institutional clients, including private and public pension plans, foundations and endowments, insurance companies, central banks and governments worldwide, and affiliates such as AXA and its subsidiaries, by means of separately-managed accounts, sub-advisory relationships, structured products, collective investment trusts, mutual funds, hedge funds and other investment vehicles. • Retail Services—servicing its retail clients, primarily by means of retail mutual funds sponsored by AB or an affiliated company, sub-advisory relationships with mutual funds sponsored by third parties, separately-managed account programs sponsored by financial intermediaries worldwide and other investment vehicles. • Private Wealth Management Services—servicing its private clients, including high-net-worth individuals and families, trusts and estates, charitable foundations, partnerships, private and family corporations, and other entities, by means of separately-managed accounts, hedge funds, mutual funds and other investment vehicles. • Bernstein Research Services—servicing institutional investors, such as pension fund, hedge fund and mutual fund managers, seeking high-quality fundamental research, quantitative services and brokerage-related services in equities and listed options. AB also provides distribution, shareholder servicing, transfer agency services and administrative services to the mutual funds it sponsors. AB’s high-quality, in-depth research is the foundation of its business. AB’s research disciplines include economic, fundamental equity, fixed income and quantitative research. In addition, AB has experts focused on multi-asset strategies, wealth management and alternative investments. AB provides a broad range of investment services with expertise in: • Actively-managed equity strategies, with global and regional portfolios across capitalization ranges and investment strategies, including value, growth and core equities; • Actively-managed traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies; • Passive management, including index and enhanced index strategies; • Alternative investments, including hedge funds, fund of funds and private equity ( e.g. , direct real estate investing and direct lending); and • Multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds. AB’s services span various investment disciplines, including market capitalization ( e.g ., large-, mid- and small-cap equities), term ( e.g ., long-, intermediate- and short-duration debt securities), and geographic location ( e.g ., U.S., international, global, emerging markets, regional and local), in major markets around the world. As of December 31, 2016 , AXA, a société anonyme organized under the laws of France and the holding company for the AXA Group, a worldwide leader in financial protection, through certain of its subsidiaries (“ AXA and its subsidiaries ”) owns approximately 1.5% of the issued and outstanding units representing assignments of beneficial ownership of limited partnership interests in AB Holding (“ AB Holding Units ”). As of December 31, 2016 , the ownership structure of AB, expressed as a percentage of general and limited partnership interests, is as follows: AXA and its subsidiaries 63.2 % AB Holding 35.6 Unaffiliated holders 1.2 100.0 % AllianceBernstein Corporation (an indirect wholly-owned subsidiary of AXA, “ General Partner ”) is the general partner of both AB Holding and AB. AllianceBernstein Corporation owns 100,000 general partnership units in AB Holding and a 1% general partnership interest in AB. Including both the general partnership and limited partnership interests in AB Holding and AB, AXA and its subsidiaries have an approximate 63.7% economic interest in AB as of December 31, 2016 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of the financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. AB Holding’s financial statements and notes should be read in conjunction with the consolidated financial statements and notes of AB, which are included in this Form 10-K. Investment in AB AB Holding records its investment in AB using the equity method of accounting. AB Holding’s investment is increased to reflect its proportionate share of income of AB and decreased to reflect its proportionate share of losses of AB and cash distributions made by AB to its Unitholders. In addition, AB Holding's investment is adjusted to reflect its proportionate share of certain capital transactions of AB. Revision During the third quarter of 2016, AB identified an error that has been impacting the calculation of its tax provision since 2010. As a result of this error, which impacted our equity in net income attributable to AB Unitholders, management revised previously issued AB and AB Holding financial statements. In regard to the revision of Holding's previously issued financial statements, we recorded a cumulative debit adjustment of $4.7 million to our January 1, 2012 partners' capital account and revised our statements of financial condition and statements of income from 2012 through the second quarter of 2016. As of December 31, 2015, 2014 and 2013, the cumulative impact of the revision on partners’ capital in the statement of financial condition was $13.8 million , $11.4 million and $9.0 million , respectively. We revised our equity in net income attributable to AB Unitholders, net income, and basic and diluted net income per unit reported in prior periods in the statements of income. The tables below reflect the revisions to these line items for the years ended December 31, 2015 and 2014 presented in this Form 10-K: Year Ended December 31, 2015 As Reported Adjustment As Revised (in thousands, except per unit amounts) Equity in net income attributable to AB Unitholders 212,498 (2,414 ) 210,084 Net income 188,178 (2,414 ) 185,764 Basic net income per Unit 1.89 (0.02 ) 1.87 Diluted