Document and Entity Information
Document and Entity Information Document - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 18, 2020 | Jun. 30, 2019 | |
Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity File Number | 001-32236 | ||
Entity Registrant Name | COHEN & STEERS, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 14-1904657 | ||
Entity Address, Address Line One | 280 Park Avenue | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10017 | ||
City Area Code | 212 | ||
Local Phone Number | 832-3232 | ||
Title of 12(b) Security | Common Stock, $.01 par value | ||
Trading Symbol | CNS | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.2 | ||
Entity Common Stock, Shares Outstanding | 47,756,099 | ||
Entity Central Index Key | 0001284812 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets: | |||
Cash and cash equivalents | $ 101,352 | $ 92,733 | |
Investments ($82,829 and $136,113) | [1] | 155,213 | 224,932 |
Accounts receivable | 59,101 | 50,381 | |
Due from brokers ($1,743 and $11,187) | [1] | 1,743 | 14,240 |
Property and equipment—net | 12,486 | 14,106 | |
Operating lease right-of-use assets | 38,440 | 48,488 | |
Goodwill and intangible assets—net | 19,560 | 19,751 | |
Deferred income tax asset—net | 7,091 | 7,200 | |
Other assets ($1,041 and $2,604) | [1] | 7,433 | 9,208 |
Total assets | 402,419 | 481,039 | |
Liabilities: | |||
Accrued compensation | 48,105 | 43,685 | |
Distribution and service fees payable | 7,318 | 8,493 | |
Operating lease liabilities | 43,349 | 54,304 | |
Income tax payable | 22,194 | 18,663 | |
Due to brokers ($366 and $4,422) | [1] | 366 | 5,121 |
Other liabilities and accrued expenses ($784 and $440) | [1] | 13,972 | 13,935 |
Total liabilities | 135,304 | 144,201 | |
Commitments and contingencies | |||
Redeemable noncontrolling interest | 53,412 | 114,192 | |
Stockholders’ equity: | |||
Common stock, $0.01 par value; 500,000,000 shares authorized; 52,580,246 and 51,818,186 shares issued at December 31, 2019 and 2018, respectively | 527 | 518 | |
Additional paid-in capital | 636,788 | 602,272 | |
Accumulated deficit | (242,461) | (208,404) | |
Accumulated other comprehensive income, net of tax | (6,326) | (7,323) | |
Less: Treasury stock, at cost, 5,329,820 and 5,050,285 shares at December 31, 2019 and 2018, respectively | (174,825) | (164,417) | |
Total stockholders’ equity | 213,703 | 222,646 | |
Total liabilities and stockholders’ equity | $ 402,419 | $ 481,039 | |
[1] | Asset and liability amounts in parentheses represent the aggregated balances at December 31, 2019 and 2018 attributable to variable interest entities consolidated by the Company. Refer to Note 4 for further discussion. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 500,000,000 | 500,000,000 | |
Common stock, shares issued | 52,580,246 | 51,818,186 | |
Treasury stock, shares | 5,329,820 | 5,050,285 | |
Investments | [1] | $ 155,213 | $ 224,932 |
Due from brokers | [1] | 1,743 | 14,240 |
Other assets | [1] | 7,433 | 9,208 |
Due to brokers | [1] | 366 | 5,121 |
Other liabilities and accrued expenses | [1] | 13,972 | 13,935 |
Investments | |||
Trading investment and held as collateral | 1,713 | 1,807 | |
GLI SICAV, GRP-CIP, SICAV GRE and SICAV RAP [Member] | |||
Investments | 82,829 | ||
Due from brokers | 1,743 | ||
Other assets | 1,041 | ||
Due to brokers | 366 | ||
Other liabilities and accrued expenses | $ 784 | ||
GLI SICAV, GRP-CIP, SICAV Preferred and SICAV RAP [Member] | |||
Investments | 136,113 | ||
Due from brokers | 11,187 | ||
Other assets | 2,604 | ||
Due to brokers | 4,422 | ||
Other liabilities and accrued expenses | $ 440 | ||
[1] | Asset and liability amounts in parentheses represent the aggregated balances at December 31, 2019 and 2018 attributable to variable interest entities consolidated by the Company. Refer to Note 4 for further discussion. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total revenue | $ 410,830 | $ 381,111 | $ 378,696 |
Expenses: | |||
Employee compensation and benefits | 143,431 | 131,292 | 124,076 |
Distribution and service fees | 55,237 | 50,043 | 53,338 |
General and administrative | 47,632 | 48,265 | 42,219 |
Depreciation and amortization | 4,396 | 4,473 | 4,317 |
Total expenses | 250,696 | 234,073 | 223,950 |
Operating income (loss) | 160,134 | 147,038 | 154,746 |
Non-operating income (loss): | |||
Interest and dividend income—net | 6,716 | 10,426 | 4,333 |
Gain (loss) from investments—net | 21,673 | (14,264) | 2,020 |
Foreign currency gains (losses)—net | (974) | 579 | (699) |
Total non-operating income (loss) | 27,415 | (3,259) | 5,654 |
Income before provision for income taxes | 187,549 | 143,779 | 160,400 |
Provision for income taxes | 40,565 | 34,257 | 67,914 |
Net income | 146,984 | 109,522 | 92,486 |
Less: Net (income) loss attributable to redeemable noncontrolling interest | (12,363) | 4,374 | (547) |
Net income attributable to common stockholders | $ 134,621 | $ 113,896 | $ 91,939 |
Earnings per share attributable to common stockholders: | |||
Basic (in dollars per share) | $ 2.85 | $ 2.43 | $ 1.98 |
Diluted (in dollars per share) | $ 2.79 | $ 2.40 | $ 1.96 |
Weighted average shares outstanding: | |||
Basic (shares) | 47,273 | 46,794 | 46,353 |
Diluted (shares) | 48,297 | 47,381 | 46,979 |
Investment advisory and administration fees | |||
Total revenue | $ 378,578 | $ 349,870 | $ 344,900 |
Distribution and service fees | |||
Total revenue | 30,048 | 29,090 | 30,747 |
Other | |||
Total revenue | $ 2,204 | $ 2,151 | $ 3,049 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Net income | $ 146,984 | $ 109,522 | $ 92,486 | |
Less: Net (income) loss attributable to redeemable noncontrolling interest | (12,363) | 4,374 | (547) | |
Net income attributable to common stockholders | 134,621 | 113,896 | 91,939 | |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation income (loss) | 997 | (2,557) | 2,064 | |
Net unrealized gain (loss) from available-for-sale investments | [1] | 0 | 0 | 497 |
Reclassification to statements of operations of realized (gain) loss from available-for-sale investments | 0 | 0 | (347) | |
Other comprehensive income (loss) | 997 | (2,557) | 2,214 | |
Total comprehensive income attributable to common stockholders | $ 135,618 | $ 111,339 | $ 94,153 | |
[1] | Due to the adoption and application of the amendments to the financial instruments accounting standard on January 1, 2018, realized and unrealized gains (losses) from equity investments at fair value are recognized through earnings rather than through other comprehensive income. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest - USD ($) shares in Thousands, $ in Thousands | Total | Common stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total Stockholders' Equity | Redeemable Noncontrolling Interest |
Beginning balance at Dec. 31, 2016 | $ 504 | $ 543,829 | $ (127,957) | $ (5,885) | $ (144,677) | $ 265,814 | ||
Beginning balance (redeemable noncontrolling interest) at Dec. 31, 2016 | $ 853 | |||||||
Beginning balance (shares of common stock, net) at Dec. 31, 2016 | 45,890 | |||||||
Dividends | $ 0 | 0 | (101,669) | 0 | 0 | (101,669) | ||
Issuance of common stock | $ 7 | 741 | 0 | 0 | 0 | 748 | 0 | |
Issuance of common stock, shares | 690 | |||||||
Repurchase of common stock | $ 0 | 0 | 0 | 0 | (9,141) | (9,141) | 0 | |
Repurchase of common stock, shares | (265) | |||||||
Issuance of restricted stock units | $ 0 | 3,974 | 0 | 0 | 0 | 3,974 | 0 | |
Amortization of restricted stock units | 0 | 22,042 | (285) | 0 | 0 | 21,757 | 0 | |
Forfeitures of vested restricted stock units | 0 | (100) | 0 | 0 | 0 | (100) | 0 | |
Net income (loss) | $ 92,486 | 0 | 0 | 91,939 | 0 | 0 | 91,939 | 547 |
Other comprehensive income (loss) | 2,214 | 0 | 0 | 0 | 2,214 | 0 | 2,214 | 0 |
Net contributions (distributions) attributable to redeemable noncontrolling interests | 46,658 | 0 | 0 | 0 | 0 | 0 | 0 | 46,395 |
Ending balance at Dec. 31, 2017 | $ 511 | 570,486 | (137,972) | (3,671) | (153,818) | 275,536 | ||
Ending balance (shares of common stock, net) at Dec. 31, 2017 | 46,315 | |||||||
Ending balance (redeemable noncontrolling interest) at Dec. 31, 2017 | 47,795 | |||||||
Dividends | $ 0 | 0 | (185,423) | 0 | 0 | (185,423) | ||
Issuance of common stock | $ 7 | 696 | 0 | 0 | 0 | 703 | 0 | |
Issuance of common stock, shares | 714 | |||||||
Repurchase of common stock | $ 0 | 0 | 0 | 0 | (10,599) | (10,599) | 0 | |
Repurchase of common stock, shares | (261) | |||||||
Issuance of restricted stock units | $ 0 | 7,170 | 0 | 0 | 0 | 7,170 | 0 | |
Amortization of restricted stock units | 0 | 23,984 | 0 | 0 | 0 | 23,984 | 0 | |
Forfeitures of vested restricted stock units | 0 | (64) | 0 | 0 | 0 | (64) | 0 | |
Net income (loss) | 109,522 | 0 | 0 | 113,896 | 0 | 0 | 113,896 | (4,374) |
Other comprehensive income (loss) | (2,557) | 0 | 0 | 0 | (2,557) | 0 | (2,557) | 0 |
Net contributions (distributions) attributable to redeemable noncontrolling interests | 81,633 | 0 | 0 | 0 | 0 | 0 | 0 | 70,771 |
Ending balance at Dec. 31, 2018 | 222,646 | $ 518 | 602,272 | (208,404) | (7,323) | (164,417) | 222,646 | |
Ending balance (shares of common stock, net) at Dec. 31, 2018 | 46,768 | |||||||
Ending balance (redeemable noncontrolling interest) at Dec. 31, 2018 | 114,192 | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 1,095 | (1,095) | ||||||
Dividends | $ 0 | 0 | (168,678) | 0 | 0 | (168,678) | ||
Issuance of common stock | $ 9 | 861 | 0 | 0 | 0 | 870 | 0 | |
Issuance of common stock, shares | 762 | |||||||
Repurchase of common stock | $ 0 | 0 | 0 | 0 | (10,408) | (10,408) | 0 | |
Repurchase of common stock, shares | (280) | |||||||
Issuance of restricted stock units | $ 0 | 7,039 | 0 | 0 | 0 | 7,039 | 0 | |
Amortization of restricted stock units | 0 | 26,883 | 0 | 0 | 0 | 26,883 | 0 | |
Forfeitures of vested restricted stock units | 0 | (267) | 0 | 0 | 0 | (267) | 0 | |
Net income (loss) | 146,984 | 0 | 0 | 134,621 | 0 | 0 | 134,621 | 12,363 |
Other comprehensive income (loss) | 997 | 0 | 0 | 0 | 997 | 0 | 997 | 0 |
Net contributions (distributions) attributable to redeemable noncontrolling interests | 45,725 | 0 | 0 | 0 | 0 | 0 | 0 | 2,242 |
Net consolidation (deconsolidation) of Company-sponsored funds | 0 | 0 | 0 | 0 | 0 | 0 | (75,385) | |
Ending balance at Dec. 31, 2019 | $ 213,703 | $ 527 | $ 636,788 | $ (242,461) | $ (6,326) | $ (174,825) | $ 213,703 | |
Ending balance (shares of common stock, net) at Dec. 31, 2019 | 47,250 | |||||||
Ending balance (redeemable noncontrolling interest) at Dec. 31, 2019 | $ 53,412 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest (parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends declared per share | $ 3.44 | $ 3.82 | $ 2.12 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 146,984 | $ 109,522 | $ 92,486 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock compensation expense | 27,811 | 24,626 | 22,360 |
Amortization of deferred commissions | 1,079 | 1,559 | 2,800 |
Depreciation and amortization | 4,396 | 4,473 | 4,317 |
Amortization of right-of-use assets | 10,048 | 9,364 | 7,572 |
Amortization (accretion) of premium (discount) on held-to-maturity investments | (493) | (246) | 0 |
(Gain) loss from investments—net | (21,673) | 14,264 | (2,020) |
Deferred income taxes | 96 | (1,373) | (314) |
Foreign currency (gain) loss | 9 | 211 | 47 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (8,729) | 3,262 | (7,613) |
Due from brokers | 989 | (7,811) | (4,850) |
Deferred commissions | (1,628) | (982) | (1,894) |
Investments within consolidated funds | (13,997) | (81,182) | (60,252) |
Other assets | (120) | (2,689) | (576) |
Accrued compensation | 4,420 | 2,341 | 6,064 |
Distribution and service fees payable | (1,175) | 2,262 | (221) |
Operating lease liabilities | (10,955) | (9,542) | (7,807) |
Due to broker | 45 | 1,839 | 3,282 |
Income tax payable | 3,531 | (1,229) | 10,517 |
Other liabilities and accrued expenses | 807 | 3,929 | 355 |
Net cash provided by (used in) operating activities | 141,445 | 72,598 | 64,253 |
Cash flows from investing activities: | |||
Proceeds from redemptions of equity method investments | 52 | 37 | 41 |
Purchases of investments | (50,943) | (63,557) | (16,901) |
Proceeds from sales of investments | 89,592 | 13,796 | 25,811 |
Purchases of property and equipment | (2,752) | (3,470) | (3,242) |
Net cash provided by (used in) investing activities | 35,949 | (53,194) | 5,709 |
Cash flows from financing activities: | |||
Issuance of common stock | 741 | 597 | 636 |
Repurchase of common stock | (10,408) | (10,599) | (9,141) |
Dividends to stockholders | (162,705) | (178,879) | (98,313) |
Distributions to redeemable noncontrolling interest | (43,483) | (10,862) | (263) |
Contributions from redeemable noncontrolling interests | 45,725 | 81,633 | 46,658 |
Net cash provided by (used in) financing activities | (170,130) | (118,110) | (60,423) |
Net increase (decrease) in cash and cash equivalents | 7,264 | (98,706) | 9,539 |
Effect of foreign exchange rate changes on cash and cash equivalents | 1,355 | (2,013) | 679 |
Cash and cash equivalents, beginning of the year | 92,733 | 193,452 | 183,234 |
Cash and cash equivalents, end of the year | $ 101,352 | $ 92,733 | $ 193,452 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income taxes paid, net | $ (37,036,000) | $ (36,795,000) | $ (57,726,000) |
Restricted stock unit dividend equivalents, net of forfeitures | 5,973,000 | 6,544,000 | $ 3,356,000 |
The Cohen & Steers Preferred Securities and Income SMA Shares [Member] | |||
Transfer of redeemable noncontrolling interest in consolidated entity | 7,181,000 | ||
SICAV Preferred | |||
Transfer of redeemable noncontrolling interest in consolidated entity | 114,192,000 | ||
SICAV GRE | |||
Noncontrolling Interest, Increase from Business Combination | $ 45,988,000 | ||
Cohen & Steers Funds ICAV [Member] | |||
Transfer of redeemable noncontrolling interest in consolidated entity | $ 6,411,000 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Organization and Description of Business [Abstract] | |
Organization and Description of Business | Basis of Presentation Cohen & Steers, Inc. (CNS) was organized as a Delaware corporation on March 17, 2004. CNS is the holding company for its direct and indirect subsidiaries, including Cohen & Steers Capital Management, Inc. (CSCM), Cohen & Steers Securities, LLC (CSS), Cohen & Steers Asia Limited (CSAL), Cohen & Steers UK Limited (CSUK), Cohen & Steers Japan Limited (CSJL) and Cohen & Steers Ireland Ltd. (CSIL) (collectively, the Company). The Company is a global investment manager specializing in real assets and alternative income. Our specialties include real estate securities, listed infrastructure 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, Dublin, Hong Kong and Tokyo. