Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 18, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-32975 | ||
Entity Registrant Name | EVERCORE INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-4748747 | ||
Entity Address, Address Line One | 55 East 52nd Street | ||
Entity Address, City or Town | New York, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10055 | ||
City Area Code | 212 | ||
Local Phone Number | 857-3100 | ||
Title of 12(b) Security | Class A Common Stock, par value $0.01 per share | ||
Trading Symbol | EVR | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3.5 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001360901 | ||
Current Fiscal Year End Date | --12-31 | ||
Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 40,641,068 | ||
Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 59 | ||
Subsidiaries [Member] | Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 41 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and Cash Equivalents | $ 633,808 | $ 790,590 |
Investment Securities and Certificates of Deposit | 623,946 | 304,627 |
Financial Instruments Owned and Pledged as Collateral at Fair Value | 12,431 | 22,349 |
Securities Purchased Under Agreements to Resell | 13,566 | 2,696 |
Accounts Receivable (net of allowances of $7,881 and $6,037 at December 31, 2019 and 2018, respectively) | 296,355 | 309,075 |
Receivable from Employees and Related Parties | 22,416 | 23,836 |
Other Current Assets | 87,900 | 28,444 |
Total Current Assets | 1,690,422 | 1,481,617 |
Investments | 89,490 | 90,644 |
Deferred Tax Assets | 268,591 | 241,092 |
Operating Lease Right-of-Use Assets | 199,988 | 0 |
Furniture, Equipment and Leasehold Improvements (net of accumulated depreciation and amortization of $117,387 and $89,494 at December 31, 2019 and 2018, respectively) | 126,799 | 81,069 |
Goodwill | 130,758 | 131,387 |
Intangible Assets (net of accumulated amortization of $7,292 and $41,217 at December 31, 2019 and 2018, respectively) | 2,303 | 10,378 |
Other Assets | 90,262 | 89,480 |
Total Assets | 2,598,613 | 2,125,667 |
Current Liabilities | ||
Accrued Compensation and Benefits | 518,991 | 602,122 |
Accounts Payable and Accrued Expenses | 39,726 | 37,948 |
Securities Sold Under Agreements to Repurchase | 26,000 | 25,075 |
Payable to Employees and Related Parties | 31,703 | 31,894 |
Operating Lease Liabilities | 33,316 | 0 |
Taxes Payable | 3,400 | 33,621 |
Other Current Liabilities | 15,517 | 19,031 |
Total Current Liabilities | 668,653 | 749,691 |
Operating Lease Liabilities | 217,251 | 0 |
Notes Payable | 375,062 | 168,612 |
Amounts Due Pursuant to Tax Receivable Agreements | 84,952 | 94,411 |
Other Long-term Liabilities | 126,445 | 105,014 |
Total Liabilities | 1,472,363 | 1,117,728 |
Evercore Inc. Stockholders' Equity | ||
Additional Paid-In-Capital | 2,016,524 | 1,818,100 |
Accumulated Other Comprehensive Income (Loss) | (27,596) | (30,434) |
Retained Earnings | 558,269 | 364,882 |
Treasury Stock at Cost (29,522,665 and 26,123,438 shares at December 31, 2019 and 2018, respectively) | (1,678,168) | (1,395,087) |
Total Evercore Inc. Stockholders' Equity | 869,716 | 758,120 |
Noncontrolling Interest | 256,534 | 249,819 |
Total Equity | 1,126,250 | 1,007,939 |
Total Liabilities and Equity | 2,598,613 | 2,125,667 |
Class A [Member] | ||
Evercore Inc. Stockholders' Equity | ||
Common Stock | 687 | 659 |
Class B [Member] | ||
Evercore Inc. Stockholders' Equity | ||
Common Stock | $ 0 | $ 0 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Receivable, Allowances | $ 7,881 | $ 6,037 |
Furniture, Equipment and Leasehold Improvements, Accumulated Depreciation and Amortization | 117,387 | 89,494 |
Intangible Assets, Accumulated Amortization | $ 7,292 | $ 41,217 |
Treasury Stock at Cost, shares | 29,522,665 | 26,123,438 |
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 | 68,698,675 | 65,872,014 |
Common Stock, Shares Outstanding | 39,176,010 | 39,748,576 |
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 | 84 | 86 |
Common Stock, Shares Outstanding | 84 | 86 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investment Banking:(1) | |||
Other Revenue, Including Interest and Investments(1) | $ 45,454 | $ 19,051 | $ 88,828 |
Total Revenues | 2,028,837 | 2,082,476 | 1,724,345 |
Interest Expense | 20,139 | 17,771 | 19,996 |
Net Revenues | 2,008,698 | 2,064,705 | 1,704,349 |
Expenses | |||
Employee Compensation and Benefits | 1,200,977 | 1,197,173 | 962,512 |
Occupancy and Equipment Rental | 68,285 | 58,971 | 53,448 |
Professional Fees(1) | 81,851 | 82,393 | 63,857 |
Travel and Related Expenses | 75,395 | 68,754 | 64,179 |
Communications and Information Services | 47,315 | 41,319 | 41,393 |
Depreciation and Amortization | 31,023 | 27,054 | 24,819 |
Execution, Clearing and Custody Fees(1) | 12,967 | 11,470 | 14,778 |
Special Charges | 10,141 | 5,012 | 25,437 |
Acquisition and Transition Costs | 1,013 | 21 | 1,673 |
Other Operating Expenses(1) | 42,020 | 30,461 | 23,442 |
Total Expenses | 1,570,987 | 1,522,628 | 1,275,538 |
Income Before Income from Equity Method Investments and Income Taxes | 437,711 | 542,077 | 428,811 |
Income from Equity Method Investments | 10,996 | 9,294 | 8,838 |
Income Before Income Taxes | 448,707 | 551,371 | 437,649 |
Provision for Income Taxes | 95,046 | 108,520 | 258,442 |
Net Income | 353,661 | 442,851 | 179,207 |
Net Income Attributable to Noncontrolling Interest | 56,225 | 65,611 | 53,753 |
Net Income Attributable to Evercore Inc. | 297,436 | 377,240 | 125,454 |
Net Income Attributable to Evercore Inc. Common Shareholders | $ 297,436 | $ 377,240 | $ 125,454 |
Weighted Average Shares of Class A Common Stock Outstanding | |||
Basic (in shares) | 39,994 | 40,595 | 39,641 |
Diluted (in shares) | 43,194 | 45,279 | 44,826 |
Net Income Per Share Attributable to Evercore Inc. Common Shareholders: | |||
Basic (in dollars per share) | $ 7.44 | $ 9.29 | $ 3.16 |
Diluted (in dollars per share) | $ 6.89 | $ 8.33 | $ 2.80 |
Investment Banking [Member] | |||
Investment Banking:(1) | |||
Revenue | $ 1,932,772 | $ 2,015,179 | |
Net Revenues | 1,951,795 | 2,012,023 | $ 1,634,268 |
Expenses | |||
Special Charges | 7,202 | 5,012 | 14,400 |
Acquisition and Transition Costs | 705 | 0 | 555 |
Income Before Income from Equity Method Investments and Income Taxes | 432,700 | 533,356 | 422,531 |
Income from Equity Method Investments | 916 | 518 | 277 |
Income Before Income Taxes | 433,616 | 533,874 | 422,808 |
Investment Banking [Member] | Advisory Fees [Member] | |||
Investment Banking:(1) | |||
Revenue | 1,653,585 | 1,743,473 | 1,324,412 |
Investment Banking [Member] | Underwriting Fees [Member] | |||
Investment Banking:(1) | |||
Revenue | 89,681 | 71,691 | 45,827 |
Investment Banking [Member] | Commissions and Related Fees [Member] | |||
Investment Banking:(1) | |||
Revenue | 189,506 | 200,015 | 205,630 |
Investment Management [Member] | |||
Investment Banking:(1) | |||
Revenue | 50,611 | 48,246 | |
Net Revenues | 56,903 | 52,682 | 70,081 |
Expenses | |||
Special Charges | 2,939 | 0 | 11,037 |
Acquisition and Transition Costs | 308 | 21 | 1,118 |
Income Before Income from Equity Method Investments and Income Taxes | 5,011 | 8,721 | 6,280 |
Income from Equity Method Investments | 10,080 | 8,776 | 8,561 |
Income Before Income Taxes | 15,091 | 17,497 | 14,841 |
Investment Management [Member] | Asset Management [Member] | |||
Investment Banking:(1) | |||
Revenue | $ 50,611 | $ 48,246 | $ 59,648 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 353,661 | $ 442,851 | $ 179,207 |
Other Comprehensive Income (Loss), net of tax: | |||
Unrealized Gain (Loss) on Securities and Investments, net | (564) | (275) | 381 |
Foreign Currency Translation Adjustment Gain (Loss), net | 3,915 | (1,180) | 21,679 |
Other Comprehensive Income (Loss) | 3,351 | (1,455) | 22,060 |
Comprehensive Income | 357,012 | 441,396 | 201,267 |
Comprehensive Income Attributable to Noncontrolling Interest | 56,738 | 65,408 | 57,128 |
Comprehensive Income Attributable to Evercore Inc. | $ 300,274 | $ 375,988 | $ 144,139 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - 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 [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | |
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 | 58,292,567,000 | (19,101,711,000) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | 179,207 | 125,454 | 53,753 | ||||||
Other Comprehensive Income | 22,060 | 18,685 | 3,375 | ||||||
Treasury Stock Purchases | (293,753) | $ (293,753) | |||||||
Treasury Stock Purchases, Shares | (3,916,039,000) | ||||||||
Evercore LP Units Purchased or Converted into Class A Shares | 36,963 | $ 12 | 84,214 | (47,263) | |||||
Evercore LP Units Purchased or Converted into Class A Common Stock, Shares | 1,212,641,000 | ||||||||
Equity-based Compensation Awards | 171,775 | $ 27 | 156,826 | 14,922 | |||||
Equity-based Compensation Awards, Shares | 2,614,696,000 | ||||||||
Dividends | (66,336) | (66,336) | |||||||
Noncontrolling Interest (Note 17) | (36,879) | (8,463) | (28,416) | ||||||
Ending Balance at Dec. 31, 2017 | 796,368 | $ 621 | 1,600,699 | (31,411) | 79,461 | $ (1,105,406) | 252,404 | ||
Ending Balance, Shares at Dec. 31, 2017 | 62,119,904,000 | (23,017,750,000) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cumulative Effect of Accounting Change (1) | [1] | 0 | 2,229 | (2,229) | |||||
Net Income | 442,851 | 377,240 | 65,611 | ||||||
Other Comprehensive Income | (1,455) | (1,252) | (203) | ||||||
Treasury Stock Purchases | $ (289,681) | $ (289,681) | |||||||
Treasury Stock Purchases, Shares | (3,106,000) | (3,105,688,000) | |||||||
Evercore LP Units Purchased or Converted into Class A Shares | $ 23,968 | $ 12 | 70,550 | (46,594) | |||||
Evercore LP Units Purchased or Converted into Class A Common Stock, Shares | 1,181,669,000 | ||||||||
Equity-based Compensation Awards | 192,195 | $ 26 | 172,309 | 19,860 | |||||
Equity-based Compensation Awards, Shares | 2,570,441,000 | ||||||||
Dividends | (89,590) | (89,590) | |||||||
Noncontrolling Interest (Note 17) | (66,717) | (25,458) | (41,259) | ||||||
Ending Balance at Dec. 31, 2018 | 1,007,939 | $ 659 | 1,818,100 | (30,434) | 364,882 | $ (1,395,087) | 249,819 | ||
Ending Balance, Shares at Dec. 31, 2018 | 39,748,576 | 65,872,014,000 | (26,123,438,000) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | 353,661 | 297,436 | 56,225 | ||||||
Other Comprehensive Income | 3,351 | 2,838 | 513 | ||||||
Treasury Stock Purchases | $ (283,081) | $ (283,081) | |||||||
Treasury Stock Purchases, Shares | (3,399,000) | (3,399,227,000) | |||||||
Evercore LP Units Purchased or Converted into Class A Shares | $ 17,825 | $ 3 | 32,964 | (15,142) | |||||
Evercore LP Units Purchased or Converted into Class A Common Stock, Shares | 353,383,000 | ||||||||
Equity-based Compensation Awards | 234,857 | $ 25 | 206,942 | 27,890 | |||||
Equity-based Compensation Awards, Shares | 2,473,278,000 | ||||||||
Dividends | (104,049) | (104,049) | |||||||
Noncontrolling Interest (Note 17) | (104,253) | (41,482) | (62,771) | ||||||
Ending Balance at Dec. 31, 2019 | $ 1,126,250 | $ 687 | $ 2,016,524 | $ (27,596) | $ 558,269 | $ (1,678,168) | $ 256,534 | ||
Ending Balance, Shares at Dec. 31, 2019 | 39,176,010 | 68,698,675,000 | (29,522,665,000) | ||||||
[1] | (1) The cumulative adjustment relates to the adoption of ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities" on January 1, 2018, for which the Company recorded an adjustment to Retained Earnings to reflect cumulative unrealized losses, net of tax, on available-for-sale equity securities previously recorded in Accumulated Other Comprehensive Income (Loss). |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows From Operating Activities | |||
Net Income | $ 353,661 | $ 442,851 | $ 179,207 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Net (Gains) Losses on Investments, Investment Securities and Contingent Consideration | (13,750) | 10,718 | (32) |
Equity Method Investments | 403 | 1,352 | (513) |
Equity-Based and Other Deferred Compensation | 360,341 | 293,507 | 230,268 |
Impairment of Goodwill and Equity Method Investments | 2,921 | 0 | 21,507 |
Gain on Sale of Institutional Trust and Independent Fiduciary business of ETC | 0 | 0 | (7,808) |
Noncash Lease Expense | 29,259 | 0 | 0 |
Depreciation, Amortization and Accretion | 35,730 | 29,374 | 26,032 |
Bad Debt Expense | 10,451 | 3,365 | 2,579 |
Adjustment to Tax Receivable Agreement | 0 | 0 | (77,535) |
Release of Cumulative Foreign Exchange Losses | 0 | 0 | 16,266 |
Deferred Taxes | (10,503) | (3,981) | 148,320 |
Decrease (Increase) in Operating Assets: | |||
Investment Securities | (491) | (546) | 865 |
Financial Instruments Owned and Pledged as Collateral at Fair Value | 10,629 | (2,961) | 35 |
Securities Purchased Under Agreements to Resell | (10,541) | 8,166 | 2,642 |
Accounts Receivable | 5,241 | (130,956) | 47,120 |
Receivable from Employees and Related Parties | 1,450 | (6,849) | (2,188) |
Other Assets | (58,962) | (21,830) | (10,982) |
(Decrease) Increase in Operating Liabilities: | |||
Accrued Compensation and Benefits | (180,767) | 208,088 | (25,892) |
Accounts Payable and Accrued Expenses | (745) | 5,496 | 1,149 |
Securities Sold Under Agreements to Repurchase | (115) | (5,183) | (2,701) |
Payables to Employees and Related Parties | (599) | 4,387 | 3,217 |
Taxes Payable | (30,221) | 16,099 | (10,849) |
Other Liabilities | 1,305 | (1,523) | (33,471) |
Net Cash Provided by Operating Activities | 504,697 | 849,574 | 507,236 |
Cash Flows From Investing Activities | |||
Investments Purchased | (3,843) | (95) | (997) |
Distributions of Private Equity Investments | 1,893 | 2,143 | 2,072 |
Investment Securities: | |||
Proceeds from Sales and Maturities | 510,151 | 191,779 | 45,642 |
Purchases | (698,995) | (336,596) | (40,995) |
Maturity of Certificates of Deposit | 100,000 | 63,527 | 0 |
Purchase of Certificates of Deposit | (211,861) | (100,000) | (63,417) |
Purchase of Furniture, Equipment and Leasehold Improvements | (70,816) | (33,324) | (31,300) |
Proceeds from Sale of Business | 0 | 0 | 34,354 |
Net Cash Provided by (Used in) Investing Activities | (373,471) | (212,566) | (54,641) |
Cash Flows From Financing Activities | |||
Issuance of Noncontrolling Interests | 600 | 1,165 | 110 |
Distributions to Noncontrolling Interests | (54,706) | (41,413) | (36,374) |
Payments Under Tax Receivable Agreement | (9,490) | (13,345) | (12,381) |
Short-Term Borrowings | 30,000 | 30,000 | 30,000 |
Repayment of Short-Term Borrowings | (30,000) | (30,000) | (30,000) |
Repayment of Subordinated Borrowings | 0 | (6,799) | (9,751) |
Issuance of Notes Payable | 205,718 | 0 | 0 |
Debt Issuance Costs | (2,032) | 0 | 0 |
Purchase of Treasury Stock and Noncontrolling Interests | (333,296) | (315,233) | (304,313) |
Dividends | (96,803) | (77,302) | (56,521) |
Net Cash Provided by (Used in) Financing Activities | (290,009) | (452,927) | (419,230) |
Effect of Exchange Rate Changes on Cash | 2,573 | (1,370) | 8,383 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (156,210) | 182,711 | 41,748 |
Cash, Cash Equivalents and Restricted Cash-Beginning of Period | 800,096 | 617,385 | 575,637 |
Cash, Cash Equivalents and Restricted Cash-End of Period | 643,886 | 800,096 | 617,385 |
SUPPLEMENTAL CASH FLOW DISCLOSURE | |||
Payments for Interest | 16,405 | 17,818 | 19,471 |
Payments for Income Taxes | 155,478 | 86,232 | 128,689 |
Accrued Dividends | 14,642 | 12,288 | 9,815 |
Purchase of Noncontrolling Interest | 2,701 | 0 | 0 |
Settlement of Contingent Consideration | 0 | 0 | 10,780 |
Evercore Trust Company [Member] | |||
SUPPLEMENTAL CASH FLOW DISCLOSURE | |||
Institutional Trust and Independent Fiduciary business of ETC Assets Deconsolidated | 0 | 0 | 81 |
Institutional Trust and Independent Fiduciary business of ETC Liabilities Deconsolidated | 0 | 0 | 1,489 |
Decrease in Goodwill from sale of Institutional Trust and Independent Fiduciary business of ETC | $ 0 | $ 0 | $ 28,442 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Organization | Organization Evercore Inc., together with its subsidiaries (the "Company"), is an investment banking and investment management firm, incorporated in Delaware and headquartered in New York, New York. The Company is a holding company which owns a controlling interest in, and is the sole general partner of, Evercore LP, a Delaware limited partnership ("Evercore LP"). The Company operates from its offices and through its affiliates in North America, Europe, the Middle East and Asia. The Investment Banking segment includes the advisory business through which the Company provides advice to clients on significant mergers, acquisitions, divestitures, shareholder activism 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, as well as on primary and secondary transactions for real estate oriented financial sponsors and private equity 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. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation – The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The 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. Evercore LP is a VIE and the Company is the primary beneficiary. 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 Condition in Note 25. Evercore ISI International Limited ("Evercore ISI U.K."), Evercore Partners International LLP ("Evercore U.K."), Evercore (Japan) Ltd. ("Evercore Japan") and Evercore Consulting (Beijing) Co. Ltd. ("Evercore Beijing") are also VIEs, and the Company is the primary beneficiary of these VIEs. Specifically for Evercore ISI U.K., Evercore Japan and Evercore Beijing (as of January 1, 2019 for Evercore Japan and Evercore Beijing), the Company provides financial support through transfer pricing agreements with these entities, which exposes the Company to losses that are potentially significant to these entities, and has decision making authority that significantly affects the economic performance of these entities. 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 Consolidated Statements of Financial Condition Evercore ISI U.K., Evercore U.K., Evercore Japan and Evercore Beijing assets of $227,885 and liabilities of $129,494 at December 31, 2019 and Evercore ISI U.K. and Evercore U.K. assets of $190,223 and liabilities of $122,460 at December 31, 2018 . All intercompany balances and transactions with the Company's subsidiaries have been eliminated upon consolidation. At the time of the formation transaction, the members of Evercore LP (the "Members") received Class A limited partnership units of Evercore LP ("Class A LP Units") in consideration for their contribution of the various entities included in the historical combined financial statements of the Company. The Class A LP Units were subject to vesting requirements and transfer restrictions and are exchangeable on a one -for-one basis for shares of Class A common stock ("Class A Shares"). At December 31, 2013, all Class A LP Units were fully vested. On October 31, 2014, in conjunction with the acquisition of the operating businesses of International Strategy & Investment ("ISI"), the Company issued vested and unvested Class E limited partnership units of Evercore LP ("Class E LP Units") and vested and unvested Class G and H limited partnership interests of Evercore LP ("Class G and H LP Interests"). At December 31, 2017, all Class E LP Units were fully vested and all of the Class G LP Interests either converted into Class E LP Units or were forfeited pursuant to their performance terms. In 2017, the Company exchanged all of the outstanding Class H LP Interests for a number of Class J limited partnership units of Evercore LP ("Class J LP Units"). In 2016, in conjunction with the appointment of the Executive Chairman, the Company issued unvested Class I-P Units of Evercore LP ("Class I-P Units"). The Class I-P Units are contingently exchangeable into Class I limited partnership units of Evercore LP ("Class I LP Units"), which are exchangeable on a one -for-one basis for Class A Shares. In 2017 and 2019, the Company issued unvested Class K-P Units of Evercore LP ("Class K-P Units"), which are contingently exchangeable into Class K limited partnership units of Evercore LP ("Class K LP Units"), which are ultimately exchangeable on a one -for-one basis for Class A Shares. See Note 19 for further information. The Company accounts for exchanges of Evercore LP partnership units ("LP Units") for Class A Shares based on the carrying amounts of the Members' LP Units immediately before the exchange. The Company's interest in Evercore LP is within the scope of Accounting Standards Codification ("ASC") 810-20, " Control of Partnerships and Similar Entities." The Company consolidates Evercore LP and records noncontrolling interest for the economic interest in Evercore LP held directly by others, which includes the Members. Revenue Recognition – The Company adopted Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09") on January 1, 2018 using the modified retrospective method of transition applied to contracts which were not completed as of January 1, 2018. The Company did not have a cumulative-effect adjustment as of the date of adoption. ASU 2014-09 creates ASC 606, "Revenue from Contracts with Customers," ("ASC 606"), which provides a five step model to revenue recognition as follows: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation The Company applies this model to its Investment Banking and Asset Management revenue streams. Prior to January 1, 2018, the Company recorded revenue in accordance with ASC 605, "Revenue Recognition" ("ASC 605"). Under ASC 605, the Company recognized success related advisory fees upon closing of the transaction regardless of the probability of the outcome, which differs under ASC 606 as described further below. Furthermore, ASC 605 allowed expenses related to underwriting transactions to be reflected net in related revenues; under ASC 606, those expenses are presented gross in the results of operations. Investment Banking Revenue – The Company earns investment banking fees from clients for providing advisory services on strategic matters, including mergers, acquisitions, divestitures, leveraged buyouts, restructurings, activism and defense and similar corporate finance matters. The Company's Investment Banking services also include services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity research. Revenue is recognized as the Company satisfies performance obligations, upon transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for these services. The Company’s contracts with customers may include promises to transfer multiple services to a customer. Determining whether services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. For performance obligations satisfied over time, determining a measure of progress requires the Company to make significant judgments that affect the timing of revenue recognized. For certain advisory services, the Company has concluded that performance obligations are satisfied over time. This is based on the premise that the Company transfers control of services and the client simultaneously receives benefits from these services over the course of an engagement. For performance obligations satisfied at a point in time, determining when control transfers requires the Company to make significant judgments that affect the timing of when revenue is recognized. The Company records Investment Banking Revenue on the Consolidated Statements of Operations for the following: Advisory Fees – In general, advisory fees are paid at the time the Company signs an engagement letter, during the course of the engagement or when an engagement is completed. In some circumstances, and as a function of the terms of an engagement letter, the Company may receive fixed retainer fees for financial advisory services concurrent with, or soon after, the execution of the engagement letter or over the course of the engagement, where the engagement letter will specify a future service period associated with those fees. The Company may also receive announcement fees upon announcement of a transaction in addition to success fees upon closing of a transaction or another defined outcome, both of which represent variable consideration. This variable consideration will be included in the transaction price, as defined, and recognized as revenue to the extent that it is probable that a significant reversal of revenue will not occur. When assessing probability, the Company applies careful analysis and judgment to the remaining factors necessary for completion of a transaction, including factors outside of the Company's control. A transaction can fail to be completed for many reasons which are outside of the Company’s control, including failure of parties to agree upon final terms, to secure necessary board or shareholder approvals, to secure necessary financing, to achieve necessary regulatory approvals, or due to adverse market conditions. In the case of bankruptcy engagements, fees are subject to approval of the court. With respect to retainer, announcement and success fees, there are no distinct performance obligations aside from advisory activities, which are generally focused on achieving a milestone (typically, the announcement and/or the closing of a transaction). These advisory services are provided over time throughout the contract period. The Company recognizes revenue when distinct services are performed and when it is probable that a reversal of revenue will not occur, which is generally upon the announcement or closing of a transaction. Accordingly, in any given period, advisory fees recognized for certain transactions may relate to services performed in prior periods. In circumstances in which retainer fees are received in advance of services, these fees are initially recorded as deferred revenue (a contract liability), which is recorded in Other Current Liabilities on the Consolidated Statements of Financial Condition, and subsequently recognized as advisory fee revenue in Advisory Fees on the Consolidated Statements of Operations during the applicable time period within which the service is rendered. Announcement fees for advisory services are recognized upon announcement (the point at which it is determined that the reversal of revenue is not probable) and all other requirements for revenue recognition are satisfied. A portion of the announcement fee may be deferred based on the services remaining to be completed, if any. Success fees for advisory services, such as merger and acquisition ("M&A") advice, are recognized when it is determined that the reversal of revenue is not probable and all other requirements for revenue recognition are satisfied, which is generally at closing of the transaction. With respect to fairness or valuation opinions, fees are fixed and there is a distinct performance obligation, since the opinion is rendered separate from any other advisory activities. Revenues related to fairness or valuation opinions are recognized at the point in time when the opinion has been rendered and delivered to the client. In the event the Company was to receive an opinion or success fee in advance of the completion conditions noted above, such fee would initially be recorded as deferred revenue (a contract liability) in Other Current Liabilities on the Consolidated Statements of Financial Condition and subsequently recognized as advisory fee revenue in Advisory Fees on the Consolidated Statements of Operations when the conditions of completion have been satisfied. Placement fee revenues are attributable to capital raising on both corporations and financial sponsors. The Company recognizes placement fees in accordance with the terms of the engagement letter, which are generally contingent on the achievement of a capital commitment by an investor, at the time of the client's acceptance of capital or capital commitments. Underwriting Fees – Underwriting fees are attributable to public and private offerings of equity and debt securities and are recognized at the point in time when the offering has been deemed to be completed by the lead manager of the underwriting group. When the offering is completed, the performance obligation has been satisfied and the Company recognizes the applicable management fee, selling concession and underwriting fee. Offering expenses are presented gross in the Consolidated Statements of Operations. Commissions and Related Fees – Commissions and Related Fees include commissions received from customers for the execution of agency-based brokerage transactions in listed and over-the-counter equities. The execution of each trade order represents a distinct performance obligation and the transaction price at the point in time of trade order execution is fixed. Trade execution is satisfied at the point in time that the customer has control of the asset and as such, fees are recorded on a trade date basis or, in the case of payments under commission sharing arrangements, when earned. The Company also earns subscription fees for the sales of research. The delivery of research under subscription arrangements represents a distinct performance obligation that is satisfied over time. The fees are fixed and are recognized over the period in which the performance obligation is satisfied. Cash received before the subscription period ends is initially recorded as deferred revenue (a contract liability) in Other Current Liabilities on the Consolidated Statements of Financial Condition, and is recognized in Commissions and Related Fees on the Consolidated Statements of Operations ratably over the period in which the related services are rendered. Taxes collected from customers and remitted to governmental authorities are presented on a net basis on the Consolidated Statements of Operations. Asset Management and Administration Fees – The Company's Investment Management business generates revenues from the management of client assets and through interests in private equity funds which are not managed by the Company. The Company’s contracts with customers may include promises to transfer multiple services to a customer. Determining whether services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. For performance obligations satisfied over time, determining a measure of progress requires the Company to make significant judgments that affect the timing of revenue recognized. Asset management fees for third-party clients are generally based on the value of the assets under management and any performance fees that may be negotiated with the client. The management of asset portfolios represents a distinct performance obligation that is satisfied over time. These fees are generally recognized over the period that the related services are provided and in which the performance obligation is satisfied, based upon the beginning, ending or average value of the assets for the relevant period. Fees paid in advance of services rendered are initially recorded as deferred revenue (a contract liability), which is recorded in Other Current Liabilities on the Consolidated Statements of Financial Condition, and are recognized in Asset Management and Administration Fees on the Consolidated Statements of Operations ratably over the period in which the related service is rendered. Generally, to the extent performance fee arrangements have been negotiated, these fees are earned when the likelihood of clawback is mathematically improbable. Fees generated for serving as an independent fiduciary and/or trustee are either based on a flat fee, are pre-negotiated with the client or are based on the value of assets under administration. The management of assets under administration represents a distinct performance obligation that is satisfied over time. For ongoing engagements, fees are billed quarterly either in advance or in arrears. Fees paid in advance of services rendered and satisfaction of the performance obligation are initially recorded as deferred revenue (a contract liability) in Other Current Liabilities on the Consolidated Statements of Financial Condition, and are recognized in Asset Management and Administration Fees on the Consolidated Statements of Operations ratably over the period in which the related services are rendered and the performance obligation is satisfied. Other Revenue, Including Interest and Investments, and Interest Expense – Other Revenue and Interest Expense is derived from investing customer funds in financing transactions. These transactions are principally repurchases and resales of Mexican government and government agency securities. Revenue and expenses associated with these transactions are recognized over the term of the repurchase or resale transaction. Other Revenue also includes income (losses) earned on investment securities, including our investment funds which are used as an economic hedge against our deferred cash compensation program, certificates of deposit, cash and cash equivalents and on the Company’s debt security investment in G5 Holdings S.A. ("G5"), as well as adjustments to amounts due pursuant to the Company’s tax receivable agreement, subsequent to its initial establishment, related to changes in enacted tax rates, and gains (losses) resulting from foreign currency fluctuations, principal trading and realized and unrealized gains and losses on interests in Private Equity funds which are not managed by the Company. Interest Expense also includes interest expense associated with the Company’s Notes Payable, subordinated borrowings and lines of credit. Client Expense Reimbursement – In the conduct of its financial advisory service engagements, the Company receives reimbursement for certain expenses incurred by the Company in the course of performing services. Transaction-related expenses, which are billable to clients, are recognized as revenue and recorded in Accounts Receivable on the later of the date of an executed engagement letter or the date the expense is incurred. Noncontrolling Interest – Noncontrolling interest recorded in the consolidated financial statements relates to the portions of the Company's subsidiaries not owned by the Company. The Company allocates net income to noncontrolling interests held at Evercore LP and at the operating entity level, where required, by multiplying the relative ownership interest of the noncontrolling interest holders for the period by the net income or loss for the entity to which the noncontrolling interest relates. In circumstances where the governing documents of the entity to which the noncontrolling interest relates require special allocations of profits (losses) to the controlling and noncontrolling interest holders, the net income or loss of these entities is allocated based on these special allocations. ASC 810 " Consolidation " ("ASC 810") requires reporting entities to present noncontrolling (minority) interests as equity (as opposed to as a liability or mezzanine equity) and provides guidance on the accounting for transactions between an entity and noncontrolling interests. Noncontrolling Interest is presented as a component of Total Equity on the Consolidated Statements of Financial Condition and below Net Income on the Consolidated Statements of Operations. In addition, there is an allocation of the components of Total Comprehensive Income between controlling interests and noncontrolling interests. Changes in a parent's ownership interest while the parent retains control of its subsidiary are accounted for as equity transactions. Fair Value of Financial Instruments – The majority of the Company's assets and liabilities are recorded at fair value or at amounts that approximate fair value. Such assets and liabilities include cash and cash equivalents, investments, investment securities, financial instruments owned and pledged as collateral, repurchase and reverse repurchase agreements, receivables and payables and accruals. See Note 12 for further information. Cash and Cash Equivalents – Cash and Cash Equivalents consist of short-term highly-liquid investments with original maturities of three months or less. Investment Securities and Certificates of Deposit – During 2019, the Company renamed "Marketable Securities and Certificates of Deposit" to "Investment Securities and Certificates of Deposit" on the Consolidated Statements of Financial Condition. Investment Securities include investments in U.S. Treasury securities, corporate, municipal and other debt securities and investments in readily-marketable equity securities, which are accounted for under ASC 320-10, " Investments - Debt Securities" and ASC 321-10, " Investments - Equity Securities," ("ASC 321-10") following the adoption of ASU No. 2016-01, " Recognition and Measurement of Financial Assets and Financial Liabilities " ("ASU 2016-01") in January 2018. The securities are carried at fair value on the Consolidated Statements of Financial Condition; the debt securities are valued based on quoted prices that exist in the marketplace for similar issues and the equity securities are valued using quoted market prices on applicable exchanges or markets. Investment Securities transactions are recorded as of the trade date. The Company invests in readily marketable debt and equity securities which are managed by Evercore Wealth Management L.L.C. ("EWM"), as well as in a portfolio of exchange-traded funds and mutual funds as an economic hedge against the Company’s deferred cash compensation program. The debt securities are classified as available-for-sale and any unrealized gains and losses are recorded as net increases or decreases to Accumulated Other Comprehensive Income (Loss), net of tax, and realized gains and losses on these securities are included in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations. Realized and unrealized gains and losses on the equity securities are recorded in Other Revenue, Including Interest and Investments, beginning on January 1, 2018, from the application of ASU 2016-01. EGL and other broker-dealers also invest in fixed income portfolios consisting primarily of U.S. Treasury securities, municipal bonds and other debt securities, which are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations, as required for broker-dealers in securities. Certificates of Deposit consist of investments with certain banks with original maturities of six months or less when purchased. Financial Instruments Owned and Pledged as Collateral at Fair Value – The Company's Financial Instruments Owned and Pledged as Collateral at Fair Value consist principally of foreign government obligations, which are recorded on a trade-date basis and are stated at quoted market values. Related gains and losses are reflected in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations. The Company pledges the Financial Instruments Owned and Pledged as Collateral at Fair Value to collateralize certain financing arrangements, which permits the counterparty to pledge the securities. Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase – Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase are treated as collateralized financing transactions. The agreements provide that the transferor will receive substantially the same securities in return at the maturity of the agreement. These transactions are carried at the amounts at which the related securities will be subsequently resold or repurchased, plus accrued interest payable or receivable. As the maturities on these transactions are short-term in nature (i.e. mature on the next business day) and the underlying securities are debt instruments of the Mexican Government or its agencies, their carrying amounts approximate fair value. The Company periodically assesses the collectability or credit quality related to securities purchased under agreements to resell. Accounts Receivable and Contract Assets – Accounts Receivable consists primarily of investment banking fees and expense reimbursements charged to the Company's clients. The Company records Accounts Receivable, net of any allowance for doubtful accounts, when relevant revenue recognition criteria has been achieved and payment is conditioned on the passage of time. The Company maintains an allowance for doubtful accounts to provide coverage for estimated losses from its client receivables. The Company determines the adequacy of the allowance by estimating the probability of loss based on the Company's analysis of the client's creditworthiness and specifically reserves against exposure where the Company determines the receivables are impaired, which may include situations where a fee is in dispute or litigation has commenced. The Investment Banking and Investment Management receivables collection periods generally are within 90 days of invoice, with the exception of placement fees, which are generally collected within 180 days of invoice, and fees related to private funds capital raising, which are collected in a period exceeding one year . The collection period for restructuring transaction receivables may exceed 90 days . Receivables that are collected in a period exceeding one year are reflected in Other Assets on the Consolidated Statements of Financial Condition. The Company records contract assets within Other Current Assets and Other Assets on the Consolidated Statements of Financial Condition when payment is due from a client conditioned on future performance or the occurrence of other events. The Company also recognizes a contract asset for the incremental costs of obtaining a contract with a customer if the benefit of those costs is expected to be longer than one year . The Company applies a practical expedient to expense costs to obtain a contract as incurred when the amortization period is one year or less. Investments – The Company's investments include investments in unconsolidated affiliated companies and other investments in private equity partnerships: Affiliates – The Company has equity interests in ABS Investment Management Holdings LP and ABS Investment Management GP LLC (collectively, "ABS"), Atalanta Sosnoff Capital, LLC ("Atalanta Sosnoff"), Luminis Partners ("Luminis") and G5 (through December 31, 2017, the date the Company exchanged all of its outstanding equity interests for debentures of G5) and includes its share of the income (losses) within Income from Equity Method Investments, as a component of Income Before Income Taxes, on the Consolidated Statements of Operations. The Company assesses its equity method investments annually for impairment, or more frequently if circumstances indicate impairment may have occurred. See Note 11 for further information. Private Equity – The investments in private equity funds consist primarily of investments in marketable and non-investment securities of the portfolio companies. The underlying investments held by the private equity funds are valued based on quoted market prices or estimated fair value if there is no public market. The fair value of non-investment securities is determined by giving consideration to a range of factors, including but not limited to, market conditions, operating performance (current and projected) and subsequent financing transactions. Due to the inherent uncertainty in the valuation of these non-investment securities, estimated values may materially differ from the values that would have been used had a ready market existed for these investments. Investments in publicly-traded securities held by the private equity funds are valued using quoted market prices. The Company recognizes its allocable share of the changes in fair value of the private equity funds' underlying investments as realized and unrealized gains (losses) within Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations. The Company also maintains investments in Glisco Manager Holdings LP, Trilantic Capital Partners ("Trilantic") and equity securities in private companies, which are accounted for as equity securities without readily determinable fair values in accordance with ASC 321-10, as well as an investment in a debt security that is accounted for as a held-to-maturity security. The Company assesses its investments quarterly for impairment, or more frequently if circumstances indicate impairment may have occurred. See Note 11 for further information. Leases – The Company adopted ASC 842, " Leases " ("ASC 842") on January 1, 2019, using the modified retrospective method of transition. The Company did not have a cumulative-effect adjustment as of the date of adoption. The Company elected to apply the package of practical expedients, which does not require reassessment of whether contracts are or contain leases, of lease classification and of initial direct costs. The Company also elected the transition option in ASU No. 2018-11, " Leases (Topic 842): Targeted Improvements ," ("ASU 2018-11") to not apply the new lease standard in comparative periods presented in financial statements in the year of adoption. Following the adoption of ASC 842, the Company includes all leases, including short-term leases, on its Consolidated Statements of Financial Condition. The Company does not separate lease and non-lease components of contracts for leases for the use of office space and equipment. Operating leases for office space generally contain payments for real estate taxes, common area maintenance and other operating expenses in addition to rent payments that are not fixed; the Company accounts for these costs as variable payments and does not include these as part of the lease component. Following the adoption of ASC 842, the present values of the Company's lease commitments are reflected as long-term assets, within Operating Lease Right-of-Use Assets, with corresponding liabilities classified as current and non-current, within Operating Lease Liabilities on the Company's Consolidated Statement of Financial Condition. The Company determines if an arrangement is a lease at inception. Right-of-use assets represent the Company's right to use the underlying assets for their lease terms and lease liabilities represent the Company's obligation to make lease payments arising from these leases. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Right-of-use assets are subject to certain adjustments for lease incentives and initial direct costs. The lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. The Company's lease agreements do not contain any residual value guarantees. Operating lease expense is included in Occupancy and Equipment Rental on the Company's Consolida |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU 2016-02 – In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 supersedes ASC 840, "Leases" ("ASC 840") 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. In July 2018, the FASB issued ASU 2018-11, which provides an additional transition method to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to Retained Earnings for prior periods as of the beginning of the fiscal year of adoption. The amendments in these updates are effective using a modified retrospective approach as of the date of adoption, during interim and annual periods beginning after December 15, 2018, with early adoption permitted. The Company adopted ASU 2016-02 on January 1, 2019 using the modified retrospective approach. The adoption resulted in the present value of the Company's lease commitments being reflected on the Company's Consolidated Statements of Financial Condition as a long-term asset with a corresponding liability, classified as current and non-current. Right-of-use assets are subject to certain adjustments for lease incentives and initial direct costs. The Company's lease commitments primarily relate to office space, as discussed in Note 10. The impact on the Company's earnings is not materially different from the prior expense related to leases as required under legacy U.S. GAAP, which is primarily reflected in Occupancy and Equipment Rental expense on the Consolidated Statements of Operations , and there was no impact on the Company's cash flows. The Company recorded lease liabilities of $250,567 on its Consolidated Statement of Financial Condition as of December 31, 2019 , along with associated right-of-use assets of $199,988 , which reflect the lease liabilities recognized, subject to certain adjustments for lease incentives and initial direct costs. 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 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 adopted ASU 2016-13 on January 1, 2020. This adoption did not result in a material difference between the current method and the CECL model. ASU 2018-02 – In February 2018, the FASB issued ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASU 2018-02"). ASU 2018-02 provides amendments to ASC 220, "Income Statement - Reporting Comprehensive Income," which allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendments in this update are effective either in the period of adoption or retrospectively, to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized, during interim and annual periods beginning after December 15, 2018, with early adoption permitted. The Company adopted ASU 2018-02 on January 1, 2019 and did not elect to reclassify the income tax effects of the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. As such, there was no impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto. ASU 2018-07 – In June 2018, the FASB issued ASU No. 2018-07, "Improvements to Nonemployee Share-Based Payment Accounting" ("ASU 2018-07"). ASU 2018-07 provides amendments to ASC 718 to align the accounting for share-based payment awards issued to employees and nonemployees, particularly surrounding the measurement date and impact of performance conditions. The amendments in this update are effective during interim and annual periods beginning after December 15, 2018, with early adoption permitted. The amendments in this update should be applied by means of a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption for liability-classified awards that have not been settled and equity-classified awards for which a measurement date has not been established by the date of adoption, and prospectively for all new awards granted after the date of adoption. The Company adopted ASU 2018-07 on January 1, 2019. The adoption of ASU 2018-07 did not have a material impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto. ASU 2018-13 – In August 2018, the FASB issued ASU No. 2018-13, "Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement" ("ASU 2018-13"). ASU 2018-13 provides amendments to ASC 820, " Fair Value Measurements and Disclosures" ("ASC 820"), which remove the requirements surrounding the disclosure and policy of transfers between fair value levels and the valuation processes for recurring Level 3 fair value measurements. In addition, ASU 2018-13 adds disclosure requirements for changes in unrealized gains and losses for Level 3 measurements and the range and weighted average of significant unobservable inputs used in Level 3 fair value measurements. The amendments in this update are effective during interim and annual periods beginning after December 15, 2019, with early adoption permitted. The amendments on changes in unrealized gains and losses and unobservable inputs for Level 3 measurements should be applied prospectively, and all other amendments in this update should be applied retrospectively. The adoption of ASU 2018-13 did not have a material impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto. ASU 2018-17 – In October 2018, the FASB issued ASU No. 2018-17, "Consolidation (Topic 810) - Targeted Improvements to Related Party Guidance for Variable Interest Entities" ("ASU 2018-17"). ASU 2018-17 provides amendments to ASC 810, which states that any indirect interest held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The amendments in this update are effective during interim and annual periods beginning after December 15, 2019, with early adoption permitted. The amendments are required to be retrospectively applied with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The adoption of ASU 2018-17 did not have a material impact on the Company's financial condition, results of operations and cash flows, or disclosures thereto. ASU 2019-12 – In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes" ("ASU 2019-12"). ASU 2019-12 provides amendments to ASC 740, which simplify the accounting for income taxes by removing certain exceptions in ASC 740 and clarify and amend certain existing guidance. The amendments in this update are effective during interim and annual periods beginning after December 15, 2020, with early adoption permitted. The amendments on separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented, amendments on ownership changes of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis, with a cumulative-effect adjustment recorded through retained earnings as of the beginning of the period of adoption, and all other amendments should be applied prospectively. 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 2020-01 – In January 2020, the FASB issued ASU No. 2020-01, " Clarifying the Interactions Between Topic 321, 323, and Topic 815" ("ASU 2020-01"). ASU 2020-01 provides amendments to clarify the accounting for certain equity securities when the equity method of accounting is applied or discontinued and scope considerations related to forward contracts and purchased options on certain securities. The amendments in this update are effective during interim and annual periods beginning after December 15, 2020, 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. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue The following table presents revenue recognized by the Company for the years ended December 31, 2019 and 2018 : For the Years Ended December 31, 2019 2018 Investment Banking: Advisory Fees $ 1,653,585 $ 1,743,473 Underwriting Fees 89,681 71,691 Commissions and Related Fees 189,506 200,015 Total Investment Banking $ 1,932,772 $ 2,015,179 Investment Management: Asset Management and Administration Fees: Wealth Management $ 48,083 $ 44,875 Institutional Asset Management 2,528 3,371 Total Investment Management $ 50,611 $ 48,246 Following the adoption of ASU 2014-09, expenses related to underwriting transactions are presented gross in the results of operations of the Company, whereas under legacy U.S. GAAP these expenses were presented net. Underwriting Fees are gross of related non-compensation expenses of $4,680 in the Consolidated Statements of Operations for the year ended December 31, 2018 . Professional Fees, Travel and Related Expenses, Communications and Information Services and Other Operating Expenses in the Consolidated Statements of Operations are gross of non-compensation expenses of $2,340 , $460 , $476 and $1,404 , respectively, for the year ended December 31, 2018 . Contract Balances The change in the Company’s contract assets and liabilities during the periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the years ended December 31, 2019 and 2018 are as follows: For the Year Ended December 31, 2019 Receivables (Current) (1) Receivables (Long-term) (2) Contract Assets (Current) (3) Contract Assets (Long-term) (2) Deferred Revenue (Current Contract Liabilities) (4) Deferred Revenue (Long-term Contract Liabilities) (5) Balance at January 1, 2019 $ 309,075 $ 60,948 $ 2,833 $ 541 $ 4,016 $ 1,731 Increase (Decrease) (12,720 ) 2,606 28,692 1,963 (1,524 ) (1,116 ) Balance at December 31, 2019 $ 296,355 $ 63,554 $ 31,525 $ 2,504 $ 2,492 $ 615 For the Year Ended December 31, 2018 Receivables (Current) (1) Receivables (Long-term) (2) Contract Assets (Current) (3) Contract Assets (Long-term) (2) Deferred Revenue (Current Contract Liabilities) (4) Deferred Revenue (Long-term Contract Liabilities) (5) Balance at January 1, 2018 $ 184,993 $ 34,008 $ — $ — $ 3,147 $ 1,834 Increase (Decrease) 124,082 26,940 2,833 541 869 (103 ) Balance at December 31, 2018 $ 309,075 $ 60,948 $ 2,833 $ 541 $ 4,016 $ 1,731 (1) Included in Accounts Receivable on the Consolidated Statements of Financial Condition . (2) Included in Other Assets on the Consolidated Statements of Financial Condition . (3) Included in Other Current Assets on the Consolidated Statements of Financial Condition . (4) Included in Other Current Liabilities on the Consolidated Statements of Financial Condition . (5) Included in Other Long-term Liabilities on the Consolidated Statements of Financial Condition . The Company's contract assets represent arrangements in which an estimate of variable consideration has been included in the transaction price and thereby recognized as revenue that precedes the contractual due date. The application of ASC 606 resulted in advisory revenue of $3,374 being recognized on the Consolidated Statements of Operations for the year ended December 31, 2018 , representing variable consideration under the standard for which it is probable that a significant reversal of revenue will not occur, substantially all of which would have been recognized in the first quarter of 2019, under the legacy accounting standard. Under ASC 606, revenue is recognized when all material conditions for completion have been met and it is probable that a significant revenue reversal will not occur in a future period. The Company recognized revenue of $15,115 and $16,468 on the Consolidated Statements of Operations for the years ended December 31, 2019 and 2018, respectively , that was initially included in deferred revenue on the Company’s Consolidated Statements of Financial Condition . Generally, performance obligations under client arrangements will be settled within one year ; therefore, the Company has elected to apply the practical expedient in ASC 606-10-50-14. |
Business Changes and Developmen
Business Changes and Developments Business Changes and Developments | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Changes and Developments | Business Changes and Developments Business Developments Real Estate Capital Advisory - On April 23, 2018, the Company announced the expansion of its global investment banking platform by establishing a Real Estate Capital Advisory business within its existing Private Capital Advisory L.P. ("PCA") business. This business is focused on primary and secondary transactions for real estate oriented financial sponsors and private equity investors in conjunction with PCA’s existing fund monetization and recapitalization expertise. Certain Real Estate Capital Advisory ("RECA") employees purchased Class R Interests in PCA, at fair value, resulting in an increase to Noncontrolling Interest of $770 on the Company's Consolidated Statement of Financial Condition as of December 31, 2018 . See Note 17 for further information. In conjunction with the establishment of the RECA business, the Company hired certain employees and entered into an arrangement with the former employer of these employees, which, among other things, provides for contingent consideration to be paid to the former employer of up to $4,463 , based on the completion of certain client engagements. The Company accounted for this transaction as an asset acquisition and has recognized the contingent consideration paid as an expense in Professional Fees on the Company's Consolidated Statements of Operations as the related revenue from the underlying engagements is realized. The Company recognized expenses of $400 and $3,971 pursuant to this arrangement for the years ended December 31, 2019 and 2018 , respectively. The contingent consideration was fully paid as of December 31, 2019 . The Company is the general partner of PCA. Concurrent with this transaction, the Company performed an assessment under ASC 810, and concluded that PCA remains a VIE following this transaction and determined that the Company is still the primary beneficiary of this VIE. Specifically, the Company's general partner interest provides the Company with the ability to make decisions that significantly impact the economic performance of PCA, while the limited partners do not possess substantive participating rights over PCA. The Company's assessment of the primary beneficiary included assessing which parties have the power to significantly impact the economic performance and the obligation to absorb losses, which could be potentially significant to the entity, or the right to receive benefits from the entity that could be potentially significant. The assets of PCA are not generally available to the Company and the liabilities are generally non-recourse to the Company. Goodwill and Intangible Assets Goodwill associated with the Company's acquisitions is as follows: Investment Investment Total Balance at December 31, 2017 (1) $ 123,308 $ 10,923 $ 134,231 Foreign Currency Translation and Other (2,844 ) — (2,844 ) Balance at December 31, 2018 (1) 120,464 10,923 131,387 Impairment of Goodwill — (2,921 ) (2,921 ) Foreign Currency Translation and Other 2,292 — 2,292 Balance at December 31, 2019 (2) $ 122,756 $ 8,002 $ 130,758 (1) The amount of the Company's goodwill before accumulated impairment losses of $35,607 was $166,994 and $169,838 at December 31, 2018 and 2017, respectively . (2) The amount of the Company's goodwill before accumulated impairment losses of $38,528 was $169,286 at December 31, 2019 . Intangible assets associated with the Company's acquisitions are as follows: December 31, 2019 Gross Carrying Amount Accumulated Amortization Investment Investment Total Investment Investment Total Client Related $ — $ 3,830 $ 3,830 $ — $ 2,743 $ 2,743 Other 5,320 445 5,765 4,159 390 4,549 Total $ 5,320 $ 4,275 $ 9,595 $ 4,159 $ 3,133 $ 7,292 December 31, 2018 Gross Carrying Amount Accumulated Amortization Investment Investment Total Investment Investment Total Client Related $ 42,000 $ 3,830 $ 45,830 $ 35,356 $ 2,360 $ 37,716 Other 5,320 445 5,765 3,167 334 3,501 Total $ 47,320 $ 4,275 $ 51,595 $ 38,523 $ 2,694 $ 41,217 Expense associated with the amortization of intangible assets was $8,077 , $9,199 and $9,793 for the years ended December 31, 2019, 2018 and 2017 , respectively. Based on the intangible assets above, as of December 31, 2019 , annual amortization of intangibles for each of the next five years is as follows: 2020 $ 1,606 2021 $ 363 2022 $ 334 2023 $ — 2024 $ — Impairments of Goodwill At November 30, 2019, in accordance with ASC 350, "Intangibles - Goodwill and Other" ("ASC 350"), the Company performed its annual goodwill impairment assessment. The Company concluded that the fair value of its reporting units substantially exceeded their carrying values as of November 30, 2019, with the exception of the Institutional Asset Management reporting unit, which was less than its carrying value. In determining the fair value of this reporting unit, the Company utilized a discounted cash flow methodology based on the adjusted cash flows from operations. The discounted cash flow methodology began with the forecasted cash flows of the reporting unit and applied a discount rate of approximately 17% , 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 3% . As a result of the above analysis, the Company determined that the fair value of the Institutional Asset Management reporting unit was less than its carrying value as of November 30, 2019. The Company recorded a goodwill impairment charge of $833 in the Investment Management segment, which is included within Special Charges on the Consolidated Statement of Operations for the year ended December 31, 2019. This charge resulted in a decrease of $543 to Net Income Attributable to Evercore Inc. (after adjustments for noncontrolling interest and income taxes) for the year ended December 31, 2019 . The Company entered into an agreement to sell the trust business of Evercore Casa de Bolsa, S.A. de C.V. ("ECB") (the "ECB Trust Business"), which is a part of its Investment Management segment. Completion of this transaction is expected to occur in 2020. As of December 31, 2019 , the ECB Trust Business includes $475 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. 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 ECB Trust Business as Held for Sale in December 2019. In determining the fair value of this reporting unit, the Company utilized a discounted cash flow methodology based on the adjusted cash flows from operations. The discounted cash flow methodology began with the forecasted cash flows of the reporting unit and applied a discount rate of approximately 17% , 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 3% . 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. Accordingly, the Company recorded a goodwill impairment charge of $2,088 in the Investment Management segment, which is included within Special Charges on the Consolidated Statement of Operations for the year ended December 31, 2019 . This charge resulted in a decrease of $1,361 to Net Income Attributable to Evercore Inc. (after adjustments for noncontrolling interest and income taxes) for the year ended December 31, 2019. 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 of Evercore Trust Company, N.A. ("ETC") 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. 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 Consolidated Statement of Operations for the year ended December 31, 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 year ended December 31, 2017. |
Acquisition and Transition Cost
Acquisition and Transition Costs and Special Charges | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisition and Transition Costs and Special Charges [Text Block] | Acquisition and Transition Costs and Special Charges Acquisition and Transition Costs The Company recognized $1,013 , $21 and $1,673 for the years ended December 31, 2019, 2018 and 2017 , 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. Special Charges The Company recognized $10,141 for the year ended December 31, 2019 , as Special Charges incurred related to a charge of $2,921 associated with the impairment of goodwill in the Company's Institutional Asset Management reporting unit, expenses of $4,370 related to the acceleration of depreciation expense for leasehold improvements in conjunction with the expansion of the Company's headquarters in New York and separation and transition benefits for certain employees terminated as a result of the Company's review of its operations of $2,850 . In the first quarter of 2020, the Company completed a review of its operations focused on markets, sectors and people which delivered lower levels of productivity in an effort to attain greater flexibility of operations and better position itself for future growth. This review, which began in the fourth quarter of 2019, will generate reductions of approximately 6% of the Company's headcount. In conjunction with the employment reductions, the Company is expected to incur costs (including costs related to the acceleration of deferred compensation) of approximately $38,000 , $2,850 of which has been recorded in Special Charges in 2019. The Company's estimates are based on a number of assumptions. Actual results may differ materially and additional charges not currently expected may be incurred in connection with, or as a result of, these employment reductions. The Company recognized $5,012 for the year ended December 31, 2018 , as Special Charges incurred related to separation benefits and costs for the termination of certain contracts associated with closing the Company's agency trading platform in the U.K. and separation benefits and related charges associated with the Company's businesses in Mexico, as well as the acceleration of depreciation expense for leasehold improvements in conjunction with the expansion of the Company's headquarters in New York. The Company recognized $25,437 for the year ended December 31, 2017, as Special Charges incurred related to a charge of $7,107 associated with the impairment of goodwill in the Company's Institutional Asset Management reporting unit, a charge of $14,400 associated with the impairment of the Company's former equity method investment in G5, and expenses of $3,930 associated with the transition of certain employees in conjunction with the sale of the Institutional Trust and Independent Fiduciary business of ETC. See Notes 5 and 11 for further information. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties Other Assets on the Consolidated Statements of Financial Condition includes the long-term portion of loans receivable from certain employees of $13,137 and $16,359 as of December 31, 2019 and 2018 , respectively. Receivable from Employees and Related Parties on the Consolidated Statements of Financial Condition consisted of the following at December 31, 2019 and 2018 : December 31, 2019 2018 Advances to Employees $ 20,923 $ 22,889 Personal Expenses Paid on Behalf of Employees and Related Parties 1,114 692 Other 379 255 Receivable from Employees and Related Parties $ 22,416 $ 23,836 Payable to Employees and Related Parties on the Consolidated Statements of Financial Condition consisted of the following at December 31, 2019 and 2018 : December 31, 2019 2018 Board of Director Fees $ 567 $ 566 Amounts Due to U.K. Members 21,566 22,167 Amounts Due Pursuant to Tax Receivable Agreements (a) 9,570 9,161 Payable to Employees and Related Parties $ 31,703 $ 31,894 (a) Relates to the current portion of the Member exchange of Class A LP Units for Class A Shares. The long-term portion of $84,952 and $94,411 is disclosed in Amounts Due Pursuant to Tax Receivable Agreements on the Consolidated Statements of Financial Condition at December 31, 2019 and 2018 , respectively. |
Investment Securities and Certi
Investment Securities and Certificates of Deposit | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities and Certificates of Deposit | Investment Securities and Certificates of Deposit The Company's Investment Securities and Certificates of Deposit as of December 31, 2019 and 2018 were as follows: December 31, 2019 December 31, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities $ 114,204 $ 591 $ 11 $ 114,784 $ 1,622 $ 10 $ — $ 1,632 Equity Securities 666 — 168 498 666 — 410 256 Debt Securities Carried by Broker-Dealers 225,727 1,648 20 227,355 147,009 954 — 147,963 Investment Funds 58,704 7,809 — 66,513 56,296 402 1,922 54,776 Total Investment Securities (carried at fair value) $ 399,301 $ 10,048 $ 199 $ 409,150 $ 205,593 $ 1,366 $ 2,332 $ 204,627 Certificates of Deposit (carried at contract value) 214,796 100,000 Total Investment Securities and Certificates of Deposit $ 623,946 $ 304,627 Scheduled maturities of the Company's available-for-sale debt securities as of December 31, 2019 and 2018 were as follows: December 31, 2019 December 31, 2018 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 108,662 $ 109,217 $ 391 $ 391 Due after one year through five years 5,542 5,567 1,231 1,241 Total $ 114,204 $ 114,784 $ 1,622 $ 1,632 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 December 31, 2019 . Debt Securities Debt Securities are classified as available-for-sale securities within Investment Securities on the 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 ($14) , ($28) and ($38) for the years ended December 31, 2019, 2018 and 2017 , respectively. Equity Securities Equity Securities are carried at fair value with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations . The Company had net realized and unrealized gains (losses) of $243 , ($193) and $64 for the years ended December 31, 2019, 2018 and 2017 , respectively. Debt Securities Carried by Broker-Dealers EGL and other broker-dealers invest in fixed income portfolios consisting primarily of U.S. Treasury bills, municipal bonds and other debt securities. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations , as required for broker-dealers in securities. The Company had net realized and unrealized gains (losses) of $491 , $546 and ($865) for the years ended December 31, 2019, 2018 and 2017 , 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 cash compensation program. See Note 19 for further information. These securities are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations . The Company had net realized and unrealized gains (losses) of $13,785 , ($5,113) and $4,088 for the years ended December 31, 2019, 2018 and 2017 , respectively. Futures In April 2019, the Company entered into three month futures contracts on a stock index fund with a notional amount of $14,815 for $680 , as an economic hedge against the Company's deferred cash compensation program. These contracts settled in June 2019. In accordance with ASC 815, "Derivatives and Hedging," these contracts are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations . The Company had net realized gains of $59 for the year ended December 31, 2019 . In February 2020, the Company entered into four month futures contracts on a stock index fund with a notional amount of $38,908 , as an economic hedge against the Company's deferred cash compensation program. These contracts will settle in June 2020. Certificates of Deposit At December 31, 2019 , the Company held certificates of deposit of $214,796 with certain banks with original maturities of six months or less when purchased. These certificates of deposit matured in January 2020. At December 31, 2018 , the Company held certificates of deposit of $100,000 with certain banks with original maturities of six months or less when purchased. These certificates of deposit matured during the first quarter of 2019. |
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 | 12 Months Ended |
Dec. 31, 2019 | |
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 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 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 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 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 1.0 year , as of December 31, 2019 , and are pledged as collateral against repurchase agreements. Generally, collateral is posted equal to the contract value at inception and is subject to market changes. These repurchase agreements are primarily with institutional customer accounts managed by ECB and permit the counterparty to pledge the securities. ECB has procedures in place to monitor the daily risk limits for positions taken, as well as the credit risk based on the collateral pledged under these agreements against their contract value from inception to maturity date. The daily risk measure is Value at Risk ("VaR"), which is a statistical measure, at a 98% confidence level, of the potential daily losses from adverse market movements in an ordinary market environment based on a historical simulation using the prior year's historical data. ECB's Risk Management Committee (the "Committee") has established a policy to maintain VaR at levels below 0.1% of the value of the portfolio. If at any point in time the threshold is exceeded, ECB personnel are alerted by an automated interface with ECB's trading systems and begin to make adjustments in the portfolio in order to mitigate the risk and bring the portfolio in compliance. Concurrently, ECB personnel must notify the Committee of the variance and the actions taken to reduce the exposure to loss. In addition to monitoring VaR, ECB periodically performs discrete stress tests to assure that the level of potential losses that would arise from extreme market movements that may not be anticipated by VaR measures are within acceptable levels. As of December 31, 2019 and 2018 , a summary of the Company's assets, liabilities and collateral received or pledged related to these transactions was as follows: December 31, 2019 2018 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 $ 12,431 $ 22,349 Securities Purchased Under Agreements to Resell 13,566 $ 13,572 2,696 $ 2,701 Total Assets $ 25,997 $ 25,045 Liabilities Securities Sold Under Agreements to Repurchase $ (26,000 ) $ (25,992 ) $ (25,075 ) $ (25,099 ) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases Operating Leases – The Company leases office space under non-cancelable lease agreements, which expire on various dates through 2035 . The lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. 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. The Company does not have any leases with variable lease payments. Occupancy and Equipment Rental on the Consolidated Statements of Operations includes operating lease cost for office space of $41,257 and variable lease cost of $8,474 for the year ended December 31, 2019. On July 1, 2018, the Company entered into a new lease agreement for office space at its headquarters at 55 East 52nd St., New York, New York. Under the terms of the agreement, the Company committed to extend the lease term for the Company's current space and add space on up to seven additional floors, three of which commenced as of the lease’s effective date. The Company anticipates that it will take possession of the remainder of these floors over the next four years. On December 6, 2019, the lease was modified to add an additional floor and to extend the lease term for all current and prospective space to end on December 31, 2035. In conjunction with the lease of office space, the Company has entered into letters of credit in the amounts of approximately $5,536 and $5,502 , which are secured by cash that is included in Other Assets on the Consolidated Statements of Financial Condition as of December 31, 2019 and 2018 , respectively. The Company has entered into various operating leases for the use of office equipment (primarily computers, printers, copiers and other IT related equipment). Occupancy and Equipment Rental on the Consolidated Statements of Operations includes operating lease cost for office equipment of $4,107 for the year ended December 31, 2019. The Company uses its secured incremental borrowing rate to determine the present value of its right-of-use assets and lease liabilities. The determination of an appropriate incremental borrowing rate requires significant assumptions and judgment. The Company's incremental borrowing rate was calculated based on the Company's recent debt issuances and current market conditions. The Company scales the rates appropriately depending on the life of the leases. The Company incurred net operating cash outflows of $20,175 for the year ended December 31, 2019 related to its operating leases, which were net of cash received from lease incentives of $18,771 . Upon adoption of ASC 842 on January 1, 2019, the Company recorded Right-of-Use Assets on its statement of financial condition of $180,935 . Other information as it relates to the Company's operating leases is as follows: For the Year Ended December 31, 2019 New Right-of-Use Assets obtained in exchange for new operating lease liabilities $ 57,004 December 31, 2019 Weighted-average remaining lease term - operating leases 10.5 years Weighted-average discount rate - operating leases 4.38 % As of December 31, 2019 , the maturities of the undiscounted operating lease liabilities for which the Company has commenced use are as follows: 2020 $ 43,342 2021 44,120 2022 38,383 2023 23,663 2024 18,025 Thereafter 166,311 Total lease payments 333,844 Less: Tenant Improvement Allowances (14,968 ) Less: Imputed Interest (68,309 ) Present value of lease liabilities 250,567 Less: Current lease liabilities (33,316 ) Long-term lease liabilities $ 217,251 In conjunction with the lease agreement to expand its headquarters at 55 East 52nd St., New York, New York, and lease agreements at certain other locations, the Company entered into leases for office space which have not yet commenced and thus are not yet included on the Company's Consolidated Statements of Financial Condition as right-of-use assets and lease liabilities. The Company anticipates that it will take possession of these spaces between 2020 and 2023 with lease terms of 1 to 16 years. The additional future payments under these arrangements are $332,771 as of December 31, 2019 . As of December 31, 2018 , the approximate aggregate minimum future payments required on the operating leases, net of rent abatement and certain other rent credits, under legacy U.S. GAAP (ASC 840), were as follows: 2019 $ 36,537 2020 39,059 2021 39,561 2022 39,585 2023 27,564 Thereafter 403,450 Total $ 585,756 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Investments | Investments The Company's investments reported on the Consolidated Statements of Financial Condition consist of investments in unconsolidated affiliated companies, other investments in private equity partnerships, equity securities in private companies and investments in G5, Glisco Manager Holdings LP and Trilantic. The Company's investments are relatively high-risk and illiquid assets. The Company's investments in ABS, Atalanta Sosnoff, Luminis and G5 are in voting interest entities. The Company's share of earnings (losses) on these investments (through December 31, 2017 for G5, the date the Company exchanged all of its outstanding equity interests for debentures of G5) is included within Income from Equity Method Investments on the Consolidated Statements of Operations . The Company also has investments in private equity partnerships which 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 Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations . Equity Method Investments A summary of the Company's investments accounted for under the equity method of accounting as of December 31, 2019 and 2018 was as follows: December 31, 2019 2018 ABS $ 40,052 $ 38,699 Atalanta Sosnoff 12,300 13,291 Luminis 4,923 6,517 Total $ 57,275 $ 58,507 ABS On December 29, 2011, the Company made an investment accounted for under the equity method of accounting in ABS Investment Management, LLC. Effective as of September 1, 2018, ABS Investment Management, LLC underwent an internal reorganization pursuant to which the Company contributed its ownership interest in ABS Investment Management, LLC to ABS in exchange for ownership interests in ABS Investment Management Holdings LP and ABS Investment Management GP LLC. Taken together, the ownership interests in ABS Investment Management Holdings LP and ABS Investment Management GP LLC are substantially equivalent to the contributed ownership interests in ABS Investment Management, LLC. At December 31, 2019 , the Company's economic ownership interest in ABS was 46% . This investment resulted in earnings of $8,870 , $7,565 and $7,990 for the years ended December 31, 2019, 2018 and 2017 , respectively, included within Income from Equity Method Investments on the 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, accounting for its interest under the equity method of accounting from that date forward. At December 31, 2019 , the Company's economic ownership interest in Atalanta Sosnoff was 49% . This investment resulted in earnings of $1,210 , $1,211 and $493 for the years ended December 31, 2019, 2018 and 2017 , respectively, included within Income from Equity Method Investments on the Consolidated Statements of Operations . Luminis On January 1, 2017, the Company acquired an interest in Luminis and accounted for its interest under the equity method of accounting. At December 31, 2019 , the Company's ownership interest in Luminis was 20% . This investment resulted in earnings of $916 , $518 and $499 for the years ended December 31, 2019, 2018 and 2017 , respectively, included within Income from Equity Method Investments on the Consolidated Statements of Operations . Other In 2010, the Company made an investment accounted for under the equity method of accounting in G5. 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 in Brazil would be delayed for the foreseeable future, G5 experienced a decline in previously forecasted advisory backlog and as such, management of G5 revised their revenue forecast. As a result, the Company performed an assessment of the carrying value of its equity interest in G5 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. As a result of the above analysis, the Company determined that the fair value of its investment in G5 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 Consolidated Statement of Operations for the year ended December 31, 2017, resulting in a decrease in its investment in G5 to its fair value of $11,555 as of May 31, 2017. This investment resulted in a loss of ($144) for the year ended December 31, 2017, included within Income from Equity Method Investments on the Consolidated Statements of Operations. On December 31, 2017, the Company exchanged all of its outstanding equity interests in G5 for debentures of G5. See Debt Security Investment below for further information. 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 of $684 , $893 and $1,505 for the years ended December 31, 2019, 2018 and 2017 , respectively. The Company assesses its equity method investments for impairment annually, or more frequently if circumstances indicate impairment may have occurred. Debt Security Investment On December 31, 2017, the Company exchanged all of its outstanding equity interests in G5 for debentures of G5. The Company records its investment in G5 as a held-to-maturity debt security within Investments on the Consolidated Statements of Financial Condition. The securities are mandatorily redeemable on December 31, 2027, or earlier, subject to the occurrence of certain events. The Company is accreting its investment to its redemption value ratably, or on an accelerated basis if certain revenue thresholds are met by G5, from December 31, 2017 to December 31, 2027. This investment is subject to currency translation from Brazilian real to the U.S. dollar, included in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations . This investment had a balance of $9,235 and $9,717 as of December 31, 2019 and 2018 , respectively. 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"), Glisco Capital Partners IV ("Glisco IV"), Trilantic Capital Partners Associates IV, L.P. ("Trilantic IV"), Trilantic Capital Partners V, L.P. ("Trilantic V") and Trilantic Capital Partners VI (North America), L.P. ("Trilantic VI"). Portfolio holdings of the private equity funds are carried at fair value. Accordingly, the Company reflects its pro rata share of 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. During 2019 , the Company made an investment of $3,015 in Trilantic VI. On December 31, 2014, ECP II was terminated. ECP II has been fully distributed as of December 31, 2019 . A summary of the Company's investments in the private equity funds as of December 31, 2019 and 2018 was as follows: December 31, 2019 2018 ECP II $ — $ 795 Glisco II, Glisco III and Glisco IV 3,820 3,880 Trilantic IV, Trilantic V and Trilantic VI 9,727 5,125 Total Private Equity Funds $ 13,547 $ 9,800 Net realized and unrealized losses on private equity fund investments were ($790) , ($397) and ($915) for the years ended December 31, 2019, 2018 and 2017 , respectively. During the year ended December 31, 2018 , Glisco II, Trilantic IV and Trilantic V made distributions of $2,059 , $194 and $1,549 , respectively. In the event the funds perform poorly, the Company may be obligated to repay certain carried interest previously distributed. As of December 31, 2019 , there was no previously distributed carried interest received from the funds that was subject to repayment. General Partners of Private Equity Funds which are VIEs Following the Glisco transaction, the Company concluded that Glisco Capital Partners II, Glisco Capital Partners 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 $4,658 and $5,445 included in its Consolidated Statements of Financial Condition at December 31, 2019 and 2018 , 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 December 31, 2019 and 2018 was $8,810 and $8,048 , respectively, which represents the carrying value of the Company's investments in these VIEs, as well as any unfunded commitments to the current and future funds. Investment in Trilantic Capital Partners In 2010, the Company made a limited partnership investment in Trilantic in exchange for 500 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 at its cost minus impairment, if any, plus or minus changes resulting from observable price changes. 