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Business Segment Information
 12 Months Ended
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