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Business Segment Information

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

The Company’s reportable business segments are:

Private Banks – provides outsourced investment processing and investment management platforms to banks and trust institutions, independent wealth advisers and financial advisors worldwide;

Investment Advisors – provides investment management and investment processing platforms 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 and administrative outsourcing platforms to retirement plan sponsors, healthcare systems and not-for-profit organizations worldwide;

Investment Managers – provides investment operations outsourcing platforms 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 platforms; entering new markets; and conducting other research and development activities.

In 2017, 2016 and 2015, 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, 2017, 2016 and 2015:

		Private Banks				Investment Advisors				Institutional Investors				Investment Managers				Investments In New Businesses				Total
		For the Year Ended December 31, 2017
Revenues		$	474,272			$	373,473			$	322,457			$	349,444			$	6,906			$	1,526,552
Expenses		455,119				201,833				161,640				226,504				20,678				1,065,774
Operating profit (loss)		$	19,153			$	171,640			$	160,817			$	122,940			$	(13,772	)		$	460,778

		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

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, 2017, 2016 and 2015 is as follows:

Year Ended December 31,		2017				2016				2015
Total operating profit from segments above		$	460,778			$	435,011			$	412,664
Corporate overhead expenses		(63,834		)		(59,317		)		(54,451		)
Income from operations		$	396,944			$	375,694			$	358,213

The following tables provide additional information for the years ended December 31, 2017, 2016 and 2015 pertaining to our business segments:

		Capital Expenditures (1)												Depreciation
Year Ended December 31,		2017				2016				2015				2017				2016				2015
Private Banks		$	47,526			$	45,940			$	41,972			$	16,479			$	13,222			$	12,348
Investment Advisors		17,450				17,610				13,206				3,364				3,880				3,410
Institutional Investors		4,020				4,319				5,301				1,121				1,367				1,200
Investment Managers		15,863				11,209				10,119				4,698				4,877				4,040
Investments in New Businesses		546				726				736				826				2,197				2,278
Total from business segments		$	85,405			$	79,804			$	71,334			$	26,488			$	25,543			$	23,276
Corporate Overhead		1,163				1,985				2,547				823				897				768
		$	86,568			$	81,789			$	73,881			$	27,311			$	26,440			$	24,044

(1) Capital expenditures include additions to property and equipment and capitalized software.

		Amortization
Year Ended December 31,		2017				2016				2015
Private Banks		$	32,696			$	31,675			$	29,819
Investment Advisors		10,930				10,458				9,880
Institutional Investors		1,599				1,674				1,558
Investment Managers		2,593				1,092				1,029
Investments in New Businesses		239				146				116
Total from business segments		$	48,057			$	45,045			$	42,402
Corporate Overhead		218				347				228
		$	48,275			$	45,392			$	42,630

		Total Assets
		2017				2016
Private Banks		$	523,214			$	471,435
Investment Advisors		139,697				160,717
Institutional Investors		117,286				109,879
Investment Managers		278,540				158,621
Investments in New Businesses		19,269				4,910
Total from business segments		$	1,078,006			$	905,562
Corporate Overhead (2)		775,363				731,261
		$	1,853,369			$	1,636,823

(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,		2017				2016				2015
United States		$	1,298,381			$	1,191,640			$	1,123,165
International operations		228,171				209,905				211,043
		$	1,526,552			$	1,401,545			$	1,334,208

The following table presents assets based on their location:

		2017				2016
United States		$	1,471,260			$	1,317,235
International operations		382,109				319,588
		$	1,853,369			$	1,636,823

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- 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
-URI http://asc.fasb.org/topic&trid=2134510

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