x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2016 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO |
Delaware | 14-1904657 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
280 Park Avenue New York, NY | 10017 | |
(Address of Principal Executive Offices) | (Zip Code) |
Large Accelerated Filer | x | Accelerated Filer | o | |||
Non-Accelerated Filer | o (Do not check if a smaller reporting company) | Smaller Reporting Company | o |
Page | ||
Part I. | Financial Information | |
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II. | Other Information * | |
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 6. | ||
June 30, 2016 | December 31, 2015 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 140,684 | $ | 142,728 | |||
Trading investments ($405 and $566) (1) ($7,357 and $6,850) (2) | 12,823 | 37,169 | |||||
Equity method investments | 21,402 | 16,974 | |||||
Available-for-sale investments | 30,931 | 17,191 | |||||
Accounts receivable | 47,681 | 44,559 | |||||
Due from broker ($507 and $383) (2) | 1,923 | 6,104 | |||||
Property and equipment—net | 12,989 | 9,783 | |||||
Goodwill and intangible assets—net | 19,683 | 19,498 | |||||
Deferred income tax asset—net | 2,176 | 5,551 | |||||
Other assets ($56 and $53) (2) | 6,778 | 5,765 | |||||
Total assets | $ | 297,070 | $ | 305,322 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Liabilities: | |||||||
Accrued compensation | $ | 15,266 | $ | 30,503 | |||
Distribution and service fees payable | 6,065 | 6,192 | |||||
Income tax payable | 5,800 | 6,780 | |||||
Due to broker ($27 and $12) (2) | 27 | 4,369 | |||||
Deferred rent | 6,353 | 6,368 | |||||
Other liabilities and accrued expenses ($95 and $55) (2) | 7,465 | 8,000 | |||||
Total liabilities | 40,976 | 62,212 | |||||
Commitments and contingencies (See Note 11) | |||||||
Redeemable noncontrolling interest | 891 | 11,334 | |||||
Stockholders’ equity: | |||||||
Common stock, $0.01 par value; 500,000,000 shares authorized; 50,394,079 and 49,690,562 shares issued at June 30, 2016 and December 31, 2015, respectively | 504 | 497 | |||||
Additional paid-in capital | 531,700 | 519,855 | |||||
Accumulated deficit | (129,672 | ) | (148,096 | ) | |||
Accumulated other comprehensive loss, net of tax | (2,755 | ) | (3,843 | ) | |||
Less: Treasury stock, at cost, 4,522,272 and 4,250,476 shares at June 30, 2016 and December 31, 2015, respectively | (144,574 | ) | (136,637 | ) | |||
Total stockholders’ equity | 255,203 | 231,776 | |||||
Total liabilities and stockholders’ equity | $ | 297,070 | $ | 305,322 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenue: | |||||||||||||||
Investment advisory and administration fees | $ | 79,090 | $ | 77,221 | $ | 152,178 | $ | 154,973 | |||||||
Distribution and service fees | 4,671 | 4,014 | 8,904 | 7,920 | |||||||||||
Portfolio consulting and other | 2,612 | 2,267 | 4,972 | 4,424 | |||||||||||
Total revenue | 86,373 | 83,502 | 166,054 | 167,317 | |||||||||||
Expenses: | |||||||||||||||
Employee compensation and benefits | 28,287 | 28,395 | 56,327 | 54,378 | |||||||||||
Distribution and service fees | 9,773 | 9,525 | 18,475 | 18,776 | |||||||||||
General and administrative | 12,489 | 12,825 | 25,224 | 25,288 | |||||||||||
Depreciation and amortization | 1,693 | 1,586 | 3,590 | 3,155 | |||||||||||
Total expenses | 52,242 | 52,331 | 103,616 | 101,597 | |||||||||||
Operating income | 34,131 | 31,171 | 62,438 | 65,720 | |||||||||||
Non-operating income: | |||||||||||||||
Interest and dividend income—net | 558 | 450 | 1,100 | 749 | |||||||||||
Gain (loss) from trading investments—net | 1,017 | 205 | 810 | (246 | ) | ||||||||||
Equity in earnings (losses) of affiliates | 2,640 | (666 | ) | 3,067 | (1,747 | ) | |||||||||
Gain from available-for-sale investments—net | 158 | 320 | 128 | 420 | |||||||||||
Other gains (losses) | 93 | (263 | ) | 4 | (682 | ) | |||||||||
Total non-operating income (loss) | 4,466 | 46 | 5,109 | (1,506 | ) | ||||||||||
Income before provision for income taxes | 38,597 | 31,217 | 67,547 | 64,214 | |||||||||||
Provision for income taxes | 13,676 | 12,194 | 24,759 | 24,420 | |||||||||||
Net income | 24,921 | 19,023 | 42,788 | 39,794 | |||||||||||
Less: Net (income) loss attributable to redeemable noncontrolling interest | (113 | ) | (11 | ) | 103 | 34 | |||||||||
Net income attributable to common stockholders | $ | 24,808 | $ | 19,012 | $ | 42,891 | $ | 39,828 | |||||||
Earnings per share attributable to common stockholders: | |||||||||||||||
Basic | $ | 0.54 | $ | 0.42 | $ | 0.93 | $ | 0.88 | |||||||
Diluted | $ | 0.53 | $ | 0.42 | $ | 0.93 | $ | 0.87 | |||||||
Dividends declared per share | $ | 0.26 | $ | 0.25 | $ | 0.52 | $ | 0.50 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 45,984 | 45,462 | 45,896 | 45,352 | |||||||||||
Diluted | 46,378 | 45,805 | 46,287 | 45,893 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income | $ | 24,921 | $ | 19,023 | $ | 42,788 | $ | 39,794 | |||||||
Less: Net (income) loss attributable to redeemable noncontrolling interest | (113 | ) | (11 | ) | 103 | 34 | |||||||||
Net income attributable to common stockholders | 24,808 | 19,012 | 42,891 | 39,828 | |||||||||||
Foreign currency translation (loss) gain (net of tax of $0) | (1,317 | ) | 1,534 | (945 | ) | (544 | ) | ||||||||
Net unrealized gain (loss) from available-for-sale investments (net of tax of $0) | 1,374 | (497 | ) | 2,161 | (512 | ) | |||||||||
Reclassification to statements of operations of gain from available-for-sale investments (net of tax of $0) | (158 | ) | (320 | ) | (128 | ) | (420 | ) | |||||||
Other comprehensive (loss) income | (101 | ) | 717 | 1,088 | (1,476 | ) | |||||||||
Total comprehensive income attributable to common stockholders | $ | 24,707 | $ | 19,729 | $ | 43,979 | $ | 38,352 |
Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total Stockholders’ Equity | Redeemable Noncontrolling Interest | Shares of Common Stock, Net | ||||||||||||||||||||||||
Beginning balance, January 1, 2015 | $ | 486 | $ | 489,266 | $ | (142,786 | ) | $ | (1,582 | ) | $ | (117,403 | ) | $ | 227,981 | $ | 607 | 44,793 | |||||||||||||
Dividends | — | — | (23,173 | ) | — | — | (23,173 | ) | — | — | |||||||||||||||||||||
Issuance of common stock | 11 | 391 | — | — | — | 402 | — | 1,076 | |||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | (19,180 | ) | (19,180 | ) | — | (448 | ) | ||||||||||||||||||||
Tax benefits associated with restricted stock units—net | — | 4,966 | — | — | — | 4,966 | — | — | |||||||||||||||||||||||
Issuance of restricted stock units | — | 684 | — | — | — | 684 | — | — | |||||||||||||||||||||||
Amortization of restricted stock units—net | — | 11,873 | — | — | — | 11,873 | — | — | |||||||||||||||||||||||
Net income (loss) | — | — | 39,828 | — | — | 39,828 | (34 | ) | — | ||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (1,476 | ) | — | (1,476 | ) | — | — | |||||||||||||||||||||
Contributions from redeemable noncontrolling interest | — | — | — | — | — | — | 279 | — | |||||||||||||||||||||||
Ending balance, June 30, 2015 | $ | 497 | $ | 507,180 | $ | (126,131 | ) | $ | (3,058 | ) | $ | (136,583 | ) | $ | 241,905 | $ | 852 | 45,421 | |||||||||||||
Beginning balance, January 1, 2016 | $ | 497 | $ | 519,855 | $ | (148,096 | ) | $ | (3,843 | ) | $ | (136,637 | ) | $ | 231,776 | $ | 11,334 | 45,440 | |||||||||||||
Dividends | — | — | (24,467 | ) | — | — | (24,467 | ) | — | — | |||||||||||||||||||||
Issuance of common stock | 7 | 446 | — | — | — | 453 | — | 704 | |||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | (7,937 | ) | (7,937 | ) | — | (272 | ) | ||||||||||||||||||||
Tax deficiency associated with restricted stock units—net | — | (1,301 | ) | — | — | — | (1,301 | ) | — | — | |||||||||||||||||||||
Issuance of restricted stock units | — | 780 | — | — | — | 780 | — | — | |||||||||||||||||||||||
Amortization of restricted stock units—net | — | 11,949 | — | — | — | 11,949 | — | — | |||||||||||||||||||||||
Forfeitures of restricted stock units | — | (29 | ) | — | — | — | (29 | ) | — | — | |||||||||||||||||||||
Net income (loss) | — | — | 42,891 | — | — | 42,891 | (103 | ) | — | ||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 1,088 | — | 1,088 | — | — | |||||||||||||||||||||||
Contributions from redeemable noncontrolling interest | — | — | — | — | — | — | 3,877 | — | |||||||||||||||||||||||
Distributions to redeemable noncontrolling interest | — | — | — | — | — | — | (181 | ) | — | ||||||||||||||||||||||
Transfer of redeemable noncontrolling interest in consolidated entity | — | — | — | — | — | — | (14,036 | ) | — | ||||||||||||||||||||||
Ending balance, June 30, 2016 | $ | 504 | $ | 531,700 | $ | (129,672 | ) | $ | (2,755 | ) | $ | (144,574 | ) | $ | 255,203 | $ | 891 | 45,872 |
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 42,788 | $ | 39,794 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Stock compensation expense | 11,992 | 11,927 | |||||
Depreciation and amortization | 3,590 | 3,155 | |||||
Deferred rent | (15 | ) | 157 | ||||
(Gain) loss from trading investments—net | (810 | ) | 246 | ||||
Equity in (earnings) losses of affiliates | (3,067 | ) | 1,747 | ||||
Gain from available-for-sale investments—net | (128 | ) | (420 | ) | |||
Deferred income taxes | 2,561 | 8,461 | |||||
Foreign currency gain | (1,238 | ) | (413 | ) | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (1,884 | ) | (650 | ) | |||
Due from broker | (1,605 | ) | 21 | ||||
Deferred commissions | (2,120 | ) | (1,328 | ) | |||
Trading investments | (3,498 | ) | 400 | ||||
Income tax receivable | — | (10,783 | ) | ||||
Other assets | (642 | ) | (907 | ) | |||
Accrued compensation | (15,212 | ) | (13,014 | ) | |||
Distribution and service fees payable | (127 | ) | (670 | ) | |||
Due to broker | 1,798 | — | |||||
Income tax payable | (1,460 | ) | (164 | ) | |||
Other liabilities and accrued expenses | (235 | ) | (1,378 | ) | |||
Net cash provided by operating activities | 30,688 | 36,181 | |||||
Cash flows from investing activities: | |||||||
Proceeds from redemptions of equity method investments—net | 208 | 4 | |||||
Purchases of available-for-sale investments | (4,017 | ) | (2,932 | ) | |||
Proceeds from sales of available-for-sale investments | 5,378 | 4,616 | |||||
Purchases of property and equipment | (5,233 | ) | (813 | ) | |||
Net cash (used in) provided by investing activities | (3,664 | ) | 875 | ||||
Cash flows from financing activities: | |||||||
Excess tax benefits associated with restricted stock units | — | 4,738 | |||||
Issuance of common stock | 385 | 341 | |||||
Repurchase of common stock | (7,937 | ) | (19,180 | ) | |||
Dividends to stockholders | (23,920 | ) | (22,714 | ) | |||
Distributions to redeemable noncontrolling interest | (181 | ) | — | ||||
Contributions from redeemable noncontrolling interest | 3,877 | 279 | |||||
Net cash used in financing activities | (27,776 | ) | (36,536 | ) | |||
Net (decrease) increase in cash and cash equivalents | (752 | ) | 520 | ||||
Effect of foreign exchange rate changes on cash and cash equivalents | (1,292 | ) | 349 | ||||
Cash and cash equivalents, beginning of the period | 142,728 | 124,938 | |||||
Cash and cash equivalents, end of the period | $ | 140,684 | $ | 125,807 |
Remaining Amortization Period (in months) | Gross Carrying Amount | Accumulated Amortization | Intangible Assets, Net | ||||||||||
June 30, 2016: | |||||||||||||
Amortized intangible assets: | |||||||||||||
Client relationships | 30 | $ | 1,543 | $ | (1,314 | ) | $ | 229 | |||||
Non-amortized intangible assets: | |||||||||||||
Mutual fund management contracts | — | 1,250 | — | 1,250 | |||||||||
Total | $ | 2,793 | $ | (1,314 | ) | $ | 1,479 | ||||||
December 31, 2015: | |||||||||||||
Amortized intangible assets: | |||||||||||||
Client relationships | 36 | $ | 1,543 | $ | (1,270 | ) | $ | 273 | |||||
Non-amortized intangible assets: | |||||||||||||
Mutual fund management contracts | — | 1,250 | — | 1,250 | |||||||||
Total | $ | 2,793 | $ | (1,270 | ) | $ | 1,523 |
Periods Ending December 31, | Estimated Amortization Expense | ||
2016 | $ | 45 | |
2017 | 89 | ||
2018 | 95 | ||
Total | $ | 229 |
June 30, 2016 | December 31, 2015 | ||||||
Trading investments | $ | 12,823 | $ | 37,169 | |||
Equity method investments | 21,402 | 16,974 | |||||
Available-for-sale investments | 30,931 | 17,191 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Gain (loss) from trading investments—net (1) | $ | 1,017 | $ | 205 | $ | 810 | $ | (246 | ) | ||||||
Equity in earnings (losses) of affiliates (2) | 2,640 | (666 | ) | 3,067 | (1,747 | ) | |||||||||
Gain from available-for-sale investments—net | 158 | 320 | 128 | 420 | |||||||||||
Total gain (loss) from seed investments—net | $ | 3,815 | $ | (141 | ) | $ | 4,005 | $ | (1,573 | ) | |||||
Number of new funds seeded | — | — | — | — |
June 30, 2016 | December 31, 2015 | ||||||
Assets: | |||||||
Trading investments | $ | 5,284 | $ | 4,719 | |||
Due from broker | 270 | 176 | |||||
Other assets | 56 | 53 | |||||
Total assets | $ | 5,610 | $ | 4,948 | |||
Liabilities: | |||||||
Due to broker | $ | 27 | $ | 12 | |||
Other liabilities and accrued expenses | 90 | 50 | |||||
Total liabilities | $ | 117 | $ | 62 |
June 30, 2016 | December 31, 2015 | ||||||
Assets: | |||||||
Trading investments | $ | 2,073 | $ | 2,131 | |||
Due from broker | 237 | 207 | |||||
Other assets | — | — | |||||
Total assets | $ | 2,310 | $ | 2,338 | |||
Liabilities: | |||||||
Due to broker | $ | — | $ | — | |||
Other liabilities and accrued expenses | 5 | 5 | |||||
Total liabilities | $ | 5 | $ | 5 |
June 30, 2016 | December 31, 2015 | ||||||||||||||
Trading Investments | Equity Method Investments | Trading Investments | Equity Method Investments | ||||||||||||
ACOM | $ | — | $ | 6,491 | $ | — | $ | 5,624 | |||||||
CDF | 5,466 | — | 5,606 | — | |||||||||||
GLI SICAV | 5,284 | — | 4,719 | — | |||||||||||
GRP-CIP | 2,073 | — | 2,131 | — | |||||||||||
GRP-TE | — | 91 | — | 92 | |||||||||||
LPX | — | 14,820 | 24,713 | — | |||||||||||
MLO | — | — | — | 11,258 | |||||||||||
Total | $ | 12,823 | $ | 21,402 | $ | 37,169 | $ | 16,974 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
CDF | $ | 879 | $ | 163 | $ | 979 | $ | (300 | ) | ||||||
GLI SICAV | 183 | — | 575 | — | |||||||||||
GRP-CIP | (45 | ) | 42 | 25 | 54 | ||||||||||
LPX | — | — | (769 | ) | — | ||||||||||
Total (loss) gain from trading investments—net | $ | 1,017 | $ | 205 | $ | 810 | $ | (246 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
ACOM | $ | 791 | $ | 163 | $ | 867 | $ | (275 | ) | ||||||
GRP-TE | 3 | 1 | (11 | ) | 3 | ||||||||||
MLO (1) | 1,618 | (830 | ) | 1,737 | (1,475 | ) | |||||||||
LPX | 228 | — | 474 | — | |||||||||||
Total equity in (losses) earnings of affiliates | $ | 2,640 | $ | (666 | ) | $ | 3,067 | $ | (1,747 | ) |
June 30, 2016 | |||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses (1) | Fair Value | ||||||||||||
Preferred securities | $ | 991 | $ | 67 | $ | (1 | ) | $ | 1,057 | ||||||
Common stocks | 2,678 | 282 | (124 | ) | 2,836 | ||||||||||
Company-sponsored funds | 25,179 | 1,862 | (3 | ) | 27,038 | ||||||||||
Total available-for-sale investments | $ | 28,848 | $ | 2,211 | $ | (128 | ) | $ | 30,931 |
December 31, 2015 | |||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses (1) | Fair Value | ||||||||||||
Preferred securities | $ | 1,115 | $ | 66 | $ | (3 | ) | $ | 1,178 | ||||||
Common stocks | 3,828 | 288 | (282 | ) | 3,834 | ||||||||||
Company-sponsored funds | 12,184 | 1 | (6 | ) | 12,179 | ||||||||||
Total available-for-sale investments | $ | 17,127 | $ | 355 | $ | (291 | ) | $ | 17,191 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Proceeds from sales | $ | 3,464 | $ | 3,226 | $ | 5,419 | $ | 4,616 | |||||||
Gross realized gains | 321 | 495 | 471 | 664 | |||||||||||
Gross realized losses | (163 | ) | (175 | ) | (343 | ) | (244 | ) |
• | 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. |
Level 1 | Level 2 | Level 3 | Investments Measured at NAV (2) | Total | |||||||||||||||
Cash equivalents (1) | $ | 64,693 | $ | — | $ | — | $ | — | $ | 64,693 | |||||||||
Trading investments | |||||||||||||||||||
Common stocks | $ | 5,284 | $ | — | $ | — | $ | — | $ | 5,284 | |||||||||
Fixed income securities | — | 5,466 | — | — | 5,466 | ||||||||||||||
Limited partnership interests | — | — | 1,304 | 769 | 2,073 | ||||||||||||||
Total trading investments | $ | 5,284 | $ | 5,466 | $ | 1,304 | $ | 769 | $ | 12,823 | |||||||||
Equity method investments | $ | 14,820 | $ | — | $ | — | $ | 6,582 | $ | 21,402 | |||||||||
Available-for-sale investments | |||||||||||||||||||
Preferred securities | $ | 1,046 | $ | 11 | $ | — | $ | — | $ | 1,057 | |||||||||
Common stocks | 2,836 | — | — | — | 2,836 | ||||||||||||||
Company-sponsored funds | 27,038 | — | — | — | 27,038 | ||||||||||||||
Total available-for-sale investments | $ | 30,920 | $ | 11 | $ | — | $ | — | $ | 30,931 | |||||||||
Derivatives - assets | |||||||||||||||||||
Commodity contracts | $ | 427 | $ | — | $ | — | $ | — | $ | 427 | |||||||||
Total derivatives - assets | $ | 427 | $ | — | $ | — | $ | — | $ | 427 | |||||||||
Derivatives - liabilities | |||||||||||||||||||
Foreign exchange contracts | $ | — | $ | 750 | $ | — | $ | — | $ | 750 | |||||||||
Commodity contracts | 265 | — | — | — | 265 | ||||||||||||||
Total derivatives - liabilities | $ | 265 | $ | 750 | $ | — | $ | — | $ | 1,015 |
Level 1 | Level 2 | Level 3 | Investments Measured at NAV (2) | Total | |||||||||||||||
Cash equivalents (1) | $ | 60,412 | $ | — | $ | — | $ | — | $ | 60,412 | |||||||||
Trading investments | |||||||||||||||||||
Preferred securities | $ | 3,863 | $ | — | $ | — | $ | — | $ | 3,863 | |||||||||
Common stocks | 4,719 | — | — | — | 4,719 | ||||||||||||||
Fixed income securities | — | 26,456 | — | — | 26,456 | ||||||||||||||
Limited partnership interests | — | — | 1,312 | 819 | 2,131 | ||||||||||||||
Total trading investment | $ | 8,582 | $ | 26,456 | $ | 1,312 | $ | 819 | $ | 37,169 | |||||||||
Equity method investments | $ | 11,258 | $ | — | $ | — | $ | 5,716 | $ | 16,974 | |||||||||
Available-for-sale investments | |||||||||||||||||||
Preferred securities | $ | 1,178 | $ | — | $ | — | $ | — | $ | 1,178 | |||||||||
Common stocks | 3,834 | — | — | — | 3,834 | ||||||||||||||
Company-sponsored funds | 12,179 | — | — | — | 12,179 | ||||||||||||||
Total available-for-sale investments | $ | 17,191 | $ | — | $ | — | $ | — | $ | 17,191 | |||||||||
Derivatives - assets | |||||||||||||||||||
Foreign exchange contracts | $ | — | $ | 10 | $ | — | $ | — | $ | 10 | |||||||||
Commodity contracts | 290 | — | — | — | 290 | ||||||||||||||
Total derivatives - assets | $ | 290 | $ | 10 | $ | — | $ | — | $ | 300 | |||||||||
Derivatives - liabilities | |||||||||||||||||||
Foreign exchange contracts | $ | — | $ | 219 | $ | — | $ | — | $ | 219 | |||||||||
Commodity contracts | 425 | — | — | — | 425 | ||||||||||||||
Total derivatives - liabilities | $ | 425 | $ | 219 | $ | — | $ | — | $ | 644 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Trading Investments | |||||||||||||||
Limited Partnership Interests | |||||||||||||||
Balance at beginning of period | $ | 1,338 | $ | 1,403 | $ | 1,312 | $ | 1,465 | |||||||
Purchases / contributions | 21 | 7 | 21 | 7 | |||||||||||
Sales / distributions | (53 | ) | — | (53 | ) | — | |||||||||
Realized losses | — | — | — | (62 | ) | ||||||||||