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Recently Adopted Accounting Pronouncements —In February 2018, the Financial Accounting Standards Board (FASB) issued new guidance allowing entities to reclassify certain tax effects related to the enactment of the Tax Cuts and Jobs Act (the Tax Act) from accumulated other comprehensive income (AOCI) to retained earnings. Prior to the issuance of the new guidance, a portion of the previously recognized deferred tax effects recorded in AOCI was "left stranded" in AOCI as the effect of remeasuring the deferred taxes using the reduced federal corporate income tax rate was required to be recorded through income. The new guidance allows these stranded tax effects to be reclassified from AOCI to retained earnings. The new guidance became effective on January 1, 2019 and the Company adopted the standard using the prospective application. The Company's adoption of the new standard did not have a material effect on its consolidated financial statements and related disclosures. In August 2017, the FASB issued new guidance amending the accounting for hedging activities. The new guidance (i) expands hedge accounting for nonfinancial and financial risk components and amends measurement methodologies to more closely align hedge accounting with an entity's risk management activities, (ii) decreases the complexity of preparing and understanding hedge results through eliminating the separate measurement and reporting of hedge ineffectiveness, (iii) enhances transparency, comparability and understandability of hedge results through enhanced disclosures and changing the presentation of hedge results to align the effects of the hedging instrument and the hedged item and (iv) reduces the cost and complexity of applying hedge accounting by simplifying the manner in which assessments of hedge effectiveness may be performed. The new guidance became effective on January 1, 2019. The Company's adoption of the new standard did not have a material effect on its consolidated financial statements and related disclosures. In February 2016, the FASB issued guidance introducing a new lease model which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. The new guidance establishes a right-of-use (ROU) model that requires a lessee to recognize an ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. This new guidance became effective on January 1, 2019 and the Company adopted the standard, along with certain allowable practical expedients, using the modified retrospective transition approach, which required the recasting of prior period amounts. The adoption of the new leasing standard resulted in the following changes to the Company's consolidated statement of financial condition as of December 31, 2018: (in thousands) Previously Reported Adjustments Due to New Leasing Standard to record ROU assets and lease liabilities Reclassification of Deferred Rent Recast Operating lease right-of-use assets $ — $ 54,304 $ (5,816 ) $ 48,488 Operating lease liabilities $ — $ 54,304 $ — $ 54,304 Deferred rent $ 5,816 $ — $ (5,816 ) $ — The adoption of the new standard had no material impact on the Company's other consolidated financial statements. Refer to Note 12 for further discussion. Accounting Estimates —The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. Reclassifications— The Company reclassified certain prior period amounts in the consolidated financial statements to conform with the current period presentation. Consolidation of Company-sponsored Funds —Investments in Company-sponsored funds and management fees are evaluated at inception and thereafter, if there is a reconsideration event, in order to determine whether to apply the Variable Interest Entity (VIE) model or the Voting Interest Entity (VOE) model. In performing this analysis, all of the Company’s management fees are presumed to be commensurate and at market and are therefore not considered variable interests. A VIE is an entity in which either (i) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (ii) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has (i) the power to direct the activities of the VIE that most significantly affect its performance, and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. 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. 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 funds for which the Company’s ownership is less than 100%. Cash and Cash Equivalents —Cash and cash equivalents are on deposit with three major financial institutions and 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 Brokers —Company-sponsored funds that are consolidated transact with brokers for certain investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to brokers balance represents cash and cash equivalents balances at brokers/custodians and/or receivables and payables for unsettled securities transactions. Investments —Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination no less than on a quarterly basis. At December 31, 2019, the Company's investments were comprised of the following: • Equity investments at fair value, which includes equity securities held within the affiliated funds that the Company consolidates, individual equity securities held directly for the purposes of establishing performance track records and seed investments in Company-sponsored open-end funds where the Company has neither control nor the ability to exercise significant influence. • Trading investments, which represent debt securities held within the affiliated funds that the Company consolidates and individual debt securities held directly for the purposes of establishing performance track records. • Held-to-maturity investments, which represent fixed income securities recorded at amortized cost. The Company periodically reviews held-to-maturity investments for other-than-temporary impairments (OTTI). If the Company believes an OTTI exists, an impairment charge will be recognized in the Company’s consolidated statements of operations. • Equity method investments, which represent seed investments in affiliated funds in which the Company owns between 20-50% of the outstanding voting interests in the affiliated 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 affiliated investee fund net income or loss for the period which is recorded as gain (loss) from investments—net in the Company's consolidated statements of operations. Realized and unrealized gains and losses on equity investments at fair value, trading investments and equity method investments are recorded in gain (loss) from investments—net in the Company's consolidated statements of operations. From time to time, the Company, including the affiliated funds consolidated by the Company, enters into derivative contracts to gain exposure to the underlying commodities markets or to hedge market and credit risks of the underlying portfolios, including options, futures and swaps contracts. Gains and losses on derivative contracts are recorded as gain (loss) from investments—net in the Company's consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses on the Company's consolidated statements of financial condition. At December 31, 2019 , none of the outstanding derivative contracts were subject to a master netting agreement or other similar arrangement. Additionally, from time to time, the Company, including the affiliated funds consolidated by the Company, enters into foreign exchange contracts to hedge its currency exposure. These instruments are measured at fair value based on the prevailing forward exchange rate with gains and losses recorded in foreign currency gain (loss)—net in the Company’s consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses on the Company’s consolidated statements of financial condition. Leases —The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease ROU assets and operating lease liabilities on the Company’s consolidated statements of financial condition. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the net present value of lease payments over the lease term. The majority of the Company’s lease agreements do not provide an implicit rate. As a result, the Company used an implied incremental borrowing rate based on the information available at lease commencement dates in determining the present value of lease payments. The Company estimates the incremental borrowing rate based on its estimated credit rating and other available market information. The operating lease ROU asset reflects any upfront lease payments made as well as lease incentives received. The lease terms may include options to extend or terminate the lease and these are factored into the determination of the ROU asset and lease liability at lease inception when and if it is reasonably certain that the Company will exercise that option. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. The Company has certain lease agreements with non-lease components such as maintenance and executory costs, which are accounted for separately and not included in ROU assets. 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. Redeemable Noncontrolling Interests —Redeemable noncontrolling interests represent third-party interests in the affiliated funds that the Company consolidates. These interests are redeemable at the option of the investors and therefore are 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, Company-sponsored open-end and closed-end funds as well as model-based portfolios. Investment advisory fees are earned pursuant to the terms of investment management agreements and are based on a contractual fee rate applied to the average 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 when earned and is recorded net of any fund reimbursements. The investment advisory and administration contracts each include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, investment advisory and administration fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. In certain instances, the Company may earn performance fees when certain specified performance hurdles are met during the performance period. Performance fees represent variable consideration and are recognized when no longer subject to significant risk of reversal. Distribution and Service Fee Revenue —Distribution and service fee revenue is based on the average daily net assets of certain share classes of the Company’s sponsored open-end funds distributed by CSS. Distribution and service fee revenue is earned daily and is generally recorded gross of any third-party distribution and service fee expense for applicable share classes. Distribution fee agreements include a single performance obligation that is satisfied at a point in time when an investor purchases shares in a Company-sponsored open-end fund. Distribution fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. For all periods presented, a portion of the distribution fee revenue recognized in the period may relate to performance obligations satisfied (or partially satisfied) in prior periods. Service fee agreements include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Service fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. Distribution and Service Fee Expense —Distribution and service fee expense includes distribution fees, shareholder servicing fees and intermediary assistance payments. Distribution and service fee expense is recorded on an accrual basis. Distribution fees represent payments made to qualified intermediaries for (i) assistance in connection with the distribution of the Company’s sponsored open-end funds’ shares and (ii) for other expenses such as advertising, printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940 (Rule 12b-1). Distribution fees are based on the average daily net assets under management of certain share classes of certain of the funds. Shareholder servicing fees represent payments made to qualified intermediaries for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. Shareholder servicing fees are generally based on the average assets under management or the number of accounts being serviced. Intermediary assistance payments represent payments to qualified intermediaries for activities related to distribution, shareholder servicing and marketing and support of the Company’s sponsored open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on the average assets under management or the number of accounts being serviced. 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. Forfeitures are recorded as incurred. Income Taxes —The Company records the current and deferred tax consequences of all transactions that have been recognized in the consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The calculation of tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across the Company’s 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 resolution of any related appeals or litigation processes, on the basis of the technical merits. The Company records potential interest and penalties related to uncertain tax positions in the provision for income taxes in the consolidated statements of operations. Currency Translation and Transactions —Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company’s consolidated statements of comprehensive income. The cumulative translation adjustment was $(6,326,000) , $(7,323,000) and $(4,766,000) as of December 31, 2019 , 2018 and 2017, respectively. Gains or losses resulting from transactions denominated in currencies other than the U.S. dollar held by certain foreign subsidiaries are included in non-operating income (loss) in the consolidated statements of operations. Gains and losses arising on revaluation of U.S. dollar-denominated assets and liabilities held by foreign subsidiaries are also included in non-operating income (loss) in the Company’s consolidated statements of operations. Comprehensive Income —The Company reports all changes in comprehensive income in the consolidated statements of comprehensive income. Comprehensive income generally includes net income or loss attributable to common stockholders and amounts attributable to foreign currency translation gain (loss), net of tax. Recently Issued Accounting Pronouncements —In January 2017, the FASB issued guidance to simplify the goodwill impairment test by removing the requirement to perform a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This new guidance was effective January 1, 2020. The adoption of the new guidance is not expected to have a material effect on the consolidated financial statements and related disclosures. In June 2016, the FASB issued new guidance on the measurement of credit losses on financial instruments. The guidance replaces the incurred loss impairment model with a current expected credit loss (CECL) model. CECL requires a company to estimate lifetime expected credit losses based on relevant information about historical events, current conditions and reasonable and supportable forecasts. The guidance must be applied using the modified retrospective adoption method and was effective January 1, 2020. The adoption of the new guidance is not expected to have a material effect on the consolidated financial statements and related disclosures. |
Revenue Revenue
Revenue Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle: Years ended December 31, (in thousands) 2019 2018 2017 Client domicile: North America $ 352,629 $ 322,964 $ 314,021 Japan 33,967 35,283 42,303 Asia Pacific excluding Japan 13,147 12,493 11,496 Europe, Middle East and Africa 11,087 10,371 10,876 Total $ 410,830 $ 381,111 $ 378,696 Years ended December 31, (in thousands) 2019 2018 2017 Investment vehicle: Open-end funds (1) $ 217,778 $ 197,363 $ 193,348 Closed-end funds 80,502 77,270 78,670 Institutional accounts 110,346 104,327 103,629 Other (2) 2,204 2,151 3,049 Total $ 410,830 $ 381,111 $ 378,696 ________________________ (1) Included distribution and service fees of $30.0 million , $29.1 million and $30.7 million for the years ended December 31, 2019, 2018 and 2017 , respectively. (2) Prior period amounts related to model-based portfolios were reclassified from other (previously reported as portfolio consulting and other) to open-end funds and institutional accounts. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Investment Holdings | Investments The following table summarizes the Company’s investments: (in thousands) December 31, 2019 December 31, 2018 Equity investments at fair value $ 89,872 $ 66,795 Trading 14,980 108,363 Held-to-maturity carried at amortized cost (1) 49,807 49,748 Equity method 554 26 Total investments $ 155,213 $ 224,932 _________________________ (1) Held-to-maturity investments had a fair value of $50.0 million and $49.8 million at December 31, 2019 and 2018, respectively. Original maturities ranged from 12 to 24 months at December 31, 2019 and 6 to 24 months at December 31, 2018. The Company seeded two new funds for the year ended December 31, 2019 and one new fund for the year ended December 31, 2018. The following tables summarize gain (loss)—net from investments: Years Ended December 31, (in thousands) 2019 2018 Net realized gains (losses) during the period $ 12,227 $ (1,486 ) Net unrealized gains (losses) during the period on investments still held at the end of the period 9,446 (12,778 ) Gain (loss) from investments—net (1) $ 21,673 $ (14,264 ) _________________________ (1) Included net income (loss) attributable to redeemable noncontrolling interests. (in thousands) Year Ended December 31, 2017 Gain (loss) from trading investments—net (1) $ 1,915 Equity in earnings (losses) of affiliates—net (242 ) Gain (loss) from available-for-sale investments—net 347 Gain (loss) from investments—net $ 2,020 _________________________ (1) Included net income (loss) attributable to redeemable noncontrolling interests. At December 31, 2019 , the Company's consolidated VIEs included the Cohen & Steers SICAV Global Listed Infrastructure Fund (GLI SICAV), the Cohen & Steers Co-Investment Partnership, L.P. (GRP-CIP), SICAV GRE and the Cohen & Steers SICAV Diversified Real Assets Fund (SICAV RAP). At December 31, 2018, the Company's consolidated VIEs included GLI SICAV, GRP-CIP, SICAV Preferred and SICAV RAP. The following tables summarize the consolidated statements of financial condition attributable to the Company's consolidated VIEs: December 31, 2019 (in thousands) GLI SICAV GRP-CIP SICAV GRE SICAV RAP Total Assets (1) Investments $ 7,048 $ 337 $ 45,468 $ 29,976 $ 82,829 Due from brokers 264 203 663 613 1,743 Other assets 92 — 681 268 1,041 Total assets $ 7,404 $ 540 $ 46,812 $ 30,857 $ 85,613 Liabilities (1) Due to brokers $ 45 $ — $ 92 $ 229 $ 366 Other liabilities and accrued expenses 100 5 466 213 784 Total liabilities $ 145 $ 5 $ 558 $ 442 $ 1,150 December 31, 2018 (in thousands) GLI SICAV GRP-CIP SICAV Preferred SICAV RAP Total Assets (1) Investments $ 5,704 $ 550 $ 120,930 $ 8,929 $ 136,113 Due from brokers 49 103 10,868 167 11,187 Other assets 171 — 2,136 297 2,604 Total assets $ 5,924 $ 653 $ 133,934 $ 9,393 $ 149,904 Liabilities (1) Due to brokers $ — $ — $ 4,398 $ 24 $ 4,422 Other liabilities and accrued expenses 74 5 212 149 440 Total liabilities $ 74 $ 5 $ 4,610 $ 173 $ 4,862 _________________________ (1) The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Accounting Standards Codification Topic 820, Fair Value Measurement (ASC 820) specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below: • Level 1—Unadjusted quoted prices for identical instruments in active markets. • Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable. If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability. • Level 3—Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable. Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are not necessarily an indication of the risk or liquidity associated with the investments. In determining the appropriate levels, the Company performed a detailed analysis of the assets and liabilities that are subject to ASC 820. The following tables present fair value measurements: December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV as FV Investments Carried at Amortized Cost Total Cash equivalents $ 85,889 $ — $ — $ — $ — $ 85,889 Equity investments at fair value Common stocks $ 87,408 $ — $ — $ — $ — $ 87,408 Company-sponsored funds 132 — — — — 132 Limited partnership interests 1,048 — — 337 — 1,385 Preferred securities 704 108 — — — 812 Other — — — 135 — 135 Total $ 89,292 $ 108 $ — $ 472 $ — $ 89,872 Trading investments Fixed income $ — $ 14,980 $ — $ — $ — $ 14,980 Total $ — $ 14,980 $ — $ — $ — $ 14,980 Held-to-maturity investments Fixed income $ — $ — $ — $ — $ 49,807 $ 49,807 Total $ — $ — $ — $ — $ 49,807 $ 49,807 Equity method investments $ — $ — $ — $ 554 $ — $ 554 Total investments $ 89,292 $ 15,088 $ — $ 1,026 $ 49,807 $ 155,213 Derivatives - assets Commodity futures contracts $ 570 $ — $ — $ — $ — $ 570 Foreign exchange contracts — 74 — — — 74 Total $ 570 $ 74 $ — $ — $ — $ 644 Derivatives - liabilities Commodity futures contracts $ 339 $ — $ — $ — $ — $ 339 Commodity swap contracts — 173 — — — 173 Foreign exchange contracts — 44 — — — 44 Total $ 339 $ 217 $ — $ — $ — $ 556 December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV as FV Investments Carried at Amortized Cost Total Cash equivalents $ 78,147 $ — $ — $ — $ — $ 78,147 Equity investments at fair value Common stocks 21,982 $ — $ — $ — $ — $ 21,982 Company-sponsored funds 9,456 — — — — 9,456 Limited partnership interests 1,056 — — 550 — 1,606 Preferred securities 30,448 3,193 — — — 33,641 Other — — — 110 — 110 Total $ 62,942 $ 3,193 $ — $ 660 $ — $ 66,795 Trading investments Fixed income $ — $ 108,363 $ — $ — $ — $ 108,363 Total $ — $ 108,363 $ — $ — $ — $ 108,363 Held-to-maturity investments Fixed income $ — $ — $ — $ — $ 49,748 $ 49,748 Total $ — $ — $ — $ — $ 49,748 $ 49,748 Equity method investments $ — $ — $ — $ 26 $ — $ 26 Total investments $ 62,942 $ 111,556 $ — $ 686 $ 49,748 $ 224,932 Derivatives - assets Commodity futures contracts $ 486 $ — $ — $ — $ — $ 486 Commodity swap contracts — 739 — — — 739 Total $ 486 $ 739 $ — $ — $ — $ 1,225 Derivatives - liabilities Commodity futures contracts $ 2,181 $ — $ — $ — $ — $ 2,181 Foreign exchange contracts — 205 — — — 205 Total $ 2,181 $ 205 $ — $ — $ — $ 2,386 Cash equivalents were comprised of investments in actively traded U.S. Treasury money market funds measured at NAV. Equity investments at fair value classified as level 2 were comprised of certain preferred securities with predominately equity-like characteristics whose fair values are generally determined using third-party pricing services. The pricing services may utilize pricing models, and inputs into those models may include reported trades, executable bid and ask prices, broker-dealer quotations, prices or yields of similar securities, benchmark curves and other market information. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Trading investments classified as level 2 were comprised of U.S. Treasury securities held within consolidated funds carried at amortized cost, which approximates fair value, corporate debt securities, as well as certain preferred securities with predominately debt-like characteristics. The fair value amounts were generally determined using third-party pricing services. The pricing services may utilize evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information. Since these securities do not trade on a daily basis, the pricing services evaluate pricing applications and apply available information through processes such as yield curves, benchmarking of like securities, sector groupings, and matrix pricing, to prepare evaluations. Investments measured at NAV were comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments were comprised of: • Equity investments at fair value - limited partner interests in limited partnership vehicles that invest in non-registered real estate funds and the Company's co-investment in a Cayman trust invested in global listed infrastructure securities, both of which are valued based on the NAVs of the underlying investments. At December 31, 2019 and 2018, the Company did not have the ability to redeem the interests in the limited partnership vehicles; there were no contractual restrictions on the Company's ability to redeem its interest in the Cayman trust. • Equity method investments - includes the Company's partnership interests in the Cohen & Steers Global Realty Partners III-TE, L.P. (GRP-TE) and the Cohen & Steers Global Realty Focus Fund, a series of Cohen & Steers Series LP (GRF). GRP-TE invests in non-registered real estate funds. The Company's ownership interest was approximately 0.2% and the Company did not have the ability to redeem the investment at either December 31, 2019 or 2018. GRF was seeded in 2019 and invests in global real estate investment trusts and other publicly traded real estate companies. The Company's ownership interest was approximately 2.2% and the Company had the ability to redeem the investment in GRF with 15 days' notice at December 31, 2019 . The Company's risk with respect to both investments is limited to its equity ownership interest and any uncollected management fees. Held-to-maturity investments were comprised of U.S. Treasury securities, which were directly issued by the U.S. government, with original maturities of 12 to 24 months at December 31, 2019 and 6 to 24 months at December 31, 2018. These securities were purchased with the intent to hold to maturity and are recorded at amortized cost. Investments measured at NAV and held-to-maturity investments have not been classified in the fair value hierarchy. The amounts presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the consolidated statement of financial position. Commodity swap contracts classified as level 2 were valued based on the underlying futures contracts. Foreign currency exchange contracts classified as level 2 were valued based on the prevailing forward exchange rate. The following table summarizes the changes in level 3 limited partnership interests in trading investments measured at fair value on a recurring basis: Trading Investments Limited Partnership Interests 2019 2018 Balance at beginning of year $ — $ 605 Purchases / contributions — — Sales / distributions — (598 ) Realized gains (losses) — (68 ) Unrealized gains (losses) — 61 Transfers into (out of) level 3 — — Balance at end of year $ — $ — Realized and unrealized gains (losses) in the above table were recorded as gain (loss) from investments—net in the Company's consolidated statements of operations. Valuation Techniques In certain instances, debt, equity and preferred securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable broker-dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in Company-sponsored funds are valued at their closing price or NAV (or its equivalent) as a practical expedient. Foreign exchange contracts are valued based on the prevailing forward exchange rate, which is an input that is observable in active markets. 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. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2019 | |
Derivatives [Abstract] | |
Derivatives | Derivatives The following tables summarize the notional amount and fair value of the derivative financial instruments that are not designated in a formal hedging relationship. As of December 31, 2019 Notional Amount Fair Value (1) (in thousands) Long Short Assets Liabilities Commodity futures $ 14,394 $ 4,623 $ 570 $ 339 Commodity swap — 8,909 — 173 Foreign exchange — 10,787 74 44 $ 14,394 $ 24,319 $ 644 $ 556 As of December 31, 2018 Notional Amount Fair Value (1) (in thousands) Long Short Assets Liabilities Commodity futures $ 19,361 $ 3,434 $ 486 $ 2,181 Commodity swap — 8,761 739 — Foreign exchange — 10,996 — 205 $ 19,361 $ 23,191 $ 1,225 $ 2,386 ________________________ (1) The fair value of the derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the Company's consolidated statements of financial condition. The Company's exposure to commodity futures is based on seed capital investments. Commodity swap contracts are utilized to economically hedge and reduce the overall risk of the Company's market exposure to these investments. The Company enters into foreign exchange contacts to economically hedge currency exposure arising from certain non-U.S. dollar investment advisory fees. Cash included in due from brokers of approximately $2,002,000 on the consolidated statement of financial condition at December 31, 2018 was held as collateral for futures contracts. Investments of approximately $1,713,000 and $1,807,000 on the consolidated statement of financial condition at December 31, 2019 and 2018, respectively, were held as collateral for futures contracts. The following table summarizes net gains (losses) from derivative financial instruments: Years Ended December 31, (in thousands) 2019 2018 2017 Commodity futures $ 881 $ (2,093 ) $ (438 ) Commodity swap (485 ) 739 — Foreign exchange 235 (141 ) (1,481 ) Total (1) $ 631 $ (1,495 ) $ (1,919 ) ________________________ (1) Gains and losses on the derivative financial instruments are recorded as gain (loss) from investments—net in the Company's consolidated statements of operations. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment The following table summarizes the Company’s property and equipment: December 31, (in thousands) 2019 2018 Equipment $ 5,951 $ 5,590 Furniture and fixtures 3,651 3,644 Software 19,988 17,591 Leasehold improvements 16,048 16,028 Subtotal 45,638 42,853 Less: Accumulated depreciation and amortization (33,152 ) (28,747 ) Property and equipment, net $ 12,486 $ 14,106 Depreciation and amortization expense related to property and equipment was $4,396,000 , $4,378,000 and $4,229,000 for the years ended December 31, 2019, 2018 and 2017 , respectively. Depreciation and amortization expense related to property and equipment is recorded using the straight-line method over the estimated useful lives of the related assets which range from 3 - 7 years. Leasehold improvements are amortized using the straight-line method over the lease term. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
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 using the treasury stock method 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 and are excluded from the computation if their effect is anti-dilutive. There were no anti-dilutive common stock equivalents for either the years ended December 31, 2019 , 2018 or 2017. The following table reconciles income and share data used in the basic and diluted earnings per share computations: Years Ended December 31, (in thousands, except per share data) 2019 2018 2017 Net income $ 146,984 $ 109,522 $ 92,486 Less: Net (income) loss attributable to redeemable noncontrolling interests (12,363 ) 4,374 (547 ) Net income attributable to common stockholders $ 134,621 $ 113,896 $ 91,939 Basic weighted average shares outstanding 47,273 46,794 46,353 Dilutive potential shares from restricted stock units 1,024 587 626 Diluted weighted average shares outstanding 48,297 47,381 46,979 Basic earnings per share attributable to common stockholders $ 2.85 $ 2.43 $ 1.98 Diluted earnings per share attributable to common stockholders $ 2.79 $ 2.40 $ 1.96 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Amended and Restated Stock Incentive Plan The Amended and Restated Cohen & Steers, Inc. Stock Incentive Plan (the SIP) provides for the issuance of Restricted Stock Units (RSUs), stock options and other stock-based awards to eligible employees and directors. A total of 20.0 million shares of common stock may be granted under the SIP. The board of directors is authorized to increase the number of shares available for issuance under the SIP, subject to shareholder approval. At December 31, 2019 , RSUs with respect to approximately 16.7 million shares of common stock had been issued under the SIP. Total compensation cost related to unvested RSUs not yet recognized was approximately $42,721,000 at December 31, 2019 and is expected to be recognized over approximately the next three years . In January 2020, the Company granted approximately 0.5 million RSUs under the SIP with a grant date fair value of approximately $33,909,000 which generally vest over a four-year period. Restricted Stock Units Vested Restricted Stock Unit Grants The Company grants awards of vested RSUs to the non-management directors of the Company pursuant to the SIP. The directors are entitled to receive delivery of the underlying common stock on the third anniversary of the date of grant. Dividends declared during the period are paid to the directors in cash. In connection with the grant of these vested RSUs, the Company recorded non-cash stock-based compensation expense of approximately $614,000 , $626,000 and $618,000 for the years ended December 31, 2019, 2018 and 2017 , respectively. Unvested Restricted Stock Unit Grants From time to time, the Company grants awards of unvested RSUs to certain employees pursuant to the SIP. The fair value at the date of grant is expensed on a straight-line basis over the applicable service periods, which is generally four years. Dividends declared by the Company are paid in additional RSUs and are forfeitable until they are delivered. The dividend equivalent RSUs will generally vest and be delivered on the fourth anniversary of the original grant date. The Company recorded stock-based compensation expense, net of forfeitures, of approximately $4,443,000 , $4,216,000 and $3,957,000 for the years ended December 31, 2019, 2018 and 2017 , respectively. Incentive Bonus Plans for Employees of the Company The Company has implemented a program for employees which, based upon compensation levels, automatically allocates a portion of their year-end bonuses in the form of unvested RSUs (Mandatory Program). Dividends declared by the Company are paid in additional RSUs and are forfeitable until they are delivered. The RSUs under the Mandatory Program will generally vest and be delivered ratably over four years and the dividend equivalent RSUs will generally vest and be delivered on the fourth anniversary of the original grant date. The fair value at the date of grant of the RSUs under the Mandatory Program is expensed on a straight-line basis over the vesting period. The Company recorded stock-based compensation under the Mandatory Program, net of forfeitures, of approximately $22,637,000 , $19,710,000 and $17,670,000 for the years ended December 31, 2019, 2018 and 2017 , respectively. The following table sets forth activity relating to the Company’s RSUs under the SIP (share data in thousands): Vested Restricted Stock Unit Grants Unvested Restricted Stock Unit Grants Incentive Bonus Plans Restricted Stock Unit Grants (in thousands, except per share data) Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Balance at January 1, 2017 34 $ 37.15 307 $ 33.62 1,399 $ 34.22 Granted 16 38.14 151 35.45 714 35.36 Delivered (8 ) 40.03 (140 ) 34.41 (523 ) 34.80 Forfeited — — — — (40 ) 33.87 Balance at December 31, 2017 42 36.98 318 34.14 1,550 34.60 Granted 15 38.29 134 39.02 757 39.42 Delivered (12 ) 34.95 (146 ) 35.13 (539 ) 34.94 Forfeited — — — — (23 ) 37.16 Balance at December 31, 2018 45 37.93 306 35.80 1,745 36.55 Granted 22 50.29 132 40.97 763 39.92 Delivered (13 ) 37.61 (131 ) 35.46 (601 ) 36.30 Forfeited — — (5 ) 38.15 (33 ) 38.31 Balance at December 31, 2019 54 44.06 302 38.78 1,874 38.38 Employee Stock Purchase Plan Pursuant to the Amended and Restated Employee Stock Purchase Plan (ESPP), the Company allows eligible employees, as defined in the ESPP, to purchase common stock at a 15% discount from fair market value up to a maximum of $25,000 in annual aggregate purchases by any one individual. The number of shares of common stock authorized for purchase by eligible employees is 600,000 . As of December 31, 2019, the Company had issued approximately 431,000 shares of common stock under the ESPP. For all three years ended December 31, 2019, 2018 and 2017 , approximately 18,000 were purchased by eligible employees through the ESPP. For the years ended December 31, 2019, 2018 and 2017 , the Company recorded a non-cash stock-based compensation expense of approximately $131,000 , $105,000 and $112,000 |
