Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 25, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | EVR | |
Entity Registrant Name | EVERCORE 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 | 38,617,437 | |
Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 81 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and Cash Equivalents | $ 439,855 | $ 558,524 |
Marketable Securities and Certificates of Deposit | 115,752 | 66,487 |
Assets Held for Sale | 29,942 | 0 |
Financial Instruments Owned and Pledged as Collateral at Fair Value | 22,632 | 18,535 |
Securities Purchased Under Agreements to Resell | 11,268 | 12,585 |
Accounts Receivable (net of allowances of $2,492 and $2,751 at September 30, 2017 and December 31, 2016, respectively) | 206,885 | 230,522 |
Receivable from Employees and Related Parties | 16,934 | 15,034 |
Other Current Assets | 20,173 | 23,946 |
Total Current Assets | 863,441 | 925,633 |
Investments | 99,207 | 116,633 |
Deferred Tax Assets | 309,883 | 305,424 |
Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $65,388 and $53,668 at September 30, 2017 and December 31, 2016, respectively) | 67,599 | 51,651 |
Goodwill | 133,911 | 160,961 |
Intangible Assets (net of accumulated amortization of $32,115 and $24,690 at September 30, 2017 and December 31, 2016, respectively) | 21,945 | 29,370 |
Assets Segregated for Bank Regulatory Requirements | 10,200 | 10,200 |
Other Assets | 54,849 | 62,474 |
Total Assets | 1,561,035 | 1,662,346 |
Current Liabilities | ||
Accrued Compensation and Benefits | 307,125 | 334,541 |
Accounts Payable and Accrued Expenses | 33,001 | 30,723 |
Securities Sold Under Agreements to Repurchase | 33,912 | 31,150 |
Payable to Employees and Related Parties | 27,832 | 27,366 |
Taxes Payable | 8,872 | 27,321 |
Liabilities Held for Sale | 403 | 0 |
Other Current Liabilities | 11,639 | 12,320 |
Total Current Liabilities | 422,784 | 463,421 |
Notes Payable | 168,282 | 168,097 |
Subordinated Borrowings | 6,799 | 16,550 |
Amounts Due Pursuant to Tax Receivable Agreements | 179,275 | 174,109 |
Other Long-term Liabilities | 55,910 | 56,838 |
Total Liabilities | 833,050 | 879,015 |
Commitments and Contingencies (Note 15) | ||
Evercore Inc. Stockholders' Equity | ||
Additional Paid-In-Capital | 1,505,824 | 1,368,122 |
Accumulated Other Comprehensive Income (Loss) | (44,966) | (50,096) |
Retained Earnings | 117,433 | 20,343 |
Treasury Stock at Cost (22,991,090 and 19,101,711 shares at September 30, 2017 and December 31, 2016, respectively) | (1,103,342) | (811,653) |
Total Evercore Inc. Stockholders' Equity | 475,565 | 527,298 |
Noncontrolling Interest | 252,420 | 256,033 |
Total Equity | 727,985 | 783,331 |
Total Liabilities and Equity | 1,561,035 | 1,662,346 |
Class A [Member] | ||
Evercore Inc. Stockholders' Equity | ||
Common Stock | 616 | 582 |
Class B [Member] | ||
Evercore Inc. Stockholders' Equity | ||
Common Stock | $ 0 | $ 0 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accounts Receivable, Allowances | $ 2,492 | $ 2,751 |
Furniture, Equipment and Leasehold Improvements, Accumulated Depreciation and Amortization | 65,388 | 53,668 |
Intangible Assets, Accumulated Amortization | $ 32,115 | $ 24,690 |
Treasury Stock at Cost, Shares | 22,991,090 | 19,101,711 |
Class A [Member] | ||
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares Issued | 61,585,638 | 58,292,567 |
Common Stock, Shares Outstanding | 38,594,548 | 39,190,856 |
Class B [Member] | ||
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Common Stock, Shares Issued | 83 | 24 |
Common Stock, Shares Outstanding | 83 | 24 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | ||||
Investment Banking Revenue | $ 388,834 | $ 368,434 | $ 1,118,303 | $ 936,234 |
Investment Management Revenue | 18,236 | 17,158 | 48,464 | 57,842 |
Other Revenue, Including Interest | 4,944 | 5,509 | 12,542 | 12,650 |
Total Revenues | 412,014 | 391,101 | 1,179,309 | 1,006,726 |
Interest Expense | 5,413 | 4,787 | 14,991 | 12,043 |
Net Revenues | 406,601 | 386,314 | 1,164,318 | 994,683 |
Expenses | ||||
Employee Compensation and Benefits | 246,772 | 231,710 | 689,186 | 632,959 |
Occupancy and Equipment Rental | 13,531 | 12,627 | 40,191 | 33,983 |
Professional Fees | 16,151 | 15,419 | 43,432 | 39,872 |
Travel and Related Expenses | 15,113 | 12,440 | 46,976 | 42,258 |
Communications and Information Services | 10,613 | 10,155 | 30,865 | 29,944 |
Depreciation and Amortization | 6,421 | 5,907 | 18,267 | 18,915 |
Special Charges | 0 | 0 | 21,507 | 0 |
Acquisition and Transition Costs | 599 | 339 | 976 | 10 |
Other Operating Expenses | 10,331 | 12,632 | 28,253 | 32,927 |
Total Expenses | 319,531 | 301,229 | 919,653 | 830,868 |
Income Before Income from Equity Method Investments and Income Taxes | 87,070 | 85,085 | 244,665 | 163,815 |
Income from Equity Method Investments | 1,827 | 1,178 | 5,507 | 4,129 |
Income Before Income Taxes | 88,897 | 86,263 | 250,172 | 167,944 |
Provision for Income Taxes | 28,815 | 38,980 | 69,566 | 79,390 |
Net Income | 60,082 | 47,283 | 180,606 | 88,554 |
Net Income Attributable to Noncontrolling Interest | 14,171 | 12,588 | 35,740 | 24,454 |
Net Income Attributable to Evercore Inc. | 45,911 | 34,695 | 144,866 | 64,100 |
Net Income Attributable to Evercore Inc. Common Shareholders | $ 45,911 | $ 34,695 | $ 144,866 | $ 64,100 |
Weighted Average Shares of Class A Common Stock Outstanding | ||||
Basic (in shares) | 39,045 | 38,912 | 39,873 | 39,259 |
Diluted (in shares) | 44,036 | 43,734 | 44,887 | 44,085 |
Net Income Per Share Attributable to Evercore Inc. Common Shareholders: | ||||
Basic (in dollars per share) | $ 1.18 | $ 0.89 | $ 3.63 | $ 1.63 |
Diluted (in dollars per share) | 1.04 | 0.79 | 3.23 | 1.45 |
Dividends Declared Per Share of Class A Common Stock (in dollars per share) | $ 0.34 | $ 0.31 | $ 1.02 | $ 0.93 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 60,082 | $ 47,283 | $ 180,606 | $ 88,554 |
Other Comprehensive Income (Loss), net of tax: | ||||
Unrealized Gain (Loss) on Marketable Securities and Investments, net | 24 | (632) | 401 | (1,448) |
Foreign Currency Translation Adjustment Gain (Loss), net | 4,832 | (3,322) | 5,993 | (11,861) |
Other Comprehensive Income (Loss) | 4,856 | (3,954) | 6,394 | (13,309) |
Comprehensive Income | 64,938 | 43,329 | 187,000 | 75,245 |
Comprehensive Income Attributable to Noncontrolling Interest | 15,131 | 11,739 | 37,004 | 21,757 |
Comprehensive Income Attributable to Evercore Inc. | $ 49,807 | $ 31,590 | $ 149,996 | $ 53,488 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Total | Class A [Member] | Common Stock [Member]Class A [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings (Deficit) [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2015 | $ 707,216 | $ 552 | $ 1,210,742 | $ (34,539) | $ (27,791) | $ (644,412) | $ 202,664 | |
Beginning Balance, Shares at Dec. 31, 2015 | 55,249,559 | (15,626,288) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 88,554 | 64,100 | 24,454 | |||||
Other Comprehensive Income (Loss) | (13,309) | (10,612) | (2,697) | |||||
Treasury Stock Purchases, net | (161,778) | $ (161,778) | ||||||
Treasury Stock Purchases, net, Shares | (3,386,869) | |||||||
Evercore LP Units Purchased or Converted into Class A Common Stock | 0 | $ 3 | 9,161 | (9,164) | ||||
Evercore LP Units Purchased or Converted into Class A Common Stock, Shares | 326,280 | |||||||
Equity-based Compensation Awards | 154,320 | $ 24 | 87,939 | 66,357 | ||||
Equity-based Compensation Awards, Shares | 2,337,432 | |||||||
Dividends | (37,693) | 5,781 | (43,474) | |||||
Noncontrolling Interest (Note 12) | (37,339) | (1,257) | (36,082) | |||||
Ending Balance at Sep. 30, 2016 | 699,971 | $ 579 | 1,312,366 | (45,151) | (7,165) | $ (806,190) | 245,532 | |
Ending Balance, Shares at Sep. 30, 2016 | 57,913,271 | (19,013,157) | ||||||
Beginning Balance at Dec. 31, 2016 | 783,331 | $ 582 | 1,368,122 | (50,096) | 20,343 | $ (811,653) | 256,033 | |
Beginning Balance, Shares at Dec. 31, 2016 | 39,190,856 | 58,292,567 | (19,101,711) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 180,606 | 144,866 | 35,740 | |||||
Other Comprehensive Income (Loss) | 6,394 | 5,130 | 1,264 | |||||
Treasury Stock Purchases, net | $ (291,689) | $ (291,689) | ||||||
Treasury Stock Purchases, net, Shares | (3,889,000) | (3,889,379) | ||||||
Evercore LP Units Purchased or Converted into Class A Common Stock | $ (1,611) | $ 8 | 27,774 | (29,393) | ||||
Evercore LP Units Purchased or Converted into Class A Common Stock, Shares | 737,739 | |||||||
Equity-based Compensation Awards | 124,302 | $ 26 | 116,982 | 7,294 | ||||
Equity-based Compensation Awards, Shares | 2,555,332 | |||||||
Dividends | (47,776) | 0 | (47,776) | |||||
Noncontrolling Interest (Note 12) | (25,572) | (7,054) | (18,518) | |||||
Ending Balance at Sep. 30, 2017 | $ 727,985 | $ 616 | $ 1,505,824 | $ (44,966) | $ 117,433 | $ (1,103,342) | $ 252,420 | |
Ending Balance, Shares at Sep. 30, 2017 | 38,594,548 | 61,585,638 | (22,991,090) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows From Operating Activities | ||
Net Income | $ 180,606 | $ 88,554 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Net (Gains) Losses on Investments, Marketable Securities and Contingent Consideration | 239 | 3,565 |
Equity Method Investments | 1,863 | 4,118 |
Equity-Based and Other Deferred Compensation | 163,094 | 177,812 |
Impairment of Goodwill and Equity Method Investments | 21,507 | 0 |
Depreciation, Amortization and Accretion | 18,453 | 19,033 |
Bad Debt Expense | 2,547 | 1,966 |
Deferred Taxes | (1,849) | (2,509) |
Decrease (Increase) in Operating Assets: | ||
Marketable Securities | 707 | 680 |
Financial Instruments Owned and Pledged as Collateral at Fair Value | (1,526) | 20,621 |
Securities Purchased Under Agreements to Resell | 2,910 | (11,584) |
Accounts Receivable | 23,423 | 23,414 |
Receivable from Employees and Related Parties | (2,102) | 1,700 |
Other Assets | 9,391 | (12,991) |
(Decrease) Increase in Operating Liabilities: | ||
Accrued Compensation and Benefits | (52,481) | (49,915) |
Accounts Payable and Accrued Expenses | (96) | (9,140) |
Securities Sold Under Agreements to Repurchase | (1,405) | (9,070) |
Payables to Employees and Related Parties | 471 | (2,639) |
Taxes Payable | (18,471) | 10,641 |
Other Liabilities | (21,624) | (3,855) |
Net Cash Provided by Operating Activities | 325,657 | 250,401 |
Cash Flows From Investing Activities | ||
Investments Purchased | (857) | (1,529) |
Distributions of Private Equity Investments | 1,140 | 107 |
Marketable Securities: | ||
Proceeds from Sales and Maturities | 38,436 | 29,482 |
Purchases | (22,347) | (52,851) |
Purchase of Certificates of Deposit | (63,417) | 0 |
Cash Paid for Acquisitions and Deconsolidation of Cash, net of Cash Acquired | 0 | (2,877) |
(Increase) Decrease in Restricted Cash | 0 | (5,385) |
Purchase of Furniture, Equipment and Leasehold Improvements | (25,142) | (8,511) |
Net Cash Provided by (Used in) Investing Activities | (72,187) | (41,564) |
Cash Flows From Financing Activities | ||
Issuance of Noncontrolling Interests | 110 | 885 |
Distributions to Noncontrolling Interests | (26,315) | (25,519) |
Cash Paid for Deferred and Contingent Consideration | 0 | (5,050) |
Short-Term Borrowing | 30,000 | 50,000 |
Repayment of Short-Term Borrowing | (30,000) | (50,000) |
Repayment of Subordinated Borrowings | (9,751) | (6,000) |
Payment of Notes Payable - Mizuho | 0 | (120,000) |
Issuance of Notes Payable | 0 | 170,000 |
Debt Issuance Costs | 0 | (2,084) |
Purchase of Treasury Stock and Noncontrolling Interests | (301,001) | (168,260) |
Dividends - Class A Stockholders | (40,723) | (37,693) |
Net Cash Provided by (Used in) Financing Activities | (377,680) | (193,721) |
Effect of Exchange Rate Changes on Cash | 5,541 | (17,851) |
Net Increase (Decrease) in Cash and Cash Equivalents | (118,669) | (2,735) |
Cash and Cash Equivalents-Beginning of Period | 558,524 | 448,764 |
Cash and Cash Equivalents-End of Period | 439,855 | 446,029 |
SUPPLEMENTAL CASH FLOW DISCLOSURE | ||
Payments for Interest | 16,745 | 11,553 |
Payments for Income Taxes | 88,865 | 75,213 |
Accrued Dividends | 7,054 | 5,781 |
Settlement of Contingent Consideration | $ 10,780 | $ 0 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Organization | Organization Evercore Inc. (formerly known as 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 which holds interests in private equity funds which are not managed by the Company. The Company completed the previously announced sale of the business providing independent fiduciary services to institutions on October 18, 2017. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
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, 2016 . 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, 2016 . The December 31, 2016 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, 2017. 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) Condensed 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, 2016 . International Strategy & Investment (U.K.) Limited ("ISI U.K.") is also a VIE pursuant to ASC 810 and the Company is the primary beneficiary of this VIE. Specifically, the Company provides financial support through a transfer pricing agreement with this entity, which exposes the Company to losses that are potentially significant to the entity, and has decision making authority that significantly affects the economic performance of the entity. Following the adoption of ASU 2015-02, the Company also concluded that Evercore Partners International LLP ("Evercore U.K.") is a VIE and that the Company is the primary beneficiary of this VIE. The Company has the majority economic interest in Evercore U.K. 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 ISI U.K. and Evercore U.K. assets of $123,224 and liabilities of $67,054 at September 30, 2017 and assets of $116,958 and liabilities of $90,260 at December 31, 2016. All intercompany balances and transactions with the Company's subsidiaries have been eliminated upon consolidation. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
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. In May 2016, the FASB issued ASU No. 2016-12, "Narrow-Scope Improvements and Practical Expedients," which provides clarification on certain issues identified in the guidance on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition 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 anticipates that it will adopt ASU 2014-09 on January 1, 2018 using the modified retrospective method of transition, which requires a cumulative-effect adjustment as of the date of adoption. Based on the Company's initial evaluation of ASU 2014-09, success related advisory fees, for which payment is generally dependent on the closing of a strategic transaction, a financing arrangement or some other defined outcome, will be considered variable consideration as defined by the standard. ASU 2014-09 requires that revenue be recognized when it is probable that variable consideration will not be reversed in a future period. Accordingly, revenue recognition for such fees could be accelerated under ASU 2014-09 in rare circumstances, which will require careful analysis and judgment. Under current U.S. GAAP, the Company recognizes such fees upon closing regardless of the probability of the outcome. In addition, pending the outcome of interpretive guidance (see below), the recognition of certain non-refundable fees received in connection with advisory engagements may be deferred along with deal-related expenses, until success fees are recognized or the transaction is terminated. These non-refundable fees and related expenses are currently recognized over the life of the engagement. The effect of the timing of revenue and expense recognition could be material to any given reporting period. Furthermore, current U.S. GAAP allows expenses related to underwriting transactions to be reflected net in related revenues. The Company's initial evaluation of ASU 2014-09 is that those expenses would be presented gross in the results of operations. Interpretive guidance on ASU 2014-09 continues to be issued and vetted, in particular by the AICPA industry task force on Broker-Dealers, the AICPA's Revenue Recognition Working Group and the AICPA's Financial Reporting Executive Committee (FinREC). The Company will continue to evaluate this guidance and assess the preliminary views against its initial evaluation. 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. 825, "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 anticipates adopting ASU 2016-02 on January 1, 2019 using the modified retrospective approach. The adoption will result in the present value of the Company's lease commitments which have a term in excess of one year being reflected on the Company's Statements of Financial Condition as a long-term fixed asset with a corresponding long-term liability. The Company's lease commitments, as discussed in Note 15, primarily relate to office space. The lease-related assets will be amortized to expense over the life of the leases and the liability, and related interest expense, will be reduced as lease payments are made over the life of the lease. The net impact on the Company's earnings is not expected to be materially different from the current expense related to leases as required under current U.S. GAAP, which is primarily reflected in Occupancy and Equipment Rental expense on the Unaudited Condensed Consolidated Statements of Operations . 