Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 27, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | EVR | |
Entity Registrant Name | EVERCORE PARTNERS INC. | |
Entity Central Index Key | 1,360,901 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 39,678,957 | |
Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 25 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and Cash Equivalents | $ 291,523 | $ 448,764 |
Marketable Securities | 46,865 | 43,787 |
Financial Instruments Owned and Pledged as Collateral at Fair Value | 33,248 | 41,742 |
Securities Purchased Under Agreements to Resell | 2,319 | 2,191 |
Accounts Receivable (net of allowances of $1,159 and $1,313 at March 31, 2016 and December 31, 2015, respectively) | 145,627 | 175,497 |
Receivable from Employees and Related Parties | 20,301 | 21,189 |
Other Current Assets | 14,264 | 16,294 |
Total Current Assets | 554,147 | 749,464 |
Investments | 125,105 | 126,651 |
Deferred Tax Assets | 299,109 | 298,115 |
Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $45,457 and $42,656 at March 31, 2016 and December 31, 2015, respectively) | 47,540 | 47,980 |
Goodwill | 162,624 | 166,461 |
Intangible Assets (net of accumulated amortization of $25,168 and $21,754 at March 31, 2016 and December 31, 2015, respectively) | 37,619 | 41,010 |
Assets Segregated for Bank Regulatory Requirements | 10,200 | 10,200 |
Other Assets | 48,333 | 39,290 |
Total Assets | 1,284,677 | 1,479,171 |
Current Liabilities | ||
Accrued Compensation and Benefits | 52,206 | 263,862 |
Accounts Payable and Accrued Expenses | 33,962 | 43,878 |
Securities Sold Under Agreements to Repurchase | 35,579 | 44,000 |
Payable to Employees and Related Parties | 32,097 | 28,392 |
Short-Term Borrowings | 50,000 | 0 |
Taxes Payable | 10,963 | 20,886 |
Other Current Liabilities | 10,283 | 7,031 |
Total Current Liabilities | 225,090 | 408,049 |
Notes Payable | 167,917 | 119,250 |
Subordinated Borrowings | 22,550 | 22,550 |
Amounts Due Pursuant to Tax Receivable Agreements | 186,031 | 186,036 |
Other Long-term Liabilities | 44,459 | 36,070 |
Total Liabilities | $ 646,047 | $ 771,955 |
Commitments and Contingencies (Note 15) | ||
Evercore Partners Inc. Stockholders' Equity | ||
Additional Paid-In-Capital | $ 1,246,023 | $ 1,210,742 |
Accumulated Other Comprehensive Income (Loss) | (36,359) | (34,539) |
Retained Earnings (Deficit) | (36,739) | (27,791) |
Treasury Stock at Cost (17,958,052 and 15,626,288 shares at March 31, 2016 and December 31, 2015, respectively) | (753,183) | (644,412) |
Total Evercore Partners Inc. Stockholders' Equity | 420,318 | 504,552 |
Noncontrolling Interest | 218,312 | 202,664 |
Total Equity | 638,630 | 707,216 |
Total Liabilities and Equity | 1,284,677 | 1,479,171 |
Class A [Member] | ||
Evercore Partners Inc. Stockholders' Equity | ||
Common Stock | 576 | 552 |
Class B [Member] | ||
Evercore Partners Inc. Stockholders' Equity | ||
Common Stock | $ 0 | $ 0 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts Receivable, allowances | $ 1,159 | $ 1,313 |
Furniture, Equipment and Leasehold Improvements, accumulated depreciation and amortization | 45,457 | 42,656 |
Intangible Assets, accumulated amortization | $ 25,168 | $ 21,754 |
Treasury Stock, Shares | 17,958,052 | 15,626,288 |
Class A [Member] | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, shares issued | 57,634,680 | 55,249,559 |
Common Stock, shares outstanding | 39,676,628 | 39,623,271 |
Class B [Member] | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 1,000,000 | 1,000,000 |
Common Stock, shares issued | 25 | 25 |
Common Stock, shares outstanding | 25 | 25 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues | ||
Investment Banking Revenue | $ 240,626 | $ 217,638 |
Investment Management Revenue | 18,429 | 22,081 |
Other Revenue, Including Interest | 1,377 | 2,707 |
Total Revenues | 260,432 | 242,426 |
Interest Expense | 2,719 | 4,443 |
Net Revenues | 257,713 | 237,983 |
Expenses | ||
Employee Compensation and Benefits | 179,915 | 163,126 |
Occupancy and Equipment Rental | 10,774 | 12,230 |
Professional Fees | 10,702 | 9,433 |
Travel and Related Expenses | 13,829 | 13,170 |
Communications and Information Services | 10,003 | 8,562 |
Depreciation and Amortization | 6,382 | 6,401 |
Special Charges | 0 | 5,638 |
Acquisition and Transition Costs | 0 | 484 |
Other Operating Expenses | 9,983 | 7,941 |
Total Expenses | 241,588 | 226,985 |
Income Before Income from Equity Method Investments and Income Taxes | 16,125 | 10,998 |
Income from Equity Method Investments | 1,287 | 1,107 |
Income Before Income Taxes | 17,412 | 12,105 |
Provision for Income Taxes | 9,734 | 6,212 |
Net Income | 7,678 | 5,893 |
Net Income Attributable to Noncontrolling Interest | 2,360 | 1,593 |
Net Income Attributable to Evercore Partners Inc. | 5,318 | 4,300 |
Net Income Attributable to Evercore Partners Inc. Common Shareholders | $ 5,318 | $ 4,300 |
Weighted Average Shares of Class A Common Stock Outstanding | ||
Basic (in shares) | 39,620 | 36,725 |
Diluted (in shares) | 44,920 | 42,788 |
Net Income Per Share Attributable to Evercore Partners Inc. Common Shareholders: | ||
Basic (in dollars per share) | $ 0.13 | $ 0.12 |
Diluted (in dollars per share) | 0.12 | 0.10 |
Dividends declared per share of Class A common stock (in dollars per share) | $ 0.31 | $ 0.28 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 7,678 | $ 5,893 |
Other Comprehensive Income (Loss), net of tax: | ||
Unrealized Gain (Loss) on Marketable Securities and Investments, net | 16 | (826) |
Foreign Currency Translation Adjustment Gain (Loss), net | (2,217) | (3,814) |
Other Comprehensive Income (Loss) | (2,201) | (4,640) |
Comprehensive Income | 5,477 | 1,253 |
Comprehensive Income Attributable to Noncontrolling Interest | 1,979 | 716 |
Comprehensive Income Attributable to Evercore Partners Inc. | $ 3,498 | $ 537 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings (Deficit) [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Class A [Member] | Class A [Member]Common Stock [Member] |
Beginning Balance, Value at Dec. 31, 2014 | $ 712,233 | $ 950,147 | $ (20,387) | $ (17,814) | $ (361,129) | $ 160,952 | $ 464 | |
Beginning Balance, Shares at Dec. 31, 2014 | (10,159,116) | (46,414,240) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 5,893 | 4,300 | 1,593 | |||||
Other Comprehensive Income (Loss) | (4,640) | (3,763) | (877) | |||||
Treasury Stock Purchases | (88,051) | $ (88,051) | ||||||
Treasury Stock Purchases, Shares | (1,721,445) | |||||||
Evercore LP Units Purchased or Converted into Class A Common Stock | 278 | 1,549 | (1,272) | $ 1 | ||||
Evercore LP Units Converted into Class A Common Stock, Shares | 87,100 | |||||||
Equity-based Compensation Awards | 62,159 | 36,864 | 25,274 | $ 21 | ||||
Equity-based Compensation Awards, Shares | 2,078,547 | |||||||
Dividends and Equivalents | (11,900) | 1,669 | (13,569) | |||||
Noncontrolling Interest (Note 15) | (4,307) | (4,307) | ||||||
Ending Balance, Value at Mar. 31, 2015 | 671,665 | 990,229 | (24,150) | (27,083) | $ (449,180) | 181,363 | $ 486 | |
Ending Balance, Shares at Mar. 31, 2015 | (11,880,561) | (48,579,887) | ||||||
Beginning Balance, Value at Dec. 31, 2015 | 707,216 | 1,210,742 | (34,539) | (27,791) | $ (644,412) | 202,664 | $ 552 | |
Beginning Balance, Shares at Dec. 31, 2015 | (15,626,288) | (39,623,271) | (55,249,559) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 7,678 | 5,318 | 2,360 | |||||
Other Comprehensive Income (Loss) | (2,201) | (1,820) | (381) | |||||
Treasury Stock Purchases | (108,771) | $ (108,771) | ||||||
Treasury Stock Purchases, Shares | (2,331,764) | |||||||
Evercore LP Units Purchased or Converted into Class A Common Stock | 0 | 4,134 | (4,136) | $ 2 | ||||
Evercore LP Units Converted into Class A Common Stock, Shares | 160,044 | |||||||
Equity-based Compensation Awards | 62,246 | 30,464 | 31,760 | $ 22 | ||||
Equity-based Compensation Awards, Shares | 2,225,077 | |||||||
Dividends and Equivalents | (12,326) | 1,940 | (14,266) | |||||
Noncontrolling Interest (Note 15) | (15,212) | (1,257) | (13,955) | |||||
Ending Balance, Value at Mar. 31, 2016 | $ 638,630 | $ 1,246,023 | $ (36,359) | $ (36,739) | $ (753,183) | $ 218,312 | $ 576 | |
Ending Balance, Shares at Mar. 31, 2016 | (17,958,052) | (39,676,628) | (57,634,680) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows From Operating Activities | ||
Net Income | $ 7,678 | $ 5,893 |
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities: | ||
Net (Gains) Losses on Investments, Marketable Securities and Contingent Consideration | (1,203) | 2,341 |
Equity Method Investments | 4,731 | 4,458 |
Equity-Based and Other Deferred Compensation | 66,870 | 56,855 |
Depreciation, Amortization and Accretion | 6,382 | 6,997 |
Bad Debt Expense | 0 | 141 |
Deferred Taxes | 178 | 6,395 |
Decrease (Increase) in Operating Assets: | ||
Marketable Securities | 163 | 123 |
Financial Instruments Owned and Pledged as Collateral at Fair Value | 8,319 | 6,503 |
Securities Purchased Under Agreements to Resell | (111) | 1,774 |
Accounts Receivable | 29,229 | 6,917 |
Receivable from Employees and Related Parties | 857 | (1,220) |
Other Assets | (7,228) | (16,075) |
(Decrease) Increase in Operating Liabilities: | ||
Accrued Compensation and Benefits | (212,762) | (159,026) |
Accounts Payable and Accrued Expenses | (11,764) | 428 |
Securities Sold Under Agreements to Repurchase | (8,261) | (8,359) |
Payables to Employees and Related Parties | 3,700 | 9,952 |
Taxes Payable | (12,723) | (507) |
Other Liabilities | 9,052 | (2,375) |
Net Cash Provided by (Used in) Operating Activities | (116,893) | (78,785) |
Cash Flows From Investing Activities | ||
Investments Purchased | (84) | (54) |
Distributions of Private Equity Investments | 3 | 6,451 |
Marketable Securities: | ||
Proceeds from Sales and Maturities | 5,572 | 12,812 |
Purchases | (8,906) | (8,317) |
Loans Receivable | 0 | (3,500) |
Purchase of Furniture, Equipment and Leasehold Improvements | (2,265) | (1,957) |
Net Cash Provided by (Used in) Investing Activities | (5,680) | 5,435 |
Cash Flows From Financing Activities | ||
Issuance of Noncontrolling Interests | 0 | 291 |
Purchase of Noncontrolling Interests | (6,482) | 0 |
Distributions to Noncontrolling Interests | (8,585) | (4,598) |
Short-Term Borrowing | 50,000 | 45,000 |
Payment of Notes Payable - Mizuho | (120,000) | 0 |
Issuance of Notes Payable | 170,000 | 0 |
Debt Issuance Costs | (103) | 0 |
Purchase of Treasury Stock | (108,771) | (88,051) |
Excess Tax Benefits Associated with Equity-Based Awards | 4,368 | 8,470 |
Dividends - Class A Stockholders | (12,328) | (11,900) |
Net Cash Provided by (Used in) Financing Activities | (31,901) | (50,788) |
Effect of Exchange Rate Changes on Cash | (2,767) | (2,241) |
Net Increase (Decrease) in Cash and Cash Equivalents | (157,241) | (126,379) |
Cash and Cash Equivalents-Beginning of Period | 448,764 | 352,160 |
Cash and Cash Equivalents-End of Period | 291,523 | 225,781 |
SUPPLEMENTAL CASH FLOW DISCLOSURE | ||
Payments for Interest | 2,240 | 5,391 |
Payments for Income Taxes | 19,386 | 1,975 |
Dividend Equivalents Issued | 1,940 | 1,669 |
Debt Issuance Costs Accrued | 1,981 | 0 |
Contingent Consideration Accrued | $ 13,814 | $ 1,913 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization | Organization Evercore Partners Inc. and subsidiaries (the "Company") is an investment banking and investment management firm, incorporated in Delaware on July 21, 2005 and headquartered in New York, New York. The Company is a holding company which owns a controlling interest in Evercore LP, a Delaware limited partnership ("Evercore LP"). Subsequent to the Company’s initial public offering, the Company became the sole general partner of Evercore LP. The Company operates from its offices and through its affiliates in North America, Europe, South America and Asia. The Investment Banking business includes the advisory business through which the Company provides advice to clients on significant mergers, acquisitions, divestitures and other strategic corporate transactions, with a particular focus on advising prominent multinational corporations and substantial private equity firms on large, complex transactions. The Company also provides restructuring advice to companies in financial transition, as well as to creditors, shareholders and potential acquirers. In addition, the Company provides its clients with capital markets advice, underwrites securities offerings, raises funds for financial sponsors and provides advisory services focused on secondary transactions for private funds interests. The Investment Banking business also includes the Evercore ISI business through which the Company offers macroeconomic, policy and fundamental equity research and agency-based equity securities trading for institutional investors. The Investment Management business includes the institutional asset management business through which the Company, directly and through affiliates, manages financial assets for sophisticated institutional investors and provides independent fiduciary services to corporate employee benefit plans and high net-worth individuals, the wealth management business through which the Company provides investment advisory and wealth management services for high net-worth individuals and associated entities, and the private equity business through which the Company, directly and through affiliates, manages private equity funds. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies For a further discussion of the Company's accounting policies, refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2015 . Basis of Presentation – The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to Form 10-Q. As permitted by the rules and regulations of the United States Securities and Exchange Commission, the unaudited condensed consolidated financial statements contain certain condensed financial information and exclude certain footnote disclosures normally included in audited consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The accompanying condensed consolidated financial statements are unaudited and are prepared in accordance with U.S. GAAP. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, including normal recurring accruals, necessary to fairly present the accompanying unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2015 . The December 31, 2015 Unaudited Condensed Consolidated Statement of Financial Condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016. The accompanying unaudited condensed consolidated financial statements of the Company are comprised of the consolidation of Evercore LP and Evercore LP’s wholly-owned and majority-owned direct and indirect subsidiaries, including Evercore Group L.L.C. ("EGL"), a registered broker-dealer in the U.S. The Company’s policy is to consolidate all subsidiaries in which it has a controlling financial interest, as well as any variable interest entities ("VIEs") where the Company is deemed to be the primary beneficiary, when it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. The Company reviews factors, including the rights of the equity holders and obligations of equity holders to absorb losses or receive expected residual returns, to determine if the investment is a VIE. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly or indirectly by the Company. The consolidation analysis is generally performed qualitatively. This analysis, which requires judgment, is performed at each reporting date. In February 2015, Accounting Standards Update ("ASU") No. 2015-02, "Amendments to the Consolidation Analysis," ("ASU 2015-02") was issued. This ASU eliminates the deferral of ASU No. 2010-10, "Amendments for Certain Investment Funds," which allows reporting entities with interests in certain investment funds to follow the consolidation guidance in Accounting Standards Codification ("ASC") No. 810, "Consolidation," ("ASC 810") and makes other changes to the variable interest model and the voting model. ASU 2015-02 modifies the evaluation performed by reporting entities on limited partnerships and similar entities and also impacts the evaluation performed by reporting entities on VIE determination, and determination of the primary beneficiary of a VIE. The Company adopted ASU 2015-02 on January 1, 2016. Pursuant to the provisions of ASU 2015-02, Evercore LP is a VIE and the Company is the primary beneficiary. Prior to the adoption of ASU 2015-02, the Company consolidated Evercore LP as a voting interest entity. Specifically, the Company has the majority economic interest in Evercore LP and has decision making authority that significantly affects the economic performance of the entity while the limited partners have no kick-out or substantive participating rights. The assets and liabilities of Evercore LP represent substantially all of the consolidated assets and liabilities of the Company with the exception of U.S. corporate taxes and related items, which are presented on the Company's (Parent Company Only) statements of financial position in Note 23 to the Company’s consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Evercore Asia Limited ("Evercore Asia"), Evercore Asia (Singapore) PTE. LTD. ("Evercore Singapore") and Evercore ISI UK Limited ("Evercore ISI UK") are also VIEs pursuant to ASC 810 and the Company is the primary beneficiary of these VIEs. Specifically, the Company provides financial support through cost plus transfer pricing agreements with these entities, which exposes the Company to losses that are potentially significant to the entities, and has decision making authority that significantly affects the economic performance of the entities. Following the adoption of ASU 2015-02, the Company also concluded that Evercore Partners International LLP ("EPI LLP") is a VIE and that the Company is the primary beneficiary of this VIE. The Company has the majority economic interest in EPI LLP and has decision making authority that significantly affects the economic performance of this entity. The Company included in its Unaudited Condensed Consolidated Statements of Financial Condition Evercore Asia, Evercore Singapore, Evercore ISI UK and EPI LLP assets of $97,962 and liabilities of $66,543 at March 31, 2016 and assets of $151,583 and liabilities of $110,424 at December 31, 2015. All intercompany balances and transactions with the Company’s subsidiaries have been eliminated upon consolidation. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU 2014-09 – In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, " Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 provides amendments to ASC No. 605, " Revenue Recognition" and creates ASC No. 606, "Revenue from Contracts with Customers," which changes the requirements for revenue recognition and amends the disclosure requirements. In August 2015, the FASB issued ASU No. 2015-14, " Deferral of the Effective Date, " which provides amendments that defer the effective date of ASU 2014-09 by one year. In April 2016, the FASB issued ASU No. 2016-10, "Identifying Performance Obligations and Licensing," which provides clarification to identifying performance obligations and the licensing implementation guidance in ASU 2014-09. The amendments in these updates are effective either retrospectively to each prior reporting period presented, or as a cumulative-effect adjustment as of the date of adoption, during interim and annual periods beginning after December 15, 2017, with early adoption permitted beginning after December 15, 2016. The Company is currently assessing the impact of the adoption of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto. ASU 2014-12 – In June 2014, the FASB issued ASU No. 2014-12, " Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period" ("ASU 2014-12"). ASU 2014-12 provides amendments to ASC No. 718, " Compensation - Stock Compensation," which clarify the guidance for whether to treat a performance target that could be achieved after the requisite service period as a performance condition that affects vesting or as a nonvesting condition that affects the grant-date fair value of an award. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The amendments in this update are effective either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter, during interim and annual periods beginning after December 15, 2015, with early adoption permitted. The adoption of ASU 2014-12 did not have a material impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto. ASU 2015-01 – In January 2015, the FASB issued ASU No. 2015-01, " Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items" ("ASU 2015-01"). ASU 2015-01 provides amendments to ASC No. 225-20, " Income Statement - Extraordinary and Unusual Items," which eliminate the concept of extraordinary items. The amendments in this update are effective either prospectively or retrospectively during interim and annual periods beginning after December 15, 2015, with early adoption permitted. The adoption of ASU 2015-01 did not have a material impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto. ASU 2015-02 - In February 2015, the FASB issued ASU No. 2015-02, " Amendments to the Consolidation Analysis" ("ASU 2015-02"). ASU 2015-02 provides amendments to ASC 810, which include the following: 1. Modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, 2. Eliminate the presumption that a general partner should consolidate a limited partnership, 3. Affect the consolidation analysis of reporting entities that are involved with VIEs, and 4. Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in this update are effective during interim and annual periods beginning after December 15, 2015, with early adoption permitted, and may be applied retrospectively or using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. The adoption of ASU 2015-02 did not have a material impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto. See Note 2 for further information. ASU 2015-03 - In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"). ASU 2015-03 provides amendments to Subtopic 835-30, "Interest - Imputation of Interest," which require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this update are effective retrospectively during interim and annual periods beginning after December 15, 2015, with early adoption permitted. The adoption of ASU 2015-03 did not have a material impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto. ASU 2015-05 - In April 2015, the FASB issued ASU No. 2015-05, " Customer's Accounting for Fees Paid in a Cloud Computing Arrangement" ("ASU 2015-05"). ASU 2015-05 provides amendments to ASC No. 350, " Intangibles - Goodwill and Other," Subtopic 350-40, "Internal-Use Software" which help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement and determine whether an arrangement includes the sale or license of software. The amendments in this update are effective either prospectively to all arrangements entered into or materially modified after the effective date or retrospectively during interim and annual periods beginning after December 15, 2015, with early adoption permitted. The adoption of ASU 2015-05 did not have a material impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto. ASU 2015-16 - In September 2015, the FASB issued ASU No. 2015-16, " Simplifying the Accounting for Measurement-Period Adjustments" ("ASU 2015-16"). ASU 2015-16 provides amendments to ASC No. 805, " Business Combinations," which simplify the accounting for adjustments made to provisional amounts recognized in a business combination by eliminating the requirement to retrospectively account for those adjustments and require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments also require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The amendments in this update are effective prospectively during interim and annual periods beginning after December 15, 2015, with early adoption permitted. The adoption of ASU 2015-16 did not have a material impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto. ASU 2016-01 - In January 2016, the FASB issued ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities" ("ASU 2016-01"). ASU 2016-01 provides amendments to ASC No. 740, "Financial Instruments," which change the requirements for certain aspects of recognition, measurement and presentation of financial assets and liabilities and amend the disclosure requirements. The amendments in this update should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values are effective prospectively during interim and annual periods beginning after December 15, 2017, with early adoption not permitted. The Company is currently assessing the impact of the adoption of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto. ASU 2016-02 - In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 supersedes ASC No. 840, "Leases," and includes requirements for the recognition of a right-of-use asset and lease liability on the balance sheet by lessees for those leases classified as operating leases under previous guidance. The amendments in this update are effective using a modified retrospective approach at the beginning of the earliest period presented, during interim and annual periods beginning after December 15, 2018, with early adoption permitted. The Company is currently assessing the impact of the adoption of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto. ASU 2016-07 - In March 2016, the FASB issued ASU No. 2016-07, "Simplifying the Transition to the Equity Method of Accounting" ("ASU 2016-07"). ASU 2016-07 provides amendments to ASC No. 323, "Investments - Equity Method and Joint Ventures," which simplify the accounting for equity method investments by eliminating the requirement to adjust the investment, results of operations and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments in this update are effective prospectively to increases in the level of ownership interest or degree of influence that results in the adoption of the equity method, during interim and annual periods beginning after December 15, 2016, with early adoption permitted. The Company is currently assessing the impact of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto. ASU 2016-09 - In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"). ASU 2016-09 provides amendments to ASC No. 718, "Compensation - Stock Compensation," which simplify the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in this update are effective during interim and annual periods beginning after December 15, 2016, with early adoption permitted. The Company is currently assessing the impact of this update on the Company's financial condition, results of operations and cash flows, or disclosures thereto. |
Acquisition and Transition Cost
Acquisition and Transition Costs, Special Charges and Intangible Asset Amortization Acquisition and Transition Costs, Special Charges and Intangible Asset Amortization | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Special Charges Acquisition And Transition Costs And Intangible Asset Amortization | Acquisition and Transition Costs, Special Charges and Intangible Asset Amortization Acquisition and Transition Costs The Company recognized $484 for the three months ended March 31, 2015 as Acquisition and Transition Costs incurred in connection with acquisitions and other ongoing business development initiatives. These costs are primarily comprised of professional fees for legal and other services. In addition, in 2015, the Company incurred costs related to transitioning ISI’s infrastructure. Special Charges The Company recognized $5,638 for the three months ended March 31, 2015 as Special Charges incurred related to separation benefits and costs associated with the termination of certain contracts within the Company’s Evercore ISI business, and the finalization of a matter associated with the wind-down of the Company’s U.S. Private Equity business. Intangible Asset Amortization Expense associated with the amortization of intangible assets for Investment Banking and Investment Management was $3,215 and $199 , respectively, for the three months ended March 31, 2016 and $2,944 and $938 , respectively, for the three months ended March 31, 2015 , included within Depreciation and Amortization expense on the Unaudited Condensed Consolidated Statements of Operations. |
Related Parties Related Parties
Related Parties Related Parties | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties Investment Management Revenue includes income from related parties earned from the Company’s private equity funds for portfolio company fees, management fees, expense reimbursements and realized and unrealized gains and losses of private equity fund investments. Total Investment Management revenues from related parties amounted to $2,394 and $1,213 for the three months ended March 31, 2016 and 2015, respectively . Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition includes the long-term portion of loans receivable from certain employees of $18,797 and $6,967 as of March 31, 2016 and December 31, 2015 , respectively. As of March 31, 2016 , the Company had $22,550 in subordinated borrowings, principally with an executive officer of the Company. See Note 10 for further information. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities The amortized cost and estimated fair value of the Company’s Marketable Securities as of March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities Investments $ 6,463 $ 17 $ 2,603 $ 3,877 $ 6,463 $ 10 $ 2,523 $ 3,950 Debt Securities Carried by EGL 40,530 133 14 40,649 37,404 94 8 37,490 Mutual Funds 2,292 144 97 2,339 2,291 155 99 2,347 Total $ 49,285 $ 294 $ 2,714 $ 46,865 $ 46,158 $ 259 $ 2,630 $ 43,787 Scheduled maturities of the Company’s available-for-sale debt securities within the Securities Investments portfolio as of March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 202 $ 202 $ 204 $ 204 Due after one year through five years 1,420 1,436 1,537 1,545 Due after five years through 10 years 120 118 — — Total $ 1,742 $ 1,756 $ 1,741 $ 1,749 Since the Company has the ability and intent to hold available-for-sale securities until a recovery of fair value is equal to an amount approximating its amortized cost, which may be at maturity, and has not incurred credit losses on its securities, it does not consider such unrealized loss positions to be other-than-temporarily impaired at March 31, 2016 . Securities Investments Securities Investments include equity and debt securities, which are classified as available-for-sale securities within Marketable Securities on the Unaudited Condensed Consolidated Statements of Financial Condition . These securities are stated at fair value with unrealized gains and losses included in Accumulated Other Comprehensive Income (Loss) and realized gains and losses included in earnings. The Company had net realized gains (losses) of ($11) for the three months ended March 31, 2016 and 2015 . Debt Securities Carried by EGL EGL invests in a fixed income portfolio consisting primarily of municipal bonds. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest, on the Unaudited Condensed Consolidated Statements of Operations , as required for broker-dealers in securities. The Company had net realized and unrealized gains (losses) of ($163) and ($123) for the three months ended March 31, 2016 and 2015, respectively . Mutual Funds The Company invests in a portfolio of mutual funds as an economic hedge against the Company’s deferred compensation program. See Note 14 for further information. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest, on the Unaudited Condensed Consolidated Statements of Operations . The Company had net realized and unrealized gains (losses) of ($9) and $160 for the three months ended March 31, 2016 and 2015, respectively . |
Financial Instruments Owned and
Financial Instruments Owned and Pledged as Collateral at Fair Value, Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase | 3 Months Ended |
Mar. 31, 2016 | |
Banking and Thrift [Abstract] | |
Financial Instruments Owned and Pledged as Collateral at Fair Value, Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase | Financial Instruments Owned and Pledged as Collateral at Fair Value, Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase The Company, through Evercore Casa de Bolsa, S.A. de C.V. ("ECB"), enters into repurchase agreements with clients seeking overnight money market returns whereby ECB transfers to the clients Mexican government securities in exchange for cash and concurrently agrees to repurchase the securities at a future date for an amount equal to the cash exchanged plus a stipulated premium or interest factor. ECB deploys the cash received from, and acquires the securities deliverable to, clients under these repurchase arrangements by purchasing securities in the open market, which the Company reflects as Financial Instruments Owned and Pledged as Collateral at Fair Value on the Unaudited Condensed Consolidated Statements of Financial Condition , or by entering into reverse repurchase agreements with unrelated third parties. The Company accounts for these repurchase and reverse repurchase agreements as collateralized financing transactions, which are carried at their contract amounts, which approximate fair value given that the contracts mature the following business day. The Company records a liability on its Unaudited Condensed Consolidated Statements of Financial Condition in relation to repurchase transactions executed with clients as Securities Sold Under Agreements to Repurchase. The Company records as assets on its Unaudited Condensed Consolidated Statements of Financial Condition , Financial Instruments Owned and Pledged as Collateral at Fair Value (where the Company has acquired the securities deliverable to clients under these repurchase arrangements by purchasing securities in the open market) and Securities Purchased Under Agreements to Resell (where the Company has acquired the securities deliverable to clients under these repurchase agreements by entering into reverse repurchase agreements with unrelated third parties). These Mexican government securities had an estimated average time to maturity of approximately 0.8 years , as of March 31, 2016 , and are pledged as collateral against repurchase agreements. Generally, collateral is posted equal to the contract value at inception and is subject to market changes. These repurchase agreements are primarily with institutional customer accounts managed by ECB and permit the counterparty to pledge the securities. ECB has procedures in place to monitor the daily risk limits for positions taken, as well as the credit risk based on the collateral pledged under these agreements against their contract value from inception to maturity date. The daily risk measure is Value at Risk ("VaR"), which is a statistical measure, at a 98% confidence level, of the potential daily losses from adverse market movements in an ordinary market environment based on a historical simulation using the prior year’s historical data. ECB’s Risk Management Committee (the "Committee") has established a policy to maintain VaR at levels below 0.1% of the value of the portfolio. If at any point in time the threshold is exceeded, ECB personnel are alerted by an automated interface with ECB’s trading systems and begin to make adjustments in the portfolio in order to mitigate the risk and bring the portfolio in compliance. Concurrently, ECB personnel must notify the Committee of the variance and the actions taken to reduce the exposure to loss. In addition to monitoring VaR, ECB periodically performs discrete stress tests to assure that the level of potential losses that would arise from extreme market movements that may not be anticipated by VaR measures are within acceptable levels. As of March 31, 2016 and December 31, 2015 , a summary of the Company’s assets, liabilities and collateral received or pledged related to these transactions was as follows: March 31, 2016 December 31, 2015 Asset (Liability) Balance Market Value of Collateral Received or (Pledged) Asset (Liability) Balance Market Value of Collateral Received or (Pledged) Assets Financial Instruments Owned and Pledged as Collateral at Fair Value $ 33,248 $ 41,742 Securities Purchased Under Agreements to Resell 2,319 $ 2,319 2,191 $ 2,192 Total Assets $ 35,567 $ 43,933 Liabilities Securities Sold Under Agreements to Repurchase $ (35,579 ) $ (35,589 ) $ (44,000 ) $ (44,063 ) |
Investments
Investments | 3 Months Ended |
