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Business Segment Information

12 Months Ended

Dec. 31, 2018

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, traditional and non-traditional investment managers worldwide and family offices in the United States; and

Investments in New Businesses – focuses on providing investment management solutions 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 2018, 2017 and 2016, 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, 2018, 2017 and 2016:

		Private Banks				Investment Advisors				Institutional Investors				Investment Managers				Investments In New Businesses				Total
		For the Year Ended December 31, 2018
Revenues		$	483,097			$	399,089			$	333,299			$	398,076			$	10,606			$	1,624,167
Expenses		457,894				212,439				163,536				259,693				22,971				1,116,533
Operating profit (loss)		$	25,203			$	186,650			$	169,763			$	138,383			$	(12,365	)		$	507,634

		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

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, 2018, 2017 and 2016 is as follows:

Year Ended December 31,		2018				2017				2016
Total operating profit from segments above		$	507,634			$	460,778			$	435,011
Corporate overhead expenses		(65,646		)		(63,834		)		(59,317		)
Income from operations		$	441,988			$	396,944			$	375,694

The following tables provide additional information for the years ended December 31, 2018, 2017 and 2016 pertaining to our business segments:

		Capital Expenditures (1)												Depreciation
Year Ended December 31,		2018				2017				2016				2018				2017				2016
Private Banks		$	36,763			$	47,526			$	45,940			$	13,773			$	16,479			$	13,222
Investment Advisors		16,572				17,450				17,610				4,607				3,364				3,880
Institutional Investors		3,863				4,020				4,319				1,672				1,121				1,367
Investment Managers		13,639				15,863				11,209				6,988				4,698				4,877
Investments in New Businesses		972				546				726				547				826				2,197
Total from business segments		$	71,809			$	85,405			$	79,804			$	27,587			$	26,488			$	25,543
Corporate Overhead		1,507				1,163				1,985				1,205				823				897
		$	73,316			$	86,568			$	81,789			$	28,792			$	27,311			$	26,440

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

		Amortization
Year Ended December 31,		2018				2017				2016
Private Banks		$	27,312			$	32,696			$	31,675
Investment Advisors		9,668				10,930				10,458
Institutional Investors		1,707				1,599				1,674
Investment Managers		9,382				2,593				1,092
Investments in New Businesses		595				239				146
Total from business segments		$	48,664			$	48,057			$	45,045
Corporate Overhead		231				218				347
		$	48,895			$	48,275			$	45,392

		Total Assets
		2018				2017
Private Banks		$	558,451			$	523,214
Investment Advisors		143,042				139,697
Institutional Investors		109,081				117,286
Investment Managers		318,342				278,540
Investments in New Businesses		33,142				19,269
Total from business segments		$	1,162,058			$	1,078,006
Corporate Overhead (2)		809,610				775,363
		$	1,971,668			$	1,853,369

(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,		2018				2017				2016
United States		$	1,348,130			$	1,298,381			$	1,191,640
International operations		276,037				228,171				209,905
		$	1,624,167			$	1,526,552			$	1,401,545

The following table presents assets based on their location:

		2018				2017
United States		$	1,612,202			$	1,471,260
International operations		359,466				382,109
		$	1,971,668			$	1,853,369

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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