401(k) and Profit-Sharing Plan
401(k) and Profit-Sharing Plan | 12 Months Ended |
Dec. 31, 2019 | |
Compensation Related Costs [Abstract] | |
401 (k) and Profit-Sharing Plan | 401(k) and Profit-Sharing Plan The Company sponsors a profit-sharing plan (the Plan) covering all employees who meet certain age and service requirements. Subject to limitations, the Plan permits participants to defer up to 100% of their eligible compensation pursuant to Section 401(k) of the Internal Revenue Code. Employee contributions are matched by the Company at $0.50 per $1.00 deferred. The Plan also allows the Company to make discretionary contributions, which are integrated with the taxable wage base under the Social Security Act. No discretionary contributions were made for the years ended December 31, 2019, 2018 and 2017 . Forfeitures occur when participants terminate employment before becoming entitled to their full benefits under the Plan. In accordance with the Plan document, forfeited amounts are used to reduce the Company’s contributions to the Plan or to pay Plan expenses. Forfeitures for the years ended December 31, 2019, 2018 and 2017 totaled approximately $131,000 , $101,000 and $128,000 , respectively. Matching contributions, net of forfeitures, to the Plan for the years ended December 31, 2019, 2018 and 2017 totaled approximately $2,057,000 , $1,770,000 and $1,715,000 , respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company is an investment adviser to, and has administration agreements with, affiliated funds for which certain employees are officers and/or directors. The following table summarizes the amount of revenue the Company earned from these affiliated funds: Years Ended December 31, (in thousands) 2019 2018 2017 Investment advisory and administration fees (1) $ 264,116 $ 241,255 $ 236,832 Distribution and service fees 30,048 29,090 30,747 Total $ 294,164 $ 270,345 $ 267,579 _________________________ (1) Investment advisory and administration fees are reflected net of fund reimbursements of $11.1 million , $8.6 million and $8.7 million for and the years ended December 31, 2019, 2018 and 2017 , respectively. Amounts for the years ended December 31, 2017 have been recast to reflect the Company's adoption of the new revenue recognition accounting standard on January 1, 2018. The following table summarizes sales proceeds, gross realized gains, gross realized losses and dividend income from investments in Company-sponsored funds that are not consolidated: Years Ended December 31, (in thousands) 2019 2018 2017 Proceeds from sales $ 37,326 $ 10,872 $ 15,105 Gross realized gains 241 28 80 Gross realized losses (907 ) (4,448 ) — Dividend income 52 481 675 Included in accounts receivable at December 31, 2019 and 2018 are receivables due from Company-sponsored funds of approximately $27,725,000 and $22,560,000 , respectively. Included in accounts payable at December 31, 2019 and December 31, 2018 are payables due to Company-sponsored funds of approximately $1,498,000 and $845,000 , respectively. |
Regulatory Requirements
Regulatory Requirements | 12 Months Ended |
Dec. 31, 2019 | |
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 by the Rule. At December 31, 2019 , CSS had net capital of approximately $ 3.5 million , which exceeded its requirements by approximately $ 3.3 million . The Rule also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital of a broker-dealer is less than the amount required under the Rule and requires prior notice to the SEC for certain withdrawals of capital. CSS does not carry customer accounts and is exempt from SEC Rule 15c3-3 pursuant to provisions (k)(1) and (k)(2)(i) of such rule. During 2019, the Company made a capital contribution of $3.0 million to CSS. CSAL is subject to regulation by the Hong Kong Securities and Futures Commission. At December 31, 2019 , CSAL had regulatory capital of approximately $10.4 million , which exceeded its minimum regulatory capital requirement by approximately $10.0 million . During 2019, CSAL paid dividends totalling $32.5 million to its parent, CSCM. CSUK is subject to regulation by the United Kingdom Financial Conduct Authority. At December 31, 2019 , CSUK had regulatory capital of approximately $38.2 million , which exceeded its minimum regulatory capital requirement by approximately $32.5 million . CSJL is registered with the Financial Services Agency of Japan and the Kanto Local Finance Bureau and is subject to the Financial Instruments and Exchange Act. In accordance with its license, CSJL is required to maintain regulatory capital, as defined, of approximately $ 460,000 . At December 31, 2019 , CSJL had stated capital in excess of this requirement. CSIL is an Irish registered company. The Company has applied for a license to conduct regulated business in Ireland. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | 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 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 Cohen & Steers Co-Investment Partnership, L.P. (GRP-CIP) for up to 12 years through the life of GRP-TE. At December 31, 2019 , the Company has funded approximately $3.8 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 in which GRP-TE and GRP-CIP invest. At December 31, 2019 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following table summarizes the changes in the Company’s goodwill and intangible assets: (in thousands) Goodwill Finite-Lived Intangible Assets Indefinite-Lived Intangible Assets Balance at January 1, 2018 $ 19,034 $ 95 $ 1,250 Currency revaluation (533 ) — — Amortization N/A (95 ) N/A Balance at December 31, 2018 $ 18,501 $ — $ 1,250 Currency revaluation (191 ) — — Amortization N/A — N/A Balance at December 31, 2019 $ 18,310 $ — $ 1,250 The following table summarizes the Company’s intangible assets: (in thousands) Remaining Amortization Period (in months) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net 2019 Non-amortized intangible assets: Mutual fund management contracts — $ 1,250 $ — $ 1,250 2018 Amortized intangible assets: Client relationships — $ 1,543 $ (1,543 ) $ — Non-amortized intangible assets: Mutual fund management contracts — 1,250 — 1,250 Total $ 2,793 $ (1,543 ) $ 1,250 Amortization expense related to the intangible assets was approximately $95,000 and $89,000 for the years ended December 31, 2018 and 2017, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income before provision for income taxes and provision for income taxes are as follows: Years Ended December 31, (in thousands) 2019 2018 2017 Income before provision for income taxes - U.S. (1) $ 171,497 $ 132,838 $ 149,338 Income before provision for income taxes - Non-U.S. 16,052 10,941 11,062 Total income before provision for income taxes $ 187,549 $ 143,779 $ 160,400 _________________________ (1) Included income of $12.4 million, loss of $4.4 million and income of $547,000 attributable to third-party interests for the years ended December 31, 2019, 2018 and 2017, respectively. Current tax expense: U.S. federal $ 30,818 $ 26,223 $ 58,082 State and local 7,627 7,378 8,155 Non-U.S. 2,024 2,029 1,991 40,469 35,630 68,228 Deferred tax (benefit) expense: U.S. federal (133 ) (748 ) (428 ) State and local (74 ) (281 ) (412 ) Non-U.S. 303 (344 ) 526 96 (1,373 ) (314 ) Provision for income taxes $ 40,565 $ 34,257 $ 67,914 In connection with the enactment of the Tax Cuts and Jobs Act (the Tax Act), the Company recorded a provisional transition tax of $8.4 million at December 31, 2017, which reflected a one-time tax on deemed repatriated accumulated earnings and profits of the Company’s foreign subsidiaries. Based on refinement of the calculation, the Company adjusted its transition tax liability from $8.4 million at December 31, 2017 to $8.3 million during the second quarter of 2018. The transition tax, which is payable over eight years on an interest-free basis, was included as part of income tax payable on the Company's consolidated statements of financial condition at December 31, 2019 and December 31, 2018. The transition tax liability is as follows: Year Ending December 31, Transition Tax Liability 2020 $ 192 2021 665 2022 665 2023 1,246 2024 1,662 2025 2,077 $ 6,507 In addition to the transition tax, the Tax Act requires certain income earned by foreign subsidiaries, referred to as global intangible low-taxed income (GILTI), be included in the U.S. taxable income of the parent company. GILTI requires an accounting policy election to either (1) treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred or (2) factor such amounts into the measurement of deferred taxes. The Company has made an accounting policy election to account for any additional tax resulting from the GILTI provisions in the year in which it is incurred. Based upon its calculation, the Company was not required to record any additional income tax expense attributable to the GILTI provisions for the year ended December 31, 2019. Deferred income taxes represent the tax effects of the temporary differences between book and tax bases and are measured using enacted tax rates that will be in effect when such items are expected to reverse. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. Significant components of the Company’s net deferred income tax asset consist of the following: At December 31, (in thousands) 2019 2018 Deferred income tax assets (liabilities): Stock-based compensation $ 5,310 $ 4,915 Realized losses on investments 4,218 1,539 Dividend equivalents on unvested restricted stock units 1,725 1,734 Net unrealized (gains) losses on investments (1,632 ) 2,512 Deferred compensation 290 78 Deferred rent 1,205 1,452 Other (824 ) (760 ) Subtotal 10,292 11,470 Less: valuation allowance (3,201 ) (4,270 ) Deferred income tax asset—net $ 7,091 $ 7,200 The Company had capital loss carryforwards of approximately $17,027,000 and $6,181,000 for the years ended December 31, 2019 and 2018 which, if unused, will expire in years 2020 to 2024. The valuation allowance on the net deferred income tax asset decreased by approximately $1,069,000 during the year ended December 31, 2019 . At December 31, 2019 , the Company had approximately $12,880,000 of total gross unrecognized tax benefits. Of this total, approximately $9,830,000 (net of the federal benefit on state issues) represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the Company’s effective tax rate in future periods. The Company believes it is reasonably possible that it will reduce its net unrecognized tax benefits by $5,974,000 within the next twelve months due to the expected conclusion of jurisdictional reviews and the lapse of the statute of limitations on certain positions. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: (in thousands) Liability for Unrecognized Tax Benefits Gross unrecognized tax benefits balance at January 1, 2017 $ 7,852 Addition for tax positions of current year 1,724 Addition for tax positions of prior years 6,624 Reduction of tax positions from prior years (3,794 ) Gross unrecognized tax benefits balance at December 31, 2017 $ 12,406 Addition for tax positions of current year 2,233 Reduction of tax positions from prior years (2,602 ) Gross unrecognized tax benefits balance at December 31, 2018 $ 12,037 Addition for tax positions of current year 2,430 Addition for tax positions of prior years 133 Reduction of tax positions from prior years (1,720 ) Gross unrecognized tax benefits balance at December 31, 2019 $ 12,880 The Company records potential interest and penalties related to uncertain tax positions in the provision for income taxes. At December 31, 2019 and 2017, the Company had approximately $3,179,000 and $2,519,000 , respectively, in potential interest and penalties associated with uncertain tax positions. The tax years 2013 through 2019 remain open to examination by various taxing jurisdictions. A reconciliation of the Company’s statutory federal income tax rate and the effective tax rate is as follows: Years Ended December 31, 2019 2018 2017 U.S. statutory tax rate 21.0 % 21.0 % 35.0 % State and local income taxes, net of federal income taxes 3.4 % 3.8 % 3.1 % Unrecognized tax benefit adjustments (1.0 )% (1.0 )% (1.9 )% Foreign operations tax differential (0.5 )% 0.3 % (1.4 )% Non-deductible (gains) losses on investments (1.6 )% 0.2 % 0.2 % Non-taxable (gains) losses on investments 0.9 % 0.1 % (0.2 )% Tax Act — % (0.1 )% 8.0 % Other 1.0 % (1.2 )% (0.3 )% Effective income tax rate 23.2 % 23.1 % 42.5 % |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company has operating leases for corporate offices and certain information technology equipment. The following table summarizes the Company's lease cost included in general and administrative expense in the consolidated statements of operations: Years Ended December 31, (in thousands) 2019 2018 2017 Operating lease cost $ 11,495 $ 11,552 $ 11,334 Supplemental cash flow information related to operating leases is summarized below: Years Ended December 31, (in thousands) 2019 2018 2017 Cash paid for amounts included in the measurement of lease liabilities $ 12,365 $ 11,709 $ 11,579 Right-of-use assets obtained in exchange for new lease liabilities — 614 — Other information related to operating leases is summarized below: Years Ended December 31, 2019 2018 2017 Weighted-average remaining lease term (years) 4 5 6 Weighted-average discount rate 2.8 % 2.8 % 2.8 % The following table summarizes the maturities of lease liabilities at December 31, 2019 (in thousands): Year Ending December 31, Operating Leases 2020 $ 11,933 2021 11,184 2022 10,882 2023 10,855 2024 963 Total remaining undiscounted lease payments 45,817 Less: imputed interest 2,468 Total remaining discounted lease payments $ 43,349 |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s cash and cash equivalents are principally on deposit with major financial institutions. The Company is subject to credit risk should these financial institutions be unable to fulfill their obligations. The following affiliated funds and third-party institutional separate account subadvisory relationship, which is comprised of multiple accounts, provided 10% or more of the total revenue of the Company: Years Ended December 31, (in thousands, except percentages) 2019 2018 2017 Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX): Investment advisory and administration fees $ 56,638 $ 53,059 $ 53,594 Distribution and service fees 12,753 13,525 14,744 Total $ 69,391 $ 66,584 $ 68,338 Percent of total revenue 16.9 % 17.5 % 18.0 % Cohen & Steers Real Estate Securities Fund, Inc. (CSI): Investment advisory and administration fees $ 41,971 $ 31,759 $ 27,033 Distribution and service fees 8,128 6,841 7,662 Total $ 50,099 $ 38,600 $ 34,695 Percent of total revenue 12.2 % 10.1 % 9.2 % Cohen & Steers Realty Shares, Inc. (CSR): Investment advisory and administration fees $ 32,884 $ 33,827 $ 38,392 Distribution and service fees 4,079 4,032 4,602 Total $ 36,963 $ 37,859 $ 42,994 Percent of total revenue 9.0 % 9.9 % 11.4 % Daiwa Asset Management: Investment advisory fees $ 31,957 $ 33,454 $ 40,791 Percent of total revenue 7.8 % 8.8 % 10.8 % |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (unadudited) | Selected Quarterly Financial Data (unaudited) The following table presents selected quarterly financial data: Quarter (in thousands, except per share data) 1st 2nd 3rd 4th Total 2019 Revenue $ 94,226 $ 101,792 $ 104,965 $ 109,847 $ 410,830 Operating income 35,435 38,104 40,133 46,462 160,134 Net income attributable to common stockholders 32,543 31,333 34,017 36,728 134,621 Earnings per share attributable to common stockholders: Basic 0.69 0.66 0.72 0.78 2.85 Diluted 0.68 0.65 0.70 0.75 2.79 Weighted-average shares outstanding: Basic 47,146 47,304 47,316 47,324 47,273 Diluted 47,642 48,175 48,412 48,703 48,297 2018 Revenue $ 94,464 $ 94,410 $ 98,331 $ 93,906 $ 381,111 Operating income 37,219 36,287 39,223 34,309 147,038 Net income attributable to common stockholders 27,586 29,959 30,790 25,561 113,896 Earnings per share attributable to common stockholders: Basic 0.59 0.64 0.66 0.55 2.43 Diluted 0.59 0.63 0.65 0.54 2.40 Weighted-average shares outstanding: Basic 46,683 46,819 46,830 46,842 46,794 Diluted 47,152 47,311 47,524 47,562 47,381 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
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 consolidated financial statements were issued. Other than the items described below, the Company determined that there were no additional subsequent events that require disclosure and/or adjustment. On February 20, 2020, CNS declared a quarterly dividend on its common stock in the amount of $0.39 per share. This dividend will be payable on March 12, 2020 to stockholders of record at the close of business on March 2, 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements —In February 2018, the Financial Accounting Standards Board (FASB) issued new guidance allowing entities to reclassify certain tax effects related to the enactment of the Tax Cuts and Jobs Act (the Tax Act) from accumulated other comprehensive income (AOCI) to retained earnings. Prior to the issuance of the new guidance, a portion of the previously recognized deferred tax effects recorded in AOCI was "left stranded" in AOCI as the effect of remeasuring the deferred taxes using the reduced federal corporate income tax rate was required to be recorded through income. The new guidance allows these stranded tax effects to be reclassified from AOCI to retained earnings. The new guidance became effective on January 1, 2019 and the Company adopted the standard using the prospective application. The Company's adoption of the new standard did not have a material effect on its consolidated financial statements and related disclosures. In August 2017, the FASB issued new guidance amending the accounting for hedging activities. The new guidance (i) expands hedge accounting for nonfinancial and financial risk components and amends measurement methodologies to more closely align hedge accounting with an entity's risk management activities, (ii) decreases the complexity of preparing and understanding hedge results through eliminating the separate measurement and reporting of hedge ineffectiveness, (iii) enhances transparency, comparability and understandability of hedge results through enhanced disclosures and changing the presentation of hedge results to align the effects of the hedging instrument and the hedged item and (iv) reduces the cost and complexity of applying hedge accounting by simplifying the manner in which assessments of hedge effectiveness may be performed. The new guidance became effective on January 1, 2019. The Company's adoption of the new standard did not have a material effect on its consolidated financial statements and related disclosures. In February 2016, the FASB issued guidance introducing a new lease model which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. The new guidance establishes a right-of-use (ROU) model that requires a lessee to recognize an ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. This new guidance became effective on January 1, 2019 and the Company adopted the standard, along with certain allowable practical expedients, using the modified retrospective transition approach, which required the recasting of prior period amounts. The adoption of the new leasing standard resulted in the following changes to the Company's consolidated statement of financial condition as of December 31, 2018: (in thousands) Previously Reported Adjustments Due to New Leasing Standard to record ROU assets and lease liabilities Reclassification of Deferred Rent Recast Operating lease right-of-use assets $ — $ 54,304 $ (5,816 ) $ 48,488 Operating lease liabilities $ — $ 54,304 $ — $ 54,304 Deferred rent $ 5,816 $ — $ (5,816 ) $ — The adoption of the new standard had no material impact on the Company's other consolidated financial statements. Refer to Note 12 for further discussion. |
Accounting Estimates | Accounting Estimates —The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. |
Reclassifications [Text Block] | Reclassifications— The Company reclassified certain prior period amounts in the consolidated financial statements to conform with the current period presentation. |
Consolidation of Company-sponsored Funds | Consolidation of Company-sponsored Funds —Investments in Company-sponsored funds and management fees are evaluated at inception and thereafter, if there is a reconsideration event, in order to determine whether to apply the Variable Interest Entity (VIE) model or the Voting Interest Entity (VOE) model. In performing this analysis, all of the Company’s management fees are presumed to be commensurate and at market and are therefore not considered variable interests. A VIE is an entity in which either (i) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (ii) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has (i) the power to direct the activities of the VIE that most significantly affect its performance, and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. 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. 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 funds for which the Company’s ownership is less than 100%. |
Cash and Cash Equivalents | Cash and Cash Equivalents —Cash and cash equivalents are on deposit with three major financial institutions and 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 Brokers | Due from/to Brokers |
Investments | Investments —Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination no less than on a quarterly basis. At December 31, 2019, the Company's investments were comprised of the following: • Equity investments at fair value, which includes equity securities held within the affiliated funds that the Company consolidates, individual equity securities held directly for the purposes of establishing performance track records and seed investments in Company-sponsored open-end funds where the Company has neither control nor the ability to exercise significant influence. • Trading investments, which represent debt securities held within the affiliated funds that the Company consolidates and individual debt securities held directly for the purposes of establishing performance track records. • Held-to-maturity investments, which represent fixed income securities recorded at amortized cost. The Company periodically reviews held-to-maturity investments for other-than-temporary impairments (OTTI). If the Company believes an OTTI exists, an impairment charge will be recognized in the Company’s consolidated statements of operations. • Equity method investments, which represent seed investments in affiliated funds in which the Company owns between 20-50% of the outstanding voting interests in the affiliated 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 affiliated investee fund net income or loss for the period which is recorded as gain (loss) from investments—net in the Company's consolidated statements of operations. Realized and unrealized gains and losses on equity investments at fair value, trading investments and equity method investments are recorded in gain (loss) from investments—net in the Company's consolidated statements of operations. From time to time, the Company, including the affiliated funds consolidated by the Company, enters into derivative contracts to gain exposure to the underlying commodities markets or to hedge market and credit risks of the underlying portfolios, including options, futures and swaps contracts. Gains and losses on derivative contracts are recorded as gain (loss) from investments—net in the Company's consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses on the Company's consolidated statements of financial condition. At December 31, 2019 , none of the outstanding derivative contracts were subject to a master netting agreement or other similar arrangement. |
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. |
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interests —Redeemable noncontrolling interests represent third-party interests in the affiliated funds that the Company consolidates. These interests are redeemable at the option of the investors and therefore are 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 | Investment Advisory and Administration Fees —The Company earns revenue by providing asset management services to institutional accounts, Company-sponsored open-end and closed-end funds as well as model-based portfolios. Investment advisory fees are earned pursuant to the terms of investment management agreements and are based on a contractual fee rate applied to the average 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 when earned and is recorded net of any fund reimbursements. The investment advisory and administration contracts each include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, investment advisory and administration fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. |
Distribution and Service Fee Revenue | Distribution and Service Fee Revenue —Distribution and service fee revenue is based on the average daily net assets of certain share classes of the Company’s sponsored open-end funds distributed by CSS. Distribution and service fee revenue is earned daily and is generally recorded gross of any third-party distribution and service fee expense for applicable share classes. Distribution fee agreements include a single performance obligation that is satisfied at a point in time when an investor purchases shares in a Company-sponsored open-end fund. Distribution fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. For all periods presented, a portion of the distribution fee revenue recognized in the period may relate to performance obligations satisfied (or partially satisfied) in prior periods. Service fee agreements include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Service fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. |
Distribution and Service Fee Expense | Distribution and Service Fee Expense —Distribution and service fee expense includes distribution fees, shareholder servicing fees and intermediary assistance payments. Distribution and service fee expense is recorded on an accrual basis. Distribution fees represent payments made to qualified intermediaries for (i) assistance in connection with the distribution of the Company’s sponsored open-end funds’ shares and (ii) for other expenses such as advertising, printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940 (Rule 12b-1). Distribution fees are based on the average daily net assets under management of certain share classes of certain of the funds. Shareholder servicing fees represent payments made to qualified intermediaries for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. Shareholder servicing fees are generally based on the average assets under management or the number of accounts being serviced. Intermediary assistance payments represent payments to qualified intermediaries for activities related to distribution, shareholder servicing and marketing and support of the Company’s sponsored open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on the average assets under management or the number of accounts being serviced. |
Stock-based Compensation | Stock-based Compensation |
Income Taxes | Income Taxes —The Company records the current and deferred tax consequences of all transactions that have been recognized in the consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The calculation of tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across the Company’s 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 resolution of any related appeals or litigation processes, on the basis of the technical merits. The Company records potential interest and penalties related to uncertain tax positions in the provision for income taxes in the consolidated statements of operations. |
Currency Translation and Transactions | Currency Translation and Transactions —Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company’s consolidated statements of comprehensive income. The cumulative translation adjustment was $(6,326,000) , $(7,323,000) and $(4,766,000) as of December 31, 2019 , 2018 and 2017, respectively. Gains or losses resulting from transactions denominated in currencies other than the U.S. dollar held by certain foreign subsidiaries are included in non-operating income (loss) in the consolidated statements of operations. Gains and losses arising on revaluation of U.S. dollar-denominated assets and liabilities held by foreign subsidiaries are also included in non-operating income (loss) in the Company’s consolidated statements of operations. |
Comprehensive Income | Comprehensive Income —The Company reports all changes in comprehensive income in the consolidated statements of comprehensive income. Comprehensive income generally includes net income or loss attributable to common stockholders and amounts attributable to foreign currency translation gain (loss), net of tax. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements —In January 2017, the FASB issued guidance to simplify the goodwill impairment test by removing the requirement to perform a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. This new guidance was effective January 1, 2020. The adoption of the new guidance is not expected to have a material effect on the consolidated financial statements and related disclosures. In June 2016, the FASB issued new guidance on the measurement of credit losses on financial instruments. The guidance replaces the incurred loss impairment model with a current expected credit loss (CECL) model. CECL requires a company to estimate lifetime expected credit losses based on relevant information about historical events, current conditions and reasonable and supportable forecasts. The guidance must be applied using the modified retrospective adoption method and was effective January 1, 2020. The adoption of the new guidance is not expected to have a material effect on the consolidated financial statements and related disclosures. |
Valuation Techniques | Valuation Techniques In certain instances, debt, equity and preferred securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable broker-dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in Company-sponsored funds are valued at their closing price or NAV (or its equivalent) as a practical expedient. Foreign exchange contracts are valued based on the prevailing forward exchange rate, which is an input that is observable in active markets. 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The adoption of the new leasing standard resulted in the following changes to the Company's consolidated statement of financial condition as of December 31, 2018: (in thousands) Previously Reported Adjustments Due to New Leasing Standard to record ROU assets and lease liabilities Reclassification of Deferred Rent Recast Operating lease right-of-use assets $ — $ 54,304 $ (5,816 ) $ 48,488 Operating lease liabilities $ — $ 54,304 $ — $ 54,304 Deferred rent $ 5,816 $ — $ (5,816 ) $ — |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle: Years ended December 31, (in thousands) 2019 2018 2017 Client domicile: North America $ 352,629 $ 322,964 $ 314,021 Japan 33,967 35,283 42,303 Asia Pacific excluding Japan 13,147 12,493 11,496 Europe, Middle East and Africa 11,087 10,371 10,876 Total $ 410,830 $ 381,111 $ 378,696 Years ended December 31, (in thousands) 2019 2018 2017 Investment vehicle: Open-end funds (1) $ 217,778 $ 197,363 $ 193,348 Closed-end funds 80,502 77,270 78,670 Institutional accounts 110,346 104,327 103,629 Other (2) 2,204 2,151 3,049 Total $ 410,830 $ 381,111 $ 378,696 ________________________ (1) Included distribution and service fees of $30.0 million , $29.1 million and $30.7 million for the years ended December 31, 2019, 2018 and 2017 , respectively. (2) Prior period amounts related to model-based portfolios were reclassified from other (previously reported as portfolio consulting and other) to open-end funds and institutional accounts. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Summary of Investment Holdings | The following table summarizes the Company’s investments: (in thousands) December 31, 2019 December 31, 2018 Equity investments at fair value $ 89,872 $ 66,795 Trading 14,980 108,363 Held-to-maturity carried at amortized cost (1) 49,807 49,748 Equity method 554 26 Total investments $ 155,213 $ 224,932 _________________________ (1) Held-to-maturity investments had a fair value of $50.0 million and $49.8 million at December 31, 2019 and 2018, respectively. Original maturities ranged from 12 to 24 months at December 31, 2019 and 6 to 24 months at December 31, 2018. The Company seeded two new funds for the year ended December 31, 2019 and one new fund for the year ended December 31, 2018. |