Unrealized (losses) gains (1) | (2 | ) | 9 | 24 | 9 | ||||||||||
Transfers into (out of) level 3 | — | — | — | — | |||||||||||
Balance at end of period | $ | 1,304 | $ | 1,419 | $ | 1,304 | $ | 1,419 |
Fair Value | Fair Value | Significant | Input / | ||||||
(in thousands) | Methodology | Unobservable Inputs | Range | ||||||
Limited partnership interests - direct investments in real estate | $ | 1,304 | Discounted cash flows | Discount rate Exit capitalization rates Market rental rates | 10% - 12.5% 8% - 8.5% $15.00 - 17.25 psf |
Fair Value | Fair Value | Significant | Input / | ||||||
(in thousands) | Methodology | Unobservable Inputs | Range | ||||||
Limited partnership interests - direct investments in real estate | $ | 1,312 | Discounted cash flows | Discount rates Exit capitalization rates Market rental rates | 10% - 12.5% 8% - 8.5% $15.00 - 17.00 psf |
June 30, 2016 | |||||||||||||||
Assets | Liabilities | ||||||||||||||
Notional | Fair Value | Notional | Fair Value | ||||||||||||
Total foreign exchange contracts | $ | — | $ | — | $ | 14,334 | $ | 750 | |||||||
Total commodity contracts | 7,003 | 427 | 4,707 | 265 | |||||||||||
Total derivatives | $ | 7,003 | $ | 427 | $ | 19,041 | $ | 1,015 |
December 31, 2015 | |||||||||||||||
Assets | Liabilities | ||||||||||||||
Notional | Fair Value | Notional | Fair Value | ||||||||||||
Total foreign exchange contracts | $ | 2,361 | $ | 10 | $ | 14,955 | $ | 219 | |||||||
Total commodity contracts | 3,962 | 290 | 7,337 | 425 | |||||||||||
Total derivatives | $ | 6,323 | $ | 300 | $ | 22,292 | $ | 644 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Foreign exchange contracts | $ | 715 | $ | (445 | ) | $ | (541 | ) | $ | (374 | ) | ||||
Commodity contracts | 2,823 | 164 | 2,923 | (301 | ) | ||||||||||
Total derivatives | $ | 3,538 | $ | (281 | ) | $ | 2,382 | $ | (675 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income | $ | 24,921 | $ | 19,023 | $ | 42,788 | $ | 39,794 | |||||||
Less: Net (income) loss attributable to redeemable noncontrolling interest | (113 | ) | (11 | ) | 103 | 34 | |||||||||
Net income attributable to common stockholders | $ | 24,808 | $ | 19,012 | $ | 42,891 | $ | 39,828 | |||||||
Basic weighted average shares outstanding | 45,984 | 45,462 | 45,896 | 45,352 | |||||||||||
Dilutive potential shares from restricted stock units | 394 | 343 | 391 | 541 | |||||||||||
Diluted weighted average shares outstanding | 46,378 | 45,805 | 46,287 | 45,893 | |||||||||||
Basic earnings per share attributable to common stockholders | $ | 0.54 | $ | 0.42 | $ | 0.93 | $ | 0.88 | |||||||
Diluted earnings per share attributable to common stockholders | $ | 0.53 | $ | 0.42 | $ | 0.93 | $ | 0.87 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Investment advisory and administration fees | $ | 55,817 | $ | 55,839 | $ | 107,728 | $ | 111,948 | |||||||
Distribution and service fees | 4,671 | 4,014 | 8,904 | 7,920 | |||||||||||
$ | 60,488 | $ | 59,853 | $ | 116,632 | $ | 119,868 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Dividend income | $ | 270 | $ | 300 | $ | 270 | $ | 300 |
• | In May 2016, we became the adviser to the Cohen & Steers Real Assets Multi-Strategy Fund, the latest collective investment trust (CIT) established by SEI Trust Company. Targeted for the defined benefit and defined contribution market, the fund was launched with a $350 million allocation from a public pension fund. |
• | In July 2016, Cohen & Steers Realty Shares, the Company's flagship real estate fund, celebrated its 25th anniversary. Over its 25 year history, the fund, with over $5 billion of assets under management, has delivered a 12.4% annualized return and has earned a 4-star overall Morningstar rating. Additional information on the fund's performance and Morningstar ratings is available on the Company's website at www.cohenandsteers.com under "Funds - U.S. Mutual Funds - Realty Shares." |
• | Also in July 2016, we hired a new head of global consultant relations to oversee our institutional consultant relations team in North America and coordinate coverage globally. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Institutional Accounts | |||||||||||||||
Assets under management, beginning of period | $ | 27,857 | $ | 26,704 | $ | 26,105 | $ | 26,201 | |||||||
Inflows | 1,626 | 781 | 3,398 | 1,706 | |||||||||||
Outflows | (487 | ) | (506 | ) | (1,069 | ) | (1,510 | ) | |||||||
Net inflows | 1,139 | 275 | 2,329 | 196 | |||||||||||
Market appreciation (depreciation) | 1,337 | (1,890 | ) | 2,552 | (769 | ) | |||||||||
Distributions | (752 | ) | (544 | ) | (1,405 | ) | (1,083 | ) | |||||||
Total increase (decrease) | 1,724 | (2,159 | ) | 3,476 | (1,656 | ) | |||||||||
Assets under management, end of period | $ | 29,581 | $ | 24,545 | $ | 29,581 | $ | 24,545 | |||||||
Average assets under management for period | $ | 28,057 | $ | 25,942 | $ | 26,916 | $ | 26,508 | |||||||
Open-end Funds | |||||||||||||||
Assets under management, beginning of period | $ | 18,146 | $ | 18,062 | $ | 17,460 | $ | 17,131 | |||||||
Inflows | 2,393 | 2,125 | 4,415 | 3,851 | |||||||||||
Outflows | (1,242 | ) | (1,761 | ) | (2,940 | ) | (3,236 | ) | |||||||
Net inflows | 1,151 | 364 | 1,475 | 615 | |||||||||||
Market appreciation (depreciation) | 855 | (1,247 | ) | 1,350 | (451 | ) | |||||||||
Distributions | (375 | ) | (943 | ) | (508 | ) | (1,059 | ) | |||||||
Total increase (decrease) | 1,631 | (1,826 | ) | 2,317 | (895 | ) | |||||||||
Assets under management, end of period | $ | 19,777 | $ | 16,236 | $ | 19,777 | $ | 16,236 | |||||||
Average assets under management for period | $ | 18,692 | $ | 17,514 | $ | 17,895 | $ | 17,737 | |||||||
Closed-end Funds | |||||||||||||||
Assets under management, beginning of period | $ | 9,056 | $ | 9,900 | $ | 9,029 | $ | 9,805 | |||||||
Inflows | — | — | — | — | |||||||||||
Outflows | — | (19 | ) | (86 | ) | (19 | ) | ||||||||
Net outflows | — | (19 | ) | (86 | ) | (19 | ) | ||||||||
Market appreciation (depreciation) | 458 | (387 | ) | 693 | (165 | ) | |||||||||
Distributions | (123 | ) | (127 | ) | (245 | ) | (254 | ) | |||||||
Total increase (decrease) | 335 | (533 | ) | 362 | (438 | ) | |||||||||
Assets under management, end of period | $ | 9,391 | $ | 9,367 | $ | 9,391 | $ | 9,367 | |||||||
Average assets under management for period | $ | 9,160 | $ | 9,832 | $ | 8,952 | $ | 9,905 | |||||||
Total | |||||||||||||||
Assets under management, beginning of period | $ | 55,059 | $ | 54,666 | $ | 52,594 | $ | 53,137 | |||||||
Inflows | 4,019 | 2,906 | 7,813 | 5,557 | |||||||||||
Outflows | (1,729 | ) | (2,286 | ) | (4,095 | ) | (4,765 | ) | |||||||
Net inflows | 2,290 | 620 | 3,718 | 792 | |||||||||||
Market appreciation (depreciation) | 2,650 | (3,524 | ) | 4,595 | (1,385 | ) | |||||||||
Distributions | (1,250 | ) | (1,614 | ) | (2,158 | ) | (2,396 | ) | |||||||
Total increase (decrease) | 3,690 | (4,518 | ) | 6,155 | (2,989 | ) | |||||||||
Assets under management, end of period | $ | 58,749 | $ | 50,148 | $ | 58,749 | $ | 50,148 | |||||||
Average assets under management for period | $ | 55,909 | $ | 53,288 | $ | 53,763 | $ | 54,150 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Subadvisory | |||||||||||||||
Assets under management, beginning of period | $ | 19,582 | $ | 19,242 | $ | 18,540 | $ | 18,857 | |||||||
Inflows | 1,036 | 579 | 2,109 | 1,306 | |||||||||||
Outflows | (224 | ) | (277 | ) | (484 | ) | (894 | ) | |||||||
Net inflows | 812 | 302 | 1,625 | 412 | |||||||||||
Market appreciation (depreciation) | 992 | (1,477 | ) | 1,874 | (663 | ) | |||||||||
Distributions | (752 | ) | (544 | ) | (1,405 | ) | (1,083 | ) | |||||||
Total increase (decrease) | 1,052 | (1,719 | ) | 2,094 | (1,334 | ) | |||||||||
Assets under management, end of period | $ | 20,634 | $ | 17,523 | $ | 20,634 | $ | 17,523 | |||||||
Average assets under management for period | $ | 19,598 | $ | 18,582 | $ | 18,828 | $ | 19,051 | |||||||
Advisory | |||||||||||||||
Assets under management, beginning of period | $ | 8,275 | $ | 7,462 | $ | 7,565 | $ | 7,344 | |||||||
Inflows | 590 | 202 | 1,289 | 400 | |||||||||||
Outflows | (263 | ) | (229 | ) | (585 | ) | (616 | ) | |||||||
Net inflows (outflows) | 327 | (27 | ) | 704 | (216 | ) | |||||||||
Market appreciation (depreciation) | 345 | (413 | ) | 678 | (106 | ) | |||||||||
Total increase (decrease) | 672 | (440 | ) | 1,382 | (322 | ) | |||||||||
Assets under management, end of period | $ | 8,947 | $ | 7,022 | $ | 8,947 | $ | 7,022 | |||||||
Average assets under management for period | $ | 8,459 | $ | 7,360 | $ | 8,088 | $ | 7,457 | |||||||
Total Institutional Accounts | |||||||||||||||
Assets under management, beginning of period | $ | 27,857 | $ | 26,704 | $ | 26,105 | $ | 26,201 | |||||||
Inflows | 1,626 | 781 | 3,398 | 1,706 | |||||||||||
Outflows | (487 | ) | (506 | ) | (1,069 | ) | (1,510 | ) | |||||||
Net inflows | 1,139 | 275 | 2,329 | 196 | |||||||||||
Market appreciation (depreciation) | 1,337 | (1,890 | ) | 2,552 | (769 | ) | |||||||||
Distributions | (752 | ) | (544 | ) | (1,405 | ) | (1,083 | ) | |||||||
Total increase (decrease) | 1,724 | (2,159 | ) | 3,476 | (1,656 | ) | |||||||||
Assets under management, end of period | $ | 29,581 | $ | 24,545 | $ | 29,581 | $ | 24,545 | |||||||
Average assets under management for period | $ | 28,057 | $ | 25,942 | $ | 26,916 | $ | 26,508 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
U.S. Real Estate | |||||||||||||||
Assets under management, beginning of period | $ | 29,069 | $ | 29,289 | $ | 27,814 | $ | 28,357 | |||||||
Inflows | 2,050 | 1,626 | 3,789 | 2,794 | |||||||||||
Outflows | (800 | ) | (1,093 | ) | (1,804 | ) | (2,171 | ) | |||||||
Net inflows | 1,250 | 533 | 1,985 | 623 | |||||||||||
Market appreciation (depreciation) | 1,677 | (2,825 | ) | 2,904 | (1,395 | ) | |||||||||
Distributions | (1,015 | ) | (1,393 | ) | (1,722 | ) | (1,981 | ) | |||||||
Total increase (decrease) | 1,912 | (3,685 | ) | 3,167 | (2,753 | ) | |||||||||
Assets under management, end of period | $ | 30,981 | $ | 25,604 | $ | 30,981 | $ | 25,604 | |||||||
Average assets under management for period | $ | 29,266 | $ | 27,748 | $ | 28,128 | $ | 28,682 | |||||||
Global/International Real Estate | |||||||||||||||
Assets under management, beginning of period | $ | 10,152 | $ | 10,189 | $ | 9,476 | $ | 10,184 | |||||||
Inflows | 185 | 417 | 962 | 692 | |||||||||||
Outflows | (490 | ) | (412 | ) | (958 | ) | (1,114 | ) | |||||||
Net (outflows) inflows | (305 | ) | 5 | 4 | (422 | ) | |||||||||
Market appreciation (depreciation) | 203 | (480 | ) | 612 | 8 | ||||||||||
Distributions | (66 | ) | (60 | ) | (108 | ) | (116 | ) | |||||||
Total (decrease) increase | (168 | ) | (535 | ) | 508 | (530 | ) | ||||||||
Assets under management, end of period | $ | 9,984 | $ | 9,654 | $ | 9,984 | $ | 9,654 | |||||||
Average assets under management for period | $ | 9,903 | $ | 10,097 | $ | 9,673 | $ | 10,262 | |||||||
Preferred Securities | |||||||||||||||
Assets under management, beginning of period | $ | 8,099 | $ | 6,732 | $ | 7,705 | $ | 6,342 | |||||||
Inflows | 1,157 | 688 | 2,292 | 1,397 | |||||||||||
Outflows | (351 | ) | (503 | ) | (1,012 | ) | (970 | ) | |||||||
Net inflows | 806 | 185 | 1,280 | 427 | |||||||||||
Market appreciation (depreciation) | 288 | (90 | ) | 313 | 138 | ||||||||||
Distributions | (111 | ) | (85 | ) | (216 | ) | (165 | ) | |||||||
Total increase | 983 | 10 | 1,377 | 400 | |||||||||||
Assets under management, end of period | $ | 9,082 | $ | 6,742 | $ | 9,082 | $ | 6,742 | |||||||
Average assets under management for period | $ | 8,572 | $ | 6,869 | $ | 8,185 | $ | 6,734 | |||||||
Global Listed Infrastructure | |||||||||||||||
Assets under management, beginning of period | $ | 5,272 | $ | 5,701 | $ | 5,147 | $ | 5,697 | |||||||
Inflows | 245 | 90 | 336 | 299 | |||||||||||
Outflows | (49 | ) | (200 | ) | (227 | ) | (357 | ) | |||||||
Net inflows (outflows) | 196 | (110 | ) | 109 | (58 | ) | |||||||||
Market appreciation (depreciation) | 337 | (122 | ) | 590 | (126 | ) | |||||||||
Distributions | (45 | ) | (47 | ) | (86 | ) | (91 | ) | |||||||
Total increase (decrease) | 488 | (279 | ) | 613 | (275 | ) | |||||||||
Assets under management, end of period | $ | 5,760 | $ | 5,422 | $ | 5,760 | $ | 5,422 | |||||||
Average assets under management for period | $ | 5,486 | $ | 5,766 | 5,244 | $ | 5,726 |
Assets under Management by Investment Strategy - continued | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Other | |||||||||||||||
Assets under management, beginning of period | $ | 2,467 | $ | 2,755 | $ | 2,452 | $ | 2,557 | |||||||
Inflows | 382 | 85 | 434 | 375 | |||||||||||
Outflows | (39 | ) | (78 | ) | (94 | ) | (153 | ) | |||||||
Net inflows | 343 | 7 | 340 | 222 | |||||||||||
Market appreciation (depreciation) | 145 | (7 | ) | 176 | (10 | ) | |||||||||
Distributions | (13 | ) | (29 | ) | (26 | ) | (43 | ) | |||||||
Total increase (decrease) | 475 | (29 | ) | 490 | 169 | ||||||||||
Assets under management, end of period | $ | 2,942 | $ | 2,726 | $ | 2,942 | $ | 2,726 | |||||||
Average assets under management for period | $ | 2,682 | $ | 2,808 | $ | 2,533 | $ | 2,746 | |||||||
Total | |||||||||||||||
Assets under management, beginning of period | $ | 55,059 | $ | 54,666 | $ | 52,594 | $ | 53,137 | |||||||
Inflows | 4,019 | 2,906 | 7,813 | 5,557 | |||||||||||
Outflows | (1,729 | ) | (2,286 | ) | (4,095 | ) | (4,765 | ) | |||||||
Net inflows | 2,290 | 620 | 3,718 | 792 | |||||||||||
Market appreciation (depreciation) | 2,650 | (3,524 | ) | 4,595 | (1,385 | ) | |||||||||
Distributions | (1,250 | ) | (1,614 | ) | (2,158 | ) | (2,396 | ) | |||||||
Total increase (decrease) | 3,690 | (4,518 | ) | 6,155 | (2,989 | ) | |||||||||
Assets under management, end of period | $ | 58,749 | $ | 50,148 | $ | 58,749 | $ | 50,148 | |||||||
Average assets under management for period | $ | 55,909 | $ | 53,288 | $ | 53,763 | $ | 54,150 |
(in thousands, except per share data) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
U.S. GAAP | |||||||||||||||
Revenue | $ | 86,373 | $ | 83,502 | $ | 166,054 | $ | 167,317 | |||||||
Expenses | $ | 52,242 | $ | 52,331 | $ | 103,616 | $ | 101,597 | |||||||
Operating income | $ | 34,131 | $ | 31,171 | $ | 62,438 | $ | 65,720 | |||||||
Operating margin | 39.5 | % | 37.3 | % | 37.6 | % | 39.3 | % | |||||||
Non-operating income (loss) (1) | $ | 4,466 | $ | 46 | $ | 5,109 | $ | (1,506 | ) | ||||||
Net income attributable to common stockholders | $ | 24,808 | $ | 19,012 | $ | 42,891 | $ | 39,828 | |||||||
Diluted earnings per share | $ | 0.53 | $ | 0.42 | $ | 0.93 | $ | 0.87 | |||||||
As Adjusted (2) | |||||||||||||||
Expenses | $ | 52,242 | $ | 52,331 | $ | 101,671 | $ | 101,597 | |||||||
Operating income | $ | 34,131 | $ | 31,171 | $ | 64,383 | $ | 65,720 | |||||||
Operating margin | 39.5 | % | 37.3 | % | 38.8 | % | 39.3 | % | |||||||
Non-operating income (loss) | $ | 196 | $ | (212 | ) | $ | 193 | $ | (595 | ) | |||||
Net income | $ | 21,283 | $ | 19,195 | $ | 40,037 | $ | 40,377 | |||||||
Diluted earnings per share | $ | 0.46 | $ | 0.42 | $ | 0.86 | $ | 0.88 | |||||||
(1) Non-operating income (loss) for the three and six months ended June 30, 2015 has been retroactively adjusted to reflect the seed investment in MLO as if it had been an equity method investment in those periods. Accordingly, unrealized losses in the amount of $(1,751,000) for the three and six months ended June 30, 2015 have been reclassified from accumulated other comprehensive income to equity in earnings (losses) of affiliates. | |||||||||||||||
(2) The as adjusted financial measures represent non-GAAP financial measures. Please refer to the “Non-GAAP Reconciliation” on pages 36-37 for a reconciliation to the most directly comparable U.S. GAAP measures. |
• | Total investment advisory and administration revenue from institutional accounts increased 9% to $23.5 million from $21.5 million for the three months ended June 30, 2015. |
• | Total investment advisory and administration revenue from open-end funds increased 5% to $36.5 million from $34.8 million for the three months ended June 30, 2015. |
• | Total investment advisory and administration revenue from closed-end funds decreased 8% to $19.2 million from $20.9 million for the three months ended June 30, 2015. |
• | Total investment advisory and administration revenue from institutional accounts increased 3% to $44.8 million from $43.3 million for the six months ended June 30, 2015. |
• | Total investment advisory and administration revenue from open-end funds increased 0.1% to $70.0 million from $69.9 million for the six months ended June 30, 2015. |
• | Total investment advisory and administration revenue from closed-end funds decreased 10% to $37.4 million from $41.8 million for the six months ended June 30, 2015. |
For the Periods | |||||||||||||||
(in thousands, except per share data and percentages) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
U.S. GAAP | |||||||||||||||
Revenue | $ | 86,373 | $ | 83,502 | $ | 166,054 | $ | 167,317 | |||||||
Expenses | $ | 52,242 | $ | 52,331 | $ | 103,616 | $ | 101,597 | |||||||
Operating income | $ | 34,131 | $ | 31,171 | $ | 62,438 | $ | 65,720 | |||||||
Non-operating income (loss) (1) | $ | 4,466 | $ | 46 | $ | 5,109 | $ | (1,506 | ) | ||||||
Income before provision for income taxes | $ | 38,597 | $ | 31,217 | $ | 67,547 | $ | 64,214 | |||||||
Provision for income taxes | $ | 13,676 | $ | 12,194 | $ | 24,759 | $ | 24,420 | |||||||
Net income attributable to common stockholders | $ | 24,808 | $ | 19,012 | $ | 42,891 | $ | 39,828 | |||||||
Diluted earnings per share | $ | 0.53 | $ | 0.42 | $ | 0.93 | $ | 0.87 | |||||||
Operating margin | 39.5 | % | 37.3 | % | 37.6 | % | 39.3 | % | |||||||
Adjustments | |||||||||||||||
Employee compensation and benefits (2) | $ | — | — | $ | (1,945 | ) | $ | — | |||||||
Results from seed investments: | |||||||||||||||
Interest and dividends on seed investments | $ | (455 | ) | $ | (399 | ) | $ | (911 | ) | $ | (662 | ) | |||
(Gains) losses from seed investments | $ | (3,815 | ) | $ | 141 | $ | (4,005 | ) | $ | 1,573 | |||||
Tax effect on adjustments | $ | (632 | ) | $ | (430 | ) | $ | (220 | ) | $ | 328 | ||||
As Adjusted | |||||||||||||||
Expenses, as adjusted | $ | 52,242 | $ | 52,331 | $ | 101,671 | $ | 101,597 | |||||||
Operating income, as adjusted | $ | 34,131 | $ | 31,171 | $ | 64,383 | $ | 65,720 | |||||||
Non-operating income (loss), as adjusted | $ | 196 | $ | (212 | ) | $ | 193 | $ | (595 | ) | |||||
Income before provision for income taxes, as adjusted | $ | 34,327 | $ | 30,959 | $ | 64,576 | $ | 65,125 | |||||||
Provision for income taxes, as adjusted (3) | $ | 13,044 | $ | 11,764 | $ | 24,539 | $ | 24,748 | |||||||
Net income, as adjusted | $ | 21,283 | $ | 19,195 | $ | 40,037 | $ | 40,377 | |||||||
Diluted earnings per share, as adjusted | $ | 0.46 | $ | 0.42 | $ | 0.86 | $ | 0.88 | |||||||
Operating margin, as adjusted | 39.5 | % | 37.3 | % | 38.8 | % | 39.3 | % |
2016 | 2017 | 2018 | 2019 | 2020 | 2021 and after | Total | |||||||||||||||||||||
Operating leases | $ | 6,576 | $ | 12,227 | $ | 10,786 | $ | 10,918 | $ | 10,947 | $ | 33,538 | $ | 84,992 |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||
April 1 through April 30, 2016 | 13,449 | $ | 41.18 | — | — | |||||
May 1 through May 31, 2016 | — | $ | — | — | — | |||||
June 1 through June 30, 2016 | 206 | $ | 39.06 | — | — | |||||
