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Prior Periods’ Financial Statement Revisions (Tables) | 12 Months Ended
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Dec. 31, 2020
Accounting Changes And Error Corrections [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | The following table includes the effects of the revisions on the "Additional paid-in capital", "Retained deficit" and “Noncontrolling interest in subsidiaries” beginning balances as of January 1, 2018 which represents the cumulative impact to periods prior to 2018.
|  | As of January 1, 2018 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Additional paid-in capital |  | $ | 1,763,371 |  |  | $ | 642 |  |  | $ | 1,764,013 |
Retained deficit |  | $ | (859,009 | ) |  | $ | (7,866 | ) |  | $ | (866,875 | )
Noncontrolling interest in subsidiaries |  | $ | 505,855 |  |  | $ | (4,647 | ) |  | $ | 501,208 |
The following table presents the effect of the resulting revision on the consolidated statements of financial condition as of December 31, 2019.
|  | December 31, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Accrued commissions and other receivables, net |  |  | 778,415 |  |  |  | 9,869 |  |  |  | 788,284 |
Other assets |  |  | 446,371 |  |  |  | 925 |  |  |  | 447,296 |
Total assets |  | $ | 3,916,120 |  |  | $ | 10,794 |  |  | $ | 3,926,914 |
Liabilities, Redeemable Partnership Interest, and Equity |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued and other liabilities |  |  | 1,283,046 |  |  |  | 29,563 |  |  |  | 1,312,609 |
Total liabilities |  |  | 3,148,745 |  |  |  | 29,563 |  |  |  | 3,178,308 |
Equity |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
Additional paid-in capital |  |  | 2,271,947 |  |  |  | 156 |  |  |  | 2,272,103 |
Retained deficit |  |  | (1,241,754 | ) |  |  | (11,335 | ) |  |  | (1,253,089 | )
Total stockholders’ equity |  |  | 685,826 |  |  |  | (11,179 | ) |  |  | 674,647 |
Noncontrolling interest in subsidiaries |  |  | 57,911 |  |  |  | (7,590 | ) |  |  | 50,321 |
Total equity |  |  | 743,737 |  |  |  | (18,769 | ) |  |  | 724,968 |
Total liabilities, redeemable partnership interest, and equity |  | $ | 3,916,120 |  |  | $ | 10,794 |  |  | $ | 3,926,914 |
The following tables present the effect of the resulting revision on the consolidated statements of operations for the years ended December 31, 2019 and 2018.
|  | Year Ended December 31, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 1,127,911 |  |  |  | (2,000 | ) |  |  | 1,125,911 |
Equity-based compensation and allocations of net income to limited partnership units and FPUs |  |  | 165,612 |  |  |  | 5,013 |  |  |  | 170,625 |
Total compensation and employee benefits |  |  | 1,293,523 |  |  |  | 3,013 |  |  |  | 1,296,536 |
Occupancy and equipment |  |  | 184,807 |  |  |  | (1,600 | ) |  |  | 183,207 |
Interest expense |  |  | 59,077 |  |  |  | 1,169 |  |  |  | 60,246 |
Other expenses |  |  | 107,423 |  |  |  | 11,026 |  |  |  | 118,449 |
Total expenses |  |  | 2,021,606 |  |  |  | 13,608 |  |  |  | 2,035,214 |
Other income (losses), net: |  |  |  |  |  |  |  |  |  |  |  |
Other income (loss) |  |  | 32,953 |  |  |  | (2,442 | ) |  |  | 30,511 |
Total other income (losses), net |  |  | 55,489 |  |  |  | (2,442 | ) |  |  | 53,047 |
Income (loss) from operations before income taxes |  |  | 138,114 |  |  |  | (16,050 | ) |  |  | 122,064 |
Provision (benefit) for income taxes |  |  | 53,171 |  |  |  | (3,360 | ) |  |  | 49,811 |
Consolidated net income (loss) |  | $ | 84,943 |  |  | $ | (12,690 | ) |  | $ | 72,253 |
Less: Net income (loss) attributable to noncontrolling interest in subsidiaries |  |  | 29,236 |  |  |  | (4,545 | ) |  |  | 24,691 |
