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Segment Operating Results (Tables) | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Information Regarding Operations By Segment | The following information presents each segment's contribution.
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Investment Banking |  |  |  |  |  |  |
Net Revenues(1) | $ | 385,463 |  |  | $ | 388,012 |  |  | $ | 1,294,493 |  |  | $ | 1,305,586 |
Operating Expenses | 318,655 |  |  | 311,697 |  |  | 1,057,926 |  |  | 1,008,985 |
Other Expenses(2) | 7,703 |  |  | 7,917 |  |  | 42,092 |  |  | 22,084 |
Operating Income | 59,105 |  |  | 68,398 |  |  | 194,475 |  |  | 274,517 |
Income from Equity Method Investments | 570 |  |  | 282 |  |  | 1,171 |  |  | 756 |
Pre-Tax Income | $ | 59,675 |  |  | $ | 68,680 |  |  | $ | 195,646 |  |  | $ | 275,273 |
Identifiable Segment Assets | $ | 2,460,068 |  |  | $ | 2,018,087 |  |  | $ | 2,460,068 |  |  | $ | 2,018,087 |
Investment Management |  |  |  |  |  |  |
Net Revenues(1) | $ | 17,052 |  |  | $ | 14,186 |  |  | $ | 42,104 |  |  | $ | 42,985 |
Operating Expenses | 12,171 |  |  | 12,040 |  |  | 36,529 |  |  | 36,206 |
Other Expenses(2) | 300 |  |  | 200 |  |  | 332 |  |  | 308 |
Operating Income | 4,581 |  |  | 1,946 |  |  | 5,243 |  |  | 6,471 |
Income from Equity Method Investments | 2,541 |  |  | 2,280 |  |  | 7,381 |  |  | 6,470 |
Pre-Tax Income | $ | 7,122 |  |  | $ | 4,226 |  |  | $ | 12,624 |  |  | $ | 12,941 |
Identifiable Segment Assets | $ | 185,390 |  |  | $ | 193,016 |  |  | $ | 185,390 |  |  | $ | 193,016 |
Total |  |  |  |  |  |  |
Net Revenues(1) | $ | 402,515 |  |  | $ | 402,198 |  |  | $ | 1,336,597 |  |  | $ | 1,348,571 |
Operating Expenses | 330,826 |  |  | 323,737 |  |  | 1,094,455 |  |  | 1,045,191 |
Other Expenses(2) | 8,003 |  |  | 8,117 |  |  | 42,424 |  |  | 22,392 |
Operating Income | 63,686 |  |  | 70,344 |  |  | 199,718 |  |  | 280,988 |
Income from Equity Method Investments | 3,111 |  |  | 2,562 |  |  | 8,552 |  |  | 7,226 |
Pre-Tax Income | $ | 66,797 |  |  | $ | 72,906 |  |  | $ | 208,270 |  |  | $ | 288,214 |
Identifiable Segment Assets | $ | 2,645,458 |  |  | $ | 2,211,103 |  |  | $ | 2,645,458 |  |  | $ | 2,211,103 |
(1) | Net revenues include Other Revenue, net, allocated to the segments as follows:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Investment Banking(A) | $ | 4,449 |  |  | $ | 2,709 |  |  | $ | (5,704 | ) |  | $ | 16,432 |
Investment Management | 3,027 |  |  | 1,536 |  |  | 2,379 |  |  | 5,533 |
Total Other Revenue, net | $ | 7,476 |  |  | $ | 4,245 |  |  | $ | (3,325 | ) |  | $ | 21,965 |
(A) | Investment Banking Other Revenue, net, includes interest expense on the Notes Payable and lines of credit of $4,218 and $13,594 for the three and nine months ended September 30, 2020, respectively, and $3,786 and $8,354 for the three and nine months ended September 30, 2019, respectively.
(2) | Other Expenses are as follows:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Investment Banking |  |  |  |  |  |  |
Amortization of LP Units and Certain Other Awards | $ | — |  |  | $ | 4,551 |  |  | $ | 1,067 |  |  | $ | 12,346 |
Special Charges, Including Business Realignment Costs | 7,380 |  |  | 1,029 |  |  | 39,582 |  |  | 3,087 |
Acquisition and Transition Costs | 154 |  |  | 180 |  |  | 260 |  |  | 180 |
Intangible Asset and Other Amortization | 169 |  |  | 2,157 |  |  | 1,183 |  |  | 6,471 |
Total Investment Banking | 7,703 |  |  | 7,917 |  |  | 42,092 |  |  | 22,084 |
Investment Management |  |  |  |  |  |  |
Special Charges, Including Business Realignment Costs | — |  |  | — |  |  | 32 |  |  | — |
Acquisition and Transition Costs | 300 |  |  | 200 |  |  | 300 |  |  | 308 |
Total Investment Management | 300 |  |  | 200 |  |  | 332 |  |  | 308 |
Total Other Expenses | $ | 8,003 |  |  | $ | 8,117 |  |  | $ | 42,424 |  |  | $ | 22,392 |
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 Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Net Revenues:(1) |  |  |  |  |  |  |
United States | $ | 285,271 |  |  | $ | 317,203 |  |  | $ | 1,042,248 |  |  | $ | 977,870 |
Europe and Other | 104,197 |  |  | 77,779 |  |  | 284,442 |  |  | 337,207 |
Latin America | 5,571 |  |  | 2,971 |  |  | 13,232 |  |  | 11,529 |
Total | $ | 395,039 |  |  | $ | 397,953 |  |  | $ | 1,339,922 |  |  | $ | 1,326,606 |
(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:
| September 30, 2020 |  | December 31, 2019
Total Assets: |  |  |
United States | $ | 2,260,680 |  |  | $ | 2,158,347 |
Europe and Other | 339,921 |  |  | 373,822 |
Latin America | 44,857 |  |  | 66,444 |
Total | $ | 2,645,458 |  |  | $ | 2,598,613 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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