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Business Segment Information
 12 Months Ended
Dec. 31, 2014
Segment Reporting [Abstract]  
Business Segment Information
Business Segment Information
The Company’s reportable business segments are:
Private Banks – provides investment processing and investment management programs to banks and trust institutions, independent wealth advisers and financial advisors worldwide;
Investment Advisors – provides investment management programs to affluent investors through a network of independent registered investment advisors, financial planners and other investment professionals in the United States;
Institutional Investors – provides investment management programs and administrative outsourcing solutions to retirement plan sponsors, hospitals and not-for-profit organizations worldwide;
Investment Managers – provides investment operations outsourcing solutions to fund companies, banking institutions and both traditional and non-traditional investment managers worldwide; and
Investments in New Businesses – focuses on providing investment management programs to ultra-high-net-worth families residing in the United States; developing internet-based investment services and advice solutions; entering new markets; and conducting other research and development activities.
In 2014, 2013 and 2012, no single customer accounted for more than ten percent of revenues in any business segment.
The following tables highlight certain financial information about each of the Company’s business segments for the years ended December 31, 2014, 2013 and 2012:
 
 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
 
For the Year Ended December 31, 2014
Revenues
 
$
441,467

 
$
283,811

 
$
284,677

 
$
251,310

 
$
4,740

 
$
1,266,005

Expenses
 
399,620

 
146,500

 
140,659

 
159,176

 
18,377

 
864,332

Operating profit (loss)
 
$
41,847

 
$
137,311

 
$
144,018

 
$
92,134

 
$
(13,637
)
 
$
401,673

Gain on sale of subsidiary
 
5,582

 
—

 
—

 
—

 
—

 
5,582

Total profit (loss)
 
$
47,429

 
$
137,311

 
$
144,018

 
$
92,134

 
$
(13,637
)
 
$
407,255

 
 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
 
For the Year Ended December 31, 2013
Revenues
 
$
397,138

 
$
241,252

 
$
257,658

 
$
226,081

 
$
4,003

 
$
1,126,132

Expenses
 
392,399

 
133,962

 
133,218

 
148,977

 
15,723

 
824,279

Operating profit (loss)
 
$
4,739

 
$
107,290

 
$
124,440

 
$
77,104

 
$
(11,720
)
 
$
301,853

Gain on sale of subsidiary
 
22,112

 
—

 
—

 
—

 
—

 
22,112

Total profit (loss)
 
$
26,851

 
$
107,290

 
$
124,440

 
$
77,104

 
$
(11,720
)
 
$
323,965

 
 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
 
For the Year Ended December 31, 2012
Revenues
 
$
364,788

 
$
202,703

 
$
227,889

 
$
193,484

 
$
3,658

 
$
992,522

Expenses
 
357,001

 
120,146

 
116,546

 
127,525

 
14,954

 
736,172

Operating profit (loss)
 
$
7,787

 
$
82,557

 
$
111,343

 
$
65,959

 
$
(11,296
)
 
$
256,350


A reconciliation of the total reported for the business segments to income from operations in the Consolidated Statements of Operations for the years ended December 31, 2014, 2013 and 2012 is as follows:
Year Ended December 31,
 
2014
 
2013
 
2012
Total operating profit from segments above
 
$
401,673

 
$
301,853

 
$
256,350

Corporate overhead expenses
 
(48,889
)
 
(53,733
)
 
(45,759
)
Noncontrolling interest reflected in segments
 
—

 
289

 
975

Income from operations
 
$
352,784

 
$
248,409

 
$
211,566


The following tables provide additional information for the years ended December 31, 2014, 2013 and 2012 pertaining to our business segments:
 
 
Capital Expenditures (1)
 
Depreciation
Year Ended December 31,
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Private Banks
 
$
30,883

 
$
34,258

 
$
32,509

 
$
13,393

 
$
15,506

 
$
15,226

Investment Advisors
 
13,783

 
12,611

 
11,193

 
2,507

 
2,091

 
1,981

Institutional Investors
 
4,575

 
2,712

 
2,781

 
1,041

 
893

 
1,012

Investment Managers
 
9,505

 
4,871

 
5,494

 
2,917

 
1,970

 
1,914

Investments in New Businesses
 
2,547

 
639

 
632

 
1,983

 
1,589

 
1,716

Total from business segments
 
$
61,293

 
$
55,091

 
$
52,609

 
$
21,841

 
$
22,049

 
$
21,849

Corporate Overhead
 
2,053

 
760

 
1,465

 
607

 
448

 
737

 
 
$
63,346

 
$
55,851

 
$
54,074

 
$
22,448

 
$
22,497

 
$
22,586

(1) Capital expenditures include additions to property and equipment and capitalized software.
 
 
Amortization
Year Ended December 31,
 
2014
 
2013
 
2012
Private Banks
 
$
24,993

 
$
22,379

 
$
22,218

Investment Advisors
 
9,228

 
8,234

 
7,167

Institutional Investors
 
1,430

 
1,274

 
1,208

Investment Managers
 
954

 
851

 
804

Investments in New Businesses
 
1,846

 
1,636

 
1,249

Total from business segments
 
$
38,451

 
$
34,374

 
$
32,646

Corporate Overhead
 
228

 
228

 
612

 
 
$
38,679

 
$
34,602

 
$
33,258

 
 
Total Assets
 
 
2014
 
2013
Private Banks
 
$
417,890

 
$
430,613

Investment Advisors
 
134,371

 
124,028

Institutional Investors
 
118,397

 
97,816

Investment Managers
 
134,614

 
122,969

Investments in New Businesses
 
21,830

 
6,064

Total from business segments
 
$
827,102

 
$
781,490

Corporate Overhead (2)
 
715,773

 
657,679

 
 
$
1,542,875

 
$
1,439,169


(2) Unallocated assets primarily consist of cash and cash equivalents, marketable securities, and certain other shared services assets.
The following table presents revenues based on the location of the use of the products or services:
For the Year Ended December 31,
 
2014
 
2013
 
2012
United States
 
$
1,063,223

 
$
962,266

 
$
843,407

International operations
 
202,782

 
163,866

 
149,115

 
 
$
1,266,005

 
$
1,126,132

 
$
992,522

The following table presents assets based on their location:
 
 
2014
 
2013
United States
 
$
1,315,036

 
$
1,231,565

International operations
 
227,839

 
207,604

 
 
$
1,542,875

 
$
1,439,169