net income per Unit 1.89 (0.03 ) 1.86 Year Ended December 31, 2014 As Reported Adjustment As Revised (in thousands, except per unit amounts) Equity in net income attributable to AB Unitholders 203,277 (2,346 ) 200,931 Net income 180,814 (2,346 ) 178,468 Basic net income per Unit 1.87 (0.03 ) 1.84 Diluted net income per Unit 1.86 (0.02 ) 1.84 Cash Distributions AB Holding is required to distribute all of its Available Cash Flow, as defined in the Amended and Restated Agreement of Limited Partnership of AB Holding (“ AB Holding Partnership Agreement ”), to its Unitholders pro rata in accordance with their percentage interests in AB Holding. Available Cash Flow is defined as the cash distributions AB Holding receives from AB minus such amounts as the General Partner determines, in its sole discretion, should be retained by AB Holding for use in its business or plus such amounts as the General Partner determines, in its sole discretion, should be released from previously retained cash flow. On February 14, 2017 , the General Partner declared a distribution of $0.67 per unit, representing a distribution of Available Cash Flow for the three months ended December 31, 2016 . Each general partnership unit in AB Holding is entitled to receive distributions equal to those received by each AB Holding Unit. The distribution is payable on March 9, 2017 to holders of record at the close of business on February 24, 2017 . Total cash distributions per Unit paid to Unitholders during 2016 , 2015 and 2014 were $1.75 , $1.93 and $1.89 , respectively. Long-term Incentive Compensation Plans AB maintains several unfunded, non-qualified long-term incentive compensation plans, under which the company grants awards of restricted AB Holding Units and options to buy AB Holding Units to its employees and members of the Board of Directors, who are not employed by AB or by any of AB’s affiliates (“ Eligible Directors ”). AB funds its restricted AB Holding Unit awards either by purchasing AB Holding Units on the open market or purchasing newly-issued AB Holding Units from AB Holding, and then keeping all of these AB Holding Units in a consolidated rabbi trust until delivering them or retiring them. In accordance with the AB Holding Partnership Agreement, when AB purchases newly-issued AB Holding Units from AB Holding, AB Holding is required to use the proceeds it receives from AB to purchase the equivalent number of newly-issued AB Units, thus increasing its percentage ownership interest in AB. AB Holding Units held in the consolidated rabbi trust are corporate assets in the name of the trust and are available to the general creditors of AB. During 2016 and 2015 , AB purchased 10.5 million and 8.5 million AB Holding Units for $236.6 million and $218.3 million , respectively (on a trade date basis). These amounts reflect open-market purchases of 7.9 million and 5.8 million AB Holding Units for $176.1 million and $151.1 million , respectively, with the remainder relating to purchases of AB Holding Units from employees to allow them to fulfill statutory tax withholding requirements at the time of delivery of long-term incentive compensation awards. Each quarter, AB considers whether to implement a plan to repurchase AB Holding Units pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (“ Exchange Act ”). A Rule 10b5-1 plan allows a company to repurchase its shares at times when it otherwise might be prevented from doing so because of self-imposed trading blackout periods or because it possesses material non-public information. Each broker selected by AB has the authority under the terms and limitations specified in the plan to repurchase AB Holding Units on AB’s behalf in accordance with the terms of the plan. Repurchases are subject to regulations promulgated by the U.S. Securities and Exchange Commission (“ SEC ”) as well as certain price, market volume and timing constraints specified in the plan. The plan adopted during the fourth quarter of 2016 expired at the close of business on February 10, 2017. AB may adopt additional Rule 10b5-1 plans in the future to engage in open-market purchases of AB Holding Units to help fund anticipated obligations under its incentive compensation award program and for other corporate purposes. During 2016 , AB granted to employees and Eligible Directors 7.0 million restricted AB Holding Unit awards (including 6.1 million granted in December for 2016 year-end awards). During 2015 , AB granted to employees and Eligible Directors 7.4 million restricted AB Holding Unit awards (including 7.0 million granted in December for 2015 year-end awards). During 2016 and 2015 , AB Holding issued 0.4 million and 0.5 million AB Holding Units, respectively, upon exercise of options to buy AB Holding Units. AB Holding used the proceeds of $6.1 million and $9.2 million , respectively, received from employees as payment in cash for the exercise price to purchase the equivalent number of newly-issued AB Units. |
Net Income Per Unit
Net Income Per Unit | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Unit | Net Income Per Unit Basic net income per unit is derived by dividing net income by the basic weighted average number of units outstanding for each year. Diluted net income per unit is derived by adjusting net income for the assumed dilutive effect of compensatory options (“ Net income - diluted ”) and dividing by the diluted weighted average number of units outstanding for each year. Years Ended December 31, 2016 2015 2014 (in thousands, except per unit amounts) Net income - basic $ 216,586 $ 185,764 $ 178,468 Additional allocation of equity in net income attributable to AB resulting from assumed dilutive effect of compensatory options 878 1,383 1,518 Net income - diluted $ 217,464 $ 187,147 $ 179,986 Weighted average units outstanding - basic 96,834 99,475 96,802 Dilutive effect of compensatory options 554 1,037 1,148 Weighted average units outstanding - diluted 97,388 100,512 97,950 Basic net income per unit $ 2.24 $ 1.87 $ 1.84 Diluted net income per unit $ 2.23 $ 1.86 $ 1.84 For the years ended December 31, 2016 , 2015 and 2014 , we excluded 2,873,106 , 2,409,499 and 2,806,033 options, respectively, from the diluted net income per unit computation due to their anti-dilutive effect. |