Total | 13,655 | $ | 41.14 | — | — |
(1) | Purchases made to satisfy the income tax withholding obligations of certain employees upon the vesting and delivery of restricted stock units issued under the Company's Amended and Restated Stock Incentive Plan. |
Exhibit No. | Description | ||
3.1 | — | Form of Amended and Restated Certificate of Incorporation of the Company (1) | |
3.2 | — | Form of Amended and Restated Bylaws of the Company (2) | |
4.1 | — | Specimen Common Stock Certificate (3) | |
4.2 | — | Form of Registration Rights Agreement among the Company, Martin Cohen, Robert H. Steers, The Martin Cohen 1998 Family Trust and Robert H. Steers Family Trust (1) | |
31.1 | — | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith) | |
31.2 | — | Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith) | |
32.1 | — | Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith) | |
32.2 | — | Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith) | |
101 | — | The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Financial Condition (unaudited) as of June 30, 2016 and December 31, 2015; (ii) the Condensed Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2016 and 2015; (iii) the Condensed Consolidated Statements of Comprehensive Income (unaudited) for the three and six months ended June 30, 2016 and 2015; (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest (unaudited) for the six months ended June 30, 2016 and 2015; (v) the Condensed Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2016 and 2015; and (vi) the Notes to the Condensed Consolidated Financial Statements. |
(1) | Incorporated by reference to the Company’s Registration Statement on Form S-1 (Registration No. 333-114027), as amended, originally filed with the Securities and Exchange Commission on March 30, 2004. |
(2) | Incorporated by reference to the Company’s Quarterly Report on Form 10-Q (Commission File No. 001-32236) for the quarter ended June 30, 2008. |
(3) | Incorporated by reference to the Company’s Quarterly Report on Form 10-Q (Commission File No. 001-32236) for the quarter ended June 30, 2015. |
Date: | August 5, 2016 | Cohen & Steers, Inc. | ||
/s/ Matthew S. Stadler | ||||
Name: Matthew S. Stadler | ||||
Title: Executive Vice President & Chief Financial Officer |
Date: | August 5, 2016 | Cohen & Steers, Inc. | ||
/s/ Elena Dulik | ||||
Name: Elena Dulik | ||||
Title: Senior Vice President & Chief Accounting Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2016 of Cohen & Steers, Inc. (the Registrant); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5. | The Registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. |
Dated: | August 5, 2016 | /s/ Robert H. Steers | |
Robert H. Steers | |||
Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2016 of Cohen & Steers, Inc. (the Registrant); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5. | The Registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. |
Dated: | August 5, 2016 | /s/ Matthew S. Stadler | |
Matthew S. Stadler | |||
Executive Vice President & Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act); and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Dated: | August 5, 2016 | /s/ Robert H. Steers | |
Robert H. Steers | |||
Chief Executive Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act); and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Dated: | August 5, 2016 | /s/ Matthew S. Stadler | |
Matthew S. Stadler | |||
Executive Vice President & Chief Financial Officer |
Document and Entity Information Document - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Aug. 02, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | COHEN & STEERS INC | |
Entity Central Index Key | 0001284812 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 45,875,474 |
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||
---|---|---|---|---|---|---|---|
Assets | |||||||
Cash and cash equivalents | $ 140,684 | $ 142,728 | |||||
Trading investments ($405 and $566), ($7,357 and $6,850) | [1],[2] | 12,823 | 37,169 | ||||
Equity method investments | 21,402 | 16,974 | |||||
Available-for-sale investments | 30,931 | 17,191 | |||||
Accounts receivable | 47,681 | 44,559 | |||||
Due from broker ($507 and $383) | [1] | 1,923 | 6,104 | ||||
Property and equipment—net | 12,989 | 9,783 | |||||
Goodwill and intangible assets—net | 19,683 | 19,498 | |||||
Deferred income tax asset—net | 2,176 | 5,551 | |||||
Other assets ($56 and $53) | [1] | 6,778 | 5,765 | ||||
Total assets | 297,070 | 305,322 | |||||
Liabilities: | |||||||
Accrued compensation | 15,266 | 30,503 | |||||
Distribution and service fees payable | 6,065 | 6,192 | |||||
Income tax payable | 5,800 | 6,780 | |||||
Due to broker ($27 and $12) | [1] | 27 | 4,369 | ||||
Deferred rent | 6,353 | 6,368 | |||||
Other liabilities and accrued expenses ($95 and $55) | [1] | 7,465 | 8,000 | ||||
Total liabilities | 40,976 | 62,212 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interest | 891 | 11,334 | |||||
Stockholders’ equity: | |||||||
Common stock, $0.01 par value; 500,000,000 shares authorized; 50,394,079 and 49,690,562 shares issued at June 30, 2016 and December 31, 2015, respectively | 504 | 497 | |||||
Additional paid-in capital | 531,700 | 519,855 | |||||
Accumulated deficit | (129,672) | (148,096) | |||||
Accumulated other comprehensive loss, net of tax | (2,755) | (3,843) | |||||
Less: Treasury stock, at cost, 4,522,272 and 4,250,476 shares at June 30, 2016 and December 31, 2015, respectively | (144,574) | (136,637) | |||||
Total stockholders’ equity | 255,203 | 231,776 | |||||
Total liabilities and stockholders’ equity | $ 297,070 | $ 305,322 | |||||
|
Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||
---|---|---|---|---|---|---|---|
Common Stock, par value | $ 0.01 | $ 0.01 | |||||
Common Stock, shares authorized | 500,000,000 | 500,000,000 | |||||
Common Stock, shares issued | 50,394,079 | 49,690,562 | |||||
Treasury Stock, shares | 4,522,272 | 4,250,476 | |||||
Trading investments | [1],[2] | $ 12,823 | $ 37,169 | ||||
Due from broker | [1] | 1,923 | 6,104 | ||||
Other Assets | [1] | 6,778 | 5,765 | ||||
Due to broker | [1] | 27 | 4,369 | ||||
Other liabilities and accrued expenses | [1] | 7,465 | 8,000 | ||||
Trading investments pledged as collateral | |||||||
Trading investments and pledged as collateral | [2] | 405 | 566 | ||||
GLI SICAV & GRP-CIP [Member] | |||||||
Trading investments | 7,357 | 6,850 | |||||
Due from broker | 507 | 383 | |||||
Other Assets | 56 | 53 | |||||
Due to broker | 27 | 12 | |||||
Other liabilities and accrued expenses | $ 95 | $ 55 | |||||
|
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
||||||
Revenue: | |||||||||
Investment advisory and administration fees | $ 79,090 | $ 77,221 | $ 152,178 | $ 154,973 | |||||
Distribution and service fees | 4,671 | 4,014 | 8,904 | 7,920 | |||||
Portfolio consulting and other | 2,612 | 2,267 | 4,972 | 4,424 | |||||
Total revenue | 86,373 | 83,502 | 166,054 | 167,317 | |||||
Expenses: | |||||||||
Employee compensation and benefits | 28,287 | 28,395 | 56,327 | 54,378 | |||||
Distribution and service fees | 9,773 | 9,525 | 18,475 | 18,776 | |||||
General and administrative | 12,489 | 12,825 | 25,224 | 25,288 | |||||
Depreciation and amortization | 1,693 | 1,586 | 3,590 | 3,155 | |||||
Total expenses | 52,242 | 52,331 | 103,616 | 101,597 | |||||
Operating income | 34,131 | 31,171 | 62,438 | 65,720 | |||||
Non-operating income: | |||||||||
Interest and dividend income—net | 558 | 450 | 1,100 | 749 | |||||
Gain (loss) from trading investments—net | [1] | 1,017 | 205 | 810 | (246) | ||||
Equity in earnings (losses) of affiliates | [2] | 2,640 | (666) | 3,067 | (1,747) | ||||
Gain from available-for-sale investments—net | 158 | 320 | 128 | 420 | |||||
Other gains (losses) | 93 | (263) | 4 | (682) | |||||
Total non-operating income (loss) | 4,466 | 46 | 5,109 | (1,506) | |||||
Income before provision for income taxes | 38,597 | 31,217 | 67,547 | 64,214 | |||||
Provision for income taxes | 13,676 | 12,194 | 24,759 | 24,420 | |||||
Net income | 24,921 | 19,023 | 42,788 | 39,794 | |||||
Less: Net (income) loss attributable to redeemable noncontrolling interest | (113) | (11) | 103 | 34 | |||||
Net income attributable to common stockholders | $ 24,808 | $ 19,012 | $ 42,891 | $ 39,828 | |||||
Earnings per share attributable to common stockholders: | |||||||||
Basic (in dollars per share) | $ 0.54 | $ 0.42 | $ 0.93 | $ 0.88 | |||||
Diluted (in dollars per share) | 0.53 | 0.42 | 0.93 | 0.87 | |||||
Dividends declared per share (in dollars per share) | $ 0.26 | $ 0.25 | $ 0.52 | $ 0.50 | |||||
Weighted average shares outstanding: | |||||||||
Basic (shares) | 45,984 | 45,462 | 45,896 | 45,352 | |||||
Diluted (shares) | 46,378 | 45,805 | 46,287 | 45,893 | |||||
|
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 24,921 | $ 19,023 | $ 42,788 | $ 39,794 |
Less: Net (income) loss attributable to redeemable noncontrolling interest | (113) | (11) | 103 | 34 |
Net income attributable to common stockholders | 24,808 | 19,012 | 42,891 | 39,828 |
Foreign currency translation (loss) gain (net of tax of $0) | (1,317) | 1,534 | (945) | (544) |
Net unrealized gain (loss) from available-for-sale investments (net of tax of $0) | 1,374 | (497) | 2,161 | (512) |
Reclassification to statements of operations of gain from available-for-sale investments (net of tax of $0) | (158) | (320) | (128) | (420) |
Other comprehensive (loss) income | (101) | 717 | 1,088 | (1,476) |
Total comprehensive income attributable to common stockholders | $ 24,707 | $ 19,729 | $ 43,979 | $ 38,352 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Income tax expense on foreign currency translation Adjustments | $ 0 | $ 0 | $ 0 | $ 0 |
Income tax expense on net unrealized gain (loss) from available-for-sale investments | 0 | 0 | 0 | 0 |
Income tax expense on reclassification to statements of operations of gain (loss) from available-for-sale investments | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Income taxes paid, net | $ (23,612) | $ (22,197) |
Fully vested restricted stock units issued | 234 | 225 |
Restricted stock unit dividend equivalents, net of forfeitures | 546 | $ 459 |
LPX | ||
Transfer of redeemable noncontrolling interest in consolidated entity | 14,036 | |
Non-cash increase in equity method investments | 14,550 | |
MLO | ||
Equity Method Investments, Non-Cash Reclassifications | $ 12,995 |
Organization and Description of Business |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business 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 Asia Limited (CSAL), Cohen & Steers UK Limited (CSUK) and Cohen & Steers Japan, LLC (collectively, the Company). The Company is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure, commodities and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the Company is headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle. |
Basis of Presentation and Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed 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. The condensed consolidated financial statements of the Company included herein are unaudited and have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the interim results have been made. The Company’s condensed consolidated financial statements and the related notes should be read together with the consolidated financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. New Accounting Pronouncements Adopted—In February 2015, the Financial Accounting Standards Board (FASB) revised the guidance applicable to consolidation of legal entities. The revised rules include guidance for evaluating (a) limited partnerships and similar entities, (b) the impact of decision maker or service provider fees on the consolidation analysis, (c) the impact of interests held by related parties on the consolidation analysis and (d) consolidation of certain investment funds. The Company adopted this guidance effective January 1, 2016, using a full retrospective method. In connection with the adoption of this guidance, the Company reevaluated all of its sponsored funds under the new guidance. The Company concluded that certain entities that were not previously considered Variable Interest Entities (VIEs) would be considered VIEs under the revised guidance. See Note 4 for further discussion of the Company's seed investments. In May 2015, the FASB issued new guidance related to the disclosure of certain investments that calculate net asset value per share (NAV) as a practical expedient. This guidance removes the requirement to categorize such investments within the fair value hierarchy table. The Company adopted this guidance on January 1, 2016 on a retrospective basis to all periods presented. As a result of adoption, $7.4 million and $6.5 million of NAV investments at June 30, 2016 and December 31, 2015, respectively, are no longer classified within Level 2 and Level 3 within the fair value hierarchy. The fair value amounts presented in Note 5 are intended to permit reconciliation of the investments included in the fair value hierarchy to the amounts presented on the condensed consolidated statement of financial position. Accounting Estimates—The preparation of the condensed 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 condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the condensed consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. Reclassifications—Certain prior year amounts have been reclassified to conform to the current year presentation. On the condensed consolidated statements of cash flows, the captions "distribution and service fees payable" and "due to broker" have been reclassified from "other liabilities and accrued expenses." Consolidation of Company-sponsored Funds—The Company consolidates entities, including sponsored funds, that are deemed to be voting interest entities (VOE) when it has financial control over the entity which is generally when the Company owns a majority of the outstanding voting interest. Investments in Company-sponsored funds are evaluated at inception and subsequently if there is a reconsideration event to determine if the fund is a VIE or VOE and which consolidation model to apply. 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 or when the Company is the general partner of the fund and the limited partners do not have substantive kick-out or participating rights in the fund. The Company records noncontrolling interests in consolidated subsidiaries for which the Company’s ownership is less than 100 percent. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) 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 (a) the power to direct the activities of the VIE that most significantly affect its performance and (b) 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. Investments 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. 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. See Note 4 for further discussion about the Company’s seed investments. Cash and Cash Equivalents—Cash equivalents consist of short-term, highly liquid investments, which are readily convertible into cash and have original maturities of three months or less. Due from/to Broker—The Company conducts business, primarily with respect to its consolidated seed investments, with brokers for certain of its investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to broker balance represents cash and cash equivalents balances at brokers/custodians and/or net receivables and payables for unsettled security transactions. Investments—Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each statement of financial condition date. Investments classified as trading represent securities held within the affiliated funds that the Company consolidates and are measured at fair value based on quoted market prices, market prices obtained from independent pricing services engaged by management or as determined by the Company’s valuation committee. Unrealized gains and losses are recorded as gain (loss) from trading investments—net in the Company’s condensed consolidated statements of operations. Investments classified as equity method investments represent seed investments in which the Company owns between 20-50% of the outstanding voting interests in the fund 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 the investee’s net income or loss for the period which is recorded as equity in earnings (losses) of affiliates in the Company’s condensed consolidated statements of operations. As of June 30, 2016, the Company's equity method investments consisted of interests in affiliated funds which measure their underlying investments at fair value and report a net asset value on a recurring basis. The carrying amounts of these investments approximate their fair value. Investments classified as available-for-sale are comprised of equity securities, investment-grade preferred instruments and investments in Company-sponsored open-end funds where the Company has neither control nor the ability to exercise significant influence. These investments are carried at fair value based on quoted market prices or market prices obtained from independent pricing services engaged by management, with unrealized gains and losses, net of tax, reported in accumulated other comprehensive income. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other than temporary. If the Company believes an impairment of a security position is other than temporary, based on available quantitative and qualitative information as of the report date, the loss will be recognized as gain (loss) from available-for-sale investments—net in the Company’s condensed consolidated statements of operations. From time to time, the affiliated funds consolidated by the Company enter into derivative contracts to gain exposure to the underlying commodities markets or to hedge market and credit risks of the underlying portfolios utilizing options, total return swaps, credit default swaps and futures contracts. These instruments are measured at fair value with gains and losses recorded as gain (loss) from trading investments—net in the Company's condensed consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses in the Company's condensed consolidated statements of financial condition. As of June 30, 2016, none of the outstanding derivative contracts were subject to a master netting agreement or other similar arrangement. Additionally, from time to time, the Company enters into foreign exchange contracts to hedge its currency exposure related to certain client receivables. These instruments are measured at fair value with gains and losses recorded in other non-operating income in the Company's condensed consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses in the Company's condensed consolidated statements of financial condition. Goodwill and Intangible Assets—Goodwill represents the excess of the cost of the Company’s investment in the net assets of an acquired company over the fair value of the underlying identifiable net assets at the date of acquisition. 