Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 26, 2016 | Jun. 30, 2015 | |
Entity Information [Line Items] | |||
Entity Registrant Name | Apollo Global Management LLC | ||
Entity Central Index Key | 1,411,494 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | APO | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,787.7 | ||
Common Class B Shares | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1 | ||
Common Class A Shares | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 183,517,438 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash and cash equivalents | $ 612,505 | $ 1,204,052 |
Restricted cash | 5,700 | 6,353 |
Investments | 1,154,749 | 2,880,006 |
Other assets | 95,844 | 114,241 |
Carried interest receivable | 643,907 | 911,666 |
Due from affiliates | 247,835 | 268,015 |
Deferred tax assets | 646,207 | 606,717 |
Goodwill | 88,852 | 49,243 |
Intangible assets, net | 28,620 | 60,039 |
Total Assets | 4,559,808 | 23,172,788 |
Liabilities: | ||
Accounts payable and accrued expenses | 92,012 | 44,246 |
Accrued compensation and benefits | 54,836 | 59,278 |
Deferred revenue | 177,875 | 199,614 |
Due to affiliates | 594,536 | 565,153 |
Profit sharing payable | 295,674 | 434,852 |
Debt | 1,025,255 | 1,027,965 |
Other liabilities | 43,387 | 46,401 |
Total Liabilities | $ 3,170,827 | $ 17,229,327 |
Commitments and Contingencies | ||
Apollo Global Management, LLC shareholders’ equity: | ||
Additional paid in capital | $ 2,005,509 | $ 2,254,283 |
Accumulated deficit | (1,348,384) | (1,400,661) |
Appropriated partners’ capital | 0 | 933,166 |
Accumulated other comprehensive loss | (7,620) | (306) |
Total Apollo Global Management, LLC shareholders’ equity | 649,505 | 1,786,482 |
Total Shareholders’ Equity | 1,388,981 | 5,943,461 |
Total Liabilities and Shareholders’ Equity | 4,559,808 | 23,172,788 |
Common Class A Shares | ||
Apollo Global Management, LLC shareholders’ equity: | ||
Common shares | 0 | 0 |
Common Class B Shares | ||
Apollo Global Management, LLC shareholders’ equity: | ||
Common shares | 0 | 0 |
Consolidated Variable Interest Entities | ||
Assets: | ||
Cash and cash equivalents | 56,793 | 1,088,952 |
Investments, at fair value | 910,566 | 15,658,653 |
Other assets | 63,413 | 323,240 |
Liabilities: | ||
Debt, at fair value | 801,270 | 14,123,100 |
Other liabilities | 85,982 | 728,718 |
Consolidated Entities | ||
Assets: | ||
Cash and cash equivalents | 4,817 | 1,611 |
Apollo Global Management, LLC shareholders’ equity: | ||
Non-Controlling Interests in consolidated entities | 86,561 | 3,222,195 |
Non-Controlling Interests in Apollo Operating Group | ||
Apollo Global Management, LLC shareholders’ equity: | ||
Non-Controlling Interests in consolidated entities | $ 652,915 | $ 934,784 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock, Shares Authorized (in shares) | Unlimited | Unlimited |
Common Class A Shares | ||
Par value (in USD per share) | ||
Shares issued (in shares) | 181,078,937 | 163,046,554 |
Shares outstanding (in shares) | 181,078,937 | 163,046,554 |
Common Class B Shares | ||
Par value (in USD per share) | ||
Shares issued (in shares) | 1 | 1 |
Shares outstanding (in shares) | 1 | 1 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Advisory and transaction fees from affiliates, net | $ 14,186 | $ 315,587 | $ 196,562 |
Management fees from affiliates | 930,194 | 850,441 | 674,634 |
Carried interest income from affiliates | 97,290 | 394,055 | 2,862,375 |
Total Revenues | 1,041,670 | 1,560,083 | 3,733,571 |
Compensation and benefits: | |||
Salary, bonus and benefits | 354,524 | 338,049 | 294,753 |
Equity-based compensation | 97,676 | 126,320 | 126,227 |
Profit sharing expense | 85,229 | 276,190 | 1,173,255 |
Total Compensation and Benefits | 537,429 | 740,559 | 1,594,235 |
Interest expense | 30,071 | 22,393 | 29,260 |
General, administrative and other | 102,255 | 97,663 | 98,202 |
Professional fees | 68,113 | 82,030 | 83,407 |
Occupancy | 40,219 | 40,427 | 39,946 |
Placement fees | 8,414 | 15,422 | 42,424 |
Depreciation and amortization | 44,474 | 45,069 | 54,241 |
Total Expenses | 830,975 | 1,043,563 | 1,941,715 |
Other Income: | |||
Net gains from investment activities | 121,723 | 213,243 | 330,235 |
Net gains from investment activities of consolidated variable interest entities | 19,050 | 22,564 | 199,742 |
Income from equity method investments | 14,855 | 53,856 | 107,350 |
Interest income | 3,232 | 10,392 | 12,266 |
Other income, net | 7,673 | 60,592 | 40,114 |
Total Other Income | 166,533 | 360,647 | 689,707 |
Income before income tax provision | 377,228 | 877,167 | 2,481,563 |
Income tax provision | (26,733) | (147,245) | (107,569) |
Net Income | 350,495 | 729,922 | 2,373,994 |
Net income attributable to Non-controlling Interests | (215,998) | (561,693) | (1,714,603) |
Net Income Attributable to Apollo Global Management, LLC | $ 134,497 | $ 168,229 | $ 659,391 |
Distributions declared per Class A Share (USD per share) | $ 1.96 | $ 3.11 | $ 3.95 |
Net Income Per Class A Share: | |||
Net Income Per Class A Share - Basic (USD per share) | 0.61 | 0.62 | 4.06 |
Net Income Per Class A Share - Diluted (USD per share) | $ 0.61 | $ 0.62 | $ 4.03 |
Weighted Average Number of Class A Shares - Basic (in shares) | 173,271,666 | 155,349,017 | 139,173,386 |
Weighted Average Number of Class A Shares - Diluted (in shares) | 173,271,666 | 155,349,017 | 142,214,350 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 350,495 | $ 729,922 | $ 2,373,994 |
Other Comprehensive Loss, net of tax: | |||
Allocation of currency translation adjustment of consolidated CLOs and funds (net of taxes of $0.9 million, $0.0 million and $0.0 million for Apollo Global Management, LLC for the years ended December 31, 2015, 2014 and 2013, respectively, and $0.0 million, $0.0 million and $0.0 million for Non-Controlling Interests in Apollo Operating Group for the years ended December 31, 2015, 2014 and 2013, respectively) | (13,535) | 724 | 0 |
Net gain (loss) from change in fair value of cash flow hedge instruments | 105 | (990) | 0 |
Net loss on available-for-sale securities | (904) | (2) | (8) |
Total Other Comprehensive Loss, net of tax | (14,334) | (268) | (8) |
Comprehensive Income | 336,161 | 729,654 | 2,373,986 |
Comprehensive Income attributable to Non-Controlling Interests | (208,978) | (631,831) | (1,564,710) |
Comprehensive Income Attributable to Apollo Global Management, LLC | $ 127,183 | $ 97,823 | $ 809,276 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Parenthetical - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
OCI, foreign currency translation gain (loss), tax | $ 0.9 | $ 0 | $ 0 |
OCI, noncontrolling interest, foreign currency translation gain (loss), tax | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Additional Paid in Capital | Accumulated Deficit | Appropriated Partners' Capital | Accumulated Other Comprehensive (Loss) Income | Apollo Global Management, LLC | Non-Controlling Interests in Consolidated Entities | Non-Controlling Interests in Apollo Operating Group | Common Class A Shares | Common Class A SharesCommon Stock | Common Class B SharesCommon Stock |
Balance, Beginning of Period at Dec. 31, 2012 | $ 5,703,383 | $ 3,043,334 | $ (2,142,020) | $ 1,765,360 | $ 144 | $ 2,666,818 | $ 1,893,212 | $ 1,143,353 | |||
Balance, Beginning of Period (in shares) at Dec. 31, 2012 | 130,053,993 | 1 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Dilution impact of issuance of Class A shares | 4,865 | 4,865 | 4,865 | ||||||||
Capital increase related to equity-based compensation | 124,098 | 104,935 | 104,935 | 19,163 | |||||||
Capital contributions | 689,172 | 689,172 | |||||||||
Distributions | (2,119,465) | (650,189) | (334,215) | (984,404) | (159,573) | (975,488) | |||||
Distributions related to deliveries of Class A shares for RSUs | (48,595) | 37,263 | (85,858) | (48,595) | |||||||
Class A shares delivered (in shares) | 5,181,389 | 5,181,389 | |||||||||
Purchase of AAA units | (62,326) | (62,326) | |||||||||
Net transfers of AAA ownership interest to (from) Non-Controlling Interests in consolidated entities | (2,226) | (2,226) | 2,226 | ||||||||
Satisfaction of liability related to AAA RDUs | 1,205 | 1,205 | 1,205 | ||||||||
Exchange of AOG units for class A shares (shares) | 11,045,402 | ||||||||||
Exchange of AOG Units for Class A shares | 22,399 | 85,395 | 85,395 | (62,996) | |||||||
Net income | 2,373,994 | 659,391 | 149,934 | 809,325 | 307,019 | 1,257,650 | |||||
Allocation of currency translation adjustment of consolidated CLOs and funds (net of taxes of $0.9 million, $0.0 million and $0.0 million for Apollo Global Management, LLC for the years ended December 31, 2015, 2014 and 2013, respectively, and $0.0 million, $0.0 million and $0.0 million for Non-Controlling Interests in Apollo Operating Group for the years ended December 31, 2015, 2014 and 2013, respectively) | 0 | ||||||||||
Net loss on available-for-sale securities (from equity method investment) | (8) | (49) | (49) | 41 | |||||||
Balance, End of Period at Dec. 31, 2013 | 6,688,722 | 2,624,582 | (1,568,487) | 1,581,079 | 95 | 2,637,269 | 2,669,730 | 1,381,723 | |||
Balance, End of Period (in shares) at Dec. 31, 2013 | 146,280,784 | 1 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Dilution impact of issuance of Class A shares | 5,267 | 5,267 | 5,267 | ||||||||
Capital increase related to equity-based compensation | 108,871 | 108,871 | 108,871 | ||||||||
Capital contributions | 1,072,271 | 135,356 | 135,356 | 936,915 | |||||||
Distributions | (2,700,509) | (555,532) | (713,264) | (1,268,796) | (615,301) | (816,412) | |||||
Distributions related to deliveries of Class A shares for RSUs | 27,496 | 27,899 | (403) | 27,496 | |||||||
Class A shares delivered (in shares) | 10,491,649 | 10,491,649 | |||||||||
Purchase of AAA units | (312) | (312) | |||||||||
Net transfers of AAA ownership interest to (from) Non-Controlling Interests in consolidated entities | (3,423) | (3,423) | 3,423 | ||||||||
Satisfaction of liability related to AAA RDUs | 1,183 | 1,183 | 1,183 | ||||||||
Exchange of AOG units for class A shares (shares) | 6,274,121 | ||||||||||
Exchange of AOG Units for Class A shares | 10,818 | 45,436 | 45,436 | (34,618) | |||||||
Net income | 729,922 | 168,229 | (70,729) | 97,500 | 227,740 | 404,682 | |||||
Allocation of currency translation adjustment of consolidated CLOs and funds (net of taxes of $0.9 million, $0.0 million and $0.0 million for Apollo Global Management, LLC for the years ended December 31, 2015, 2014 and 2013, respectively, and $0.0 million, $0.0 million and $0.0 million for Non-Controlling Interests in Apollo Operating Group for the years ended December 31, 2015, 2014 and 2013, respectively) | 724 | 724 | 724 | ||||||||
Change in cash flow hedge instruments | (990) | (399) | (399) | (591) | |||||||
Net loss on available-for-sale securities (from equity method investment) | (2) | (2) | (2) | ||||||||
Balance, End of Period at Dec. 31, 2014 | 5,943,461 | 2,254,283 | (1,400,661) | 933,166 | (306) | 1,786,482 | 3,222,195 | 934,784 | |||
Balance, End of Period (in shares) at Dec. 31, 2014 | 163,046,554 | 1 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Dilution impact of issuance of Class A shares | 3,588 | 3,588 | 3,588 | ||||||||
Capital increase related to equity-based compensation | 67,959 | 67,959 | 67,959 | ||||||||
Capital contributions | 5,916 | 5,916 | |||||||||
Distributions | (842,535) | (367,894) | (367,894) | (21,317) | (453,324) | ||||||
Distributions related to deliveries of Class A shares for RSUs | (72,594) | 6,276 | (78,870) | (72,594) | |||||||
Class A shares delivered (in shares) | 11,296,388 | 11,521,762 | |||||||||
Exchange of AOG units for class A shares (shares) | 6,510,621 | ||||||||||
Exchange of AOG Units for Class A shares | 16,288 | 39,526 | 39,526 | (23,238) | |||||||
Net income | 350,495 | 134,497 | 134,497 | 21,364 | 194,634 | ||||||
Allocation of currency translation adjustment of consolidated CLOs and funds (net of taxes of $0.9 million, $0.0 million and $0.0 million for Apollo Global Management, LLC for the years ended December 31, 2015, 2014 and 2013, respectively, and $0.0 million, $0.0 million and $0.0 million for Non-Controlling Interests in Apollo Operating Group for the years ended December 31, 2015, 2014 and 2013, respectively) | (13,535) | (6,456) | (6,456) | (7,079) | |||||||
Change in cash flow hedge instruments | 105 | 46 | 46 | 59 | |||||||
Net loss on available-for-sale securities (from equity method investment) | (904) | (904) | (904) | ||||||||
Balance, End of Period at Dec. 31, 2015 | $ 1,388,981 | $ 2,005,509 | $ (1,348,384) | $ 0 | $ (7,620) | $ 649,505 | $ 86,561 | $ 652,915 | |||
Balance, End of Period (in shares) at Dec. 31, 2015 | 181,078,937 | 1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 350,495 | $ 729,922 | $ 2,373,994 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Equity-based compensation | 97,676 | 126,320 | 126,227 |
Non-cash management fees | (27,066) | (16,738) | 0 |
Depreciation and amortization | 44,474 | 45,069 | 54,241 |
Unrealized (gains) losses from investment activities | (122,426) | (21,726) | 12,962 |
Cash distributions of earnings from equity method investments | 30,931 | 83,656 | 109,076 |
Income from equity method investments | (14,855) | (53,856) | (107,350) |
Excess tax benefits from share-based payment arrangements | (1,234) | (27,899) | (37,263) |
Deferred taxes, net | 26,431 | 80,356 | 62,701 |
Other non-cash amounts included in net income, net | (21,912) | (1,223) | 49,326 |
Changes in assets and liabilities: | |||
Carried interest receivable | 303,296 | 1,375,409 | (408,819) |
Due from affiliates | 1,500 | (252,339) | (130,525) |
Other assets | 16,275 | (24,868) | 6,250 |
Accounts payable and accrued expenses | 49,403 | 33,986 | 34,034 |
Accrued compensation and benefits | (9,916) | 16,185 | (17,244) |
Deferred revenue | (18,370) | (79,865) | 27,322 |
Due to affiliates | 12,521 | (97,521) | (44,223) |
Profit sharing payable | (122,632) | (518,003) | 141,225 |
Other liabilities | (2,281) | 6,889 | (5,822) |
Apollo Funds related: | |||
Net realized gains from investment activities | (6,988) | (79,277) | (87,881) |
Net unrealized (gains) losses from investment activities | (8,392) | 113,423 | (309,138) |
Net realized gains on debt | 0 | (101,745) | (137,098) |
Net unrealized (gains) losses on debt | (3,057) | (809) | 232,510 |
Distributions from investment activities | 0 | 0 | 66,796 |
Change in cash held at consolidated variable interest entities | 256,623 | (13,813) | 587,526 |
Purchases of investments | (521,205) | (10,330,057) | (9,841,763) |
Proceeds from sale of investments and liquidating distributions | 409,218 | 8,509,361 | 8,422,195 |
Change in other assets | (24,428) | (43,521) | 19,260 |
Change in other liabilities | (111,408) | 169,767 | (64,061) |
Net Cash Provided by (Used in) Operating Activities | 582,673 | (372,917) | 1,134,458 |
Cash Flows from Investing Activities: | |||
Purchases of fixed assets | (6,203) | (5,949) | (7,577) |
Proceeds from disposals of fixed assets | 0 | 115 | 2,282 |
Proceeds from sale of investments | 25,000 | 50,000 | 0 |
Purchase of investments | (25,000) | 0 | 0 |
Cash contributions to equity method investments | (234,382) | (109,923) | (98,422) |
Cash distributions from equity method investments | 61,576 | 76,343 | 107,208 |
Change in restricted cash | 653 | 2,846 | (840) |
Issuance of employee loans | (25,000) | 0 | 0 |
Other investing activities | 420 | 0 | 0 |
Net Cash (Used in) Provided by Investing Activities | (202,936) | 13,432 | 2,651 |
Cash Flows from Financing Activities: | |||
Principal repayments of debt | 0 | (250,000) | (737,818) |
Issuance of debt | 0 | 533,956 | 750,000 |
Issuance costs | 0 | (5,478) | (7,750) |
Net loss related to cash flow hedge instruments | 0 | (1,051) | 0 |
Satisfaction of tax receivable agreement | (48,420) | (32,032) | (30,403) |
Satisfaction of contingent obligations | (15,743) | (37,271) | (67,535) |
Purchases of equity securities | (3,120) | 0 | 0 |
Distributions related to deliveries of Class A shares for RSUs | (78,870) | (403) | (85,858) |
Distributions paid to Non-Controlling Interests in consolidated entities | (12,102) | (19,425) | (12,171) |
Contributions from Non-Controlling Interests in consolidated entities | 147 | 2,001 | 273 |
Distributions paid | (354,434) | (506,043) | (584,465) |
Distributions paid to Non-Controlling Interests in Apollo Operating Group | (453,324) | (816,412) | (975,488) |
Excess tax benefits from share-based payment arrangements | 1,234 | 27,899 | 37,263 |
Apollo Funds related: | |||
Issuance of debt | 0 | 4,225,451 | 2,747,033 |
Principal repayment of debt | 0 | (2,371,499) | (2,218,060) |
Purchase of AAA units | 0 | (312) | (62,326) |
Distributions paid | 0 | (703,041) | (334,215) |
Distributions paid to Non-Controlling Interests in consolidated variable interest entities | (9,215) | (450,419) | (147,402) |
Contributions from Non-Controlling Interests in consolidated variable interest entities | 5,769 | 889,690 | 688,899 |
Subscriptions received in advance | 0 | 0 | 35,000 |
Net Cash (Used in) Provided by Financing Activities | (968,078) | 485,611 | (1,005,023) |
Net (Decrease) Increase in Cash and Cash Equivalents | (588,341) | 126,126 | 132,086 |
Cash and Cash Equivalents, Beginning of Period | 1,205,663 | 1,079,537 | 947,451 |
Cash and Cash Equivalents, End of Period | 617,322 | 1,205,663 | 1,079,537 |
Supplemental Disclosure of Cash Flow Information: | |||
Interest paid | 32,270 | 22,191 | 43,760 |
Interest paid by consolidated variable interest entities | 17,574 | 157,812 | 120,149 |
Income taxes paid | 7,922 | 57,276 | 9,233 |
Supplemental Disclosure of Non-Cash Investing Activities: | |||
Non-cash contributions to equity method investments | 36,634 | 0 | 0 |
Non-cash distributions from equity method investments | (7,724) | (6,720) | (1,303) |
Transfer of fixed assets held for sale | 0 | 0 | 6,486 |
Supplemental Disclosure of Non-Cash Financing Activities: | |||
Declared and unpaid distributions | (13,460) | (49,489) | (65,724) |
Non-cash distributions from Non-Controlling Interests in consolidated entities to Appropriated Partners' Capital | 0 | (135,356) | 0 |
Non-cash contributions from Non-Controlling Interests in Apollo Operating Group related to equity-based compensation | 0 | 0 | 19,163 |
Capital increases related to equity-based compensation | 67,959 | 108,871 | 104,935 |
Other non-cash financing activities | 3,559 | 6,448 | 6,021 |
Adjustments related to exchange of Apollo Operating Group units: | |||
Deferred tax assets | 61,720 | 58,696 | 149,327 |
Due to affiliates | (45,432) | (47,878) | (126,928) |
Additional paid in capital | (16,288) | (10,818) | (22,399) |
Non-Controlling Interest in Apollo Operating Group | 23,238 | 34,618 | 62,996 |
Cash and cash equivalents | 760,491 | 0 | 0 |
Investments, at fair value | 16,930,227 | 0 | 0 |
Other Assets | 280,428 | 0 | 0 |
Debt, at fair value | (13,229,570) | 0 | 0 |
Other liabilities | (529,080) | 0 | 0 |
Non-Controlling Interests in consolidated entities | (3,134,518) | 0 | 0 |
Appropriated partners’ capital | $ (929,708) | $ 0 | $ 0 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION Apollo Global Management, LLC (together with its consolidated subsidiaries, the “Company” or “Apollo”) is a global alternative investment manager whose predecessor was founded in 1990. Its primary business is to raise, invest and manage private equity, credit and real estate funds as well as strategic investment accounts (“SIAs”), on behalf of pension, endowment and sovereign wealth funds, as well as other institutional and individual investors. For these investment management services, Apollo receives management fees generally related to the amount of assets managed, transaction and advisory fees and carried interest income related to the performance of the respective funds that it manages. Apollo has three primary business segments: • Private equity —primarily invests in control equity and related debt instruments, convertible securities and distressed debt investments; • Credit —primarily invests in non-control corporate and structured debt instruments including performing, stressed and distressed investments across the capital structure; and • Real estate —primarily invests in real estate equity for the acquisition and recapitalization of real estate assets, portfolios, platforms and operating companies, and real estate debt including first mortgage and mezzanine loans, preferred equity and commercial mortgage backed securities. Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“ U.S. GAAP ”). The consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities (“VIEs”) and for which the Company is considered the primary beneficiary, and certain entities which are not considered VIEs but which the Company controls through a majority voting interest. Intercompany accounts and transactions have been eliminated upon consolidation. Certain reclassifications, when applicable, have been made to the prior period’s consolidated financial statements and notes to conform to the current period’s presentation and are disclosed accordingly. Organization of the Company The Company was formed as a Delaware limited liability company on July 3, 2007 and completed a reorganization of its predecessor businesses on July 13, 2007 (the “2007 Reorganization”). The Company is managed and operated by its manager, AGM Management, LLC, which in turn is indirectly wholly-owned and controlled by Leon Black, Joshua Harris and Marc Rowan (the “Managing Partners”). As of December 31, 2015 , the Company owned, through five intermediate holding companies that include APO Corp., a Delaware corporation that is a domestic corporation for U.S. federal income tax purposes, APO Asset Co., LLC, a Delaware limited liability company that is a disregarded entity for U.S. federal income tax purposes, APO (FC), LLC, an Anguilla limited liability company that is treated as a corporation for U.S. federal income tax purposes, APO (FC II), LLC, an Anguilla limited liability company that is treated as a corporation for U.S. federal income tax purposes and APO UK (FC), LLC, an Anguilla limited liability company that is treated as a corporation for U.S. federal income tax purposes (collectively, the “Intermediate Holding Companies”), 45.6% of the economic interests of, and operated and controlled all of the businesses and affairs of, the Apollo Operating Group through its wholly-owned subsidiaries. AP Professional Holdings, L.P., a Cayman Islands exempted limited partnership (“Holdings”), is the entity through which the Managing Partners and certain of the Company’s other partners (the “Contributing Partners”) indirectly beneficially own interests in each of the partnerships that comprise the Apollo Operating Group (“AOG Units”). As of December 31, 2015 , Holdings owned the remaining 54.4% of the economic interests in the Apollo Operating Group. The Company consolidates the financial results of the Apollo Operating Group and its consolidated subsidiaries. Holdings’ ownership interest in the Apollo Operating Group is reflected as a Non-Controlling Interest in the accompanying consolidated financial statements. Pursuant to an exchange agreement between Apollo, Holdings and the other parties thereto (as amended, the “Exchange Agreement”), the holders of the AOG Units (and certain permitted transferees thereof) may, upon notice and subject to the applicable vesting and minimum retained ownership requirements, transfer restrictions and other terms of the Exchange Agreement, exchange their AOG Units for the Company’s Class A shares on a one -for- one basis a limited number of times each year, subject to customary conversion rate adjustments for splits, distributions and reclassifications. Pursuant to the Exchange Agreement, a holder of AOG Units must simultaneously exchange one partnership unit in each of the Apollo Operating Group partnerships to effectuate an exchange for one Class A share. As a holder exchanges its AOG Units, the Company’s indirect interest in the Apollo Operating Group is correspondingly increased. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation —The types of entities with which Apollo is involved generally include subsidiaries (e.g., general partners and management companies related to the funds the Company manages), entities that have all the attributes of an investment company (e.g., funds) and securitization vehicles (e.g., collateralized loan obligations). Each of these entities is assessed for consolidation on a case by case basis depending on the specific facts and circumstances surrounding that entity. In February 2015, the Financial Accounting Standards Board (“FASB”) issued new consolidation guidance which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period, and adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company has elected to adopt this new guidance using the modified retrospective method, which results in an effective date of adoption of January 1, 2015. Restatement of prior period results is not required. Amounts presented for the year ended December 31, 2015 in the consolidated statements of operations reflect the adoption of this accounting guidance as of January 1, 2015. Pursuant to the new consolidation guidance, the Company first evaluates whether it holds a variable interest in an entity. Fees that are customary and commensurate with the level of services provided, and where the Company doesn’t hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. Apollo factors in all economic interests including proportionate interests through related parties, to determine if fees are considered a variable interest. As Apollo’s interests in many of these entities are solely through carried interests, performance fees, and/or insignificant indirect interests through related parties, Apollo is not considered to have a variable interest in many of these entities under the new guidance and no further consolidation analysis is performed. Prior to adoption of the new consolidation guidance, fees received by the Company for investment management services (e.g. carried interests and performance fees) were considered variable interests. For the remaining entities where the Company has determined that it does hold a variable interest, the Company performs an assessment to determine whether each of those entities qualify as a VIE. An entity is considered a VIE if any one of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the legal entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk (as a group) lack either the direct or indirect ability through voting rights or similar rights to make decisions about a legal entity’s activities that have a significant effect on the success of the legal entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the legal entity, their rights to receive the expected residual returns of the legal entity, or both and substantially all of the legal entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Under the new guidance, for limited partnerships and other similar entities, unaffiliated investors must be granted rights to either dissolve the fund or remove the general partner (“kick-out rights”) in order to not qualify as a VIE under condition (b) above. Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities (“VOEs”) under the voting interest model. Under the voting interest model, Apollo consolidates those entities it controls through a majority voting interest. Apollo does not consolidate those VOEs in which substantive kick-out rights have been granted to the unaffiliated investors to either dissolve the fund or remove the general partner. As previously indicated, the consolidation assessment, including the determination as to whether an entity qualifies as a VIE depends on the facts and circumstances surrounding each entity and therefore certain of Apollo’s funds may qualify as VIEs whereas others may qualify as VOEs. The granting of substantive kick-out rights is a key consideration in determining whether a limited partnership or similar entity is a VIE and whether or not that entity should be consolidated. For example, when the unaffiliated holders of equity investment at risk of a fund (assumed to be limited partnerships or similar entities) with sufficient equity to permit the fund to finance its activities without additional subordinated financial support are not granted substantive kick-out rights the fund is determined to be a VIE. Alternatively, when the unaffiliated holders of equity investment at risk are granted substantive kick-out rights, the fund is generally determined to be a VOE. Prior to adoption of the new guidance, in certain cases where the Company held a substantive equity investment at risk in the fund, the fund may have been determined to be a VOE even though substantive kick-out rights were not granted to the unaffiliated holders of equity investment at risk. Under the new guidance for limited partnerships or similar entities, unaffiliated investors must have kick-out rights to be considered a VOE. If the entity is determined to be a VIE under the conditions above, the Company assesses whether the entity should be consolidated by determining if Apollo is the primary beneficiary of the entity. Prior to adoption of the new consolidation guidance, this analysis differed depending on the type of VIE being assessed and which consolidation model was applied. For VIEs that qualified for the deferral of the then amended consolidation rules (i.e. investment company entities), Apollo was determined to be the primary beneficiary when its interests, through holding interests directly or indirectly in the VIE or contractually through other variable interests (e.g., carried interest and performance fees), would be expected to absorb a majority of the VIE’s expected losses, receive a majority of the VIE’s expected residual returns, or both. In cases where two or more Apollo related parties held a variable interest in a VIE, and the aggregate variable interest held by those parties would, if held by a single party, identify that party as the primary beneficiary, then the Company was determined to be the primary beneficiary to the extent it was the party within the related party group that was most closely associated with the VIE. For VIEs that did not qualify for the deferral, such as Apollo’s CLOs which applied the then amended consolidation rules, the Company was determined to be the primary beneficiary if it held a controlling financial interest defined as possessing both (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Under the new guidance, for all VIEs including investment company entities that previously met the deferral requirements, the Company is only determined to be the Primary Beneficiary when it has a controlling financial interest as defined above. Prior to adoption of the new guidance, when Apollo alone was not considered to have a controlling financial interest but Apollo and its related parties on an aggregate basis did have a controlling financial interest, an analysis regarding which party was most closely associated with the VIE was performed. Under the new guidance, determining which party is more closely associated with an entity is only performed when the related party group that has a controlling financial interest, shares power or is under common control. When the related party group holding a controlling financial interest is not under common control, then Apollo would only be deemed to be the primary beneficiary if substantially all the activities of the entity are performed on behalf of Apollo. Apollo continues to determine whether it is the primary beneficiary of a VIE at the time it becomes initially involved with the VIE and reconsiders that conclusion continuously. Investments and redemptions (either by Apollo, affiliates of Apollo or third parties) or amendments to the governing documents of the respective entity may affect an entity’s status as a VIE or the determination of the primary beneficiary. The assessment of whether an entity is a VIE and the determination of whether Apollo should consolidate such VIE requires judgment. Under both the previous and the new guidance, those judgments include, but are not limited to: (i) determining whether the total equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (ii) evaluating whether the holders of equity investment at risk, as a group, can make decisions that have a significant effect on the success of the entity, (iii) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive the expected residual returns from an entity, and (iv) evaluating the nature of the relationship and activities of the parties involved in determining which party within a related-party group (only for those related parties with shared power or under common control under the new guidance) is most closely associated with the VIE. Judgments are also made in determining whether a member in the equity group has a controlling financial interest including power to direct activities that most significantly impact the VIEs’ economic performance and rights to receive benefits or obligations to absorb losses that could be potentially significant to the VIE. This analysis includes interests through related parties. Prior to adoption of the new guidance, where the VIEs had qualified for the deferral, judgments were made in estimating cash flows to evaluate which member within the equity group absorbed a majority of the expected losses or residual returns of the VIE. Assets and liabilities of the consolidated VIEs are shown in separate sections within the consolidated statements of financial condition as of December 31, 2015 and 2014 . For additional disclosures regarding VIEs, see note 5 . Intercompany transactions and balances, if any, have been eliminated in consolidation. Cash and Cash Equivalents —Apollo considers all highly liquid short-term investments with original maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts are on deposit in interest-bearing accounts with major financial institutions and exceed insured limits. Restricted Cash —Restricted cash represents cash deposited at a bank, which is pledged as collateral in connection with leased premises. Deferred Revenue —Apollo earns management fees subject to the Management Fee Offset. When advisory and transaction fees are earned by the management company, the Management Fee Offset reduces the management fee obligation of the fund. When the management company receives cash for advisory and transaction fees, a certain percentage of such advisory and/or transaction fees, as applicable, is allocated as a credit to reduce future management fees, otherwise payable by such fund. Such credit is classified as deferred revenue in the consolidated statements of financial condition. A portion of any excess advisory and transaction fees may be required to be returned to the limited partners of certain funds upon such fund’s liquidation. As the management fees earned by the management company are presented on a gross basis, any Management Fee Offsets calculated are presented as a reduction to advisory and transaction fees from affiliates in the consolidated statements of operations. Additionally, Apollo earns advisory fees pursuant to the terms of the advisory agreements with certain of the portfolio companies that are owned by the funds. When Apollo receives a payment from a portfolio company that exceeds the advisory fees earned at that point in time, the excess payment is classified as deferred revenue in the consolidated statements of financial condition. The advisory agreements with the portfolio companies vary in duration and the associated fees are received monthly, quarterly or annually. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. Under the terms of the funds’ partnership agreements, Apollo is normally required to bear organizational expenses over a set dollar amount and placement fees or costs in connection with the offering and sale of interests in the funds to investors. The placement fees are payable to placement agents, who are independent third parties that assist in identifying potential investors, securing commitments to invest from such potential investors, preparing or revising offering and marketing materials, developing strategies for attempting to secure investments by potential investors and/or providing feedback and insight regarding issues and concerns of potential investors, when a limited partner either commits or funds a commitment to a fund. In certain instances the placement fees are paid over a period of time. Based on the management agreements with the funds, Apollo considers placement fees and organizational costs paid in determining if cash has been received in excess of the management fees earned. Placement fees and organizational costs are normally the obligation of Apollo but can be paid for by the funds. When these costs are paid by the fund, the resulting obligations are included within deferred revenue. The deferred revenue balance will also be reduced during future periods when management fees are earned but not paid. Due from/to Affiliates —Apollo considers its existing partners, employees, certain former employees, portfolio companies of the funds and nonconsolidated private equity, credit and real estate funds to be affiliates or related parties. Investments, at Fair Value —The Company follows U.S. GAAP attributable to fair value measurements which, among other things, requires enhanced disclosures about investments that are measured and reported at fair value. Investments, at fair value represent investments of the consolidated funds, investments of the consolidated VIEs and certain financial instruments for which the fair value option has been elected. The unrealized gains and losses resulting from changes in the fair value are reflected as net gains (losses) from investment activities and net gains (losses) from investment activities of the consolidated VIEs in the consolidated statements of operations. In accordance with U.S. GAAP, investments measured and reported at fair value are classified and disclosed in one of the following categories: Level I —Quoted prices are available in active markets for identical investments as of the reporting date. The type of investments included in Level I include listed equities and listed derivatives. As required by U.S. GAAP, the Company does not adjust the quoted price for these investments, even in situations where the Company holds a large position and the sale of such position would likely deviate from 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. Investments that are generally included in this category include corporate bonds and loans, less liquid and restricted equity securities and certain over-the-counter derivatives where the fair value is based on observable inputs. These investments exhibit higher levels of liquid market observability as compared to Level III investments. The Company subjects broker quotes to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level II investment. These criteria include, but are not limited to, the number and quality of broker quotes, the standard deviation of obtained broker quotes, and the percentage deviation from independent pricing services. Level III —Pricing inputs are unobservable for the investment and includes situations where there is little observable market activity for the investment. The inputs into the determination of fair value may require significant management judgment or estimation. Investments that are included in this category generally include general and limited partner interests in corporate private equity and real estate funds, opportunistic credit funds, distressed debt and non-investment grade residual interests in securitizations and CDOs and CLOs where the fair value is based on observable inputs as well as unobservable inputs. When a security is valued based on broker quotes, the Company subjects those quotes to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level II or Level III investment. These criteria include, but are not limited to, the number and quality of the broker quotes, the standard deviations of the observed broker quotes, and the percentage deviation from independent pricing services. 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 when the fair value is based on unobservable inputs. In cases where an investment or financial instrument that is measured and reported at fair value is transferred between levels of the fair value hierarchy, the Company accounts for the transfer as of the end of the reporting period. On a quarterly basis, Apollo utilizes valuation committees consisting of members from senior management, to review and approve the valuation results related to the investments of the funds it manages. For certain publicly traded vehicles, a review is performed by an independent board of directors. The Company also retains independent valuation firms to provide third-party valuation consulting services to Apollo, which consist of certain limited procedures that management identifies and requests them to perform. The limited procedures provided by the independent valuation firms assist management with validating their valuation results or determining fair value. The Company performs various back-testing procedures to validate their valuation approaches, including comparisons between expected and observed outcomes, forecast evaluations and variance analyses. However, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. Equity Method Investments —For investments in entities over which the Company exercises significant influence but which do not meet the requirements for consolidation and for which the Company has not elected the fair value option, the Company uses the equity method of accounting, whereby the Company records its share of the underlying income or loss of such entities. The carrying amounts of equity method investments are reflected in investments in the consolidated statements of financial condition. As the underlying entities that the Company manages and invests in are, for U.S. GAAP purposes, primarily investment companies which reflect their investments at estimated fair value, the carrying value of the Company’s equity method investments in such entities approximates fair value. Private Equity Investments The value of liquid investments, where the primary market is an exchange (whether foreign or domestic) is determined using period end market prices. Such prices are generally based on the close price on the date of determination. Valuation approaches used to estimate the fair value of investments that are less liquid include the market approach and the income approach. The market approach provides an indication of fair value based on a comparison of the subject company to comparable publicly traded companies and transactions in the industry. The market approach is driven more by current market conditions, including actual trading levels of similar companies and, to the extent available, actual transaction data of similar companies. Judgment is required by management when assessing which companies are similar to the subject company being valued. Consideration may also be given to such factors as the Company’s historical and projected financial data, valuations given to comparable companies, the size and scope of the Company’s operations, the Company’s strengths, weaknesses, expectations relating to the market’s receptivity to an offering of the Company’s securities, applicable restrictions on transfer, industry and market information and assumptions, general economic and market conditions and other factors deemed relevant. The income approach provides an indication of fair value based on the present value of cash flows that a business or security is expected to generate in the future. The most widely used methodology in the income approach is a discounted cash flow method. Inherent in the discounted cash flow method are assumptions of expected results and a calculated discount rate. Credit Investments The majority of investments in Apollo’s credit funds are valued based on quoted market prices and valuation models. Quoted market prices are valued based on the average of the “bid” and the “ask” quotes provided by multiple brokers wherever possible without any adjustments. Apollo will designate certain brokers to use to value specific securities. In order to determine the designated brokers, Apollo considers the following: (i) brokers with which Apollo has previously transacted, (ii) the underwriter of the security and (iii) active brokers indicating executable quotes. In addition, when valuing a security based on broker quotes wherever possible Apollo tests the standard deviation amongst the quotes received and the variance between the concluded fair value and the value provided by a pricing service. When broker quotes are not available Apollo considers the use of pricing service quotes or other sources to mark a position. When relying on a pricing service as a primary source, (i) Apollo analyzes how the price has moved over the measurement period (ii) reviews the number of brokers included in the pricing service’s population and (iii) validates the valuation levels with Apollo’s pricing team and traders. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value utilizing a model based approach to determine fair value. When determining fair value when no observable market value exists, the value attributed to an investment is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation approaches used to estimate the fair value of illiquid credit investments also may include the market approach and the income approach, as previously described above. The valuation approaches used consider, as applicable, market risks, credit risks, counterparty risks and foreign currency risks. T he credit funds also enter into foreign currency exchange contracts, total return swap contracts, credit default swap contracts, and other derivative contracts, which may include options, caps, collars and floors. Foreign currency exchange contracts are marked-to-market by recognizing the difference between the contract exchange rate and the current market rate as unrealized appreciation or depreciation. If securities are held at the end of this period, the changes in value are recorded in income as unrealized. Realized gains or losses are recognized when contracts are settled. Total return swap and credit default swap contracts are recorded at fair value as an asset or liability with changes in fair value recorded as unrealized appreciation or depreciation. Realized gains or losses are recognized at the termination of the contract based on the difference between the close-out price of the total return or credit default swap contract and the original contract price. Forward contracts are valued based on market rates obtained from counterparties or prices obtained from recognized financial data service providers. Real Estate Investments The estimated fair value of commercial mortgage-backed securities (“CMBS”) in Apollo’s funds is determined by reference to market prices provided by certain dealers who make a market in these financial instruments. Broker quotes are only indicative of fair value and may not necessarily represent what the funds would receive in an actual trade for the applicable instrument. Additionally, the loans held-for-investment are stated at the principal amount outstanding, net of deferred loan fees and costs for certain investments. The Company evaluates its loans for possible impairment on a quarterly basis. For Apollo’s real estate funds, valuations of non-marketable underlying investments are determined using methods that include, but are not limited to (i) discounted cash flow estimates or comparable analysis prepared internally, (ii) third party appraisals or valuations by qualified real estate appraisers, and (iii) contractual sales value of investments/properties subject to bona fide purchase contracts. Methods (i) and (ii) also incorporate consideration of the use of the income, cost, or sales comparison approaches of estimating property values. Fair Value of Financial Instruments The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Except for the Company’s debt obligations (as described in note 12 ), Apollo’s financial instruments are recorded at fair value or at amounts whose carrying values approximate fair value. See “Investments, at Fair Value” above. While Apollo’s valuations of portfolio investments are based on assumptions that Apollo believes are reasonable under the circumstances, the actual realized gains or losses will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may ultimately differ significantly from the assumptions on which the valuations were based. Financial instruments’ carrying values generally approximate fair value because of the short-term nature of those instruments or variable interest rates related to the borrowings. Fair Value Option —Apollo has elected the fair value option for the Company’s investment in Athene Holding Ltd. (“Athene Holding” and, together with its subsidiaries, “Athene”) and for the assets and liabilities of the consolidated VIEs. Such election is irrevocable and is applied to financial instruments on an individual basis at initial recognition. Apollo has applied the fair value option for certain corporate loans, other investments and debt obligations held by the consolidated VIEs that otherwise would not have been carried at fair value. See notes 4 , 5 , and 6 for further disclosure on the investments in Athene Holding and financial instruments of the consolidated VIEs for which the fair value option has been elected. Financial Instruments held by Consolidated VIEs The Company has adopted the measurement alternative included in the new collateralized financing entity (“CFE”) guidance. In applying the amendments introduced by the CFE guidance, the Company used a modified retrospective approach by recording a cumulative-effect adjustment to shareholders’ equity as of January 1, 2015. Amounts presented for the year ended December 31, 2015 in the consolidated statements of operations reflect the adoption of this accounting guidance as of January 1, 2015. Pursuant to the new CFE guidance, the Company measures both the financial assets and financial liabilities of the consolidated collateralized loan obligations (“CLOs”) in its consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The Company believes the fair value of the financial assets of the consolidated CLOs are more observable than the fair value of the financial liabilities of the consolidated CLOs. As a result, the financial assets of the consolidated CLOs are measured at fair value and the financial liabilities are measured in consolidation as: (i) the sum of the fair value of the financial assets and the carrying value of any non-financial assets that are incidental to the operations of the CLOs less (ii) the sum of the fair value of any beneficial interests retained by the reporting entity (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interest retained by the Company) using a reasonable and consistent methodology. Under the measurement alternative, the Company’s consolidated net income reflects the Company’s own economic interests in the consolidated CLOs including (i) changes in the fair value of the beneficial interests retained by the Company and (ii) beneficial interests that represent compensation for collateral management services. Prior to the adoption of the new CFE guidance, the Company elected the fair value option for the assets and liabilities of the consolidated CLOs. The Company accounted for the difference between the fair value of the assets and the fair value of the liabilities of the consolidated CLOs in net gains from investment activities of consolidated variable interest entities in the consolidated statements of operations. This amount was attributed to the Company and other beneficial interest holders based on each beneficial holder’s residual interest in the consolidated CLOs. The amount attributed to other beneficial interest holders was reflected in the consolidated statements of operations in net income attributable to Non-Controlling Interests and in the consolidated statements of financial condition in appropriated partners’ capital within shareholders’ equity. The amount was recorded as appropriated partners’ capital since the other holders of the CLOs’ beneficial interests, not the Company, received the benefits or absorbed the losses associated with their proportionate share of the CLOs’ assets and liabilities. The consolidated VIEs hold investments that could be traded over-the-counter. Investments in securities that are traded on a securities exchange or comparable over-the-counter quotation systems are valued based on the last reported sale price at that date. If no sales of such investments are reported on such date, and in the case of over-the-counter securities or other investments for which the last sale date is not available, valuations are based on independent market quotations obtained from market participants, recognized pricing services or other sources deemed relevant, and the prices are based on the average of the “bid” and “ask” prices, or at ascertainable prices at the close of business on such day. Market quotations are generally based on valuation pricing models or market transactions of similar securities adjusted for security-specific factors such as relative capital structure priority and interest and yield risks, among other factors. When market quotations are not avail |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS On May 5, 2015, the Company acquired 100% of the assets and liabilities of Venator Real Estate Capital Partners (Hong Kong) Limited and its wholly-owned subsidiary, Venator Investment Management Consulting (Shanghai) Limited (together referred to as “Venator”), in exchange for restricted shares of Apollo Global Management, LLC. The acquisition provided the Company’s real estate segment with additional real estate investment management and related service capabilities in Asia. The transaction was accounted for as a business combination. Identifiable assets with a combined fair value of $3.0 million were acquired and liabilities with a combined fair value of $2.1 million were assumed, resulting in a bargain purchase gain of $0.9 million as of the acquisition date, which was recorded in other income, net in the consolidated statement of operations. The carrying value of goodwill was $88.9 million and $49.2 million as of December 31, 2015 and 2014 , respectively. As of December 31, 2014, due to the consolidation of certain funds and CLOs, the goodwill relating to certain acquisitions was eliminated in consolidation. As a result of the Company’s adoption of new accounting guidance as described in note 2, the Company deconsolidated certain funds and CLOs as of January 1, 2015, resulting in the goodwill balance no longer eliminating in consolidation as of December 31, 2015. At June 30, 2015 and 2014 , the Company performed its annual impairment testing, and, as the fair value of each of the Company’s reporting units was in excess of its carrying value, there was no impairment of goodwill. Intangible assets, net consists of the following: As of December 31, 2015 2014 Finite-lived intangible assets/management contracts $ 242,863 $ 240,285 Accumulated amortization (214,243 ) (180,246 ) Intangible assets, net $ 28,620 $ 60,039 The changes in intangible assets, net consist of the following: For the Year Ended December 31, 2015 2014 2013 Balance, beginning of year $ 60,039 $ 94,927 $ 137,856 Amortization expense (33,998 ) (34,888 ) (43,194 ) Acquisitions 2,579 — 265 Balance, end of year $ 28,620 (1 ) $ 60,039 $ 94,927 (1) Includes $1.0 million of indefinite-life intangible assets as of December 31, 2015. Expected amortization of these intangible assets for each of the next 5 years and thereafter is as follows: 2016 2017 2018 2019 2020 Thereafter Total Amortization of intangible assets $ 8,655 $ 5,220 $ 3,677 $ 3,677 $ 3,677 $ 2,684 $ 27,590 There was no impairment of indefinite-life intangible assets as of December 31, 2015 . |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS | INVESTMENTS The following table represents Apollo’s investments: As of December 31, 2015 2014 Investments, at fair value $ 539,080 $ 2,499,128 Equity method investments 615,669 380,878 Total Investments $ 1,154,749 $ 2,880,006 Investments, at Fair Value Investments, at fair value, consist of investments for which the fair value option has been elected and include the Company’s investment in Athene Holding, investments held by the Company’s consolidated funds and other investments held by the Company. See note 6 for further discussion regarding investments, at fair value. Net Gains (Losses) from Investment Activities The following table presents the realized and net change in unrealized gains (losses) on investments, at fair value for the years ended December 31, 2015 , 2014 and 2013 : For the Year Ended December 31, 2015 2014 2013 Realized gains (losses) on sales of investments $ 889 $ (12,651 ) $ 409 Net change in unrealized gains due to changes in fair values 120,834 225,894 329,826 Net Gains from Investment Activities $ 121,723 $ 213,243 $ 330,235 Equity Method Investments Apollo’s equity method investments include its investments in Apollo private equity, credit and real estate funds, which are not consolidated, but in which the Company exerts significant influence. Apollo’s share of operating income generated by these investments is recorded within income from equity method investments in the consolidated statements of operations. Equity method investments, excluding those for which the fair value option was elected, as of December 31, 2015 and 2014 consisted of the following: Equity Held as of December 31, 2015 % of Ownership December 31, 2014 % of Ownership Private Equity Funds: AP Alternative Assets, L.P. ("AAA") (6) $ 65,961 2.370 % $ — — % AAA Investments, L.P. (“AAA Investments”) 1,676 0.057 1,293 0.057 Apollo Investment Fund IV, L.P. (“Fund IV”) 9 0.024 8 0.022 Apollo Investment Fund V, L.P. (“Fund V”) 57 0.048 68 0.031 Apollo Investment Fund VI, L.P. (“Fund VI”) 2,369 0.119 6,173 0.114 Apollo Investment Fund VII, L.P. (“Fund VII”) 58,334 1.245 78,286 1.223 Apollo Investment Fund VIII, L.P. (“Fund VIII”) 116,443 2.223 33,099 2.241 Apollo Natural Resources Partners, L.P. (“ANRP I”) 6,246 0.836 5,608 0.807 Apollo Natural Resources Partners II, L.P. (“ANRP II”) 5,194 2.447 — — AION Capital Partners Limited (“AION”) 16,497 5.938 14,707 6.113 Apollo Asia Private Credit Fund, L.P. (“APC”) 49 0.045 47 0.044 VC Holdings, L.P. Series A (“Vantium A/B”) 15 6.450 12 6.450 VC Holdings, L.P. Series C (“Vantium C”) 63 2.071 48 2.071 VC Holdings, L.P. Series D (“Vantium D”) 169 6.345 180 6.345 Other 41 NM — — Total Private Equity Funds (5) 273,123 139,529 Credit Funds: Apollo Special Opportunities Managed Account, L.P. (“SOMA”) 5,992 0.816 6,997 0.841 Apollo Value Strategic Fund, L.P. (“VIF”) 39 0.084 146 0.067 Apollo Strategic Value Fund, L.P. (“SVF”) 7 0.030 10 0.033 Apollo Credit Liquidity Fund, L.P. (“ACLF”) 2,253 4.106 4,128 2.771 Apollo Credit Opportunity Fund I, L.P. (“COF I”) 1,463 1.954 2,298 1.870 Apollo Credit Opportunity Fund II, L.P. (“COF II”) 1,281 1.523 2,249 1.497 Apollo Credit Opportunity Fund III, L.P. (“COF III”) 19,612 1.052 13,102 1.061 Apollo European Principal Finance Fund, L.P. (“EPF I”) 5,195 1.372 7,647 1.449 Apollo European Principal Finance Fund II, L.P. (“EPF II”) 47,867 1.760 44,523 1.760 Apollo Investment Europe II, L.P. (“AIE II”) 2,193 3.990 3,203 1.937 Apollo Investment Europe III, L.P. (“AIE III”) 3,917 2.920 1,540 2.914 Apollo Palmetto Strategic Partnership, L.P. (“Palmetto”) 15,158 1.186 14,049 1.186 Apollo Senior Floating Rate Fund Inc. (“AFT”) 78 0.030 86 0.031 Apollo Residential Mortgage, Inc. (“AMTG”) (3) 3,997 (1) 0.707 (1) 4,263 (2) 0.593 (2) Apollo European Credit, L.P. (“AEC”) 2,303 1.081 2,443 1.081 Apollo European Strategic Investments, L.P. (“AESI”) 2,323 0.990 3,834 0.990 Apollo European Strategic Investments II, L.P. (AESI II”) 1,224 0.990 123 0.990 Apollo Centre Street Partnership, L.P. (“ACSP”) 11,870 2.488 11,474 2.439 Apollo Investment Corporation (“AINV”) (4) 61,944 (1) 3.434 (1) 64,382 (2) 3.057 (2) Apollo SK Strategic Investments, L.P. (“SK”) 1,152 0.990 1,693 0.990 Apollo SPN Investments I, L.P. 5,490 0.392 5,500 0.720 CION Investment Corporation (“CION”) 1,000 0.107 1,000 0.206 Apollo Tactical Income Fund Inc. (“AIF”) 73 0.031 84 0.032 Apollo Franklin Partnership, L.P. (“Franklin Fund”) 8,147 9.091 9,647 9.091 Apollo Zeus Strategic Investments, L.P. (“Zeus”) 7,764 3.398 6,404 3.392 Apollo Lincoln Fixed Income Fund, L.P. 1,941 1.041 1,398 0.993 Apollo Lincoln Private Credit Fund, L.P. 211 0.990 194 0.990 Apollo Structured Credit Recovery Master Fund III, L.P. 1,804 0.293 315 0.126 Apollo Total Return Fund L.P. 162 0.032 163 0.046 Apollo Credit Short Opportunities Fund L.P. 20 0.012 19 0.027 MidCap FinCo Limited (“MidCap”) 79,326 4.940 — — Apollo Energy Opportunity Fund, L.P. (“AEOF”) 8,898 2.440 — — Apollo A-N Credit Fund, L.P. 4,962 1.970 — — Apollo Tactical Value SPN Investments, L.P. 1,168 1.482 — — Apollo Union Street Partners, L.P. 1,139 2.002 — — Apollo Hercules Partners L.P. 1,094 2.439 — — Total Credit Funds (5) 313,067 212,914 Real Estate: ARI (3) 13,845 (1) 1.043 (1) 13,989 (2) 1.495 (2) U.S. RE Fund I 9,275 5.000 10,519 1.845 U.S. RE Fund II 2,712 1.886 38 4.761 CPI Capital Partners North America, L.P. 28 0.404 137 0.408 CPI Capital Partners Europe, L.P. 5 0.001 5 0.001 CPI Capital Partners Asia Pacific, L.P. 80 0.039 96 0.039 Apollo GSS Holding (Cayman), L.P. 3,082 4.750 3,564 4.750 BEA/AGRE China Real