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Prior Periods’ Financial Statement Revisions (Tables)

12 Months Ended

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.

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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
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-Publisher FASB
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-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

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