Mar. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | Investments The Company’s investments reported on the Unaudited Condensed Consolidated Statements of Financial Condition consist of investments in private equity partnerships, Trilantic Capital Partners ("Trilantic") and other investments in unconsolidated affiliated companies. The Company’s investments are relatively high-risk and illiquid assets. The Company’s investments in private equity partnerships consist of investment interests in private equity funds which are voting interest entities. Realized and unrealized gains and losses on the private equity investments are included within Investment Management Revenue, as the Company considers this activity integral to its Private Equity business. The Company also has investments in G5 Holdings S.A. ("G5 ǀ Evercore"), ABS Investment Management, LLC ("ABS") and Atalanta Sosnoff Capital, LLC ("Atalanta Sosnoff"), which are voting interest entities. The Company’s share of earnings (losses) on its investments in G5 ǀ Evercore, ABS and Atalanta Sosnoff (after its deconsolidation on December 31, 2015) are included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations . Investments in Private Equity Private Equity Funds The Company’s investments related to private equity partnerships and associated entities include investments in Evercore Capital Partners II, L.P. ("ECP II"), Discovery Americas I, L.P. (the "Discovery Fund"), Evercore Mexico Capital Partners II, L.P. ("EMCP II"), Evercore Mexico Capital Partners III, L.P. ("EMCP III"), CSI Capital, L.P. ("CSI Capital"), Trilantic Capital Partners Associates IV, L.P. ("Trilantic IV") and Trilantic Capital Partners V, L.P. ("Trilantic V"). Portfolio holdings of the private equity funds are carried at fair value. Accordingly, the Company reflects its pro rata share of the unrealized gains and losses occurring from changes in fair value. Additionally, the Company reflects its pro rata share of realized gains, losses and carried interest associated with any investment realizations. On December 31, 2014, ECP II was terminated. The Company's investment at March 31, 2016 of $972 is comprised of remaining interest in the general partner, including $741 in cash, $85 in cash escrow balances, $66 in a seller note and $80 in securities. In 2013, the Company held a fourth and final closing on EMCP III, a private equity fund focused on middle market investments in Mexico. The total subscribed capital commitments of $201,000 included a capital commitment of $10,750 by the general partner of EMCP III, Evercore Mexico Partners III ("EMP III"), of which $1,000 relates to the Company and $9,750 relates to noncontrolling interest holders. At March 31, 2016 , unfunded commitments of EMP III were $4,437 , including $382 due from the Company. A summary of the Company’s investment in the private equity funds as of March 31, 2016 and December 31, 2015 was as follows: March 31, 2016 December 31, 2015 ECP II $ 972 $ 983 Discovery Fund 6,928 6,632 EMCP II 6,532 6,091 EMCP III 5,776 5,786 CSI Capital 35 35 Trilantic IV 3,152 2,829 Trilantic V 4,183 4,117 Total Private Equity Funds $ 27,578 $ 26,473 Net realized and unrealized gains (losses) on private equity fund investments were $1,367 and ($489) for the three months ended March 31, 2016 and 2015, respectively . During the three months ended March 31, 2015, ECP II, EMCP II and CSI Capital made distributions of $3,000 , $3,194 and $2,750 , respectively. In the event the funds perform poorly, the Company may be obligated to repay certain carried interest previously distributed. As of March 31, 2016 , there was no previously distributed carried interest that was subject to repayment. General Partners of Private Equity Funds which are VIEs The Company has concluded that Evercore Partners II, L.L.C. ("EP II L.L.C."), the general partner of ECP II, is a VIE pursuant to ASC 810. The Company owned 8% - 9% of the carried interest earned by the general partner of ECP II. The Company’s assessment of the design of EP II L.L.C. resulted in the determination that the Company is not acting as an agent for other members of the general partner and is a passive holder of interests in the fund, evidenced by the fact that the Company is a non-voting, non-managing member of the general partner and, therefore, has no authority in directing the management operations of the general partner. Furthermore, the Company does not have the obligation to absorb significant losses or the right to receive benefits that could potentially have a significant impact to EP II L.L.C. Accordingly, the Company has concluded that it is not the primary beneficiary of EP II L.L.C. and has not consolidated EP II L.L.C. in the Company's unaudited condensed consolidated financial statements . In 2013, EMP III amended and restated its Limited Partnership Agreement and admitted certain limited partners, which are related parties of the Company. The Company viewed this modification as a reconsideration event under ASC 810-10, "Noncontrolling Interest in Consolidated Financial Statements - an amendment of ARB No. 51," and concluded that EMP III is a VIE and that the Company is the primary beneficiary of this VIE. Specifically, the Company's general partner interests in EMP III provide the Company the ability to make decisions that significantly impact the economic performance of EMP III, while the limited partners do not possess substantive participating rights over EMP III. The Company's assessment of the primary beneficiary of EMP III included assessing which parties have the power to significantly impact the economic performance of EMP III and the obligation to absorb losses, which could be potentially significant to EMP III, or the right to receive benefits from EMP III that could be potentially significant. The Company had previously consolidated EMP III as a voting interest entity; accordingly, consolidating as a VIE had no impact on the assets and liabilities of the Company. The Company consolidated EMP III assets of $6,031 and liabilities of $176 at March 31, 2016 and assets of $6,030 and liabilities of $164 at December 31, 2015 , in the Company's Unaudited Condensed Consolidated Statements of Financial Condition . The assets retained by EMP III are for the benefit of the interest holders of EMP III and the liabilities are generally non-recourse to the Company. Investment in Trilantic Capital Partners and Others In 2010, the Company made a limited partnership investment in Trilantic in exchange for 500 Class A limited partnership units of Evercore LP ("Class A LP Units") having a fair value of $16,090 . This investment gave the Company the right to invest in Trilantic’s current and future private equity funds, beginning with Trilantic Fund IV. The Company accounts for this investment under the cost method, subject to impairment. The Company allocates the cost of this investment to its investments in current and future Trilantic funds, as the Company satisfies the capital calls of these funds. The Company bases this allocation on its expectation of Trilantic’s future fundraising ability and performance. During the three months ended March 31, 2016 , $33 of this investment was allocated to Trilantic Fund V. During 2015, $636 and $8 of this investment was allocated to Trilantic Fund V and IV, respectively. During 2014, $689 of this investment was allocated to Trilantic Fund V. During 2013, $825 and $29 of this investment was allocated to Trilantic Fund V and Trilantic Fund IV, respectively. From 2010 to 2012, $1,091 of this investment was allocated to Trilantic Fund IV. This investment had a balance of $12,779 and $12,812 as of March 31, 2016 and December 31, 2015 , respectively. The Company has a $5,000 commitment to invest in Trilantic Fund V, of which $2,905 was unfunded at March 31, 2016 . The Company and Trilantic anticipate that the Company will participate in the successor funds to Trilantic Fund V. The Company further anticipates that participation in the successor fund will be at approximately $12,000 . In the second quarter of 2015, the Company received an equity security in a private company with a fair value of $1,079 in exchange for advisory services. This investment is accounted for on the cost basis. Equity Method Investments A summary of the Company’s other investments accounted for under the equity method of accounting as of March 31, 2016 and December 31, 2015 was as follows: March 31, 2016 December 31, 2015 G5 ǀ Evercore $ 22,596 $ 20,730 ABS 37,360 41,567 Atalanta Sosnoff 23,713 23,990 Total $ 83,669 $ 86,287 G5 ǀ Evercore In 2010, the Company made an investment accounted for under the equity method of accounting in G5 ǀ Evercore. At March 31, 2016 , the Company’s economic ownership interest in G5 ǀ Evercore was 49% . This investment resulted in earnings (losses) of ($248) and ($57) for the three months ended March 31, 2016 and 2015, respectively , included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations . In addition, the investment is subject to currency translation from Brazilian Real to the U.S. Dollar. ABS In 2011, the Company made an investment accounted for under the equity method of accounting in ABS. At March 31, 2016 , the Company’s economic ownership interest in ABS was 45% . This investment resulted in earnings of $1,330 and $1,164 for the three months ended March 31, 2016 and 2015, respectively , included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations . Atalanta Sosnoff On December 31, 2015, the Company amended the Operating Agreement with Atalanta Sosnoff and deconsolidated its assets and liabilities and accounted for its interest in Atalanta Sosnoff under the equity method of accounting from that date. The carrying amount of the investment of $23,990 , at December 31, 2015 , represented its fair value on that date. At March 31, 2016 , the Company’s economic ownership interest in Atalanta Sosnoff was 49% . This investment resulted in earnings of $205 for the three months ended March 31, 2016 , included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations . Other The Company allocates the purchase price of its equity method investments, in part, to the inherent finite-lived identifiable intangible assets of the investees. The Company’s share of the earnings of the investees has been reduced by the amortization of these identifiable intangible assets inherent in the investments of $880 and $621 for the three months ended March 31, 2016 and 2015, respectively . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC 820, " Fair Value Measurements and Disclosures" ("ASC 820") establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily-available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following categories: Level I – Quoted prices are available in active markets for identical investments as of the reporting date. The type of investments included in Level I include listed equities and listed derivatives. As required by ASC 820, the Company does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. The estimated fair values of the Corporate Bonds, Municipal Bonds, Other Debt Securities and Securities Investments held at March 31, 2016 and December 31, 2015 are based on quoted market prices provided by external pricing services. Level III – Pricing inputs are unobservable for the investment and includes situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The following table presents the categorization of investments and certain other financial assets measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 : March 31, 2016 Level I Level II Level III Total Corporate Bonds, Municipal Bonds and Other Debt Securities (1) $ — $ 44,600 $ — $ 44,600 Securities Investments (1) 5,121 1,756 — 6,877 Mutual Funds 2,339 — — 2,339 Financial Instruments Owned and Pledged as Collateral at Fair Value 33,248 — — 33,248 Total Assets Measured At Fair Value $ 40,708 $ 46,356 $ — $ 87,064 December 31, 2015 Level I Level II Level III Total Corporate Bonds, Municipal Bonds and Other Debt Securities (1) $ — $ 44,144 $ — $ 44,144 Securities Investments (1) 5,200 1,749 — 6,949 Mutual Funds 2,347 — — 2,347 Financial Instruments Owned and Pledged as Collateral at Fair Value 41,742 — — 41,742 Total Assets Measured At Fair Value $ 49,289 $ 45,893 $ — $ 95,182 (1) Includes $6,951 and $9,653 of treasury bills, municipal bonds and commercial paper classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of March 31, 2016 and December 31, 2015 , respectively. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. The Company had no transfers between fair value levels during the three months ended March 31, 2016 or the year ended December 31, 2015 . During the fourth quarter of 2015, the Company determined that the fair value of the goodwill in its Institutional Asset Management reporting unit was $66,200 . The fair value of the reporting unit was estimated by utilizing both a market multiple approach and a discounted cash flow methodology based on the adjusted cash flows from operations. Goodwill is measured at fair value on a non-recurring basis as a Level III asset. The carrying amount and estimated fair value of the Company’s financial instrument assets and liabilities, which are not measured at fair value on the Unaudited Condensed Consolidated Statements of Financial Condition , are listed in the tables below. March 31, 2016 Carrying Estimated Fair Value Amount Level I Level II Level III Total Financial Assets: Cash and Cash Equivalents $ 284,572 $ 284,572 $ — $ — $ 284,572 Securities Purchased Under Agreements to Resell 2,319 — 2,319 — 2,319 Accounts Receivable 145,627 — 145,627 — 145,627 Receivable from Employees and Related Parties 20,301 — 20,301 — 20,301 Assets Segregated for Bank Regulatory Requirements 10,200 10,200 — — 10,200 Closely-held Equity Security 1,079 — — 1,079 1,079 Loans Receivable 3,500 — 3,678 — 3,678 Financial Liabilities: Accounts Payable and Accrued Expenses $ 33,962 $ — $ 33,962 $ — $ 33,962 Securities Sold Under Agreements to Repurchase 35,579 — 35,579 — 35,579 Payable to Employees and Related Parties 32,097 — 32,097 — 32,097 Short-Term Borrowings 50,000 — 50,000 — 50,000 Notes Payable 167,917 — 167,917 — 167,917 Subordinated Borrowings 22,550 — 23,344 — 23,344 December 31, 2015 Carrying Estimated Fair Value Amount Level I Level II Level III Total Financial Assets: Cash and Cash Equivalents $ 439,111 $ 439,111 $ — $ — $ 439,111 Securities Purchased Under Agreements to Resell 2,191 — 2,191 — 2,191 Accounts Receivable 175,497 — 175,497 — 175,497 Receivable from Employees and Related Parties 21,189 — 21,189 — 21,189 Assets Segregated for Bank Regulatory Requirements 10,200 10,200 — — 10,200 Closely-held Equity Security 1,079 — — 1,079 1,079 Loans Receivable 3,500 — 3,666 — 3,666 Financial Liabilities: Accounts Payable and Accrued Expenses $ 43,878 $ — $ 43,878 $ — $ 43,878 Securities Sold Under Agreements to Repurchase 44,000 — 44,000 — 44,000 Payable to Employees and Related Parties 28,392 — 28,392 — 28,392 Notes Payable 119,250 — 120,373 — 120,373 Subordinated Borrowings 22,550 — 23,076 — 23,076 The following methods and assumptions were used to estimate the fair value of these financial assets and liabilities: The fair value of the Company’s Closely-held Equity Security is based on recent comparable market transactions executed by the issuer. The fair value of the Company’s Loans Receivable is estimated based on a present value analysis utilizing aggregate market yields obtained from independent pricing sources for similar financial instruments. The carrying amount reported on the Unaudited Condensed Consolidated Statement of Financial Condition for Notes Payable approximates fair value as of March 31, 2016. The fair value of the Company’s Notes Payable as of December 31, 2015 is estimated based on a present value analysis utilizing aggregate market yields obtained from independent pricing sources for similar financial instruments. The fair value of the Company’s Subordinated Borrowings is estimated based on a present value analysis utilizing aggregate market yields obtained from independent pricing sources for similar financial instruments. The carrying amounts reported on the Unaudited Condensed Consolidated Statements of Financial Condition for Cash and Cash Equivalents, Securities Purchased Under Agreements to Resell, Securities Sold Under Agreements to Repurchase, Accounts Receivable, Receivable from Employees and Related Parties, Accounts Payable and Accrued Expenses, Payable to Employees and Related Parties, Assets Segregated for Bank Regulatory Requirements and Short-Term Borrowings approximate fair value due to the short-term nature of these items. |
Notes Payable and Subordinated
Notes Payable and Subordinated Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
Notes Payable [Abstract] | |
Notes Payable and Subordinated Borrowings | Notes Payable and Subordinated Borrowings On March 30, 2016, the Company issued an aggregate of $170,000 of senior notes, including: $38,000 aggregate principal amount of its 4.88% Series A senior notes due 2021 (the "Series A Notes"), $67,000 aggregate principal amount of its 5.23% Series B senior notes due 2023 (the "Series B Notes"), $48,000 aggregate principal amount of its 5.48% Series C senior notes due 2026 (the "Series C Notes") and $17,000 aggregate principal amount of its 5.58% Series D senior notes due 2028 (the "Series D Notes" and together with the Series A Notes, the Series B Notes and the Series C Notes, the "Private Placement Notes"), pursuant to a note purchase agreement (the "Note Purchase Agreement") dated as of March 30, 2016, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933. Interest on the Private Placement Notes is payable semi-annually and the Private Placement Notes are guaranteed by certain of the Company's material domestic subsidiaries. The Company may, at its option, prepay all, or from time to time any part of, the Private Placement Notes (without regard to Series), in an amount not less than 5% of the aggregate principal amount of the Private Placement Notes then outstanding at 100% of the principal amount thereof plus an applicable "make-whole amount." Upon the occurrence of a change of control, the holders of the Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the Private Placement Notes plus accrued and unpaid interest to the prepayment date. The Note Purchase Agreement contains customary covenants, including financial covenants requiring compliance with a maximum leverage ratio, a minimum tangible net worth and a minimum interest coverage ratio, and customary events of default. The Company used $120,000 of the net proceeds from the Private Placement Notes to repay outstanding borrowings under the senior credit facility with Mizuho Bank, Ltd. ("Mizuho") on March 30, 2016 and will use the remaining net proceeds for general corporate purposes. Notes Payable is comprised of the following as of March 31, 2016 : Note Maturity Date Effective Annual Interest Rate Carrying Value as of March 31, 2016 (a) Evercore Partners Inc. 4.88% Series A Senior Notes 3/30/2021 5.16 % $ 37,534 Evercore Partners Inc. 5.23% Series B Senior Notes 3/30/2023 5.44 % 66,179 Evercore Partners Inc. 5.48% Series C Senior Notes 3/30/2026 5.64 % 47,412 Evercore Partners Inc. 5.58% Series D Senior Notes 3/30/2028 5.72 % 16,792 Total $ 167,917 (a) Carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct reduction from the related liability. As of March 31, 2016 , the Company had $22,550 in subordinated borrowings, principally with an executive officer of the Company, due on October 31, 2019. These borrowings have a coupon of 5.5% , payable semi-annually. In April 2016, the Company repaid $6,000 of this borrowing pursuant to a separate agreement. |
