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Segment Operating Results (Tables) | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Information Regarding Operations By Segment | The following information presents each segment's contribution.
|  |  | For the Years Ended December 31,
|  |  |  |  | 2021 |  | 2020 |  | 2019
Investment Banking |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 3,223,889 |  |  | $ | 2,217,386 |  |  | $ | 1,951,795 |
Operating Expenses |  |  |  |  | 2,125,871 |  |  | 1,637,542 |  |  | 1,485,477 |
Other Expenses(2) |  |  |  |  | 7 |  |  | 49,112 |  |  | 33,618 |
Operating Income |  |  |  |  | 1,098,011 |  |  | 530,732 |  |  | 432,700 |
Income from Equity Method Investments |  |  |  |  | 1,337 |  |  | 1,546 |  |  | 916 |
Pre-Tax Income |  |  |  |  | $ | 1,099,348 |  |  | $ | 532,278 |  |  | $ | 433,616 |
Identifiable Segment Assets |  |  |  |  | $ | 3,605,332 |  |  | $ | 3,186,864 |  |  | $ | 2,393,647 |
Investment Management |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 65,610 |  |  | $ | 46,519 |  |  | $ | 56,903 |
Operating Expenses |  |  |  |  | 52,629 |  |  | 50,473 |  |  | 48,645 |
Other Expenses(2) |  |  |  |  | 8,554 |  |  | 345 |  |  | 3,247 |
Operating Income (Loss) |  |  |  |  | 4,427 |  |  | (4,299) |  |  | 5,011 |
Income from Equity Method Investments |  |  |  |  | 12,824 |  |  | 12,852 |  |  | 10,080 |
Pre-Tax Income |  |  |  |  | $ | 17,251 |  |  | $ | 8,553 |  |  | $ | 15,091 |
Identifiable Segment Assets |  |  |  |  | $ | 197,325 |  |  | $ | 184,024 |  |  | $ | 204,966 |
Total |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 3,289,499 |  |  | $ | 2,263,905 |  |  | $ | 2,008,698 |
Operating Expenses |  |  |  |  | 2,178,500 |  |  | 1,688,015 |  |  | 1,534,122 |
Other Expenses(2) |  |  |  |  | 8,561 |  |  | 49,457 |  |  | 36,865 |
Operating Income |  |  |  |  | 1,102,438 |  |  | 526,433 |  |  | 437,711 |
Income from Equity Method Investments |  |  |  |  | 14,161 |  |  | 14,398 |  |  | 10,996 |
Pre-Tax Income |  |  |  |  | $ | 1,116,599 |  |  | $ | 540,831 |  |  | $ | 448,707 |
Identifiable Segment Assets |  |  |  |  | $ | 3,802,657 |  |  | $ | 3,370,888 |  |  | $ | 2,598,613 |
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2021 |  | 2020 |  | 2019
Investment Banking(A) |  |  |  |  | $ | 19,370 |  |  | $ | (20,770) |  |  | $ | 18,431 |
Investment Management(B) |  |  |  |  | (174) |  |  | (7,878) |  |  | 6,292 |
Total Other Revenue, net |  |  |  |  | $ | 19,196 |  |  | $ | (28,648) |  |  | $ | 24,723 |
(A)Other Revenue, net, from Investment Banking includes interest expense on the Notes Payable and lines of credit of $17,586, $18,197 and $12,917 for the years ended December 31, 2021, 2020 and 2019, respectively. 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)Other Revenue, net, from Investment Management 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,
|  |  |  |  | 2021 |  | 2020 |  | 2019
Investment Banking |  |  |  |  |  |  |  |  |
Amortization of LP Units and Certain Other Awards |  |  |  |  | $ | — |  |  | $ | 1,067 |  |  | $ | 18,183 |
Special Charges, Including Business Realignment Costs |  |  |  |  | — |  |  | 46,600 |  |  | 7,202 |
Acquisition and Transition Costs |  |  |  |  | 7 |  |  | 262 |  |  | 705 |
Intangible Asset and Other Amortization |  |  |  |  | — |  |  | 1,183 |  |  | 7,528 |
Total Investment Banking |  |  |  |  | 7 |  |  | 49,112 |  |  | 33,618 |
Investment Management |  |  |  |  |  |  |  |  |
Special Charges, Including Business Realignment Costs |  |  |  |  | 8,554 |  |  | 45 |  |  | 2,939 |
Acquisition and Transition Costs |  |  |  |  | — |  |  | 300 |  |  | 308 |
Total Investment Management |  |  |  |  | 8,554 |  |  | 345 |  |  | 3,247 |
Total Other Expenses |  |  |  |  | $ | 8,561 |  |  | $ | 49,457 |  |  | $ | 36,865 |
Revenues Derived from Clients 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,
|  |  |  |  | 2021 |  | 2020 |  | 2019
Net Revenues:(1) |  |  |  |  |  |  |  |  |
United States |  |  |  |  | $ | 2,553,806 |  |  | $ | 1,768,901 |  |  | $ | 1,465,143 |
Europe and Other |  |  |  |  | 710,660 |  |  | 497,102 |  |  | 501,425 |
Latin America |  |  |  |  | 5,837 |  |  | 26,550 |  |  | 17,407 |
Total |  |  |  |  | $ | 3,270,303 |  |  | $ | 2,292,553 |  |  | $ | 1,983,975 |
(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,
| 2021 |  | 2020
Total Assets: |  |  |
United States | $ | 3,199,435 |  |  | $ | 2,862,343 |
Europe and Other | 603,222 |  |  | 508,545 |
Total | $ | 3,802,657 |  |  | $ | 3,370,888 |

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