Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ALLIANCEBERNSTEIN HOLDING L.P. | ||
Entity Central Index Key | 825313 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $2.30 | ||
Entity Common Stock, Shares Outstanding | 100,756,999 | [1] | |
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
[1] | includes 100,000 units of general partnership interest having economic interests equivalent to the economic interests of the units representing assignments of beneficial ownership of limited partnership interests. |
Statements_of_Financial_Condit
Statements of Financial Condition (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Investment in AB | $1,627,740 | $1,533,654 |
Other assets | 152 | 0 |
Total assets | 1,627,892 | 1,533,654 |
Liabilities: | ||
Other liabilities | 382 | 776 |
Total liabilities | 382 | 776 |
Commitments and contingencies (See Note 7) | ||
Partners' capital: | ||
General Partner: 100,000 general partnership units issued and outstanding | 1,374 | 1,377 |
Limited partners: 100,656,999 and 95,928,494 limited partnership units issued and outstanding | 1,668,585 | 1,558,080 |
AB Holding Units held by AB to fund long-term incentive compensation plans | -13,280 | -14,045 |
Accumulated other comprehensive income (loss) | -29,169 | -12,534 |
Total partners' capital | 1,627,510 | 1,532,878 |
Total liabilities and partners' capital | $1,627,892 | $1,533,654 |
Statements_of_Financial_Condit1
Statements of Financial Condition (Parenthetical) | Dec. 31, 2014 | Dec. 31, 2013 |
Partners' capital: | ||
General partner: units issued (in shares) | 100,000 | 100,000 |
General Partner: units outstanding (in shares) | 100,000 | 100,000 |
Limited partners: units issued (in shares) | 100,656,999 | 95,928,494 |
Limited partners: units outstanding (in shares) | 100,656,999 | 95,928,494 |
Statements_of_Income
Statements of Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Statements of Income [Abstract] | |||||||||||||||||||
Equity in net income attributable to AB Unitholders | $63,563 | $49,876 | $48,467 | $41,371 | $62,971 | $34,504 | $45,440 | $42,997 | $203,277 | $185,912 | $70,807 | ||||||||
Income taxes | 22,463 | 20,410 | 19,722 | ||||||||||||||||
Net income | $57,667 | $44,134 | $42,854 | $36,159 | $57,472 | $29,523 | $40,276 | $38,231 | $180,814 | $165,502 | $51,085 | ||||||||
Net income per unit: | |||||||||||||||||||
Basic (in dollars per share) | $0.59 | [1] | $0.45 | [1] | $0.44 | [1] | $0.38 | [1] | $0.62 | [1] | $0.32 | [1] | $0.40 | [1] | $0.38 | [1] | $1.87 | $1.72 | $0.51 |
Diluted (in dollars per share) | $0.59 | [1] | $0.45 | [1] | $0.44 | [1] | $0.38 | [1] | $0.62 | [1] | $0.32 | [1] | $0.40 | [1] | $0.38 | [1] | $1.86 | $1.71 | $0.51 |
[1] | Basic and diluted net income per unit are computed independently for each of the periods presented. Accordingly, the sum of the quarterly net income per unit amounts may not agree to the total for the year. |
Statement_of_Comprehensive_Inc
Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $180,814 | $165,502 | $51,085 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | -7,655 | -4,479 | -453 |
Income tax (expense) benefit | -78 | 146 | 296 |
Foreign currency translation adjustments, net of tax | -7,733 | -4,333 | -157 |
Unrealized gains on investments: | |||
Unrealized gains arising during period | 602 | 210 | 516 |
Less: reclassification adjustments for gains included in net income | 7 | 1,670 | 17 |
Changes in unrealized gains (losses) on investments | 595 | -1,460 | 499 |
Income tax (expense) benefit | -283 | 430 | -242 |
Unrealized gains (losses) on investments, net of tax | 312 | -1,030 | 257 |
Changes in employee benefit related items: | |||
Amortization of transition asset | 0 | -18 | -54 |
Amortization of prior service cost | -1,841 | 2,077 | 40 |
Recognized actuarial (loss) gain | -7,486 | 9,144 | -3,792 |
Changes in employee benefit related items | -9,327 | 11,203 | -3,806 |
Income tax benefit (expense) | 113 | -173 | -50 |
Employee benefit related items, net of tax | -9,214 | 11,030 | -3,856 |
Other comprehensive (loss) income | -16,635 | 5,667 | -3,756 |
Comprehensive income | $164,179 | $171,169 | $47,329 |
Statements_of_Changes_in_Partn
Statements of Changes in Partners' Capital (USD $) | General Partner's Capital [Member] | Limited Partners' Capital [Member] | AB Holding Units Held by AB to Fund Long-Term Incentive Compensation Plans [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands | |||||
Balance, beginning of year at Dec. 31, 2011 | $1,416 | $1,760,388 | ($121,186) | ($14,445) | |
Net income | 49 | 51,036 | 51,085 | ||
Cash distributions to Unitholders | -96 | -88,252 | |||
Retirement of AB Holding Units | 0 | ||||
Issuance of AB Holding Units to fund long-term incentive compensation plan awards | 0 | ||||
Exercise of compensatory options to buy AB Holding Units | 0 | ||||
AB Holding Units held by AB to fund long-term incentive compensation plans | -25,072 | ||||
Unrealized gain (loss) on investments, net of tax | 257 | ||||
Foreign currency translation adjustment, net of tax | -157 | ||||
Changes in employee benefit related items, net of tax | -3,856 | ||||
Balance, end of year at Dec. 31, 2012 | 1,369 | 1,723,172 | -146,258 | -18,201 | 1,560,082 |
Net income | 167 | 165,335 | 165,502 | ||
Cash distributions to Unitholders | -159 | -142,793 | |||
Retirement of AB Holding Units | -287,303 | ||||
Issuance of AB Holding Units to fund long-term incentive compensation plan awards | 84,531 | 84,531 | |||
Exercise of compensatory options to buy AB Holding Units | 15,138 | ||||
AB Holding Units held by AB to fund long-term incentive compensation plans | 132,213 | 132,213 | |||
Unrealized gain (loss) on investments, net of tax | -1,030 | ||||
Foreign currency translation adjustment, net of tax | -4,333 | ||||
Changes in employee benefit related items, net of tax | 11,030 | ||||
Balance, end of year at Dec. 31, 2013 | 1,377 | 1,558,080 | -14,045 | -12,534 | 1,532,878 |
Net income | 186 | 180,628 | 180,814 | ||
Cash distributions to Unitholders | -189 | -182,535 | |||
Retirement of AB Holding Units | -14,577 | ||||
Issuance of AB Holding Units to fund long-term incentive compensation plan awards | 108,034 | 108,034 | |||
Exercise of compensatory options to buy AB Holding Units | 18,955 | ||||
AB Holding Units held by AB to fund long-term incentive compensation plans | 765 | 765 | |||
Unrealized gain (loss) on investments, net of tax | 312 | ||||
Foreign currency translation adjustment, net of tax | -7,733 | ||||
Changes in employee benefit related items, net of tax | -9,214 | ||||
Balance, end of year at Dec. 31, 2014 | $1,374 | $1,668,585 | ($13,280) | ($29,169) | $1,627,510 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $180,814 | $165,502 | $51,085 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in net income attributable to AB Unitholders | -203,277 | -185,912 | -70,807 |
Cash distributions received from AB | 203,919 | 166,324 | 120,950 |
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | -152 | 5,957 | -4,885 |
Increase in due to AB | 0 | 3,173 | 3,600 |
(Decrease) increase in other liabilities | -394 | 418 | 0 |
Net cash provided by operating activities | 180,910 | 155,462 | 99,943 |
Cash flows from investing activities: | |||
Investments in AB from cash distributions paid to AB consolidated rabbi trust | 0 | -14,076 | -11,595 |
Investments in AB with proceeds from exercises of compensatory options to buy AB Holding Units | -18,955 | -15,138 | 0 |
