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Segment Operating Results (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Information Regarding Operations By Segment | The following information presents each segment's contribution.
|  |  | For the Years Ended December 31,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Investment Banking & Equities |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 2,696,125 |  |  | $ | 3,223,889 |  |  | $ | 2,217,386 |
Operating Expenses |  |  |  |  | 2,009,913 |  |  | 2,125,871 |  |  | 1,637,542 |
Other Expenses(2) |  |  |  |  | 3,126 |  |  | 7 |  |  | 49,112 |
Operating Income |  |  |  |  | 683,086 |  |  | 1,098,011 |  |  | 530,732 |
Income from Equity Method Investments |  |  |  |  | 1,217 |  |  | 1,337 |  |  | 1,546 |
Pre-Tax Income |  |  |  |  | $ | 684,303 |  |  | $ | 1,099,348 |  |  | $ | 532,278 |
Identifiable Segment Assets |  |  |  |  | $ | 3,446,075 |  |  | $ | 3,605,332 |  |  | $ | 3,186,864 |
Investment Management |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 65,923 |  |  | $ | 65,610 |  |  | $ | 46,519 |
Operating Expenses |  |  |  |  | 52,967 |  |  | 52,629 |  |  | 50,473 |
Other Expenses(2) |  |  |  |  | — |  |  | 8,554 |  |  | 345 |
Operating Income (Loss) |  |  |  |  | 12,956 |  |  | 4,427 |  |  | (4,299) |
Income from Equity Method Investments |  |  |  |  | 6,782 |  |  | 12,824 |  |  | 12,852 |
Pre-Tax Income |  |  |  |  | $ | 19,738 |  |  | $ | 17,251 |  |  | $ | 8,553 |
Identifiable Segment Assets |  |  |  |  | $ | 174,848 |  |  | $ | 197,325 |  |  | $ | 184,024 |
Total |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 2,762,048 |  |  | $ | 3,289,499 |  |  | $ | 2,263,905 |
Operating Expenses |  |  |  |  | 2,062,880 |  |  | 2,178,500 |  |  | 1,688,015 |
Other Expenses(2) |  |  |  |  | 3,126 |  |  | 8,561 |  |  | 49,457 |
Operating Income |  |  |  |  | 696,042 |  |  | 1,102,438 |  |  | 526,433 |
Income from Equity Method Investments |  |  |  |  | 7,999 |  |  | 14,161 |  |  | 14,398 |
Pre-Tax Income |  |  |  |  | $ | 704,041 |  |  | $ | 1,116,599 |  |  | $ | 540,831 |
Identifiable Segment Assets |  |  |  |  | $ | 3,620,923 |  |  | $ | 3,802,657 |  |  | $ | 3,370,888 |
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Investment Banking & Equities(A) |  |  |  |  | $ | (25,668) |  |  | $ | 19,370 |  |  | $ | (20,770) |
Investment Management(B) |  |  |  |  | 1,440 |  |  | (174) |  |  | (7,878) |
Total Other Revenue, net |  |  |  |  | $ | (24,228) |  |  | $ | 19,196 |  |  | $ | (28,648) |
(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable and lines of credit of $16,850, $17,586 and $18,197 for the years ended December 31, 2022, 2021 and 2020, 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 the Investment Management segment 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,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Investment Banking & Equities |  |  |  |  |  |  |  |  |
Amortization of LP Units and Certain Other Awards |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 1,067 |
Special Charges, Including Business Realignment Costs |  |  |  |  | 3,126 |  |  | — |  |  | 46,600 |
Acquisition and Transition Costs |  |  |  |  | — |  |  | 7 |  |  | 262 |
Intangible Asset and Other Amortization |  |  |  |  | — |  |  | — |  |  | 1,183 |
Total Investment Banking & Equities |  |  |  |  | 3,126 |  |  | 7 |  |  | 49,112 |
Investment Management |  |  |  |  |  |  |  |  |
Special Charges, Including Business Realignment Costs |  |  |  |  | — |  |  | 8,554 |  |  | 45 |
Acquisition and Transition Costs |  |  |  |  | — |  |  | — |  |  | 300 |
Total Investment Management |  |  |  |  | — |  |  | 8,554 |  |  | 345 |
Total Other Expenses |  |  |  |  | $ | 3,126 |  |  | $ | 8,561 |  |  | $ | 49,457 |
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,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Net Revenues:(1) |  |  |  |  |  |  |  |  |
United States |  |  |  |  | $ | 1,989,387 |  |  | $ | 2,553,806 |  |  | $ | 1,768,901 |
Europe and Other |  |  |  |  | 787,658 |  |  | 710,660 |  |  | 497,102 |
Latin America |  |  |  |  | 9,231 |  |  | 5,837 |  |  | 26,550 |
Total |  |  |  |  | $ | 2,786,276 |  |  | $ | 3,270,303 |  |  | $ | 2,292,553 |
(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,
| 2022 |  | 2021
Total Assets: |  |  |
United States | $ | 2,902,153 |  |  | $ | 3,199,435 |
Europe and Other | 718,770 |  |  | 603,222 |
Total | $ | 3,620,923 |  |  | $ | 3,802,657 |

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