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. Finite lived intangible assets are amortized over their useful lives and are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. See Note 3 for further discussion about the Company’s goodwill and intangible assets. Redeemable Noncontrolling Interest—Redeemable noncontrolling interest represents third-party interests in the Company's consolidated entities. This interest is redeemable at the option of the investors and therefore is not treated as permanent equity. Redeemable noncontrolling interest is remeasured at redemption value which approximates the fair value at each reporting period. Investment Advisory and Administration Fees—The Company earns revenue by providing asset management services to institutional accounts and to Company-sponsored open-end and closed-end funds. Investment advisory fees are earned pursuant to the terms of investment management agreements, and are based on a contractual fee rate applied to the assets in the portfolio. 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 assets under management of such funds. Investment advisory and administration fee revenue is recognized as such fees are earned. Distribution and Service Fee Revenue—CSS acts as the principal distributor of the Company’s sponsored open-end funds which may offer the following classes: Class A (initial sales load), Class C (back end sales load), Class R (load retirement) and Class Z (no load retirement). Effective May 2007, the Company suspended sales of Class B shares and all remaining Class B shares converted to Class A shares in 2015. Distribution and service fee revenue is based on the average daily net assets of the funds as detailed below. 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. Pursuant to distribution plans with the Company's sponsored open-end funds, CSS receives distribution fees of up to 25bps for Class A shares and 75bps for Class C shares. CSS also receives shareholder servicing fees of up to 10bps on Class A shares and 25bps on Class C shares, pursuant to shareholder servicing plans with the funds. CSS receives combined distribution and shareholder servicing fees of up to 50bps for Class R shares. Distribution and Service Fee Expense—Distribution and service fee expense includes distribution fees, service fees and intermediary assistance payments. Distribution and service fee expense is recorded as incurred. Distribution fee expense represents payments made to qualified dealers/institutions 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 costs and 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 (Rule 12b-1). CSS pays distribution fee expense based on the average daily net assets under management of up to 25bps on Class A shares and 75bps on Class C shares. Shareholder servicing fee expense represents payments made to qualified dealers/institutions for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. CSS pays service fee expenses based on the average daily net assets under management of up to 10bps on Class A shares and 25bps on Class C shares. CSS pays combined distribution and service fee expenses based on the average daily net assets under management of up to 50bps on Class R shares. Intermediary assistance payments represent payments to qualified dealers/institutions for activities related to distribution, shareholder servicing and marketing and support of Company-sponsored open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on the average assets under management or the number of accounts being serviced. Portfolio Consulting and Other—The Company earns portfolio consulting and other fees by: (i) providing portfolio consulting services in connection with model-based strategy accounts; (ii) earning a licensing fee for the use of the Company's proprietary indexes; and (iii) providing portfolio monitoring services related to a number of unit investment trusts. This revenue is earned pursuant to the terms of the underlying contract, and the fee schedules for these relationships vary based on the type of services the Company provides for each relationship. This revenue is recognized as such fees are earned. Stock-based Compensation—The Company recognizes compensation expense for the grant-date fair value of awards of equity instruments to employees. This expense is recognized over the period during which employees are required to provide service. The Company also estimates forfeitures. Income Taxes—The Company records the current and deferred tax consequences of all transactions that have been recognized in the condensed 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 effective tax rate for interim periods represents the Company’s best estimate of the effective tax rate expected to be applied to the full fiscal year. The calculation of the tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across our global operations. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. Currency Translation and Transactions—Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable condensed 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 condensed consolidated statements of comprehensive income. The cumulative translation adjustment was $(4,853,000) and $(3,908,000) as of June 30, 2016 and December 31, 2015, respectively. Gains or losses resulting from non-U.S. dollar currency transactions are included in other non-operating income in the condensed consolidated statements of operations. Comprehensive Income—The Company reports all changes in comprehensive income in the condensed consolidated statements of comprehensive income. Comprehensive income includes net income or loss attributable to common stockholders, foreign currency translation gain and loss (net of tax), unrealized gain and loss from available-for-sale investments (net of tax) and reclassification to statements of operations of gain and loss from available-for-sale investments (net of tax). Recently Issued Accounting Pronouncements—In May 2016, the FASB amended the new revenue recognition standard to clarify the guidance on assessing collectibility, presenting sales taxes, measuring noncash consideration, and certain transition matters. This new guidance will be effective concurrent with the effective date of the revenue standard in the Company's first quarter of 2018. The Company is currently evaluating the potential effect of this revised guidance on its condensed consolidated financial statements and related disclosures. In April 2016, the FASB issued an amendment to the new revenue recognition standard to provide more detailed guidance including additional implementation guidance and examples related to a) identifying performance obligations and b) licenses of intellectual property. This new guidance will be effective concurrent with the effective date of the revenue standard in the Company’s first quarter of 2018. The Company is currently evaluating the potential effect of this revised guidance on its condensed consolidated financial statements and related disclosures. In March 2016, the FASB issued new guidance amending the current accounting for an investment that becomes qualified for the equity method of accounting. The guidance requires that the cost of acquiring an additional interest in the entity, if any, that resulted in the investment qualifying for the equity method be added to the carrying value of the investment. The equity method will then be applied from that point forward without any retroactive application or adjustment. This new guidance will be effective for the Company’s first quarter of 2017. The Company is currently evaluating the potential impact on its condensed consolidated financial statements and related disclosures. In March 2016, the FASB issued new guidance which simplifies several aspects of the accounting for share-based payment transactions, including the accounting for income taxes, excess tax benefits, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. This new guidance will be effective for the Company’s first quarter of 2017. The Company is currently evaluating the potential impact on its condensed consolidated financial statements and related disclosures. In March 2016, the FASB issued revised guidance which amends the principal versus agent implementation guidance and illustrations in the Board’s new revenue standard. This revised guidance clarifies the guidance related to (a) determining the appropriate unit of account under the revenue standard’s principal versus agent guidance and (b) applying the indicators of whether an entity is a principal or an agent in accordance with the revenue standard’s control principle. This revised guidance will be effective concurrent with the effective date of the revenue standard in the Company’s first quarter of 2018. The Company is currently evaluating the potential effect of this revised guidance on its condensed consolidated financial statements and related disclosures. In February 2016, the FASB issued guidance introducing a new lease model which requires all operating leases to be recorded on the balance sheet as right of use assets and offsetting lease liability obligations. The guidance requires disclosures by lessees and lessors to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This new guidance will be effective for the Company’s first quarter of 2019. The Company is currently evaluating the potential effect of this new guidance on its condensed consolidated financial statements and related disclosures. In January 2016, the FASB issued new guidance amending the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. This new guidance will be effective for the Company’s first quarter of 2018. The Company is currently evaluating the potential effect of this new guidance on its condensed consolidated financial statements and related disclosures. In August 2014, the FASB issued new guidance regarding disclosure of going concern uncertainties in the financial statements. The guidance requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued at each annual and interim reporting period. This new guidance will be effective for the Company’s first quarter of 2017. The Company does not anticipate that the adoption of this new guidance will have a material effect on its condensed consolidated financial statements and related disclosures. In May 2014, the FASB issued new guidance which outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This new guidance will be effective for the Company's first quarter of 2018 and requires either a retrospective or a modified retrospective approach to adoption. The Company is currently evaluating the potential effect of this new guidance on its condensed consolidated financial statements and related disclosures, as well as the available transition methods. |
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Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Goodwill represents the excess of purchase price over the net tangible assets and identifiable intangible assets of an acquired business. At June 30, 2016 and December 31, 2015, goodwill was approximately $18,204,000 and $17,975,000, respectively. The Company’s goodwill increased by $229,000 for the six months ended June 30, 2016 as a result of foreign currency revaluation. Intangible Assets The following table details the gross carrying amounts and accumulated amortization for the intangible assets at June 30, 2016 and December 31, 2015 (in thousands):
Amortization expense related to the intangible assets was approximately $22,000 for both the three months ended June 30, 2016 and 2015, respectively, and approximately $44,000 for both the six months ended June 30, 2016 and 2015, respectively. Estimated future amortization expense is as follows (in thousands):
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Investments |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments The following is a summary of the Company's investments as of June 30, 2016 and December 31, 2015 (in thousands):
Gain (loss) from seed investments for the three and six months ended June 30, 2016 and 2015 are summarized below (in thousands):
_________________________ (1) Includes net income/(loss) attributable to redeemable noncontrolling interest for the periods presented. (2) Equity in earnings (losses) of affiliates for the three and six months ended June 30, 2015 has been retroactively adjusted to reflect the seed investment in MLO as if it had been an equity method investment in those periods. Accordingly, unrealized losses in the amount of $(1,751,000) for the three and six months ended June 30, 2015 have been reclassified from accumulated other comprehensive income to equity in earnings (losses) of affiliates. The Cohen & Steers Low Duration Preferred and Income Fund, Inc. (LPX), launched by the Company in December 2015, is an open-end fund for which the Company is the investment adviser. LPX is a VOE and the Company owned the majority of the outstanding voting interests in the fund through February 29, 2016. Accordingly, the underlying assets and liabilities and results of operations of LPX had been included in the Company's consolidated financial statements with the third-party interests classified as redeemable noncontrolling interest. As a result of additional third-party subscriptions into the fund, effective March 1, 2016, the Company no longer owned the majority of the outstanding voting interest in LPX, however it was determined that the Company has significant influence over the financial decisions of LPX and therefore records its investment in LPX using the equity method of accounting. As of June 30, 2016, the Company's ownership in LPX was approximately 31%. The Cohen & Steers SICAV Global Listed Infrastructure Fund (GLI SICAV), a Luxembourg-domiciled undertaking for collective investments in transferable securities (UCITS), was launched by the Company in September 2015, and meets the definition of an investment company. The Company is the investment adviser of GLI SICAV for which it receives a management fee. GLI SICAV is a VIE and the Company is the primary beneficiary. As of June 30, 2016, the Company was the only investor in the fund and therefore, the Company would absorb all of the expected losses and residual returns of GLI SICAV. Accordingly, the underlying assets and liabilities and results of operations of GLI SICAV have been included in the Company's condensed consolidated financial statements. The following represents the portion of the condensed consolidated statements of financial condition attributable to the consolidated GLI SICAV as of June 30, 2016 and December 31, 2015. The assets may only be used to settle obligations of GLI SICAV and the liabilities are the sole obligation of GLI SICAV, for which creditors do not have recourse to the general credit of the Company (in thousands):
The Cohen & Steers Active Commodities Strategy Fund, Inc. (CDF), launched by the Company in May 2014 and is an open-end fund for which the Company is the investment adviser. CDF is a VOE and the Company owned the majority of the outstanding voting interest in the fund as of June 30, 2016. Accordingly, the underlying assets and liabilities and results of operations of CDF have been included in the Company's condensed consolidated financial statements with the third-party interests classified as redeemable noncontrolling interest. The Cohen & Steers Active Commodities Fund, LP (ACOM), launched by the Company in April 2013, is structured as a partnership. The Company is the investment adviser of ACOM for which it is entitled to receive a management fee. The Company owned all of the voting interest in ACOM through September 30, 2014. Accordingly, the underlying assets and liabilities and results of operations of ACOM had been included in the Company's condensed consolidated financial statements. As a result of third-party investments into the fund, effective October 1, 2014, the Company no longer held a controlling financial interest in ACOM. The Company determined that ACOM was not a VIE as the limited partners, unaffiliated with the Company, have the ability to liquidate the fund with a majority vote. As a result, the Company does not have financial control and ACOM is not consolidated into the Company's condensed consolidated financial statements. The Company's equity interest in ACOM represents a seed investment to launch the fund, adjusted for the Company's proportionate share of the fund's earnings. As of June 30, 2016, the Company's ownership in ACOM was approximately 11%; however, as the general partner, the Company has significant influence over the financial decisions of ACOM and therefore records its investment in ACOM using the equity method of accounting. Cohen & Steers Global Realty Partners III-TE, L.P. (GRP-TE), which had its closing in October 2011, is structured as a partnership. The Company is the general partner and investment adviser of GRP-TE, for which it receives a management fee and is entitled to receive an incentive distribution, if earned. GRP-TE is a VIE and the Company is not the primary beneficiary. As the general partner, the Company has significant influence over the financial decisions of GRP-TE and therefore records its investment using the equity method of accounting. The Company's equity interest in GRP-TE represents a seed investment to launch the fund, adjusted for the Company’s proportionate share of the fund’s earnings. As of June 30, 2016, the Company's ownership in GRP-TE was approximately 0.2%. The Company's risk with respect to its investment in GRP-TE is limited to its equity ownership and any uncollected management fees. In conjunction with the launch of GRP-TE, the Company established Cohen & Steers Co-Investment Partnership, L.P. (GRP-CIP), which is used by the Company to fulfill its contractual commitment to co-invest with GRP-TE. See Note 11 for further discussion regarding the Company's co-investment commitment. As of June 30, 2016, GRP-CIP is a VIE and the Company is the primary beneficiary as it owns all of the voting interest in GRP-CIP. Accordingly, the underlying assets and liabilities and results of operations of GRP-CIP have been included in the Company's condensed consolidated financial statements. The following represents the portion of the condensed consolidated statements of financial condition attributable to the consolidated GRP-CIP as of June 30, 2016 and December 31, 2015. The assets may only be used to settle obligations of GRP-CIP and the liabilities are the sole obligation of GRP-CIP, for which creditors do not have recourse to the general credit of the Company (in thousands):