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 2019 , $155 and $3,015 of this investment was allocated to Trilantic Fund V and VI, respectively. From 2010 to 2018, $4,980 and $1,178 of this investment was allocated to Trilantic Fund V and IV, respectively. This investment had a balance of $6,762 and $9,932 as of December 31, 2019 and 2018 , respectively. The Company has a $5,000 commitment to invest in Trilantic Fund V, of which $391 was unfunded at December 31, 2019 . The Company also has a $12,000 commitment to invest in Trilantic Fund VI, of which $9,164 was unfunded at December 31, 2019 . The Company funded $2,836 of the commitment to invest in Trilantic Fund VI during the year ended December 31, 2019 . Other Investments In 2015, the Company received an equity security in a private company in exchange for advisory services. This investment is accounted for at its cost minus impairment, if any, plus or minus changes resulting from observable price changes and had a balance of $1,079 as of December 31, 2019 and 2018 . In May 2019, the Company received preferred equity securities in a private company in exchange for advisory services. This investment is accounted for at its cost minus impairment, if any, plus or minus changes resulting from observable price changes and had a balance of $693 as of December 31, 2019 . 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 at its cost minus impairment, if any, plus or minus changes resulting from observable price changes. The Company amortizes the balance of its investment as distributions are received related to the deferred consideration. This investment had a balance of $899 and $1,609 as of December 31, 2019 and 2018 , respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements 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, listed derivatives and treasury bills. 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 and Other Debt Securities held at December 31, 2019 and 2018 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 December 31, 2019 and 2018 : December 31, 2019 Level I Level II Level III Total Corporate Bonds, Municipal Bonds and Other Debt Securities Carried by Broker-Dealers $ 168,650 $ 58,705 $ — $ 227,355 Other Debt and Equity Securities (1) 111,823 6,449 — 118,272 Investment Funds 66,513 — — 66,513 Financial Instruments Owned and Pledged as Collateral at Fair Value 12,431 — — 12,431 Total Assets Measured At Fair Value $ 359,417 $ 65,154 $ — $ 424,571 December 31, 2018 Level I Level II Level III Total Corporate Bonds, Municipal Bonds and Other Debt Securities Carried by Broker-Dealers (2) $ 109,577 $ 62,801 $ — $ 172,378 Other Debt and Equity Securities (1) 6,232 1,982 — 8,214 Investment Funds 54,776 — — 54,776 Financial Instruments Owned and Pledged as Collateral at Fair Value 22,349 — — 22,349 Total Assets Measured At Fair Value $ 192,934 $ 64,783 $ — $ 257,717 (1) Includes $2,990 and $6,326 of treasury bills and notes and municipal bonds classified within Cash and Cash Equivalents on the Consolidated Statements of Financial Condition as of December 31, 2019 and 2018 , respectively. (2) Includes $24,415 of treasury bills, municipal bonds and commercial paper classified within Cash and Cash Equivalents on the Consolidated Statement of Financial Condition as of December 31, 2018 . 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 years ended December 31, 2019 and 2018 . During the fourth quarter of 2019 , the Company determined that the fair value of the Institutional Asset Management reporting unit was $8,777 . The fair value of the reporting unit was estimated by utilizing a discounted cash flow methodology based on adjusted cash flows from operations. Goodwill is measured at fair value on a non-recurring basis as a Level III asset. See Note 5 for further information. 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 Consolidated Statements of Financial Condition , are listed in the tables below. December 31, 2019 Carrying Estimated Fair Value Amount Level I Level II Level III Total Financial Assets: Cash and Cash Equivalents $ 630,818 $ 630,818 $ — $ — $ 630,818 Certificates of Deposit 214,796 — 214,796 — 214,796 Debt Security Investment 9,235 — — 9,235 9,235 Securities Purchased Under Agreements to Resell 13,566 — 13,566 — 13,566 Receivables (1) 359,909 — 357,047 — 357,047 Contract Assets (2) 34,029 — 33,854 — 33,854 Receivable from Employees and Related Parties 22,416 — 22,416 — 22,416 Closely-held Equity Securities 1,772 — — 1,772 1,772 Financial Liabilities: Accounts Payable and Accrued Expenses $ 39,726 $ — $ 39,726 $ — $ 39,726 Securities Sold Under Agreements to Repurchase 26,000 — 26,000 — 26,000 Payable to Employees and Related Parties 31,703 — 31,703 — 31,703 Notes Payable 375,062 — 382,274 — 382,274 December 31, 2018 Carrying Estimated Fair Value Amount Level I Level II Level III Total Financial Assets: Cash and Cash Equivalents $ 759,849 $ 759,849 $ — $ — $ 759,849 Certificates of Deposit 100,000 — 100,000 — 100,000 Debt Security Investment 9,717 — — 9,717 9,717 Securities Purchased Under Agreements to Resell 2,696 — 2,696 — 2,696 Receivables (1) 370,023 — 369,636 — 369,636 Contract Assets (2) 3,374 — 3,348 — 3,348 Receivable from Employees and Related Parties 23,836 — 23,836 — 23,836 Closely-held Equity Security 1,079 — — 1,079 1,079 Financial Liabilities: Accounts Payable and Accrued Expenses $ 37,948 $ — $ 37,948 $ — $ 37,948 Securities Sold Under Agreements to Repurchase 25,075 — 25,075 — 25,075 Payable to Employees and Related Parties 31,894 — 31,894 — 31,894 Notes Payable 168,612 — 166,555 — 166,555 (1) Includes Accounts Receivable and Long-term receivables included in Other Assets on the Consolidated Statements of Financial Condition . The adoption of ASU 2016-01 in 2018 resulted in the Company prospectively including the fair value of its receivables that are due in excess of one year in the above table. (2) Includes current and long-term contract assets included in Other Current Assets and Other Assets on the Consolidated Statements of Financial Condition . |
Furniture, Equipment and Leaseh
Furniture, Equipment and Leasehold Improvements Furniture, Equipment and Leasehold Improvements | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Furniture, Equipment and Leasehold Improvements | Furniture, Equipment and Leasehold Improvements Furniture, Equipment and Leasehold Improvements consisted of the following: December 31, 2019 2018 Furniture and Equipment $ 64,153 $ 39,349 Leasehold Improvements 133,820 91,597 Computer and Technology-related 46,213 39,617 Total 244,186 170,563 Less: Accumulated Depreciation and Amortization (117,387 ) (89,494 ) Furniture, Equipment and Leasehold Improvements, Net $ 126,799 $ 81,069 Depreciation and amortization expense for Furniture, Equipment and Leasehold Improvements totaled $22,946 , $17,855 and $15,026 for the years ended December 31, 2019, 2018 and 2017 , respectively. In addition, the Company recognized Special Charges of $4,370 and $2,058 for the years ended December 31, 2019 and 2018 , respectively, related to the acceleration of depreciation expense for leasehold improvements in conjunction with the expansion of its headquarters in New York. See Note 6 for further information. |
Notes Payable and Subordinated
Notes Payable and Subordinated Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
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 "2016 Private Placement Notes"), pursuant to a note purchase agreement (the "2016 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 2016 Private Placement Notes is payable semi-annually and the 2016 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 2016 Private Placement Notes (without regard to Series), in an amount not less than 5% of the aggregate principal amount of the 2016 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 2016 Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the 2016 Private Placement Notes plus accrued and unpaid interest to the prepayment date. The 2016 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 December 31, 2019 , the Company was in compliance with all of these covenants. On August 1, 2019, the Company issued $175,000 and £25,000 of senior unsecured notes through private placement. These notes reflect a weighted average life of 12 years and a weighted average stated interest rate of 4.26% . These notes include: $75,000 aggregate principal amount of its 4.34% Series E senior notes due 2029 (the "Series E Notes"), $60,000 aggregate principal amount of its 4.44% Series F senior notes due 2031 (the "Series F Notes"), $40,000 aggregate principal amount of its 4.54% Series G senior notes due 2033 (the "Series G Notes") and £25,000 aggregate principal amount of its 3.33% Series H senior notes due 2033 (the "Series H Notes" and together with the Series E Notes, the Series F Notes and the Series G Notes, the "2019 Private Placement Notes"), each of which were issued pursuant to a note purchase agreement dated as of August 1, 2019 (the "2019 Note Purchase Agreement"), among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933. Interest on the 2019 Private Placement Notes is payable semi-annually and the 2019 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 2019 Private Placement Notes (without regard to Series), in an amount not less than 5% of the aggregate principal amount of the 2019 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 2019 Private Placement Notes will have the right to require the Company to prepay the entire unpaid principal amounts held by each holder of the 2019 Private Placement Notes plus accrued and unpaid interest to the prepayment date. The 2019 Note Purchase Agreement contains customary covenants, including financial covenants requiring compliance with a maximum leverage ratio and a minimum tangible net worth, and customary events of default. As of December 31, 2019 , the Company was in compliance with all of these covenants. The Company intends to use the proceeds from the 2019 Private Placement Notes to fund investments in its business, including facilities and technology, and for other general corporate purposes. Notes Payable is comprised of the following as of December 31, 2019 and 2018 : Carrying Value (a) December 31, Note Maturity Date Effective Annual Interest Rate 2019 2018 Evercore Inc. 4.88% Series A Senior Notes 3/30/2021 5.16 % $ 37,873 $ 37,776 Evercore Inc. 5.23% Series B Senior Notes 3/30/2023 5.44 % 66,581 66,466 Evercore Inc. 5.48% Series C Senior Notes 3/30/2026 5.64 % 47,595 47,542 Evercore Inc. 5.58% Series D Senior Notes 3/30/2028 5.72 % 16,842 16,828 Evercore Inc. 4.34% Series E Senior Notes 8/1/2029 4.46 % 74,282 — Evercore Inc. 4.44% Series F Senior Notes 8/1/2031 4.55 % 59,422 — Evercore Inc. 4.54% Series G Senior Notes 8/1/2033 4.64 % 39,613 — Evercore Inc. 3.33% Series H Senior Notes 8/1/2033 3.42 % 32,854 — Total $ 375,062 $ 168,612 (a) Carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct reduction from the related liability. The Company had subordinated borrowings, principally with an executive officer of the Company, due on October 31, 2019. These borrowings had a coupon of 5.5% , payable semi-annually. In March 2018, the Company repaid $6,700 of the original borrowings and in May 2018, the Company repaid the remaining $99 of the original borrowings. As of December 31, 2019 , the future payments required on the Notes Payable, including principal and interest, were as follows: 2020 $ 19,871 2021 54,757 2022 15,830 2023 81,078 2024 12,326 Thereafter 335,828 Total $ 519,690 |
Employee Benefit Plans Employee
Employee Benefit Plans Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Defined Contribution Retirement Plan – The Company, through a subsidiary, provides certain retirement benefits to employees through a qualified retirement plan. The Evercore Partners Services East L.L.C. Retirement Plan (the "Evercore Plan") is a defined contribution plan with a salary deferral feature under Section 401(k) of the Internal Revenue Code. It also includes a discretionary profit sharing feature. The Evercore Plan was formed on February 1, 1996 and subsequently amended. The Evercore Plan's year ends on December 31 of each year. The Company, at its sole discretion, determines the amount, if any, of profit to be contributed to the Evercore Plan. The Company made no contributions to the Evercore Plan for each of the years ended December 31, 2019 , 2018 and 2017 . Beginning January 1, 2020, for certain employees, the Company will contribute matching contributions to the Evercore Plan of 100% of up to 3% of eligible compensation, defined as salary plus cash bonus compensation, to a maximum of $3 per employee. Evercore Europe Defined Contribution Benefit Plan – Evercore U.K. provides a defined contribution benefit plan, the Evercore Partners International Group Personal Pension Plan (the "Evercore Europe Plan"), for Evercore U.K. employees and members. The Evercore Europe Plan was established in November 2006 and subsequently amended. The Evercore Europe Plan, for employees starting between November 2006 and July 2011, has a salary deferral feature as permitted under existing tax guidelines for HM Customs and Revenue, the Inland Revenue Service in the United Kingdom. Evercore U.K. employees must have elected to participate in the plan prior to July 2011, and Evercore U.K. has a minimum annualized contribution of 15% to 50% of an employee's salary for all the employees who participated, depending on the respective employee's level within the Company. These employees are also eligible to contribute up to 10% of their salary to the Evercore Europe Plan and under the terms of the Evercore Europe Plan, if an employee contributes a minimum of 7.5% to 10% of their salary to the plan, Evercore U.K. must make a matching contribution of 5% to 10% of the employee's salary depending on the employee's level within the Company. The Evercore Europe Plan, for employees starting after July 2011, has a salary deferral feature as permitted under existing tax guidelines for HM Customs and Revenue. Evercore U.K. has a minimum annualized contribution of 15.0% of an employee's salary. Employees are also eligible to contribute a percentage of their salary to the Evercore Europe Plan, however, any contribution made does not entitle them to a matching contribution from Evercore U.K.. The Company made contributions to the Evercore Europe Plan of $2,972 , $2,915 and $3,145 for the years ended December 31, 2019, 2018 and 2017 , respectively. Evercore ISI U.K. Personal Pension Plan – For employees of Evercore ISI U.K., a personal pension plan is available for all employees to contribute a percentage of their salary. The Company contributed up to 5% of an employee's salary through March 2018; starting in April 2018, the Company contributes up to 6% of an employee's salary. The Company made contributions to the Evercore ISI U.K. Personal Pension Plan of $124 , $137 and $165 for the years ended December 31, 2019, 2018 and 2017 , respectively. |
Evercore Inc. Stockholders' Equ
Evercore Inc. Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Evercore Inc. Stockholders' Equity | Evercore Inc. Stockholders' Equity Dividends – The Company's Board of Directors declared on January 28, 2020 , a quarterly cash dividend of $0.58 per share, to the holders of record of shares of Class A Shares as of February 28, 2020 , which will be paid on March 13, 2020 . During the year ended December 31, 2019 , the Company declared and paid dividends of $2.24 per share, totaling $89,407 , and accrued deferred cash dividends on unvested RSUs, totaling $14,642 . During the year ended December 31, 2019 , the Company also paid deferred cash dividends of $7,396 . During the year ended December 31, 2018 , the Company declared and paid dividends of $1.90 per share, totaling $77,302 , and accrued deferred cash dividends on unvested RSUs, totaling $12,288 . Treasury Stock – During the year ended December 31, 2019 , the Company purchased 1,039 Class A Shares primarily from employees at market values ranging from $71.11 to $96.22 per share (at an average cost per share of $89.15 ), primarily for the net settlement of stock-based compensation awards, and 2,360 Class A Shares at market values ranging from $73.18 to $92.33 per share (at an average cost per share of $80.69 ) pursuant to the Company's share repurchase program. The aggregate 3,399 Class A Shares were purchased at an average cost per share of $83.28 , and the result of these purchases was an increase in Treasury Stock of $283,081 on the Company's Consolidated Statement of Financial Condition as of December 31, 2019 . During the year ended December 31, 2018 , the Company purchased 1,085 Class A Shares primarily from employees at values ranging from $79.47 to $115.30 per share (at an average cost per share of $99.64 ), primarily for the net settlement of stock-based compensation awards, and 2,021 Class A Shares at market values ranging from $80.05 to $112.30 per share (at an average cost per share of $89.81 ) pursuant to the Company's share repurchase program. The aggregate 3,106 Class A Shares were purchased at an average cost per share of $93.24 and the result of these purchases was an increase in Treasury Stock of $289,681 on the Company's Consolidated Statement of Financial Condition as of December 31, 2018 . LP Units – During the year ended December 31, 2019 , 353 LP Units were exchanged for Class A Shares, resulting in an increase to Common Stock and Additional Paid-In-Capital of $3 and $15,138 , respectively, on the Company's Consolidated Statement of Financial Condition as of December 31, 2019 . During the year ended December 31, 2018 , 1,182 LP Units were exchanged for Class A Shares, resulting in an increase to Common Stock and Additional Paid-In-Capital of $12 and $46,583 , respectively, on the Company's Consolidated Statement of Financial Condition as of December 31, 2018 . See Note 22 for further discussion. Accumulated Other Comprehensive Income (Loss) – As of December 31, 2019 , Accumulated Other Comprehensive Income (Loss) on the Company's Consolidated Statement of Financial Condition includes an accumulated Unrealized Gain (Loss) on Securities and Investments, net, and Foreign Currency Translation Adjustment Gain (Loss), net, of ($4,007) and ($23,589) , respectively. The application of ASU 2016-01 resulted in the reclassification of $2,229 of cumulative unrealized losses, net of tax, on Investment Securities in Accumulated Other Comprehensive Income (Loss) to Retained Earnings on the Consolidated Statement of Financial Condition as of January 1, 2018. The G5 transaction in 2017 resulted in the reclassification of $16,266 of cumulative foreign currency translation losses in Accumulated Other Comprehensive Income (Loss) on the Consolidated Statement of Financial Condition to Other Revenue, Including Interest and Investments, on the Consolidated Statement of Operations for the year ended December 31, 2017. See Note 11 for further information. |
Noncontrolling Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling Interest recorded in the consolidated financial statements relates to the following approximate interests in certain of the Company's consolidated subsidiaries, which are not owned by the Company. In circumstances where the governing documents of the entity to which the noncontrolling interest relates require special allocations of profits or losses to the controlling and noncontrolling interest holders, the net income or loss of these entities is allocated based on these special allocations. December 31, 2019 2018 2017 Subsidiary: Evercore LP 12 % 11 % 12 % EWM (1) 30 % 43 % 42 % PCA (2) — % 10 % 25 % RECA (3) 38 % 38 % — % (1) Noncontrolling Interests represent a blended rate for multiple classes of interests. (2) Noncontrolling Interests represent the Common Interests of Private Capital Advisory L.P. (3) Noncontrolling Interests represent the Class R Interests of Private Capital Advisory L.P. The Noncontrolling Interests for Evercore LP, EWM and RECA have rights, in certain circumstances, to convert into Class A Shares. Changes in Noncontrolling Interest for the years ended December 31, 2019, 2018 and 2017 were as follows: For the Years Ended December 31, 2019 2018 2017 Beginning balance $ 249,819 $ 252,404 $ 256,033 Comprehensive Income (Loss): Net Income Attributable to Noncontrolling Interest 56,225 65,611 53,753 Other Comprehensive Income (Loss) 513 (203 ) 3,375 Total Comprehensive Income 56,738 65,408 57,128 Evercore LP Units Purchased or Converted into Class A Shares (15,142 ) (46,594 ) (47,263 ) Amortization and Vesting of LP Units/Interests 27,890 19,860 14,922 Other Items: Distributions to Noncontrolling Interests (54,706 ) (41,413 ) (36,374 ) Issuance of Noncontrolling Interest 3,368 1,165 8,460 Purchase of Noncontrolling Interest (11,433 ) (1,011 ) (281 ) Other, net — — (221 ) Total Other Items (62,771 ) (41,259 ) (28,416 ) Ending balance $ 256,534 $ 249,819 $ 252,404 Other Comprehensive Income – Other Comprehensive Income (Loss) attributed to Noncontrolling Interest includes Unrealized Gain (Loss) on Securities and Investments, net, of ($82) , ($43) and $75 for the years ended December 31, 2019, 2018 and 2017 , respectively, and Foreign Currency Translation Adjustment Gain (Loss), net, of $595 , ($160) and $3,300 for the years ended December 31, 2019, 2018 and 2017 , respectively. Interests Issued – During 2019, 32 Class A LP Units were issued, primarily related to the purchase of EWM Class A Units. See Interests Purchased below for further information. During 2018, in conjunction with the establishment of the RECA business, certain employees of that business purchased Class R Interests, at fair value, in Private Capital Advisory L.P., resulting in an increase to Noncontrolling Interest of $770 on the Company's Consolidated Statement of Financial Condition as of December 31, 2018 . Interests Purchased – On May 31, 2019, the Company purchased, at fair value, the remaining 10% of the Private Capital Advisory L.P. Common Interests for $28,382 . This purchase resulted in a decrease to Noncontrolling Interest of $6,674 and a decrease to Additional Paid-In-Capital of $21,708 , on the Company's Consolidated Statement of Financial Condition as of December 31, 2019 . On May 31, 2019, the Company also purchased, at fair value, an additional 17% of the EWM Class A Units for $24,533 (in cash of $21,832 and the issuance of 31 Class A LP Units having a fair value of $2,701 ). This purchase resulted in a net decrease to Noncontrolling Interest of $4,759 and a decrease to Additional Paid-In-Capital of $19,774 , on the Company's Consolidated Statement of Financial Condition as of December 31, 2019 . On March 29, 2018, the Company purchased, at fair value, an additional 15% of the Private Capital Advisory L.P. Common Interests for $25,525 . This purchase resulted in a decrease to Noncontrolling Interest of $298 and a decrease to Additional Paid-In-Capital of $25,227 on the Company's Consolidated Statement of Financial Condition as of December 31, 2018 . On March 3, 2017, the Company purchased, at fair value, an additional 13% of the Private Capital Advisory L.P. Common Interests for $7,071 , and on December 11, 2017, the Company purchased, at fair value, an additional 1% of the Private Capital Advisory L.P. Common Interests for $1,429 . These purchases resulted in a decrease to Noncontrolling Interest of $281 and a decrease to Additional Paid-In-Capital of $8,219 on the Company's Consolidated Statements of Financial Condition as of December 31, 2017 . During the year ended December 31, 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 Consolidated Statement of Financial Condition as of December 31, 2017 . In addition, LP Units were exchanged for Class A Shares during the years ended December 31, 2019, 2018 and 2017 , respectively. See Note 16 for further information. |
Net Income Per Share Attributab
Net Income Per Share Attributable to Evercore Inc. Common Shareholders | 12 Months Ended |
Dec. 31, 2019 | |
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 years ended December 31, 2019, 2018 and 2017 are described and presented below. For the Years Ended December 31, 2019 2018 2017 Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders Numerator: Net income attributable to Evercore Inc. common shareholders $ 297,436 $ 377,240 $ 125,454 Denominator: Weighted average Class A Shares outstanding, including vested RSUs 39,994 40,595 39,641 Basic net income per share attributable to Evercore Inc. common shareholders $ 7.44 $ 9.29 $ 3.16 Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders Numerator: Net income attributable to Evercore Inc. common shareholders $ 297,436 $ 377,240 $ 125,454 Noncontrolling interest related to the assumed exchange of LP Units for Class A Shares (b) (b) (b) Associated corporate taxes related to the assumed elimination of Noncontrolling Interest described above (b) (b) (b) Diluted net income attributable to Evercore Inc. common shareholders $ 297,436 $ 377,240 $ 125,454 Denominator: Weighted average Class A Shares outstanding, including vested RSUs 39,994 40,595 39,641 Assumed exchange of LP Units for Class A Shares (a)(b) 718 1,378 842 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 2,082 2,906 2,719 Shares that are contingently issuable (c) 400 400 1,624 Diluted weighted average Class A Shares outstanding 43,194 45,279 44,826 Diluted net income per share attributable to Evercore Inc. common shareholders $ 6.89 $ 8.33 $ 2.80 (a) The Company has outstanding Class J LP Units, which convert into Class E LP Units and ultimately become exchangeable into Class A Shares on a one -for-one basis. During the years ended December 31, 2019 , 2018 and 2017 , the Class J 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, which give the holders the right to receive Class A Shares upon exchange on a one -for-one basis. During the years ended December 31, 2019, 2018 and 2017 , the Class A and E 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 5,254 , 5,075 and 5,920 for the years ended December 31, 2019, 2018 and 2017 , 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 $39,940 , $46,060 and $28,186 for the years ended December 31, 2019, 2018 and 2017 , 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 the Company is subject to the statutory tax rates of a C-Corporation under a conventional corporate tax structure 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) The Company has outstanding Class I-P Units which are contingently exchangeable into Class I LP Units, and ultimately Class A Shares, and outstanding Class K-P Units which are contingently exchangeable into Class K LP Units, and ultimately Class A Shares, as they are subject to certain performance thresholds being achieved. The Company previously had outstanding Class G and H LP Interests which were contingently exchangeable into Class E LP Units, and ultimately Class A Shares. In July 2017, the Company exchanged all of the outstanding Class H LP Interests for a number of Class J LP Units. As of December 31, 2017 , all of the Class G LP Interests either converted into Class E LP Units or were forfeited pursuant to their performance terms. See Note 19 for 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, Class I-P Units and Class K-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 Units/Interests 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 400 for each of the years ended December 31, 2019 and 2018 , and 1,624 for the year ended December 31, 2017 . 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 | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [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 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 vested ratably on October 31, 2015, 2016 and 2017 and became exchangeable into Class A Shares upon vesting, subject to certain liquidated damages and continued employment provisions. Compensation expense related to Class E LP Units was $17,962 for the year ended December 31, 2017 . The Class E LP Units were fully expensed at December 31, 2017 . The Company also issued 538 vested and 540 unvested Class G LP Interests, which vested ratably and became 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% , were 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 could be canceled or vest based on determination of expected performance, based on a decision by Management. As of December 31, 2017 , all of the Class G LP Interests either converted into Class E LP Units or were forfeited pursuant to their performance terms. 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 could be canceled or vest based on determination of expected performance, based on a decision by Management. In July 2017, the Company exchanged all of the previously outstanding 4,148 Class H LP Interests for 1,012 vested ( 963 of which were subject to certain liquidated damages and continued employment provisions) and 938 unvested Class J LP Units. These units convert into an equal amount of Class E LP Units, and 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 entitles 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 is expensing the previously unrecognized grant date fair value of the Class H LP Interests ratably over the remaining vesting period of the Class J LP Units. Compensation expense related to the Class J LP Units was $18,101 , $15,054 and $6,020 for the years ended December 31, 2019, 2018 and 2017 , respectively. On February 15, 2020, 223 Class J LP Units vested and were converted to an equal amount of Class E LP Units. Following the conversion, no Class J LP Units are issued and outstanding. Based on Evercore ISI's results for the year ended December 31, 2017 , as well as the Company's revised outlook for the Evercore ISI business, the Company determined that the achievement of the remaining performance thresholds for certain of the Class G LP Interests was no longer probable at December 31, 2017 . Prior to the exchange into Class J LP Units in 2017 , the Company had determined that the achievement of the remaining performance thresholds for certain of the Class H LP Interests was probable at June 30, 2017, but at a lower assumed performance level than previously determined. These determinations resulted in previously recognized expense of $26,224 for certain of the Class G and H LP Interests being reversed during the first quarter of 2017 . The 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. Accordingly, $12,897 of expense was reversed for the year ended December 31, 2017 for the Class G and H LP Interests. During the first quarter of 2017, the Company amended the terms of 19 Class E LP Units, 14 Class G LP Interests and 162 Class H LP Interests for an exiting employee. The amendment 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 year ended December 31, 2017, reflecting the reversal of all previous expense related to these awards and the subsequent amortization of the awards at the amended grant date fair value of $14,891 . These awards were amortized ratably through June 30, 2017. The following table summarizes activity related to the LP Units for the Company's equities business during the year ended December 31, 2019 : Class J LP Units Number of Units Grant Date Weighted Unvested Balance at January 1, 2019 1,265 $ 24,181 Granted 2 176 Modified 76 4,407 Forfeited (2 ) (13 ) Vested (1,118 ) (24,440 ) Unvested Balance at December 31, 2019 223 $ 4,311 Othe r 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 $4,619 for each of the years ended December 31, 2019 , 2018 and 2017 . In November 2017, the Company issued 64 Class K-P Units to an employee of the Company. These Class K-P Units convert into a specified number of Class K LP Units (which are exchangeable on a one -for-one basis to Class A Shares), contingent upon the achievement of certain defined benchmark results and continued service through December 31, 2021. An additional 16 Class K-P Units may be issued contingent upon the achievement of certain defined benchmark results (which were probable of achievement as of December 31, 2019 ) and continued service through December 31, 2021. The Company determined the value of the award probable to vest as of December 31, 2019 to be $6,250 and records expense for these units over the service period. In June 2019, the Company issued 220 Class K-P Units to an employee of the Company. These Class K-P Units convert into a number of Class K LP Units (which are exchangeable on a one -for-one basis to Class A Shares), contingent and based upon the achievement of certain defined benchmark results and continued service through February 4, 2023 for the first tranche, which consists of 120 Class K-P Units convertible into a number of Class K LP Units, and February 4, 2028 for the second tranche, which consists of 100 Class K-P Units convertible into a number of Class K LP Units. The Company determined the value of the award probable to vest as of December 31, 2019 to be $14,386 and records expense for these units over the service period. Compensation expense related to the Class K-P Units was $3,690 , $1,200 and $197 for the years ended December 31, 2019, 2018 and 2017 , respectively, As of December 31, 2019 , the total compensation cost not yet recognized related to the Class J LP Units, Class I-P Units and Class K-P Units, including awards which are subject to performance conditions, was $25,958 . The weighted-average period over which this compensation cost is expected to be recognized is 14 months . Stock Incentive Plan In 2006 the Company's stockholders and board of directors adopted the Evercore Inc. 2006 Stock Incentive Plan. The total number of Class A Shares which could be issued under this plan was 20,000 . During the second quarter of 2013, the Company's stockholders approved the Amended and Restated 2006 Evercore Inc. Stock Incentive Plan. The amended and restated plan, among other things, authorized an additional 5,000 shares of the Company's Class A Shares. 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 2,872 and 5,349 as of December 31, 2019 and 2018, respectively . The Company also grants, at its discretion, dividend equivalents, in the form of unvested RSU awards, or deferred 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 dividend equivalents have the same vesting and delivery terms as the underlying RSU award. 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 adjustment in the period of the change. The Company had 82 RSUs which were fully vested but not delivered as of December 31, 2019 . Equity Grants 2019 Equity Grants. During 2019 , pursuant to the 2016 Plan, the Company granted employees 2,598 RSUs that are Service-based Awards. Service-based Awards granted during 2019 had grant date fair values of $72.11 to $96.22 per share, with an average value of $91.04 per share. During 2019 , 2,473 Service-based Awards vested and 121 Service-based Awards were forfeited. Compensation expense related to Service-based Awards, including RSUs granted to the Executive Chairman in November 2016, was $208,786 for the year ended December 31, 2019 . The following table summarizes activity related to Service-based Awards during the year ended December 31, 2019 : Service-based Awards Number of Shares Grant Date Weighted Unvested Balance at January 1, 2019 6,410 $ 468,905 Granted 2,598 236,529 Modified — — Forfeited (121 ) (10,376 ) Vested (2,473 ) (167,602 ) Unvested Balance at December 31, 2019 6,414 $ 527,456 As of December 31, 2019 , the total compensation cost related to unvested Service-based Awards not yet recognized was $266,086 . The ultimate amount of such expense is dependent upon the actual number of Service-based Awards that vest. The Company periodically assesses the forfeiture rates used for such estimates. A change in estimated forfeiture rates would cause the aggregate amount of compensation expense recognized in future periods to differ from the estimated unrecognized compensation expense described herein. The weighted-average period over which this compensation cost is expected to be recognized is 23 months. 2018 Equity Grants. During 2018 , pursuant to the 2016 Plan, the Company granted employees 1,968 RSUs that are Service-based Awards. Service-based Awards granted during 2018 had grant date fair values of $81.84 to $114.80 per share, with an average value of $95.01 per share. During 2018 , 2,523 Service-based Awards vested and 70 Service-based Awards were forfeited. Compensation expense related to Service-based Awards, including RSUs granted to the Executive Chairman in November 2016, was $171,354 for the year ended December 31, 2018 . 2017 Equity Grants. During 2017 , pursuant to the 2016 Plan, the Company granted employees 2,813 RSUs that are Service-based Awards. Service-based Awards granted during 2017 had grant date fair values of $69.10 to $85.68 per share, with an average value of $78.32 per share. During 2017 , 2,512 Service-based Awards vested and 154 Service-based Awards were forfeited. Compensation expense related to Service-based Awards, including RSUs granted to the Executive Chairman in November 2016, was $156,353 for the year ended December 31, 2017 . Deferred Cash The Company's deferred cash compensation program provides participants the ability to elect to receive a portion of their deferred compensation in cash, which is indexed to notional investment portfolios selected by the participant and vests ratably over four years and requires payment upon vesting. The Company granted $93,366 , $82,592 and $3,750 of deferred cash awards pursuant to the deferred cash compensation program during the years ended December 31, 2019, 2018 and 2017 , 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 vested 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 had 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 2017, the Company granted deferred cash awards of $29,500 to certain employees. These awards vest in five equal installments over the period ending June 30, 2022, subject to continued employment. The Company records expense for these awards ratably over the vesting period. Compensation expense related to deferred cash awards was $93,201 , $58,430 and $24,677 for the years ended December 31, 2019, 2018 and 2017 , respectively. As of December 31, 2019 , the total compensation cost related to deferred cash awards not yet recognized was $127,242 . The weighted-average period over which this compensation cost is expected to be recognized is 25 months . 2020 Equity and Deferred Cash Grants During the first quarter of 2020, as part of the 2019 bonus awards, the Company granted to certain employees approximately 1,900 unvested RSUs pursuant to the 2016 Plan with a grant date fair value of $81.53 per share. These awards will generally vest over four years. In addition, during the first quarter of 2020, the Company granted approximately $179,000 of deferred cash to certain employees which is pursuant to the deferred cash compensation program. These awards will generally vest over four years. 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 (the "2013 Long-term Incentive Plan") and January 1, 2017 (the "2017 Long-term Incentive Plan"). The 2013 Long-term Incentive Plan was paid in cash in installments in 2017, 2018 and the first quarter of 2019. The 2017 Long-term Incentive Plan, which aggregates $97,353 of long-term liabilities on the Consolidated Statement of Financial Condition as of December 31, 2019 , is due to be paid, in cash or Class A Shares, at the Company's discretion, in three equal installments in the first quarter of 2021, 2022 and 2023, subject to employment at the time of payment. These awards are subject to retirement eligibility requirements after the performance criteria has been achieved. 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 $31,931 , $42,745 and $31,923 for the years ended December 31, 2019, 2018 and 2017 , respectively. In conjunction with this plan, the Company distributed cash payments of $19,516 , $4,532 and $34,157 during the years ended December 31, 2019, 2018 and 2017 , respectively. As of December 31, 2019 , based on the Company's current assessment of the probability of the level of benchmarks being achieved, the total remaining expense to be accrued for the 2017 Long-term Incentive Plan over the future vesting period ending March 15, 2023 is $60,441 . 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 $20,421 , $17,971 and $20,969 for the years ended December 31, 2019, 2018 and 2017 , respectively. The remaining unamortized amount of these awards was $34,073 as of December 31, 2019 . Other The total income tax benefit related to share-based compensation arrangements recognized in the Company's Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017 was $49,251 , $39,958 and $53,402 , respectively. The benefit for 2017 does not reflect the impact of the Tax Cuts and Jobs Act, which was enacted on December 22, 2017. See Note 22 for further information. Separation and Transition Benefits The Company granted separation benefits to certain employees, resulting in expense included in Employee Compensation and Benefits within the Investment Banking segment of approximately $8,145 for the year ended December 31, 2019. This is comprised of expense related to cash separation benefits of $6,178 and expense related to the acceleration of the amortization of share-based payments of $1,967 . In conjunction with these arrangements, the Company distributed cash payments of $6,035 for the year ended December 31, 2019. The Company granted separation benefits to certain employees, resulting in expense included in Employee Compensation and Benefits of approximately $9,420 and $6,655 for the years ended December 31, 2018 and 2017, respectively. In conjunction with these arrangements, the Company distributed cash payments of $8,565 and $2,914 for the years ended December 31, 2018 and 2017, respectively. In the first quarter of 2020, the Company completed a review of its operations focused on markets, sectors and people which delivered lower levels of productivity in an effort to attain greater flexibility of operations and better position itself for future growth. This review, which began in the fourth quarter of 2019, will generate reductions of approximately 6% of the Company's headcount. In conjunction with the employment reductions, the Company is expected to incur costs (including costs related to the acceleration of deferred compensation) of approximately $38,000 . The Company's estimates are based on a number of assumptions. Actual results may differ materially and additional charges not currently expected may be incurred in connection with, or as a result of, these employment reductions. In conjunction with this review, the Company granted separation and transition benefits to certain employees, resulting in expense included in Special Charges primarily within the Investment Banking segment of $2,850 for the year ended December 31, 2019. This is comprised of expense related to separation benefits and accelerated deferred cash compensation (together, "Termination Costs") of $1,578 and expense related to the acceleration of the amortization of share-based payments of $1,272 . In conjunction with these arrangements, the Company distributed cash payments of $377 for the year ended December 31, 2019. The following table presents the change in the Company's Termination Costs liability for the year ended December 31, 2019: Balance at January 1, 2019 $ 505 Termination Costs Incurred 7,756 Cash Benefits Paid (6,412 ) Non-Cash Charges (698 ) Balance at December 31, 2019 $ 1,151 The Company also granted separation and transition benefits to certain employees, resulting in expense included in Special Charges of $2,024 and $3,930 for the years ended December 31, 2018 and 2017, respectively. See Note 6 for further information. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Private Equity – As of December 31, 2019 , the Company had unfunded commitments for capital contributions of $13,767 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. On February 11, 2010, the Company announced the formation of a strategic alliance to pursue private equity investment opportunities with Trilantic and to collaborate on the future growth of Trilantic's business. See Note 11 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 Bank, National Association ("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 and its consolidated subsidiaries were in compliance with these covenants as of December 31, 2019 . Drawings under this facility bear interest at the prime rate. On January 2, 2018, East drew down $30,000 on this facility, which was repaid on March 2, 2018. On March 11, 2019, East drew down $30,000 on this facility, which was repaid on May 3, 2019. On June 21, 2019, East amended this facility with PNC such that, among other things, the interest rate provisions were modified to LIBOR plus 125 basis points and the maturity date was extended to October 31, 2020 (as amended, the "Existing PNC Facility"). On July 26, 2019, East entered into an additional loan agreement with PNC for a revolving credit facility in an aggregate principal amount of up to $20,000 , to be used for working capital and other corporate activities. The facility is unsecured and matures on October 31, 2020, subject to an extension agreed to between East and PNC. In addition, the agreement contains certain reporting requirements and debt covenants consistent with the Existing PNC Facility. The Company and its consolidated subsidiaries were in compliance with these covenants as of December 31, 2019 . Drawings under this facility bear interest at LIBOR plus 150 basis points. East is only permitted to borrow under this facility if there is no undrawn availability under the Existing PNC Facility and must repay indebtedness under this facility prior to repaying indebtedness under the Existing PNC Facility. There have been no drawings under this facility as of December 31, 2019 . 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 $7,920 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. Tax Receivable Agreement – As of December 31, 2019 , the Company estimates the contractual obligations related to the Tax Receivable Agreement to be $94,522 . The Company expects to pay to the counterparties to the Tax Receivable Agreement $9,570 within one year or less, $19,994 in one to three years, $19,863 in three to five years and $45,095 after five years. Other Commitments – In addition, the Company enters into commitments to pay contingent consideration related to certain of its acquisitions. The Company paid $2,008 of its commitment for contingent consideration related to its acquisition of Kuna & Co, KG during 2019 . At December 31, 2019 , the Company had a remaining commitment of $296 for contingent consideration related to its acquisition of Kuna & Co. KG. The Company also had a commitment for contingent consideration related to an arrangement with the former employer of certain RECA employees, which provides for contingent consideration to be paid to the former employer of up to $4,463 , based on the completion of certain client engagements. The Company recognized expenses of $400 and $3,971 for the years ended December 31, 2019 and 2018 , respectively, in Professional Fees on the Company's Consolidated Statements of Operations pursuant to this arrangement. The contingent consideration was fully paid as of December 31, 2019 . See Note 5 for further information. Restricted Cash – The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statements of financial position that sum to the total of amounts shown in the Consolidated Statements of Cash Flows: December 31, 2019 2018 2017 Cash and Cash Equivalents $ 633,808 $ 790,590 $ 609,587 Restricted Cash included in Other Assets 10,078 9,506 7,798 Total Cash, Cash Equivalents and Restricted Cash shown in the Statement of Cash Flows $ 643,886 $ 800,096 $ 617,385 Restricted Cash included in Other Assets on the Consolidated Statements of Financial Condition primarily represents letters of credit which are secured by cash as collateral for the lease of office space and security deposits for certain equipment. The restrictions will lapse when the leases end. Foreign Exchange – On occasion, the Company enters into foreign currency exchange forward contracts as an economic hedge against exchange rate risk for foreign currency denominated accounts receivable in EGL. There were no foreign currency exchange forward contracts outstanding as of December 31, 2019 . 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, Dubai 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 (including the matter described below), 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. Beginning on or about November 16, 2016, several putative securities class action complaints were filed against Adeptus Health Inc. ("Adeptus") and certain others, including EGL as underwriter, in connection with Adeptus' June 2014 initial public offering and May 2015, July 2015 and June 2016 secondary public offerings. The cases were consolidated in the U.S. District Court for the Eastern District of Texas where a consolidated complaint was filed asserting, in part, that the offering materials issued in connection with the four public offerings violated the U.S. Securities Act of 1933 by containing alleged misstatements and omissions. On April 19, 2017, Adeptus filed for Chapter 11 bankruptcy and was subsequently removed as a defendant. On November 21, 2017, the plaintiffs filed a consolidated complaint, and the defendants filed motions to dismiss on February 5, 2018. On September 12, 2018, the defendants' motions to dismiss were granted as to the claims relating to the initial public offering and the May 2015 secondary public offering, but denied as to the claims relating to the July 2015 and June 2016 secondary public offerings. EGL underwrote approximately 293 shares of common stock in the July 2015 secondary public offering, representing an aggregate offering price of approximately $30,800 , but did not underwrite any shares in the June 2016 secondary public offering. On September 25, 2018, the plaintiffs filed an amended complaint relating only to the July 2015 and June 2016 secondary public offerings. On December 7, 2018, the plaintiffs filed a motion for class certification, and the defendants filed briefs in opposition. On February 16, 2019, the plaintiffs filed a second amended complaint after having been granted leave to amend by the court. On March 4, 2019, the defendants filed a motion to dismiss as to the second amended complaint. On January 9, 2020, the Court granted preliminary approval of a settlement among the parties, including the underwriters, and scheduled a final hearing for May 20, 2020. The settlement amount attributed to the Company is not material to the Company. |
Regulatory Authorities
Regulatory Authorities | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 and 2018 was $331,510 and $331,097 , respectively, which exceeded the minimum net capital requirement by $331,260 and $330,847 , 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 December 31, 2019 . 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 maintain at least $5,000 in Tier 1 capital in ETC (or such other amount as the OCC may require) and maintain liquid assets in ETC in an amount at least equal to the greater of $3,500 or 180 days coverage of ETC's operating expenses. The Company was in compliance with the aforementioned agreements as of December 31, 2019 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As a result of the Company's formation and initial public offering, collectively referred to as the reorganization, the operating business entities of the Company were restructured and a portion of the Company's income is subject to U.S. federal, state, local and foreign income taxes and is taxed at the prevailing corporate tax rates. Taxes Payable as of December 31, 2019 and 2018 were $3,400 and $33,621 , respectively. On December 22, 2017, the SEC staff issued SAB 118 to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available or computed analysis in reasonable detail to complete the accounting for certain income tax effects of the Tax Cuts and Jobs Act. The Company recognized a provisional tax impact related to the re-measurement of net deferred tax assets, the write down of other comprehensive income related to certain foreign subsidiaries, the valuation allowance and effects of the mandatory deemed repatriation tax on undistributed earnings of foreign subsidiaries within its consolidated financial statements for the year ended December 31, 2017. During 2018, the Company finalized the provisional tax impact. Additionally, the Company expects to recognize the income tax effects associated with the new global intangible low-taxed income ("GILTI") provisions in the period incurred. For the years ended December 31, 2019 and 2018, no additional income tax expense associated with the GILTI provisions has been reported and it is not expected to be material to the Company’s effective tax rate for the year. The following table presents the U.S. and non-U.S. components of Income before income tax expense: For the Years Ended December 31, 2019 2018 2017 U.S. $ 359,496 $ 449,171 $ 379,407 Non-U.S. 32,986 36,589 4,489 Income before Income Tax Expense (a) $ 392,482 $ 485,760 $ 383,896 (a) Net of Noncontrolling Interest. The components of the provision for income taxes reflected on the Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017 consist of: For the Years Ended December 31, 2019 2018 2017 Current: Federal $ 72,712 $ 80,690 $ 85,371 Foreign 6,134 7,360 9,796 State and Local 26,703 24,451 14,955 Total Current 105,549 112,501 110,122 Deferred: Federal (2,169 ) (4,771 ) 150,800 Foreign (5,022 ) (61 ) (3,464 ) State and Local (3,312 ) 851 984 Total Deferred (10,503 ) (3,981 ) 148,320 Total $ 95,046 $ 108,520 $ 258,442 A reconciliation between the federal statutory income tax rate and the Company's effective income tax rate for the years ended December 31, 2019, 2018 and 2017 is as follows: For the Years Ended December 31, 2019 2018 2017 Reconciliation of Federal Statutory Tax Rates: U.S. Statutory Tax Rate 21.0 % 21.0 % 35.0 % Increase Due to State and Local Taxes 4.2 % 3.6 % 3.1 % Rate Benefits as a Limited Liability Company/Flow Through (2.5 )% (2.6 )% (2.3 )% Foreign Taxes (0.1 )% 0.2 % (1.1 )% Non-Deductible Expenses (1) 1.6 % 1.2 % 1.6 % ASU 2016-09 Benefit for Stock Compensation (2.7 )% (4.2 )% (5.5 )% Tax Cuts and Jobs Act - Reduction to Tax Receivable Agreement Liability — % — % (5.6 )% Tax Cuts and Jobs Act - Primarily Related to the Re-measurement of Net Deferred Tax Assets — % 0.1 % 32.7 % Valuation Allowances 0.3 % 0.3 % 1.1 % Other Adjustments (0.6 )% 0.1 % 0.1 % Effective Income Tax Rate 21.2 % 19.7 % 59.1 % (1) Primarily related to non-deductible share-based compensation expense. In conjunction with the enactment of the Tax Cuts and Jobs Act on December 22, 2017, which reduced income tax rates in the U.S. in 2018 and in future years, the Company's tax provision for 2017 includes a charge of $143,261 , resulting from the estimated re-measurement of net deferred tax assets, which relates principally to temporary differences between book and tax, primarily related to the step-up in basis associated with the exchange of partnership units, deferred compensation, amortization of goodwill and intangible assets and depreciation of fixed assets and leasehold improvements, as well as the write-down of foreign currency related deferred tax assets. This charge, as well as the reduction in the liability for amounts due pursuant to the Company's tax receivable agreement, resulted in an increase in the effective tax rate of 27.1 percentage points for 2017. During 2018 , the Company finalized the provisional tax impact of the Tax Cuts and Jobs Act resulting in an additional charge of $399 , primarily related to the re-measurement of net deferred tax assets. In conjunction with the enactment of the Tax Cuts and Jobs Act, the Company's effective tax rate for the year ended December 31, 2018 was reduced by 12.3 percentage points, before the impact of ASU 2016-09. The effective tax rate for the years ended December 31, 2019, 2018 and 2017 also 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 or depreciation in the Company's share price upon vesting of employee share-based awards above or below the original grant price be reflected in income tax expense. The effective tax rate reflects net excess tax benefits associated with the appreciation or depreciation in the Company's share price upon vesting of employee share-based awards above or below the original grant price of $12,229 , $23,350 and $24,003 being recognized in the Company's Provision for Income Taxes for the years ended December 31, 2019 , 2018 , and 2017 , respectively, and resulted in a reduction in the effective tax rate of 2.7 , 4.2 and 5.5 percentage points for the years ended December 31, 2019 , 2018 and 2017, respectively. The effective tax rate for 2019 , 2018 and 2017 also reflects the effect of certain nondeductible expenses, including expenses related to Class E and J LP Units and Class I-P and K-P Units and Class G and H LP Interests, as well as the noncontrolling interest associated with LP Units and other adjustments. Due to the enactment of the Tax Cuts and Jobs Act on December 22, 2017, the previous undistributed earnings of certain foreign subsidiaries are subject to a mandatory deemed repatriation tax. Income taxes paid or payable to foreign jurisdictions partially reduce the repatriation tax as a foreign tax credit, based on a formula that includes earnings of certain foreign subsidiaries. The Company has computed the repatriation tax and determined that it should have sufficient foreign tax credits to offset the estimated charge; any additional liability would be immaterial. Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Statements of Financial Condition. These temporary differences result in taxable or deductible amounts in future years. Details of the Company's deferred tax assets and liabilities as of December 31, 2019 and 2018 were as follows: December 31, 2019 2018 Deferred Tax Assets: Depreciation and Amortization $ 37,912 $ 33,738 Compensation and Benefits 85,567 61,541 Step up in tax basis due to the exchange of LP Units for Class A Shares (1) 99,979 111,108 Step up in tax basis due to the exchange of LP Units for Class A Shares (2) 41,286 37,079 Operating Lease (3) 58,497 — Other 20,617 24,720 Total Deferred Tax Assets $ 343,858 $ 268,186 Deferred Tax Liabilities: Operating Lease (3) $ 46,682 $ — Goodwill, Intangible Assets and Other 19,012 18,873 Total Deferred Tax Liabilities $ 65,694 $ 18,873 Net Deferred Tax Assets Before Valuation Allowance 278,164 249,313 Valuation Allowance (9,573 ) (8,221 ) Net Deferred Tax Assets $ 268,591 $ 241,092 (1) Step-up in the tax basis associated with the exchange of LP Units for holders which have a tax receivable agreement. (2) Step-up in the tax basis associated with the exchange of LP Units for holders which do not have a tax receivable agreement. (3) As discussed in Note 3, in 2019, the Company adopted ASU 2016-02 using the modified retrospective approach as of the date of adoption, which resulted in the recognition of operating lease right-of-use assets and lease liabilities. The $27,499 increase in net deferred tax assets from December 31, 2018 to December 31, 2019 was primarily attributable to the net $21,278 increase in compensation and benefits, depreciation and amortization, as well as the step-up in basis of the tangible and intangible assets of Evercore LP, as discussed below. During 2019, the LP holders exchanged 353 Class A and Class E LP Units for Class A Shares, which resulted in an increase in the tax basis of the tangible and intangible assets of Evercore LP. The exchange of Class E and certain Class A LP Units resulted in a $7,352 step-up in the tax basis of the tangible and intangible assets of Evercore LP and a corresponding increase to Additional Paid-In-Capital on the Company's Consolidated Statement of Financial Condition as of December 31, 2019 . Further, there were no exchanges of such Class A LP Units under the tax receivable agreement that was entered into in 2006 between the Company and the LP Unit holders for the year ended December 31, 2019 . See Note 16 for further discussion. The Company reported an increase in deferred tax assets of $173 associated with changes in Unrealized Gain (Loss) on Investment Securities and a decrease of $1,306 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss) for the year ended December 31, 2019 . The Company reported an increase in deferred tax assets of $86 associated with changes in Unrealized Gain (Loss) on Investment Securities and an increase of $439 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss) for the year ended December 31, 2018 . The Company's affiliates generated approximately $6,884 of NYC unincorporated business tax credit carryforwards; a portion were set to expire in the 2019 tax year. Management has weighed both the positive and negative evidence and determined that it was appropriate to establish a valuation allowance of $4,600 , on the amount of credits that are not expected to be realized. A reconciliation of the changes in tax positions for the years ended December 31, 2019, 2018 and 2017 is as follows: December 31, 2019 2018 2017 Beginning unrecognized tax benefit $ — $ — $ — Additions for tax positions of prior years 616 — — Reductions for tax positions of prior years — — — Lapse of Statute of Limitations (122 ) — — Decrease due to settlement with Taxing Authority — — — Ending unrecognized tax benefit $ 494 $ — $ — The Company classifies interest relating to tax matters and tax penalties as a component of income tax expense in its Consolidated Statements of Operations. As of December 31, 2019 , there were $494 of unrecognized tax benefits that, if recognized, $402 would affect the effective tax rate. The Company classifies interest relating to tax matters and tax penalties as a component of income tax expense in its Consolidated Statements of Operations . Related to the unrecognized tax benefits, the Company accrued interest and penalties of $216 and $13 , respectively, during the year ended December 31, 2019 . In 2019, the Company recognized tax benefits of ($41) and ($3) of interest and penalties, respectively, associated with the lapse of the statute of limitations. The Company had no unrecognized tax benefits from January 1, 2017 through December 31, 2018 . The Company is subject to taxation in the U.S. and various state, local and foreign jurisdictions. The Company and its affiliates are currently under examination by New York City for tax years 2014 through 2016 and New York State for tax years 2013 through 2015. With a few exceptions, the Company is no longer subject to U.S. federal, state, local or foreign examinations by taxing authorities for years before 2014. |
Concentrations of Credit Risk C
Concentrations of Credit Risk Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, investment securities, foreign government obligations and receivables from clients. The Company has placed substantially all of its Cash and Cash Equivalents in interest-bearing deposits in U.S. commercial banks and U.S. investment banks that meet certain rating and capital requirements. The Company's foreign subsidiaries maintain substantially all of their Cash and Cash Equivalents in interest bearing accounts at large commercial banking institutions domiciled in their respective countries of operation. Concentrations of credit risk are limited due to the quality of the Company's clients. Credit Risks The Company maintains its cash and cash equivalents with financial institutions with high credit ratings. At times, the Company may maintain deposits in federally insured financial institutions in excess of federally insured ("FDIC") limits or enter into sweep arrangements where banks will periodically transfer a portion of the Company's excess cash position to a money market fund. However, the Company believes that it is not exposed to significant credit risk due to the financial position of the depository institutions or investment vehicles in which those deposits are held. As of December 31, 2019 , the Company has securities purchased under agreements to resell of $13,566 for which the Company has received collateral with a fair value of $13,572 . Additionally, the Company has securities sold under agreements to repurchase of $26,000 , for which the Company has pledged collateral with a fair value of $25,992 . The Company has established risk management procedures to monitor the exposure to concentrations of credit from Securities Purchased Under Agreements to Resell. The collateral for the receivables is primarily secured by Mexican government bonds and the Company monitors the collateral pledged under these agreements against their contract value from inception to maturity date. Accounts Receivable consists primarily of advisory fees and expense reimbursements billed to clients. Other Assets includes long-term receivables from fees related to private funds capital raising. Receivables are reported net of any allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts to provide coverage for probable losses from customer receivables and derives the estimate through specific identification for the allowance for doubtful accounts and an assessment of the client's creditworthiness. The Investment Banking and Investment Management receivables collection periods generally are within 90 days of invoice, with the exception of placement fees, which are generally collected within 180 days of invoice, and fees related to private funds capital raising, which are collected in a period exceeding one year . The collection period for restructuring transaction receivables may exceed 90 days . Receivables that are collected in a period exceeding one year are reflected in Other Assets on the Consolidated Statements of Financial Condition . At December 31, 2019 and 2018 , total receivables recorded in Accounts Receivable amounted to $296,355 and $309,075 , respectively, net of an allowance, and total receivables recorded in Other Assets amounted to $63,554 and $60,948 , respectively. The Company recorded bad debt expense of $10,451 , $3,365 and $2,579 for the years ended December 31, 2019, 2018 and 2017 , respectively. Other Current Assets and Other Assets include arrangements in which an estimate of variable consideration has been included in the transaction price and thereby recognized as revenue that precedes the contractual due date (contract assets). As of December 31, 2019 , total contract assets recorded in Other Current Assets and Other Assets amounted to $31,525 and $2,504 , respectively. As of December 31, 2018 , total contract assets recorded in Other Current Assets and Other Assets amounted to $2,833 and $541 , respectively. With respect to the Company's Investment Securities portfolio, which is comprised of highly-rated corporate and municipal bonds, treasury bills, exchange-traded funds, mutual funds and equity securities, the Company manages its credit risk exposure by limiting concentration risk and maintaining investment grade credit quality. As of December 31, 2019 , the Company had Investment Securities of $409,150 , of which 84% were corporate and municipal securities and treasury bills and notes, primarily with S&P ratings ranging from AAA to BB+, and 16% were equity securities, exchange-traded funds and mutual funds. |
Segment Operating Results
Segment Operating Results | 12 Months Ended |
Dec. 31, 2019 | |
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 Institutional Asset Management and Wealth Management and interests in private equity funds which are not managed by the Company. On October 18, 2017, the Company completed the sale of the Institutional Trust and Independent Fiduciary business of ETC, which was in the Investment Management segment. The Company's segment information for the years ended December 31, 2019, 2018 and 2017 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. Other Revenue, net, included in each segment's Net Revenues includes interest income and income (losses) earned on investment securities, including our investment funds which are used as an economic hedge against our deferred cash compensation program, certificates of deposit, cash and cash equivalents and on the Company’s debt security investment in G5, as well as adjustments to amounts due pursuant to the Company’s tax receivable agreement, subsequent to its initial establishment, related to changes in enacted tax rates, and gains (losses) resulting from foreign currency fluctuations, principal trading and realized and unrealized gains and losses on interests in Private Equity funds which are not managed by the Company. Other Revenue, net, also includes interest expense associated with the Company’s Notes Payable, subordinated borrowings and lines of credit, as well as revenue and expenses associated with repurchase or resale transactions. 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, execution, clearing and custody fees, 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, technology, human capital, 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 2019 related to the acceleration of depreciation expense for leasehold improvements in conjunction with the expansion of the Company's headquarters in New York, the impairment of goodwill in the Company's Institutional Asset Management reporting unit and separation and transition benefits for certain employees terminated as a result of the Company's review of its operations. Includes expenses in 2018 related to separation benefits and costs for the termination of certain contracts associated with closing the Company's agency trading platform in the U.K. and separation benefits and related charges associated with the Company's businesses in Mexico, as well as the acceleration of depreciation expense for leasehold improvements in conjunction with the expansion of the Company's headquarters in New York. Expenses in 2017 related to the impairment of goodwill in the Company's Institutional Asset Management reporting unit, the impairment of the Company's former equity method investment in G5, and the transition of certain employees in conjunction with the sale of the Institutional Trust and Independent Fiduciary business of ETC. • 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. • Fair Value of Contingent Consideration – Includes expense, or the reversal of 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. The following information presents each segment's contribution. For the Years Ended December 31, 2019 2018 2017 Investment Banking Net Revenues (1) $ 1,951,795 $ 2,012,023 $ 1,634,268 Operating Expenses 1,485,477 1,448,301 1,175,927 Other Expenses (2) 33,618 30,366 35,810 Operating Income 432,700 533,356 422,531 Income from Equity Method Investments 916 518 277 Pre-Tax Income $ 433,616 $ 533,874 $ 422,808 Identifiable Segment Assets $ 2,393,647 $ 1,923,783 $ 1,294,103 Investment Management Net Revenues (1) $ 56,903 $ 52,682 $ 70,081 Operating Expenses 48,645 43,940 51,646 Other Expenses (2) 3,247 21 12,155 Operating Income 5,011 8,721 6,280 Income from Equity Method Investments 10,080 8,776 8,561 Pre-Tax Income $ 15,091 $ 17,497 $ 14,841 Identifiable Segment Assets $ 204,966 $ 201,884 $ 290,783 Total Net Revenues (1) $ 2,008,698 $ 2,064,705 $ 1,704,349 Operating Expenses 1,534,122 1,492,241 1,227,573 Other Expenses (2) 36,865 30,387 47,965 Operating Income 437,711 542,077 428,811 Income from Equity Method Investments 10,996 9,294 8,838 Pre-Tax Income $ 448,707 $ 551,371 $ 437,649 Identifiable Segment Assets $ 2,598,613 $ 2,125,667 $ 1,584,886 (1) Net revenues include Other Revenue, net, allocated to the segments as follows: For the Years Ended December 31, 2019 2018 2017 Investment Banking (A) $ 19,023 $ (3,156 ) $ 58,399 Investment Management (B) 6,292 4,436 10,433 Total Other Revenue, net $ 25,315 $ 1,280 $ 68,832 (A) Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and lines of credit of $12,917 , $9,201 and $9,960 for the years ended December 31, 2019, 2018 and 2017 , respectively, and includes an estimated gain of $77,535 related to a reduction in the liability for amounts due pursuant to the tax receivable agreement and a loss of $16,266 related to the release of cumulative foreign exchange losses resulting from the restructuring of the Company's former equity method investment in G5 for the year ended December 31, 2017 . Also includes ($701) of principal trading losses for the year ended December 31, 2017 to conform to the current presentation. (B) Investment Management Other Revenue, net, includes a gain of $7,808 related to the sale of the Institutional Trust and Independent Fiduciary business of ETC for the year ended December 31, 2017 . Also includes $2,037 of net realized and unrealized gains on private equity investments for the year ended December 31, 2017 to conform to the current presentation. (2) Other Expenses are as follows: For the Years Ended December 31, 2019 2018 2017 Investment Banking Amortization of LP Units/Interests and Certain Other Awards $ 18,183 $ 15,241 $ 11,444 Special Charges 7,202 5,012 14,400 Acquisition and Transition Costs 705 — 555 Fair Value of Contingent Consideration — 1,485 — Intangible Asset and Other Amortization 7,528 8,628 9,411 Total Investment Banking 33,618 30,366 35,810 Investment Management Special Charges 2,939 — 11,037 Acquisition and Transition Costs 308 21 1,118 Total Investment Management 3,247 21 12,155 Total Other Expenses $ 36,865 $ 30,387 $ 47,965 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 located and managed in the following geographical areas: For the Years Ended December 31, 2019 2018 2017 Net Revenues: (1) United States $ 1,464,551 $ 1,591,883 $ 1,199,231 Europe and Other 501,425 438,602 422,271 Latin America 17,407 32,940 14,015 Total $ 1,983,383 $ 2,063,425 $ 1,635,517 (1) Excludes Other Revenue, Including Interest and Investments, and Interest Expense. The Company's total assets are located in the following geographical areas: December 31, 2019 2018 Total Assets: United States $ 2,158,347 $ 1,757,589 Europe and Other 373,822 298,917 Latin America 66,444 69,161 Total $ 2,598,613 $ 2,125,667 |
Evercore Inc. (Parent Company O
Evercore Inc. (Parent Company Only) Financial Statements Evercore Inc. (Parent Company Only) Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Evercore Inc. (Parent Company Only) Financial Statements | Evercore Inc. (Parent Company Only) Financial Statements EVERCORE INC. (parent company only) CONDENSED STATEMENTS OF FINANCIAL CONDITION (dollars in thousands, except share data) December 31, 2019 2018 ASSETS Equity Investment in Subsidiary $ 1,066,398 $ 824,239 Deferred Tax Assets 244,965 223,936 Goodwill 15,236 15,236 Other Assets 18,704 — TOTAL ASSETS $ 1,345,303 $ 1,063,411 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Current Liabilities Payable to Related Party $ 9,570 $ 9,161 Taxes Payable — 30,749 Other Current Liabilities 6,003 2,358 Total Current Liabilities 15,573 42,268 Amounts Due Pursuant to Tax Receivable Agreements 84,952 94,411 Long-term Debt - Notes Payable 375,062 168,612 TOTAL LIABILITIES 475,587 305,291 Stockholders' Equity Common Stock Class A, par value $0.01 per share (1,000,000,000 shares authorized, 68,698,675 and 65,872,014 issued at December 31, 2019 and 2018, respectively, and 39,176,010 and 39,748,576 outstanding at December 31, 2019 and 2018, respectively) 687 659 Class B, par value $0.01 per share (1,000,000 shares authorized, 84 and 86 issued and outstanding at December 31, 2019 and 2018, respectively) — — Additional Paid-In-Capital 2,016,524 1,818,100 Accumulated Other Comprehensive Income (Loss) (27,596 ) (30,434 ) Retained Earnings 558,269 364,882 Treasury Stock at Cost (29,522,665 and 26,123,438 shares at December 31, 2019 and 2018, respectively) (1,678,168 ) (1,395,087 ) TOTAL STOCKHOLDERS' EQUITY 869,716 758,120 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,345,303 $ 1,063,411 See notes to parent company only financial statements. EVERCORE INC. (parent company only) CONDENSED STATEMENTS OF OPERATIONS For the Years Ended December 31, 2019 2018 2017 REVENUES Other Revenue, Including Interest and Investments $ 12,915 $ 9,202 $ 86,784 TOTAL REVENUES 12,915 9,202 86,784 Interest Expense 12,915 9,202 9,249 NET REVENUES — — 77,535 EXPENSES TOTAL EXPENSES — — — OPERATING INCOME — — 77,535 Equity in Income of Subsidiary 383,717 473,978 287,440 Provision for Income Taxes 86,281 96,738 239,521 NET INCOME $ 297,436 $ 377,240 $ 125,454 See notes to parent company only financial statements. EVERCORE INC. (parent company only) CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2019 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 297,436 $ 377,240 $ 125,454 Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities: Undistributed Income of Subsidiary (383,717 ) (473,978 ) (209,905 ) Adjustment to Tax Receivable Agreement — — (77,535 ) Deferred Taxes (3,966 ) (5,311 ) 153,344 Accretion on Long-term Debt 336 265 250 (Increase) Decrease in Operating Assets: Other Assets (18,704 ) 9,689 (9,689 ) Increase (Decrease) in Operating Liabilities: Taxes Payable (30,749 ) 30,749 (21,341 ) Net Cash Provided by (Used in) Operating Activities (139,364 ) (61,346 ) (39,422 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in Subsidiary 30,449 138,648 95,943 Net Cash Provided by Investing Activities 30,449 138,648 95,943 CASH FLOWS FROM FINANCING ACTIVITIES Issuance of Notes Payable 205,718 — — Dividends (96,803 ) (77,302 ) (56,521 ) Net Cash Provided by (Used in) Financing Activities 108,915 (77,302 ) (56,521 ) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH — — — CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of Year — — — CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of Year $ — $ — $ — SUPPLEMENTAL CASH FLOW DISCLOSURE Accrued Dividends $ 14,642 $ 12,288 $ 9,815 See notes to parent company only financial statements. EVERCORE INC. (parent company only) NOTES TO CONDENSED FINANCIAL STATEMENTS Note A – Organization Evercore Inc. (the "Company") was incorporated as a Delaware corporation on July 21, 2005. The Company did not begin meaningful operations until the reorganization discussed below. Pursuant to a reorganization into a holding company structure, the Company became a holding company and its sole asset is a controlling equity interest in Evercore LP. As the sole general partner of Evercore LP, the Company operates and controls all of the business and affairs of Evercore LP and, through Evercore LP and its subsidiaries, continues to conduct the business now conducted by these subsidiaries. Note B – Significant Accounting Policies Basis of Presentation. The Statements of Financial Condition, Operations and Cash Flows have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Equity Investment in Subsidiary and Equity in Income of Subsidiary. Equity Investment in Subsidiary includes the Company's receivable from Evercore LP for senior notes owed by Evercore LP to the Company having similar terms as described below in Note D – issuance of Notes Payable. The Equity in Income of Subsidiary represents the Company's share of income from Evercore LP. Note C – Stockholders' Equity The Company is authorized to issue 1,000,000 shares of Class A common stock ("Class A Shares"), par value $0.01 per share, and 1,000 shares of Class B common stock, par value $0.01 per share. All Class A Shares and shares of Class B common stock vote together as a single class. At December 31, 2019, the Company has issued 68,699 Class A Shares. The Company canceled one share of Class B common stock, which was held by a limited partner of Evercore LP during 2019. During 2019, the Company purchased 1,039 Class A Shares primarily from employees at market values ranging from $71.11 to $96.22 per share primarily for the net settlement of stock-based compensation awards and 2,360 Class A Shares at market values ranging from $73.18 to $92.33 per share pursuant to the Company's share repurchase program. The result of these purchases was an increase in Treasury Stock of $283,081 on the Company's Statement of Financial Condition as of December 31, 2019. During the year ended December 31, 2019, the Company declared and paid dividends of $2.24 per share, totaling $89,407 , which were wholly funded by the Company's sole subsidiary, Evercore LP, and accrued deferred cash dividends on unvested RSUs, totaling $14,642 . During the year ended December 31, 2019, the Company also paid deferred cash dividends of $7,396 , which were wholly funded by the Company's sole subsidiary, Evercore LP. Dividends are paid and treasury shares are repurchased by a subsidiary of Evercore Inc. As discussed in Note 19 to the consolidated financial statements, both the Evercore LP partnership units and restricted stock units are exchangeable into Class A Shares on a one -for-one basis once vested. Note D – Issuance of Notes Payable On March 30, 2016, the Company issued an aggregate of $170,000 of senior notes (the "2016 Private Placement Notes"), including: $38,000 aggregate principal amount of its 4.88% Series A senior notes due 2021, $67,000 aggregate principal amount of its 5.23% Series B senior notes due 2023, $48,000 aggregate principal amount of its 5.48% Series C senior notes due 2026 and $17,000 aggregate principal amount of its 5.58% Series D senior notes due 2028, pursuant to a 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. On August 1, 2019, the Company issued $175,000 and £25,000 of senior unsecured notes (the "2019 Private Placement Notes"), through private placement. These notes reflect a weighted average life of 12 years and a weighted average stated interest rate of 4.26% . These notes include: $75,000 aggregate principal amount of its 4.34% Series E senior notes due 2029, $60,000 aggregate principal amount of its 4.44% Series F senior notes due 2031, $40,000 aggregate principal amount of its 4.54% Series G senior notes due 2033 and £25,000 aggregate principal amount of its 3.33% Series H senior notes due 2033, each of which were issued pursuant to a note purchase agreement dated as of August 1, 2019, among the Company and the purchasers party thereto in a private placement exempt from registration under the Securities Act of 1933. Note E – Commitments and Contingencies As of December 31, 2019, as discussed in Note 14 to the consolidated financial statements, the Company estimates the contractual obligations related to the 2016 and 2019 Private Placement Notes to be $519,690 . Pursuant to the 2016 and 2019 Private Placement Notes, the Company expects to make payments to the notes' holders of $19,871 within one year or less, $70,587 in one to three years, $93,404 in three to five years and $335,828 after five years. As of December 31, 2019, as discussed in Note 20 to the consolidated financial statements, the Company estimates the contractual obligations related to the Tax Receivable Agreement to be $94,522 . The company expects to pay to the counterparties to the Tax Receivable Agreement $9,570 within one year or less, $19,994 in one to three years, $19,863 in three to five years and $45,095 |
Supplemental Financial Informat
Supplemental Financial Information Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Financial Information | SUPPLEMENTAL FINANCIAL INFORMATION (dollars in thousands, except per share data) Consolidated Quarterly Results of Operations (unaudited) The following represents the Company's unaudited quarterly results for the years ended December 31, 2019 and 2018 . These quarterly results were prepared in accordance with U.S. GAAP and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results. For the Three Months Ended December 31, September 30, June 30, March 31, Net Revenues $ 660,127 $ 402,198 $ 531,046 $ 415,327 Total Expenses 503,404 331,854 404,212 331,517 Income Before Income from Equity Method Investments and Income Taxes 156,723 70,344 126,834 83,810 Income from Equity Method Investments 3,770 2,562 2,453 2,211 Income Before Income Taxes 160,493 72,906 129,287 86,021 Provision for Income Taxes 34,793 20,402 32,030 7,821 Net Income 125,700 52,504 97,257 78,200 Net Income Attributable to Noncontrolling Interest 20,516 9,226 15,515 10,968 Net Income Attributable to Evercore Inc. $ 105,184 $ 43,278 $ 81,742 $ 67,232 Net Income Per Share Attributable to Evercore Inc. Common Shareholders Basic $ 2.68 $ 1.09 $ 2.02 $ 1.66 Diluted $ 2.48 $ 1.01 $ 1.88 $ 1.52 Dividends Declared Per Share of Class A Common Stock $ 0.58 $ 0.58 $ 0.58 $ 0.50 For the Three Months Ended December 31, September 30, June 30, March 31, Net Revenues $ 771,406 $ 381,259 $ 448,477 $ 463,563 Total Expenses 521,200 306,719 343,695 351,014 Income Before Income from Equity Method Investments and Income Taxes 250,206 74,540 104,782 112,549 Income from Equity Method Investments 2,452 2,298 2,419 2,125 Income Before Income Taxes 252,658 76,838 107,201 114,674 Provision for Income Taxes 60,502 17,539 25,541 4,938 Net Income 192,156 59,299 81,660 109,736 Net Income Attributable to Noncontrolling Interest 28,851 9,838 12,729 14,193 Net Income Attributable to Evercore Inc. $ 163,305 $ 49,461 $ 68,931 $ 95,543 Net Income Per Share Attributable to Evercore Inc. Common Shareholders Basic $ 4.07 $ 1.21 $ 1.69 $ 2.36 Diluted $ 3.67 $ 1.08 $ 1.52 $ 2.10 Dividends Declared Per Share of Class A Common Stock $ 0.50 $ 0.50 $ 0.50 $ 0.40 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Policy | Basis of Presentation – The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The 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. Evercore LP is a VIE and the Company is the primary beneficiary. 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 Condition in Note 25. Evercore ISI International Limited ("Evercore ISI U.K."), Evercore Partners International LLP ("Evercore U.K."), Evercore (Japan) Ltd. ("Evercore Japan") and Evercore Consulting (Beijing) Co. Ltd. ("Evercore Beijing") are also VIEs, and the Company is the primary beneficiary of these VIEs. Specifically for Evercore ISI U.K., Evercore Japan and Evercore Beijing (as of January 1, 2019 for Evercore Japan and Evercore Beijing), the Company provides financial support through transfer pricing agreements with these entities, which exposes the Company to losses that are potentially significant to these entities, and has decision making authority that significantly affects the economic performance of these entities. 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 Consolidated Statements of Financial Condition Evercore ISI U.K., Evercore U.K., Evercore Japan and Evercore Beijing assets of $227,885 and liabilities of $129,494 at December 31, 2019 and Evercore ISI U.K. and Evercore U.K. assets of $190,223 and liabilities of $122,460 at December 31, 2018 . All intercompany balances and transactions with the Company's subsidiaries have been eliminated upon consolidation. At the time of the formation transaction, the members of Evercore LP (the "Members") received Class A limited partnership units of Evercore LP ("Class A LP Units") in consideration for their contribution of the various entities included in the historical combined financial statements of the Company. The Class A LP Units were subject to vesting requirements and transfer restrictions and are exchangeable on a one -for-one basis for shares of Class A common stock ("Class A Shares"). At December 31, 2013, all Class A LP Units were fully vested. On October 31, 2014, in conjunction with the acquisition of the operating businesses of International Strategy & Investment ("ISI"), the Company issued vested and unvested Class E limited partnership units of Evercore LP ("Class E LP Units") and vested and unvested Class G and H limited partnership interests of Evercore LP ("Class G and H LP Interests"). At December 31, 2017, all Class E LP Units were fully vested and all of the Class G LP Interests either converted into Class E LP Units or were forfeited pursuant to their performance terms. In 2017, the Company exchanged all of the outstanding Class H LP Interests for a number of Class J limited partnership units of Evercore LP ("Class J LP Units"). In 2016, in conjunction with the appointment of the Executive Chairman, the Company issued unvested Class I-P Units of Evercore LP ("Class I-P Units"). The Class I-P Units are contingently exchangeable into Class I limited partnership units of Evercore LP ("Class I LP Units"), which are exchangeable on a one -for-one basis for Class A Shares. In 2017 and 2019, the Company issued unvested Class K-P Units of Evercore LP ("Class K-P Units"), which are contingently exchangeable into Class K limited partnership units of Evercore LP ("Class K LP Units"), which are ultimately exchangeable on a one -for-one basis for Class A Shares. See Note 19 for further information. The Company accounts for exchanges of Evercore LP partnership units ("LP Units") for Class A Shares based on the carrying amounts of the Members' LP Units immediately before the exchange. The Company's interest in Evercore LP is within the scope of Accounting Standards Codification ("ASC") 810-20, " Control of Partnerships and Similar Entities." The Company consolidates Evercore LP and records noncontrolling interest for the economic interest in Evercore LP held directly by others, which includes the Members. |
