Investments in Partnerships, Offshore Funds and Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2012

Investments in Partnerships, Offshore Funds and Variable Interests [Abstract]

Schedule of Number of Entities Consolidated

The following table highlights the number of entities, including voting interest entities ("VOEs"), that we consolidate as well as under which accounting guidance they are consolidated, including CFFs, which retain their specialized investment company accounting, partnerships and offshore funds.

Entities consolidated
	CFFs				Partnerships					Offshore Funds					Total
	VIEs		VOEs		VIEs		VOEs			VIEs			VOEs		VIEs			VOEs
Entities consolidated at December 31, 2009		1		2		-		1			-			-		1			3
Additional consolidated entities		-		-		-		1			1			-		1			1
Deconsolidated entities		-		-		-		-			-			-		-			-
Entities consolidated at December 31, 2010		1		2		-		2			1			-		2			4
Additional consolidated entities		-		-		-		-			-			1		-			1
Deconsolidated entities		-		-		-		(1	)		(1	)		-		(1	)		(1	)
Entities consolidated at December 31, 2011		1		2		-		1			-			1		1			4
Additional consolidated entities		-		-		-		-			-			-		-			-
Deconsolidated entities		-		-		-		-			-			-		-			-
Entities consolidated at December 31, 2012		1		2		-		1			-			1		1			4

Summary of investments in partnerships by investment type

The following table breaks down the investments in partnerships line by accounting method, either fair value or equity method, and investment type.

	December 31, 2012
	Investment Type
	Affiliated						Unaffiliated
	Consolidated
Accounting method	Feeder Funds		Partnerships		Offshore Funds		Partnerships		Offshore Funds		Total

Fair Value	$	26,128	$	-	$	-	$	-	$	-	$	26,128
Equity Method		-		28,158		29,679		6,505		7,079		71,421

Total	$	26,128	$	28,158	$	29,679	$	6,505	$	7,079	$	97,549

	December 31, 2011
	Investment Type
	Affiliated						Unaffiliated
	Consolidated
Accounting method	Feeder Funds		Partnerships		Offshore Funds		Partnerships		Offshore Funds		Total

Fair Value	$	27,122	$	-	$	-	$	-	$	-	$	27,122
Equity Method		-		34,135		25,588		7,610		6,438		73,771

Total	$	27,122	$	34,135	$	25,588	$	7,610	$	6,438	$	100,893

GAMCO's net interest in consolidated VIEs

The assets of these VIEs may only be used to satisfy obligations of the VIEs. The following table presents the balances related to these VIEs that are consolidated and were included on the consolidated statements of financial condition as well as GAMCO's net interest in these VIEs. Only one VIE is consolidated at both December 31, 2012 and December 31, 2011:

	December 31,			December 31,
	2012			2011
(In thousands)
Cash and cash equivalents	$	-		$	15,000
Investments in securities		-			-
Investments in partnerships		18,507			1,433
Receivable from brokers		-			-
Other assets		-			-
Securities sold, not yet purchased		-			-
Accrued expenses and other liabilities		(3,010	)		(15,006	)
Redeemable noncontrolling interests		(411	)		(381	)
GAMCO's net interests in consolidated VIEs	$	15,086		$	1,046

Condensed consolidated statements of financial condition by entity consolidated

The following table includes the net impact by line item on the consolidated statements of financial condition for each category of entity consolidated (in thousands):

	December 31, 2012
	Prior to
	Consolidation		CFFs			Partnerships			Offshore Funds			As Reported
Assets
Cash and cash equivalents	$	189,743	$	-		$	865		$	-		$	190,608
Investments in securities		275,491		-			6,964			(1,740	)		280,715
Investments in partnerships		100,164		5,388			(8,003	)		-			97,549
Receivable from brokers		25,972		-			1,480			23,203			50,655
Investment advisory fees receivable		42,425		9			(5	)		-			42,429
Other assets		32,673		(2,986	)		(1,000	)		90			28,777
Total assets	$	666,468	$	2,411		$	301		$	21,553		$	690,733
Liabilities and equity
Securities sold, not yet purchased	$	3,033	$	-		$	-		$	103		$	3,136
Accrued expenses and other liabilities		76,135		384			21			6,395			82,935
Total debt		216,366		-			-			-			216,366
Redeemable noncontrolling interests		-		2,027			280			15,055			17,362
Total equity		370,934		-			-			-			370,934
Total liabilities and equity	$	666,468	$	2,411		$	301		$	21,553		$	690,733

	December 31, 2011
	Prior to
	Consolidation		CFFs			Partnerships			Offshore Funds			As Reported
Assets
Cash and cash equivalents	$	259,531	$	15,000		$	1,809		$	-		$	276,340
Investments in securities		284,796		-			6,228			6,523			297,547
Investments in partnerships		107,981		933			(8,021	)		-			100,893
Receivable from brokers		17,593		-			270			3,050			20,913
Investment advisory fees receivable		32,157		1			(2	)		-			32,156
Other assets		43,889		(14,989	)		-			-			28,900
Total assets	$	745,947	$	945		$	284		$	9,573		$	756,749
Liabilities and equity
Securities sold, not yet purchased	$	5,488	$	-		$	-		$	-		$	5,488
Accrued expenses and other liabilities		69,929		51			28			4,652			74,660
Total debt		263,119		-			-			-			263,119
Redeemable noncontrolling interests		-		894			256			4,921			6,071
Total equity		407,411		-			-			-			407,411
Total liabilities and equity	$	745,947	$	945		$	284		$	9,573		$	756,749

The CFFs, Partnerships and Offshore Funds columns above include only affiliated entities as no unaffiliated entities are consolidated.

Condensed consolidated statements of income by entity consolidated

The following table includes the net impact by line item on the consolidated statements of income for each category of entity consolidated (in thousands):

	Twelve Months Ended December 31, 2012
	Prior to
	Consolidation			CFFs			Partnerships			Offshore Funds			As Reported
Total revenues	$	346,195		$	2		$	(6	)	$	(1,910	)	$	344,281
Total expenses		232,313			132			39			667			233,151
Operating income		113,882			(130	)		(45	)		(2,577	)		111,130
Total other income, net		3,264			216			67			2,639			6,186
Income before income taxes		117,146			86			22			62			117,316
Income tax provision		41,721			-			-			-			41,721
Net income		75,425			86			22			62			75,595
Net income attributable to noncontrolling interests		(114	)		86			22			62			56
Net income attributable to GAMCO	$	75,539		$	-		$	-		$	-		$	75,539

	Twelve Months Ended December 31, 2011
	Prior to
	Consolidation			CFFs			Partnerships			Offshore Funds			As Reported
Total revenues	$	328,151		$	(24	)	$	(3	)	$	(996	)	$	327,128
Total expenses		212,844			121			40			829			213,834
Operating income		115,307			(145	)		(43	)		(1,825	)		113,294
Total other income (expense), net		(4,872	)		71			34			1,915			(2,852	)
Income before income taxes		110,435			(74	)		(9	)		90			110,442
Income tax provision		40,767			-			-			-			40,767
Net income		69,668			(74	)		(9	)		90			69,675
Net income (loss) attributable to noncontrolling interests		(14	)		(74	)		(9	)		90			(7	)
Net income attributable to GAMCO	$	69,682		$	-		$	-		$	-		$	69,682

	Twelve Months Ended December 31, 2010
	Prior to
	Consolidation			CFFs			Partnerships			Offshore Funds			As Reported
Total revenues	$	280,713		$	(13	)	$	(149	)	$	(171	)	$	280,380
Total expenses		188,793			51			240			267			189,351
Operating income		91,920			(64	)		(389	)		(438	)		91,029
Total other income, net		16,054			264			1,194			800			18,312
Income before income taxes		107,974			200			805			362			109,341
Income tax provision		38,817			74			300			135			39,326
Net income		69,157			126			505			227			70,015
Net income attributable to noncontrolling interests		365			126			505			227			1,223
Net income attributable to GAMCO	$	68,792		$	-		$	-		$	-		$	68,792

The CFFs, Partnerships and Offshore Funds columns above include only affiliated entities as no unaffiliated entities are consolidated.

- Definition

Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available.

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- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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