Estate Fund, L.P. 83 1.030 87 1.031 Apollo-IC, L.P. (Shanghai Village) 359 3.100 — — Other 10 NM — — Total Real Estate Funds (5) 29,479 28,435 Total $ 615,669 $ 380,878 (1) Amounts are as of September 30, 2015 . (2) Amounts are as of September 30, 2014 . (3) Investment value includes the fair value of RSUs granted to the Company as of the grant date. These amounts are not considered in the percentage of ownership until the RSUs are vested and issued to the Company, at which point the RSUs are converted to common stock and delivered to the Company. (4) The value of the Company’s investment in AINV was $41,833 and $53,693 based on the quoted market price as of December 31, 2015 and December 31, 2014 , respectively. (5) Certain funds invest across multiple segments. The presentation in the table above is based on the classification of the majority of such funds’ investments. (6) AAA was deconsolidated effective January 1, 2015 as a result of the Company’s adoption of new accounting guidance, as described in note 2 . As a result, the Company’s investment in AAA no longer eliminates in consolidation. The Company’s equity method investment in Athene Holding, for which the fair value option was elected, met the significance criteria as defined by the SEC for the year ended December 31, 2015 . As such, the following tables present summarized financial information of Athene Holding as of December 31, 2015 and 2014 , and for the years ended December 31, 2015 , 2014 and 2013 : As of December 31, 2015 (1) 2014 in millions Statements of Financial Condition Investments $ 57,284 $ 59,050 Assets 74,335 82,182 Liabilities 68,865 77,584 Equity 5,470 4,598 (1) The financial statement information for the year ended December 31, 2015 is presented a quarter in arrears and is comprised of the financial information as of September 30, 2015, which represents the latest available financial information as of the date of this report. For the Year Ended December 31, 2015 (1) 2014 2013 in millions Statements of Operations Revenues $ 2,767 $ 4,133 $ 1,760 Expenses 2,161 3,598 750 Income before income tax provision 606 535 1,010 Income tax provision (benefit) 71 40 (1 ) Net income 535 495 1,011 Net income attributable to Non-controlling Interests (43 ) (12 ) (116 ) Net income available to Athene common shareholders $ 492 $ 483 $ 895 (1) The financial statement information for the year ended December 31, 2015 is presented a quarter in arrears and is comprised of the financial information for the year ended September 30, 2015, which represents the latest available financial information as of the date of this report. The tables below present summarized aggregate financial information of the Company’s equity method investments, as of December 31, 2015 and 2014 , and for the years ended December 31, 2015 , 2014 and 2013 : Private Equity Credit Real Estate Aggregate Totals As of As of As of As of Statement of Financial Condition 2015 (1) 2014 (1) 2015 (1) 2014 (1) 2015 (1) 2014 (1) 2015 (1) 2014 (1) Investments $ 17,080,292 $ 16,082,723 $ 18,830,120 $ 17,888,199 $ 3,188,822 $ 2,584,097 $ 39,099,234 $ 36,555,019 Assets 17,970,417 16,924,291 21,255,463 20,076,656 3,484,842 2,772,857 42,710,722 39,773,804 Liabilities 37,416 128,257 7,646,492 6,216,702 1,287,051 1,028,203 8,970,959 7,373,162 Equity 17,933,001 16,796,034 13,608,971 13,859,954 2,197,791 1,744,654 33,739,763 32,400,642 Private Equity Credit Real Estate Aggregate Totals For the Year Ended For the Year Ended For the Year Ended For the Year Ended Statement of Operations 2015 (1) 2014 (1) 2013 (1) 2015 (1) 2014 (1) 2013 (1) 2015 (1) 2014 (1) 2013 (1) 2015 (1) 2014 (1) 2013 (1) Revenues/Investment Income $ 408,971 $ 340,380 $ 675,844 $ 1,352,017 $ 1,954,270 $ 1,297,324 $ 120,340 $ 89,579 $ 73,429 $ 1,881,328 $ 2,384,229 $ 2,046,597 Expenses 306,044 326,126 239,750 464,610 417,967 583,410 35,340 29,022 39,153 805,994 773,115 862,313 Net Investment Income 102,927 14,254 436,094 887,407 1,536,303 713,914 85,000 60,557 34,276 1,075,334 1,611,114 1,184,284 Net Realized and Unrealized Gain (Loss) 20,757 1,300,343 10,411,556 (1,643,758 ) (548,088 ) 953,227 (1,699 ) 62,516 214,764 (1,624,700 ) 814,771 11,579,547 Net Income $ 123,684 $ 1,314,597 $ 10,847,650 $ (756,351 ) $ 988,215 $ 1,667,141 $ 83,301 $ 123,073 $ 249,040 $ (549,366 ) $ 2,425,885 $ 12,763,831 (1) Certain private equity, credit and real estate fund amounts are as of and for the twelve months ended September 30, 2015 , 2014 and 2013 . |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES As described in note 2 , the Company consolidates entities that are VIEs for which the Company has been designated as the primary beneficiary. There is no recourse to the Company for the consolidated VIEs’ liabilities. Consolidated Variable Interest Entities Apollo has consolidated VIEs in accordance with the policy described in note 2 . Through its role as investment manager of these VIEs, the Company determined that Apollo has the power to direct the activities that most significantly impact the economic performance of these VIEs. Additionally, Apollo determined that its interests, both directly and indirectly from these VIEs, represent rights to returns that could potentially be significant to such VIEs. As a result, Apollo determined that it is the primary beneficiary and therefore should consolidate the VIEs. Deconsolidation of CLOs CLOs are generally determined to be VIEs if they are formed solely to issue collateralized notes in the legal form of debt and therefore do not have sufficient total equity investment at risk to permit the entity to finance its activities without additional subordinated financial support. Prior to adoption of the new consolidation guidance, Apollo was considered to possess a controlling financial interest in, and therefore consolidated, such CLOs as Apollo’s role as collateral manager provided the Company with the power to direct the activities that most significantly impacted the CLO’s economic performance and the Company had the right to receive certain benefits from the CLO through incentive fees that could potentially be significant to the CLO. Under the new guidance, the majority of these CLOs have been deconsolidated as the incentive fees received by Apollo from the deconsolidated CLOs are not considered variable interests. Accordingly, the Company deconsolidated approximately $14.6 billion in assets and $13.7 billion in liabilities related to these entities reflected as of January 1, 2015. The net impact of the deconsolidation is reflected in the consolidated statement of changes in shareholders’ equity within Appropriated Partners Capital for the year ended December 31, 2015 . As a result of the adoption, certain deconsolidation adjustments have been recorded to various line items on the consolidated financial statements, including adjustments to remove the impact of intercompany eliminations. These adjustments impacted multiple line items within total revenues and other income, as well as net income attributable to Non-Controlling Interests on the consolidated statements of operations, as well as multiple line items within the consolidated statements of financial condition, including goodwill (See note 3 to our consolidated financial statements for further detail regarding the impact related to goodwill). Consolidated CLOs Certain CLOs remain consolidated by Apollo as the Company continues to be considered to hold a controlling financial interest through direct and indirect interests in these CLOs exclusive of management and performance based fees received. Through its role as collateral manager of these VIEs, the Company determined that Apollo had the power to direct the activities that most significantly impact the economic performance of these VIEs. These CLOs were formed for the sole purpose of issuing collateralized notes to investors. The assets of these VIEs are primarily comprised of senior secured loans and the liabilities are primarily comprised of debt. The assets of these consolidated CLOs are not available to creditors of the Company. In addition, the investors in these consolidated VIEs have no recourse against the assets of the Company. The Company has elected the fair value option for financial instruments held by its consolidated CLOs, which includes investments in loans and corporate bonds, as well as debt obligations and contingent obligations held by such consolidated CLOs. Other assets include amounts due from brokers and interest receivables. Other liabilities include payables for securities purchased, which represent open trades within the consolidated VIEs and primarily relate to corporate loans that are expected to settle within the next 60 days . From time to time, Apollo makes investments in certain consolidated CLOs denominated in foreign currencies. As of December 31, 2015 and December 31, 2014 , the Company had invested $42.3 million and $47.4 million , respectively, in consolidated foreign currency denominated CLOs, which eliminates in consolidation. Investment in Champ L.P. O n September 30, 2014, the Company, through a wholly-owned subsidiary, acquired a 25.6% ownership interest in Champ L.P. following which a wholly-owned subsidiary of Champ L.P. then acquired a 35% ownership interest in KBC Bank Deutschland AG (“KBC Bank”), the German subsidiary of Belgian KBC Group NV (the “KBC Transaction”). Following the closing of the transaction, KBC Bank was renamed Bremer Kreditbank AG and the bank began to operate under the name BKB Bank. As of December 31, 2015 , the Company had invested $18.2 million in Champ L.P. The Company, together with other affiliated investors which are not consolidated, in aggregate, own 100% of Champ L.P. The Company, through its aforementioned wholly-owned subsidiary, is the general partner and primary beneficiary of Champ L.P., which meets the definition of a VIE. Accordingly, the Company has consolidated Champ L.P. in accordance with the policy described in note 2 . The Company’s investment in Champ L.P. is eliminated in consolidation. Net Gains (Losses) from Investment Activities of Consolidated Variable Interest Entities The following table presents net gains (losses) from investment activities of the consolidated VIEs for the years ended December 31, 2015 , 2014 and 2013 : For the Year Ended December 31, 2015 2014 2013 Net unrealized gains (losses) from investment activities $ 9,021 $ (317,591 ) $ (33,275 ) Net realized gains from investment activities 6,766 79,057 87,472 Net gains (losses) from investment activities 15,787 (238,534 ) 54,197 Net unrealized gains (losses) from debt 3,057 809 (232,509 ) Net realized gains from debt — 101,745 137,098 Net gains from debt 3,057 102,554 (95,411 ) Interest and other income 37,404 666,486 674,324 Interest and other expenses (37,198 ) (507,942 ) (433,368 ) Net Gains from Investment Activities of Consolidated Variable Interest Entities $ 19,050 $ 22,564 $ 199,742 Senior Secured Notes and Subordinated Note s—Included within debt are amounts due to third-party institutions by the consolidated VIEs. The following table summarizes the principal provisions of the debt of the consolidated VIEs as of December 31, 2015 and 2014 : As of December 31, 2015 As of December 31, 2014 Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Senior Secured Notes (2)(3) $ 735,792 2.17 % 12.1 $ 13,459,387 1.60 % 7.8 Subordinated Notes (2)(3) 82,365 N/A (1) 15.1 1,183,834 N/A (1) 9.0 Total $ 818,157 $ 14,643,221 (1) The subordinated notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the VIEs. (2) The fair value of Senior Secured Notes and Subordinated Notes as of December 31, 2015 and 2014 was $801.3 million and $14,123.1 million , respectively. (3) The debt at fair value of the consolidated VIEs is collateralized by assets of the consolidated VIEs and assets of one vehicle may not be used to satisfy the liabilities of another vehicle. As of December 31, 2015 and 2014 , the fair value of the consolidated VIE assets was $1,030.8 million and $17,070.8 million , respectively. This collateral consisted of cash and cash equivalents, investments, at fair value, and other assets. The consolidated VIEs’ debt obligations contain various customary loan covenants as described above. As of December 31, 2015 , the Company was not aware of any instances of non-compliance with any of these covenants. As of December 31, 2015 , the table below presents the contractual maturities for debt of the consolidated VIEs: 2016 2017 2018 2019 2020 Thereafter Total Senior Secured Notes $ — $ — $ — $ — $ — $ 735,792 $ 735,792 Subordinated Notes — — — — — 82,365 82,365 Total Obligations as of December 31, 2015 $ — $ — $ — $ — $ — $ 818,157 $ 818,157 Variable Interest Entities Which are Not Consolidated The Company holds variable interests in certain VIEs which are not consolidated, as it has been determined that Apollo is not the primary beneficiary. The following tables present the carrying amounts of the assets and liabilities of the VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary as of December 31, 2015 and 2014 . In addition, the tables present the maximum exposure to losses relating to these VIEs. As noted earlier, as a result of the adoption of the FASB’s new consolidation guidance, the Company is no longer considered to have a variable interest in many of the entities that it manages where its sole interest in an entity is either through carried interest, performance fees or other indirect interests which are not considered to absorb more than an insignificant amount of expected losses or returns of the entity. As of December 31, 2015 Total Assets Total Liabilities Apollo Exposure Total $ 5,378,456 (1) $ 1,626,743 (2) $ 202,146 (3) (1) Consists of $219.8 million in cash, $5,149.0 million in investments and $9.6 million in receivables. (2) Represents $1,626.7 million in debt and other payables. (3) Represents Apollo’s direct equity method investment in those entities in which Apollo holds a significant variable interest. Additionally, cumulative carried interest income is subject to reversal in the event of future losses. The maximum amount of future reversal of carried interest income from all of Apollo’s funds, including those entities in which Apollo holds a significant variable interest, was $2.4 billion as of December 31, 2015 as discussed in note 16 . As of December 31, 2014 Total Assets Total Liabilities Apollo Exposure Total $ 11,676,038 (1) $ 729,515 (2) $ 30,752 (3) (1) Consists of $794.5 million in cash, $10,456.0 million in investments and $425.6 million in receivables. (2) Represents $362.0 million in debt and other payables, $359.4 million in securities sold, not purchased, and $8.2 million in capital withdrawals payable. (3) Represents Apollo’s direct equity method investment in those entities in which Apollo holds a significant variable interest. Additionally, cumulative carried interest income is subject to reversal in the event of future losses. The maximum amount of future reversal of carried interest income from all of Apollo’s funds, including those entities in which Apollo holds a significant variable interest, was $2.9 billion as of December 31, 2014 . |
FAIR VALUE MEASUREMENTS OF FINA
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS | FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS The following tables summarize the valuation of the Company’s financial assets and liabilities for which the fair value option has been elected by the fair value hierarchy as of December 31, 2015 and 2014 , respectively: As of December 31, 2015 Level I (5) Level II (5) Level III Total Cost of Investments, at Fair Value Assets Investments, at fair value: Investments held by Apollo Senior Loan Fund $ — $ 26,913 $ 1,634 $ 28,547 $ 29,344 Other investments — — 434 434 831 Investment in Athene Holding (1) — — 510,099 510,099 387,526 Total investments, at fair value — 26,913 512,167 539,080 (6) $ 417,701 Investments of VIEs, at fair value (3) — 803,412 107,154 910,566 Total Assets $ — $ 830,325 $ 619,321 $ 1,449,646 Liabilities Liabilities of VIEs, at fair value (3)(4) $ — $ 801,270 $ 11,411 $ 812,681 Contingent consideration obligations (2) — — 79,579 79,579 Total Liabilities $ — $ 801,270 $ 90,990 $ 892,260 As of December 31, 2014 Level I (5) Level II (5) Level III Total Cost of Investments, Assets Investments, at fair value: Investment in AAA Investments $ — $ — $ 2,144,118 $ 2,144,118 $ 1,494,358 Investments held by Apollo Senior Loan Fund — 25,537 4,359 29,896 30,100 Other investments — — 600 600 3,318 Investment in Athene Holding (1) — — 324,514 324,514 324,293 Total investments, at fair value — 25,537 2,473,591 2,499,128 (6) $ 1,852,069 AAA/Athene Receivable (1) — — 61,292 61,292 Investments of VIEs, at fair value (3) 176 13,135,564 2,522,913 15,658,653 Total Assets $ 176 $ 13,161,101 $ 5,057,796 $ 18,219,073 Liabilities Liabilities of VIEs, at fair value (3)(4) $ — $ 1,793,353 $ 12,343,021 $ 14,136,374 Contingent consideration obligations (2) — — 96,126 96,126 Total Liabilities $ — $ 1,793,353 $ 12,439,147 $ 14,232,500 (1) See note 15 for further disclosure regarding the investment in Athene Holding and the AAA/Athene receivable. (2) See note 16 for further disclosure regarding contingent consideration obligations. (3) See note 5 for further disclosure regarding VIEs. (4) As of December 31, 2015 , liabilities of VIEs, at fair value included debt and other liabilities of $801.3 million and $11.4 million , respectively. As of December 31, 2014 , liabilities of VIEs, at fair value included debt and other liabilities of $14,123.1 million and $13.3 million , respectively. Other liabilities include contingent obligations classified as Level III. (5) All Level I and Level II investments and liabilities were valued using third party pricing. (6) See note 4 to our consolidated financial statements for further detail regarding our investments at fair value and reconciliation to the consolidated statements of financial condition. There were no transfers of financial assets into Level I for the years ended December 31, 2015 and 2014 . In addition, there were no transfers of financial liabilities between Level I and Level II for the years ended December 31, 2015 and 2014 . The following table summarizes the transfers of financial assets from Level I into Level II for positions that existed as of the years ended December 31, 2015 and 2014 , respectively: For the Year Ended December 31, 2015 2014 Transfers from Level I into Level II $ — $ 4,084 Transfers were a result of subjecting the broker quotes on these investments to various criteria which include the number and quality of broker quotes, the standard deviation of obtained broker quotes and the percentage deviation from independent pricing services. The following tables summarize the changes in fair value in financial assets measured at fair value for which Level III inputs have been used to determine fair value for the years ended December 31, 2015 and 2014 , respectively: For the Year Ended December 31, 2015 Investment in AAA Investments Investments held by Apollo Senior Loan Fund Other Investments Investment in Athene Holding AAA/Athene Receivable Investment in RCAP Investments of Consolidated VIEs Total Balance, Beginning of Period $ 2,144,118 $ 4,359 $ 600 $ 324,514 $ 61,292 $ — $ 2,522,913 $ 5,057,796 Adoption of accounting guidance (2,144,118 ) — — — — — (2,399,130 ) (4,543,248 ) Fees — — — — 1,942 — — 1,942 Purchases — 5,913 272 — — 25,000 44,116 75,301 Sales of investments/distributions — (6,996 ) (115 ) — — (25,667 ) (36,909 ) (69,687 ) Net realized gains/accrued interest — 48 — — — 667 5,539 6,254 Changes in net unrealized gains (losses) — (263 ) (323 ) 122,351 — — 8,816 130,581 Cumulative translation adjustment — — — — — — (12,111 ) (12,111 ) Transfer into Level III (1) — 5,439 — — — — 59,316 64,755 Transfer out of Level III (1) — (6,866 ) — — — — (85,396 ) (92,262 ) Settlement of receivable (2) — — — 63,234 (63,234 ) — — — Balance, End of Period $ — $ 1,634 $ 434 $ 510,099 $ — $ — $ 107,154 $ 619,321 Change in net unrealized gains (losses) included in net gains (losses) from investment activities related to investments still held at reporting date $ — $ (677 ) $ (323 ) $ 122,351 $ — $ — $ — $ 121,351 Change in net unrealized gains included in Net Gains from Investment Activities of Consolidated VIEs related to investments still held at reporting date — — — — — — 8,963 8,963 (1) Transfers between Level II and III were a result of subjecting the broker quotes on these financial assets to various criteria which include the number and quality of broker quotes, the standard deviation of obtained broker quotes and the percentage deviation from independent pricing services. (2) See note 15 for further disclosure regarding the settlement of the AAA/Athene receivable and the investment in Athene Holding. For the Year Ended December 31, 2014 Investment in AAA Investments Investments held by Apollo Senior Loan Fund Other Investments Athene and AAA Services Derivatives Investment in Athene Holding AAA/Athene Receivable Investments of Consolidated VIEs Total Balance, Beginning of Period $ 1,942,051 $ 892 $ 40,373 $ 130,709 $ — $ — $ 1,919,537 $ 4,033,562 Elimination of investments attributable to consolidation of VIEs — — — — — — 19,187 19,187 Fees — — — 60,422 — 178,332 — 238,754 Purchases — 4,707 1,844 — 2,080 — 1,036,810 1,045,441 Sales of investments/distributions (2,500 ) (1,543 ) (51,052 ) — — — (825,429 ) (880,524 ) Net realized gains (losses) — 10 (12,871 ) 24,242 — — 20,972 32,353 Changes in net unrealized gains (losses) 204,567 (66 ) 22,306 (10,203 ) 224 — (9,302 ) 207,526 Cumulative translation adjustment — — — — — — (5,834 ) (5,834 ) Transfer into Level III (1) — 1,594 — — — — 1,413,688 1,415,282 Transfer out of Level III (1) — (1,235 ) — — — — (1,046,716 ) (1,047,951 ) Settlement of derivatives (2) — — — (205,170 ) 322,210 (117,040 ) — — Balance, End of Period $ 2,144,118 $ 4,359 $ 600 $ — $ 324,514 $ 61,292 $ 2,522,913 $ 5,057,796 Change in net unrealized gains included in Net Gains from Investment Activities related to investments still held at reporting date $ 204,567 $ (66 ) $ 580 $ — $ 224 $ — $ — $ 205,305 Change in net unrealized gains included in Net Gains from Investment Activities of Consolidated VIEs related to investments still held at reporting date — — — — — — (52,485 ) (52,485 ) (1) Transfers between Level II and III were a result of subjecting the broker quotes on these financial assets to various criteria which include the number and quality of broker quotes, the standard deviation of obtained broker quotes and the percentage deviation from independent pricing services. (2) See note 15 for further disclosure regarding the settlement of the AAA/Athene receivable and the investment in Athene Holding. For the Year Ended December 31, 2015 2014 Liabilities of Consolidated VIEs Contingent Consideration Obligations Total Liabilities of Consolidated VIEs Contingent Consideration Obligations Total Balance, Beginning of Period $ 12,343,021 $ 96,126 $ 12,439,147 $ 9,994,147 $ 135,511 $ 10,129,658 Elimination of debt attributable to consolidation of VIEs — — — 13,493 — 13,493 Adoption of accounting guidance (11,433,815 ) — (11,433,815 ) — — — Additions — — — 3,965,725 — 3,965,725 Payments/Extinguishment (4) — (15,743 ) (15,743 ) (1,551,533 ) (50,666 ) (1,602,199 ) Net realized gains — — — (101,745 ) — (101,745 ) Changes in net unrealized (gains) losses (2) (8,244 ) (804 ) (9,048 ) (25,685 ) 11,281 (14,404 ) Cumulative translation adjustment (92,593 ) — (92,593 ) (71,558 ) — (71,558 ) Transfers into Level III — — — 500,837 (1) — 500,837 Transfers out of Level III (796,958 ) (3) — (796,958 ) (380,660 ) (1) — (380,660 ) Balance, End of Period $ 11,411 $ 79,579 $ 90,990 $ 12,343,021 $ 96,126 $ 12,439,147 Change in net unrealized gains included in Net Gains from Investment Activities of consolidated VIEs related to liabilities still held at reporting date $ — $ — $ — $ (113,874 ) $ — $ (113,874 ) (1) Transfers between Level II and III were a result of subjecting the broker quotes on these financial liabilities to various criteria which include the number and quality of broker quotes, the standard deviation of obtained broker quotes and the percentage deviation from independent pricing services. (2) Changes in fair value of contingent consideration obligations are recorded in profit sharing expense in the consolidated statements of operations. (3) Upon adoption of new accounting guidance (see note 2), the debt obligations of consolidated CLOs are no longer categorized as Level III financial liabilities under the fair value hierarchy. Effective January 1, 2015, these financial liabilities are measured and leveled on the basis of the fair value of the financial assets of the consolidated CLOs and were categorized as Level II as of December 31, 2015 . (4) For the year ended December 31, 2014 , includes a $13.4 million extinguishment of contingent consideration obligations, which is recorded in other income on the consolidated statements of operations. The following tables summarize the quantitative inputs and assumptions used for financial assets and liabilities categorized as Level III under the fair value hierarchy as of December 31, 2015 and 2014 , respectively: As of December 31, 2015 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average Financial Assets Investments of Consolidated Apollo Funds: Apollo Senior Loan Fund $ 1,634 Third Party Pricing (1) N/A N/A N/A Investments in Other 434 Other N/A N/A N/A Investment in Athene Holding 510,099 Book Value Multiple Book Value Multiple 1.18x 1.18x Investments of Consolidated VIEs: Bank Debt Term Loans 15,776 Third Party Pricing (1) N/A N/A N/A Corporate Loans/Bonds/CLO Notes 22,409 Third Party Pricing (1) N/A N/A N/A Equity Securities 62,756 Market Comparable Companies Comparable Multiples 0.60x 0.60x Discounted Cash Flow Discount Rate 14.6% 14.6% Other 6,213 Net Asset Value N/A N/A N/A Total Investments of Consolidated VIEs 107,154 Total Financial Assets $ 619,321 Financial Liabilities Liabilities of Consolidated VIEs: Contingent Obligation $ 11,411 Other N/A N/A N/A Contingent Consideration Obligation 79,579 Discounted Cash Flow Discount Rate 11.0% - 18.5% 17.0% Total Financial Liabilities $ 90,990 (1) These securities are valued primarily using unadjusted broker quotes. As of December 31, 2014 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average Financial Assets Investments of Consolidated Apollo Funds: AAA Investments (1) $ 2,144,118 Net Asset Value N/A N/A N/A Apollo Senior Loan Fund 4,359 Third Party Pricing (2) N/A N/A N/A Other Investments 600 Other N/A N/A N/A Investment in Athene Holding 324,514 Discounted Cash Flow Discount Rate 15.0% 15.0% AAA/Athene Receivable 61,292 Discounted Cash Flow Discount Rate 15.0% 15.0% Investments of Consolidated VIEs: Bank Debt Term Loans 1,340,296 Third Party Pricing (2) N/A N/A N/A 87,314 Discounted Cash Flow Discount Rate 7.1% - 14.0% 8.4% Corporate Loans/Bonds/CLO Notes (3) 1,009,873 Third Party Pricing (2) N/A N/A N/A Equity Securities 930 Third Party Pricing (2) N/A N/A N/A 4,610 Market Comparable Companies Comparable Multiples 5.8x 5.8x 58,923 Transaction Purchase Price N/A N/A 20,967 Transaction Implied Multiple 5.2x 5.2x Total Investments of Consolidated VIEs 2,522,913 Total Financial Assets $ 5,057,796 Financial Liabilities Liabilities of Consolidated VIEs: Subordinated Notes $ 908,831 Discounted Cash Flow Discount Rate 10.0% - 12.5% 11.5% Default Rate 1.0% - 2.0% 1.7% Recovery Rate 75.0% 75.0% Subordinated Notes 106,090 Other N/A N/A N/A Senior Secured Notes 9,283,534 Third Party Pricing (2) N/A N/A N/A Senior Secured and Subordinated Notes 2,031,292 Discounted Cash Flow Discount Rate 1.6% - 1.8% 1.7% Default Rate 2.0% 2.0% Recovery Rate 15.0% - 75.0% 69.0% Contingent Obligation 13,274 Other N/A N/A N/A Total Liabilities of Consolidated VIEs 12,343,021 Contingent Consideration Obligation 96,126 Discounted Cash Flow Discount Rate 11.0% - 18.5% 15.7% Total Financial Liabilities $ 12,439,147 (1) The net asset value of the underlying securities held by AAA Investments represents its sole investment in Athene, offset by other net liabilities. The investment in Athene was valued at $2,244.2 million as of December 31, 2014 using the embedded value method based on the present value of the future expected regulatory distributable income generated by the net assets of Athene plus the excess capital (i.e., the capital in excess of what is required to be held against Athene’s liabilities). The unobservable inputs and respective ranges used are the same as noted for the Investment in Athene Holding and the AAA/Athene Receivable in the table above. See note 15 for discussion of the investment in Athene Holding. (2) These securities are valued primarily using unadjusted broker quotes. (3) Balance includes investments in an affiliated fund, which primarily invests in corporate loans, bonds, and CLO notes. Balance at December 31, 2014 includes investments in an affiliated fund in the amount of $865.9 million , which were valued based on NAV. Investment in Athene Holding and AAA/Athene Receivable The Company elected the fair value option for its investment in Athene Holding at the time of settlement of the derivative contract between Athene and Apollo (the “Athene Services Derivative”) and the derivative contract between AAA Investments and Apollo (the “AAA Services Derivative”). The Company has classified this investment as a Level III asset in the fair value hierarchy, as the pricing inputs into the determination of fair value require significant judgment and estimation. The investment is valued based on the price of a common share of Athene Holding. During the third quarter of 2015, the Company changed the valuation method used to value its investment in Athene Holding from the embedded value approach to the GAAP book value multiple approach. This change was driven by developments in Athene’s business as noted below. Athene’s business was principally built through a series of acquisitions of individual portfolios of fixed index annuities since its inception in 2009. As of and prior to June 30, 2015, in valuing Apollo’s investment in Athene Holding, the embedded value method was employed to determine the fair value of shares in Athene Holding in periods where there was not an observable market value. The embedded value methodology is widely used by market participants in the insurance industry in private company acquisitions of individual portfolios of annuities. The embedded value method estimates the present value of the future expected regulatory distributable income generated by the net assets plus the excess capital (i.e., the capital in excess of what is required to be held against liabilities) in determining fair value. Thus the embedded value method, as historically applied to the Athene valuation, was used to derive a value of Athene’s existing block of business as well as the value of undeployed capital equivalent to the excess capital held. As of June 30, 2015 and prior, Apollo also calculated an implied U.S. GAAP book value multiple for Athene, based on a projected U.S. GAAP book value, and compared that multiple to Athene’s publicly traded insurance peers as a secondary valuation point to assess the reasonableness of the valuation derived under the embedded value method. As of December 31, 2015, the fair value of Apollo’s investment in Athene Holding was estimated under the U.S. GAAP book value multiple approach by applying a book value multiple to the U.S. GAAP book value per share of Athene Holding. The conversion price for all Athene management incentive shares granted was added to Athene’s U.S. GAAP book value excluding accumulated other comprehensive income (“AOCI”) for purposes of determining U.S. GAAP book value per share. Apollo calculated a multiple for public company peers of Athene by dividing each peer’s market capitalization by its reported U.S. GAAP equity, excluding AOCI. A regression analysis was then prepared based on the calculated multiple of each peer relative to its expected return on U.S. GAAP equity, excluding AOCI, relative to Athene. From this analysis, a comparable book value multiple for Athene was derived and then appropriately discounted to factor in the projected time frame of an initial public offering (“IPO”) of Athene and subsequent liquidity of shares (taking into consideration any post-IPO lock-up restrictions on the shares). As a result of the above analysis, Apollo concluded it was appropriate to apply a multiple of 1.18 to Athene’s U.S. GAAP book value per share, in estimating the value per share of Athene Holding at December 31, 2015. The unrealized gain recorded during the year ended December 31, 2015 was driven by activity as Athene continued to evolve its business model and position itself for becoming a public company, including achieving “A-“ ratings from all of Athene’s three ratings agencies, hiring a new President and CFO, investing in a broad-based marketing campaign for its retail product offering, launching a Funding Agreement Backed Note ("FABN") program, and diversifying into new businesses via the closing of the acquisition of Athene Germany. Further, during the year ended December 31, 2015, Athene published its 2014 audited U.S. GAAP financial statements and issued its unaudited U.S. GAAP financial statements for the nine months ended September 30, 2015 (which facilitated the ability to use a book value multiple as a primary methodology). All of these activities are drivers of incremental value that occurred during 2015. The embedded valuation methodology is well suited for valuing individual insurance portfolios, however, management believes the book value multiple methodology best reflects the fair value of Athene going forward given the evolution of Athene’s business in 2015. The U.S. GAAP book value multiple also serves as a common industry benchmark for Athene’s public insurance company peers. In addition, as a secondary valuation consideration, the Company performed analysis under other methodologies including price to earnings multiple and embedded value approaches which supported the reasonableness of the fair market value estimate by the book value multiple method. As of December 31, 2015 , the significant unobservable input used in the fair value measurement of the investment in Athene Holding was the U.S. GAAP book value multiple. This input in isolation can cause significant increases or decreases in fair value. Specifically, when the U.S. GAAP book value multiple method is used to determine fair value, the significant input used in the valuation model is the U.S. GAAP book value multiple itself. An increase in the U.S. GAAP book value multiple can significantly increase the fair value of an investment; conversely a decrease in the U.S. GAAP book value multiple can significantly decrease the fair value of an investment. The sensitivity of the valuation to changes in the multiple is directly proportional to the change in the multiple itself. As of December 31, 2014 , Athene’s fair value was determined using the embedded value method which was based on the present value of the future expected regulatory distributable income generated by the net assets of Athene plus the excess capital (i.e., the capital in excess of what is required to be held against Athene’s liabilities). The net assets of Athene consist of the current and projected assets less the current and projected liabilities related to in force insurance contracts. For purposes of the excess capital calculation the assets are valued at fair value using the Company’s valuation methodology. The approach of using actuarially projected asset and liability income to value an insurance company is widely used by market participants in the insurance industry, particularly in private company acquisitions. The embedded value of the in force insurance contracts incorporates actuarial projections of expected income utilizing most recently available policyholder contract and experience data, industry information and assumptions, general economic and market conditions, and other factors deemed relevant, including the cost of capital. In addition, consideration is also given to comparable company multiples in the determination of fair value. As of December 31, 2014 , the significant unobservable input used in the fair value measurement of the investment in Athene Holding was the discount rate applied in the valuation model. This input in isolation can cause significant increases or decreases in fair value. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. An increase in the discount rate can significantly lower the fair value of an investment; conversely a decrease in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the expected required rate of return based on the risk profile of similar cash flows. Apollo Senior Loan Fund The Company is the sole investor in the Apollo Senior Loan Fund and therefore consolidates the assets and liabilities of the fund. The fund invests in U.S. denominated senior secured loans, senior secured bonds and other income generating fixed-income investments. Consolidated VIEs Investments The significant unobservable inputs used in the fair value measurement of the bank debt term loans and equity securities include the discount rate applied and the multiples applied in the valuation models. These unobservable inputs in isolation can cause significant increases or decreases in fair value. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. When a comparable multiple model is used to determine fair value, the comparable multiples are generally multiplied by the underlying companies’ earnings before interest, taxes, depreciation and amortization (“EBITDA”) to establish the total enterprise value of the company. The comparable multiple is determined based on the implied trading multiple of public industry peers. Liabilities As of December 31, 2015 , due to the adoption of new accounting guidance (see note 2), the debt obligations of the consolidated CLOs were measured on the basis of the fair value of the financial assets of the CLOs as the financial assets were determined to be more observable and, as a result, categorized as Level II in the fair value hierarchy. As of December 31, 2014, the significant unobservable inputs used in the fair value measurement of the subordinated and senior secured notes include the discount rate applied in the valuation models, default and recovery rates applied in the valuation models. These inputs in isolation can cause significant increases or decreases in fair value. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of subordinated and senior secured notes; conversely a decrease in the discount rate can significantly increase the fair value of subordinated and senior secured notes. The discount rate is determined based on the market rates an investor would expect for similar subordinated and senior secured notes with similar risks. Contingent Consideration Obligations The significant unobservable input used in the fair value measurement of the contingent consideration obligations is the discount rate applied in the valuation models. This input in isolation can cause significant increases or decreases in fair value. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of the contingent consideration obligations; conversely a decrease in the discount rate can significantly increase the fair value of the contingent consideration obligations. The discount rate was based on the weighted average cost of capital for the Company. See note 16 for further discussion of the contingent consideration obligations. |
CARRIED INTEREST RECEIVABLE
CARRIED INTEREST RECEIVABLE | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Carried Interest Receivable Balance [Abstract] | |
CARRIED INTEREST RECEIVABLE | CARRIED INTEREST RECEIVABLE Carried interest receivable from private equity, credit and real estate funds consisted of the following: As of December 31, 2015 As of December 31, 2014 Private Equity $ 373,871 $ 672,119 Credit 240,844 226,430 Real Estate 29,192 13,117 Total carried interest receivable $ 643,907 $ 911,666 The table below provides a roll-forward of the carried interest receivable balance for the years ended December 31, 2015 and 2014 : Private Equity Credit Real Estate Total Carried interest receivable, January 1, 2014 $ 1,867,771 $ 408,342 $ 10,962 $ 2,287,075 Change in fair value of funds 231,983 159,350 6,104 397,437 Fund cash distributions to the Company (1,427,635 ) (341,262 ) (3,949 ) (1,772,846 ) Carried interest receivable, December 31, 2014 $ 672,119 $ 226,430 $ 13,117 $ 911,666 Change in fair value of funds 42,016 126,426 13,074 181,516 Fund distributions to the Company (340,264 ) (152,370 ) (4,035 ) (496,669 ) Adoption of new accounting guidance — 40,358 7,036 47,394 Carried interest receivable, December 31, 2015 $ 373,871 $ 240,844 $ 29,192 $ 643,907 The change in fair value of funds includes the reversal of previously realized carried interest income due to the general partner obligation to return previously distributed carried interest income. The general partner obligation is recognized based upon a hypothetical liquidation of a fund’s net assets as of the reporting date. The actual determination and any required payment of any such general partner obligation would not take place until the final disposition of a fund’s investments based on the contractual termination of the fund or as otherwise set forth in the respective limited partnership agreement of the fund. See note 15 for further disclosure regarding the general partner obligation. The timing of the payment of carried interest due to the general partner or investment manager varies depending on the terms of the applicable fund agreements. Generally, carried interest with respect to the private equity funds and certain credit and real estate funds is payable and is distributed to the fund’s general partner upon realization of an investment if the fund’s cumulative returns are in excess of the preferred return. For most credit funds, carried interest is payable based on realizations after the end of the relevant fund’s fiscal year or fiscal quarter, subject to certain return thresholds, or “high water marks,” having been achieved. |
PROFIT SHARING PAYABLE
PROFIT SHARING PAYABLE | 12 Months Ended |
Dec. 31, 2015 | |
Profit Sharing Payable [Abstract] | |
PROFIT SHARING PAYABLE | PROFIT SHARING PAYABLE Profit sharing payable from private equity, credit and real estate funds consisted of the following: As of As of Private Equity $ 118,963 $ 240,595 Credit 165,392 186,307 Real Estate 11,319 7,950 Total profit sharing payable $ 295,674 $ 434,852 The table below provides a roll-forward of the profit sharing payable balance for the years ended December 31, 2015 and 2014 : Private Equity Credit Real Estate Total Profit sharing payable, January 1, 2014 $ 751,192 $ 234,504 $ 6,544 $ 992,240 Profit sharing expense (1) 178,373 95,070 2,747 276,190 Payments/other (688,970 ) (143,267 ) (1,341 ) (833,578 ) Profit sharing payable, December 31, 2014 $ 240,595 $ 186,307 $ 7,950 $ 434,852 Profit sharing expense (1)(2) 52,807 42,172 5,076 100,055 Payments/other (174,439 ) (63,087 ) (1,707 ) (239,233 ) Profit sharing payable, December 31, 2015 $ 118,963 $ 165,392 $ 11,319 $ 295,674 (1) Includes (i) changes in amounts payable to employees and former employees entitled to a share of carried interest income in Apollo’s funds and (ii) changes to the fair value of the contingent consideration obligations recognized in connection with certain Apollo acquisitions. See notes 6 and 16 for further disclosure regarding the contingent consideration obligations. (2) The Company has recorded a receivable from the Contributing Partners and certain employees and former employees for the potential return of profit sharing distributions that would be due if certain funds were liquidated as of December 31, 2015. See note 15 for further disclosure. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER ASSETS | OTHER ASSETS Other assets consisted of the following: As of December 31, 2015 2014 Fixed assets $ 105,439 $ 104,617 Less: Accumulated depreciation and amortization (73,803 ) (68,711 ) Fixed assets, net 31,636 35,906 Prepaid expenses 48,421 32,873 Tax receivables 4,466 23,286 Interest Receivable 105 11,059 Other 11,216 11,117 Total Other Assets $ 95,844 $ 114,241 Depreciation expense for the years ended December 31, 2015 , 2014 and 2013 was $10.5 million , $10.2 million and $11.0 million , respectively. |
OTHER INCOME, NET
OTHER INCOME, NET | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME, NET | OTHER INCOME, NET Other income, net consisted of the following: For the Year Ended December 31, 2015 2014 2013 Tax receivable agreement adjustment $ — $ 32,182 $ 13,038 Gain on derivatives — 14,039 10,203 Gain (Loss) on extinguishment of liability/debt — 13,395 (2,741 ) Rental income 4,349 5,566 5,334 Foreign exchange gain (loss) 1,719 (7,131 ) 4,142 Loss on assets held for sale — — (1,087 ) Other 1,605 2,541 11,225 Total Other Income, Net $ 7,673 $ 60,592 $ 40,114 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company is treated as a partnership for income tax purposes and is therefore not subject to U.S. federal, state and local income taxes. APO Corp., a wholly-owned subsidiary of the Company, is subject to U.S. federal, state and local corporate income taxes. Certain other subsidiaries of the Company are subject to NYC UBT attributable to the Company’s operations apportioned to New York City. In addition, certain non-U.S. subsidiaries of the Company are subject to income taxes in their local jurisdictions. The Company’s provision for income taxes totaled $26.7 million , $147.2 million and $107.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company’s effective tax rate was approximately 7.1% , 16.8% and 4.3% for the years ended December 31, 2015 , 2014 and 2013 , respectively. The provision for income taxes is presented in the following table: For the Year Ended December 31, 2015 2014 2013 Current: Federal income tax $ (10,108 ) $ 53,426 $ 30,422 Foreign income tax 7,842 (1) 6,080 4,733 State and local income tax 2,573 7,369 9,728 Subtotal 307 66,875 44,883 Deferred: Federal income tax 19,581 28,702 40,955 Foreign income tax (256 ) (1) (137 ) 130 State and local income tax 7,101 51,805 21,601 Subtotal 26,426 80,370 62,686 Total Income Tax Provision $ 26,733 $ 147,245 $ 107,569 (1) The foreign income tax provision was calculated on $27.6 million of pre-tax income generated in foreign jurisdictions. The following table reconciles the provision for taxes to the U.S. Federal statutory tax rate: For the Year Ended December 31, 2015 2014 2013 U.S. Statutory Tax Rate 35.0 % 35.0 % 35.0 % Income Passed Through to Non-Controlling Interests (26.4 ) (23.4 ) (24.1 ) Income Passed Through to Class A Shareholders (4.4 ) 0.1 (7.9 ) Equity Based Compensation - AOG Units — — 0.2 Foreign Income Tax 1.1 0.4 0.1 State and Local Income Taxes (net of Federal Benefit) 2.1 4.7 1.1 Amortization & Other Accrual Adjustments (0.3 ) — (0.1 ) Effective Income Tax Rate 7.1 % 16.8 % 4.3 % 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. The Company’s deferred tax assets and liabilities on the consolidated statements of financial condition consist of the following: As of December 31, 2015 2014 Deferred Tax Assets: Depreciation and amortization $ 567,018 $ 543,288 Revenue recognition 31,363 40,250 Net operating loss carryforwards 47,139 — Equity-based compensation - RSUs and AAA RDUs 4,551 35,678 Foreign tax credit 8,996 3,457 Other 5,472 1,437 Total Deferred Tax Assets 664,539 624,110 Deferred Tax Liabilities: Unrealized gains from investments 13,274 13,053 Other 5,058 4,340 Total Deferred Tax Liabilities $ 18,332 $ 17,393 As of December 31, 2015, the Company had approximately $121.3 million of federal net operating loss (“NOL”) carryforwards and $94.8 million of state and local net operating loss carryforwards that will begin to expire in 2036. As a result of certain realization requirements of ASC 718, the table of deferred tax assets and liabilities does not include certain deferred tax assets as of December 31, 2015 that arose directly from tax deductions related to equity-based compensation greater than compensation recognized for financial reporting. Equity will be increased by $22.3 million if and when such excess tax benefits are ultimately realized. The Company uses tax law ordering when determining when excess tax benefits have been realized. In addition, the Company’s foreign tax credit carryforwards will begin to expire in 2021. The Company considered its historical and current year earnings, current utilization of existing deferred tax assets and deferred tax liabilities, the 15 year amortization periods of the tax basis of its intangible assets and short and long term business forecasts in evaluating whether it should establish a valuation allowance. Based on this positive evidence, the Company concluded it is more likely than not that the deferred tax assets will be realized and that no valuation allowance was needed at December 31, 2015. Under U.S. GAAP, a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. Based upon the Company’s review of its federal, state, local and foreign income tax returns and tax filing positions, the Company determined that no unrecognized tax benefits for uncertain tax positions were required to be recorded. In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record significant amounts of unrecognized tax benefits within the next twelve months. The Company’s primary jurisdictions in which it operates are the United States, New York State, New York City, California and the United Kingdom. In the normal course of business, the Company is subject to examination by federal and certain state, local and foreign tax authorities. With a few exceptions, as of December 31, 2015 , the Company’s U.S. federal, state, local and foreign income tax returns for the years 2012 through 2015 are open under the general statute of limitations provisions and therefore subject to examination. Currently, the Internal Revenue Service is examining the tax return of a subsidiary for the 2012 tax year. The State and City of New York are examining certain subsidiaries’ tax returns for tax years 2011 and 2013, and the City of Los Angeles is examining certain subsidiaries’ tax returns for the years 2011 to 2013. Additionally, the Company completed the Internal Revenue Service examination of the tax return for 2011 for Apollo Global Management, LLC with no change. The Company has recorded a deferred tax asset for the future amortization of tax basis intangibles as a result of the 2007 Reorganization. The Company recorded additional deferred tax assets as a result of the step-up in tax basis of intangibles from subsequent exchanges of AOG Units for Class A shares. A related tax receivable agreement liability was recorded in due to affiliates in the consolidated statements of financial condition for the expected payments under the tax receivable agreement entered into by and among APO Corp., the Managing Partners, the Contributing Partners, and other parties thereto (as amended, the “tax receivable agreement”) (see note 15 ). The increases in the deferred tax asset less the related liability resulted in increases to additional paid-in capital which were recorded in the consolidated statements of changes in shareholders’ equity for the years ended December 31, 2015 and 2014 . The amortization period for these tax basis intangibles is 15 years and the deferred tax assets will reverse over the same period. The tables below present the transactions related to the exchange of AOG Units for Class A shares during the years ended December 31, 2015 , 2014 and 2013 and the resulting impact to the deferred tax asset, tax receivable agreement liability and additional paid-in capital. Exchange of AOG Units for Class A shares Increase in Deferred Tax Asset Increase in Tax Receivable Agreement Liability Increase to Additional Paid In Capital For the Year Ended December 31, 2015 $ 61,720 $ 45,432 $ 16,288 For the Year Ended December 31, 2014 58,696 47,878 10,818 For the Year Ended December 31, 2013 149,327 126,928 22,399 During the years ended December 31, 2014 and 2013 , the Company adjusted the estimated rate of tax it expects to pay in the future and thereby reduced its net deferred tax assets, and increased its income tax provision, by $36.2 million and $16.9 million , respectively (see note 15 for details regarding the impact on the tax receivable agreement liability). |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt consisted of the following: As of December 31, 2015 As of December 31, 2014 Outstanding Balance Annualized Weighted Average Interest Rate Outstanding Balance Annualized Weighted Average Interest Rate 2013 AMH Credit Facilities - Term Facility (1) $ 499,327 1.44 % $ 499,107 1.36 % 2024 Senior Notes (2) 494,555 4.00 493,902 4.00 2014 AMI Term Facility I (3) 14,543 2.15 16,204 2.34 2014 AMI Term Facility II (4) 16,830 1.85 18,752 1.93 Total Debt $ 1,025,255 $ 1,027,965 (1) Outstanding balance is presented net of unamortized debt issuance costs of $0.7 million and $0.9 million as of December 31, 2015 and 2014 , respectively. (2) Includes impact of any amortization of note discount. Outstanding balance is presented net of unamortized debt issuance costs of $4.6 million and $5.2 million as of December 31, 2015 and 2014, respectively. (3) On July 3, 2014, Apollo Management International LLP (“AMI”), a subsidiary of the Company, entered into a €13.4 million five year credit agreement (the “2014 AMI Term Facility I”). Proceeds from the borrowing were used to fund the Company’s investment in a European CLO it manages. (4) On December 9, 2014, AMI entered into a €15.5 million five year credit agreement (the “2014 AMI Term Facility II”). Proceeds from the borrowing were used to fund the Company’s investment in a European CLO it manages. 2007 AMH Credit Agreement —On April 20, 2007, Apollo Management Holdings, L.P. (“AMH”), a subsidiary of the Company which is a Delaware limited partnership, entered into a $1.0 billion seven year credit agreement (the “2007 AMH Credit Agreement”). Interest payable under the 2007 AMH Credit Agreement was based on Eurodollar LIBOR or Alternate Base Rate ("ABR") as determined by the borrower. On December 20, 2010, Apollo amended the 2007 AMH Credit Agreement to extend the maturity date of $995.0 million (including the $90.9 million of fair value debt repurchased by the Company) of the term loan from April 20, 2014 to January 3, 2017 and modified certain other terms of the 2007 AMH Credit Agreement. On December 20, 2010, an affiliate of AMH that was a guarantor under the 2007 AMH Credit Agreement repurchased approximately $180.8 million of the term loan in connection with the extension of the maturity date of such loan and thus the 2007 AMH Credit Agreement (excluding the portions held by AMH affiliates) had a remaining balance of $728.3 million . Interest expense incurred by the Company related to the 2007 AMH Credit Agreement was $28.3 million for the year ended December 31, 2013. Amortization expense related to the 2007 AMH Credit Agreement was $0.7 million for the year ended December 31, 2013. The outstanding loans under the 2007 AMH Credit Agreement were refinanced on December 18, 2013 with the net proceeds from the 2013 AMH Credit Facilities (as defined below). Additionally, the net proceeds were used to pay fees and expenses associated with the 2013 AMH Credit Facilities. The 2007 AMH Credit Agreement and all related loan documents and security with respect thereto were terminated in connection with the refinancing. 2013 AMH Credit Facilities —On December 18, 2013, AMH and its subsidiaries and certain other subsidiaries of the Company (collectively, the “Borrowers”) entered into new credit facilities (the “2013 AMH Credit Facilities”) with JPMorgan Chase Bank, N.A. The 2013 AMH Credit Facilities provide for (i) a term loan facility to AMH (the “Term Facility”) that includes $750 million of the term loan from third-party lenders and $271.7 million of the term loan held by a subsidiary of the Company and (ii) a $500 million revolving credit facility (the “Revolver Facility”), in each case, with a final maturity date of January 18, 2019. Interest on the borrowings is based on an adjusted LIBOR rate or alternate base rate, in each case plus an applicable margin, and undrawn revolving commitments bear a commitment fee. Under the terms of the 2013 AMH Credit Facilities, the applicable margin ranges from 1.125% to 1.75% for LIBOR loans and 0.125% to 0.75% for alternate base rate loans, and the undrawn revolving commitment fee ranges from 0.125% to 0.25% , in each case depending on the Company’s corporate rating assigned by Standard & Poor’s Ratings Group, Inc. The 2013 AMH Credit Facilities do not require any scheduled amortization payments or other mandatory prepayments (except with respect to overadvances on the Revolver Facility) prior to the final maturity date, and the Borrowers may prepay the loans and/or terminate or reduce the revolving commitments under the 2013 AMH Credit Facilities at any time without penalty. In connection with the issuance of the 2024 Senior Notes (as defined below), $250 million of the proceeds were used to repay a portion of the Term Facility outstanding with third party lenders at par. The interest rate on the $500 million Term Facility as of December 31, 2015 was 1.65% and the commitment fee as of December 31, 2015 on the $500 million undrawn Revolver Facility was 0.125% . Interest expense incurred by the Company related to the 2013 AMH Credit Facilities was $7.8 million , $9.0 million and $0.4 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Debt issuance cost amortization expense related to the 2013 AMH Credit Facilities was $0.8 million and $1.0 million for the years ended December 31, 2015 and 2014 , respectively. The estimated fair value of the Company’s long-term debt obligation related to the 2013 AMH Credit Facilities is approximately $501.3 million based on obtained broker quotes as of December 31, 2015 . The $500.0 million carrying value of debt that is recorded on the consolidated statements of financial condition at December 31, 2015 is the amount for which the Company expects to settle the 2013 AMH Credit Facilities. The Company has determined that the long-term debt obligation related to the 2013 AMH Credit Facilities would be categorized as a Level III liability in the fair value hierarchy based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from independent pricing services. As of December 31, 2015 , the 2013 AMH Credit Facilities were guaranteed and collateralized by AMH and its subsidiaries, Apollo Management, L.P., Apollo Capital Management, L.P., Apollo International Management, L.P., AAA Holdings, L.P., Apollo Principal Holdings I, L.P., Apollo Principal Holdings II, L.P., Apollo Principal Holdings III, L.P., Apollo Principal Holdings IV, L.P., Apollo Principal Holdings V, L.P., Apollo Principal Holdings VI, L.P., Apollo Principal Holdings VII, L.P., Apollo Principal Holdings VIII, L.P., Apollo Principal Holdings IX, L.P., Apollo Principal Holdings X, L.P., ST Holdings GP, LLC and ST Management Holdings, LLC. The 2013 AMH Credit Facilities contain affirmative and negative covenants which limit the ability of the Borrowers, the guarantors and certain of their subsidiaries to, among other things, incur indebtedness and create liens. Additionally, the 2013 AMH Credit Facilities contain financial covenants which require the Borrowers and their subsidiaries to maintain (1) at least $40 billion of Fee-Generating Assets Under Management and (2) a maximum total net leverage ratio of not more than 4.00 to 1.00 (subject to customary equity cure rights). The 2013 AMH Credit Facilities also contain customary events of default, including events of default arising from non-payment, material misrepresentations, breaches of covenants, cross default to material indebtedness, bankruptcy and changes in control of the Company. Borrowings under the Revolver Facility may be used for working capital and general corporate purposes, including, without limitation, permitted acquisitions. In addition, the Borrowers may incur incremental facilities in respect of the Revolver Facility and the Term Facility in an aggregate amount not to exceed $500 million plus additional amounts so long as the Borrowers are in compliance with a net leverage ratio not to exceed 3.75 to 1.00 . As of December 31, 2015 and 2014 , the Revolver Facility was undrawn. 2024 Senior Notes —On May 30, 2014, AMH issued $500 million in aggregate principal amount of its 4.000% Senior Notes due 2024 (the “2024 Senior Notes”), at an issue price of 99.722 % of par. Interest on the 2024 Senior Notes is payable semi-annually in arrears on May 30 and November 30 of each year. The 2024 Senior Notes will mature on May 30, 2024. The discount will be amortized into interest expense on the consolidated statements of operations over the term of the 2024 Senior Notes. Interest expense incurred by the Company related to the 2024 Senior Notes was $20.0 million and $11.7 million for the years ended December 31, 2015 and 2014 , respectively. Prior to the adoption of the updated debt issuance cost guidance as described in note 2 , the Company capitalized debt issuance costs of $5.5 million incurred in connection with the issuance of the 2024 Senior Notes, which was recorded in other assets in the consolidated statements of financial condition as of December 31, 2015 , to be amortized over the term of the notes. As a result of the Company’s adoption of the new accounting guidance, the Company has retrospectively adjusted the debt issuance costs that were initially capitalized and reported in other assets to debt as a direct deduction of the carrying amount of the related debt arrangement. The debt issuance costs will continue to be amortized as an increase to interest expense over the term of the debt arrangement. As such, the debt issuance cost amortization expense related to the issuance of the 2024 Senior Notes was $0.6 million and $0.3 million for the years ended December 31, 2015 and 2014 , respectively. As of December 31, 2015 , the 2024 Senior Notes were guaranteed by Apollo Principal Holdings I, L.P., Apollo Principal Holdings II, L.P., Apollo Principal Holdings III, L.P., Apollo Principal Holdings IV, L.P., Apollo Principal Holdings V, L.P., Apollo Principal Holdings VI, L.P., Apollo Principal Holdings VII, L.P., Apollo Principal Holdings VIII, L.P., Apollo Principal Holdings IX, L.P., Apollo Principal Holdings X, L.P., AMH Holdings (Cayman), L.P. and any other entity that is required to become a guarantor of the notes under the terms of the indenture governing the 2024 Senior Notes (the “2024 Senior Notes Indenture”). The 2024 Senior Notes Indenture includes covenants that restrict the ability of AMH and, as applicable, the guarantors to incur indebtedness secured by liens on voting stock or profit participating equity interests of their respective subsidiaries or merge, consolidate or sell, transfer or lease assets. The 2024 Senior Notes Indenture also provides for customary events of default. The estimated fair value of the Company’s long-term debt obligation related to the 2024 Senior Notes is approximately $495.3 million based on obtained broker quotes as of December 31, 2015 . The face amount of $500.0 million related to the 2024 Senior Notes is the amount for which the Company is obligated to settle the 2024 Senior Notes. The Company has determined that the long-term debt obligation related to the 2024 Senior Notes would be categorized as a Level II liability in the fair value hierarchy based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from independent pricing services. As of December 31, 2015 , the table below presents the contractual maturities for the Company's debt arrangements: 2016 2017 2018 2019 2020 Thereafter Total 2013 AMH Credit Facilities - Term Facility $ — $ — $ — $ 500,000 $ — $ — $ 500,000 2024 Senior Notes — — — — — 500,000 $ 500,000 2014 AMI Term Facility I — — — 14,543 — — $ 14,543 2014 AMI Term Facility II — — — 16,830 — — $ 16,830 Total Obligations as of December 31, 2015 $ — $ — $ — $ 531,373 $ — $ 500,000 $ 1,031,373 |