MLO, launched by the Company in December 2013, is an open-end fund for which the Company is the investment adviser. MLO is a VOE and the Company owned the majority of the outstanding voting interest in MLO through October 31, 2014. Accordingly, the underlying assets and liabilities and results of operations of MLO had been included in the Company's condensed consolidated financial statements with the third-party interests classified as redeemable noncontrolling interest. Effective November 1, 2014, as a result of additional third-party subscriptions into the fund, the Company no longer owned a majority of the outstanding voting interest in MLO. However, it was determined that the Company had significant influence over the financial decisions of MLO, and therefore recorded its investment in MLO using the equity method of accounting. Effective May 1, 2015, the Company's ownership interest in MLO fell below 20% and the Company no longer had significant influence over MLO. Accordingly, the Company began recording its investment in MLO as an available-for-sale investment. During the three months ended December 31, 2015, MLO changed classification from available-for-sale to equity method. As a result, all prior periods have been retroactively adjusted to reflect this investment as if it had been an equity method investment in prior periods. Accordingly, unrealized losses in the amount of $(1,751,000) for the three and six months ended June 30, 2015, have been reclassified from accumulated other comprehensive income to equity in earnings (losses) of affiliates. Effective June 1, 2016, the Company's ownership interest in MLO fell below 20% and the Company no longer has significant influence over MLO. Accordingly, the Company began recording its investment in MLO as an available-for-sale investment. Cohen & Steers Real Assets Fund, Inc. (RAP), launched by the Company in January 2012, is an open-end fund for which the Company is the investment adviser. RAP is a VOE. During the period August 1, 2013 through September 30, 2014, the Company did not hold a controlling financial interest in RAP, however it was determined that the Company had significant influence over RAP. Accordingly, the Company recorded its investment in RAP using the equity method of accounting. Effective September 30, 2014, the Company's ownership interest in RAP fell below 20% and the Company no longer has significant influence over RAP. Accordingly, the Company began recording its investment in RAP as an available-for-sale investment. The following is a summary of the fair value of trading investments and equity method investments as of June 30, 2016 and December 31, 2015 (in thousands):
Gain (loss) from trading investments—net for the three and six months ended June 30, 2016 and 2015, which represent realized and unrealized gains and losses recorded by the funds the Company consolidates, are summarized below (in thousands):
Equity in earnings (losses) of affiliates for the three and six months ended June 30, 2016 and 2015 are summarized below (in thousands):
_________________________ (1) Equity in earnings (losses) of affiliates for the three and six months ended June 30, 2015 has been retroactively adjusted to reflect the seed investment in MLO as if it had been an equity method investment in those periods. The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments as of June 30, 2016 and December 31, 2015 (in thousands):
_________________________ (1) At June 30, 2016, there were no securities with unrealized losses continuously for a period of more than 12 months.
_________________________ (1) At December 31, 2015, there were no securities with unrealized losses continuously for a period of more than 12 months. Available-for-sale investments with a fair value of approximately $869,000 and $1,779,000 at June 30, 2016 and December 31, 2015, respectively, were in an unrealized loss position. Unrealized losses on available-for-sale investments as of June 30, 2016 were generally caused by market conditions. When evaluating whether an unrealized loss on an available-for-sale investment is other than temporary, the Company reviews such factors as the extent and duration of the loss, as well as qualitative and quantitative information about the financial condition and near term prospects of the funds. As of June 30, 2016, the Company determined that it had the ability and intent to hold the remaining investments for which no other-than-temporary impairment has occurred until a recovery of fair value. Accordingly, impairment of these investments is considered temporary. Sales proceeds, gross realized gains and losses from available-for-sale investments for the three and six months ended June 30, 2016 and 2015 are summarized below (in thousands):
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Fair Value |
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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:
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. In determining the appropriate levels, the Company performed a detailed analysis of the assets and liabilities that are subject to ASC 820. Transfers among levels, if any, are recorded as of the beginning of the reporting period. There were no such transfers noted during the three and six months ended June 30, 2016. The following table presents fair value measurements as of June 30, 2016 (in thousands):
_________________________ (1) Comprised of investments in actively traded money market funds measured at NAV. (2) Comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated statement of financial position. Trading investments classified as level 2 in the above table were comprised of United States Treasury Bills carried at amortized cost, which approximates fair value. Trading investments classified as level 3 in the above table were comprised of limited partnership interests which represent the Company's co-investments through GRP-CIP in limited partnership vehicles that invest in private equity vehicles that invest directly in real estate which are generally valued using a discounted cash flow model. Trading investments classified as investments measured at NAV in the above table were comprised of limited partnership interests which represent the Company's co-investments through GRP-CIP in limited partnership vehicles that invest in non-registered real estate funds, which are valued based on the NAVs of the underlying funds. As of June 30, 2016, the Company did not have the ability to redeem these interests. Equity method investments classified as investments measured at NAV in the above table were comprised of the Company's partnership interests in ACOM and GRP-TE, which approximate their fair value based on the funds' NAVs. ACOM invests in exchange-traded commodity futures contracts and other commodity related derivatives. The Company has the ability to redeem its investment in ACOM monthly at NAV per share with prior written notice of 5 days and there are no significant restrictions to redemption. GRP-TE invests in non-registered real estate funds and in private equity vehicles that invest directly in real estate. As of June 30, 2016, the Company did not have the ability to redeem its investment in GRP-TE. The following table presents fair value measurements as of December 31, 2015 (in thousands):
_________________________ (1) Comprised of investments in actively traded money market funds measured at NAV. (2) Comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated statement of financial position. Trading investments classified as level 2 in the above table were comprised of investments in corporate debt securities, which are valued based on prices provided by a third-party pricing service or third-party broker-dealers, and United States Treasury Bills carried at amortized cost, which approximates fair value. Trading investments classified as level 3 in the above table were comprised of limited partnership interests which represent the Company's co-investments through GRP-CIP in limited partnership vehicles that invest in private equity vehicles that invest directly in real estate which are generally valued using a discounted cash flow model. As of December 31, 2015, the Company did not have the ability to redeem these interests. Trading investments classified as investments measured at NAV in the above table were comprised of limited partnership interests which represent the Company's co-investments through GRP-CIP in limited partnership vehicles that invest in non-registered real estate funds, which are valued based on the NAVs of the underlying funds. Equity method investments classified as investments measured at NAV in the above table were comprised of the Company's partnership interests in ACOM and GRP-TE, which approximate their fair value based on the funds' NAVs. ACOM invests in exchange-traded commodity futures contracts and other commodity related derivatives. The Company has the ability to redeem its investment in ACOM monthly at NAV per share with prior written notice of 5 days and there are no significant restrictions to redemption. GRP-TE invests in non-registered real estate funds and in private equity vehicles that invest directly in real estate. As of December 31, 2015, the Company did not have the ability to redeem its investment in GRP-TE. The following table summarizes the changes in level 3 investments measured at fair value on a recurring basis for the three and six months ended June 30, 2016 and June 30, 2015 (in thousands):
_________________________ (1) Pertains to unrealized gains (losses) from securities held at June 30, 2016 and June 30, 2015. Realized and unrealized gains (losses) from investments classified as trading investments in the above table were recorded as gain (loss) from trading investments in the Company's condensed consolidated statements of operations. Valuation Techniques In certain instances, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable brokers/dealers or pricing services. In determining the value of a particular investment, 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 selectively performs detailed reviews of valuations provided by broker/dealers or pricing services. Investments in Company-sponsored funds are valued at their closing NAV. Foreign exchange contracts are valued by interpolating a value using the spot foreign exchange rate and forward points (based on the spot rate and currency interest rate differentials), which are all inputs that are observable in active markets (level 2). 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 involves a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued 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. The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of June 30, 2016 were:
The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of December 31, 2015 were:
Changes in the significant unobservable inputs in the tables above may result in a materially higher or lower fair value measurement. |
Derivatives |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives The following is a summary of the notional and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts at June 30, 2016 (in thousands):
The following is a summary of the notional and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts at December 31, 2015 (in thousands):
Cash included in due from broker in the condensed consolidated statement of financial condition of approximately $192,000 as of December 31, 2015, was held as collateral for futures contracts. Securities included in trading investments in the condensed consolidated statement of financial condition of approximately $405,000 and $566,000 as of June 30, 2016 and December 31, 2015, respectively, were held as collateral for futures contracts. Gains and losses from derivative financial instruments for the three and six months ended June 30, 2016 and 2015 are summarized below (in thousands):
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic 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. Common stock equivalents are comprised of dilutive potential shares from restricted stock unit awards. Common stock equivalents are excluded from the computation if their effect is anti-dilutive. Diluted earnings per share is computed using the treasury stock method. Anti-dilutive common stock equivalents of approximately 28,000 shares were excluded from the computation for the six months ended June 30, 2016. Anti-dilutive common stock equivalents of approximately 17,000 and 8,000 shares, respectively, were excluded from the computation for the three and six months ended June 30, 2015. The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the three and six months ended June 30, 2016 and 2015 (in thousands, except per share data):
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Income Taxes |
6 Months Ended |
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Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes includes U.S. federal, state, local and foreign taxes. For the three months ended June 30, 2016 and June 30, 2015, the effective tax rate was approximately 35.5% and 39.1%, respectively. The effective tax rate for the three months ended June 30, 2016 included the cumulative effect to adjust the estimated tax rate to 36.6% for the full year 2016. The effective tax rate for the six months ended June 30, 2016 and June 30, 2015 was approximately 36.6% and 38%, respectively. The Company expects the tax rate for the full year 2016 to approximate 36.6%, excluding discrete items. Deferred income taxes represent the tax effects of the temporary differences between book and tax basis and are measured using enacted tax rates that will be in effect when such items are expected to reverse. The Company's net deferred tax asset is primarily comprised of future income tax deductions attributable to the delivery of unvested restricted stock units. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. |
Regulatory Requirements |
6 Months Ended |
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Jun. 30, 2016 | |
Regulatory Capital Requirements [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 under the Rule. As of June 30, 2016, CSS had net capital of approximately $1,261,000, which exceeded its requirements by approximately $1,097,000. 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. In July 2016, CSCM made a capital contribution into CSS in the amount of $2 million. CSS does not carry customer accounts and is exempt from SEC Rule 15c3-3 pursuant to provisions (k)(1) and (k)(2)(i) of such rule. CSAL and CSUK are regulated outside the U.S. by the Hong Kong Securities and Futures Commission and the United Kingdom Financial Conduct Authority, respectively. As of June 30, 2016, CSAL and CSUK had aggregate regulatory capital of approximately $68,437,000, which exceeded aggregate regulatory capital requirements by approximately $66,029,000. |
Related Party Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party Transactions The Company is an investment adviser to, and has administrative agreements with, affiliated funds for which certain employees are officers and/or directors. The following table sets forth the amount of revenue the Company earned from these affiliated funds for the three and six months ended June 30, 2016 and 2015 (in thousands):
Dividend income from available-for-sale investments in Company-sponsored funds for the three and six months ended June 30, 2016 and 2015 are summarized below (in thousands):
The Company has agreements with certain affiliated open-end and closed-end funds to reimburse certain fund expenses. For the three months ended June 30, 2016 and 2015, expenses of approximately $1,789,000 and $2,084,000, respectively, were incurred by the Company pursuant to these agreements and are included in general and administrative expenses. For the six months ended June 30, 2016 and 2015, fund reimbursement expenses of approximately $3,823,000 and $4,478,000, respectively, were incurred. Included in accounts receivable at June 30, 2016 and December 31, 2015 are receivables due from Company-sponsored funds of approximately $19,989,000 and $19,209,000, respectively. |
Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies From 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 condensed consolidated results of operations, cash flows or financial position. The Company periodically commits to fund a portion of the equity in certain of its sponsored investment products. The Company has committed to co-invest up to $5.1 million alongside GRP-TE, a portion of which is made through GRP-TE and the remainder of which is made through GRP-CIP for up to 12 years through the life of GRP-TE. As of June 30, 2016, the Company has funded approximately $3.3 million with respect to this commitment. The actual timing for funding the unfunded portion of this commitment is currently unknown, as the drawdown of the Company's unfunded commitment is contingent on the timing of drawdowns by the underlying funds and co-investments in which GRP-TE invests. The unfunded commitment was not recorded on the Company's condensed consolidated statements of financial condition as of June 30, 2016. |
Concentration of Credit Risk |
6 Months Ended |
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Jun. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Concentration of Credit Risk The Company's cash and cash equivalents are principally on deposit with three major financial institutions. The Company is subject to credit risk should these financial institutions be unable to fulfill their obligations. |
Subsequent Events |
6 Months Ended |
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Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the condensed consolidated financial statements were issued. Other than the items described below and in Note 9, the Company determined that there were no additional subsequent events that require disclosure and/or adjustment. On August 4, 2016, CNS declared a quarterly dividend on its common stock in the amount of $0.26 per share. The dividend will be payable on September 22, 2016 to stockholders of record at the close of business on September 1, 2016. |
Basis of Presentation and Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Accounting Estimates | Accounting Estimates—The preparation of the condensed 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 condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the condensed consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. |
Reclassifications | Reclassifications—Certain prior year amounts have been reclassified to conform to the current year presentation. On the condensed consolidated statements of cash flows, the captions "distribution and service fees payable" and "due to broker" have been reclassified from "other liabilities and accrued expenses." |
Consolidation | Consolidation of Company-sponsored Funds—The Company consolidates entities, including sponsored funds, that are deemed to be voting interest entities (VOE) when it has financial control over the entity which is generally when the Company owns a majority of the outstanding voting interest. Investments in Company-sponsored funds are evaluated at inception and subsequently if there is a reconsideration event to determine if the fund is a VIE or VOE and which consolidation model to apply. 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 or when the Company is the general partner of the fund and the limited partners do not have substantive kick-out or participating rights in the fund. The Company records noncontrolling interests in consolidated subsidiaries for which the Company’s ownership is less than 100 percent. |
VIE | A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) 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 (a) the power to direct the activities of the VIE that most significantly affect its performance and (b) 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. Investments 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. 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. See Note 4 for further discussion about the Company’s seed investments. |
