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Segment Operating Results (Tables) | 12 Months Ended
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Dec. 31, 2018
Segment Reporting [Abstract] |
Information Regarding Operations By Segment | The following information presents each segment's contribution.
| For the Years Ended December 31,
| 2018 |  | 2017 |  | 2016
Investment Banking |  |  |  |  |
Net Revenues(1) | $ | 2,012,023 |  |  | $ | 1,634,268 |  |  | $ | 1,363,859 |
Operating Expenses | 1,448,301 |  |  | 1,175,927 |  |  | 1,020,327 |
Other Expenses(2) | 30,366 |  |  | 35,810 |  |  | 92,172 |
Operating Income | 533,356 |  |  | 422,531 |  |  | 251,360 |
Income from Equity Method Investments | 518 |  |  | 277 |  |  | 1,370 |
Pre-Tax Income | $ | 533,874 |  |  | $ | 422,808 |  |  | $ | 252,730 |
Identifiable Segment Assets | $ | 1,923,783 |  |  | $ | 1,294,103 |  |  | $ | 1,302,351 |
Investment Management |  |  |  |  |
Net Revenues(1) | $ | 52,682 |  |  | $ | 70,081 |  |  | $ | 76,193 |
Operating Expenses | 43,940 |  |  | 51,646 |  |  | 57,379 |
Other Expenses(2) | 21 |  |  | 12,155 |  |  | 9,000 |
Operating Income | 8,721 |  |  | 6,280 |  |  | 9,814 |
Income from Equity Method Investments | 8,776 |  |  | 8,561 |  |  | 5,271 |
Pre-Tax Income | $ | 17,497 |  |  | $ | 14,841 |  |  | $ | 15,085 |
Identifiable Segment Assets | $ | 201,884 |  |  | $ | 290,783 |  |  | $ | 359,995 |
Total |  |  |  |  |
Net Revenues(1) | $ | 2,064,705 |  |  | $ | 1,704,349 |  |  | $ | 1,440,052 |
Operating Expenses | 1,492,241 |  |  | 1,227,573 |  |  | 1,077,706 |
Other Expenses(2) | 30,387 |  |  | 47,965 |  |  | 101,172 |
Operating Income | 542,077 |  |  | 428,811 |  |  | 261,174 |
Income from Equity Method Investments | 9,294 |  |  | 8,838 |  |  | 6,641 |
Pre-Tax Income | $ | 551,371 |  |  | $ | 437,649 |  |  | $ | 267,815 |
Identifiable Segment Assets | $ | 2,125,667 |  |  | $ | 1,584,886 |  |  | $ | 1,662,346 |
(1) | Net revenues include Other Revenue, net, allocated to the segments as follows:
| For the Years Ended December 31,
| 2018 |  | 2017 |  | 2016
Investment Banking(A) | $ | (3,156 | ) |  | $ | 58,399 |  |  | $ | (147 | )
Investment Management(B) | 4,436 |  |  | 10,433 |  |  | 12,789 |
Total Other Revenue, net | $ | 1,280 |  |  | $ | 68,832 |  |  | $ | 12,642 |
(A) | Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and lines of credit of $9,201, $9,960 and $9,578 for the years ended December 31, 2018, 2017 and 2016, respectively, and includes an estimated gain of $77,535 related to a reduction in the liability for amounts due pursuant to the tax receivable agreement and a loss of $16,266 related to the release of cumulative foreign exchange losses resulting from the restructuring of the Company's former equity method investment in G5 for the year ended December 31, 2017. Also includes ($701) and $92 of principal trading gains (losses) for the years ended December 31, 2017 and 2016, respectively, to conform to the current presentation.
(B) | Investment Management Other Revenue, net, includes interest expense on the Notes Payable and lines of credit of $670 for the year ended December 31, 2016, and includes a gain of $7,808 related to the sale of the Institutional Trust and Independent Fiduciary business of ETC for the year ended December 31, 2017. Also includes $2,037 and $12,403 of net realized and unrealized gains on private equity investments for the years ended December 31, 2017 and 2016, respectively, to conform to the current presentation.
(2) | Other Expenses are as follows:
| For the Years Ended December 31,
| 2018 |  | 2017 |  | 2016
Investment Banking |  |  |  |  |
Amortization of LP Units / Interests and Certain Other Awards | $ | 15,241 |  |  | $ | 11,444 |  |  | $ | 80,846 |
Special Charges | 5,012 |  |  | 14,400 |  |  | — |
Acquisition and Transition Costs | — |  |  | 555 |  |  | (692 | )
Fair Value of Contingent Consideration | 1,485 |  |  | — |  |  | 1,107 |
Intangible Asset and Other Amortization | 8,628 |  |  | 9,411 |  |  | 10,911 |
Total Investment Banking | 30,366 |  |  | 35,810 |  |  | 92,172 |
Investment Management |  |  |  |  |
Special Charges | — |  |  | 11,037 |  |  | 8,100 |
Acquisition and Transition Costs | 21 |  |  | 1,118 |  |  | 791 |
Intangible Asset and Other Amortization | — |  |  | — |  |  | 109 |
Total Investment Management | 21 |  |  | 12,155 |  |  | 9,000 |
Total Other Expenses | $ | 30,387 |  |  | $ | 47,965 |  |  | $ | 101,172 |
Revenues Derived from Clients and Private Equity Funds by Geographical Areas | . The Company's revenues were derived from clients located and managed in the following geographical areas:
| For the Years Ended December 31,
| 2018 |  | 2017 |  | 2016
Net Revenues:(1) |  |  |  |  |
United States | $ | 1,591,883 |  |  | $ | 1,199,231 |  |  | $ | 1,057,633 |
Europe and Other | 438,602 |  |  | 422,271 |  |  | 337,957 |
Latin America | 32,940 |  |  | 14,015 |  |  | 31,820 |
Total | $ | 2,063,425 |  |  | $ | 1,635,517 |  |  | $ | 1,427,410 |
(1) Excludes Other Revenue, Including Interest and Investments, and Interest Expense.
Assets by Geographic Areas | . The Company's total assets are located in the following geographical areas:
| December 31,
| 2018 |  | 2017
Total Assets: |  |  |
United States | $ | 1,757,589 |  |  | $ | 1,284,163 |
Europe and Other | 298,917 |  |  | 234,984 |
Latin America | 69,161 |  |  | 65,739 |
Total | $ | 2,125,667 |  |  | $ | 1,584,886 |

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