XML 51 R24.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Noncontrolling Interest | 12 Months Ended
--- | ---
Dec. 31, 2021
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,
| 2021 |  | 2020 |  | 2019
Subsidiary: |  |  |  |  |
Evercore LP | 11 | % |  | 11 | % |  | 12 | %
Evercore Wealth Management ("EWM")(1) | 26 | % |  | 26 | % |  | 30 | %
RECA(2) | — | % |  | 38 | % |  | 38 | %
(1) Noncontrolling Interests represent a blended rate for multiple classes of interests in EWM. (2) 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, 2021, 2020 and 2019 were as follows:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2021 |  | 2020 |  | 2019
Beginning balance |  |  |  |  | $ | 258,428 |  |  | $ | 256,534 |  |  | $ | 249,819 |
Comprehensive Income: |  |  |  |  |  |  |  |  |
Net Income Attributable to Noncontrolling Interest |  |  |  |  | 128,457 |  |  | 62,106 |  |  | 56,225 |
Other Comprehensive Income (Loss) |  |  |  |  | (447) |  |  | 7,366 |  |  | 513 |
Total Comprehensive Income |  |  |  |  | 128,010 |  |  | 69,472 |  |  | 56,738 |
Evercore LP Units Exchanged for Class A Shares |  |  |  |  | (12,306) |  |  | (37,683) |  |  | (15,142) |
Amortization and Vesting of LP Units |  |  |  |  | 13,189 |  |  | 14,618 |  |  | 27,890 |
Other Items: |  |  |  |  |  |  |  |  |
Distributions to Noncontrolling Interests |  |  |  |  | (67,865) |  |  | (44,915) |  |  | (54,706) |
Issuance of Noncontrolling Interest |  |  |  |  | 2,958 |  |  | 540 |  |  | 3,368 |
Purchase of Noncontrolling Interest |  |  |  |  | (7,504) |  |  | (138) |  |  | (11,433) |
Total Other Items |  |  |  |  | (72,411) |  |  | (44,513) |  |  | (62,771) |
Ending balance |  |  |  |  | $ | 314,910 |  |  | $ | 258,428 |  |  | $ | 256,534 |
Other Comprehensive Income – Other Comprehensive Income (Loss) Attributed to Noncontrolling Interest includes unrealized gains (losses) on securities and investments, net, of ($49), ($223) and ($82) for the years ended December 31, 2021, 2020 and 2019, respectively, and foreign currency translation adjustment gains (losses), net, of ($398), $561 and $595 for the years ended December 31, 2021, 2020 and 2019, respectively. The substantially complete liquidation of the Company's businesses in Mexico in 2020 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, 2021, 242 LP Units were exchanged for Class A Shares. This resulted in a decrease to Noncontrolling Interest of $12,306 and an increase to Additional-Paid-In-Capital of $12,304 on the Company's Consolidated Statement of Financial Condition as of December 31, 2021. In addition, 899 and 353 LP Units were exchanged for Class A Shares during the years ended December 31, 2020 and 2019, respectively. See Note 15 for further information. On February 24, 2022, the Company entered into an agreement (the "Exchange Agreement") with ISI Holding, Inc. ("ISI Holding"), the principal stockholder of which is Ed Hyman, an executive officer of the Company. Pursuant to the Exchange Agreement, ISI Holding has agreed to exercise its existing conversion rights under the terms of the partnership agreement of Evercore LP to exchange (the "Exchange") all 2,545 of the Class E LP Units owned by it for 2,545 Class A Shares. Following the Exchange, ISI Holding will liquidate and distribute the Class A Shares received in the Exchange to its stockholders in accordance with their ownership interests in ISI Holding. The parties have relied on the exemption from the registration requirements of the Securities Act of 1933 under Section 4(a)(2) thereof for the Exchange. The Exchange will result in a decrease in noncontrolling interest of Evercore LP from 11% to approximately 5%. Interests Issued – During 2021, certain employees of EWM purchased EWM Class A Units, at fair value, resulting in an increase to Noncontrolling Interest of $1,175 on the Company's Consolidated Statement of Financial Condition as of December 31, 2021. During 2021, certain employees of RECA purchased Class R Interests of Private Capital Advisory L.P., at fair value, resulting in an increase to Noncontrolling Interest of $872 on the Company's Consolidated Statement of Financial Condition as of December 31, 2021. During 2019, 32 Class A LP Units were issued, primarily related to the purchase of EWM Class A Units. Interests Purchased – During 2021, the Company purchased, at fair value, an additional 1% of the EWM Class A Units for $3,170. This purchase resulted in a decrease to Noncontrolling Interest of $344 and a decrease to Additional Paid-In-Capital of $2,826 on the Company's Consolidated Statement of Financial Condition as of December 31, 2021. On December 31, 2021, the Company purchased, at fair value, all of the outstanding Class R Interests of Private Capital Advisory L.P. from employees of the RECA business for $54,297. The Company’s consideration for this transaction included the payment of $6,000 of cash in 2021, $27,710 of cash payable in early 2022, included within Payable to Employees and Related Parties on the Company's Consolidated Statement of Financial Condition as of December 31, 2021, and contingent cash consideration which will be settled in early 2024. The contingent consideration has a fair value of $20,587 as of December 31, 2021 and is included within Other Long-term Liabilities on the Company's Consolidated Statement of Financial Condition. The fair value of the contingent consideration reflects the present value of the expected payment due based on the current expectation for the business meeting the revenue performance targets. The amount of contingent consideration to be paid is dependent on the business achieving certain revenue performance targets. This purchase resulted in a decrease to Noncontrolling Interest of $7,137 and a decrease to Additional Paid-In-Capital of $47,160 on the Company’s Consolidated Statement of Financial Condition on December 31, 2021. In conjunction with this transaction, the Company will also issue two separate payments in early 2023 and 2024, contingent on continued employment with the Company, and accordingly, will be treated as compensation expense for accounting purposes in the periods earned. These payments will also be dependent on the business achieving certain revenue performance targets. 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 $851 and $852 during the years ended December 31, 2021 and 2020, respectively). 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.

X
- 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 + Details
Name: | us-gaap_MinorityInterestDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_NoncontrollingInterestAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration