XML 37 R22.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Business Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2016
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 2016, 2015 and 2014, 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, 2016, 2015 and 2014:
|  | Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investment Managers |  | Investments In New Businesses |  | Total
|  | For the Year Ended December 31, 2016
Revenues |  | $ | 457,886 |  |  | $ | 330,677 |  |  | $ | 312,584 |  |  | $ | 294,390 |  |  | $ | 6,008 |  |  | $ | 1,401,545 |
Expenses |  | 421,188 |  |  | 180,140 |  |  | 153,117 |  |  | 191,127 |  |  | 20,962 |  |  | 966,534 |
Operating profit (loss) |  | $ | 36,698 |  |  | $ | 150,537 |  |  | $ | 159,467 |  |  | $ | 103,263 |  |  | $ | (14,954 | ) |  | $ | 435,011 |
Gain on sale of subsidiary |  | 2,791 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,791 |
Total profit (loss) |  | $ | 39,489 |  |  | $ | 150,537 |  |  | $ | 159,467 |  |  | $ | 103,263 |  |  | $ | (14,954 | ) |  | $ | 437,802 |
|  | Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investment Managers |  | Investments In New Businesses |  | Total
|  | For the Year Ended December 31, 2015
Revenues |  | $ | 456,516 |  |  | $ | 306,620 |  |  | $ | 297,568 |  |  | $ | 267,963 |  |  | $ | 5,541 |  |  | $ | 1,334,208 |
Expenses |  | 410,975 |  |  | 171,968 |  |  | 145,851 |  |  | 172,094 |  |  | 20,656 |  |  | 921,544 |
Operating profit (loss) |  | $ | 45,541 |  |  | $ | 134,652 |  |  | $ | 151,717 |  |  | $ | 95,869 |  |  | $ | (15,115 | ) |  | $ | 412,664 |
Gain on sale of subsidiary |  | 2,791 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,791 |
Total profit (loss) |  | $ | 48,332 |  |  | $ | 134,652 |  |  | $ | 151,717 |  |  | $ | 95,869 |  |  | $ | (15,115 | ) |  | $ | 415,455 |
|  | 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 |
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, 2016, 2015 and 2014 is as follows:
Year Ended December 31, |  | 2016 |  | 2015 |  | 2014
Total operating profit from segments above |  | $ | 435,011 |  |  | $ | 412,664 |  |  | $ | 401,673 |
Corporate overhead expenses |  | (59,317 | ) |  | (54,451 | ) |  | (48,889 | )
Income from operations |  | $ | 375,694 |  |  | $ | 358,213 |  |  | $ | 352,784 |
The following tables provide additional information for the years ended December 31, 2016, 2015 and 2014 pertaining to our business segments:
|  | Capital Expenditures (1) |  | Depreciation
Year Ended December 31, |  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
Private Banks |  | $ | 45,940 |  |  | $ | 41,972 |  |  | $ | 30,883 |  |  | $ | 13,222 |  |  | $ | 12,348 |  |  | $ | 13,393 |
Investment Advisors |  | 17,610 |  |  | 13,206 |  |  | 13,783 |  |  | 3,880 |  |  | 3,410 |  |  | 2,507 |
Institutional Investors |  | 4,319 |  |  | 5,301 |  |  | 4,575 |  |  | 1,367 |  |  | 1,200 |  |  | 1,041 |
Investment Managers |  | 11,209 |  |  | 10,119 |  |  | 9,505 |  |  | 4,877 |  |  | 4,040 |  |  | 2,917 |
Investments in New Businesses |  | 726 |  |  | 736 |  |  | 2,547 |  |  | 2,197 |  |  | 2,278 |  |  | 1,983 |
Total from business segments |  | $ | 79,804 |  |  | $ | 71,334 |  |  | $ | 61,293 |  |  | $ | 25,543 |  |  | $ | 23,276 |  |  | $ | 21,841 |
Corporate Overhead |  | 1,985 |  |  | 2,547 |  |  | 2,053 |  |  | 897 |  |  | 768 |  |  | 607 |
|  | $ | 81,789 |  |  | $ | 73,881 |  |  | $ | 63,346 |  |  | $ | 26,440 |  |  | $ | 24,044 |  |  | $ | 22,448 |
(1) Capital expenditures include additions to property and equipment and capitalized software.
|  | Amortization
Year Ended December 31, |  | 2016 |  | 2015 |  | 2014
Private Banks |  | $ | 31,675 |  |  | $ | 29,819 |  |  | $ | 24,993 |
Investment Advisors |  | 10,458 |  |  | 9,880 |  |  | 9,228 |
Institutional Investors |  | 1,674 |  |  | 1,558 |  |  | 1,430 |
Investment Managers |  | 1,092 |  |  | 1,029 |  |  | 954 |
Investments in New Businesses |  | 146 |  |  | 116 |  |  | 1,846 |
Total from business segments |  | $ | 45,045 |  |  | $ | 42,402 |  |  | $ | 38,451 |
Corporate Overhead |  | 347 |  |  | 228 |  |  | 228 |
|  | $ | 45,392 |  |  | $ | 42,630 |  |  | $ | 38,679 |
|  | Total Assets
|  | 2016 |  | 2015
Private Banks |  | $ | 471,435 |  |  | $ | 451,079 |
Investment Advisors |  | 160,717 |  |  | 138,459 |
Institutional Investors |  | 109,879 |  |  | 105,443 |
Investment Managers |  | 158,621 |  |  | 154,432 |
Investments in New Businesses |  | 4,910 |  |  | 5,355 |
Total from business segments |  | $ | 905,562 |  |  | $ | 854,768 |
Corporate Overhead (2) |  | 731,261 |  |  | 733,860 |
|  | $ | 1,636,823 |  |  | $ | 1,588,628 |
(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, |  | 2016 |  | 2015 |  | 2014
United States |  | $ | 1,191,640 |  |  | $ | 1,123,165 |  |  | $ | 1,063,223 |
International operations |  | 209,905 |  |  | 211,043 |  |  | 202,782 |
|  | $ | 1,401,545 |  |  | $ | 1,334,208 |  |  | $ | 1,266,005 |
The following table presents assets based on their location:
|  | 2016 |  | 2015
United States |  | $ | 1,317,235 |  |  | $ | 1,330,738 |
International operations |  | 319,588 |  |  | 257,890 |
|  | $ | 1,636,823 |  |  | $ | 1,588,628 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration