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Noncontrolling Interest | 6 Months Ended
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Jun. 30, 2024
Noncontrolling Interest [Abstract] |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling Interest recorded in the unaudited condensed 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. Noncontrolling ownership interests for the Company's subsidiaries were as follows:
| As of June 30,
| 2024 |  | 2023 |  |
Evercore LP | 6 | % |  | 7 | % |  |
Evercore Wealth Management ("EWM") | 26 | % |  | 26 | % |  |
The Noncontrolling Interests for Evercore LP and EWM have rights, in certain circumstances, to convert into Class A Shares. The Company has outstanding Class A limited partnership units of Evercore LP ("Class A LP Units"), Class E limited partnership units of Evercore LP ("Class E LP Units"), Class I limited partnership units of Evercore LP ("Class I LP Units") and Class K limited partnership units of Evercore LP ("Class K LP Units"), which give the holders the right to receive Class A Shares upon exchange on a one-for-one basis. See Note 13 for further information. Changes in Noncontrolling Interest for the three and six months ended June 30, 2024 and 2023 were as follows:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Beginning balance | $ | 203,454 |  |  | $ | 193,278 |  |  | $ | 205,556 |  |  | $ | 189,607 |  |  |
Comprehensive Income: |  |  |  |  |  |  |  |  |
Net Income Attributable to Noncontrolling Interest | 7,975 |  |  | 4,956 |  |  | 15,406 |  |  | 13,819 |  |  |
Other Comprehensive Income (Loss) | (66) |  |  | 498 |  |  | (365) |  |  | 714 |  |  |
Total Comprehensive Income | 7,909 |  |  | 5,454 |  |  | 15,041 |  |  | 14,533 |  |  |
Evercore LP Units Exchanged for Class A Shares | (2,507) |  |  | (1,296) |  |  | (8,653) |  |  | (2,774) |  |  |
Amortization and Vesting of LP Units and EWM Class A Units | 9,479 |  |  | 6,175 |  |  | 15,829 |  |  | 12,635 |  |  |
Other Items: |  |  |  |  |  |  |  |  |
Distributions to Noncontrolling Interests | (6,535) |  |  | (5,261) |  |  | (15,973) |  |  | (15,651) |  |  |
Issuance of Noncontrolling Interest | 282 |  |  | 733 |  |  | 282 |  |  | 733 |  |  |
Purchase of Noncontrolling Interest | (67) |  |  | (158) |  |  | (67) |  |  | (158) |  |  |
Total Other Items | (6,320) |  |  | (4,686) |  |  | (15,758) |  |  | (15,076) |  |  |
Ending balance | $ | 212,015 |  |  | $ | 198,925 |  |  | $ | 212,015 |  |  | $ | 198,925 |  |  |
Other Comprehensive Income – Other Comprehensive Income (Loss) Attributed to Noncontrolling Interest includes unrealized gains (losses) on securities and investments, net, of $2 and ($4) for the three and six months ended June 30, 2024, respectively, and ($283) for the six months ended June 30, 2023, and foreign currency translation adjustment gains (losses), net, of ($68) and ($361) for the three and six months ended June 30, 2024, respectively, and $498 and $997 for the three and six months ended June 30, 2023, respectively. LP Units Exchanged – During the three and six months ended June 30, 2024, 35 and 125 LP Units, respectively, were exchanged for Class A Shares. This resulted in a decrease to Noncontrolling Interest of $2,507 and $8,653 for the three and six months ended June 30, 2024, respectively, an increase to Class A Common Stock of $1 for the six months ended June 30, 2024, and an increase to Additional Paid-In Capital of $2,507 and $8,652 for the three and six months ended June 30, 2024, respectively, on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2024. See Note 11 for further information. EWM Class A Units – During the second quarter of 2024, the Company granted 297 EWM Class A Units, which generally vest ratably over three years. Compensation expense related to the EWM Class A Units was $457 for the three and six months ended June 30, 2024. Interests Purchased – During the second quarter of 2024, the Company purchased, at fair value, an additional 0.3% of the EWM Class A Units for $1,036. This purchase resulted in a decrease to Noncontrolling Interest of $67 and a decrease to Additional Paid-In Capital of $969 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2024. During the second quarter of 2023, the Company purchased, at fair value, an additional 0.7% of the EWM Class A Units for $2,002. This purchase resulted in a decrease to Noncontrolling Interest of $158 and a decrease to Additional-Paid-In-Capital of $1,844 on the Company's Unaudited Condensed Consolidated Statement of Financial Condition as of June 30, 2023. 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 Real Estate Capital Advisory ("RECA") business for $54,297. Consideration for this transaction included the payment of $6,000 of cash in 2021, $27,710 of cash in 2022, and contingent cash consideration which was settled during 2023 and the first quarter of 2024. The Company paid contingent cash consideration of $715 during the six months ended June 30, 2023 and $2,023 during the six months ended June 30, 2024, representing the final payment under this arrangement. The fair value of the remaining contingent consideration was $2,023 as of December 31, 2023, which is included within Payable to Employees and Related Parties on the Company's Unaudited Condensed Consolidated Statement of Financial Condition. The amount of contingent consideration to be paid was dependent on the RECA business achieving certain revenue performance targets. The decline in the fair value of contingent consideration reduced Other Operating Expenses by $2,545 and $2,459 for the three and six months ended June 30, 2023, respectively, on the Unaudited Condensed Consolidated Statements of Operations. 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. In conjunction with this transaction, the Company also issued payments in the first quarter of 2023 and 2024, contingent on continued employment with the Company. Accordingly, these payments are treated as compensation expense for accounting purposes in the periods earned. These payments were also dependent on the RECA business achieving certain revenue performance targets.

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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 -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
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