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 adoption of ASU 2016-07 did not have a material impact 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 application of ASU 2016-09 resulted in excess tax benefits from the delivery of Class A common stock ("Class A Shares") under share-based payment arrangements being recognized in the Company's Provision for Income Taxes for the three and nine months ended September 30, 2017, rather than in Additional Paid-In-Capital under prior U.S. GAAP. The Company used the retrospective transition method for the presentation of excess tax benefits on the Statements of Cash Flows; as such, the Company classified excess tax benefits as an operating activity within Taxes Payable on the Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2017 and 2016. The application of ASU 2016-09 will result in greater volatility in the effective tax rate and could be material to the results of operations and the classifications of cash flows in future periods depending upon the level of earnings and stock price of the Company, among other things. See Note 17 for further detail, including the impact of the application of ASU 2016-09 on the current period. ASU 2016-13 - In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). ASU 2016-13 provides amendments to ASC No. 326, "Financial Instruments - Credit Losses," which amend the guidance on the impairment of financial instruments and adds an impairment model (the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Entities will recognize an allowance for its estimate of expected credit losses as of the end of each reporting period. The amendments in this update are effective during interim and annual periods beginning after December 15, 2019, with early adoption permitted after December 15, 2018. The Company currently uses the specific identification method for establishing credit provisions and write-offs of its trade accounts receivable. The Company anticipates adopting ASU 2016-13 on January 1, 2020 and does not anticipate a material difference between the current method and the CECL model. ASU 2016-15 - In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"). ASU 2016-15 provides amendments to ASC No. 230, " Statement of Cash Flows, " which provide guidance on the classification of certain cash receipts and payments in the statement of cash flows. The amendments in this update are effective retrospectively, or prospectively, if retrospective application is impracticable, during interim and annual periods beginning after December 15, 2017, 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 2016-18 - In November 2016, the FASB issued ASU No. 2016-18, " Restricted Cash " ("ASU 2016-18"). ASU 2016-18 provides amendments to ASC No. 230, " Statement of Cash Flows, " which require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents. The amendments in this update are effective retrospectively during interim and annual periods beginning after December 15, 2017, 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 2017-01 - In January 2017, the FASB issued ASU No. 2017-01, "Clarifying the Definition of a Business" ("ASU 2017-01"). ASU 2017-01 provides amendments to ASC No. 805, " Business Combinations, " which clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this update are effective prospectively during interim and annual periods beginning after December 15, 2017, 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 2017-04 - In January 2017, the FASB issued ASU No. 2017-04, "Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"). ASU 2017-04 provides amendments to ASC No. 350, "Intangibles - Goodwill and Other" ("ASC 350"), which eliminate Step 2 from the goodwill impairment test. Entities should perform their goodwill impairment tests by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. The amendments in this update are effective prospectively during interim and annual periods beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU 2017-04 during the second quarter of 2017. See Note 4 for further information. ASU 2017-09 - In May 2017, the FASB issued ASU No. 2017-09, "Scope of Modification Accounting" ("ASU 2017-09"). ASU 2017-09 provides amendments to ASC No. 718, "Compensation - Stock Compensation," which provide guidance and clarity around which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments in this update are effective prospectively during interim and annual periods beginning after December 15, 2017, 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. |
Business Developments, Acquisit
Business Developments, Acquisition and Transition Costs, Special Charges and Intangible Asset Amortization | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Business Developments, Acquisition and Transition Costs, Special Charges and Intangible Asset Amortization | Business Developments, Acquisition and Transition Costs, Special Charges and Intangible Asset Amortization Business Developments On May 8, 2017, the Company entered into an agreement to sell the Institutional Trust and Independent Fiduciary business of Evercore Trust Company, N.A. ("ETC"), which is a part of its Investment Management segment. As of September 30, 2017 , the Company recorded $29,942 of Assets Held for Sale, comprised of $28,442 of goodwill, representing an allocation of goodwill based on the relative fair value of the business being sold to the total fair value of the Institutional Asset Management reporting unit, and $1,500 of accounts receivable. The Company also recorded $403 of Liabilities Held for Sale, comprised of deferred revenue. The transaction closed on October 18, 2017 at an adjusted purchase price of $34,354 . The pretax gain on the transaction, which will be recognized in the fourth quarter of 2017, is estimated to be approximately $8,200 . During the second quarter of 2017, in accordance with ASC 350, the Company performed an impairment assessment of the goodwill remaining in the Institutional Asset Management reporting unit following the classification of the Institutional Trust and Independent Fiduciary business as Held for Sale. In determining the fair value of this reporting unit, the Company utilized both a market multiple approach and a discounted cash flow methodology based on the adjusted cash flows from operations. The market multiple approach included applying the average earnings multiples of comparable public companies, multiplied by the forecasted earnings of the reporting unit, to yield an estimate of fair value. The discounted cash flow methodology began with the forecasted cash flows of the reporting unit and applied a discount rate of 17.5% , which reflected the weighted average cost of capital adjusted for the risks inherent in the future cash flows. The forecast inherent in the valuation assumes a compound annual growth rate in revenues of 11% . As a result of the above analysis, the Company determined that the fair value of the remaining business in the Institutional Asset Management reporting unit was less than its carrying value. The Company adopted ASU 2017-04 during the second quarter of 2017. Accordingly, the Company recorded a goodwill impairment charge in the Investment Management segment of $7,107 , which is included within Special Charges on the Unaudited Condensed Consolidated Statement of Operations for the nine months ended September 30, 2017. This charge resulted in a decrease of $3,694 to Net Income Attributable to Evercore Inc. (after adjustments for noncontrolling interest and income taxes) for the nine months ended September 30, 2017. In addition, during the second quarter of 2017, following a sustained period of economic and political instability in Brazil and after concluding that the expected recovery in the merger and acquisition ("M&A") markets in Brazil would be delayed for the foreseeable future, management of G5 Holdings S.A. ("G5 | Evercore") experienced a decline in previously forecasted advisory backlog and revised their revenue forecast. As a result, the Company performed an assessment of the carrying value of its equity interest in G5 | Evercore for other-than-temporary impairment in accordance with ASC 323-10, "Investments - Equity Method and Joint Ventures." In determining the fair value of its investment, the Company utilized both a market multiple approach and a discounted cash flow methodology based on the adjusted cash flows from operations. The market multiple approach included applying the average earnings multiples of comparable public companies, multiplied by the forecasted earnings of G5 | Evercore, to yield an estimate of fair value. The discounted cash flow methodology began with the forecasted cash flows of G5 | Evercore and applied a discount rate of 17.5% , which reflected the weighted average cost of capital adjusted for the risks inherent in the future cash flows. The forecast inherent in the valuation assumes slight growth in revenues and earnings by the end of 2018, and, over the longer term, assumes a compound annual growth rate in revenues of 5% from the trailing twelve month period ended May 31, 2017. As a result of the above analysis, the Company determined that the fair value of its investment in G5 | Evercore was less than its carrying value and concluded this loss in value was other-than-temporary. Accordingly, the Company recorded an impairment charge in the Investment Banking segment of $14,400 , which is included in Special Charges on the Unaudited Condensed Consolidated Statements of Operations for the nine months ended September 30, 2017, resulting in a decrease in its investment in G5 | Evercore to its fair value of $11,555 as of May 31, 2017. Acquisition and Transition Costs The Company recognized $599 and $976 for the three and nine months ended September 30, 2017 , respectively, and $339 and $10 for the three and nine months ended September 30, 2016 , respectively, as Acquisition and Transition Costs incurred in connection with acquisitions, divestitures and other ongoing business development initiatives. These costs are primarily comprised of professional fees for legal and other services. In addition, for the nine months ended September 30, 2016 acquisition and transition costs included the reversal of $733 of a provision for certain settlements previously established in the fourth quarter of 2015. Special Charges The Company recognized $21,507 for the nine months ended September 30, 2017, as Special Charges incurred related to an impairment charge of $7,107 associated with the impairment of goodwill in the Company's Institutional Asset Management reporting unit and an impairment charge of $14,400 associated with the impairment of the Company's investment in G5 | Evercore in the second quarter of 2017. See discussion above for further information. Intangible Asset Amortization Expense associated with the amortization of intangible assets for Investment Banking was $2,357 and $7,071 for the three and nine months ended September 30, 2017 , respectively, and $2,582 and $8,659 for the three and nine months ended September 30, 2016 , respectively, included within Depreciation and Amortization expense on the Unaudited Condensed Consolidated Statements of Operations . Expense associated with the amortization of intangible assets for Investment Management was $118 and $354 for the three and nine months ended September 30, 2017 , respectively, and $117 and $460 for the three and nine months ended September 30, 2016 , respectively, included within Depreciation and Amortization expense on the Unaudited Condensed Consolidated Statements of Operations . |
Related Parties Related Parties
Related Parties Related Parties | 9 Months Ended |
Sep. 30, 2017 | |
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 ($14) and ($96) for the three and nine months ended September 30, 2017 , respectively, and $1,433 and $10,182 for the three and nine months ended September 30, 2016 , respectively. Investment Banking Revenue includes advisory fees earned from clients that have a Senior Managing Director as a member of their Board of Directors of $11,981 and $13,282 for the three and nine months ended September 30, 2016 , respectively. Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition includes the long-term portion of loans receivable from certain employees of $12,803 and $17,862 as of September 30, 2017 and December 31, 2016 , respectively. The Company had $6,799 and $16,550 in subordinated borrowings, principally with an executive officer of the Company, as of September 30, 2017 and December 31, 2016 , respectively. See Note 10 for further information. |
Marketable Securities and Certi
Marketable Securities and Certificates of Deposit | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities and Certificates of Deposit | Marketable Securities and Certificates of Deposit The amortized cost and estimated fair value of the Company's Marketable Securities as of September 30, 2017 and December 31, 2016 were as follows: September 30, 2017 December 31, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities Investments $ 7,098 $ 6 $ 4,069 $ 3,035 $ 6,470 $ — $ 3,945 $ 2,525 Debt Securities Carried by EGL 22,806 87 1 22,892 38,392 77 15 38,454 Investment Funds 22,307 4,167 66 26,408 23,665 1,854 11 25,508 Total $ 52,211 $ 4,260 $ 4,136 $ 52,335 $ 68,527 $ 1,931 $ 3,971 $ 66,487 Scheduled maturities of the Company's available-for-sale debt securities within the Securities Investments portfolio as of September 30, 2017 and December 31, 2016 were as follows: September 30, 2017 December 31, 2016 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 101 $ 101 $ — $ — Due after one year through five years 1,609 1,613 1,748 1,728 Total $ 1,710 $ 1,714 $ 1,748 $ 1,728 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 September 30, 2017 . 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 losses of ($26) for the nine months ended September 30, 2017, respectively, and ($12) and ($33) for the three and nine months ended September 30, 2016 , respectively. 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 losses of ($340) and ($707) for the three and nine months ended September 30, 2017 , respectively, and ($341) and ($680) for the three and nine months ended September 30, 2016 , respectively. Investment Funds The Company invests in a portfolio of exchange traded funds and 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 of $1,013 and $2,570 for the three and nine months ended September 30, 2017 , respectively, and $707 and $1,232 for the three and nine months ended September 30, 2016 , respectively. Certificates of Deposit At September 30, 2017 the Company held certificates of deposit of $63,417 with certain banks with original maturities of six months or less when purchased. |
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 | 9 Months Ended |
Sep. 30, 2017 | |
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 1.3 years , as of September 30, 2017 , 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 ("Stress Tests") measures are within acceptable levels. As of September 30, 2017 and December 31, 2016 , a summary of the Company's assets, liabilities and collateral received or pledged related to these transactions was as follows: September 30, 2017 December 31, 2016 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 $ 22,632 $ 18,535 Securities Purchased Under Agreements to Resell 11,268 $ 11,264 12,585 $ 12,601 Total Assets $ 33,900 $ 31,120 Liabilities Securities Sold Under Agreements to Repurchase $ (33,912 ) $ (33,917 ) $ (31,150 ) $ (31,155 ) |
Investments
Investments | 9 Months Ended |
Sep. 30, 2017 | |