Cash and Cash Equivalents | Cash and Cash Equivalents—Cash equivalents consist of short-term, highly liquid investments, which are readily convertible into cash and have original maturities of three months or less. |
Due from/to Broker | Due from/to Broker—The Company conducts business, primarily with respect to its consolidated seed investments, with brokers for certain of its investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to broker balance represents cash and cash equivalents balances at brokers/custodians and/or net receivables and payables for unsettled security transactions. |
Investments | Investments—Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each statement of financial condition date. Investments classified as trading represent securities held within the affiliated funds that the Company consolidates and are measured at fair value based on quoted market prices, market prices obtained from independent pricing services engaged by management or as determined by the Company’s valuation committee. Unrealized gains and losses are recorded as gain (loss) from trading investments—net in the Company’s condensed consolidated statements of operations. Investments classified as equity method investments represent seed investments in which the Company owns between 20-50% of the outstanding voting interests in the fund 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 the investee’s net income or loss for the period which is recorded as equity in earnings (losses) of affiliates in the Company’s condensed consolidated statements of operations. As of June 30, 2016, the Company's equity method investments consisted of interests in affiliated funds which measure their underlying investments at fair value and report a net asset value on a recurring basis. The carrying amounts of these investments approximate their fair value. Investments classified as available-for-sale are comprised of equity securities, investment-grade preferred instruments and investments in Company-sponsored open-end funds where the Company has neither control nor the ability to exercise significant influence. These investments are carried at fair value based on quoted market prices or market prices obtained from independent pricing services engaged by management, with unrealized gains and losses, net of tax, reported in accumulated other comprehensive income. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other than temporary. If the Company believes an impairment of a security position is other than temporary, based on available quantitative and qualitative information as of the report date, the loss will be recognized as gain (loss) from available-for-sale investments—net in the Company’s condensed consolidated statements of operations. From time to time, the affiliated funds consolidated by the Company enter into derivative contracts to gain exposure to the underlying commodities markets or to hedge market and credit risks of the underlying portfolios utilizing options, total return swaps, credit default swaps and futures contracts. These instruments are measured at fair value with gains and losses recorded as gain (loss) from trading investments—net in the Company's condensed consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses in the Company's condensed consolidated statements of financial condition. As of June 30, 2016, none of the outstanding derivative contracts were subject to a master netting agreement or other similar arrangement. Additionally, from time to time, the Company enters into foreign exchange contracts to hedge its currency exposure related to certain client receivables. These instruments are measured at fair value with gains and losses recorded in other non-operating income in the Company's condensed consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses in the Company's condensed consolidated statements of financial condition. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets—Goodwill represents the excess of the cost of the Company’s investment in the net assets of an acquired company over the fair value of the underlying identifiable net assets at the date of acquisition. 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. Finite lived intangible assets are amortized over their useful lives and are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. See Note 3 for further discussion about the Company’s goodwill and intangible assets. |
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest—Redeemable noncontrolling interest represents third-party interests in the Company's consolidated entities. This interest is redeemable at the option of the investors and therefore is not treated as permanent equity. Redeemable noncontrolling interest is remeasured at redemption value which approximates the fair value at each reporting period. |
Investment Advisory and Administrative Fees | Investment Advisory and Administration Fees—The Company earns revenue by providing asset management services to institutional accounts and to Company-sponsored open-end and closed-end funds. Investment advisory fees are earned pursuant to the terms of investment management agreements, and are based on a contractual fee rate applied to the assets in the portfolio. 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 assets under management of such funds. Investment advisory and administration fee revenue is recognized as such fees are earned. |
Distribution and Service Fee Revenue | Distribution and Service Fee Revenue—CSS acts as the principal distributor of the Company’s sponsored open-end funds which may offer the following classes: Class A (initial sales load), Class C (back end sales load), Class R (load retirement) and Class Z (no load retirement). Effective May 2007, the Company suspended sales of Class B shares and all remaining Class B shares converted to Class A shares in 2015. Distribution and service fee revenue is based on the average daily net assets of the funds as detailed below. 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. Pursuant to distribution plans with the Company's sponsored open-end funds, CSS receives distribution fees of up to 25bps for Class A shares and 75bps for Class C shares. CSS also receives shareholder servicing fees of up to 10bps on Class A shares and 25bps on Class C shares, pursuant to shareholder servicing plans with the funds. CSS receives combined distribution and shareholder servicing fees of up to 50bps for Class R shares. |
Distribution and Service Fee Expense | Distribution and Service Fee Expense—Distribution and service fee expense includes distribution fees, service fees and intermediary assistance payments. Distribution and service fee expense is recorded as incurred. Distribution fee expense represents payments made to qualified dealers/institutions 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 costs and 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 (Rule 12b-1). CSS pays distribution fee expense based on the average daily net assets under management of up to 25bps on Class A shares and 75bps on Class C shares. Shareholder servicing fee expense represents payments made to qualified dealers/institutions for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. CSS pays service fee expenses based on the average daily net assets under management of up to 10bps on Class A shares and 25bps on Class C shares. CSS pays combined distribution and service fee expenses based on the average daily net assets under management of up to 50bps on Class R shares. Intermediary assistance payments represent payments to qualified dealers/institutions for activities related to distribution, shareholder servicing and marketing and support of Company-sponsored open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on the average assets under management or the number of accounts being serviced. |
Portfolio Consulting and Other | Portfolio Consulting and Other—The Company earns portfolio consulting and other fees by: (i) providing portfolio consulting services in connection with model-based strategy accounts; (ii) earning a licensing fee for the use of the Company's proprietary indexes; and (iii) providing portfolio monitoring services related to a number of unit investment trusts. This revenue is earned pursuant to the terms of the underlying contract, and the fee schedules for these relationships vary based on the type of services the Company provides for each relationship. This revenue is recognized as such fees are earned. |
Stock-based Compensation | Stock-based Compensation—The Company recognizes compensation expense for the grant-date fair value of awards of equity instruments to employees. This expense is recognized over the period during which employees are required to provide service. The Company also estimates forfeitures. |
Income Taxes | Income Taxes—The Company records the current and deferred tax consequences of all transactions that have been recognized in the condensed 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 effective tax rate for interim periods represents the Company’s best estimate of the effective tax rate expected to be applied to the full fiscal year. The calculation of the tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across our global operations. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. |
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 condensed 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 condensed consolidated statements of comprehensive income. The cumulative translation adjustment was $(4,853,000) and $(3,908,000) as of June 30, 2016 and December 31, 2015, respectively. Gains or losses resulting from non-U.S. dollar currency transactions are included in other non-operating income in the condensed consolidated statements of operations. |
Comprehensive Income | Comprehensive Income—The Company reports all changes in comprehensive income in the condensed consolidated statements of comprehensive income. Comprehensive income includes net income or loss attributable to common stockholders, foreign currency translation gain and loss (net of tax), unrealized gain and loss from available-for-sale investments (net of tax) and reclassification to statements of operations of gain and loss from available-for-sale investments (net of tax). |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements—In May 2016, the FASB amended the new revenue recognition standard to clarify the guidance on assessing collectibility, presenting sales taxes, measuring noncash consideration, and certain transition matters. This new guidance will be effective concurrent with the effective date of the revenue standard in the Company's first quarter of 2018. The Company is currently evaluating the potential effect of this revised guidance on its condensed consolidated financial statements and related disclosures. In April 2016, the FASB issued an amendment to the new revenue recognition standard to provide more detailed guidance including additional implementation guidance and examples related to a) identifying performance obligations and b) licenses of intellectual property. This new guidance will be effective concurrent with the effective date of the revenue standard in the Company’s first quarter of 2018. The Company is currently evaluating the potential effect of this revised guidance on its condensed consolidated financial statements and related disclosures. In March 2016, the FASB issued new guidance amending the current accounting for an investment that becomes qualified for the equity method of accounting. The guidance requires that the cost of acquiring an additional interest in the entity, if any, that resulted in the investment qualifying for the equity method be added to the carrying value of the investment. The equity method will then be applied from that point forward without any retroactive application or adjustment. This new guidance will be effective for the Company’s first quarter of 2017. The Company is currently evaluating the potential impact on its condensed consolidated financial statements and related disclosures. In March 2016, the FASB issued new guidance which simplifies several aspects of the accounting for share-based payment transactions, including the accounting for income taxes, excess tax benefits, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. This new guidance will be effective for the Company’s first quarter of 2017. The Company is currently evaluating the potential impact on its condensed consolidated financial statements and related disclosures. In March 2016, the FASB issued revised guidance which amends the principal versus agent implementation guidance and illustrations in the Board’s new revenue standard. This revised guidance clarifies the guidance related to (a) determining the appropriate unit of account under the revenue standard’s principal versus agent guidance and (b) applying the indicators of whether an entity is a principal or an agent in accordance with the revenue standard’s control principle. This revised guidance will be effective concurrent with the effective date of the revenue standard in the Company’s first quarter of 2018. The Company is currently evaluating the potential effect of this revised guidance on its condensed consolidated financial statements and related disclosures. In February 2016, the FASB issued guidance introducing a new lease model which requires all operating leases to be recorded on the balance sheet as right of use assets and offsetting lease liability obligations. The guidance requires disclosures by lessees and lessors to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This new guidance will be effective for the Company’s first quarter of 2019. The Company is currently evaluating the potential effect of this new guidance on its condensed consolidated financial statements and related disclosures. In January 2016, the FASB issued new guidance amending the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. This new guidance will be effective for the Company’s first quarter of 2018. The Company is currently evaluating the potential effect of this new guidance on its condensed consolidated financial statements and related disclosures. In August 2014, the FASB issued new guidance regarding disclosure of going concern uncertainties in the financial statements. The guidance requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued at each annual and interim reporting period. This new guidance will be effective for the Company’s first quarter of 2017. The Company does not anticipate that the adoption of this new guidance will have a material effect on its condensed consolidated financial statements and related disclosures. In May 2014, the FASB issued new guidance which outlined a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This new guidance will be effective for the Company's first quarter of 2018 and requires either a retrospective or a modified retrospective approach to adoption. The Company is currently evaluating the potential effect of this new guidance on its condensed consolidated financial statements and related disclosures, as well as the available transition methods. |
Valuation Techniques | Valuation Techniques In certain instances, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable brokers/dealers or pricing services. In determining the value of a particular investment, 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 selectively performs detailed reviews of valuations provided by broker/dealers or pricing services. Investments in Company-sponsored funds are valued at their closing NAV. Foreign exchange contracts are valued by interpolating a value using the spot foreign exchange rate and forward points (based on the spot rate and currency interest rate differentials), which are all inputs that are observable in active markets (level 2). 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 involves a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments are valued 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. |
Goodwill and Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets | The following table details the gross carrying amounts and accumulated amortization for the intangible assets at June 30, 2016 and December 31, 2015 (in thousands):
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Schedule Future Amortization Expense | Estimated future amortization expense is as follows (in thousands):
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Investments (Tables) |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Investment Holdings | The following is a summary of the Company's investments as of June 30, 2016 and December 31, 2015 (in thousands):
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Gain (Loss) on Investments | Gain (loss) from seed investments for the three and six months ended June 30, 2016 and 2015 are summarized below (in thousands):
_________________________ (1) Includes net income/(loss) attributable to redeemable noncontrolling interest for the periods presented. |
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Schedule of Variable Interest Entities | The following represents the portion of the condensed consolidated statements of financial condition attributable to the consolidated GRP-CIP as of June 30, 2016 and December 31, 2015. The assets may only be used to settle obligations of GRP-CIP and the liabilities are the sole obligation of GRP-CIP, for which creditors do not have recourse to the general credit of the Company (in thousands):
The following represents the portion of the condensed consolidated statements of financial condition attributable to the consolidated GLI SICAV as of June 30, 2016 and December 31, 2015. The assets may only be used to settle obligations of GLI SICAV and the liabilities are the sole obligation of GLI SICAV, for which creditors do not have recourse to the general credit of the Company (in thousands):
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Schedule of Fair Value of Trading Investments and Equity Method Method Investments | The following is a summary of the fair value of trading investments and equity method investments as of June 30, 2016 and December 31, 2015 (in thousands):
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Trading Investments | Gain (loss) from trading investments—net for the three and six months ended June 30, 2016 and 2015, which represent realized and unrealized gains and losses recorded by the funds the Company consolidates, are summarized below (in thousands):
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Schedule of Equity in Earnings (Losses) of Affiliates | Equity in earnings (losses) of affiliates for the three and six months ended June 30, 2016 and 2015 are summarized below (in thousands):
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Schedule of Available-for-sale Investments Reconciliation | The following is a summary of the cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments as of June 30, 2016 and December 31, 2015 (in thousands):
_________________________ (1) At June 30, 2016, there were no securities with unrealized losses continuously for a period of more than 12 months.
