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Noncontrolling Interest

12 Months Ended

Dec. 31, 2020

Noncontrolling Interest [Abstract]

Noncontrolling Interest

Noncontrolling Interest

Noncontrolling Interest recorded in the consolidated financial statements of the Company relates to the following approximate interests in certain consolidated subsidiaries, which are not owned by the Company. In circumstances where the governing documents of the entity to which the noncontrolling interest relates require special allocations of profits or losses to the controlling and noncontrolling interest holders, the net income or loss of these entities is allocated based on these special allocations.

			December 31,
			2020						2019						2018
Subsidiary:
Evercore LP			11		%				12		%				11		%
EWM(1)			26		%				30		%				43		%
Private Capital Advisory L.P. ("PCA")(2)			—		%				—		%				10		%
Real Estate Capital Advisory ("RECA")(3)			38		%				38		%				38		%

(1) Noncontrolling Interests represent a blended rate for multiple classes of interests in EWM.

(2) Noncontrolling Interests represent the Common Interests of Private Capital Advisory L.P.

(3) Noncontrolling Interests represent the Class R Interests of Private Capital Advisory L.P.

The Noncontrolling Interests for Evercore LP, EWM and RECA have rights, in certain circumstances, to convert into Class A Shares.

Changes in Noncontrolling Interest for the years ended December 31, 2020, 2019 and 2018 were as follows:

									For the Years Ended December 31,
															2020						2019						2018
Beginning balance															$	256,534					$	249,819					$	252,404
Comprehensive Income:
Net Income Attributable to Noncontrolling Interest															62,106						56,225						65,611
Other Comprehensive Income (Loss)															7,366						513						(203)
Total Comprehensive Income															69,472						56,738						65,408
Evercore LP Units Exchanged for Class A Shares															(37,683)						(15,142)						(46,594)
Amortization and Vesting of LP Units															14,618						27,890						19,860
Other Items:
Distributions to Noncontrolling Interests															(44,915)						(54,706)						(41,413)
Issuance of Noncontrolling Interest															540						3,368						1,165
Purchase of Noncontrolling Interest															(138)						(11,433)						(1,011)
Total Other Items															(44,513)						(62,771)						(41,259)
Ending balance															$	258,428					$	256,534					$	249,819

Other Comprehensive Income – Other Comprehensive Income (Loss) attributed to Noncontrolling Interest includes Unrealized Gain (Loss) on Securities and Investments, net, of ($223), ($82) and ($43) for the years ended December 31, 2020, 2019 and 2018, respectively, and Foreign Currency Translation Adjustment Gain (Loss), net, of $561, $595 and ($160) for the years ended December 31, 2020, 2019 and 2018, respectively.

The substantially complete liquidation of the Company's businesses in Mexico resulted in the reclassification of $7,028 of cumulative foreign currency translation losses from Noncontrolling Interest on the Consolidated Statement of Financial Condition to Other Revenue, Including Interest and Investments, on the Consolidated Statement of Operations for the year ended December 31, 2020. See Note 5 for further information.

LP Units Exchanged – During the year ended December 31, 2020, 899 LP Units were exchanged for Class A Shares. This resulted in a decrease to Noncontrolling Interest of $37,683 and an increase to Additional-Paid-In-Capital of $37,674 on the Company's Consolidated Statement of Financial Condition as of December 31, 2020. See Note 16 for further information.

Interests Issued – During 2019, 32 Class A LP Units were issued, primarily related to the purchase of EWM Class A Units. See Interests Purchased below for further information.

During 2018, in conjunction with the establishment of the RECA business, certain employees of that business purchased Class R Interests, at fair value, in Private Capital Advisory L.P., resulting in an increase to Noncontrolling Interest of $770 on the Company's Consolidated Statement of Financial Condition as of December 31, 2018.

Interests Purchased – During 2020, the Company purchased, at fair value, an additional 1% of the EWM Class A Units for $1,703 (which was paid in cash of $852 during the year ended December 31, 2020 and through the issuance of notes payable of $851, included within Other Current Liabilities on the Consolidated Statement of Financial Condition as of December 31, 2020). This purchase resulted in a decrease to Noncontrolling Interest of $138 and a decrease to Additional Paid-In-Capital of $1,565, on the Company's Consolidated Statement of Financial Condition as of December 31, 2020.

On May 31, 2019, the Company purchased, at fair value, the remaining 10% of the Private Capital Advisory L.P. Common Interests for $28,382. This purchase resulted in a decrease to Noncontrolling Interest of $6,674 and a decrease to Additional Paid-In-Capital of $21,708, on the Company's Consolidated Statement of Financial Condition as of December 31, 2019.

On May 31, 2019, the Company also purchased, at fair value, an additional 17% of the EWM Class A Units for $24,533 (in cash of $21,832 and the issuance of 31 Class A LP Units having a fair value of $2,701). This purchase resulted in a net decrease to Noncontrolling Interest of $4,759 and a decrease to Additional Paid-In-Capital of $19,774, on the Company's Consolidated Statement of Financial Condition as of December 31, 2019.

On March 29, 2018, the Company purchased, at fair value, an additional 15% of the Private Capital Advisory L.P. Common Interests for $25,525. This purchase resulted in a decrease to Noncontrolling Interest of $298 and a decrease to Additional Paid-In-Capital of $25,227 on the Company's Consolidated Statement of Financial Condition as of December 31, 2018.

In addition, LP Units were exchanged for Class A Shares during the years ended December 31, 2020, 2019 and 2018. See Note 16 for further information.

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- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI http://asc.fasb.org/topic&trid=2197479

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- References

No definition available.

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