Investment in AB
Investment in AB | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in AB | Investment in AB Changes in AB Holding’s investment in AB for the years ended December 31, 2016 and 2015 are as follows: 2016 2015 (in thousands) Investment in AB as of January 1, $ 1,576,120 $ 1,616,309 Equity in net income attributable to AB Unitholders 239,389 210,084 Changes in accumulated other comprehensive loss (7,342 ) (5,514 ) Cash distributions received from AB (191,989 ) (217,065 ) Additional investments with proceeds from exercises of compensatory options to buy AB Holding Units, net 6,108 9,233 Capital contributions to (from) AB (200 ) 490 AB Holding Units retired (184,336 ) (155,073 ) AB Holding Units issued to fund long-term incentive compensation plans 103,820 115,045 Change in AB Holding Units held by AB for long-term incentive compensation plans (1,062 ) 2,611 Investment in AB as of December 31, $ 1,540,508 $ 1,576,120 |
Units Outstanding
Units Outstanding | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Units Outstanding | Units Outstanding Changes in AB Holding Units outstanding for the years ended December 31, 2016 and 2015 are as follows: 2016 2015 Outstanding as of January 1, 100,044,485 100,756,999 Options exercised 358,262 541,073 Units issued 4,455,944 4,600,583 Units retired (8,206,501 ) (5,854,170 ) Outstanding as of December 31, 96,652,190 100,044,485 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes AB Holding is a “grandfathered” publicly-traded partnership (" PTP ") for federal tax purposes and, accordingly, is not subject to federal or state corporate income taxes. However, AB Holding is subject to the 4.0% New York City unincorporated business tax (“ UBT ”), net of credits for UBT paid by AB, and to a 3.5% federal tax on partnership gross income from the active conduct of a trade or business. AB Holding’s partnership gross income is derived from its interest in AB. The principal reasons for the difference between AB Holding’s effective tax rates and the UBT statutory tax rate of 4.0% are as follows: Years Ended December 31, 2016 2015 2014 (in thousands) UBT statutory rate $ 9,576 4.0 % $ 8,403 4.0 % $ 8,037 4.0 % Federal tax on partnership gross business income 22,342 9.3 23,845 11.4 22,131 11.0 State income taxes 461 0.2 475 0.2 332 0.2 Credit for UBT paid by AB (9,576 ) (4.0 ) (8,403 ) (4.0 ) (8,037 ) (4.0 ) Income tax expense and effective tax rate $ 22,803 9.5 $ 24,320 11.6 $ 22,463 11.2 AB Holding’s income tax is computed by multiplying certain AB qualifying revenues (primarily U.S. investment advisory fees and brokerage commissions) by AB Holding’s ownership interest in AB, multiplied by the 3.5% tax rate. AB Holding Units in AB’s consolidated rabbi trust are not treated as outstanding for purposes of calculating AB Holding’s ownership interest in AB. Years Ended December 31, % Change 2016 2015 2014 2016-15 2015-14 (in thousands) Net income attributable to AB Unitholders $ 673,358 $ 579,927 $ 563,861 16.1 % 2.8 % Multiplied by: weighted average equity ownership interest 35.6 % 36.2 % 35.6 % Equity in net income attributable to AB Unitholders $ 239,389 $ 210,084 $ 200,931 13.9 4.6 AB qualifying revenues $ 2,143,858 $ 2,214,077 $ 2,153,317 (3.2 ) 2.8 Multiplied by: weighted average equity ownership interest for calculating tax 29.8 % 30.8 % 29.4 % Multiplied by: federal tax 3.5 % 3.5 % 3.5 % Federal income taxes 22,342 23,845 22,131 State income taxes 461 475 332 Total income taxes $ 22,803 $ 24,320 $ 22,463 (6.2 ) 8.3 In order to preserve AB Holding’s status as a “grandfathered” PTP for federal income tax purposes, management seeks to ensure that AB Holding does not directly or indirectly (through AB) enter into a substantial new line of business. If AB Holding were to lose its status as a “grandfathered” PTP, it would be subject to corporate income tax, which would reduce materially AB Holding’s net income and its quarterly distributions to AB Holding Unitholders. The effect of a tax position is recognized in the financial statements only if, as of the reporting date, it is “more likely than not” to be sustained based solely on its technical merits. In making this assessment, a company must assume that the taxing authority will examine the tax position and have full knowledge of all relevant information. We have no liability for unrecognized tax benefits as of December 31, 2016 and 2015 . A liability for unrecognized tax benefits, if required, would be recorded in income tax expense and affect the company’s effective tax rate. We are no longer subject to federal, state and local income tax examinations by tax authorities for any year prior to 2013. Currently, there are no examinations in progress and to date we have not been notified of any future examinations by applicable taxing authorities. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal and regulatory matters described below pertain to AB and are included here due to their potential significance to AB Holding’s investment in AB. With respect to all significant litigation matters, we consider the likelihood of a negative outcome. If we determine the likelihood of a negative outcome is probable and the amount of the loss can be reasonably estimated, we record an estimated loss for the expected outcome of the litigation. If the likelihood of a negative outcome is reasonably possible and we are able to determine an estimate of the possible loss or range of loss in excess of amounts already accrued, if any, we disclose that fact together with the estimate of the possible loss or range of loss. However, it is often difficult to predict the outcome or estimate a possible loss or range of loss because litigation is subject to inherent uncertainties, particularly when plaintiffs allege substantial or indeterminate damages. Such is also the case when the litigation is in its early stages or when the litigation is highly complex or broad in scope. In these cases, we disclose that we are unable to predict the outcome or estimate a possible loss or range of loss. During the first quarter of 2012, AB received a legal letter of claim (the “ Letter of Claim ”) sent on behalf of Philips Pension Trustees Limited and Philips Electronic U.K. Limited (“ Philips ”), a former pension fund client, alleging that AllianceBernstein Limited (one of AB’s subsidiaries organized in the U.K.) was negligent and failed to meet certain applicable standards of care with respect to the initial investment in, and management of, a £500 million portfolio of U.S. mortgage-backed securities. Philips alleged damages ranging between $177 million and $234 million , plus compound interest on an alleged $125 million of realized losses in the portfolio. On January 2, 2014, Philips filed a claim form in the High Court of Justice in London, England, which formally commenced litigation with respect to the allegations in the Letter of Claim. By agreement dated November 28, 2016, the terms of which are confidential, this matter was settled. Our contribution to the settlement amount was paid by our relevant insurance carriers. In addition to the matter discussed immediately above, AB may be involved in various other matters, including regulatory inquiries, administrative proceedings and litigation, some of which may allege significant damages. In the opinion of AB’s management, an adequate accrual has been made as of December 31, 2016 to provide for any probable losses regarding any litigation matters for which management can reasonably estimate an amount of loss. It is reasonably possible that AB could incur additional losses pertaining to these matters, but currently management cannot estimate any such additional losses. Management, after consultation with legal counsel, currently believes that the outcome of any individual matter that is pending or threatened, or all of them combined, will not have a material adverse effect on our results of operations, financial condition or liquidity. However, any inquiry, proceeding or litigation has the element of uncertainty; management cannot determine whether further developments relating to any individual matter that is pending or threatened, or all of them combined, will have a material adverse effect on our results of operations, financial condition or liquidity in any future reporting period. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Quarters Ended 2016 December 31 September 30 June 30 (4) March 31 (4) (in thousands, except per unit amounts) Equity in net income attributable to AB Unitholders $ 78,630 $ 55,925 $ 44,657 $ 60,177 Net income $ 72,664 $ 50,258 $ 39,072 $ 54,592 Basic net income per unit (1) $ 0.77 $ 0.52 $ 0.40 $ 0.55 Diluted net income per unit (1) $ 0.77 $ 0.52 $ 0.40 $ 0.55 Cash distributions per unit (2)(3) $ 0.67 $ 0.45 $ 0.40 $ 0.40 Quarters Ended 2015 December 31 (4) September 30 (4) June 30 (4) March 31 (4) (in thousands, except per unit amounts) Equity in net income attributable to AB Unitholders $ 56,890 $ 48,387 $ 53,799 $ 51,008 Net income $ 51,087 $ 42,086 $ 47,614 $ 44,977 Basic net income per unit (1) $ 0.53 $ 0.42 $ 0.47 $ 0.45 Diluted net income per unit (1) $ 0.52 $ 0.42 $ 0.47 $ 0.45 Cash distributions per unit (2)(3) $ 0.50 $ 0.43 $ 0.48 $ 0.45 ________________________ (1) Basic and diluted net income per unit are computed independently for each of the periods presented. Accordingly, the sum of the quarterly net income per unit amounts may not agree to the total for the year. (2) Declared and paid during the following quarter. (3) Cash distributions reflect the impact of AB’s non-GAAP adjustments. (4) Certain prior-period amounts have been revised, see Note 2 for a discussion of the revision . |
Valuation and Qualifying Accoun
Valuation and Qualifying Account - Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2016 | |
AllianceBernstein L.P. [Member] | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Valuation and Qualifying Account - Allowance for Doubtful Accounts | AllianceBernstein L.P. Valuation and Qualifying Account - Allowance for Doubtful Accounts For the Three Years Ending December 31, 2016 , 2015 and 2014 Description Balance at Beginning of Period Credited to Costs and Expenses Deductions Balance at End of Period (in thousands) For the year ended December 31, 2014 $ 763 $ — $ 38 (a) $ 725 For the year ended December 31, 2015 $ 725 $ 100 $ 273 (b) $ 552 For the year ended December 31, 2016 $ 552 $ — $ 39 (c) $ 513 (a) Includes accounts written-off as uncollectible of $28 and a net reduction to the allowance balance of $10 . (b) Includes accounts written-off as uncollectible of $ 273 . (c) Includes accounts written-off as uncollectible of $39 . |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of the financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. AB Holding’s financial statements and notes should be read in conjunction with the consolidated financial statements and notes of AB, which are included in this Form 10-K. |
Investment in AB | Investment in AB AB Holding records its investment in AB using the equity method of accounting. AB Holding’s investment is increased to reflect its proportionate share of income of AB and decreased to reflect its proportionate share of losses of AB and cash distributions made by AB to its Unitholders. In addition, AB Holding's investment is adjusted to reflect its proportionate share of certain capital transactions of AB. |