Net cash used in investing activities | -18,955 | -29,214 | -11,595 |
Cash flows from financing activities: | |||
Cash distributions to Unitholders | -182,724 | -142,952 | -88,348 |
Capital contributions from AB | 1,814 | 1,566 | 0 |
Proceeds from exercise of compensatory options to buy AB Holding Units | 18,955 | 15,138 | 0 |
Net cash used in financing activities | -161,955 | -126,248 | -88,348 |
Change in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents as of beginning of the year | 0 | 0 | 0 |
Cash and cash equivalents as of end of the year | 0 | 0 | 0 |
Cash paid: | |||
Income taxes | 23,009 | 19,981 | 24,606 |
Non-cash investing activities: | |||
Issuance of AB Holding Units to fund long-term incentive compensation plan awards | 108,034 | 84,531 | 0 |
Retirement of AB Holding Units | ($14,577) | ($287,303) | $0 |
Business_Description_and_Organ
Business Description and Organization | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Description and Organization [Abstract] | |||||
Business Description and Organization | 1. Business Description and Organization | ||||
AB Holding’s principal source of income and cash flow is attributable to its investment in AB limited partnership interests. | |||||
AB provides research, diversified investment management and related services globally to a broad range of clients. Its principal services include: | |||||
• | Institutional Services—servicing its institutional clients, including private and public pension plans, foundations and endowments, insurance companies, central banks and governments worldwide, and affiliates such as AXA and its subsidiaries, by means of separately-managed accounts, sub-advisory relationships, structured products, collective investment trusts, mutual funds, hedge funds and other investment vehicles. | ||||
• | Retail Services—servicing its retail clients, primarily by means of retail mutual funds sponsored by AB or an affiliated company, sub-advisory relationships with mutual funds sponsored by third parties, separately-managed account programs sponsored by financial intermediaries worldwide and other investment vehicles. | ||||
• | Private Wealth Management Services—servicing its private clients, including high-net-worth individuals and families, trusts and estates, charitable foundations, partnerships, private and family corporations, and other entities (including most institutions for which AB manages accounts with less than $25 million in assets), by means of separately-managed accounts, hedge funds, mutual funds and other investment vehicles. | ||||
• | Bernstein Research Services—servicing institutional investors, such as pension fund, hedge fund and mutual fund managers, seeking high-quality fundamental research, quantitative services and brokerage-related services in equities and listed options. | ||||
AB also provides distribution, shareholder servicing, transfer agency services and administrative services to the mutual funds it sponsors. | |||||
AB’s high-quality, in-depth research is the foundation of its business. AB’s research disciplines include economic, fundamental equity, fixed income and quantitative research. In addition, AB has experts focused on multi-asset strategies, wealth management and alternative investments. | |||||
AB provides a broad range of investment services with expertise in: | |||||
• | Actively managed equity strategies, with global and regional portfolios across capitalization ranges and investment strategies, including value, growth and core equities; | ||||
• | Actively managed traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies; | ||||
• | Passive management, including index and enhanced index strategies; | ||||
• | Alternative investments, including hedge funds, fund of funds and private equity (e.g., direct real estate investing); and | ||||
• | Multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds. | ||||
AB’s services span various investment disciplines, including market capitalization (e.g., large-, mid- and small-cap equities), term (e.g., long-, intermediate- and short-duration debt securities), and geographic location (e.g., U.S., international, global, emerging markets, regional and local), in major markets around the world. | |||||
As of December 31, 2014, AXA, a société anonyme organized under the laws of France and the holding company for an international group of insurance and related financial services companies, through certain of its subsidiaries (“AXA and its subsidiaries”) owns approximately 1.4% of the issued and outstanding units representing assignments of beneficial ownership of limited partnership interests in AB Holding (“AB Holding Units”). | |||||
As of December 31, 2014, the ownership structure of AB, expressed as a percentage of general and limited partnership interests, is as follows: | |||||
AXA and its subsidiaries | 62.1 | % | |||
AB Holding | 36.5 | ||||
Unaffiliated holders | 1.4 | ||||
100 | % | ||||
AllianceBernstein Corporation (an indirect wholly-owned subsidiary of AXA, “General Partner”) is the general partner of both AB Holding and AB. AllianceBernstein Corporation owns 100,000 general partnership units in AB Holding and a 1% general partnership interest in AB. Including both the general partnership and limited partnership interests in AB Holding and AB, AXA and its subsidiaries have an approximate 62.7% economic interest in AB as of December 31, 2014. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies |
Basis of Presentation | |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of the financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |
AB Holding’s financial statements and notes should be read in conjunction with the consolidated financial statements and notes of AB, which are included in this Form 10-K. | |
Investment in AB | |
AB Holding records its investment in AB using the equity method of accounting. AB Holding’s investment is increased to reflect its proportionate share of income of AB and decreased to reflect its proportionate share of losses of AB and cash distributions made by AB to its Unitholders. In addition, its investment is adjusted to reflect its proportionate share of certain capital transactions of AB. | |
Cash Distributions | |
AB Holding is required to distribute all of its Available Cash Flow, as defined in the Amended and Restated Agreement of Limited Partnership of AB Holding (“AB Holding Partnership Agreement”), to its Unitholders pro rata in accordance with their percentage interests in AB Holding. Available Cash Flow is defined as the cash distributions AB Holding receives from AB minus such amounts as the General Partner determines, in its sole discretion, should be retained by AB Holding for use in its business or plus such amounts as the General Partner determines, in its sole discretion, should be released from previously retained cash flow. | |
On February 12, 2015, the General Partner declared a distribution of $0.57 per unit, representing a distribution of Available Cash Flow for the three months ended December 31, 2014. Each general partnership unit in AB Holding is entitled to receive distributions equal to those received by each AB Holding Unit. The distribution is payable on March 12, 2015 to holders of record at the close of business on February 23, 2015. | |
Total cash distributions per Unit paid to Unitholders during 2014, 2013 and 2012 were $1.89, $1.59 and $0.95, respectively. | |
Long-term Incentive Compensation Plans | |