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, other investments in unconsolidated affiliated companies, an equity security in a private company and investments in Glisco Manager Holdings LP and Trilantic Capital Partners ("Trilantic"). 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. The Company also has investments in G5 | Evercore, ABS Investment Management, LLC ("ABS"), Atalanta Sosnoff Capital, LLC ("Atalanta Sosnoff") and Luminis Partners ("Luminis"), which are voting interest entities. The Company's share of earnings (losses) on its investments in G5 | Evercore, ABS, Atalanta Sosnoff and Luminis 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"), Glisco Partners II, L.P. ("Glisco II"), Glisco Partners III, L.P. ("Glisco III"), 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 September 30, 2016, the Company completed the transfer of ownership and control of the Mexican Private Equity business to a newly formed entity, Glisco Partners Inc. ("Glisco"), which is controlled by the principals of the business. On December 31, 2014, ECP II was terminated. The Company's investment at September 30, 2017 of $838 is comprised of its remaining interest in the general partner, including $814 in cash and $24 in securities. In addition, as of September 30, 2017, Discovery Americas I, L.P. (the "Discovery Fund"), was fully distributed. A summary of the Company's investment in the private equity funds as of September 30, 2017 and December 31, 2016 was as follows: September 30, 2017 December 31, 2016 ECP II $ 838 $ 933 Discovery Fund — 7,463 Glisco II 7,854 6,897 Glisco III 671 529 Trilantic IV 293 211 Trilantic V 6,120 5,709 Total Private Equity Funds $ 15,776 $ 21,742 Net realized and unrealized gains (losses) on private equity fund investments were $1,208 and ($985) for the three and nine months ended September 30, 2017 , respectively, and $171 and $6,302 for the three and nine months ended September 30, 2016 , respectively. In the event the funds perform poorly, the Company may be obligated to repay certain carried interest previously distributed. As of September 30, 2017 , there was no previously distributed carried interest received from the Company's managed funds 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 . Following the Glisco transaction, the Company concluded that Glisco Capital Partners II, Glisco Capital Partners III ("GCP III") and Glisco Manager Holdings LP are VIEs and that the Company is not the primary beneficiary of these VIEs. The Company's assessment of the primary beneficiary of these entities included assessing which parties have the power to significantly impact the economic performance of these entities and the obligation to absorb losses, which could be potentially significant to the entities, or the right to receive benefits from the entities that could be potentially significant. Neither the Company nor its related parties will have the ability to make decisions that significantly impact the economic performance of these entities. Further, as a limited partner in these entities, the Company does not possess substantive participating rights. The Company had assets of $10,696 and $9,889 included in its Unaudited Condensed Consolidated Statements of Financial Condition at September 30, 2017 and December 31, 2016 , respectively, related to these unconsolidated VIEs, representing the carrying value of the Company's investments in the entities. The Company's exposure to the obligations of these VIEs is generally limited to its investments in these entities. The Company's maximum exposure to loss as of September 30, 2017 was $13,035 , which represents the carrying value of the Company's investments in these VIEs, as well as any unfunded commitments to the current funds. Investment in Trilantic Capital Partners 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 nine months ended September 30, 2017 , $1,170 of this investment was allocated to Trilantic Fund V. From 2010 to 2016, $3,280 and $1,178 of this investment was allocated to Trilantic Fund V and IV, respectively. This investment had a balance of $10,462 and $11,632 as of September 30, 2017 and December 31, 2016 , respectively. The Company has a $5,000 commitment to invest in Trilantic Fund V, of which $1,130 was unfunded at September 30, 2017 . 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 . Cost Method Investments In 2015, the Company received an equity security in a private company in exchange for advisory services. This investment is accounted for under the cost method of accounting and had a balance of $1,079 as of September 30, 2017 and December 31, 2016 . Following the Glisco transaction in 2016, the Company recorded an investment in Glisco Manager Holdings LP representing the fair value of the deferred consideration resulting from this transaction. This investment is accounted for under the cost method of accounting. The Company amortizes the balance of its investment as distributions are received related to the deferred consideration. This investment had a balance of $2,172 and $2,463 as of September 30, 2017 and December 31, 2016 , respectively. Equity Method Investments A summary of the Company's other investments accounted for under the equity method of accounting as of September 30, 2017 and December 31, 2016 was as follows: September 30, 2017 December 31, 2016 G5 | Evercore $ 12,238 $ 26,016 ABS 37,501 38,982 Atalanta Sosnoff 14,368 14,719 Luminis 5,611 — Total $ 69,718 $ 79,717 G5 | Evercore In 2010, the Company made an investment accounted for under the equity method of accounting in G5 | Evercore. During the second quarter of 2017, following a sustained period of economic and political instability in Brazil and after concluding that the expected recovery in the M&A markets would be delayed for the foreseeable future, the Company performed an impairment assessment for its investment in G5 | Evercore and concluded that an other-than-temporary impairment had occurred. The Company recorded an impairment charge of $14,400 , included in Special Charges on the Unaudited Condensed Consolidated Statements of Operations for the nine months ended September 30, 2017. See Note 4 for further information. At September 30, 2017 , the Company's economic ownership interest in G5 | Evercore was 49% . This investment resulted in losses of ($93) and ($144) for the three and nine months ended September 30, 2017 , respectively, and ($107) and ($78) for the three and nine months ended September 30, 2016 , 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 September 30, 2017 , the Company's economic ownership interest in ABS was 45% . This investment resulted in earnings of $1,676 and $4,919 for the three and nine months ended September 30, 2017 , respectively, and $1,113 and $3,687 for the three and nine months ended September 30, 2016 , 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. The Company accounted for its interest in Atalanta Sosnoff under the equity method of accounting from that date forward. At September 30, 2017 , the Company's economic ownership interest in Atalanta Sosnoff was 49% . This investment resulted in earnings of $190 and $621 for the three and nine months ended September 30, 2017 , respectively, and $172 and $520 for the three and nine months ended September 30, 2016 , respectively, included within Income from Equity Method Investments on the Unaudited Condensed Consolidated Statements of Operations . Luminis On January 1, 2017, the Company acquired a 19% interest in Luminis and accounted for its interest under the equity method of accounting. This investment resulted in earnings of $54 and $111 for the three and nine months ended September 30, 2017 , respectively, 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 $391 and $1,172 for the three and nine months ended September 30, 2017 , respectively, and $884 and $2,648 for the three and nine months ended September 30, 2016 , respectively. The Company assesses its equity method investments for impairment annually, or more frequently if circumstances indicate impairment may have occurred. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 and December 31, 2016 are based on 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 September 30, 2017 and December 31, 2016 : September 30, 2017 Level I Level II Level III Total Corporate Bonds, Municipal Bonds and Other Debt Securities (1) $ — $ 44,736 $ — $ 44,736 Securities Investments (1) 4,414 1,714 — 6,128 Investment Funds 26,408 — — 26,408 Financial Instruments Owned and Pledged as Collateral at Fair Value 22,632 — — 22,632 Total Assets Measured At Fair Value $ 53,454 $ 46,450 $ — $ 99,904 December 31, 2016 Level I Level II Level III Total Corporate Bonds, Municipal Bonds and Other Debt Securities (1) $ — $ 44,630 $ — $ 44,630 Securities Investments (1) 3,794 1,728 — 5,522 Investment Funds 25,508 — — 25,508 Financial Instruments Owned and Pledged as Collateral at Fair Value 18,535 — — 18,535 Total Assets Measured At Fair Value $ 47,837 $ 46,358 $ — $ 94,195 (1) Includes $24,937 and $9,173 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 September 30, 2017 and December 31, 2016 , 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 nine months ended September 30, 2017 or the year ended December 31, 2016 . During the fourth quarter of 2016, the Company determined that the fair value of its equity method investment in Atalanta Sosnoff was $14,730 . The fair value of the investment was estimated by utilizing both a market multiple approach and a discounted cash flow methodology based on the adjusted cash flows from operations. The equity method investment was 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. September 30, 2017 Carrying Estimated Fair Value Amount Level I Level II Level III Total Financial Assets: Cash and Cash Equivalents $ 414,918 $ 414,918 $ — $ — $ 414,918 Certificates of Deposit 63,417 — 63,417 — 63,417 Securities Purchased Under Agreements to Resell 11,268 — 11,268 — 11,268 Accounts Receivable 206,885 — 206,885 — 206,885 Receivable from Employees and Related Parties 16,934 — 16,934 — 16,934 Assets Segregated for Bank Regulatory Requirements 10,200 10,200 — — 10,200 Closely-held Equity Security 1,079 — — 1,079 1,079 Financial Liabilities: Accounts Payable and Accrued Expenses $ 33,001 $ — $ 33,001 $ — $ 33,001 Securities Sold Under Agreements to Repurchase 33,912 — 33,912 — 33,912 Payable to Employees and Related Parties 27,832 — 27,832 — 27,832 Notes Payable 168,282 — 170,284 — 170,284 Subordinated Borrowings 6,799 — 6,968 — 6,968 December 31, 2016 Carrying Estimated Fair Value Amount Level I Level II Level III Total Financial Assets: Cash and Cash Equivalents $ 549,351 $ 549,351 $ — $ — $ 549,351 Securities Purchased Under Agreements to Resell 12,585 — 12,585 — 12,585 Accounts Receivable 230,522 — 230,522 — 230,522 Receivable from Employees and Related Parties 15,034 — 15,034 — 15,034 Assets Segregated for Bank Regulatory Requirements 10,200 10,200 — — 10,200 Closely-held Equity Security 1,079 — — 1,079 1,079 Financial Liabilities: Accounts Payable and Accrued Expenses $ 30,723 $ — $ 30,723 $ — $ 30,723 Securities Sold Under Agreements to Repurchase 31,150 — 31,150 — 31,150 Payable to Employees and Related Parties 27,366 — 27,366 — 27,366 Notes Payable 168,097 — 170,251 — 170,251 Subordinated Borrowings 16,550 — 16,803 — 16,803 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 comparable transactions executed by the issuer. The fair value of the Company's Notes Payable and 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, Certificates of Deposit, 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 and Assets Segregated for Bank Regulatory Requirements approximate fair value due to the short-term nature of these items. |
Notes Payable and Subordinated
Notes Payable and Subordinated Borrowings | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [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 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. As of September 30, 2017, the Company was in compliance with all of these covenants. 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 used the remaining net proceeds for general corporate purposes. Notes Payable is comprised of the following as of September 30, 2017 and December 31, 2016 : Carrying Value (a) Note Maturity Date Effective Annual Interest Rate September 30, 2017 December 31, 2016 Evercore Inc. 4.88% Series A Senior Notes 3/30/2021 5.16 % $ 37,662 $ 37,597 Evercore Inc. 5.23% Series B Senior Notes 3/30/2023 5.44 % 66,330 66,254 Evercore Inc. 5.48% Series C Senior Notes 3/30/2026 5.64 % 47,480 47,445 Evercore Inc. 5.58% Series D Senior Notes 3/30/2028 5.72 % 16,810 16,801 Total $ 168,282 $ 168,097 (a) Carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct reduction from the related liability. The Company has 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 February and April 2017, the Company repaid $6,000 and $3,751 , respectively, of the original borrowings. The Company had $6,799 and $16,550 in subordinated borrowings pursuant to these agreements as of September 30, 2017 and December 31, 2016 , respectively. |
Evercore Inc. Stockholders' Equ
Evercore Inc. Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Evercore Inc. Stockholders' Equity | Evercore Inc. Stockholders' Equity Dividends – The Company's Board of Directors declared on October 23, 2017 , a quarterly cash dividend of $0.40 per share, to the holders of record of Class A Shares as of November 24, 2017 , which will be paid on December 8, 2017 . During the nine months ended September 30, 2017 , the Company declared and paid or accrued dividends of $1.02 per share, totaling $47,776 . Treasury Stock – During the nine months ended September 30, 2017 , the Company purchased 1,133 Class A Shares primarily from employees at values ranging from $50.90 to $81.52 per share (at an average cost per share of $77.89 ), primarily for the net settlement of stock-based compensation awards, and 2,757 Class A Shares at market values ranging from $67.37 to $78.81 per share (at an average cost per share of $73.75 ) pursuant to the Company's share repurchase program. The aggregate 3,889 Class A Shares were purchased at an average cost per share of $74.96 and the result of these purchases was an increase in Treasury Stock of $291,689 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2017 . LP Units – During the nine months ended September 30, 2017 , 738 LP Units were exchanged for Class A Shares, resulting in an increase to Common Stock and Additional Paid-In-Capital of $8 and $27,774 , respectively, on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2017 . Accumulated Other Comprehensive Income (Loss) – As of September 30, 2017 , 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 Foreign Currency Translation Adjustment Gain (Loss), net, of ($5,506) and ($39,460) , respectively. |
Noncontrolling Interest
Noncontrolling Interest | 9 Months Ended |
Sep. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling Interest recorded in the unaudited condensed consolidated financial statements of the Company relates to the following interests in certain consolidated subsidiaries, which are not owned by the Company: September 30, 2017 September 30, 2016 Subsidiary: Evercore LP 13 % 14 % Evercore Wealth Management L.L.C. ("EWM") 38 % 38 % Private Capital Advisory L.P. ("PCA") 26 % 39 % 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 nine months ended September 30, 2017 and 2016 were as follows: For the Nine Months Ended September 30, 2017 2016 Beginning balance $ 256,033 $ 202,664 Comprehensive income (loss): Net Income Attributable to Noncontrolling Interest 35,740 24,454 Other comprehensive income (loss) 1,264 (2,697 ) Total comprehensive income 37,004 21,757 Evercore LP Units Purchased or Converted into Class A Shares (29,393 ) (9,164 ) Amortization and Vesting of LP Units/Interests 7,294 66,357 Other Items: Distributions to Noncontrolling Interests (26,315 ) (25,519 ) Issuance of Noncontrolling Interest 8,279 885 Purchase of Noncontrolling Interest (261 ) (5,225 ) Deconsolidation of GCP III — (5,808 ) Other, net (221 ) (415 ) Total other items (18,518 ) (36,082 ) Ending balance $ 252,420 $ 245,532 Other Comprehensive Income - Other comprehensive income (loss) attributed to Noncontrolling Interest includes Unrealized Gain (Loss) on Marketable Securities and Investments, net, of $5 and $79 for the three and nine months ended September 30, 2017 , respectively, and ($277) and ($644) for the three and nine months ended September 30, 2016 , respectively, and Foreign Currency Translation Adjustment Gain (Loss), net, of $955 and $1,185 for the three and nine months ended September 30, 2017 , respectively, and ($572) and ($2,053) for the three and nine months ended September 30, 2016 , respectively. Interests Purchased - On March 3, 2017, the Company purchased, at fair value, an additional 13% of PCA for $7,071 , resulting in a decrease to Noncontrolling Interest of $261 and a decrease to Additional Paid-In Capital of $6,810 , on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2017. During the nine months ended September 30, 2017 , the Company purchased 32 LP Units and certain other rights from noncontrolling interest holders, resulting in a decrease to Noncontrolling Interest of $2,523 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2017 . On January 29, 2016, the Company purchased, at fair value, all of the noncontrolling interest in ECB for $6,482 resulting in a decrease to Noncontrolling Interest of $5,225 and a decrease to Additional Paid-In Capital of $1,257 , on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2016. GCP III - On July 19, 2016, the Company and the principals of its Mexican Private Equity business entered into an agreement to transfer ownership of its Mexican Private Equity business and related entities to Glisco. Upon the closing of this transaction, which occurred on September 30, 2016, the Company deconsolidated the noncontrolling interest in GCP III of $5,808 . See Note 8 for further information. |
Net Income Per Share Attributab