Evercore Partners Inc. Stockhol
Evercore Partners Inc. Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Evercore Partners Inc. Stockholders' Equity | Evercore Partners Inc. Stockholders’ Equity Dividends – The Company’s Board of Directors declared on April 25, 2016 , a quarterly cash dividend of $0.31 per share, to the holders of record of Class A common stock ("Class A Shares") as of May 27, 2016 , which will be paid on June 10, 2016 . During the three months ended March 31, 2016 , the Company declared and paid dividends of $0.31 per share, totaling $12,326 . Treasury Stock – During the three months ended March 31, 2016 , the Company purchased 952 Class A Shares primarily from employees at values ranging from $44.67 to $54.68 per share (at an average cost per share of $45.89 ), primarily for the net settlement of stock-based compensation awards, and 1,379 Class A Shares at market values ranging from $44.59 to $52.74 per share (at an average cost per share of $47.11 ) pursuant to the Company’s share repurchase program. The result of these purchases was an increase in Treasury Stock of $108,771 on the Company’s Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2016 . LP Units – During the three months ended March 31, 2016 , 160 LP Units were exchanged for Class A Shares, resulting in an increase to Common Stock and Additional Paid-In-Capital of $2 and $4,134 , respectively, on the Company’s Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2016 . Accumulated Other Comprehensive Income (Loss) – As of March 31, 2016 , Accumulated Other Comprehensive Income (Loss) on the Company’s Unaudited Condensed Consolidated Statement of Financial Condition includes an accumulated Unrealized Gain (Loss) on Marketable Securities and Investments, net, and a Foreign Currency Translation Adjustment Gain (Loss), net, of ($4,751) and ($31,608) , respectively. |
Noncontrolling Interest
Noncontrolling Interest | 3 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling Interest recorded in the unaudited condensed consolidated financial statements of the Company relates to a 14% interest in Evercore LP, a 38% interest in Evercore Wealth Management ("EWM"), a 39% interest in Evercore Private Capital Advisory L.P. ("PCA"), a 34% equity interest in Atalanta Sosnoff (through December 31, 2015, the date it was deconsolidated), a 28% interest in ECB (through January 29, 2016) and other private equity partnerships. The Noncontrolling Interests for Evercore LP, EWM and PCA have rights, in certain circumstances, to convert into Class A Shares. Changes in Noncontrolling Interest for the three months ended March 31, 2016 and 2015 were as follows: For the Three Months Ended March 31, 2016 2015 Beginning balance $ 202,664 $ 160,952 Comprehensive income (loss): Net Income Attributable to Noncontrolling Interest 2,360 1,593 Other comprehensive income (loss) (381 ) (877 ) Total comprehensive income 1,979 716 Evercore LP Units Converted into Class A Shares (4,136 ) (1,272 ) Amortization and Vesting of LP Units/Interests 31,760 25,274 Other Items: Distributions to Noncontrolling Interests (8,585 ) (4,598 ) Issuance of Noncontrolling Interest — 291 Purchase of Noncontrolling Interest (5,225 ) — Other, net (145 ) — Total other items (13,955 ) (4,307 ) Ending balance $ 218,312 $ 181,363 Other Comprehensive Income - Other comprehensive income (loss) attributed to Noncontrolling Interest includes Unrealized Gain (Loss) on Marketable Securities and Investments, net, of $3 and ($196) for the three months ended March 31, 2016 and 2015, respectively , and Foreign Currency Translation Adjustment Gain (Loss), net, of ($384) and ($681) for the three months ended March 31, 2016 and 2015, respectively . Atalanta Sosnoff - On December 31, 2015, the Company deconsolidated the assets and liabilities of Atalanta Sosnoff, as well as its related redeemable noncontrolling interests. Interests Purchased - On January 29, 2016, the Company purchased, at fair value, all of the noncontrolling interest in ECB for $6,482 . |
Net Income Per Share Attributab
Net Income Per Share Attributable to Evercore Partners Inc. Common Shareholders | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Share Attributable to Evercore Partners Inc. Common Shareholders | Net Income Per Share Attributable to Evercore Partners Inc. Common Shareholders The calculations of basic and diluted net income per share attributable to Evercore Partners Inc. common shareholders for the three months ended March 31, 2016 and 2015 are described and presented below. For the Three Months Ended March 31, 2016 2015 Basic Net Income Per Share Attributable to Evercore Partners Inc. Common Shareholders Numerator: Net income attributable to Evercore Partners Inc. common shareholders $ 5,318 $ 4,300 Denominator: Weighted average Class A Shares outstanding, including vested restricted stock units ("RSUs") 39,620 36,725 Basic net income per share attributable to Evercore Partners Inc. common shareholders $ 0.13 $ 0.12 Diluted Net Income Per Share Attributable to Evercore Partners Inc. Common Shareholders Numerator: Net income attributable to Evercore Partners Inc. common shareholders $ 5,318 $ 4,300 Noncontrolling interest related to the assumed exchange of LP Units for Class A Shares (a) (a) Associated corporate taxes related to the assumed elimination of Noncontrolling Interest described above (a) (a) Diluted net income attributable to Evercore Partners Inc. common shareholders $ 5,318 $ 4,300 Denominator: Weighted average Class A Shares outstanding, including vested RSUs 39,620 36,725 Assumed exchange of LP Units for Class A Shares (a) (a) Additional shares of the Company's common stock assumed to be issued pursuant to non-vested RSUs and deferred consideration, as calculated using the Treasury Stock Method 1,887 2,246 Shares that are contingently issuable (b) 3,413 724 Assumed conversion of Warrants issued (c) — 3,093 Diluted weighted average Class A Shares outstanding 44,920 42,788 Diluted net income per share attributable to Evercore Partners Inc. common shareholders $ 0.12 $ 0.10 (a) The Company has outstanding LP Units in its subsidiary, Evercore LP, which give the holders the right to receive Class A Shares upon exchange on a one -for-one basis. During the three months ended March 31, 2016 and 2015, the LP Units were antidilutive and consequently the effect of their exchange into Class A Shares has been excluded from the calculation of diluted net income per share attributable to Evercore Partners Inc. common shareholders. The units that would have been included in the denominator of the computation of diluted net income per share attributable to Evercore Partners Inc. common shareholders if the effect would have been dilutive were 6,413 and 6,793 for the three months ended March 31, 2016 and 2015, respectively . The adjustment to the numerator, diluted net income attributable to Class A common shareholders, if the effect would have been dilutive, would have been $1,311 and $683 for the three months ended March 31, 2016 and 2015, respectively . In computing this adjustment, the Company assumes that all vested Class A LP Units and all Class E limited partnership units of Evercore LP ("Class E LP Units") are converted into Class A Shares, that all earnings attributable to those shares are attributed to Evercore Partners Inc. and, that it has adopted a conventional corporate tax structure and is taxed as a C Corporation in the U.S. at prevailing corporate tax rates. The Company does not anticipate that the LP Units will result in a dilutive computation in future periods. (b) At March 31, 2016 and 2015, the Company has outstanding Class G and H limited partnership interests of Evercore LP ("Class G and H LP Interests") which are contingently exchangeable into Class E LP Units, and ultimately Class A Shares, as they are subject to certain performance thresholds being achieved. See Note 14 for a further discussion. For the purposes of calculating diluted net income per share attributable to Evercore Partners Inc. common shareholders, the Company’s Class G and H LP Interests will be included in diluted weighted average Class A Shares outstanding as of the beginning of the period in which all necessary performance conditions have been satisfied. If all necessary performance conditions have not been satisfied by the end of the period, the number of shares that will be included in diluted weighted average Class A Shares outstanding will be based on the number of shares that would be issuable if the end of the reporting period were the end of the performance period. For the three months ended March 31, 2016 and 2015, 3,413 and 724 , respectively, of these interests were assumed to be converted to an equal number of Class A Shares for purposes of computing diluted EPS. (c) In November 2015, Mizuho exercised in full its outstanding Warrants to purchase 5,455 Class A Shares, of which the Company repurchased 2,355 shares. The shares of Class B common stock have no right to receive dividends or a distribution on liquidation or winding up of the Company. The shares of Class B common stock do not share in the earnings of the Company and no earnings are allocable to such class. Accordingly, basic and diluted net income per share of Class B common stock have not been presented. |
Share-Based and Other Deferred
Share-Based and Other Deferred Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based and Other Deferred Compensation | Share-Based and Other Deferred Compensation Equity Grants During the three months ended March 31, 2016 , the Company granted employees 2,869 RSUs that are Service-based Awards. Service-based Awards granted during the three months ended March 31, 2016 had grant date fair values of $44.67 to $50.81 per share. During the three months ended March 31, 2016 , 2,171 Service-based Awards vested and 9 Service-based Awards were forfeited. Compensation expense related to Service-based Awards was $28,762 and $27,495 for the three months ended March 31, 2016 and 2015, respectively . Deferred Cash Program The Company's deferred compensation program provides participants the ability to elect to receive a portion of their deferred compensation in cash, which is indexed to a notional investment portfolio and vests ratably over four years and requires payment upon vesting. During the first quarter of 2016, the Company granted $38,647 of deferred cash awards pursuant to the deferred compensation program. Compensation expense related to this deferred compensation program was $2,560 and $560 for the three months ended March 31, 2016 and 2015, respectively . Acquisition-related LP Units Equities business - In conjunction with the acquisition of the operating businesses of International Strategy & Investment ("ISI") in 2014, the Company issued Evercore LP units and interests which have been treated as compensation, including 710 vested Class E LP Units and an allocation of the value, attributed to post-combination service, of 710 Class E LP Units that were unvested and vest ratably on October 31, 2015, 2016 and 2017 and become exchangeable once vested, subject to continued employment with the Company. The units will become exchangeable into Class A common shares of the Company subject to certain liquidated damages and continued employment provisions. Compensation expense related to Class E LP Units was $5,613 and $5,068 for the three months ended March 31, 2016 and 2015, respectively . The Company also issued 538 vested and 540 unvested Class G LP Interests, which vest ratably on February 15, 2016, 2017 and 2018, and 2,044 vested and 2,051 unvested Class H LP Interests, which will vest ratably on February 15, 2018, 2019 and 2020. The Company’s vested Class G and Class H LP Interests will become exchangeable into Class A common shares of the Company subject to the achievement of certain performance targets. The Company’s vested Class G LP Interests become exchangeable in February 2016, 2017 and 2018 if certain earnings before interest and taxes, excluding underwriting, ("Management Basis EBIT") margin thresholds within a range of 12% to 16% , are achieved for the calendar year preceding the date the interests become exchangeable. The Company’s vested Class H LP Interests will become exchangeable in February 2018, 2019 and 2020 if certain average Management Basis EBIT and Management Basis EBIT margin thresholds, within ranges of $8,000 to $48,000 and 7% to 17% , respectively, are achieved for the three calendar years preceding the date the interests become exchangeable. In the event of death, disability or termination of employment without cause, unvested Class G and H LP Interests will be canceled or may vest based on determination of expected performance, based on a decision by Management. In February 2016, 371 Class G LP Interests achieved their performance targets and were converted to the same number of Class E LP Units. Based on Evercore ISI’s results for 2015 and for the first three months of 2016, the Company determined that the achievement of certain of the remaining performance thresholds for the remaining Class G and H LP Interests was probable at March 31, 2016 . This determination assumes Management Basis EBIT margin of 16.2% and annual Management Basis EBIT of $36,900 over the remaining performance period for Evercore ISI, consistent with the first quarter 2016 results. For the three months ended March 31, 2015, the Company had determined that the achievement of certain of the remaining performance thresholds for the Class G and H LP Interests was probable and assumed a Management Basis EBIT margin of 15% and annual Management Basis EBIT of $31,500 over the performance period for Evercore ISI. Accordingly, $26,051 and $20,143 of expense was recorded for the three months ended March 31, 2016 and 2015, respectively for the Class G and H LP Interests. Other Acquisition Related Lexicon - Compensation expense related to The Lexicon Partnership LLP ("Lexicon") Acquisition-related Awards and deferred cash consideration was $615 and ($29) , respectively, for the three months ended March 31, 2015 . Long-term Incentive Plan The Company's Long-term Incentive Plan provides for incentive compensation awards to Advisory Senior Managing Directors, excluding executive officers of the Company, who exceed defined benchmark results over a four -year performance period beginning January 1, 2013. These awards will be paid, in cash or Class A Shares, at the Company's discretion, in the two years following the performance period, to Senior Managing Directors employed by the Company at the time of payment. These awards are subject to retirement eligibility requirements. The Company periodically assesses the probability of the benchmarks being achieved and expenses the probable payout over the requisite service period of the award. The compensation expense related to these awards was $3,739 and $1,513 for the three months ended March 31, 2016 and 2015, respectively . Employee Loans Receivable Periodically, the Company provides new and existing employees with cash payments in the form of loans and/or other cash awards which are subject to ratable vesting terms with service requirements ranging from one to five years. Generally, the terms of these awards include a requirement of either full or partial repayment of these awards based on the terms of their employment agreements with the Company. In circumstances where the employee meets the Company's minimum credit standards, the Company amortizes these awards to compensation expense over the relevant service period which is generally the period they are subject to forfeiture. Compensation expense related to these awards was $4,832 and $4,580 for the three months ended March 31, 2016 and 2015, respectively . The remaining unamortized amount of these awards was $36,197 as of March 31, 2016 . Separation Benefits The Company granted separation benefits to certain employees, resulting in expense included in Employee Compensation and Benefits of approximately $2,028 and $1,608 for the three months ended March 31, 2016 and 2015, respectively . In conjunction with these arrangements, the Company distributed cash payments of $1,139 and $1,210 for the three months ended March 31, 2016 and 2015, respectively . The Company also granted separation benefits to certain employees, resulting in expense included in Special Charges of approximately $1,965 for the three months ended March 31, 2015. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies For a further discussion of the Company's commitments, refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2015 . Operating Leases – The Company leases office space under non-cancelable lease agreements, which expire on various dates through 2025 . The Company reflects lease expense over the lease terms on a straight-line basis. Occupancy lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord. Occupancy and Equipment Rental on the Unaudited Condensed Consolidated Statements of Operations includes occupancy rental expense relating to operating leases of $7,985 and $8,871 for the three months ended March 31, 2016 and 2015, respectively . Private Equity – As of March 31, 2016 , the Company had unfunded commitments for capital contributions of $5,610 to private equity funds. These commitments will be funded as required through the end of each private equity fund’s investment period, subject to certain conditions. Such commitments are satisfied in cash and are generally required to be made as investment opportunities are consummated by the private equity funds. Under the terms of the acquisition agreement for Protego, the Company is obligated to pay the partners that sold Protego 90% of the return proceeds and performance fees received from Protego's investment in the general partner of the Discovery Fund. Beginning in 2014, the Company received distributions from Discovery Americas Associated L.P., the general partner of the Discovery Fund. Accordingly, as of March 31, 2016 , the Company recorded Goodwill of $4,722 pursuant to this agreement. The carrying value of the Company's investment in the Discovery Fund is $6,928 at March 31, 2016 . See Note 8 for further information. Lines of Credit On June 26, 2015, Evercore Partners Services East L.L.C. ("East"), a wholly-owned subsidiary of the Company, increased its line of credit from First Republic Bank to an aggregate principal amount of up to $75,000 , to be used for working capital and other corporate activities, including, but not limited to, the repurchase of the Company's stock from time to time. This facility is secured by (i) cash and cash equivalents of East held in a designated account with First Republic Bank, (ii) certain of East's intercompany receivables and (iii) third party accounts receivable of EGL. Drawings under this facility bear interest at the prime rate. The facility was renewed on June 26, 2015 and the maturity date was extended to June 27, 2016 . On January 15, 2016, the line of credit from First Republic Bank was decreased to an aggregate principal amount of up to $50,000 . In addition, the agreement was modified to impose similar quarterly financial covenants as the Company agreed to in the senior credit facility with Mizuho executed in November 2015, including (i) a Minimum Consolidated Tangible Net Worth, (ii) a Minimum Unencumbered Liquid Asset Ratio and (iii) a Maximum Consolidated Leverage Ratio. On January 27, 2016 , the Company drew down $50,000 on this facility, all of which was outstanding as of March 31, 2016. Other Commitments During the first quarter of 2015, in conjunction with the Company entering into a strategic alliance with Luminis Partners ("Luminis"), the Company committed to loan Luminis $5,500 . The Company paid Luminis $3,500 pursuant to the loan agreement during the three months ended March 31, 2015 , which is included within Other Assets on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of March 31, 2016 , with the remaining $2,000 due from the Company on demand. The Company may acquire a 20% interest in Luminis in 2017. In addition, the Company enters into commitments to pay contingent consideration related to certain of its acquisitions. At March 31, 2016 , the Company had a remaining commitment for contingent consideration related to its acquisition of Protego in 2006, as well as commitments related to its acquisition of a boutique advisory business in 2014 and its acquisition of Kuna & Co. KG in July 2015. Contingencies In the normal course of business, from time to time the Company and its affiliates are involved in judicial or regulatory proceedings, arbitration or mediation concerning matters arising in connection with the conduct of its businesses, including contractual and employment matters. In addition, Mexican, United Kingdom, Hong Kong, Singapore, Canadian and United States government agencies and self-regulatory organizations, as well as state securities commissions in the United States, conduct periodic examinations and initiate administrative proceedings regarding the Company’s business, including, among other matters, accounting and operational matters, that can result in censure, fine, the issuance of cease-and-desist orders or the suspension or expulsion of a broker-dealer, investment advisor, or its directors, officers or employees. In view of the inherent difficulty of determining whether any loss in connection with such matters is probable and whether the amount of such loss can be reasonably estimated, particularly in cases where claimants seek substantial or indeterminate damages or where investigations and proceedings are in the early stages, the Company cannot estimate the amount of such loss or range of loss, if any, related to such matters, how or if such matters will be resolved, when they will ultimately be resolved, or what the eventual settlement, fine, penalty or other relief, if any, might be. Subject to the foregoing, the Company believes, based on current knowledge and after consultation with counsel, that it is not currently party to any material pending proceedings, individually or in the aggregate, the resolution of which would have a material effect on the Company. Provisions for losses are established in accordance with ASC 450, " Contingencies" when warranted. Once established, such provisions are adjusted when there is more information available or when an event occurs requiring a change. In January 2015, Donna Marie Coburn filed a proposed class action complaint against Evercore Trust Company ("ETC") in the U.S. District Court for the District of Columbia, in which she purported to represent a class of participants in the J.C. Penney Corporation Inc. Savings, Profit-Sharing and Stock Ownership Plan (the "Plan") whose participant accounts held J.C. Penney stock at any time between May 15, 2012 and the present. The complaint alleged that ETC breached its fiduciary duties under the Employee Retirement Income Security Act by causing the Plan to invest in J.C. Penney stock during that period and claimed that the Plan suffered losses of approximately $300 million due to declines in J.C. Penney stock. ETC believes that it has meritorious defenses against the plaintiff’s claims and intends to vigorously defend the action. ETC is indemnified by J.C. Penney, and ultimately the Plan, for reasonable attorneys’ fees and other legal expenses, which would be refunded should ETC not prevail. On April 13, 2015, ETC moved to dismiss the complaint for failure to state a claim upon which relief may be granted, and on February 17, 2016, the district court granted ETC’s motion to dismiss. On March 15, 2016, plaintiff noticed an appeal of the district court’s decision. Briefing has not yet commenced on the appeal. |
Regulatory Authorities
Regulatory Authorities | 3 Months Ended |
Mar. 31, 2016 | |
Banking and Thrift [Abstract] | |
Regulatory Authorities | Regulatory Authorities EGL is a U.S. registered broker-dealer and is subject to the net capital requirements of Rule 15c3-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Under the Alternative Net Capital Requirement, EGL's minimum net capital requirement is $250 . EGL’s regulatory net capital as of March 31, 2016 and December 31, 2015 was $118,303 and $79,019 , respectively, which exceeded the minimum net capital requirement by $118,053 and $78,769 , respectively. On December 31, 2015, the operations of International Strategy & Investment Group L.L.C. were transferred to EGL. Certain other non-U.S. subsidiaries are subject to various securities and banking regulations and capital adequacy requirements promulgated by the regulatory and exchange authorities of the countries in which they operate. These subsidiaries are in excess of their local capital adequacy requirements at March 31, 2016 . ETC, which is limited to fiduciary activities, is regulated by the Office of the Comptroller of the Currency ("OCC") and is a member bank of the Federal Reserve System. The Company, Evercore LP and ETC are subject to written agreements with the OCC that, among other things, require the Company and Evercore LP to (1) maintain at least $5,000 in Tier 1 capital in ETC (or such other amount as the OCC may require), (2) maintain liquid assets in ETC in an amount at least equal to the greater of $3,500 or 90 days coverage of ETC’s operating expenses and (3) provide at least $10,000 of certain collateral held in a segregated account at a third-party depository institution. The collateral is included in Assets Segregated for Bank Regulatory Requirements on the Unaudited Condensed Consolidated Statements of Financial Condition . The Company was in compliance with the aforementioned agreements as of March 31, 2016 . |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's Provision for Income Taxes was $9,734 and $6,212 for the three months ended March 31, 2016 and 2015, respectively . The effective tax rate was 56% and 51% for the three months ended March 31, 2016 and 2015, respectively . The effective tax rate for the three months ended March 31, 2016 and 2015 reflects the effect of certain nondeductible expenses, including expenses related to Class E LP Units and Class G and H LP Interests as well as the noncontrolling interest associated with LP Units and other adjustments. The Company reported a decrease in deferred tax assets of $8 associated with changes in Unrealized Gain (Loss) on Marketable Securities and an increase of $1,183 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss) for the three months ended March 31, 2016 . The Company reported an increase in deferred tax assets of $445 associated with changes in Unrealized Gain (Loss) on Marketable Securities and an increase of $2,211 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss) for the three months ended March 31, 2015 . As of March 31, 2016 , the Company had no unrecognized tax benefits. The Company classifies interest relating to tax matters and tax penalties as a component of income tax expense in its Unaudited Condensed Consolidated Statements of Operations . |
Segment Operating Results
Segment Operating Results | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Operating Results | Segment Operating Results Business Segments – The Company’s business results are categorized into the following two segments: Investment Banking and Investment Management. Investment Banking includes providing advice to clients on significant mergers, acquisitions, divestitures and other strategic corporate transactions, as well as services related to securities underwriting, private fund placement services and commissions for agency-based equity trading services and equity research. Investment Management includes advising third-party investors in the Institutional Asset Management, Wealth Management and Private Equity sectors. On December 31, 2015, the Company deconsolidated the assets and liabilities of Atalanta Sosnoff, which was in the Investment Management segment, and accounted for its interest as an equity method investment from that date. The Company’s segment information for the three months ended March 31, 2016 and 2015 is prepared using the following methodology: • Revenue, expenses and income (loss) from equity method investments directly associated with each segment are included in determining pre-tax income. • Expenses not directly associated with specific segments are allocated based on the most relevant measures applicable, including headcount, square footage and other performance and time-based factors. • Segment assets are based on those directly associated with each segment, or for certain assets shared across segments; those assets are allocated based on the most relevant measures applicable, including headcount and other factors. • Investment gains and losses, interest income and interest expense are allocated between the segments based on the segment in which the underlying asset or liability is held. Each segment’s Operating Expenses include: a) employee compensation and benefits expenses that are incurred directly in support of the segment and b) non-compensation expenses, which include expenses for premises and occupancy, professional fees, travel and entertainment, communications and information services, equipment and indirect support costs (including compensation and other operating expenses related thereto) for administrative services. Such administrative services include, but are not limited to, accounting, tax, legal, facilities management and senior management activities. Other Expenses include the following: • Amortization of LP Units/Interests and Certain Other Awards - Includes amortization costs associated with the vesting of Class E LP Units and Class G and H LP Interests issued in conjunction with the acquisition of ISI and certain other related awards. • Other Acquisition Related Compensation Charges - Includes compensation charges in 2015 associated with deferred consideration, retention awards and related compensation for Lexicon employees. • Special Charges - Includes expenses in 2015 primarily related to separation benefits and costs associated with the termination of certain contracts within the Company’s Evercore ISI business, as well as the finalization of a matter associated with the wind-down of the Company’s U.S. Private Equity business. • Acquisition and Transition Costs - Includes professional fees for legal and other services incurred related to the Company’s acquisitions, as well as costs related to transitioning ISI’s infrastructure in 2015. • Fair Value of Contingent Consideration - Includes expense associated with changes in the fair value of contingent consideration issued to the sellers of certain of the Company’s acquisitions. • Intangible Asset and Other Amortization - Includes amortization of intangible assets and other purchase accounting-related amortization associated with certain acquisitions. The Company evaluates segment results based on net revenues and pre-tax income, both including and excluding the impact of the Other Expenses. No client accounted for more than 10% of the Company's consolidated Net Revenues for the three months ended March 31, 2016 . The following information presents each segment’s contribution. For the Three Months Ended March 31, 2016 2015 Investment Banking Net Revenues (1) $ 239,713 $ 216,580 Operating Expenses 192,264 171,364 Other Expenses (2) 35,028 32,235 Operating Income 12,421 12,981 Income (Loss) from Equity Method Investments (272 ) (37 ) Pre-Tax Income $ 12,149 $ 12,944 Identifiable Segment Assets $ 940,859 $ 769,746 Investment Management Net Revenues (1) $ 18,000 $ 21,403 Operating Expenses 14,214 19,956 Other Expenses (2) 82 3,430 Operating Income (Loss) 3,704 (1,983 ) Income from Equity Method Investments 1,559 1,144 Pre-Tax Income (Loss) $ 5,263 $ (839 ) Identifiable Segment Assets $ 343,818 $ 519,463 Total Net Revenues (1) $ 257,713 $ 237,983 Operating Expenses 206,478 191,320 Other Expenses (2) 35,110 35,665 Operating Income 16,125 10,998 Income from Equity Method Investments 1,287 1,107 Pre-Tax Income $ 17,412 $ 12,105 Identifiable Segment Assets $ 1,284,677 $ 1,289,209 (1) Net revenues include Other Revenue, net, allocated to the segments as follows: For the Three Months Ended March 31, 2016 2015 Investment Banking (A) $ (913 ) $ (1,058 ) Investment Management (B) (429 ) (678 ) Total Other Revenue, net $ (1,342 ) $ (1,736 ) (A) Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and the line of credit of $1,478 and $1,644 for the three months ended March 31, 2016 and 2015, respectively . (B) Investment Management Other Revenue, net, includes interest expense on the Notes Payable and the line of credit of $670 and $953 for the three months ended March 31, 2016 and 2015, respectively . (2) Other Expenses are as follows: For the Three Months Ended March 31, 2016 2015 Investment Banking Amortization of LP Units / Interests and Certain Other Awards $ 31,759 $ 25,950 Other Acquisition Related Compensation Charges — 585 Special Charges — 2,290 Acquisition and Transition Costs — 484 Fair Value of Contingent Consideration 106 — Intangible Asset and Other Amortization 3,163 2,926 Total Investment Banking 35,028 32,235 Investment Management Special Charges — 3,348 Intangible Asset and Other Amortization 82 82 Total Investment Management 82 3,430 Total Other Expenses $ 35,110 $ 35,665 Geographic Information – The Company manages its business based on the profitability of the enterprise as a whole. The Company’s revenues were derived from clients and private equity funds located and managed in the following geographical areas: For the Three Months Ended March 31, 2016 2015 Net Revenues: (1) United States $ 173,910 $ 161,822 Europe and Other 72,211 71,211 Latin America 12,934 6,686 Total $ 259,055 $ 239,719 (1) Excludes Other Revenue and Interest Expense. The Company’s total assets are located in the following geographical areas: March 31, 2016 December 31, 2015 Total Assets: United States $ 976,865 $ 1,135,570 Europe and Other 203,069 221,358 Latin America 104,743 122,243 Total $ 1,284,677 $ 1,479,171 |
Significant Accounting Polici26
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Policy | Basis of Presentation – The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to Form 10-Q. As permitted by the rules and regulations of the United States Securities and Exchange Commission, the unaudited condensed consolidated financial statements contain certain condensed financial information and exclude certain footnote disclosures normally included in audited consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The accompanying condensed consolidated financial statements are unaudited and are prepared in accordance with U.S. GAAP. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, including normal recurring accruals, necessary to fairly present the accompanying unaudited condensed consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2015 . The December 31, 2015 Unaudited Condensed Consolidated Statement of Financial Condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016. The accompanying unaudited condensed consolidated financial statements of the Company are comprised of the consolidation of Evercore LP and Evercore LP’s wholly-owned and majority-owned direct and indirect subsidiaries, including Evercore Group L.L.C. ("EGL"), a registered broker-dealer in the U.S. The Company’s policy is to consolidate all subsidiaries in which it has a controlling financial interest, as well as any variable interest entities ("VIEs") where the Company is deemed to be the primary beneficiary, when it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. The Company reviews factors, including the rights of the equity holders and obligations of equity holders to absorb losses or receive expected residual returns, to determine if the investment is a VIE. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly or indirectly by the Company. The consolidation analysis is generally performed qualitatively. This analysis, which requires judgment, is performed at each reporting date. |