Revenue from Contract with Customer, Policy | Revenue Recognition – The Company adopted Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09") on January 1, 2018 using the modified retrospective method of transition applied to contracts which were not completed as of January 1, 2018. The Company did not have a cumulative-effect adjustment as of the date of adoption. ASU 2014-09 creates ASC 606, "Revenue from Contracts with Customers," ("ASC 606"), which provides a five step model to revenue recognition as follows: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation The Company applies this model to its Investment Banking and Asset Management revenue streams. Prior to January 1, 2018, the Company recorded revenue in accordance with ASC 605, "Revenue Recognition" ("ASC 605"). Under ASC 605, the Company recognized success related advisory fees upon closing of the transaction regardless of the probability of the outcome, which differs under ASC 606 as described further below. Furthermore, ASC 605 allowed expenses related to underwriting transactions to be reflected net in related revenues; under ASC 606, those expenses are presented gross in the results of operations. Investment Banking Revenue – The Company earns investment banking fees from clients for providing advisory services on strategic matters, including mergers, acquisitions, divestitures, leveraged buyouts, restructurings, activism and defense and similar corporate finance matters. The Company's Investment Banking services also include services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity research. Revenue is recognized as the Company satisfies performance obligations, upon transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for these services. The Company’s contracts with customers may include promises to transfer multiple services to a customer. Determining whether services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. For performance obligations satisfied over time, determining a measure of progress requires the Company to make significant judgments that affect the timing of revenue recognized. For certain advisory services, the Company has concluded that performance obligations are satisfied over time. This is based on the premise that the Company transfers control of services and the client simultaneously receives benefits from these services over the course of an engagement. For performance obligations satisfied at a point in time, determining when control transfers requires the Company to make significant judgments that affect the timing of when revenue is recognized. The Company records Investment Banking Revenue on the Consolidated Statements of Operations for the following: Advisory Fees – In general, advisory fees are paid at the time the Company signs an engagement letter, during the course of the engagement or when an engagement is completed. In some circumstances, and as a function of the terms of an engagement letter, the Company may receive fixed retainer fees for financial advisory services concurrent with, or soon after, the execution of the engagement letter or over the course of the engagement, where the engagement letter will specify a future service period associated with those fees. The Company may also receive announcement fees upon announcement of a transaction in addition to success fees upon closing of a transaction or another defined outcome, both of which represent variable consideration. This variable consideration will be included in the transaction price, as defined, and recognized as revenue to the extent that it is probable that a significant reversal of revenue will not occur. When assessing probability, the Company applies careful analysis and judgment to the remaining factors necessary for completion of a transaction, including factors outside of the Company's control. A transaction can fail to be completed for many reasons which are outside of the Company’s control, including failure of parties to agree upon final terms, to secure necessary board or shareholder approvals, to secure necessary financing, to achieve necessary regulatory approvals, or due to adverse market conditions. In the case of bankruptcy engagements, fees are subject to approval of the court. With respect to retainer, announcement and success fees, there are no distinct performance obligations aside from advisory activities, which are generally focused on achieving a milestone (typically, the announcement and/or the closing of a transaction). These advisory services are provided over time throughout the contract period. The Company recognizes revenue when distinct services are performed and when it is probable that a reversal of revenue will not occur, which is generally upon the announcement or closing of a transaction. Accordingly, in any given period, advisory fees recognized for certain transactions may relate to services performed in prior periods. In circumstances in which retainer fees are received in advance of services, these fees are initially recorded as deferred revenue (a contract liability), which is recorded in Other Current Liabilities on the Consolidated Statements of Financial Condition, and subsequently recognized as advisory fee revenue in Advisory Fees on the Consolidated Statements of Operations during the applicable time period within which the service is rendered. Announcement fees for advisory services are recognized upon announcement (the point at which it is determined that the reversal of revenue is not probable) and all other requirements for revenue recognition are satisfied. A portion of the announcement fee may be deferred based on the services remaining to be completed, if any. Success fees for advisory services, such as merger and acquisition ("M&A") advice, are recognized when it is determined that the reversal of revenue is not probable and all other requirements for revenue recognition are satisfied, which is generally at closing of the transaction. With respect to fairness or valuation opinions, fees are fixed and there is a distinct performance obligation, since the opinion is rendered separate from any other advisory activities. Revenues related to fairness or valuation opinions are recognized at the point in time when the opinion has been rendered and delivered to the client. In the event the Company was to receive an opinion or success fee in advance of the completion conditions noted above, such fee would initially be recorded as deferred revenue (a contract liability) in Other Current Liabilities on the Consolidated Statements of Financial Condition and subsequently recognized as advisory fee revenue in Advisory Fees on the Consolidated Statements of Operations when the conditions of completion have been satisfied. Placement fee revenues are attributable to capital raising on both corporations and financial sponsors. The Company recognizes placement fees in accordance with the terms of the engagement letter, which are generally contingent on the achievement of a capital commitment by an investor, at the time of the client's acceptance of capital or capital commitments. Underwriting Fees – Underwriting fees are attributable to public and private offerings of equity and debt securities and are recognized at the point in time when the offering has been deemed to be completed by the lead manager of the underwriting group. When the offering is completed, the performance obligation has been satisfied and the Company recognizes the applicable management fee, selling concession and underwriting fee. Offering expenses are presented gross in the Consolidated Statements of Operations. Commissions and Related Fees – Commissions and Related Fees include commissions received from customers for the execution of agency-based brokerage transactions in listed and over-the-counter equities. The execution of each trade order represents a distinct performance obligation and the transaction price at the point in time of trade order execution is fixed. Trade execution is satisfied at the point in time that the customer has control of the asset and as such, fees are recorded on a trade date basis or, in the case of payments under commission sharing arrangements, when earned. The Company also earns subscription fees for the sales of research. The delivery of research under subscription arrangements represents a distinct performance obligation that is satisfied over time. The fees are fixed and are recognized over the period in which the performance obligation is satisfied. Cash received before the subscription period ends is initially recorded as deferred revenue (a contract liability) in Other Current Liabilities on the Consolidated Statements of Financial Condition, and is recognized in Commissions and Related Fees on the Consolidated Statements of Operations ratably over the period in which the related services are rendered. Taxes collected from customers and remitted to governmental authorities are presented on a net basis on the Consolidated Statements of Operations. Asset Management and Administration Fees – The Company's Investment Management business generates revenues from the management of client assets and through interests in private equity funds which are not managed by the Company. The Company’s contracts with customers may include promises to transfer multiple services to a customer. Determining whether services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. For performance obligations satisfied over time, determining a measure of progress requires the Company to make significant judgments that affect the timing of revenue recognized. Asset management fees for third-party clients are generally based on the value of the assets under management and any performance fees that may be negotiated with the client. The management of asset portfolios represents a distinct performance obligation that is satisfied over time. These fees are generally recognized over the period that the related services are provided and in which the performance obligation is satisfied, based upon the beginning, ending or average value of the assets for the relevant period. Fees paid in advance of services rendered are initially recorded as deferred revenue (a contract liability), which is recorded in Other Current Liabilities on the Consolidated Statements of Financial Condition, and are recognized in Asset Management and Administration Fees on the Consolidated Statements of Operations ratably over the period in which the related service is rendered. Generally, to the extent performance fee arrangements have been negotiated, these fees are earned when the likelihood of clawback is mathematically improbable. Fees generated for serving as an independent fiduciary and/or trustee are either based on a flat fee, are pre-negotiated with the client or are based on the value of assets under administration. The management of assets under administration represents a distinct performance obligation that is satisfied over time. For ongoing engagements, fees are billed quarterly either in advance or in arrears. Fees paid in advance of services rendered and satisfaction of the performance obligation are initially recorded as deferred revenue (a contract liability) in Other Current Liabilities on the Consolidated Statements of Financial Condition, and are recognized in Asset Management and Administration Fees on the Consolidated Statements of Operations ratably over the period in which the related services are rendered and the performance obligation is satisfied. |
Other Revenue, Including Interest and Investments, and Interest Expense, Policy | Other Revenue, Including Interest and Investments, and Interest Expense – Other Revenue and Interest Expense is derived from investing customer funds in financing transactions. These transactions are principally repurchases and resales of Mexican government and government agency securities. Revenue and expenses associated with these transactions are recognized over the term of the repurchase or resale transaction. Other Revenue also includes income (losses) earned on investment securities, including our investment funds which are used as an economic hedge against our deferred cash compensation program, certificates of deposit, cash and cash equivalents and on the Company’s debt security investment in G5 Holdings S.A. ("G5"), as well as adjustments to amounts due pursuant to the Company’s tax receivable agreement, subsequent to its initial establishment, related to changes in enacted tax rates, and gains (losses) resulting from foreign currency fluctuations, principal trading and realized and unrealized gains and losses on interests in Private Equity funds which are not managed by the Company. Interest Expense also includes interest expense associated with the Company’s Notes Payable, subordinated borrowings and lines of credit. |
Client Expense Reimbursement, Policy | Client Expense Reimbursement – In the conduct of its financial advisory service engagements, the Company receives reimbursement for certain expenses incurred by the Company in the course of performing services. Transaction-related expenses, which are billable to clients, are recognized as revenue and recorded in Accounts Receivable on the later of the date of an executed engagement letter or the date the expense is incurred. |
Noncontrolling Interest, Policy | Noncontrolling Interest – Noncontrolling interest recorded in the consolidated financial statements relates to the portions of the Company's subsidiaries not owned by the Company. The Company allocates net income to noncontrolling interests held at Evercore LP and at the operating entity level, where required, by multiplying the relative ownership interest of the noncontrolling interest holders for the period by the net income or loss for the entity to which the noncontrolling interest relates. In circumstances where the governing documents of the entity to which the noncontrolling interest relates require special allocations of profits (losses) to the controlling and noncontrolling interest holders, the net income or loss of these entities is allocated based on these special allocations. ASC 810 " Consolidation " ("ASC 810") requires reporting entities to present noncontrolling (minority) interests as equity (as opposed to as a liability or mezzanine equity) and provides guidance on the accounting for transactions between an entity and noncontrolling interests. Noncontrolling Interest is presented as a component of Total Equity on the Consolidated Statements of Financial Condition and below Net Income on the Consolidated Statements of Operations. In addition, there is an allocation of the components of Total Comprehensive Income between controlling interests and noncontrolling interests. Changes in a parent's ownership interest while the parent retains control of its subsidiary are accounted for as equity transactions. |
Fair Value of Financial Instruments, Policy | Fair Value of Financial Instruments – The majority of the Company's assets and liabilities are recorded at fair value or at amounts that approximate fair value. Such assets and liabilities include cash and cash equivalents, investments, investment securities, financial instruments owned and pledged as collateral, repurchase and reverse repurchase agreements, receivables and payables and accruals. See Note 12 for further information. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents – Cash and Cash Equivalents consist of short-term highly-liquid investments with original maturities of three months or less. |
Investment Securities and Certificates of Deposit, Policy | Investment Securities and Certificates of Deposit – During 2019, the Company renamed "Marketable Securities and Certificates of Deposit" to "Investment Securities and Certificates of Deposit" on the Consolidated Statements of Financial Condition. Investment Securities include investments in U.S. Treasury securities, corporate, municipal and other debt securities and investments in readily-marketable equity securities, which are accounted for under ASC 320-10, " Investments - Debt Securities" and ASC 321-10, " Investments - Equity Securities," ("ASC 321-10") following the adoption of ASU No. 2016-01, " Recognition and Measurement of Financial Assets and Financial Liabilities " ("ASU 2016-01") in January 2018. The securities are carried at fair value on the Consolidated Statements of Financial Condition; the debt securities are valued based on quoted prices that exist in the marketplace for similar issues and the equity securities are valued using quoted market prices on applicable exchanges or markets. Investment Securities transactions are recorded as of the trade date. The Company invests in readily marketable debt and equity securities which are managed by Evercore Wealth Management L.L.C. ("EWM"), as well as in a portfolio of exchange-traded funds and mutual funds as an economic hedge against the Company’s deferred cash compensation program. The debt securities are classified as available-for-sale and any unrealized gains and losses are recorded as net increases or decreases to Accumulated Other Comprehensive Income (Loss), net of tax, and realized gains and losses on these securities are included in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations. Realized and unrealized gains and losses on the equity securities are recorded in Other Revenue, Including Interest and Investments, beginning on January 1, 2018, from the application of ASU 2016-01. EGL and other broker-dealers also invest in fixed income portfolios consisting primarily of U.S. Treasury securities, municipal bonds and other debt securities, which are carried at fair value, with changes in fair value recorded in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations, as required for broker-dealers in securities. Certificates of Deposit consist of investments with certain banks with original maturities of six months or less when purchased. |
Financial Instruments Owned and Pledged as Collateral at Fair Value, Policy | Financial Instruments Owned and Pledged as Collateral at Fair Value – The Company's Financial Instruments Owned and Pledged as Collateral at Fair Value consist principally of foreign government obligations, which are recorded on a trade-date basis and are stated at quoted market values. Related gains and losses are reflected in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations. The Company pledges the Financial Instruments Owned and Pledged as Collateral at Fair Value to collateralize certain financing arrangements, which permits the counterparty to pledge the securities. |
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase, Policy | Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase – Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase are treated as collateralized financing transactions. The agreements provide that the transferor will receive substantially the same securities in return at the maturity of the agreement. These transactions are carried at the amounts at which the related securities will be subsequently resold or repurchased, plus accrued interest payable or receivable. As the maturities on these transactions are short-term in nature (i.e. mature on the next business day) and the underlying securities are debt instruments of the Mexican Government or its agencies, their carrying amounts approximate fair value. The Company periodically assesses the collectability or credit quality related to securities purchased under agreements to resell. |
Accounts Receivable and Contract Assets, Policy | Accounts Receivable and Contract Assets – Accounts Receivable consists primarily of investment banking fees and expense reimbursements charged to the Company's clients. The Company records Accounts Receivable, net of any allowance for doubtful accounts, when relevant revenue recognition criteria has been achieved and payment is conditioned on the passage of time. The Company maintains an allowance for doubtful accounts to provide coverage for estimated losses from its client receivables. The Company determines the adequacy of the allowance by estimating the probability of loss based on the Company's analysis of the client's creditworthiness and specifically reserves against exposure where the Company determines the receivables are impaired, which may include situations where a fee is in dispute or litigation has commenced. The Investment Banking and Investment Management receivables collection periods generally are within 90 days of invoice, with the exception of placement fees, which are generally collected within 180 days of invoice, and fees related to private funds capital raising, which are collected in a period exceeding one year . The collection period for restructuring transaction receivables may exceed 90 days . Receivables that are collected in a period exceeding one year are reflected in Other Assets on the Consolidated Statements of Financial Condition. The Company records contract assets within Other Current Assets and Other Assets on the Consolidated Statements of Financial Condition when payment is due from a client conditioned on future performance or the occurrence of other events. The Company also recognizes a contract asset for the incremental costs of obtaining a contract with a customer if the benefit of those costs is expected to be longer than one year . The Company applies a practical expedient to expense costs to obtain a contract as incurred when the amortization period is one year or less. |
Investments, Policy | Investments – The Company's investments include investments in unconsolidated affiliated companies and other investments in private equity partnerships: Affiliates – The Company has equity interests in ABS Investment Management Holdings LP and ABS Investment Management GP LLC (collectively, "ABS"), Atalanta Sosnoff Capital, LLC ("Atalanta Sosnoff"), Luminis Partners ("Luminis") and G5 (through December 31, 2017, the date the Company exchanged all of its outstanding equity interests for debentures of G5) and includes its share of the income (losses) within Income from Equity Method Investments, as a component of Income Before Income Taxes, on the Consolidated Statements of Operations. The Company assesses its equity method investments annually for impairment, or more frequently if circumstances indicate impairment may have occurred. See Note 11 for further information. Private Equity – The investments in private equity funds consist primarily of investments in marketable and non-investment securities of the portfolio companies. The underlying investments held by the private equity funds are valued based on quoted market prices or estimated fair value if there is no public market. The fair value of non-investment securities is determined by giving consideration to a range of factors, including but not limited to, market conditions, operating performance (current and projected) and subsequent financing transactions. Due to the inherent uncertainty in the valuation of these non-investment securities, estimated values may materially differ from the values that would have been used had a ready market existed for these investments. Investments in publicly-traded securities held by the private equity funds are valued using quoted market prices. The Company recognizes its allocable share of the changes in fair value of the private equity funds' underlying investments as realized and unrealized gains (losses) within Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations. The Company also maintains investments in Glisco Manager Holdings LP, Trilantic Capital Partners ("Trilantic") and equity securities in private companies, which are accounted for as equity securities without readily determinable fair values in accordance with ASC 321-10, as well as an investment in a debt security that is accounted for as a held-to-maturity security. The Company assesses its investments quarterly for impairment, or more frequently if circumstances indicate impairment may have occurred. See Note 11 for further information. |
Leases, Policy | Leases – The Company adopted ASC 842, " Leases " ("ASC 842") on January 1, 2019, using the modified retrospective method of transition. The Company did not have a cumulative-effect adjustment as of the date of adoption. The Company elected to apply the package of practical expedients, which does not require reassessment of whether contracts are or contain leases, of lease classification and of initial direct costs. The Company also elected the transition option in ASU No. 2018-11, " Leases (Topic 842): Targeted Improvements ," ("ASU 2018-11") to not apply the new lease standard in comparative periods presented in financial statements in the year of adoption. Following the adoption of ASC 842, the Company includes all leases, including short-term leases, on its Consolidated Statements of Financial Condition. The Company does not separate lease and non-lease components of contracts for leases for the use of office space and equipment. Operating leases for office space generally contain payments for real estate taxes, common area maintenance and other operating expenses in addition to rent payments that are not fixed; the Company accounts for these costs as variable payments and does not include these as part of the lease component. Following the adoption of ASC 842, the present values of the Company's lease commitments are reflected as long-term assets, within Operating Lease Right-of-Use Assets, with corresponding liabilities classified as current and non-current, within Operating Lease Liabilities on the Company's Consolidated Statement of Financial Condition. The Company determines if an arrangement is a lease at inception. Right-of-use assets represent the Company's right to use the underlying assets for their lease terms and lease liabilities represent the Company's obligation to make lease payments arising from these leases. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Right-of-use assets are subject to certain adjustments for lease incentives and initial direct costs. The lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. The Company's lease agreements do not contain any residual value guarantees. Operating lease expense is included in Occupancy and Equipment Rental on the Company's Consolidated Statements of Operations (which did not change from the legacy U.S. GAAP presentation). See Notes 3 and 10 for further information. |
Furniture, Equipment and Leasehold Improvements, Policy | Furniture, Equipment and Leasehold Improvements – Fixed assets, including equipment, hardware and software and leasehold improvements, are stated at cost, net of accumulated depreciation and amortization. Furniture, equipment and computer hardware and software are depreciated using the straight-line method over the estimated useful lives of the assets, primarily ranging from three years to seven years . Leasehold improvements are amortized over the shorter of the term of the lease or the useful life of the asset. Certain costs associated with the acquisition or development of internal-use software and cloud computing arrangements are also capitalized. Once the software is ready for its intended use, the capitalized costs are amortized using the straight-line method over the estimated useful life of the software or hosting arrangement. Capitalized costs associated with cloud computing arrangements are presented in the same line item on the Consolidated Statements of Financial Condition that a prepayment of the fees for the associated hosting arrangement is presented in (within Other Assets). The capitalized costs associated with cloud computing arrangements are amortized over the term of the arrangement and the expense is presented in the same line item on the Consolidated Statements of Operations as the fees associated with the hosting element of the arrangement (within Communications and Information Services). |
Goodwill and Intangible Assets, Policy | Goodwill and Intangible Assets – Goodwill is tested for impairment annually, as of November 30 th , or more frequently if circumstances indicate impairment may have occurred. The Company assesses whether any goodwill allocated to its applicable reporting unit is impaired by comparing the fair value of each reporting unit with its respective carrying amount. For acquired businesses, contingent consideration is recognized and measured at fair value as of the acquisition date and at subsequent reporting periods. The Company tests goodwill for impairment at the reporting unit level. In determining the fair value for each reporting unit the Company utilizes either a market multiple approach or a discounted cash flow methodology based on the adjusted cash flows from operations, or a weighted combination of both a market multiple approach and discounted cash flow methodology. The market multiple approach includes applying the average earnings multiples of comparable public companies for their respective reporting unit multiplied by the forecasted earnings of the respective reporting unit to yield an estimate of fair value. The discounted cash flow methodology begins with the forecasted adjusted cash flows from each of the reporting units and uses a discount rate that reflects the weighted average cost of capital adjusted for the risks inherent in the future cash flows. The Company adopted ASU No. 2017-04, "Simplifying the Test for Goodwill Impairment" ("ASU 2017-04") effective April 1, 2017. ASU 2017-04 eliminates Step 2 from the goodwill impairment test and requires companies to recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value. Intangible assets with finite lives are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable as prescribed by ASC 360, " Property, Plant, and Equipment". See Note 5 for further information. |
Compensation and Benefits, Policy | Compensation and Benefits – Compensation includes salaries, bonuses (discretionary awards and guaranteed amounts), severance, deferred cash and share-based compensation. Cash bonuses are accrued over the respective service periods to which they relate and deferred cash and share-based bonuses are expensed prospectively over their requisite service period. |
Share-Based Payments, Policy | Share-Based Payments and Other Deferred Compensation – The Company accounts for share-based payments in accordance with ASC 718, " Compensation – Stock Compensation" ("ASC 718"). See Note 19 for further information. Compensation expense recognized pursuant to share-based awards is based on the grant date fair value of the award. The fair value (as measured on the grant date) of awards that vest from one to five years ("Service-based Awards") is amortized over the vesting periods or requisite service periods as required under ASC 718, however, the vesting of some Service-based Awards will accelerate upon the occurrence of certain events. The Company amortizes the grant-date fair value of share-based compensation awards made to employees, who are or will become retirement eligible prior to the stated vesting date, over the expected substantive service period. For the purposes of calculating diluted net income per share attributable to Evercore Inc. common shareholders, unvested Service-based Awards are included in the diluted weighted average Class A Shares outstanding using the treasury stock method. Once vested, restricted stock units, ("RSUs") and restricted stock are included in the basic and diluted weighted average Class A Shares outstanding. Expense relating to RSUs, restricted stock and LP Units is charged to Employee Compensation and Benefits on the Consolidated Statements of Operations. Compensation expense is recognized pursuant to performance-based awards if it is probable that the performance condition will be achieved. See Note 19 for a discussion of the awards issued in conjunction with the Company's acquisition of the operating businesses of ISI, as well as the Company's Long-term Incentive Plan and other performance-based awards. Awards classified as liabilities as required under ASC 718, such as cash settled share-based awards, are re-measured at fair value at each reporting period. |
Foreign Currency Translation, Policy | Foreign Currency Translation – Foreign currency assets and liabilities have been translated at rates of exchange prevailing at the end of the periods presented. Income and expenses transacted in foreign currency have been translated at average monthly exchange rates during the period. Translation gains and losses are included in Foreign Currency Translation Adjustment Gain (Loss), net, as a component of Other Comprehensive Income (Loss) on the Consolidated Statements of Changes in Equity and the Consolidated Statements of Comprehensive Income. Transactional exchange gains and losses are included in Other Revenue, Including Interest and Investments, on the Consolidated Statements of Operations. |
Income Taxes, Policy | Income Taxes – The Company accounts for income taxes in accordance with ASC 740, " Income Taxes" ("ASC 740") which requires the recognition of tax benefits or expenses on temporary differences between the financial reporting and tax basis of its assets and liabilities, as disclosed in Note 22. Deferred income taxes reflect the net tax effects of temporary differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. Such temporary differences are reflected on the Company's Consolidated Statements of Financial Condition as deferred tax assets and liabilities. The Company accounts for the impact of changes in statutory income tax rates on deferred tax assets and liabilities in the year of enactment. Deferred tax assets are reduced by a valuation allowance when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. Significant management judgment is required in determining the Company's provision for income taxes, deferred tax assets and liabilities and any valuation allowance recorded against the Company's net deferred tax assets. The Company adopted ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09") on January 1, 2017, which resulted in excess tax benefits and deficiencies from the delivery of Class A Shares under share-based payment arrangements being recognized in the Company's Provision for Income Taxes, rather than in Additional Paid-In-Capital under legacy U.S. GAAP. See Note 22 for further information. ASC 740 provides a benefit recognition model with a two-step approach consisting of "more-likely-than-not" recognition criteria, and a measurement attribute that measures the position as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement. ASC 740 also requires the recognition of liabilities created by differences between tax positions taken in a tax return and amounts recognized in the financial statements. See Note 22 for further information. |
Reclassifications, Policy | Reclassifications – During 2018, certain balances on the Consolidated Statements of Operations for prior periods were reclassified to conform to their current presentation. Execution, Clearing and Custody Fees – Other Operating Expenses of $13,572 for the year ended December 31, 2017, and Professional Fees of $1,206 for the year ended December 31, 2017, were reclassified to a new expense line item, "Execution, Clearing and Custody Fees" on the Consolidated Statements of Operations. Other Revenue, Including Interest and Investments – The Company renamed "Other Revenue, Including Interest" to "Other Revenue, Including Interest and Investments" on the Consolidated Statements of Operations and reclassified ($701) of principal trading losses from Investment Banking Revenue for the year ended December 31, 2017, and $2,037 of net realized and unrealized gains on private equity investments from Investment Management Revenue for the year ended December 31, 2017, to "Other Revenue, Including Interest and Investments." Investment Banking Revenue – Following the above reclassifications, the Company disaggregated "Investment Banking Revenue" into "Advisory Fees," "Underwriting Fees" and "Commissions and Related Fees" on the Consolidated Statements of Operations. Asset Management and Administration Fees – Following the above reclassifications, the Company renamed "Investment Management Revenue" to "Asset Management and Administration Fees" on the Consolidated Statements of Operations, which includes management fees from the wealth management and institutional asset management businesses. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents revenue recognized by the Company for the years ended December 31, 2019 and 2018 : For the Years Ended December 31, 2019 2018 Investment Banking: Advisory Fees $ 1,653,585 $ 1,743,473 Underwriting Fees 89,681 71,691 Commissions and Related Fees 189,506 200,015 Total Investment Banking $ 1,932,772 $ 2,015,179 Investment Management: Asset Management and Administration Fees: Wealth Management $ 48,083 $ 44,875 Institutional Asset Management 2,528 3,371 Total Investment Management $ 50,611 $ 48,246 |
Contract with Customer, Asset and Liability [Table Text Block] | The change in the Company’s contract assets and liabilities during the periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the years ended December 31, 2019 and 2018 are as follows: For the Year Ended December 31, 2019 Receivables (Current) (1) Receivables (Long-term) (2) Contract Assets (Current) (3) Contract Assets (Long-term) (2) Deferred Revenue (Current Contract Liabilities) (4) Deferred Revenue (Long-term Contract Liabilities) (5) Balance at January 1, 2019 $ 309,075 $ 60,948 $ 2,833 $ 541 $ 4,016 $ 1,731 Increase (Decrease) (12,720 ) 2,606 28,692 1,963 (1,524 ) (1,116 ) Balance at December 31, 2019 $ 296,355 $ 63,554 $ 31,525 $ 2,504 $ 2,492 $ 615 For the Year Ended December 31, 2018 Receivables (Current) (1) Receivables (Long-term) (2) Contract Assets (Current) (3) Contract Assets (Long-term) (2) Deferred Revenue (Current Contract Liabilities) (4) Deferred Revenue (Long-term Contract Liabilities) (5) Balance at January 1, 2018 $ 184,993 $ 34,008 $ — $ — $ 3,147 $ 1,834 Increase (Decrease) 124,082 26,940 2,833 541 869 (103 ) Balance at December 31, 2018 $ 309,075 $ 60,948 $ 2,833 $ 541 $ 4,016 $ 1,731 (1) Included in Accounts Receivable on the Consolidated Statements of Financial Condition . (2) Included in Other Assets on the Consolidated Statements of Financial Condition . (3) Included in Other Current Assets on the Consolidated Statements of Financial Condition . (4) Included in Other Current Liabilities on the Consolidated Statements of Financial Condition . (5) Included in Other Long-term Liabilities on the Consolidated Statements of Financial Condition . |
Business Changes and Developm_2
Business Changes and Developments Business Changes and Developments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Goodwill | Goodwill associated with the Company's acquisitions is as follows: Investment Investment Total Balance at December 31, 2017 (1) $ 123,308 $ 10,923 $ 134,231 Foreign Currency Translation and Other (2,844 ) — (2,844 ) Balance at December 31, 2018 (1) 120,464 10,923 131,387 Impairment of Goodwill — (2,921 ) (2,921 ) Foreign Currency Translation and Other 2,292 — 2,292 Balance at December 31, 2019 (2) $ 122,756 $ 8,002 $ 130,758 (1) The amount of the Company's goodwill before accumulated impairment losses of $35,607 was $166,994 and $169,838 at December 31, 2018 and 2017, respectively . (2) The amount of the Company's goodwill before accumulated impairment losses of $38,528 was $169,286 at December 31, 2019 . |
Schedule of Finite-Lived Intangible Assets | Intangible assets associated with the Company's acquisitions are as follows: December 31, 2019 Gross Carrying Amount Accumulated Amortization Investment Investment Total Investment Investment Total Client Related $ — $ 3,830 $ 3,830 $ — $ 2,743 $ 2,743 Other 5,320 445 5,765 4,159 390 4,549 Total $ 5,320 $ 4,275 $ 9,595 $ 4,159 $ 3,133 $ 7,292 December 31, 2018 Gross Carrying Amount Accumulated Amortization Investment Investment Total Investment Investment Total Client Related $ 42,000 $ 3,830 $ 45,830 $ 35,356 $ 2,360 $ 37,716 Other 5,320 445 5,765 3,167 334 3,501 Total $ 47,320 $ 4,275 $ 51,595 $ 38,523 $ 2,694 $ 41,217 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Based on the intangible assets above, as of December 31, 2019 , annual amortization of intangibles for each of the next five years is as follows: 2020 $ 1,606 2021 $ 363 2022 $ 334 2023 $ — 2024 $ — |
Related Parties Related Parties
Related Parties Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule Of Receivable From Employees And Related Parties | Receivable from Employees and Related Parties on the Consolidated Statements of Financial Condition consisted of the following at December 31, 2019 and 2018 : December 31, 2019 2018 Advances to Employees $ 20,923 $ 22,889 Personal Expenses Paid on Behalf of Employees and Related Parties 1,114 692 Other 379 255 Receivable from Employees and Related Parties $ 22,416 $ 23,836 |