Net Income Per Share Attributable to Evercore Inc. Common Shareholders | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Income Per Share Attributable to Evercore Inc. Common Shareholders | Net Income Per Share Attributable to Evercore Inc. Common Shareholders The calculations of basic and diluted net income per share attributable to Evercore Inc. common shareholders for the three and nine months ended September 30, 2017 and 2016 are described and presented below. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders Numerator: Net income attributable to Evercore Inc. common shareholders $ 45,911 $ 34,695 $ 144,866 $ 64,100 Denominator: Weighted average Class A Shares outstanding, including vested restricted stock units ("RSUs") 39,045 38,912 39,873 39,259 Basic net income per share attributable to Evercore Inc. common shareholders $ 1.18 $ 0.89 $ 3.63 $ 1.63 Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders Numerator: Net income attributable to Evercore Inc. common shareholders $ 45,911 $ 34,695 $ 144,866 $ 64,100 Noncontrolling interest related to the assumed exchange of LP Units for Class A Shares (b) (b) (b) (b) Associated corporate taxes related to the assumed elimination of Noncontrolling Interest described above (b) (b) (b) (b) Diluted net income attributable to Evercore Inc. common shareholders $ 45,911 $ 34,695 $ 144,866 $ 64,100 Denominator: Weighted average Class A Shares outstanding, including vested RSUs 39,045 38,912 39,873 39,259 Assumed exchange of LP Units for Class A Shares (a)(b) 1,420 — 473 — 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 2,590 2,108 2,509 1,855 Shares that are contingently issuable (c) 981 2,714 2,032 2,971 Diluted weighted average Class A Shares outstanding 44,036 43,734 44,887 44,085 Diluted net income per share attributable to Evercore Inc. common shareholders $ 1.04 $ 0.79 $ 3.23 $ 1.45 (a) The Company has outstanding Class J limited partnership units of Evercore LP ("Class J LP Units"), which convert into Class E limited partnership units of Evercore LP ("Class E LP Units") and ultimately become exchangeable into Class A Shares on a one -for-one basis. During the three and nine months ended September 30, 2017 , the LP Units were dilutive and consequently the effect of their exchange into Class A Shares has been included in the calculation of diluted net income per share attributable to Evercore Inc. common shareholders under the if-converted method. In computing this adjustment, the Company assumes that all Class J LP Units are converted into Class A Shares. (b) The Company also has outstanding Class A and E LP Units in Evercore LP, which give the holders the right to receive Class A Shares upon exchange on a one -for-one basis. During the three and nine months ended September 30, 2017 and 2016 , 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 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 Inc. common shareholders if the effect would have been dilutive were 5,930 and 6,010 for the three and nine months ended September 30, 2017 , respectively, and 6,410 and 6,440 for the three and nine months ended September 30, 2016 , 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 $6,628 and $20,746 for the three and nine months ended September 30, 2017 , respectively, and $5,972 and $11,235 for the three and nine months ended September 30, 2016 , respectively. In computing this adjustment, the Company assumes that all vested Class A LP Units and all Class E LP Units are converted into Class A Shares, that all earnings attributable to those shares are attributed to Evercore 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 Class A and E LP Units will result in a dilutive computation in future periods. (c) During the three and nine months ended September 30, 2017 and 2016 , the Company had outstanding Class G and H limited partnership interests of Evercore LP ("Class G and H LP Interests") which were contingently exchangeable into Class E LP Units, and ultimately Class A Shares, as well as outstanding Class I-P units of Evercore LP ("Class I-P Units") which are contingently exchangeable into Class I limited partnership units of Evercore LP ("Class I LP Units"), and ultimately Class A Shares, as they are subject to certain performance thresholds being achieved. In July 2017, the Company exchanged all of the outstanding Class H LP Interests for a number of Class J LP Units. See Note 14 for a further discussion. For the purposes of calculating diluted net income per share attributable to Evercore Inc. common shareholders, the Company's Class G and H LP Interests and Class I-P Units are 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 are included in diluted weighted average Class A Shares outstanding is based on the number of shares that would be issuable if the end of the reporting period were the end of the performance period. The Interests/Units that were assumed to be converted to an equal number of Class A Shares for purposes of computing diluted net income per share attributable to Evercore Inc. common shareholders were 981 and 2,032 for the three and nine months ended September 30, 2017 , respectively, and 2,714 and 2,971 for the three and nine months ended September 30, 2016 , respectively. 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 | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based and Other Deferred Compensation | Share-Based and Other Deferred Compensation 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. The units will become exchangeable into Class A Shares of the Company subject to certain liquidated damages and continued employment provisions. Compensation expense related to Class E LP Units was $4,835 and $15,273 for the three and nine months ended September 30, 2017 , respectively, and $5,133 and $15,683 for the three and nine months ended September 30, 2016 , respectively. The Company also issued 538 vested and 540 unvested Class G LP Interests, which vest ratably on February 15, 2016, 2017 and 2018. The Company's vested Class G LP Interests become exchangeable into Class A Shares of the Company 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. In the event of death, disability or termination of employment without cause, unvested Class G LP Interests will be canceled or may vest based on determination of expected performance, based on a decision by Management. In February 2017 and 2016, 368 and 371 Class G LP Interests achieved their performance targets and were converted to the same number of Class E LP Units, respectively. In addition, in conjunction with the acquisition of ISI, the Company also issued 2,044 vested and 2,051 unvested Class H LP Interests, which would have vested ratably on February 15, 2018, 2019 and 2020. Subject to continued employment, the Company's vested Class H LP Interests would have 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, were 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 H LP Interests will be canceled or may vest based on determination of expected performance, based on a decision by Management. In July 2017, the Company exchanged all of the outstanding 4,148 Class H LP Interests for 1,012 vested and 938 unvested Class J LP Units. These units will convert into an equal amount of Class E LP Units, and ultimately become exchangeable into Class A Shares of the Company, ratably on February 15, 2018, 2019 and 2020. These Class J LP Units have the same vesting and delivery schedule, acceleration and forfeiture triggers, and distribution rights as the Class H LP Interests. In connection with this exchange, one share of Class B common stock has been issued to each holder of Class J LP Units, which will entitle each holder to one vote on all matters submitted generally to holders of Class A and Class B common stock for each Class E LP Unit and Class J LP Unit held. As the number of Class J LP Units exchanged was within the number of Class H LP Interests that the Company determined were probable of being exchanged on the date of modification, the Company will expense the previously unrecognized fair value of the Class H LP Interests ratably over the remaining vesting period. Compensation expense related to the Class J LP Units was $2,315 for the three and nine months ended September 30, 2017 . Based on Evercore ISI's results for the first nine months of 2017, as well as the Company's revised outlook for the Evercore ISI business, including strategic decisions to increase the compensation ratio for this business, the Company determined that the achievement of the remaining performance thresholds for the remaining Class G LP Interests was no longer probable at March 31, 2017, June 30, 2017 or September 30, 2017 . Prior to the exchange into Class J LP Units, the Company had determined that the achievement of the remaining performance thresholds for certain of the Class H LP Interests was probable at March 31, 2017 and June 30, 2017. This determination assumed a Management Basis EBIT margin of 11.7% and an annual Management Basis EBIT of $26,904 being achieved in 2017 and a Management Basis EBIT margin of 14.0% and an annual Management Basis EBIT of $34,357 being achieved in 2018 and 2019 for Evercore ISI, which would have resulted in 2,005 Class H LP Interests vesting and becoming exchangeable into Class E LP Units. For the nine months ended September 30, 2016 , 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 15.9% and an annual Management Basis EBIT of $37,960 being achieved over the performance period for Evercore ISI. Accordingly, $2,003 of expense was recorded and $12,897 of expense was reversed for the three and nine months ended September 30, 2017 , respectively, and $8,629 and $50,379 of expense was recorded for the three and nine months ended September 30, 2016 , respectively, for the Class G and H LP Interests. Assuming the maximum thresholds for the Class G LP Interests were considered probable of achievement at September 30, 2017 , an additional $16,349 of expense would have been incurred in the third quarter ended September 30, 2017 and the remaining expense to be accrued over the future vesting period extending from October 1, 2017 to February 15, 2018 would be $2,456 . In that circumstance, the total number of remaining Class G LP Interests that would vest and become exchangeable to Class E LP Units would be 366 . During the first quarter of 2017, the Company modified the terms of 19 Class E LP Units, 14 Class G LP Interests and 162 Class H LP Interests. The modification resulted in expense, included within compensation expense related to the Class E LP Units and Class G and H LP Interests above, of $3,532 for the nine months ended September 30, 2017, reflecting the reversal of all previous expense related to these awards and the subsequent amortization of the awards at the modified grant date fair value of $14,891 . These awards were amortized ratably through June 30, 2017. Other Performance-based Awards - In November 2016, the Company issued 400 Class I-P Units in conjunction with the appointment of the Executive Chairman. These Class I-P Units convert into a specified number of Class I LP Units, which are exchangeable on a one -for-one basis to Class A Shares, contingent on the achievement of certain market and service conditions, subject to vesting upon specified termination events (including retirement, upon satisfying certain eligibility criteria, on or following January 15, 2022, subject to a one year prior written notice requirement) or a change in control. These Class I-P Units are segregated into two groups of 200 units each, with share price threshold vesting conditions which are required to exceed a certain level for 20 consecutive trading days (which were met as of March 31, 2017). The Company determined the fair value of the award to be $24,412 and is expensing the award ratably over the implied service period, which ends on March 1, 2022. As the award contains market-based conditions, the entire expense will be recognized if the award does not vest for any reason other than the service conditions. Compensation expense related to this award was $1,164 and $3,455 for the three and nine months ended September 30, 2017 , respectively. Stock Incentive Plan During 2016, the Company's stockholders approved the Amended and Restated 2016 Evercore Inc. Stock Incentive Plan (the "2016 Plan"). The 2016 Plan, among other things, authorizes an additional 10,000 shares of the Company's Class A Shares. The 2016 Plan permits the Company to grant to key employees, directors and consultants incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, RSUs and other awards based on the Company's Class A Shares. The Company intends to use newly-issued Class A Shares to satisfy any awards under the 2016 Plan and its predecessor plan. Class A Shares underlying any award granted under the 2016 Plan that expire, terminate or are canceled or satisfied for any reason without being settled in stock again become available for awards under the plans. The total shares available to be granted in the future under the 2016 Plan was 7,412 as of September 30, 2017 . The Company also grants, at its discretion, dividend equivalents, in the form of unvested RSU awards, or cash dividends, concurrently with the payment of dividends to the holders of Class A Shares, on all unvested RSU grants awarded in conjunction with annual bonuses as well as new hire awards. The Company estimates forfeitures in the aggregate compensation cost to be amortized over the requisite service period of its awards. The Company periodically monitors its estimated forfeiture rate and adjusts its assumptions to the actual occurrence of forfeited awards. A change in estimated forfeitures is recognized through a cumulative catch-up adjustment in the period of the change. Equity Grants During the nine months ended September 30, 2017 , pursuant to the 2016 Plan, the Company granted employees 2,620 RSUs that are Service-based Awards. Service-based Awards granted during the nine months ended September 30, 2017 had grant date fair values of $69.10 to $81.52 per share. During the nine months ended September 30, 2017 , 2,424 Service-based Awards vested and 127 Service-based Awards were forfeited. Compensation expense related to Service-based Awards, including RSUs granted to the Executive Chairman in November 2016, was $38,124 and $116,363 for the three and nine months ended September 30, 2017 , respectively, and $29,505 and $86,783 for the three and nine months ended September 30, 2016 , respectively. Deferred Cash The Company's deferred cash compensation program provided 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. The Company granted $3,750 , $41,147 and $3,926 of deferred cash awards pursuant to the deferred cash compensation program during 2017, 2016 and 2012, respectively. In November 2016, the Company granted a restricted cash award in conjunction with the appointment of the Executive Chairman with a target payment amount of $35,000 , of which $11,000 is schedule to vest on March 1, 2019 and $6,000 is scheduled to vest on each of the first four anniversaries of March 1, 2019, provided that the Executive Chairman continues to remain employed through each such vesting date, subject to vesting upon specified termination events (including retirement, upon satisfying certain eligibility criteria, on or following May 1, 2019, subject to a six month prior written notice requirement) or a change in control. The Company has the discretion to increase (by an amount up to $35,000 ) or decrease (by an amount up to $8,750 ) the total amount payable under this award. In July 2017, the Company granted deferred cash awards of $27,500 to certain employees. These awards vest in five equal installments over the period ending June 30, 2022, subject to continued employment. The Company will record expense for these awards ratably over the vesting period. Compensation expense related to deferred cash awards was $8,599 and $18,419 for the three and nine months ended September 30, 2017 , respectively, and $4,281 and $11,399 for the three and nine months ended September 30, 2016 , respectively. 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 four -year performance periods beginning January 1, 2013 and January 1, 2017. These awards, which aggregate $49,400 of liabilities on the Unaudited Condensed Consolidated Statement of Financial Condition as of September 30, 2017, will be paid, in cash or Class A Shares, at the Company's discretion, in three equal installments in the first quarter of 2017, 2018 and 2019 (for the performance period beginning on January 1, 2013) and in the first quarter of 2021, 2022 and 2023 (for the performance period beginning on January 1, 2017), subject to employment 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 $6,721 and $19,279 for the three and nine months ended September 30, 2017 , respectively, and $6,117 and $13,595 for the three and nine months ended September 30, 2016 , respectively. In conjunction with this plan, the Company distributed cash payments of $19,401 for the nine months ended September 30, 2017 . 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 and in certain circumstances, subject to the achievement of performance requirements. 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 $5,021 and $14,050 for the three and nine months ended September 30, 2017 , respectively, and $4,246 and $14,777 for the three and nine months ended September 30, 2016 , respectively. The remaining unamortized amount of these awards was $27,468 as of September 30, 2017 . Separation Benefits The Company granted separation benefits to certain employees, resulting in expense included in Employee Compensation and Benefits of approximately $953 and $4,421 for the three and nine months ended September 30, 2017 , respectively, and $845 and $4,068 for the three and nine months ended September 30, 2016 , respectively. In conjunction with these arrangements, the Company distributed cash payments of $54 and $2,399 for the three and nine months ended September 30, 2017 , respectively, and $617 and $2,379 for the three and nine months ended September 30, 2016 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
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, 2016. 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 $9,905 and $29,793 for the three and nine months ended September 30, 2017 , respectively, and $9,311 and $25,065 for the three and nine months ended September 30, 2016 , respectively. Private Equity – As of September 30, 2017 , the Company had unfunded commitments for capital contributions of $3,529 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 Casa de Bolsa, S.A. de C.V., the Company was 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 September 30, 2017 , the Company recorded Goodwill of $13,558 pursuant to this agreement. The Company’s investment in the Discovery Fund was fully distributed as of September 30, 2017. See Note 8 for further information. Lines of Credit On June 24, 2016, Evercore Partners Services East L.L.C. ("East") entered into a loan agreement with PNC for a revolving credit facility in an aggregate principal amount of up to $30,000 , to be used for working capital and other corporate activities. This facility is secured by East's accounts receivable and the proceeds therefrom, as well as certain assets of EGL, including certain of EGL's accounts receivable. In addition, the agreement contains certain reporting covenants as well as certain debt covenants that prohibit East and the Company from incurring other indebtedness subject to specified exceptions. The Company was in compliance with these covenants as of September 30, 2017 . Drawings under this facility bear interest at the prime rate. On February 2, 2017, East drew down $30,000 on this facility, which was repaid on March 10, 2017 . The facility was renewed on June 14, 2017, and the maturity date was extended to June 22, 2018. ECB maintains a line of credit with BBVA Bancomer to fund its trading activities on an intra-day and overnight basis. The facility has a maximum aggregate principal amount of approximately $10,994 and is secured by trading securities. No interest is charged on the intra-day facility. The overnight facility is charged the Inter-Bank Balance Interest Rate plus 10 basis points. There have been no significant draw downs on ECB's line of credit since August 10, 2006. The line of credit is renewable annually. Other Commitments In addition, the Company enters into commitments to pay contingent consideration related to certain of its acquisitions. At September 30, 2017 , the Company had a remaining commitment for contingent consideration related to its acquisition of Kuna & Co. KG in 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. On September 19, 2016, EGL was named as a defendant in the First Amended and Supplemented Verified Class Action Complaint (the "Complaint"), filed in the Chancery Court of the State of Delaware in a case entitled City of Daytona Beach Police and Fire Pension Fund v. ExamWorks Group, Inc., et al. (C.A. No. 12481-VCL). The Complaint was brought on behalf of a purported class consisting of all ExamWorks common stockholders and purports to assert a claim against EGL for aiding and abetting breaches of fiduciary duties by ExamWorks officers and directors in connection with a merger transaction between ExamWorks and affiliates of Leonard Green & Partners, L.P. that was agreed to on April 26, 2016 and consummated on July 27, 2016. The Complaint seeks certification as a class action and unspecified compensatory damages plus interest and attorneys' fees. The parties reached an agreement in principle to settle the case prior to trial which would result in no liability to EGL. The settlement has been approved by the court. |