Cash Distributions | Cash Distributions AB Holding is required to distribute all of its Available Cash Flow, as defined in the Amended and Restated Agreement of Limited Partnership of AB Holding (“ AB Holding Partnership Agreement ”), to its Unitholders pro rata in accordance with their percentage interests in AB Holding. Available Cash Flow is defined as the cash distributions AB Holding receives from AB minus such amounts as the General Partner determines, in its sole discretion, should be retained by AB Holding for use in its business or plus such amounts as the General Partner determines, in its sole discretion, should be released from previously retained cash flow. |
Long-term Incentive Compensation Plans | Long-term Incentive Compensation Plans AB maintains several unfunded, non-qualified long-term incentive compensation plans, under which the company grants awards of restricted AB Holding Units and options to buy AB Holding Units to its employees and members of the Board of Directors, who are not employed by AB or by any of AB’s affiliates (“ Eligible Directors ”). AB funds its restricted AB Holding Unit awards either by purchasing AB Holding Units on the open market or purchasing newly-issued AB Holding Units from AB Holding, and then keeping all of these AB Holding Units in a consolidated rabbi trust until delivering them or retiring them. In accordance with the AB Holding Partnership Agreement, when AB purchases newly-issued AB Holding Units from AB Holding, AB Holding is required to use the proceeds it receives from AB to purchase the equivalent number of newly-issued AB Units, thus increasing its percentage ownership interest in AB. AB Holding Units held in the consolidated rabbi trust are corporate assets in the name of the trust and are available to the general creditors of AB. |
Business Description and Orga18
Business Description and Organization (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Ownership Interest by Limited Partners | As of December 31, 2016 , the ownership structure of AB, expressed as a percentage of general and limited partnership interests, is as follows: AXA and its subsidiaries 63.2 % AB Holding 35.6 Unaffiliated holders 1.2 100.0 % |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Revision | The tables below reflect the revisions to these line items for the years ended December 31, 2015 and 2014 presented in this Form 10-K: Year Ended December 31, 2015 As Reported Adjustment As Revised (in thousands, except per unit amounts) Equity in net income attributable to AB Unitholders 212,498 (2,414 ) 210,084 Net income 188,178 (2,414 ) 185,764 Basic net income per Unit 1.89 (0.02 ) 1.87 Diluted net income per Unit 1.89 (0.03 ) 1.86 Year Ended December 31, 2014 As Reported Adjustment As Revised (in thousands, except per unit amounts) Equity in net income attributable to AB Unitholders 203,277 (2,346 ) 200,931 Net income 180,814 (2,346 ) 178,468 Basic net income per Unit 1.87 (0.03 ) 1.84 Diluted net income per Unit 1.86 (0.02 ) 1.84 |
Net Income Per Unit (Tables)
Net Income Per Unit (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Unit | Basic net income per unit is derived by dividing net income by the basic weighted average number of units outstanding for each year. Diluted net income per unit is derived by adjusting net income for the assumed dilutive effect of compensatory options (“ Net income - diluted ”) and dividing by the diluted weighted average number of units outstanding for each year. Years Ended December 31, 2016 2015 2014 (in thousands, except per unit amounts) Net income - basic $ 216,586 $ 185,764 $ 178,468 Additional allocation of equity in net income attributable to AB resulting from assumed dilutive effect of compensatory options 878 1,383 1,518 Net income - diluted $ 217,464 $ 187,147 $ 179,986 Weighted average units outstanding - basic 96,834 99,475 96,802 Dilutive effect of compensatory options 554 1,037 1,148 Weighted average units outstanding - diluted 97,388 100,512 97,950 Basic net income per unit $ 2.24 $ 1.87 $ 1.84 Diluted net income per unit $ 2.23 $ 1.86 $ 1.84 |
Investment in AB (Tables)
Investment in AB (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Changes in AB Holding's Investment in AB | Changes in AB Holding’s investment in AB for the years ended December 31, 2016 and 2015 are as follows: 2016 2015 (in thousands) Investment in AB as of January 1, $ 1,576,120 $ 1,616,309 Equity in net income attributable to AB Unitholders 239,389 210,084 Changes in accumulated other comprehensive loss (7,342 ) (5,514 ) Cash distributions received from AB (191,989 ) (217,065 ) Additional investments with proceeds from exercises of compensatory options to buy AB Holding Units, net 6,108 9,233 Capital contributions to (from) AB (200 ) 490 AB Holding Units retired (184,336 ) (155,073 ) AB Holding Units issued to fund long-term incentive compensation plans 103,820 115,045 Change in AB Holding Units held by AB for long-term incentive compensation plans (1,062 ) 2,611 Investment in AB as of December 31, $ 1,540,508 $ 1,576,120 |
Units Outstanding (Tables)
Units Outstanding (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Changes in AB Holding Units Outstanding | Changes in AB Holding Units outstanding for the years ended December 31, 2016 and 2015 are as follows: 2016 2015 Outstanding as of January 1, 100,044,485 100,756,999 Options exercised 358,262 541,073 Units issued 4,455,944 4,600,583 Units retired (8,206,501 ) (5,854,170 ) Outstanding as of December 31, 96,652,190 100,044,485 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Difference Between AB Holding's Effective Tax Rates and the UBT Statutory Tax Rate | The principal reasons for the difference between AB Holding’s effective tax rates and the UBT statutory tax rate of 4.0% are as follows: Years Ended December 31, 2016 2015 2014 (in thousands) UBT statutory rate $ 9,576 4.0 % $ 8,403 4.0 % $ 8,037 4.0 % Federal tax on partnership gross business income 22,342 9.3 23,845 11.4 22,131 11.0 State income taxes 461 0.2 475 0.2 332 0.2 Credit for UBT paid by AB (9,576 ) (4.0 ) (8,403 ) (4.0 ) (8,037 ) (4.0 ) Income tax expense and effective tax rate $ 22,803 9.5 $ 24,320 11.6 $ 22,463 11.2 |
