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Segment Operating Results (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Information Regarding Operations By Segment | The following information presents each segment's contribution.
|  |  | For the Years Ended December 31,
|  |  |  |  | 2023 |  | 2022 |  | 2021
Investment Banking & Equities |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 2,355,943 |  |  | $ | 2,696,125 |  |  | $ | 3,223,889 |
Operating Expenses |  |  |  |  | 2,010,757 |  |  | 2,009,913 |  |  | 2,125,871 |
Other Expenses(2) |  |  |  |  | 2,921 |  |  | 3,126 |  |  | 7 |
Operating Income |  |  |  |  | 342,265 |  |  | 683,086 |  |  | 1,098,011 |
Income from Equity Method Investments |  |  |  |  | 620 |  |  | 1,217 |  |  | 1,337 |
Pre-Tax Income |  |  |  |  | $ | 342,885 |  |  | $ | 684,303 |  |  | $ | 1,099,348 |
Identifiable Segment Assets |  |  |  |  | $ | 3,541,886 |  |  | $ | 3,446,075 |  |  | $ | 3,605,332 |
Investment Management |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 70,006 |  |  | $ | 65,923 |  |  | $ | 65,610 |
Operating Expenses |  |  |  |  | 53,136 |  |  | 52,967 |  |  | 52,629 |
Other Expenses(2) |  |  |  |  | — |  |  | — |  |  | 8,554 |
Operating Income |  |  |  |  | 16,870 |  |  | 12,956 |  |  | 4,427 |
Income from Equity Method Investments |  |  |  |  | 6,035 |  |  | 6,782 |  |  | 12,824 |
Pre-Tax Income |  |  |  |  | $ | 22,905 |  |  | $ | 19,738 |  |  | $ | 17,251 |
Identifiable Segment Assets |  |  |  |  | $ | 161,412 |  |  | $ | 174,848 |  |  | $ | 197,325 |
Total |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 2,425,949 |  |  | $ | 2,762,048 |  |  | $ | 3,289,499 |
Operating Expenses |  |  |  |  | 2,063,893 |  |  | 2,062,880 |  |  | 2,178,500 |
Other Expenses(2) |  |  |  |  | 2,921 |  |  | 3,126 |  |  | 8,561 |
Operating Income |  |  |  |  | 359,135 |  |  | 696,042 |  |  | 1,102,438 |
Income from Equity Method Investments |  |  |  |  | 6,655 |  |  | 7,999 |  |  | 14,161 |
Pre-Tax Income |  |  |  |  | $ | 365,790 |  |  | $ | 704,041 |  |  | $ | 1,116,599 |
Identifiable Segment Assets |  |  |  |  | $ | 3,703,298 |  |  | $ | 3,620,923 |  |  | $ | 3,802,657 |
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2023 |  | 2022 |  | 2021
Investment Banking & Equities(A) |  |  |  |  | $ | 78,281 |  |  | $ | (25,668) |  |  | $ | 19,370 |
Investment Management |  |  |  |  | 2,965 |  |  | 1,440 |  |  | (174) |
Total Other Revenue, net |  |  |  |  | $ | 81,246 |  |  | $ | (24,228) |  |  | $ | 19,196 |
(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable and lines of credit of $16,717, $16,850 and $17,586 for the years ended December 31, 2023, 2022 and 2021, respectively. (2)Other Expenses are as follows:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2023 |  | 2022 |  | 2021
Investment Banking & Equities |  |  |  |  |  |  |  |  |
Special Charges, Including Business Realignment Costs |  |  |  |  | $ | 2,921 |  |  | $ | 3,126 |  |  | $ | — |
Acquisition and Transition Costs |  |  |  |  | — |  |  | — |  |  | 7 |
Total Investment Banking & Equities |  |  |  |  | 2,921 |  |  | 3,126 |  |  | 7 |
Investment Management |  |  |  |  |  |  |  |  |
Special Charges, Including Business Realignment Costs |  |  |  |  | — |  |  | — |  |  | 8,554 |
Total Investment Management |  |  |  |  | — |  |  | — |  |  | 8,554 |
Total Other Expenses |  |  |  |  | $ | 2,921 |  |  | $ | 3,126 |  |  | $ | 8,561 |
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,
|  |  |  |  | 2023 |  | 2022 |  | 2021
Net Revenues:(1) |  |  |  |  |  |  |  |  |
United States |  |  |  |  | $ | 1,719,337 |  |  | $ | 1,989,387 |  |  | $ | 2,553,806 |
Europe and Other |  |  |  |  | 609,723 |  |  | 787,658 |  |  | 710,660 |
Latin America |  |  |  |  | 15,643 |  |  | 9,231 |  |  | 5,837 |
Total |  |  |  |  | $ | 2,344,703 |  |  | $ | 2,786,276 |  |  | $ | 3,270,303 |
(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,
| 2023 |  | 2022
Total Assets: |  |  |
United States | $ | 3,146,756 |  |  | $ | 2,902,153 |
Europe and Other | 556,542 |  |  | 718,770 |
Total | $ | 3,703,298 |  |  | $ | 3,620,923 |

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