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Revenues from Contracts with Customers | 6 Months Ended
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Jun. 30, 2018
Revenue from Contract with Customer [Abstract] |
Revenues from Contracts with Customers | Revenues from Contracts with Customers The Company’s principal sources of revenues are: (1) asset management, administration and distribution fees primarily earned based upon a contractual percentage of net assets under management or administration; and (2) information processing and software servicing fees that are either recurring and primarily earned based upon the number of trust accounts being serviced or a percentage of the total average daily market value of the clients' assets processed on the Company's platforms, or non-recurring and based upon project-oriented contractual agreements related to client implementations. Disaggregation of Revenue The following tables provide additional information pertaining to our revenues disaggregated by major product line and primary geographic market based on the location of the use of the products or services for each of the Company’s business segments for the three and six months ended June 30, 2018:
| Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investment Managers |  | Investments In New Businesses |  | Total
Major Product Lines: | For the Three Months Ended June 30, 2018
Investment management fees from pooled investment products | $ | 35,164 |  |  | $ | 72,481 |  |  | $ | 15,347 |  |  | $ | 239 |  |  | $ | 237 |  |  | $ | 123,468 |
Investment management fees from investment management agreements | 214 |  |  | 23,389 |  |  | 67,608 |  |  | 80 |  |  | 2,549 |  |  | 93,840 |
Investment operations fees | 375 |  |  | — |  |  | — |  |  | 88,311 |  |  | — |  |  | 88,686 |
Investment processing fees - PaaS | 43,915 |  |  | — |  |  | — |  |  | 642 |  |  | — |  |  | 44,557 |
Investment processing fees - SaaS | 35,453 |  |  | — |  |  | — |  |  | 2,370 |  |  | — |  |  | 37,823 |
Professional services fees | 4,195 |  |  | — |  |  | — |  |  | 1,981 |  |  | — |  |  | 6,176 |
Account fees and other | 1,810 |  |  | 4,020 |  |  | 479 |  |  | 3,943 |  |  | 28 |  |  | 10,280 |
Total revenues | $ | 121,126 |  |  | $ | 99,890 |  |  | $ | 83,434 |  |  | $ | 97,566 |  |  | $ | 2,814 |  |  | $ | 404,830 |
Primary Geographic Markets: |  |  |  |  |  |  |  |  |  |  |
United States | $ | 75,669 |  |  | $ | 99,890 |  |  | $ | 64,048 |  |  | $ | 92,845 |  |  | $ | 2,814 |  |  | $ | 335,266 |
United Kingdom | 29,005 |  |  | — |  |  | 13,894 |  |  | — |  |  | — |  |  | 42,899 |
Canada | 11,516 |  |  | — |  |  | 2,134 |  |  | — |  |  | — |  |  | 13,650 |
Ireland | 4,936 |  |  | — |  |  | 3,027 |  |  | 4,721 |  |  | — |  |  | 12,684 |
Other | — |  |  | — |  |  | 331 |  |  | — |  |  | — |  |  | 331 |
Total revenues | $ | 121,126 |  |  | $ | 99,890 |  |  | $ | 83,434 |  |  | $ | 97,566 |  |  | $ | 2,814 |  |  | $ | 404,830 |
| Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investment Managers |  | Investments In New Businesses |  | Total
Major Product Lines: | For the Six Months Ended June 30, 2018
Investment management fees from pooled investment products | $ | 70,354 |  |  | $ | 144,899 |  |  | $ | 31,205 |  |  | $ | 239 |  |  | $ | 462 |  |  | $ | 247,159 |
Investment management fees from investment management agreements | 412 |  |  | 46,153 |  |  | 136,884 |  |  | 163 |  |  | 4,183 |  |  | 187,795 |
Investment operations fees | 757 |  |  | — |  |  | — |  |  | 175,766 |  |  | — |  |  | 176,523 |
Investment processing fees - PaaS | 88,500 |  |  | — |  |  | — |  |  | 1,125 |  |  | — |  |  | 89,625 |
Investment processing fees - SaaS | 70,055 |  |  | — |  |  | — |  |  | 4,735 |  |  | — |  |  | 74,790 |
Professional services fees | 9,614 |  |  | — |  |  | — |  |  | 3,868 |  |  | — |  |  | 13,482 |
Account fees and other | 3,598 |  |  | 8,030 |  |  | 836 |  |  | 8,525 |  |  | 65 |  |  | 21,054 |
Total revenues | $ | 243,290 |  |  | $ | 199,082 |  |  | $ | 168,925 |  |  | $ | 194,421 |  |  | $ | 4,710 |  |  | $ | 810,428 |
Primary Geographic Markets: |  |  |  |  |  |  |  |  |  |  |
United States | $ | 153,802 |  |  | $ | 199,082 |  |  | $ | 128,816 |  |  | $ | 184,604 |  |  | $ | 4,710 |  |  | $ | 671,014 |
United Kingdom | 56,530 |  |  | — |  |  | 28,681 |  |  | — |  |  | — |  |  | 85,211 |
Canada | 23,117 |  |  | — |  |  | 4,805 |  |  | — |  |  | — |  |  | 27,922 |
Ireland | 9,841 |  |  | — |  |  | 5,454 |  |  | 9,817 |  |  | — |  |  | 25,112 |
Other | — |  |  | — |  |  | 1,169 |  |  | — |  |  | — |  |  | 1,169 |
Total revenues | $ | 243,290 |  |  | $ | 199,082 |  |  | $ | 168,925 |  |  | $ | 194,421 |  |  | $ | 4,710 |  |  | $ | 810,428 |