Regulatory Authorities
Regulatory Authorities | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 and December 31, 2016 was $192,300 and $119,644 , respectively, which exceeded the minimum net capital requirement by $192,050 and $119,394 , respectively. 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 September 30, 2017 . 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 September 30, 2017 . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's Provision for Income Taxes was $28,815 and $69,566 for the three and nine months ended September 30, 2017 , respectively, and $38,980 and $79,390 for the three and nine months ended September 30, 2016 , respectively. The effective tax rate was 32% and 28% for the three and nine months ended September 30, 2017 , respectively, and 45% and 47% for the three and nine months ended September 30, 2016 , respectively. The effective tax rate for the three and nine months ended September 30, 2017 reflects the application of ASU 2016-09, which was adopted effective January 1, 2017. ASU 2016-09 requires that the tax deduction associated with the appreciation in the Company's share price upon vesting of employee share-based awards above the original grant price be reflected in income tax expense. The application of ASU 2016-09 resulted in excess tax benefits from the delivery of Class A Shares under share-based payment arrangements of ($23,663) being recognized in the Company's Provision for Income Taxes for the nine months ended September 30, 2017 and resulted in a reduction in the effective tax rate of 9 percentage points for the nine months ended September 30, 2017. The effective tax rate for 2017 and 2016 also reflects the effect of certain nondeductible expenses, including expenses related to Class E, J and I-P LP Units and Class G and H LP Interests, as well as the noncontrolling interest associated with LP Units and other adjustments. In addition, the effective tax rate for the nine months ended September 30, 2017 was impacted by a valuation allowance on deferred tax assets related to Evercore Brazil. The Company reported a decrease in deferred tax assets of $218 associated with changes in Unrealized Gain (Loss) on Marketable Securities and a decrease of $3,244 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss) for the nine months ended September 30, 2017 . The Company reported an increase in deferred tax assets of $519 associated with changes in Unrealized Gain (Loss) on Marketable Securities and an increase of $6,306 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss) for the nine months ended September 30, 2016 . As of September 30, 2017 , 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 | 9 Months Ended |
Sep. 30, 2017 | |
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 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 September 30, 2016, the Company deconsolidated the assets and liabilities of its Mexican Private Equity business, which was in the Investment Management segment. The Company's segment information for the three and nine months ended September 30, 2017 and 2016 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 or the reversal of expenses associated with the vesting of Class E LP Units, Class G and H LP Interests, and Class J LP Units issued in conjunction with the acquisition of ISI and certain other related awards. • Special Charges - Includes expenses in 2017 related to the impairment of goodwill in the Company's Institutional Asset Management reporting unit and the impairment of the Company's investment in G5 | Evercore. • Acquisition and Transition Costs - Includes costs incurred in connection with acquisitions, divestitures and other ongoing business development initiatives, primarily comprised of professional fees for legal and other services, as well as the reversal of a provision for certain settlements in 2016 which was previously established in the fourth quarter of 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. One client accounted for more than 10% of the Company's consolidated Net Revenues for the three months ended September 30, 2017 . The following information presents each segment's contribution. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Investment Banking Net Revenues (1) $ 388,299 $ 368,634 $ 1,115,478 $ 936,504 Operating Expenses 293,264 268,666 844,573 707,846 Other Expenses (2) 11,748 17,422 26,663 75,854 Operating Income 83,287 82,546 244,242 152,804 Income (Loss) from Equity Method Investments (75 ) (112 ) (111 ) (94 ) Pre-Tax Income $ 83,212 $ 82,434 $ 244,131 $ 152,710 Identifiable Segment Assets $ 1,239,812 $ 1,114,565 $ 1,239,812 $ 1,114,565 Investment Management Net Revenues (1) $ 18,302 $ 17,680 $ 48,840 $ 58,179 Operating Expenses 14,027 14,843 40,441 46,357 Other Expenses (2) 492 298 7,976 811 Operating Income 3,783 2,539 423 11,011 Income from Equity Method Investments 1,902 1,290 5,618 4,223 Pre-Tax Income $ 5,685 $ 3,829 $ 6,041 $ 15,234 Identifiable Segment Assets $ 321,223 $ 347,065 $ 321,223 $ 347,065 Total Net Revenues (1) $ 406,601 $ 386,314 $ 1,164,318 $ 994,683 Operating Expenses 307,291 283,509 885,014 754,203 Other Expenses (2) 12,240 17,720 34,639 76,665 Operating Income 87,070 85,085 244,665 163,815 Income from Equity Method Investments 1,827 1,178 5,507 4,129 Pre-Tax Income $ 88,897 $ 86,263 $ 250,172 $ 167,944 Identifiable Segment Assets $ 1,561,035 $ 1,461,630 $ 1,561,035 $ 1,461,630 (1) Net revenues include Other Revenue, net, allocated to the segments as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Investment Banking (A) $ (535 ) $ 200 $ (2,825 ) $ 270 Investment Management (B) 66 522 376 337 Total Other Revenue, net $ (469 ) $ 722 $ (2,449 ) $ 607 (A) Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and the line of credit of $2,488 and $7,494 for the three and nine months ended September 30, 2017 , respectively, and $2,592 and $6,946 for the three and nine months ended September 30, 2016 , respectively. (B) Investment Management Other Revenue, net, includes interest expense on the Notes Payable and the line of credit of $670 for the nine months ended September 30, 2016. (2) Other Expenses are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Investment Banking Amortization of LP Units / Interests and Certain Other Awards $ 9,249 $ 13,859 $ 4,980 $ 66,356 Special Charges — — 14,400 — Acquisition and Transition Costs 107 41 107 (692 ) Fair Value of Contingent Consideration — 984 — 1,671 Intangible Asset and Other Amortization 2,392 2,538 7,176 8,519 Total Investment Banking 11,748 17,422 26,663 75,854 Investment Management Special Charges — — 7,107 — Acquisition and Transition Costs 492 298 869 702 Intangible Asset and Other Amortization — — — 109 Total Investment Management 492 298 7,976 811 Total Other Expenses $ 12,240 $ 17,720 $ 34,639 $ 76,665 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 September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Net Revenues: (1) United States $ 305,258 $ 322,128 $ 842,907 $ 714,983 Europe and Other 94,705 54,690 314,205 247,371 Latin America 7,107 8,774 9,655 31,722 Total $ 407,070 $ 385,592 $ 1,166,767 $ 994,076 (1) Excludes Other Revenue and Interest Expense. The Company's total assets are located in the following geographical areas: September 30, 2017 December 31, 2016 Total Assets: United States $ 1,280,698 $ 1,376,101 Europe and Other 207,605 190,380 Latin America 72,732 95,865 Total $ 1,561,035 $ 1,662,346 |
Significant Accounting Polici26
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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, 2016 . The December 31, 2016 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, 2017. 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) Condensed 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, 2016 . International Strategy & Investment (U.K.) Limited ("ISI U.K.") is also a VIE pursuant to ASC 810 and the Company is the primary beneficiary of this VIE. Specifically, the Company provides financial support through a transfer pricing agreement with this entity, which exposes the Company to losses that are potentially significant to the entity, and has decision making authority that significantly affects the economic performance of the entity. Following the adoption of ASU 2015-02, the Company also concluded that Evercore Partners International LLP ("Evercore U.K.") is a VIE and that the Company is the primary beneficiary of this VIE. The Company has the majority economic interest in Evercore U.K. 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 ISI U.K. and Evercore U.K. assets of $123,224 and liabilities of $67,054 at September 30, 2017 and assets of $116,958 and liabilities of $90,260 at December 31, 2016. All intercompany balances and transactions with the Company's subsidiaries have been eliminated upon consolidation. |
Recent 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) Condensed 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, 2016 . |
Marketable Securities and Cer27
Marketable Securities and Certificates of Deposit (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 and December 31, 2016 were as follows: September 30, 2017 December 31, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Securities Investments $ 7,098 $ 6 $ 4,069 $ 3,035 $ 6,470 $ — $ 3,945 $ 2,525 Debt Securities Carried by EGL 22,806 87 1 22,892 38,392 77 15 38,454 Investment Funds 22,307 4,167 66 26,408 23,665 1,854 11 25,508 Total $ 52,211 $ 4,260 $ 4,136 $ 52,335 $ 68,527 $ 1,931 $ 3,971 $ 66,487 |
Investments Classified by Contractual Maturity Date | Scheduled maturities of the Company's available-for-sale debt securities within the Securities Investments portfolio as of September 30, 2017 and December 31, 2016 were as follows: September 30, 2017 December 31, 2016 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 101 $ 101 $ — $ — Due after one year through five years 1,609 1,613 1,748 1,728 Total $ 1,710 $ 1,714 $ 1,748 $ 1,728 |
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) | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 and December 31, 2016 , a summary of the Company's assets, liabilities and collateral received or pledged related to these transactions was as follows: September 30, 2017 December 31, 2016 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 $ 22,632 $ 18,535 Securities Purchased Under Agreements to Resell 11,268 $ 11,264 12,585 $ 12,601 Total Assets $ 33,900 $ 31,120 Liabilities Securities Sold Under Agreements to Repurchase $ (33,912 ) $ (33,917 ) $ (31,150 ) $ (31,155 ) |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 and December 31, 2016 was as follows: September 30, 2017 December 31, 2016 ECP II $ 838 $ 933 Discovery Fund — 7,463 Glisco II 7,854 6,897 Glisco III 671 529 Trilantic IV 293 211 Trilantic V 6,120 5,709 Total Private Equity Funds $ 15,776 $ 21,742 |
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 September 30, 2017 and December 31, 2016 was as follows: September 30, 2017 December 31, 2016 G5 | Evercore $ 12,238 $ 26,016 ABS 37,501 38,982 Atalanta Sosnoff 14,368 14,719 Luminis 5,611 — Total $ 69,718 $ 79,717 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 and December 31, 2016 : September 30, 2017 Level I Level II Level III Total Corporate Bonds, Municipal Bonds and Other Debt Securities (1) $ — $ 44,736 $ — $ 44,736 Securities Investments (1) 4,414 1,714 — 6,128 Investment Funds 26,408 — — 26,408 Financial Instruments Owned and Pledged as Collateral at Fair Value 22,632 — — 22,632 Total Assets Measured At Fair Value $ 53,454 $ 46,450 $ — $ 99,904 December 31, 2016 Level I Level II Level III Total Corporate Bonds, Municipal Bonds and Other Debt Securities (1) $ — $ 44,630 $ — $ 44,630 Securities Investments (1) 3,794 1,728 — 5,522 Investment Funds 25,508 — — 25,508 Financial Instruments Owned and Pledged as Collateral at Fair Value 18,535 — — 18,535 Total Assets Measured At Fair Value $ 47,837 $ 46,358 $ — $ 94,195 (1) Includes $24,937 and $9,173 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 September 30, 2017 and December 31, 2016 , 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. September 30, 2017 Carrying Estimated Fair Value Amount Level I Level II Level III Total Financial Assets: Cash and Cash Equivalents $ 414,918 $ 414,918 $ — $ — $ 414,918 Certificates of Deposit 63,417 — 63,417 — 63,417 Securities Purchased Under Agreements to Resell 11,268 — 11,268 — 11,268 Accounts Receivable 206,885 — 206,885 — 206,885 Receivable from Employees and Related Parties 16,934 — 16,934 — 16,934 Assets Segregated for Bank Regulatory Requirements 10,200 10,200 — — 10,200 Closely-held Equity Security 1,079 — — 1,079 1,079 Financial Liabilities: Accounts Payable and Accrued Expenses $ 33,001 $ — $ 33,001 $ — $ 33,001 Securities Sold Under Agreements to Repurchase 33,912 — 33,912 — 33,912 Payable to Employees and Related Parties 27,832 — 27,832 — 27,832 Notes Payable 168,282 — 170,284 — 170,284 Subordinated Borrowings 6,799 — 6,968 — 6,968 December 31, 2016 Carrying Estimated Fair Value Amount Level I Level II Level III Total Financial Assets: Cash and Cash Equivalents $ 549,351 $ 549,351 $ — $ — $ 549,351 Securities Purchased Under Agreements to Resell 12,585 — 12,585 — 12,585 Accounts Receivable 230,522 — 230,522 — 230,522 Receivable from Employees and Related Parties 15,034 — 15,034 — 15,034 Assets Segregated for Bank Regulatory Requirements 10,200 10,200 — — 10,200 Closely-held Equity Security 1,079 — — 1,079 1,079 Financial Liabilities: Accounts Payable and Accrued Expenses $ 30,723 $ — $ 30,723 $ — $ 30,723 Securities Sold Under Agreements to Repurchase 31,150 — 31,150 — 31,150 Payable to Employees and Related Parties 27,366 — 27,366 — 27,366 Notes Payable 168,097 — 170,251 — 170,251 Subordinated Borrowings 16,550 — 16,803 — 16,803 |
Notes Payable and Subordinate31
Notes Payable and Subordinated Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Notes Payable is comprised of the following as of September 30, 2017 and December 31, 2016 : Carrying Value (a) Note Maturity Date Effective Annual Interest Rate September 30, 2017 December 31, 2016 Evercore Inc. 4.88% Series A Senior Notes 3/30/2021 5.16 % $ 37,662 $ 37,597 Evercore Inc. 5.23% Series B Senior Notes 3/30/2023 5.44 % 66,330 66,254 Evercore Inc. 5.48% Series C Senior Notes 3/30/2026 5.64 % 47,480 47,445 Evercore Inc. 5.58% Series D Senior Notes 3/30/2028 5.72 % 16,810 16,801 Total $ 168,282 $ 168,097 (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) | 9 Months Ended |
Sep. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
Schedule of Noncontrolling Interest | Noncontrolling Interest recorded in the unaudited condensed consolidated financial statements of the Company relates to the following interests in certain consolidated subsidiaries, which are not owned by the Company: September 30, 2017 September 30, 2016 Subsidiary: Evercore LP 13 % 14 % Evercore Wealth Management L.L.C. ("EWM") 38 % 38 % Private Capital Advisory L.P. ("PCA") 26 % 39 % |
Changes in Noncontrolling Interest | Changes in Noncontrolling Interest for the nine months ended September 30, 2017 and 2016 were as follows: For the Nine Months Ended September 30, 2017 2016 Beginning balance $ 256,033 $ 202,664 Comprehensive income (loss): Net Income Attributable to Noncontrolling Interest 35,740 24,454 Other comprehensive income (loss) 1,264 (2,697 ) Total comprehensive income 37,004 21,757 Evercore LP Units Purchased or Converted into Class A Shares (29,393 ) (9,164 ) Amortization and Vesting of LP Units/Interests 7,294 66,357 Other Items: Distributions to Noncontrolling Interests (26,315 ) (25,519 ) Issuance of Noncontrolling Interest 8,279 885 Purchase of Noncontrolling Interest (261 ) (5,225 ) Deconsolidation of GCP III — (5,808 ) Other, net (221 ) (415 ) Total other items (18,518 ) (36,082 ) Ending balance $ 252,420 $ 245,532 |
Net Income Per Share Attribut33
