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Segment Operating Results (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Information Regarding Operations By Segment | The following information presents each segment's contribution.
|  |  | For the Years Ended December 31,
|  |  |  |  | 2020 |  | 2019 |  | 2018
Investment Banking |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 2,217,386 |  |  | $ | 1,951,795 |  |  | $ | 2,012,023 |
Operating Expenses |  |  |  |  | 1,637,542 |  |  | 1,485,477 |  |  | 1,448,301 |
Other Expenses(2) |  |  |  |  | 49,112 |  |  | 33,618 |  |  | 30,366 |
Operating Income |  |  |  |  | 530,732 |  |  | 432,700 |  |  | 533,356 |
Income from Equity Method Investments |  |  |  |  | 1,546 |  |  | 916 |  |  | 518 |
Pre-Tax Income |  |  |  |  | $ | 532,278 |  |  | $ | 433,616 |  |  | $ | 533,874 |
Identifiable Segment Assets |  |  |  |  | $ | 3,186,864 |  |  | $ | 2,393,647 |  |  | $ | 1,923,783 |
Investment Management |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 46,519 |  |  | $ | 56,903 |  |  | $ | 52,682 |
Operating Expenses |  |  |  |  | 50,473 |  |  | 48,645 |  |  | 43,940 |
Other Expenses(2) |  |  |  |  | 345 |  |  | 3,247 |  |  | 21 |
Operating Income (Loss) |  |  |  |  | (4,299) |  |  | 5,011 |  |  | 8,721 |
Income from Equity Method Investments |  |  |  |  | 12,852 |  |  | 10,080 |  |  | 8,776 |
Pre-Tax Income |  |  |  |  | $ | 8,553 |  |  | $ | 15,091 |  |  | $ | 17,497 |
Identifiable Segment Assets |  |  |  |  | $ | 184,024 |  |  | $ | 204,966 |  |  | $ | 201,884 |
Total |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 2,263,905 |  |  | $ | 2,008,698 |  |  | $ | 2,064,705 |
Operating Expenses |  |  |  |  | 1,688,015 |  |  | 1,534,122 |  |  | 1,492,241 |
Other Expenses(2) |  |  |  |  | 49,457 |  |  | 36,865 |  |  | 30,387 |
Operating Income |  |  |  |  | 526,433 |  |  | 437,711 |  |  | 542,077 |
Income from Equity Method Investments |  |  |  |  | 14,398 |  |  | 10,996 |  |  | 9,294 |
Pre-Tax Income |  |  |  |  | $ | 540,831 |  |  | $ | 448,707 |  |  | $ | 551,371 |
Identifiable Segment Assets |  |  |  |  | $ | 3,370,888 |  |  | $ | 2,598,613 |  |  | $ | 2,125,667 |
(1)Net revenues include Other Revenue, net, allocated to the segments as follows:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2020 |  | 2019 |  | 2018
Investment Banking(A) |  |  |  |  | $ | (19,845) |  |  | $ | 19,023 |  |  | $ | (3,156) |
Investment Management(B) |  |  |  |  | (7,878) |  |  | 6,292 |  |  | 4,436 |
Total Other Revenue, net |  |  |  |  | $ | (27,723) |  |  | $ | 25,315 |  |  | $ | 1,280 |
(A)Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and lines of credit of $18,197, $12,917 and $9,201 for the years ended December 31, 2020, 2019 and 2018, respectively. Investment Banking Other Revenue, net, also includes a loss of $21,070 related to the release of cumulative foreign exchange losses resulting from the sale and wind-down of the Company's businesses in Mexico for the year ended December 31, 2020. (B)Investment Management Other Revenue, net, includes a net loss of $3,441 related to the sale of the Company's ECB businesses and a loss of $6,295 related to the release of cumulative foreign exchange losses resulting from the sale and wind-down of the Company's businesses in Mexico for the year ended December 31, 2020. (2)Other Expenses are as follows:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2020 |  | 2019 |  | 2018
Investment Banking |  |  |  |  |  |  |  |  |
Amortization of LP Units and Certain Other Awards |  |  |  |  | $ | 1,067 |  |  | $ | 18,183 |  |  | $ | 15,241 |
Special Charges, Including Business Realignment Costs |  |  |  |  | 46,600 |  |  | 7,202 |  |  | 5,012 |
Acquisition and Transition Costs |  |  |  |  | 262 |  |  | 705 |  |  | — |
Fair Value of Contingent Consideration |  |  |  |  | — |  |  | — |  |  | 1,485 |
Intangible Asset and Other Amortization |  |  |  |  | 1,183 |  |  | 7,528 |  |  | 8,628 |
Total Investment Banking |  |  |  |  | 49,112 |  |  | 33,618 |  |  | 30,366 |
Investment Management |  |  |  |  |  |  |  |  |
Special Charges, Including Business Realignment Costs |  |  |  |  | 45 |  |  | 2,939 |  |  | — |
Acquisition and Transition Costs |  |  |  |  | 300 |  |  | 308 |  |  | 21 |
Total Investment Management |  |  |  |  | 345 |  |  | 3,247 |  |  | 21 |
Total Other Expenses |  |  |  |  | $ | 49,457 |  |  | $ | 36,865 |  |  | $ | 30,387 |
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,
|  |  |  |  | 2020 |  | 2019 |  | 2018
Net Revenues:(1) |  |  |  |  |  |  |  |  |
United States |  |  |  |  | $ | 1,767,976 |  |  | $ | 1,464,551 |  |  | $ | 1,591,883 |
Europe and Other |  |  |  |  | 497,102 |  |  | 501,425 |  |  | 438,602 |
Latin America |  |  |  |  | 26,550 |  |  | 17,407 |  |  | 32,940 |
Total |  |  |  |  | $ | 2,291,628 |  |  | $ | 1,983,383 |  |  | $ | 2,063,425 |
(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,
| 2020 |  | 2019
Total Assets: |  |  |
United States | $ | 2,862,343 |  |  | $ | 2,158,347 |
Europe and Other | 504,977 |  |  | 373,822 |
Latin America | 3,568 |  |  | 66,444 |
Total | $ | 3,370,888 |  |  | $ | 2,598,613 |

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