Investment management fees from pooled investment products - Revenues associated with clients' assets invested in Company-sponsored pooled investment products. Contractual fees are stated as a percentage of the average market value of assets under management and collected on a monthly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Investment management fees from Investment Management agreements - Revenues based on assets of clients of the Institutional Investors segment primarily invested in Company-sponsored products. Each client is charged an investment management fee that is stated as a percentage of the average market value of all assets under management. The client is billed directly on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Revenues associated with the separately managed account program offered through registered investment advisors located throughout the United States. The contractual fee is stated as a percentage of the average market value of all assets invested in the separately managed account and collected on a quarterly basis. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Investment operations fees - Revenues earned from accounting and administrative services, distribution support services and regulatory and compliance services to investment management firms and family offices. The Company contracts directly with the investment management firm or family office. The contractual fees are stated as a percentage of net assets under administration and billed when asset valuations are finalized. Revenues are recognized in Asset management, administration and distribution fees on the accompanying Consolidated Statements of Operations. Investment Processing fees - Software as a Service - Revenues associated with clients that outsource investment processing technology software and computer processing by accessing our proprietary software and data center remotely but retain responsibility for all investment operations, client administration and other back-office trust operations. The contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. The client is billed directly on a monthly basis. Revenues are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations. Investment Processing fees - Platform as a Service - Revenues associated with clients that outsource their entire investment operation and back-office processing functions. Through the use of the Company's proprietary platforms, the Company assumes all back-office investment processing services including investment processing, custody and safekeeping of assets, income collections, securities settlement and other related trust activities. The contractual fee is based on a monthly fee plus additional fees determined on a per-account or per-transaction basis. Contractual fees can also be stated as a percentage of the value of assets processed on the Company's platforms each month as long as the fee is in excess of a monthly contractual minimum. The client is billed directly on a monthly basis. Revenues are recognized in Information processing and software servicing fees on the accompanying Consolidated Statements of Operations. Professional Services - Revenues associated with the business services migration for investment processing clients of the Private Banks segment and investment operations clients of the Investment Managers segment. In addition, Professional services include other services such as business transformation consulting. Typically, fees are stated as a contractual fixed fee. The client is billed directly and fees are collected according to the terms of the agreement. Other - Revenues associated with custody account servicing, account terminations, reimbursements received for out-of-pocket expenses, and other fees for the provision of ancillary services. Revenue is recognized by the Company when the performance obligations are satisfied and transfer of control to the client is completed. The majority of the Company’s performance obligations are satisfied and control is transferred to the client continuously. Therefore, revenue is recognized on a monthly basis. The amount of revenue recognized reflects the amount of consideration expected to be received by the Company in exchange for satisfied performance obligations. Deferred Contract Costs Deferred contract costs, which primarily consist of deferred sales commissions, were $21,521 as of June 30, 2018. The Company deferred expenses related to contract costs of $2,267 and $4,083 during the three and six months ended June 30, 2018, respectively. Amortization expense related to deferred contract costs were $619 and $1,201 during the three and six months ended June 30, 2018, respectively. There was no impairment loss in relation to deferred contract costs during the six months ended June 30, 2018.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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