AB maintains several unfunded, non-qualified long-term incentive compensation plans, under which the company grants awards of restricted AB Holding Units and options to buy AB Holding Units to its employees and members of the Board of Directors (“Eligible Directors”) who are not employed by AB or by any of AB’s affiliates. | |
AB funds its restricted AB Holding Unit awards either by purchasing AB Holding Units on the open market or purchasing newly-issued AB Holding Units from AB Holding, all of which are held in a consolidated rabbi trust until they are distributed to employees or retired. In accordance with the AB Holding Partnership Agreement, when AB purchases newly-issued AB Holding Units from AB Holding, AB Holding is required to use the proceeds it receives from AB to purchase the equivalent number of newly-issued AB Units, thus increasing its percentage ownership interest in AB. AB Holding Units held in the consolidated rabbi trust are corporate assets in the name of the trust and are available to the general creditors of AB. | |
During 2014 and 2013, AB purchased 3.6 million and 5.2 million AB Holding Units for $92.8 million and $111.3 million, respectively (on a trade date basis). These amounts reflect open-market purchases of 0.3 million and 1.9 million AB Holding Units for $7.2 million and $38.5 million, respectively, with the remainder relating to purchases of AB Holding Units from employees to allow them to fulfill statutory tax withholding requirements at the time of distribution of long-term incentive compensation awards. | |
Each quarter, AB implements plans to repurchase AB Holding Units pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (“Exchange Act”). A Rule 10b5-1 plan allows a company to repurchase its shares at times when it otherwise might be prevented from doing so because of self-imposed trading blackout periods or because it possesses material non-public information. Each broker selected by AB has the authority under the terms and limitations specified in the plan to repurchase AB Holding Units on AB’s behalf in accordance with the terms of the plan. Repurchases are subject to regulations promulgated by the U.S. Securities and Exchange Commission (“SEC”) as well as certain price, market volume and timing constraints specified in the plan. The plan adopted during the fourth quarter of 2014 expired at the close of business on February 11, 2015. AB may adopt additional Rule 10b5-1 plans in the future to engage in open-market purchases of AB Holding Units to help fund anticipated obligations under its incentive compensation award program and for other corporate purposes. | |
During 2014, AB granted to employees and Eligible Directors 7.6 million restricted AB Holding Unit awards (including 6.6 million granted in December for 2014 year-end awards). During 2013, AB granted to employees and Eligible Directors 13.9 million restricted AB Holding Unit awards (including 6.5 million granted in December 2013 for 2013 year-end awards and 6.5 million granted in January 2013 for 2012 year-end awards). Prior to the third quarter of 2013 (and our decision described in the next paragraph to retire unallocated AB Holding Units in AB’s consolidated rabbi trust), AB funded awards by allocating previously repurchased AB Holding Units that had been held in the rabbi trust. In 2014, AB used AB Holding Units repurchased during the fourth quarter of 2014 and newly-issued AB Holding Units to fund restricted AB Holding Units awards. | |
Effective July 1, 2013, management retired all unallocated AB Holding Units in AB’s consolidated rabbi trust. To retire such units, AB delivered the unallocated AB Holding Units held in the rabbi trust to AB Holding in exchange for the same number of AB units. Each entity then retired its units. As a result, on July 31, 2013, each of AB’s and AB Holding’s units outstanding decreased by approximately 13.1 million units. AB and AB Holding intend (subject to compliance with applicable safe harbor rules to avoid AB being treated as a publicly-traded partnership) to retire additional units as AB purchases AB Holding Units on the open market or from employees to allow them to fulfill statutory tax withholding requirements at the time of distribution of long-term incentive compensation awards, if such units are not required to fund new employee awards in the near future. If a sufficient number of AB Holding Units is not available in the rabbi trust to fund new awards, AB will purchase newly-issued AB Holding Units from AB Holding, as was done in 2014 and 2013. | |
During 2014, AB Holding issued 1.1 million AB Holding Units upon exercise of options to buy AB Holding Units. AB Holding used the proceeds of $19.0 million received from employees as payment in cash for the exercise price to purchase the equivalent number of newly-issued AB Units. |
Net_Income_Per_Unit
Net Income Per Unit | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Net Income Per Unit [Abstract] | |||||||||||||
Net Income Per Unit | 3. Net Income Per Unit | ||||||||||||
Basic net income per unit is derived by dividing net income by the basic weighted average number of units outstanding for each year. Diluted net income per unit is derived by adjusting net income for the assumed dilutive effect of compensatory options (“Net income - diluted”) and dividing by the diluted weighted average number of units outstanding for each year. | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands, except per unit amounts) | |||||||||||||
Net income - basic | $ | 180,814 | $ | 165,502 | $ | 51,085 | |||||||
Additional allocation of equity in net income attributable to AB resulting from assumed dilutive effect of compensatory options | 1,536 | 1,166 | — | ||||||||||
Net income - diluted | $ | 182,350 | $ | 166,668 | $ | 51,085 | |||||||
Weighted average units outstanding - basic | 96,802 | 96,461 | 101,067 | ||||||||||
Dilutive effect of compensatory options | 1,148 | 961 | 1 | ||||||||||
Weighted average units outstanding - diluted | 97,950 | 97,422 | 101,068 | ||||||||||
Basic net income per unit | $ | 1.87 | $ | 1.72 | $ | 0.51 | |||||||
Diluted net income per unit | $ | 1.86 | $ | 1.71 | $ | 0.51 | |||||||
For the years ended December 31, 2014, 2013 and 2012, we excluded 2,806,033, 2,923,035 and 8,438,902 options, respectively, from the diluted net income per unit computation due to their anti-dilutive effect. Weighted average units outstanding do not include AB Holding’s proportional share (35.9% in 2013 and 37.5% in 2012) of the unallocated AB Holding Units then held by AB in its consolidated rabbi trust. | |||||||||||||
As discussed in Note 2, on July 1, 2013, management retired all unallocated AB Holding Units in AB’s consolidated rabbi trust, and, since that time, has continued to retire units as AB has purchased AB Holding Units on the open market or from employees to allow them to fulfill statutory tax withholding requirements at the time of distribution of long-term incentive compensation awards, if such units are not required to fund new employee awards in the near future |
Investment_in_AB
Investment in AB | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Investment in AB [Abstract] | |||||||||
Investment in AB | 4. Investment in AB | ||||||||
Changes in AB Holding’s investment in AB for the years ended December 31, 2014 and 2013 are as follows: | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Investment in AB as of January 1, | $ | 1,533,654 | $ | 1,560,536 | |||||