Computation of Effective Income Tax Rate and Changes in Components of Income Tax | AB Holding Units in AB’s consolidated rabbi trust are not treated as outstanding for purposes of calculating AB Holding’s ownership interest in AB. Years Ended December 31, % Change 2016 2015 2014 2016-15 2015-14 (in thousands) Net income attributable to AB Unitholders $ 673,358 $ 579,927 $ 563,861 16.1 % 2.8 % Multiplied by: weighted average equity ownership interest 35.6 % 36.2 % 35.6 % Equity in net income attributable to AB Unitholders $ 239,389 $ 210,084 $ 200,931 13.9 4.6 AB qualifying revenues $ 2,143,858 $ 2,214,077 $ 2,153,317 (3.2 ) 2.8 Multiplied by: weighted average equity ownership interest for calculating tax 29.8 % 30.8 % 29.4 % Multiplied by: federal tax 3.5 % 3.5 % 3.5 % Federal income taxes 22,342 23,845 22,131 State income taxes 461 475 332 Total income taxes $ 22,803 $ 24,320 $ 22,463 (6.2 ) 8.3 |
Quarterly Financial Data (Una24
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data | Quarters Ended 2016 December 31 September 30 June 30 (4) March 31 (4) (in thousands, except per unit amounts) Equity in net income attributable to AB Unitholders $ 78,630 $ 55,925 $ 44,657 $ 60,177 Net income $ 72,664 $ 50,258 $ 39,072 $ 54,592 Basic net income per unit (1) $ 0.77 $ 0.52 $ 0.40 $ 0.55 Diluted net income per unit (1) $ 0.77 $ 0.52 $ 0.40 $ 0.55 Cash distributions per unit (2)(3) $ 0.67 $ 0.45 $ 0.40 $ 0.40 Quarters Ended 2015 December 31 (4) September 30 (4) June 30 (4) March 31 (4) (in thousands, except per unit amounts) Equity in net income attributable to AB Unitholders $ 56,890 $ 48,387 $ 53,799 $ 51,008 Net income $ 51,087 $ 42,086 $ 47,614 $ 44,977 Basic net income per unit (1) $ 0.53 $ 0.42 $ 0.47 $ 0.45 Diluted net income per unit (1) $ 0.52 $ 0.42 $ 0.47 $ 0.45 Cash distributions per unit (2)(3) $ 0.50 $ 0.43 $ 0.48 $ 0.45 ________________________ (1) Basic and diluted net income per unit are computed independently for each of the periods presented. Accordingly, the sum of the quarterly net income per unit amounts may not agree to the total for the year. (2) Declared and paid during the following quarter. (3) Cash distributions reflect the impact of AB’s non-GAAP adjustments. (4) Certain prior-period amounts have been revised, see Note 2 for a discussion of the revision . |
Business Description and Orga25
Business Description and Organization - Additional Information (Details) - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Ownership structure of AB expressed as percentage of general and limited partnership interests | ||
Limited partners or members ownership interest in Company (percent) | 100.00% | |
General partnership units (in shares) | 100,000 | 100,000 |
General partnership interest (percent) | 1.00% | |
AXA and its subsidiaries economic interest in Company (percent) | 63.70% | |
AXA And its subsidiaries [Member] | ||
Ownership structure of AB expressed as percentage of general and limited partnership interests | ||
Limited partners or members ownership interest in Company (percent) | 1.50% |
Business Description and Orga26
Business Description and Organization - Limited Partnership Interests in AB Holdings (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Ownership structure of AB Holding | |
Limited partners or members ownership interest in Company (percent) | 100.00% |
AXA And its subsidiaries [Member] | |
Ownership structure of AB Holding | |
Limited partners or members ownership interest in Company (percent) | 63.20% |
AB Holding [Member] | |
Ownership structure of AB Holding | |
Limited partners or members ownership interest in Company (percent) | 35.60% |
Unaffiliated holders [Member] | |
Ownership structure of AB Holding | |
Limited partners or members ownership interest in Company (percent) | 1.20% |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Feb. 14, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | [3] | Mar. 31, 2016 | [3] | Dec. 31, 2015 | [3] | Sep. 30, 2015 | [3] | Jun. 30, 2015 | [3] | Mar. 31, 2015 | [3] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||||||||||||||||
Subsequent cash distribution, declaration date | Feb. 14, 2017 | ||||||||||||||||||
Subsequent cash distribution, distribution declared (in dollars per unit) | [1],[2] | $ 0.67 | $ 0.45 | $ 0.40 | $ 0.40 | $ 0.50 | $ 0.43 | $ 0.48 | $ 0.45 | ||||||||||
Subsequent cash distribution, distribution date | Mar. 9, 2017 | ||||||||||||||||||
Subsequent cash distribution, date of record | Feb. 24, 2017 | ||||||||||||||||||
Total cash distributions per unit paid to unitholders (in dollars per unit) | $ 1.75 | $ 1.93 | $ 1.89 | ||||||||||||||||
Long-Term Incentive Compensation Plans [Abstract] | |||||||||||||||||||
AB Holding units purchased in period (in units) | 10.5 | 8.5 | |||||||||||||||||
Dollar amount paid for AB holding units acquired | $ 236,600 | $ 218,300 | |||||||||||||||||
Open-market purchases of AB holding units (in units) | 7.9 | 5.8 | |||||||||||||||||
Dollar amount paid for open-market purchases of AB holding units | $ 176,100 | $ 151,100 | |||||||||||||||||
Restricted AB holding unit awards to employees (in units) | 6.1 | 7 | |||||||||||||||||
Options to buy AB holding units outstanding, number (in units) | 0.4 | 0.5 | |||||||||||||||||
Proceeds from exercise of compensatory options to buy AB holding units | $ 6,108 | $ 9,233 | $ 18,955 | ||||||||||||||||
Employees and Eligible Directors [Member] | |||||||||||||||||||