Gain (Loss) on Investments | The following tables summarize gain (loss)—net from investments: Years Ended December 31, (in thousands) 2019 2018 Net realized gains (losses) during the period $ 12,227 $ (1,486 ) Net unrealized gains (losses) during the period on investments still held at the end of the period 9,446 (12,778 ) Gain (loss) from investments—net (1) $ 21,673 $ (14,264 ) _________________________ (1) Included net income (loss) attributable to redeemable noncontrolling interests. (in thousands) Year Ended December 31, 2017 Gain (loss) from trading investments—net (1) $ 1,915 Equity in earnings (losses) of affiliates—net (242 ) Gain (loss) from available-for-sale investments—net 347 Gain (loss) from investments—net $ 2,020 _________________________ (1) Included net income (loss) attributable to redeemable noncontrolling interests. |
Schedule of Variable Interest Entities | At December 31, 2019 , the Company's consolidated VIEs included the Cohen & Steers SICAV Global Listed Infrastructure Fund (GLI SICAV), the Cohen & Steers Co-Investment Partnership, L.P. (GRP-CIP), SICAV GRE and the Cohen & Steers SICAV Diversified Real Assets Fund (SICAV RAP). At December 31, 2018, the Company's consolidated VIEs included GLI SICAV, GRP-CIP, SICAV Preferred and SICAV RAP. The following tables summarize the consolidated statements of financial condition attributable to the Company's consolidated VIEs: December 31, 2019 (in thousands) GLI SICAV GRP-CIP SICAV GRE SICAV RAP Total Assets (1) Investments $ 7,048 $ 337 $ 45,468 $ 29,976 $ 82,829 Due from brokers 264 203 663 613 1,743 Other assets 92 — 681 268 1,041 Total assets $ 7,404 $ 540 $ 46,812 $ 30,857 $ 85,613 Liabilities (1) Due to brokers $ 45 $ — $ 92 $ 229 $ 366 Other liabilities and accrued expenses 100 5 466 213 784 Total liabilities $ 145 $ 5 $ 558 $ 442 $ 1,150 December 31, 2018 (in thousands) GLI SICAV GRP-CIP SICAV Preferred SICAV RAP Total Assets (1) Investments $ 5,704 $ 550 $ 120,930 $ 8,929 $ 136,113 Due from brokers 49 103 10,868 167 11,187 Other assets 171 — 2,136 297 2,604 Total assets $ 5,924 $ 653 $ 133,934 $ 9,393 $ 149,904 Liabilities (1) Due to brokers $ — $ — $ 4,398 $ 24 $ 4,422 Other liabilities and accrued expenses 74 5 212 149 440 Total liabilities $ 74 $ 5 $ 4,610 $ 173 $ 4,862 _________________________ (1) The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company. |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements, Recurring and Nonrecurring | The following tables present fair value measurements: December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV as FV Investments Carried at Amortized Cost Total Cash equivalents $ 85,889 $ — $ — $ — $ — $ 85,889 Equity investments at fair value Common stocks $ 87,408 $ — $ — $ — $ — $ 87,408 Company-sponsored funds 132 — — — — 132 Limited partnership interests 1,048 — — 337 — 1,385 Preferred securities 704 108 — — — 812 Other — — — 135 — 135 Total $ 89,292 $ 108 $ — $ 472 $ — $ 89,872 Trading investments Fixed income $ — $ 14,980 $ — $ — $ — $ 14,980 Total $ — $ 14,980 $ — $ — $ — $ 14,980 Held-to-maturity investments Fixed income $ — $ — $ — $ — $ 49,807 $ 49,807 Total $ — $ — $ — $ — $ 49,807 $ 49,807 Equity method investments $ — $ — $ — $ 554 $ — $ 554 Total investments $ 89,292 $ 15,088 $ — $ 1,026 $ 49,807 $ 155,213 Derivatives - assets Commodity futures contracts $ 570 $ — $ — $ — $ — $ 570 Foreign exchange contracts — 74 — — — 74 Total $ 570 $ 74 $ — $ — $ — $ 644 Derivatives - liabilities Commodity futures contracts $ 339 $ — $ — $ — $ — $ 339 Commodity swap contracts — 173 — — — 173 Foreign exchange contracts — 44 — — — 44 Total $ 339 $ 217 $ — $ — $ — $ 556 | December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV as FV Investments Carried at Amortized Cost Total Cash equivalents $ 78,147 $ — $ — $ — $ — $ 78,147 Equity investments at fair value Common stocks 21,982 $ — $ — $ — $ — $ 21,982 Company-sponsored funds 9,456 — — — — 9,456 Limited partnership interests 1,056 — — 550 — 1,606 Preferred securities 30,448 3,193 — — — 33,641 Other — — — 110 — 110 Total $ 62,942 $ 3,193 $ — $ 660 $ — $ 66,795 Trading investments Fixed income $ — $ 108,363 $ — $ — $ — $ 108,363 Total $ — $ 108,363 $ — $ — $ — $ 108,363 Held-to-maturity investments Fixed income $ — $ — $ — $ — $ 49,748 $ 49,748 Total $ — $ — $ — $ — $ 49,748 $ 49,748 Equity method investments $ — $ — $ — $ 26 $ — $ 26 Total investments $ 62,942 $ 111,556 $ — $ 686 $ 49,748 $ 224,932 Derivatives - assets Commodity futures contracts $ 486 $ — $ — $ — $ — $ 486 Commodity swap contracts — 739 — — — 739 Total $ 486 $ 739 $ — $ — $ — $ 1,225 Derivatives - liabilities Commodity futures contracts $ 2,181 $ — $ — $ — $ — $ 2,181 Foreign exchange contracts — 205 — — — 205 Total $ 2,181 $ 205 $ — $ — $ — $ 2,386 |
Fair Value, Valuation Technique, Unobservable Inputs | The following table summarizes the changes in level 3 limited partnership interests in trading investments measured at fair value on a recurring basis: Trading Investments Limited Partnership Interests 2019 2018 Balance at beginning of year $ — $ 605 Purchases / contributions — — Sales / distributions — (598 ) Realized gains (losses) — (68 ) Unrealized gains (losses) — 61 Transfers into (out of) level 3 — — Balance at end of year $ — $ — |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivatives [Abstract] | |
Schedule of Derivative Instruments | The following tables summarize the notional amount and fair value of the derivative financial instruments that are not designated in a formal hedging relationship. As of December 31, 2019 Notional Amount Fair Value (1) (in thousands) Long Short Assets Liabilities Commodity futures $ 14,394 $ 4,623 $ 570 $ 339 Commodity swap — 8,909 — 173 Foreign exchange — 10,787 74 44 $ 14,394 $ 24,319 $ 644 $ 556 As of December 31, 2018 Notional Amount Fair Value (1) (in thousands) Long Short Assets Liabilities Commodity futures $ 19,361 $ 3,434 $ 486 $ 2,181 Commodity swap — 8,761 739 — Foreign exchange — 10,996 — 205 $ 19,361 $ 23,191 $ 1,225 $ 2,386 ________________________ (1) The fair value of the derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the Company's consolidated statements of financial condition. |
Gains (Losses) on Derivatives | The following table summarizes net gains (losses) from derivative financial instruments: Years Ended December 31, (in thousands) 2019 2018 2017 Commodity futures $ 881 $ (2,093 ) $ (438 ) Commodity swap (485 ) 739 — Foreign exchange 235 (141 ) (1,481 ) Total (1) $ 631 $ (1,495 ) $ (1,919 ) ________________________ (1) Gains and losses on the derivative financial instruments are recorded as gain (loss) from investments—net in the Company's consolidated statements of operations. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | The following table summarizes the Company’s property and equipment: December 31, (in thousands) 2019 2018 Equipment $ 5,951 $ 5,590 Furniture and fixtures 3,651 3,644 Software 19,988 17,591 Leasehold improvements 16,048 16,028 Subtotal 45,638 42,853 Less: Accumulated depreciation and amortization (33,152 ) (28,747 ) Property and equipment, net $ 12,486 $ 14,106 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles income and share data used in the basic and diluted earnings per share computations: Years Ended December 31, (in thousands, except per share data) 2019 2018 2017 Net income $ 146,984 $ 109,522 $ 92,486 Less: Net (income) loss attributable to redeemable noncontrolling interests (12,363 ) 4,374 (547 ) Net income attributable to common stockholders $ 134,621 $ 113,896 $ 91,939 Basic weighted average shares outstanding 47,273 46,794 46,353 Dilutive potential shares from restricted stock units 1,024 587 626 Diluted weighted average shares outstanding 48,297 47,381 46,979 Basic earnings per share attributable to common stockholders $ 2.85 $ 2.43 $ 1.98 Diluted earnings per share attributable to common stockholders $ 2.79 $ 2.40 $ 1.96 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table sets forth activity relating to the Company’s RSUs under the SIP (share data in thousands): Vested Restricted Stock Unit Grants Unvested Restricted Stock Unit Grants Incentive Bonus Plans Restricted Stock Unit Grants (in thousands, except per share data) Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Balance at January 1, 2017 34 $ 37.15 307 $ 33.62 1,399 $ 34.22 Granted 16 38.14 151 35.45 714 35.36 Delivered (8 ) 40.03 (140 ) 34.41 (523 ) 34.80 Forfeited — — — — (40 ) 33.87 Balance at December 31, 2017 42 36.98 318 34.14 1,550 34.60 Granted 15 38.29 134 39.02 757 39.42 Delivered (12 ) 34.95 (146 ) 35.13 (539 ) 34.94 Forfeited — — — — (23 ) 37.16 Balance at December 31, 2018 45 37.93 306 35.80 1,745 36.55 Granted 22 50.29 132 40.97 763 39.92 Delivered (13 ) 37.61 (131 ) 35.46 (601 ) 36.30 Forfeited — — (5 ) 38.15 (33 ) 38.31 Balance at December 31, 2019 54 44.06 302 38.78 1,874 38.38 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table summarizes sales proceeds, gross realized gains, gross realized losses and dividend income from investments in Company-sponsored funds that are not consolidated: Years Ended December 31, (in thousands) 2019 2018 2017 Proceeds from sales $ 37,326 $ 10,872 $ 15,105 Gross realized gains 241 28 80 Gross realized losses (907 ) (4,448 ) — Dividend income 52 481 675 The following table summarizes the amount of revenue the Company earned from these affiliated funds: Years Ended December 31, (in thousands) 2019 2018 2017 Investment advisory and administration fees (1) $ 264,116 $ 241,255 $ 236,832 Distribution and service fees 30,048 29,090 30,747 Total $ 294,164 $ 270,345 $ 267,579 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill and Intangible Assets | The following table summarizes the changes in the Company’s goodwill and intangible assets: (in thousands) Goodwill Finite-Lived Intangible Assets Indefinite-Lived Intangible Assets Balance at January 1, 2018 $ 19,034 $ 95 $ 1,250 Currency revaluation (533 ) — — Amortization N/A (95 ) N/A Balance at December 31, 2018 $ 18,501 $ — $ 1,250 Currency revaluation (191 ) — — Amortization N/A — N/A Balance at December 31, 2019 $ 18,310 $ — $ 1,250 |
Schedule of Intangible Assets | The following table summarizes the Company’s intangible assets: (in thousands) Remaining Amortization Period (in months) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net 2019 Non-amortized intangible assets: Mutual fund management contracts — $ 1,250 $ — $ 1,250 2018 Amortized intangible assets: Client relationships — $ 1,543 $ (1,543 ) $ — Non-amortized intangible assets: Mutual fund management contracts — 1,250 — 1,250 Total $ 2,793 $ (1,543 ) $ 1,250 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Taxes | The income before provision for income taxes and provision for income taxes are as follows: Years Ended December 31, (in thousands) 2019 2018 2017 Income before provision for income taxes - U.S. (1) $ 171,497 $ 132,838 $ 149,338 Income before provision for income taxes - Non-U.S. 16,052 10,941 11,062 Total income before provision for income taxes $ 187,549 $ 143,779 $ 160,400 _________________________ (1) Included income of $12.4 million, loss of $4.4 million and income of $547,000 attributable to third-party interests for the years ended December 31, 2019, 2018 and 2017, respectively. Current tax expense: U.S. federal $ 30,818 $ 26,223 $ 58,082 State and local 7,627 7,378 8,155 Non-U.S. 2,024 2,029 1,991 40,469 35,630 68,228 Deferred tax (benefit) expense: U.S. federal (133 ) (748 ) (428 ) State and local (74 ) (281 ) (412 ) Non-U.S. 303 (344 ) 526 96 (1,373 ) (314 ) Provision for income taxes $ 40,565 $ 34,257 $ 67,914 |
Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s net deferred income tax asset consist of the following: At December 31, (in thousands) 2019 2018 Deferred income tax assets (liabilities): Stock-based compensation $ 5,310 $ 4,915 Realized losses on investments 4,218 1,539 Dividend equivalents on unvested restricted stock units 1,725 1,734 Net unrealized (gains) losses on investments (1,632 ) 2,512 Deferred compensation 290 78 Deferred rent 1,205 1,452 Other (824 ) (760 ) Subtotal 10,292 11,470 Less: valuation allowance (3,201 ) (4,270 ) Deferred income tax asset—net $ 7,091 $ 7,200 |
Reconciliation of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: (in thousands) Liability for Unrecognized Tax Benefits Gross unrecognized tax benefits balance at January 1, 2017 $ 7,852 Addition for tax positions of current year 1,724 Addition for tax positions of prior years 6,624 Reduction of tax positions from prior years (3,794 ) Gross unrecognized tax benefits balance at December 31, 2017 $ 12,406 Addition for tax positions of current year 2,233 Reduction of tax positions from prior years (2,602 ) Gross unrecognized tax benefits balance at December 31, 2018 $ 12,037 Addition for tax positions of current year 2,430 Addition for tax positions of prior years 133 Reduction of tax positions from prior years (1,720 ) Gross unrecognized tax benefits balance at December 31, 2019 $ 12,880 |
Reconciliation of Federal Statutory Income Tax Rate to Effective Rate | A reconciliation of the Company’s statutory federal income tax rate and the effective tax rate is as follows: Years Ended December 31, 2019 2018 2017 U.S. statutory tax rate 21.0 % 21.0 % 35.0 % State and local income taxes, net of federal income taxes 3.4 % 3.8 % 3.1 % Unrecognized tax benefit adjustments (1.0 )% (1.0 )% (1.9 )% Foreign operations tax differential (0.5 )% 0.3 % (1.4 )% Non-deductible (gains) losses on investments (1.6 )% 0.2 % 0.2 % Non-taxable (gains) losses on investments 0.9 % 0.1 % (0.2 )% Tax Act — % (0.1 )% 8.0 % Other 1.0 % (1.2 )% (0.3 )% Effective income tax rate 23.2 % 23.1 % 42.5 % |
Schedule of Transition Tax Liability, Fiscal Year Maturity Schedule | The transition tax liability is as follows: Year Ending December 31, Transition Tax Liability 2020 $ 192 2021 665 2022 665 2023 1,246 2024 1,662 2025 2,077 $ 6,507 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost | The following table summarizes the Company's lease cost included in general and administrative expense in the consolidated statements of operations: Years Ended December 31, (in thousands) 2019 2018 2017 Operating lease cost $ 11,495 $ 11,552 $ 11,334 Supplemental cash flow information related to operating leases is summarized below: Years Ended December 31, (in thousands) 2019 2018 2017 Cash paid for amounts included in the measurement of lease liabilities $ 12,365 $ 11,709 $ 11,579 Right-of-use assets obtained in exchange for new lease liabilities — 614 — |
Assets And Liabilities, Lessee | Other information related to operating leases is summarized below: Years Ended December 31, 2019 2018 2017 Weighted-average remaining lease term (years) 4 5 6 Weighted-average discount rate 2.8 % 2.8 % 2.8 % |
Lessee, Operating Lease, Liability, Maturity | The following table summarizes the maturities of lease liabilities at December 31, 2019 (in thousands): Year Ending December 31, Operating Leases 2020 $ 11,933 2021 11,184 2022 10,882 2023 10,855 2024 963 Total remaining undiscounted lease payments 45,817 Less: imputed interest 2,468 Total remaining discounted lease payments $ 43,349 |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor | The following affiliated funds and third-party institutional separate account subadvisory relationship, which is comprised of multiple accounts, provided 10% or more of the total revenue of the Company: Years Ended December 31, (in thousands, except percentages) 2019 2018 2017 Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX): Investment advisory and administration fees $ 56,638 $ 53,059 $ 53,594 Distribution and service fees 12,753 13,525 14,744 Total $ 69,391 $ 66,584 $ 68,338 Percent of total revenue 16.9 % 17.5 % 18.0 % Cohen & Steers Real Estate Securities Fund, Inc. (CSI): Investment advisory and administration fees $ 41,971 $ 31,759 $ 27,033 Distribution and service fees 8,128 6,841 7,662 Total $ 50,099 $ 38,600 $ 34,695 Percent of total revenue 12.2 % 10.1 % 9.2 % Cohen & Steers Realty Shares, Inc. (CSR): Investment advisory and administration fees $ 32,884 $ 33,827 $ 38,392 Distribution and service fees 4,079 4,032 4,602 Total $ 36,963 $ 37,859 $ 42,994 Percent of total revenue 9.0 % 9.9 % 11.4 % Daiwa Asset Management: Investment advisory fees $ 31,957 $ 33,454 $ 40,791 Percent of total revenue 7.8 % 8.8 % 10.8 % |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table presents selected quarterly financial data: Quarter (in thousands, except per share data) 1st 2nd 3rd 4th Total 2019 Revenue $ 94,226 $ 101,792 $ 104,965 $ 109,847 $ 410,830 Operating income 35,435 38,104 40,133 46,462 160,134 Net income attributable to common stockholders 32,543 31,333 34,017 36,728 134,621 Earnings per share attributable to common stockholders: Basic 0.69 0.66 0.72 0.78 2.85 Diluted 0.68 0.65 0.70 0.75 2.79 Weighted-average shares outstanding: Basic 47,146 47,304 47,316 47,324 47,273 Diluted 47,642 48,175 48,412 48,703 48,297 2018 Revenue $ 94,464 $ 94,410 $ 98,331 $ 93,906 $ 381,111 Operating income 37,219 36,287 39,223 34,309 147,038 Net income attributable to common stockholders 27,586 29,959 30,790 25,561 113,896 Earnings per share attributable to common stockholders: Basic 0.59 0.64 0.66 0.55 2.43 Diluted 0.59 0.63 0.65 0.54 2.40 Weighted-average shares outstanding: Basic 46,683 46,819 46,830 46,842 46,794 Diluted 47,152 47,311 47,524 47,562 47,381 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 38,440 | $ 48,488 | $ 48,488 |