Equity in net income attributable to AB Unitholders | 203,277 | 185,912 | |||||||
Changes in accumulated other comprehensive income (loss) | (16,635 | ) | 5,667 | ||||||
Cash distributions received from AB | (203,919 | ) | (166,324 | ) | |||||
Additional investments in AB from cash distributions paid to AB consolidated rabbi trust | — | 14,076 | |||||||
Additional investments with proceeds from exercises of compensatory options to buy AB Holding Units, net | 18,955 | 15,138 | |||||||
Reclassification of payable to AB | — | (9,226 | ) | ||||||
Capital contributions from AB | (1,814 | ) | (1,566 | ) | |||||
AB Holding Units retired | (14,577 | ) | (287,303 | ) | |||||
AB Holding Units issued to fund long-term incentive compensation plans | 108,034 | 84,531 | |||||||
Change in AB Holding Units held by AB for long-term incentive compensation plans | 765 | 132,213 | |||||||
Investment in AB as of December 31, | $ | 1,627,740 | $ | 1,533,654 | |||||
As of June 30, 2013, AB Holding had a payable to AB balance of $9.2 million. During the second quarter of 2013, management determined that the liability should be settled only upon liquidation of AB Holding. As a result of this determination, and due to the affiliated nature of AB Holding and AB, this liability has been included as a reduction in AB Holding’s investment in AB in the statement of financial condition as of December 31, 2013. |
Units_Outstanding
Units Outstanding | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Units Outstanding [Abstract] | |||||||||
Units Outstanding | 5. Units Outstanding | ||||||||
Changes in AB Holding Units outstanding for the years ended December 31, 2014 and 2013 are as follows: | |||||||||
2014 | 2013 | ||||||||
Outstanding as of January 1, | 96,028,494 | 105,173,342 | |||||||
Options exercised | 1,110,070 | 887,642 | |||||||
Units issued | 4,193,445 | 3,935,345 | |||||||
Units retired | (575,010 | ) | (13,967,835 | ) | |||||
Outstanding as of December 31, | 100,756,999 | 96,028,494 | |||||||
As discussed in Note 2, on July 1, 2013, management retired all unallocated AB Holding Units in AB’s consolidated rabbi trust, and, since that time, has continued to retire units as AB has purchased AB Holding Units on the open market or from employees to allow them to fulfill statutory tax withholding requirements at the time of distribution of long-term incentive compensation awards, if such units are not required to fund new employee awards in the near future. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||||||||
Income Taxes | 6. Income Taxes | ||||||||||||||||||||||||
AB Holding is a “grandfathered” publicly-traded partnership ("PTP") for federal tax purposes and, accordingly, is not subject to federal or state corporate income taxes. However, AB Holding is subject to the 4.0% New York City unincorporated business tax (“UBT”), net of credits for UBT paid by AB, and to a 3.5% federal tax on partnership gross income from the active conduct of a trade or business. AB Holding’s partnership gross income is derived from its interest in AB. | |||||||||||||||||||||||||
The principal reasons for the difference between AB Holding’s effective tax rates and the UBT statutory tax rate of 4.0% are as follows: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
UBT statutory rate | $ | 8,131 | 4 | % | $ | 7,490 | 4 | % | $ | 2,832 | 4 | % | |||||||||||||
Federal tax on partnership gross business income | 22,131 | 10.9 | 19,944 | 10.7 | 19,348 | 27.3 | |||||||||||||||||||
State income taxes | 332 | 0.2 | 466 | 0.3 | 374 | 0.6 | |||||||||||||||||||
Credit for UBT paid by AB | (8,131 | ) | (4.0 | ) | (7,490 | ) | (4.0 | ) | (2,832 | ) | (4.0 | ) | |||||||||||||
Income tax expense and effective tax rate | $ | 22,463 | 11.1 | $ | 20,410 | 11 | $ | 19,722 | 27.9 | ||||||||||||||||
AB Holding’s income tax is computed by multiplying certain AB qualifying revenues (primarily U.S. investment advisory fees and brokerage commissions) by AB Holding’s ownership interest in AB, multiplied by the 3.5% tax rate. AB Holding Units in AB’s consolidated rabbi trust are not treated as outstanding for purposes of calculating AB Holding’s ownership interest in AB. | |||||||||||||||||||||||||
Years Ended December 31, | % Change | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014-13 | 2013-12 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Net income attributable to AB Unitholders | $ | 570,383 | $ | 517,676 | $ | 188,916 | 10.2 | % | 174 | % | |||||||||||||||
Multiplied by: weighted average equity ownership interest | 35.6 | % | 35.9 | % | 37.5 | % | |||||||||||||||||||
Equity in net income attributable to AB Unitholders | $ | 203,277 | $ | 185,912 | $ | 70,807 | 9.3 | 162.6 | |||||||||||||||||
AB qualifying revenues | $ | 2,153,317 | $ | 2,041,642 | $ | 1,930,154 | 5.5 | 5.8 | |||||||||||||||||
Multiplied by: weighted average equity ownership interest for calculating tax | 29.4 | % | 27.9 | % | 28.7 | % | |||||||||||||||||||
Multiplied by: federal tax | 3.5 | % | 3.5 | % | 3.5 | % | |||||||||||||||||||
Federal income taxes | 22,131 | 19,944 | 19,348 | ||||||||||||||||||||||
State income taxes | 332 | 466 | 374 | ||||||||||||||||||||||
Total income taxes | $ | 22,463 | $ | 20,410 | $ | 19,722 | 10.1 | 3.5 | |||||||||||||||||
In order to preserve AB Holding’s status as a “grandfathered” PTP for federal income tax purposes, management ensures that AB Holding does not directly or indirectly (through AB) enter into a substantial new line of business. If AB Holding were to lose its status as a “grandfathered” PTP, it would be subject to corporate income tax, which would reduce materially AB Holding’s net income and its quarterly distributions to AB Holding Unitholders. | |||||||||||||||||||||||||
The effect of a tax position is recognized in the financial statements only if, as of the reporting date, it is “more likely than not” to be sustained based solely on its technical merits. In making this assessment, a company must assume that the taxing authority will examine the tax position and have full knowledge of all relevant information. Accordingly, we have no liability for unrecognized tax benefits as of December 31, 2014 and 2013. A liability for unrecognized tax benefits, if required, would be recorded in income tax expense and affect the company’s effective tax rate. | |||||||||||||||||||||||||
We are no longer subject to federal, state and local income tax examinations by tax authorities for all years prior to 2011. Currently, there are no examinations in progress and to date we have not been notified of any future examinations by applicable taxing authorities. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies |
Legal and regulatory matters described below pertain to AB and are included here due to their potential significance to AB Holding’s investment in AB. | |
With respect to all significant litigation matters, we consider the likelihood of a negative outcome. If we determine the likelihood of a negative outcome is probable and the amount of the loss can be reasonably estimated, we record an estimated loss for the expected outcome of the litigation. If the likelihood of a negative outcome is reasonably possible and we are able to determine an estimate of the possible loss or range of loss in excess of amounts already accrued, if any, we disclose that fact together with the estimate of the possible loss or range of loss. However, it is often difficult to predict the outcome or estimate a possible loss or range of loss because litigation is subject to inherent uncertainties, particularly when plaintiffs allege substantial or indeterminate damages. Such is also the case when the litigation is in its early stages or when the litigation is highly complex or broad in scope. In such cases, we disclose that we are unable to predict the outcome or estimate a possible loss or range of loss. | |