Long-Term Incentive Compensation Plans [Abstract] | |||||||||||||||||||
Restricted AB holding unit awards to employees (in units) | 7 | 7.4 | |||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||||||||||||||||
Subsequent cash distribution, distribution declared (in dollars per unit) | $ 0.67 | ||||||||||||||||||
[1] | Cash distributions reflect the impact of AB’s non-GAAP adjustments. | ||||||||||||||||||
[2] | Declared and paid during the following quarter. | ||||||||||||||||||
[3] | Certain prior-period amounts have been revised, see Note 2 for a discussion of the revision. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Revision (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 01, 2012 | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||||
Impact of revision on partners' capital | $ 1,539,889 | $ 1,575,846 | $ 1,539,889 | $ 1,575,846 | $ 1,616,079 | ||||||||||||||||
Equity in net income attributable to AB Unitholders | 78,630 | $ 55,925 | $ 44,657 | $ 60,177 | 56,890 | [1] | $ 48,387 | $ 53,799 | $ 51,008 | 239,389 | 210,084 | 200,931 | |||||||||
Net income | $ 72,664 | $ 50,258 | $ 39,072 | $ 54,592 | $ 51,087 | [1] | $ 42,086 | $ 47,614 | $ 44,977 | $ 216,586 | $ 185,764 | $ 178,468 | |||||||||
Basic net income per unit (in dollars per unit) | $ 0.77 | [1],[2] | $ 0.52 | [1],[2] | $ 0.40 | [2] | $ 0.55 | [2] | $ 0.53 | [1],[2] | $ 0.42 | [2] | $ 0.47 | [2] | $ 0.45 | [2] | $ 2.24 | $ 1.87 | $ 1.84 | ||
Diluted net income per unit (in dollars per unit) | $ 0.77 | [1],[2] | $ 0.52 | [1],[2] | $ 0.40 | [2] | $ 0.55 | [2] | $ 0.52 | [1],[2] | $ 0.42 | [2] | $ 0.47 | [2] | $ 0.45 | [2] | $ 2.23 | $ 1.86 | $ 1.84 | ||
As Reported [Member] | |||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||||
Equity in net income attributable to AB Unitholders | $ 212,498 | $ 203,277 | |||||||||||||||||||
Net income | $ 188,178 | $ 180,814 | |||||||||||||||||||
Basic net income per unit (in dollars per unit) | $ 1.89 | $ 1.87 | |||||||||||||||||||
Diluted net income per unit (in dollars per unit) | $ 1.89 | $ 1.86 | |||||||||||||||||||
Adjustment [Member] | |||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||||||||
Impact of revision on partners' capital | $ (13,800) | $ (13,800) | $ (11,400) | $ (9,000) | $ (4,700) | ||||||||||||||||
Equity in net income attributable to AB Unitholders | (2,414) | (2,346) | |||||||||||||||||||
Net income | $ (2,414) | $ (2,346) | |||||||||||||||||||
Basic net income per unit (in dollars per unit) | $ (0.02) | $ (0.03) | |||||||||||||||||||
Diluted net income per unit (in dollars per unit) | $ (0.03) | $ (0.02) | |||||||||||||||||||
[1] | Certain prior-period amounts have been revised, see Note 2 for a discussion of the revision. | ||||||||||||||||||||
[2] | Basic and diluted net income per unit are computed independently for each of the periods presented. Accordingly, the sum of the quarterly net income per unit amounts may not agree to the total for the year. |
Net Income Per Unit (Details)
Net Income Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Earnings Per Share [Abstract] | |||||||||||||||||||
Net income - basic | $ 72,664 | $ 50,258 | $ 39,072 | $ 54,592 | $ 51,087 | $ 42,086 | $ 47,614 | $ 44,977 | $ 216,586 | $ 185,764 | $ 178,468 | ||||||||
Additional allocation of equity in net income attributable to AB resulting from assumed dilutive effect of compensatory options | 878 | 1,383 | 1,518 | ||||||||||||||||
Net income - diluted | $ 217,464 | $ 187,147 | $ 179,986 | ||||||||||||||||
Weighted average units outstanding - basic (in units) | 96,834,000 | 99,475,000 | 96,802,000 | ||||||||||||||||
Dilutive effect of compensatory options (in units) | 554,000 | 1,037,000 | 1,148,000 | ||||||||||||||||
Weighted average units outstanding - diluted (in units) | 97,388,000 | 100,512,000 | 97,950,000 | ||||||||||||||||
Basic net income per unit (in dollars per unit) | $ 0.77 | [1],[2] | $ 0.52 | [1],[2] | $ 0.40 | [2] | $ 0.55 | [2] | $ 0.53 | [2] | $ 0.42 | [2] | $ 0.47 | [2] | $ 0.45 | [2] | $ 2.24 | $ 1.87 | $ 1.84 |
Diluted net income per unit (in dollars per unit) | $ 0.77 | [1],[2] | $ 0.52 | [1],[2] | $ 0.40 | [2] | $ 0.55 | [2] | $ 0.52 | [2] | $ 0.42 | [2] | $ 0.47 | [2] | $ 0.45 | [2] | $ 2.23 | $ 1.86 | $ 1.84 |
Antidilutive securities | 2,873,106 | 2,409,499 | 2,806,033 | ||||||||||||||||
[1] | Certain prior-period amounts have been revised, see Note 2 for a discussion of the revision. | ||||||||||||||||||
[2] | Basic and diluted net income per unit are computed independently for each of the periods presented. Accordingly, the sum of the quarterly net income per unit amounts may not agree to the total for the year. |
Investment in AB (Details)
Investment in AB (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | [1] | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Change in Equity Method Investment | |||||||||||||||||
Investment in AB as of January 1, | $ 1,576,120 | $ 1,616,309 | $ 1,576,120 | $ 1,616,309 | |||||||||||||
Equity in net income attributable to AB Unitholders | $ 78,630 | $ 55,925 | $ 44,657 | $ 60,177 | [1] | $ 56,890 | [1] | $ 48,387 | $ 53,799 | $ 51,008 | [1] | 239,389 | 210,084 | $ 200,931 | |||
Changes in accumulated other comprehensive loss | (7,342) | (5,514) | (16,635) | ||||||||||||||
Cash distributions received from AB | (191,989) | (217,065) | (203,919) | ||||||||||||||
Additional investments with proceeds from exercises of compensatory options to buy AB Holding Units, net | 6,108 | 9,233 | 18,955 | ||||||||||||||
Capital contributions to (from) AB | (200) | 490 | (1,814) | ||||||||||||||
AB Holding Units retired | (184,336) | (155,073) | (14,577) | ||||||||||||||
AB Holding Units issued to fund long-term incentive compensation plans | 103,820 | 115,045 | 108,034 | ||||||||||||||
Change in AB Holding Units held by AB for long-term incentive compensation plans | (1,062) | 2,611 | |||||||||||||||