Total remaining discounted lease payments | $ 43,349 | 54,304 | |
Deferred rent | (5,816) | $ (5,816) | |
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | 54,304 | ||
Total remaining discounted lease payments | $ 54,304 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Cumulative Translation Adjustments Balance (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accumulated Translation Adjustment | |||
Cumulative Translation Adjustments balance [Line Items] | |||
Cumulative Foreign Currency Translation Adjustment, Net of Tax | $ (6,326) | $ (7,323) | $ (4,766) |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 410,830 | $ 381,111 | $ 378,696 |
North America | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 352,629 | 322,964 | 314,021 |
Japan | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 33,967 | 35,283 | 42,303 |
Asia Pacific, excluding Japan | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 13,147 | 12,493 | 11,496 |
Europe, Middle East and Africa | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 11,087 | 10,371 | 10,876 |
Distribution and service fees | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 30,048 | 29,090 | 30,747 |
Open-end funds | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 217,778 | 197,363 | 193,348 |
Closed-end funds | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 80,502 | 77,270 | 78,670 |
Institutional accounts | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 110,346 | 104,327 | 103,629 |
Other (2) | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 2,204 | $ 2,151 | $ 3,049 |
Investments (Details)
Investments (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)new_funds_seeded | Dec. 31, 2018USD ($)new_funds_seeded | Dec. 31, 2017USD ($) | ||
Investment [Line Items] | ||||
Number of new funds seeded | new_funds_seeded | 2 | 1 | ||
Debt Securities, Held-to-maturity, Fair Value | $ 50,000 | $ 49,800 | ||
Summary of Investments [Abstract] | ||||
Equity investments at fair value | 89,872 | 66,795 | ||
Trading | 14,980 | 108,363 | ||
Held-to-maturity | 49,807 | 49,748 | ||
Equity method | 554 | 26 | ||
Total investments | [1] | 155,213 | 224,932 | |
Gain (Loss) on Investments [Abstract] | ||||
Net realized gains (losses) during the period | 12,227 | (1,486) | ||
Net unrealized gains (losses) during the period on investments still held at the end of the period | 9,446 | (12,778) | ||
Gain (loss) from investments—net | 21,673 | (14,264) | $ 2,020 | |
Trading, Equity Method Investments and Available-for-Sale Investments [Abstract] | ||||
Gain (loss) from trading investments—net | 1,915 | |||
Equity in earnings (losses) of affiliates—net | (242) | |||
Gain (loss) from available-for-sale investments—net | 347 | |||
Gain (loss) from investments—net | $ 21,673 | $ (14,264) | $ 2,020 | |
[1] | Asset and liability amounts in parentheses represent the aggregated balances at December 31, 2019 and 2018 attributable to variable interest entities consolidated by the Company. Refer to Note 4 for further discussion. |
Investments Variable Interest E
Investments Variable Interest Entity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Variable Interest Entity [Line Items] | |||
Investments | [1] | $ 155,213 | $ 224,932 |
Due from brokers | [1] | 1,743 | 14,240 |
Other assets | [1] | 7,433 | 9,208 |
Total assets | 402,419 | 481,039 | |
Due to brokers | [1] | 366 | 5,121 |
Other liabilities and accrued expenses | [1] | 13,972 | 13,935 |
Total liabilities | 135,304 | 144,201 | |
SICAV RAP | |||
Variable Interest Entity [Line Items] | |||
Investments | 29,976 | 8,929 | |
Due from brokers | 613 | 167 | |
Other assets | 268 | 297 | |
Total assets | 30,857 | 9,393 | |
Due to brokers | 229 | 24 | |
Other liabilities and accrued expenses | 213 | 149 | |
Total liabilities | 442 | 173 | |
GLI SICAV, GRP-CIP, SICAV GRE and SICAV RAP [Member] | |||
Variable Interest Entity [Line Items] | |||
Investments | 82,829 | ||
Due from brokers | 1,743 | ||
Other assets | 1,041 | ||
Total assets | 85,613 | ||
Due to brokers | 366 | ||
Other liabilities and accrued expenses | 784 | ||
Total liabilities | 1,150 | ||
GLI SICAV | |||
Variable Interest Entity [Line Items] | |||
Investments | 7,048 | 5,704 | |
Due from brokers | 264 | 49 | |
Other assets | 92 | 171 | |
Total assets | 7,404 | 5,924 | |
Due to brokers | 45 | 0 | |
Other liabilities and accrued expenses | 100 | 74 | |
Total liabilities | 145 | 74 | |
GRP-CIP | |||
Variable Interest Entity [Line Items] | |||
Investments | 337 | 550 | |
Due from brokers | 203 | 103 | |
Other assets | 0 | 0 | |
Total assets | 540 | 653 | |
Due to brokers | 0 | 0 | |
Other liabilities and accrued expenses | 5 | 5 | |
Total liabilities | 5 | 5 | |
SICAV Preferred | |||
Variable Interest Entity [Line Items] | |||
Investments | 120,930 | ||
Due from brokers | 10,868 | ||
Other assets | 2,136 | ||
Total assets | 133,934 | ||
Due to brokers | 4,398 | ||
Other liabilities and accrued expenses | 212 | ||
Total liabilities | 4,610 | ||
SICAV GRE | |||
Variable Interest Entity [Line Items] | |||
Investments | 45,468 | ||
Due from brokers | 663 | ||
Other assets | 681 | ||
Total assets | 46,812 | ||
Due to brokers | 92 | ||
Other liabilities and accrued expenses | 466 | ||
Total liabilities | $ 558 | ||
GLI SICAV, GRP-CIP, SICAV Preferred and SICAV RAP [Member] | |||
Variable Interest Entity [Line Items] | |||
Investments | 136,113 | ||
Due from brokers | 11,187 | ||
Other assets | 2,604 | ||
Total assets | 149,904 | ||
Due to brokers | 4,422 | ||
Other liabilities and accrued expenses | 440 | ||
Total liabilities | $ 4,862 | ||
[1] | Asset and liability amounts in parentheses represent the aggregated balances at December 31, 2019 and 2018 attributable to variable interest entities consolidated by the Company. Refer to Note 4 for further discussion. |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | $ 89,872 | $ 66,795 |
Trading | 14,980 | 108,363 |
Held-to-maturity | 49,807 | 49,748 |
Equity method investments | 554 | 26 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 85,889 | 78,147 |
Equity investments at fair value | 89,872 | 66,795 |
Trading | 14,980 | 108,363 |
Total investments | 155,213 | 224,932 |
Derivative - assets | 644 | 1,225 |
Derivative - liabilities | 556 | 2,386 |
Fair Value, Measurements, Recurring | Commodity futures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative - assets | 570 | 486 |
Derivative - liabilities | 339 | 2,181 |
Fair Value, Measurements, Recurring | Commodity swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative - assets | 739 | |
Derivative - liabilities | 173 | |
Fair Value, Measurements, Recurring | Foreign exchange | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative - assets | 74 | |
Derivative - liabilities | 44 | 205 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 85,889 | 78,147 |
Equity investments at fair value | 89,292 | 62,942 |
Total investments | 89,292 | 62,942 |
Derivative - assets | 570 | 486 |
Derivative - liabilities | 339 | 2,181 |
Fair Value, Measurements, Recurring | Level 1 | Commodity futures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative - assets | 570 | 486 |
Derivative - liabilities | 339 | 2,181 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 108 | 3,193 |
Trading | 14,980 | 108,363 |
Total investments | 15,088 | 111,556 |
Derivative - assets | 74 | 739 |
Derivative - liabilities | 217 | 205 |
Fair Value, Measurements, Recurring | Level 2 | Commodity swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative - assets | 739 | |
Derivative - liabilities | 173 | |
Fair Value, Measurements, Recurring | Level 2 | Foreign exchange | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative - assets | 74 | |
Derivative - liabilities | 44 | 205 |
Fair Value, Measurements, Recurring | Investments Measured at NAV | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 472 | 660 |
Trading | 0 | |
Total investments | 1,026 | 686 |
Company-sponsored funds | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 132 | 9,456 |
Company-sponsored funds | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 132 | 9,456 |
Common stocks | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 87,408 | 21,982 |
Common stocks | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 87,408 | 21,982 |
Fixed income | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading | 14,980 | 108,363 |
Total investments | 49,807 | 49,748 |
Fixed income | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading | 14,980 | 108,363 |
Limited partnership interests | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 1,385 | 1,606 |
Limited partnership interests | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 1,048 | 1,056 |
Limited partnership interests | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 0 | 605 |
Purchases / contributions | 0 | 0 |
Sales / distributions | 0 | 598 |
Realized gains | 0 | 68 |
Unrealized gains (losses) | 0 | (61) |
Transfers into (out of) level 3 | 0 | 0 |
Ending Balance | 0 | 0 |
Limited partnership interests | Fair Value, Measurements, Recurring | Investments Measured at NAV | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 337 | 550 |
Preferred securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 812 | 33,641 |
Preferred securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 704 | 30,448 |
Preferred securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 108 | 3,193 |
Other | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 135 | 110 |
Other | Fair Value, Measurements, Recurring | Investments Measured at NAV | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments at fair value | 135 | 110 |
Held-to-maturity Securities [Member] | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity | 49,807 | 49,748 |
Held-to-maturity Securities [Member] | Fixed income | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity | 49,807 | 49,748 |
Equity Method Investments [Member] | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity method investments | 554 | 26 |
Equity Method Investments [Member] | Fair Value, Measurements, Recurring | Investments Measured at NAV | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity method investments | $ 554 | $ 26 |
The Cohen & Steers Global Realty Partners III-TE, L.P. | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Ownership percentage | 0.20% | |
The Cohen & Steers Global Realty Focus Fund, a series of Cohen & Steers Series LP (GRF) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Ownership percentage | 2.20% |
Derivatives (Details)
Derivatives (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Derivative Asset, Notional Amount | $ 14,394,000 | $ 19,361,000 | |
Derivative Liability, Notional Amount | 24,319,000 | 23,191,000 | |
Derivative Assets, Fair Value | 644,000 | 1,225,000 | |
Derivative Liabilities, Fair Value | 556,000 | 2,386,000 | |
Derivative, Gain (Loss) on Derivative, Net | 631,000 | (1,495,000) | $ (1,919,000) |
Foreign exchange | |||
Derivative [Line Items] | |||
Derivative Asset, Notional Amount | 0 | 0 | |
Derivative Liability, Notional Amount | 10,787,000 | 10,996,000 | |
Derivative Assets, Fair Value | 74,000 | 0 | |
Derivative Liabilities, Fair Value | 44,000 | 205,000 | |
Derivative, Gain (Loss) on Derivative, Net | 235,000 | (141,000) | (1,481,000) |
Commodity futures | |||
Derivative [Line Items] | |||
Derivative Asset, Notional Amount | 14,394,000 | 19,361,000 | |
Derivative Liability, Notional Amount | 4,623,000 | 3,434,000 | |
Derivative Assets, Fair Value | 570,000 | 486,000 | |
Derivative Liabilities, Fair Value | 339,000 | 2,181,000 | |
Derivative, Gain (Loss) on Derivative, Net | 881,000 | (2,093,000) | (438,000) |
Commodity swap | |||
Derivative [Line Items] | |||
Derivative Asset, Notional Amount | 0 | 0 | |
Derivative Liability, Notional Amount | 8,909,000 | 8,761,000 | |
Derivative Assets, Fair Value | 0 | 739,000 | |
Derivative Liabilities, Fair Value | 173,000 | 0 | |
Derivative, Gain (Loss) on Derivative, Net | $ (485,000) | 739,000 | $ 0 |
Due from brokers | |||
Derivative [Line Items] | |||
Trading investment and held as collateral | $ 2,002,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property and Equipment [Line Items] | |||
Depreciation and amortization | $ 4,396 | $ 4,378 | $ 4,229 |
Property and equipment, gross | 45,638 | 42,853 | |
Accumulated depreciation and amortization | (33,152) | (28,747) | |
Property and equipment, net | $ 12,486 | 14,106 | |
Minimum | |||
Property and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum | |||
Property and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Equipment | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 5,951 | 5,590 | |
Furniture and fixtures | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | 3,651 | 3,644 | |
Software | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | 19,988 | 17,591 | |
Leasehold improvements | |||
Property and Equipment [Line Items] | |||
Property and equipment, gross | $ 16,048 | $ 16,028 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Anti-dilutive common stock equivalents excluded from computation (in shares) | 0 | 0 | 0 | ||||||||
Net income | $ 146,984 | $ 109,522 | $ 92,486 | ||||||||
Less: Net (income) loss attributable to redeemable noncontrolling interest | (12,363) | 4,374 | (547) | ||||||||
Net income attributable to common stockholders | $ 36,728 | $ 34,017 | $ 31,333 | $ 32,543 | $ 25,561 | $ 30,790 | $ 29,959 | $ 27,586 | $ 134,621 | $ 113,896 | $ 91,939 |
Basic weighted average shares outstanding (in shares) | 47,324 | 47,316 | 47,304 | 47,146 | 46,842 | 46,830 | 46,819 | 46,683 | 47,273 | 46,794 | 46,353 |
Dilutive potential shares from restricted stock units (in shares) | 1,024 | 587 | 626 | ||||||||
Diluted weighted average shares outstanding (in shares) | 48,703 | 48,412 | 48,175 | 47,642 | 47,562 | 47,524 | 47,311 | 47,152 | 48,297 | 47,381 | 46,979 |
Basic earnings per share attributable to common stockholders (in dollars per share) | $ 0.78 | $ 0.72 | $ 0.66 | $ 0.69 | $ 0.55 | $ 0.66 | $ 0.64 | $ 0.59 | $ 2.85 | $ 2.43 | $ 1.98 |
Diluted earnings per share attributable to common stockholders (in dollars per share) | $ 0.75 | $ 0.70 | $ 0.65 | $ 0.68 | $ 0.54 | $ 0.65 | $ 0.63 | $ 0.59 | $ 2.79 | $ 2.40 | $ 1.96 |
Stock-Based Compensation Vested
Stock-Based Compensation Vested RSUs (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years | ||
Common stock, shares issued | 52,580,246 | 51,818,186 | |
Restricted Stock Units (RSUs) | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 42,721 | ||
Stock Incentive Plan | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Authorized | 20,000,000 | ||
Stock Incentive Plan | Restricted Stock Units (RSUs) | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, shares issued | 16,700,000 | ||
Allocated Share-based Compensation Expense | $ 4,443 | $ 4,216 | $ 3,957 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Number of Shares [Roll Forward] [Roll Forward] | |||
Balance at Beginning of Period (shares) | 45,000 | 42,000 | 34,000 |
Granted (shares) | 22,000 | 15,000 | 16,000 |
Delivered (shares) | (13,000) | 12,000 | 8,000 |
Balance at End of Period (shares) | 54,000 | 45,000 | 42,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Weighted Average Grant Date Fair Value [Abstract] [Abstract] | |||