During the first quarter of 2012, AB received a legal letter of claim (the “Letter of Claim”) sent on behalf of Philips Pension Trustees Limited and Philips Electronic U.K. Limited (“Philips”), a former pension fund client, alleging that AllianceBernstein Limited (one of AB’s subsidiaries organized in the U.K.) was negligent and failed to meet certain applicable standards of care with respect to the initial investment in, and management of, a £500 million portfolio of U.S. mortgage-backed securities. The alleged damages range between $177 million and $234 million, plus compound interest on an alleged $125 million of realized losses in the portfolio. On January 2, 2014, Philips filed a claim form (“Claim”) in the High Court of Justice in London, England, which formally commenced litigation with respect to the allegations in the Letter of Claim. | |
We believe that any losses to Philips resulted from adverse developments in the U.S. housing and mortgage market that precipitated the financial crisis in 2008 and not from any negligence or failure on our part. We believe that we have strong defenses to these claims, which were set forth in our October 12, 2012 response to the Letter of Claim and our June 27, 2014 Statement of Defence in response to the Claim, and will defend this matter vigorously. Currently, we are unable to estimate a reasonably possible range of loss because the matter remains in its early stages. | |
In addition to the Claim discussed immediately above, AB is involved in various other matters, including regulatory inquiries, administrative proceedings and litigation, some of which allege significant damages. | |
In the opinion of AB’s management, an adequate accrual has been made as of December 31, 2014 to provide for any probable losses regarding any litigation matters for which management can reasonably estimate an amount of loss. It is reasonably possible that AB could incur additional losses pertaining to these matters, but currently management cannot estimate any such additional losses. | |
Management, after consultation with legal counsel, currently believes that the outcome of any matter that is pending or threatened, or all of them combined, will not have a material adverse effect on our results of operations, financial condition or liquidity. However, any inquiry, proceeding or litigation has the element of uncertainty; management cannot determine whether further developments relating to any matter that is pending or threatened, or all of them combined, will have a material adverse effect on our results of operations, financial condition or liquidity in any future reporting period. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | |||||||||||||||||
Quarterly Financial Data (Unaudited) | 8. Quarterly Financial Data (Unaudited) | ||||||||||||||||
Quarters Ended | |||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||||
(in thousands, except per unit amounts) | |||||||||||||||||
2014:00:00 | |||||||||||||||||
Equity in net income attributable to AB Unitholders | $ | 63,563 | $ | 49,876 | $ | 48,467 | $ | 41,371 | |||||||||
Net income | $ | 57,667 | $ | 44,134 | $ | 42,854 | $ | 36,159 | |||||||||
Basic net income per unit(1) | $ | 0.59 | $ | 0.45 | $ | 0.44 | $ | 0.38 | |||||||||
Diluted net income per unit(1) | $ | 0.59 | $ | 0.45 | $ | 0.44 | $ | 0.38 | |||||||||
Cash distributions per unit(2)(3) | $ | 0.57 | $ | 0.45 | $ | 0.45 | $ | 0.39 | |||||||||
2013:00:00 | |||||||||||||||||
Equity in net income attributable to AB Unitholders | $ | 62,971 | $ | 34,504 | $ | 45,440 | $ | 42,997 | |||||||||
Net income | $ | 57,472 | $ | 29,523 | $ | 40,276 | $ | 38,231 | |||||||||
Basic net income per unit(1) | $ | 0.62 | $ | 0.32 | $ | 0.4 | $ | 0.38 | |||||||||
Diluted net income per unit(1) | $ | 0.62 | $ | 0.32 | $ | 0.4 | $ | 0.38 | |||||||||
Cash distributions per unit(2)(3) | $ | 0.6 | $ | 0.4 | $ | 0.41 | $ | 0.38 | |||||||||
-1 | Basic and diluted net income per unit are computed independently for each of the periods presented. Accordingly, the sum of the quarterly net income per unit amounts may not agree to the total for the year. | ||||||||||||||||
-2 | Declared and paid during the following quarter. | ||||||||||||||||
-3 | Cash distributions reflect the impact of AB’s non-GAAP adjustments. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of the financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |
AB Holding’s financial statements and notes should be read in conjunction with the consolidated financial statements and notes of AB, which are included in this Form 10-K. | |
Investment in AB | Investment in AB |
AB Holding records its investment in AB using the equity method of accounting. AB Holding’s investment is increased to reflect its proportionate share of income of AB and decreased to reflect its proportionate share of losses of AB and cash distributions made by AB to its Unitholders. In addition, its investment is adjusted to reflect its proportionate share of certain capital transactions of AB. | |
Cash Distributions | Cash Distributions |
AB Holding is required to distribute all of its Available Cash Flow, as defined in the Amended and Restated Agreement of Limited Partnership of AB Holding (“AB Holding Partnership Agreement”), to its Unitholders pro rata in accordance with their percentage interests in AB Holding. Available Cash Flow is defined as the cash distributions AB Holding receives from AB minus such amounts as the General Partner determines, in its sole discretion, should be retained by AB Holding for use in its business or plus such amounts as the General Partner determines, in its sole discretion, should be released from previously retained cash flow. | |
On February 12, 2015, the General Partner declared a distribution of $0.57 per unit, representing a distribution of Available Cash Flow for the three months ended December 31, 2014. Each general partnership unit in AB Holding is entitled to receive distributions equal to those received by each AB Holding Unit. The distribution is payable on March 12, 2015 to holders of record at the close of business on February 23, 2015. | |
Total cash distributions per Unit paid to Unitholders during 2014, 2013 and 2012 were $1.89, $1.59 and $0.95, respectively. | |
Long-Term Incentive Compensation Plans | Long-term Incentive Compensation Plans |
AB maintains several unfunded, non-qualified long-term incentive compensation plans, under which the company grants awards of restricted AB Holding Units and options to buy AB Holding Units to its employees and members of the Board of Directors (“Eligible Directors”) who are not employed by AB or by any of AB’s affiliates. | |
AB funds its restricted AB Holding Unit awards either by purchasing AB Holding Units on the open market or purchasing newly-issued AB Holding Units from AB Holding, all of which are held in a consolidated rabbi trust until they are distributed to employees or retired. In accordance with the AB Holding Partnership Agreement, when AB purchases newly-issued AB Holding Units from AB Holding, AB Holding is required to use the proceeds it receives from AB to purchase the equivalent number of newly-issued AB Units, thus increasing its percentage ownership interest in AB. AB Holding Units held in the consolidated rabbi trust are corporate assets in the name of the trust and are available to the general creditors of AB. | |