New Accounting Pronouncements | In February 2015, Accounting Standards Update ("ASU") No. 2015-02, "Amendments to the Consolidation Analysis," ("ASU 2015-02") was issued. This ASU eliminates the deferral of ASU No. 2010-10, "Amendments for Certain Investment Funds," which allows reporting entities with interests in certain investment funds to follow the consolidation guidance in Accounting Standards Codification ("ASC") No. 810, "Consolidation," ("ASC 810") and makes other changes to the variable interest model and the voting model. ASU 2015-02 modifies the evaluation performed by reporting entities on limited partnerships and similar entities and also impacts the evaluation performed by reporting entities on VIE determination, and determination of the primary beneficiary of a VIE. The Company adopted ASU 2015-02 on January 1, 2016. Pursuant to the provisions of ASU 2015-02, Evercore LP is a VIE and the Company is the primary beneficiary. Prior to the adoption of ASU 2015-02, the Company consolidated Evercore LP as a voting interest entity. Specifically, the Company has the majority economic interest in Evercore LP and has decision making authority that significantly affects the economic performance of the entity while the limited partners have no kick-out or substantive participating rights. The assets and liabilities of Evercore LP represent substantially all of the consolidated assets and liabilities of the Company with the exception of U.S. corporate taxes and related items, which are presented on the Company's (Parent Company Only) statements of financial position in Note 23 to the Company’s consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Unrealized Gain (Loss) on Investments | The amortized cost and estimated fair value of the Company’s Marketable Securities as of March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities Investments $ 6,463 $ 17 $ 2,603 $ 3,877 $ 6,463 $ 10 $ 2,523 $ 3,950 Debt Securities Carried by EGL 40,530 133 14 40,649 37,404 94 8 37,490 Mutual Funds 2,292 144 97 2,339 2,291 155 99 2,347 Total $ 49,285 $ 294 $ 2,714 $ 46,865 $ 46,158 $ 259 $ 2,630 $ 43,787 |
Investments Classified by Contractual Maturity Date | Scheduled maturities of the Company’s available-for-sale debt securities within the Securities Investments portfolio as of March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 202 $ 202 $ 204 $ 204 Due after one year through five years 1,420 1,436 1,537 1,545 Due after five years through 10 years 120 118 — — Total $ 1,742 $ 1,756 $ 1,741 $ 1,749 |
Financial Instruments Owned a28
Financial Instruments Owned and Pledged as Collateral at Fair Value, Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule Of Financial Instruments Owned And Pledged As Collateral Securities Purchased Under Agreements To Resell And Securities Sold Under Agreements To Repurchase | As of March 31, 2016 and December 31, 2015 , a summary of the Company’s assets, liabilities and collateral received or pledged related to these transactions was as follows: March 31, 2016 December 31, 2015 Asset (Liability) Balance Market Value of Collateral Received or (Pledged) Asset (Liability) Balance Market Value of Collateral Received or (Pledged) Assets Financial Instruments Owned and Pledged as Collateral at Fair Value $ 33,248 $ 41,742 Securities Purchased Under Agreements to Resell 2,319 $ 2,319 2,191 $ 2,192 Total Assets $ 35,567 $ 43,933 Liabilities Securities Sold Under Agreements to Repurchase $ (35,579 ) $ (35,589 ) $ (44,000 ) $ (44,063 ) |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Private Equity Funds [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Equity Method Investments | A summary of the Company’s investment in the private equity funds as of March 31, 2016 and December 31, 2015 was as follows: March 31, 2016 December 31, 2015 ECP II $ 972 $ 983 Discovery Fund 6,928 6,632 EMCP II 6,532 6,091 EMCP III 5,776 5,786 CSI Capital 35 35 Trilantic IV 3,152 2,829 Trilantic V 4,183 4,117 Total Private Equity Funds $ 27,578 $ 26,473 |
Other Equity Method Investments [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Equity Method Investments | A summary of the Company’s other investments accounted for under the equity method of accounting as of March 31, 2016 and December 31, 2015 was as follows: March 31, 2016 December 31, 2015 G5 ǀ Evercore $ 22,596 $ 20,730 ABS 37,360 41,567 Atalanta Sosnoff 23,713 23,990 Total $ 83,669 $ 86,287 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Categorization of Investments and Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the categorization of investments and certain other financial assets measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 : March 31, 2016 Level I Level II Level III Total Corporate Bonds, Municipal Bonds and Other Debt Securities (1) $ — $ 44,600 $ — $ 44,600 Securities Investments (1) 5,121 1,756 — 6,877 Mutual Funds 2,339 — — 2,339 Financial Instruments Owned and Pledged as Collateral at Fair Value 33,248 — — 33,248 Total Assets Measured At Fair Value $ 40,708 $ 46,356 $ — $ 87,064 December 31, 2015 Level I Level II Level III Total Corporate Bonds, Municipal Bonds and Other Debt Securities (1) $ — $ 44,144 $ — $ 44,144 Securities Investments (1) 5,200 1,749 — 6,949 Mutual Funds 2,347 — — 2,347 Financial Instruments Owned and Pledged as Collateral at Fair Value 41,742 — — 41,742 Total Assets Measured At Fair Value $ 49,289 $ 45,893 $ — $ 95,182 (1) Includes $6,951 and $9,653 of treasury bills, municipal bonds and commercial paper classified within Cash and Cash Equivalents on the Unaudited Condensed Consolidated Statements of Financial Condition as of March 31, 2016 and December 31, 2015 , respectively. |
Carrying Amount and Estimated Fair Value of Financial Instrument Assets and Liabilities which are Not Measured at Fair Value | The carrying amount and estimated fair value of the Company’s financial instrument assets and liabilities, which are not measured at fair value on the Unaudited Condensed Consolidated Statements of Financial Condition , are listed in the tables below. March 31, 2016 Carrying Estimated Fair Value Amount Level I Level II Level III Total Financial Assets: Cash and Cash Equivalents $ 284,572 $ 284,572 $ — $ — $ 284,572 Securities Purchased Under Agreements to Resell 2,319 — 2,319 — 2,319 Accounts Receivable 145,627 — 145,627 — 145,627 Receivable from Employees and Related Parties 20,301 — 20,301 — 20,301 Assets Segregated for Bank Regulatory Requirements 10,200 10,200 — — 10,200 Closely-held Equity Security 1,079 — — 1,079 1,079 Loans Receivable 3,500 — 3,678 — 3,678 Financial Liabilities: Accounts Payable and Accrued Expenses $ 33,962 $ — $ 33,962 $ — $ 33,962 Securities Sold Under Agreements to Repurchase 35,579 — 35,579 — 35,579 Payable to Employees and Related Parties 32,097 — 32,097 — 32,097 Short-Term Borrowings 50,000 — 50,000 — 50,000 Notes Payable 167,917 — 167,917 — 167,917 Subordinated Borrowings 22,550 — 23,344 — 23,344 December 31, 2015 Carrying Estimated Fair Value Amount Level I Level II Level III Total Financial Assets: Cash and Cash Equivalents $ 439,111 $ 439,111 $ — $ — $ 439,111 Securities Purchased Under Agreements to Resell 2,191 — 2,191 — 2,191 Accounts Receivable 175,497 — 175,497 — 175,497 Receivable from Employees and Related Parties 21,189 — 21,189 — 21,189 Assets Segregated for Bank Regulatory Requirements 10,200 10,200 — — 10,200 Closely-held Equity Security 1,079 — — 1,079 1,079 Loans Receivable 3,500 — 3,666 — 3,666 Financial Liabilities: Accounts Payable and Accrued Expenses $ 43,878 $ — $ 43,878 $ — $ 43,878 Securities Sold Under Agreements to Repurchase 44,000 — 44,000 — 44,000 Payable to Employees and Related Parties 28,392 — 28,392 — 28,392 Notes Payable 119,250 — 120,373 — 120,373 Subordinated Borrowings 22,550 — 23,076 — 23,076 |
Notes Payable and Subordinate31
Notes Payable and Subordinated Borrowings Notes Payable and Subordinated Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Payable [Abstract] | |
Schedule of Debt [Table Text Block] | Notes Payable is comprised of the following as of March 31, 2016 : Note Maturity Date Effective Annual Interest Rate Carrying Value as of March 31, 2016 (a) Evercore Partners Inc. 4.88% Series A Senior Notes 3/30/2021 5.16 % $ 37,534 Evercore Partners Inc. 5.23% Series B Senior Notes 3/30/2023 5.44 % 66,179 Evercore Partners Inc. 5.48% Series C Senior Notes 3/30/2026 5.64 % 47,412 Evercore Partners Inc. 5.58% Series D Senior Notes 3/30/2028 5.72 % 16,792 Total $ 167,917 (a) Carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct reduction from the related liability. |
Noncontrolling Interest (Tables
Noncontrolling Interest (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Changes In Noncontrolling Interest | Changes in Noncontrolling Interest for the three months ended March 31, 2016 and 2015 were as follows: For the Three Months Ended March 31, 2016 2015 Beginning balance $ 202,664 $ 160,952 Comprehensive income (loss): Net Income Attributable to Noncontrolling Interest 2,360 1,593 Other comprehensive income (loss) (381 ) (877 ) Total comprehensive income 1,979 716 Evercore LP Units Converted into Class A Shares (4,136 ) (1,272 ) Amortization and Vesting of LP Units/Interests 31,760 25,274 Other Items: Distributions to Noncontrolling Interests (8,585 ) (4,598 ) Issuance of Noncontrolling Interest — 291 Purchase of Noncontrolling Interest (5,225 ) — Other, net (145 ) — Total other items (13,955 ) (4,307 ) Ending balance $ 218,312 $ 181,363 |
Net Income Per Share Attribut33
Net Income Per Share Attributable to Evercore Partners Inc. Common Shareholders (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Basic And Diluted Net Income Per Share | The calculations of basic and diluted net income per share attributable to Evercore Partners Inc. common shareholders for the three months ended March 31, 2016 and 2015 are described and presented below. For the Three Months Ended March 31, 2016 2015 Basic Net Income Per Share Attributable to Evercore Partners Inc. Common Shareholders Numerator: Net income attributable to Evercore Partners Inc. common shareholders $ 5,318 $ 4,300 Denominator: Weighted average Class A Shares outstanding, including vested restricted stock units ("RSUs") 39,620 36,725 Basic net income per share attributable to Evercore Partners Inc. common shareholders $ 0.13 $ 0.12 Diluted Net Income Per Share Attributable to Evercore Partners Inc. Common Shareholders Numerator: Net income attributable to Evercore Partners Inc. common shareholders $ 5,318 $ 4,300 Noncontrolling interest related to the assumed exchange of LP Units for Class A Shares (a) (a) Associated corporate taxes related to the assumed elimination of Noncontrolling Interest described above (a) (a) Diluted net income attributable to Evercore Partners Inc. common shareholders $ 5,318 $ 4,300 Denominator: Weighted average Class A Shares outstanding, including vested RSUs 39,620 36,725 Assumed exchange of LP Units for Class A Shares (a) (a) Additional shares of the Company's common stock assumed to be issued pursuant to non-vested RSUs and deferred consideration, as calculated using the Treasury Stock Method 1,887 2,246 Shares that are contingently issuable (b) 3,413 724 Assumed conversion of Warrants issued (c) — 3,093 Diluted weighted average Class A Shares outstanding 44,920 42,788 Diluted net income per share attributable to Evercore Partners Inc. common shareholders $ 0.12 $ 0.10 (a) The Company has outstanding LP Units in its subsidiary, Evercore LP, which give the holders the right to receive Class A Shares upon exchange on a one -for-one basis. During the three months ended March 31, 2016 and 2015, the LP Units were antidilutive and consequently the effect of their exchange into Class A Shares has been excluded from the calculation of diluted net income per share attributable to Evercore Partners Inc. common shareholders. The units that would have been included in the denominator of the computation of diluted net income per share attributable to Evercore Partners Inc. common shareholders if the effect would have been dilutive were 6,413 and 6,793 for the three months ended March 31, 2016 and 2015, respectively . The adjustment to the numerator, diluted net income attributable to Class A common shareholders, if the effect would have been dilutive, would have been $1,311 and $683 for the three months ended March 31, 2016 and 2015, respectively . In computing this adjustment, the Company assumes that all vested Class A LP Units and all Class E limited partnership units of Evercore LP ("Class E LP Units") are converted into Class A Shares, that all earnings attributable to those shares are attributed to Evercore Partners Inc. and, that it has adopted a conventional corporate tax structure and is taxed as a C Corporation in the U.S. at prevailing corporate tax rates. The Company does not anticipate that the LP Units will result in a dilutive computation in future periods. (b) At March 31, 2016 and 2015, the Company has outstanding Class G and H limited partnership interests of Evercore LP ("Class G and H LP Interests") which are contingently exchangeable into Class E LP Units, and ultimately Class A Shares, as they are subject to certain performance thresholds being achieved. See Note 14 for a further discussion. For the purposes of calculating diluted net income per share attributable to Evercore Partners Inc. common shareholders, the Company’s Class G and H LP Interests will be included in diluted weighted average Class A Shares outstanding as of the beginning of the period in which all necessary performance conditions have been satisfied. If all necessary performance conditions have not been satisfied by the end of the period, the number of shares that will be included in diluted weighted average Class A Shares outstanding will be based on the number of shares that would be issuable if the end of the reporting period were the end of the performance period. For the three months ended March 31, 2016 and 2015, 3,413 and 724 , respectively, of these interests were assumed to be converted to an equal number of Class A Shares for purposes of computing diluted EPS. (c) In November 2015, Mizuho exercised in full its outstanding Warrants to purchase 5,455 Class A Shares, of which the Company repurchased 2,355 shares. |
Segment Operating Results (Tabl
Segment Operating Results (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Information Regarding Operations By Segment | The following information presents each segment’s contribution. For the Three Months Ended March 31, 2016 2015 Investment Banking Net Revenues (1) $ 239,713 $ 216,580 Operating Expenses 192,264 171,364 Other Expenses (2) 35,028 32,235 Operating Income 12,421 12,981 Income (Loss) from Equity Method Investments (272 ) (37 ) Pre-Tax Income $ 12,149 $ 12,944 Identifiable Segment Assets $ 940,859 $ 769,746 Investment Management Net Revenues (1) $ 18,000 $ 21,403 Operating Expenses 14,214 19,956 Other Expenses (2) 82 3,430 Operating Income (Loss) 3,704 (1,983 ) Income from Equity Method Investments 1,559 1,144 Pre-Tax Income (Loss) $ 5,263 $ (839 ) Identifiable Segment Assets $ 343,818 $ 519,463 Total Net Revenues (1) $ 257,713 $ 237,983 Operating Expenses 206,478 191,320 Other Expenses (2) 35,110 35,665 Operating Income 16,125 10,998 Income from Equity Method Investments 1,287 1,107 Pre-Tax Income $ 17,412 $ 12,105 Identifiable Segment Assets $ 1,284,677 $ 1,289,209 (1) Net revenues include Other Revenue, net, allocated to the segments as follows: For the Three Months Ended March 31, 2016 2015 Investment Banking (A) $ (913 ) $ (1,058 ) Investment Management (B) (429 ) (678 ) Total Other Revenue, net $ (1,342 ) $ (1,736 ) (A) Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and the line of credit of $1,478 and $1,644 for the three months ended March 31, 2016 and 2015, respectively . (B) Investment Management Other Revenue, net, includes interest expense on the Notes Payable and the line of credit of $670 and $953 for the three months ended March 31, 2016 and 2015, respectively . (2) Other Expenses are as follows: For the Three Months Ended March 31, 2016 2015 Investment Banking Amortization of LP Units / Interests and Certain Other Awards $ 31,759 $ 25,950 Other Acquisition Related Compensation Charges — 585 Special Charges — 2,290 Acquisition and Transition Costs — 484 Fair Value of Contingent Consideration 106 — Intangible Asset and Other Amortization 3,163 2,926 Total Investment Banking 35,028 32,235 Investment Management Special Charges — 3,348 Intangible Asset and Other Amortization 82 82 Total Investment Management 82 3,430 Total Other Expenses $ 35,110 $ 35,665 |
Revenues Derived from Clients and Private Equity Funds by Geographical Areas | The Company’s revenues were derived from clients and private equity funds located and managed in the following geographical areas: For the Three Months Ended March 31, 2016 2015 Net Revenues: (1) United States $ 173,910 $ 161,822 Europe and Other 72,211 71,211 Latin America 12,934 6,686 Total $ 259,055 $ 239,719 (1) Excludes Other Revenue and Interest Expense |
Assets by Geographic Areas | The Company’s total assets are located in the following geographical areas: March 31, 2016 December 31, 2015 Total Assets: United States $ 976,865 $ 1,135,570 Europe and Other 203,069 221,358 Latin America 104,743 122,243 Total $ 1,284,677 $ 1,479,171 |
Significant Accounting Polici35
Significant Accounting Policies Significant Accounting Policies (Details) - Variable Interest Entity, Primary Beneficiary [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Significant Accounting Policies [Line Items] | ||
Consolidated assets | $ 97,962 | $ 151,583 |
Consolidated liabilities | $ 66,543 | $ 110,424 |
Acquisition and Transition Co36
Acquisition and Transition Costs, Special Charges and Intangible Asset Amortization Acquisition and Transition Costs, Special Charges and Intangible Asset Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Business Acquisition [Line Items] | ||
Acquisition and Transition Costs | $ 0 | $ 484 |
Special Charges | 0 | 5,638 |
Investment Banking [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition and Transition Costs | 0 | 484 |
Special Charges | 0 | 2,290 |
Amortization of Intangible Assets | 3,215 | 2,944 |
Investment Management [Member] | ||