Net Income Per Share Attributable to Evercore Inc. Common Shareholders (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 Inc. common shareholders for the three and nine months ended September 30, 2017 and 2016 are described and presented below. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders Numerator: Net income attributable to Evercore Inc. common shareholders $ 45,911 $ 34,695 $ 144,866 $ 64,100 Denominator: Weighted average Class A Shares outstanding, including vested restricted stock units ("RSUs") 39,045 38,912 39,873 39,259 Basic net income per share attributable to Evercore Inc. common shareholders $ 1.18 $ 0.89 $ 3.63 $ 1.63 Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders Numerator: Net income attributable to Evercore Inc. common shareholders $ 45,911 $ 34,695 $ 144,866 $ 64,100 Noncontrolling interest related to the assumed exchange of LP Units for Class A Shares (b) (b) (b) (b) Associated corporate taxes related to the assumed elimination of Noncontrolling Interest described above (b) (b) (b) (b) Diluted net income attributable to Evercore Inc. common shareholders $ 45,911 $ 34,695 $ 144,866 $ 64,100 Denominator: Weighted average Class A Shares outstanding, including vested RSUs 39,045 38,912 39,873 39,259 Assumed exchange of LP Units for Class A Shares (a)(b) 1,420 — 473 — 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 2,590 2,108 2,509 1,855 Shares that are contingently issuable (c) 981 2,714 2,032 2,971 Diluted weighted average Class A Shares outstanding 44,036 43,734 44,887 44,085 Diluted net income per share attributable to Evercore Inc. common shareholders $ 1.04 $ 0.79 $ 3.23 $ 1.45 (a) The Company has outstanding Class J limited partnership units of Evercore LP ("Class J LP Units"), which convert into Class E limited partnership units of Evercore LP ("Class E LP Units") and ultimately become exchangeable into Class A Shares on a one -for-one basis. During the three and nine months ended September 30, 2017 , the LP Units were dilutive and consequently the effect of their exchange into Class A Shares has been included in the calculation of diluted net income per share attributable to Evercore Inc. common shareholders under the if-converted method. In computing this adjustment, the Company assumes that all Class J LP Units are converted into Class A Shares. (b) The Company also has outstanding Class A and E LP Units in Evercore LP, which give the holders the right to receive Class A Shares upon exchange on a one -for-one basis. During the three and nine months ended September 30, 2017 and 2016 , 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 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 Inc. common shareholders if the effect would have been dilutive were 5,930 and 6,010 for the three and nine months ended September 30, 2017 , respectively, and 6,410 and 6,440 for the three and nine months ended September 30, 2016 , 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 $6,628 and $20,746 for the three and nine months ended September 30, 2017 , respectively, and $5,972 and $11,235 for the three and nine months ended September 30, 2016 , respectively. In computing this adjustment, the Company assumes that all vested Class A LP Units and all Class E LP Units are converted into Class A Shares, that all earnings attributable to those shares are attributed to Evercore 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 Class A and E LP Units will result in a dilutive computation in future periods. (c) During the three and nine months ended September 30, 2017 and 2016 , the Company had outstanding Class G and H limited partnership interests of Evercore LP ("Class G and H LP Interests") which were contingently exchangeable into Class E LP Units, and ultimately Class A Shares, as well as outstanding Class I-P units of Evercore LP ("Class I-P Units") which are contingently exchangeable into Class I limited partnership units of Evercore LP ("Class I LP Units"), and ultimately Class A Shares, as they are subject to certain performance thresholds being achieved. In July 2017, the Company exchanged all of the outstanding Class H LP Interests for a number of Class J LP Units. See Note 14 for a further discussion. For the purposes of calculating diluted net income per share attributable to Evercore Inc. common shareholders, the Company's Class G and H LP Interests and Class I-P Units are 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 are included in diluted weighted average Class A Shares outstanding is based on the number of shares that would be issuable if the end of the reporting period were the end of the performance period. The Interests/Units that were assumed to be converted to an equal number of Class A Shares for purposes of computing diluted net income per share attributable to Evercore Inc. common shareholders were 981 and 2,032 for the three and nine months ended September 30, 2017 , respectively, and 2,714 and 2,971 for the three and nine months ended September 30, 2016 , respectively. |
Segment Operating Results (Tabl
Segment Operating Results (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Information Regarding Operations By Segment | The following information presents each segment's contribution. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Investment Banking Net Revenues (1) $ 388,299 $ 368,634 $ 1,115,478 $ 936,504 Operating Expenses 293,264 268,666 844,573 707,846 Other Expenses (2) 11,748 17,422 26,663 75,854 Operating Income 83,287 82,546 244,242 152,804 Income (Loss) from Equity Method Investments (75 ) (112 ) (111 ) (94 ) Pre-Tax Income $ 83,212 $ 82,434 $ 244,131 $ 152,710 Identifiable Segment Assets $ 1,239,812 $ 1,114,565 $ 1,239,812 $ 1,114,565 Investment Management Net Revenues (1) $ 18,302 $ 17,680 $ 48,840 $ 58,179 Operating Expenses 14,027 14,843 40,441 46,357 Other Expenses (2) 492 298 7,976 811 Operating Income 3,783 2,539 423 11,011 Income from Equity Method Investments 1,902 1,290 5,618 4,223 Pre-Tax Income $ 5,685 $ 3,829 $ 6,041 $ 15,234 Identifiable Segment Assets $ 321,223 $ 347,065 $ 321,223 $ 347,065 Total Net Revenues (1) $ 406,601 $ 386,314 $ 1,164,318 $ 994,683 Operating Expenses 307,291 283,509 885,014 754,203 Other Expenses (2) 12,240 17,720 34,639 76,665 Operating Income 87,070 85,085 244,665 163,815 Income from Equity Method Investments 1,827 1,178 5,507 4,129 Pre-Tax Income $ 88,897 $ 86,263 $ 250,172 $ 167,944 Identifiable Segment Assets $ 1,561,035 $ 1,461,630 $ 1,561,035 $ 1,461,630 (1) Net revenues include Other Revenue, net, allocated to the segments as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Investment Banking (A) $ (535 ) $ 200 $ (2,825 ) $ 270 Investment Management (B) 66 522 376 337 Total Other Revenue, net $ (469 ) $ 722 $ (2,449 ) $ 607 (A) Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and the line of credit of $2,488 and $7,494 for the three and nine months ended September 30, 2017 , respectively, and $2,592 and $6,946 for the three and nine months ended September 30, 2016 , respectively. (B) Investment Management Other Revenue, net, includes interest expense on the Notes Payable and the line of credit of $670 for the nine months ended September 30, 2016. (2) Other Expenses are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Investment Banking Amortization of LP Units / Interests and Certain Other Awards $ 9,249 $ 13,859 $ 4,980 $ 66,356 Special Charges — — 14,400 — Acquisition and Transition Costs 107 41 107 (692 ) Fair Value of Contingent Consideration — 984 — 1,671 Intangible Asset and Other Amortization 2,392 2,538 7,176 8,519 Total Investment Banking 11,748 17,422 26,663 75,854 Investment Management Special Charges — — 7,107 — Acquisition and Transition Costs 492 298 869 702 Intangible Asset and Other Amortization — — — 109 Total Investment Management 492 298 7,976 811 Total Other Expenses $ 12,240 $ 17,720 $ 34,639 $ 76,665 |
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 September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Net Revenues: (1) United States $ 305,258 $ 322,128 $ 842,907 $ 714,983 Europe and Other 94,705 54,690 314,205 247,371 Latin America 7,107 8,774 9,655 31,722 Total $ 407,070 $ 385,592 $ 1,166,767 $ 994,076 (1) Excludes Other Revenue and Interest Expense. |
Assets by Geographic Areas | The Company's total assets are located in the following geographical areas: September 30, 2017 December 31, 2016 Total Assets: United States $ 1,280,698 $ 1,376,101 Europe and Other 207,605 190,380 Latin America 72,732 95,865 Total $ 1,561,035 $ 1,662,346 |
Significant Accounting Polici35
Significant Accounting Policies (Details) - Variable Interest Entity, Primary Beneficiary [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Significant Accounting Policies [Line Items] | ||
Consolidated Assets | $ 123,224 | $ 116,958 |
Consolidated Liabilities | $ 67,054 | $ 90,260 |
Business Developments, Acquis36
Business Developments, Acquisition and Transition Costs, Special Charges and Intangible Asset Amortization (Details) - USD ($) $ in Thousands | Oct. 18, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | May 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||||||||
Assets Held for Sale | $ 29,942 | $ 29,942 | $ 0 | ||||||
Disposal Group, Including Discontinued Operation, Goodwill, Current | 28,442 | 28,442 | |||||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 1,500 | 1,500 | |||||||
Liabilities Held for Sale | 403 | 403 | 0 | ||||||
Acquisition and Transition Costs | 599 | $ 339 | 976 | $ 10 | |||||
Reversal Of Provision | 733 | ||||||||
Special Charges | 0 | 0 | 21,507 | 0 | |||||
Other Equity Method Investments [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity Method Investment | 69,718 | 69,718 | 79,717 | ||||||
G5 Evercore [Member] | Other Equity Method Investments [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity Method Investment | 12,238 | 12,238 | $ 11,555 | $ 26,016 | |||||
Investment Management [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition and Transition Costs | 492 | 298 | 869 | 702 | |||||
Special Charges | 0 | 0 | 7,107 | 0 | |||||
Amortization of Intangible Assets | 118 | 117 | 354 | 460 | |||||
Investment Banking [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition and Transition Costs | 107 | 41 | 107 | (692) | |||||
Special Charges | 0 | 0 | 14,400 | 0 | |||||
Amortization of Intangible Assets | $ 2,357 | $ 2,582 | 7,071 | $ 8,659 | |||||
Investment Banking [Member] | G5 Evercore [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Fair Value Inputs, Discount Rate | 17.50% | ||||||||
Compound Annual Growth Rate, Revenue | 5.00% | ||||||||
Investment Banking [Member] | Special Charges [Member] | G5 Evercore [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity Method Investment, Other than Temporary Impairment | $ 14,400 | 14,400 | |||||||
Institutional Asset Management [Member] | Investment Management [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Fair Value Inputs, Discount Rate | 17.50% | ||||||||
Compound Annual Growth Rate, Revenue | 11.00% | ||||||||
Goodwill, Impairment Loss, Net of Tax | 3,694 | ||||||||
Institutional Asset Management [Member] | Investment Management [Member] | Special Charges [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill, Impairment Loss | $ 7,107 | $ 7,107 | |||||||
Subsequent Event [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Proceeds from Divestiture of Businesses | $ 34,354 | ||||||||
Gain (Loss) on Disposition of Business | $ 8,200 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||||
Subordinated Borrowings | $ 6,799 | $ 6,799 | $ 16,550 | ||
Other Assets [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from Related Parties, Noncurrent | 12,803 | 12,803 | $ 17,862 | ||
Investment Management [Member] | Private Equity Fund [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue from Related Parties | $ (14) | $ 1,433 | $ (96) | $ 10,182 | |
Investment Banking [Member] | Director [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue from Related Parties | $ 11,981 | $ 13,282 |
Marketable Securities and Cer38
Marketable Securities and Certificates of Deposit - Amortized Cost and Estimated Fair Value of Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Securities Investments | ||
Cost | $ 52,211 | $ 68,527 |
Gross Unrealized Gains | 4,260 | 1,931 |
Gross Unrealized Losses | 4,136 | 3,971 |
Fair Value | 52,335 | 66,487 |
Securities Investments [Member] | ||
Securities Investments | ||
Cost | 7,098 | 6,470 |
Gross Unrealized Gains | 6 | 0 |
Gross Unrealized Losses | 4,069 | 3,945 |
Fair Value | 3,035 | 2,525 |
Debt Securities Carried by EGL [Member] | ||
Securities Investments | ||
Cost | 22,806 | 38,392 |
Gross Unrealized Gains | 87 | 77 |
Gross Unrealized Losses | 1 | 15 |
Fair Value | 22,892 | 38,454 |
Investment Funds [Member] | ||
Securities Investments | ||
Cost | 22,307 | 23,665 |
Gross Unrealized Gains | 4,167 | 1,854 |
Gross Unrealized Losses | 66 | 11 |
Fair Value | $ 26,408 | $ 25,508 |
Marketable Securities and Cer39
Marketable Securities and Certificates of Deposit - Scheduled Maturities of Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Due within one year, amortized cost | $ 101 | $ 0 |
Due after one year through five years, amortized cost | 1,609 | 1,748 |
Total, amortized cost | 1,710 | 1,748 |
Due within one year, fair value | 101 | 0 |
Due after one year through five years, fair value | 1,613 | 1,728 |
Total, fair value | $ 1,714 | $ 1,728 |
Marketable Securities and Cer40
Marketable Securities and Certificates of Deposit - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Schedule Of Marketable Securities [Line Items] | ||||
Certificates of Deposit, at Carrying Value | $ 63,417 | $ 63,417 | ||
Securities Investments [Member] | ||||
Schedule Of Marketable Securities [Line Items] | ||||
Marketable Securities, Realized Gains (Losses) | $ (12) | (26) | $ (33) | |
Debt Securities Carried by EGL [Member] | ||||
Schedule Of Marketable Securities [Line Items] | ||||
Marketable Securities, Realized and Unrealized Gains (Losses) | (340) | (341) | (707) | (680) |
Investment Funds [Member] | ||||
Schedule Of Marketable Securities [Line Items] | ||||
Marketable Securities, Realized and Unrealized Gains (Losses) | $ 1,013 | $ 707 | $ 2,570 | $ 1,232 |
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 (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Securities Average Estimated Maturity Period (in years) | 1 year 3 months 18 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 (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial Instruments Owned and Pledged as Collateral at Fair Value | $ 22,632 | $ 18,535 |
Securities Purchased Under Agreements to Resell | 11,268 | 12,585 |
Securities Sold Under Agreements to Repurchase | (33,912) | (31,150) |
Asset (Liability) Balance [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial Instruments Owned and Pledged as Collateral at Fair Value | 22,632 | 18,535 |
Securities Purchased Under Agreements to Resell | 11,268 | 12,585 |
Total Assets | 33,900 | 31,120 |
Securities Sold Under Agreements to Repurchase | (33,912) | (31,150) |
Market Value of Collateral Received or (Pledged) [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities Purchased Under Agreements to Resell | 11,264 | 12,601 |
Securities Sold Under Agreements to Repurchase | $ (33,917) | $ (31,155) |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2010 | |
Schedule of Investments [Line Items] | |||||||
Marketable Securities and Certificates of Deposit | $ 115,752,000 | $ 115,752,000 | $ 66,487,000 | ||||
Net Realized and Unrealized Gains (Losses) on Private Equity Fund Investments, Including Performance Fees | 1,208,000 | $ 171,000 | (985,000) | $ 6,302,000 | |||
Previously Received Carried Interest Subject to Repayment | 0 | 0 | |||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 10,696,000 | 10,696,000 | 9,889,000 | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 13,035,000 | 13,035,000 | |||||
Unfunded Commitments for Capital Contributions | 3,529,000 | 3,529,000 | |||||
Cost Method Investments | 1,079,000 | 1,079,000 | 1,079,000 | ||||
Income (Loss) from Equity Method Investments | 1,827,000 | 1,178,000 | 5,507,000 | 4,129,000 | |||
Investment Banking [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Income (Loss) from Equity Method Investments | (75,000) | (112,000) | (111,000) | (94,000) | |||
Amortization of Intangible Assets | 2,357,000 | 2,582,000 | 7,071,000 | 8,659,000 | |||
Trilantic [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Issued LP Units (in shares) | 500,000 | ||||||
Limited Partnership Investment | $ 16,090,000 | ||||||
Participation in Successor Funds | 12,000,000 | 12,000,000 | |||||
Glisco [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Cost Method Investments | $ 2,172,000 | $ 2,172,000 | 2,463,000 | ||||
G5 Evercore [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | |||||
Income (Loss) from Equity Method Investments | $ (93,000) | (107,000) | $ (144,000) | (78,000) | |||
G5 Evercore [Member] | Special Charges [Member] | Investment Banking [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Equity Method Investment, Other than Temporary Impairment | $ 14,400,000 | $ 14,400,000 | |||||
ABS [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 45.00% | 45.00% | |||||
Income (Loss) from Equity Method Investments | $ 1,676,000 | 1,113,000 | $ 4,919,000 | 3,687,000 | |||
Atalanta Sosnoff [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | |||||
Income (Loss) from Equity Method Investments | $ 190,000 | 172,000 | $ 621,000 | 520,000 | |||
Luminis [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 19.00% | 19.00% | |||||
Income (Loss) from Equity Method Investments | $ 54,000 | $ 111,000 | |||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Minimum [Member] | ECP II [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Percent Ownership of Carried Interest | 8.00% | ||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Maximum [Member] | ECP II [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Percent Ownership of Carried Interest | 9.00% | ||||||