During 2014 and 2013, AB purchased 3.6 million and 5.2 million AB Holding Units for $92.8 million and $111.3 million, respectively (on a trade date basis). These amounts reflect open-market purchases of 0.3 million and 1.9 million AB Holding Units for $7.2 million and $38.5 million, respectively, with the remainder relating to purchases of AB Holding Units from employees to allow them to fulfill statutory tax withholding requirements at the time of distribution of long-term incentive compensation awards. | |
Each quarter, AB implements plans to repurchase AB Holding Units pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (“Exchange Act”). A Rule 10b5-1 plan allows a company to repurchase its shares at times when it otherwise might be prevented from doing so because of self-imposed trading blackout periods or because it possesses material non-public information. Each broker selected by AB has the authority under the terms and limitations specified in the plan to repurchase AB Holding Units on AB’s behalf in accordance with the terms of the plan. Repurchases are subject to regulations promulgated by the U.S. Securities and Exchange Commission (“SEC”) as well as certain price, market volume and timing constraints specified in the plan. The plan adopted during the fourth quarter of 2014 expired at the close of business on February 11, 2015. AB may adopt additional Rule 10b5-1 plans in the future to engage in open-market purchases of AB Holding Units to help fund anticipated obligations under its incentive compensation award program and for other corporate purposes. | |
During 2014, AB granted to employees and Eligible Directors 7.6 million restricted AB Holding Unit awards (including 6.6 million granted in December for 2014 year-end awards). During 2013, AB granted to employees and Eligible Directors 13.9 million restricted AB Holding Unit awards (including 6.5 million granted in December 2013 for 2013 year-end awards and 6.5 million granted in January 2013 for 2012 year-end awards). Prior to the third quarter of 2013 (and our decision described in the next paragraph to retire unallocated AB Holding Units in AB’s consolidated rabbi trust), AB funded awards by allocating previously repurchased AB Holding Units that had been held in the rabbi trust. In 2014, AB used AB Holding Units repurchased during the fourth quarter of 2014 and newly-issued AB Holding Units to fund restricted AB Holding Units awards. | |
Effective July 1, 2013, management retired all unallocated AB Holding Units in AB’s consolidated rabbi trust. To retire such units, AB delivered the unallocated AB Holding Units held in the rabbi trust to AB Holding in exchange for the same number of AB units. Each entity then retired its units. As a result, on July 31, 2013, each of AB’s and AB Holding’s units outstanding decreased by approximately 13.1 million units. AB and AB Holding intend (subject to compliance with applicable safe harbor rules to avoid AB being treated as a publicly-traded partnership) to retire additional units as AB purchases AB Holding Units on the open market or from employees to allow them to fulfill statutory tax withholding requirements at the time of distribution of long-term incentive compensation awards, if such units are not required to fund new employee awards in the near future. If a sufficient number of AB Holding Units is not available in the rabbi trust to fund new awards, AB will purchase newly-issued AB Holding Units from AB Holding, as was done in 2014 and 2013. | |
During 2014, AB Holding issued 1.1 million AB Holding Units upon exercise of options to buy AB Holding Units. AB Holding used the proceeds of $19.0 million received from employees as payment in cash for the exercise price to purchase the equivalent number of newly-issued AB Units. |
Business_Description_and_Organ1
Business Description and Organization (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Description and Organization [Abstract] | |||||
Ownership Interest by Limited Partners | As of December 31, 2014, the ownership structure of AB, expressed as a percentage of general and limited partnership interests, is as follows: | ||||
AXA and its subsidiaries | 62.1 | % | |||
AB Holding | 36.5 | ||||
Unaffiliated holders | 1.4 | ||||
100 | % |
Net_Income_Per_Unit_Tables
Net Income Per Unit (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Net Income Per Unit [Abstract] | |||||||||||||
Net Income Per Unit | Basic net income per unit is derived by dividing net income by the basic weighted average number of units outstanding for each year. Diluted net income per unit is derived by adjusting net income for the assumed dilutive effect of compensatory options (“Net income - diluted”) and dividing by the diluted weighted average number of units outstanding for each year. | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands, except per unit amounts) | |||||||||||||
Net income - basic | $ | 180,814 | $ | 165,502 | $ | 51,085 | |||||||
Additional allocation of equity in net income attributable to AB resulting from assumed dilutive effect of compensatory options | 1,536 | 1,166 | — | ||||||||||
Net income - diluted | $ | 182,350 | $ | 166,668 | $ | 51,085 | |||||||
Weighted average units outstanding - basic | 96,802 | 96,461 | 101,067 | ||||||||||
Dilutive effect of compensatory options | 1,148 | 961 | 1 | ||||||||||
Weighted average units outstanding - diluted | 97,950 | 97,422 | 101,068 | ||||||||||
Basic net income per unit | $ | 1.87 | $ | 1.72 | $ | 0.51 | |||||||
Diluted net income per unit | $ | 1.86 | $ | 1.71 | $ | 0.51 |
Investment_in_AB_Tables
Investment in AB (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Investment in AB [Abstract] | |||||||||
Changes in AB Holding's Investment in AB | Changes in AB Holding’s investment in AB for the years ended December 31, 2014 and 2013 are as follows: | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Investment in AB as of January 1, | $ | 1,533,654 | $ | 1,560,536 | |||||
Equity in net income attributable to AB Unitholders | 203,277 | 185,912 | |||||||
Changes in accumulated other comprehensive income (loss) | (16,635 | ) | 5,667 | ||||||
Cash distributions received from AB | (203,919 | ) | (166,324 | ) | |||||
Additional investments in AB from cash distributions paid to AB consolidated rabbi trust | — | 14,076 | |||||||
Additional investments with proceeds from exercises of compensatory options to buy AB Holding Units, net | 18,955 | 15,138 | |||||||
Reclassification of payable to AB | — | (9,226 | ) | ||||||
Capital contributions from AB | (1,814 | ) | (1,566 | ) | |||||
AB Holding Units retired | (14,577 | ) | (287,303 | ) | |||||
AB Holding Units issued to fund long-term incentive compensation plans | 108,034 | 84,531 | |||||||
Change in AB Holding Units held by AB for long-term incentive compensation plans | 765 | 132,213 | |||||||
Investment in AB as of December 31, | $ | 1,627,740 | $ | 1,533,654 |
Units_Outstanding_Tables
Units Outstanding (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Units Outstanding [Abstract] | |||||||||
Changes in AB Holding Units Outstanding | Changes in AB Holding Units outstanding for the years ended December 31, 2014 and 2013 are as follows: | ||||||||
2014 | 2013 | ||||||||