Net income (loss) available to common stockholders |  | $ | 55,707 |  |  | $ | (8,145 | ) |  | $ | 47,562 |
Per share data: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | 55,707 |  |  | $ | (8,145 | ) |  | $ | 47,562 |
Basic earnings (loss) per share |  | $ | 0.16 |  |  | $ | (0.02 | ) |  | $ | 0.14 |
Basic weighted-average shares of common stock outstanding |  |  | 344,332 |  |  |  | — |  |  |  | 344,332 |
Fully diluted earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for fully diluted shares |  | $ | 83,531 |  |  | $ | (21,477 | ) |  | $ | 62,054 |
Fully diluted earnings (loss) per share |  | $ | 0.16 |  |  | $ | (0.03 | ) |  | $ | 0.13 |
Fully diluted weighted-average shares of common stock outstanding |  |  | 524,550 |  |  |  | (64,807 | ) |  |  | 459,743 |
|  | Year Ended December 31, 2018 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 1,001,623 |  |  |  | 3,170 |  |  |  | 1,004,793 |
Equity-based compensation and allocations of net income to limited partnership units and FPUs |  |  | 205,070 |  |  |  | (5,013 | ) |  |  | 200,057 |
Total compensation and employee benefits |  |  | 1,206,693 |  |  |  | (1,843 | ) |  |  | 1,204,850 |
Occupancy and equipment |  |  | 149,594 |  |  |  | 1,600 |  |  |  | 151,194 |
Interest expense |  |  | 41,733 |  |  |  | 761 |  |  |  | 42,494 |
Other expenses |  |  | 64,309 |  |  |  | 7,560 |  |  |  | 71,869 |
Total expenses |  |  | 1,815,838 |  |  |  | 8,078 |  |  |  | 1,823,916 |
Other income (losses), net: |  |  |  |  |  |  |  |  |  |  |  |
Other income (loss) |  |  | 50,468 |  |  |  | 177 |  |  |  | 50,645 |
Total other income (losses), net |  |  | 57,845 |  |  |  | 177 |  |  |  | 58,022 |
Income (loss) from operations before income taxes |  |  | 179,817 |  |  |  | (7,901 | ) |  |  | 171,916 |
Provision (benefit) for income taxes |  |  | 76,120 |  |  |  | (12,352 | ) |  |  | 63,768 |
Consolidated net income (loss) from continuing operations |  | $ | 103,697 |  |  | $ | 4,451 |  |  | $ | 108,148 |
Consolidated net income (loss) from discontinued operations, net of tax |  |  | 176,169 |  |  |  | 2,293 |  |  |  | 178,462 |
Consolidated net income (loss) |  | $ | 279,866 |  |  | $ | 6,744 |  |  | $ | 286,610 |
Less: Net income (loss) from continuing operations attributable to noncontrolling interest in subsidiaries |  |  | 29,993 |  |  |  | 1,300 |  |  |  | 31,293 |
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest in subsidiaries |  |  | 52,353 |  |  |  | 768 |  |  |  | 53,121 |
Net income (loss) available to common stockholders |  | $ | 197,520 |  |  | $ | 4,676 |  |  | $ | 202,196 |
Per share data: |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share from continuing operations |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) from continuing operations available to common stockholders |  | $ | 73,704 |  |  | $ | 3,151 |  |  | $ | 76,855 |
Basic earnings (loss) per share from continuing operations |  | $ | 0.23 |  |  | $ | 0.01 |  |  | $ | 0.24 |
Basic weighted-average shares of common stock outstanding |  |  | 322,141 |  |  |  | — |  |  |  | 322,141 |
Fully diluted earnings (loss) per share from continuing operations |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) from continuing operations for fully diluted shares |  | $ | 73,704 |  |  | $ | 3,151 |  |  | $ | 76,855 |
Fully diluted earnings (loss) per share from continuing operations |  | $ | 0.23 |  |  | $ | 0.01 |  |  | $ | 0.24 |
Fully diluted weighted-average shares of common stock outstanding |  |  | 323,844 |  |  |  | — |  |  | $ | 323,844 |
The following tables present the effect of the resulting revision on the consolidated statements of cash flows for the years ended December 31, 2019 and 2018.