_________________________ (1) At December 31, 2015, there were no securities with unrealized losses continuously for a period of more than 12 months. |
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Realized Gain (Loss) on Investments | Sales proceeds, gross realized gains and losses from available-for-sale investments for the three and six months ended June 30, 2016 and 2015 are summarized below (in thousands):
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Fair Value (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring | The following table presents fair value measurements as of June 30, 2016 (in thousands):
_________________________ (1) Comprised of investments in actively traded money market funds measured at NAV. (2) Comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the condensed consolidated statement of financial position. The following table presents fair value measurements as of December 31, 2015 (in thousands):
_________________________ |
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Fair Value, Valuation Technique, Unobservable Inputs | The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of June 30, 2016 were:
The valuation techniques and significant unobservable inputs used in the fair value measurement of the following level 3 investments as of December 31, 2015 were:
The following table summarizes the changes in level 3 investments measured at fair value on a recurring basis for the three and six months ended June 30, 2016 and June 30, 2015 (in thousands):
_________________________ (1) Pertains to unrealized gains (losses) from securities held at June 30, 2016 and June 30, 2015. |
Derivatives (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | The following is a summary of the notional and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts at December 31, 2015 (in thousands):
The following is a summary of the notional and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts at June 30, 2016 (in thousands):
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Gains (losses) on Derivatives | Gains and losses from derivative financial instruments for the three and six months ended June 30, 2016 and 2015 are summarized below (in thousands):
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the three and six months ended June 30, 2016 and 2015 (in thousands, except per share data):
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Related Party Transactions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | The following table sets forth the amount of revenue the Company earned from these affiliated funds for the three and six months ended June 30, 2016 and 2015 (in thousands):
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Schedule of Realized Gain (Loss) | ividend income from available-for-sale investments in Company-sponsored funds for the three and six months ended June 30, 2016 and 2015 are summarized below (in thousands):
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Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Maximum | ||
Schedule of Equity Method Investments [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |
Accumulated Translation Adjustment | ||
Cumulative Translation Adjustments balance [Line Items] | ||
Cumulative Foreign Currency Translation Adjustment, Net of Tax | $ (4,853) | $ (3,908) |
Basis of Presentation and Significant Accounting Policies (Distribution Rates - Phantom) (Details) (Details) |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
Common Class A | Maximum | |
Investment [Line Items] | |
Distribution fee revenue, Percent | 0.25% |
Shareholder servicing fee revenue, Percent | 0.10% |
Distribution fee expense, Percent | 0.25% |
Shareholder service fee expenses, Percent | 0.10% |
Common Class C | |
Investment [Line Items] | |
Distribution fee revenue, Percent | 0.75% |
Shareholder servicing fee revenue, Percent | 0.25% |
Distribution fee expense, Percent | 0.75% |
Shareholder service fee expenses, Percent | 0.25% |
Common Class R | |
Investment [Line Items] | |
Distribution fee revenue, Percent | 0.50% |
Distribution fee expense, Percent | 0.50% |
Basis of Presentation and Significant Accounting Policies Cash Equivalents Original Maturities (Details) |
Sep. 30, 2015 |
---|---|
Maximum | |
Restricted Cash and Cash Equivalents Items [Line Items] | |
Contractual Maturities of Time Deposits, $100,000 or More, Description | 3 months |
Basis of Presentation and Significant Accounting Policies Schedule of less than wholly owned subsidiaries (Details) |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% |
Maximum | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Basis of Presentation and Significant Accounting Policies Going concern (Details) |
Sep. 30, 2015 |
---|---|
Accounting Policies [Abstract] | |
Substantial Doubt about Going Concern, Conditions or Events | P1Y |
Basis of Presentation and Significant Accounting Policies Investments at NAV (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Investments Measured at NAV | $ 7,351 | $ 6,535 |
Basis of Presentation and Significant Accounting Policies Reclassification (Details) $ in Thousands |
3 Months Ended |
---|---|
Jun. 30, 2016
USD ($)
| |
Income Statement [Abstract] | |
Prior Period Reclassification Adjustment | $ (1,751) |
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
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Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 18,204 | $ 18,204 | $ 17,975 | ||
Goodwill, Translation Adjustments | 229 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | (1,314) | (1,314) | (1,270) | ||
Intangible Assets, Net | 229 | 229 | |||
Intangible Assets, Gross | 2,793 | 2,793 | 2,793 | ||
Intangible Assets, Net | 1,479 | 1,479 | $ 1,523 | ||
Amortization of Intangible Assets | 22 | $ 22 | $ 44 | $ 44 | |
Remaining Amortization Period | 30 | 36 | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||||
2016 | 45 | $ 45 | |||
2017 | 89 | 89 | |||
2018 | 95 | 95 | |||
Total | 229 | 229 | |||
Client Relationships | |||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 1,543 | 1,543 | $ 1,543 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (1,314) | (1,314) | (1,270) | ||
Intangible Assets, Net | 229 | 229 | 273 | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||||
Total | 229 | 229 | 273 | ||
Mutual Fund Management Contracts | |||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets | $ 1,250 | $ 1,250 | $ 1,250 |
Investments Trading and Equity Investments (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016
USD ($)
new_funds_seeded
|
Jun. 30, 2015
USD ($)
new_funds_seeded
|
Jun. 30, 2016
USD ($)
new_funds_seeded
|
Jun. 30, 2015
USD ($)
new_funds_seeded
|
Dec. 31, 2015
USD ($)
|
||||||||||
Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||
Trading investments | [1],[2] | $ 12,823 | $ 12,823 | $ 37,169 | ||||||||||
Equity method investments | 21,402 | 21,402 | 16,974 | |||||||||||
Available-for-sale investments | 30,931 | 30,931 | 17,191 | |||||||||||
(Loss) gain from trading investments—net | [3] | 1,017 | $ 205 | 810 | $ (246) | |||||||||
Equity in (losses) earnings of affiliates | [4] | 2,640 | (666) | 3,067 | (1,747) | |||||||||
(Loss) gain from available-for-sale investments—net | 158 | 320 | 128 | 420 | ||||||||||
Total (loss) gain on seed investments | $ 3,815 | $ (141) | $ 4,005 | $ (1,573) | ||||||||||
Number of new funds seeded | new_funds_seeded | 0 | 0 | 0 | 0 | ||||||||||
Prior Period Reclassification Adjustment | $ (1,751) | |||||||||||||
ACOM | ||||||||||||||
Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||
Trading investments | 0 | $ 0 | 0 | |||||||||||
Equity method investments | 6,491 | 6,491 | 5,624 | |||||||||||
Equity in (losses) earnings of affiliates | $ 791 | $ 163 | $ 867 | $ (275) | ||||||||||
Ownership percentage range | 11.00% | 11.00% | ||||||||||||
CDF | ||||||||||||||
Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||
Trading investments | $ 5,466 | $ 5,466 | 5,606 | |||||||||||
Equity method investments | 0 | 0 | 0 | |||||||||||
(Loss) gain from trading investments—net | 879 | 163 | 979 | (300) | ||||||||||
GLI SICAV | ||||||||||||||
Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||
Trading investments | 5,284 | 5,284 | 4,719 | |||||||||||
Equity method investments | 0 | 0 | 0 | |||||||||||
(Loss) gain from trading investments—net | 183 | 0 | 575 | 0 | ||||||||||
GRP-CIP | ||||||||||||||
Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||
Trading investments | 2,073 | 2,073 | 2,131 | |||||||||||
Equity method investments | 0 | 0 | 0 | |||||||||||
(Loss) gain from trading investments—net | (45) | 42 | 25 | 54 | ||||||||||
GRP-TE | ||||||||||||||
Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||
Trading investments | 0 | 0 | 0 | |||||||||||
Equity method investments | 91 | 91 | 92 | |||||||||||
Equity in (losses) earnings of affiliates | $ 3 | 1 | $ (11) | 3 | ||||||||||
Ownership percentage range | 0.20% | 0.20% | ||||||||||||
LPX | ||||||||||||||
Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||
Trading investments | $ 0 | $ 0 | 24,713 | |||||||||||
Equity method investments | 14,820 | 14,820 | 0 | |||||||||||
(Loss) gain from trading investments—net | 0 | 0 | (769) | 0 | ||||||||||
Equity in (losses) earnings of affiliates | $ 228 | 0 | $ 474 | 0 | ||||||||||
Ownership percentage range | 30.90% | 30.90% | ||||||||||||
MLO | ||||||||||||||
Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||
Trading investments | $ 0 | $ 0 | 0 | |||||||||||
Equity method investments | 0 | 0 | $ 11,258 | |||||||||||
Equity in (losses) earnings of affiliates | $ 1,618 | $ (830) | $ 1,737 | $ (1,475) | ||||||||||
Ownership percentage range | 20.00% | 20.00% | ||||||||||||
Cohen & Steers Real Asset Fund [Member] | ||||||||||||||
Trading Securities and Other Trading Assets [Line Items] | ||||||||||||||
Ownership percentage range | 20.00% | 20.00% | ||||||||||||
|
Investments Variable Interest Entity (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||
---|---|---|---|---|---|---|---|
Variable Interest Entity [Line Items] | |||||||
Trading investments | [1],[2] | $ 12,823 | $ 37,169 | ||||
Due from broker | [1] | 1,923 | 6,104 | ||||
Other Assets | [1] | 6,778 | 5,765 | ||||
Assets | 297,070 | 305,322 | |||||
Due to broker | [1] | 27 | 4,369 | ||||
Other liabilities and accrued expenses | [1] | 7,465 | 8,000 | ||||
Liabilities | 40,976 | 62,212 | |||||
GRP-CIP | |||||||
Variable Interest Entity [Line Items] | |||||||
Trading investments | 2,073 | 2,131 | |||||
Due from broker | 237 | 207 | |||||
Other Assets | 0 | 0 | |||||
Assets | 2,310 | 2,338 | |||||
Due to broker | 0 | 0 | |||||
Other liabilities and accrued expenses | 5 | 5 | |||||
Liabilities | 5 | 5 | |||||
GLI SICAV | |||||||
Variable Interest Entity [Line Items] | |||||||
Trading investments | 5,284 | 4,719 | |||||
Due from broker | 270 | 176 | |||||
Other Assets | 56 | 53 | |||||
Assets | 5,610 | 4,948 | |||||
Due to broker | 27 | 12 | |||||
Other liabilities and accrued expenses | 90 | 50 | |||||
Liabilities | $ 117 | $ 62 | |||||
|
Investments Available-for-Sale Invsetments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
||||||||
Available-for-sale Investments [Abstract] | ||||||||||||
Cost | $ 28,848 | $ 28,848 | $ 17,127 | |||||||||
Gross Unrealized Gains | 2,211 | 2,211 | 355 | |||||||||
Gross Unrealized Losses | (128) | [1] | (128) | [1] | (291) | [2] | ||||||
Fair Value | 30,931 | 30,931 | 17,191 | |||||||||
Available-for-sale investments in an unrealized loss position | 869 | 869 | 1,779 | |||||||||
Proceeds from Investing Activities [Abstract] | ||||||||||||
Proceeds from sales | 3,464 | $ 3,226 | 5,419 | $ 4,616 | ||||||||
Gross realized gains | 321 | 495 | 471 | 664 | ||||||||
Gross realized losses | (163) | $ (175) | (343) | $ (244) | ||||||||
Preferred securities | ||||||||||||
Available-for-sale Investments [Abstract] | ||||||||||||
Cost | 991 | 991 | 1,115 | |||||||||
Gross Unrealized Gains | 67 | 67 | 66 | |||||||||
Gross Unrealized Losses | (1) | [1] | (1) | [1] | (3) | [2] | ||||||
Fair Value | 1,057 | 1,057 | 1,178 | |||||||||
Common stocks | ||||||||||||
Available-for-sale Investments [Abstract] | ||||||||||||
Cost | 2,678 | 2,678 | 3,828 | |||||||||
Gross Unrealized Gains | 282 | 282 | 288 | |||||||||
Gross Unrealized Losses | (124) | [1] | (124) | [1] | (282) | [2] | ||||||
Fair Value | 2,836 | 2,836 | 3,834 | |||||||||
Company-sponsored funds | ||||||||||||
Available-for-sale Investments [Abstract] | ||||||||||||
Cost | 25,179 | 25,179 | 12,184 | |||||||||
Gross Unrealized Gains | 1,862 | 1,862 | 1 | |||||||||
Gross Unrealized Losses | (3) | [1] | (3) | [1] | (6) | [2] | ||||||
Fair Value | $ 27,038 | $ 27,038 | $ 12,179 | |||||||||
|
Fair Value (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Dec. 31, 2015 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||
Investment redemption, notice period | 5 days | 5 days | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | [1],[2] | $ 12,823 | $ 37,169 | $ 12,823 | $ 37,169 | |||||||||||||||
Equity method investments | 21,402 | 16,974 | 21,402 | 16,974 | ||||||||||||||||
Available-for-sale investments | 30,931 | 17,191 | 30,931 | 17,191 | ||||||||||||||||
Investments Measured at NAV | 7,351 | 6,535 | 7,351 | 6,535 | ||||||||||||||||
Common stocks | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Available-for-sale investments | 2,836 | 3,834 | 2,836 | 3,834 | ||||||||||||||||
Preferred securities | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Available-for-sale investments | 1,057 | 1,178 | 1,057 | 1,178 | ||||||||||||||||
GRP-TE | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 0 | 0 | 0 | 0 | ||||||||||||||||
Equity method investments | 91 | 92 | 91 | 92 | ||||||||||||||||
Company-sponsored funds | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Available-for-sale investments | 27,038 | 12,179 | $ 27,038 | $ 12,179 | ||||||||||||||||
Level 3 | Minimum | ||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||
Fair Value Inputs, Discount rates | 10.00% | 10.00% | ||||||||||||||||||
Fair Value Inputs, Exit capitalization rates | 8.00% | 8.00% | ||||||||||||||||||
Fair Value Inputs, Market rental rates | 15.00 | 15.00 | ||||||||||||||||||
Level 3 | Maximum | ||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||
Fair Value Inputs, Discount rates | 12.50% | 12.50% | ||||||||||||||||||
Fair Value Inputs, Exit capitalization rates | 8.50% | 8.50% | ||||||||||||||||||
Fair Value Inputs, Market rental rates | 17.25 | 17.00 | ||||||||||||||||||
Level 3 | Limited partnership interests | ||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||
Level 3 Fair Value | 1,304 | 1,312 | $ 1,304 | $ 1,312 | ||||||||||||||||
Fair Value, Measurements, Recurring | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Cash equivalents | [3] | 60,412 | 60,412 | |||||||||||||||||
Trading investments | 37,169 | 37,169 | ||||||||||||||||||
Equity method investments | 16,974 | 16,974 | ||||||||||||||||||
Available-for-sale investments | 17,191 | 17,191 | ||||||||||||||||||
Derivative - assets | 300 | 300 | ||||||||||||||||||
Derivative - liabilities | 644 | 644 | ||||||||||||||||||
Fair Value, Measurements, Recurring | Commodity contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - assets | 290 | 290 | ||||||||||||||||||
Derivative - liabilities | 425 | 425 | ||||||||||||||||||
Fair Value, Measurements, Recurring | Foreign exchange contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - assets | 10 | 10 | ||||||||||||||||||
Derivative - liabilities | 219 | 219 | ||||||||||||||||||
Fair Value, Measurements, Recurring | Common stocks | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 5,284 | 4,719 | 5,284 | 4,719 | ||||||||||||||||
Available-for-sale investments | 2,836 | 3,834 | 2,836 | 3,834 | ||||||||||||||||
Fair Value, Measurements, Recurring | Fixed income securities | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 5,466 | 26,456 | 5,466 | 26,456 | ||||||||||||||||
Fair Value, Measurements, Recurring | Limited partnership interests | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 2,073 | 2,131 | 2,073 | 2,131 | ||||||||||||||||
Fair Value, Measurements, Recurring | Preferred securities | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 3,863 | 3,863 | ||||||||||||||||||
Available-for-sale investments | 1,057 | 1,178 | 1,057 | 1,178 | ||||||||||||||||
Fair Value, Measurements, Recurring | Company-sponsored funds | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Available-for-sale investments | 27,038 | 12,179 | 27,038 | 12,179 | ||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Cash equivalents | [4] | 60,412 | 60,412 | |||||||||||||||||
Trading investments | 8,582 | 8,582 | ||||||||||||||||||
Equity method investments | 11,258 | 11,258 | ||||||||||||||||||
Available-for-sale investments | 17,191 | 17,191 | ||||||||||||||||||
Derivative - assets | 290 | 290 | ||||||||||||||||||
Derivative - liabilities | 425 | 425 | ||||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Commodity contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - assets | 290 | 290 | ||||||||||||||||||
Derivative - liabilities | 425 | 425 | ||||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Foreign exchange contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - assets | 0 | 0 | ||||||||||||||||||
Derivative - liabilities | 0 | 0 | ||||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Common stocks | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 5,284 | 4,719 | 5,284 | 4,719 | ||||||||||||||||
Available-for-sale investments | 2,836 | 3,834 | 2,836 | 3,834 | ||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Fixed income securities | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 0 | 0 | 0 | 0 | ||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Limited partnership interests | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 0 | 0 | 0 | 0 | ||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Preferred securities | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 3,863 | 3,863 | ||||||||||||||||||