Balance at beginning of period, Weighted Average Grant Date Fair Value (usd per share) | $ 37.93 | $ 36.98 | $ 37.15 |
Granted, Weighted Average Grant Date Fair Value (usd per share) | 50.29 | 38.29 | 38.14 |
Delivered, Weighted Average Grant Date Fair Value (usd per share) | 37.61 | 34.95 | 40.03 |
Balance at end of period, Weighted Average Grant Date Fair Value (usd per share) | $ 44.06 | $ 37.93 | $ 36.98 |
Stock Incentive Plan | Vested Restricted Stock Units (RSUs) | Common stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 614 | $ 626 | $ 618 |
Stock-Based Compensation Unvest
Stock-Based Compensation Unvested RSUs and Incentive Bonus Plans (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Common stock, shares issued | 52,580,246 | 51,818,186 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Incentive Bonus Plans, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Employee stock purchase plans | 18,000 | |||
Vesting period of unvested employee stock compensation, number of years | 3 years | |||
Common stock | Incentive Bonus Plans for Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Incentive Bonus Plans, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Annual Aggregate Purchases Per Employee | $ 25,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 600,000 | |||
Restricted Stock Units (RSUs) | Common stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Allocated Share-based Compensation Expense | $ 42,721,000 | |||
Restricted Stock Units (RSUs) | Common stock | Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (shares) | 22,000 | 15,000 | 16,000 | |
Granted, Weighted Average Grant Date Fair Value (usd per share) | $ 50.29 | $ 38.29 | $ 38.14 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Number | 54,000 | 45,000 | 42,000 | 34,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Balance at beginning of period (shares) | 306,000 | 318,000 | 307,000 | |
Granted (shares) | 132,000 | 134,000 | 151,000 | |
Delivered (shares) | (131,000) | (146,000) | (140,000) | |
Forfeited (shares) | (5,000) | 0 | 0 | |
Balance at end of period (shares) | 302,000 | 306,000 | 318,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Balance at beginning of period, Weighted Average Grant Date Fair Value (usd per share) | $ 35.80 | $ 34.14 | $ 33.62 | |
Granted, Weighted Average Grant Date Fair Value (usd per share) | 40.97 | 39.02 | 35.45 | |
Delivered, Weighted Average Grant Date Fair Value (usd per share) | 35.46 | 35.13 | 34.41 | |
Forfeited, Weighted Average Grant Date Fair Value (usd per share) | 38.15 | 0 | 0 | |
Balance at end of period, Weighted Average Grant Date Fair Value (usd per share) | $ 38.78 | $ 35.80 | $ 34.14 | |
Common stock, shares issued | 16,700,000 | |||
Allocated Share-based Compensation Expense | $ 4,443,000 | $ 4,216,000 | $ 3,957,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Incentive Bonus Plans, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Delivered, Weighted Average Grant Date Fair Value (usd per share) | $ 35.46 | $ 35.13 | $ 34.41 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Delivered | 13,000 | (12,000) | (8,000) | |
Delivered, Weighted Average Grant Date Fair Value (usd per share) | $ 37.61 | $ 34.95 | $ 40.03 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Weighted Average Grant Date Fair Value | 44.06 | 37.93 | 36.98 | $ 37.15 |
Restricted Stock Units (RSUs) | Common stock | Incentive Bonus Plans for Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Delivered, Weighted Average Grant Date Fair Value (usd per share) | $ 36.30 | $ 34.94 | $ 34.80 | |
Share-based Compensation Arrangement by Share-based Payment Award, Incentive Bonus Plans [Roll Forward] | ||||
Balance at beginning of period (shares) | 1,745,000 | 1,550,000 | 1,399,000 | |
Granted (shares) | 763,000 | 757,000 | 714,000 | |
Delivered (shares) | 601,000 | 539,000 | (523,000) | |
Forfeited (shares) | (33,000) | (23,000) | (40,000) | |
Balance at end of period (shares) | 1,874,000 | 1,745,000 | 1,550,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Incentive Bonus Plans, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Balance at beginning of period, Weighted Average Grant Date Fair Value (usd per share) | $ 36.55 | $ 34.60 | $ 34.22 | |
Granted, Weighted Average Grant Date Fair Value (usd per share) | 39.92 | 39.42 | 35.36 | |
Delivered, Weighted Average Grant Date Fair Value (usd per share) | 36.30 | 34.94 | 34.80 | |
Forfeited, Weighted Average Grant Date Fair Value (usd per share) | 38.31 | 37.16 | 33.87 | |
Balance at end of period, Weighted Average Grant Date Fair Value (usd per share) | $ 38.38 | $ 36.55 | $ 34.60 | |
Discount from market price, purchase date | 15.00% | |||
Restricted Stock Units (RSUs) | Common stock | Mandatory Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Allocated Share-based Compensation Expense | $ 22,637,000 | $ 19,710,000 | $ 17,670,000 | |
Restricted Stock Units (RSUs) | Common stock | Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Allocated Share-based Compensation Expense | 131,000 | 105,000 | 112,000 | |
Vested Restricted Stock Units (RSUs) | Common stock | Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Allocated Share-based Compensation Expense | $ 614,000 | $ 626,000 | $ 618,000 |
401(k) and Profit-Sharing Plan
401(k) and Profit-Sharing Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Employer Matching Contribution, Percent of Match | 50.00% | ||
The Plan | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Maximum Employee Subscription Rate | 100.00% | ||
Forfeitures during period | $ 131 | $ 101 | $ 128 |
Employer matching contributions | 2,057 | $ 1,770 | $ 1,715 |
Common stock | Restricted Stock Units (RSUs) | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Allocated Share-based Compensation Expense | $ 42,721 |
Related Party Transactions (Det
Related Party Transactions (Details) - Affiliated Entity - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions Revenue [Abstract] | |||
Investment advisory and administrative fees | $ 264,116,000 | $ 241,255,000 | $ 236,832,000 |
Distribution and service fees | 30,048,000 | 29,090,000 | 30,747,000 |
Total | 294,164,000 | 270,345,000 | 267,579,000 |
Related Party Transactions Summary [Abstract] | |||
Proceeds from sales | 37,326,000 | 10,872,000 | 15,105,000 |
Gross realized gains | 241,000 | 28,000 | 80,000 |
Gross realized losses, including other-than-temporary impairment | (907,000) | (4,448,000) | 0 |
Dividend income | 52,000 | 481,000 | 675,000 |
Fund expenses, included in general and administrative expenses | 11,100,000 | 8,600,000 | $ 8,700,000 |
Receivables, Company sponsored mutual funds | 27,725,000 | 22,560,000 | |
Accounts Payable, Company sponsored mutual funds | $ 1,498,000 | $ 845,000 |
Regulatory Requirements (Detail
Regulatory Requirements (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Regulatory Requirements | |
Proceeds from Contributions from Parent | $ 3,000,000 |
Securities Registered Domestically | |
Regulatory Requirements | |
Net Capital | 3,500,000 |
Excess Capital | 3,300,000 |
Securities Regulated By Foreign Entities - Asia [Member] | |
Regulatory Requirements | |
Net Capital | 10,400,000 |
Excess Capital | 10,000,000 |
Securities Regulated By Foreign Entities - UK [Member] | |
Regulatory Requirements | |
Net Capital | 38,200,000 |
Excess Capital | 32,500,000 |
Securities Regulated By Foreign Entities - Japan [Member] [Domain] | |
Regulatory Requirements | |
Net Capital | $ 460,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Commitments | |
Loss Contingencies [Line Items] | |
Long-term Purchase Commitments, Time Period | 12 years |
Commitment to invest | |
Loss Contingencies [Line Items] | |
Other Commitment | $ 5.1 |
Long-term committment, funded amount | $ 3.8 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill and Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill | |||
Beginning balance | $ 18,501,000 | $ 19,034,000 | |
Currency revaluation | (191,000) | (533,000) | |
Ending balance | 18,310,000 | 18,501,000 | $ 19,034,000 |
Finite-Lived Intangible Assets | |||
Finite-lived intangible assets, gross | 2,793,000 | 95,000 | |
Amortization | 0 | 95,000 | 89,000 |
Finite-Lived Intangible Assets | 0 | 0 | |
Indefinite-Lived Intangible Assets | |||
Fund management contracts | $ 1,250,000 | $ 1,250,000 | $ 1,250,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | |||
Client relationships, Gross Carrying Amount | $ 2,793 | $ 95 | |
Client relationships, Accumulated Amortization | 1,543 | ||
Client relationships, Net | $ 0 | 0 | |
Fund management contracts | 1,250 | 1,250 | $ 1,250 |
Intangible assets—net | 1,250 | ||
Client Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Client relationships, Gross Carrying Amount | 1,543 | ||
Client relationships, Net | 0 | ||
Fund Management Contracts Member | |||
Finite-Lived Intangible Assets [Line Items] | |||
Fund management contracts | 1,250 | 1,250 | |
Intangible assets—net | $ 1,250 | $ 1,250 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense related to intangible assets | $ 0 | $ 95,000 | $ 89,000 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 23.20% | 23.10% | 42.50% | |
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Deferred Tax Liability | $ 6,507 | |||
Gross unrecognized tax benefits | 12,880 | $ 12,037 | $ 12,406 | $ 7,852 |
Unrecognized tax benefits that impact effective tax rate in future periods | 9,830 | |||
Reduction in unrecognized tax benefits | 5,974 | |||
Uncertain tax positions, accrued interest and penalties | $ 3,179 | $ 2,519 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | |||
Operating lease cost | $ 11,495 | $ 11,552 | $ 11,334 |
Right-of-use assets obtained in exchange for new lease liabilities | $ 0 | $ 614 | $ 0 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income before Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income before provision for income taxes | |||
U.S. income before provision for income taxes | $ 171,497 | $ 132,838 | $ 149,338 |
Foreign income before provision for income taxes | 16,052 | 10,941 | 11,062 |
Income before provision for income taxes | 187,549 | 143,779 | 160,400 |
Current taxes: | |||
U.S. federal | 30,818 | 26,223 | 58,082 |
State and local | 7,627 | 7,378 | 8,155 |
Non-U.S. | 2,024 | 2,029 | 1,991 |
Total | 40,469 | 35,630 | 68,228 |
Deferred taxes: | |||
U.S. federal | (133) | (748) | (428) |
State and local | (74) | (281) | (412) |
Non-U.S. | 303 | (344) | 526 |
Deferred income taxes | 96 | (1,373) | (314) |
Provision for income taxes | $ 40,565 | $ 34,257 | $ 67,914 |
Leases - Schedule of Operating
Leases - Schedule of Operating Leases, Other Information (Details) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Leases [Abstract] | |||
Weighted-average remaining lease term (years) | 4 years | 5 years | 6 years |
Weighted-average discount rate | 2.80% | 2.80% | 2.80% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Stock-based compensation | $ 5,310 | $ 4,915 |
Realized losses on investments | 4,218 | 1,539 |
Dividend equivalents on unvested restricted stock units | 1,725 | 1,734 |
Net unrealized (gains) losses on investments | (1,632) | |
Net unrealized (gains) losses on investments | 2,512 | |
Deferred compensation | 290 | 78 |
Lease liabilities | 1,205 | 1,452 |
Other | (824) | (760) |
Subtotal | 10,292 | 11,470 |
Less: valuation allowance | (3,201) | (4,270) |
Deferred income tax asset—net | 7,091 | 7,200 |
Capital Loss Carryforward | 17,027 | $ 6,181 |
Changes in Valuation Allowance | $ 1,069 |
Leases - Schedule of Lease Liab
Leases - Schedule of Lease Liability Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2020 | $ 11,933 | |
2021 | 11,184 | |
2022 | 10,882 | |
2023 | 10,855 | |
2024 | 963 | |
Total remaining undiscounted lease payments | 45,817 | |
Less: imputed interest | 2,468 | |
Total remaining discounted lease payments | $ 43,349 | $ 54,304 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Gross unrecognized tax benefits balance | $ 12,037 | $ 12,406 | $ 7,852 |
Addition for tax positions of current year | 2,430 | 2,233 | 1,724 |
Addition for tax positions of prior years | 133 | 6,624 | |
Reduction of tax positions from prior years | (1,720) | (2,602) | (3,794) |
Gross unrecognized tax benefits balance | $ 12,880 | $ 12,037 | $ 12,406 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Rate (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. statutory tax rate | 21.00% | 21.00% | 35.00% |
State and local income taxes, net of federal income taxes | 3.40% | 3.80% | 3.10% |
Unrecognized tax benefits adjustments | (1.00%) | (1.00%) | (1.90%) |
Foreign operations tax differential | (0.50%) | 0.30% | (1.40%) |
Non-deductible (gains) losses on investments | (1.60%) | 0.20% | 0.20% |
Non-taxable (gains) losses on investments | 0.90% | 0.10% | (0.20%) |
Tax Act | 0.00% | (0.10%) | 8.00% |
Other | 1.00% | (1.20%) | (0.30%) |
Effective income tax rate | 23.20% | 23.10% | 42.50% |
Income Taxes - Schedule of Tran
Income Taxes - Schedule of Transition Tax Liabilities by Fiscal Year (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Income Tax Disclosure [Abstract] | |
2020 | $ 192 |
2021 | 665 |
2022 | 665 |
2023 | 1,246 |
2024 | 1,662 |
2025 | 2,077 |
Total | $ 6,507 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 109,847 | $ 104,965 | $ 101,792 | $ 94,226 | $ 93,906 | $ 98,331 | $ 94,410 | $ 94,464 | $ 410,830 | $ 381,111 | |
Cohen & Steers Realty Shares, Inc. (CSR) | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Percent of total revenue | 9.00% | 9.90% | 11.40% | ||||||||
Cohen & Steers Realty Shares, Inc. (CSR) | Investment advisory and administration fees | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 32,884 | $ 33,827 | $ 38,392 | ||||||||
Cohen & Steers Realty Shares, Inc. (CSR) | Distribution and Shareholder Service [Member] | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 4,079 | $ 4,032 | $ 4,602 | ||||||||
Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX) | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Percent of total revenue | 16.90% | 17.50% | 18.00% | ||||||||
Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX) | Investment advisory and administration fees | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 56,638 | $ 53,059 | $ 53,594 | ||||||||
Cohen & Steers Preferred Securities and Income Fund, Inc. (CPX) | Distribution and Shareholder Service [Member] | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 12,753 | $ 13,525 | $ 14,744 | ||||||||
Cohen & Steers Real Estate Securities Fund, Inc. (CSI) | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Percent of total revenue | 12.20% | 10.10% | 9.20% | ||||||||
Cohen & Steers Real Estate Securities Fund, Inc. (CSI) | Investment advisory and administration fees | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 41,971 | $ 31,759 | $ 27,033 | ||||||||
Cohen & Steers Real Estate Securities Fund, Inc. (CSI) | Distribution and Shareholder Service [Member] | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 8,128 | $ 6,841 | $ 7,662 | ||||||||
Daiwa Asset Management | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Percent of total revenue | 7.80% | 8.80% | 10.80% | ||||||||
Daiwa Asset Management | Investment advisory and administration fees | Customer Concentration Risk | |||||||||||
Concentration Risk (Line Items) | |||||||||||
Revenues | $ 31,957 | $ 33,454 | $ 40,791 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 109,847 | $ 104,965 | $ 101,792 | $ 94,226 | $ 93,906 | $ 98,331 | $ 94,410 | $ 94,464 | $ 410,830 | $ 381,111 | |
Operating income (loss) | 46,462 | 40,133 | 38,104 | 35,435 | 34,309 | 39,223 | 36,287 | 37,219 | 160,134 | 147,038 | $ 154,746 |
Net income attributable to common stockholders | $ 36,728 | $ 34,017 | $ 31,333 | $ 32,543 | $ 25,561 | $ 30,790 | $ 29,959 | $ 27,586 | $ 134,621 | $ 113,896 | $ 91,939 |
Earnings per share attributable to common stockholders: | |||||||||||
Basic (in dollars per share) | $ 0.78 | $ 0.72 | $ 0.66 | $ 0.69 | $ 0.55 | $ 0.66 | $ 0.64 | $ 0.59 | $ 2.85 | $ 2.43 | $ 1.98 |
Diluted (in dollars per share) | $ 0.75 | $ 0.70 | $ 0.65 | $ 0.68 | $ 0.54 | $ 0.65 | $ 0.63 | $ 0.59 | $ 2.79 | $ 2.40 | $ 1.96 |
Weighted-average shares outstanding: | |||||||||||
Basic (shares) | 47,324 | 47,316 | 47,304 | 47,146 | 46,842 | 46,830 | 46,819 | 46,683 | 47,273 | 46,794 | 46,353 |
Diluted (shares) | 48,703 | 48,412 | 48,175 | 47,642 | 47,562 | 47,524 | 47,311 | 47,152 | 48,297 | 47,381 | 46,979 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Feb. 20, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | ||||
Dividends declared per share | $ 3.44 | $ 3.82 | $ 2.12 | |
Dividend Declared | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share | $ 0.39 |