NET INCOME (LOSS) PER CLASS A S
NET INCOME (LOSS) PER CLASS A SHARE | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER CLASS A SHARE | NET INCOME (LOSS) PER CLASS A SHARE The table below presents basic and diluted net income per Class A share using the two-class method for the years ended December 31, 2015 , 2014 and 2013 : Basic and Diluted For the Year Ended December 31, 2015 2014 2013 Numerator: Net income attributable to Apollo Global Management, LLC $ 134,497 $ 168,229 $ 659,391 Distributions declared on Class A shares (339,397 ) (1) (483,458 ) (1) (556,954 ) (1) Distributions on participating securities (4) (28,497 ) (72,074 ) (93,235 ) Earnings allocable to participating securities — (2) — (2) (1,394 ) Undistributed income (loss) attributable to Class A shareholders: Basic and Diluted (233,397 ) (387,303 ) 7,808 Dilution effect on undistributed income attributable to Class A shareholders — — 9,106 Dilution effect on distributable income attributable to participating securities — — (1,329 ) Undistributed income (loss) attributable to Class A shareholders: Diluted $ (233,397 ) $ (387,303 ) $ 15,585 Denominator: Weighted average number of Class A shares outstanding: Basic 173,271,666 155,349,017 139,173,386 Dilution effect of share options and unvested RSUs — — 3,040,964 Weighted average number of Class A shares outstanding: Diluted 173,271,666 155,349,017 142,214,350 Net Income per Class A share: Basic Distributed Income $ 1.96 $ 3.11 $ 4.00 Undistributed Income (Loss) (1.35 ) (2.49 ) 0.06 Net Income per Class A Share: Basic $ 0.61 $ 0.62 $ 4.06 Net Income per Class A share: Diluted (3) Distributed Income $ 1.96 $ 3.11 $ 3.92 Undistributed Income (Loss) (1.35 ) (2.49 ) 0.11 Net Income per Class A Share: Diluted $ 0.61 $ 0.62 $ 4.03 (1) See note 15 for information regarding the quarterly distributions declared and paid during 2015 , 2014 and 2013. (2) No allocation of undistributed losses was made to the participating securities as the holders do not have a contractual obligation to share in the losses of the Company with Class A shareholders. (3) For the years ended December 31, 2015 and 2014 , the Company had an undistributed loss attributable to Class A shareholders and none of the classes of securities resulted in dilution. For the years ended December 31, 2015 and 2014, all of the classes of securities were anti-dilutive. For the year ended December 31, 2013 share options and unvested RSUs were determined to be dilutive, and were accordingly included in the diluted earnings per share calculation. For the year ended December 31, 2013, the AOG Units and participating securities were determined to be anti-dilutive and were accordingly excluded from the diluted earnings per share calculation. (4) Participating securities consist of vested and unvested RSUs that have rights to distributions and unvested restricted shares. The Company has granted RSUs that provide the right to receive, subject to vesting, Class A shares of Apollo Global Management, LLC, pursuant to the Company’s 2007 Omnibus Equity Incentive Plan. Certain RSU grants to employees provide the right to receive distribution equivalents on vested RSUs on an equal basis any time a distribution is declared. The Company refers to these RSU grants as “Plan Grants.” For certain Plan Grants, distribution equivalents are paid in January of the calendar year next following the calendar year in which a distribution on Class A shares was declared. In addition, certain RSU grants to employees provide that both vested and unvested RSUs participate in distribution equivalents on an equal basis with the Class A shareholders any time a distribution is declared. The Company refers to these as “Bonus Grants.” Any distribution equivalent paid to an employee will not be returned to the Company upon forfeiture of the award by the employee. Vested and unvested RSUs that are entitled to non-forfeitable distribution equivalents qualify as participating securities and are included in the Company’s basic and diluted earnings per share computations using the two-class method. The holder of an RSU participating security would have a contractual obligation to share in the losses of the entity if the holder is obligated to fund the losses of the issuing entity or if the contractual principal or mandatory redemption amount of the participating security is reduced as a result of losses incurred by the issuing entity. Because the RSU participating securities do not have a mandatory redemption amount and the holders of the participating securities are not obligated to fund losses, neither the vested RSUs nor the unvested RSUs are subject to any contractual obligation to share in losses of the Company. Holders of AOG Units are subject to the vesting requirements and transfer restrictions set forth in the agreements with the respective holders, and may a limited number of times each year, upon notice (subject to the terms of the Exchange Agreement), exchange their AOG Units for Class A shares on a one -for- one basis. A limited partner must exchange one partnership unit in each of the Apollo Operating Group partnerships to effectuate an exchange for one Class A share. Apollo Global Management, LLC has one Class B share outstanding, which is held by BRH Holdings GP, Ltd. (“BRH”). The voting power of the Class B share is reduced on a one vote per one AOG Unit basis in the event of an exchange of AOG Units for Class A shares, as discussed above. The Class B share has no net income (loss) per share as it does not participate in Apollo’s earnings (losses) or distributions. The Class B share has no distribution or liquidation rights. The Class B share has voting rights on a pari passu basis with the Class A shares. The Class B share represented 61.4% , 65.4% and 69.3% of the total voting power of the Company’s shares entitled to vote as of December 31, 2015 , 2014 and 2013, respectively. The following table summarizes the anti-dilutive securities for the years ended December 31, 2015 , 2014 and 2013 , respectively. For the Year Ended December 31, 2015 2014 2013 Weighted average vested RSUs 9,984,862 19,541,458 20,664,694 Weighted average unvested RSUs 4,858,935 9,556,131 — Weighted average unexercised options 227,086 548,441 — Weighted average AOG Units outstanding 219,575,738 225,005,386 234,132,052 Weighted average unvested restricted shares 90,985 — — The table below presents transactions in Class A shares each quarter during the years ended December 31, 2015 , 2014 and 2013 , and the resulting impact on the Company’s and Holdings’ ownership interests in the Apollo Operating Group: Date Type of Class A Shares Transaction Number of Shares Issued in Class A Shares Transaction (in thousands) Apollo Global Management, LLC ownership% in Apollo Operating Group before Class A Shares Transaction Apollo Global Management, LLC ownership% in Apollo Operating Group after Class A Shares Transaction Holdings ownership% in Apollo Operating Group before Class A Shares Transaction Holdings ownership% in Apollo Operating Group after Class A Shares Transaction Quarter Ended March 31, 2013 Issuance 2,091 35.1% 35.5% 64.9% 64.5% Quarter Ended Issuance/Offering 9,577 (1) 35.5 38.0 64.5 62.0 Quarter Ended September 30, 2013 Issuance 1,977 38.0 38.3 62.0 61.7 Quarter Ended December 31, 2013 Issuance/Exchange 2,581 (1) 38.3 39.0 61.7 61.0 Quarter Ended March 31, 2014 Issuance 2,672 39.0 39.4 61.0 60.6 Quarter Ended Issuance/Exchange 7,344 (1) 39.4 41.2 60.6 58.8 Quarter Ended September 30, 2014 Issuance 3,660 41.2 41.8 58.8 58.2 Quarter Ended December 31, 2014 Issuance/Exchange 3,090 (1) 41.8 42.3 58.2 57.7 Quarter Ended March 31, 2015 Issuance/Exchange 4,866 (1) 42.3 43.0 57.7 57.0 Quarter Ended Issuance/Exchange 4,275 (1) 43.0 43.8 57.0 56.2 Quarter Ended September 30, 2015 Issuance/Exchange 6,819 (1) 43.8 45.3 56.2 54.7 Quarter Ended December 31, 2015 Issuance/Exchange 2,067 45.3 45.6 54.7 54.4 (1) In May 2013, November 2013, May 2014, October 2014, February 2015, May 2015, August 2015 and November 2015, certain holders of AOG Units exchanged their AOG Units for Class A shares and approximately 8.8 million , 2.3 million , 6.2 million , 0.1 million , 0.2 million , 1.8 million , 4.4 million and 27.5 thousand Class A shares, respectively, were issued by the Company in the exchanges. |
EQUITY-BASED COMPENSATION
EQUITY-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
EQUITY-BASED COMPENSATION | EQUITY-BASED COMPENSATION AOG Units The fair value of the AOG Units of approximately $5.6 billion was charged to compensation expense on a straight-line basis over the five or six year service period, as applicable. For the year ended December 31, 2013, compensation expense of $30.0 million was recognized. The AOG Units were fully vested and amortized as of June 30, 2013. The following table summarizes the activity of the AOG Units for the year ended December 31, 2013: AOG Units Weighted Average Grant Date Fair Value Balance at January 1, 2013 1,500,366 $ 20.00 Vested (1,500,366 ) 20.00 Balance at December 31, 2013 — $ — RSUs The Company grants RSUs under the Company’s 2007 Omnibus Equity Incentive Plan. These grants are accounted for as a grant of equity awards in accordance with U.S. GAAP. The fair value of all grants after March 29, 2011 is based on the grant date fair value, which considers the public share price of the Company. For Plan Grants, the grant date fair value is based on the grant date public share price of the Company’s Class A shares discounted primarily for transfer restrictions and lack of distributions until vested. For Bonus Grants, the grant date fair value is based on the grant date public share price of the Company’s Class A shares discounted primarily for transfer restrictions and in certain cases timing of distributions. The following table summarizes the weighted average discounts for Plan Grants and Bonus Grants for the years ended December 31, 2015 , 2014 and 2013 . For the Year Ended December 31, 2015 2014 2013 Plan Grants: Discount for the lack of distributions until vested (1) 26.0 % 32.5 % 30.5 % Marketability discount for transfer restrictions (2) 4.2 % 5.1 % 6.0 % Bonus Grants: Marketability discount for transfer restrictions (2) 2.2 % 3.2 % 3.2 % (1) Based on the present value of a growing annuity calculation. (2) Based on the Finnerty Model calculation. The estimated total fair value is charged to compensation expense on a straight-line basis over the vesting period, which for Plan Grants is generally up to six years, with the first installment vesting one year after grant and quarterly vesting thereafter, and for Bonus Grants is annual vesting over three years. The fair value of grants made during the years ended December 31, 2015 , 2014 and 2013 was $70.6 million , $149.1 million , and $56.6 million , respectively. The actual forfeiture rate was 1.2% , 6.7% and 5.3% for the years ended December 31, 2015 , 2014 and 2013 , respectively. Compensation expense recognized for the years ended December 31, 2015 , 2014 and 2013 was $65.7 million , $80.7 million , and $87.7 million , respectively. In addition, during 2014, the Company entered into an agreement with an executive officer providing for the grant of RSUs when certain metrics have been achieved. In accordance with U.S. GAAP, equity-based compensation expense is recognized only when certain metrics are met or deemed probable. Accordingly, for the years ended December 31, 2015 , and 2014 , no equity-based compensation expense was recognized relating to these RSUs. The following table summarizes RSU activity for the years ended December 31, 2015 , 2014 and 2013 : Unvested Weighted Average Grant Date Fair Value Vested Total Number of RSUs Outstanding Balance at January 1, 2013 14,724,474 $ 11.62 22,512,930 37,237,404 (1) Granted 2,101,277 26.95 — 2,101,277 Forfeited (888,594 ) 13.30 — (888,594 ) Delivered — 12.30 (6,879,050 ) (6,879,050 ) Vested (7,159,871 ) 12.60 7,159,871 — Balance at December 31, 2013 8,777,286 14.32 22,793,751 31,571,037 (1) Granted 7,046,490 21.16 — 7,046,490 Forfeited (2) (1,055,639 ) 12.19 — (1,055,639 ) Delivered — 12.96 (9,490,011 ) (9,490,011 ) Vested (2) (4,050,502 ) 16.75 4,050,502 — Balance at December 31, 2014 10,717,635 18.11 17,354,242 28,071,877 (1) Granted 4,634,950 15.24 — 4,634,950 Forfeited (186,741 ) 20.70 — (186,741 ) Delivered — 13.16 (15,185,890 ) (15,185,890 ) Vested (4,125,701 ) 19.35 4,125,701 — Balance at December 31, 2015 11,040,143 $ 16.40 6,294,053 17,334,196 (1) (1) Amount excludes RSUs which have vested and have been issued in the form of Class A shares. (2) In connection with the departure of an employee from the Company, such employee vested in 625,000 RSUs that were previously granted to him and forfeited 625,000 RSUs that were previously granted to him. As a result of the additional vesting, the Company recorded an incremental compensation expense of $17.5 million related to the relevant RSU award for the year ended December 31, 2014. Units Expected to Vest —As of December 31, 2015 , approximately 10,400,000 RSUs were expected to vest over the next 3.3 years. Restricted Share Awards In connection with the Venator Acquisition and a performance-based incentive plan, the Company issued $5.0 million of restricted Class A shares. Based on the terms of the awards of the Company’s Class A shares, equity-based compensation will be expensed over two years . For the year ended December 31, 2015, 359,367 restricted shares were granted. Compensation expense recognized for the year ended December 31, 2015 related to these restricted shares was $2.7 million . There were no forfeitures of restricted shares during the year ended December 31, 2015. Share Options The Company has granted options under the 2007 Omnibus Equity Incentive Plan. For the years ended December 31, 2015 , 2014 and 2013 , compensation expense of $0.1 million , $28.2 million and $4.7 million was recognized as a result of these grants, respectively. In connection with the departure of an employee from the Company, such employee vested in 1,250,000 share options that were previously granted to him and forfeited 1,250,000 share options that were previously granted to him. As a result of the additional vesting, the Company recorded an incremental compensation expense of $28.1 million related to the relevant option award agreement for the year ended December 31, 2014. There were no share options granted during the years ended December 31, 2015 , 2014 and 2013 . Apollo measures the fair value of each option award on the date of grant using the Black-Scholes option-pricing model. The following table summarizes the share option activity for the years ended December 31, 2015 , 2014 and 2013 : Options Weighted Aggregate Weighted Balance at January 1, 2013 5,275,000 $ 8.44 $ 29,020 8.01 Exercised (2,324,997 ) 8.12 (12,896 ) — Balance at December 31, 2013 2,950,003 8.69 16,124 7.08 Exercised (1,468,750 ) 8.03 (8,217 ) — Forfeited (1,250,000 ) 8.00 (7,025 ) — Balance at December 31, 2014 231,253 16.60 882 7.93 Exercised (8,333 ) 12.38 (17 ) — Balance at December 31, 2015 222,920 17.69 $ 865 6.95 Exercisable at December 31, 2015 118,751 $ 17.14 $ 384 6.99 Options Expected to Vest — As of December 31, 2015, approximately 100,000 options were expected to vest. The expected life of the options granted represents the period of time that options are expected to be outstanding and is based on the contractual term of the option. Unamortized compensation cost related to unvested share options at December 31, 2015 was $0.3 million and is expected to be recognized over a weighted average period of 2.5 years . The intrinsic value of options exercised was $0.1 million , $26.6 million and $42.9 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Delivery of Class A Shares - RSUs and Share Options During the years ended December 31, 2015 , 2014 and 2013 , the Company delivered Class A shares in settlement of vested RSUs and exercised share options. The Company has generally allowed holders of vested RSUs and exercised share options to settle their tax liabilities by reducing the number of Class A shares delivered to them, which the Company refers to as “net share settlement.” Additionally, the Company has generally allowed holders of share options to settle their exercise price by reducing the number of Class A shares delivered to them at the time of exercise by an amount sufficient to cover the exercise price. The net share settlement results in a liability for the Company and a corresponding accumulated deficit adjustment. This adjustment for the years ended December 31, 2015 , 2014 and 2013 was $78.9 million , $0.4 million and $85.9 million , respectively. The delivery of Class A shares in settlement of vested RSUs and exercised share options does not cause a transfer of amounts in the consolidated statements of changes in shareholders’ equity to the Class A shareholders. The delivery of Class A shares in settlement of vested RSUs and exercised share options causes the income allocated to the Non-Controlling Interests to shift to the Class A shareholders from the date of delivery forward. The table below summarizes the delivery of Class A shares in settlement of vested RSUs and exercised share options for the years ended December 31, 2015 , 2014 and 2013 : For the Year Ended December 31, 2015 2014 2013 Class A shares delivered or issued 11,296,388 10,491,649 5,181,389 Gross value of shares (1) $ 325,747 $ 289,000 $ 212,900 (1) Based on the closing price of a Class A share at the time of delivery. AAA RDUs Incentive units that provide the right to receive AAA restricted depositary units (“RDUs”) following vesting are granted periodically to employees of Apollo. These grants are accounted for as equity awards in accordance with U.S. GAAP. The incentive units granted to employees generally vest over three years. The fair value at the date of the grants is recognized on a straight-line basis over the vesting period (or upon grant in the case of fully vested AAA RDUs). The grant date fair value is based on the public share price of AAA. Vested AAA RDUs can be converted into ordinary common units of AAA subject to applicable securities law restrictions. During the years ended December 31, 2015 , 2014 and 2013 , the actual forfeiture rate was 0.0% , 1.1% and 0.0% , respectively. For the years ended December 31, 2015 , 2014 and 2013 , compensation expense of $0.7 million , $0.4 million and $1.2 million was recognized, respectively. The following table summarizes RDU activity for the years ended year ended December 31, 2015 , 2014 and 2013, respectively: Unvested Weighted Vested Total Number Balance at January 1, 2013 338,430 $ 8.85 114,896 453,326 Granted 27,286 26.90 — 27,286 Delivered — 9.02 (114,896 ) (114,896 ) Vested (120,354 ) 9.83 120,354 — Balance at December 31, 2013 245,362 10.38 120,354 365,716 Granted 18,426 33.05 — 18,426 Forfeited (2,861 ) 8.36 — (2,861 ) Delivered — 9.02 (120,354 ) (120,354 ) Vested (96,267 ) 11.17 96,267 — Balance at December 31, 2014 164,660 12.49 96,267 260,927 Delivered — 11.17 (96,267 ) (96,267 ) Vested (96,268 ) 11.17 96,268 — Balance at December 31, 2015 68,392 $ 14.35 96,268 164,660 Units Expected to Vest —As of December 31, 2015, approximately 64,288 RDUs were expected to vest over the next 1.2 years. The following table summarizes the activity of RDUs available for future grants: RDUs Available Balance at January 1, 2013 1,685,345 Purchases 6,236 Granted/Issued (39,272 ) Forfeited — Balance at December 31, 2013 1,652,309 Purchases 9,719 Granted/Issued (18,426 ) Forfeited 2,861 Balance at December 31, 2014 and 2015 1,646,463 Restricted Stock and Restricted Stock Unit Awards—ARI and AMTG ARI restricted stock awards, ARI restricted stock unit awards ("ARI RSUs") and AMTG restricted stock unit awards (“AMTG RSUs”) granted to the Company and certain of the Company’s employees generally vest over three years, either quarterly or annually. The awards granted to the Company are accounted for as investments and deferred revenue in the consolidated statements of financial condition. As these awards vest, the deferred revenue is recognized as management fees. The investment is accounted for using the equity method of accounting for awards granted to the Company and as a deferred compensation asset for the awards granted to employees. Compensation expense is recognized on a straight line-basis over the vesting period for the awards granted to the employees. The Company recorded an asset and a liability upon receiving the awards on behalf of the Company’s employees. The fair value of the awards to employees is based on the grant date fair value, which utilizes the public share price of ARI and AMTG, less discounts for transfer restrictions as well as timing of distributions for the AMTG RSUs. The awards granted to the Company’s employees are remeasured each period to reflect the fair value of the asset and other liabilities and any changes in these values are recorded in the consolidated statements of operations. The following table summarizes the management fees, compensation expense, and forfeiture rates for the ARI restricted stock awards and ARI RSUs for the years ended December 31, 2015 , 2014 , and 2013 : For the Year Ended December 31, 2015 2014 2013 Management fees $ 3,334 $ 1,326 $ 2,837 Compensation expense 3,081 1,329 2,047 Forfeiture rate 1.3 % — % 1.6 % The following table summarizes the management fees, compensation expense, and forfeiture rates for the AMTG RSUs for the years ended December 31, 2015 , 2014 , and 2013 : For the Year Ended December 31, 2015 2014 2013 Management fees $ 1,171 $ 915 $ 849 Compensation expense 1,171 828 804 Forfeiture rate 2.5 % 2.5 % 1.3 % The following tables summarize activity for the ARI restricted stock awards, ARI RSUs and AMTG RSUs that were granted to both the Company and certain of its employees for the years ended December 31, 2015 , 2014 and 2013: ARI RSUs Weighted ARI RSUs Total Balance at January 1, 2013 237,542 $ 14.62 113,148 350,690 Granted to employees of the Company 205,000 16.58 — 205,000 Granted to the Company 40,000 17.59 — 40,000 Forfeited by employees of the Company (5,000 ) 16.66 — (5,000 ) Delivered — 13.32 (18,978 ) (18,978 ) Vested awards of employees of the Company (137,807 ) 15.48 137,807 — Vested awards of the Company (65,333 ) 15.41 65,333 — Balance at December 31, 2013 274,402 15.86 297,310 571,712 Granted to employees of the Company 400,254 16.59 — 400,254 Delivered — 14.76 (307,731 ) (307,731 ) Vested awards of employees of the Company (129,148 ) 15.55 129,148 — Vested awards of the Company (65,333 ) 15.41 65,333 — Balance at December 31, 2014 480,175 16.61 184,060 664,235 Granted to employees of the Company 642,056 17.15 — 642,056 Forfeited by employees of the Company (13,500 ) 17.17 — (13,500 ) Delivered — 14.99 (33,981 ) (33,981 ) Vested awards of employees of the Company (201,586 ) 17.02 201,586 — Vested awards of the Company (13,335 ) 17.59 13,335 — Balance at December 31, 2015 893,810 $ 16.88 365,000 1,258,810 Units Expected to Vest —As of December 31, 2015, approximately 840,181 ARI RSUs were expected to vest over the next 2.7 years. AMTG RSUs Weighted AMTG RSUs Vested Total Balance at January 1, 2013 161,257 $ 20.28 12,862 174,119 Granted to employees of the Company 25,848 14.73 — 25,848 Forfeited by employees of the Company (2,359 ) 18.74 — (2,359 ) Vested awards of employees of the Company (51,259 ) 20.30 51,259 — Vested awards of the Company (6,250 ) 18.20 6,250 — Balance at December 31, 2013 127,237 19.28 70,371 197,608 Granted to employees of the Company 130,124 16.01 — 130,124 Forfeited by employees of the Company (4,855 ) 21.22 — (4,855 ) Delivered — 17.56 (31,167 ) (31,167 ) Vested awards of employees of the Company (57,982 ) 19.56 57,982 — Vested awards of the Company (4,688 ) 18.20 4,688 — Balance at December 31, 2014 189,836 16.93 101,874 291,710 Forfeited by employees of the Company (4,676 ) 15.75 — (4,676 ) Delivered — 20.60 (138,862 ) (138,862 ) Vested awards of employees of the Company (94,569 ) 18.02 94,569 — Balance at December 31, 2015 90,591 $ 15.85 57,581 148,172 Units Expected to Vest —As of December 31, 2015, approximately 85,156 AMTG RSUs were expected to vest over the next 1.9 years. Restricted Share Awards—Athene Holding Athene Holding has granted restricted share awards (“AHL Awards”) to certain employees of Apollo which function similarly to options in that they are exchangeable for Class A shares of Athene Holdings upon payment of a conversion price and other conditions being met. Certain of the awards granted are subject to time-based vesting conditions that generally vest over five years and certain of the awards vest once certain metrics have been achieved, such as attainment of certain rates of return and realized cash received by certain investors in Athene Holding upon sale of their shares. The AHL Awards are not convertible into Class A shares of Athene Holding until the completion of an initial public offering of Athene Holding. During 2014, the vesting terms of some of the AHL Awards were modified such that the portion of AHL Awards related to services provided from the date of grant were deemed vested. The AHL Awards, are accounted for as a prepaid compensation asset within other assets and deferred revenue in the consolidated statements of financial condition. From the date of grant, the deferred revenue is recognized as management fees and the prepaid compensation asset is recognized as compensation expense over the vesting period. The fair value of the awards to employees is based on the grant date fair value, which utilizes the share price of Athene Holding, less discounts for transfer restrictions. Shares granted as part of the AHL Awards were valued using a multiple-scenario model, which considers the price volatility of the underlying stock price of Athene Holding, time to expiration and the risk-free rate. The awards granted are recognized as liability awards and are remeasured each period to reflect the fair value of the prepaid compensation asset and deferred revenue. Any changes in fair value are recorded in management fees and equity-based compensation expense in the consolidated statements of operations. For the years ended December 31, 2015 and 2014, $24.2 million and $16.7 million of equity-based compensation expense was recognized in the consolidated statements of operations, respectively, related to AHL Awards granted to employees of Athene Asset Management. The following table summarizes activity for the AHL Awards that were granted to certain employees of the company for the years ended December 31, 2015 and 2014: AHL Awards Weighted AHL Awards Vested Total Balance at January 1, 2014 1,717,568 $ 1.23 — 1,717,568 Granted to employees of the Company 850,000 9.31 — 850,000 Vested awards of the employees of the Company (849,495 ) 3.69 849,495 — Balance at December 31, 2014 1,718,073 4.00 849,495 2,567,568 Granted to employees of the Company 583,268 2.17 — 583,268 Vested awards of employees of the Company (195,374 ) 6.04 195,374 — Transfers (1) (590,089 ) 2.72 — (590,089 ) Balance at December 31, 2015 1,515,878 $ 3.54 1,044,869 2,560,747 (1) On January 1, 2015, certain employees of Athene Asset Management who had been granted AHL Awards became employees of Athene Holding, an unconsolidated affiliate of the Company. There were no AHL Awards converted into Class A shares of Athene Holding during the years ended December 31, 2015 and 2014. Units Expected to Vest —As of December 31, 2015, approximately 463,052 AHL Awards were expected to vest over the next 2.4 years and 1,052,826 AHL Awards may vest if certain metrics are achieved. Equity-Based Compensation Allocation Equity-based compensation is allocated based on ownership interests. Therefore, the amortization of the AOG Units is allocated to shareholders’ equity attributable to Apollo Global Management, LLC and the Non-Controlling Interests, which results in a difference in the amounts charged to equity-based compensation expense and the amounts credited to shareholders’ equity attributable to Apollo Global Management, LLC in the Company’s consolidated financial statements. Below is a reconciliation of the equity-based compensation allocated to Apollo Global Management, LLC for the year ended December 31, 2015 : Total Amount Non- Controlling Interest % in Apollo Operating Group Allocated to Non- Controlling Interest in Apollo Operating Group (1) Allocated to Apollo Global Management, LLC RSUs and Share Options $ 68,535 — % $ — $ 68,535 AHL Awards 24,180 54.4 13,158 11,022 Other equity-based compensation awards 4,961 54.4 2,699 2,262 Total Equity-Based Compensation $ 97,676 15,857 81,819 Less other equity-based compensation awards (2) (15,857 ) (13,860 ) Capital Increase Related to Equity-Based Compensation $ — $ 67,959 (1) Calculated based on average ownership percentage for the period considering Class A share issuances during the period. (2) Includes equity-based compensation reimbursable by certain funds. Below is a reconciliation of the equity-based compensation allocated to Apollo Global Management, LLC for the year ended December 31, 2014 : Total Amount Non- Controlling Interest % in Apollo Operating Group Allocated to Non- Controlling Interest in Apollo Operating Group (1) Allocated to Apollo Global Management, LLC RSUs and Share Options $ 107,017 — % $ — $ 107,017 AHL Awards 16,738 57.7 9,938 6,800 Other equity-based compensation awards 2,565 57.7 1,517 1,048 Total Equity-Based Compensation $ 126,320 11,455 114,865 Less other equity-based compensation awards (2) (11,455 ) (5,994 ) Capital Increase Related to Equity-Based Compensation $ — $ 108,871 (1) Calculated based on average ownership percentage for the period considering Class A share issuances during the period. (2) Includes equity-based compensation reimbursable by certain funds. Below is a reconciliation of the equity-based compensation allocated to Apollo Global Management, LLC for the year ended December 31, 2013 : Total Amount Non- Controlling Interest % in Apollo Operating Group Allocated to Non- Controlling Interest in Apollo Operating Group (1) Allocated to Apollo Global Management, LLC AOG Units $ 30,007 61.0 % $ 19,163 $ 10,844 RSUs and Share Options 92,185 — — 92,185 Other equity-based compensation awards 4,035 61.0 2,494 1,541 Total Equity-Based Compensation $ 126,227 21,657 104,570 Less other equity-based compensation awards (2) (2,494 ) 365 Capital Increase Related to Equity-Based Compensation $ 19,163 $ 104,935 (1) Calculated based on average ownership percentage for the period considering Class A share issuances during the period. (2) Includes equity-based compensation reimbursable by certain funds. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES | RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES The Company typically facilitates the initial payment of certain operating costs incurred by the funds that it manages as well as their affiliates. These costs are normally reimbursed by such funds and are included in due from affiliates. Due from affiliates and due to affiliates are comprised of the following: As of December 31, 2015 2014 Due from Affiliates: Due from private equity funds $ 21,532 $ 30,091 Due from portfolio companies 36,424 41,844 Due from credit funds (1) 124,660 174,197 Due from Contributing Partners, employees and former employees 42,491 1,721 Due from real estate funds 22,728 20,162 Total Due from Affiliates $ 247,835 $ 268,015 Due to Affiliates: Due to Managing Partners and Contributing Partners in connection with the tax receivable agreement $ 506,162 $ 509,149 Due to private equity funds 16,293 1,158 Due to credit funds 57,981 5,343 Due to real estate funds 580 — Distributions payable to employees 13,520 49,503 Total Due to Affiliates $ 594,536 $ 565,153 (1) As of December 31, 2014, includes unsettled monitoring fee receivable and management fee receivable from AAA and Athene as discussed in “Athene” below. Tax Receivable Agreement and Other Subject to certain restrictions, each of the Managing Partners and Contributing Partners has the right to exchange their vested AOG Units for the Company’s Class A shares. Certain Apollo Operating Group entities have made an election under Section 754 of the U.S. Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), which will result in an adjustment to the tax basis of the assets owned by the Apollo Operating Group at the time of the exchange. These exchanges will result in increases in tax deductions that will reduce the amount of tax that APO Corp. will otherwise be required to pay in the future. The tax receivable agreement provides for the payment to the Managing Partners and Contributing Partners of 85% of the amount of cash savings, if any, in U.S. federal, state, local and foreign income taxes that APO Corp. would realize as a result of the increases in tax basis of assets that resulted from the 2007 Reorganization and exchanges of AOG Units for Class A shares. If the Company does not make the required annual payment on a timely basis as outlined in the tax receivable agreement, interest is accrued on the balance until the payment date. These payments are expected to occur approximately over the next 15 years . As a result of exchanges of AOG Units for Class A shares during the years ended December 31, 2015, 2014 and 2013, a $45.4 million , $47.9 million and $126.9 million liability was recorded, respectively (see note 11 ), to estimate the amount of these future expected payments to be made by APO Corp. to the Managing Partners and Contributing Partners pursuant to the tax receivable agreement. In April 2015, 2014 and 2013, Apollo made cash payments pursuant to the tax receivable agreement resulting from the realized tax benefit for each respective tax year. Included in the payments was interest paid to the Managing Partners and Contributing Partners. The table below presents the cash payments made during April, 2015, 2014 and 2013. Date Cash Payment Interest Paid to Managing Partners Interest Paid to Contributing Partners April, 2015 $ 48,420 $ 13,090 $ 555 April, 2014 32,032 8,272 469 April, 2013 30,403 7,645 333 During the years ended December 31, 2014 and 2013, the Company reduced the tax receivable agreement liability and recorded $32.2 million and $13.0 million , respectively, in other income, net in the consolidated statement of operations due to changes in estimated tax rates. Due from Contributing Partners, Employees and Former Employees As of December 31, 2015 and 2014 , due from Contributing Partners, Employees and Former Employee balances include various amounts due to the Company including director fee receivables. In addition, as of December 31, 2015 , the balance included interest-bearing employee loans receivable of $25.0 million . The outstanding principal amount of the loans as well as all accrued and unpaid interest is required to be repaid at the earlier of the eighth anniversary of the date of the relevant loan or at the date of the relevant employee’s resignation from the Company. The Company has recorded a receivable from the Contributing Partners and certain employees and former employees for the potential return of profit sharing distributions that would be due if certain funds were liquidated as of December 31, 2015 with respect to ACLF, Fund V, ANRP I and a performance-based incentive plan of $6.9 million , $4.9 million , $1.3 million and $1.6 million , respectively, as of December 31, 2015 . Distributions In addition to other distributions such as payments pursuant to the tax receivable agreement, the table below presents information regarding the quarterly distributions which were made at the sole discretion of the manager of the Company during 2015 , 2014 and 2013 (in millions, except per share data): Distribution Declaration Date Distribution per Class A Share Distribution Payment Date Distribution to Class A Shareholders Distribution to Non-Controlling Interest Holders in the Apollo Operating Group Total Distributions from Apollo Operating Group Distribution Equivalents on Participating Securities February 8, 2013 $ 1.05 February 28, 2013 $ 138.7 $ 252.0 $ 390.7 $ 25.0 April 12, 2013 — April 12, 2013 — 55.2 (1) 55.2 — May 6, 2013 0.57 May 30, 2013 80.8 131.8 212.6 14.3 August 8, 2013 1.32 August 30, 2013 189.7 305.2 494.9 30.8 November 7, 2013 1.01 November 29, 2013 147.7 231.2 378.9 24.1 For the year ended December 31, 2013 $ 3.95 $ 556.9 $ 975.4 $ 1,532.3 $ 94.2 February 7, 2014 $ 1.08 February 26, 2014 $ 160.9 $ 247.3 $ 408.2 $ 25.5 April 3, 2014 — April 3, 2014 — 49.5 (1) 49.5 — May 8, 2014 0.84 May 30, 2014 130.0 188.4 318.4 20.9 June 16, 2014 — June 16, 2014 — 28.5 (1) 28.5 — August 6, 2014 0.46 August 29, 2014 73.6 102.5 176.1 10.2 September 11, 2014 — September 11, 2014 — 12.4 (1) 12.4 — October 30, 2014 0.73 November 21, 2014 119.0 162.6 281.6 15.5 December 15, 2014 — December 15, 2014 — 25.2 (1) 25.2 — For the year ended December 31, 2014 $ 3.11 $ 483.5 $ 816.4 $ 1,299.9 $ 72.1 February 5, 2015 $ 0.86 February 27, 2015 $ 144.4 $ 191.3 $ 335.7 $ 15.3 April 11, 2015 — April 11, 2015 — 22.4 (1) 22.4 — May 7, 2015 0.33 May 29, 2015 56.8 72.8 129.6 4.9 July 29, 2015 0.42 August 31, 2015 74.8 91.2 166.0 5.1 October 28, 2015 0.35 November 30, 2015 $ 63.4 $ 75.7 $ 139.1 $ 3.1 For the year ended December 31, 2015 $ 1.96 $ 339.4 $ 453.4 $ 792.8 $ 28.4 (1) On April 12, 2013, April 3, 2014, June 16, 2014, September 11, 2014, December 15, 2014, and April 11, 2015, the Company made a $0.23 , $0.22 , $0.13 , $0.06 , $0.11 , and $0.10 distribution per AOG Unit, respectively, to the Non-Controlling Interest holders in the Apollo Operating Group. Indemnity Carried interest income from certain funds that the Company manages can be distributed to the Company on a current basis, but is subject to repayment by the subsidiary of the Apollo Operating Group that acts as general partner of the fund in the event that certain specified return thresholds are not ultimately achieved. The Managing Partners, Contributing Partners and certain other investment professionals have personally guaranteed, subject to certain limitations, the obligation of these subsidiaries in respect of this general partner obligation. Such guarantees are several and not joint and are limited to a particular Managing Partner’s or Contributing Partner’s distributions. An existing shareholders agreement includes clauses that indemnify each of the Company’s Managing Partners and certain Contributing Partners against all amounts that they pay pursuant to any of these personal guarantees in favor of certain funds that the Company manages (including costs and expenses related to investigating the basis for or objecting to any claims made in respect of the guarantees) for all interests that the Company’s Managing Partners and Contributing Partners have contributed or sold to the Apollo Operating Group. Accordingly, in the event that the Company’s Managing Partners, Contributing Partners and certain investment professionals are required to pay amounts in connection with a general partner obligation for the return of previously made distributions, the Company will be obligated to reimburse the Company’s Managing Partners and certain Contributing Partners for the indemnifiable percentage of amounts that they are required to pay even though the Company did not receive the certain distribution to which that general partner obligation related. The Company recorded an indemnification liability of $4.6 million as of December 31, 2015 . There was no indemnification liability recorded as of December 31, 2014 . Due to Private Equity Funds Based upon a hypothetical liquidation of Fund V, APC and ANRP I as of December 31, 2015 , the Company has recorded a general partner obligation to return previously distributed carried interest income, which represents amounts due to these funds. As such, there was a general partner obligation to return previously distributed carried interest income with respect to Fund V, APC and ANRP I of $10.8 million , $2.1 million and $3.4 million accrued as of December 31, 2015 , respectively. As of December 31, 2014, there was no general partner obligation to return previously distributed carried interest income. The actual determination and any required payment of a general partner obligation would not take place until the final disposition of the fund’s investments based on contractual termination of the fund or as otherwise set forth in the respective limited partnership agreement of the fund. Due to Credit Funds Based upon a hypothetical liquidation of certain of our credit funds, as of December 31, 2015 , 2014 and 2013 , the Company has recorded a general partner obligation to return previously distributed carried interest income, which represents amounts due to these funds. As such, there was a general partner obligation to return previously distributed carried interest income with respect to ACLF, COF II and certain SIAs within the credit segment of $25.6 million , $0.4 million and $29.7 million accrued as of December 31, 2015 , respectively. As of December 31, 2014, there was a general partner obligation to return previously distributed carried interest income with respect to ACLF and an SIA of $2.5 million and $0.9 million , respectively. As of December 31, 2013, there was a general partner obligation to return previously distributed carried interest income with respect to an SIA and APC of $19.3 million and $0.3 million , respectively. The actual determination and any required payment of a general partner obligation would not take place until the final disposition of the fund’s investments based on contractual termination of the fund or as otherwise set forth in the respective limited partnership agreement or other governing document of the fund. Athene Athene Holding is the ultimate parent of various insurance company operating subsidiaries. Through its subsidiaries, Athene Holding provides insurance products focused primarily on the retirement market and its business centers primarily on issuing or reinsuring fixed indexed annuities. Athene Asset Management receives a management fee equal to 0.40% per annum on all assets under management in accounts owned by or related to Athene (the “Athene Accounts”), with certain limited exceptions. In addition, the Company receives sub-advisory management fees and carried interest income with respect to a portion of the assets in the Athene Accounts. With respect to capital invested in an Apollo fund, Apollo receives management fees directly from the relevant funds under the investment management agreements with such funds. Athene Asset Management and other Apollo subsidiaries incur all expenses associated with their provision of services to Athene, including but not limited to, asset allocation services, direct asset management services, risk management, asset and liability matching management, mergers and acquisitions asset diligence, hedging and other services. Under a transaction advisory services agreement with Athene (the “Athene Services Agreement”), effective February 5, 2013 through December 31, 2014, Apollo earned a quarterly monitoring fee of 0.50% of Athene’s capital and surplus as of the end of the applicable quarter multiplied by 2.5 , excluding the shares of Athene Holding that were newly acquired (and not in satisfaction of prior commitments to buy such shares) by AAA Investments in the contribution of certain assets by AAA to Athene in October 2012 (the “Excluded Athene Shares”). The Athene Services Agreement was amended in connection with the Athene Private Placement described below (the “Amended Athene Services Agreement”). The Amended Athene Services Agreement adjusted the calculation of Athene Holding’s capital and surplus downward by an amount equal to (x) the equity capital raised in the Athene Private Placement and (y) certain disproportionate increases to the statutory capital and surplus of Athene, as compared to the stockholders’ equity of Athene calculated on a U.S. GAAP basis, as a result of certain future acquisitions by Athene. Prior to the consummation of the Athene Private Placement, all such monitoring fees were paid pursuant to the Athene Services Derivative. In connection with the Athene Private Placement, the Athene Services Derivative was settled on April 29, 2014 by delivery to Apollo of common shares of Athene Holding, and as a result, such derivative was terminated. Following settlement of the Athene Services Derivative, future monitoring fees paid to Apollo pursuant to the Amended Athene Services Agreement, were paid on a quarterly basis in arrears by delivery to Apollo of common shares of Athene Holding. Unsettled monitoring fees pursuant to the Amended Athene Services Agreement are recorded as due from affiliates in the consolidated statements of financial condition. For the years ended December 31, 2014 and 2013 , Apollo earned $226.4 million and $107.9 million , respectively related to this monitoring fee. The monitoring fee is recorded in advisory and transaction fees from affiliates, net, in the consolidated statements of operations. As of December 31, 2014 , Apollo had a $58.2 million receivable recorded in due from affiliates on the consolidated statements of financial condition. In accordance with the services agreement among AAA, AAA Investments and the other service recipients party thereto and Apollo (the “AAA Services Agreement”), Apollo receives a management fee for managing the assets of AAA Investments. In connection with each of the contribution of certain assets by AAA to Athene in October 2012, and the initial closing of the Athene Private Placement on April 4, 2014, the AAA Services Agreement was amended (the “Amended AAA Services Agreement”). Pursuant to the Amended AAA Services Agreement, the parties agreed that there will be no management fees payable by AAA Investments with respect to the Excluded Athene Shares. AAA Investments agreed to continue to pay Apollo the same management fee on its investment in Athene Holding (other than with respect to the Excluded Athene Shares), except that Apollo agreed that the obligation to pay the existing management fee terminated on December 31, 2014 (although services will continue through December 31, 2020). Prior to the consummation of the Athene Private Placement, all such management fees were accrued pursuant to the AAA Services Derivative. In connection with the Athene Private Placement, the AAA Services Derivative was settled on April 29, 2014 by delivery to Apollo of common shares of Athene Holding, and as a result, such derivative was terminated. Following settlement of the AAA Services Derivative, future management fees paid to Apollo pursuant to the Amended AAA Services Agreement were paid on a quarterly basis in arrears by delivery to Apollo of common shares of Athene Holding. Unsettled management fees pursuant to the Amended AAA Services Agreement are recorded as due from affiliates in the consolidated statements of financial condition. There were no management fees receivable as of December 31, 2015 as AAA Investments’ obligation to pay the existing management fee terminated on December 31, 2014. As of December 31, 2014 , Apollo had a $3.1 million receivable recorded in due from affiliates related to this management fee on the consolidated statements of financial condition. The total management fees earned by Apollo related to the Amended AAA Services Agreement were $3.4 million , $1.9 million and $2.2 million for the years ended December 31, 2015 , 2014 and 2013, respectively. These management fees are recorded in management fees from affiliates in the consolidated statements of operations. Prior to the settlement of the Athene Services Derivative and the AAA Services Derivative, the Amended Athene Services Agreement and the Amended AAA Services Agreement together with the Athene Services Derivative and the AAA Services Derivative, met the definition of derivatives under U.S. GAAP. The Company had classified these derivatives as Level III assets in the fair value hierarchy, as the pricing inputs into the determination of fair value require significant judgment and estimation. After the settlement of the Athene Services Derivative and the AAA Services Derivatives the unsettled shares receivable recorded in due from affiliates related to the Amended Athene Services Agreement and the Amended AAA Services Agreement are valued at fair value based on the price of a common share of Athene Holding. The Company had classified the derivative and the shares receivable as Level III assets in the fair value hierarchy, as the pricing inputs into the determination of fair value require significant judgment and estimation. See note 6 for further discussion regarding fair value measurements. Prior to the settlement of the Athene Services Derivative and the AAA Services Derivative, the change in unrealized market value of the derivatives was reflected in other income, net in the consolidated statements of operations. For the year ended December 31, 2013 , there was a $10.2 million change in market value recognized related to these derivatives. In addition, Apollo, as general partner of AAA Investments, is generally entitled to a carried interest that allocates to it 20% of the realized returns (net of related expenses, including borrowing costs) on the investments of AAA Investments, except that Apollo will not be entitled to receive any carried interest in respect of the Excluded Athene Shares. Carried interest receivable from AAA Investments will be paid in common shares of Athene Holding (valued at the then fair market value) if there is a distribution in kind of shares of Athene Holding (unless such payment in shares would violate Section 16(b) of the Exchange Act) or paid in cash if AAA sells the shares of Athene Holding. For the years ended December 31, 2015 , 2014, and 2013, the Company recorded carried interest income less the related profit sharing expense of $36.1 million , $14.6 million and $27.6 million from AAA Investments, respectively, which is recorded in the consolidated statements of operations. As of December 31, 2015 and 2014 , the Company had a $185.5 million and a $121.5 million carried interest receivable, respectively, related to AAA Investments. As of December 31, 2015 and 2014 , the Company had a related profit sharing payable of $62.8 million and $34.9 million , respectively, recorded in profit sharing payable in the consolidated statements of financial condition. For the years ended December 31, 2015 , 2014 and 2013, Apollo earned gross revenues in the aggregate totaling $526.5 million , $546.5 million and $435.1 million , respectively, consisting of management fees, sub-advisory and monitoring fees and carried interest income from Athene after considering the related profit sharing expense and changes in the market value of the Athene Holding shares owned directly by Apollo, which is recorded in the consolidated statements of operations. These amounts exclude the deferred revenue recognized as management fees associated with the vesting of AHL Awards granted to employees of Athene Asset Management as further described in note 14. On April 4, 2014, Athene Holding completed an initial closing of a private placement offering of common equity in which it raised $1.048 billion of primary commitments from third-party institutional and certain existing investors in Athene Holding (the “Athene Private Placement”). Shares in the Athene Private Placement were offered at a price per common share of Athene Holding of $26.00 . In connection with the Athene Private Placement, Athene raised an additional $80 million of third party capital at $26.00 per share, all of which was used to buy back a portion of the shares of one of its existing investors at a price of $26.00 per share in a transaction that was consummated on April 29, 2014. As announced by AAA on June 24, 2014, a second closing of the Athene Private Placement occurred in which Athene Holding raised $170.0 million of commitments primarily from employees of Athene and its affiliates at a price per common share of Athene Holding of $26.00 . The Athene Private Placement offering was concluded in the first quarter of 2015 with a final closing of $60.0 million of additional capital commitments from affiliates of Athene. The Investment Partnership did not purchase any additional common shares of Athene Holding as part of the Athene Private Placement. The Company had an approximate 9.2% economic ownership interest in Athene Holding as of December 31, 2015 , which comprises Apollo’s direct ownership of 8.0% of the economic equity of Athene Holding plus an additional 1.2% economic ownership interest, which is calculated as the sum of the Company’s approximate 2.4% economic ownership interest in AAA and the Company’s approximate 0.06% economic ownership interest in AAA Investments, multiplied by AAA Investments’ approximate 46.3% economic ownership interest in Athene, calculated without giving effect to restricted common shares issued under Athene’s management equity plan as of December 31, 2015 . As disclosed in note 2 , as a result of the adoption of new accounting guidance, AAA was deconsolidated as of January 1, 2015. As of December 31, 2014 , the Company, through its consolidation of AAA, had an approximate 47.7% economic ownership interest in Athene through its investment in AAA Investments, (calculated as if the commitments on the Athene Private Placement closed through December 31, 2014 were fully drawn down but without giving effect to (i) restricted common shares issued under Athene’s management equity plan, (ii) common shares to be issued under the Amended Athene Services Agreement subsequent to December 31, 2014 or (iii) the common shares to be issued under the Amended AAA Services Agreement subsequent to December 31, 2014). The Company effectively held 45% of the voting power of Athene as of December 31, 2014. The Company had an approximate 8.1% economic ownership interest in Athene Holding as of December 31, 2014, which comprises Apollo’s direct ownership of 6.9% of the economic equity of Athene Holding plus an additional 1.2% economic ownership interest, which is calculated as the sum of the Company’s approximate 2.5% economic ownership interest in AAA and the Company’s approximate 0.06% economic ownership interest in AAA Investments, multiplied by AAA Investments’ approximate 47.7% economic ownership interest in Athene as of December 31, 2014. During 2014, the remaining ownership interest in AAA was recognized in the Company’s consolidated statements of operations as Non-Controlling Interest in consolidated entities. MidCap During the year ended December 31, 2015 , Apollo, through its subsidiary Apollo MidCap Holdings (Cayman), L.P., entered into a subscription agreement providing for an aggregate commitment of $50.0 million to subscribe for (i) Class A Variable Funding Subordinated Notes due 2114 (“Class A Notes”) of MidCap FinCo Limited (“MidCap”), a private limited company domiciled in Ireland focused on direct lending opportunities in the senior secured credit market across a diverse range of industries and asset classes that includes the former operations and assets of MidCap Financial Holdings, LLC, a leading specialty finance firm focused on senior secured direct origination in the healthcare sector, and (ii) ordinary shares of nominal value in MidCap’s holding company, MidCap FinCo Holdings Limited (“Ordinary Shares”). The subscription agreement has a commitment period of three years (subject to extension under certain circumstances). The commitment was fully funded as of December 31, 2015. Pursuant to an investment management agreement, Apollo, through its subsidiary Apollo Capital Management, L.P., is acting as the investment manager of MidCap’s credit business. Certain third parties have also entered into subscription agreements for direct or indirect ownership of Class A Notes and Ordinary Shares. Additionally, during the year ended December 31, 2015 , AAA Investments (Co-Invest VII), L.P. (“Co-Invest VII”) contributed all of its ownership interest in MidCap Financial Holdings, LLC to MidCap in exchange for Class A Notes pursuant to a transfer agreement dated January 21, 2015. As a result of this contribution, Apollo, through its subsidiary AAA Associates (Co-Invest VII), L.P., the general partner of Co-Invest VII, realized $29.9 million of carried interest from Co-Invest VII, which Co-Invest VII settled with a payment of Class A Notes to AAA Associates (Co-Invest VII), L.P. Apollo has recorded a $79.3 million equity method investment in MidCap as of December 31, 2015, which is reflected in Investments in the consolidated statement of financial condition. Regulated Entities Apollo Global Securities, LLC (“AGS”) is a registered broker dealer with the SEC and is a member of the Financial Industry Regulatory Authority, subject to the minimum net capital requirements of the SEC. AGS was in compliance with these requirements at December 31, 2015 . From time to time, this entity is involved in transactions with affiliates of Apollo, including portfolio companies of the funds Apollo manages, whereby AGS earns underwriting and transaction fees for its services. Apollo Management International LLP, is authorized and regulated by the U.K. Financial Conduct Authority and as such is subject to the capital requirements of the U.K. Financial Conduct Authority. This entity has continuously operated in excess of these regulatory capital requirements. Certain other of the Company’s U.S. and non-U.S. subsidiaries are subject to various regulations, including a number of U.S. entities that are registered as investment advisors with the SEC. To the extent applicable, these entities have continuously operated in excess of any minimum regulatory capital requirements. Interests in Consolidated Entities The table below presents equity interests in Apollo’s consolidated, but not wholly-owned, subsidiaries and funds. Net income and comprehensive income attributable to Non-Controlling Interests consisted of the following: For the Year Ended December 31, 2015 2014 2013 AAA (1) $ — $ (196,964 ) $ (331,504 ) Interest in management companies and a co-investment vehicle (2) (10,543 ) (13,186 ) (18,872 ) Other consolidated entities (10,821 ) (17,590 ) 43,357 Net (income) loss attributable to Non-Controlling Interests in consolidated entities (21,364 ) (227,740 ) (307,019 ) Net (income) loss attributable to Appropriated Partners’ Capital (3) — 70,729 (149,934 ) Net (income) loss attributable to Non-Controlling Interests in the Apollo Operating Group (194,634 ) (404,682 ) (1,257,650 ) Net Income attributable to Non-Controlling Interests $ (215,998 ) $ (561,693 ) $ (1,714,603 ) Net income (loss) attributable to Appropriated Partners’ Capital (4) — (70,729 ) 149,934 Other comprehensive (income) loss attributable to Non-Controlling Interests 7,020 591 (41 ) Comprehensive Income Attributable to Non-Controlling Interests $ (208,978 ) $ (631,831 ) $ (1,564,710 ) (1) Reflects the Non-Controlling Interests in the net (income) loss of AAA and is calculated based on the Non-Controlling Interests ownership percentage in AAA as of December 31, 2014 and 2013 , which was approximately 97.5% and 97.4% , respectively. As of December 31, 2014 and 2013 , Apollo owned approximately 2.5% and 2.6% of AAA, respectively. AAA was deconsolidated effective January 1, 2015 as a result of the Company’s adoption of new accounting guidance, as described in note 2. (2) Reflects the remaining interest held by certain individuals who receive an allocation of income from certain of our credit funds. (3) Reflects net income of the consolidated CLOs classified as VIEs. (4) Appropriated Partners’ Capital is included in total Apollo Global Management, LLC shareholders’ equity and is therefore not a component of comprehensive income attributable to Non-Controlling Interests on the consolidated statements of comprehensive income. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Investment Commitments— As a limited partner, general partner and manager of the Apollo funds, Apollo has unfunded capital commitments as of December 31, 2015 and 2014 of $566.3 million and $646.6 million , respectively. Apollo has an ongoing obligation to acquire additional common units of AAA in an amount equal to 25% of the aggregate after-tax cash distributions, if any, that are made by AAA to Apollo’s affiliates pursuant to the carried interest distribution rights that are applicable to investments made through AAA Investments. In addition, on April 30, 2015, Apollo entered into a revolving credit agreement with AAA Investments (“AAA Investments Credit Agreement”). Under the terms of the AAA Investments Credit Agreement, the Company shall make available to AAA Investments one or more advances at the discretion of AAA Investments in the aggregate amount not to exceed a balance of $10.0 million at an applicable rate of LIBOR plus 1.5% . The Company receives an annual commitment fee of 0.125% on the unused portion of the loan. As of December 31, 2015 no advance on the AAA Investments Credit Agreement has been made by the Company. Debt Covenants— Apollo’s debt obligations contain various customary loan covenants. As of December 31, 2015 , the Company was not aware of any instances of non-compliance with the financial covenants contained in the documents governing the Company’s debt obligations. Litigation and Contingencies— Apollo is, from time to time, party to various legal actions arising in the ordinary course of business including claims and lawsuits, reviews, investigations or proceedings by governmental and self regulatory agencies regarding its business. In March 2012, plaintiffs filed two putative class actions, captioned Kelm v. Chase Bank (No. 12-cv-332) and Miller v. 1-800-Flowers.com, Inc. (No. 12-cv-396), in the District of Connecticut on behalf of a class of consumers alleging online fraud. The defendants included, among others, Trilegiant Corporation, Inc. (“Trilegiant”), its parent company, Affinion Group, LLC (“Affinion”), and Apollo Global Management, LLC (“AGM”), which is affiliated with funds that are the beneficial owners of 68% of Affinion’s common stock. In both cases, plaintiffs allege that Trilegiant, aided by its business partners, who include e-merchants and credit card companies, developed a set of business practices intended to create consumer confusion and ultimately defraud consumers into unknowingly paying fees to clubs for unwanted services. Plaintiffs allege that AGM is a proper defendant because of its indirect stock ownership and ability to appoint the majority of Affinion’s board. The complaints assert claims under the Racketeer Influenced Corrupt Organizations Act; the Electronic Communications Privacy Act; the Connecticut Unfair Trade Practices Act; and the California Business and Professional Code, and seek, among other things, restitution or disgorgement, injunctive relief, compensatory, treble and punitive damages, and attorneys’ fees. The allegations in Kelm and Miller are substantially similar to those in Schnabel v. Trilegiant Corp. (No. 3:10-cv-957), a putative class action filed in the District of Connecticut in 2010 that names only Trilegiant and Affinion as defendants. The court has consolidated the Kelm, Miller, and Schnabel cases under the caption In re: Trilegiant Corporation, Inc. and ordered that they proceed on the same schedule. On June 18, 2012, the court appointed lead plaintiffs’ counsel, and on September 7, 2012, plaintiffs filed their consolidated amended complaint (“CAC”), which alleges the same causes of action against AGM as did the complaints in the Kelm and Miller cases. Defendants filed motions to dismiss on December 7, 2012, plaintiffs filed opposition papers on February 7, 2013, and defendants filed replies on April 5, 2013. On December 5, 2012, plaintiffs filed another putative class action, captioned Frank v. Trilegiant Corp. (No. 12- cv-1721), in the District of Connecticut, naming the same defendants and containing allegations substantially similar to those in the CAC. On January 23, 2013, plaintiffs moved to transfer and consolidate Frank into In re: Trilegiant. On July 24, 2013 the Frank court transferred the case to Judge Bryant, who is presiding over In re: Trilegiant, and on March 28, 2014, Judge Bryant granted the motion to consolidate. On September 25, 2013, the court held oral argument on defendants’ motions to dismiss. On March 28, 2014, the court granted in part and denied in part motions to dismiss filed by Affinion and Trilegiant on behalf of all defendants, and also granted separate motions to dismiss filed by certain defendants, including AGM. On that same day, the court directed the clerk to terminate AGM as a defendant in the consolidated action. The case is proceeding against several defendants, and so plaintiffs’ time to file their notice of appeal as to the dismissed defendants has not begun running. Various state attorneys general and federal and state agencies have initiated industry-wide investigations into the use of placement agents in connection with the solicitation of investments, particularly with respect to investments by public pension funds. Certain affiliates of Apollo have received subpoenas and other requests for information from various government regulatory agencies and investors in Apollo’s funds, seeking information regarding the use of placement agents. California Public Employees’ Retirement System (“CalPERS”), one of Apollo’s Strategic Investors, announced on October 14, 2009, that it had initiated a special review of placement agents and related issues. The report of the CalPERS’ Special Review was issued on March 14, 2011. That report does not allege any wrongdoing on the part of Apollo or its affiliates. Apollo is continuing to cooperate with all such investigations and other reviews. In addition, on May 6, 2010, the California Attorney General filed a civil complaint against Alfred Villalobos and his company, Arvco Capital Research, LLC (“Arvco”) (a placement agent that Apollo has used) and Federico Buenrostro Jr., the former CEO of CalPERS, alleging conduct in violation of certain California laws in connection with CalPERS’s purchase of securities in various funds managed by Apollo and another asset manager. Apollo is not a party to the civil lawsuit and the lawsuit does not allege any misconduct on the part of Apollo. Likewise, on April 23, 2012, the SEC filed a lawsuit alleging securities fraud on the part of Arvco, as well as Messrs. Buenrostro and Villalobos, in connection with their activities concerning certain CalPERS investments in funds managed by Apollo. This lawsuit also does not allege wrongdoing on the part of Apollo, and alleges that Apollo was defrauded by Arvco, Villalobos, and Buenrostro. On March 14, 2013, the United States Department of Justice unsealed an indictment against Messrs. Villalobos and Buenrostro alleging, among other crimes, fraud in connection with those same activities; again, Apollo is not accused of any wrongdoing and in fact is alleged to have been defrauded by the defendants. The criminal action was set for trial in a San Francisco federal court in July 2014, but was put on hold after Mr. Buenrostro pleaded guilty on July 11, 2014. As part of Mr. Buenrostro’s plea agreement, he admitted to taking cash and other bribes from Mr. Villalobos in exchange for several improprieties, including attempting to influence CalPERS’ investing decisions and improperly preparing disclosure letters to satisfy Apollo’s requirements. There is no suggestion that Apollo was aware that Mr. Buenrostro had signed the letters with a corrupt motive. The government has indicated that they will file new charges against Mr. Villalobos incorporating Mr. Buenrostro’s admissions. On August 7, 2014, the government filed a superseding indictment against Mr. Villalobos asserting additional charges. Trial had been scheduled for February 23, 2015, but Mr. Villalobos passed away on January 13, 2015. Additionally, on April 15, 2013, Mr. Villalobos, Arvco and related entities (the “Arvco Debtors”) brought a civil action in the United States Bankruptcy Court for the District of Nevada (the “Bankruptcy Court”) against Apollo. The action is related to the ongoing bankruptcy proceedings of the Arvco Debtors. This action alleges that Arvco served as a placement agent for Apollo in connection with several funds associated with Apollo, and seeks to recover purported fees the Arvco Debtors claim Apollo has not paid them for a portion of Arvco’s placement agent services. In addition, the Arvco Debtors allege that Apollo has interfered with the Arvco Debtors’ commercial relationships with third parties, purportedly causing the Arvco Debtors to lose business and to incur fees and expenses in the defense of various investigations and litigations. The Arvco Debtors also seek compensation from Apollo for these alleged lost profits and fees and expenses. The Arvco Debtors’ complaint asserts various theories of recovery under the Bankruptcy Code and common law. Apollo denies the merit of all of the Arvco Debtors’ claims and will vigorously contest them. The Bankruptcy Court had stayed this action pending the result in the criminal case against Mr. Villalobos but lifted the stay on May 1, 2015; in light of Mr. Villalobos’s death, the criminal case was dismissed. For these reasons, no estimate of possible loss, if any, can be made at this time. On June 18, 2014, BOKF N.A. (the “First Lien Trustee”), the successor indenture trustee under the indenture governing the First Lien Notes issued by Momentive Performance Materials, Inc. (“Momentive”), commenced a lawsuit in the Supreme Court for the State of New York, New York County against AGM and members of an ad hoc group of Second Lien Noteholders (including, but not limited to, Euro VI (BC) S.a.r.l.). The First Lien Trustee amended its complaint on July 2, 2014 (the “First Lien Intercreditor Action”). In the First Lien Intercreditor Action, the First Lien Trustee seeks, among other things, a declaration that the defendants violated an intercreditor agreement entered into between holders of the First Lien Notes and holders of the second lien notes. On July 16, 2014, the successor indenture trustee under the indenture governing the 1.5 Lien Notes (the “1.5 Lien Trustee,” and, together with the First Lien Trustee, the “Indenture Trustees”) filed an action in the Supreme Court of the State of New York, New York County that is substantially similar to the First Lien Intercreditor Action (the “1.5 Lien Intercreditor Action,” and, together with the First Lien Intercreditor Action, the “Intercreditor Actions”). AGM subsequently removed the Intercreditor Actions to federal district court, and the Intercreditor Actions were automatically referred to the Bankruptcy Court adjudicating the Momentive chapter 11 bankruptcy cases. The Indenture Trustees then filed motions with the Bankruptcy Court to remand the Intercreditor Actions back to the state court (the “Remand Motions”). On September 9, 2014, the Bankruptcy Court denied the Remand Motions. On August 15, 2014, the defendants in the Intercreditor Actions (including AGM) filed a motion to dismiss the 1.5 Lien Intercreditor Action and a motion for judgment on the pleadings in the First Lien Intercreditor Action (the “Dismissal Motions”). On September 30, 2014, the Bankruptcy Court granted the Dismissal Motions. In its order granting the Dismissal Motions, the Bankruptcy Court gave the Indenture Trustees until mid-November 2014 to move to amend some, but not all, of the claims alleged in their respective complaints. On November 14, 2014, the Indenture Trustees moved to amend their respective complaints pursuant to the Bankruptcy Court’s order (the “Motions to Amend”). On January 9, 2015, the defendants filed their oppositions to the Motions to Amend. On January 16, 2015, the Bankruptcy Court denied the Motions to Amend (the “Dismissal Order”), but gave the Indenture Trustees until March 2, 2015 to seek to amend their respective complaints. On March 2, 2015, the First Lien Trustee filed a motion seeking to amend its complaint. On April 10, 2015, the defendants, including AGM and Euro VI (BC) S.a.r.l., filed an opposition to the First Lien Trustee’s motion to amend. Instead of moving again to amend its complaint, the 1.5 Lien Trustee chose to appeal the Dismissal Order (the “1.5 Lien Appeal”). On March 30, 2015, the 1.5 Lien Trustee filed its Statement of Issues and Designation of Record on Appeal. On March 31, 2015, because the legal issues presented in the 1.5 Lien Appeal are substantially similar to those presented in the First Lien Intercreditor Action, the parties in the 1.5 Lien Appeal submitted a joint stipulation and proposed order to the District Court staying the briefing schedule on the 1.5 Lien Appeal pending the outcome of the First Lien Trustee’s most recent motion to amend. On April 13, 2015, the Defendants filed their Counter-Designation of the Record on Appeal in the 1.5 Lien Appeal. On May 8, 2015, the Bankruptcy Court denied the motion to amend filed on March 2, 2015 by the First Lien Trustee. On May 27, 2015, the First Lien Trustee filed a notice of appeal from the orders of the Bankruptcy Court dismissing the First Lien Intercreditor Action and denying the First Lien Trustee’s motions to amend (the “First Lien Appeal”). On June 2, 2015, the First Lien Trustee filed its Statement of Issues and Designation of Record on Appeal. On June 24, 2015, the defendants filed their Counter-Designation of the Record on Appeal in the First Lien Appeal. On July 31, 2015, the 1.5 Lien Trustee sent a letter to the federal district court hearing the 1.5 Lien Appeal asking the court to consolidate the 1.5 Lien Appeal with the First Lien Appeal which had been assigned to a different judge (the “Consolidation Request”). On August 4, 2015, the First Lien Trustee asked the federal district court hearing the First Lien Appeal to stay all further proceedings in the First Lien Appeal until the court hearing the 1.5 Lien Appeal decided whether to consolidate the First Lien Appeal with the 1.5 Lien Appeal. On August 5, 2015, the court granted the First Lien Trustee’s request to stay the First Lien Appeal pending the other court’s decision on whether to consolidate the First Lien Appeal with the 1.5 Lien Appeal. As a result of the Consolidation Request, the 1.5 Lien Trustee has taken the position that the 1.5 Lien Appeal has also been stayed, and therefore no briefs have been filed in either the First Lien Appeal or the 1.5 Lien Appeal. On November 16, 2015, the 1.5 Lien Trustee filed its motion in support of the Consolidation Request. On December 16, 2015, the defendants filed a statement of No Objection to the Consolidation Request. Apollo is unable at this time to assess a potential risk of loss. In addition, Apollo does not believe that AGM is a proper defendant in these actions. On June 13, 2014, plaintiffs Stark Master Fund Ltd and Stark Global Opportunities Master Fund Ltd filed a lawsuit in the United States District Court for the Eastern District of Wisconsin against AGM and Apollo Management Holdings, (the “Apollo Defendants”), as well as Credit Suisse Securities (USA) LLC and Deutsche Bank Securities (USA) LLC (the “Bank Defendants”). The complaint alleges that the Apollo Defendants and the other defendants entered into an undisclosed and improper agreement concerning the financing of a potential acquisition of Hexion Specialty Chemicals Inc., and on this basis alleges a variety of common law misrepresentation claims, both intentional and negligent. The Apollo Defendants and Bank Defendants filed motions to dismiss the complaint on October 15, 2014. Rather than respond to the motions, plaintiffs filed an Amended Complaint on November 5, 2014. The Apollo Defendants and Bank Defendants filed motions to dismiss the Amended Complaint on December 23, 2014. Plaintiffs filed a motion for leave to conduct jurisdictional discovery on February 2, 2015. On April 9, 2015, the Court issued an order granting plaintiffs’ motion for leave to conduct limited jurisdictional discovery. Pursuant to the parties’ stipulation approved by the Court, Plaintiffs must file their opposition to Defendants’ motion to dismiss the Amended Complaint on or before 30 days following the close of jurisdictional discovery. Because the claims against the Apollo Defendants are in their early stages, no reasonable estimate of possible loss, if any, can be made at this time. There are several pending actions concerning transactions related to Caesars Entertainment Operating Company, Inc.’s (“CEOC”) restructuring efforts. Apollo is not a defendant in these matters. • In re: Caesars Entertainment Operating Company, Inc. bankruptcy proceedings, No. 15-10047 (Del. Bankr.) (the “Delaware Bankruptcy Action”) and No. 15-01145 (N.D. Ill. Bankr.) (the “Illinois Bankruptcy Action”). On January 12, 2015, three holders of CEOC second lien notes filed an involuntary bankruptcy petition against CEOC in the United States Bankruptcy Court for the District of Delaware. On January 15, 2015, CEOC and certain of its affiliates (collectively the “Debtors”) filed for Chapter 11 bankruptcy in the Northern District of Illinois. On February 2, 2015, the court in the Delaware Bankruptcy Action ordered that all bankruptcy proceedings relating to the Debtors should take place in the Illinois Bankruptcy Action. On March 11, 2015, the Debtors filed an adversary complaint in the Illinois Bankruptcy Action to stay, pending resolution of the bankruptcy, the Trustee, Meehancombs, Danner, and BOKF Actions described below. On June 3-4, 2015, the court held an evidentiary hearing on the Debtors’ stay request. On July 22, 2015, the court denied the Debtors’ stay request (the “Stay Denial”). On October 8, 2015, the United States District Court for the Northern District of Illinois (No. 15-06504 (N.D. Ill.)) affirmed the Stay Denial, and the Debtors filed an appeal to the United States Court of Appeals for the Seventh Circuit (No. 15-3259 (7th Cir.)). On December 23, 2015, the Seventh Circuit vacated the lower court opinions denying the injunction and remanded the dispute to the Bankruptcy Court for further proceedings. On January 11, 2016, the CEOC noteholders submitted a petition for rehearing before the Seventh Circuit en banc. The Seventh Circuit denied the petition, and on February 26, 2016, the Bankruptcy Court granted the stay request as to the BOKF Action until the sooner of 60 days after the Examiner releases his report or May 9, 2016. The Bankruptcy Court continued consideration of the stay request as to the other proceedings, and scheduled a stauts hearing for May 4, 2016. Separately, the Bankruptcy Court held an evidentiary hearing to determine whether the Debtors’ petition date was January 12, 2015 or January 15, 2015. The Bankruptcy Court has indicated that it will decide that issue on March 16, 2016. Certain of the Debtors’ creditors have indicated in filings with the Illinois bankruptcy court that an investigation into certain acts and transactions that predated the Debtors’ bankruptcy filing could lead to claims against a number of parties, including Apollo. To date, no such claims have been brought against Apollo. • Wilmington Savings Fund Society, FSB v. Caesars Entertainment Corp. et al., No. 10004-CVG (Del. Ch.) (the “Trustee Action”). On August 4, 2014, Wilmington Savings Fund Society, FSB (“WSFS”), as trustee for certain CEOC second-lien notes, sued Caesars Entertainment Corporation (“Caesars Entertainment”), CEOC, other Caesars Entertainment-affiliated entities, and certain of Caesars Entertainment’s directors, including Marc Rowan, Eric Press, David Sambur (each an Apollo Partner) and Jeff Benjamin (a consultant to Apollo), in Delaware’s Court of Chancery. WSFS (i) asserts claims (against some or all of the defendants) for fraudulent conveyance, breach of fiduciary duty, breach of contract, corporate waste and aiding and abetting related to certain transactions among CEOC and other Caesars Entertainment affiliates, and (ii) requests (among other things) that the court unwind the challenged transactions and award damages. WSFS served a subpoena for documents on Apollo on September 11, 2014, but Apollo’s response was stayed during the pendency of motions to dismiss under a September 23, 2014 stipulated order. On March 18, 2015, the Court denied Defendants’ motion to dismiss. Apollo served responses and objections to the Trustee’s subpoena on March 25, 2015. Caesars Entertainment answered the complaint on April 1, 2015. During the pendency of CEOC’s bankruptcy proceedings, the Trustee Action has been automatically stayed with respect to CEOC. WSFS additionally advised the bankruptcy court that, during CEOC’s bankruptcy proceedings, the Trustee would only pursue claims in the Trustee Action relating to whether Caesars Entertainment remains liable on a guarantee of certain of CEOC’s second priority notes. On July 17, 2015, WSFS served supplemental subpoenas to several entities affiliated with Apollo. Apollo has substantially completed its production of non-privileged documents responsive to those subpoenas. • Meehancombs Global Credit Opportunities Master Fund, L.P., et al. v. Caesars Entertainment Corp., et al., No. 14-cv-7091 (S.D.N.Y.) (the “Meehancombs Action”). On September 3, 2014, institutional investors allegedly holding approximately $137 million in CEOC unsecured senior notes sued CEOC and Caesars Entertainment for breach of contract and the implied covenant of good faith, Trust Indenture Act (“TIA”) violations and a declaratory judgment challenging the August 2014 private financing transaction in which a portion of outstanding senior unsecured notes were purchased by Caesars Entertainment, and a majority of the noteholders agreed to amend the indenture to terminate Caesars Entertainment’s guarantee of the notes and modify certain restrictions on CEOC’s ability to sell assets. Caesars Entertainment and CEOC filed a motion to dismiss on November 12, 2014. On January 15, 2015, the court granted the motion with respect to a TIA claim by Meehancombs but otherwise denied the motion. On January 30, 2015, plaintiffs filed an amended complaint seeking relief against Caesars Entertainment only, and Caesars Entertainment answered on February 12, 2015. On October 2, 2014, a related putative class action complaint was filed on behalf of the holders of these notes captioned Danner v. Caesars Entertainment Corp., et al., No. 14-cv-7973 (S.D.N.Y.) (the “Danner Action”), against Caesars Entertainment alleging claims similar to those in the Meehancombs Action. On February 19, 2015, plaintiffs filed an amended complaint, and Caesars Entertainment answered the amended complaint on February 25, 2015. In March 2015, each of Meehancombs and Danner served subpoenas for documents on Apollo. Apollo produced responsive, non-privileged documents in response to those subpoenas. In July 2015, Meehancombs and Danner served subpoenas for depositions on Apollo and those depositions were completed on September 22, 2015. On October 23, 2015, Meehancombs and Danner filed motions for partial summary judgment, related to TIA and breach of contract claims. On December 29, 2015, the court denied the motions for partial summary judgment. The parties are currently engaged in expert discovery. Trial in the Meehancombs and Danner Actions is scheduled to begin May 9, 2016. • UMB Bank v. Caesars Entertainment Corporation, et al., No. 10393 (Del. Ch.) (the “UMB Action”). On November 25, 2014, UMB Bank, as trustee for certain CEOC notes, sued Caesars Entertainment, CEOC, other Caesars Entertainment-affiliated entities, and certain of Caesars Entertainment’s directors, including Marc Rowan, Eric Press, David Sambur (each an Apollo Partner) and Jeffrey Benjamin (an Apollo consultant), in Delaware Chancery Court. The lawsuit alleges claims for actual and constructive fraudulent conveyance and transfer, insider preferences, illegal dividends, breach of contract, intentional interference with contractual relations, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, usurpation of corporate opportunities, and unjust enrichment. The UMB Action seeks appointment of a receiver for CEOC, a constructive trust, and other relief. The UMB Action has been assigned to the same judge overseeing the Trustee Action. Upon filing the complaint, UMB Bank moved to expedite its claim, seeking a receiver, on which the court held oral argument on December 17, 2014. On January 15, 2015, the court entered a stipulated order staying the UMB Action as to all parties due to CEOC’s bankruptcy filing. • Koskie v. Caesars Acquisition Company, et al., No. A-14-711712-C (Clark Cnty Nev. Dist. Ct.) (the “Koskie Action”). On December 30, 2014, Nicholas Koskie brought a shareholder class action on behalf of shareholders of Caesars Acquisition Company (“CAC”) against CAC, Caesars Entertainment, and members of CAC’s Board of Directors, including Marc Rowan and David Sambur (each an Apollo partner). The lawsuit challenges CAC and Caesars Entertainment’s plan to merge, alleging that the proposed transaction will not give CAC shareholders fair value. Koskie asserts claims for breach of fiduciary duty relating to the director defendants’ interrelationships with the entities involved the proposed transaction. The deadline for CAC to respond to this lawsuit has been adjourned indefinitely by agreement of the parties. • BOKF, N.A. v. Caesars Entertainment Corporation, No. 15-156 (S.D.N.Y) (the “BOKF Action”). On March 3, 2015, BOKF, N.A., as trustee for certain CEOC notes, sued Caesars Entertainment in the Southern District of New York. The lawsuit alleges claims for breach of contract, intentional interference with contractual relations and a declaratory judgment, and seeks to enforce Caesars Entertainment’s guarantee of certain CEOC notes. The BOKF Action has been assigned to the same judge as the Meehancombs and Danner Actions. On March 25, 2015, Caesars Entertainment filed an answer to the complaint. On May 19, 2015, BOKF sent the court a letter requesting permission to file a partial summary judgment motion on Counts II and V of its complaint, related to the validity and enforceability of Caesars Entertainment’s guarantee of certain notes issued by CEOC and alleged violations of the Trust Indenture Act, 15 U.S.C. §§ 76aaa, et seq. The Meehancombs and Danner plaintiffs did not join BOKF’s request to file for partial summary judgment. On May 28, 2015, the court granted BOKF permission to move for partial summary judgment. On June 15, 2015, another related complaint captioned UMB Bank, N.A. v. Caesars Entertainment Corp., et al., No. 15-cv-4634 (S.D.N.Y.) (the “UMB SDNY Action”) was filed by UMB Bank, N.A., solely in its capacity as Indenture Trustee of certain first lien notes (“UMB”), against Caesars Entertainment alleging claims similar to those alleged in the BOKF, Meehancombs and Danner Actions. On June 16, 2015, UMB sent a letter to the court requesting permission to file a partial summary judgment motion on the same schedule with BOKF. On June 26, 2015, BOKF and UMB filed partial summary judgment motions (the “Partial Summary Judgment Motions”). On July 24, 2015, Caesars Entertainment filed its opposition to the Partial Summary Judgment Motions, and on August 7, 2015, BOKF and UMB filed reply briefs in further support of the Partial Summary Judgment Motions. On August 27, 2015, the Court denied the Partial Summary Judgment Motions and certified its opinion for an interlocutory appeal to the United States Court of Appeals for the Second Circuit. On December 22, 2015, the Second Circuit declined to hear the interlocutory appeal. Separately, on November 20, 2015, BOKF and UMB filed a second set of motions for partial summary judgment, on the issue of the disputed contract interpretation related to indenture release provisions. On January 5, 2016 the District Court denied these motions. At a hearing on February 22, 2015, the Court bifurcated the trial in the BOKF and UMB Actions and scheduled the trial on the breach of contract and TIA claims to begin on March 14, 2016. The Court ordered a separate trial on the claims for breach of the covenant of good faith and fair dealing and tortious interference with contract to begin at a later date to be determined. On February 24, 2016, Caesars Entertainment filed a motion for partial summary judgment to dispose of the claims for (1) breach of the implied covenant of good faith and fair dealing brought by BOKF and UMB, and (2) intentional interference with contractual relations brought by BOKF. The plaintiffs’ responses are due on March 23, 2016, and Caesars Entertainment’s reply is due on April 1, 2016. Separately, on October 20, 2015, another related complaint captioned Wilmington Trust, National Association v. Caesars Entertainment Corp., No. 15-cv-08280 (S.D.N.Y.) (the “Wilmington Trust Action”) was filed by Wilmington Trust, N.A., solely in its capacity as Indenture Trustee for the 10.75% Notes due 2016 (“Wilmington Trust”), against Caesars Entertainment alleging claims similar to those alleged in the BOKF, UMB, Meehancombs, and Danner Actions. The Wilmington Trust Action has been referred to the same judge as the other Southern District of New York litigations. • Apollo believes that the claims in the Trustee Action, the UMB Action, the Meehancombs Action, the Danner Action, the Koskie Action, the BOKF Action, the UMB SDNY Action, and the Wilmington Trust Action are without merit. For this reason, and because of pending bankruptcy proceedings involving CEOC, no reasonable estimate of possible loss, if any, can be made at this time. Following the January 16, 2014 announcement that CEC Entertainment, Inc. (“CEC”) had entered into a merger agreement with certain entities affiliated with Apollo (the “Merger Agreement”), four putative shareholder class actions were filed in the District Court of Shawnee County, Kansas on behalf of purported stockholders of CEC against, among others, CEC, its directors and Apollo and certain of its affiliates, which include Queso Holdings Inc., Q Merger Sub Inc., Apollo Management VIII, L.P., and AP VIII Queso Holdings, L.P. The first purported class action, which is captioned Hilary Coyne v. Richard M. Frank et al., Case No. 14C57, was filed on January 21, 2014 (the “Coyne Action”). The second purported class action, which was captioned John Solak v. CEC Entertainment, Inc. et al., Civil Action No. 14C55, was filed on January 22, 2014 (the “Solak Action”). The Solak Action was dismissed for lack of prosecution on October 14, 2014. The third purported class action, which is captioned Irene Dixon v. CEC Entertainment, Inc. et al., Case No. 14C81, was filed on January 24, 2014 and additionally names as defendants Apollo Management VIII, L.P. and AP VIII Queso Holdings, L.P. (the “Dixon Action”). The fourth purported class action, which is captioned Louisiana Municipal Public Employees’ Retirement System v. Frank, et al., Case No. 14C97, was filed on January 31, 2014 (the “LMPERS Action”) (together with the Coyne and Dixon Actions, the “Shareholder Actions”). A fifth purported class action, which was captioned McCullough v. Frank, et al., Case No. CC-14-00622-B, was filed in the County Court of Dallas County, Texas on February 7, 2014. This action was dismissed for want of prosecution on May 21, 2014. Each of the Shareholder Actions alleges, among other things, that CEC’s directors breached their fiduciary duties to CEC’s stockholders in connection with their consideration and approval of the Merger Agreement, including by agreeing to an inadequate price, agreeing to impermissible deal protection devices, and filing materially deficient disclosures regarding the transaction. Each of the Shareholder Actions further alleges that Apollo and certain of its affiliates aided and abetted those alleged breaches. As filed, the Shareholder Actions seek, among other things, rescission of the various transactions associated with the merger, damages and attorneys’ and experts’ fees and costs. On February 7, 2014 and February 11, 2014, the plaintiffs in the Shareholder Actions pursued a consolidated action for damages after the transaction closed. Thereafter, the Shareholder Actions were consolidated under the caption In re CEC Entertainment, Inc. Stockholder Litigation, Case No. 14C57, and the parties engaged in limited discovery. On July 21, 2015, a consolidated class action c |
MARKET AND CREDIT RISK
MARKET AND CREDIT RISK | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
MARKET AND CREDIT RISK | MARKET AND CREDIT RISK In the normal course of business, Apollo encounters market and credit risk concentrations. Market risk reflects changes in the value of investments due to changes in interest rates, credit spreads or other market factors. Credit risk includes the risk of default on Apollo’s investments, where the counterparty is unable or unwilling to make required or expected payments. The Company is subject to a concentration risk related to the investors in its funds. As of December 31, 2015 , there were more than 1,000 investors in Apollo’s active private equity, credit and real estate funds, and no individual investor accounted for more than 10% of the total committed capital to Apollo’s active funds. Apollo’s derivative financial instruments contain credit risk to the extent that its counterparties may be unable to meet the terms of the agreements. Apollo seeks to minimize this risk by limiting its counterparties to highly rated major financial institutions with good credit ratings. Management does not expect any material losses as a result of default by other parties. Substantially all amounts on deposit with major financial institutions that exceed insured limits are invested in interest-bearing accounts with U.S. money center banks. Apollo is exposed to economic risk concentrations insofar as Apollo is dependent on the ability of the funds that it manages to compensate it for the services it provides to these funds. Further, the carried interest income component of this compensation is based on the ability of such funds to generate returns above certain specified thresholds. Additionally, Apollo is exposed to interest rate risk. Apollo has debt obligations that have variable rates. Interest rate changes may therefore affect the amount of interest payments, future earnings and cash flows. At December 31, 2015 and 2014 , $530.7 million and $534.1 million of Apollo’s debt balance (excluding debt of the consolidated VIEs) had a variable interest rate, respectively. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING Apollo conducts its business primarily in the United States and substantially all of its revenues are generated domestically. Apollo’s business is conducted through three reportable segments namely private equity, credit and real estate. These business segments are differentiated based on the varying investment strategies. The performance is measured by management on an unconsolidated basis because management makes operating decisions and assesses the performance of each of Apollo’s business segments based on financial and operating metrics and data that exclude the effects of consolidation of any of the affiliated funds. The Company’s financial results vary since carried interest, which generally constitutes a large portion of the income from the funds that Apollo manages, as well as the transaction and advisory fees that the Company receives, can vary significantly from quarter to quarter and year to year. As a result, the Company emphasizes long-term financial growth and profitability to manage its business. Economic Income (Loss) Economic Income, or EI, is a key performance measure used by management in evaluating the performance of Apollo’s private equity, credit and real estate segments. Management believes the components of EI, such as the amount of management fees, advisory and transaction fees and carried interest income, are indicative of the Company’s performance. Management uses EI in making key operating decisions such as the following: • Decisions related to the allocation of resources such as staffing decisions including hiring and locations for deployment of the new hires; • Decisions related to capital deployment such as providing capital to facilitate growth for the business and/or to facilitate expansion into new businesses; and • Decisions relating to expenses, such as determining annual discretionary bonuses and equity-based compensation awards to its employees. With respect to compensation, management seeks to align the interests of certain professionals and selected other individuals with those of the investors in such funds and those of the Company’s shareholders by providing such individuals a profit sharing interest in the carried interest income earned in relation to the funds. To achieve that objective, a certain amount of compensation is based on the Company’s performance and growth for the year. EI is a measure of profitability and has certain limitations in that it does not take into account certain items included under U.S. GAAP. EI represents segment income (loss) before income tax provision excluding transaction-related charges arising from the 2007 private placement, and any acquisitions. Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. In addition, segment data excludes non-cash revenue and expense related to equity awards granted by unconsolidated affiliates to employees of the Company, as well as the assets, liabilities and operating results of the funds and VIEs that are included in the consolidated financial statements. During the first quarter of 2015 the definition of Economic Income (“EI”) was changed to exclude transaction-related charges related to contingent consideration associated with acquisitions, which only impacted the credit segment. The impact of this change on EI has been made to prior period financial data to conform to the current period presentation and resulted in the following impact to the Company’s credit segment for the years ended December 31, 2014 and 2013 : Impact of Revised Definition on Economic Income (Loss) Total EI as Previously Reported Impact of Revised Definition Total EI After Revised Definition For the Year Ended December 31, 2014 $ 755,546 $ (495 ) $ 755,051 For the Year Ended December 31, 2013 2,127,651 61,449 2,189,100 These changes have been made to prior period financial data to conform to the current period presentation. The following table presents financial data for Apollo’s reportable segments as of and for the years ended December 31, 2015 , 2014 and 2013 : As of and for the Year Ended December 31, 2015 Private Equity Segment Credit Segment Real Estate Segment Total Reportable Segments Revenues: Advisory and transaction fees from affiliates, net $ (7,485 ) $ 17,246 $ 4,425 $ 14,186 Management fees from affiliates 295,836 565,241 50,816 911,893 Carried interest income from affiliates: Unrealized gains (losses) (1) (314,161 ) (80,534 ) 7,154 (387,541 ) Realized gains 339,822 139,152 5,857 484,831 Total Revenues 314,012 641,105 68,252 1,023,369 Expenses: Compensation and benefits: Salary, bonus and benefits 104,367 213,479 38,076 355,922 Equity-based compensation 31,324 26,683 4,177 62,184 Profit sharing expense 46,572 34,384 5,075 86,031 Total compensation and benefits 182,263 274,546 47,328 504,137 Other expenses 80,109 127,767 22,869 230,745 Total Expenses 262,372 402,313 70,197 734,882 Other Income: Net interest expense (9,878 ) (13,740 ) (2,915 ) (26,533 ) Net gains from investment activities 6,933 114,199 — 121,132 Income (loss) from equity method investments 19,125 (6,025 ) 2,978 16,078 Other income, net 3,148 3,574 1,455 8,177 Total Other Income 19,328 98,008 1,518 118,854 Non-Controlling Interests — (11,684 ) — (11,684 ) Economic Income (Loss) $ 70,968 $ 325,116 $ (427 ) $ 395,657 Total Assets $ 1,255,340 $ 2,143,813 $ 192,469 $ 3,591,622 (1) Included in unrealized carried interest losses from affiliates for the year ended December 31, 2015 was a reversal of previously realized carried interest income due to the general partner obligation to return previously distributed carried interest income. See note 15 for further detail regarding the general partner obligation. As of and for the Year Ended December 31, 2014 Private Credit Real Total Revenues: Advisory and transaction fees from affiliates, net $ 58,241 $ 255,186 $ 2,655 $ 316,082 Management fees from affiliates 315,069 538,742 47,213 901,024 Carried interest income from affiliates: Unrealized gains (losses) (1) (1,196,093 ) (156,644 ) 4,951 (1,347,786 ) Realized gains 1,428,076 322,233 3,998 1,754,307 Total Revenues 605,293 959,517 58,817 1,623,627 Expenses: Compensation and benefits: Salary, bonus and benefits 96,689 210,546 32,611 339,846 Equity-based compensation 49,526 47,120 8,849 105,495 Profit sharing expense 178,373 83,788 2,747 264,908 Total compensation and benefits 324,588 341,454 44,207 710,249 Other expenses 70,286 151,252 21,669 243,207 Total Expenses 394,874 492,706 65,876 953,456 Other Income: Net interest expense (7,883 ) (9,274 ) (1,941 ) (19,098 ) Net gains from investment activities — 9,062 — 9,062 Income from equity method investments 30,418 18,812 5,675 54,905 Other income, net 14,027 35,263 3,409 52,699 Total Other Income 36,562 53,863 7,143 97,568 Non-Controlling Interests — (12,688 ) — (12,688 ) Economic Income $ 246,981 $ 507,986 $ 84 $ 755,051 Total Assets $ 1,833,254 $ 2,136,173 $ 202,395 $ 4,171,822 (1) Included in unrealized carried interest losses from affiliates for the year ended December 31, 2014 was a reversal of previously realized carried interest income due to the general partner obligation to return previously distributed carried interest income. See note 15 for further detail regarding the general partner obligation. For the Year Ended December 31, 2013 Private Credit Real Total Revenues: Advisory and transaction fees from affiliates, net $ 78,371 $ 114,643 $ 3,548 $ 196,562 Management fees from affiliates 284,833 392,433 53,436 730,702 Carried interest income from affiliates: Unrealized gains (losses) (1) 454,722 (56,568 ) 4,681 402,835 Realized gains 2,062,525 430,260 541 2,493,326 Total Revenues 2,880,451 880,768 62,206 3,823,425 Expenses: Compensation and benefits: Salary, bonus and benefits 109,761 153,056 31,936 294,753 Equity-based compensation 31,967 24,167 10,207 66,341 Profit sharing expense 1,030,404 81,279 123 1,111,806 Total compensation and benefits 1,172,132 258,502 42,266 1,472,900 Other expenses 100,896 147,525 24,528 272,949 Total Expenses 1,273,028 406,027 66,794 1,745,849 Other Income: Net interest expense (10,701 ) (9,686 ) (2,804 ) (23,191 ) Net loss from investment activities — (12,593 ) — (12,593 ) Income from equity method investments 78,811 30,678 3,722 113,211 Other income, net 13,774 32,193 2,115 48,082 Total Other Income 81,884 40,592 3,033 125,509 Non-Controlling Interests — (13,985 ) — (13,985 ) Economic Income (Loss) $ 1,689,307 $ 501,348 $ (1,555 ) $ 2,189,100 (1) Included in unrealized carried interest losses from affiliates for the year ended December 31, 2013 was a reversal of previously realized carried interest income due to the general partner obligation to return previously distributed carried interest income. See note 15 for further detail regarding the general partner obligation. The following tables reconcile the total reportable segments to Apollo’s income before income tax provision and total assets as of and for the years ended December 31, 2015 , 2014 and 2013: As of and for the Year Ended December 31, 2015 Total Consolidation Consolidated Revenues $ 1,023,369 $ 18,301 (1) $ 1,041,670 Expenses 734,882 96,093 (2) 830,975 Other income 118,854 47,679 (3) 166,533 Non-Controlling Interests (11,684 ) 11,684 — Economic Income / Income before income tax provision $ 395,657 (4) $ (18,429 ) $ 377,228 Total Assets $ 3,591,622 $ 968,186 (5) $ 4,559,808 As of and for the Year Ended December 31, 2014 Total Consolidation Consolidated Revenues $ 1,623,627 $ (63,544 ) (1) $ 1,560,083 Expenses 953,456 90,107 (2) 1,043,563 Other income 97,568 263,079 (3) 360,647 Non-Controlling Interests (12,688 ) 12,688 — Economic Income / Income before income tax provision $ 755,051 (4) $ 122,116 $ 877,167 Total Assets $ 4,171,822 $ 19,000,966 (5) $ 23,172,788 For the Year Ended December 31, 2013 Total Consolidation Consolidated Revenues $ 3,823,425 $ (89,854 ) (1) $ 3,733,571 Expenses 1,745,849 195,866 (2) 1,941,715 Other income 125,509 564,198 (3) 689,707 Non-Controlling Interests (13,985 ) 13,985 — Economic Income / Income before income tax provision $ 2,189,100 (4) $ 292,463 $ 2,481,563 (1) Represents advisory fees, management fees and carried interest income earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash revenues related to equity awards granted by unconsolidated affiliates to employees of the Company. (2) Represents the addition of expenses of consolidated funds and VIEs and transaction-related charges. Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. (3) Results from the following: For the Year Ended December 31, 2015 2014 2013 Net gains from investment activities $ 591 $ 204,181 $ 342,828 Net gains from investment activities of consolidated variable interest entities 19,050 22,564 199,742 Loss from equity method investments (1,223 ) (1,048 ) (5,861 ) Other income, net 29,261 37,382 27,489 Total consolidation adjustments $ 47,679 $ 263,079 $ 564,198 (4) The reconciliation of Economic Income to income before income tax provision reported in the consolidated statements of operations consists of the following: For the Year Ended December 31, 2015 2014 2013 Economic Income 395,657 755,051 2,189,100 Adjustments: Net income attributable to Non-Controlling Interests in consolidated entities and appropriated partners’ capital 21,364 157,011 456,953 Transaction-related charges (6) (39,793 ) (34,895 ) (164,490 ) Total consolidation adjustments and other $ (18,429 ) $ 122,116 $ 292,463 Income before income tax provision $ 377,228 $ 877,167 $ 2,481,563 (5) Represents the addition of assets of consolidated funds and VIEs. Upon adoption of new accounting guidance (see note 2 ), debt issuance costs previously recorded in other assets in the consolidated statements of financial condition were reclassified as a direct deduction of the carrying amount of the related debt arrangement. (6) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. Equity-based compensation adjustment includes non-cash revenues and expenses related to equity awards granted by unconsolidated affiliates to employees of the Company. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On January 14, 2016, the Company issued 529,395 Class A shares in settlement of vested RSUs. This issuance caused the Company’s ownership interest in the Apollo Operating Group to increase from 45.6% to 45.7% . On February 3, 2016 , the Company declared a cash distribution of $0.28 per Class A share, which will be paid on February 29, 2016 to holders of record on February 19, 2016 . In February 2016, Apollo adopted a plan to repurchase up to $250 million in the aggregate of its Class A shares, including up to $150 million in the aggregate of its outstanding Class A shares through a share repurchase program and up to $100 million through a reduction of Class A shares to be issued to employees to satisfy associated tax obligations in connection with the settlement of equity-based awards granted under the Company’s equity incentive plan. Under the share repurchase program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise, with the size and timing of these repurchases depending on legal requirements, price, market and economic conditions and other factors. On February 5, 2016, the Company issued 2,745,799 Class A shares in settlement of vested RSUs. This issuance caused the Company’s ownership interest in the Apollo Operating Group to increase from 45.7% to 46.0% . |
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA | QUARTERLY FINANCIAL DATA (UNAUDITED) For the Three Months Ended March 31, (1) June 30, September 30, December 31, 2015 Revenues $ 303,024 $ 351,727 $ 193,268 $ 193,651 Expenses 223,996 244,539 174,911 187,529 Other Income 7,984 49,978 84,793 23,778 Income Before Provision for Taxes $ 87,012 $ 157,166 $ 103,150 $ 29,900 Net Income $ 81,498 $ 148,074 $ 96,559 $ 24,364 Net income attributable to Apollo Global Management, LLC $ 30,927 $ 56,428 $ 41,051 $ 6,091 Net Income per Class A Share - Basic $ 0.09 $ 0.30 $ 0.20 $ 0.02 Net Income per Class A Share - Diluted $ 0.09 $ 0.30 $ 0.20 $ 0.02 (1) Apollo adopted new U.S. GAAP consolidation and collateralized financing entity (“CFE”) guidance during the three months ended June 30, 2015 which resulted in the deconsolidation of certain funds and VIEs as of January 1, 2015 and a measurement alternative of the financial assets and liabilities of the remaining consolidated CLOs as of January 1, 2015. The adoption did not impact net income attributable to Apollo Global Management, LLC but did impact various line items within the statement of operations and financial condition. See note 2 for details regarding the Company’s adoption of the new consolidation and CFE guidance. For the Three Months Ended March 31, June 30, September 30, December 31, 2014 Revenues $ 491,400 $ 572,152 $ 221,135 $ 275,396 Expenses 314,119 354,369 177,388 197,687 Other Income (Loss) 314,912 69,556 (82,135 ) 58,314 Income Before Provision for Taxes $ 492,193 $ 287,339 $ (38,388 ) $ 136,023 Net Income (Loss) $ 459,644 $ 252,302 $ (67,764 ) $ 85,740 Net income attributable to Apollo Global Management, LLC $ 72,169 $ 71,668 $ 2,210 $ 22,182 Net Income (Loss) per Class A Share - Basic $ 0.32 $ 0.33 $ (0.05 ) $ 0.04 Net Income (Loss) per Class A Share - Diluted $ 0.32 $ 0.33 $ (0.05 ) $ 0.04 For the Three Months Ended March 31, June 30, September 30, December 31, 2013 Revenues $ 1,309,073 $ 497,261 $ 1,132,089 $ 795,148 Expenses 622,602 322,787 600,115 396,211 Other Income (Loss) 132,173 (8,165 ) 210,820 354,879 Income Before Provision for Taxes $ 818,644 $ 166,309 $ 742,794 $ 753,816 Net Income $ 800,065 $ 148,170 $ 695,590 $ 730,169 Net income attributable to Apollo Global Management, LLC $ 248,978 $ 58,737 $ 192,516 $ 159,160 Net Income per Class A Share-Basic $ 1.60 $ 0.32 $ 1.13 $ 0.94 Net Income per Class A Share - Diluted $ 1.59 $ 0.32 $ 1.13 $ 0.93 |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“ U.S. GAAP ”). The consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities (“VIEs”) and for which the Company is considered the primary beneficiary, and certain entities which are not considered VIEs but which the Company controls through a majority voting interest. Intercompany accounts and transactions have been eliminated upon consolidation. Certain reclassifications, when applicable, have been made to the prior period’s consolidated financial statements and notes to conform to the current period’s presentation and are disclosed accordingly. |
Organization of the Company | Organization of the Company The Company was formed as a Delaware limited liability company on July 3, 2007 and completed a reorganization of its predecessor businesses on July 13, 2007 (the “2007 Reorganization”). The Company is managed and operated by its manager, AGM Management, LLC, which in turn is indirectly wholly-owned and controlled by Leon Black, Joshua Harris and Marc Rowan (the “Managing Partners”). As of December 31, 2015 , the Company owned, through five intermediate holding companies that include APO Corp., a Delaware corporation that is a domestic corporation for U.S. federal income tax purposes, APO Asset Co., LLC, a Delaware limited liability company that is a disregarded entity for U.S. federal income tax purposes, APO (FC), LLC, an Anguilla limited liability company that is treated as a corporation for U.S. federal income tax purposes, APO (FC II), LLC, an Anguilla limited liability company that is treated as a corporation for U.S. federal income tax purposes and APO UK (FC), LLC, an Anguilla limited liability company that is treated as a corporation for U.S. federal income tax purposes (collectively, the “Intermediate Holding Companies”), 45.6% of the economic interests of, and operated and controlled all of the businesses and affairs of, the Apollo Operating Group through its wholly-owned subsidiaries. AP Professional Holdings, L.P., a Cayman Islands exempted limited partnership (“Holdings”), is the entity through which the Managing Partners and certain of the Company’s other partners (the “Contributing Partners”) indirectly beneficially own interests in each of the partnerships that comprise the Apollo Operating Group (“AOG Units”). As of December 31, 2015 , Holdings owned the remaining 54.4% of the economic interests in the Apollo Operating Group. The Company consolidates the financial results of the Apollo Operating Group and its consolidated subsidiaries. Holdings’ ownership interest in the Apollo Operating Group is reflected as a Non-Controlling Interest in the accompanying consolidated financial statements. Pursuant to an exchange agreement between Apollo, Holdings and the other parties thereto (as amended, the “Exchange Agreement”), the holders of the AOG Units (and certain permitted transferees thereof) may, upon notice and subject to the applicable vesting and minimum retained ownership requirements, transfer restrictions and other terms of the Exchange Agreement, exchange their AOG Units for the Company’s Class A shares on a one -for- one basis a limited number of times each year, subject to customary conversion rate adjustments for splits, distributions and reclassifications. Pursuant to the Exchange Agreement, a holder of AOG Units must simultaneously exchange one partnership unit in each of the Apollo Operating Group partnerships to effectuate an exchange for one Class A share. As a holder exchanges its AOG Units, the Company’s indirect interest in the Apollo Operating Group is correspondingly increased. |
Principles of Consolidation | Principles of Consolidation —The types of entities with which Apollo is involved generally include subsidiaries (e.g., general partners and management companies related to the funds the Company manages), entities that have all the attributes of an investment company (e.g., funds) and securitization vehicles (e.g., collateralized loan obligations). Each of these entities is assessed for consolidation on a case by case basis depending on the specific facts and circumstances surrounding that entity. In February 2015, the Financial Accounting Standards Board (“FASB”) issued new consolidation guidance which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period, and adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company has elected to adopt this new guidance using the modified retrospective method, which results in an effective date of adoption of January 1, 2015. Restatement of prior period results is not required. Amounts presented for the year ended December 31, 2015 in the consolidated statements of operations reflect the adoption of this accounting guidance as of January 1, 2015. Pursuant to the new consolidation guidance, the Company first evaluates whether it holds a variable interest in an entity. Fees that are customary and commensurate with the level of services provided, and where the Company doesn’t hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. Apollo factors in all economic interests including proportionate interests through related parties, to determine if fees are considered a variable interest. As Apollo’s interests in many of these entities are solely through carried interests, performance fees, and/or insignificant indirect interests through related parties, Apollo is not considered to have a variable interest in many of these entities under the new guidance and no further consolidation analysis is performed. Prior to adoption of the new consolidation guidance, fees received by the Company for investment management services (e.g. carried interests and performance fees) were considered variable interests. For the remaining entities where the Company has determined that it does hold a variable interest, the Company performs an assessment to determine whether each of those entities qualify as a VIE. An entity is considered a VIE if any one of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the legal entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk (as a group) lack either the direct or indirect ability through voting rights or similar rights to make decisions about a legal entity’s activities that have a significant effect on the success of the legal entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the legal entity, their rights to receive the expected residual returns of the legal entity, or both and substantially all of the legal entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Under the new guidance, for limited partnerships and other similar entities, unaffiliated investors must be granted rights to either dissolve the fund or remove the general partner (“kick-out rights”) in order to not qualify as a VIE under condition (b) above. Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities (“VOEs”) under the voting interest model. Under the voting interest model, Apollo consolidates those entities it controls through a majority voting interest. Apollo does not consolidate those VOEs in which substantive kick-out rights have been granted to the unaffiliated investors to either dissolve the fund or remove the general partner. As previously indicated, the consolidation assessment, including the determination as to whether an entity qualifies as a VIE depends on the facts and circumstances surrounding each entity and therefore certain of Apollo’s funds may qualify as VIEs whereas others may qualify as VOEs. The granting of substantive kick-out rights is a key consideration in determining whether a limited partnership or similar entity is a VIE and whether or not that entity should be consolidated. For example, when the unaffiliated holders of equity investment at risk of a fund (assumed to be limited partnerships or similar entities) with sufficient equity to permit the fund to finance its activities without additional subordinated financial support are not granted substantive kick-out rights the fund is determined to be a VIE. Alternatively, when the unaffiliated holders of equity investment at risk are granted substantive kick-out rights, the fund is generally determined to be a VOE. Prior to adoption of the new guidance, in certain cases where the Company held a substantive equity investment at risk in the fund, the fund may have been determined to be a VOE even though substantive kick-out rights were not granted to the unaffiliated holders of equity investment at risk. Under the new guidance for limited partnerships or similar entities, unaffiliated investors must have kick-out rights to be considered a VOE. If the entity is determined to be a VIE under the conditions above, the Company assesses whether the entity should be consolidated by determining if Apollo is the primary beneficiary of the entity. Prior to adoption of the new consolidation guidance, this analysis differed depending on the type of VIE being assessed and which consolidation model was applied. For VIEs that qualified for the deferral of the then amended consolidation rules (i.e. investment company entities), Apollo was determined to be the primary beneficiary when its interests, through holding interests directly or indirectly in the VIE or contractually through other variable interests (e.g., carried interest and performance fees), would be expected to absorb a majority of the VIE’s expected losses, receive a majority of the VIE’s expected residual returns, or both. In cases where two or more Apollo related parties held a variable interest in a VIE, and the aggregate variable interest held by those parties would, if held by a single party, identify that party as the primary beneficiary, then the Company was determined to be the primary beneficiary to the extent it was the party within the related party group that was most closely associated with the VIE. For VIEs that did not qualify for the deferral, such as Apollo’s CLOs which applied the then amended consolidation rules, the Company was determined to be the primary beneficiary if it held a controlling financial interest defined as possessing both (a) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Under the new guidance, for all VIEs including investment company entities that previously met the deferral requirements, the Company is only determined to be the Primary Beneficiary when it has a controlling financial interest as defined above. Prior to adoption of the new guidance, when Apollo alone was not considered to have a controlling financial interest but Apollo and its related parties on an aggregate basis did have a controlling financial interest, an analysis regarding which party was most closely associated with the VIE was performed. Under the new guidance, determining which party is more closely associated with an entity is only performed when the related party group that has a controlling financial interest, shares power or is under common control. When the related party group holding a controlling financial interest is not under common control, then Apollo would only be deemed to be the primary beneficiary if substantially all the activities of the entity are performed on behalf of Apollo. Apollo continues to determine whether it is the primary beneficiary of a VIE at the time it becomes initially involved with the VIE and reconsiders that conclusion continuously. Investments and redemptions (either by Apollo, affiliates of Apollo or third parties) or amendments to the governing documents of the respective entity may affect an entity’s status as a VIE or the determination of the primary beneficiary. The assessment of whether an entity is a VIE and the determination of whether Apollo should consolidate such VIE requires judgment. Under both the previous and the new guidance, those judgments include, but are not limited to: (i) determining whether the total equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (ii) evaluating whether the holders of equity investment at risk, as a group, can make decisions that have a significant effect on the success of the entity, (iii) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive the expected residual returns from an entity, and (iv) evaluating the nature of the relationship and activities of the parties involved in determining which party within a related-party group (only for those related parties with shared power or under common control under the new guidance) is most closely associated with the VIE. Judgments are also made in determining whether a member in the equity group has a controlling financial interest including power to direct activities that most significantly impact the VIEs’ economic performance and rights to receive benefits or obligations to absorb losses that could be potentially significant to the VIE. This analysis includes interests through related parties. Prior to adoption of the new guidance, where the VIEs had qualified for the deferral, judgments were made in estimating cash flows to evaluate which member within the equity group absorbed a majority of the expected losses or residual returns of the VIE. Assets and liabilities of the consolidated VIEs are shown in separate sections within the consolidated statements of financial condition as of December 31, 2015 and 2014 . |