Trilantic [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Investment | 10,462,000 | $ 10,462,000 | 11,632,000 | ||||
Trilantic [Member] | Trilantic V [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Investment | 1,170,000 | 1,170,000 | 3,280,000 | ||||
Capital Commitment | 5,000,000 | 5,000,000 | |||||
Unfunded Commitments for Capital Contributions | 1,130,000 | 1,130,000 | |||||
Trilantic [Member] | Trilantic IV [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Investment | 1,178,000 | ||||||
Equity Method Investments [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Amortization of Intangible Assets | 391,000 | $ 884,000 | 1,172,000 | $ 2,648,000 | |||
Private Equity Funds [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Equity Method Investment | 15,776,000 | 15,776,000 | 21,742,000 | ||||
Private Equity Funds [Member] | ECP II [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Equity Method Investment | 838,000 | 838,000 | $ 933,000 | ||||
Cash | 814,000 | 814,000 | |||||
Marketable Securities and Certificates of Deposit | $ 24,000 | $ 24,000 |
Investments - Summary of Invest
Investments - Summary of Investment in Private Equity Funds (Details) - Private Equity Funds [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | $ 15,776 | $ 21,742 |
ECP II [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | 838 | 933 |
Discovery Fund [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | 0 | 7,463 |
Glisco II [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | 7,854 | 6,897 |
Glisco III [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | 671 | 529 |
Trilantic IV [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | 293 | 211 |
Trilantic V [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | $ 6,120 | $ 5,709 |
Investments - Summary of Other
Investments - Summary of Other Equity Investments (Details) - Other Equity Method Investments [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | May 31, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment | $ 69,718 | $ 79,717 | |
G5 Evercore [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment | 12,238 | $ 11,555 | 26,016 |
ABS [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment | 37,501 | 38,982 | |
Atalanta Sosnoff [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment | 14,368 | 14,719 | |
Luminis [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment | $ 5,611 | $ 0 |
Fair Value Measurements - Categ
Fair Value Measurements - Categorization of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | $ 99,904 | $ 94,195 |
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 | 44,736 | 44,630 |
Securities Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 6,128 | 5,522 |
Investment Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 26,408 | 25,508 |
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 | 22,632 | 18,535 |
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 | 24,937 | 9,173 |
Level I [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 53,454 | 47,837 |
Cash and Cash Equivalents | 414,918 | 549,351 |
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 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 4,414 | 3,794 |
Level I [Member] | Investment Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 26,408 | 25,508 |
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 | 22,632 | 18,535 |
Level II [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 46,450 | 46,358 |
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 | 44,736 | 44,630 |
Level II [Member] | Securities Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured At Fair Value | 1,714 | 1,728 |
Level II [Member] | Investment Funds [Member] | ||
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 [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] | Investment Funds [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] | 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 - Addit
Fair Value Measurements - Additional Information (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Equity Method Investments [Member] | Level III [Member] | Atalanta Sosnoff [Member] | |
Fair Value Measurements, Nonrecurring [Line Items] | |
Assets, Fair Value Disclosure, Nonrecurring | $ 14,730 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amount and Estimated Fair Value of Financial Instrument Assets and Liabilities which are Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Level I [Member] | ||
Financial Assets: | ||
Cash and Cash Equivalents | $ 414,918 | $ 549,351 |
Certificates of Deposit | 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 | 10,200 | 10,200 |
Closely-held Equity Security | 0 | 0 |
Financial Liabilities: | ||
Accounts Payable and Accrued Expenses | 0 | 0 |
Securities Sold Under Agreements to Repurchase | 0 | 0 |
Payable to Employees and Related Parties | 0 | 0 |
Notes Payable | 0 | 0 |
Subordinated Borrowings | 0 | 0 |
Level II [Member] | ||
Financial Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Certificates of Deposit | 63,417 | |
Securities Purchased Under Agreements to Resell | 11,268 | 12,585 |
Accounts Receivable | 206,885 | 230,522 |
Receivable from Employees and Related Parties | 16,934 | 15,034 |
Assets Segregated for Bank Regulatory Requirements | 0 | 0 |
Closely-held Equity Security | 0 | 0 |
Financial Liabilities: | ||
Accounts Payable and Accrued Expenses | 33,001 | 30,723 |
Securities Sold Under Agreements to Repurchase | 33,912 | 31,150 |
Payable to Employees and Related Parties | 27,832 | 27,366 |
Notes Payable | 170,284 | 170,251 |
Subordinated Borrowings | 6,968 | 16,803 |
Level III [Member] | ||
Financial Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Certificates of Deposit | 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 |
Financial Liabilities: | ||
Accounts Payable and Accrued Expenses | 0 | 0 |
Securities Sold Under Agreements to Repurchase | 0 | 0 |
Payable to Employees and Related Parties | 0 | 0 |
Notes Payable | 0 | 0 |
Subordinated Borrowings | 0 | 0 |
Carrying Amount [Member] | ||
Financial Assets: | ||
Cash and Cash Equivalents | 414,918 | 549,351 |
Certificates of Deposit | 63,417 | |
Securities Purchased Under Agreements to Resell | 11,268 | 12,585 |
Accounts Receivable | 206,885 | 230,522 |
Receivable from Employees and Related Parties | 16,934 | 15,034 |
Assets Segregated for Bank Regulatory Requirements | 10,200 | 10,200 |
Closely-held Equity Security | 1,079 | 1,079 |
Financial Liabilities: | ||
Accounts Payable and Accrued Expenses | 33,001 | 30,723 |
Securities Sold Under Agreements to Repurchase | 33,912 | 31,150 |
Payable to Employees and Related Parties | 27,832 | 27,366 |
Notes Payable | 168,282 | 168,097 |
Subordinated Borrowings | 6,799 | 16,550 |
Estimated Fair Value [Member] | ||
Financial Assets: | ||
Cash and Cash Equivalents | 414,918 | 549,351 |
Certificates of Deposit | 63,417 | |
Securities Purchased Under Agreements to Resell | 11,268 | 12,585 |
Accounts Receivable | 206,885 | 230,522 |
Receivable from Employees and Related Parties | 16,934 | 15,034 |
Assets Segregated for Bank Regulatory Requirements | 10,200 | 10,200 |
Closely-held Equity Security | 1,079 | 1,079 |
Financial Liabilities: | ||
Accounts Payable and Accrued Expenses | 33,001 | 30,723 |
Securities Sold Under Agreements to Repurchase | 33,912 | 31,150 |
Payable to Employees and Related Parties | 27,832 | 27,366 |
Notes Payable | 170,284 | 170,251 |
Subordinated Borrowings | $ 6,968 | $ 16,803 |
Notes Payable and Subordinate49
Notes Payable and Subordinated Borrowings - Additional Information (Details) - USD ($) | Mar. 30, 2016 | Apr. 30, 2017 | Feb. 28, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
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 Borrowing, Interest Rate (as a percent) | 5.50% | ||||
Subordinated Borrowings | $ 6,799,000 | $ 16,550,000 | |||
Subordinated Debt [Member] | |||||
Notes Payable [Line Items] | |||||
Extinguishment of Debt, Amount | $ 3,751,000 | $ 6,000,000 | |||
Parent Company [Member] | Senior Notes [Member] | |||||
Notes Payable [Line Items] | |||||
Extinguishment of Debt, Amount | $ 120,000,000 | ||||
Parent Company [Member] | Senior Notes [Member] | |||||
Notes Payable [Line Items] | |||||
Long-term Debt, Gross | 170,000,000 | ||||
Parent Company [Member] | Series A Senior Notes [Member] | |||||
Notes Payable [Line Items] | |||||
Long-term Debt, Gross | $ 38,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | ||||
Parent Company [Member] | Series B Senior Notes [Member] | |||||
Notes Payable [Line Items] | |||||
Long-term Debt, Gross | $ 67,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.23% | ||||
Parent Company [Member] | Series C Senior Notes [Member] | |||||
Notes Payable [Line Items] | |||||
Long-term Debt, Gross | $ 48,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.48% | ||||
Parent Company [Member] | Series D Senior Notes [Member] | |||||
Notes Payable [Line Items] | |||||
Long-term Debt, Gross | $ 17,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.58% |
Notes Payable and Subordinate50
Notes Payable and Subordinated Borrowings - Schedule of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Series A Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Effective Annual Interest Rate | 5.16% | |
Carrying Value | $ 37,662 | $ 37,597 |
Series B Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Effective Annual Interest Rate | 5.44% | |
Carrying Value | $ 66,330 | 66,254 |
Series C Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Effective Annual Interest Rate | 5.64% | |
Carrying Value | $ 47,480 | 47,445 |
Series D Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Effective Annual Interest Rate | 5.72% | |
Carrying Value | $ 16,810 | 16,801 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 168,282 | $ 168,097 |
Evercore Inc. Stockholders' E51
Evercore Inc. Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Oct. 23, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Temporary Equity [Line Items] | |||||
Dividends Declared Per Share of Class A Common Stock (in dollars per share) | $ 0.34 | $ 0.31 | $ 1.02 | $ 0.93 | |
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 1.02 | ||||
Declared and Paid Dividends | $ 47,776 | ||||
Shares Purchased for the Net Settlement of Stock-based Compensation Awards (in shares) | 1,133 | ||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 74.96 | ||||
Treasury Stock, Shares, Acquired (in shares) | 3,889 | ||||
Increase in Treasury Stock | $ 291,689 | ||||
LP Units Exchanged By Employees (in units) | 738 | ||||
Increase in Common Stock | $ 8 | ||||
Adjustments to Additional Paid-In-Capital | 27,774 | ||||
Accumulated Unrealized Gain (Loss) on Marketable Securities | $ (5,506) | (5,506) | |||
Foreign Currency Translation Adjustment Gain (Loss), Net | $ (39,460) | $ (39,460) | |||
Share Repurchase Program [Member] | |||||
Temporary Equity [Line Items] | |||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 73.75 | ||||
Stock Repurchase Program Number of Shares Purchased (in shares) | 2,757 | ||||
Net Settlement of Share Based Awards [Member] | |||||
Temporary Equity [Line Items] | |||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 77.89 | ||||
Minimum [Member] | |||||
Temporary Equity [Line Items] | |||||
Treasury Stock Acquired, Market Value Per Share (in dollars per share) | 50.90 | ||||
Minimum [Member] | Share Repurchase Program [Member] | |||||
Temporary Equity [Line Items] | |||||
Treasury Stock Acquired, Market Value Per Share (in dollars per share) | 67.37 | ||||
Maximum [Member] | |||||
Temporary Equity [Line Items] | |||||
Treasury Stock Acquired, Market Value Per Share (in dollars per share) | 81.52 | ||||
Maximum [Member] | Share Repurchase Program [Member] | |||||
Temporary Equity [Line Items] | |||||
Treasury Stock Acquired, Market Value Per Share (in dollars per share) | $ 78.81 | ||||
Subsequent Event [Member] | |||||
Temporary Equity [Line Items] | |||||
Dividends Declared Per Share of Class A Common Stock (in dollars per share) | $ 0.40 |
Noncontrolling Interest Noncont
Noncontrolling Interest Noncontrolling Interest - Schedule of Noncontrolling Interest (Details) | Sep. 30, 2017 | Sep. 30, 2016 |
Evercore LP [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest (as a percent) | 13.00% | 14.00% |
Evercore Wealth Management L.L.C. (EWM) [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest (as a percent) | 38.00% | 38.00% |
Private Capital Advisory L.P. (PCA) [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest (as a percent) | 26.00% | 39.00% |
Noncontrolling Interest - Chang
Noncontrolling Interest - Changes In Noncontrolling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Beginning balance | $ 256,033 | |||
Comprehensive income (loss): | ||||
Net Income Attributable to Noncontrolling Interest | $ 14,171 | $ 12,588 | 35,740 | $ 24,454 |
Total comprehensive income | 15,131 | 11,739 | 37,004 | 21,757 |
Ending balance | 252,420 | 252,420 | ||
Noncontrolling Interest [Member] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Beginning balance | 256,033 | 202,664 | ||
Comprehensive income (loss): | ||||
Net Income Attributable to Noncontrolling Interest | 35,740 | 24,454 | ||
Other comprehensive income (loss) | 1,264 | (2,697) | ||
Total comprehensive income | 37,004 | 21,757 | ||
Evercore LP Units Purchased or Converted into Class A Shares | (29,393) | (9,164) | ||
Amortization and Vesting of LP Units/Interests | 7,294 | 66,357 | ||
Distributions to Noncontrolling Interests | (26,315) | (25,519) | ||
Issuance of Noncontrolling Interest | 8,279 | 885 | ||
Purchase of Noncontrolling Interest | (261) | (5,225) | ||
Deconsolidation of GCP III | 0 | (5,808) | ||
Other, net | (221) | (415) | ||
Total other items | (18,518) | (36,082) | ||
Ending balance | $ 252,420 | $ 245,532 | $ 252,420 | $ 245,532 |
Noncontrolling Interest - Addit
Noncontrolling Interest - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands | Mar. 03, 2017 | Jan. 29, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Noncontrolling Interest [Line Items] | ||||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | $ 5 | $ (277) | $ 79 | $ (644) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | $ 955 | $ (572) | 1,185 | (2,053) | ||
Adjustments to Additional Paid-In-Capital | $ 27,774 | |||||
LP Unit Purchases [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Evercore LP Units Purchased or Converted into Class A Common Stock, Shares | 32 | |||||
Noncontrolling Interest, Period Increase (Decrease) | $ (2,523) | |||||
Noncontrolling Interest [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 261 | 5,225 | ||||
Noncontrolling Interest, Period Increase (Decrease) | 29,393 | 9,164 | ||||
Deconsolidation of GCP III | 0 | 5,808 | ||||
PCA [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Purchase of Noncontrolling Interest (as a percent) | 13.00% | |||||
Purchase of Noncontrolling Interest | $ 7,071 | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 261 | |||||
Adjustments to Additional Paid-In-Capital | $ (6,810) | |||||
ECB [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Purchase of Noncontrolling Interest | $ 6,482 | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 5,225 | |||||
Adjustments to Additional Paid-In-Capital | (1,257) | |||||
GCP III [Member] | Noncontrolling Interest [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Deconsolidation of GCP III | $ 5,808 |
Net Income Per Share Attribut55
Net Income Per Share Attributable to Evercore Inc. Common Shareholders - Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders | ||||
Weighted average shares of Class A common stock outstanding, including vested RSUs (in shares) | 39,045 | 38,912 | 39,873 | 39,259 |
Basic net income per share attributable to Evercore Inc. common shareholders (in dollars per share) | $ 1.18 | $ 0.89 | $ 3.63 | $ 1.63 |
Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders | ||||
Weighted average shares of Class A common stock outstanding, including vested RSUs (in shares) | 39,045 | 38,912 | 39,873 | 39,259 |
Diluted weighted average shares of Class A Shares outstanding (in shares) | 44,036 | 43,734 | 44,887 | 44,085 |
Diluted net income per share attributable to Evercore Inc. common shareholders (in dollars per share) | $ 1.04 | $ 0.79 | $ 3.23 | $ 1.45 |
Class A [Member] | ||||
Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders | ||||
Net income attributable to Evercore Inc. common shareholders | $ 45,911 | $ 34,695 | $ 144,866 | $ 64,100 |
Weighted average shares of Class A common stock outstanding, including vested RSUs (in shares) | 39,045 | 38,912 | 39,873 | 39,259 |
Basic net income per share attributable to Evercore Inc. common shareholders (in dollars per share) | $ 1.18 | $ 0.89 | $ 3.63 | $ 1.63 |
Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders | ||||
Net income attributable to Evercore Inc. common shareholders | $ 45,911 | $ 34,695 | $ 144,866 | $ 64,100 |
Noncontrolling interest related to the assumed exchange of LP Units for Class A Shares | ||||
Associated corporate taxes related to the assumed elimination of Noncontrolling Interest described above | ||||
Diluted net income attributable to Evercore Inc. common shareholders | $ 45,911 | $ 34,695 | $ 144,866 | $ 64,100 |
Weighted average shares of Class A common stock outstanding, including vested RSUs (in shares) | 39,045 | 38,912 | 39,873 | 39,259 |
Assumed exchange of LP Units for Class A Shares (in shares) | 1,420 | 0 | 473 | 0 |
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) | 2,590 | 2,108 | 2,509 | 1,855 |
Shares that are contingently issuable (in shares) | 981 | 2,714 | 2,032 | 2,971 |
Diluted weighted average shares of Class A Shares outstanding (in shares) | 44,036 | 43,734 | 44,887 | 44,085 |
Diluted net income per share attributable to Evercore Inc. common shareholders (in dollars per share) | $ 1.04 | $ 0.79 | $ 3.23 | $ 1.45 |
Net Income Per Share Attribut56
Net Income Per Share Attributable to Evercore Inc. Common Shareholders - Additional Information (Details) shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2016 | Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($)shares | Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($)shares | |
Class G And H Interests and Class I-P Units [Member] | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Shares that are Contingently Issuable | 981 | 2,714 | 2,032 | 2,971 | |
LP Units [Member] | Class A and E 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) | 5,930 | 6,410 | 6,010 | 6,440 | |
Adjustment to Diluted Net Income Attributable to Class A Common Shareholders if LP Units were Dilutive | $ | $ 6,628 | $ 5,972 | $ 20,746 | $ 11,235 | |
LP Units [Member] | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Limited Partnership Units Convertible Conversion Ratio | 1 | 1 |
Share-Based and Other Deferre57
Share-Based and Other Deferred Compensation (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | 32 Months Ended | ||||||||||
Jul. 31, 2017USD ($)shares | Feb. 28, 2017shares | Nov. 30, 2016USD ($)shares | Feb. 29, 2016shares | Sep. 30, 2017USD ($)shares | Mar. 31, 2017USD ($)shares | Sep. 30, 2016USD ($) | Feb. 15, 2018USD ($)shares | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)shares | Dec. 31, 2014shares | Feb. 15, 2020shares | Dec. 31, 2012USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Deferred Compensation Arrangement Compensation Expense | $ 8,599 | $ 4,281 | $ 18,419 | $ 11,399 | ||||||||||||
Expense Related to Separation Benefits | 953 | 845 | 4,421 | 4,068 | ||||||||||||
Cash Payments Related to Separation Benefits | $ 54 | 617 | $ 2,399 | 2,379 | ||||||||||||
LP Units [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Limited Partnership Units Convertible Conversion Ratio | 1 | 1 | ||||||||||||||
2016 Stock Incentive Plan [Member] | Class A [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | shares | 10,000,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 7,412,000 | 7,412,000 | ||||||||||||||
Long Term Incentive Plan [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Deferred Compensation Arrangement Compensation Expense | $ 6,721 | 6,117 | $ 19,279 | 13,595 | ||||||||||||
Long Term Incentive Plan Performance Period (in years) | 4 years | |||||||||||||||
Deferred Compensation Arrangement with Individual, Recorded Liability | 49,400 | $ 49,400 | ||||||||||||||
Number of Payment Installments | 3 | |||||||||||||||
Deferred Compensation Arrangement with Individual, Distributions Paid | 19,401 | $ 19,401 | ||||||||||||||
Class I-P Units [Member] | Board of Directors Chairman [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Grant of I-P Units | shares | 400,000 | |||||||||||||||
Retirement Notice Requirement | 1 year | |||||||||||||||
Number of Tranches of Class I-P Units | 2 | |||||||||||||||
Number of Class I-P Units in Each Tranche | shares | 200,000 | |||||||||||||||
Number of Consecutive Trading Days Required for Class I-P Units to Exceed Thresholds | 20 days | |||||||||||||||
Grant of I-P Units, Fair Value of Award | $ 24,412 | |||||||||||||||
Compensation Expense Related to Class I-P Units | 1,164 | $ 3,455 | ||||||||||||||
Restricted Stock Units (RSUs) [Member] | 2016 Stock Incentive Plan [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Shares Issued During Period (in shares) | shares | 2,620,000 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | 2006 and 2016 Stock Incentive Plans [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Shares Vested During Period (in shares) | shares | 2,424,000 | |||||||||||||||
Shares Forfeited During Period | shares | 127,000 | |||||||||||||||
Compensation Expense Related to Service-based Award | 38,124 | 29,505 | $ 116,363 | 86,783 | ||||||||||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | 2016 Stock Incentive Plan [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 69.10 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | 2016 Stock Incentive Plan [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 81.52 | |||||||||||||||
Deferred Cash Compensation Program [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Deferred Compensation, Vesting Period (in years) | 4 years | |||||||||||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 3,750 | $ 3,750 | $ 41,147 | $ 3,926 | ||||||||||||
Restricted Cash Award [Member] | Board of Directors Chairman [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Retirement Notice Requirement | 6 months | |||||||||||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 35,000 | |||||||||||||||
Deferred Compensation Arrangement With Individual Cash Award Tranche One Vesting Amount | 11,000 | |||||||||||||||
Deferred Compensation Arrangement With Individual Cash Award Tranche Two Vesting Amount | $ 6,000 | |||||||||||||||
Awards Vesting Period | 4 years | |||||||||||||||
Restricted Cash Award [Member] | Minimum [Member] | Board of Directors Chairman [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 8,750 | |||||||||||||||
Restricted Cash Award [Member] | Maximum [Member] | Board of Directors Chairman [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 35,000 | |||||||||||||||
Other Deferred Cash [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 27,500 | |||||||||||||||
Awards Vesting Period | 5 years | |||||||||||||||
Employee Loans [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Deferred Compensation Arrangement Compensation Expense | 5,021 | 4,246 | 14,050 | $ 14,777 | ||||||||||||
Deferred Compensation Arrangement with Individual, Recorded Liability | 27,468 | $ 27,468 | ||||||||||||||
Requisite Service Period (in years) | 1 year | |||||||||||||||
Maximum Contractual Term (in years) | 5 years | |||||||||||||||
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 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 | |||||||||||||||
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 | |||||||||||||||
Evercore ISI [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Management Basis EBIT Margin (as a percent) | 15.90% | |||||||||||||||
Management Basis EBIT | $ 37,960 | |||||||||||||||
Evercore ISI [Member] | Scenario, Forecast [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Management Basis EBIT Margin (as a percent) | 14.00% | 11.70% | ||||||||||||||
Management Basis EBIT | $ 34,357 | $ 26,904 | ||||||||||||||
Evercore ISI [Member] | Modified LP Units and Interests [Member] | Acquisition Related [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Compensation Expense Related to Acquisition Related Awards | 3,532 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grant Date Weighted Average Fair Value, Granted | $ 14,891 | |||||||||||||||
Evercore ISI [Member] | Class E LP Units [Member] | Acquisition Related [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share Based Payment Award Equity Instruments Other Than Options Modified in Period | shares | 19,000 | |||||||||||||||
Evercore ISI [Member] | Class E LP Units [Member] | Acquisition Related [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Compensation Expense Related to Acquisition Related Awards | 4,835 | 5,133 | 15,273 | 15,683 | ||||||||||||
Evercore ISI [Member] | Class E LP Units [Member] | Vested LP Units [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Grant of LP Units (in units) | shares | 710,000 | |||||||||||||||
Evercore ISI [Member] | Class E LP Units [Member] | Unvested LP Units [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Grant of LP Units (in units) | shares | 710,000 | |||||||||||||||
Evercore ISI [Member] | Class G Interests [Member] | Acquisition Related [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Shares Vested During Period (in shares) | shares | 368,000 | 371,000 | ||||||||||||||
Share-based Compensation Arrangement by Share Based Payment Award Equity Instruments Other Than Options Modified in Period | shares | 14,000 | |||||||||||||||
Evercore ISI [Member] | Class G Interests [Member] | Acquisition Related [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Additional Compensation Expense Related to Acquisition Related Awards if Maximum Thresholds Were Probable | 16,349 | |||||||||||||||
Evercore ISI [Member] | Class G Interests [Member] | Acquisition Related [Member] | Scenario, Forecast [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Remaining Compensation Expense Related to Acquisition Related Awards if Maximum Thresholds Were Probable | $ 2,456 | |||||||||||||||
Interests That Would Vest Related to Acquisition Related Awards if Maximum Thresholds Were Probable | shares | 366,000 | |||||||||||||||
Evercore ISI [Member] | Class G Interests [Member] | Vested LP Units [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Grant of LP Units (in units) | shares | 538,000 | |||||||||||||||
Evercore ISI [Member] | Class G Interests [Member] | Unvested LP Units [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Grant of LP Units (in units) | shares | 540,000 | |||||||||||||||
Evercore ISI [Member] | Class H Interests [Member] | Acquisition Related [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | shares | 4,148,000 | |||||||||||||||
Share-based Compensation Arrangement by Share Based Payment Award Equity Instruments Other Than Options Modified in Period | shares | 162,000 | |||||||||||||||
Evercore ISI [Member] | Class H Interests [Member] | Acquisition Related [Member] | Scenario, Forecast [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Interests That Would Vest Related to Acquisition Related Awards Based on Current Performance | shares | 2,005,000 | |||||||||||||||
Evercore ISI [Member] | Class H Interests [Member] | Vested LP Units [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Grant of LP Units (in units) | shares | 2,044,000 | |||||||||||||||
Evercore ISI [Member] | Class H Interests [Member] | Unvested LP Units [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Grant of LP Units (in units) | shares | 2,051,000 | |||||||||||||||
Evercore ISI [Member] | Class J LP Units [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Common Stock, Number of Votes | 1 | |||||||||||||||
Evercore ISI [Member] | Class J LP Units [Member] | Class B [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 1 | |||||||||||||||
Evercore ISI [Member] | Class J LP Units [Member] | Acquisition Related [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Compensation Expense Related to Acquisition Related Awards | 2,315 | 2,315 | ||||||||||||||
Evercore ISI [Member] | Class J LP Units [Member] | Vested LP Units [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Grant of LP Units (in units) | shares | 1,012,000 | |||||||||||||||
Evercore ISI [Member] | Class J LP Units [Member] | Unvested LP Units [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Grant of LP Units (in units) | shares | 938,000 | |||||||||||||||
Evercore ISI [Member] | Class G And H Interests [Member] | Acquisition Related [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Compensation Expense Related to Acquisition Related Awards | $ 2,003 | $ 8,629 | $ 12,897 | $ 50,379 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Mar. 10, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 24, 2016 | |
Commitment And Contingencies [Line Items] | ||||||
Rental Expense Relating to Operating Leases | $ 9,905,000 | $ 9,311,000 | $ 29,793,000 | $ 25,065,000 | ||
Unfunded Commitments for Capital Contributions | 3,529,000 | $ 3,529,000 | ||||
Inter-Bank Balance Interest Rate [Member] | ||||||
Commitment And Contingencies [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||
PNC Bank [Member] | ||||||
Commitment And Contingencies [Line Items] | ||||||
Maximum Borrowing Capacity | $ 30,000,000 | |||||
Amount Outstanding During Period | $ 30,000,000 | |||||
BBVA Bancomer [Member] | ||||||
Commitment And Contingencies [Line Items] | ||||||
Maximum Borrowing Capacity | 10,994,000 | $ 10,994,000 | ||||
Protego [Member] | ||||||
Commitment And Contingencies [Line Items] | ||||||
Percentage of the Return Proceeds Received Payable | 90.00% | |||||
Protego [Member] | Private Equity Funds [Member] | Discovery Fund [Member] | ||||||
Commitment And Contingencies [Line Items] | ||||||
Goodwill, Gross | $ 13,558,000 | $ 13,558,000 |
Regulatory Authorities (Details
Regulatory Authorities (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
EGL [Member] | ||
Regulatory Authorities [Line Items] | ||
Alternative Net Capital Requirement | $ 250,000 | |
Net Capital | 192,300,000 | $ 119,644,000 |
Alternative Excess Net Capital | 192,050,000 | $ 119,394,000 |
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 (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Provision for Income Taxes | $ 28,815 | $ 38,980 | $ 69,566 | $ 79,390 |
Effective Income Tax Rate Reconciliation, Percent | 32.00% | 45.00% | 28.00% | 47.00% |
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount | $ (23,663) | |||
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Percent | 9.00% | |||
Increase (Decrease) in Deferred Tax Assets, Changes in Unrealized Gain (Loss) on Marketable Securities | $ (218) | $ 519 | ||
Increase (Decrease) in Deferred Tax Assets, Changes in Foreign Currency Translation Adjustments | $ (3,244) | $ 6,306 |
Segment Operating Results - Add
Segment Operating Results - Additional Information (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017segment | |
Segment Reporting [Abstract] | ||
Number of reporting segments | 2 | |
Number of clients contributing more than 10% revenue | 1 |
Segment Operating Results (Deta
Segment Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Net Revenues | $ 406,601 | $ 386,314 | $ 1,164,318 | $ 994,683 | |
Operating Expenses | 307,291 | 283,509 | 885,014 | 754,203 | |
Other Expenses | 12,240 | 17,720 | 34,639 | 76,665 | |
Income Before Income from Equity Method Investments and Income Taxes | 87,070 | 85,085 | 244,665 | 163,815 | |
Income (Loss) from Equity Method Investments | 1,827 | 1,178 | 5,507 | 4,129 | |
Pre-Tax Income | 88,897 | 86,263 | 250,172 | 167,944 | |
Identifiable Segment Assets | 1,561,035 | 1,461,630 | 1,561,035 | 1,461,630 | $ 1,662,346 |
Investment Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Revenues | 388,299 | 368,634 | 1,115,478 | 936,504 | |
Operating Expenses | 293,264 | 268,666 | 844,573 | 707,846 | |
Other Expenses | 11,748 | 17,422 | 26,663 | 75,854 | |
Income Before Income from Equity Method Investments and Income Taxes | 83,287 | 82,546 | 244,242 | 152,804 | |
Income (Loss) from Equity Method Investments | (75) | (112) | (111) | (94) | |
Pre-Tax Income | 83,212 | 82,434 | 244,131 | 152,710 | |
Identifiable Segment Assets | 1,239,812 | 1,114,565 | 1,239,812 | 1,114,565 | |
Investment Management [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Revenues | 18,302 | 17,680 | 48,840 | 58,179 | |
Operating Expenses | 14,027 | 14,843 | 40,441 | 46,357 | |
Other Expenses | 492 | 298 | 7,976 | 811 | |
Income Before Income from Equity Method Investments and Income Taxes | 3,783 | 2,539 | 423 | 11,011 | |
Income (Loss) from Equity Method Investments | 1,902 | 1,290 | 5,618 | 4,223 | |
Pre-Tax Income | 5,685 | 3,829 | 6,041 | 15,234 | |
Identifiable Segment Assets | $ 321,223 | $ 347,065 | $ 321,223 | $ 347,065 |
Segment Operating Results - (Fo
Segment Operating Results - (Footnotes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Other Revenue, net | $ (469) | $ 722 | $ (2,449) | $ 607 |
Special Charges | 0 | 0 | 21,507 | 0 |
Acquisition and Transition Costs | 599 | 339 | 976 | 10 |
Total Other Expenses | 12,240 | 17,720 | 34,639 | 76,665 |
Investment Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other Revenue, net | (535) | 200 | (2,825) | 270 |
Interest expense on Notes Payable, Subordinated Borrowing and Line of Credit | 2,488 | 2,592 | 7,494 | 6,946 |
Amortization of LP Units / Interests and Certain Other Awards | 9,249 | 13,859 | 4,980 | 66,356 |
Special Charges | 0 | 0 | 14,400 | 0 |
Acquisition and Transition Costs | 107 | 41 | 107 | (692) |
Fair Value of Contingent Consideration | 0 | 984 | 0 | 1,671 |
Intangible Asset and Other Amortization | 2,392 | 2,538 | 7,176 | 8,519 |
Total Other Expenses | 11,748 | 17,422 | 26,663 | 75,854 |
Investment Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other Revenue, net | 66 | 522 | 376 | 337 |
Interest expense on Notes Payable, Subordinated Borrowing and Line of Credit | 670 | |||
Special Charges | 0 | 0 | 7,107 | 0 |
Acquisition and Transition Costs | 492 | 298 | 869 | 702 |
Intangible Asset and Other Amortization | 0 | 0 | 0 | 109 |
Total Other Expenses | $ 492 | $ 298 | $ 7,976 | $ 811 |
Segment Operating Results - Rev
Segment Operating Results - Revenues Derived from Clients and Private Equity Funds by Geographical Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net Revenues | $ 407,070 | $ 385,592 | $ 1,166,767 | $ 994,076 |
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 305,258 | 322,128 | 842,907 | 714,983 |
Europe and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 94,705 | 54,690 | 314,205 | 247,371 |
Latin America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | $ 7,107 | $ 8,774 | $ 9,655 | $ 31,722 |
Segment Operating Results - Ass
Segment Operating Results - Assets by Geographic Area (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Segment Reporting Information [Line Items] | |||
Assets | $ 1,561,035 | $ 1,662,346 | $ 1,461,630 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,280,698 | 1,376,101 | |
Europe and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 207,605 | 190,380 | |
Latin America [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 72,732 | $ 95,865 |