Available-for-sale investments | 1,046 | 1,178 | 1,046 | 1,178 | ||||||||||||||||
Fair Value, Measurements, Recurring | Level 1 | Company-sponsored funds | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Available-for-sale investments | 27,038 | 12,179 | 27,038 | 12,179 | ||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Cash equivalents | [4] | 0 | 0 | |||||||||||||||||
Trading investments | 26,456 | 26,456 | ||||||||||||||||||
Equity method investments | 0 | 0 | ||||||||||||||||||
Available-for-sale investments | 0 | 0 | ||||||||||||||||||
Derivative - assets | 10 | 10 | ||||||||||||||||||
Derivative - liabilities | 219 | 219 | ||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Commodity contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - assets | 0 | 0 | ||||||||||||||||||
Derivative - liabilities | 0 | 0 | ||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Foreign exchange contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - assets | 10 | 10 | ||||||||||||||||||
Derivative - liabilities | 219 | 219 | ||||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Common stocks | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 0 | 0 | 0 | 0 | ||||||||||||||||
Available-for-sale investments | 0 | 0 | 0 | 0 | ||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Fixed income securities | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 5,466 | 26,456 | 5,466 | 26,456 | ||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Limited partnership interests | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 0 | 0 | 0 | 0 | ||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Preferred securities | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 0 | 0 | ||||||||||||||||||
Available-for-sale investments | 11 | 0 | 11 | 0 | ||||||||||||||||
Fair Value, Measurements, Recurring | Level 2 | Company-sponsored funds | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Available-for-sale investments | 0 | 0 | 0 | 0 | ||||||||||||||||
Fair Value, Measurements, Recurring | Level 3 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Cash equivalents | [4] | 0 | 0 | |||||||||||||||||
Trading investments | 1,312 | 1,312 | ||||||||||||||||||
Equity method investments | 0 | 0 | ||||||||||||||||||
Available-for-sale investments | 0 | 0 | ||||||||||||||||||
Derivative - assets | 0 | 0 | ||||||||||||||||||
Derivative - liabilities | 0 | 0 | ||||||||||||||||||
Fair Value, Measurements, Recurring | Level 3 | Commodity contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - assets | 0 | 0 | ||||||||||||||||||
Derivative - liabilities | 0 | 0 | ||||||||||||||||||
Fair Value, Measurements, Recurring | Level 3 | Foreign exchange contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - assets | 0 | 0 | ||||||||||||||||||
Derivative - liabilities | 0 | 0 | ||||||||||||||||||
Fair Value, Measurements, Recurring | Level 3 | Common stocks | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 0 | 0 | 0 | 0 | ||||||||||||||||
Available-for-sale investments | 0 | 0 | 0 | 0 | ||||||||||||||||
Fair Value, Measurements, Recurring | Level 3 | Fixed income securities | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 0 | 0 | 0 | 0 | ||||||||||||||||
Fair Value, Measurements, Recurring | Level 3 | Limited partnership interests | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 1,304 | 1,312 | 1,304 | 1,312 | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||||||
Balance at beginning of period | 1,338 | $ 1,403 | 1,312 | $ 1,465 | 1,465 | |||||||||||||||
Purchases / contributions | 21 | 7 | 21 | 7 | ||||||||||||||||
Sales / distributions | (53) | 0 | (53) | 0 | ||||||||||||||||
Realized losses | 0 | 0 | 0 | (62) | ||||||||||||||||
Unrealized (losses) gains | (2) | [5] | 9 | [5] | 24 | [5] | 9 | |||||||||||||
Transfers into (out of) level 3 | 0 | 0 | 0 | 0 | ||||||||||||||||
Balance at end of period | 1,304 | 1,312 | $ 1,419 | 1,304 | $ 1,419 | 1,312 | ||||||||||||||
Fair Value, Measurements, Recurring | Level 3 | Preferred securities | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 0 | 0 | ||||||||||||||||||
Available-for-sale investments | 0 | 0 | 0 | 0 | ||||||||||||||||
Fair Value, Measurements, Recurring | Level 3 | Company-sponsored funds | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Available-for-sale investments | 0 | 0 | 0 | 0 | ||||||||||||||||
Cash equivalents | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Investments Measured at NAV | [4] | 0 | 0 | 0 | 0 | |||||||||||||||
Cash equivalents | Fair Value, Measurements, Recurring | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Cash equivalents | [3] | 64,693 | 64,693 | |||||||||||||||||
Cash equivalents | Fair Value, Measurements, Recurring | Level 1 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Cash equivalents | [3] | 64,693 | 64,693 | |||||||||||||||||
Cash equivalents | Fair Value, Measurements, Recurring | Level 2 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Cash equivalents | [3] | 0 | 0 | |||||||||||||||||
Cash equivalents | Fair Value, Measurements, Recurring | Level 3 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Cash equivalents | [3] | 0 | 0 | |||||||||||||||||
Trading investments | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Investments Measured at NAV | 769 | 819 | 769 | 819 | ||||||||||||||||
Trading investments | Fair Value, Measurements, Recurring | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 12,823 | 12,823 | ||||||||||||||||||
Trading investments | Fair Value, Measurements, Recurring | Level 1 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 5,284 | 5,284 | ||||||||||||||||||
Trading investments | Fair Value, Measurements, Recurring | Level 2 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 5,466 | 5,466 | ||||||||||||||||||
Trading investments | Fair Value, Measurements, Recurring | Level 3 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Trading investments | 1,304 | 1,304 | ||||||||||||||||||
Fixed income securities | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Investments Measured at NAV | 0 | 0 | 0 | 0 | ||||||||||||||||
Limited partnership interests | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Investments Measured at NAV | 769 | 819 | 769 | 819 | ||||||||||||||||
Equity method investments | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Investments Measured at NAV | 6,582 | 5,716 | 6,582 | 5,716 | ||||||||||||||||
Equity method investments | Fair Value, Measurements, Recurring | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Equity method investments | 21,402 | 21,402 | ||||||||||||||||||
Equity method investments | Fair Value, Measurements, Recurring | Level 1 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Equity method investments | 14,820 | 14,820 | ||||||||||||||||||
Equity method investments | Fair Value, Measurements, Recurring | Level 2 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Equity method investments | 0 | 0 | ||||||||||||||||||
Equity method investments | Fair Value, Measurements, Recurring | Level 3 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Equity method investments | 0 | 0 | ||||||||||||||||||
Available-for-sale investments | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Investments Measured at NAV | 0 | 0 | 0 | 0 | ||||||||||||||||
Available-for-sale investments | Fair Value, Measurements, Recurring | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Available-for-sale investments | 30,931 | 30,931 | ||||||||||||||||||
Available-for-sale investments | Fair Value, Measurements, Recurring | Level 1 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Available-for-sale investments | 30,920 | 30,920 | ||||||||||||||||||
Available-for-sale investments | Fair Value, Measurements, Recurring | Level 2 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Available-for-sale investments | 11 | 11 | ||||||||||||||||||
Available-for-sale investments | Fair Value, Measurements, Recurring | Level 3 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Available-for-sale investments | 0 | 0 | ||||||||||||||||||
Preferred securities | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Investments Measured at NAV | 0 | 0 | 0 | 0 | ||||||||||||||||
Common stocks | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Investments Measured at NAV | 0 | 0 | 0 | 0 | ||||||||||||||||
Company-sponsored funds | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Investments Measured at NAV | 0 | 0 | 0 | 0 | ||||||||||||||||
Derivative - assets | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Investments Measured at NAV | 0 | 0 | 0 | 0 | ||||||||||||||||
Derivative - assets | Commodity contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Investments Measured at NAV | 0 | 0 | 0 | 0 | ||||||||||||||||
Derivative - assets | Foreign exchange contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Investments Measured at NAV | 0 | 0 | ||||||||||||||||||
Derivative - assets | Fair Value, Measurements, Recurring | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - assets | 427 | 427 | ||||||||||||||||||
Derivative - assets | Fair Value, Measurements, Recurring | Commodity contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - assets | 427 | 427 | ||||||||||||||||||
Derivative - assets | Fair Value, Measurements, Recurring | Level 1 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - assets | 427 | 427 | ||||||||||||||||||
Derivative - assets | Fair Value, Measurements, Recurring | Level 1 | Commodity contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - assets | 427 | 427 | ||||||||||||||||||
Derivative - assets | Fair Value, Measurements, Recurring | Level 2 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - assets | 0 | 0 | ||||||||||||||||||
Derivative - assets | Fair Value, Measurements, Recurring | Level 2 | Commodity contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - assets | 0 | 0 | ||||||||||||||||||
Derivative - assets | Fair Value, Measurements, Recurring | Level 3 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - assets | 0 | 0 | ||||||||||||||||||
Derivative - assets | Fair Value, Measurements, Recurring | Level 3 | Commodity contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - assets | 0 | 0 | ||||||||||||||||||
Derivative - liabilities | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Investments Measured at NAV | 0 | 0 | 0 | 0 | ||||||||||||||||
Derivative - liabilities | Commodity contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Investments Measured at NAV | 0 | 0 | 0 | 0 | ||||||||||||||||
Derivative - liabilities | Foreign exchange contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Investments Measured at NAV | 0 | $ 0 | 0 | $ 0 | ||||||||||||||||
Derivative - liabilities | Fair Value, Measurements, Recurring | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - liabilities | 1,015 | 1,015 | ||||||||||||||||||
Derivative - liabilities | Fair Value, Measurements, Recurring | Commodity contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - liabilities | 265 | 265 | ||||||||||||||||||
Derivative - liabilities | Fair Value, Measurements, Recurring | Foreign exchange contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - liabilities | 750 | 750 | ||||||||||||||||||
Derivative - liabilities | Fair Value, Measurements, Recurring | Level 1 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - liabilities | 265 | 265 | ||||||||||||||||||
Derivative - liabilities | Fair Value, Measurements, Recurring | Level 1 | Commodity contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - liabilities | 265 | 265 | ||||||||||||||||||
Derivative - liabilities | Fair Value, Measurements, Recurring | Level 1 | Foreign exchange contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - liabilities | 0 | 0 | ||||||||||||||||||
Derivative - liabilities | Fair Value, Measurements, Recurring | Level 2 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - liabilities | 750 | 750 | ||||||||||||||||||
Derivative - liabilities | Fair Value, Measurements, Recurring | Level 2 | Commodity contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - liabilities | 0 | 0 | ||||||||||||||||||
Derivative - liabilities | Fair Value, Measurements, Recurring | Level 2 | Foreign exchange contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - liabilities | 750 | 750 | ||||||||||||||||||
Derivative - liabilities | Fair Value, Measurements, Recurring | Level 3 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - liabilities | 0 | 0 | ||||||||||||||||||
Derivative - liabilities | Fair Value, Measurements, Recurring | Level 3 | Commodity contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - liabilities | 0 | 0 | ||||||||||||||||||
Derivative - liabilities | Fair Value, Measurements, Recurring | Level 3 | Foreign exchange contracts | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||||||||||||||||||||
Derivative - liabilities | $ 0 | $ 0 | ||||||||||||||||||
|
Derivatives (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|||
Derivative [Line Items] | |||||||
Derivative Assets, Notional | $ 7,003 | $ 7,003 | $ 6,323 | ||||
Derivative Assets, Fair Value | 427 | 427 | 300 | ||||
Derivative Liabilities, Notional | 19,041 | 19,041 | 22,292 | ||||
Derivative Liabilities, Fair Value | 1,015 | 1,015 | 644 | ||||
Derivative, Gains (Losses) on derivative, net | 3,538 | $ (281) | 2,382 | $ (675) | |||
Due from broker | |||||||
Derivative [Line Items] | |||||||
Cash included in due from broker pledged as collateral | 192 | ||||||
Foreign exchange contracts | |||||||
Derivative [Line Items] | |||||||
Derivative Assets, Notional | 0 | 0 | 2,361 | ||||
Derivative Assets, Fair Value | 0 | 0 | 10 | ||||
Derivative Liabilities, Notional | 14,334 | 14,334 | 14,955 | ||||
Derivative Liabilities, Fair Value | 750 | 750 | 219 | ||||
Derivative, Gains (Losses) on derivative, net | 715 | (445) | (541) | (374) | |||
Commodity contracts | |||||||
Derivative [Line Items] | |||||||
Derivative Assets, Notional | 7,003 | 7,003 | 3,962 | ||||
Derivative Assets, Fair Value | 427 | 427 | 290 | ||||
Derivative Liabilities, Notional | 4,707 | 4,707 | 7,337 | ||||
Derivative Liabilities, Fair Value | 265 | 265 | 425 | ||||
Derivative, Gains (Losses) on derivative, net | 2,823 | $ 164 | 2,923 | $ (301) | |||
Trading investments pledged as collateral | |||||||
Derivative [Line Items] | |||||||
Trading investments and pledged as collateral | [1] | $ 405 | $ 405 | $ 566 | |||
|
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Earnings Per Share [Abstract] | ||||
Anti-dilutive common stock equivalents excluded from computation (in shares) | 0 | 17,000 | 28,000 | 8,000 |
Net income | $ 24,921 | $ 19,023 | $ 42,788 | $ 39,794 |
Less: Net (income) loss attributable to redeemable noncontrolling interest | (113) | (11) | 103 | 34 |
Net income attributable to common stockholders | $ 24,808 | $ 19,012 | $ 42,891 | $ 39,828 |
Basic weighted average shares outstanding (shares) | 45,984,000 | 45,462,000 | 45,896,000 | 45,352,000 |
Dilutive potential shares from restricted stock units (shares) | 394,000 | 343,000 | 391,000 | 541,000 |
Diluted weighted average shares outstanding (shares) | 46,378,000 | 45,805,000 | 46,287,000 | 45,893,000 |
Basic earnings per share attributable to common stockholders (in dollars per share) | $ 0.54 | $ 0.42 | $ 0.93 | $ 0.88 |
Diluted earnings per share attributable to common stockholders (in dollars per share) | $ 0.53 | $ 0.42 | $ 0.93 | $ 0.87 |
Income Taxes (Details) - U.S. Federal, State, Local and Foreign Taxes |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Income Tax Contingency [Line Items] | ||||
Effective income tax rate reconciliation, percent | 35.50% | 39.10% | 36.60% | 38.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 36.60% | |||
Effective income tax rate, expected for fiscal year | 36.60% |
Regulatory Requirements (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
|
Securities Registered Domestically | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Net Capital | $ 1,261 | |
Excess Capital | 1,097 | |
Securities Regulated By Foreign Entities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Net Capital | 68,437 | |
Excess Capital | $ 66,029 | |
Subsequent Event | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Capital contribution to wholly-owned subsidiary | $ 2,000 |
Related Party Transactions (Details) - Affiliated Funds - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Related Party Transactions, Revenue [Abstract] | |||||
Investment advisory and administration fees | $ 55,817 | $ 55,839 | $ 107,728 | $ 111,948 | |
Distribution and service fees | 4,671 | 4,014 | 8,904 | 7,920 | |
Total | 60,488 | 59,853 | 116,632 | 119,868 | |
Related Party Transactions Summary [Abstract] | |||||
Dividend income | 270 | 300 | 270 | 300 | |
Fund expenses, included in general and administrative expenses | 1,789 | $ 2,084 | 3,823 | $ 4,478 | |
Receivables due from company-sponsored funds | $ 19,989 | $ 19,989 | $ 19,209 |
Commitments and Contingencies (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2016
USD ($)
| |
Commitments | |
Loss Contingencies [Line Items] | |
Long-term purchase commitment, time period | 12 years |
Commitment to invest | |
Loss Contingencies [Line Items] | |
Long-term purchase commitment | $ 5.1 |
Long-term committment, funded amount | $ 3.3 |
Concentration of Credit Risk (Details) |
Jun. 30, 2016
financial_institution
|
---|---|
Risks and Uncertainties [Abstract] | |
Number of financial institutions | 3 |
Subsequent Events (Details) - $ / shares |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Aug. 04, 2016 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Subsequent Event [Line Items] | |||||
Dividends, Common Stock, Cash | $ 0.26 | $ 0.25 | $ 0.52 | $ 0.50 | |
Dividend Declared | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends, Common Stock, Cash | $ 0.26 |
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