|  | Year Ended December 31, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Consolidated net income (loss) |  | $ | 84,943 |  |  | $ | (12,690 | ) |  | $ | 72,253 |
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity-based compensation and allocations of net income to limited partnership units and FPUs |  |  | 165,612 |  |  |  | 5,013 |  |  |  | 170,625 |
Loss (gains) on other investments |  |  | (22,785 | ) |  |  | 4,622 |  |  |  | (18,163 | )
Deferred tax provision (benefit) |  |  | (1,803 | ) |  |  | (2,393 | ) |  |  | (4,196 | )
Consolidated net income (loss), adjusted for non-cash and non-operating items |  |  | 343,605 |  |  |  | (5,448 | ) |  |  | 338,157 |
Decrease (increase) in operating assets: |  |  |  |  |  |  |  |  |  |  |  |
Accrued commissions receivable, net |  |  | (12,418 | ) |  |  | (9,869 | ) |  |  | (22,287 | )
Other assets |  |  | 3,784 |  |  |  | 1,455 |  |  |  | 5,239 |
Increase (decrease) in operating liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accrued compensation |  |  | (4,131 | ) |  |  | (3,100 | ) |  |  | (7,231 | )
Accounts payable, accrued and other liabilities |  |  | (34,840 | ) |  |  | 16,962 |  |  |  | (17,878 | )
Net cash provided by (used in) operating activities |  | $ | 239,062 |  |  | $ | — |  |  | $ | 239,062 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) investing activities |  | $ | (40,602 | ) |  | $ | — |  |  | $ | (40,602 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) financing activities |  | $ | 18,246 |  |  | $ | — |  |  | $ | 18,246 |
Effect of exchange rate changes on Cash and cash equivalents, and Cash segregated under regulatory requirements |  |  | 2,630 |  |  |  | — |  |  |  | 2,630 |
Net increase (decrease) in Cash and cash equivalents, and Cash segregated under regulatory requirements |  |  | 219,336 |  |  | $ | — |  |  |  | 219,336 |
Cash and cash equivalents, and Cash segregated under regulatory requirements at beginning of period |  |  | 416,778 |  |  |  | — |  |  |  | 416,778 |
Cash and cash equivalents, and Cash segregated under regulatory requirements at end of period |  | $ | 636,114 |  |  | $ | — |  |  | $ | 636,114 |
|  | Year Ended December 31, 2018 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Consolidated net income (loss) |  | $ | 279,866 |  |  | $ | 6,744 |  |  | $ | 286,610 |
Less: Consolidated net income from discontinued operations, net of tax |  |  | (176,169 | ) |  |  | (2,293 | ) |  |  | (178,462 | )
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Employee loan amortization and reserves on employee loans |  |  | 13,015 |  |  |  | 3,445 |  |  |  | 16,460 |
Equity-based compensation and allocations of net income to limited partnership units and FPUs |  |  | 205,070 |  |  |  | (5,013 | ) |  |  | 200,057 |
Loss (gains) on other investments |  |  | (38,491 | ) |  |  | (4,622 | ) |  |  | (43,113 | )
Deferred tax provision (benefit) |  |  | (22,635 | ) |  |  | (1,102 | ) |  |  | (23,737 | )
Other |  |  | — |  |  |  | 4,445 |  |  |  | 4,445 |
Consolidated net income (loss), adjusted for non-cash and non-operating items |  |  | 324,291 |  |  |  | 1,604 |  |  |  | 325,895 |
Decrease (increase) in operating assets: |  |  |  |  |  |  |  |  |  |  |  |
Reverse repurchase agreements |  |  | 986 |  |  |  | (986 | ) |  |  | — |
Other assets |  |  | (30,924 | ) |  |  | 5,581 |  |  |  | (25,343 | )
Increase (decrease) in operating liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Repurchase agreements |  |  | — |  |  |  | 986 |  |  |  | 986 |
Accrued compensation |  |  | (52,953 | ) |  |  | 3,100 |  |  |  | (49,853 | )
Payables to broker-dealers, clearing organizations, customers and related broker-dealers |  |  | 165,517 |  |  |  | 1,926 |  |  |  | 167,443 |
Accounts payable, accrued and other liabilities |  |  | 63,214 |  |  |  | (12,211 | ) |  |  | 51,003 |
Net cash provided by (used in) operating activities |  | $ | (67,345 | ) |  | $ | — |  |  | $ | (67,345 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) investing activities |  | $ | 9,236 |  |  | $ | — |  |  | $ | 9,236 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) financing activities |  | $ | 50,888 |  |  | $ | — |  |  | $ | 50,888 |
Net cash provided by (used in) operating activities from discontinued operations |  |  | (748,231 | ) |  |  | — |  |  |  | (748,231 | )
Net cash provided by (used in) investing activities from discontinued operations |  |  | 18,347 |  |  |  | — |  |  |  | 18,347 |
Net cash provided by (used in) financing activities from discontinued operations |  |  | 367,931 |  |  |  | — |  |  |  | 367,931 |
Effect of exchange rate changes on Cash and cash equivalents, and Cash segregated under regulatory requirements |  |  | (10,838 | ) |  |  | — |  |  |  | (10,838 | )
Net increase (decrease) in Cash and cash equivalents, and Cash segregated under regulatory requirements |  |  | (380,012 | ) |  | $ | — |  |  |  | (380,012 | )
Cash and cash equivalents, and Cash segregated under regulatory requirements at beginning of period |  |  | 796,790 |  |  |  | — |  |  |  | 796,790 |
Cash and cash equivalents, and Cash segregated under regulatory requirements at end of period |  | $ | 416,778 |  |  | $ | — |  |  | $ | 416,778 |
The following tables present the effect of the resulting revision on the consolidated statements of changes in equity for the years ended December 31, 2019 and 2018.