Outstanding as of January 1, | 96,028,494 | 105,173,342 | |||||||
Options exercised | 1,110,070 | 887,642 | |||||||
Units issued | 4,193,445 | 3,935,345 | |||||||
Units retired | (575,010 | ) | (13,967,835 | ) | |||||
Outstanding as of December 31, | 100,756,999 | 96,028,494 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||||||||
Difference Between AB Holding's Effective Tax Rates and the UBT Statutory Tax Rate | The principal reasons for the difference between AB Holding’s effective tax rates and the UBT statutory tax rate of 4.0% are as follows: | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
UBT statutory rate | $ | 8,131 | 4 | % | $ | 7,490 | 4 | % | $ | 2,832 | 4 | % | |||||||||||||
Federal tax on partnership gross business income | 22,131 | 10.9 | 19,944 | 10.7 | 19,348 | 27.3 | |||||||||||||||||||
State income taxes | 332 | 0.2 | 466 | 0.3 | 374 | 0.6 | |||||||||||||||||||
Credit for UBT paid by AB | (8,131 | ) | (4.0 | ) | (7,490 | ) | (4.0 | ) | (2,832 | ) | (4.0 | ) | |||||||||||||
Income tax expense and effective tax rate | $ | 22,463 | 11.1 | $ | 20,410 | 11 | $ | 19,722 | 27.9 | ||||||||||||||||
Computation of Effective Income Tax Rate and Changes in Components of Income Tax | AB Holding’s income tax is computed by multiplying certain AB qualifying revenues (primarily U.S. investment advisory fees and brokerage commissions) by AB Holding’s ownership interest in AB, multiplied by the 3.5% tax rate. AB Holding Units in AB’s consolidated rabbi trust are not treated as outstanding for purposes of calculating AB Holding’s ownership interest in AB. | ||||||||||||||||||||||||
Years Ended December 31, | % Change | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014-13 | 2013-12 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Net income attributable to AB Unitholders | $ | 570,383 | $ | 517,676 | $ | 188,916 | 10.2 | % | 174 | % | |||||||||||||||
Multiplied by: weighted average equity ownership interest | 35.6 | % | 35.9 | % | 37.5 | % | |||||||||||||||||||
Equity in net income attributable to AB Unitholders | $ | 203,277 | $ | 185,912 | $ | 70,807 | 9.3 | 162.6 | |||||||||||||||||
AB qualifying revenues | $ | 2,153,317 | $ | 2,041,642 | $ | 1,930,154 | 5.5 | 5.8 | |||||||||||||||||
Multiplied by: weighted average equity ownership interest for calculating tax | 29.4 | % | 27.9 | % | 28.7 | % | |||||||||||||||||||
Multiplied by: federal tax | 3.5 | % | 3.5 | % | 3.5 | % | |||||||||||||||||||
Federal income taxes | 22,131 | 19,944 | 19,348 | ||||||||||||||||||||||
State income taxes | 332 | 466 | 374 | ||||||||||||||||||||||
Total income taxes | $ | 22,463 | $ | 20,410 | $ | 19,722 | 10.1 | 3.5 |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | |||||||||||||||||
Quarterly Financial Data | Quarters Ended | ||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | ||||||||||||||
(in thousands, except per unit amounts) | |||||||||||||||||
2014:00:00 | |||||||||||||||||
Equity in net income attributable to AB Unitholders | $ | 63,563 | $ | 49,876 | $ | 48,467 | $ | 41,371 | |||||||||
Net income | $ | 57,667 | $ | 44,134 | $ | 42,854 | $ | 36,159 | |||||||||
Basic net income per unit(1) | $ | 0.59 | $ | 0.45 | $ | 0.44 | $ | 0.38 | |||||||||
Diluted net income per unit(1) | $ | 0.59 | $ | 0.45 | $ | 0.44 | $ | 0.38 | |||||||||
Cash distributions per unit(2)(3) | $ | 0.57 | $ | 0.45 | $ | 0.45 | $ | 0.39 | |||||||||
2013:00:00 | |||||||||||||||||
Equity in net income attributable to AB Unitholders | $ | 62,971 | $ | 34,504 | $ | 45,440 | $ | 42,997 | |||||||||
Net income | $ | 57,472 | $ | 29,523 | $ | 40,276 | $ | 38,231 | |||||||||
Basic net income per unit(1) | $ | 0.62 | $ | 0.32 | $ | 0.4 | $ | 0.38 | |||||||||
Diluted net income per unit(1) | $ | 0.62 | $ | 0.32 | $ | 0.4 | $ | 0.38 | |||||||||
Cash distributions per unit(2)(3) | $ | 0.6 | $ | 0.4 | $ | 0.41 | $ | 0.38 | |||||||||
-1 | Basic and diluted net income per unit are computed independently for each of the periods presented. Accordingly, the sum of the quarterly net income per unit amounts may not agree to the total for the year. | ||||||||||||||||
-2 | Declared and paid during the following quarter. | ||||||||||||||||
-3 | Cash distributions reflect the impact of AB’s non-GAAP adjustments. |
Business_Description_and_Organ2
Business Description and Organization (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Ownership structure of AB expressed as a percentage of general and limited partnership interests [Abstract] | ||
Limited partners or members ownership interest in Company (in hundredths) | 100.00% | |
Threshold amount for including institutions in private clients | $25 | |
AXA and its subsidiaries ownership interest in Holding company (in hundredths) | 1.40% | |
General partnership units (in shares) | 100,000 | 100,000 |
General partnership interest (in hundredths) | 1.00% | |
AXA and its subsidiaries economic interest in Company (in hundredths) | 62.70% | |
AXA and Its Subsidiaries [Member] | ||
Ownership structure of AB expressed as a percentage of general and limited partnership interests [Abstract] | ||
Limited partners or members ownership interest in Company (in hundredths) | 62.10% | |
AB Holdings [Member] | ||
Ownership structure of AB expressed as a percentage of general and limited partnership interests [Abstract] | ||
Limited partners or members ownership interest in Company (in hundredths) | 36.50% | |
Unaffiliated Holders [Member] | ||
Ownership structure of AB expressed as a percentage of general and limited partnership interests [Abstract] | ||
Limited partners or members ownership interest in Company (in hundredths) | 1.40% |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 1 Months Ended | 12 Months Ended | 3 Months Ended | ||
Jan. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
Cash Distributions [Abstract] | |||||
Total cash distributions per Unit paid to unitholders (in dollars per unit) | $1.89 | $1.59 | $0.95 | ||
Long-Term Incentive Compensation Plans [Abstract] | |||||
AB Holding units purchased in period (in units) | 3,600,000 | 5,200,000 | |||
Dollar amount paid for AB holding units acquired | $92,800,000 | $111,300,000 | |||
Open-market purchases of AB holding units (in units) | 300,000 | 1,900,000 | |||
Dollar amount paid for open-market purchases of AB holding units | 7,200,000 | 38,500,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted AB holding unit awards to employees (in units) | 6,500,000 | 6,600,000 | 6,500,000 | ||
Decrease of outstanding (in units) | -13,100,000 | ||||
Options to buy AB holding units outstanding, number (in units) | 1,100,000 | ||||
Proceeds from exercise of compensatory options to buy AB holding units | $18,955,000 | $15,138,000 | $0 | ||
Employees and Eligible Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted AB holding unit awards to employees (in units) | 7,600,000 | 13,900,000 | |||
Subsequent Event [Member] | |||||
Cash Distributions [Abstract] | |||||
Subsequent cash distribution, declaration date | 12-Feb-15 | ||||
Subsequent cash distribution, distribution declared (in dollars per unit) | $0.57 | ||||
Subsequent cash distribution, distribution date | 12-Mar-15 | ||||
Subsequent cash distribution, date of record | 23-Feb-15 |
Net_Income_Per_Unit_Details
Net Income Per Unit (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Schedule of net income per unit [Abstract] | |||||||||||||||||||
Net income - basic | $57,667 | $44,134 | $42,854 | $36,159 | $57,472 | $29,523 | $40,276 | $38,231 | $180,814 | $165,502 | $51,085 | ||||||||
