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Business Segment Information | 12 Months Ended
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Dec. 31, 2019
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, higher education and other 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; developing network and data protection services; modularizing larger technology platforms into stand-alone components; entering new markets; and conducting other research and development activities. In 2019, 2018 and 2017, 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, 2019, 2018 and 2017:
|  | Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investment Managers |  | Investments In New Businesses |  | Total
|  | For the Year Ended December 31, 2019
Revenues |  | $ | 470,276 |  |  | $ | 403,778 |  |  | $ | 322,062 |  |  | $ | 440,796 |  |  | $ | 12,973 |  |  | $ | 1,649,885 |
Expenses |  | 443,136 |  |  | 208,508 |  |  | 153,937 |  |  | 282,024 |  |  | 29,660 |  |  | 1,117,265 |
Operating profit (loss) |  | $ | 27,140 |  |  | $ | 195,270 |  |  | $ | 168,125 |  |  | $ | 158,772 |  |  | $ | (16,687 | ) |  | $ | 532,620 |
|  | 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 |
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, 2019, 2018 and 2017 is as follows:
Year Ended December 31, |  | 2019 |  | 2018 |  | 2017
Total operating profit from segments above |  | $ | 532,620 |  |  | $ | 507,634 |  |  | $ | 460,778 |
Corporate overhead expenses |  | (72,196 | ) |  | (65,646 | ) |  | (63,834 | )
Income from operations |  | $ | 460,424 |  |  | $ | 441,988 |  |  | $ | 396,944 |
The following tables provide additional information for the years ended December 31, 2019, 2018 and 2017 pertaining to our business segments:
|  | Capital Expenditures (1) |  | Depreciation
Year Ended December 31, |  | 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Private Banks |  | $ | 33,068 |  |  | $ | 36,763 |  |  | $ | 47,526 |  |  | $ | 14,349 |  |  | $ | 13,773 |  |  | $ | 16,479 |
Investment Advisors |  | 17,413 |  |  | 16,572 |  |  | 17,450 |  |  | 4,653 |  |  | 4,607 |  |  | 3,364 |
Institutional Investors |  | 4,057 |  |  | 3,863 |  |  | 4,020 |  |  | 1,600 |  |  | 1,672 |  |  | 1,121 |
Investment Managers |  | 18,970 |  |  | 13,639 |  |  | 15,863 |  |  | 7,145 |  |  | 6,988 |  |  | 4,698 |
Investments in New Businesses |  | 1,349 |  |  | 972 |  |  | 546 |  |  | 383 |  |  | 547 |  |  | 826 |
Total from business segments |  | $ | 74,857 |  |  | $ | 71,809 |  |  | $ | 85,405 |  |  | $ | 28,130 |  |  | $ | 27,587 |  |  | $ | 26,488 |
Corporate Overhead |  | 2,314 |  |  | 1,507 |  |  | 1,163 |  |  | 1,306 |  |  | 1,205 |  |  | 823 |
|  | $ | 77,171 |  |  | $ | 73,316 |  |  | $ | 86,568 |  |  | $ | 29,436 |  |  | $ | 28,792 |  |  | $ | 27,311 |
(1) Capital expenditures include additions to property and equipment and capitalized software.
|  | Amortization
Year Ended December 31, |  | 2019 |  | 2018 |  | 2017
Private Banks |  | $ | 29,054 |  |  | $ | 27,312 |  |  | $ | 32,696 |
Investment Advisors |  | 10,311 |  |  | 9,668 |  |  | 10,930 |
Institutional Investors |  | 1,726 |  |  | 1,707 |  |  | 1,599 |
Investment Managers |  | 9,358 |  |  | 9,382 |  |  | 2,593 |
Investments in New Businesses |  | 740 |  |  | 595 |  |  | 239 |
Total from business segments |  | $ | 51,189 |  |  | $ | 48,664 |  |  | $ | 48,057 |
Corporate Overhead |  | 230 |  |  | 231 |  |  | 218 |
|  | $ | 51,419 |  |  | $ | 48,895 |  |  | $ | 48,275 |
|  | Total Assets
|  | 2019 |  | 2018
Private Banks |  | $ | 567,796 |  |  | $ | 558,451 |
Investment Advisors |  | 165,556 |  |  | 143,042 |
Institutional Investors |  | 115,012 |  |  | 109,081 |
Investment Managers |  | 373,986 |  |  | 318,342 |
Investments in New Businesses |  | 19,735 |  |  | 33,142 |
Total from business segments |  | $ | 1,242,085 |  |  | $ | 1,162,058 |
Corporate Overhead (2) |  | 909,285 |  |  | 809,610 |
|  | $ | 2,151,370 |  |  | $ | 1,971,668 |
(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, |  | 2019 |  | 2018 |  | 2017
United States |  | $ | 1,385,744 |  |  | $ | 1,348,130 |  |  | $ | 1,298,381 |
International operations |  | 264,141 |  |  | 276,037 |  |  | 228,171 |
|  | $ | 1,649,885 |  |  | $ | 1,624,167 |  |  | $ | 1,526,552 |
The following table presents assets based on their location:
|  | 2019 |  | 2018
United States |  | $ | 1,732,427 |  |  | $ | 1,612,202 |
International operations |  | 418,943 |  |  | 359,466 |
|  | $ | 2,151,370 |  |  | $ | 1,971,668 |

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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 + Details
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