Investment in AB as of December 31, | $ 1,540,508 | $ 1,576,120 | $ 1,540,508 | $ 1,576,120 | $ 1,616,309 | ||||||||||||
[1] | Certain prior-period amounts have been revised, see Note 2 for a discussion of the revision. |
Units Outstanding (Details)
Units Outstanding (Details) - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Units Outstanding | ||
Outstanding as of January 1, (in units) | 100,044,485 | 100,756,999 |
Options exercised (in units) | 358,262 | 541,073 |
Units issued (in units) | 4,455,944 | 4,600,583 |
Units retired (in units) | (8,206,501) | (5,854,170) |
Outstanding as of December 31, (in units) | 96,652,190 | 100,044,485 |
Income Taxes - Principal Reason
Income Taxes - Principal Reasons for the Difference Between the Effective Tax Rate and Statutory Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Credit for UBT | 4.00% | 4.00% | 4.00% |
AB Holding's effective tax expense [Abstract] | |||
UBT statutory rate | $ 9,576 | $ 8,403 | $ 8,037 |
Federal tax on partnership gross business income | 22,342 | 23,845 | 22,131 |
State income taxes | 461 | 475 | 332 |
Credit for UBT paid by AB | (9,576) | (8,403) | (8,037) |
Income taxes | $ 22,803 | $ 24,320 | $ 22,463 |
AB Holding' effective tax rate [Abstract] | |||
UBT statutory rate, percent | 4.00% | 4.00% | 4.00% |
Federal tax on partnership gross business income, percent | 9.30% | 11.40% | 11.00% |
State income taxes, percent | 0.20% | 0.20% | 0.20% |
Credit for UBT paid by AB, percent | (4.00%) | (4.00%) | (4.00%) |
Income tax effective tax rate, percent | 9.50% | 11.60% | 11.20% |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Taxes (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Computation of equity in net income attributable to AB Unitholders [Abstract] | |||||||||||||||||
Net income attributable to AB Unitholders | $ 673,358,000 | $ 579,927,000 | $ 563,861,000 | ||||||||||||||
Multiplied by: weighted average equity ownership interest | 35.60% | 36.20% | 35.60% | ||||||||||||||
Equity in net income attributable to AB Unitholders | $ 78,630,000 | $ 55,925,000 | $ 44,657,000 | $ 60,177,000 | $ 56,890,000 | [1] | $ 48,387,000 | $ 53,799,000 | $ 51,008,000 | $ 239,389,000 | $ 210,084,000 | $ 200,931,000 | |||||
Computation of income tax [Abstract] | |||||||||||||||||
AB qualifying revenues | $ 2,143,858,000 | $ 2,214,077,000 | $ 2,153,317,000 | ||||||||||||||
Multiplied by: weighted average equity ownership interest for calculating tax | 29.80% | 30.80% | 29.40% | ||||||||||||||
Multiplied by: federal tax | 3.50% | 3.50% | 3.50% | ||||||||||||||
Federal income taxes | $ 22,342,000 | $ 23,845,000 | $ 22,131,000 | ||||||||||||||
State income taxes | 461,000 | 475,000 | 332,000 | ||||||||||||||
Income taxes | $ 22,803,000 | $ 24,320,000 | $ 22,463,000 | ||||||||||||||
Changes in components for calculation of income tax [Abstract] | |||||||||||||||||
Increase in net income attributable to AB Unitholders (percent) | 16.10% | 2.80% | |||||||||||||||
Increase in equity in net income attributable to AB Unitholders (percent) | 13.90% | 4.60% | |||||||||||||||
Increase (decrease) in AB qualifying revenue (percent) | (3.20%) | 2.80% | |||||||||||||||
Increase (decrease) in income taxes (percent) | (6.20%) | 8.30% | |||||||||||||||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||
[1] | Certain prior-period amounts have been revised, see Note 2 for a discussion of the revision. |
Commitments and Contingencies (
Commitments and Contingencies (Details) - 3 months ended Mar. 31, 2012 £ in Millions, $ in Millions | GBP (£) | USD ($) |
Loss Contingencies [Line Items] | ||
Portfolio amount of client seeking damages | £ | £ 500 | |
Realized losses in the portfolio | $ 125 | |
Alleged Damages [Member] | Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Damages sought | 177 | |
Alleged Damages [Member] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Damages sought | $ 234 |
Quarterly Financial Data (Una35
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||||
Equity in net income attributable to AB Unitholders | $ 78,630 | $ 55,925 | $ 44,657 | $ 60,177 | $ 56,890 | $ 48,387 | $ 53,799 | $ 51,008 | $ 239,389 | $ 210,084 | $ 200,931 | |||||||||
Net income | $ 72,664 | $ 50,258 | $ 39,072 | $ 54,592 | $ 51,087 | $ 42,086 | $ 47,614 | $ 44,977 | $ 216,586 | $ 185,764 | $ 178,468 | |||||||||
Basic net income per unit (in dollars per unit) | $ 0.77 | [1],[2] | $ 0.52 | [1],[2] | $ 0.40 | [2] | $ 0.55 | [2] | $ 0.53 | [2] | $ 0.42 | [2] | $ 0.47 | [2] | $ 0.45 | [2] | $ 2.24 | $ 1.87 | $ 1.84 | |
Diluted net income per unit (in dollars per unit) | 0.77 | [1],[2] | 0.52 | [1],[2] | 0.40 | [2] | 0.55 | [2] | 0.52 | [2] | 0.42 | [2] | 0.47 | [2] | 0.45 | [2] | $ 2.23 | $ 1.86 | $ 1.84 | |
Cash distributions per unit (in dollars per share) | [3],[4] | $ 0.67 | $ 0.45 | $ 0.40 | $ 0.40 | $ 0.50 | $ 0.43 | $ 0.48 | $ 0.45 | |||||||||||
[1] | Certain prior-period amounts have been revised, see Note 2 for a discussion of the revision. | |||||||||||||||||||
[2] | Basic and diluted net income per unit are computed independently for each of the periods presented. Accordingly, the sum of the quarterly net income per unit amounts may not agree to the total for the year. | |||||||||||||||||||
[3] | Cash distributions reflect the impact of AB’s non-GAAP adjustments. | |||||||||||||||||||
[4] | Declared and paid during the following quarter. |
Valuation and Qualifying Acco36
Valuation and Qualifying Account - Allowance for Doubtful Accounts (Details) - AllianceBernstein L.P. [Member] - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Period | $ 552 | $ 725 | $ 763 |
Credited to Costs and Expenses | 0 | 100 | 0 |
Deductions | 39 | 273 | 38 |
Balance at End of Period | 513 | 552 | 725 |
Accounts written off as uncollectible | $ 39 | $ 273 | 28 |
Net reduction to the allowance balance | $ 10 |