Cash and Cash Equivalents | Cash and Cash Equivalents —Apollo considers all highly liquid short-term investments with original maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts are on deposit in interest-bearing accounts with major financial institutions and exceed insured limits. |
Restricted Cash | Restricted Cash —Restricted cash represents cash deposited at a bank, which is pledged as collateral in connection with leased premises. |
Deferred Revenue | Deferred Revenue —Apollo earns management fees subject to the Management Fee Offset. When advisory and transaction fees are earned by the management company, the Management Fee Offset reduces the management fee obligation of the fund. When the management company receives cash for advisory and transaction fees, a certain percentage of such advisory and/or transaction fees, as applicable, is allocated as a credit to reduce future management fees, otherwise payable by such fund. Such credit is classified as deferred revenue in the consolidated statements of financial condition. A portion of any excess advisory and transaction fees may be required to be returned to the limited partners of certain funds upon such fund’s liquidation. As the management fees earned by the management company are presented on a gross basis, any Management Fee Offsets calculated are presented as a reduction to advisory and transaction fees from affiliates in the consolidated statements of operations. Additionally, Apollo earns advisory fees pursuant to the terms of the advisory agreements with certain of the portfolio companies that are owned by the funds. When Apollo receives a payment from a portfolio company that exceeds the advisory fees earned at that point in time, the excess payment is classified as deferred revenue in the consolidated statements of financial condition. The advisory agreements with the portfolio companies vary in duration and the associated fees are received monthly, quarterly or annually. Deferred revenue is reversed and recognized as revenue over the period that the agreed upon services are performed. Under the terms of the funds’ partnership agreements, Apollo is normally required to bear organizational expenses over a set dollar amount and placement fees or costs in connection with the offering and sale of interests in the funds to investors. The placement fees are payable to placement agents, who are independent third parties that assist in identifying potential investors, securing commitments to invest from such potential investors, preparing or revising offering and marketing materials, developing strategies for attempting to secure investments by potential investors and/or providing feedback and insight regarding issues and concerns of potential investors, when a limited partner either commits or funds a commitment to a fund. In certain instances the placement fees are paid over a period of time. Based on the management agreements with the funds, Apollo considers placement fees and organizational costs paid in determining if cash has been received in excess of the management fees earned. Placement fees and organizational costs are normally the obligation of Apollo but can be paid for by the funds. When these costs are paid by the fund, the resulting obligations are included within deferred revenue. The deferred revenue balance will also be reduced during future periods when management fees are earned but not paid. |
Due from/to Affiliates | Due from/to Affiliates —Apollo considers its existing partners, employees, certain former employees, portfolio companies of the funds and nonconsolidated private equity, credit and real estate funds to be affiliates or related parties. |
Investments, at Fair Value | Investments, at Fair Value —The Company follows U.S. GAAP attributable to fair value measurements which, among other things, requires enhanced disclosures about investments that are measured and reported at fair value. Investments, at fair value represent investments of the consolidated funds, investments of the consolidated VIEs and certain financial instruments for which the fair value option has been elected. The unrealized gains and losses resulting from changes in the fair value are reflected as net gains (losses) from investment activities and net gains (losses) from investment activities of the consolidated VIEs in the consolidated statements of operations. In accordance with U.S. GAAP, investments measured and reported at fair value are classified and disclosed in one of the following categories: Level I —Quoted prices are available in active markets for identical investments as of the reporting date. The type of investments included in Level I include listed equities and listed derivatives. As required by U.S. GAAP, the Company does not adjust the quoted price for these investments, even in situations where the Company holds a large position and the sale of such position would likely deviate from 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. Investments that are generally included in this category include corporate bonds and loans, less liquid and restricted equity securities and certain over-the-counter derivatives where the fair value is based on observable inputs. These investments exhibit higher levels of liquid market observability as compared to Level III investments. The Company subjects broker quotes to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level II investment. These criteria include, but are not limited to, the number and quality of broker quotes, the standard deviation of obtained broker quotes, and the percentage deviation from independent pricing services. Level III —Pricing inputs are unobservable for the investment and includes situations where there is little observable market activity for the investment. The inputs into the determination of fair value may require significant management judgment or estimation. Investments that are included in this category generally include general and limited partner interests in corporate private equity and real estate funds, opportunistic credit funds, distressed debt and non-investment grade residual interests in securitizations and CDOs and CLOs where the fair value is based on observable inputs as well as unobservable inputs. When a security is valued based on broker quotes, the Company subjects those quotes to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level II or Level III investment. These criteria include, but are not limited to, the number and quality of the broker quotes, the standard deviations of the observed broker quotes, and the percentage deviation from independent pricing services. 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 when the fair value is based on unobservable inputs. In cases where an investment or financial instrument that is measured and reported at fair value is transferred between levels of the fair value hierarchy, the Company accounts for the transfer as of the end of the reporting period. On a quarterly basis, Apollo utilizes valuation committees consisting of members from senior management, to review and approve the valuation results related to the investments of the funds it manages. For certain publicly traded vehicles, a review is performed by an independent board of directors. The Company also retains independent valuation firms to provide third-party valuation consulting services to Apollo, which consist of certain limited procedures that management identifies and requests them to perform. The limited procedures provided by the independent valuation firms assist management with validating their valuation results or determining fair value. The Company performs various back-testing procedures to validate their valuation approaches, including comparisons between expected and observed outcomes, forecast evaluations and variance analyses. However, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. |
Equity Method Investments | Equity Method Investments —For investments in entities over which the Company exercises significant influence but which do not meet the requirements for consolidation and for which the Company has not elected the fair value option, the Company uses the equity method of accounting, whereby the Company records its share of the underlying income or loss of such entities. The carrying amounts of equity method investments are reflected in investments in the consolidated statements of financial condition. As the underlying entities that the Company manages and invests in are, for U.S. GAAP purposes, primarily investment companies which reflect their investments at estimated fair value, the carrying value of the Company’s equity method investments in such entities approximates fair value. |
Private Equity Investments | Private Equity Investments The value of liquid investments, where the primary market is an exchange (whether foreign or domestic) is determined using period end market prices. Such prices are generally based on the close price on the date of determination. Valuation approaches used to estimate the fair value of investments that are less liquid include the market approach and the income approach. The market approach provides an indication of fair value based on a comparison of the subject company to comparable publicly traded companies and transactions in the industry. The market approach is driven more by current market conditions, including actual trading levels of similar companies and, to the extent available, actual transaction data of similar companies. Judgment is required by management when assessing which companies are similar to the subject company being valued. Consideration may also be given to such factors as the Company’s historical and projected financial data, valuations given to comparable companies, the size and scope of the Company’s operations, the Company’s strengths, weaknesses, expectations relating to the market’s receptivity to an offering of the Company’s securities, applicable restrictions on transfer, industry and market information and assumptions, general economic and market conditions and other factors deemed relevant. The income approach provides an indication of fair value based on the present value of cash flows that a business or security is expected to generate in the future. The most widely used methodology in the income approach is a discounted cash flow method. Inherent in the discounted cash flow method are assumptions of expected results and a calculated discount rate. |
Credit Investments | Credit Investments The majority of investments in Apollo’s credit funds are valued based on quoted market prices and valuation models. Quoted market prices are valued based on the average of the “bid” and the “ask” quotes provided by multiple brokers wherever possible without any adjustments. Apollo will designate certain brokers to use to value specific securities. In order to determine the designated brokers, Apollo considers the following: (i) brokers with which Apollo has previously transacted, (ii) the underwriter of the security and (iii) active brokers indicating executable quotes. In addition, when valuing a security based on broker quotes wherever possible Apollo tests the standard deviation amongst the quotes received and the variance between the concluded fair value and the value provided by a pricing service. When broker quotes are not available Apollo considers the use of pricing service quotes or other sources to mark a position. When relying on a pricing service as a primary source, (i) Apollo analyzes how the price has moved over the measurement period (ii) reviews the number of brokers included in the pricing service’s population and (iii) validates the valuation levels with Apollo’s pricing team and traders. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value utilizing a model based approach to determine fair value. When determining fair value when no observable market value exists, the value attributed to an investment is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation approaches used to estimate the fair value of illiquid credit investments also may include the market approach and the income approach, as previously described above. The valuation approaches used consider, as applicable, market risks, credit risks, counterparty risks and foreign currency risks. T he credit funds also enter into foreign currency exchange contracts, total return swap contracts, credit default swap contracts, and other derivative contracts, which may include options, caps, collars and floors. Foreign currency exchange contracts are marked-to-market by recognizing the difference between the contract exchange rate and the current market rate as unrealized appreciation or depreciation. If securities are held at the end of this period, the changes in value are recorded in income as unrealized. Realized gains or losses are recognized when contracts are settled. Total return swap and credit default swap contracts are recorded at fair value as an asset or liability with changes in fair value recorded as unrealized appreciation or depreciation. Realized gains or losses are recognized at the termination of the contract based on the difference between the close-out price of the total return or credit default swap contract and the original contract price. Forward contracts are valued based on market rates obtained from counterparties or prices obtained from recognized financial data service providers. |
Real Estate Investments | Real Estate Investments The estimated fair value of commercial mortgage-backed securities (“CMBS”) in Apollo’s funds is determined by reference to market prices provided by certain dealers who make a market in these financial instruments. Broker quotes are only indicative of fair value and may not necessarily represent what the funds would receive in an actual trade for the applicable instrument. Additionally, the loans held-for-investment are stated at the principal amount outstanding, net of deferred loan fees and costs for certain investments. The Company evaluates its loans for possible impairment on a quarterly basis. For Apollo’s real estate funds, valuations of non-marketable underlying investments are determined using methods that include, but are not limited to (i) discounted cash flow estimates or comparable analysis prepared internally, (ii) third party appraisals or valuations by qualified real estate appraisers, and (iii) contractual sales value of investments/properties subject to bona fide purchase contracts. Methods (i) and (ii) also incorporate consideration of the use of the income, cost, or sales comparison approaches of estimating property values. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Except for the Company’s debt obligations (as described in note 12 ), Apollo’s financial instruments are recorded at fair value or at amounts whose carrying values approximate fair value. See “Investments, at Fair Value” above. While Apollo’s valuations of portfolio investments are based on assumptions that Apollo believes are reasonable under the circumstances, the actual realized gains or losses will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may ultimately differ significantly from the assumptions on which the valuations were based. Financial instruments’ carrying values generally approximate fair value because of the short-term nature of those instruments or variable interest rates related to the borrowings. Fair Value Option —Apollo has elected the fair value option for the Company’s investment in Athene Holding Ltd. (“Athene Holding” and, together with its subsidiaries, “Athene”) and for the assets and liabilities of the consolidated VIEs. Such election is irrevocable and is applied to financial instruments on an individual basis at initial recognition. Apollo has applied the fair value option for certain corporate loans, other investments and debt obligations held by the consolidated VIEs that otherwise would not have been carried at fair value. See notes 4 , 5 , and 6 for further disclosure on the investments in Athene Holding and financial instruments of the consolidated VIEs for which the fair value option has been elected. |
Financial Instruments held by Consolidated VIEs | Financial Instruments held by Consolidated VIEs The Company has adopted the measurement alternative included in the new collateralized financing entity (“CFE”) guidance. In applying the amendments introduced by the CFE guidance, the Company used a modified retrospective approach by recording a cumulative-effect adjustment to shareholders’ equity as of January 1, 2015. Amounts presented for the year ended December 31, 2015 in the consolidated statements of operations reflect the adoption of this accounting guidance as of January 1, 2015. Pursuant to the new CFE guidance, the Company measures both the financial assets and financial liabilities of the consolidated collateralized loan obligations (“CLOs”) in its consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The Company believes the fair value of the financial assets of the consolidated CLOs are more observable than the fair value of the financial liabilities of the consolidated CLOs. As a result, the financial assets of the consolidated CLOs are measured at fair value and the financial liabilities are measured in consolidation as: (i) the sum of the fair value of the financial assets and the carrying value of any non-financial assets that are incidental to the operations of the CLOs less (ii) the sum of the fair value of any beneficial interests retained by the reporting entity (other than those that represent compensation for services) and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interest retained by the Company) using a reasonable and consistent methodology. Under the measurement alternative, the Company’s consolidated net income reflects the Company’s own economic interests in the consolidated CLOs including (i) changes in the fair value of the beneficial interests retained by the Company and (ii) beneficial interests that represent compensation for collateral management services. Prior to the adoption of the new CFE guidance, the Company elected the fair value option for the assets and liabilities of the consolidated CLOs. The Company accounted for the difference between the fair value of the assets and the fair value of the liabilities of the consolidated CLOs in net gains from investment activities of consolidated variable interest entities in the consolidated statements of operations. This amount was attributed to the Company and other beneficial interest holders based on each beneficial holder’s residual interest in the consolidated CLOs. The amount attributed to other beneficial interest holders was reflected in the consolidated statements of operations in net income attributable to Non-Controlling Interests and in the consolidated statements of financial condition in appropriated partners’ capital within shareholders’ equity. The amount was recorded as appropriated partners’ capital since the other holders of the CLOs’ beneficial interests, not the Company, received the benefits or absorbed the losses associated with their proportionate share of the CLOs’ assets and liabilities. The consolidated VIEs hold investments that could be traded over-the-counter. Investments in securities that are traded on a securities exchange or comparable over-the-counter quotation systems are valued based on the last reported sale price at that date. If no sales of such investments are reported on such date, and in the case of over-the-counter securities or other investments for which the last sale date is not available, valuations are based on independent market quotations obtained from market participants, recognized pricing services or other sources deemed relevant, and the prices are based on the average of the “bid” and “ask” prices, or at ascertainable prices at the close of business on such day. Market quotations are generally based on valuation pricing models or market transactions of similar securities adjusted for security-specific factors such as relative capital structure priority and interest and yield risks, among other factors. When market quotations are not available, a model based approach is used to determine fair value. The consolidated VIEs also have debt obligations that are recorded at fair value. As previously noted, effective January 1, 2015 with the adoption of the new CFE guidance, the Company measures CLO debt obligations on the basis of the fair value of financial assets of the CLO. Prior to the adoption of the new CFE guidance, the primary valuation methodology used to determine fair value for debt obligations was market quotation. Prices were based on the average of the “bid” and “ask” prices. In the event that market quotations were not available, a model based approach was used. The model based approach used to estimate the fair values of debt obligations for which market quotations were not available was the discounted cash flow method, which includes consideration of the cash flows of the debt obligation based on projected quarterly interest payments and quarterly amortization. Debt obligations were discounted based on the appropriate yield curve given the loan’s respective maturity and credit rating. Management used its discretion and judgment in considering and appraising relevant factors for determining the valuations of the consolidated VIEs’ debt obligations. |
Pending Deal Costs | Pending Deal Costs Pending deal costs consist of certain costs incurred (e.g. research costs, due diligence costs, professional fees, legal fees and other related items) related to private equity, credit and real estate fund transactions that the Company is pursuing but which have not yet been consummated. These costs are deferred until such transactions are broken or successfully completed. A transaction is determined to be broken upon management’s decision to no longer pursue the transaction. In accordance with the related fund agreements, in the event the deal is broken, all of the costs are generally reimbursed by the funds and considered in the calculation of the Management Fee Offset. These offsets are included in advisory and transaction fees from affiliates, net in the Company’s consolidated statements of operations. If a deal is successfully completed, Apollo is reimbursed by the fund or a fund’s portfolio company for all costs incurred. |
Fixed Assets | Fixed Assets Fixed Assets consist primarily of leasehold improvements, furniture, fixtures and equipment, computer hardware and software and are recorded at cost, net of accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the assets’ estimated useful lives and in the case of leasehold improvements the lesser of the useful life or the term of the lease. Expenditures for repairs and maintenance are charged to expense when incurred. The Company evaluates long-lived assets for impairment periodically and whenever events or changes in circumstances indicate the carrying amounts of the assets may be impaired. During 2015, presentation of fixed assets was combined with other assets on the consolidated statements of financial condition and the prior period was adjusted to conform to the combined presentation. |
Business Combinations | Business Combinations The Company accounts for acquisitions using the purchase method of accounting in accordance with U.S. GAAP. Under the purchase method of accounting, the purchase price of an acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill and indefinite-life intangible assets must be reviewed annually for impairment or more frequently if circumstances indicate impairment may have occurred. Identifiable finite-life intangible assets, by contrast, are amortized over their estimated useful lives, which are periodically re-evaluated for impairment or when circumstances indicate an impairment may have occurred. Apollo amortizes its identifiable finite-life intangible assets using a method of amortization reflecting the pattern in which the economic benefits of the finite-life intangible asset are consumed or otherwise used up. If that pattern cannot be reliably determined, Apollo uses the straight-line method of amortization. |
Profit Sharing Payable | Profit Sharing Payable Profit sharing payable primarily represents the amounts payable to employees and former employees who are entitled to a proportionate share of carried interest income in one or more funds. This portion of the liability is calculated based upon the changes to realized and unrealized carried interest and is therefore not payable until the carried interest itself is realized. Profit sharing payable also includes contingent obligations that were recognized in connection with certain Apollo acquisitions. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs consist of costs incurred in obtaining financing and are amortized over the term of the financing using the effective interest method. These costs are recorded as a direct deduction from the carrying amount of the related debt liability on the consolidated statements of financial condition. |
Foreign Currency | Foreign Currency The Company may, from time to time, hold foreign currency denominated assets and liabilities. Such assets and liabilities are translated using the exchange rates prevailing at the end of each reporting period. The functional currency of the Company’s international subsidiaries is the U.S. Dollar, as their operations are considered an extension of U.S. parent operations. Non-monetary assets and liabilities of the Company’s international subsidiaries are remeasured into the functional currency using historical exchange rates specific to each asset and liability. The results of the Company’s foreign operations are normally remeasured using an average exchange rate for the respective reporting period. All currency remeasurement adjustments are included within other income (loss), net in the consolidated statements of operations. Gains and losses on the settlement of foreign currency transactions are also included within other income (loss), net in the consolidated statements of operations. |
Revenues | Revenues —Revenues are reported in three separate categories that include (i) advisory and transaction fees from affiliates, net, which relate to the investments of the funds and may include individual monitoring agreements the Company has with the portfolio companies and debt investment vehicles of the private equity funds and credit funds; (ii) management fees from affiliates, which are based on committed capital, invested capital, net asset value, gross assets or as otherwise defined in the respective agreements; and (iii) carried interest income (loss) from affiliates, which is normally based on the performance of the funds subject to preferred return. |
Advisory and Transaction Fees from Affiliates, Net | Advisory and Transaction Fees from Affiliates, Net —Advisory and transaction fees, including directors’ fees, are recognized when the underlying services rendered are substantially completed in accordance with the terms of the transaction and advisory agreements. Additionally, during the normal course of business, the Company incurs certain costs related to certain transactions that are not consummated (“broken deal costs”). These costs (e.g., research costs, due diligence costs, professional fees, legal fees and other related items) are determined to be broken deal costs upon management’s decision to no longer pursue the transaction. In accordance with the related fund agreement, in the event the deal is deemed broken, all of the costs are reimbursed by the funds and then included as a component of the calculation of the Management Fee Offset described below. If a deal is successfully completed, Apollo is reimbursed by the fund or fund’s portfolio company for all costs incurred and no offset is generated. As the Company acts as an agent for the funds it manages, any transaction costs incurred and paid by the Company on behalf of the respective funds relating to successful or broken deals are presented net on the Company’s consolidated statements of operations, and any receivable from the respective funds is presented in due from affiliates on the consolidated statements of financial condition. Advisory and transaction fees from affiliates, net, also includes underwriting fees. Underwriting fees include gains, losses and fees, net of syndicate expenses, arising from securities offerings in which one of the Company’s subsidiaries participates in the underwriter syndicate. Underwriting fees are recognized at the time the underwriting is completed and the income is reasonably assured and are included in the consolidated statements of operations. Underwriting fees recognized but not received are included in other assets on the consolidated statements of financial condition. As a result of providing advisory services to certain private equity and credit portfolio companies, Apollo is generally entitled to receive fees for transactions related to the acquisition, in certain cases, and disposition of portfolio companies as well as ongoing monitoring of portfolio company operations and directors’ fees. The amounts due from portfolio companies are included in due from affiliates, which is discussed further in note 15 . Under the terms of the limited partnership agreements for certain funds, the management fee payable by the funds may be subject to a reduction based on a certain percentage of such advisory and transaction fees, net of applicable broken deal costs (“Management Fee Offset”). Advisory and transaction fees from affiliates are presented net of the Management Fee Offset in the consolidated statements of operations. |
Management Fees from Affiliates | Management Fees from Affiliates —Management fees for private equity, credit, and real estate funds are recognized in the period during which the related services are performed in accordance with the contractual terms of the related agreement, and are generally based upon (1) a percentage of the capital committed during the commitment period, and thereafter based on the remaining invested capital of unrealized investments, or (2) net asset value, gross assets or as otherwise defined in the respective agreements. |
Carried Interest Income From Affiliates | Carried Interest Income from Affiliates —Apollo is entitled to an incentive return that can normally amount to as much as 20% of the total returns on a fund’s capital, depending upon performance. Performance-based fees are assessed as a percentage of the investment performance of the funds. The carried interest income from affiliates for any period is based upon an assumed liquidation of the fund’s net assets on the reporting date, and distribution of the net proceeds in accordance with the fund’s income allocation provisions. Carried interest receivable is presented separately in the consolidated statements of financial condition. The carried interest income from affiliates may be subject to reversal to the extent that the carried interest income recorded exceeds the amount due to the general partner based on a fund’s cumulative investment returns. When applicable, the accrual for potential repayment of previously received carried interest income, which is a component of due to affiliates, represents all amounts previously distributed to the general partner that would need to be repaid to the Apollo funds if these funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual general partner obligation, however, would not become payable or realized until the end of a fund’s life. |
Equity-Based Compensation | Equity-Based Compensation —Equity-based awards granted to employees as compensation are measured based on the grant date fair value of the award. Equity-based awards that do not require future service (i.e., vested awards) are expensed immediately. Equity-based employee awards that require future service are expensed over the relevant service period. The Company estimates forfeitures for equity-based awards that are not expected to vest. Equity-based awards granted to non-employees for services provided to affiliates are remeasured to fair value at the end of each reporting period and expensed over the relevant service period. |
Salaries Bonus and Benefits | Salaries, Bonus and Benefits —Salaries, bonus and benefits include base salaries, discretionary and non-discretionary bonuses, severance and employee benefits. Bonuses are generally accrued over the related service period. The Company sponsors a 401(k) savings plan whereby U.S.-based employees are entitled to participate in the plan based upon satisfying certain eligibility requirements. The Company may provide discretionary contributions from time to time. |
Profit Sharing Expense | Profit Sharing Expense —Profit sharing expense primarily consists of a portion of carried interest recognized in one or more funds allocated to employees and former employees. Profit sharing expense is recognized on an accrued basis as the related carried interest income is earned. Profit sharing expense can be reversed during periods when there is a decline in carried interest income that was previously recognized. Additionally, profit sharing amounts previously distributed may be subject to clawback from employees, former employees and Contributing Partners. Changes in the fair value of the contingent consideration obligations that were recognized in connection with certain Apollo acquisitions are reflected in the Company’s consolidated statements of operations as profit sharing expense. The Company has a performance based incentive arrangement for certain Apollo partners and employees designed to more closely align compensation on an annual basis with the overall realized performance of the Company. This arrangement enables certain partners and employees to earn discretionary compensation based on carried interest realizations earned by the Company in a given year, which amounts are reflected in profit sharing expense in the accompanying consolidated financial statements. |
Other Income (Loss) | Other Income (Loss) Net Gains (Losses) from Investment Activities —Net gains (losses) from investment activities include both realized gains and losses and the change in unrealized gains and losses in the Company’s investment portfolio between the opening reporting date and the closing reporting date. The consolidated financial statements include the net realized and unrealized gains (losses) of investments, at fair value. For the years ending December 31, 2014 and December 31, 2013, for the Company’s investments held by AAA (see notes 4 and 5), a portion of the net gains (losses) from investment activities are attributable to Non-Controlling Interests in the consolidated statements of operations. Net Gains (Losses) from Investment Activities of Consolidated Variable Interest Entities —Changes in the fair value of the consolidated VIEs’ assets and liabilities and related interest, dividend and other income and expenses are presented within net gains (losses) from investment activities of consolidated variable interest entities and are attributable to Non-Controlling Interests in the consolidated statements of operations. Other Income (Loss), Net —Other income (loss), net includes the recognition of gains (losses) arising from the remeasurement of foreign currency denominated assets and liabilities of foreign subsidiaries, reversal of a portion of the tax receivable agreement liability (see note 15 ), gains (losses) arising from the remeasurement of derivative instruments associated with fees from certain of the Company’s affiliates, gains arising from extinguishment of contingent consideration obligations and other miscellaneous non-operating income and expenses. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) —U.S. GAAP guidance establishes standards for reporting comprehensive income and its components in a financial statement that is displayed with the same prominence as other financial statements. U.S. GAAP requires that the Company classify items of OCI by their nature in the financial statements and display the accumulated balance of OCI separately in the shareholders’ equity section of the Company’s consolidated statements of financial condition. Comprehensive income (loss) consists of net income (loss) and OCI. Apollo’s OCI is primarily comprised of the effective portion of changes in the fair value of the interest rate swap agreements discussed previously and foreign currency translation adjustments associated with the Company's non-U.S. dollar denominated subsidiaries. |
Income Taxes | Income Taxes —The Apollo Operating Group and its subsidiaries generally operate as partnerships for U.S. Federal income tax purposes. As a result, except as described below, the Apollo Operating Group has not been subject to U.S. income taxes. However, these entities in some cases are subject to New York City unincorporated business taxes (“NYC UBT”) and non-U.S. entities, in some cases, are subject to non-U.S. corporate income taxes. In addition, APO Corp., a wholly-owned subsidiary of the Company, is subject to U.S. Federal, state and local corporate income tax, and the Company’s provision for income taxes is accounted for in accordance with U.S. GAAP. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties. The Company recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit is measured as the largest amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. If a tax position is not considered more likely than not to be sustained, then no benefits of the position are recognized. The Company’s tax positions are reviewed and evaluated quarterly to determine whether or not the Company has uncertain tax positions that require financial statement recognition. Deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amount of assets and liabilities and their respective tax basis using currently enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. 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. |
Non-Controlling Interests | Non-Controlling Interests —For entities that are consolidated, but not 100% owned, a portion of the income or loss and corresponding equity is allocated to owners other than Apollo. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in Non-Controlling Interests in the consolidated financial statements. As of December 31, 2015 , the Non-Controlling Interests relating to Apollo Global Management, LLC primarily include the ownership interest in the Apollo Operating Group held by the Managing Partners and Contributing Partners through their limited partner interests in Holdings and other ownership interests in consolidated entities. Non-Controlling Interests also include limited partner interests of Apollo managed funds in certain consolidated VIEs. Non-Controlling Interests are presented as a separate component of shareholders’ equity on the Company’s consolidated statements of financial condition. The primary components of Non-Controlling Interests are separately presented in the Company’s consolidated statements of changes in shareholders’ equity to clearly distinguish the interest in the Apollo Operating Group and other ownership interests in the consolidated entities. Net income (loss) includes the net income (loss) attributable to the holders of Non-Controlling Interests on the Company’s consolidated statements of operations. Profits and losses are allocated to Non-Controlling Interests in proportion to their relative ownership interests regardless of their basis. |
Net Income (Loss) Per Class A Share | Net Income (Loss) Per Class A Share —As Apollo has issued participating securities, U.S. GAAP requires use of the two-class method of computing earnings per share for all periods presented for each class of common stock and participating security as if all earnings for the period had been distributed. Under the two-class method, during periods of net income, the net income is first reduced for distributions declared on all classes of securities to arrive at undistributed earnings. During periods of net losses, the net loss is reduced for distributions declared on participating securities only if the security has the right to participate in the earnings of the entity and an objectively determinable contractual obligation to share in net losses of the entity. Participating securities include vested and unvested RSUs that participate in distributions, as well as unvested restricted shares. Whether during a period of net income or net loss, under the two-class method the remaining earnings are allocated to Class A shares and participating securities to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. Earnings or losses allocated to each class of security are then divided by the applicable weighted average outstanding shares to arrive at basic earnings per share. For the diluted earnings, the denominator includes all outstanding Class A shares and includes the number of additional Class A shares that would have been outstanding if the dilutive potential Class A shares had been issued. The numerator is adjusted for any changes in income or loss that would result from the issuance of these potential Class A shares. |
Use Of Estimates | Use of Estimates— The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Apollo’s most significant estimates include goodwill, intangible assets, income taxes, carried interest income from affiliates, contingent consideration obligations related to acquisitions, non-cash compensation, and fair value of investments and debt. Actual results could differ materially from those estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In April 2014, the FASB issued guidance to improve the definition of discontinued operations. The new definition limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. The guidance is effective for all disposals (or classifications as held for sale) of components of an entity and all businesses or nonprofit activities that, on acquisition, are classified as held for sale that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements. In May 2014, the FASB issued guidance to establish a comprehensive and converged standard on revenue recognition to enable financial statement users to better understand and consistently analyze an entity’s revenue across industries, transactions, and geographies. The core principle of the new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. As such, this new guidance could impact the timing of revenue recognition. The new guidance also requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The new guidance will apply to all entities. In August 2015, FASB issued its final standard formally amending the effective date of the new revenue recognition guidance. The amended guidance defers the effective date of the new guidance to interim reporting periods within annual reporting periods beginning after December 15, 2017. Entities are permitted to apply the new guidance early, but not before the original effective date (i.e., interim periods within annual periods beginning after December 15, 2016). The Company is in the process of evaluating the impact that this guidance will have on its consolidated financial statements, including the timing of the recognition of carried interest income. In June 2014, the FASB issued guidance to resolve diversity in practice in the accounting for share-based payments where the terms of an award provide that a performance target could be achieved after the requisite service period. The new guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and therefore should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015. Early application is permitted. The Company adopted this guidance as of December 31, 2015. The early adoption of this guidance did not have an impact on the Company’s consolidated financial statements. In August 2014, the FASB issued guidance to eliminate diversity in practice in the accounting for measurement differences in both the initial consolidation and subsequent measurement of the financial assets and the financial liabilities of a collateralized financing entity. A reporting entity that consolidates a collateralized financing entity within the scope of the new guidance may elect to measure the financial assets and the financial liabilities of that collateralized financing entity using either the measurement alternative included in the new guidance or the existing guidance on fair value measurement. When a reporting entity elects the measurement alternative included in the new guidance for a collateralized financing entity, the reporting entity should measure both the financial assets and the financial liabilities of that collateralized financing entity in its consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015. Early adoption is permitted. As noted earlier, the Company adopted this guidance on a modified retrospective basis by recording a cumulative-effect adjustment to shareholders’ equity as of January 1, 2015. In August 2014, the FASB issued guidance regarding management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new guidance requires that management evaluate each annual and interim reporting period whether conditions exist that give rise to substantial doubt about the entity’s ability to continue as a going concern within one year from the financial statement issuance date, and if so, provide related disclosures. Substantial doubt exists when conditions and events, considered in the aggregate, indicate that it is probable that a company will be unable to meet its obligations as they become due within one year after the financial statement issuance date. The new guidance applies to all companies. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2016. Early adoption is permitted. This guidance is not expected to have an impact on the consolidated financial statements of the Company. In November 2014, the FASB issued guidance to clarify how current U.S. GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the new guidance clarifies that an entity should consider all relevant terms and features-including the embedded derivative feature being evaluated for bifurcation when evaluating the nature of the host contract. The new guidance applies to all entities that are issuers of, or investors in, hybrid financial instruments that are issued in the form of a share. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company adopted this guidance as of December 31, 2015. The early adoption of this guidance did not have an impact on the Company’s consolidated financial statements. I n January 2015, the FASB issued guidance to simplify income statement presentation by eliminating the concept of extraordinary items. The new guidance eliminates the requirement for reporting entities to consider whether an underlying event or transaction is extraordinary. However, the presentation and disclosure requirements under existing guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. Under the new guidance, items that are both unusual in nature and infrequently occurring should be presented within income from continuing operations or disclosed in the notes to the financial statements. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company adopted this guidance as of December 31, 2015. The early adoption of this guidance did not have an impact on the Company’s consolidated financial statements. In February 2015, the FASB issued new consolidation guidance which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Existing guidance includes different requirements for performing a consolidation analysis if, among other factors, the entity under evaluation is any one of the following: (1) a legal entity that qualifies for the indefinite deferral under the amended consolidation rules, (2) a legal entity that is within the scope of the amended consolidation rules, or (3) a limited partnership or similar entity that is considered a voting interest entity. Under the new guidance, all reporting entities are within the scope of the new standard, including limited partnerships and similar legal entities, unless a scope exception applies. The presumption that a general partner controls a limited partnership has been eliminated. In addition, fees paid to decision makers that meet certain conditions (e.g., are both customary and commensurate with the level of effort required for the services provided or where the decision maker does not hold other interests in the VIE that individually, or in the aggregate, would absorb more than an insignificant amount of the VIEs expected losses or receive more than an insignificant amount of the VIEs expected residual returns) no longer cause decision makers to consolidate VIEs in certain instances. The new guidance places more emphasis in the consolidation evaluation on variable interests other than the fee arrangements such as principal investment risk (for example, debt or equity interests), guarantees of the value of the assets or liabilities of the VIE, written put options on the assets of the VIE, or similar obligations, including some liquidity commitments or agreements (explicit or implicit). Additionally, the new guidance reduces the extent to which related party arrangements cause an entity to be considered a primary beneficiary. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period, and adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. A reporting entity may apply the new guidance using either a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or by applying the amendments retrospectively. As noted in the “Summary of Significant Accounting Policies” above the Company has adopted this guidance on a modified retrospective basis. This guidance has resulted in the deconsolidation of certain investment vehicles the Company manages, as further described in note 4. In April 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability (i.e., versus being capitalized as an asset and amortized as required under existing guidance), consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected by the new guidance (i.e., debt issuance costs will continue to be amortized as an increase to interest expense). The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The Company adopted this guidance as of December 31, 2015 and applied the guidance retrospectively. The early adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. See note 12 for further details regarding the presentation of debt issuance costs. In May 2015, the FASB issued guidance to eliminate diversity in practice related to how certain investments measured at net asset value are categorized within the fair value hierarchy. The guidance removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015. Pursuant to the guidance, a reporting entity should apply the amendments retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy in all periods presented in an entity’s financial statements. Earlier application is permitted. The Company is in the process of evaluating the impact that this guidance will have on its consolidated financial statements. In September 2015, the FASB issued guidance to simplify the accounting for adjustments made to the provisional amounts recognized in a business combination. The guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the one year period following the acquisition date (i.e., measurement period) in the reporting period in which the adjustment amounts are determined (i.e., versus as of the acquisition date as is required by existing guidance). The guidance also requires an acquirer to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2015. The guidance should be applied prospectively to adjustments to provisional amounts that occur after the effective date of the guidance with earlier application permitted for financial statements that have not been issued. The Company adopted this guidance as of December 31, 2015. The early adoption of this guidance did not have an impact on the Company’s consolidated financial statements. In January 2016, the FASB issued guidance that revises the accounting related to the classification and measurement of investments in equity securities as well as the presentation for certain fair value changes in financial liabilities measured at fair value, and amends certain disclosure requirements. The guidance requires that all equity investments, except those accounted for under the equity method of accounting or those resulting in the consolidation of the investee, be accounted for at fair value with all fair value changes recognized in income. For financial liabilities measured using the fair value option, the guidance requires that any change in fair value caused by a change in instrument-specific credit risk be presented separately in other comprehensive income until the liability is settled or reaches maturity. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017, with early adoption permitted for certain provisions. A reporting entity would generally record a cumulative-effect adjustment to beginning retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is in the process of evaluating the impact that this guidance will have on its consolidated financial statements. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets, net consists of the following: As of December 31, 2015 2014 Finite-lived intangible assets/management contracts $ 242,863 $ 240,285 Accumulated amortization (214,243 ) (180,246 ) Intangible assets, net $ 28,620 $ 60,039 The changes in intangible assets, net consist of the following: For the Year Ended December 31, 2015 2014 2013 Balance, beginning of year $ 60,039 $ 94,927 $ 137,856 Amortization expense (33,998 ) (34,888 ) (43,194 ) Acquisitions 2,579 — 265 Balance, end of year $ 28,620 (1 ) $ 60,039 $ 94,927 (1) Includes $1.0 million of indefinite-life intangible assets as of December 31, 2015. |
Schedule of Future Amortization Expense | Expected amortization of these intangible assets for each of the next 5 years and thereafter is as follows: 2016 2017 2018 2019 2020 Thereafter Total Amortization of intangible assets $ 8,655 $ 5,220 $ 3,677 $ 3,677 $ 3,677 $ 2,684 $ 27,590 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of investments | The following table represents Apollo’s investments: As of December 31, 2015 2014 Investments, at fair value $ 539,080 $ 2,499,128 Equity method investments 615,669 380,878 Total Investments $ 1,154,749 $ 2,880,006 |
Net Gains from Investment Activities | The following table presents the realized and net change in unrealized gains (losses) on investments, at fair value for the years ended December 31, 2015 , 2014 and 2013 : For the Year Ended December 31, 2015 2014 2013 Realized gains (losses) on sales of investments $ 889 $ (12,651 ) $ 409 Net change in unrealized gains due to changes in fair values 120,834 225,894 329,826 Net Gains from Investment Activities $ 121,723 $ 213,243 $ 330,235 |
Summary of equity method investments | Equity method investments, excluding those for which the fair value option was elected, as of December 31, 2015 and 2014 consisted of the following: Equity Held as of December 31, 2015 % of Ownership December 31, 2014 % of Ownership Private Equity Funds: AP Alternative Assets, L.P. ("AAA") (6) $ 65,961 2.370 % $ — — % AAA Investments, L.P. (“AAA Investments”) 1,676 0.057 1,293 0.057 Apollo Investment Fund IV, L.P. (“Fund IV”) 9 0.024 8 0.022 Apollo Investment Fund V, L.P. (“Fund V”) 57 0.048 68 0.031 Apollo Investment Fund VI, L.P. (“Fund VI”) 2,369 0.119 6,173 0.114 Apollo Investment Fund VII, L.P. (“Fund VII”) 58,334 1.245 78,286 1.223 Apollo Investment Fund VIII, L.P. (“Fund VIII”) 116,443 2.223 33,099 2.241 Apollo Natural Resources Partners, L.P. (“ANRP I”) 6,246 0.836 5,608 0.807 Apollo Natural Resources Partners II, L.P. (“ANRP II”) 5,194 2.447 — — AION Capital Partners Limited (“AION”) 16,497 5.938 14,707 6.113 Apollo Asia Private Credit Fund, L.P. (“APC”) 49 0.045 47 0.044 VC Holdings, L.P. Series A (“Vantium A/B”) 15 6.450 12 6.450 VC Holdings, L.P. Series C (“Vantium C”) 63 2.071 48 2.071 VC Holdings, L.P. Series D (“Vantium D”) 169 6.345 180 6.345 Other 41 NM — — Total Private Equity Funds (5) 273,123 139,529 Credit Funds: Apollo Special Opportunities Managed Account, L.P. (“SOMA”) 5,992 0.816 6,997 0.841 Apollo Value Strategic Fund, L.P. (“VIF”) 39 0.084 146 0.067 Apollo Strategic Value Fund, L.P. (“SVF”) 7 0.030 10 0.033 Apollo Credit Liquidity Fund, L.P. (“ACLF”) 2,253 4.106 4,128 2.771 Apollo Credit Opportunity Fund I, L.P. (“COF I”) 1,463 1.954 2,298 1.870 Apollo Credit Opportunity Fund II, L.P. (“COF II”) 1,281 1.523 2,249 1.497 Apollo Credit Opportunity Fund III, L.P. (“COF III”) 19,612 1.052 13,102 1.061 Apollo European Principal Finance Fund, L.P. (“EPF I”) 5,195 1.372 7,647 1.449 Apollo European Principal Finance Fund II, L.P. (“EPF II”) 47,867 1.760 44,523 1.760 Apollo Investment Europe II, L.P. (“AIE II”) 2,193 3.990 3,203 1.937 Apollo Investment Europe III, L.P. (“AIE III”) 3,917 2.920 1,540 2.914 Apollo Palmetto Strategic Partnership, L.P. (“Palmetto”) 15,158 1.186 14,049 1.186 Apollo Senior Floating Rate Fund Inc. (“AFT”) 78 0.030 86 0.031 Apollo Residential Mortgage, Inc. (“AMTG”) (3) 3,997 (1) 0.707 (1) 4,263 (2) 0.593 (2) Apollo European Credit, L.P. (“AEC”) 2,303 1.081 2,443 1.081 Apollo European Strategic Investments, L.P. (“AESI”) 2,323 0.990 3,834 0.990 Apollo European Strategic Investments II, L.P. (AESI II”) 1,224 0.990 123 0.990 Apollo Centre Street Partnership, L.P. (“ACSP”) 11,870 2.488 11,474 2.439 Apollo Investment Corporation (“AINV”) (4) 61,944 (1) 3.434 (1) 64,382 (2) 3.057 (2) Apollo SK Strategic Investments, L.P. (“SK”) 1,152 0.990 1,693 0.990 Apollo SPN Investments I, L.P. 5,490 0.392 5,500 0.720 CION Investment Corporation (“CION”) 1,000 0.107 1,000 0.206 Apollo Tactical Income Fund Inc. (“AIF”) 73 0.031 84 0.032 Apollo Franklin Partnership, L.P. (“Franklin Fund”) 8,147 9.091 9,647 9.091 Apollo Zeus Strategic Investments, L.P. (“Zeus”) 7,764 3.398 6,404 3.392 Apollo Lincoln Fixed Income Fund, L.P. 1,941 1.041 1,398 0.993 Apollo Lincoln Private Credit Fund, L.P. 211 0.990 194 0.990 Apollo Structured Credit Recovery Master Fund III, L.P. 1,804 0.293 315 0.126 Apollo Total Return Fund L.P. 162 0.032 163 0.046 Apollo Credit Short Opportunities Fund L.P. 20 0.012 19 0.027 MidCap FinCo Limited (“MidCap”) 79,326 4.940 — — Apollo Energy Opportunity Fund, L.P. (“AEOF”) 8,898 2.440 — — Apollo A-N Credit Fund, L.P. 4,962 1.970 — — Apollo Tactical Value SPN Investments, L.P. 1,168 1.482 — — Apollo Union Street Partners, L.P. 1,139 2.002 — — Apollo Hercules Partners L.P. 1,094 2.439 — — Total Credit Funds (5) 313,067 212,914 Real Estate: ARI (3) 13,845 (1) 1.043 (1) 13,989 (2) 1.495 (2) U.S. RE Fund I 9,275 5.000 10,519 1.845 U.S. RE Fund II 2,712 1.886 38 4.761 CPI Capital Partners North America, L.P. 28 0.404 137 0.408 CPI Capital Partners Europe, L.P. 5 0.001 5 0.001 CPI Capital Partners Asia Pacific, L.P. 80 0.039 96 0.039 Apollo GSS Holding (Cayman), L.P. 3,082 4.750 3,564 4.750 BEA/AGRE China Real Estate Fund, L.P. 83 1.030 87 1.031 Apollo-IC, L.P. (Shanghai Village) 359 3.100 — — Other 10 NM — — Total Real Estate Funds (5) 29,479 28,435 Total $ 615,669 $ 380,878 (1) Amounts are as of September 30, 2015 . (2) Amounts are as of September 30, 2014 . (3) Investment value includes the fair value of RSUs granted to the Company as of the grant date. These amounts are not considered in the percentage of ownership until the RSUs are vested and issued to the Company, at which point the RSUs are converted to common stock and delivered to the Company. (4) The value of the Company’s investment in AINV was $41,833 and $53,693 based on the quoted market price as of December 31, 2015 and December 31, 2014 , respectively. (5) Certain funds invest across multiple segments. The presentation in the table above is based on the classification of the majority of such funds’ investments. (6) AAA was deconsolidated effective January 1, 2015 as a result of the Company’s adoption of new accounting guidance, as described in note 2 . As a result, the Company’s investment in AAA no longer eliminates in consolidation. The Company’s equity method investment in Athene Holding, for which the fair value option was elected, met the significance criteria as defined by the SEC for the year ended December 31, 2015 . As such, the following tables present summarized financial information of Athene Holding as of December 31, 2015 and 2014 , and for the years ended December 31, 2015 , 2014 and 2013 : As of December 31, 2015 (1) 2014 in millions Statements of Financial Condition Investments $ 57,284 $ 59,050 Assets 74,335 82,182 Liabilities 68,865 77,584 Equity 5,470 4,598 (1) The financial statement information for the year ended December 31, 2015 is presented a quarter in arrears and is comprised of the financial information as of September 30, 2015, which represents the latest available financial information as of the date of this report. For the Year Ended December 31, 2015 (1) 2014 2013 in millions Statements of Operations Revenues $ 2,767 $ 4,133 $ 1,760 Expenses 2,161 3,598 750 Income before income tax provision 606 535 1,010 Income tax provision (benefit) 71 40 (1 ) Net income 535 495 1,011 Net income attributable to Non-controlling Interests (43 ) (12 ) (116 ) Net income available to Athene common shareholders $ 492 $ 483 $ 895 (1) The financial statement information for the year ended December 31, 2015 is presented a quarter in arrears and is comprised of the financial information for the year ended September 30, 2015, which represents the latest available financial information as of the date of this report. The tables below present summarized aggregate financial information of the Company’s equity method investments, as of December 31, 2015 and 2014 , and for the years ended December 31, 2015 , 2014 and 2013 : Private Equity Credit Real Estate Aggregate Totals As of As of As of As of Statement of Financial Condition 2015 (1) 2014 (1) 2015 (1) 2014 (1) 2015 (1) 2014 (1) 2015 (1) 2014 (1) Investments $ 17,080,292 $ 16,082,723 $ 18,830,120 $ 17,888,199 $ 3,188,822 $ 2,584,097 $ 39,099,234 $ 36,555,019 Assets 17,970,417 16,924,291 21,255,463 20,076,656 3,484,842 2,772,857 42,710,722 39,773,804 Liabilities 37,416 128,257 7,646,492 6,216,702 1,287,051 1,028,203 8,970,959 7,373,162 Equity 17,933,001 16,796,034 13,608,971 13,859,954 2,197,791 1,744,654 33,739,763 32,400,642 Private Equity Credit Real Estate Aggregate Totals For the Year Ended For the Year Ended For the Year Ended For the Year Ended Statement of Operations 2015 (1) 2014 (1) 2013 (1) 2015 (1) 2014 (1) 2013 (1) 2015 (1) 2014 (1) 2013 (1) 2015 (1) 2014 (1) 2013 (1) Revenues/Investment Income $ 408,971 $ 340,380 $ 675,844 $ 1,352,017 $ 1,954,270 $ 1,297,324 $ 120,340 $ 89,579 $ 73,429 $ 1,881,328 $ 2,384,229 $ 2,046,597 Expenses 306,044 326,126 239,750 464,610 417,967 583,410 35,340 29,022 39,153 805,994 773,115 862,313 Net Investment Income 102,927 14,254 436,094 887,407 1,536,303 713,914 85,000 60,557 34,276 1,075,334 1,611,114 1,184,284 Net Realized and Unrealized Gain (Loss) 20,757 1,300,343 10,411,556 (1,643,758 ) (548,088 ) 953,227 (1,699 ) 62,516 214,764 (1,624,700 ) 814,771 11,579,547 Net Income $ 123,684 $ 1,314,597 $ 10,847,650 $ (756,351 ) $ 988,215 $ 1,667,141 $ 83,301 $ 123,073 $ 249,040 $ (549,366 ) $ 2,425,885 $ 12,763,831 (1) Certain private equity, credit and real estate fund amounts are as of and for the twelve months ended September 30, 2015 , 2014 and 2013 . |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Net Gains (Losses) from Investment Activities of Consolidated VIEs | The following table presents net gains (losses) from investment activities of the consolidated VIEs for the years ended December 31, 2015 , 2014 and 2013 : For the Year Ended December 31, 2015 2014 2013 Net unrealized gains (losses) from investment activities $ 9,021 $ (317,591 ) $ (33,275 ) Net realized gains from investment activities 6,766 79,057 87,472 Net gains (losses) from investment activities 15,787 (238,534 ) 54,197 Net unrealized gains (losses) from debt 3,057 809 (232,509 ) Net realized gains from debt — 101,745 137,098 Net gains from debt 3,057 102,554 (95,411 ) Interest and other income 37,404 666,486 674,324 Interest and other expenses (37,198 ) (507,942 ) (433,368 ) Net Gains from Investment Activities of Consolidated Variable Interest Entities $ 19,050 $ 22,564 $ 199,742 |
Principal Provisions of Debt | The following table summarizes the principal provisions of the debt of the consolidated VIEs as of December 31, 2015 and 2014 : As of December 31, 2015 As of December 31, 2014 Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Principal Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity in Years Senior Secured Notes (2)(3) $ 735,792 2.17 % 12.1 $ 13,459,387 1.60 % 7.8 Subordinated Notes (2)(3) 82,365 N/A (1) 15.1 1,183,834 N/A (1) 9.0 Total $ 818,157 $ 14,643,221 (1) The subordinated notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the VIEs. (2) The fair value of Senior Secured Notes and Subordinated Notes as of December 31, 2015 and 2014 was $801.3 million and $14,123.1 million , respectively. (3) The debt at fair value of the consolidated VIEs is collateralized by assets of the consolidated VIEs and assets of one vehicle may not be used to satisfy the liabilities of another vehicle. As of December 31, 2015 and 2014 , the fair value of the consolidated VIE assets was $1,030.8 million and $17,070.8 million , respectively. This collateral consisted of cash and cash equivalents, investments, at fair value, and other assets. |
Schedule of Maturities of Long-term Debt | As of December 31, 2015 , the table below presents the contractual maturities for debt of the consolidated VIEs: 2016 2017 2018 2019 2020 Thereafter Total Senior Secured Notes $ — $ — $ — $ — $ — $ 735,792 $ 735,792 Subordinated Notes — — — — — 82,365 82,365 Total Obligations as of December 31, 2015 $ — $ — $ — $ — $ — $ 818,157 $ 818,157 As of December 31, 2015 , the table below presents the contractual maturities for the Company's debt arrangements: 2016 2017 2018 2019 2020 Thereafter Total 2013 AMH Credit Facilities - Term Facility $ — $ — $ — $ 500,000 $ — $ — $ 500,000 2024 Senior Notes — — — — — 500,000 $ 500,000 2014 AMI Term Facility I — — — 14,543 — — $ 14,543 2014 AMI Term Facility II — — — 16,830 — — $ 16,830 Total Obligations as of December 31, 2015 $ — $ — $ — $ 531,373 $ — $ 500,000 $ 1,031,373 |
Carrying Amounts of Assets and Liabilities | The following tables present the carrying amounts of the assets and liabilities of the VIEs for which Apollo has concluded that it holds a significant variable interest, but that it is not the primary beneficiary as of December 31, 2015 and 2014 . In addition, the tables present the maximum exposure to losses relating to these VIEs. As noted earlier, as a result of the adoption of the FASB’s new consolidation guidance, the Company is no longer considered to have a variable interest in many of the entities that it manages where its sole interest in an entity is either through carried interest, performance fees or other indirect interests which are not considered to absorb more than an insignificant amount of expected losses or returns of the entity. As of December 31, 2015 Total Assets Total Liabilities Apollo Exposure Total $ 5,378,456 (1) $ 1,626,743 (2) $ 202,146 (3) (1) Consists of $219.8 million in cash, $5,149.0 million in investments and $9.6 million in receivables. (2) Represents $1,626.7 million in debt and other payables. (3) Represents Apollo’s direct equity method investment in those entities in which Apollo holds a significant variable interest. Additionally, cumulative carried interest income is subject to reversal in the event of future losses. The maximum amount of future reversal of carried interest income from all of Apollo’s funds, including those entities in which Apollo holds a significant variable interest, was $2.4 billion as of December 31, 2015 as discussed in note 16 . As of December 31, 2014 Total Assets Total Liabilities Apollo Exposure Total $ 11,676,038 (1) $ 729,515 (2) $ 30,752 (3) (1) Consists of $794.5 million in cash, $10,456.0 million in investments and $425.6 million in receivables. (2) Represents $362.0 million in debt and other payables, $359.4 million in securities sold, not purchased, and $8.2 million in capital withdrawals payable. (3) Represents Apollo’s direct equity method investment in those entities in which Apollo holds a significant variable interest. Additionally, cumulative carried interest income is subject to reversal in the event of future losses. The maximum amount of future reversal of carried interest income from all of Apollo’s funds, including those entities in which Apollo holds a significant variable interest, was $2.9 billion as of December 31, 2014 . |
FAIR VALUE MEASUREMENTS OF FI33
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Valuation of the Financial Assets and Liabilities by the Fair Value Hierarchy | The following tables summarize the valuation of the Company’s financial assets and liabilities for which the fair value option has been elected by the fair value hierarchy as of December 31, 2015 and 2014 , respectively: As of December 31, 2015 Level I (5) Level II (5) Level III Total Cost of Investments, at Fair Value Assets Investments, at fair value: Investments held by Apollo Senior Loan Fund $ — $ 26,913 $ 1,634 $ 28,547 $ 29,344 Other investments — — 434 434 831 Investment in Athene Holding (1) — — 510,099 510,099 387,526 Total investments, at fair value — 26,913 512,167 539,080 (6) $ 417,701 Investments of VIEs, at fair value (3) — 803,412 107,154 910,566 Total Assets $ — $ 830,325 $ 619,321 $ 1,449,646 Liabilities Liabilities of VIEs, at fair value (3)(4) $ — $ 801,270 $ 11,411 $ 812,681 Contingent consideration obligations (2) — — 79,579 79,579 Total Liabilities $ — $ 801,270 $ 90,990 $ 892,260 As of December 31, 2014 Level I (5) Level II (5) Level III Total Cost of Investments, Assets Investments, at fair value: Investment in AAA Investments $ — $ — $ 2,144,118 $ 2,144,118 $ 1,494,358 Investments held by Apollo Senior Loan Fund — 25,537 4,359 29,896 30,100 Other investments — — 600 600 3,318 Investment in Athene Holding (1) — — 324,514 324,514 324,293 Total investments, at fair value — 25,537 2,473,591 2,499,128 (6) $ 1,852,069 AAA/Athene Receivable (1) — — 61,292 61,292 Investments of VIEs, at fair value (3) 176 13,135,564 2,522,913 15,658,653 Total Assets $ 176 $ 13,161,101 $ 5,057,796 $ 18,219,073 Liabilities Liabilities of VIEs, at fair value (3)(4) $ — $ 1,793,353 $ 12,343,021 $ 14,136,374 Contingent consideration obligations (2) — — 96,126 96,126 Total Liabilities $ — $ 1,793,353 $ 12,439,147 $ 14,232,500 (1) See note 15 for further disclosure regarding the investment in Athene Holding and the AAA/Athene receivable. (2) See note 16 for further disclosure regarding contingent consideration obligations. (3) See note 5 for further disclosure regarding VIEs. (4) As of December 31, 2015 , liabilities of VIEs, at fair value included debt and other liabilities of $801.3 million and $11.4 million , respectively. As of December 31, 2014 , liabilities of VIEs, at fair value included debt and other liabilities of $14,123.1 million and $13.3 million , respectively. Other liabilities include contingent obligations classified as Level III. (5) All Level I and Level II investments and liabilities were valued using third party pricing. (6) See note 4 to our consolidated financial statements for further detail regarding our investments at fair value and reconciliation to the consolidated statements of financial condition The following table summarizes the transfers of financial assets from Level I into Level II for positions that existed as of the years ended December 31, 2015 and 2014 , respectively: For the Year Ended December 31, 2015 2014 Transfers from Level I into Level II $ — $ 4,084 |
Changes in Fair Value in Financial Assets, Measured at Fair Value and Characterized as Level III Investments | The following tables summarize the changes in fair value in financial assets measured at fair value for which Level III inputs have been used to determine fair value for the years ended December 31, 2015 and 2014 , respectively: For the Year Ended December 31, 2015 Investment in AAA Investments Investments held by Apollo Senior Loan Fund Other Investments Investment in Athene Holding AAA/Athene Receivable Investment in RCAP Investments of Consolidated VIEs Total Balance, Beginning of Period $ 2,144,118 $ 4,359 $ 600 $ 324,514 $ 61,292 $ — $ 2,522,913 $ 5,057,796 Adoption of accounting guidance (2,144,118 ) — — — — — (2,399,130 ) (4,543,248 ) Fees — — — — 1,942 — — 1,942 Purchases — 5,913 272 — — 25,000 44,116 75,301 Sales of investments/distributions — (6,996 ) (115 ) — — (25,667 ) (36,909 ) (69,687 ) Net realized gains/accrued interest — 48 — — — 667 5,539 6,254 Changes in net unrealized gains (losses) — (263 ) (323 ) 122,351 — — 8,816 130,581 Cumulative translation adjustment — — — — — — (12,111 ) (12,111 ) Transfer into Level III (1) — 5,439 — — — — 59,316 64,755 Transfer out of Level III (1) — (6,866 ) — — — — (85,396 ) (92,262 ) Settlement of receivable (2) — — — 63,234 (63,234 ) — — — Balance, End of Period $ — $ 1,634 $ 434 $ 510,099 $ — $ — $ 107,154 $ 619,321 Change in net unrealized gains (losses) included in net gains (losses) from investment activities related to investments still held at reporting date $ — $ (677 ) $ (323 ) $ 122,351 $ — $ — $ — $ 121,351 Change in net unrealized gains included in Net Gains from Investment Activities of Consolidated VIEs related to investments still held at reporting date — — — — — — 8,963 8,963 (1) Transfers between Level II and III were a result of subjecting the broker quotes on these financial assets to various criteria which include the number and quality of broker quotes, the standard deviation of obtained broker quotes and the percentage deviation from independent pricing services. (2) See note 15 for further disclosure regarding the settlement of the AAA/Athene receivable and the investment in Athene Holding. For the Year Ended December 31, 2014 Investment in AAA Investments Investments held by Apollo Senior Loan Fund Other Investments Athene and AAA Services Derivatives Investment in Athene Holding AAA/Athene Receivable Investments of Consolidated VIEs Total Balance, Beginning of Period $ 1,942,051 $ 892 $ 40,373 $ 130,709 $ — $ — $ 1,919,537 $ 4,033,562 Elimination of investments attributable to consolidation of VIEs — — — — — — 19,187 19,187 Fees — — — 60,422 — 178,332 — 238,754 Purchases — 4,707 1,844 — 2,080 — 1,036,810 1,045,441 Sales of investments/distributions (2,500 ) (1,543 ) (51,052 ) — — — (825,429 ) (880,524 ) Net realized gains (losses) — 10 (12,871 ) 24,242 — — 20,972 32,353 Changes in net unrealized gains (losses) 204,567 (66 ) 22,306 (10,203 ) 224 — (9,302 ) 207,526 Cumulative translation adjustment — — — — — — (5,834 ) (5,834 ) Transfer into Level III (1) — 1,594 — — — — 1,413,688 1,415,282 Transfer out of Level III (1) — (1,235 ) — — — — (1,046,716 ) (1,047,951 ) Settlement of derivatives (2) — — — (205,170 ) 322,210 (117,040 ) — — Balance, End of Period $ 2,144,118 $ 4,359 $ 600 $ — $ 324,514 $ 61,292 $ 2,522,913 $ 5,057,796 Change in net unrealized gains included in Net Gains from Investment Activities related to investments still held at reporting date $ 204,567 $ (66 ) $ 580 $ — $ 224 $ — $ — $ 205,305 Change in net unrealized gains included in Net Gains from Investment Activities of Consolidated VIEs related to investments still held at reporting date — — — — — — (52,485 ) (52,485 ) (1) Transfers between Level II and III were a result of subjecting the broker quotes on these financial assets to various criteria which include the number and quality of broker quotes, the standard deviation of obtained broker quotes and the percentage deviation from independent pricing services. (2) See note 15 for further disclosure regarding the settlement of the AAA/Athene receivable and the investment in Athene Holding. |
Changes in Fair Value in Financial Liabilities, Measured at Fair Value and Characterized as Level III Liabilities | For the Year Ended December 31, 2015 2014 Liabilities of Consolidated VIEs Contingent Consideration Obligations Total Liabilities of Consolidated VIEs Contingent Consideration Obligations Total Balance, Beginning of Period $ 12,343,021 $ 96,126 $ 12,439,147 $ 9,994,147 $ 135,511 $ 10,129,658 Elimination of debt attributable to consolidation of VIEs — — — 13,493 — 13,493 Adoption of accounting guidance (11,433,815 ) — (11,433,815 ) — — — Additions — — — 3,965,725 — 3,965,725 Payments/Extinguishment (4) — (15,743 ) (15,743 ) (1,551,533 ) (50,666 ) (1,602,199 ) Net realized gains — — — (101,745 ) — (101,745 ) Changes in net unrealized (gains) losses (2) (8,244 ) (804 ) (9,048 ) (25,685 ) 11,281 (14,404 ) Cumulative translation adjustment (92,593 ) — (92,593 ) (71,558 ) — (71,558 ) Transfers into Level III — — — 500,837 (1) — 500,837 Transfers out of Level III (796,958 ) (3) — (796,958 ) (380,660 ) (1) — (380,660 ) Balance, End of Period $ 11,411 $ 79,579 $ 90,990 $ 12,343,021 $ 96,126 $ 12,439,147 Change in net unrealized gains included in Net Gains from Investment Activities of consolidated VIEs related to liabilities still held at reporting date $ — $ — $ — $ (113,874 ) $ — $ (113,874 ) (1) Transfers between Level II and III were a result of subjecting the broker quotes on these financial liabilities to various criteria which include the number and quality of broker quotes, the standard deviation of obtained broker quotes and the percentage deviation from independent pricing services. (2) Changes in fair value of contingent consideration obligations are recorded in profit sharing expense in the consolidated statements of operations. (3) Upon adoption of new accounting guidance (see note 2), the debt obligations of consolidated CLOs are no longer categorized as Level III financial liabilities under the fair value hierarchy. Effective January 1, 2015, these financial liabilities are measured and leveled on the basis of the fair value of the financial assets of the consolidated CLOs and were categorized as Level II as of December 31, 2015 . (4) For the year ended December 31, 2014 , includes a $13.4 million extinguishment of contingent consideration obligations, which is recorded in other income on the consolidated statements of operations. |
Quantitative Inputs and Assumptions used for Financial Assets and Liabilities Categorized in Level III | The following tables summarize the quantitative inputs and assumptions used for financial assets and liabilities categorized as Level III under the fair value hierarchy as of December 31, 2015 and 2014 , respectively: As of December 31, 2015 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average Financial Assets Investments of Consolidated Apollo Funds: Apollo Senior Loan Fund $ 1,634 Third Party Pricing (1) N/A N/A N/A Investments in Other 434 Other N/A N/A N/A Investment in Athene Holding 510,099 Book Value Multiple Book Value Multiple 1.18x 1.18x Investments of Consolidated VIEs: Bank Debt Term Loans 15,776 Third Party Pricing (1) N/A N/A N/A Corporate Loans/Bonds/CLO Notes 22,409 Third Party Pricing (1) N/A N/A N/A Equity Securities 62,756 Market Comparable Companies Comparable Multiples 0.60x 0.60x Discounted Cash Flow Discount Rate 14.6% 14.6% Other 6,213 Net Asset Value N/A N/A N/A Total Investments of Consolidated VIEs 107,154 Total Financial Assets $ 619,321 Financial Liabilities Liabilities of Consolidated VIEs: Contingent Obligation $ 11,411 Other N/A N/A N/A Contingent Consideration Obligation 79,579 Discounted Cash Flow Discount Rate 11.0% - 18.5% 17.0% Total Financial Liabilities $ 90,990 (1) These securities are valued primarily using unadjusted broker quotes. As of December 31, 2014 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Average Financial Assets Investments of Consolidated Apollo Funds: AAA Investments (1) $ 2,144,118 Net Asset Value N/A N/A N/A Apollo Senior Loan Fund 4,359 Third Party Pricing (2) N/A N/A N/A Other Investments 600 Other N/A N/A N/A Investment in Athene Holding 324,514 Discounted Cash Flow Discount Rate 15.0% 15.0% AAA/Athene Receivable 61,292 Discounted Cash Flow Discount Rate 15.0% 15.0% Investments of Consolidated VIEs: Bank Debt Term Loans 1,340,296 Third Party Pricing (2) N/A N/A N/A 87,314 Discounted Cash Flow Discount Rate 7.1% - 14.0% 8.4% Corporate Loans/Bonds/CLO Notes (3) 1,009,873 Third Party Pricing (2) N/A N/A N/A Equity Securities 930 Third Party Pricing (2) N/A N/A N/A 4,610 Market Comparable Companies Comparable Multiples 5.8x 5.8x 58,923 Transaction Purchase Price N/A N/A 20,967 Transaction Implied Multiple 5.2x 5.2x Total Investments of Consolidated VIEs 2,522,913 Total Financial Assets $ 5,057,796 Financial Liabilities Liabilities of Consolidated VIEs: Subordinated Notes $ 908,831 Discounted Cash Flow Discount Rate 10.0% - 12.5% 11.5% Default Rate 1.0% - 2.0% 1.7% Recovery Rate 75.0% 75.0% Subordinated Notes 106,090 Other N/A N/A N/A Senior Secured Notes 9,283,534 Third Party Pricing (2) N/A N/A N/A Senior Secured and Subordinated Notes 2,031,292 Discounted Cash Flow Discount Rate 1.6% - 1.8% 1.7% Default Rate 2.0% 2.0% Recovery Rate 15.0% - 75.0% 69.0% Contingent Obligation 13,274 Other N/A N/A N/A Total Liabilities of Consolidated VIEs 12,343,021 Contingent Consideration Obligation 96,126 Discounted Cash Flow Discount Rate 11.0% - 18.5% 15.7% Total Financial Liabilities $ 12,439,147 (1) The net asset value of the underlying securities held by AAA Investments represents its sole investment in Athene, offset by other net liabilities. The investment in Athene was valued at $2,244.2 million as of December 31, 2014 using the embedded value method based on the present value of the future expected regulatory distributable income generated by the net assets of Athene plus the excess capital (i.e., the capital in excess of what is required to be held against Athene’s liabilities). The unobservable inputs and respective ranges used are the same as noted for the Investment in Athene Holding and the AAA/Athene Receivable in the table above. See note 15 for discussion of the investment in Athene Holding. (2) These securities are valued primarily using unadjusted broker quotes. (3) Balance includes investments in an affiliated fund, which primarily invests in corporate loans, bonds, and CLO notes. Balance at December 31, 2014 includes investments in an affiliated fund in the amount of $865.9 million , which were valued based on NAV. |
CARRIED INTEREST RECEIVABLE (Ta
CARRIED INTEREST RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Carried Interest Receivable Balance [Abstract] | |
Carried Interest Receivable from Private Equity and Capital Markets Funds | Carried interest receivable from private equity, credit and real estate funds consisted of the following: As of December 31, 2015 As of December 31, 2014 Private Equity $ 373,871 $ 672,119 Credit 240,844 226,430 Real Estate 29,192 13,117 Total carried interest receivable $ 643,907 $ 911,666 |
Carried Interest Receivable Balance | The table below provides a roll-forward of the carried interest receivable balance for the years ended December 31, 2015 and 2014 : Private Equity Credit Real Estate Total Carried interest receivable, January 1, 2014 $ 1,867,771 $ 408,342 $ 10,962 $ 2,287,075 Change in fair value of funds 231,983 159,350 6,104 397,437 Fund cash distributions to the Company (1,427,635 ) (341,262 ) (3,949 ) (1,772,846 ) Carried interest receivable, December 31, 2014 $ 672,119 $ 226,430 $ 13,117 $ 911,666 Change in fair value of funds 42,016 126,426 13,074 181,516 Fund distributions to the Company (340,264 ) (152,370 ) (4,035 ) (496,669 ) Adoption of new accounting guidance — 40,358 7,036 47,394 Carried interest receivable, December 31, 2015 $ 373,871 $ 240,844 $ 29,192 $ 643,907 |
PROFIT SHARING PAYABLE (Tables)
PROFIT SHARING PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Profit Sharing Payable [Abstract] | |
Summary of Profit Sharing From Private Equity, Credit, and Real Estate Funds | Profit sharing payable from private equity, credit and real estate funds consisted of the following: As of As of Private Equity $ 118,963 $ 240,595 Credit 165,392 186,307 Real Estate 11,319 7,950 Total profit sharing payable $ 295,674 $ 434,852 |
Rollforward Summary of Profit Sharing From Private Equity, Credit, and Real Estate Funds | The table below provides a roll-forward of the profit sharing payable balance for the years ended December 31, 2015 and 2014 : Private Equity Credit Real Estate Total Profit sharing payable, January 1, 2014 $ 751,192 $ 234,504 $ 6,544 $ 992,240 Profit sharing expense (1) 178,373 95,070 2,747 276,190 Payments/other (688,970 ) (143,267 ) (1,341 ) (833,578 ) Profit sharing payable, December 31, 2014 $ 240,595 $ 186,307 $ 7,950 $ 434,852 Profit sharing expense (1)(2) 52,807 42,172 5,076 100,055 Payments/other (174,439 ) (63,087 ) (1,707 ) (239,233 ) Profit sharing payable, December 31, 2015 $ 118,963 $ 165,392 $ 11,319 $ 295,674 (1) Includes (i) changes in amounts payable to employees and former employees entitled to a share of carried interest income in Apollo’s funds and (ii) changes to the fair value of the contingent consideration obligations recognized in connection with certain Apollo acquisitions. See notes 6 and 16 for further disclosure regarding the contingent consideration obligations. (2) The Company has recorded a receivable from the Contributing Partners and certain employees and former employees for the potential return of profit sharing distributions that would be due if certain funds were liquidated as of December 31, 2015. See note 15 for further disclosure. |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets consisted of the following: As of December 31, 2015 2014 Fixed assets $ 105,439 $ 104,617 Less: Accumulated depreciation and amortization (73,803 ) (68,711 ) Fixed assets, net 31,636 35,906 Prepaid expenses 48,421 32,873 Tax receivables 4,466 23,286 Interest Receivable 105 11,059 Other 11,216 11,117 Total Other Assets $ 95,844 $ 114,241 |
OTHER INCOME, NET (Tables)
OTHER INCOME, NET (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income | Other income, net consisted of the following: For the Year Ended December 31, 2015 2014 2013 Tax receivable agreement adjustment $ — $ 32,182 $ 13,038 Gain on derivatives — 14,039 10,203 Gain (Loss) on extinguishment of liability/debt — 13,395 (2,741 ) Rental income 4,349 5,566 5,334 Foreign exchange gain (loss) 1,719 (7,131 ) 4,142 Loss on assets held for sale — — (1,087 ) Other 1,605 2,541 11,225 Total Other Income, Net $ 7,673 $ 60,592 $ 40,114 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes is presented in the following table: For the Year Ended December 31, 2015 2014 2013 Current: Federal income tax $ (10,108 ) $ 53,426 $ 30,422 Foreign income tax 7,842 (1) 6,080 4,733 State and local income tax 2,573 7,369 9,728 Subtotal 307 66,875 44,883 Deferred: Federal income tax 19,581 28,702 40,955 Foreign income tax (256 ) (1) (137 ) 130 State and local income tax 7,101 51,805 21,601 Subtotal 26,426 80,370 62,686 Total Income Tax Provision $ 26,733 $ 147,245 $ 107,569 (1) The foreign income tax provision was calculated on $27.6 million of pre-tax income generated in foreign jurisdictions. The followi |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles the provision for taxes to the U.S. Federal statutory tax rate: For the Year Ended December 31, 2015 2014 2013 U.S. Statutory Tax Rate 35.0 % 35.0 % 35.0 % Income Passed Through to Non-Controlling Interests (26.4 ) (23.4 ) (24.1 ) Income Passed Through to Class A Shareholders (4.4 ) 0.1 (7.9 ) Equity Based Compensation - AOG Units — — 0.2 Foreign Income Tax 1.1 0.4 0.1 State and Local Income Taxes (net of Federal Benefit) 2.1 4.7 1.1 Amortization & Other Accrual Adjustments (0.3 ) — (0.1 ) Effective Income Tax Rate 7.1 % 16.8 % 4.3 % |
Schedule of Deferred Tax Assets and Liabilities | The Company’s deferred tax assets and liabilities on the consolidated statements of financial condition consist of the following: As of December 31, 2015 2014 Deferred Tax Assets: Depreciation and amortization $ 567,018 $ 543,288 Revenue recognition 31,363 40,250 Net operating loss carryforwards 47,139 — Equity-based compensation - RSUs and AAA RDUs 4,551 35,678 Foreign tax credit 8,996 3,457 Other 5,472 1,437 Total Deferred Tax Assets 664,539 624,110 Deferred Tax Liabilities: Unrealized gains from investments 13,274 13,053 Other 5,058 4,340 Total Deferred Tax Liabilities $ 18,332 $ 17,393 |
Change in Deferred Tax Assets and Deferred Tax Liabilities | The tables below present the transactions related to the exchange of AOG Units for Class A shares during the years ended December 31, 2015 , 2014 and 2013 and the resulting impact to the deferred tax asset, tax receivable agreement liability and additional paid-in capital. Exchange of AOG Units for Class A shares Increase in Deferred Tax Asset Increase in Tax Receivable Agreement Liability Increase to Additional Paid In Capital For the Year Ended December 31, 2015 $ 61,720 $ 45,432 $ 16,288 For the Year Ended December 31, 2014 58,696 47,878 10,818 For the Year Ended December 31, 2013 149,327 126,928 22,399 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt consisted of the following: As of December 31, 2015 As of December 31, 2014 Outstanding Balance Annualized Weighted Average Interest Rate Outstanding Balance Annualized Weighted Average Interest Rate 2013 AMH Credit Facilities - Term Facility (1) $ 499,327 1.44 % $ 499,107 1.36 % 2024 Senior Notes (2) 494,555 4.00 493,902 4.00 2014 AMI Term Facility I (3) 14,543 2.15 16,204 2.34 2014 AMI Term Facility II (4) 16,830 1.85 18,752 1.93 Total Debt $ 1,025,255 $ 1,027,965 (1) Outstanding balance is presented net of unamortized debt issuance costs of $0.7 million and $0.9 million as of December 31, 2015 and 2014 , respectively. (2) Includes impact of any amortization of note discount. Outstanding balance is presented net of unamortized debt issuance costs of $4.6 million and $5.2 million as of December 31, 2015 and 2014, respectively. (3) On July 3, 2014, Apollo Management International LLP (“AMI”), a subsidiary of the Company, entered into a €13.4 million five year credit agreement (the “2014 AMI Term Facility I”). Proceeds from the borrowing were used to fund the Company’s investment in a European CLO it manages. (4) On December 9, 2014, AMI entered into a €15.5 million five year credit agreement (the “2014 AMI Term Facility II”). Proceeds from the borrowing were used to fund the Company’s investment in a European CLO it manages. |
Schedule of Maturities of Long-term Debt | As of December 31, 2015 , the table below presents the contractual maturities for debt of the consolidated VIEs: 2016 2017 2018 2019 2020 Thereafter Total Senior Secured Notes $ — $ — $ — $ — $ — $ 735,792 $ 735,792 Subordinated Notes — — — — — 82,365 82,365 Total Obligations as of December 31, 2015 $ — $ — $ — $ — $ — $ 818,157 $ 818,157 As of December 31, 2015 , the table below presents the contractual maturities for the Company's debt arrangements: 2016 2017 2018 2019 2020 Thereafter Total 2013 AMH Credit Facilities - Term Facility $ — $ — $ — $ 500,000 $ — $ — $ 500,000 2024 Senior Notes — — — — — 500,000 $ 500,000 2014 AMI Term Facility I — — — 14,543 — — $ 14,543 2014 AMI Term Facility II — — — 16,830 — — $ 16,830 Total Obligations as of December 31, 2015 $ — $ — $ — $ 531,373 $ — $ 500,000 $ 1,031,373 |
NET INCOME (LOSS) PER CLASS A40
NET INCOME (LOSS) PER CLASS A SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income (Loss) Per Class A Share | The table below presents basic and diluted net income per Class A share using the two-class method for the years ended December 31, 2015 , 2014 and 2013 : Basic and Diluted For the Year Ended December 31, 2015 2014 2013 Numerator: Net income attributable to Apollo Global Management, LLC $ 134,497 $ 168,229 $ 659,391 Distributions declared on Class A shares (339,397 ) (1) (483,458 ) (1) (556,954 ) (1) Distributions on participating securities (4) (28,497 ) (72,074 ) (93,235 ) Earnings allocable to participating securities — (2) — (2) (1,394 ) Undistributed income (loss) attributable to Class A shareholders: Basic and Diluted (233,397 ) (387,303 ) 7,808 Dilution effect on undistributed income attributable to Class A shareholders — — 9,106 Dilution effect on distributable income attributable to participating securities — — (1,329 ) Undistributed income (loss) attributable to Class A shareholders: Diluted $ (233,397 ) $ (387,303 ) $ 15,585 Denominator: Weighted average number of Class A shares outstanding: Basic 173,271,666 155,349,017 139,173,386 Dilution effect of share options and unvested RSUs — — 3,040,964 Weighted average number of Class A shares outstanding: Diluted 173,271,666 155,349,017 142,214,350 Net Income per Class A share: Basic Distributed Income $ 1.96 $ 3.11 $ 4.00 Undistributed Income (Loss) (1.35 ) (2.49 ) 0.06 Net Income per Class A Share: Basic $ 0.61 $ 0.62 $ 4.06 Net Income per Class A share: Diluted (3) Distributed Income $ 1.96 $ 3.11 $ 3.92 Undistributed Income (Loss) (1.35 ) (2.49 ) 0.11 Net Income per Class A Share: Diluted $ 0.61 $ 0.62 $ 4.03 (1) See note 15 for information regarding the quarterly distributions declared and paid during 2015 , 2014 and 2013. (2) No allocation of undistributed losses was made to the participating securities as the holders do not have a contractual obligation to share in the losses of the Company with Class A shareholders. (3) For the years ended December 31, 2015 and 2014 , the Company had an undistributed loss attributable to Class A shareholders and none of the classes of securities resulted in dilution. For the years ended December 31, 2015 and 2014, all of the classes of securities were anti-dilutive. For the year ended December 31, 2013 share options and unvested RSUs were determined to be dilutive, and were accordingly included in the diluted earnings per share calculation. For the year ended December 31, 2013, the AOG Units and participating securities were determined to be anti-dilutive and were accordingly excluded from the diluted earnings per share calculation. (4) Participating securities consist of vested and unvested RSUs that have rights to distributions and unvested restricted shares. |
Schedule of Weighted Average Number of Shares | The following table summarizes the anti-dilutive securities for the years ended December 31, 2015 , 2014 and 2013 , respectively. For the Year Ended December 31, 2015 2014 2013 Weighted average vested RSUs 9,984,862 19,541,458 20,664,694 Weighted average unvested RSUs 4,858,935 9,556,131 — Weighted average unexercised options 227,086 548,441 — Weighted average AOG Units outstanding 219,575,738 225,005,386 234,132,052 Weighted average unvested restricted shares 90,985 — — |
Transactions in Class A Shares and Impact on Company's and Holdings' Ownership Interests | The following table summarizes the anti-dilutive securities for the years ended December 31, 2015 , 2014 and 2013 , respectively. For the Year Ended December 31, 2015 2014 2013 Weighted average vested RSUs 9,984,862 19,541,458 20,664,694 Weighted average unvested RSUs 4,858,935 9,556,131 — Weighted average unexercised options 227,086 548,441 — Weighted average AOG Units outstanding 219,575,738 225,005,386 234,132,052 Weighted average unvested restricted shares 90,985 — — The table below presents transactions in Class A shares each quarter during the years ended December 31, 2015 , 2014 and 2013 , and the resulting impact on the Company’s and Holdings’ ownership interests in the Apollo Operating Group: Date Type of Class A Shares Transaction Number of Shares Issued in Class A Shares Transaction (in thousands) Apollo Global Management, LLC ownership% in Apollo Operating Group before Class A Shares Transaction Apollo Global Management, LLC ownership% in Apollo Operating Group after Class A Shares Transaction Holdings ownership% in Apollo Operating Group before Class A Shares Transaction Holdings ownership% in Apollo Operating Group after Class A Shares Transaction Quarter Ended March 31, 2013 Issuance 2,091 35.1% 35.5% 64.9% 64.5% Quarter Ended Issuance/Offering 9,577 (1) 35.5 38.0 64.5 62.0 Quarter Ended September 30, 2013 Issuance 1,977 38.0 38.3 62.0 61.7 Quarter Ended December 31, 2013 Issuance/Exchange 2,581 (1) 38.3 39.0 61.7 61.0 Quarter Ended March 31, 2014 Issuance 2,672 39.0 39.4 61.0 60.6 Quarter Ended Issuance/Exchange 7,344 (1) 39.4 41.2 60.6 58.8 Quarter Ended September 30, 2014 Issuance 3,660 41.2 41.8 58.8 58.2 Quarter Ended December 31, 2014 Issuance/Exchange 3,090 (1) 41.8 42.3 58.2 57.7 Quarter Ended March 31, 2015 Issuance/Exchange 4,866 (1) 42.3 43.0 57.7 57.0 Quarter Ended Issuance/Exchange 4,275 (1) 43.0 43.8 57.0 56.2 Quarter Ended September 30, 2015 Issuance/Exchange 6,819 (1) 43.8 45.3 56.2 54.7 Quarter Ended December 31, 2015 Issuance/Exchange 2,067 45.3 45.6 54.7 54.4 (1) In May 2013, November 2013, May 2014, October 2014, February 2015, May 2015, August 2015 and November 2015, certain holders of AOG Units exchanged their AOG Units for Class A shares and approximately 8.8 million , 2.3 million , 6.2 million , 0.1 million , 0.2 million , 1.8 million , 4.4 million and 27.5 thousand Class A shares, respectively, were issued by the Company in the exchanges. |
EQUITY-BASED COMPENSATION (Tabl
EQUITY-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Capital Units | The following table summarizes the activity of the AOG Units for the year ended December 31, 2013: AOG Units Weighted Average Grant Date Fair Value Balance at January 1, 2013 1,500,366 $ 20.00 Vested (1,500,366 ) 20.00 Balance at December 31, 2013 — $ — |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes the weighted average discounts for Plan Grants and Bonus Grants for the years ended December 31, 2015 , 2014 and 2013 . For the Year Ended December 31, 2015 2014 2013 Plan Grants: Discount for the lack of distributions until vested (1) 26.0 % 32.5 % 30.5 % Marketability discount for transfer restrictions (2) 4.2 % 5.1 % 6.0 % Bonus Grants: Marketability discount for transfer restrictions (2) 2.2 % 3.2 % 3.2 % (1) Based on the present value of a growing annuity calculation. (2) Based on the Finnerty Model calculation. ery forward. The table below summarizes the delivery of Class A shares in settlement of vested RSUs and exercised share options for the years ended December 31, 2015 , 2014 and 2013 : For the Year Ended December 31, 2015 2014 2013 Class A shares delivered or issued 11,296,388 10,491,649 5,181,389 Gross value of shares (1) $ 325,747 $ 289,000 $ 212,900 (1) Based on the closing price of a Class A share at the time |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table summarizes RSU activity for the years ended December 31, 2015 , 2014 and 2013 : Unvested Weighted Average Grant Date Fair Value Vested Total Number of RSUs Outstanding Balance at January 1, 2013 14,724,474 $ 11.62 22,512,930 37,237,404 (1) Granted 2,101,277 26.95 — 2,101,277 Forfeited (888,594 ) 13.30 — (888,594 ) Delivered — 12.30 (6,879,050 ) (6,879,050 ) Vested (7,159,871 ) 12.60 7,159,871 — Balance at December 31, 2013 8,777,286 14.32 22,793,751 31,571,037 (1) Granted 7,046,490 21.16 — 7,046,490 Forfeited (2) (1,055,639 ) 12.19 — (1,055,639 ) Delivered — 12.96 (9,490,011 ) (9,490,011 ) Vested (2) (4,050,502 ) 16.75 4,050,502 — Balance at December 31, 2014 10,717,635 18.11 17,354,242 28,071,877 (1) Granted 4,634,950 15.24 — 4,634,950 Forfeited (186,741 ) 20.70 — (186,741 ) Delivered — 13.16 (15,185,890 ) (15,185,890 ) Vested (4,125,701 ) 19.35 4,125,701 — Balance at December 31, 2015 11,040,143 $ 16.40 6,294,053 17,334,196 (1) (1) Amount excludes RSUs which have vested and have been issued in the form of Class A shares. (2) In connection with the departure of an employee from the Company, such employee vested in 625,000 RSUs that were previously granted to him and forfeited 625,000 RSUs that were previously granted to him. As a result of the additional vesting, the Company recorded an incremental compensation expense of $17.5 million related to the relevant RSU award for the year ended December 31, 2014. |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes the share option activity for the years ended December 31, 2015 , 2014 and 2013 : Options Weighted Aggregate Weighted Balance at January 1, 2013 5,275,000 $ 8.44 $ 29,020 8.01 Exercised (2,324,997 ) 8.12 (12,896 ) — Balance at December 31, 2013 2,950,003 8.69 16,124 7.08 Exercised (1,468,750 ) 8.03 (8,217 ) — Forfeited (1,250,000 ) 8.00 (7,025 ) — Balance at December 31, 2014 231,253 16.60 882 7.93 Exercised (8,333 ) 12.38 (17 ) — Balance at December 31, 2015 222,920 17.69 $ 865 6.95 Exercisable at December 31, 2015 118,751 $ 17.14 $ 384 6.99 |
Rdu Activity | espectively. The following table summarizes RDU activity for the years ended year ended December 31, 2015 , 2014 and 2013, resp |
Activity Of Rdus Available For Future Grants | t 1.2 years. The following table summarizes the activity of RDUs available for future grants: RDUs Available Balance at January 1, 2013 1,685,345 Purchases 6,236 Granted/Issued (39,272 ) Forfeited — Balance at December 31, 2013 1,652,309 Purchases 9,719 Granted/Issued (18,426 ) Forfeited 2,861 Balance at December 31, 2014 and 2015 1,646,463 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table summarizes the management fees, compensation expense, and forfeiture rates for the ARI restricted stock awards and ARI RSUs for the years ended December 31, 2015 , 2014 , and 2013 : For the Year Ended December 31, 2015 2014 2013 Management fees $ 3,334 $ 1,326 $ 2,837 Compensation expense 3,081 1,329 2,047 Forfeiture rate 1.3 % — % 1.6 % The following table summarizes the management fees, compensation expense, and forfeiture rates for the AMTG RSUs for the years ended December 31, 2015 , 2014 , and 2013 : For the Year Ended December 31, 2015 2014 2013 Management fees $ 1,171 $ 915 $ 849 Compensation expense 1,171 828 804 Forfeiture rate 2.5 % 2.5 % 1.3 % |
Schedule of Nonvested Restricted Stock Units Activity | AMTG RSUs Weighted AMTG RSUs Vested Total Balance at January 1, 2013 161,257 $ 20.28 12,862 174,119 Granted to employees of the Company 25,848 14.73 — 25,848 Forfeited by employees of the Company (2,359 ) 18.74 — (2,359 ) Vested awards of employees of the Company (51,259 ) 20.30 51,259 — Vested awards of the Company (6,250 ) 18.20 6,250 — Balance at December 31, 2013 127,237 19.28 70,371 197,608 Granted to employees of the Company 130,124 16.01 — 130,124 Forfeited by employees of the Company (4,855 ) 21.22 — (4,855 ) Delivered — 17.56 (31,167 ) (31,167 ) Vested awards of employees of the Company (57,982 ) 19.56 57,982 — Vested awards of the Company (4,688 ) 18.20 4,688 — Balance at December 31, 2014 189,836 16.93 101,874 291,710 Forfeited by employees of the Company (4,676 ) 15.75 — (4,676 ) Delivered — 20.60 (138,862 ) (138,862 ) Vested awards of employees of the Company (94,569 ) 18.02 94,569 — Balance at December 31, 2015 90,591 $ 15.85 57,581 148,172 and 2013 : For the Year Ended December 31, 2015 2014 2013 Management fees $ 1,171 $ 915 $ 849 Compensation expense 1,171 828 804 Forfeiture rate 2.5 % 2.5 % 1.3 % The following tables summarize activity for the ARI restricted stock awards, ARI RSUs and AMTG RSUs that were granted to both the Company and certain of its employees for the years ended December 31, 2015 , 2014 and 2013: ARI RSUs Weighted ARI RSUs Total Balance at January 1, 2013 237,542 $ 14.62 113,148 350,690 Granted to employees of the Company 205,000 16.58 — 205,000 Granted to the Company 40,000 17.59 — 40,000 Forfeited by employees of the Company (5,000 ) 16.66 — (5,000 ) Delivered — 13.32 (18,978 ) (18,978 ) Vested awards of employees of the Company (137,807 ) 15.48 137,807 — Vested awards of the Company (65,333 ) 15.41 65,333 — Balance at December 31, 2013 274,402 15.86 297,310 571,712 Granted to employees of the Company 400,254 16.59 — 400,254 Delivered — 14.76 (307,731 ) (307,731 ) Vested awards of employees of the Company (129,148 ) 15.55 129,148 — Vested awards of the Company (65,333 ) 15.41 65,333 — Balance at December 31, 2014 480,175 16.61 184,060 664,235 Granted to employees of the Company 642,056 17.15 — 642,056 Forfeited by employees of the Company (13,500 ) 17.17 — (13,500 ) Delivered — 14.99 (33,981 ) (33,981 ) Vested awards of employees of the Company (201,586 ) 17.02 201,586 — Vested awards of the Company (13,335 ) 17.59 13,335 — Balance at December 31, 2015 893,810 $ 16.88 365,000 1,258,810 The following table summarizes activity for the AHL Awards that were granted to certain employees of the company for the years ended December 31, 2015 and 2014: AHL Awards Weighted AHL Awards Vested Total Balance at January 1, 2014 1,717,568 $ 1.23 — 1,717,568 Granted to employees of the Company 850,000 9.31 — 850,000 Vested awards of the employees of the Company (849,495 ) 3.69 849,495 — Balance at December 31, 2014 1,718,073 4.00 849,495 2,567,568 Granted to employees of the Company 583,268 2.17 — 583,268 Vested awards of employees of the Company (195,374 ) 6.04 195,374 — Transfers (1) (590,089 ) 2.72 — (590,089 ) Balance at December 31, 2015 1,515,878 $ 3.54 1,044,869 2,560,747 (1) On January 1, 2015, certain employees of Athene Asset Management who had been granted AHL Awards became employees of Athene Holding, an unconsolidated affiliate of the Company. |
Schedule of Share-based Compensation, Activity | Below is a reconciliation of the equity-based compensation allocated to Apollo Global Management, LLC for the year ended December 31, 2015 : Total Amount Non- Controlling Interest % in Apollo Operating Group Allocated to Non- Controlling Interest in Apollo Operating Group (1) Allocated to Apollo Global Management, LLC RSUs and Share Options $ 68,535 — % $ — $ 68,535 AHL Awards 24,180 54.4 13,158 11,022 Other equity-based compensation awards 4,961 54.4 2,699 2,262 Total Equity-Based Compensation $ 97,676 15,857 81,819 Less other equity-based compensation awards (2) (15,857 ) (13,860 ) Capital Increase Related to Equity-Based Compensation $ — $ 67,959 (1) Calculated based on average ownership percentage for the period considering Class A share issuances during the period. (2) Includes equity-based compensation reimbursable by certain funds. Below is a reconciliation of the equity-based compensation allocated to Apollo Global Management, LLC for the year ended December 31, 2014 : Total Amount Non- Controlling Interest % in Apollo Operating Group Allocated to Non- Controlling Interest in Apollo Operating Group (1) Allocated to Apollo Global Management, LLC RSUs and Share Options $ 107,017 — % $ — $ 107,017 AHL Awards 16,738 57.7 9,938 6,800 Other equity-based compensation awards 2,565 57.7 1,517 1,048 Total Equity-Based Compensation $ 126,320 11,455 114,865 Less other equity-based compensation awards (2) (11,455 ) (5,994 ) Capital Increase Related to Equity-Based Compensation $ — $ 108,871 (1) Calculated based on average ownership percentage for the period considering Class A share issuances during the period. (2) Includes equity-based compensation reimbursable by certain funds. Below is a reconciliation of the equity-based compensation allocated to Apollo Global Management, LLC for the year ended December 31, 2013 : Total Amount Non- Controlling Interest % in Apollo Operating Group Allocated to Non- Controlling Interest in Apollo Operating Group (1) Allocated to Apollo Global Management, LLC AOG Units $ 30,007 61.0 % $ 19,163 $ 10,844 RSUs and Share Options 92,185 — — 92,185 Other equity-based compensation awards 4,035 61.0 2,494 1,541 Total Equity-Based Compensation $ 126,227 21,657 104,570 Less other equity-based compensation awards (2) (2,494 ) 365 Capital Increase Related to Equity-Based Compensation $ 19,163 $ 104,935 (1) Calculated based on average ownership percentage for the period considering Class A share issuances during the period. (2) Includes equity-based compensation reimbursable by certain funds. |
RELATED PARTY TRANSACTIONS AN42
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The table below presents the cash payments made during April, 2015, 2014 and 2013. Date Cash Payment Interest Paid to Managing Partners Interest Paid to Contributing Partners April, 2015 $ 48,420 $ 13,090 $ 555 April, 2014 32,032 8,272 469 April, 2013 30,403 7,645 333 Due from affiliates and due to affiliates are comprised of the following: As of December 31, 2015 2014 Due from Affiliates: Due from private equity funds $ 21,532 $ 30,091 Due from portfolio companies 36,424 41,844 Due from credit funds (1) 124,660 174,197 Due from Contributing Partners, employees and former employees 42,491 1,721 Due from real estate funds 22,728 20,162 Total Due from Affiliates $ 247,835 $ 268,015 Due to Affiliates: Due to Managing Partners and Contributing Partners in connection with the tax receivable agreement $ 506,162 $ 509,149 Due to private equity funds 16,293 1,158 Due to credit funds 57,981 5,343 Due to real estate funds 580 — Distributions payable to employees 13,520 49,503 Total Due to Affiliates $ 594,536 $ 565,153 (1) As of December 31, 2014, includes unsettled monitoring fee receivable and management fee receivable from AAA and Athene as discussed in “Athene” below. |
Amount of Quarterly Distribution | In addition to other distributions such as payments pursuant to the tax receivable agreement, the table below presents information regarding the quarterly distributions which were made at the sole discretion of the manager of the Company during 2015 , 2014 and 2013 (in millions, except per share data): Distribution Declaration Date Distribution per Class A Share Distribution Payment Date Distribution to Class A Shareholders Distribution to Non-Controlling Interest Holders in the Apollo Operating Group Total Distributions from Apollo Operating Group Distribution Equivalents on Participating Securities February 8, 2013 $ 1.05 February 28, 2013 $ 138.7 $ 252.0 $ 390.7 $ 25.0 April 12, 2013 — April 12, 2013 — 55.2 (1) 55.2 — May 6, 2013 0.57 May 30, 2013 80.8 131.8 212.6 14.3 August 8, 2013 1.32 August 30, 2013 189.7 305.2 494.9 30.8 November 7, 2013 1.01 November 29, 2013 147.7 231.2 378.9 24.1 For the year ended December 31, 2013 $ 3.95 $ 556.9 $ 975.4 $ 1,532.3 $ 94.2 February 7, 2014 $ 1.08 February 26, 2014 $ 160.9 $ 247.3 $ 408.2 $ 25.5 April 3, 2014 — April 3, 2014 — 49.5 (1) 49.5 — May 8, 2014 0.84 May 30, 2014 130.0 188.4 318.4 20.9 June 16, 2014 — June 16, 2014 — 28.5 (1) 28.5 — August 6, 2014 0.46 August 29, 2014 73.6 102.5 176.1 10.2 September 11, 2014 — September 11, 2014 — 12.4 (1) 12.4 — October 30, 2014 0.73 November 21, 2014 119.0 162.6 281.6 15.5 December 15, 2014 — December 15, 2014 — 25.2 (1) 25.2 — For the year ended December 31, 2014 $ 3.11 $ 483.5 $ 816.4 $ 1,299.9 $ 72.1 February 5, 2015 $ 0.86 February 27, 2015 $ 144.4 $ 191.3 $ 335.7 $ 15.3 April 11, 2015 — April 11, 2015 — 22.4 (1) 22.4 — May 7, 2015 0.33 May 29, 2015 56.8 72.8 129.6 4.9 July 29, 2015 0.42 August 31, 2015 74.8 91.2 166.0 5.1 October 28, 2015 0.35 November 30, 2015 $ 63.4 $ 75.7 $ 139.1 $ 3.1 For the year ended December 31, 2015 $ 1.96 $ 339.4 $ 453.4 $ 792.8 $ 28.4 (1) On April 12, 2013, April 3, 2014, June 16, 2014, September 11, 2014, December 15, 2014, and April 11, 2015, the Company made a $0.23 , $0.22 , $0.13 , $0.06 , $0.11 , and $0.10 distribution per AOG Unit, respectively, to the Non-Controlling Interest holders in the Apollo Operating Group. |
Net Income Attributable to Non-Controlling Interests | The table below presents equity interests in Apollo’s consolidated, but not wholly-owned, subsidiaries and funds. Net income and comprehensive income attributable to Non-Controlling Interests consisted of the following: For the Year Ended December 31, 2015 2014 2013 AAA (1) $ — $ (196,964 ) $ (331,504 ) Interest in management companies and a co-investment vehicle (2) (10,543 ) (13,186 ) (18,872 ) Other consolidated entities (10,821 ) (17,590 ) 43,357 Net (income) loss attributable to Non-Controlling Interests in consolidated entities (21,364 ) (227,740 ) (307,019 ) Net (income) loss attributable to Appropriated Partners’ Capital (3) — 70,729 (149,934 ) Net (income) loss attributable to Non-Controlling Interests in the Apollo Operating Group (194,634 ) (404,682 ) (1,257,650 ) Net Income attributable to Non-Controlling Interests $ (215,998 ) $ (561,693 ) $ (1,714,603 ) Net income (loss) attributable to Appropriated Partners’ Capital (4) — (70,729 ) 149,934 Other comprehensive (income) loss attributable to Non-Controlling Interests 7,020 591 (41 ) Comprehensive Income Attributable to Non-Controlling Interests $ (208,978 ) $ (631,831 ) $ (1,564,710 ) (1) Reflects the Non-Controlling Interests in the net (income) loss of AAA and is calculated based on the Non-Controlling Interests ownership percentage in AAA as of December 31, 2014 and 2013 , which was approximately 97.5% and 97.4% , respectively. As of December 31, 2014 and 2013 , Apollo owned approximately 2.5% and 2.6% of AAA, respectively. AAA was deconsolidated effective January 1, 2015 as a result of the Company’s adoption of new accounting guidance, as described in note 2. (2) Reflects the remaining interest held by certain individuals who receive an allocation of income from certain of our credit funds. (3) Reflects net income of the consolidated CLOs classified as VIEs. (4) Appropriated Partners’ Capital is included in total Apollo Global Management, LLC shareholders’ equity and is therefore not a component of comprehensive income attributable to Non-Controlling Interests on the consolidated statements of comprehensive income. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Approximate Aggregate Minimum Future Payments Required for Operating Leases | As of December 31, 2015 , the approximate aggregate minimum future payments required for operating leases were as follows: 2016 2017 2018 2019 2020 Thereafter Total Aggregate minimum future payments $ 37,812 $ 35,871 $ 31,207 $ 30,641 $ 14,159 $ 10,817 $ 160,507 |
Summary of Fixed and Determinable Payments | As of December 31, 2015 , fixed and determinable payments due in connection with these obligations were as follows: 2016 2017 2018 2019 2020 Thereafter Total Other long-term obligations $ 10,594 $ 5,282 $ 4,908 $ 2,329 $ — $ — $ 23,113 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Economic Net Income | The impact of this change on EI has been made to prior period financial data to conform to the current period presentation and resulted in the following impact to the Company’s credit segment for the years ended December 31, 2014 and 2013 : Impact of Revised Definition on Economic Income (Loss) Total EI as Previously Reported Impact of Revised Definition Total EI After Revised Definition For the Year Ended December 31, 2014 $ 755,546 $ (495 ) $ 755,051 For the Year Ended December 31, 2013 2,127,651 61,449 2,189,100 |
Schedule of Financial Data for Reportable Segments | The following table presents financial data for Apollo’s reportable segments as of and for the years ended December 31, 2015 , 2014 and 2013 : As of and for the Year Ended December 31, 2015 Private Equity Segment Credit Segment Real Estate Segment Total Reportable Segments Revenues: Advisory and transaction fees from affiliates, net $ (7,485 ) $ 17,246 $ 4,425 $ 14,186 Management fees from affiliates 295,836 565,241 50,816 911,893 Carried interest income from affiliates: Unrealized gains (losses) (1) (314,161 ) (80,534 ) 7,154 (387,541 ) Realized gains 339,822 139,152 5,857 484,831 Total Revenues 314,012 641,105 68,252 1,023,369 Expenses: Compensation and benefits: Salary, bonus and benefits 104,367 213,479 38,076 355,922 Equity-based compensation 31,324 26,683 4,177 62,184 Profit sharing expense 46,572 34,384 5,075 86,031 Total compensation and benefits 182,263 274,546 47,328 504,137 Other expenses 80,109 127,767 22,869 230,745 Total Expenses 262,372 402,313 70,197 734,882 Other Income: Net interest expense (9,878 ) (13,740 ) (2,915 ) (26,533 ) Net gains from investment activities 6,933 114,199 — 121,132 Income (loss) from equity method investments 19,125 (6,025 ) 2,978 16,078 Other income, net 3,148 3,574 1,455 8,177 Total Other Income 19,328 98,008 1,518 118,854 Non-Controlling Interests — (11,684 ) — (11,684 ) Economic Income (Loss) $ 70,968 $ 325,116 $ (427 ) $ 395,657 Total Assets $ 1,255,340 $ 2,143,813 $ 192,469 $ 3,591,622 (1) Included in unrealized carried interest losses from affiliates for the year ended December 31, 2015 was a reversal of previously realized carried interest income due to the general partner obligation to return previously distributed carried interest income. See note 15 for further detail regarding the general partner obligation. As of and for the Year Ended December 31, 2014 Private Credit Real Total Revenues: Advisory and transaction fees from affiliates, net $ 58,241 $ 255,186 $ 2,655 $ 316,082 Management fees from affiliates 315,069 538,742 47,213 901,024 Carried interest income from affiliates: Unrealized gains (losses) (1) (1,196,093 ) (156,644 ) 4,951 (1,347,786 ) Realized gains 1,428,076 322,233 3,998 1,754,307 Total Revenues 605,293 959,517 58,817 1,623,627 Expenses: Compensation and benefits: Salary, bonus and benefits 96,689 210,546 32,611 339,846 Equity-based compensation 49,526 47,120 8,849 105,495 Profit sharing expense 178,373 83,788 2,747 264,908 Total compensation and benefits 324,588 341,454 44,207 710,249 Other expenses 70,286 151,252 21,669 243,207 Total Expenses 394,874 492,706 65,876 953,456 Other Income: Net interest expense (7,883 ) (9,274 ) (1,941 ) (19,098 ) Net gains from investment activities — 9,062 — 9,062 Income from equity method investments 30,418 18,812 5,675 54,905 Other income, net 14,027 35,263 3,409 52,699 Total Other Income 36,562 53,863 7,143 97,568 Non-Controlling Interests — (12,688 ) — (12,688 ) Economic Income $ 246,981 $ 507,986 $ 84 $ 755,051 Total Assets $ 1,833,254 $ 2,136,173 $ 202,395 $ 4,171,822 (1) Included in unrealized carried interest losses from affiliates for the year ended December 31, 2014 was a reversal of previously realized carried interest income due to the general partner obligation to return previously distributed carried interest income. See note 15 for further detail regarding the general partner obligation. For the Year Ended December 31, 2013 Private Credit Real Total Revenues: Advisory and transaction fees from affiliates, net $ 78,371 $ 114,643 $ 3,548 $ 196,562 Management fees from affiliates 284,833 392,433 53,436 730,702 Carried interest income from affiliates: Unrealized gains (losses) (1) 454,722 (56,568 ) 4,681 402,835 Realized gains 2,062,525 430,260 541 2,493,326 Total Revenues 2,880,451 880,768 62,206 3,823,425 Expenses: Compensation and benefits: Salary, bonus and benefits 109,761 153,056 31,936 294,753 Equity-based compensation 31,967 24,167 10,207 66,341 Profit sharing expense 1,030,404 81,279 123 1,111,806 Total compensation and benefits 1,172,132 258,502 42,266 1,472,900 Other expenses 100,896 147,525 24,528 272,949 Total Expenses 1,273,028 406,027 66,794 1,745,849 Other Income: Net interest expense (10,701 ) (9,686 ) (2,804 ) (23,191 ) Net loss from investment activities — (12,593 ) — (12,593 ) Income from equity method investments 78,811 30,678 3,722 113,211 Other income, net 13,774 32,193 2,115 48,082 Total Other Income 81,884 40,592 3,033 125,509 Non-Controlling Interests — (13,985 ) — (13,985 ) Economic Income (Loss) $ 1,689,307 $ 501,348 $ (1,555 ) $ 2,189,100 (1) Included in unrealized carried interest losses from affiliates for the year ended December 31, 2013 was a reversal of previously realized carried interest income due to the general partner obligation to return previously distributed carried interest income. See note 15 for further detail regarding the general partner obligation. The following tables reconcile the total reportable segments to Apollo’s income before income tax provision and total assets as of and for the years ended December 31, 2015 , 2014 and 2013: As of and for the Year Ended December 31, 2015 Total Consolidation Consolidated Revenues $ 1,023,369 $ 18,301 (1) $ 1,041,670 Expenses 734,882 96,093 (2) 830,975 Other income 118,854 47,679 (3) 166,533 Non-Controlling Interests (11,684 ) 11,684 — Economic Income / Income before income tax provision $ 395,657 (4) $ (18,429 ) $ 377,228 Total Assets $ 3,591,622 $ 968,186 (5) $ 4,559,808 As of and for the Year Ended December 31, 2014 Total Consolidation Consolidated Revenues $ 1,623,627 $ (63,544 ) (1) $ 1,560,083 Expenses 953,456 90,107 (2) 1,043,563 Other income 97,568 263,079 (3) 360,647 Non-Controlling Interests (12,688 ) 12,688 — Economic Income / Income before income tax provision $ 755,051 (4) $ 122,116 $ 877,167 Total Assets $ 4,171,822 $ 19,000,966 (5) $ 23,172,788 For the Year Ended December 31, 2013 Total Consolidation Consolidated Revenues $ 3,823,425 $ (89,854 ) (1) $ 3,733,571 Expenses 1,745,849 195,866 (2) 1,941,715 Other income 125,509 564,198 (3) 689,707 Non-Controlling Interests (13,985 ) 13,985 — Economic Income / Income before income tax provision $ 2,189,100 (4) $ 292,463 $ 2,481,563 (1) Represents advisory fees, management fees and carried interest income earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash revenues related to equity awards granted by unconsolidated affiliates to employees of the Company. (2) Represents the addition of expenses of consolidated funds and VIEs and transaction-related charges. Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. (3) Results from the following: For the Year Ended December 31, 2015 2014 2013 Net gains from investment activities $ 591 $ 204,181 $ 342,828 Net gains from investment activities of consolidated variable interest entities 19,050 22,564 199,742 Loss from equity method investments (1,223 ) (1,048 ) (5,861 ) Other income, net 29,261 37,382 27,489 Total consolidation adjustments $ 47,679 $ 263,079 $ 564,198 (4) The reconciliation of Economic Income to income before income tax provision reported in the consolidated statements of operations consists of the following: For the Year Ended December 31, 2015 2014 2013 Economic Income 395,657 755,051 2,189,100 Adjustments: Net income attributable to Non-Controlling Interests in consolidated entities and appropriated partners’ capital 21,364 157,011 456,953 Transaction-related charges (6) (39,793 ) (34,895 ) (164,490 ) Total consolidation adjustments and other $ (18,429 ) $ 122,116 $ 292,463 Income before income tax provision $ 377,228 $ 877,167 $ 2,481,563 (5) Represents the addition of assets of consolidated funds and VIEs. Upon adoption of new accounting guidance (see note 2 ), debt issuance costs previously recorded in other assets in the consolidated statements of financial condition were reclassified as a direct deduction of the carrying amount of the related debt arrangement. (6) Transaction-related charges include equity-based compensation charges, the amortization of intangible assets, contingent consideration and certain other charges associated with acquisitions. Equity-based compensation adjustment includes non-cash revenues and expenses related to equity awards granted by unconsolidated affiliates to employees of the Company. |