|  | BGC Partners, Inc. Stockholders |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |
|  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Total |  |  | Total |  |  | Total |
Balance, January 1, 2019 |  | $ | 2,208,221 |  |  | $ | (4,768 | ) |  | $ | 2,203,453 |  |  | $ | (1,105,019 | ) |  | $ | (3,190 | ) |  | $ | (1,108,209 | ) |  | $ | 94,801 |  |  | $ | (5,435 | ) |  | $ | 89,366 |  |  | $ | 863,174 |  |  | $ | (13,393 | ) |  | $ | 849,781 |
Consolidated net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 55,707 |  |  |  | (8,145 | ) |  |  | 47,562 |  |  |  | 29,236 |  |  |  | (4,545 | ) |  |  | 24,691 |  |  |  | 84,943 |  |  |  | (12,690 | ) |  |  | 72,253 |
Grant of exchangeability and redemption of limited partnership interests, issuance of 15,008,431 shares |  |  | 51,531 |  |  |  | 4,924 |  |  |  | 56,455 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27,463 |  |  |  | 2,390 |  |  |  | 29,853 |  |  |  | 79,144 |  |  |  | 7,314 |  |  |  | 86,458 |
Balance, December 31, 2019 |  | $ | 2,271,947 |  |  | $ | 156 |  |  | $ | 2,272,103 |  |  | $ | (1,241,754 | ) |  | $ | (11,335 | ) |  | $ | (1,253,089 | ) |  | $ | 57,911 |  |  | $ | (7,590 | ) |  | $ | 50,321 |  |  | $ | 743,737 |  |  | $ | (18,769 | ) |  | $ | 724,968 |
|  | BGC Partners, Inc. Stockholders |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |  |  | As Reported |  |  | Adjustments |  |  | As Revised |
|  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Additional Paid-in Capital |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Retained Deficit |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Noncontrolling Interest in Subsidiaries |  |  | Total |  |  | Total |  |  | Total |
Balance, January 1, 2018 |  | $ | 1,763,371 |  |  | $ | 642 |  |  | $ | 1,764,013 |  |  | $ | (859,009 | ) |  | $ | (7,866 | ) |  | $ | (866,875 | ) |  | $ | 505,855 |  |  | $ | (4,647 | ) |  | $ | 501,208 |  |  | $ | 1,139,741 |  |  | $ | (11,871 | ) |  | $ | 1,127,870 |
Consolidated net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 197,520 |  |  |  | 4,676 |  |  |  | 202,196 |  |  |  | 82,346 |  |  |  | 2,068 |  |  |  | 84,414 |  |  |  | 279,866 |  |  |  | 6,744 |  |  |  | 286,610 |
Grant of exchangeability and redemption of limited partnership interests, issuance of 18,287,721 shares |  |  | 163,706 |  |  |  | (4,793 | ) |  |  | 158,913 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 82,077 |  |  |  | (2,521 | ) |  |  | 79,556 |  |  |  | 245,966 |  |  |  | (7,314 | ) |  |  | 238,652 |
Other |  |  | — |  |  |  | (617 | ) |  |  | (617 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (335 | ) |  |  | (335 | ) |  |  | — |  |  |  | (952 | ) |  |  | (952 | )
Balance, December 31, 2018 |  | $ | 2,208,221 |  |  | $ | (4,768 | ) |  | $ | 2,203,453 |  |  | $ | (1,105,019 | ) |  | $ | (3,190 | ) |  | $ | (1,108,209 | ) |  | $ | 94,801 |  |  | $ | (5,435 | ) |  | $ | 89,366 |  |  | $ | 863,174 |  |  | $ | (13,393 | ) |  | $ | 849,781 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794 + Details
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