Schedule Of Payable To Employees And Related Parties | Payable to Employees and Related Parties on the Consolidated Statements of Financial Condition consisted of the following at December 31, 2019 and 2018 : December 31, 2019 2018 Board of Director Fees $ 567 $ 566 Amounts Due to U.K. Members 21,566 22,167 Amounts Due Pursuant to Tax Receivable Agreements (a) 9,570 9,161 Payable to Employees and Related Parties $ 31,703 $ 31,894 (a) Relates to the current portion of the Member exchange of Class A LP Units for Class A Shares. The long-term portion of $84,952 and $94,411 is disclosed in Amounts Due Pursuant to Tax Receivable Agreements on the Consolidated Statements of Financial Condition at December 31, 2019 and 2018 , respectively. |
Investment Securities and Cer_2
Investment Securities and Certificates of Deposit (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Unrealized Gain (Loss) on Investments | The Company's Investment Securities and Certificates of Deposit as of December 31, 2019 and 2018 were as follows: December 31, 2019 December 31, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt Securities $ 114,204 $ 591 $ 11 $ 114,784 $ 1,622 $ 10 $ — $ 1,632 Equity Securities 666 — 168 498 666 — 410 256 Debt Securities Carried by Broker-Dealers 225,727 1,648 20 227,355 147,009 954 — 147,963 Investment Funds 58,704 7,809 — 66,513 56,296 402 1,922 54,776 Total Investment Securities (carried at fair value) $ 399,301 $ 10,048 $ 199 $ 409,150 $ 205,593 $ 1,366 $ 2,332 $ 204,627 Certificates of Deposit (carried at contract value) 214,796 100,000 Total Investment Securities and Certificates of Deposit $ 623,946 $ 304,627 |
Investments Classified by Contractual Maturity Date | Scheduled maturities of the Company's available-for-sale debt securities as of December 31, 2019 and 2018 were as follows: December 31, 2019 December 31, 2018 Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 108,662 $ 109,217 $ 391 $ 391 Due after one year through five years 5,542 5,567 1,231 1,241 Total $ 114,204 $ 114,784 $ 1,622 $ 1,632 |
Financial Instruments Owned a_2
Financial Instruments Owned and Pledged as Collateral at Fair Value, Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 and 2018 , a summary of the Company's assets, liabilities and collateral received or pledged related to these transactions was as follows: December 31, 2019 2018 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 $ 12,431 $ 22,349 Securities Purchased Under Agreements to Resell 13,566 $ 13,572 2,696 $ 2,701 Total Assets $ 25,997 $ 25,045 Liabilities Securities Sold Under Agreements to Repurchase $ (26,000 ) $ (25,992 ) $ (25,075 ) $ (25,099 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Supplemental Operating Lease Information [Table Text Block] | Other information as it relates to the Company's operating leases is as follows: For the Year Ended December 31, 2019 New Right-of-Use Assets obtained in exchange for new operating lease liabilities $ 57,004 December 31, 2019 Weighted-average remaining lease term - operating leases 10.5 years Weighted-average discount rate - operating leases 4.38 % |
Maturities of Undiscounted Operating Lease Liabilities | As of December 31, 2019 , the maturities of the undiscounted operating lease liabilities for which the Company has commenced use are as follows: 2020 $ 43,342 2021 44,120 2022 38,383 2023 23,663 2024 18,025 Thereafter 166,311 Total lease payments 333,844 Less: Tenant Improvement Allowances (14,968 ) Less: Imputed Interest (68,309 ) Present value of lease liabilities 250,567 Less: Current lease liabilities (33,316 ) Long-term lease liabilities $ 217,251 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of December 31, 2018 , the approximate aggregate minimum future payments required on the operating leases, net of rent abatement and certain other rent credits, under legacy U.S. GAAP (ASC 840), were as follows: 2019 $ 36,537 2020 39,059 2021 39,561 2022 39,585 2023 27,564 Thereafter 403,450 Total $ 585,756 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Equity Method Investments [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Equity Method Investments | A summary of the Company's investments accounted for under the equity method of accounting as of December 31, 2019 and 2018 was as follows: December 31, 2019 2018 ABS $ 40,052 $ 38,699 Atalanta Sosnoff 12,300 13,291 Luminis 4,923 6,517 Total $ 57,275 $ 58,507 |
Private Equity Funds [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Equity Method Investments | A summary of the Company's investments in the private equity funds as of December 31, 2019 and 2018 was as follows: December 31, 2019 2018 ECP II $ — $ 795 Glisco II, Glisco III and Glisco IV 3,820 3,880 Trilantic IV, Trilantic V and Trilantic VI 9,727 5,125 Total Private Equity Funds $ 13,547 $ 9,800 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 and 2018 : December 31, 2019 Level I Level II Level III Total Corporate Bonds, Municipal Bonds and Other Debt Securities Carried by Broker-Dealers $ 168,650 $ 58,705 $ — $ 227,355 Other Debt and Equity Securities (1) 111,823 6,449 — 118,272 Investment Funds 66,513 — — 66,513 Financial Instruments Owned and Pledged as Collateral at Fair Value 12,431 — — 12,431 Total Assets Measured At Fair Value $ 359,417 $ 65,154 $ — $ 424,571 December 31, 2018 Level I Level II Level III Total Corporate Bonds, Municipal Bonds and Other Debt Securities Carried by Broker-Dealers (2) $ 109,577 $ 62,801 $ — $ 172,378 Other Debt and Equity Securities (1) 6,232 1,982 — 8,214 Investment Funds 54,776 — — 54,776 Financial Instruments Owned and Pledged as Collateral at Fair Value 22,349 — — 22,349 Total Assets Measured At Fair Value $ 192,934 $ 64,783 $ — $ 257,717 (1) Includes $2,990 and $6,326 of treasury bills and notes and municipal bonds classified within Cash and Cash Equivalents on the Consolidated Statements of Financial Condition as of December 31, 2019 and 2018 , respectively. (2) Includes $24,415 of treasury bills, municipal bonds and commercial paper classified within Cash and Cash Equivalents on the Consolidated Statement of Financial Condition as of December 31, 2018 . |
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 Consolidated Statements of Financial Condition , are listed in the tables below. December 31, 2019 Carrying Estimated Fair Value Amount Level I Level II Level III Total Financial Assets: Cash and Cash Equivalents $ 630,818 $ 630,818 $ — $ — $ 630,818 Certificates of Deposit 214,796 — 214,796 — 214,796 Debt Security Investment 9,235 — — 9,235 9,235 Securities Purchased Under Agreements to Resell 13,566 — 13,566 — 13,566 Receivables (1) 359,909 — 357,047 — 357,047 Contract Assets (2) 34,029 — 33,854 — 33,854 Receivable from Employees and Related Parties 22,416 — 22,416 — 22,416 Closely-held Equity Securities 1,772 — — 1,772 1,772 Financial Liabilities: Accounts Payable and Accrued Expenses $ 39,726 $ — $ 39,726 $ — $ 39,726 Securities Sold Under Agreements to Repurchase 26,000 — 26,000 — 26,000 Payable to Employees and Related Parties 31,703 — 31,703 — 31,703 Notes Payable 375,062 — 382,274 — 382,274 December 31, 2018 Carrying Estimated Fair Value Amount Level I Level II Level III Total Financial Assets: Cash and Cash Equivalents $ 759,849 $ 759,849 $ — $ — $ 759,849 Certificates of Deposit 100,000 — 100,000 — 100,000 Debt Security Investment 9,717 — — 9,717 9,717 Securities Purchased Under Agreements to Resell 2,696 — 2,696 — 2,696 Receivables (1) 370,023 — 369,636 — 369,636 Contract Assets (2) 3,374 — 3,348 — 3,348 Receivable from Employees and Related Parties 23,836 — 23,836 — 23,836 Closely-held Equity Security 1,079 — — 1,079 1,079 Financial Liabilities: Accounts Payable and Accrued Expenses $ 37,948 $ — $ 37,948 $ — $ 37,948 Securities Sold Under Agreements to Repurchase 25,075 — 25,075 — 25,075 Payable to Employees and Related Parties 31,894 — 31,894 — 31,894 Notes Payable 168,612 — 166,555 — 166,555 (1) Includes Accounts Receivable and Long-term receivables included in Other Assets on the Consolidated Statements of Financial Condition . The adoption of ASU 2016-01 in 2018 resulted in the Company prospectively including the fair value of its receivables that are due in excess of one year in the above table. (2) Includes current and long-term contract assets included in Other Current Assets and Other Assets on the Consolidated Statements of Financial Condition . |
Furniture, Equipment and Leas_2
Furniture, Equipment and Leasehold Improvements Furniture, Equipment and Leasehold Improvements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Components of Furniture, Equipment and Leasehold Improvements | Furniture, Equipment and Leasehold Improvements consisted of the following: December 31, 2019 2018 Furniture and Equipment $ 64,153 $ 39,349 Leasehold Improvements 133,820 91,597 Computer and Technology-related 46,213 39,617 Total 244,186 170,563 Less: Accumulated Depreciation and Amortization (117,387 ) (89,494 ) Furniture, Equipment and Leasehold Improvements, Net $ 126,799 $ 81,069 |
Notes Payable and Subordinate_2
Notes Payable and Subordinated Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Notes Payable is comprised of the following as of December 31, 2019 and 2018 : Carrying Value (a) December 31, Note Maturity Date Effective Annual Interest Rate 2019 2018 Evercore Inc. 4.88% Series A Senior Notes 3/30/2021 5.16 % $ 37,873 $ 37,776 Evercore Inc. 5.23% Series B Senior Notes 3/30/2023 5.44 % 66,581 66,466 Evercore Inc. 5.48% Series C Senior Notes 3/30/2026 5.64 % 47,595 47,542 Evercore Inc. 5.58% Series D Senior Notes 3/30/2028 5.72 % 16,842 16,828 Evercore Inc. 4.34% Series E Senior Notes 8/1/2029 4.46 % 74,282 — Evercore Inc. 4.44% Series F Senior Notes 8/1/2031 4.55 % 59,422 — Evercore Inc. 4.54% Series G Senior Notes 8/1/2033 4.64 % 39,613 — Evercore Inc. 3.33% Series H Senior Notes 8/1/2033 3.42 % 32,854 — Total $ 375,062 $ 168,612 (a) Carrying value has been adjusted to reflect the presentation of debt issuance costs as a direct reduction from the related liability. |
Schedule of Future Payments on Notes Payable | As of December 31, 2019 , the future payments required on the Notes Payable, including principal and interest, were as follows: 2020 $ 19,871 2021 54,757 2022 15,830 2023 81,078 2024 12,326 Thereafter 335,828 Total $ 519,690 |
Noncontrolling Interest (Tables
Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Schedule of Noncontrolling Interest | December 31, 2019 2018 2017 Subsidiary: Evercore LP 12 % 11 % 12 % EWM (1) 30 % 43 % 42 % PCA (2) — % 10 % 25 % RECA (3) 38 % 38 % — % (1) Noncontrolling Interests represent a blended rate for multiple classes of interests. (2) Noncontrolling Interests represent the Common Interests of Private Capital Advisory L.P. (3) Noncontrolling Interests represent the Class R Interests of Private Capital Advisory L.P. |
Changes in Noncontrolling Interest | Changes in Noncontrolling Interest for the years ended December 31, 2019, 2018 and 2017 were as follows: For the Years Ended December 31, 2019 2018 2017 Beginning balance $ 249,819 $ 252,404 $ 256,033 Comprehensive Income (Loss): Net Income Attributable to Noncontrolling Interest 56,225 65,611 53,753 Other Comprehensive Income (Loss) 513 (203 ) 3,375 Total Comprehensive Income 56,738 65,408 57,128 Evercore LP Units Purchased or Converted into Class A Shares (15,142 ) (46,594 ) (47,263 ) Amortization and Vesting of LP Units/Interests 27,890 19,860 14,922 Other Items: Distributions to Noncontrolling Interests (54,706 ) (41,413 ) (36,374 ) Issuance of Noncontrolling Interest 3,368 1,165 8,460 Purchase of Noncontrolling Interest (11,433 ) (1,011 ) (281 ) Other, net — — (221 ) Total Other Items (62,771 ) (41,259 ) (28,416 ) Ending balance $ 256,534 $ 249,819 $ 252,404 |
Net Income Per Share Attribut_2
Net Income Per Share Attributable to Evercore Inc. Common Shareholders (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 years ended December 31, 2019, 2018 and 2017 are described and presented below. For the Years Ended December 31, 2019 2018 2017 Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders Numerator: Net income attributable to Evercore Inc. common shareholders $ 297,436 $ 377,240 $ 125,454 Denominator: Weighted average Class A Shares outstanding, including vested RSUs 39,994 40,595 39,641 Basic net income per share attributable to Evercore Inc. common shareholders $ 7.44 $ 9.29 $ 3.16 Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders Numerator: Net income attributable to Evercore Inc. common shareholders $ 297,436 $ 377,240 $ 125,454 Noncontrolling interest related to the assumed exchange of LP Units for Class A Shares (b) (b) (b) Associated corporate taxes related to the assumed elimination of Noncontrolling Interest described above (b) (b) (b) Diluted net income attributable to Evercore Inc. common shareholders $ 297,436 $ 377,240 $ 125,454 Denominator: Weighted average Class A Shares outstanding, including vested RSUs 39,994 40,595 39,641 Assumed exchange of LP Units for Class A Shares (a)(b) 718 1,378 842 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 2,082 2,906 2,719 Shares that are contingently issuable (c) 400 400 1,624 Diluted weighted average Class A Shares outstanding 43,194 45,279 44,826 Diluted net income per share attributable to Evercore Inc. common shareholders $ 6.89 $ 8.33 $ 2.80 (a) The Company has outstanding Class J LP Units, which convert into Class E LP Units and ultimately become exchangeable into Class A Shares on a one -for-one basis. During the years ended December 31, 2019 , 2018 and 2017 , the Class J 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, which give the holders the right to receive Class A Shares upon exchange on a one -for-one basis. During the years ended December 31, 2019, 2018 and 2017 , the Class A and E 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 5,254 , 5,075 and 5,920 for the years ended December 31, 2019, 2018 and 2017 , 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 $39,940 , $46,060 and $28,186 for the years ended December 31, 2019, 2018 and 2017 , 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 the Company is subject to the statutory tax rates of a C-Corporation under a conventional corporate tax structure 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) The Company has outstanding Class I-P Units which are contingently exchangeable into Class I LP Units, and ultimately Class A Shares, and outstanding Class K-P Units which are contingently exchangeable into Class K LP Units, and ultimately Class A Shares, as they are subject to certain performance thresholds being achieved. The Company previously had outstanding Class G and H LP Interests which were contingently exchangeable into Class E LP Units, and ultimately Class A Shares. In July 2017, the Company exchanged all of the outstanding Class H LP Interests for a number of Class J LP Units. As of December 31, 2017 , all of the Class G LP Interests either converted into Class E LP Units or were forfeited pursuant to their performance terms. See Note 19 for 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, Class I-P Units and Class K-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 Units/Interests 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 400 for each of the years ended December 31, 2019 and 2018 , and 1,624 for the year ended December 31, 2017 . |
Share-Based and Other Deferre_2
Share-Based and Other Deferred Compensation Share-Based and Other Deferred Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restructuring and Related Costs [Table Text Block] | The following table presents the change in the Company's Termination Costs liability for the year ended December 31, 2019: Balance at January 1, 2019 $ 505 Termination Costs Incurred 7,756 Cash Benefits Paid (6,412 ) Non-Cash Charges (698 ) Balance at December 31, 2019 $ 1,151 |
2006 and 2016 Stock Incentive Plans [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Share Activity [Table Text Block] | The following table summarizes activity related to Service-based Awards during the year ended December 31, 2019 : Service-based Awards Number of Shares Grant Date Weighted Unvested Balance at January 1, 2019 6,410 $ 468,905 Granted 2,598 236,529 Modified — — Forfeited (121 ) (10,376 ) Vested (2,473 ) (167,602 ) Unvested Balance at December 31, 2019 6,414 $ 527,456 |
Evercore ISI [Member] | Acquisition Related [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Share Activity [Table Text Block] | The following table summarizes activity related to the LP Units for the Company's equities business during the year ended December 31, 2019 : Class J LP Units Number of Units Grant Date Weighted Unvested Balance at January 1, 2019 1,265 $ 24,181 Granted 2 176 Modified 76 4,407 Forfeited (2 ) (13 ) Vested (1,118 ) (24,440 ) Unvested Balance at December 31, 2019 223 $ 4,311 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statements of financial position that sum to the total of amounts shown in the Consolidated Statements of Cash Flows: December 31, 2019 2018 2017 Cash and Cash Equivalents $ 633,808 $ 790,590 $ 609,587 Restricted Cash included in Other Assets 10,078 9,506 7,798 Total Cash, Cash Equivalents and Restricted Cash shown in the Statement of Cash Flows $ 643,886 $ 800,096 $ 617,385 |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The following table presents the U.S. and non-U.S. components of Income before income tax expense: For the Years Ended December 31, 2019 2018 2017 U.S. $ 359,496 $ 449,171 $ 379,407 Non-U.S. 32,986 36,589 4,489 Income before Income Tax Expense (a) $ 392,482 $ 485,760 $ 383,896 (a) Net of Noncontrolling Interest. |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes reflected on the Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017 consist of: For the Years Ended December 31, 2019 2018 2017 Current: Federal $ 72,712 $ 80,690 $ 85,371 Foreign 6,134 7,360 9,796 State and Local 26,703 24,451 14,955 Total Current 105,549 112,501 110,122 Deferred: Federal (2,169 ) (4,771 ) 150,800 Foreign (5,022 ) (61 ) (3,464 ) State and Local (3,312 ) 851 984 Total Deferred (10,503 ) (3,981 ) 148,320 Total $ 95,046 $ 108,520 $ 258,442 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation between the federal statutory income tax rate and the Company's effective income tax rate for the years ended December 31, 2019, 2018 and 2017 is as follows: For the Years Ended December 31, 2019 2018 2017 Reconciliation of Federal Statutory Tax Rates: U.S. Statutory Tax Rate 21.0 % 21.0 % 35.0 % Increase Due to State and Local Taxes 4.2 % 3.6 % 3.1 % Rate Benefits as a Limited Liability Company/Flow Through (2.5 )% (2.6 )% (2.3 )% Foreign Taxes (0.1 )% 0.2 % (1.1 )% Non-Deductible Expenses (1) 1.6 % 1.2 % 1.6 % ASU 2016-09 Benefit for Stock Compensation (2.7 )% (4.2 )% (5.5 )% Tax Cuts and Jobs Act - Reduction to Tax Receivable Agreement Liability — % — % (5.6 )% Tax Cuts and Jobs Act - Primarily Related to the Re-measurement of Net Deferred Tax Assets — % 0.1 % 32.7 % Valuation Allowances 0.3 % 0.3 % 1.1 % Other Adjustments (0.6 )% 0.1 % 0.1 % Effective Income Tax Rate 21.2 % 19.7 % 59.1 % (1) Primarily related to non-deductible share-based compensation expense. |
Schedule of Deferred Tax Assets and Liabilities | Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Statements of Financial Condition. These temporary differences result in taxable or deductible amounts in future years. Details of the Company's deferred tax assets and liabilities as of December 31, 2019 and 2018 were as follows: December 31, 2019 2018 Deferred Tax Assets: Depreciation and Amortization $ 37,912 $ 33,738 Compensation and Benefits 85,567 61,541 Step up in tax basis due to the exchange of LP Units for Class A Shares (1) 99,979 111,108 Step up in tax basis due to the exchange of LP Units for Class A Shares (2) 41,286 37,079 Operating Lease (3) 58,497 — Other 20,617 24,720 Total Deferred Tax Assets $ 343,858 $ 268,186 Deferred Tax Liabilities: Operating Lease (3) $ 46,682 $ — Goodwill, Intangible Assets and Other 19,012 18,873 Total Deferred Tax Liabilities $ 65,694 $ 18,873 Net Deferred Tax Assets Before Valuation Allowance 278,164 249,313 Valuation Allowance (9,573 ) (8,221 ) Net Deferred Tax Assets $ 268,591 $ 241,092 (1) Step-up in the tax basis associated with the exchange of LP Units for holders which have a tax receivable agreement. (2) Step-up in the tax basis associated with the exchange of LP Units for holders which do not have a tax receivable agreement. (3) As discussed in Note 3, in 2019, the Company adopted ASU 2016-02 using the modified retrospective approach as of the date of adoption, which resulted in the recognition of operating lease right-of-use assets and lease liabilities. |
Summary of Income Tax Contingencies | A reconciliation of the changes in tax positions for the years ended December 31, 2019, 2018 and 2017 is as follows: December 31, 2019 2018 2017 Beginning unrecognized tax benefit $ — $ — $ — Additions for tax positions of prior years 616 — — Reductions for tax positions of prior years — — — Lapse of Statute of Limitations (122 ) — — Decrease due to settlement with Taxing Authority — — — Ending unrecognized tax benefit $ 494 $ — $ — |
Segment Operating Results (Tabl
Segment Operating Results (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Information Regarding Operations By Segment | The following information presents each segment's contribution. For the Years Ended December 31, 2019 2018 2017 Investment Banking Net Revenues (1) $ 1,951,795 $ 2,012,023 $ 1,634,268 Operating Expenses 1,485,477 1,448,301 1,175,927 Other Expenses (2) 33,618 30,366 35,810 Operating Income 432,700 533,356 422,531 Income from Equity Method Investments 916 518 277 Pre-Tax Income $ 433,616 $ 533,874 $ 422,808 Identifiable Segment Assets $ 2,393,647 $ 1,923,783 $ 1,294,103 Investment Management Net Revenues (1) $ 56,903 $ 52,682 $ 70,081 Operating Expenses 48,645 43,940 51,646 Other Expenses (2) 3,247 21 12,155 Operating Income 5,011 8,721 6,280 Income from Equity Method Investments 10,080 8,776 8,561 Pre-Tax Income $ 15,091 $ 17,497 $ 14,841 Identifiable Segment Assets $ 204,966 $ 201,884 $ 290,783 Total Net Revenues (1) $ 2,008,698 $ 2,064,705 $ 1,704,349 Operating Expenses 1,534,122 1,492,241 1,227,573 Other Expenses (2) 36,865 30,387 47,965 Operating Income 437,711 542,077 428,811 Income from Equity Method Investments 10,996 9,294 8,838 Pre-Tax Income $ 448,707 $ 551,371 $ 437,649 Identifiable Segment Assets $ 2,598,613 $ 2,125,667 $ 1,584,886 (1) Net revenues include Other Revenue, net, allocated to the segments as follows: For the Years Ended December 31, 2019 2018 2017 Investment Banking (A) $ 19,023 $ (3,156 ) $ 58,399 Investment Management (B) 6,292 4,436 10,433 Total Other Revenue, net $ 25,315 $ 1,280 $ 68,832 (A) Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and lines of credit of $12,917 , $9,201 and $9,960 for the years ended December 31, 2019, 2018 and 2017 , respectively, and includes an estimated gain of $77,535 related to a reduction in the liability for amounts due pursuant to the tax receivable agreement and a loss of $16,266 related to the release of cumulative foreign exchange losses resulting from the restructuring of the Company's former equity method investment in G5 for the year ended December 31, 2017 . Also includes ($701) of principal trading losses for the year ended December 31, 2017 to conform to the current presentation. (B) Investment Management Other Revenue, net, includes a gain of $7,808 related to the sale of the Institutional Trust and Independent Fiduciary business of ETC for the year ended December 31, 2017 . Also includes $2,037 of net realized and unrealized gains on private equity investments for the year ended December 31, 2017 to conform to the current presentation. (2) Other Expenses are as follows: For the Years Ended December 31, 2019 2018 2017 Investment Banking Amortization of LP Units/Interests and Certain Other Awards $ 18,183 $ 15,241 $ 11,444 Special Charges 7,202 5,012 14,400 Acquisition and Transition Costs 705 — 555 Fair Value of Contingent Consideration — 1,485 — Intangible Asset and Other Amortization 7,528 8,628 9,411 Total Investment Banking 33,618 30,366 35,810 Investment Management Special Charges 2,939 — 11,037 Acquisition and Transition Costs 308 21 1,118 Total Investment Management 3,247 21 12,155 Total Other Expenses $ 36,865 $ 30,387 $ 47,965 |
Revenues Derived from Clients and Private Equity Funds by Geographical Areas | The Company's revenues were derived from clients located and managed in the following geographical areas: For the Years Ended December 31, 2019 2018 2017 Net Revenues: (1) United States $ 1,464,551 $ 1,591,883 $ 1,199,231 Europe and Other 501,425 438,602 422,271 Latin America 17,407 32,940 14,015 Total $ 1,983,383 $ 2,063,425 $ 1,635,517 (1) Excludes Other Revenue, Including Interest and Investments, and Interest Expense. |
Assets by Geographic Areas | The Company's total assets are located in the following geographical areas: December 31, 2019 2018 Total Assets: United States $ 2,158,347 $ 1,757,589 Europe and Other 373,822 298,917 Latin America 66,444 69,161 Total $ 2,598,613 $ 2,125,667 |
Evercore Inc. (Parent Company_2
Evercore Inc. (Parent Company Only) Financial Statements Evercore Inc. (Parent Company Only) Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Evercore Inc. (Parent Company Only) Condensed Statements of Financial Condition | EVERCORE INC. (parent company only) CONDENSED STATEMENTS OF FINANCIAL CONDITION (dollars in thousands, except share data) December 31, 2019 2018 ASSETS Equity Investment in Subsidiary $ 1,066,398 $ 824,239 Deferred Tax Assets 244,965 223,936 Goodwill 15,236 15,236 Other Assets 18,704 — TOTAL ASSETS $ 1,345,303 $ 1,063,411 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Current Liabilities Payable to Related Party $ 9,570 $ 9,161 Taxes Payable — 30,749 Other Current Liabilities 6,003 2,358 Total Current Liabilities 15,573 42,268 Amounts Due Pursuant to Tax Receivable Agreements 84,952 94,411 Long-term Debt - Notes Payable 375,062 168,612 TOTAL LIABILITIES 475,587 305,291 Stockholders' Equity Common Stock Class A, par value $0.01 per share (1,000,000,000 shares authorized, 68,698,675 and 65,872,014 issued at December 31, 2019 and 2018, respectively, and 39,176,010 and 39,748,576 outstanding at December 31, 2019 and 2018, respectively) 687 659 Class B, par value $0.01 per share (1,000,000 shares authorized, 84 and 86 issued and outstanding at December 31, 2019 and 2018, respectively) — — Additional Paid-In-Capital 2,016,524 1,818,100 Accumulated Other Comprehensive Income (Loss) (27,596 ) (30,434 ) Retained Earnings 558,269 364,882 Treasury Stock at Cost (29,522,665 and 26,123,438 shares at December 31, 2019 and 2018, respectively) (1,678,168 ) (1,395,087 ) TOTAL STOCKHOLDERS' EQUITY 869,716 758,120 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,345,303 $ 1,063,411 See notes to parent company only financial statements. |
Evercore Inc. (Parent Company Only) Condensed Statements of Operations | EVERCORE INC. (parent company only) CONDENSED STATEMENTS OF OPERATIONS For the Years Ended December 31, 2019 2018 2017 REVENUES Other Revenue, Including Interest and Investments $ 12,915 $ 9,202 $ 86,784 TOTAL REVENUES 12,915 9,202 86,784 Interest Expense 12,915 9,202 9,249 NET REVENUES — — 77,535 EXPENSES TOTAL EXPENSES — — — OPERATING INCOME — — 77,535 Equity in Income of Subsidiary 383,717 473,978 287,440 Provision for Income Taxes 86,281 96,738 239,521 NET INCOME $ 297,436 $ 377,240 $ 125,454 See notes to parent company only financial statements. |
Evercore Inc. (Parent Company Only) Condensed Statements of Cash Flows | EVERCORE INC. (parent company only) CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2019 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 297,436 $ 377,240 $ 125,454 Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities: Undistributed Income of Subsidiary (383,717 ) (473,978 ) (209,905 ) Adjustment to Tax Receivable Agreement — — (77,535 ) Deferred Taxes (3,966 ) (5,311 ) 153,344 Accretion on Long-term Debt 336 265 250 (Increase) Decrease in Operating Assets: Other Assets (18,704 ) 9,689 (9,689 ) Increase (Decrease) in Operating Liabilities: Taxes Payable (30,749 ) 30,749 (21,341 ) Net Cash Provided by (Used in) Operating Activities (139,364 ) (61,346 ) (39,422 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in Subsidiary 30,449 138,648 95,943 Net Cash Provided by Investing Activities 30,449 138,648 95,943 CASH FLOWS FROM FINANCING ACTIVITIES Issuance of Notes Payable 205,718 — — Dividends (96,803 ) (77,302 ) (56,521 ) Net Cash Provided by (Used in) Financing Activities 108,915 (77,302 ) (56,521 ) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH — — — CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of Year — — — CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of Year $ — $ — $ — SUPPLEMENTAL CASH FLOW DISCLOSURE Accrued Dividends $ 14,642 $ 12,288 $ 9,815 See notes to parent company only financial statements. |
Supplemental Financial Inform_2
Supplemental Financial Information Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Financial Information | The following represents the Company's unaudited quarterly results for the years ended December 31, 2019 and 2018 . These quarterly results were prepared in accordance with U.S. GAAP and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results. For the Three Months Ended December 31, September 30, June 30, March 31, Net Revenues $ 660,127 $ 402,198 $ 531,046 $ 415,327 Total Expenses 503,404 331,854 404,212 331,517 Income Before Income from Equity Method Investments and Income Taxes 156,723 70,344 126,834 83,810 Income from Equity Method Investments 3,770 2,562 2,453 2,211 Income Before Income Taxes 160,493 72,906 129,287 86,021 Provision for Income Taxes 34,793 20,402 32,030 7,821 Net Income 125,700 52,504 97,257 78,200 Net Income Attributable to Noncontrolling Interest 20,516 9,226 15,515 10,968 Net Income Attributable to Evercore Inc. $ 105,184 $ 43,278 $ 81,742 $ 67,232 Net Income Per Share Attributable to Evercore Inc. Common Shareholders Basic $ 2.68 $ 1.09 $ 2.02 $ 1.66 Diluted $ 2.48 $ 1.01 $ 1.88 $ 1.52 Dividends Declared Per Share of Class A Common Stock $ 0.58 $ 0.58 $ 0.58 $ 0.50 For the Three Months Ended December 31, September 30, June 30, March 31, Net Revenues $ 771,406 $ 381,259 $ 448,477 $ 463,563 Total Expenses 521,200 306,719 343,695 351,014 Income Before Income from Equity Method Investments and Income Taxes 250,206 74,540 104,782 112,549 Income from Equity Method Investments 2,452 2,298 2,419 2,125 Income Before Income Taxes 252,658 76,838 107,201 114,674 Provision for Income Taxes 60,502 17,539 25,541 4,938 Net Income 192,156 59,299 81,660 109,736 Net Income Attributable to Noncontrolling Interest 28,851 9,838 12,729 14,193 Net Income Attributable to Evercore Inc. $ 163,305 $ 49,461 $ 68,931 $ 95,543 Net Income Per Share Attributable to Evercore Inc. Common Shareholders Basic $ 4.07 $ 1.21 $ 1.69 $ 2.36 Diluted $ 3.67 $ 1.08 $ 1.52 $ 2.10 Dividends Declared Per Share of Class A Common Stock $ 0.50 $ 0.50 $ 0.50 $ 0.40 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2016 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Investment Banking And Investment Management Receivables Collection Periods | 90 days | |||
Placement Fees Receivables Collection Period | 180 days | |||
Private Funds Capital Raising Receivables Collection Period | 1 year | |||
Collection Period For Restructuring Transactions | 90 days | |||
Receivables Reflected in Other Assets in Excess of Period | 1 year | |||
Contract Asset Recognized For Cost of Obtaining Contract With Benefit in Excess of Period | 1 year | |||
Other Operating Expenses | $ 42,020 | $ 30,461 | $ 23,442 | |
Professional Fees | 81,851 | 82,393 | 63,857 | |
Net Realized And Unrealized Gains On Private Equity Fund Investments | (790) | (397) | (915) | |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Consolidated Assets | 227,885 | 190,223 | ||
Consolidated Liabilities | $ 129,494 | $ 122,460 | ||
Execution, Clearing and Custody Fees [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Other Operating Expenses | 13,572 | |||
Professional Fees | 1,206 | |||
Other Revenue, Including Interest and Investments [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Principal Trading Losses | (701) | |||
Net Realized And Unrealized Gains On Private Equity Fund Investments | $ 2,037 | |||
LP Units [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Limited Partnership Units Convertible Conversion Ratio | 1 | 1 | ||
Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Award Vesting Period | 1 year | |||
Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Award Vesting Period | 5 years |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Changes and Error Corrections [Abstract] | ||
Operating Lease, Liability | $ 250,567 | |
Operating Lease Right-of-Use Assets | $ 199,988 | $ 0 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investment Banking [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | $ 1,932,772 | $ 2,015,179 | |
Investment Banking [Member] | Advisory Fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 1,653,585 | 1,743,473 | $ 1,324,412 |
Investment Banking [Member] | Underwriting Fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 89,681 | 71,691 | 45,827 |
Investment Banking [Member] | Commissions and Related Fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 189,506 | 200,015 | $ 205,630 |
Investment Management [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 50,611 | 48,246 | |
Investment Management [Member] | Wealth Management [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | 48,083 | 44,875 | |
Investment Management [Member] | Institutional Asset Management [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer | $ 2,528 | $ 3,371 |
Revenue - Additional Informati
Revenue - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contracts with Customers [Line Items] | ||
Contract with Customer, Liability, Revenue Recognized | $ 15,115 | $ 16,468 |
Period in Which Performance Obligations Under Client Arrangements Settled | 1 year | |
Underwriting Fees [Member] | ||
Revenue from Contracts with Customers [Line Items] | ||
Reimbursement Revenue | 4,680 | |
Professional Fees [Member] | ||
Revenue from Contracts with Customers [Line Items] | ||
Reimbursable Expense | 2,340 | |
Travel and Related Expenses [Member] | ||
Revenue from Contracts with Customers [Line Items] | ||
Reimbursable Expense | 460 | |
Communications and Information Services [Member] | ||
Revenue from Contracts with Customers [Line Items] | ||
Reimbursable Expense | 476 | |
Other Operating Expenses [Member] | ||
Revenue from Contracts with Customers [Line Items] | ||
Reimbursable Expense | 1,404 | |
Investment Banking [Member] | Advisory Fees [Member] | ||
Revenue from Contracts with Customers [Line Items] | ||
Revenue, Variable Consideration Recognized | $ 3,374 |
Revenue - Contract Balances (De
Revenue - Contract Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Contract with Customer, Asset, Net, Current [Roll Forward] | ||
Contract with Customer, Receivable, Net, Current | $ 309,075 | $ 184,993 |
Contract with Customer, Receivable, Current, Net Increase (Decrease) | (12,720) | 124,082 |
Contract with Customer, Receivable, Net, Current | 296,355 | 309,075 |
Contract with Customer, Asset, Gross, Current | 2,833 | 0 |
Contract with Customer, Contract Asset, Current, Net Increase (Decrease) | 28,692 | 2,833 |
Contract with Customer, Asset, Gross, Current | 31,525 | 2,833 |
Contract with Customer, Asset, Net, Noncurrent [Roll Forward] | ||
Contract with Customer, Receivable, Net, Noncurrent | 60,948 | 34,008 |
Contract with Customer, Receivable, NonCurrent, Net Increase (Decrease) | 2,606 | 26,940 |
Contract with Customer, Receivable, Net, Noncurrent | 63,554 | 60,948 |
Contract with Customer, Asset, Gross, Noncurrent | 541 | 0 |
Increase (Decrease) in Contract Receivables, Net | 1,963 | 541 |
Contract with Customer, Asset, Gross, Noncurrent | 2,504 | 541 |
Contract with Customer, Liability, Current [Roll Forward] | ||
Contract with Customer, Liability, Current | 4,016 | 3,147 |
Contract with Customer, Liability, Current, Net Increase (Decrease) | (1,524) | 869 |
Contract with Customer, Liability, Current | 2,492 | 4,016 |
Contract with Customer, Liability, Noncurrent [Roll Forward] | ||
Contract with Customer, Liability, Noncurrent | 1,731 | 1,834 |
Contract with Customer, Liability, Noncurrent, Net Increase (Decrease) | (1,116) | (103) |
Contract with Customer, Liability, Noncurrent | $ 615 | $ 1,731 |
Business Changes and Developm_3
Business Changes and Developments Business Changes and Developments - Additional Information (Details) - USD ($) $ in Thousands | Nov. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||||
Asset Acquisition, Contingent Consideration, Liability | $ 4,463 | $ 4,463 | $ 4,463 | ||
Asset Acquisition, Contingent Consideration Arrangements, Change In Amount Of Contingent Consideration, Liability | 400 | 3,971 | |||
Amortization of Intangible Assets | $ 8,077 | 9,199 | $ 9,793 | ||
Discount Rate | 17.00% | 17.00% | |||
Compound Annual Growth Rate | 3.00% | 3.00% | 3.00% | ||
Impairment of Goodwill | $ 2,921 | ||||
Goodwill, Impairment Loss, Net of Tax | 1,361 | 3,694 | |||
PCA [Member] | |||||
Business Acquisition [Line Items] | |||||
Issuance of Noncontrolling Interest | $ 770 | ||||
Special Charges [Member] | |||||
Business Acquisition [Line Items] | |||||
Impairment of Goodwill | 2,921 | ||||
Special Charges [Member] | Investment Management [Member] | Institutional Asset Management [Member] | |||||
Business Acquisition [Line Items] | |||||
Impairment of Goodwill | 2,088 | $ 7,107 | |||
Goodwill [Member] | Evercore Casa de Bolsa | |||||
Business Acquisition [Line Items] | |||||
Assets Held-for-sale | $ 475 | 475 | |||
Annual Goodwill Assessment [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill, Impairment Loss, Net of Tax | 543 | ||||
Annual Goodwill Assessment [Member] | Special Charges [Member] | Investment Management [Member] | Institutional Asset Management [Member] | |||||
Business Acquisition [Line Items] | |||||
Impairment of Goodwill | $ 833 |
Business Changes and Developm_4
Business Changes and Developments - Goodwill Associated with Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | |||
Balance at beginning of period | $ 131,387 | $ 134,231 | |
Foreign Currency Translation and Other | 2,292 | (2,844) | |
Goodwill, Impairment Loss | (2,921) | ||
Balance at end of period | 130,758 | 131,387 | $ 134,231 |
Goodwill, Impaired, Accumulated Impairment Loss | 38,528 | 35,607 | 35,607 |
Goodwill, Gross | 169,286 | 166,994 | 169,838 |
Investment Banking [Member] | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 120,464 | 123,308 | |
Foreign Currency Translation and Other | 2,292 | (2,844) | |
Goodwill, Impairment Loss | 0 | ||
Balance at end of period | 122,756 | 120,464 | 123,308 |
Investment Management [Member] | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 10,923 | 10,923 | |
Foreign Currency Translation and Other | 0 | 0 | |
Goodwill, Impairment Loss | (2,921) | ||
Balance at end of period | $ 8,002 | $ 10,923 | $ 10,923 |
Business Changes and Developm_5
Business Changes and Developments - Intangible Assets Associated with Acquisitions (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 9,595 | $ 51,595 |
Accumulated Amortization | 7,292 | 41,217 |
Investment Banking [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,320 | 47,320 |
Accumulated Amortization | 4,159 | 38,523 |
Investment Management [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,275 | 4,275 |
Accumulated Amortization | 3,133 | 2,694 |
Client Related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,830 | 45,830 |
Accumulated Amortization | 2,743 | 37,716 |
Client Related [Member] | Investment Banking [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | 42,000 |
Accumulated Amortization | 0 | 35,356 |
Client Related [Member] | Investment Management [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,830 | 3,830 |
Accumulated Amortization | 2,743 | 2,360 |
Other Intangible Assets Associated With Acquisition [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,765 | 5,765 |
Accumulated Amortization | 4,549 | 3,501 |
Other Intangible Assets Associated With Acquisition [Member] | Investment Banking [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,320 | 5,320 |
Accumulated Amortization | 4,159 | 3,167 |
Other Intangible Assets Associated With Acquisition [Member] | Investment Management [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 445 | 445 |
Accumulated Amortization | $ 390 | $ 334 |
Business Changes and Developm_6
Business Changes and Developments - Annual Amortization of Intangibles for Next Five Years (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Business Combinations [Abstract] | |
2020 | $ 1,606 |
2021 | 363 |
2022 | 334 |
2023 | 0 |
2024 | $ 0 |
Acquisition and Transition Co_2
Acquisition and Transition Costs and Special Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2020 | |
Business Acquisition [Line Items] | |||||
Acquisition and Transition Costs | $ 1,013 | $ 21 | $ 1,673 | ||
Special Charges | 10,141 | 5,012 | 25,437 | ||
Impairment of Goodwill | 2,921 | ||||
Severance Costs | 8,145 | 9,420 | 6,655 | ||
Special Charges [Member] | |||||
Business Acquisition [Line Items] | |||||
Impairment of Goodwill | 2,921 | ||||
Accelerated Depreciation For Leasehold Improvements | 4,370 | ||||
Severance Costs | 2,850 | 2,024 | 3,930 | ||
Investment Management [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition and Transition Costs | 308 | 21 | 1,118 | ||
Special Charges | 2,939 | 0 | 11,037 | ||
Investment Management [Member] | Institutional Asset Management [Member] | Special Charges [Member] | |||||
Business Acquisition [Line Items] | |||||
Impairment of Goodwill | 2,088 | 7,107 | |||
Investment Banking [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition and Transition Costs | 705 | 0 | 555 | ||
Special Charges | $ 7,202 | $ 5,012 | 14,400 | ||
Evercore Trust Company [Member] | |||||
Business Acquisition [Line Items] | |||||
Special Charges | 3,930 | ||||
G5 [Member] | Investment Banking [Member] | Special Charges [Member] | |||||
Business Acquisition [Line Items] | |||||
Equity Method Investment, Other than Temporary Impairment | $ 14,400 | ||||
Forecast [Member] | |||||
Business Acquisition [Line Items] | |||||
Headcount Reductions (as a percent) | 6.00% | ||||
Forecast [Member] | Special Charges [Member] | |||||
Business Acquisition [Line Items] | |||||
Severance Costs | $ 38,000 |
Related Parties Additional Info
Related Parties Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets [Member] | ||
Related Party Transaction [Line Items] | ||
Due from Related Parties, Noncurrent | $ 13,137 | $ 16,359 |
Related Parties - Receivable fr
Related Parties - Receivable from Employees and Related Parties (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transactions [Abstract] | ||
Advances to Employees | $ 20,923 | $ 22,889 |
Personal Expenses Paid on Behalf of Employees and Related Parties | 1,114 | 692 |
Other | 379 | 255 |
Receivable from Employees and Related Parties | $ 22,416 | $ 23,836 |
Related Parties - Payable to Em
Related Parties - Payable to Employees and Related Parties (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transactions [Abstract] | ||
Board Of Director Fees | $ 567 | $ 566 |
Amounts Due to U.K. Members | 21,566 | 22,167 |
Amounts Due Pursuant To Tax Receivable Agreements (a) | 9,570 | 9,161 |
Payable to Employees and Related Parties | 31,703 | 31,894 |
Amounts Due Pursuant to Tax Receivable Agreements | $ 84,952 | $ 94,411 |