QUARTERLY FINANCIAL DATA (Table
QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | For the Three Months Ended March 31, (1) June 30, September 30, December 31, 2015 Revenues $ 303,024 $ 351,727 $ 193,268 $ 193,651 Expenses 223,996 244,539 174,911 187,529 Other Income 7,984 49,978 84,793 23,778 Income Before Provision for Taxes $ 87,012 $ 157,166 $ 103,150 $ 29,900 Net Income $ 81,498 $ 148,074 $ 96,559 $ 24,364 Net income attributable to Apollo Global Management, LLC $ 30,927 $ 56,428 $ 41,051 $ 6,091 Net Income per Class A Share - Basic $ 0.09 $ 0.30 $ 0.20 $ 0.02 Net Income per Class A Share - Diluted $ 0.09 $ 0.30 $ 0.20 $ 0.02 (1) Apollo adopted new U.S. GAAP consolidation and collateralized financing entity (“CFE”) guidance during the three months ended June 30, 2015 which resulted in the deconsolidation of certain funds and VIEs as of January 1, 2015 and a measurement alternative of the financial assets and liabilities of the remaining consolidated CLOs as of January 1, 2015. The adoption did not impact net income attributable to Apollo Global Management, LLC but did impact various line items within the statement of operations and financial condition. See note 2 for details regarding the Company’s adoption of the new consolidation and CFE guidance. For the Three Months Ended March 31, June 30, September 30, December 31, 2014 Revenues $ 491,400 $ 572,152 $ 221,135 $ 275,396 Expenses 314,119 354,369 177,388 197,687 Other Income (Loss) 314,912 69,556 (82,135 ) 58,314 Income Before Provision for Taxes $ 492,193 $ 287,339 $ (38,388 ) $ 136,023 Net Income (Loss) $ 459,644 $ 252,302 $ (67,764 ) $ 85,740 Net income attributable to Apollo Global Management, LLC $ 72,169 $ 71,668 $ 2,210 $ 22,182 Net Income (Loss) per Class A Share - Basic $ 0.32 $ 0.33 $ (0.05 ) $ 0.04 Net Income (Loss) per Class A Share - Diluted $ 0.32 $ 0.33 $ (0.05 ) $ 0.04 For the Three Months Ended March 31, June 30, September 30, December 31, 2013 Revenues $ 1,309,073 $ 497,261 $ 1,132,089 $ 795,148 Expenses 622,602 322,787 600,115 396,211 Other Income (Loss) 132,173 (8,165 ) 210,820 354,879 Income Before Provision for Taxes $ 818,644 $ 166,309 $ 742,794 $ 753,816 Net Income $ 800,065 $ 148,170 $ 695,590 $ 730,169 Net income attributable to Apollo Global Management, LLC $ 248,978 $ 58,737 $ 192,516 $ 159,160 Net Income per Class A Share-Basic $ 1.60 $ 0.32 $ 1.13 $ 0.94 Net Income per Class A Share - Diluted $ 1.59 $ 0.32 $ 1.13 $ 0.93 |
ORGANIZATION AND BASIS OF PRE46
ORGANIZATION AND BASIS OF PRESENTATION - Narrative (Detail) | 12 Months Ended | |
Dec. 31, 2015holding_companySegmentshares | Dec. 31, 2014 | |
Organization And Basis Of Presentation [Line Items] | ||
Number of operating segment | Segment | 3 | |
Number of holding company | holding_company | 5 | |
Economic interest | 0.06% | 0.06% |
Apollo Global Management, LLC | ||
Organization And Basis Of Presentation [Line Items] | ||
Economic interest | 45.60% | |
Non-Controlling Interests in Apollo Operating Group | ||
Organization And Basis Of Presentation [Line Items] | ||
Economic interest | 54.40% | |
Common Class A Shares | ||
Organization And Basis Of Presentation [Line Items] | ||
Conversion ratio of AOG units (in shares) | shares | 1 |
SUMMARY OF SIGNIFICANT ACCOUN47
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Detail) | 12 Months Ended | |
Dec. 31, 2015USD ($)revenue_category | Dec. 31, 2014USD ($) | |
Accounting Policies [Abstract] | ||
Number of revenue categories | revenue_category | 3 | |
Carried interest income from affiliates | 20.00% | |
Employer contribution | $ | $ 0 | $ 0 |
GOODWILL AND INTANGIBLE ASSET48
GOODWILL AND INTANGIBLE ASSETS - Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Finite-lived intangible assets/management contracts | $ 242,863 | $ 240,285 |
Accumulated amortization | 214,243 | 180,246 |
Intangible assets, net | $ 28,620 | $ 60,039 |
GOODWILL AND INTANGIBLE ASSET49
GOODWILL AND INTANGIBLE ASSETS - Rollforward of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of year | $ 60,039 | ||
Balance, end of year | 28,620 | $ 60,039 | |
Indefinite-lived intangible assets | 1,000 | ||
Apollo Global Management, LLC | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of year | 60,039 | 94,927 | $ 137,856 |
Amortization expense | (33,998) | (34,888) | (43,194) |
Acquisitions | 2,579 | 0 | 265 |
Balance, end of year | $ 28,620 | $ 60,039 | $ 94,927 |
GOODWILL AND INTANGIBLE ASSET50
GOODWILL AND INTANGIBLE ASSETS - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 8,655 |
2,017 | 5,220 |
2,018 | 3,677 |
2,019 | 3,677 |
2,020 | 3,677 |
Thereafter | 2,684 |
Intangible assets, net | $ 27,590 |
GOODWILL AND INTANGIBLE ASSET51
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) | May. 05, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 88,852,000 | $ 49,243,000 | |
Impairment of goodwill | 0 | $ 0 | |
Impairment of indefinite-lived intangible assets | $ 0 | ||
Venator HK | |||
Business Acquisition [Line Items] | |||
Voting interest acquired | 100.00% | ||
Assets acquired | $ 3,000,000 | ||
Liabilities assumed | 2,100,000 | ||
Bargain purchase gain | $ 900,000 |
INVESTMENTS - Apollo's Investme
INVESTMENTS - Apollo's Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Investments, at fair value | $ 539,080 | $ 2,499,128 |
Equity method investments | 615,669 | 380,878 |
Total Investments | $ 1,154,749 | $ 2,880,006 |
INVESTMENTS - Net Gains from In
INVESTMENTS - Net Gains from Investment Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Realized gains (losses) on sales of investments | $ 889 | $ (12,651) | $ 409 |
Net change in unrealized gains due to changes in fair values | 120,834 | 225,894 | 329,826 |
Net Gains from Investment Activities | $ 121,723 | $ 213,243 | $ 330,235 |
INVESTMENTS - Summary of Equity
INVESTMENTS - Summary of Equity Method Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 615,669 | $ 380,878 |
Advances to affiliates | 41,833 | 53,693 |
Private Equity Segment | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | 273,123 | 139,529 |
Private Equity Segment | AP Alternative Assets, L.P. (AAA) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 65,961 | $ 0 |
% of Ownership | 2.37% | 0.00% |
Private Equity Segment | AAA Investments, L.P. (“AAA Investments”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 1,676 | $ 1,293 |
% of Ownership | 0.057% | 0.057% |
Private Equity Segment | Apollo Investment Fund IV, L.P. (“Fund IV”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 9 | $ 8 |
% of Ownership | 0.024% | 0.022% |
Private Equity Segment | Apollo Investment Fund V, L.P. (“Fund V”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 57 | $ 68 |
% of Ownership | 0.048% | 0.031% |
Private Equity Segment | Apollo Investment Fund VI, L.P. (“Fund VI”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 2,369 | $ 6,173 |
% of Ownership | 0.119% | 0.114% |
Private Equity Segment | Apollo Investment Fund VII, L.P. (“Fund VII”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 58,334 | $ 78,286 |
% of Ownership | 1.245% | 1.223% |
Private Equity Segment | Apollo Investment Fund VIII, L.P. (“Fund VIII”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 116,443 | $ 33,099 |
% of Ownership | 2.223% | 2.241% |
Private Equity Segment | Apollo Natural Resources Partners, L.P. (“ANRP I”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 6,246 | $ 5,608 |
% of Ownership | 0.836% | 0.807% |
Private Equity Segment | Apollo Natural Resources Partners II, L.P. (“ANRP II”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 5,194 | $ 0 |
% of Ownership | 2.447% | 0.00% |
Private Equity Segment | AION Capital Partners Limited (“AION”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 16,497 | $ 14,707 |
% of Ownership | 5.938% | 6.113% |
Private Equity Segment | Apollo Asia Private Credit Fund, L.P. (“APC”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 49 | $ 47 |
% of Ownership | 0.045% | 0.044% |
Private Equity Segment | VC Holdings, L.P. Series A (“Vantium A/B”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 15 | $ 12 |
% of Ownership | 6.45% | 6.45% |
Private Equity Segment | VC Holdings, L.P. Series C (“Vantium C”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 63 | $ 48 |
% of Ownership | 2.071% | 2.071% |
Private Equity Segment | VC Holdings, L.P. Series D (“Vantium D”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 169 | $ 180 |
% of Ownership | 6.345% | 6.345% |
Private Equity Segment | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 41 | $ 0 |
% of Ownership | 0.00% | |
Credit Funds | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | 313,067 | $ 212,914 |
Credit Funds | Apollo Special Opportunities Managed Account, L.P. (“SOMA”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 5,992 | $ 6,997 |
% of Ownership | 0.816% | 0.841% |
Credit Funds | Apollo Value Strategic Fund, L.P. (“VIF”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 39 | $ 146 |
% of Ownership | 0.084% | 0.067% |
Credit Funds | Apollo Strategic Value Fund, L.P. (“SVF”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 7 | $ 10 |
% of Ownership | 0.03% | 0.033% |
Credit Funds | Apollo Credit Liquidity Fund, L.P. (“ACLF”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 2,253 | $ 4,128 |
% of Ownership | 4.106% | 2.771% |
Credit Funds | Apollo Credit Opportunity Fund I, L.P. (“COF I”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 1,463 | $ 2,298 |
% of Ownership | 1.954% | 1.87% |
Credit Funds | Apollo Credit Opportunity Fund II, L.P. (“COF II”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 1,281 | $ 2,249 |
% of Ownership | 1.523% | 1.497% |
Credit Funds | Apollo Credit Opportunity Fund III, L.P. (“COF III”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 19,612 | $ 13,102 |
% of Ownership | 1.052% | 1.061% |
Credit Funds | Apollo European Principal Finance Fund, L.P. (“EPF I”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 5,195 | $ 7,647 |
% of Ownership | 1.372% | 1.449% |
Credit Funds | Apollo European Principal Finance Fund II, L.P. (“EPF II”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 47,867 | $ 44,523 |
% of Ownership | 1.76% | 1.76% |
Credit Funds | Apollo Investment Europe II, L.P. (“AIE II”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 2,193 | $ 3,203 |
% of Ownership | 3.99% | 1.937% |
Credit Funds | Apollo Investment Europe III, L.P. (“AIE III”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 3,917 | $ 1,540 |
% of Ownership | 2.92% | 2.914% |
Credit Funds | Apollo Palmetto Strategic Partnership, L.P. (“Palmetto”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 15,158 | $ 14,049 |
% of Ownership | 1.186% | 1.186% |
Credit Funds | Apollo Senior Floating Rate Fund Inc. (“AFT”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 78 | $ 86 |
% of Ownership | 0.03% | 0.031% |
Credit Funds | Apollo Residential Mortgage, Inc. (“AMTG”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 3,997 | $ 4,263 |
% of Ownership | 0.707% | 0.593% |
Credit Funds | Apollo European Credit, L.P. (“AEC”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 2,303 | $ 2,443 |
% of Ownership | 1.081% | 1.081% |
Credit Funds | Apollo European Strategic Investments, L.P. (“AESI”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 2,323 | $ 3,834 |
% of Ownership | 0.99% | 0.99% |
Credit Funds | Apollo European Strategic Investments II, L.P. (AESI II”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 1,224 | $ 123 |
% of Ownership | 0.99% | 0.99% |
Credit Funds | Apollo Centre Street Partnership, L.P. (“ACSP”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 11,870 | $ 11,474 |
% of Ownership | 2.488% | 2.439% |
Credit Funds | Apollo Investment Corporation (“AINV”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 61,944 | $ 64,382 |
% of Ownership | 3.434% | 3.057% |
Credit Funds | Apollo SK Strategic Investments, L.P. (“SK”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 1,152 | $ 1,693 |
% of Ownership | 0.99% | 0.99% |
Credit Funds | Apollo SPN Investments I, L.P. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 5,490 | $ 5,500 |
% of Ownership | 0.392% | 0.72% |
Credit Funds | CION Investment Corporation (“CION”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 1,000 | $ 1,000 |
% of Ownership | 0.107% | 0.206% |
Credit Funds | Apollo Tactical Income Fund Inc. (“AIF”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 73 | $ 84 |
% of Ownership | 0.031% | 0.032% |
Credit Funds | Apollo Franklin Partnership, L.P. (“Franklin Fund”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 8,147 | $ 9,647 |
% of Ownership | 9.091% | 9.091% |
Credit Funds | Apollo Zeus Strategic Investments, L.P. (“Zeus”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 7,764 | $ 6,404 |
% of Ownership | 3.398% | 3.392% |
Credit Funds | Apollo Lincoln Fixed Income Fund, L.P. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 1,941 | $ 1,398 |
% of Ownership | 1.041% | 0.993% |
Credit Funds | Apollo Lincoln Private Credit Fund, L.P. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 211 | $ 194 |
% of Ownership | 0.99% | 0.99% |
Credit Funds | Apollo Structured Credit Recovery Master Fund III, L.P. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 1,804 | $ 315 |
% of Ownership | 0.293% | 0.126% |
Credit Funds | Apollo Total Return Fund L.P. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 162 | $ 163 |
% of Ownership | 0.032% | 0.046% |
Credit Funds | Apollo Credit Short Opportunities Fund L.P. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 20 | $ 19 |
% of Ownership | 0.012% | 0.027% |
Credit Funds | MidCap FinCo Limited (“MidCap”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 79,326 | $ 0 |
% of Ownership | 4.94% | 0.00% |
Credit Funds | Apollo Energy Opportunity Fund, L.P. (“AEOF”) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 8,898 | $ 0 |
% of Ownership | 2.44% | 0.00% |
Credit Funds | Apollo A-N Credit Fund, L.P. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 4,962 | $ 0 |
% of Ownership | 1.97% | 0.00% |
Credit Funds | Apollo Tactical Value SPN Investments, L.P. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 1,168 | $ 0 |
% of Ownership | 1.482% | 0.00% |
Credit Funds | Apollo Union Street Partners, L.P. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 1,139 | $ 0 |
% of Ownership | 2.002% | 0.00% |
Credit Funds | Apollo Hercules Partners L.P. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 1,094 | $ 0 |
% of Ownership | 2.439% | 0.00% |
Real Estate Segment | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 29,479 | $ 28,435 |
Real Estate Segment | ARI | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 13,845 | $ 13,989 |
% of Ownership | 1.043% | 1.495% |
Real Estate Segment | U.S. RE Fund I | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 9,275 | $ 10,519 |
% of Ownership | 5.00% | 1.845% |
Real Estate Segment | U.S. RE Fund II | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 2,712 | $ 38 |
% of Ownership | 1.886% | 4.761% |
Real Estate Segment | CPI Capital Partners North America, L.P. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 28 | $ 137 |
% of Ownership | 0.404% | 0.408% |
Real Estate Segment | CPI Capital Partners Europe, L.P. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 5 | $ 5 |
% of Ownership | 0.001% | 0.001% |
Real Estate Segment | CPI Capital Partners Asia Pacific, L.P. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 80 | $ 96 |
% of Ownership | 0.039% | 0.039% |
Real Estate Segment | Apollo GSS Holding (Cayman), L.P. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 3,082 | $ 3,564 |
% of Ownership | 4.75% | 4.75% |
Real Estate Segment | BEA/AGRE China Real Estate Fund, L.P. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 83 | $ 87 |
% of Ownership | 1.03% | 1.031% |
Real Estate Segment | Apollo-IC, L.P. (Shanghai Village) | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 359 | $ 0 |
% of Ownership | 3.10% | 0.00% |
Real Estate Segment | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Held as of | $ 10 | $ 0 |
% of Ownership | 0.00% |
INVESTMENTS - Equity Method Inv
INVESTMENTS - Equity Method Investment Balance Sheet for Athene Holdings (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Investments | $ 39,099,234 | $ 36,555,019 |
Assets | 42,710,722 | 39,773,804 |
Liabilities | 8,970,959 | 7,373,162 |
Equity | 33,739,763 | 32,400,642 |
Investment in Athene Holding | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments | 57,284 | 59,050 |
Assets | 74,335 | 82,182 |
Liabilities | 68,865 | 77,584 |
Equity | $ 5,470 | $ 4,598 |
INVESTMENTS - Equity Method I56
INVESTMENTS - Equity Method Investment Income for Athene Holdings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Revenues | $ 1,881,328 | $ 2,384,229 | $ 2,046,597 |
Expenses | 805,994 | 773,115 | 862,313 |
Income before income tax provision | 1,075,334 | 1,611,114 | 1,184,284 |
Net income | (549,366) | 2,425,885 | 12,763,831 |
Investment in Athene Holding | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 2,767 | 4,133 | 1,760 |
Expenses | 2,161 | 3,598 | 750 |
Income before income tax provision | 606 | 535 | 1,010 |
Income tax provision (benefit) | 71 | 40 | (1) |
Net income | 535 | 495 | 1,011 |
Net income attributable to Non-controlling Interests | (43) | (12) | (116) |
Net income available to Athene common shareholders | $ 492 | $ 483 | $ 895 |
INVESTMENTS - Equity Method I57
INVESTMENTS - Equity Method Investments Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Investments | $ 39,099,234 | $ 36,555,019 |
Assets | 42,710,722 | 39,773,804 |
Liabilities | 8,970,959 | 7,373,162 |
Equity | 33,739,763 | 32,400,642 |
Private Equity Segment | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments | 17,080,292 | 16,082,723 |
Assets | 17,970,417 | 16,924,291 |
Liabilities | 37,416 | 128,257 |
Equity | 17,933,001 | 16,796,034 |
Credit Funds | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments | 18,830,120 | 17,888,199 |
Assets | 21,255,463 | 20,076,656 |
Liabilities | 7,646,492 | 6,216,702 |
Equity | 13,608,971 | 13,859,954 |
Real Estate Segment | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments | 3,188,822 | 2,584,097 |
Assets | 3,484,842 | 2,772,857 |
Liabilities | 1,287,051 | 1,028,203 |
Equity | $ 2,197,791 | $ 1,744,654 |
INVESTMENTS - Equity Method I58
INVESTMENTS - Equity Method Investment Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Revenues | $ 1,881,328 | $ 2,384,229 | $ 2,046,597 |
Expenses | 805,994 | 773,115 | 862,313 |
Income before income tax provision | 1,075,334 | 1,611,114 | 1,184,284 |
Net Realized and Unrealized Gain (Loss) | (1,624,700) | 814,771 | 11,579,547 |
Net income | (549,366) | 2,425,885 | 12,763,831 |
Private Equity Segment | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 408,971 | 340,380 | 675,844 |
Expenses | 306,044 | 326,126 | 239,750 |
Income before income tax provision | 102,927 | 14,254 | 436,094 |
Net Realized and Unrealized Gain (Loss) | 20,757 | 1,300,343 | 10,411,556 |
Net income | 123,684 | 1,314,597 | 10,847,650 |
Credit Funds | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 1,352,017 | 1,954,270 | 1,297,324 |
Expenses | 464,610 | 417,967 | 583,410 |
Income before income tax provision | 887,407 | 1,536,303 | 713,914 |
Net Realized and Unrealized Gain (Loss) | (1,643,758) | (548,088) | 953,227 |
Net income | (756,351) | 988,215 | 1,667,141 |
Real Estate Segment | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 120,340 | 89,579 | 73,429 |
Expenses | 35,340 | 29,022 | 39,153 |
Income before income tax provision | 85,000 | 60,557 | 34,276 |
Net Realized and Unrealized Gain (Loss) | (1,699) | 62,516 | 214,764 |
Net income | $ 83,301 | $ 123,073 | $ 249,040 |
VARIABLE INTEREST ENTITIES - Ne
VARIABLE INTEREST ENTITIES - Net Gains (Losses) from Investment Activities of Consolidated VIEs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net unrealized gains (losses) from investment activities | $ 9,021 | $ (317,591) | $ (33,275) |
Net realized gains from investment activities | 6,766 | 79,057 | 87,472 |
Net gains (losses) from investment activities | 15,787 | (238,534) | 54,197 |
Net unrealized gains (losses) from debt | 3,057 | 809 | (232,509) |
Net realized gains from debt | 0 | 101,745 | 137,098 |
Net gains from debt | 3,057 | 102,554 | (95,411) |
Interest and other income | 37,404 | 666,486 | 674,324 |
Interest and other expenses | (37,198) | (507,942) | (433,368) |
Net Gains from Investment Activities of Consolidated Variable Interest Entities | $ 19,050 | $ 22,564 | $ 199,742 |
VARIABLE INTEREST ENTITIES - Pr
VARIABLE INTEREST ENTITIES - Principal Provisions of Debt (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 1,031,373 | |
Consolidated Variable Interest Entities | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | 818,157 | $ 14,643,221 |
Total Assets | 1,030,800 | 17,070,800 |
Senior Secured Notes | Consolidated Variable Interest Entities | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 735,792 | $ 13,459,387 |
Weighted average interest rate | 2.17% | 1.60% |
Weighted average remaining maturity | 12 years 1 month 6 days | 7 years 9 months 18 days |
Subordinated Notes | Consolidated Variable Interest Entities | ||
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 82,365 | $ 1,183,834 |
Weighted average remaining maturity | 15 years 1 month 6 days | 9 years |
VARIABLE INTEREST ENTITIES - Sc
VARIABLE INTEREST ENTITIES - Schedule of Debt Maturity (Details) - Consolidated Variable Interest Entities $ in Thousands | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
2,016 | $ 0 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 818,157 |
Total | 818,157 |
Senior Secured Notes | |
Debt Instrument [Line Items] | |
2,016 | 0 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 735,792 |
Total | 735,792 |
Subordinated Notes | |
Debt Instrument [Line Items] | |
2,016 | 0 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 82,365 |
Total | $ 82,365 |
VARIABLE INTEREST ENTITIES - Ca
VARIABLE INTEREST ENTITIES - Carrying Amounts of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||
Total assets | $ 5,378,456 | $ 11,676,038 |
Total liabilities | 1,626,743 | 729,515 |
Apollo exposure | 202,146 | 30,752 |
Investments | 1,154,749 | 2,880,006 |
Cumulative revenues recognized if existing investments become worthless | 2,400,000 | 2,892,800 |
Variable Interest Entities | ||
Variable Interest Entity [Line Items] | ||
Cash | 219,800 | 794,500 |
Investments | 5,149,000 | 10,456,000 |
Receivables | 9,600 | 425,600 |
Debt and other payables | $ 1,626,700 | 362,000 |
Securities sold | 359,400 | |
Capital withdrawals payable | $ 8,200 |
VARIABLE INTEREST ENTITIES - Na
VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | |||
Assets of entities deconsolidated | $ 14,600 | ||
Liabilities of entities deconsolidated | $ 13,700 | ||
Number of days trade is open with VIE | 60 days | ||
Investment in CLO | $ 42.3 | $ 47.4 | |
Apollo Global Management, LLC | Champ Limited Partnership | |||
Variable Interest Entity [Line Items] | |||
Ownership in VIE | 25.60% | 100.00% | |
Ownership of related party | 35.00% | ||
Investment in VIE | $ 18.2 |
FAIR VALUE MEASUREMENTS OF FI64
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Valuation of Financial Assets and Liabilities by the Fair Value Heirarchy (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Consolidated Variable Interest Entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | $ 1,030,800 | $ 17,070,800 |
Other liabilities at fair value | 11,400 | |
Consolidated Variable Interest Entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 910,566 | 15,658,653 |
Debt, at fair value | 801,270 | 14,123,100 |
Other liabilities at fair value | 13,300 | |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 1,449,646 | 18,219,073 |
Total Liabilities | 892,260 | 14,232,500 |
Fair Value, Measurements, Recurring | Consolidated Variable Interest Entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 910,566 | 15,658,653 |
Debt, at fair value | 812,681 | 14,136,374 |
Fair Value, Measurements, Recurring | Contingent Consideration Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration obligations | 79,579 | 96,126 |
Fair Value, Measurements, Recurring | Investments held by Apollo Senior Loan Fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 28,547 | 29,896 |
Cost of Investments, at Fair Value | 29,344 | 30,100 |
Fair Value, Measurements, Recurring | Other Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 434 | 600 |
Cost of Investments, at Fair Value | 831 | 3,318 |
Fair Value, Measurements, Recurring | Investment in Athene Holding | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 510,099 | |
Cost of Investments, at Fair Value | 387,526 | |
Fair Value, Measurements, Recurring | AAA Investments, L.P. (“AAA Investments”) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 2,144,118 | |
Cost of Investments, at Fair Value | 1,494,358 | |
Fair Value, Measurements, Recurring | Athene And AAA Derivative | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 324,514 | |
Cost of Investments, at Fair Value | 324,293 | |
Fair Value, Measurements, Recurring | Total investments, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 539,080 | 2,499,128 |
Cost of Investments, at Fair Value | 417,701 | 1,852,069 |
Fair Value, Measurements, Recurring | AAA and Athene Receivable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 61,292 | |
Level I | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 0 | 176 |
Total Liabilities | 0 | 0 |
Level I | Fair Value, Measurements, Recurring | Consolidated Variable Interest Entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 0 | 176 |
Debt, at fair value | 0 | 0 |
Level I | Fair Value, Measurements, Recurring | Contingent Consideration Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration obligations | 0 | 0 |
Level I | Fair Value, Measurements, Recurring | Investments held by Apollo Senior Loan Fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level I | Fair Value, Measurements, Recurring | Other Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level I | Fair Value, Measurements, Recurring | Investment in Athene Holding | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 0 | |
Level I | Fair Value, Measurements, Recurring | AAA Investments, L.P. (“AAA Investments”) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 0 | |
Level I | Fair Value, Measurements, Recurring | Athene And AAA Derivative | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 0 | |
Level I | Fair Value, Measurements, Recurring | Total investments, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level I | Fair Value, Measurements, Recurring | AAA and Athene Receivable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 0 | |
Level II | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 830,325 | 13,161,101 |
Total Liabilities | 801,270 | 1,793,353 |
Level II | Fair Value, Measurements, Recurring | Consolidated Variable Interest Entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 803,412 | 13,135,564 |
Debt, at fair value | 801,270 | 1,793,353 |
Level II | Fair Value, Measurements, Recurring | Contingent Consideration Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration obligations | 0 | 0 |
Level II | Fair Value, Measurements, Recurring | Investments held by Apollo Senior Loan Fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 26,913 | 25,537 |
Level II | Fair Value, Measurements, Recurring | Other Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 0 | 0 |
Level II | Fair Value, Measurements, Recurring | Investment in Athene Holding | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 0 | |
Level II | Fair Value, Measurements, Recurring | AAA Investments, L.P. (“AAA Investments”) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 0 | |
Level II | Fair Value, Measurements, Recurring | Athene And AAA Derivative | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 0 | |
Level II | Fair Value, Measurements, Recurring | Total investments, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 26,913 | 25,537 |
Level II | Fair Value, Measurements, Recurring | AAA and Athene Receivable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 0 | |
Level III | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets | 619,321 | 5,057,796 |
Total Liabilities | 90,990 | 12,439,147 |
Level III | Fair Value, Measurements, Recurring | Consolidated Variable Interest Entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 107,154 | 2,522,913 |
Debt, at fair value | 11,411 | 12,343,021 |
Level III | Fair Value, Measurements, Recurring | Contingent Consideration Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration obligations | 79,579 | 96,126 |
Level III | Fair Value, Measurements, Recurring | Investments held by Apollo Senior Loan Fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 1,634 | 4,359 |
Level III | Fair Value, Measurements, Recurring | Other Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 434 | 600 |
Level III | Fair Value, Measurements, Recurring | Investment in Athene Holding | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 510,099 | |
Level III | Fair Value, Measurements, Recurring | AAA Investments, L.P. (“AAA Investments”) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 2,144,118 | |
Level III | Fair Value, Measurements, Recurring | Athene And AAA Derivative | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | 324,514 | |
Level III | Fair Value, Measurements, Recurring | Total investments, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | $ 512,167 | 2,473,591 |
Level III | Fair Value, Measurements, Recurring | AAA and Athene Receivable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, at fair value | $ 61,292 |
FAIR VALUE MEASUREMENTS OF FI65
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Schedule of Level I to Level II Transfers (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Transfers into level 1, assets | $ 0 | $ 0 |
Transfers from level 1 to level 2, liabilities | 0 | 0 |
Transfers from level 2 to level 1, liabilities | 0 | 0 |
Transfers from Level I into Level II | $ 0 | $ 4,084,000 |
FAIR VALUE MEASUREMENTS OF FI66
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Changes in Fair Value in Financial Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Jan. 01, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Adoption of accounting guidance | $ 4,069,263 | ||
AAA Investments, L.P. (“AAA Investments”) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, Beginning of Period | $ 2,244,200 | ||
Balance, End of Period | $ 2,244,200 | ||
Level III | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, Beginning of Period | 5,057,796 | 4,033,562 | |
Adoption of accounting guidance | (4,543,248) | ||
Elimination of investments attributable to consolidation of VIEs | 19,187 | ||
Fees | 1,942 | 238,754 | |
Purchases | 75,301 | 1,045,441 | |
Sales of investments/distributions | (69,687) | (880,524) | |
Net realized gains | 6,254 | 32,353 | |
Changes in net unrealized gains (losses) | 130,581 | 207,526 | |
Cumulative translation adjustment | (12,111) | (5,834) | |
Transfer into Level III | 64,755 | 1,415,282 | |
Transfer out of Level III | (92,262) | (1,047,951) | |
Settlement of derivatives | 0 | 0 | |
Balance, End of Period | 619,321 | 5,057,796 | |
Level III | Gains on investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized gains (losses) | (121,351) | (205,305) | |
Level III | Consolidated Variable Interest Entities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, Beginning of Period | 2,522,913 | 1,919,537 | |
Adoption of accounting guidance | (2,399,130) | ||
Elimination of investments attributable to consolidation of VIEs | 19,187 | ||
Fees | 0 | ||
Purchases | 44,116 | 1,036,810 | |
Sales of investments/distributions | (36,909) | (825,429) | |
Net realized gains | 5,539 | 20,972 | |
Changes in net unrealized gains (losses) | 8,816 | (9,302) | |
Cumulative translation adjustment | (12,111) | (5,834) | |
Transfer into Level III | 59,316 | 1,413,688 | |
Transfer out of Level III | (85,396) | (1,046,716) | |
Settlement of derivatives | 0 | ||
Balance, End of Period | 107,154 | 2,522,913 | |
Level III | Consolidated Variable Interest Entities | Gains on investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized gains (losses) | 0 | 0 | |
Level III | Consolidated Variable Interest Entities | Unrealized gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized gains (losses) | (8,963) | 52,485 | |
Level III | AAA Investments, L.P. (“AAA Investments”) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, Beginning of Period | 2,144,118 | 1,942,051 | |
Adoption of accounting guidance | (2,144,118) | ||
Fees | 0 | ||
Sales of investments/distributions | (2,500) | ||
Changes in net unrealized gains (losses) | 204,567 | ||
Transfer into Level III | 0 | ||
Settlement of derivatives | 0 | ||
Balance, End of Period | 2,144,118 | ||
Level III | AAA Investments, L.P. (“AAA Investments”) | Gains on investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized gains (losses) | 0 | (204,567) | |
Level III | AAA Investments, L.P. (“AAA Investments”) | Consolidated Variable Interest Entities | Unrealized gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized gains (losses) | 0 | ||
Level III | Investments held by Apollo Senior Loan Fund | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, Beginning of Period | 4,359 | 892 | |
Adoption of accounting guidance | 0 | ||
Fees | 0 | ||
Purchases | 5,913 | 4,707 | |
Sales of investments/distributions | (6,996) | (1,543) | |
Net realized gains | 48 | 10 | |
Changes in net unrealized gains (losses) | (263) | (66) | |
Transfer into Level III | 5,439 | 1,594 | |
Transfer out of Level III | (6,866) | (1,235) | |
Settlement of derivatives | 0 | ||
Balance, End of Period | 4,359 | ||
Level III | Investments held by Apollo Senior Loan Fund | Gains on investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized gains (losses) | 677 | 66 | |
Level III | Investments held by Apollo Senior Loan Fund | Consolidated Variable Interest Entities | Unrealized gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized gains (losses) | 0 | ||
Level III | Other Investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, Beginning of Period | 600 | 40,373 | |
Adoption of accounting guidance | 0 | ||
Fees | 0 | ||
Purchases | 272 | 1,844 | |
Sales of investments/distributions | (115) | (51,052) | |
Net realized gains | (12,871) | ||
Changes in net unrealized gains (losses) | (323) | 22,306 | |
Transfer into Level III | 0 | ||
Settlement of derivatives | 0 | ||
Balance, End of Period | 600 | ||
Level III | Other Investments | Gains on investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized gains (losses) | 323 | (580) | |
Level III | Other Investments | Consolidated Variable Interest Entities | Unrealized gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized gains (losses) | 0 | ||
Level III | Investment in Athene Holding | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, Beginning of Period | 324,514 | ||
Adoption of accounting guidance | 0 | ||
Fees | 0 | ||
Purchases | 2,080 | ||
Changes in net unrealized gains (losses) | 122,351 | 224 | |
Transfer into Level III | 0 | ||
Settlement of derivatives | 63,234 | 322,210 | |
Balance, End of Period | 324,514 | ||
Level III | Investment in Athene Holding | Gains on investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized gains (losses) | (122,351) | (224) | |
Level III | Investment in Athene Holding | Consolidated Variable Interest Entities | Unrealized gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized gains (losses) | 0 | 0 | |
Level III | AAA and Athene Receivable | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, Beginning of Period | 61,292 | ||
Adoption of accounting guidance | 0 | ||
Elimination of investments attributable to consolidation of VIEs | 0 | ||
Fees | 1,942 | 178,332 | |
Purchases | 0 | ||
Sales of investments/distributions | 0 | ||
Net realized gains | 0 | ||
Changes in net unrealized gains (losses) | 0 | ||
Cumulative translation adjustment | 0 | 0 | |
Transfer into Level III | 0 | ||
Transfer out of Level III | 0 | ||
Settlement of derivatives | (63,234) | (117,040) | |
Balance, End of Period | 0 | 61,292 | |
Level III | AAA and Athene Receivable | Gains on investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized gains (losses) | 0 | 0 | |
Level III | AAA and Athene Receivable | Consolidated Variable Interest Entities | Unrealized gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized gains (losses) | 0 | 0 | |
Level III | Investment in RCAP | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, Beginning of Period | 0 | ||
Adoption of accounting guidance | $ 0 | ||
Fees | 0 | ||
Purchases | 25,000 | ||
Sales of investments/distributions | (25,667) | ||
Net realized gains | 667 | ||
Changes in net unrealized gains (losses) | 0 | ||
Cumulative translation adjustment | 0 | 0 | |
Transfer into Level III | 0 | ||
Transfer out of Level III | 0 | ||
Settlement of derivatives | 0 | ||
Balance, End of Period | 0 | 0 | |
Level III | Investment in RCAP | Gains on investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized gains (losses) | 0 | ||
Level III | Investment in RCAP | Consolidated Variable Interest Entities | Unrealized gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized gains (losses) | 0 | ||
Level III | Athene And AAA Derivative | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, Beginning of Period | $ 0 | 130,709 | |
Fees | 60,422 | ||
Net realized gains | 24,242 | ||
Changes in net unrealized gains (losses) | (10,203) | ||
Settlement of derivatives | (205,170) | ||
Balance, End of Period | 0 | ||
Level III | Athene And AAA Derivative | Gains on investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized gains (losses) | 0 | ||
Level III | Athene And AAA Derivative | Consolidated Variable Interest Entities | Unrealized gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized gains (losses) | $ 0 |
FAIR VALUE MEASUREMENTS OF FI67
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Changes in Fair Value in Financial Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net realized gains | $ 0 | $ (101,745) | $ (137,098) |
Gain (Loss) on extinguishment of liability/debt | 0 | 13,395 | (2,741) |
Other income | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Gain (Loss) on extinguishment of liability/debt | 13,400 | ||
Level III | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, Beginning of Period | 12,439,147 | 10,129,658 | |
Elimination of debt attributable to consolidation of VIEs | 0 | 13,493 | |
Adoption of accounting guidance | (11,433,815) | 0 | |
Additions | 0 | 3,965,725 | |
Payments/Extinguishment | (15,743) | (1,602,199) | |
Net realized gains | 0 | 101,745 | |
Changes in net unrealized (gains) losses | (9,048) | (14,404) | |
Cumulative Translation Adjustment | (92,593) | (71,558) | |
Transfers Into Level 3 | 0 | 500,837 | |
Transfers out of Level 3 | (796,958) | (380,660) | |
Balance, End of Period | 90,990 | 12,439,147 | 10,129,658 |
Level III | Contingent Consideration Obligations | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, Beginning of Period | 96,126 | 135,511 | |
Adoption of accounting guidance | 0 | 0 | |
Payments/Extinguishment | (15,743) | (50,666) | |
Changes in net unrealized (gains) losses | (804) | 11,281 | |
Transfers Into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Balance, End of Period | 96,126 | 135,511 | |
Level III | Consolidated Variable Interest Entities | Debt | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance, Beginning of Period | 12,343,021 | 9,994,147 | |
Elimination of debt attributable to consolidation of VIEs | 13,493 | ||
Adoption of accounting guidance | (11,433,815) | 0 | |
Additions | 3,965,725 | ||
Payments/Extinguishment | (1,551,533) | ||
Net realized gains | 101,745 | ||
Changes in net unrealized (gains) losses | (8,244) | (25,685) | |
Cumulative Translation Adjustment | (92,593) | (71,558) | |
Transfers Into Level 3 | 500,837 | ||
Transfers out of Level 3 | (796,958) | (380,660) | |
Balance, End of Period | 11,411 | 12,343,021 | $ 9,994,147 |
Level III | Consolidated Variable Interest Entities | Unrealized gains (losses) | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized (gains) losses | $ 0 | (113,874) | |
Level III | Consolidated Variable Interest Entities | Unrealized gains (losses) | Debt | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in net unrealized (gains) losses | $ (113,874) |
FAIR VALUE MEASUREMENTS OF FI68
FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS - Quantitative Inputs and Assumptions used for Financial Assets and Liabilities Categories (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Weighted Average | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Probability of default | 2.00% | ||
Subordinated Notes | Minimum | Discounted Cash Flows | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Discount rate | 10.00% | ||
Probability of default | 1.00% | ||
Subordinated Notes | Maximum | Discounted Cash Flows | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Discount rate | 12.50% | ||
Probability of default | 2.00% | ||
Senior Secured Notes | Minimum | Discounted Cash Flows | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Discount rate | 1.60% | ||
Recovery rate | 15.00% | ||
Senior Secured Notes | Maximum | Discounted Cash Flows | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Discount rate | 1.80% | ||
Recovery rate | 75.00% | ||
Contingent Consideration Obligations | Minimum | Discounted Cash Flows | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Discount rate | 11.00% | 11.00% | |
Contingent Consideration Obligations | Maximum | Discounted Cash Flows | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Discount rate | 18.50% | 18.50% | |
AAA Investments, L.P. (“AAA Investments”) | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | $ 2,244,200 | ||
Variable Interest Entities | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Net assets allocated to general partner | 865,900 | ||
Level III | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | $ 619,321 | 5,057,796 | $ 4,033,562 |
Liabilities | 90,990 | $ 12,439,147 | 10,129,658 |
Level III | Subordinated Notes | Discounted Cash Flows | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Recovery rate | 75.00% | ||
Level III | Subordinated Notes | Weighted Average | Discounted Cash Flows | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Discount rate | 11.50% | ||
Probability of default | 1.70% | ||
Recovery rate | 75.00% | ||
Level III | Corporate Notes And Loans | Discounted Cash Flows | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Probability of default | 2.00% | ||
Level III | Corporate Notes And Loans | Weighted Average | Discounted Cash Flows | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Discount rate | 1.70% | ||
Recovery rate | 69.00% | ||
Level III | Contingent Consideration Obligations | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Liabilities | $ 96,126 | 135,511 | |
Level III | Contingent Consideration Obligations | Discounted Cash Flows | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Liabilities | $ 79,579 | $ 96,126 | |
Level III | Contingent Consideration Obligations | Weighted Average | Discounted Cash Flows | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Discount rate | 17.00% | 15.70% | |
Level III | AAA Investments, L.P. (“AAA Investments”) | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | $ 2,144,118 | 1,942,051 | |
Level III | AAA Investments, L.P. (“AAA Investments”) | Net Asset Value | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | 2,144,118 | ||
Level III | Investments held by Apollo Senior Loan Fund | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | 4,359 | 892 | |
Level III | Investments held by Apollo Senior Loan Fund | Third Party Pricing | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | $ 1,634 | 4,359 | |
Level III | Other Investments | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | 600 | 40,373 | |
Level III | Other Investments | Other Valuation Technique | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | 434 | 600 | |
Level III | Investment in Athene Holding | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | 324,514 | ||
Level III | Investment in Athene Holding | Cost Approach Valuation Technique | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | $ 510,099 | ||
Level III | Investment in Athene Holding | Discounted Cash Flows | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | 324,514 | ||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Discount rate | 15.00% | ||
Level III | Investment in Athene Holding | Weighted Average | Discounted Cash Flows | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Discount rate | 15.00% | ||
Level III | Athene And AAA Derivative | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | 0 | 130,709 | |
Level III | Athene And AAA Derivative | Discounted Cash Flows | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | $ 61,292 | ||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Discount rate | 15.00% | ||
Level III | Athene And AAA Derivative | Weighted Average | Discounted Cash Flows | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Discount rate | 15.00% | ||
Level III | Bank Debt Term Loans | Minimum | Discounted Cash Flows | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Discount rate | 7.10% | ||
Level III | Bank Debt Term Loans | Maximum | Discounted Cash Flows | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Discount rate | 14.00% | ||
Level III | Bank Debt Term Loans | Weighted Average | Discounted Cash Flows | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Discount rate | 8.40% | ||
Level III | Common Stock | Market Approach Valuation Technique | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Comparable multiple | 5.8 | ||
Level III | Common Stock | Specific Transaction - Implied Multiple | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Implied multiple | 5.2 | ||
Level III | Common Stock | Discounted Cash Flows | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Discount rate | 14.60% | ||
Level III | Common Stock | Weighted Average | Market Approach Valuation Technique | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Comparable multiple | 5.8 | ||
Level III | Common Stock | Weighted Average | Specific Transaction - Implied Multiple | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Implied multiple | 5.2 | ||
Level III | Common Stock | Weighted Average | Discounted Cash Flows | |||
Fair Value Inputs, Quantitative Information [Abstract] | |||
Discount rate | 14.60% | ||
Level III | Consolidated Variable Interest Entities | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | $ 107,154 | $ 2,522,913 | 1,919,537 |
Level III | Consolidated Variable Interest Entities | Net Asset Value | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | 6,213 | ||
Level III | Consolidated Variable Interest Entities | Subordinated Notes | Other Valuation Technique | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Liabilities | 106,090 | ||
Level III | Consolidated Variable Interest Entities | Subordinated Notes | Discounted Cash Flows | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Liabilities | 908,831 | ||
Level III | Consolidated Variable Interest Entities | Senior Secured Notes | Third Party Pricing | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Liabilities | 9,283,534 | ||
Level III | Consolidated Variable Interest Entities | Corporate Notes And Loans | Discounted Cash Flows | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Liabilities | 2,031,292 | ||
Level III | Consolidated Variable Interest Entities | Contingent Consideration Obligations | Other Valuation Technique | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Liabilities | 11,411 | 13,274 | |
Level III | Consolidated Variable Interest Entities | Debt of Consolidated VIEs | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Liabilities | 11,411 | 12,343,021 | $ 9,994,147 |
Level III | Consolidated Variable Interest Entities | Bank Debt Term Loans | Third Party Pricing | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | 15,776 | 1,340,296 | |
Level III | Consolidated Variable Interest Entities | Bank Debt Term Loans | Discounted Cash Flows | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | 87,314 | ||
Level III | Consolidated Variable Interest Entities | Corporate Loans/Bonds | Third Party Pricing | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | 22,409 | 1,009,873 | |
Level III | Consolidated Variable Interest Entities | Common Stock | Market Approach Valuation Technique | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | 4,610 | ||
Level III | Consolidated Variable Interest Entities | Common Stock | Third Party Pricing | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | 930 | ||
Level III | Consolidated Variable Interest Entities | Common Stock | Specific Transaction - Purchase Price | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | 58,923 | ||
Level III | Consolidated Variable Interest Entities | Common Stock | Specific Transaction - Implied Multiple | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | $ 20,967 | ||
Level III | Consolidated Variable Interest Entities | Common Stock | Discounted Cash Flows | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets | $ 62,756 |
CARRIED INTEREST RECEIVABLE - C
CARRIED INTEREST RECEIVABLE - Carried Interest Receivable from Private Equity and Capital Markets Funds (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Receivables [Line Items] | |||
Total carried interest receivable | $ 643,907 | $ 911,666 | $ 2,287,075 |
Private Equity Segment | |||
Receivables [Line Items] | |||
Total carried interest receivable | 373,871 | 672,119 | 1,867,771 |
Credit | |||
Receivables [Line Items] | |||
Total carried interest receivable | 240,844 | 226,430 | 408,342 |
Real Estate | |||
Receivables [Line Items] | |||
Total carried interest receivable | $ 29,192 | $ 13,117 | $ 10,962 |
CARRIED INTEREST RECEIVABLE -70
CARRIED INTEREST RECEIVABLE - Carried Interest Receivable Balance (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Carried Interest Receivables [Roll Forward] | ||
Carried interest receivable, January 1 | $ 911,666 | $ 2,287,075 |
Change in fair value of funds | 181,516 | 397,437 |
Fund distributions to the Company | (496,669) | (1,772,846) |
Adoption of new accounting guidance | 47,394 | |
Carried interest receivable, December 31 | 643,907 | 911,666 |
Private Equity Segment | ||
Carried Interest Receivables [Roll Forward] | ||
Carried interest receivable, January 1 | 672,119 | 1,867,771 |
Change in fair value of funds | 42,016 | 231,983 |
Fund distributions to the Company | (340,264) | (1,427,635) |
Adoption of new accounting guidance | 0 | |
Carried interest receivable, December 31 | 373,871 | 672,119 |
Credit | ||
Carried Interest Receivables [Roll Forward] | ||
Carried interest receivable, January 1 | 226,430 | 408,342 |
Change in fair value of funds | 126,426 | 159,350 |
Fund distributions to the Company | (152,370) | (341,262) |
Adoption of new accounting guidance | 40,358 | |
Carried interest receivable, December 31 | 240,844 | 226,430 |
Real Estate | ||
Carried Interest Receivables [Roll Forward] | ||
Carried interest receivable, January 1 | 13,117 | 10,962 |
Change in fair value of funds | 13,074 | 6,104 |
Fund distributions to the Company | (4,035) | (3,949) |
Adoption of new accounting guidance | 7,036 | |
Carried interest receivable, December 31 | $ 29,192 | $ 13,117 |
PROFIT SHARING PAYABLE - Summar
PROFIT SHARING PAYABLE - Summary of Profit Sharing From Private Equity, Credit, and Real Estate Funds (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Profit Sharing Payable Summary [Line Items] | |||
Profit sharing payable | $ 295,674 | $ 434,852 | $ 992,240 |
Private Equity Segment | |||
Profit Sharing Payable Summary [Line Items] | |||
Profit sharing payable | 118,963 | 240,595 | 751,192 |
Credit | |||
Profit Sharing Payable Summary [Line Items] | |||
Profit sharing payable | 165,392 | 186,307 | 234,504 |
Real Estate Segment | |||
Profit Sharing Payable Summary [Line Items] | |||
Profit sharing payable | $ 11,319 | $ 7,950 | $ 6,544 |
PROFIT SHARING PAYABLE - Rollfo
PROFIT SHARING PAYABLE - Rollforward Summary of Profit Sharing From Private Equity, Credit, and Real Estate Funds (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Profit Sharing Payable Rollforward [Roll Forward] | ||
Beginning of period | $ 434,852 | $ 992,240 |
Profit sharing expense | 100,055 | 276,190 |
Payments/other | (239,233) | (833,578) |
End of period | 295,674 | 434,852 |
Private Equity Segment | ||
Profit Sharing Payable Rollforward [Roll Forward] | ||
Beginning of period | 240,595 | 751,192 |
Profit sharing expense | 52,807 | 178,373 |
Payments/other | (174,439) | (688,970) |
End of period | 118,963 | 240,595 |
Credit | ||
Profit Sharing Payable Rollforward [Roll Forward] | ||
Beginning of period | 186,307 | 234,504 |
Profit sharing expense | 42,172 | 95,070 |
Payments/other | (63,087) | (143,267) |
End of period | 165,392 | 186,307 |
Real Estate Segment | ||
Profit Sharing Payable Rollforward [Roll Forward] | ||
Beginning of period | 7,950 | 6,544 |
Profit sharing expense | 5,076 | 2,747 |
Payments/other | (1,707) | (1,341) |
End of period | $ 11,319 | $ 7,950 |
OTHER ASSETS - Schedule of Othe
OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Fixed assets | $ 105,439 | $ 104,617 |
Less: Accumulated depreciation and amortization | (73,803) | (68,711) |
Fixed assets, net | 31,636 | 35,906 |
Prepaid expenses | 48,421 | 32,873 |
Tax receivables | 4,466 | 23,286 |
Interest Receivable | 105 | 11,059 |
Other | 11,216 | 11,117 |
Total Other Assets | $ 95,844 | $ 114,241 |
OTHER ASSETS - Narrative (Detai
OTHER ASSETS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Depreciation | $ 10.5 | $ 10.2 | $ 11 |
OTHER INCOME, NET - Schedule of
OTHER INCOME, NET - Schedule of Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income and Expenses [Abstract] | |||
Tax receivable agreement adjustment | $ 0 | $ 32,182 | $ 13,038 |
Gain on derivatives | 0 | 14,039 | 10,203 |
Gain (Loss) on extinguishment of liability/debt | 0 | 13,395 | (2,741) |
Rental income | 4,349 | 5,566 | 5,334 |
Foreign exchange gain (loss) | 1,719 | (7,131) | 4,142 |
Loss on assets held for sale | 0 | 0 | (1,087) |
Other | 1,605 | 2,541 | 11,225 |
Total Other Income, Net | $ 7,673 | $ 60,592 | $ 40,114 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision | $ 26,733,000 | $ 147,245,000 | $ 107,569,000 |
Effective Income Tax Rate | 7.10% | 16.80% | 4.30% |
Operating Loss Carryforwards [Line Items] | |||
Equity adjustment for unrecognized deferred tax asset for excess share-based compensation cost | $ 22,300,000 | ||
Period of recognition for tax intangibles | 15 years | ||
Deferred tax asset valuation allowance | $ 0 | ||
Unrecognized tax benefits | 0 | ||
Change in income tax provision | $ 36,200,000 | $ 16,900,000 | |
Domestic Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
NOL | 121,300,000 | ||
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
NOL | $ 94,800,000 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal income tax | $ (10,108) | $ 53,426 | $ 30,422 |
Foreign income tax | 7,842 | 6,080 | 4,733 |
State and local income tax | 2,573 | 7,369 | 9,728 |
Subtotal | 307 | 66,875 | 44,883 |
Deferred: | |||
Federal income tax | 19,581 | 28,702 | 40,955 |
Foreign income tax | (256) | (137) | 130 |
State and local income tax | 7,101 | 51,805 | 21,601 |
Subtotal | 26,426 | 80,370 | 62,686 |
Total Income Tax Provision | 26,733 | $ 147,245 | $ 107,569 |
Foreign income before taxes | $ 27,600 |
INCOME TAXES - Reconciliation t
INCOME TAXES - Reconciliation to Income Tax Rates (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. Statutory Tax Rate | 35.00% | 35.00% | 35.00% |
Income Passed Through to Non-Controlling Interests | (26.40%) | (23.40%) | (24.10%) |
Income Passed Through to Class A Shareholders | (4.40%) | 0.10% | (7.90%) |
Equity Based Compensation - AOG Units | 0.00% | 0.00% | 0.20% |
Foreign Income Tax | 1.10% | 0.40% | 0.10% |
State and Local Income Taxes (net of Federal Benefit) | 2.10% | 4.70% | 1.10% |
Amortization & Other Accrual Adjustments | (0.30%) | 0.00% | (0.10%) |
Effective Income Tax Rate | 7.10% | 16.80% | 4.30% |
INCOME TAXES - Schedule of Defe
INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets: | ||
Depreciation and amortization | $ 567,018 | $ 543,288 |
Revenue recognition | 31,363 | 40,250 |
Net operating loss carryforwards | 47,139 | 0 |
Equity-based compensation - RSUs and AAA RDUs | 4,551 | 35,678 |
Foreign tax credit | 8,996 | 3,457 |
Other | 5,472 | 1,437 |
Total Deferred Tax Assets | 664,539 | 624,110 |
Deferred Tax Liabilities: | ||
Unrealized gains from investments | 13,274 | 13,053 |
Other | 5,058 | 4,340 |
Total Deferred Tax Liabilities | $ 18,332 | $ 17,393 |
INCOME TAXES - Change in Income
INCOME TAXES - Change in Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Increase in Deferred Tax Asset | $ 61,720 | $ 58,696 | $ 149,327 |
Increase in Tax Receivable Agreement Liability | 45,432 | 47,878 | 126,928 |
Increase to Additional Paid In Capital | $ 16,288 | $ 10,818 | $ 22,399 |
DEBT - Summary of Debt (Detail)
DEBT - Summary of Debt (Detail) $ in Thousands | Dec. 09, 2014EUR (€) | Jul. 03, 2014EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | ||||
Debt | $ 1,025,255 | $ 1,027,965 | ||
2013 AMH Credit Facilities - Term Facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 499,327 | $ 499,107 | ||
Weighted average interest rate | 1.44% | 1.36% | ||
Unamortized debt issuance expense | $ 700 | $ 900 | ||
2024 Senior Notes | Senior Secured Notes | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 494,555 | $ 493,902 | ||
Weighted average interest rate | 4.00% | 4.00% | ||
Unamortized debt issuance expense | $ 4,600 | $ 5,200 | ||
2014 AMI Term Facility I | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 14,543 | $ 16,204 | ||
Weighted average interest rate | 2.15% | 2.34% | ||
Credit facility borrowing capacity | € | € 13,400,000 | |||
Credit term (in years) | 5 years | |||
2014 AMI Term Facility II | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 16,830 | $ 18,752 | ||
Weighted average interest rate | 1.85% | 1.93% | ||
Credit facility borrowing capacity | € | € 15,500,000 | |||
Credit term (in years) | 5 years |
DEBT - Maturity of Long-Term De
DEBT - Maturity of Long-Term Debt (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
2,016 | $ 0 |
2,017 | 0 |
2,018 | 0 |
2,019 | 531,373 |
2,020 | 0 |
Thereafter | 500,000 |
Total | 1,031,373 |
Line of Credit | 2013 AMH Credit Facilities - Term Facility | |
Debt Instrument [Line Items] | |
2,016 | 0 |
2,017 | 0 |
2,018 | 0 |
2,019 | 500,000 |
2,020 | 0 |
Thereafter | 0 |
Total | 500,000 |
Line of Credit | 2014 AMI Term Facility I | |
Debt Instrument [Line Items] | |
2,016 | 0 |
2,017 | 0 |
2,018 | 0 |
2,019 | 14,543 |
2,020 | 0 |
Thereafter | 0 |
Total | 14,543 |
Line of Credit | 2014 AMI Term Facility II | |
Debt Instrument [Line Items] | |
2,016 | 0 |
2,017 | 0 |
2,018 | 0 |
2,019 | 16,830 |
2,020 | 0 |
Thereafter | 0 |
Total | 16,830 |
Senior Secured Notes | 2024 Senior Notes | |
Debt Instrument [Line Items] | |
2,016 | 0 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 500,000 |
Total | $ 500,000 |
DEBT - Narrative (Detail)
DEBT - Narrative (Detail) | Dec. 18, 2013USD ($) | Apr. 20, 2007USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | May. 30, 2014USD ($) | Dec. 20, 2010USD ($) |
Debt Instrument [Line Items] | |||||||
Debt | $ 1,025,255,000 | $ 1,027,965,000 | |||||
Principal payments on debt | 0 | 250,000,000 | $ 737,818,000 | ||||
