3 unchanged sentences
(in thousands, except unit amounts)
+Added: September 30,
2021 December 31,
20 unchanged sentences
(in thousands, except per unit amounts)
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
9 unchanged sentences
(in thousands)
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
2 unchanged sentences
Foreign currency translation adjustments, before tax ( 3,379 ) 5,872 ( 5,302 ) 718
−Removed: Income tax benefit (expense) 21 72 ( 9 ) 78
+Added: Income tax benefit 99 38 90 116
Foreign currency translation adjustments, net of tax ( 3,280 ) 5,910 ( 5,212 ) 834
1 unchanged sentence
Amortization of prior service cost 4 3 6 10
−Removed: Recognized actuarial gain (loss) 212 295 ( 62 ) 464
+Added: Recognized actuarial gain 264 149 202 613
Changes in employee benefit related items 268 152 208 623
−Removed: Income tax ( 1 ) ( 2 ) 1 ( 30 )
+Added: Income tax (expense) ( 2 ) ( 1 ) ( 1 ) ( 31 )
Employee benefit related items, net of tax 266 151 207 592
−Removed: Other comprehensive income (loss) 1,045 2,842 ( 1,991 ) ( 4,635 )
+Added: Other comprehensive (loss) income ( 3,014 ) 6,061 ( 5,005 ) 1,426
Comprehensive income $ 85,662 $ 73,060 $ 255,675 $ 187,610
3 unchanged sentences
(in thousands)
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
26 unchanged sentences
(in thousands)
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
Cash flows from operating activities:
22 unchanged sentences
Notes to Condensed Financial Statements
−Removed: June 30, 2021
+Added: September 30, 2021
The words “we” and “our” refer collectively to AllianceBernstein Holding L.P.
25 unchanged sentences
• Some passive management, including index and enhanced index strategies.
−Removed: As of June 30, 2021, EQH owned approximately 4.0 % of the issued and outstanding units representing assignments of beneficial ownership of limited partnership interests in AB Holding (“AB Holding Units”).
+Added: As of September 30, 2021, EQH owned approximately 4.1 % of the issued and outstanding units representing assignments of beneficial ownership of limited partnership interests in AB Holding (“AB Holding Units”).
AllianceBernstein Corporation (an indirect wholly-owned subsidiary of EQH, “General Partner”) is the general partner of both AB Holding and AB.
AllianceBernstein Corporation owns 100,000 general partnership units in AB Holding and a 1 % general partnership interest in AB.
−Removed: As of June 30, 2021, the ownership structure of AB, expressed as a percentage of general and limited partnership interests, was as follows:
+Added: As of September 30, 2021, the ownership structure of AB, expressed as a percentage of general and limited partnership interests, was as follows:
EQH and its subsidiaries 63.2 %
1 unchanged sentence
Unaffiliated holders 0.7
−Removed: Including both the general partnership and limited partnership interests in AB Holding and AB, EQH and its subsidiaries had an approximate 64.4 % economic interest in AB as of June 30, 2021.
+Added: Including both the general partnership and limited partnership interests in AB Holding and AB, EQH and its subsidiaries had an approximate 64.7 % economic interest in AB as of September 30, 2021.
Basis of Presentation
10 unchanged sentences
Subsequent Events
−Removed: We have evaluated subsequent events through the date that these financial statements were filed with the Securities and Exchange Commission .
+Added: We have evaluated subsequent events through the date that these financial statements were filed with the Securities and Exchange Commission and there were no events requiring disclosure.
Cash Distributions
1 unchanged sentence
Available Cash Flow is defined as the cash distributions AB Holding receives from AB minus such amounts as the General Partner determines, in its sole discretion, should be retained by AB Holding for use in its business (such as the payment of taxes) or plus such amounts as the General Partner determines, in its sole discretion, should be released from previously retained cash flow.
−Removed: On July 29, 2021, the General Partner declared a distribution of $ 0.91 per unit, representing a distribution of Available Cash Flow for the three months ended June 30, 2021.
−Removed: Each general partnership unit in AB Holding is entitled to receive
−Removed: distributions equal to those received by each AB Holding Unit.
−Removed: The distribution is payable on August 19, 2021 to holders of record at the close of business on August 9, 2021.
+Added: On October 28, 2021, the General Partner declared a distribution of $ 0.89 per unit, representing a distribution of Available Cash Flow for the three months ended September 30, 2021.
+Added: Each general partnership unit in AB Holding is entitled to
+Added: receive distributions equal to those received by each AB Holding Unit.
+Added: The distribution is payable on November 24, 2021 to holders of record at the close of business on November 8, 2021.
Long-term Incentive Compensation Plans
3 unchanged sentences
AB Holding Units held in the consolidated rabbi trust are corporate assets in the name of the trust and are available to the general creditors of AB.
−Removed: Repurchases of AB Holding Units for the three and six months ended June 30, 2021 and 2020 consisted of the following:
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Repurchases of AB Holding Units for the three and nine months ended September 30, 2021 and 2020 consisted of the following:
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
14 unchanged sentences
Repurchases are subject to regulations promulgated by the SEC as well as certain price, market volume and timing constraints specified in the plan.
−Removed: The plan adopted during the second quarter of 2021 expired at the close of business on July 28, 2021.
+Added: The plan adopted during the third quarter of 2021 expired at the close of business on October 27, 2021.
AB may adopt additional plans in the future to engage in open-market purchases of AB Holding Units to help fund anticipated obligations under its incentive compensation award program and for other corporate purposes.
−Removed: During the first six months of 2021 and 2020, AB awarded to employees and Eligible Directors 3.5 million and 0.2 million restricted AB Holding Unit awards, respectively.
+Added: During the first nine months of 2021 and 2020, AB awarded to employees and Eligible Directors 3.6 million and 0.5 million restricted AB Holding Unit awards, respectively.
AB used AB Holding Units repurchased during the applicable period and newly-issued AB Holding Units to fund these restricted AB Holding Unit awards.
−Removed: During the first six months of 2021 and 2020, AB Holding issued 0.1 million and 5,182 AB Holding Units, respectively, upon exercise of options to buy AB Holding Units.
+Added: During the first nine months of 2021 and 2020, AB Holding issued 0.1 million and 5,182 AB Holding Units, respectively, upon exercise of options to buy AB Holding Units.
AB Holding used the proceeds of $ 3.4 million and $ 0.1 million, respectively, received from award recipients as payment in cash for the exercise price to purchase the equivalent number of newly-issued AB Units.
2 unchanged sentences
Diluted net income per unit is derived by adjusting net income for the assumed dilutive effect of compensatory options (“Net income – diluted”) and dividing by the diluted weighted average number of units outstanding for each period.
−Removed: Three Months Ended June 30, Six Months Ended
+Added: Three Months Ended September 30, Nine Months Ended
+Added: September 30,
2021 2020 2021 2020
8 unchanged sentences
Diluted net income per unit $ 0.89 $ 0.70 $ 2.61 $ 1.95
−Removed: Three Months Ended June 30, Six Months Ended
+Added: Three Months Ended September 30, Nine Months Ended
+Added: September 30,
2021 2020 2021 2020
2 unchanged sentences
Investment in AB
−Removed: Changes in AB Holding’s investment in AB during the six-month period ended June 30, 2021 are as follows (in thousands):
+Added: Changes in AB Holding’s investment in AB during the nine-month period ended September 30, 2021 are as follows (in thousands):
Investment in AB as of December 31, 2020 $ 1,605,941
7 unchanged sentences
Change in AB Holding Units held by AB for long-term incentive compensation plans ( 27,288 )
−Removed: Investment in AB as of June 30, 2021 $ 1,604,945
+Added: Investment in AB as of September 30, 2021 $ 1,550,187
Units Outstanding
−Removed: Changes in AB Holding Units outstanding during the six-month period ended June 30, 2021 are as follows:
+Added: Changes in AB Holding Units outstanding during the nine-month period ended September 30, 2021 are as follows:
Outstanding as of December 31, 2020 98,322,942
2 unchanged sentences
Units retired ( 2,753,077 )
−Removed: Outstanding as of June 30, 2021 99,808,806
+Added: Outstanding as of September 30, 2021 98,754,148
AB Holding is a “grandfathered” publicly-traded partnership (“PTP”) for federal tax purposes and, accordingly, is not subject to federal or state corporate income taxes.
4 unchanged sentences
AB Holding Units in AB’s consolidated rabbi trust are not considered outstanding for purposes of calculating AB Holding’s ownership interest in AB.
−Removed: Three Months Ended June 30, Six Months Ended
+Added: Three Months Ended September 30, Nine Months Ended
+Added: September 30,
2021 2020 % Change 2021 2020 % Change
30 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.