Additional allocation of equity in net income attributable to AB resulting from assumed dilutive effect of compensatory options | 1,536 | 1,166 | 0 | ||||||||||||||||
Net income - diluted | $182,350 | $166,668 | $51,085 | ||||||||||||||||
Weighted average units outstanding - basic (in units) | 96,802,000 | 96,461,000 | 101,067,000 | ||||||||||||||||
Dilutive effect of compensatory options (in units) | 1,148,000 | 961,000 | 1,000 | ||||||||||||||||
Weighted average units outstanding - diluted (in units) | 97,950,000 | 97,422,000 | 101,068,000 | ||||||||||||||||
Basic net income per unit (in dollars per unit) | $0.59 | [1] | $0.45 | [1] | $0.44 | [1] | $0.38 | [1] | $0.62 | [1] | $0.32 | [1] | $0.40 | [1] | $0.38 | [1] | $1.87 | $1.72 | $0.51 |
Diluted net income per unit (in dollars per unit) | $0.59 | [1] | $0.45 | [1] | $0.44 | [1] | $0.38 | [1] | $0.62 | [1] | $0.32 | [1] | $0.40 | [1] | $0.38 | [1] | $1.86 | $1.71 | $0.51 |
Out-of-the-money options excluded from the diluted net income per unit (in units) | 2,806,033 | 2,923,035 | 8,438,902 | ||||||||||||||||
Proportional share of the AB Holding Units held by AB in its consolidated rabbi trust (in hundredths) | 35.60% | 35.90% | 37.50% | ||||||||||||||||
[1] | Basic and diluted net income per unit are computed independently for each of the periods presented. Accordingly, the sum of the quarterly net income per unit amounts may not agree to the total for the year. |
Investment_in_AB_Details
Investment in AB (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investment in AB [Abstract] | |||||||||||
Investment in AB, beginning of period | $1,533,654 | $1,560,536 | $1,533,654 | $1,560,536 | |||||||
Equity in net income attributable to AB Unitholders | 63,563 | 49,876 | 48,467 | 41,371 | 62,971 | 34,504 | 45,440 | 42,997 | 203,277 | 185,912 | 70,807 |
Changes in accumulated other comprehensive income (loss) | -16,635 | 5,667 | -3,756 | ||||||||
Cash distributions received from AB | -203,919 | -166,324 | -120,950 | ||||||||
Additional investments in AB from cash distributions paid to AB consolidated rabbi trust | 0 | 14,076 | 11,595 | ||||||||
Additional investments with proceeds from exercises of compensatory options to buy AB Holding Units, net | 18,955 | 15,138 | 0 | ||||||||
Reclassification of payable to AB | 0 | -9,226 | 0 | -9,226 | |||||||
Capital contributions to AB | -1,814 | -1,566 | 0 | ||||||||
AB Holding Units retired | -14,577 | -287,303 | |||||||||
AB Holding Units issued to fund long-term incentive compensation plans | 108,034 | 84,531 | |||||||||
Change in AB Holding Units held by AB for long-term incentive compensation plans | 765 | 132,213 | |||||||||
Investment in AB as of December 31, | $1,627,740 | $1,533,654 | $1,627,740 | $1,533,654 | $1,560,536 |
Units_Outstanding_Details
Units Outstanding (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Units Outstanding [Abstract] | ||
Units Outstanding, beginning of period (in units) | 96,028,494 | 105,173,342 |
Options exercised (in units) | 1,110,070 | 887,642 |
Units issued (in units) | 4,193,445 | 3,935,345 |
Units retired (in units) | -575,010 | -13,967,835 |
Units Outstanding, end of period (in units) | 100,756,999 | 96,028,494 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
AB Holding's effective tax expense [Abstract] | |||||||||||
UBT statutory rate | $8,131,000 | $7,490,000 | $2,832,000 | ||||||||
Federal tax on partnership gross business income | 22,131,000 | 19,944,000 | 19,348,000 | ||||||||
State income taxes | 332,000 | 466,000 | 374,000 | ||||||||
Credit for UBT paid by AB | -8,131,000 | -7,490,000 | -2,832,000 | ||||||||
Income tax expense | 22,463,000 | 20,410,000 | 19,722,000 | ||||||||
AB Holding' effective tax rate [Abstract] | |||||||||||
UBT statutory rate (in hundredths) | 4.00% | 4.00% | 4.00% | ||||||||
Federal tax on partnership gross business income (in hundredths) | 10.90% | 10.70% | 27.30% | ||||||||
State income taxes (in hundredths) | 0.20% | 0.30% | 0.60% | ||||||||
Credit for UBT paid by AB (in hundredths) | -4.00% | -4.00% | -4.00% | ||||||||
Income tax effective tax rate (in hundredths) | 11.10% | 11.00% | 27.90% | ||||||||
Computation of equity in net income attributable to AB Unitholders [Abstract] | |||||||||||
Net income attributable to AB Unitholders | 570,383,000 | 517,676,000 | 188,916,000 | ||||||||
Multiplied by: weighted average equity ownership interest (in hundredths) | 35.60% | 35.90% | 37.50% | ||||||||
Equity in net income attributable to AB Unitholders | 63,563,000 | 49,876,000 | 48,467,000 | 41,371,000 | 62,971,000 | 34,504,000 | 45,440,000 | 42,997,000 | 203,277,000 | 185,912,000 | 70,807,000 |
Computation of income tax [Abstract] | |||||||||||
AB qualifying revenues | 2,153,317,000 | 2,041,642,000 | 1,930,154,000 | ||||||||
Multiplied by: weighted average equity ownership interest for calculating tax (in hundredths) | 29.40% | 27.90% | 28.70% | ||||||||
Multiplied by: federal tax (in hundredths) | 3.50% | 3.50% | 3.50% | ||||||||
Federal income taxes | 22,131,000 | 19,944,000 | 19,348,000 | ||||||||
State income taxes | 332,000 | 466,000 | 374,000 | ||||||||
Income tax expense | 22,463,000 | 20,410,000 | 19,722,000 | ||||||||
Changes in components for calculation of income tax [Abstract] | |||||||||||
Increase in net income attributable to AB Unitholders (in hundredths) | 10.20% | 174.00% | |||||||||
Increase in equity in net income attributable to AB Unitholders (in hundredths) | 9.30% | 162.60% | |||||||||
Increase (decrease) in AB qualifying revenue (in hundredths) | 5.50% | 5.80% | |||||||||
Increase (decrease) in income taxes (in hundredths) | 10.10% | 3.50% | |||||||||
Unrecognized tax benefits | $0 | $0 | $0 | $0 | $0 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 | Mar. 31, 2012 |
USD ($) | GBP (£) | Alleged Damages [Member] | Alleged Damages [Member] | |
Minimum [Member] | Maximum [Member] | |||
USD ($) | USD ($) | |||
Loss Contingencies [Line Items] | ||||
Portfolio amount of client seeking damages | £ 500 | |||
Damages sought | 177 | 234 | ||
Realized losses in the portfolio | $125 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Quarterly Financial Data (Unaudited) [Abstract] | |||||||||||||||||||
Equity in net income attributable to AB Unitholders | $63,563 | $49,876 | $48,467 | $41,371 | $62,971 | $34,504 | $45,440 | $42,997 | $203,277 | $185,912 | $70,807 | ||||||||
Net income | $57,667 | $44,134 | $42,854 | $36,159 | $57,472 | $29,523 | $40,276 | $38,231 | $180,814 | $165,502 | $51,085 | ||||||||
Basic net income per unit (in dollars per unit) | $0.59 | [1] | $0.45 | [1] | $0.44 | [1] | $0.38 | [1] | $0.62 | [1] | $0.32 | [1] | $0.40 | [1] | $0.38 | [1] | $1.87 | $1.72 | $0.51 |
Diluted net income per unit (in dollars per unit) | $0.59 | [1] | $0.45 | [1] | $0.44 | [1] | $0.38 | [1] | $0.62 | [1] | $0.32 | [1] | $0.40 | [1] | $0.38 | [1] | $1.86 | $1.71 | $0.51 |
Cash distributions per unit (in dollars per share) | $0.57 | [2],[3] | $0.45 | [2],[3] | $0.45 | [2],[3] | $0.39 | [2],[3] | $0.60 | [2],[3] | $0.40 | [2],[3] | $0.41 | [2],[3] | $0.38 | [2],[3] | |||
[1] | Basic and diluted net income per unit are computed independently for each of the periods presented. Accordingly, the sum of the quarterly net income per unit amounts may not agree to the total for the year. | ||||||||||||||||||
[2] | Declared and paid during the following quarter. | ||||||||||||||||||
[3] | Cash distributions reflect the impact of AB's non-GAAP adjustments. |