2013 AMH Credit Facilities - Term Facility | |||||||
Debt Instrument [Line Items] | |||||||
Carrying amount of assets under management | $ 40,000,000,000 | ||||||
Leverage ratio | 4 | ||||||
Line of Credit | 2007 AMH Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility borrowing capacity | $ 1,000,000,000 | $ 995,000,000 | |||||
Credit term (in years) | 7 years | ||||||
Repurchased debt | 90,900,000 | ||||||
Balance on line of credit | 728,300,000 | ||||||
Interest expense incurred | 28,300,000 | ||||||
Amortization of debt | 700,000 | ||||||
Line of Credit | 2013 AMH Credit Facilities - Term Facility | |||||||
Debt Instrument [Line Items] | |||||||
Interest expense incurred | 7,800,000 | 9,000,000 | $ 400,000 | ||||
Debt | 499,327,000 | 499,107,000 | |||||
Principal payments on debt | 250,000,000 | ||||||
Line of Credit | 2013 AMH Credit Facilities - Term Facility | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Spread on variable rate debt | 0.125% | ||||||
Commitment fee percent | 0.125% | ||||||
Line of Credit | 2013 AMH Credit Facilities - Term Facility | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Spread on variable rate debt | 0.75% | ||||||
Commitment fee percent | 0.25% | ||||||
Line of Credit | 2013 AMH Credit Facilities - Term Facility | LIBOR | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Spread on variable rate debt | 1.125% | ||||||
Line of Credit | 2013 AMH Credit Facilities - Term Facility | LIBOR | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Spread on variable rate debt | 1.75% | ||||||
Term Loan | 2013 AMH Credit Facilities - Term Facility | |||||||
Debt Instrument [Line Items] | |||||||
Amortization of debt | 800,000 | 1,000,000 | |||||
Debt | $ 750,000,000 | 500,000,000 | |||||
Debt, at fair value | 501,300,000 | ||||||
Term Loan held by affiliate | 2013 AMH Credit Facilities - Term Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt | 271,700,000 | ||||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt | $ 500,000,000 | ||||||
Leverage ratio | 3.75 | ||||||
Revolving Credit Facility | 2013 AMH Credit Facilities - Term Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt | $ 500,000,000 | $ 500,000,000 | |||||
Commitment fee percent | 0.125% | ||||||
Effective interest rate | 1.65% | ||||||
Senior Secured Notes | 2024 Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest expense incurred | $ 20,000,000 | 11,700,000 | |||||
Debt | 494,555,000 | 493,902,000 | |||||
Debt, at fair value | 495,300,000 | ||||||
Debt face amount | 500,000,000 | $ 500,000,000 | |||||
Debt interest rate | 4.00% | ||||||
Debt issuance price | 99.722% | ||||||
Deferred debt issuance costs | $ 5,500,000 | ||||||
Amortization of debt issuance costs | $ 600,000 | $ 300,000 | |||||
Affiliated Entity | Line of Credit | 2007 AMH Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Repurchased debt | $ 180,800,000 |
NET INCOME (LOSS) PER CLASS A84
NET INCOME (LOSS) PER CLASS A SHARE - Basic and Diluted Net Income (Loss) Per Class A Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||||||||||||||
Net income attributable to Apollo Global Management, LLC | $ 6,091 | $ 41,051 | $ 56,428 | $ 30,927 | $ 22,182 | $ 2,210 | $ 71,668 | $ 72,169 | $ 159,160 | $ 192,516 | $ 58,737 | $ 248,978 | $ 134,497 | $ 168,229 | $ 659,391 |
Distributions declared on Class A shares | (339,397) | (483,458) | (556,954) | ||||||||||||
Distributions on participating securities | (28,497) | (72,074) | (93,235) | ||||||||||||
Earnings allocable to participating securities | 0 | 0 | (1,394) | ||||||||||||
Undistributed income (loss) attributable to Class A shareholders: Basic and Diluted | (233,397) | (387,303) | 7,808 | ||||||||||||
Dilution effect on undistributed income attributable to Class A shareholders | 0 | 0 | 9,106 | ||||||||||||
Dilution effect on distributable income attributable to participating securities | 0 | 0 | (1,329) | ||||||||||||
Undistributed income (loss) attributable to Class A shareholders: Diluted | $ (233,397) | $ (387,303) | $ 15,585 | ||||||||||||
Denominator: | |||||||||||||||
Weighted average number of Class A shares outstanding: Basic (in shares) | 173,271,666 | 155,349,017 | 139,173,386 | ||||||||||||
Dilution effect of share options and unvested RSUs (in shares) | 0 | 0 | 3,040,964 | ||||||||||||
Weighted average number of Class A shares outstanding: Diluted (in shares) | 173,271,666 | 155,349,017 | 142,214,350 | ||||||||||||
Net Income per Class A share: Basic | |||||||||||||||
Distributed Income (in USD per share) | $ 1.96 | $ 3.11 | $ 4 | ||||||||||||
Undistributed Income (Loss) (in USD per share) | (1.35) | (2.49) | 0.06 | ||||||||||||
Net Income per Class A Share: Basic (in USD per share) | $ 0.02 | $ 0.20 | $ 0.30 | $ 0.09 | $ 0.04 | $ (0.05) | $ 0.33 | $ 0.32 | $ 0.94 | $ 1.13 | $ 0.32 | $ 1.60 | 0.61 | 0.62 | 4.06 |
Net Income per Class A share: Diluted(3) | |||||||||||||||
Distributed Income (in USD per share) | 1.96 | 3.11 | 3.92 | ||||||||||||
Undistributed Income (Loss) (in USD per share) | (1.35) | (2.49) | 0.11 | ||||||||||||
Net Income per Class A Share: Diluted (in USD per share) | $ 0.02 | $ 0.20 | $ 0.30 | $ 0.09 | $ 0.04 | $ (0.05) | $ 0.33 | $ 0.32 | $ 0.93 | $ 1.13 | $ 0.32 | $ 1.59 | $ 0.61 | $ 0.62 | $ 4.03 |
NET INCOME (LOSS) PER CLASS A85
NET INCOME (LOSS) PER CLASS A SHARE - Weighted Average Shares Issued (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average vested units (in shares) | 9,984,862 | 19,541,458 | 20,664,694 |
Weighted average unvested units (in shares) | 4,858,935 | 9,556,131 | 0 |
Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average unexercised options (in shares) | 227,086 | 548,441 | 0 |
Apollo Operating Group (AOG) Unit | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average unvested units (in shares) | 219,575,738 | 225,005,386 | 234,132,052 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average unvested units (in shares) | 90,985 | 0 | 0 |
NET INCOME (LOSS) PER CLASS A86
NET INCOME (LOSS) PER CLASS A SHARE - Transactions in Class A Shares and Impact on Company's and Holdings' Ownership Interests (Detail) - shares | 1 Months Ended | 3 Months Ended | ||||||||||||||||||
Nov. 30, 2015 | Aug. 31, 2015 | May. 31, 2015 | Feb. 28, 2015 | Oct. 31, 2014 | May. 31, 2014 | Nov. 30, 2013 | May. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||||||||
Type of Class A Shares Transaction | Issuance/Exchange | Issuance/Exchange | Issuance/Exchange | Issuance/Exchange | Issuance/Exchange | Issuance | Issuance/Exchange | Issuance | Issuance/Exchange | Issuance | Issuance/Offering | Issuance | ||||||||
Number of Shares Issued in Class A Shares Transaction (in thousands) (in shares) | 2,067,000 | 6,819,000 | 4,275,000 | 4,866,000 | 3,090,000 | 3,660,000 | 7,344,000 | 2,672,000 | 2,581,000 | 1,977,000 | 9,577,000 | 2,091,000 | ||||||||
Apollo Global Management, LLC ownership% in Apollo Operating Group before Class A Shares Transaction | 45.30% | 43.80% | 43.00% | 42.30% | 41.80% | 41.20% | 39.40% | 39.00% | 38.30% | 38.00% | 35.50% | 35.10% | ||||||||
Apollo Global Management, LLC ownership% in Apollo Operating Group after Class A Shares Transaction | 45.60% | 45.30% | 43.80% | 43.00% | 42.30% | 41.80% | 41.20% | 39.40% | 39.00% | 38.30% | 38.00% | 35.50% | ||||||||
Holdings ownership% in Apollo Operating Group before Class A Shares Transaction | 54.70% | 56.20% | 57.00% | 57.70% | 58.20% | 58.80% | 60.60% | 61.00% | 61.70% | 62.00% | 64.50% | 64.90% | ||||||||
Holdings ownership% in Apollo Operating Group after Class A Shares Transaction | 54.40% | 54.70% | 56.20% | 57.00% | 57.70% | 58.20% | 58.80% | 60.60% | 61.00% | 61.70% | 62.00% | 64.50% | ||||||||
Common Class A Shares | ||||||||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||||||||
Exchange of AOG units for class A shares (shares) | 27,500 | 4,400,000 | 1,800,000 | 200,000 | 100,000 | 6,200,000 | 2,300,000 | 8,800,000 |
NET INCOME (LOSS) PER CLASS A87
NET INCOME (LOSS) PER CLASS A SHARE - Narrative (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)voteshares | Dec. 31, 2014 | Dec. 31, 2013 | |
Common Class A Shares | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Conversion ratio of AOG units (in shares) | 1 | ||
Common Class B Shares | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Conversion ratio of AOG units (in shares) | 1 | ||
Number of votes (in votes) | vote | 1 | ||
Class B share net income (loss) | $ | $ 0 | ||
Class B share distribution or liquidation rights | 0 | ||
Class B voting power, percent of voting rights | 61.40% | 65.40% | 69.30% |
EQUITY-BASED COMPENSATION - Act
EQUITY-BASED COMPENSATION - Activity of AOG Units (Details) - Apollo Operating Group (AOG) Unit | 12 Months Ended |
Dec. 31, 2013$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | shares | 1,500,366 |
Vested (in shares) | shares | (1,500,366) |
Ending balance (in shares) | shares | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning of period (in USD per share) | $ / shares | $ 20 |
Vested (in USD per share) | $ / shares | 20 |
End of period (in USD per share) | $ / shares | $ 0 |
EQUITY-BASED COMPENSATION - Val
EQUITY-BASED COMPENSATION - Valuation Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
2007 Omnibus Equity Incentive Plan, Plan Grants | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Marketability discount, no distributions | 26.00% | 32.50% | 30.50% |
Marketability discount, no transfers | 4.20% | 5.10% | 6.00% |
2007 Omnibus Equity Incentive Plan, Bonus Grants | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Marketability discount, no transfers | 2.20% | 3.20% | 3.20% |
EQUITY-BASED COMPENSATION - RSU
EQUITY-BASED COMPENSATION - RSU Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Forfeited (in USD per share) | $ 8 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning balance (in shares) | 10,717,635 | 8,777,286 | 14,724,474 |
Granted (in shares) | 4,634,950 | 7,046,490 | 2,101,277 |
Forfeited (in shares) | (186,741) | (1,055,639) | (888,594) |
Vested (in shares) | 4,125,701 | 4,050,502 | 7,159,871 |
Ending balance (in shares) | 11,040,143 | 10,717,635 | 8,777,286 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning of period (in USD per share) | $ 18.11 | $ 14.32 | $ 11.62 |
Granted (in USD per share) | 15.24 | 21.16 | 26.95 |
Forfeited (in USD per share) | 20.70 | 12.19 | 13.30 |
Delivered (in USD per share) | 13.16 | 12.96 | 12.30 |
Vested (in USD per share) | 19.35 | 16.75 | 12.60 |
End of period (in USD per share) | $ 16.40 | $ 18.11 | $ 14.32 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Beginning balance (in shares) | 28,071,877 | 31,571,037 | 37,237,404 |
Granted (in shares) | 4,634,950 | 7,046,490 | 2,101,277 |
Forfeited (in shares) | (186,741) | (1,055,639) | (888,594) |
Delivered (in shares) | (15,185,890) | (9,490,011) | (6,879,050) |
Vested (in shares) | 4,125,701 | 4,050,502 | 7,159,871 |
Ending balance (in shares) | 17,334,196 | 28,071,877 | 31,571,037 |
Vested | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Vested (in shares) | 4,125,701 | 4,050,502 | 7,159,871 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Beginning balance (in shares) | 17,354,242 | 22,793,751 | 22,512,930 |
Delivered (in shares) | (15,185,890) | (9,490,011) | (6,879,050) |
Vested (in shares) | 4,125,701 | 4,050,502 | 7,159,871 |
Ending balance (in shares) | 6,294,053 | 17,354,242 | 22,793,751 |
Employee | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Forfeited (in shares) | (625,000) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Shares vested under accelerated vesting (in shares) | 625,000 | ||
Accelerated compensation cost | $ 17.5 |
EQUITY-BASED COMPENSATION - Opt
EQUITY-BASED COMPENSATION - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Beginning of period (in shares) | 231,253 | 2,950,003 | 5,275,000 | |
Exercised (in shares) | (8,333) | (1,468,750) | (2,324,997) | |
Forfeited (in shares) | (1,250,000) | |||
End of period (in shares) | 222,920 | 231,253 | 2,950,003 | 5,275,000 |
Exercisable (in shares) | 118,751 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Beginning of period (in USD per share) | $ 16.60 | $ 8.69 | $ 8.44 | |
Exercised (in USD per share) | 12.38 | 8.03 | 8.12 | |
Forfeited (in USD per share) | 8 | |||
End of period (in USD per share) | 17.69 | $ 16.60 | $ 8.69 | $ 8.44 |
Exercisable (in USD per share) | $ 17.14 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Beginning of period | $ 882 | $ 16,124 | $ 29,020 | |
Exercised | (17) | (8,217) | (12,896) | |
Forfeited | (7,025) | |||
End of period | 865 | $ 882 | $ 16,124 | $ 29,020 |
Exercisable | $ 384 | |||
Weighted average contractual life | 6 years 11 months 12 days | 7 years 11 months 4 days | 7 years 29 days | 8 years 3 days |
Exercisable weighted average contractual life | 6 years 11 months 26 days |
EQUITY-BASED COMPENSATION - Awa
EQUITY-BASED COMPENSATION - Awards Delivered (Details) - Common Class A Shares - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Class A shares delivered or issued | 11,296,388 | 10,491,649 | 5,181,389 |
Gross value of shares | $ 325,747 | $ 289,000 | $ 212,900 |
EQUITY-BASED COMPENSATION - RDU
EQUITY-BASED COMPENSATION - RDU Activity (Details) - Restricted Depository Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning balance (in shares) | 164,660 | 245,362 | 338,430 |
Granted (in shares) | 18,426 | 27,286 | |
Forfeited (in shares) | (2,861) | ||
Vested (in shares) | 96,268 | 96,267 | 120,354 |
Ending balance (in shares) | 68,392 | 164,660 | 245,362 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning of period (in USD per share) | $ 12.49 | $ 10.38 | $ 8.85 |
Forfeited (in USD per share) | 8.36 | 26.90 | |
Delivered (in USD per share) | 11.17 | 9.02 | 9.02 |
Vested (in USD per share) | 11.17 | 11.17 | 9.83 |
Granted (in USD per share) | 33.05 | ||
End of period (in USD per share) | $ 14.35 | $ 12.49 | $ 10.38 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Beginning balance (in shares) | 260,927 | 365,716 | 453,326 |
Granted (in shares) | 18,426 | 27,286 | |
Delivered (in shares) | (96,267) | (120,354) | (114,896) |
Forfeited (in shares) | (2,861) | ||
Vested (in shares) | 96,268 | 96,267 | 120,354 |
Ending balance (in shares) | 164,660 | 260,927 | 365,716 |
Vested | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Vested (in shares) | 96,268 | 96,267 | 120,354 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Beginning balance (in shares) | 96,267 | 120,354 | 114,896 |
Delivered (in shares) | (96,267) | (120,354) | (114,896) |
Vested (in shares) | 96,268 | 96,267 | 120,354 |
Ending balance (in shares) | 96,268 | 96,267 | 120,354 |
EQUITY-BASED COMPENSATION - R94
EQUITY-BASED COMPENSATION - RDU for Grant (Details) - shares | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning of period (in shares) | 1,652,309 | 1,685,345 | |
Purchased (in shares) | 9,719 | 6,236 | |
Granted (in shares) | (18,426) | (39,272) | |
Forfeited (in shares) | 2,861 | 0 | |
End of period (in shares) | 1,646,463 | 1,652,309 | |
End of period (in shares) | 1,652,309 | 1,685,345 | 1,646,463 |
EQUITY-BASED COMPENSATION - ARI
EQUITY-BASED COMPENSATION - ARI and AMTG Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 97,676 | $ 126,320 | $ 126,227 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 65,700 | $ 80,700 | $ 87,700 |
Actual forfeiture rate | 1.20% | 6.70% | 5.30% |
ARI | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Management fees | $ 3,334 | $ 1,326 | $ 2,837 |
Equity-based compensation | $ 3,081 | $ 1,329 | $ 2,047 |
Actual forfeiture rate | 1.30% | 0.00% | 1.60% |
Apollo Residential Mortgage, Inc. (“AMTG”) | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Management fees | $ 1,171 | $ 915 | $ 849 |
Equity-based compensation | $ 1,171 | $ 828 | $ 804 |
Actual forfeiture rate | 2.50% | 2.50% | 1.30% |
EQUITY-BASED COMPENSATION - A96
EQUITY-BASED COMPENSATION - ARI RSU Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Forfeited (in USD per share) | $ 8 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning balance (in shares) | 10,717,635 | 8,777,286 | 14,724,474 |
Granted (in shares) | 4,634,950 | 7,046,490 | 2,101,277 |
Forfeited (in shares) | (186,741) | (1,055,639) | (888,594) |
Vested (in shares) | 4,125,701 | 4,050,502 | 7,159,871 |
Ending balance (in shares) | 11,040,143 | 10,717,635 | 8,777,286 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning of period (in USD per share) | $ 18.11 | $ 14.32 | $ 11.62 |
Granted (in USD per share) | 15.24 | 21.16 | 26.95 |
Forfeited (in USD per share) | 20.70 | 12.19 | 13.30 |
Delivered (in USD per share) | 13.16 | 12.96 | 12.30 |
Vested (in USD per share) | 19.35 | 16.75 | 12.60 |
End of period (in USD per share) | $ 16.40 | $ 18.11 | $ 14.32 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Beginning balance (in shares) | 28,071,877 | 31,571,037 | 37,237,404 |
Granted (in shares) | 4,634,950 | 7,046,490 | 2,101,277 |
Forfeited (in shares) | (186,741) | (1,055,639) | (888,594) |
Delivered (in shares) | (15,185,890) | (9,490,011) | (6,879,050) |
Vested (in shares) | 4,125,701 | 4,050,502 | 7,159,871 |
Ending balance (in shares) | 17,334,196 | 28,071,877 | 31,571,037 |
ARI | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning balance (in shares) | 480,175 | 274,402 | 237,542 |
Granted (in shares) | 642,056 | 400,254 | 205,000 |
Granted to company (in shares) | 40,000 | ||
Forfeited (in shares) | (13,500) | (5,000) | |
Vested (in shares) | 201,586 | 129,148 | 137,807 |
Vested to company (in shares) | (13,335) | (65,333) | (65,333) |
Ending balance (in shares) | 893,810 | 480,175 | 274,402 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning of period (in USD per share) | $ 16.61 | $ 15.86 | $ 14.62 |
Granted (in USD per share) | 17.15 | 16.59 | 16.58 |
Granted to company (in USD per share) | 17.59 | ||
Forfeited (in USD per share) | 17.17 | 16.66 | |
Delivered (in USD per share) | 14.99 | 14.76 | 13.32 |
Vested (in USD per share) | 17.02 | 15.55 | 15.48 |
Vested to company (in USD per share) | 17.59 | 15.41 | 15.41 |
End of period (in USD per share) | $ 16.88 | $ 16.61 | $ 15.86 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Beginning balance (in shares) | 664,235 | 571,712 | 350,690 |
Granted (in shares) | 642,056 | 400,254 | 205,000 |
Granted to company (in shares) | 40,000 | ||
Forfeited (in shares) | (13,500) | (5,000) | |
Delivered (in shares) | (33,981) | (307,731) | (18,978) |
Vested (in shares) | 201,586 | 129,148 | 137,807 |
Ending balance (in shares) | 1,258,810 | 664,235 | 571,712 |
Vested | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Vested (in shares) | 4,125,701 | 4,050,502 | 7,159,871 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Beginning balance (in shares) | 17,354,242 | 22,793,751 | 22,512,930 |
Delivered (in shares) | (15,185,890) | (9,490,011) | (6,879,050) |
Vested (in shares) | 4,125,701 | 4,050,502 | 7,159,871 |
Ending balance (in shares) | 6,294,053 | 17,354,242 | 22,793,751 |
Vested | ARI | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Vested (in shares) | 201,586 | 129,148 | 137,807 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Beginning balance (in shares) | 184,060 | 297,310 | 113,148 |
Granted (in shares) | 0 | 0 | 0 |
Granted to company (in shares) | 0 | ||
Forfeited (in shares) | 0 | 0 | |
Delivered (in shares) | (33,981) | (307,731) | (18,978) |
Vested (in shares) | 201,586 | 129,148 | 137,807 |
Vested to company (in shares) | 13,335 | 65,333 | 65,333 |
Ending balance (in shares) | 365,000 | 184,060 | 297,310 |
EQUITY-BASED COMPENSATION - AMT
EQUITY-BASED COMPENSATION - AMTG RSU Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Forfeited (in USD per share) | $ 8 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning balance (in shares) | 10,717,635 | 8,777,286 | 14,724,474 |
Granted (in shares) | 4,634,950 | 7,046,490 | 2,101,277 |
Forfeited (in shares) | (186,741) | (1,055,639) | (888,594) |
Vested (in shares) | 4,125,701 | 4,050,502 | 7,159,871 |
Ending balance (in shares) | 11,040,143 | 10,717,635 | 8,777,286 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning of period (in USD per share) | $ 18.11 | $ 14.32 | $ 11.62 |
Granted (in USD per share) | 15.24 | 21.16 | 26.95 |
Forfeited (in USD per share) | 20.70 | 12.19 | 13.30 |
Vested (in USD per share) | 19.35 | 16.75 | 12.60 |
Delivered (in USD per share) | 13.16 | 12.96 | 12.30 |
End of period (in USD per share) | $ 16.40 | $ 18.11 | $ 14.32 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Beginning balance (in shares) | 28,071,877 | 31,571,037 | 37,237,404 |
Granted (in shares) | 4,634,950 | 7,046,490 | 2,101,277 |
Forfeited (in shares) | (186,741) | (1,055,639) | (888,594) |
Vested (in shares) | 4,125,701 | 4,050,502 | 7,159,871 |
Delivered (in shares) | (15,185,890) | (9,490,011) | (6,879,050) |
Ending balance (in shares) | 17,334,196 | 28,071,877 | 31,571,037 |
Restricted Stock Units (RSUs) | Vested | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Vested (in shares) | 4,125,701 | 4,050,502 | 7,159,871 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Beginning balance (in shares) | 17,354,242 | 22,793,751 | 22,512,930 |
Vested (in shares) | 4,125,701 | 4,050,502 | 7,159,871 |
Delivered (in shares) | (15,185,890) | (9,490,011) | (6,879,050) |
Ending balance (in shares) | 6,294,053 | 17,354,242 | 22,793,751 |
Apollo Residential Mortgage, Inc. (“AMTG”) | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning balance (in shares) | 189,836 | 127,237 | 161,257 |
Granted (in shares) | 130,124 | 25,848 | |
Forfeited (in shares) | (4,676) | (4,855) | (2,359) |
Vested (in shares) | 94,568.6666666667 | 57,982 | 51,259 |
Vested to company (in shares) | (4,688) | (6,250) | |
Ending balance (in shares) | 90,591 | 189,836 | 127,237 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning of period (in USD per share) | $ 16.93 | $ 19.28 | $ 20.28 |
Granted (in USD per share) | 16.01 | 14.73 | |
Forfeited (in USD per share) | 15.75 | 21.22 | 18.74 |
Vested (in USD per share) | 18.02 | 19.56 | 20.30 |
Vested to company (in USD per share) | 18.20 | 18.20 | |
Delivered (in USD per share) | 20.60 | 17.56 | |
End of period (in USD per share) | $ 15.85 | $ 16.93 | $ 19.28 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Beginning balance (in shares) | 291,710 | 197,608 | 174,119 |
Granted (in shares) | 130,124 | 25,848 | |
Forfeited (in shares) | (4,676) | (4,855) | (2,359) |
Vested (in shares) | 94,568.6666666667 | 57,982 | 51,259 |
Delivered (in shares) | (138,862) | (31,167) | |
Ending balance (in shares) | 148,172 | 291,710 | 197,608 |
Apollo Residential Mortgage, Inc. (“AMTG”) | Restricted Stock Units (RSUs) | Vested | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Vested (in shares) | 94,568.6666666667 | 57,982 | 51,259 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Beginning balance (in shares) | 101,874 | 70,371 | 12,862 |
Granted (in shares) | 0 | 0 | |
Forfeited (in shares) | 0 | 0 | 0 |
Vested (in shares) | 94,568.6666666667 | 57,982 | 51,259 |
Vested to company (in shares) | 4,688 | 6,250 | |
Delivered (in shares) | (138,862) | (31,167) | |
Ending balance (in shares) | 57,581 | 101,874 | 70,371 |
EQUITY-BASED COMPENSATION - AHL
EQUITY-BASED COMPENSATION - AHL Awards (Details) - Athene Holding - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Transferred (in shares) | (590,089) | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||
Beginning balance (in shares) | 1,718,073 | 1,717,568 |
Granted (in shares) | 583,268 | 850,000 |
Vested (in shares) | 195,374 | 849,495 |
Transferred (in shares) | 590,089 | |
Ending balance (in shares) | 1,515,878 | 1,718,073 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Beginning of period (in USD per share) | $ 4 | $ 1.23 |
Granted (in USD per share) | 2.17 | 9.31 |
Vested (in USD per share) | 6.04 | 3.69 |
Transferred (in USD per share) | 2.72 | |
End of period (in USD per share) | $ 3.54 | $ 4 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Beginning balance (in shares) | 2,567,568 | 1,717,568 |
Granted (in shares) | 583,268 | 850,000 |
Vested (in shares) | 195,374 | 849,495 |
Ending balance (in shares) | 2,560,747 | 2,567,568 |
Restricted Stock | Vested | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||
Vested (in shares) | 195,374 | 849,495 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Beginning balance (in shares) | 849,495 | 0 |
Granted (in shares) | 0 | 0 |
Vested (in shares) | 195,374 | 849,495 |
Ending balance (in shares) | 1,044,869 | 849,495 |
EQUITY-BASED COMPENSATION - Rec
EQUITY-BASED COMPENSATION - Reconciliation of Equity-Based Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 97,676 | $ 126,320 | $ 126,227 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 68,535 | 107,017 | 30,007 |
Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 24,180 | 16,738 | 92,185 |
Restricted Depositary Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 4,961 | 2,565 | 4,035 |
Non-Controlling Interests in Apollo Operating Group | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 15,857 | 11,455 | 21,657 |
Less other equity-based compensation awards | (15,857) | (11,455) | (2,494) |
Capital Increase Related to Equity-Based Compensation | $ 0 | $ 0 | $ 19,163 |
Non-Controlling Interests in Apollo Operating Group | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of non controlling interest | 0.00% | 0.00% | 61.00% |
Equity-based compensation | $ 0 | $ 0 | $ 19,163 |
Non-Controlling Interests in Apollo Operating Group | Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of non controlling interest | 54.40% | 57.70% | 0.00% |
Equity-based compensation | $ 13,158 | $ 9,938 | $ 0 |
Non-Controlling Interests in Apollo Operating Group | Restricted Depositary Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of non controlling interest | 54.40% | 57.70% | 61.00% |
Equity-based compensation | $ 2,699 | $ 1,517 | $ 2,494 |
Apollo Global Management, LLC | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 81,819 | 114,865 | 104,570 |
Less other equity-based compensation awards | (13,860) | (5,994) | 365 |
Capital Increase Related to Equity-Based Compensation | 67,959 | 108,871 | 104,935 |
Apollo Global Management, LLC | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 68,535 | 107,017 | 10,844 |
Apollo Global Management, LLC | Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | 11,022 | 6,800 | 92,185 |
Apollo Global Management, LLC | Restricted Depositary Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation | $ 2,262 | $ 1,048 | $ 1,541 |
EQUITY-BASED COMPENSATION - Nar
EQUITY-BASED COMPENSATION - Narrative (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation not yet recognized | $ 300,000 | $ 300,000 | |||
Equity-based compensation | $ 97,676,000 | $ 126,320,000 | $ 126,227,000 | ||
Forfeited (in shares) | 1,250,000 | ||||
Options granted | 0 | 0 | 0 | ||
Intrinsic value | $ 100,000 | $ 26,600,000 | $ 100,000 | $ 26,600,000 | $ 42,900,000 |
Distributions related to deliveries of Class A shares for RSUs | (72,594,000) | 27,496,000 | (48,595,000) | ||
Accumulated Deficit | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Distributions related to deliveries of Class A shares for RSUs | (78,870,000) | (403,000) | (85,858,000) | ||
AOG Unit | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation not yet recognized | 5,600,000,000 | ||||
Equity-based compensation | $ 30,000,000 | ||||
AOG Unit | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period for recognition of share-based compensation | 5 years | ||||
AOG Unit | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period for recognition of share-based compensation | 6 years | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity-based compensation | 65,700,000 | 80,700,000 | $ 87,700,000 | ||
Fair value of grants in period | $ 70,600,000 | $ 149,100,000 | $ 56,600,000 | ||
Actual forfeiture rate | 1.20% | 6.70% | 5.30% | ||
Number of units expected to vest | 10,400,000 | 10,400,000 | |||
Restricted Stock Units (RSUs) | Weighted Average | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years 3 months 18 days | ||||
Restricted Stock Units (RSUs) | 2007 Omnibus Equity Incentive Plan, Plan Grants | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 6 years | ||||
Restricted Stock Units (RSUs) | 2007 Omnibus Equity Incentive Plan, Bonus Grants | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Restricted Stock Units (RSUs) | Vesting 1 year after grant | 2007 Omnibus Equity Incentive Plan, Plan Grants | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 1 year | ||||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity-based compensation | $ 0 | $ 0 | |||
Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period for recognition of share-based compensation | 2 years 6 months | ||||
Equity-based compensation | $ 0 | $ 0 | $ 100,000 | $ 28,200,000 | $ 4,700,000 |
Number of units expected to vest | 100,000 | 100,000 | |||
Forfeited (in shares) | 1,250,000 | ||||
Shares vested under accelerated vesting (in shares) | 1,250,000 | ||||
Accelerated compensation cost | $ 28,100,000 | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Forfeited (in shares) | 0 | ||||
Restricted Stock | Athene Holding | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity-based compensation | $ 24,200,000 | 16,700,000 | |||
Vesting period | 5 years | ||||
Aaa Restricted Depositary Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity-based compensation | $ 700,000 | $ 400,000 | $ 1,200,000 | ||
Vesting period | 3 years | ||||
Actual forfeiture rate | 0.00% | 1.10% | 0.00% | ||
Restricted Depository Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of units expected to vest | 64,288 | 64,288 | |||
Restricted Depository Units | Weighted Average | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 1 year 2 months 12 days | ||||
Amtg Restricted Stock Unit | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Number of units expected to vest | 85,156 | 85,156 | |||
Amtg Restricted Stock Unit | Weighted Average | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 1 year 10 months 24 days | ||||
Ari Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Number of units expected to vest | 840,181 | 840,181 | |||
Ari Restricted Stock | Weighted Average | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 2 years 8 months 12 days | ||||
Athene Holding Limited Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of units expected to vest | 463,052 | 463,052 | |||
Awards converted | 0 | 0 | |||
Athene Holding Limited Award | Weighted Average | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 2 years 4 months 24 days | ||||
Athene Holding Limited Award | Vesting Conditions | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of units expected to vest | 1,052,826 | 1,052,826 | |||
Venator HK | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period for recognition of share-based compensation | 2 years | ||||
Equity-based compensation | $ 2,700,000 | ||||
Equity transferred | $ 5,000,000 | ||||
Shares issued for acquisition (in shares) | 359,367 |
RELATED PARTY TRANSACTIONS A101
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Due from Affiliates: | ||
Total due from affiliates | $ 247,835 | $ 268,015 |
Due to Affiliates: | ||
Total due to affiliates | 594,536 | 565,153 |
Private Equity Segment | ||
Due from Affiliates: | ||
Total due from affiliates | 21,532 | 30,091 |
Due to Affiliates: | ||
Total due to affiliates | 16,293 | 1,158 |
Portfolio companies | ||
Due from Affiliates: | ||
Total due from affiliates | 36,424 | 41,844 |
Credit | ||
Due from Affiliates: | ||
Total due from affiliates | 124,660 | 174,197 |
Due to Affiliates: | ||
Total due to affiliates | 57,981 | 5,343 |
Employees | ||
Due from Affiliates: | ||
Total due from affiliates | 42,491 | 1,721 |
Due to Affiliates: | ||
Total due to affiliates | 13,520 | 49,503 |
Real Estate Segment | ||
Due from Affiliates: | ||
Total due from affiliates | 22,728 | 20,162 |
Due to Affiliates: | ||
Total due to affiliates | 580 | 0 |
Managing Partners | ||
Due to Affiliates: | ||
Total due to affiliates | $ 506,162 | $ 509,149 |
RELATED PARTY TRANSACTIONS A102
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Cash Payments for AOG Units (Details) - Liability for AOG Unit Exchange with Managing and Contributing Partners - USD ($) $ in Thousands | 1 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Related Party Transaction [Line Items] | |||
Cash paid to related party | $ 48,420 | $ 32,032 | $ 30,403 |
Managing Partners | |||
Related Party Transaction [Line Items] | |||
Interest expense paid | 13,090 | 8,272 | 7,645 |
Contributing Partners | |||
Related Party Transaction [Line Items] | |||
Interest expense paid | $ 555 | $ 469 | $ 333 |
RELATED PARTY TRANSACTIONS A103
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Amount of Quarterly Distribution (Detail) - USD ($) $ / shares in Units, $ in Millions | Nov. 30, 2015 | Oct. 28, 2015 | Aug. 31, 2015 | Jul. 29, 2015 | May. 29, 2015 | May. 07, 2015 | Apr. 11, 2015 | Feb. 27, 2015 | Feb. 05, 2015 | Dec. 15, 2014 | Nov. 21, 2014 | Oct. 30, 2014 | Sep. 11, 2014 | Aug. 29, 2014 | Aug. 06, 2014 | Jun. 16, 2014 | May. 30, 2014 | May. 08, 2014 | Apr. 03, 2014 | Feb. 26, 2014 | Feb. 07, 2014 | Nov. 29, 2013 | Nov. 07, 2013 | Aug. 30, 2013 | Aug. 08, 2013 | May. 30, 2013 | May. 06, 2013 | Apr. 12, 2013 | Feb. 28, 2013 | Feb. 08, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Distributions declared per Class A Share (USD per share) | $ 0.35 | $ 0.42 | $ 0.33 | $ 0 | $ 0.86 | $ 0 | $ 0.73 | $ 0 | $ 0.46 | $ 0 | $ 0.84 | $ 0 | $ 1.08 | $ 1.01 | $ 1.32 | $ 0.57 | $ 0 | $ 1.05 | $ 1.96 | $ 3.11 | $ 3.95 | ||||||||||||
Distributions paid | $ 139.1 | $ 166 | $ 129.6 | $ 22.4 | $ 335.7 | $ 25.2 | $ 281.6 | $ 12.4 | $ 176.1 | $ 28.5 | $ 318.4 | $ 49.5 | $ 408.2 | $ 378.9 | $ 494.9 | $ 212.6 | $ 55.2 | $ 390.7 | $ 792.8 | $ 1,299.9 | $ 1,532.3 | ||||||||||||
Non-Controlling Interests in Consolidated Entities | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Distributions paid to noncontrolling interest | 75.7 | 91.2 | 72.8 | 22.4 | 191.3 | 25.2 | 162.6 | 12.4 | 102.5 | 28.5 | 188.4 | 49.5 | 247.3 | 231.2 | 305.2 | 131.8 | 55.2 | 252 | 453.4 | 816.4 | 975.4 | ||||||||||||
Common Class A Shares | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Distributions paid | 63.4 | 74.8 | 56.8 | $ 0 | 144.4 | $ 0 | 119 | $ 0 | 73.6 | $ 0 | 130 | $ 0 | 160.9 | 147.7 | 189.7 | 80.8 | $ 0 | 138.7 | 339.4 | 483.5 | 556.9 | ||||||||||||
Apollo Operating Group (AOG) Unit | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Distributions declared per Class A Share (USD per share) | $ 0.10 | $ 0.11 | $ 0.06 | $ 0.13 | $ 0.22 | $ 0.23 | |||||||||||||||||||||||||||
Participating Security | |||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||
Distributions paid | $ 3.1 | $ 5.1 | $ 4.9 | $ 0 | $ 15.3 | $ 0 | $ 15.5 | $ 0 | $ 10.2 | $ 0 | $ 20.9 | $ 0 | $ 25.5 | $ 24.1 | $ 30.8 | $ 14.3 | $ 0 | $ 25 | $ 28.4 | $ 72.1 | $ 94.2 |
RELATED PARTY TRANSACTIONS A104
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Net Income Attributable to Non-Controlling Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Net income attributable to Non-controlling Interests | $ (215,998) | $ (561,693) | $ (1,714,603) |
Other comprehensive (income) loss attributable to Non-Controlling Interests | 7,020 | 591 | (41) |
Comprehensive Income Attributable to Non-Controlling Interests | (208,978) | $ (631,831) | $ (1,564,710) |
Non-controlling interests ownership percentage in AAA | 97.50% | 97.40% | |
AAA | |||
Related Party Transaction [Line Items] | |||
Net income attributable to Non-controlling Interests | 0 | $ (196,964) | $ (331,504) |
Interest in alternative assets | 2.50% | 2.60% | |
Interest in management companies and co-investment vehicle | |||
Related Party Transaction [Line Items] | |||
Net income attributable to Non-controlling Interests | (10,543) | $ (13,186) | $ (18,872) |
Other consolidated entities | |||
Related Party Transaction [Line Items] | |||
Net income attributable to Non-controlling Interests | (10,821) | (17,590) | 43,357 |
Consolidated Entities | |||
Related Party Transaction [Line Items] | |||
Net income attributable to Non-controlling Interests | (21,364) | (227,740) | (307,019) |
Appropriated Partners' Capital | |||
Related Party Transaction [Line Items] | |||
Net income attributable to Non-controlling Interests | 0 | 70,729 | (149,934) |
Net income attributable to Appropriated Partners’ Capital | 0 | (70,729) | 149,934 |
Non-Controlling Interests in Apollo Operating Group | |||
Related Party Transaction [Line Items] | |||
Net income attributable to Non-controlling Interests | $ (194,634) | $ (404,682) | $ (1,257,650) |
RELATED PARTY TRANSACTIONS A105
RELATED PARTY TRANSACTIONS AND INTERESTS IN CONSOLIDATED ENTITIES - Narrative (Detail) - USD ($) | Jun. 24, 2014 | Apr. 29, 2014 | Apr. 04, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 21, 2015 |
Related Party Transaction [Line Items] | |||||||
Period of payments pursuant to tax receivable agreement | 15 years | ||||||
Total due to affiliates | $ 594,536,000 | $ 565,153,000 | |||||
Income Tax Adjustment | 32,200,000 | $ 13,000,000 | |||||
Loans to related party | 25,000,000 | ||||||
Loans due upon liquidation of fund | 1,600,000 | ||||||
Indemnity Liability | $ 4,600,000 | 0 | |||||
General partner obligation | 0 | ||||||
Management fee rate | 0.40% | ||||||
Capital and surplus | 0.50% | ||||||
Quarterly monitoring fee multiplier | 2.5 | ||||||
Advisory and transaction fees from affiliates, net | $ 14,186,000 | 315,587,000 | 196,562,000 | ||||
Due from affiliates | $ 247,835,000 | 268,015,000 | |||||
Changes in derivative market value recognized | 10,200,000 | ||||||
Carried interest payable rate | 20.00% | ||||||
Carried interest from AAA Investments' Investment in Athene | $ 36,100,000 | 14,600,000 | 27,600,000 | ||||
Carried interest receivable related to AAA investments | 185,500,000 | 121,500,000 | |||||
Profit sharing payable for AAA investment | $ 62,800,000 | $ 34,900,000 | |||||
Economic interest | 0.06% | 0.06% | |||||
Carried interest receivable | $ 643,907,000 | $ 911,666,000 | 2,287,075,000 | ||||
Equity Held as of | $ 615,669,000 | $ 380,878,000 | |||||
Apollo Global Management, LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Economic interest | 45.60% | ||||||
Private Placement | Athene Holding | |||||||
Related Party Transaction [Line Items] | |||||||
Consideration received on sale of stock | $ 170,000,000 | $ 80,000,000 | $ 1,048,000,000 | $ 60,000,000 | |||
Sale of stock, price per share | $ 26 | ||||||
Economic interest | 46.30% | 47.70% | |||||
Apollo Credit Liquidity Fund, L.P. (“ACLF”) | |||||||
Related Party Transaction [Line Items] | |||||||
Loans due upon liquidation of fund | $ 6,900,000 | ||||||
General partner obligation | 25,600,000 | $ 2,500,000 | |||||
Apollo Investment Fund V, L.P. (“Fund V”) | |||||||
Related Party Transaction [Line Items] | |||||||
Loans due upon liquidation of fund | 4,900,000 | ||||||
General partner obligation | 10,800,000 | ||||||
Apollo Natural Resources Partners, L.P. (“ANRP I”) | |||||||
Related Party Transaction [Line Items] | |||||||
Loans due upon liquidation of fund | 1,300,000 | ||||||
General partner obligation | 3,400,000 | ||||||
Apollo Asia Private Credit Fund, L.P. (“APC”) | |||||||
Related Party Transaction [Line Items] | |||||||
General partner obligation | 2,100,000 | 300,000 | |||||
Apollo Credit Opportunity Fund II, L.P. (“COF II”) | |||||||
Related Party Transaction [Line Items] | |||||||
General partner obligation | 400,000 | ||||||
Certain Credit Funds | |||||||
Related Party Transaction [Line Items] | |||||||
General partner obligation | $ 29,700,000 | $ 900,000 | 19,300,000 | ||||
AAA and AAA Guarantor - Athene L.P. | |||||||
Related Party Transaction [Line Items] | |||||||
% of Ownership | 2.40% | 2.50% | |||||
Athene Holding | |||||||
Related Party Transaction [Line Items] | |||||||
Economic interest | 9.20% | 8.10% | |||||
% of Ownership | 1.20% | 1.20% | |||||
Ownership in VIE | 45.00% | ||||||
Athene Holding | Apollo Global Management, LLC | |||||||
Related Party Transaction [Line Items] | |||||||
% of Ownership | 8.00% | 6.90% | |||||
Liability for AOG Unit Exchange with Managing and Contributing Partners | |||||||
Related Party Transaction [Line Items] | |||||||
Total due to affiliates | $ 45,400,000 | $ 47,900,000 | 126,900,000 | ||||
Management Fee Receivable | |||||||
Related Party Transaction [Line Items] | |||||||
Due from affiliates | $ 0 | 3,100,000 | |||||
Managing Partners | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of amount of cash savings | 85.00% | ||||||
Total due to affiliates | $ 506,162,000 | 509,149,000 | |||||
Athene and Athene Life Re Ltd. | |||||||
Related Party Transaction [Line Items] | |||||||
Advisory and transaction fees from affiliates, net | 226,400,000 | 107,900,000 | |||||
Due from affiliates | 58,200,000 | ||||||
Athene aggregate income earned by Apollo | 526,500,000 | 546,500,000 | 435,100,000 | ||||
AAA and AAA Guarantor - Athene L.P. | |||||||
Related Party Transaction [Line Items] | |||||||
Management fee including derivative components | 3,400,000 | $ 1,900,000 | $ 2,200,000 | ||||
Apollo MidCap Holdings L.P. | MidCap Finco Ltd. Subscription | |||||||
Related Party Transaction [Line Items] | |||||||
Aggregate commitment for subscription | $ 50,000,000 | ||||||
Subscription commitment period | 3 years | ||||||
Carried interest receivable | $ 29,900,000 | ||||||
Apollo MidCap Holdings L.P. | MidCap Finco Ltd. Subscription | MidCap FinCo Limited (“MidCap”) | |||||||
Related Party Transaction [Line Items] | |||||||
Equity Held as of | $ 79,300,000 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Summary of Approximate Aggregate Minimum Future Payments Required for Operating Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 37,812 |
2,017 | 35,871 |
2,018 | 31,207 |
2,019 | 30,641 |
2,020 | 14,159 |
Thereafter | 10,817 |
Total | $ 160,507 |
COMMITMENTS AND CONTINGENCIE107
COMMITMENTS AND CONTINGENCIES - Summary of Fixed and Determinable Payments (Detail) - Management and Consulting Payable $ in Thousands | Dec. 31, 2015USD ($) |
Other Commitments [Line Items] | |
2,016 | $ 10,594 |
2,017 | 5,282 |
2,018 | 4,908 |
2,019 | 2,329 |
2,020 | 0 |
Thereafter | 0 |
Total | $ 23,113 |
COMMITMENTS AND CONTINGENCIE108
COMMITMENTS AND CONTINGENCIES - Narrative (Detail) | Jul. 21, 2015defendant | Jun. 01, 2015litigation | Apr. 09, 2015 | Jan. 12, 2015plaintiff | Jan. 21, 2014litigation | Mar. 31, 2012litigation | Dec. 31, 2015USD ($)underwriting_commitment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jan. 26, 2016USD ($) | Sep. 03, 2014USD ($) | Jun. 10, 2014shares |
Long-term Purchase Commitment [Line Items] | ||||||||||||
Unfunded capital commitments | $ 566,300,000 | $ 646,600,000 | ||||||||||
Aggregate after-tax cash distribution obligation to acquire additional common units | 25.00% | |||||||||||
Lawsuits filed | litigation | 6 | 4 | 2 | |||||||||
Legal reserve | $ 45,000,000 | |||||||||||
Expenses related to non-cancellable contractual obligations | 41,900,000 | 42,500,000 | $ 42,000,000 | |||||||||
Cumulative revenues recognized if existing investments become worthless | $ 2,400,000,000 | 2,892,800,000 | ||||||||||
Underwriting commitment | underwriting_commitment | 0 | |||||||||||
Fair value of the contingent obligation | $ 70,900,000 | 84,500,000 | ||||||||||
AAA Investment Credit Agreement | ||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||
Maximum advance | $ 10,000,000 | |||||||||||
Commitment fee on advance | 0.125% | |||||||||||
Advances to Affiliate | $ 0 | |||||||||||
Gulf Stream | ||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||
Fair Value of contingent liability | $ 8,700,000 | $ 11,600,000 | ||||||||||
LIBOR | AAA Investment Credit Agreement | ||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||
Spread on advance | 1.50% | |||||||||||
Kelm v. Chase Bank and Miller v. 1-800-Flowers.com, Inc. | ||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||
Period to file motion | 30 days | |||||||||||
Kelm v. Chase Bank and Miller v. 1-800-Flowers.com, Inc. | Affinion Group, LLC | ||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||
Ownership stake | 68.00% | |||||||||||
re: Caesars Entertainment Operating Company, Inc. bankruptcy proceedings, No. 15-10047 and No. 15-01145 | ||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||
Number of plaintiffs | plaintiff | 3 | |||||||||||
Meehancombs Global Credit Opportunities Master Fund, L.P., et al. v. Caesars Entertainment Corp., et al., No. 14-cv-7091 | Caesars Entertainment Corp | ||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||
CEC debt | $ 137,000,000 | |||||||||||
Wilmington Trust, National Association v. Caesars Entertainment Corp., No. 15-cv-08280 | Caesars Entertainment Corp | ||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||
Debt interest rate | 10.75% | |||||||||||
Magnetar Global Event Driven Master Fund Ltd, et al. v. CEC Entertainment, Inc., 2:14-cv-02279-RDR-KGS | Caesars Entertainment Corp | ||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||
Shares for appraisal | shares | 750,000 | |||||||||||
Director | CEC Entertainment, Inc. Stockholder Litigation, Case No. 14C57 | ||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||
Number of defendants | defendant | 2 | |||||||||||
Subsequent Event | Verso Corporation | ||||||||||||
Long-term Purchase Commitment [Line Items] | ||||||||||||
Financing arranged for bankruptcy | $ 775,000,000 |
MARKET AND CREDIT RISK - Narrat
MARKET AND CREDIT RISK - Narrative (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)Investor | Dec. 31, 2014USD ($) | |
Concentration Risk [Line Items] | ||
Number of limited partners more than | 1,000 | |
Variable Interest Rate | ||
Concentration Risk [Line Items] | ||
Debt balance | $ | $ 530.7 | $ 534.1 |
Investor Concentration | Committed Capital | ||
Concentration Risk [Line Items] | ||
Investors over 10% | 0 | |
Percent of committed capital by individual investor | 10.00% |
SEGMENT REPORTING - Schedule of
SEGMENT REPORTING - Schedule of Economic Net Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Economic net income | $ 377,228 | $ 877,167 | $ 2,481,563 |
Impact of modification of ENI | (495) | 61,449 | |
Previously Reported | |||
Segment Reporting Information [Line Items] | |||
Economic net income | $ 755,546 | $ 2,127,651 |
SEGMENT REPORTING - Reconciliat
SEGMENT REPORTING - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||||||||||||||
Advisory and transaction fees from affiliates, net | $ 14,186 | $ 315,587 | $ 196,562 | ||||||||||||
Management fees from affiliates | 930,194 | 850,441 | 674,634 | ||||||||||||
Total Revenues | $ 193,651 | $ 193,268 | $ 351,727 | $ 303,024 | $ 275,396 | $ 221,135 | $ 572,152 | $ 491,400 | $ 795,148 | $ 1,132,089 | $ 497,261 | $ 1,309,073 | 1,041,670 | 1,560,083 | 3,733,571 |
Salary, bonus and benefits | 354,524 | 338,049 | 294,753 | ||||||||||||
Equity-based compensation | 97,676 | 126,320 | 126,227 | ||||||||||||
Profit sharing expense | 85,229 | 276,190 | 1,173,255 | ||||||||||||
Total Compensation and Benefits | 537,429 | 740,559 | 1,594,235 | ||||||||||||
Total Expenses | 187,529 | 174,911 | 244,539 | 223,996 | 197,687 | 177,388 | 354,369 | 314,119 | 396,211 | 600,115 | 322,787 | 622,602 | 830,975 | 1,043,563 | 1,941,715 |
Net gains from investment activities | 121,723 | 213,243 | 330,235 | ||||||||||||
Income (loss) from equity method investments | 14,855 | 53,856 | 107,350 | ||||||||||||
Other income, net | 7,673 | 60,592 | 40,114 | ||||||||||||
Total Other Income | 23,778 | $ 84,793 | $ 49,978 | $ 7,984 | 58,314 | $ (82,135) | $ 69,556 | $ 314,912 | $ 354,879 | $ 210,820 | $ (8,165) | $ 132,173 | 166,533 | 360,647 | 689,707 |
Non-Controlling Interests | (215,998) | (561,693) | (1,714,603) | ||||||||||||
Economic Income (Loss) | 377,228 | 877,167 | 2,481,563 | ||||||||||||
Total Assets | 4,559,808 | 23,172,788 | 4,559,808 | 23,172,788 | |||||||||||
Private Equity Segment | |||||||||||||||
Revenues: | |||||||||||||||
Advisory and transaction fees from affiliates, net | (7,485) | 58,241 | 78,371 | ||||||||||||
Management fees from affiliates | 295,836 | 315,069 | 284,833 | ||||||||||||
Unrealized gain (losses) | (314,161) | (1,196,093) | 454,722 | ||||||||||||
Realized gains | 339,822 | 1,428,076 | 2,062,525 | ||||||||||||
Total Revenues | 314,012 | 605,293 | 2,880,451 | ||||||||||||
Salary, bonus and benefits | 104,367 | 96,689 | 109,761 | ||||||||||||
Equity-based compensation | 31,324 | 49,526 | 31,967 | ||||||||||||
Profit sharing expense | 46,572 | 178,373 | 1,030,404 | ||||||||||||
Total Compensation and Benefits | 182,263 | 324,588 | 1,172,132 | ||||||||||||
Other expenses | 80,109 | 70,286 | 100,896 | ||||||||||||
Total Expenses | 262,372 | 394,874 | 1,273,028 | ||||||||||||
Net interest expense | (9,878) | (7,883) | (10,701) | ||||||||||||
Net gains from investment activities | 6,933 | 0 | 0 | ||||||||||||
Income (loss) from equity method investments | 19,125 | 30,418 | 78,811 | ||||||||||||
Other income, net | 3,148 | 14,027 | 13,774 | ||||||||||||
Total Other Income | 19,328 | 36,562 | 81,884 | ||||||||||||
Non-Controlling Interests | 0 | 0 | 0 | ||||||||||||
Economic Income (Loss) | 70,968 | 246,981 | 1,689,307 | ||||||||||||
Total Assets | 1,255,340 | 1,833,254 | 1,255,340 | 1,833,254 | |||||||||||
Credit Segment | |||||||||||||||
Revenues: | |||||||||||||||
Advisory and transaction fees from affiliates, net | 17,246 | 255,186 | 114,643 | ||||||||||||
Management fees from affiliates | 565,241 | 538,742 | 392,433 | ||||||||||||
Unrealized gain (losses) | (80,534) | (156,644) | (56,568) | ||||||||||||
Realized gains | 139,152 | 322,233 | 430,260 | ||||||||||||
Total Revenues | 641,105 | 959,517 | 880,768 | ||||||||||||
Salary, bonus and benefits | 213,479 | 210,546 | 153,056 | ||||||||||||
Equity-based compensation | 26,683 | 47,120 | 24,167 | ||||||||||||
Profit sharing expense | 34,384 | 83,788 | 81,279 | ||||||||||||
Total Compensation and Benefits | 274,546 | 341,454 | 258,502 | ||||||||||||
Other expenses | 127,767 | 151,252 | 147,525 | ||||||||||||
Total Expenses | 402,313 | 492,706 | 406,027 | ||||||||||||
Net interest expense | (13,740) | (9,274) | (9,686) | ||||||||||||
Net gains from investment activities | 114,199 | 9,062 | (12,593) | ||||||||||||
Income (loss) from equity method investments | (6,025) | 18,812 | 30,678 | ||||||||||||
Other income, net | 3,574 | 35,263 | 32,193 | ||||||||||||
Total Other Income | 98,008 | 53,863 | 40,592 | ||||||||||||
Non-Controlling Interests | (11,684) | (12,688) | (13,985) | ||||||||||||
Economic Income (Loss) | 325,116 | 507,986 | 501,348 | ||||||||||||
Total Assets | 2,143,813 | 2,136,173 | 2,143,813 | 2,136,173 | |||||||||||
Real Estate Segment | |||||||||||||||
Revenues: | |||||||||||||||
Advisory and transaction fees from affiliates, net | 4,425 | 2,655 | 3,548 | ||||||||||||
Management fees from affiliates | 50,816 | 47,213 | 53,436 | ||||||||||||
Unrealized gain (losses) | 7,154 | 4,951 | 4,681 | ||||||||||||
Realized gains | 5,857 | 3,998 | 541 | ||||||||||||
Total Revenues | 68,252 | 58,817 | 62,206 | ||||||||||||
Salary, bonus and benefits | 38,076 | 32,611 | 31,936 | ||||||||||||
Equity-based compensation | 4,177 | 8,849 | 10,207 | ||||||||||||
Profit sharing expense | 5,075 | 2,747 | 123 | ||||||||||||
Total Compensation and Benefits | 47,328 | 44,207 | 42,266 | ||||||||||||
Other expenses | 22,869 | 21,669 | 24,528 | ||||||||||||
Total Expenses | 70,197 | 65,876 | 66,794 | ||||||||||||
Net interest expense | (2,915) | (1,941) | (2,804) | ||||||||||||
Net gains from investment activities | 0 | 0 | 0 | ||||||||||||
Income (loss) from equity method investments | 2,978 | 5,675 | 3,722 | ||||||||||||
Other income, net | 1,455 | 3,409 | 2,115 | ||||||||||||
Total Other Income | 1,518 | 7,143 | 3,033 | ||||||||||||
Non-Controlling Interests | 0 | 0 | 0 | ||||||||||||
Economic Income (Loss) | (427) | 84 | (1,555) | ||||||||||||
Total Assets | 192,469 | 202,395 | 192,469 | 202,395 | |||||||||||
Total Reportable Segments | |||||||||||||||
Revenues: | |||||||||||||||
Advisory and transaction fees from affiliates, net | 14,186 | 316,082 | 196,562 | ||||||||||||
Management fees from affiliates | 911,893 | 901,024 | 730,702 | ||||||||||||
Unrealized gain (losses) | (387,541) | (1,347,786) | 402,835 | ||||||||||||
Realized gains | 484,831 | 1,754,307 | 2,493,326 | ||||||||||||
Total Revenues | 1,023,369 | 1,623,627 | 3,823,425 | ||||||||||||
Salary, bonus and benefits | 355,922 | 339,846 | 294,753 | ||||||||||||
Equity-based compensation | 62,184 | 105,495 | 66,341 | ||||||||||||
Profit sharing expense | 86,031 | 264,908 | 1,111,806 | ||||||||||||
Total Compensation and Benefits | 504,137 | 710,249 | 1,472,900 | ||||||||||||
Other expenses | 230,745 | 243,207 | 272,949 | ||||||||||||
Total Expenses | 734,882 | 953,456 | 1,745,849 | ||||||||||||
Net interest expense | (26,533) | (19,098) | (23,191) | ||||||||||||
Net gains from investment activities | 121,132 | 9,062 | (12,593) | ||||||||||||
Income (loss) from equity method investments | 16,078 | 54,905 | 113,211 | ||||||||||||
Other income, net | 8,177 | 52,699 | 48,082 | ||||||||||||
Total Other Income | 118,854 | 97,568 | 125,509 | ||||||||||||
Non-Controlling Interests | (11,684) | (12,688) | (13,985) | ||||||||||||
Economic Income (Loss) | 395,657 | 755,051 | 2,189,100 | ||||||||||||
Total Assets | 3,591,622 | 4,171,822 | 3,591,622 | 4,171,822 | |||||||||||
Consolidation Adjustments and Other | |||||||||||||||
Revenues: | |||||||||||||||
Total Revenues | 18,301 | (63,544) | (89,854) | ||||||||||||
Total Expenses | 96,093 | 90,107 | 195,866 | ||||||||||||
Income (loss) from equity method investments | (1,223) | (1,048) | (5,861) | ||||||||||||
Total Other Income | 47,679 | 263,079 | 564,198 | ||||||||||||
Economic Income (Loss) | (18,429) | 122,116 | $ 292,463 | ||||||||||||
Total Assets | $ 968,186 | $ 19,000,966 | $ 968,186 | $ 19,000,966 |
SEGMENT REPORTING - Reconcil112
SEGMENT REPORTING - Reconciliation of Total Segments to Apollo Global Management, LLC`s (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | $ 193,651 | $ 193,268 | $ 351,727 | $ 303,024 | $ 275,396 | $ 221,135 | $ 572,152 | $ 491,400 | $ 795,148 | $ 1,132,089 | $ 497,261 | $ 1,309,073 | $ 1,041,670 | $ 1,560,083 | $ 3,733,571 |
Expenses | 187,529 | 174,911 | 244,539 | 223,996 | 197,687 | 177,388 | 354,369 | 314,119 | 396,211 | 600,115 | 322,787 | 622,602 | 830,975 | 1,043,563 | 1,941,715 |
Other income (loss) | 23,778 | $ 84,793 | $ 49,978 | $ 7,984 | 58,314 | $ (82,135) | $ 69,556 | $ 314,912 | $ 354,879 | $ 210,820 | $ (8,165) | $ 132,173 | 166,533 | 360,647 | 689,707 |
Non-Controlling Interests | 0 | 0 | 0 | ||||||||||||
Economic Income (Loss) | 377,228 | 877,167 | 2,481,563 | ||||||||||||
Total Assets | 4,559,808 | 23,172,788 | 4,559,808 | 23,172,788 | |||||||||||
Total Reportable Segments | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 1,023,369 | 1,623,627 | 3,823,425 | ||||||||||||
Expenses | 734,882 | 953,456 | 1,745,849 | ||||||||||||
Other income (loss) | 118,854 | 97,568 | 125,509 | ||||||||||||
Non-Controlling Interests | (11,684) | (12,688) | (13,985) | ||||||||||||
Economic Income (Loss) | 395,657 | 755,051 | 2,189,100 | ||||||||||||
Total Assets | 3,591,622 | 4,171,822 | 3,591,622 | 4,171,822 | |||||||||||
Consolidation Adjustments and Other | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 18,301 | (63,544) | (89,854) | ||||||||||||
Expenses | 96,093 | 90,107 | 195,866 | ||||||||||||
Other income (loss) | 47,679 | 263,079 | 564,198 | ||||||||||||
Non-Controlling Interests | 11,684 | 12,688 | 13,985 | ||||||||||||
Economic Income (Loss) | (18,429) | 122,116 | $ 292,463 | ||||||||||||
Total Assets | $ 968,186 | $ 19,000,966 | $ 968,186 | $ 19,000,966 |
SEGMENT REPORTING - Reconcil113
SEGMENT REPORTING - Reconciliation of Total Segments to Apollo Global Management, LLC's (Footnote) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Net gains (loss) from investment activities of consolidated variable interest entities | $ 19,050 | $ 22,564 | $ 199,742 | ||||||||||||
Income (loss) from equity method investments | 14,855 | 53,856 | 107,350 | ||||||||||||
Total Other Income | $ 23,778 | $ 84,793 | $ 49,978 | $ 7,984 | $ 58,314 | $ (82,135) | $ 69,556 | $ 314,912 | $ 354,879 | $ 210,820 | $ (8,165) | $ 132,173 | 166,533 | 360,647 | 689,707 |
Economic net income | 377,228 | 877,167 | 2,481,563 | ||||||||||||
Non-Controlling Interests | (215,998) | (561,693) | (1,714,603) | ||||||||||||
Income before income tax provision | $ 29,900 | $ 103,150 | $ 157,166 | $ 87,012 | $ 136,023 | $ (38,388) | $ 287,339 | $ 492,193 | $ 753,816 | $ 742,794 | $ 166,309 | $ 818,644 | 377,228 | 877,167 | 2,481,563 |
Total Reportable Segments | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Income (loss) from equity method investments | 16,078 | 54,905 | 113,211 | ||||||||||||
Total Other Income | 118,854 | 97,568 | 125,509 | ||||||||||||
Economic net income | 395,657 | 755,051 | 2,189,100 | ||||||||||||
Non-Controlling Interests | (11,684) | (12,688) | (13,985) | ||||||||||||
Consolidation Adjustments and Other | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net loss from investment activities | 591 | 204,181 | 342,828 | ||||||||||||
Net gains (loss) from investment activities of consolidated variable interest entities | 19,050 | 22,564 | 199,742 | ||||||||||||
Income (loss) from equity method investments | (1,223) | (1,048) | (5,861) | ||||||||||||
Other Income, net | (29,261) | (37,382) | (27,489) | ||||||||||||
Total Other Income | 47,679 | 263,079 | 564,198 | ||||||||||||
Economic net income | (18,429) | 122,116 | 292,463 | ||||||||||||
Apollo Global Management, LLC | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total Other Income | (18,429) | 122,116 | 292,463 | ||||||||||||
Non-Controlling Interests | 21,364 | 157,011 | 456,953 | ||||||||||||
Transaction-related charges | $ (39,793) | $ (34,895) | $ (164,490) |
SEGMENT REPORTING - Narrative (
SEGMENT REPORTING - Narrative (Details) | 12 Months Ended |
Dec. 31, 2015Segment | |
Segment Reporting [Abstract] | |
Number of segments | 3 |
SUBSEQUENT EVENTS - Narrative (
SUBSEQUENT EVENTS - Narrative (Detail) - USD ($) | Feb. 05, 2016 | Feb. 03, 2016 | Jan. 14, 2016 | Oct. 28, 2015 | Jul. 29, 2015 | May. 07, 2015 | Apr. 11, 2015 | Feb. 05, 2015 | Dec. 15, 2014 | Oct. 30, 2014 | Sep. 11, 2014 | Aug. 06, 2014 | Jun. 16, 2014 | May. 08, 2014 | Apr. 03, 2014 | Feb. 07, 2014 | Nov. 07, 2013 | Aug. 08, 2013 | May. 06, 2013 | Apr. 12, 2013 | Feb. 08, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 29, 2016 |
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Distributions declared per Class A Share (USD per share) | $ 0.35 | $ 0.42 | $ 0.33 | $ 0 | $ 0.86 | $ 0 | $ 0.73 | $ 0 | $ 0.46 | $ 0 | $ 0.84 | $ 0 | $ 1.08 | $ 1.01 | $ 1.32 | $ 0.57 | $ 0 | $ 1.05 | $ 1.96 | $ 3.11 | $ 3.95 | ||||
Subsequent Event | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Amount of shares authorized for repurchase | $ 250,000,000 | ||||||||||||||||||||||||
Common Class A Shares | Subsequent Event | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Additional Class Shares (in shares) | 2,745,799 | 529,395 | |||||||||||||||||||||||
Distributions declared per Class A Share (USD per share) | $ 0.28 | ||||||||||||||||||||||||
Amount of shares authorized for repurchase | 150,000,000 | ||||||||||||||||||||||||
Amount of shares authorized for repurchase that will be a reduction for employee tax obligations | $ 100,000,000 | ||||||||||||||||||||||||
Minimum | Subsequent Event | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Ownership of related party | 45.70% | 45.60% | |||||||||||||||||||||||
Maximum | Subsequent Event | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Ownership of related party | 46.00% | 45.70% |
QUARTERLY FINANCIAL DATA (Detai
QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Revenues | $ 193,651 | $ 193,268 | $ 351,727 | $ 303,024 | $ 275,396 | $ 221,135 | $ 572,152 | $ 491,400 | $ 795,148 | $ 1,132,089 | $ 497,261 | $ 1,309,073 | $ 1,041,670 | $ 1,560,083 | $ 3,733,571 |
Expenses | 187,529 | 174,911 | 244,539 | 223,996 | 197,687 | 177,388 | 354,369 | 314,119 | 396,211 | 600,115 | 322,787 | 622,602 | 830,975 | 1,043,563 | 1,941,715 |
Other income (loss) | 23,778 | 84,793 | 49,978 | 7,984 | 58,314 | (82,135) | 69,556 | 314,912 | 354,879 | 210,820 | (8,165) | 132,173 | 166,533 | 360,647 | 689,707 |
Income before income tax provision | 29,900 | 103,150 | 157,166 | 87,012 | 136,023 | (38,388) | 287,339 | 492,193 | 753,816 | 742,794 | 166,309 | 818,644 | 377,228 | 877,167 | 2,481,563 |
Net Income | 24,364 | 96,559 | 148,074 | 81,498 | 85,740 | (67,764) | 252,302 | 459,644 | 730,169 | 695,590 | 148,170 | 800,065 | 350,495 | 729,922 | 2,373,994 |
Net income attributable to Apollo Global Management, LLC | $ 6,091 | $ 41,051 | $ 56,428 | $ 30,927 | $ 22,182 | $ 2,210 | $ 71,668 | $ 72,169 | $ 159,160 | $ 192,516 | $ 58,737 | $ 248,978 | $ 134,497 | $ 168,229 | $ 659,391 |
Net Income Per Class A Share - Basic (USD per share) | $ 0.02 | $ 0.20 | $ 0.30 | $ 0.09 | $ 0.04 | $ (0.05) | $ 0.33 | $ 0.32 | $ 0.94 | $ 1.13 | $ 0.32 | $ 1.60 | $ 0.61 | $ 0.62 | $ 4.06 |
Net Income Per Class A Share - Diluted (USD per share) | $ 0.02 | $ 0.20 | $ 0.30 | $ 0.09 | $ 0.04 | $ (0.05) | $ 0.33 | $ 0.32 | $ 0.93 | $ 1.13 | $ 0.32 | $ 1.59 | $ 0.61 | $ 0.62 | $ 4.03 |
Uncategorized Items - apo-20151
Label | Element | Value |
Additional Paid-in Capital [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 1,771,000 |
Noncontrolling Interest [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (3,134,518,000) |
Parent Company [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (934,745,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (3,350,000) |
Appropriated Partners Capital [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (933,166,000) |