Investment Securities and Cer_3
Investment Securities and Certificates of Deposit - Amortized Cost and Estimated Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 114,204 | $ 1,622 |
Debt Securities, Available-for-sale | 114,784 | 1,632 |
Investment Securities, Amortized Cost Basis | 399,301 | 205,593 |
Investment Securities, Accumulated Gross Unrealized Gain, before Tax | 10,048 | 1,366 |
Investment Securities, Accumulated Gross Unrealized Loss, before Tax | 199 | 2,332 |
Investment Securities | 409,150 | 204,627 |
Certificates of Deposit, at Carrying Value | 214,796 | 100,000 |
Investment Securities and Certificates of Deposit | 623,946 | 304,627 |
Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 114,204 | 1,622 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 591 | 10 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 11 | 0 |
Debt Securities, Available-for-sale | 114,784 | 1,632 |
Equity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity Securities, FV-NI, Cost | 666 | 666 |
Trading Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Trading Securities, Accumulated Gross Unrealized Loss, before Tax | 168 | 410 |
Equity Securities, FV-NI | 498 | 256 |
Debt Securities Carried by Broker-Dealers [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Trading Securities, Accumulated Gross Unrealized Gain, before Tax | 1,648 | 954 |
Trading Securities, Accumulated Gross Unrealized Loss, before Tax | 20 | 0 |
Debt Securities, Trading, Amortized Cost | 225,727 | 147,009 |
Debt Securities, Trading | 227,355 | 147,963 |
Investment Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity Securities, FV-NI, Cost | 58,704 | 56,296 |
Trading Securities, Accumulated Gross Unrealized Gain, before Tax | 7,809 | 402 |
Trading Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 1,922 |
Equity Securities, FV-NI | $ 66,513 | $ 54,776 |
Investment Securities and Cer_4
Investment Securities and Certificates of Deposit - Scheduled Maturities of Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Due within one year, amortized cost | $ 108,662 | $ 391 |
Due after one year through five years, amortized cost | 5,542 | 1,231 |
Debt Securities, Available-for-sale, Amortized Cost | 114,204 | 1,622 |
Due within one year, fair value | 109,217 | 391 |
Due after one year through five years, fair value | 5,567 | 1,241 |
Total, fair value | $ 114,784 | $ 1,632 |
Investment Securities and Cer_5
Investment Securities and Certificates of Deposit - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 01, 2020 | Apr. 30, 2019 | |
Schedule Of Marketable Securities [Line Items] | |||||
Derivative, Notional Amount | $ 14,815 | ||||
Margin Deposit Assets | $ 680 | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 59 | ||||
Certificates of Deposit, at Carrying Value | 214,796 | $ 100,000 | |||
Debt Securities [Member] | |||||
Schedule Of Marketable Securities [Line Items] | |||||
Investment Securities, Realized Gains (Losses) | (14) | (28) | $ (38) | ||
Equity Securities [Member] | |||||
Schedule Of Marketable Securities [Line Items] | |||||
Investment Securities, Realized and Unrealized Gains (Losses) | 243 | (193) | 64 | ||
Debt Securities Carried by Broker-Dealers [Member] | |||||
Schedule Of Marketable Securities [Line Items] | |||||
Investment Securities, Realized and Unrealized Gains (Losses) | 491 | 546 | (865) | ||
Investment Funds [Member] | |||||
Schedule Of Marketable Securities [Line Items] | |||||
Investment Securities, Realized and Unrealized Gains (Losses) | $ 13,785 | $ (5,113) | $ 4,088 | ||
Subsequent Event [Member] | |||||
Schedule Of Marketable Securities [Line Items] | |||||
Derivative, Notional Amount | $ 38,908 |
Financial Instruments Owned a_3
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) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Securities Average Estimated Maturity Period (in years) | 1 year |
Confidence Level Value at Risk (as a percent) | 98.00% |
Value at Risk Threshold (as a percent) | 0.10% |
Financial Instruments Owned a_4
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial Instruments Owned and Pledged as Collateral at Fair Value | $ 12,431 | $ 22,349 |
Securities Purchased Under Agreements to Resell | 13,566 | 2,696 |
Securities Sold Under Agreements to Repurchase | (26,000) | (25,075) |
Asset (Liability) Balance [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Financial Instruments Owned and Pledged as Collateral at Fair Value | 12,431 | 22,349 |
Securities Purchased Under Agreements to Resell | 13,566 | 2,696 |
Total Assets | 25,997 | 25,045 |
Securities Sold Under Agreements to Repurchase | (26,000) | (25,075) |
Market Value of Collateral Received or (Pledged) [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities Purchased Under Agreements to Resell | 13,572 | 2,701 |
Securities Sold Under Agreements to Repurchase | $ (25,992) | $ (25,099) |
Leases (Details)
Leases (Details) $ in Thousands | Jul. 01, 2018Floor | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) |
Lessee, Lease, Description [Line Items] | ||||
Operating Lease, Cost | $ 41,257 | |||
Variable Lease, Cost | 8,474 | |||
Operating Lease Additional Floors | Floor | 7 | |||
Operating Lease Additional Floors Commencing on Lease Effective Date | Floor | 3 | |||
Operating Lease, Payments | 20,175 | |||
Operating Lease, Incentive Payments Received | 18,771 | |||
Operating Lease Right-of-Use Assets | 199,988 | $ 0 | ||
Lessee, Additional Payments for Operating Leases Not Yet Commenced | $ 332,771 | |||
Minimum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 1 year | |||
Maximum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 16 years | |||
Accounting Standards Update 2016-02 [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating Lease Right-of-Use Assets | $ 180,935 | |||
Office Equipment [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating Lease, Cost | $ 4,107 | |||
Letter of Credit [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Other Assets | $ 5,536 | $ 5,502 |
Leases - Supplemental Operating
Leases - Supplemental Operating Lease Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 57,004 |
Operating Lease, Weighted Average Remaining Lease Term | 10 years 6 months |
Operating Lease, Weighted Average Discount Rate, Percent | 4.38% |
Leases - Maturities of Undiscou
Leases - Maturities of Undiscounted Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2020 | $ 43,342 | |
2021 | 44,120 | |
2022 | 38,383 | |
2023 | 23,663 | |
2024 | 18,025 | |
Thereafter | 166,311 | |
Total lease payments | 333,844 | |
Tenant Improvement Allowances | (14,968) | |
Imputed Interest | (68,309) | |
Operating Lease, Liability | 250,567 | |
Current Operating Lease Liabilities | (33,316) | $ 0 |
Long-term Operating Lease Liabilities | $ 217,251 | $ 0 |
Leases - Aggregate Minimum Futu
Leases - Aggregate Minimum Future Payments Required on Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 36,537 |
2020 | 39,059 |
2021 | 39,561 |
2022 | 39,585 |
2023 | 27,564 |
Thereafter | 403,450 |
Total | $ 585,756 |
Investments - Summary of Other
Investments - Summary of Other Equity Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment | $ 57,275 | $ 58,507 |
ABS [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment | 40,052 | 38,699 |
Atalanta Sosnoff [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment | 12,300 | 13,291 |
Luminis [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment | $ 4,923 | $ 6,517 |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2017 | Dec. 31, 2010 | |
Schedule of Investments [Line Items] | |||||||||||||
Income from Equity Method Investments | $ 3,770,000 | $ 2,562,000 | $ 2,453,000 | $ 2,211,000 | $ 2,452,000 | $ 2,298,000 | $ 2,419,000 | $ 2,125,000 | $ 10,996,000 | $ 9,294,000 | $ 8,838,000 | ||
Equity Method Investment | 57,275,000 | 58,507,000 | 57,275,000 | 58,507,000 | |||||||||
Amortization of Intangible Assets | 8,077,000 | 9,199,000 | 9,793,000 | ||||||||||
Net Realized and Unrealized Gains (Losses) on Private Equity Fund Investments, Including Performance Fees | (790,000) | (397,000) | (915,000) | ||||||||||
Previously Received Carried Interest Subject to Repayment | 0 | 0 | |||||||||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 4,658,000 | 5,445,000 | 4,658,000 | 5,445,000 | |||||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 8,810,000 | 8,048,000 | 8,810,000 | 8,048,000 | |||||||||
Unfunded Commitments for Capital Contributions | 13,767,000 | 13,767,000 | |||||||||||
Equity Method Investments [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Amortization of Intangible Assets | 684,000 | 893,000 | 1,505,000 | ||||||||||
2015 Private Company Securities [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Equity Securities without Readily Determinable Fair Value, Amount | 1,079,000 | 1,079,000 | 1,079,000 | 1,079,000 | |||||||||
2019 Private Company Securities [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 693,000 | 693,000 | |||||||||||
Investment Banking [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Income from Equity Method Investments | $ 916,000 | 518,000 | 277,000 | ||||||||||
ABS [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 46.00% | 46.00% | |||||||||||
Income from Equity Method Investments | $ 8,870,000 | 7,565,000 | 7,990,000 | ||||||||||
Equity Method Investment | $ 40,052,000 | 38,699,000 | $ 40,052,000 | 38,699,000 | |||||||||
Atalanta Sosnoff [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | |||||||||||
Income from Equity Method Investments | $ 1,210,000 | 1,211,000 | 493,000 | ||||||||||
Equity Method Investment | $ 12,300,000 | 13,291,000 | $ 12,300,000 | 13,291,000 | |||||||||
Luminis [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | |||||||||||
Income from Equity Method Investments | $ 916,000 | 518,000 | 499,000 | ||||||||||
Equity Method Investment | $ 4,923,000 | 6,517,000 | 4,923,000 | 6,517,000 | |||||||||
G5 [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Income from Equity Method Investments | (144,000) | ||||||||||||
Equity Method Investment | $ 11,555,000 | ||||||||||||
Debt Securities, Held-to-maturity | 9,235,000 | 9,717,000 | 9,235,000 | 9,717,000 | |||||||||
G5 [Member] | Special Charges [Member] | Investment Banking [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 14,400,000 | ||||||||||||
Trilantic VI [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Investment | 3,015,000 | 3,015,000 | |||||||||||
Capital Commitment | 12,000,000 | 12,000,000 | |||||||||||
Unfunded Commitments for Capital Contributions | 9,164,000 | 9,164,000 | |||||||||||
Other Ownership Interests, Contributed Capital | 2,836,000 | 2,836,000 | |||||||||||
Glisco II [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | 2,059,000 | ||||||||||||
Trilantic IV [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Investment | 1,178,000 | 1,178,000 | |||||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | 194,000 | ||||||||||||
Trilantic V [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Investment | 155,000 | 4,980,000 | 155,000 | 4,980,000 | |||||||||
Distribution Made to Limited Partner, Cash Distributions Paid | 1,549,000 | ||||||||||||
Capital Commitment | 5,000,000 | 5,000,000 | |||||||||||
Unfunded Commitments for Capital Contributions | 391,000 | 391,000 | |||||||||||
Trilantic [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Investment | 6,762,000 | 9,932,000 | 6,762,000 | 9,932,000 | |||||||||
Issued LP Units (in shares) | 500,000 | ||||||||||||
Limited Partnership Investment | $ 16,090,000 | ||||||||||||
Glisco [Member] | |||||||||||||
Schedule of Investments [Line Items] | |||||||||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 899,000 | $ 1,609,000 | $ 899,000 | $ 1,609,000 |
Investments - Summary of Invest
Investments - Summary of Investments in Private Equity Funds (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | $ 57,275 | $ 58,507 |
Private Equity Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | 13,547 | 9,800 |
ECP II [Member] | Private Equity Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | 0 | 795 |
Glisco II, III and IV [Member] | Private Equity Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | 3,820 | 3,880 |
Trilantic IV, V and VI [Member] | Private Equity Funds [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in Private Equity Funds | $ 9,727 | $ 5,125 |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 424,571 | $ 257,717 |
Level I [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 359,417 | 192,934 |
Cash and Cash Equivalents | 630,818 | 759,849 |
Level II [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 65,154 | 64,783 |
Cash and Cash Equivalents | 0 | 0 |
Level III [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Cash and Cash Equivalents | 0 | 0 |
Corporate Bonds Municipal Bonds And Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 227,355 | 172,378 |
Corporate Bonds Municipal Bonds And Other Debt Securities [Member] | Level I [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 168,650 | 109,577 |
Corporate Bonds Municipal Bonds And Other Debt Securities [Member] | Level II [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 58,705 | 62,801 |
Corporate Bonds Municipal Bonds And Other Debt Securities [Member] | Level III [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Securities Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 118,272 | 8,214 |
Securities Investments [Member] | Level I [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 111,823 | 6,232 |
Securities Investments [Member] | Level II [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 6,449 | 1,982 |
Securities Investments [Member] | Level III [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Investment Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 66,513 | 54,776 |
Investment Funds [Member] | Level I [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 66,513 | 54,776 |
Investment Funds [Member] | Level II [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Investment Funds [Member] | Level III [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Financial Instruments Owned And Pledged As Collateral At Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 12,431 | 22,349 |
Financial Instruments Owned And Pledged As Collateral At Fair Value [Member] | Level I [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 12,431 | 22,349 |
Financial Instruments Owned And Pledged As Collateral At Fair Value [Member] | Level II [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Financial Instruments Owned And Pledged As Collateral At Fair Value [Member] | Level III [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Treasury Bills, Municipal Bonds and Commercial Paper [Member] | Corporate Bonds Municipal Bonds And Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents | 24,415 | |
Treasury Bills, Municipal Bonds and Commercial Paper [Member] | Securities Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents | $ 2,990 | $ 6,326 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 424,571 | $ 257,717 |
Level III [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | $ 0 |
Institutional Asset Management [Member] | Level III [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 8,777 |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Level I [Member] | ||
Financial Assets: | ||
Cash and Cash Equivalents | $ 630,818 | $ 759,849 |
Certificates of Deposit | 0 | 0 |
Securities Purchased Under Agreements to Resell | 0 | 0 |
Receivables(1) | 0 | 0 |
Contract Assets(2) | 0 | 0 |
Receivable from Employees and Related Parties | 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 |
Level II [Member] | ||
Financial Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Certificates of Deposit | 214,796 | 100,000 |
Securities Purchased Under Agreements to Resell | 13,566 | 2,696 |
Receivables(1) | 357,047 | 369,636 |
Contract Assets(2) | 33,854 | 3,348 |
Receivable from Employees and Related Parties | 22,416 | 23,836 |
Financial Liabilities: | ||
Accounts Payable and Accrued Expenses | 39,726 | 37,948 |
Securities Sold Under Agreements to Repurchase | 26,000 | 25,075 |
Payable to Employees and Related Parties | 31,703 | 31,894 |
Notes Payable | 382,274 | 166,555 |
Level III [Member] | ||
Financial Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Certificates of Deposit | 0 | 0 |
Securities Purchased Under Agreements to Resell | 0 | 0 |
Receivables(1) | 0 | 0 |
Contract Assets(2) | 0 | 0 |
Receivable from Employees and Related Parties | 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 |
Carrying Amount [Member] | ||
Financial Assets: | ||
Cash and Cash Equivalents | 630,818 | 759,849 |
Certificates of Deposit | 214,796 | 100,000 |
Securities Purchased Under Agreements to Resell | 13,566 | 2,696 |
Receivables(1) | 359,909 | 370,023 |
Contract Assets(2) | 34,029 | 3,374 |
Receivable from Employees and Related Parties | 22,416 | 23,836 |
Financial Liabilities: | ||
Accounts Payable and Accrued Expenses | 39,726 | 37,948 |
Securities Sold Under Agreements to Repurchase | 26,000 | 25,075 |
Payable to Employees and Related Parties | 31,703 | 31,894 |
Notes Payable | 375,062 | 168,612 |
Total [Member] | ||
Financial Assets: | ||
Cash and Cash Equivalents | 630,818 | 759,849 |
Certificates of Deposit | 214,796 | 100,000 |
Securities Purchased Under Agreements to Resell | 13,566 | 2,696 |
Receivables(1) | 357,047 | 369,636 |
Contract Assets(2) | 33,854 | 3,348 |
Receivable from Employees and Related Parties | 22,416 | 23,836 |
Financial Liabilities: | ||
Accounts Payable and Accrued Expenses | 39,726 | 37,948 |
Securities Sold Under Agreements to Repurchase | 26,000 | 25,075 |
Payable to Employees and Related Parties | 31,703 | 31,894 |
Notes Payable | 382,274 | 166,555 |
Held-to-maturity Securities [Member] | Level I [Member] | ||
Financial Assets: | ||
Investments | 0 | 0 |
Held-to-maturity Securities [Member] | Level II [Member] | ||
Financial Assets: | ||
Investments | 0 | 0 |
Held-to-maturity Securities [Member] | Level III [Member] | ||
Financial Assets: | ||
Investments | 9,235 | 9,717 |
Held-to-maturity Securities [Member] | Carrying Amount [Member] | ||
Financial Assets: | ||
Investments | 9,235 | 9,717 |
Held-to-maturity Securities [Member] | Total [Member] | ||
Financial Assets: | ||
Investments | 9,235 | 9,717 |
Equity Securities [Member] | Level I [Member] | ||
Financial Assets: | ||
Investments | 0 | 0 |
Equity Securities [Member] | Level II [Member] | ||
Financial Assets: | ||
Investments | 0 | 0 |
Equity Securities [Member] | Level III [Member] | ||
Financial Assets: | ||
Investments | 1,772 | 1,079 |
Equity Securities [Member] | Carrying Amount [Member] | ||
Financial Assets: | ||
Investments | 1,772 | 1,079 |
Equity Securities [Member] | Total [Member] | ||
Financial Assets: | ||
Investments | $ 1,772 | $ 1,079 |
Furniture, Equipment and Leas_3
Furniture, Equipment and Leasehold Improvements Components of Furniture, Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||
Furniture and Equipment | $ 64,153 | $ 39,349 |
Leasehold Improvements | 133,820 | 91,597 |
Computer and Technology-related | 46,213 | 39,617 |
Total | 244,186 | 170,563 |
Less: Accumulated Depreciation and Amortization | (117,387) | (89,494) |
Furniture, Equipment and Leasehold Improvements, Net | $ 126,799 | $ 81,069 |
Furniture, Equipment and Leas_4
Furniture, Equipment and Leasehold Improvements Furniture, Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation, Depletion and Amortization | $ 22,946 | $ 17,855 | $ 15,026 |
Special Charges [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation, Depletion and Amortization | $ 4,370 | $ 2,058 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Details) | Aug. 01, 2019USD ($) | May 31, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019 | Aug. 01, 2019GBP (£) | Mar. 30, 2016USD ($) |
Debt Instrument [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 Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Extinguishment of Debt, Amount | $ 99,000 | $ 6,700,000 | ||||
Parent Company [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 170,000,000 | |||||
Long-term Debt, Weighted Average Life | 12 years | |||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time (as a percent) | 4.26% | 4.26% | ||||
Parent Company [Member] | Senior Notes [Member] | United States of America, Dollars | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 175,000,000 | |||||
Parent Company [Member] | Senior Notes [Member] | United Kingdom, Pounds | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | £ | £ 25,000,000 | |||||
Parent Company [Member] | Series A Senior Notes [Member] | ||||||
Debt Instrument [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] | ||||||
Debt Instrument [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] | ||||||
Debt Instrument [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] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 17,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.58% | |||||
Parent Company [Member] | Series E Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 75,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.34% | 4.34% | ||||
Parent Company [Member] | Series F Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 60,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.44% | 4.44% | ||||
Parent Company [Member] | Series G Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 40,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.54% | 4.54% | ||||
Parent Company [Member] | Series H Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | £ | £ 25,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.33% | 3.33% |
Notes Payable and Subordinate_3
Notes Payable and Subordinated Borrowings - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Aug. 01, 2019 | Dec. 31, 2018 | Mar. 30, 2016 |
Series A Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Annual Interest Rate (as a percent) | 5.16% | |||
Carrying Value | $ 37,873 | $ 37,776 | ||
Series B Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Annual Interest Rate (as a percent) | 5.44% | |||
Carrying Value | $ 66,581 | 66,466 | ||
Series C Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Annual Interest Rate (as a percent) | 5.64% | |||
Carrying Value | $ 47,595 | 47,542 | ||
Series D Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Annual Interest Rate (as a percent) | 5.72% | |||
Carrying Value | $ 16,842 | 16,828 | ||
Series E Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Annual Interest Rate (as a percent) | 4.46% | |||
Carrying Value | $ 74,282 | 0 | ||
Series F Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Annual Interest Rate (as a percent) | 4.55% | |||
Carrying Value | $ 59,422 | 0 | ||
Series G Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Annual Interest Rate (as a percent) | 4.64% | |||
Carrying Value | $ 39,613 | 0 | ||
Series H Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective Annual Interest Rate (as a percent) | 3.42% | |||
Carrying Value | $ 32,854 | 0 | ||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying Value | $ 375,062 | $ 168,612 | ||
Parent Company [Member] | Series A Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | |||
Parent Company [Member] | Series B Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.23% | |||
Parent Company [Member] | Series C Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.48% | |||
Parent Company [Member] | Series D Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.58% | |||
Parent Company [Member] | Series E Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.34% | |||
Parent Company [Member] | Series F Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.44% | |||
Parent Company [Member] | Series G Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.54% | |||
Parent Company [Member] | Series H Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.33% |
Notes Payable and Subordinate_4
Notes Payable and Subordinated Borrowings - Schedule of Future Payments (Details) - Senior Notes [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
2020 | $ 19,871 |
2021 | 54,757 |
2022 | 15,830 |
2023 | 81,078 |
2024 | 12,326 |
Thereafter | 335,828 |
Total | $ 519,690 |
Employee Benefit Plans Employ_2
Employee Benefit Plans Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Payment for Pension Benefits | $ 124,000 | $ 137,000 | $ 165,000 | |
Evercore Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 0 | 0 | 0 | |
Evercore Plan [Member] | Subsequent Event [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay (as a percent) | 3.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Maximum Annual Contributions Per Employee, Amount | $ 3,000 | |||
Evercore Europe Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 2,972,000 | $ 2,915,000 | $ 3,145,000 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, (as a percent) | 10.00% | |||
Evercore Europe Plan [Member] | Minimum [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay (as a percent) | 5.00% | |||
Defined Contribution Plans Annual Contribution Percentage of Employee's Salary (as a percent) | 15.00% | |||
Defined Contribution Plan Contribution Percentage By Employee (as a percent) | 7.50% | |||
Evercore Europe Plan [Member] | Maximum [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay (as a percent) | 10.00% | |||
Defined Contribution Plans Annual Contribution Percentage of Employee's Salary (as a percent) | 50.00% | |||
Defined Contribution Plan Contribution Percentage By Employee (as a percent) | 10.00% | |||
Evercore Europe Plan After July 2011 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Contribution Plans Annual Contribution Percentage of Employee's Salary (as a percent) | 15.00% | |||
ISI U.K. Plan Through March 2018 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Pension Contributions, Percent of Employees Salary (as a percent) | 5.00% | |||
ISI U.K. Plan Starting in April 2018 [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Pension Contributions, Percent of Employees Salary (as a percent) | 6.00% |
Evercore Inc. Stockholders' E_2
Evercore Inc. Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Jan. 28, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
Temporary Equity [Line Items] | ||||||||||||||
Dividends Declared Per Share of Class A Common Stock (in dollars per share) | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.40 | $ 2.24 | $ 1.90 | ||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 2.24 | $ 1.90 | ||||||||||||
Declared and Paid Dividends, Cash | $ 89,407 | $ 77,302 | ||||||||||||
Treasury Stock, Shares, Acquired (in shares) | 3,399 | 3,106 | ||||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 83.28 | $ 93.24 | ||||||||||||
Increase in Treasury Stock | $ 283,081 | $ 289,681 | ||||||||||||
LP Units Exchanged By Employees (in units) | 353 | 1,182 | ||||||||||||
Increase in Common Stock | $ 3 | $ 12 | ||||||||||||
Adjustments to Additional Paid-In-Capital | 15,138 | $ 46,583 | ||||||||||||
Accumulated Unrealized Gain (Loss) on Securities and Investments | $ (4,007) | (4,007) | ||||||||||||
Foreign Currency Translation Adjustment Gain (Loss), Net | $ (23,589) | $ (23,589) | ||||||||||||
Cumulative Effect of Accounting Change | [1] | $ 0 | ||||||||||||
Accounting Standards Update 2016-01 [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Cumulative Effect of Accounting Change | $ (2,229) | |||||||||||||
Share Repurchase Program [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Treasury Stock, Shares, Acquired (in shares) | 2,360 | 2,021 | ||||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 80.69 | $ 89.81 | ||||||||||||
Share Repurchase Program [Member] | Minimum [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Treasury Stock Acquired, Market Value Per Share (in dollars per share) | 73.18 | 80.05 | ||||||||||||
Share Repurchase Program [Member] | Maximum [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Treasury Stock Acquired, Market Value Per Share (in dollars per share) | $ 92.33 | $ 112.30 | ||||||||||||
Net Settlement of Share Based Awards [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Treasury Stock, Shares, Acquired (in shares) | 1,039 | 1,085 | ||||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 89.15 | $ 99.64 | ||||||||||||
Net Settlement of Share Based Awards [Member] | Minimum [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Treasury Stock Acquired, Market Value Per Share (in dollars per share) | 71.11 | 79.47 | ||||||||||||
Net Settlement of Share Based Awards [Member] | Maximum [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Treasury Stock Acquired, Market Value Per Share (in dollars per share) | $ 96.22 | $ 115.30 | ||||||||||||
Dividends Accrued [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Accrued Deferred Cash Dividends | $ 14,642 | $ 12,288 | ||||||||||||
Dividend Paid [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Accrued Deferred Cash Dividends | $ 7,396 | |||||||||||||
Subsequent Event [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Dividends Declared Per Share of Class A Common Stock (in dollars per share) | $ 0.58 | |||||||||||||
G5 [Member] | ||||||||||||||
Temporary Equity [Line Items] | ||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 16,266 | |||||||||||||
[1] | (1) The cumulative adjustment relates to the adoption of ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities" on January 1, 2018, for which the Company recorded an adjustment to Retained Earnings to reflect cumulative unrealized losses, net of tax, on available-for-sale equity securities previously recorded in Accumulated Other Comprehensive Income (Loss). |
Noncontrolling Interest - Sched
Noncontrolling Interest - Schedule of Noncontrolling Interest (Details) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Evercore LP [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling Interest (as a percent) | 12.00% | 11.00% | 12.00% |
Evercore Wealth Management [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling Interest (as a percent) | 30.00% | 43.00% | 42.00% |
Private Capital Advisory L.P. (PCA) [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling Interest (as a percent) | 0.00% | 10.00% | 25.00% |
Real Estate Capital Advisory [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling Interest (as a percent) | 38.00% | 38.00% | 0.00% |
Noncontrolling Interest - Chang
Noncontrolling Interest - Changes In Noncontrolling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||||||
Beginning balance | $ 249,819 | $ 249,819 | |||||||||
Comprehensive Income (Loss): | |||||||||||
Net Income Attributable to Noncontrolling Interest | $ 20,516 | $ 9,226 | $ 15,515 | 10,968 | $ 28,851 | $ 9,838 | $ 12,729 | $ 14,193 | 56,225 | $ 65,611 | $ 53,753 |
Total Comprehensive Income | 56,738 | 65,408 | 57,128 | ||||||||
Evercore LP Units Purchased or Converted into Class A Shares | 17,825 | 23,968 | 36,963 | ||||||||
Total Other Items | (104,253) | (66,717) | (36,879) | ||||||||
Ending balance | 256,534 | 249,819 | 256,534 | 249,819 | |||||||
Noncontrolling Interest [Member] | |||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||||||
Beginning balance | $ 249,819 | $ 252,404 | 249,819 | 252,404 | 256,033 | ||||||
Comprehensive Income (Loss): | |||||||||||
Net Income Attributable to Noncontrolling Interest | 56,225 | 65,611 | 53,753 | ||||||||
Other Comprehensive Income (Loss) | 513 | (203) | 3,375 | ||||||||
Total Comprehensive Income | 56,738 | 65,408 | 57,128 | ||||||||
Evercore LP Units Purchased or Converted into Class A Shares | (15,142) | (46,594) | (47,263) | ||||||||
Amortization and Vesting of LP Units/Interests | 27,890 | 19,860 | 14,922 | ||||||||
Distributions to Noncontrolling Interests | (54,706) | (41,413) | (36,374) | ||||||||
Issuance of Noncontrolling Interest | 3,368 | 1,165 | 8,460 | ||||||||
Purchase of Noncontrolling Interest | (11,433) | (1,011) | (281) | ||||||||
Other, net | 0 | 0 | (221) | ||||||||
Total Other Items | (62,771) | (41,259) | (28,416) | ||||||||
Ending balance | $ 256,534 | $ 249,819 | $ 256,534 | $ 249,819 | $ 252,404 |
Noncontrolling Interest - Addit
Noncontrolling Interest - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands | May 31, 2019 | Mar. 29, 2018 | Dec. 11, 2017 | Mar. 03, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Noncontrolling Interest [Line Items] | |||||||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | $ (82) | $ (43) | $ 75 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | 595 | (160) | $ 3,300 | ||||
Adjustments to Additional Paid-In-Capital | $ (15,138) | (46,583) | |||||
Class A LP Units [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Grant of LP Units (in units) | 32 | ||||||
LP Unit Purchases [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Units Purchased Or Converted Into Class A Common Stock Shares | 32 | ||||||
Noncontrolling Interest, Period Increase (Decrease) | $ 2,523 | ||||||
PCA [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Issuance of Noncontrolling Interest | 770 | ||||||
Purchase of Noncontrolling Interest (as a percent) | 10.00% | 15.00% | 13.00% | ||||
Purchase of Noncontrolling Interest | $ 28,382 | $ 25,525 | $ 7,071 | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 6,674 | 298 | 281 | ||||
Adjustments to Additional Paid-In-Capital | 21,708 | $ 25,227 | $ 8,219 | ||||
Evercore Wealth Management [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Purchase of Noncontrolling Interest (as a percent) | 17.00% | ||||||
Purchase of Noncontrolling Interest | $ 24,533 | ||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 4,759 | ||||||
Adjustments to Additional Paid-In-Capital | $ 19,774 | ||||||
Evercore Wealth Management [Member] | Class A LP Units [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Grant of LP Units (in units) | 31 | ||||||
Purchase of Noncontrolling Interest | $ 2,701 | ||||||
Evercore Wealth Management [Member] | Cash [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Purchase of Noncontrolling Interest | $ 21,832 | ||||||
PCA [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Purchase of Noncontrolling Interest (as a percent) | 1.00% | ||||||
Purchase of Noncontrolling Interest | $ 1,429 |
Net Income Per Share Attribut_3
Net Income Per Share Attributable to Evercore Inc. Common Shareholders - Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders | |||||||||||
Weighted average Class A Shares outstanding, including vested RSUs (in shares) | 39,994 | 40,595 | 39,641 | ||||||||
Basic net income per share attributable to Evercore Inc. common shareholders | $ 2.68 | $ 1.09 | $ 2.02 | $ 1.66 | $ 4.07 | $ 1.21 | $ 1.69 | $ 2.36 | $ 7.44 | $ 9.29 | $ 3.16 |
Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders | |||||||||||
Weighted average Class A Shares outstanding, including vested RSUs (in shares) | 39,994 | 40,595 | 39,641 | ||||||||
Diluted weighted average Class A Shares outstanding | 43,194 | 45,279 | 44,826 | ||||||||
Diluted net income per share attributable to Evercore Inc. common shareholders | $ 2.48 | $ 1.01 | $ 1.88 | $ 1.52 | $ 3.67 | $ 1.08 | $ 1.52 | $ 2.10 | $ 6.89 | $ 8.33 | $ 2.80 |
Class A [Member] | |||||||||||
Basic Net Income Per Share Attributable to Evercore Inc. Common Shareholders | |||||||||||
Net income attributable to Evercore Inc. common shareholders | $ 297,436 | $ 377,240 | $ 125,454 | ||||||||
Weighted average Class A Shares outstanding, including vested RSUs (in shares) | 39,994 | 40,595 | 39,641 | ||||||||
Basic net income per share attributable to Evercore Inc. common shareholders | $ 7.44 | $ 9.29 | $ 3.16 | ||||||||
Diluted Net Income Per Share Attributable to Evercore Inc. Common Shareholders | |||||||||||
Net income attributable to Evercore Inc. common shareholders | $ 297,436 | $ 377,240 | $ 125,454 | ||||||||
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 | $ 297,436 | $ 377,240 | $ 125,454 | ||||||||
Weighted average Class A Shares outstanding, including vested RSUs (in shares) | 39,994 | 40,595 | 39,641 | ||||||||
Assumed exchange of LP Units for Class A Shares (in shares) | 718 | 1,378 | 842 | ||||||||
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) | 2,082 | 2,906 | 2,719 | ||||||||
Shares that are contingently issuable (in shares) | 400 | 400 | 1,624 | ||||||||
Diluted weighted average Class A Shares outstanding | 43,194 | 45,279 | 44,826 | ||||||||
Diluted net income per share attributable to Evercore Inc. common shareholders | $ 6.89 | $ 8.33 | $ 2.80 |
Net Income Per Share Attribut_4
Net Income Per Share Attributable to Evercore Inc. Common Shareholders - Additional Information (Details) shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2016 | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | |
Class I-P and K-P Units [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Shares that are Contingently Issuable (in shares) | 400 | 400 | ||
Class I-P and K-P Units and Class G and H Interests [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Shares that are Contingently Issuable (in shares) | 1,624 | |||
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) | 5,254 | 5,075 | 5,920 | |
Adjustment to Diluted Net Income Attributable to Class A Common Shareholders if LP Units were Dilutive | $ | $ 39,940 | $ 46,060 | $ 28,186 | |
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 Deferre_3
Share-Based and Other Deferred Compensation (Details) $ / shares in Units, $ in Thousands | Feb. 15, 2020shares | Jun. 30, 2019USD ($)shares | Nov. 30, 2017USD ($)shares | Jul. 31, 2017voteshares | Nov. 30, 2016USD ($)trancheNumber_Of_Anniversariesshares | Mar. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2017USD ($)shares | Jun. 30, 2013shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)payment_installmentInstallments$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016shares | Dec. 31, 2014USD ($)shares | Feb. 15, 2020shares | Dec. 31, 2019USD ($)shares | Mar. 31, 2019USD ($) | Dec. 31, 2006shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Deferred Compensation Arrangement Compensation Expense | $ 93,201 | $ 58,430 | $ 24,677 | |||||||||||||||
Share-based Payment Arrangement, Expense, Tax Benefit | 49,251 | 39,958 | 53,402 | |||||||||||||||
Severance Costs | 8,145 | 9,420 | 6,655 | |||||||||||||||
Termination Costs Incurred | 7,756 | |||||||||||||||||
Payments for Restructuring | 6,412 | |||||||||||||||||
Cash Payments Related to Separation Benefits | 6,035 | 8,565 | 2,914 | |||||||||||||||
Restructuring Reserve | 1,151 | 505 | $ 1,151 | |||||||||||||||
Special Charges [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Severance Costs | 2,850 | $ 2,024 | 3,930 | |||||||||||||||
Payments for Restructuring | $ 377 | |||||||||||||||||
LP Units [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Limited Partnership Units Convertible Conversion Ratio | 1 | 1 | ||||||||||||||||
Two Thousand Six 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 Shares Authorized | shares | 20,000,000 | |||||||||||||||||
Number of Additional Shares Authorized (in shares) | shares | 5,000,000 | |||||||||||||||||
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 | 2,473,000 | |||||||||||||||||
Shares Issued During Period (in shares) | shares | 2,598,000 | |||||||||||||||||
Shares Forfeited During Period (in shares) | shares | 121,000 | |||||||||||||||||
2016 Stock Incentive Plan [Member] | Class A [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of Additional Shares Authorized (in shares) | shares | 10,000,000 | |||||||||||||||||
Number of Shares Available for Grant (in shares) | shares | 2,872,000 | 5,349,000 | 2,872,000 | |||||||||||||||
Long Term Incentive Plan [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Deferred Compensation Arrangement Compensation Expense | $ 31,931 | $ 42,745 | 31,923 | |||||||||||||||
Long Term Incentive Plan Performance Period (in years) | 4 years | |||||||||||||||||
Number of Payment Installments | payment_installment | 3 | |||||||||||||||||
Long Term Incentive Plan [Member] | Second Installment [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Deferred Compensation Arrangement with Individual, Distribution Paid | $ 19,516 | 4,532 | 34,157 | |||||||||||||||
Long Term Incentive Plan [Member] | Other Noncurrent Liabilities [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 97,353 | $ 97,353 | ||||||||||||||||
Class G LP 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 LP 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 LP Interests [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Class H Interests Performance Period (in years) | 3 years | |||||||||||||||||
Class H LP 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 LP 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 | |||||||||||||||||
Class J LP Units [Member] | Acquisition Related [Member] | Subsequent Event [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Shares Vested During Period (in shares) | shares | 223,000 | |||||||||||||||||
Class I-P Units [Member] | Board of Directors Chairman [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Compensation Expense (Reversal of Expense) | $ 4,619 | 4,619 | 4,619 | |||||||||||||||
Grant of I-P Units (in units) | shares | 400,000 | |||||||||||||||||
Retirement Notice Requirement | 1 year | |||||||||||||||||
Number of Tranches of Class I-P Units | tranche | 2 | |||||||||||||||||
Number of Class I-P Units in Each Tranche (in units) | 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 | |||||||||||||||||
Class K-P Units [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Compensation Expense (Reversal of Expense) | $ 3,690 | 1,200 | 197 | |||||||||||||||
Limited Partnership Units Convertible Conversion Ratio | 1 | |||||||||||||||||
Grant of K-P Units (in units) | shares | 220,000 | 64,000 | ||||||||||||||||
K-P Units to be Granted Upon Achievement of Benchmarks (in units) | shares | 16,000 | |||||||||||||||||
Grant of K-P Units, Fair Value of Award | $ 14,386 | $ 6,250 | ||||||||||||||||
Class K-P Units [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Grant of K-P Units (in units) | shares | 120,000 | |||||||||||||||||
Class K-P Units [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Grant of K-P Units (in units) | shares | 100,000 | |||||||||||||||||
LP Units [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 25,958 | $ 25,958 | ||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 14 months | |||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Class A [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | shares | 82,000 | 82,000 | ||||||||||||||||
Restricted Stock Units (RSUs) [Member] | 2006 and 2016 Stock Incentive Plans [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Compensation Expense (Reversal of Expense) | $ 208,786 | $ 171,354 | $ 156,353 | |||||||||||||||
Shares Vested During Period (in shares) | shares | 2,473,000 | 2,523,000 | 2,512,000 | |||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 266,086 | $ 266,086 | ||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 23 months | |||||||||||||||||
Shares Forfeited During Period (in shares) | shares | 121,000 | 70,000 | 154,000 | |||||||||||||||
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 | 2,598,000 | 1,968,000 | 2,813,000 | |||||||||||||||
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 91.04 | $ 95.01 | $ 78.32 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | 2016 Stock Incentive Plan [Member] | Subsequent Event [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Shares Issued During Period (in shares) | shares | 1,900,000 | |||||||||||||||||
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 81.53 | |||||||||||||||||
Deferred Compensation, Vesting Period (in years) | 4 years | |||||||||||||||||