Business Acquisition [Line Items] | ||
Special Charges | 0 | 3,348 |
Amortization of Intangible Assets | $ 199 | $ 938 |
Related Parties Related Parti37
Related Parties Related Parties - Additional Informationl (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Subordinated Borrowings | $ 22,550 | $ 22,550 | |
Investment Management [Member] | Private Equity Fund [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | 2,394 | $ 1,213 | |
Other Assets [Member] | |||
Related Party Transaction [Line Items] | |||
Due from Related Parties, Noncurrent | $ 18,797 | $ 6,967 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Securities Investments | ||
Schedule Of Marketable Securities [Line Items] | ||
Marketable securities, realized gains (losses) | $ (11) | $ (11) |
Debt Securities Carried by EGL | ||
Schedule Of Marketable Securities [Line Items] | ||
Marketable securities, realized and unrealized gains (losses) | (163) | (123) |
Mutual Funds | ||
Schedule Of Marketable Securities [Line Items] | ||
Marketable securities, realized and unrealized gains (losses) | $ (9) | $ 160 |
Marketable Securities Amortized
Marketable Securities Amortized Cost and Estimated Fair Value of Marketable Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Securities Investments | ||
Cost | $ 49,285 | $ 46,158 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 294 | 259 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2,714 | 2,630 |
Fair Value | 46,865 | 43,787 |
Securities Investments | ||
Securities Investments | ||
Cost | 6,463 | 6,463 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 17 | 10 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2,603 | 2,523 |
Fair Value | 3,877 | 3,950 |
Debt Securities Carried by EGL | ||
Securities Investments | ||
Cost | 40,530 | 37,404 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 133 | 94 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 14 | 8 |
Fair Value | 40,649 | 37,490 |
Mutual Funds | ||
Securities Investments | ||
Cost | 2,292 | 2,291 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 144 | 155 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 97 | 99 |
Fair Value | $ 2,339 | $ 2,347 |
Marketable Securities Scheduled
Marketable Securities Scheduled Maturities of Available-for-Sale Debt Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Due within one year, amortized cost | $ 202 | $ 204 |
Due after one year through five years, amortized cost | 1,420 | 1,537 |
Due after five years through 10 years, amortized cost | 120 | 0 |
Total, amortized cost | 1,742 | 1,741 |
Due within one year, fair value | 202 | 204 |
Due after one year through five years, fair value | 1,436 | 1,545 |
Due after five years through 10 years, fair value | 118 | 0 |
Total, fair value | $ 1,756 | $ 1,749 |
Financial Instruments Owned a41
Financial Instruments Owned and Pledged as Collateral at Fair Value, Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
Banking and Thrift [Abstract] | |
Securities average estimated maturity period (in years) | 9 months 20 days |
Confidence Level Value At Risk | 98.00% |
Value At Risk Threshold | 0.10% |
Financial Instruments Owned a42
Financial Instruments Owned and Pledged as Collateral at Fair Value, Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase Summary of Assets, Liabilities and Collateral Received or Pledged (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial Instruments Owned and Pledged as Collateral at Fair Value | $ 33,248 | $ 41,742 |
Securities Purchased Under Agreements to Resell | 2,319 | 2,191 |
Securities Sold Under Agreements to Repurchase | (35,579) | (44,000) |
Asset (Liability) Balance [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial Instruments Owned and Pledged as Collateral at Fair Value | 33,248 | 41,742 |
Securities Purchased Under Agreements to Resell | 2,319 | 2,191 |
Total Assets | 35,567 | 43,933 |
Securities Sold Under Agreements to Repurchase | (35,579) | (44,000) |
Market Value of Collateral Received or (Pledged) [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities Purchased Under Agreements to Resell | 2,319 | 2,192 |
Securities Sold Under Agreements to Repurchase | $ (35,589) | $ (44,063) |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | |||||||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | |
Schedule of Investments [Line Items] | ||||||||
Equity Method Investment | $ 83,669,000 | $ 86,287,000 | ||||||
Marketable Securities | 46,865,000 | 43,787,000 | ||||||
Unfunded commitments for capital contributions | 5,610,000 | |||||||
Net realized and unrealized gains (losses) on private equity fund investments, including performance fees | 1,367,000 | $ (489,000) | ||||||
Previously received carried interest subject to repayment | 0 | |||||||
Participation in Successor Funds | 12,000,000 | |||||||
Cost Method Investments | $ 1,079,000 | |||||||
Income (loss) from equity method investments | 1,287,000 | 1,107,000 | ||||||
Amortization of intangible assets | 880,000 | 621,000 | ||||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Consolidated assets | 97,962,000 | 151,583,000 | ||||||
Consolidated liabilities | 66,543,000 | 110,424,000 | ||||||
Atalanta Sosnoff [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Equity Method Investment | $ 23,713,000 | 23,990,000 | ||||||
Equity method investment (as a percent) | 49.00% | |||||||
Income (loss) from equity method investments | $ 205,000 | |||||||
EMCP II [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | 3,194,000 | |||||||
EMP III [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Consolidated assets | 6,031,000 | 6,030,000 | ||||||
Consolidated liabilities | 176,000 | 164,000 | ||||||
Trilantic [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Issued LP Units (in shares) | 500,000 | |||||||
Limited partnership investment | $ 16,090,000 | |||||||
G5 Evercore [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Equity Method Investment | $ 22,596,000 | 20,730,000 | ||||||
Equity method investment (as a percent) | 49.00% | |||||||
Income (loss) from equity method investments | $ (248,000) | (57,000) | ||||||
ABS [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Equity Method Investment | $ 37,360,000 | 41,567,000 | ||||||
Equity method investment (as a percent) | 45.00% | |||||||
Income (loss) from equity method investments | $ 1,330,000 | 1,164,000 | ||||||
ECP II [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | 3,000,000 | |||||||
CSI Capital [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 2,750,000 | |||||||
Minimum [Member] | ECP II [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Percent ownership of carried interest | 8.00% | |||||||
Maximum [Member] | ECP II [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Percent ownership of carried interest | 9.00% | |||||||
EMCP III [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Subscribed capital commitments | $ 201,000,000 | |||||||
EMCP III [Member] | EMP III [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Capital commitment | 10,750,000 | |||||||
Unfunded commitments for capital contributions | $ 4,437,000 | |||||||
EMCP III [Member] | Parent [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Capital commitment | 1,000,000 | |||||||
Unfunded commitments for capital contributions | 382,000 | |||||||
EMCP III [Member] | Noncontrolling Interest [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Capital commitment | 9,750,000 | |||||||
Trilantic [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment | 12,779,000 | 12,812,000 | ||||||
Trilantic [Member] | Trilantic IV [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment | 8,000 | 29,000 | $ 1,091,000 | |||||
Trilantic [Member] | Trilantic V [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Capital commitment | 5,000,000 | |||||||
Unfunded commitments for capital contributions | 2,905,000 | |||||||
Investment | 33,000 | 636,000 | $ 689,000 | $ 825,000 | ||||
Private Equity Funds [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Equity Method Investment | 27,578,000 | 26,473,000 | ||||||
Private Equity Funds [Member] | ECP II [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Equity Method Investment | 972,000 | 983,000 | ||||||
Cash | 741,000 | |||||||
Escrow Deposit | 85,000 | |||||||
Seller Note | 66,000 | |||||||
Marketable Securities | 80,000 | |||||||
Private Equity Funds [Member] | EMCP III [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Equity Method Investment | 5,776,000 | 5,786,000 | ||||||
Private Equity Funds [Member] | Trilantic V [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Equity Method Investment | $ 4,183,000 | $ 4,117,000 |
Investments Summary of Investme
Investments Summary of Investment in Private Equity Funds (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in private equity funds | $ 83,669 | $ 86,287 |
Private Equity Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in private equity funds | 27,578 | 26,473 |
ECP II [Member] | Private Equity Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in private equity funds | 972 | 983 |
Discovery Fund [Member] | Private Equity Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in private equity funds | 6,928 | 6,632 |
EMCP II [Member] | Private Equity Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in private equity funds | 6,532 | 6,091 |
EMCP III [Member] | Private Equity Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in private equity funds | 5,776 | 5,786 |
CSI Capital [Member] | Private Equity Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in private equity funds | 35 | 35 |
Trilantic IV [Member] | Private Equity Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in private equity funds | 3,152 | 2,829 |
Trilantic V [Member] | Private Equity Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in private equity funds | $ 4,183 | $ 4,117 |
Investments Summary of Other Eq
Investments Summary of Other Equity Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment | $ 83,669 | $ 86,287 |
G5 Evercore [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment | 22,596 | 20,730 |
ABS [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment | 37,360 | 41,567 |
Atalanta Sosnoff [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment | $ 23,713 | $ 23,990 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill [Member] | Level III [Member] | |
Fair Value Measurements, Nonrecurring [Line Items] | |
Assets, Fair Value Disclosure, Nonrecurring | $ 66,200 |
Fair Value Measurements Categor
Fair Value Measurements Categorization of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | $ 87,064 | $ 95,182 |
Corporate Bonds, Municipal Bonds and Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 44,600 | 44,144 |
Securities Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 6,877 | 6,949 |
Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 2,339 | 2,347 |
Financial Instruments Owned and Pledged as Collateral at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 33,248 | 41,742 |
Treasury Bills, Municipal Bonds and Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents | 6,951 | 9,653 |
Level I [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 40,708 | 49,289 |
Cash and Cash Equivalents | 284,572 | 439,111 |
Level I [Member] | Corporate Bonds, Municipal Bonds and Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 0 | 0 |
Level I [Member] | Securities Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 5,121 | 5,200 |
Level I [Member] | Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 2,339 | 2,347 |
Level I [Member] | Financial Instruments Owned and Pledged as Collateral at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 33,248 | 41,742 |
Level II [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 46,356 | 45,893 |
Cash and Cash Equivalents | 0 | 0 |
Level II [Member] | Corporate Bonds, Municipal Bonds and Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 44,600 | 44,144 |
Level II [Member] | Securities Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 1,756 | 1,749 |
Level II [Member] | Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 0 | 0 |
Level II [Member] | Financial Instruments Owned and Pledged as Collateral at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 0 | 0 |
Level III [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 0 | 0 |
Cash and Cash Equivalents | 0 | 0 |
Level III [Member] | Corporate Bonds, Municipal Bonds and Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 0 | 0 |
Level III [Member] | Securities Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 0 | 0 |
Level III [Member] | Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 0 | 0 |
Level III [Member] | Financial Instruments Owned and Pledged as Collateral at Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | $ 0 | $ 0 |
Fair Value Measurements Carryin
Fair Value Measurements Carrying Amount and Estimated Fair Value of Financial Instrument Assets and Liabilities which are Not Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Level I [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents | $ 284,572 | $ 439,111 |
Securities Purchased Under Agreements to Resell | 0 | 0 |
Accounts Receivable | 0 | 0 |
Receivable from Employees and Related Parties | 0 | 0 |
Assets Segregated for Bank Regulatory Requirements | 10,200 | 10,200 |
Closely-held Equity Security | 0 | 0 |
Loans Receivable | 0 | 0 |
Accounts Payable and Accrued Expenses | 0 | 0 |
Securities Sold Under Agreements to Repurchase | 0 | 0 |
Payable to Employees and Related Parties | 0 | 0 |
Short-Term Borrowings | 0 | |
Notes Payable | 0 | 0 |
Subordinated Borrowings | 0 | 0 |
Level II [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents | 0 | 0 |
Securities Purchased Under Agreements to Resell | 2,319 | 2,191 |
Accounts Receivable | 145,627 | 175,497 |
Receivable from Employees and Related Parties | 20,301 | 21,189 |
Assets Segregated for Bank Regulatory Requirements | 0 | 0 |
Closely-held Equity Security | 0 | 0 |
Loans Receivable | 3,678 | 3,666 |
Accounts Payable and Accrued Expenses | 33,962 | 43,878 |
Securities Sold Under Agreements to Repurchase | 35,579 | 44,000 |
Payable to Employees and Related Parties | 32,097 | 28,392 |
Short-Term Borrowings | 50,000 | |
Notes Payable | 167,917 | 120,373 |
Subordinated Borrowings | 23,344 | 23,076 |
Level III [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents | 0 | 0 |
Securities Purchased Under Agreements to Resell | 0 | 0 |
Accounts Receivable | 0 | 0 |
Receivable from Employees and Related Parties | 0 | 0 |
Assets Segregated for Bank Regulatory Requirements | 0 | 0 |
Closely-held Equity Security | 1,079 | 1,079 |
Loans Receivable | 0 | 0 |
Accounts Payable and Accrued Expenses | 0 | 0 |
Securities Sold Under Agreements to Repurchase | 0 | 0 |
Payable to Employees and Related Parties | 0 | 0 |
Short-Term Borrowings | 0 | |
Notes Payable | 0 | 0 |
Subordinated Borrowings | 0 | 0 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents | 284,572 | 439,111 |
Securities Purchased Under Agreements to Resell | 2,319 | 2,191 |
Accounts Receivable | 145,627 | 175,497 |
Receivable from Employees and Related Parties | 20,301 | 21,189 |
Assets Segregated for Bank Regulatory Requirements | 10,200 | 10,200 |
Closely-held Equity Security | 1,079 | 1,079 |
Loans Receivable | 3,678 | 3,666 |
Accounts Payable and Accrued Expenses | 33,962 | 43,878 |
Securities Sold Under Agreements to Repurchase | 35,579 | 44,000 |
Payable to Employees and Related Parties | 32,097 | 28,392 |
Short-Term Borrowings | 50,000 | |
Notes Payable | 167,917 | 120,373 |
Subordinated Borrowings | 23,344 | 23,076 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents | 284,572 | 439,111 |
Securities Purchased Under Agreements to Resell | 2,319 | 2,191 |
Accounts Receivable | 145,627 | 175,497 |
Receivable from Employees and Related Parties | 20,301 | 21,189 |
Assets Segregated for Bank Regulatory Requirements | 10,200 | 10,200 |
Closely-held Equity Security | 1,079 | 1,079 |
Loans Receivable | 3,500 | 3,500 |
Accounts Payable and Accrued Expenses | 33,962 | 43,878 |
Securities Sold Under Agreements to Repurchase | 35,579 | 44,000 |
Payable to Employees and Related Parties | 32,097 | 28,392 |
Short-Term Borrowings | 50,000 | |
Notes Payable | 167,917 | 119,250 |
Subordinated Borrowings | $ 22,550 | $ 22,550 |
Notes Payable and Subordinate49
Notes Payable and Subordinated Borrowings - Additional Information (Detail) - USD ($) | Mar. 30, 2016 | Apr. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Notes Payable [Line Items] | ||||
Minimum Repayment Of Aggregate Principal Amount Of Senior Notes (as a percent) | 5.00% | |||
Outstanding Principal Amount Of Senior Notes (as a percent) | 100.00% | |||
Subordinated Borrowings | $ 22,550,000 | $ 22,550,000 | ||
Subordinated Borrowing, Interest Rate (as a percent) | 5.50% | |||
Senior Notes [Member] | ||||
Notes Payable [Line Items] | ||||
Long-term Debt, Gross | $ 170,000,000 | |||
Series A Senior Notes [Member] | ||||
Notes Payable [Line Items] | ||||
Long-term Debt, Gross | $ 38,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage (as a percent) | 4.88% | |||
Series B Senior Notes [Member] | ||||
Notes Payable [Line Items] | ||||
Long-term Debt, Gross | $ 67,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage (as a percent) | 5.23% | |||
Series C Senior Notes [Member] | ||||
Notes Payable [Line Items] | ||||
Long-term Debt, Gross | $ 48,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage (as a percent) | 5.48% | |||
Series D Senior Notes [Member] | ||||
Notes Payable [Line Items] | ||||
Long-term Debt, Gross | $ 17,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage (as a percent) | 5.58% | |||
Senior Notes [Member] | ||||
Notes Payable [Line Items] | ||||
Extinguishment of Debt, Amount | $ 120,000,000 | |||
Subordinated Debt [Member] | Subsequent Event [Member] | ||||
Notes Payable [Line Items] | ||||
Extinguishment of Debt, Amount | $ 6,000,000 |
Notes Payable and Subordinate50
Notes Payable and Subordinated Borrowings Schedule of Debt (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Series A Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Effective Percentage (as a percent) | 5.16% |
Long-term Debt | $ 37,534 |
Series B Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Effective Percentage (as a percent) | 5.44% |
Long-term Debt | $ 66,179 |
Series C Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Effective Percentage (as a percent) | 5.64% |
Long-term Debt | $ 47,412 |
Series D Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Effective Percentage (as a percent) | 5.72% |
Long-term Debt | $ 16,792 |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt | $ 167,917 |
Evercore Partners Inc. Stockh51
Evercore Partners Inc. Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Apr. 25, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Temporary Equity [Line Items] | |||
Dividends declared per share of Class A common stock (in dollars per share) | $ 0.31 | $ 0.28 | |
Dividends per share, cash paid (in dollars per share) | $ 0.31 | ||
Declared and paid dividends | $ 12,326 | ||
Shares purchased for the net settlement of stock-based compensation awards (in shares) | 952 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 45.89 | ||
Increase in Treasury Stock | $ 108,771 | ||
LP Units exchanged by employees (in shares) | 160 | ||
Increase in common stock | $ 2 | ||
Adjustments to Additional Paid in Capital | 4,134 | ||
Accumulated Unrealized Gain (Loss) on Marketable Securities | (4,751) | ||
Foreign Currency Translation Adjustment Gain (Loss), net | $ (31,608) | ||
Minimum [Member] | |||
Temporary Equity [Line Items] | |||
Treasury stock acquired, market value per share (in dollars per share) | $ 44.67 | ||
Maximum [Member] | |||
Temporary Equity [Line Items] | |||
Treasury stock acquired, market value per share (in dollars per share) | 54.68 | ||
Share Repurchase Program [Member] | |||
Temporary Equity [Line Items] | |||
Treasury Stock Acquired, Average Cost Per Share | $ 47.11 | ||
Stock repurchase program number of shares purchased (in shares) | 1,379 | ||
Share Repurchase Program [Member] | Minimum [Member] | |||
Temporary Equity [Line Items] | |||
Treasury stock acquired, market value per share (in dollars per share) | $ 44.59 | ||
Share Repurchase Program [Member] | Maximum [Member] | |||
Temporary Equity [Line Items] | |||
Treasury stock acquired, market value per share (in dollars per share) | $ 52.74 | ||
Subsequent Event [Member] | |||
Temporary Equity [Line Items] | |||
Dividends payable, date declared | Apr. 25, 2016 | ||
Dividends declared per share of Class A common stock (in dollars per share) | $ 0.31 | ||
Dividend record date | May 27, 2016 | ||
Dividend payment date | Jun. 10, 2016 |
Noncontrolling Interest - Addit
Noncontrolling Interest - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 29, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 |
Noncontrolling Interest [Line Items] | ||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | $ 3 | $ (196) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | $ (384) | $ (681) | ||
Evercore LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest (as a percent) | 14.00% | |||
ECB [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest (as a percent) | 28.00% | |||
Purchase of Noncontrolling Interest | $ 6,482 | |||
Evercore Wealth Management [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest (as a percent) | 38.00% | |||
Atalanta Sosnoff [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest (as a percent) | 34.00% | |||
PCA [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest (as a percent) | 39.00% |
Noncontrolling Interest Changes
Noncontrolling Interest Changes In Noncontrolling Interest (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Beginning balance | $ 202,664 | |
Net Income Attributable to Noncontrolling Interest | 2,360 | $ 1,593 |
Total comprehensive income | 1,979 | 716 |
Ending balance | 218,312 | |
Noncontrolling Interest [Member] | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Beginning balance | 202,664 | 160,952 |
Net Income Attributable to Noncontrolling Interest | 2,360 | 1,593 |
Other comprehensive income (loss) | (381) | (877) |
Total comprehensive income | 1,979 | 716 |
Evercore LP Units Converted into Class A Shares | (4,136) | (1,272) |
Amortization and Vesting of LP Units/Interests | 31,760 | 25,274 |
Distributions to Noncontrolling Interests | (8,585) | (4,598) |
Issuance of Noncontrolling Interest | 0 | 291 |
Purchase of Noncontrolling Interest | (5,225) | 0 |
Other, net | (145) | 0 |
Total other items | (13,955) | (4,307) |
Ending balance | $ 218,312 | $ 181,363 |
Net Income Per Share Attribut54
Net Income Per Share Attributable to Evercore Partners Inc. Common Shareholders - Calculation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share, Basic and Diluted [Line Items] | ||
Net income attributable to Evercore Partners Inc. common shareholders | $ 5,318 | $ 4,300 |
Weighted average shares of Class A common stock outstanding, including vested restricted stock units (RSUs) (in shares) | 39,620 | 36,725 |
Basic net income per share attributable to Evercore Partners Inc. common shareholders (in dollars per share) | $ 0.13 | $ 0.12 |
Diluted weighted average shares of Class A common stock outstanding (in shares) | 44,920 | 42,788 |
Diluted net income per share attributable to Evercore Partners Inc. common shareholders (in dollars per share) | $ 0.12 | $ 0.10 |
Class A [Member] | ||
Earnings Per Share, Basic and Diluted [Line Items] | ||
Net income attributable to Evercore Partners Inc. common shareholders | $ 5,318 | $ 4,300 |
Weighted average shares of Class A common stock outstanding, including vested restricted stock units (RSUs) (in shares) | 39,620 | 36,725 |
Basic net income per share attributable to Evercore Partners Inc. common shareholders (in dollars per share) | $ 0.13 | $ 0.12 |
Noncontrolling Interest Related To Assumed Exchange Of Lp Units For Common Shares | ||
Associated Corporate Taxes Related To Assumed Elimination Of Noncontrolling Interest Described | ||
Diluted net income attributable to Evercore Partners Inc. common shareholders | $ 5,318 | $ 4,300 |
Assumed exchange of LP Units for Class A Shares (in shares) | ||
Additional shares of the Company's common stock assumed to be issued pursuant to non-vested RSUs and deferred consideration, as calculated using the Treasury Stock Method (in shares) | 1,887 | 2,246 |
Shares that are contingently issuable (in shares) | 3,413 | 724 |
Assumed conversion of Warrants issued (in shares) | 0 | 3,093 |
Diluted weighted average shares of Class A common stock outstanding (in shares) | 44,920 | 42,788 |
Diluted net income per share attributable to Evercore Partners Inc. common shareholders (in dollars per share) | $ 0.12 | $ 0.10 |
Net Income Per Share Attribut55
Net Income Per Share Attributable to Evercore Partners Inc. Common Shareholders - Additional Information (Detail) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)shares | Mar. 31, 2015USD ($)shares | Nov. 30, 2015shares | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Adjustment To Diluted Net Income Attributable To Class A Common Shareholders If LP Units Were Dilutive | $ | $ 1,311 | $ 683 | |
LP Units [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 6,413 | 6,793 | |
Class G And H Interests [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Shares that are contingently issuable (in shares) | 3,413 | 724 | |
LP Units [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Limited Partnership Units Convertible Conversion Ratio | 1 | 1 | |
Class A [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Shares that are contingently issuable (in shares) | 3,413 | 724 | |
Share Repurchase During Offering | 2,355 | ||
Class A [Member] | Warrant [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Warrants to purchase Class A shares (in shares) | 5,455 |
Share-Based and Other Deferre56
Share-Based and Other Deferred Compensation - Additional information (Detail) - USD ($) $ / shares in Units, shares in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Feb. 29, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant Of Deferred Cash Compensation | $ 38,647,000 | |||
Expense Related To Separation Benefits | 2,028,000 | $ 1,608,000 | ||
Cash Payments Related To Separation Benefits | 1,139,000 | 1,210,000 | ||
Employee Loans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred compensation arrangement compensation expense | $ 4,832,000 | 4,580,000 | ||
Requisite service period (in years) | 1 year | |||
Maximum contractual term (in years) | 5 years | |||
Unamortized deferred compensation | $ 36,197,000 | |||
Equity Grants [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant date fair value (in dollars per share) | $ 44.67 | |||
Equity Grants [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant date fair value (in dollars per share) | $ 50.81 | |||
Equity Grants [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense related to Service-based Award | $ 28,762,000 | 27,495,000 | ||
Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Long Term Incentive Plan Performance period (in years) | 4 years | |||
Long Term Incentive Plan Payment period (in years) | 2 years | |||
Deferred compensation arrangement compensation expense | $ 3,739,000 | 1,513,000 | ||
Restricted Stock Units (RSUs) [Member] | Equity Grants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued during period (in shares) | 2,869 | |||
Shares vested during period (in shares) | 2,171 | |||
Shares forfeited during period (in shares) | 9 | |||
Deferred Cash Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred compensation, vesting period (in years) | 4 years | |||
Compensation expense related to deferred compensation programs | $ 2,560,000 | 560,000 | ||
Special Charges [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expense Related To Separation Benefits | $ 1,965,000 | |||
Evercore ISI [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Management Basis EBIT Margin (as a percent) | 16.20% | 15.00% | ||
Management Basis EBIT | $ 36,900,000 | $ 31,500,000 | ||
Lexicon [Member] | Acquisition Related [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense related to acquisition related awards | 615,000 | |||
Compensation expense related to deferred cash consideration | (29,000) | |||
Class E LP Units [Member] | Evercore ISI [Member] | Vested LP Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant Of LP Units (in units) | 710 | |||
Class E LP Units [Member] | Evercore ISI [Member] | Unvested LP Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant Of LP Units (in units) | 710 | |||
Class E LP Units [Member] | Evercore ISI [Member] | Acquisition Related [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense related to acquisition related awards | $ 5,613,000 | 5,068,000 | ||
Class G Interests [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Management Basis EBIT Margin (as a percent) | 12.00% | |||
Class G Interests [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Management Basis EBIT Margin (as a percent) | 16.00% | |||
Class G Interests [Member] | Evercore ISI [Member] | Vested LP Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant Of LP Units (in units) | 538 | |||
Class G Interests [Member] | Evercore ISI [Member] | Unvested LP Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant Of LP Units (in units) | 540 | |||
Class G Interests [Member] | Evercore ISI [Member] | Acquisition Related [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares vested during period (in shares) | 371 | |||
Class H Interests [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Class H Interests Performance Period (in years) | 3 years | |||
Class H Interests [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Management Basis EBIT Margin (as a percent) | 7.00% | |||
Management Basis EBIT | $ 8,000,000 | |||
Class H Interests [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Management Basis EBIT Margin (as a percent) | 17.00% | |||
Management Basis EBIT | $ 48,000,000 | |||
Class H Interests [Member] | Evercore ISI [Member] | Vested LP Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant Of LP Units (in units) | 2,044 | |||
Class H Interests [Member] | Evercore ISI [Member] | Unvested LP Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant Of LP Units (in units) | 2,051 | |||
Class G And H Interests [Member] | Evercore ISI [Member] | Acquisition Related [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense related to acquisition related awards | $ 26,051,000 | $ 20,143,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2015 | Jan. 15, 2016 | Jun. 26, 2015 | |
Commitment And Contingencies [Line Items] | |||||||
Operating lease agreements expiration date | Various dates through 2025 | ||||||
Rental expense relating to operating leases | $ 7,985,000 | $ 8,871,000 | |||||
Unfunded commitments for capital contributions | $ 5,610,000 | 5,610,000 | |||||
Investment in private equity funds | 83,669,000 | 83,669,000 | $ 86,287,000 | ||||
Other Commitment | 5,500,000 | ||||||
Loans and Leases Receivable, Gross | $ 3,500,000 | ||||||
Remaining Loan Commitment | 2,000,000 | $ 2,000,000 | |||||
Loss Contingency, Damages Sought, Value | 300,000,000 | ||||||
Protego [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Percentage of the return proceeds received payable (as a percent) | 90.00% | ||||||
Private Equity Funds [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Investment in private equity funds | 27,578,000 | $ 27,578,000 | 26,473,000 | ||||
Private Equity Funds [Member] | Discovery Fund [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Investment in private equity funds | 6,928,000 | 6,928,000 | $ 6,632,000 | ||||
Private Equity Funds [Member] | Discovery Fund [Member] | Protego [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Goodwill | 4,722,000 | 4,722,000 | |||||
Investment in private equity funds | 6,928,000 | $ 6,928,000 | |||||
Scenario, Forecast [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 20.00% | ||||||
First Republic Bank [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Maximum borrowing capacity | $ 50,000,000 | $ 75,000,000 | |||||
Line of Credit Facility, Expiration Date | Jun. 27, 2016 | ||||||
Amount outstanding during period | $ 50,000,000 |
Regulatory Authorities - Additi
Regulatory Authorities - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
EGL [Member] | ||
Regulatory Authorities [Line Items] | ||
Alternative Net Capital Requirement | $ 250,000 | |
Net Capital | 118,303,000 | $ 79,019,000 |
Alternative excess net capital | 118,053,000 | $ 78,769,000 |
Evercore Trust Company [Member] | ||
Regulatory Authorities [Line Items] | ||
Tier One Capital | 5,000,000 | |
Minimum liquid assets, amount | $ 3,500,000 | |
Coverage of operating expenses (in days) | 90 days | |
Collateral held in a segregated account at a third-party depository institution | $ 10,000,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Provision for Income Taxes | $ 9,734 | $ 6,212 |
Effective Income Tax Rate Reconciliation, Percent | 56.00% | 51.00% |
Increase (decrease) in deferred tax assets, changes in unrealized gain (loss) on marketable securities | $ (8) | $ 445 |
Increase (decrease) in deferred tax assets, changes in foreign currency translation adjustments | $ 1,183 | $ 2,211 |
Segment Operating Results - Add
Segment Operating Results - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016segment | |
Segment Reporting [Abstract] | |
Number of reporting segments (in segments) | 2 |
Segment Operating Results (Deta
Segment Operating Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net Revenues | $ 257,713 | $ 237,983 | |
Operating Expenses | 206,478 | 191,320 | |
Other Expenses | 35,110 | 35,665 | |
Income Before Income from Equity Method Investments and Income Taxes | 16,125 | 10,998 | |
Income (Loss) from Equity Method Investments | 1,287 | 1,107 | |
Pre-Tax Income (Loss) | 17,412 | 12,105 | |
Identifiable Segment Assets | 1,284,677 | 1,289,209 | $ 1,479,171 |
Investment Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 239,713 | 216,580 | |
Operating Expenses | 192,264 | 171,364 | |
Other Expenses | 35,028 | 32,235 | |
Income Before Income from Equity Method Investments and Income Taxes | 12,421 | 12,981 | |
Income (Loss) from Equity Method Investments | (272) | (37) | |
Pre-Tax Income (Loss) | 12,149 | 12,944 | |
Identifiable Segment Assets | 940,859 | 769,746 | |
Investment Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 18,000 | 21,403 | |
Operating Expenses | 14,214 | 19,956 | |
Other Expenses | 82 | 3,430 | |
Income Before Income from Equity Method Investments and Income Taxes | 3,704 | (1,983) | |
Income (Loss) from Equity Method Investments | 1,559 | 1,144 | |
Pre-Tax Income (Loss) | 5,263 | (839) | |
Identifiable Segment Assets | $ 343,818 | $ 519,463 |
Segment Operating Results (Foot
Segment Operating Results (Footnotes) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Other Revenue, net | $ (1,342) | $ (1,736) |
Special Charges | 0 | 5,638 |
Acquisition and Transition Costs | 0 | 484 |
Other Expenses | 35,110 | 35,665 |
Investment Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Other Revenue, net | (913) | (1,058) |
Interest expense on Senior Notes | 1,478 | 1,644 |
Amortization of LP Units / Interests and Certain Other Awards | 31,759 | 25,950 |
Other Acquisition Related Compensation Charges | 0 | 585 |
Special Charges | 0 | 2,290 |
Acquisition and Transition Costs | 0 | 484 |
Changes To Fair Value Of Contingent Consideration | 106 | 0 |
Intangible Asset and Other Amortization | 3,163 | 2,926 |
Other Expenses | 35,028 | 32,235 |
Investment Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Other Revenue, net | (429) | (678) |
Interest expense on Senior Notes | 670 | 953 |
Special Charges | 0 | 3,348 |
Intangible Asset and Other Amortization | 82 | 82 |
Other Expenses | $ 82 | $ 3,430 |
Segment Operating Results Reven
Segment Operating Results Revenues Derived from Clients and Private Equity Funds by Geographical Areas (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Net revenue | $ 259,055 | $ 239,719 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 173,910 | 161,822 |
Europe And Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 72,211 | 71,211 |
Latin America [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenue | $ 12,934 | $ 6,686 |
Segment Operating Results Asset
Segment Operating Results Assets by Geographic Area (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Segment Reporting Information [Line Items] | |||
Assets | $ 1,284,677 | $ 1,479,171 | $ 1,289,209 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 976,865 | 1,135,570 | |
Europe And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 203,069 | 221,358 | |
Latin America [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 104,743 | $ 122,243 |