Restricted Stock Units (RSUs) [Member] | 2016 Stock Incentive Plan [Member] | Minimum [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 72.11 | 81.84 | 69.10 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | 2016 Stock Incentive Plan [Member] | Maximum [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 96.22 | $ 114.80 | $ 85.68 | |||||||||||||||
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 | $ 82,592 | $ 3,750 | $ 93,366 | |||||||||||||||
Deferred Compensation Arrangement with Individual, Compensation Cost Not Yet Recognized | $ 127,242 | 127,242 | ||||||||||||||||
Deferred Compensation Arrangement With Individual, Total Compensation Cost Not Yet Recognized Period For Recognition | 25 months | |||||||||||||||||
Deferred Cash Compensation Program [Member] | Subsequent Event [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 | $ 179,000 | |||||||||||||||||
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 | Number_Of_Anniversaries | 4 | |||||||||||||||||
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 | 29,500 | |||||||||||||||||
Awards Vesting Period | Installments | 5 | |||||||||||||||||
Long Term Incentive Plan [Member] | 2017 Long-term Incentive Plan [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Deferred Compensation Arrangement with Individual, Compensation Cost Not Yet Recognized | $ 60,441 | 60,441 | ||||||||||||||||
Employee Loans [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Deferred Compensation Arrangement Compensation Expense | 20,421 | 17,971 | $ 20,969 | |||||||||||||||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 34,073 | $ 34,073 | ||||||||||||||||
Requisite Service Period (in years) | 1 year | |||||||||||||||||
Maximum Contractual Term (in years) | 5 years | |||||||||||||||||
Evercore ISI [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Management Basis EBIT Margin(as a percent) | 11.70% | 14.00% | ||||||||||||||||
Management Basis EBIT | $ 26,904 | $ 34,357 | ||||||||||||||||
Evercore ISI [Member] | Class E LP Units [Member] | Acquisition Related [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Units Amended in Period (in units) | 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 (Reversal of Expense) | 17,962 | |||||||||||||||||
Evercore ISI [Member] | Class G LP Interests [Member] | Acquisition Related [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Units Amended in Period (in units) | shares | 14,000 | |||||||||||||||||
Evercore ISI [Member] | Class H LP Interests [Member] | Acquisition Related [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Units Amended in Period (in units) | shares | 162,000 | |||||||||||||||||
Evercore ISI [Member] | Class H LP Interests [Member] | Acquisition Related [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Number of Units Outstanding (in units) | shares | 4,148,000 | |||||||||||||||||
Evercore ISI [Member] | Class J LP Units [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Common Stock, Number of Votes | vote | 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] | ||||||||||||||||||
Shares Vested During Period (in shares) | shares | 1,118,000 | |||||||||||||||||
Shares Issued During Period (in shares) | shares | 2,000 | |||||||||||||||||
Shares Forfeited During Period (in shares) | shares | 2,000 | |||||||||||||||||
Evercore ISI [Member] | Class J LP Units [Member] | Acquisition Related [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Compensation Expense (Reversal of Expense) | $ 18,101 | $ 15,054 | 6,020 | |||||||||||||||
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 (Reversal of Expense) | $ (26,224) | (12,897) | ||||||||||||||||
Evercore ISI [Member] | Vested LP Units [Member] | Class E 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] | Vested LP Units [Member] | Class G LP Interests [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Grant of LP Units (in units) | shares | 538,000 | |||||||||||||||||
Evercore ISI [Member] | Vested LP Units [Member] | Class H LP Interests [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] | Vested LP Units [Member] | Class J 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] | Vested LP Units [Member] | Class J LP Units [Member] | Subject to Continued Employment [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Grant of LP Units (in units) | shares | 963,000 | |||||||||||||||||
Evercore ISI [Member] | Unvested LP Units [Member] | Class E 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] | Unvested LP Units [Member] | Class G LP Interests [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Grant of LP Units (in units) | shares | 540,000 | |||||||||||||||||
Evercore ISI [Member] | Unvested LP Units [Member] | Class H LP Interests [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] | Unvested LP Units [Member] | Class J 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] | Modified LP Units and Interests [Member] | Acquisition Related [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Compensation Expense (Reversal of Expense) | 3,532 | |||||||||||||||||
Amended Grant Date Weighted Average Fair Value, Granted | $ 14,891 | |||||||||||||||||
Forecast [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Headcount Reductions (as a percent) | 6.00% | |||||||||||||||||
Forecast [Member] | Special Charges [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Severance Costs | $ 38,000 | |||||||||||||||||
Forecast [Member] | Evercore ISI [Member] | Class H LP Interests [Member] | Acquisition Related [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 | |||||||||||||||||
Employee Severance [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Termination Costs Incurred | 1,967 | |||||||||||||||||
Employee Severance [Member] | Restricted Stock Units (RSUs) [Member] | Special Charges [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Termination Costs Incurred | 1,272 | |||||||||||||||||
Employee Severance [Member] | Cash and Deferred Cash Compensation [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Termination Costs Incurred | 6,178 | |||||||||||||||||
Employee Severance [Member] | Cash and Deferred Cash Compensation [Member] | Special Charges [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Termination Costs Incurred | $ 1,578 | |||||||||||||||||
Employee Severance [Member] | Forecast [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Headcount Reductions (as a percent) | 6.00% | |||||||||||||||||
Employee Severance [Member] | Forecast [Member] | Special Charges [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Severance Costs | $ 38,000 |
Share-Based and Other Deferre_4
Share-Based and Other Deferred Compensation - Summary of Activity Related to Share-Based Awards (Details) shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)shares | |
2006 and 2016 Stock Incentive Plans [Member] | |
Number of Shares | |
Unvested Balance at January 1, 2019 | shares | 6,410 |
Granted | shares | 2,598 |
Modified | shares | 0 |
Forfeited | shares | (121) |
Vested | shares | (2,473) |
Unvested Balance at December 31, 2019 (in shares) | shares | 6,414 |
Grant Date Weighted Average Fair Value [Abstract] | |
Unvested Balance at January 1, 2019 | $ | $ 468,905 |
Granted | $ | 236,529 |
Modified | $ | 0 |
Forfeited | $ | (10,376) |
Vested | $ | (167,602) |
Unvested Balance at December 31, 2019 | $ | $ 527,456 |
Class J LP Units [Member] | Evercore ISI [Member] | Acquisition Related [Member] | |
Number of Shares | |
Unvested Balance at January 1, 2019 | shares | 1,265 |
Granted | shares | 2 |
Modified | shares | 76 |
Forfeited | shares | (2) |
Vested | shares | (1,118) |
Unvested Balance at December 31, 2019 (in shares) | shares | 223 |
Grant Date Weighted Average Fair Value [Abstract] | |
Unvested Balance at January 1, 2019 | $ | $ 24,181 |
Granted | $ | 176 |
Modified | $ | 4,407 |
Forfeited | $ | (13) |
Vested | $ | (24,440) |
Unvested Balance at December 31, 2019 | $ | $ 4,311 |
Share-Based and Other Deferre_5
Share-Based and Other Deferred Compensation - Schedule of Restructuring Charges (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Restructuring Reserve [Roll Forward] | |
Balance at January 1, 2019 | $ 505 |
Termination Costs Incurred | 7,756 |
Cash Benefits Paid | (6,412) |
Non-Cash Charges | (698) |
Balance at December 31, 2019 | $ 1,151 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) shares in Thousands | Jul. 26, 2019USD ($) | May 03, 2019USD ($) | Mar. 02, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 24, 2016USD ($) | Nov. 16, 2015 | Jul. 31, 2015USD ($)shares |
Other Commitments [Line Items] | ||||||||
Number of Public Offerings | 4 | |||||||
Unfunded Commitments for Capital Contributions | $ 13,767,000 | |||||||
Contractual Obligations Related To Tax Receivable Agreements | 94,522,000 | |||||||
Payment To Counterparties To Tax Receivable Agreement Within One Year Or Less | 9,570,000 | |||||||
Payment To Counterparties To Tax Receivable Agreement One To Three Years | 19,994,000 | |||||||
Payment To Counterparties To Tax Receivable Agreement Three To Five Years | 19,863,000 | |||||||
Payment To Counterparties To Tax Receivable Agreement After Five Years | 45,095,000 | |||||||
Cash Paid For Contingent Consideration | 2,008,000 | |||||||
Business Combination, Contingent Consideration, Liability | 296,000 | |||||||
Asset Acquisition, Contingent Consideration, Liability | 4,463,000 | $ 4,463,000 | ||||||
Asset Acquisition, Contingent Consideration Arrangements, Change In Amount Of Contingent Consideration, Liability | 400,000 | $ 3,971,000 | ||||||
Underwritten Shares (in shares) | shares | 293 | |||||||
Aggregate Offering Price | $ 30,800,000 | |||||||
BBVA Bancomer [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Maximum Borrowing Capacity | $ 7,920,000 | |||||||
BBVA Bancomer [Member] | Inter-Bank Balance Interest Rate [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||||
Secured Line of Credit [Member] | PNC Bank [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Maximum Borrowing Capacity | $ 30,000,000 | |||||||
Amount Outstanding During Period | $ 30,000,000 | $ 30,000,000 | ||||||
Secured Line of Credit [Member] | PNC Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||
Unsecured Line of Credit [Member] | PNC Bank [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Maximum Borrowing Capacity | $ 20,000,000 | |||||||
Unsecured Line of Credit [Member] | PNC Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
- Commitments and Contingencies
- Commitments and Contingencies - Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Cash and Cash Equivalents | $ 633,808 | $ 790,590 | $ 609,587 | |
Restricted Cash included in Other Assets | 10,078 | 9,506 | 7,798 | |
Total Cash, Cash Equivalents and Restricted Cash shown in the Statement of Cash Flows | $ 643,886 | $ 800,096 | $ 617,385 | $ 575,637 |
Regulatory Authorities (Details
Regulatory Authorities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
EGL [Member] | ||
Regulatory Authorities [Line Items] | ||
Broker-Dealer, Minimum Net Capital Required, Alternative Standard | $ 250,000 | |
Broker-Dealer, Net Capital | 331,510,000 | $ 331,097,000 |
Broker-Dealer, Excess Net Capital, Alternative Standard | 331,260,000 | $ 330,847,000 |
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) | 180 days |
Income Taxes - Income Taxes - A
Income Taxes - Income Taxes - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | ||||
Taxes Payable | $ 3,400 | $ 33,621 | ||
Tax Cuts and Jobs Act Of 2017, Incomplete Accounting, Change in Tax Rate, Provisional Income Tax Expense (Benefit) | $ 399 | $ 143,261 | ||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent | (0.123) | 0.271 | ||
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | $ 12,229 | $ 23,350 | $ 24,003 | |
Effective Income Tax Rate Reconciliation, ASU 2016-09 Benefit for Stock Compensation, Percent | 2.70% | 4.20% | 5.50% | |
Increase (Decrease) In Net Deferred Tax Assets | $ 27,499 | |||
LP Units Exchanged By Employees (in units) | 353 | 1,182 | ||
Adjustments to Additional Paid-In-Capital | $ 15,138 | $ 46,583 | ||
Increase (Decrease) In Deferred Tax Assets Associated With Changes In Unrealized Gain Loss On Marketable Securities In Accumulated Other Comprehensive Income Loss | 173 | 86 | ||
Increase (Decrease) In Deferred Tax Assets Associated With Changes In Foreign Currency Translation Adjustment Gain Loss In Accumulated Other Comprehensive Income Loss | 1,306 | (439) | ||
Tax Credit Carryforward, Amount | 6,884 | |||
Deferred Tax Assets, Valuation Allowance, Noncurrent | 4,600 | |||
Unrecognized Tax Benefits | 494 | $ 0 | $ 0 | $ 0 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 402 | |||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 216 | |||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 13 | |||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | (41) | |||
Unrecognized Tax Benefits, Income Tax Penalties Expense | (3) | |||
Class A and E LP Units [Member] | ||||
Income Taxes [Line Items] | ||||
Adjustments to Additional Paid-In-Capital | 7,352 | |||
Evercore LP [Member] | ||||
Income Taxes [Line Items] | ||||
Increase (Decrease) In Net Deferred Tax Assets | $ 21,278 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Income Before Income Tax [Line Items] | |||
Income Before Income Tax Expense | $ 392,482 | $ 485,760 | $ 383,896 |
United States [Member] | |||
Schedule Of Income Before Income Tax [Line Items] | |||
Income Before Income Tax Expense | 359,496 | 449,171 | 379,407 |
Non-US [Member] | |||
Schedule Of Income Before Income Tax [Line Items] | |||
Income Before Income Tax Expense | $ 32,986 | $ 36,589 | $ 4,489 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||||||||||
Federal | $ 72,712 | $ 80,690 | $ 85,371 | ||||||||
Foreign | 6,134 | 7,360 | 9,796 | ||||||||
State and Local | 26,703 | 24,451 | 14,955 | ||||||||
Total Current | 105,549 | 112,501 | 110,122 | ||||||||
Deferred: | |||||||||||
Federal | (2,169) | (4,771) | 150,800 | ||||||||
Foreign | (5,022) | (61) | (3,464) | ||||||||
State and Local | (3,312) | 851 | 984 | ||||||||
Total Deferred | (10,503) | (3,981) | 148,320 | ||||||||
Total | $ 34,793 | $ 20,402 | $ 32,030 | $ 7,821 | $ 60,502 | $ 17,539 | $ 25,541 | $ 4,938 | $ 95,046 | $ 108,520 | $ 258,442 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between Statutory Income Tax Rate and Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. Statutory Tax Rate | 21.00% | 21.00% | 35.00% |
Increase Due to State and Local Taxes | 4.20% | 3.60% | 3.10% |
Rate Benefits as a Limited Liability Company/Flow Through | (2.50%) | (2.60%) | (2.30%) |
Foreign Taxes | (0.10%) | 0.20% | (1.10%) |
Non-Deductible Expenses(1) | 1.60% | 1.20% | 1.60% |
ASU 2016-09 Benefit for Stock Compensation | (2.70%) | (4.20%) | (5.50%) |
Tax Cuts and Jobs Act - Reduction to Tax Receivable Agreement Liability | 0.00% | 0.00% | (5.60%) |
Tax Cuts and Jobs Act - Primarily Related to the Re-measurement of Net Deferred Tax Assets | 0.00% | 0.10% | 32.70% |
Valuation Allowances | 0.30% | 0.30% | 1.10% |
Other Adjustments | (0.60%) | 0.10% | 0.10% |
Effective Income Tax Rate | 21.20% | 19.70% | 59.10% |
Income Taxes - Details of Defer
Income Taxes - Details of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets, Gross [Abstract] | ||
Depreciation And Amortization | $ 37,912 | $ 33,738 |
Compensation and Benefits | 85,567 | 61,541 |
Deferred Tax Assets, Operating Lease | 58,497 | 0 |
Other | 20,617 | 24,720 |
Total Deferred Tax Assets | 343,858 | 268,186 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Deferred Tax Liability, Operating Lease | 46,682 | 0 |
Goodwill, Intangible Assets and Other | 19,012 | 18,873 |
Total Deferred Tax Liabilities | 65,694 | 18,873 |
Net Deferred Tax Assets Before Valuation Allowance | 278,164 | 249,313 |
Valuation Allowance | (9,573) | (8,221) |
Net Deferred Tax Assets | 268,591 | 241,092 |
Tax Receivable Agreement [Member] | ||
Deferred Tax Assets, Gross [Abstract] | ||
Step up in tax basis due to the exchange of LP Units for Class A Shares | 99,979 | 111,108 |
Without Tax Receivable Agreement [Member] | ||
Deferred Tax Assets, Gross [Abstract] | ||
Step up in tax basis due to the exchange of LP Units for Class A Shares | $ 41,286 | $ 37,079 |
Income Taxes - Components of _2
Income Taxes - Components of Income Tax Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Beginning unrecognized tax benefit | $ 0 | $ 0 | $ 0 |
Additions for tax positions of prior years | 616 | 0 | 0 |
Reductions for tax positions of prior years | 0 | 0 | 0 |
Lapse of statute of limitations | (122) | 0 | 0 |
Decrease due to settlement with taxing authorities | 0 | 0 | 0 |
Ending unrecognized tax benefit | $ 494 | $ 0 | $ 0 |
Concentrations of Credit Risk_2
Concentrations of Credit Risk Concentrations of Credit Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Concentration Risk [Line Items] | |||
Securities Purchased Under Agreements to Resell | $ 13,566 | $ 2,696 | |
Securities Sold Under Agreements to Repurchase | $ 26,000 | 25,075 | |
Investment Banking And Investment Management Receivables Collection Periods | 90 days | ||
Placement Fees Receivables Collection Period | 180 days | ||
Private Funds Capital Raising Receivables Collection Period | 1 year | ||
Collection Period For Restructuring Transactions | 90 days | ||
Receivables Reflected in Other Assets in Excess of Period | 1 year | ||
Accounts Receivable, Net of Allowance | $ 296,355 | 309,075 | |
Contract with Customer, Receivable, Net, Noncurrent | 63,554 | 60,948 | $ 34,008 |
Bad Debt Expense | 10,451 | 3,365 | 2,579 |
Contract with Customer, Asset, Gross, Current | 31,525 | 2,833 | 0 |
Contract with Customer, Asset, Gross, Noncurrent | 2,504 | 541 | $ 0 |
Investment Securities | $ 409,150 | 204,627 | |
Percentage Of Marketable Securities Related To Corporate And Municipal Bonds And Other Debt Securities | 84.00% | ||
Percentage Of Marketable Securities Related To Equity Securities, Exchange Traded Funds And Mutual Funds | 16.00% | ||
Asset (Liability) Balance [Member] | |||
Concentration Risk [Line Items] | |||
Securities Purchased Under Agreements to Resell | $ 13,566 | 2,696 | |
Securities Sold Under Agreements to Repurchase | 26,000 | 25,075 | |
Market Value of Collateral Received or (Pledged) [Member] | |||
Concentration Risk [Line Items] | |||
Securities Purchased Under Agreements to Resell | 13,572 | 2,701 | |
Securities Sold Under Agreements to Repurchase | $ 25,992 | $ 25,099 |
Segment Operating Results - Add
Segment Operating Results - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Segment Reporting [Abstract] | |
Number of reporting segments | 2 |
Segment Operating Results (Deta
Segment Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | $ 660,127 | $ 402,198 | $ 531,046 | $ 415,327 | $ 771,406 | $ 381,259 | $ 448,477 | $ 463,563 | $ 2,008,698 | $ 2,064,705 | $ 1,704,349 |
Operating Expenses | 1,534,122 | 1,492,241 | 1,227,573 | ||||||||
Other Expenses | 36,865 | 30,387 | 47,965 | ||||||||
Income Before Income from Equity Method Investments and Income Taxes | 156,723 | 70,344 | 126,834 | 83,810 | 250,206 | 74,540 | 104,782 | 112,549 | 437,711 | 542,077 | 428,811 |
Income from Equity Method Investments | 3,770 | 2,562 | 2,453 | 2,211 | 2,452 | 2,298 | 2,419 | 2,125 | 10,996 | 9,294 | 8,838 |
Pre-Tax Income | 160,493 | $ 72,906 | $ 129,287 | $ 86,021 | 252,658 | $ 76,838 | $ 107,201 | $ 114,674 | 448,707 | 551,371 | 437,649 |
Identifiable Segment Assets | 2,598,613 | 2,125,667 | 2,598,613 | 2,125,667 | 1,584,886 | ||||||
Investment Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 1,951,795 | 2,012,023 | 1,634,268 | ||||||||
Operating Expenses | 1,485,477 | 1,448,301 | 1,175,927 | ||||||||
Other Expenses | 33,618 | 30,366 | 35,810 | ||||||||
Income Before Income from Equity Method Investments and Income Taxes | 432,700 | 533,356 | 422,531 | ||||||||
Income from Equity Method Investments | 916 | 518 | 277 | ||||||||
Pre-Tax Income | 433,616 | 533,874 | 422,808 | ||||||||
Identifiable Segment Assets | 2,393,647 | 1,923,783 | 2,393,647 | 1,923,783 | 1,294,103 | ||||||
Investment Management [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 56,903 | 52,682 | 70,081 | ||||||||
Operating Expenses | 48,645 | 43,940 | 51,646 | ||||||||
Other Expenses | 3,247 | 21 | 12,155 | ||||||||
Income Before Income from Equity Method Investments and Income Taxes | 5,011 | 8,721 | 6,280 | ||||||||
Income from Equity Method Investments | 10,080 | 8,776 | 8,561 | ||||||||
Pre-Tax Income | 15,091 | 17,497 | 14,841 | ||||||||
Identifiable Segment Assets | $ 204,966 | $ 201,884 | $ 204,966 | $ 201,884 | $ 290,783 |
Segment Operating Results - (Fo
Segment Operating Results - (Footnotes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Other Revenue, net | $ 25,315 | $ 1,280 | $ 68,832 |
Adjustments to Tax Receivable Agreements | 0 | 0 | 77,535 |
Gain (Loss) on Disposition of Business | 0 | 0 | 7,808 |
Net Realized And Unrealized Gains On Private Equity Fund Investments | (790) | (397) | (915) |
Special Charges | 10,141 | 5,012 | 25,437 |
Acquisition and Transition Costs | 1,013 | 21 | 1,673 |
Total Other Expenses | 36,865 | 30,387 | 47,965 |
Investment Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Other Revenue, net | 19,023 | (3,156) | 58,399 |
Interest expense on Notes Payable, Subordinated Borrowing and Line of Credit | 12,917 | 9,201 | 9,960 |
Adjustments to Tax Receivable Agreements | 77,535 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 16,266 | ||
Amortization of LP Units/Interests and Certain Other Awards | 18,183 | 15,241 | 11,444 |
Special Charges | 7,202 | 5,012 | 14,400 |
Acquisition and Transition Costs | 705 | 0 | 555 |
Fair Value of Contingent Consideration | 0 | 1,485 | 0 |
Intangible Asset and Other Amortization | 7,528 | 8,628 | 9,411 |
Total Other Expenses | 33,618 | 30,366 | 35,810 |
Investment Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Other Revenue, net | 6,292 | 4,436 | 10,433 |
Gain (Loss) on Disposition of Business | 7,808 | ||
Special Charges | 2,939 | 0 | 11,037 |
Acquisition and Transition Costs | 308 | 21 | 1,118 |
Total Other Expenses | $ 3,247 | $ 21 | 12,155 |
Other Revenue, Including Interest and Investments [Member] | |||
Segment Reporting Information [Line Items] | |||
Principal Trading Gains (Losses) | (701) | ||
Net Realized And Unrealized Gains On Private Equity Fund Investments | 2,037 | ||
Other Revenue, Including Interest and Investments [Member] | Investment Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Principal Trading Gains (Losses) | (701) | ||
Other Revenue, Including Interest and Investments [Member] | Investment Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Realized And Unrealized Gains On Private Equity Fund Investments | $ 2,037 |
Segment Operating Results - Rev
Segment Operating Results - Revenues Derived from Clients by Geographical Areas (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Net Revenues | $ 1,983,383 | $ 2,063,425 | $ 1,635,517 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 1,464,551 | 1,591,883 | 1,199,231 |
Europe And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | 501,425 | 438,602 | 422,271 |
Latin America [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Revenues | $ 17,407 | $ 32,940 | $ 14,015 |
Segment Operating Results - Ass
Segment Operating Results - Assets by Geographic Area (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | |||
Assets | $ 2,598,613 | $ 2,125,667 | $ 1,584,886 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,158,347 | 1,757,589 | |
Europe And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 373,822 | 298,917 | |
Latin America [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 66,444 | $ 69,161 |
Evercore Inc. (Parent Company_3
Evercore Inc. (Parent Company Only) Financial Statements Evercore Inc. (Parent Company Only) Financial Statements - Additional Information (Details) | Aug. 01, 2019USD ($) | Nov. 30, 2016 | Dec. 31, 2019USD ($)$ / sharesshares | Sep. 30, 2019$ / shares | Jun. 30, 2019$ / shares | Mar. 31, 2019$ / shares | Dec. 31, 2018$ / sharesshares | Sep. 30, 2018$ / shares | Jun. 30, 2018$ / shares | Mar. 31, 2018$ / shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Aug. 01, 2019GBP (£) | Mar. 30, 2016USD ($) |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Treasury Stock, Shares, Acquired (in shares) | shares | 3,399,000 | 3,106,000 | ||||||||||||
Increase in Treasury Stock | $ 283,081,000 | $ 289,681,000 | ||||||||||||
Dividends Declared Per Share of Class A Common Stock (in dollars per share) | $ / shares | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.40 | $ 2.24 | $ 1.90 | ||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ / shares | $ 2.24 | $ 1.90 | ||||||||||||
Declared and Paid Dividends, Cash | $ 89,407,000 | $ 77,302,000 | ||||||||||||
Contractual Obligations Related To Tax Receivable Agreements | $ 94,522,000 | 94,522,000 | ||||||||||||
Payment To Counterparties To Tax Receivable Agreement Within One Year Or Less | 9,570,000 | 9,570,000 | ||||||||||||
Payment To Counterparties To Tax Receivable Agreement One To Three Years | 19,994,000 | 19,994,000 | ||||||||||||
Payment To Counterparties To Tax Receivable Agreement Three To Five Years | 19,863,000 | 19,863,000 | ||||||||||||
Payment To Counterparties To Tax Receivable Agreement After Five Years | 45,095,000 | 45,095,000 | ||||||||||||
Senior Notes [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Long Term Debt Maturities Repayments Of Principal And Interest | 519,690,000 | 519,690,000 | ||||||||||||
Long Term Debt Maturities Repayments Of Principal And Interest In Next Twelve Months | $ 19,871,000 | $ 19,871,000 | ||||||||||||
Share Repurchase Program [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Treasury Stock, Shares, Acquired (in shares) | shares | 2,360,000 | 2,021,000 | ||||||||||||
Share Repurchase Program [Member] | Minimum [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Treasury Stock Acquired, Market Value Per Share (in dollars per share) | $ / shares | $ 73.18 | $ 80.05 | ||||||||||||
Share Repurchase Program [Member] | Maximum [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Treasury Stock Acquired, Market Value Per Share (in dollars per share) | $ / shares | $ 92.33 | $ 112.30 | ||||||||||||
Net Settlement of Share Based Awards [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Treasury Stock, Shares, Acquired (in shares) | shares | 1,039,000 | 1,085,000 | ||||||||||||
Net Settlement of Share Based Awards [Member] | Minimum [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Treasury Stock Acquired, Market Value Per Share (in dollars per share) | $ / shares | $ 71.11 | $ 79.47 | ||||||||||||
Net Settlement of Share Based Awards [Member] | Maximum [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Treasury Stock Acquired, Market Value Per Share (in dollars per share) | $ / shares | $ 96.22 | $ 115.30 | ||||||||||||
Class A [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Common Stock, Shares Authorized | shares | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||||||
Common Stock, Par Value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Common Stock, Shares Issued | shares | 68,698,675 | 65,872,014 | 68,698,675 | 65,872,014 | ||||||||||
Class B [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Common Stock, Shares Authorized | shares | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||
Common Stock, Par Value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Common Stock, Shares Issued | shares | 84 | 86 | 84 | 86 | ||||||||||
LP Units [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Limited Partnership Units Convertible Conversion Ratio | 1 | 1 | ||||||||||||
Parent Company [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Dividends Declared Per Share of Class A Common Stock (in dollars per share) | $ / shares | $ 2.24 | |||||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ / shares | $ 2.24 | |||||||||||||
Declared and Paid Dividends, Cash | $ 89,407,000 | |||||||||||||
Accrued Deferred Cash Dividends | 14,642,000 | |||||||||||||
Contractual Obligations Related To Tax Receivable Agreements | $ 94,522,000 | 94,522,000 | ||||||||||||
Payment To Counterparties To Tax Receivable Agreement Within One Year Or Less | 9,570,000 | 9,570,000 | ||||||||||||
Payment To Counterparties To Tax Receivable Agreement One To Three Years | 19,994,000 | 19,994,000 | ||||||||||||
Payment To Counterparties To Tax Receivable Agreement Three To Five Years | 19,863,000 | 19,863,000 | ||||||||||||
Payment To Counterparties To Tax Receivable Agreement After Five Years | 45,095,000 | 45,095,000 | ||||||||||||
Parent Company [Member] | Senior Notes [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 170,000,000 | |||||||||||||
Long-term Debt, Weighted Average Life | 12 years | |||||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time (as a percent) | 4.26% | 4.26% | ||||||||||||
Long Term Debt Maturities Repayments Of Principal And Interest | 519,690,000 | 519,690,000 | ||||||||||||
Long Term Debt Maturities Repayments Of Principal And Interest In Next Twelve Months | 19,871,000 | 19,871,000 | ||||||||||||
Long Term Debt Maturities Repayments Of Principal And Interest In One To Three Years | 70,587,000 | 70,587,000 | ||||||||||||
Long Term Debt Maturities Repayments Of Principal And Interest In Three To Five Years | 93,404,000 | 93,404,000 | ||||||||||||
Long Term Debt Maturities Repayments Of Principal And Interest After Five Years | $ 335,828,000 | $ 335,828,000 | ||||||||||||
Parent Company [Member] | Series A Senior Notes [Member] | ||||||||||||||
Condensed Financial Statements, Captions [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] | ||||||||||||||
Condensed Financial Statements, Captions [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] | ||||||||||||||
Condensed Financial Statements, Captions [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] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 17,000,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.58% | |||||||||||||
Parent Company [Member] | Series E Senior Notes [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 75,000,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.34% | 4.34% | ||||||||||||
Parent Company [Member] | Series F Senior Notes [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 60,000,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.44% | 4.44% | ||||||||||||
Parent Company [Member] | Series G Senior Notes [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 40,000,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.54% | 4.54% | ||||||||||||
Parent Company [Member] | Series H Senior Notes [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Long-term Debt, Gross | £ | £ 25,000,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.33% | 3.33% | ||||||||||||
Parent Company [Member] | United States of America, Dollars | Senior Notes [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 175,000,000 | |||||||||||||
Parent Company [Member] | United Kingdom, Pounds | Senior Notes [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Long-term Debt, Gross | £ | £ 25,000,000 | |||||||||||||
Parent Company [Member] | Class A [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Common Stock, Shares Authorized | shares | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||||||
Common Stock, Par Value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Common Stock, Shares Issued | shares | 68,698,675 | 65,872,014 | 68,698,675 | 65,872,014 | ||||||||||
Increase in Treasury Stock | $ 283,081,000 | |||||||||||||
Parent Company [Member] | Class A [Member] | Share Repurchase Program [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Treasury Stock, Shares, Acquired (in shares) | shares | 2,360,000 | |||||||||||||
Parent Company [Member] | Class A [Member] | Share Repurchase Program [Member] | Minimum [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Treasury Stock Acquired, Market Value Per Share (in dollars per share) | $ / shares | $ 73.18 | |||||||||||||
Parent Company [Member] | Class A [Member] | Share Repurchase Program [Member] | Maximum [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Treasury Stock Acquired, Market Value Per Share (in dollars per share) | $ / shares | $ 92.33 | |||||||||||||
Parent Company [Member] | Class A [Member] | Net Settlement of Share Based Awards [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Treasury Stock, Shares, Acquired (in shares) | shares | 1,039,000 | |||||||||||||
Parent Company [Member] | Class A [Member] | Net Settlement of Share Based Awards [Member] | Minimum [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Treasury Stock Acquired, Market Value Per Share (in dollars per share) | $ / shares | $ 71.11 | |||||||||||||
Parent Company [Member] | Class A [Member] | Net Settlement of Share Based Awards [Member] | Maximum [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Treasury Stock Acquired, Market Value Per Share (in dollars per share) | $ / shares | $ 96.22 | |||||||||||||
Parent Company [Member] | Class B [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Common Stock, Shares Authorized | shares | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||
Common Stock, Par Value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Common Stock, Shares Issued | shares | 84 | 86 | 84 | 86 | ||||||||||
Common Stock Shares Cancelled (in shares) | shares | 1 | 1 | ||||||||||||
Parent Company [Member] | LP Units [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Limited Partnership Units Convertible Conversion Ratio | 1 | |||||||||||||
Dividend Paid [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Accrued Deferred Cash Dividends | $ 7,396,000 | |||||||||||||
Dividend Paid [Member] | Parent Company [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Accrued Deferred Cash Dividends | $ 7,396,000 |
Evercore Inc. (Parent Company_4
Evercore Inc. (Parent Company Only) Financial Statements - Condensed Statements of Financial Condition (Parent Company Only) - (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | |||
Deferred Tax Assets | $ 268,591 | $ 241,092 | |
Goodwill | 130,758 | 131,387 | $ 134,231 |
Total Assets | 2,598,613 | 2,125,667 | $ 1,584,886 |
Liabilities | |||
Taxes Payable | 3,400 | 33,621 | |
Other Current Liabilities | 15,517 | 19,031 | |
Total Current Liabilities | 668,653 | 749,691 | |
Amounts Due Pursuant to Tax Receivable Agreements | 84,952 | 94,411 | |
Notes Payable | 375,062 | 168,612 | |
Total Liabilities | 1,472,363 | 1,117,728 | |
Evercore Inc. Stockholders' Equity | |||
Additional Paid-In-Capital | 2,016,524 | 1,818,100 | |
Accumulated Other Comprehensive Income (Loss) | (27,596) | (30,434) | |
Retained Earnings | 558,269 | 364,882 | |
Treasury Stock at Cost | (1,678,168) | (1,395,087) | |
Total Evercore Inc. Stockholders' Equity | 869,716 | 758,120 | |
Total Liabilities and Equity | 2,598,613 | 2,125,667 | |
Parent Company [Member] | |||
Assets | |||
Equity Investment In Subsidiary | 1,066,398 | 824,239 | |
Deferred Tax Assets | 244,965 | 223,936 | |
Goodwill | 15,236 | 15,236 | |
Other Assets | 18,704 | 0 | |
Total Assets | 1,345,303 | 1,063,411 | |
Liabilities | |||
Payable to Related Party | 9,570 | 9,161 | |
Taxes Payable | 0 | 30,749 | |
Other Current Liabilities | 6,003 | 2,358 | |
Total Current Liabilities | 15,573 | 42,268 | |
Amounts Due Pursuant to Tax Receivable Agreements | 84,952 | 94,411 | |
Notes Payable | 375,062 | 168,612 | |
Total Liabilities | 475,587 | 305,291 | |
Evercore Inc. Stockholders' Equity | |||
Additional Paid-In-Capital | 2,016,524 | 1,818,100 | |
Accumulated Other Comprehensive Income (Loss) | (27,596) | (30,434) | |
Retained Earnings | 558,269 | 364,882 | |
Treasury Stock at Cost | (1,678,168) | (1,395,087) | |
Total Evercore Inc. Stockholders' Equity | 869,716 | 758,120 | |
Total Liabilities and Equity | 1,345,303 | 1,063,411 | |
Class A [Member] | |||
Evercore Inc. Stockholders' Equity | |||
Common Stock | 687 | 659 | |
Class A [Member] | Parent Company [Member] | |||
Evercore Inc. Stockholders' Equity | |||
Common Stock | 687 | 659 | |
Class B [Member] | |||
Evercore Inc. Stockholders' Equity | |||
Common Stock | 0 | 0 | |
Class B [Member] | Parent Company [Member] | |||
Evercore Inc. Stockholders' Equity | |||
Common Stock | $ 0 | $ 0 |
Evercore Inc. (Parent Company_5
Evercore Inc. (Parent Company Only) Financial Statements - Condensed Statements of Financial Condition (Parent Company Only) - Additional Information (Details) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Treasury Stock at Cost, shares | 29,522,665 | 26,123,438 |
Parent Company [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Treasury Stock at Cost, shares | 29,522,665 | 26,123,438 |
Class A [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
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 | 68,698,675 | 65,872,014 |
Common Stock, Shares Outstanding | 39,176,010 | 39,748,576 |
Class A [Member] | Parent Company [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
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 | 68,698,675 | 65,872,014 |
Common Stock, Shares Outstanding | 39,176,010 | 39,748,576 |
Class B [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
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 | 84 | 86 |
Common Stock, Shares Outstanding | 84 | 86 |
Class B [Member] | Parent Company [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
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 | 84 | 86 |
Common Stock, Shares Outstanding | 84 | 86 |
Evercore Inc. (Parent Company_6
Evercore Inc. (Parent Company Only) Financial Statements - Condensed Statements of Operations (Parent Company Only) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||||||||||
Other Revenue, Including Interest and Investments | $ 45,454 | $ 19,051 | $ 88,828 | ||||||||
Total Revenues | 2,028,837 | 2,082,476 | 1,724,345 | ||||||||
Interest Expense | 20,139 | 17,771 | 19,996 | ||||||||
Net Revenues | $ 660,127 | $ 402,198 | $ 531,046 | $ 415,327 | $ 771,406 | $ 381,259 | $ 448,477 | $ 463,563 | 2,008,698 | 2,064,705 | 1,704,349 |
Expenses | |||||||||||
Total Expenses | 503,404 | 331,854 | 404,212 | 331,517 | 521,200 | 306,719 | 343,695 | 351,014 | 1,570,987 | 1,522,628 | 1,275,538 |
Provision for Income Taxes | 34,793 | 20,402 | 32,030 | 7,821 | 60,502 | 17,539 | 25,541 | 4,938 | 95,046 | 108,520 | 258,442 |
Net Income | $ 125,700 | $ 52,504 | $ 97,257 | $ 78,200 | $ 192,156 | $ 59,299 | $ 81,660 | $ 109,736 | 353,661 | 442,851 | 179,207 |
Parent Company [Member] | |||||||||||
Revenues | |||||||||||
Other Revenue, Including Interest and Investments | 12,915 | 9,202 | 86,784 | ||||||||
Total Revenues | 12,915 | 9,202 | 86,784 | ||||||||
Interest Expense | 12,915 | 9,202 | 9,249 | ||||||||
Net Revenues | 0 | 0 | 77,535 | ||||||||
Expenses | |||||||||||
Total Expenses | 0 | 0 | 0 | ||||||||
Operating Income | 0 | 0 | 77,535 | ||||||||
Equity In Income Of Subsidiary | 383,717 | 473,978 | 287,440 | ||||||||
Provision for Income Taxes | 86,281 | 96,738 | 239,521 | ||||||||
Net Income | $ 297,436 | $ 377,240 | $ 125,454 |
Evercore Inc. (Parent Company_7
Evercore Inc. (Parent Company Only) Financial Statements - Condensed Statements of Cash Flows (Parent Company Only) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
Net Income | $ 125,700 | $ 52,504 | $ 97,257 | $ 78,200 | $ 192,156 | $ 59,299 | $ 81,660 | $ 109,736 | $ 353,661 | $ 442,851 | $ 179,207 | |
Adjustment to Tax Receivable Agreement | 0 | 0 | (77,535) | |||||||||
Increase (Decrease) in Deferred Income Taxes | (10,503) | (3,981) | 148,320 | |||||||||
Increase (Decrease) in Other Operating Assets | (58,962) | (21,830) | (10,982) | |||||||||
Taxes Payable | (30,221) | 16,099 | (10,849) | |||||||||
Net Cash Provided by Operating Activities | 504,697 | 849,574 | 507,236 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||
Net Cash Provided by (Used in) Investing Activities | (373,471) | (212,566) | (54,641) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
Issuance of Notes Payable | 205,718 | 0 | 0 | |||||||||
Payments of Ordinary Dividends, Common Stock | (96,803) | (77,302) | (56,521) | |||||||||
Net Cash Provided by (Used in) Financing Activities | (290,009) | (452,927) | (419,230) | |||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (156,210) | 182,711 | 41,748 | |||||||||
Cash, Cash Equivalents and Restricted Cash-Beginning of Period | 643,886 | 800,096 | 643,886 | 800,096 | 617,385 | $ 575,637 | ||||||
SUPPLEMENTAL CASH FLOW DISCLOSURE | ||||||||||||
Accrued Dividends | 14,642 | 12,288 | 9,815 | |||||||||
Parent Company [Member] | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
Net Income | 297,436 | 377,240 | 125,454 | |||||||||
Undistributed Income Of Subsidiary | (383,717) | (473,978) | (209,905) | |||||||||
Adjustment to Tax Receivable Agreement | 0 | 0 | (77,535) | |||||||||
Increase (Decrease) in Deferred Income Taxes | (3,966) | (5,311) | 153,344 | |||||||||
Accretion On Long Term Debt | 336 | 265 | 250 | |||||||||
Increase (Decrease) in Other Operating Assets | (18,704) | 9,689 | (9,689) | |||||||||
Taxes Payable | (30,749) | 30,749 | (21,341) | |||||||||
Net Cash Provided by Operating Activities | (139,364) | (61,346) | (39,422) | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||
Investment In Subsidiary | 30,449 | 138,648 | 95,943 | |||||||||
Net Cash Provided by (Used in) Investing Activities | 30,449 | 138,648 | 95,943 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
Issuance of Notes Payable | 205,718 | 0 | 0 | |||||||||
Payments of Ordinary Dividends, Common Stock | (96,803) | (77,302) | (56,521) | |||||||||
Net Cash Provided by (Used in) Financing Activities | 108,915 | (77,302) | (56,521) | |||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 0 | 0 | 0 | |||||||||
Cash, Cash Equivalents and Restricted Cash-Beginning of Period | $ 0 | $ 0 | 0 | 0 | 0 | $ 0 | ||||||
SUPPLEMENTAL CASH FLOW DISCLOSURE | ||||||||||||
Accrued Dividends | $ 14,642 | $ 12,288 | $ 9,815 |
Supplemental Financial Inform_3
Supplemental Financial Information Supplemental Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net Revenues | $ 660,127 | $ 402,198 | $ 531,046 | $ 415,327 | $ 771,406 | $ 381,259 | $ 448,477 | $ 463,563 | $ 2,008,698 | $ 2,064,705 | $ 1,704,349 |
Total Expenses | 503,404 | 331,854 | 404,212 | 331,517 | 521,200 | 306,719 | 343,695 | 351,014 | 1,570,987 | 1,522,628 | 1,275,538 |
Income Before Income from Equity Method Investments and Income Taxes | 156,723 | 70,344 | 126,834 | 83,810 | 250,206 | 74,540 | 104,782 | 112,549 | 437,711 | 542,077 | 428,811 |
Income from Equity Method Investments | 3,770 | 2,562 | 2,453 | 2,211 | 2,452 | 2,298 | 2,419 | 2,125 | 10,996 | 9,294 | 8,838 |
Income Before Income Taxes | 160,493 | 72,906 | 129,287 | 86,021 | 252,658 | 76,838 | 107,201 | 114,674 | 448,707 | 551,371 | 437,649 |
Provision for Income Taxes | 34,793 | 20,402 | 32,030 | 7,821 | 60,502 | 17,539 | 25,541 | 4,938 | 95,046 | 108,520 | 258,442 |
Net Income | 125,700 | 52,504 | 97,257 | 78,200 | 192,156 | 59,299 | 81,660 | 109,736 | 353,661 | 442,851 | 179,207 |
Net Income Attributable to Noncontrolling Interest | 20,516 | 9,226 | 15,515 | 10,968 | 28,851 | 9,838 | 12,729 | 14,193 | 56,225 | 65,611 | 53,753 |
Net Income Attributable to Evercore Inc. | $ 105,184 | $ 43,278 | $ 81,742 | $ 67,232 | $ 163,305 | $ 49,461 | $ 68,931 | $ 95,543 | $ 297,436 | $ 377,240 | $ 125,454 |
Net Income Per Share Attributable to Evercore Inc. Common Shareholders | |||||||||||
Basic (in dollars per share) | $ 2.68 | $ 1.09 | $ 2.02 | $ 1.66 | $ 4.07 | $ 1.21 | $ 1.69 | $ 2.36 | $ 7.44 | $ 9.29 | $ 3.16 |
Diluted (in dollars per share) | 2.48 | 1.01 | 1.88 | 1.52 | 3.67 | 1.08 | 1.52 | 2.10 | 6.89 | 8.33 | $ 2.80 |
Dividends Declared Per Share of Class A Common Stock (in dollars per share) | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.40 | $ 2.24 | $ 1.90 |