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Business Segment Information | 9 Months Ended
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Sep. 30, 2021
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 OCIO solutions, including 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 network and data protection services; modularizing larger technology platforms into stand-alone components; entering new markets; and conducting other research and development activities. The information in the following tables is derived from internal financial reporting used for corporate management purposes. There are no inter-segment revenues for the three and nine months ended September 30, 2021 and 2020. Management evaluates Company assets on a consolidated basis during interim periods. The accounting policies of the reportable business segments are the same as those described in Note 1 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The following tables highlight certain financial information about each of the business segments for the three months ended September 30, 2021 and 2020:
| Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investment Managers |  | Investments In New Businesses |  | Total
| For the Three Months Ended September 30, 2021
Revenues | $ | 123,018 |  |  | $ | 124,768 |  |  | $ | 85,759 |  |  | $ | 147,412 |  |  | $ | 4,365 |  |  | $ | 485,322 |
Expenses | 116,679 |  |  | 62,107 |  |  | 41,643 |  |  | 89,594 |  |  | 12,820 |  |  | 322,843 |
Operating profit (loss) | $ | 6,339 |  |  | $ | 62,661 |  |  | $ | 44,116 |  |  | $ | 57,818 |  |  | $ | (8,455) |  |  | $ | 162,479 |
| Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investment Managers |  | Investments In New Businesses |  | Total
| For the Three Months Ended September 30, 2020
Revenues | $ | 114,792 |  |  | $ | 103,189 |  |  | $ | 79,583 |  |  | $ | 123,846 |  |  | $ | 3,517 |  |  | $ | 424,927 |
Expenses | 113,066 |  |  | 51,519 |  |  | 37,812 |  |  | 79,838 |  |  | 13,315 |  |  | 295,550 |
Operating profit (loss) | $ | 1,726 |  |  | $ | 51,670 |  |  | $ | 41,771 |  |  | $ | 44,008 |  |  | $ | (9,798) |  |  | $ | 129,377 |
A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the three months ended September 30, 2021 and 2020 is as follows:
| 2021 |  | 2020
Total operating profit from segments | $ | 162,479 |  |  | $ | 129,377 |
Corporate overhead expenses | (21,354) |  |  | (18,040) |
Income from operations | $ | 141,125 |  |  | $ | 111,337 |
The following tables provide additional information for the three months ended September 30, 2021 and 2020 pertaining to the business segments:
| Capital Expenditures (1) |  | Depreciation
| 2021 |  | 2020 |  | 2021 |  | 2020
Private Banks | $ | 6,173 |  |  | $ | 7,652 |  |  | $ | 4,980 |  |  | $ | 4,222 |
Investment Advisors | 2,896 |  |  | 3,234 |  |  | 499 |  |  | 1,255 |
Institutional Investors | 720 |  |  | 698 |  |  | 271 |  |  | 298 |
Investment Managers | 3,722 |  |  | 2,776 |  |  | 2,428 |  |  | 1,818 |
Investments in New Businesses | 336 |  |  | 144 |  |  | 60 |  |  | 97 |
Total from business segments | $ | 13,847 |  |  | $ | 14,504 |  |  | $ | 8,238 |  |  | $ | 7,690 |
Corporate overhead | 419 |  |  | 274 |  |  | 170 |  |  | 255 |
| $ | 14,266 |  |  | $ | 14,778 |  |  | $ | 8,408 |  |  | $ | 7,945 |
(1) Capital expenditures include additions to property and equipment and capitalized software.
| Amortization
| 2021 |  | 2020
Private Banks | $ | 8,526 |  |  | $ | 7,505 |
Investment Advisors | 3,014 |  |  | 2,683 |
Institutional Investors | 427 |  |  | 426 |
Investment Managers | 2,451 |  |  | 2,343 |
Investments in New Businesses | 185 |  |  | 186 |
Total from business segments | $ | 14,603 |  |  | $ | 13,143 |
Corporate overhead | 71 |  |  | 57 |
| $ | 14,674 |  |  | $ | 13,200 |
The following tables highlight certain financial information about each of business segment for the nine months ended September 30, 2021 and 2020:
| Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investment Managers |  | Investments In New Businesses |  | Total
| For the Nine Months Ended September 30, 2021
Revenues | $ | 364,302 |  |  | $ | 357,458 |  |  | $ | 255,957 |  |  | $ | 426,639 |  |  | $ | 12,303 |  |  | $ | 1,416,659 |
Expenses | 345,057 |  |  | 176,267 |  |  | 122,696 |  |  | 257,609 |  |  | 39,855 |  |  | 941,484 |
Operating profit (loss) | $ | 19,245 |  |  | $ | 181,191 |  |  | $ | 133,261 |  |  | $ | 169,030 |  |  | $ | (27,552) |  |  | $ | 475,175 |
| Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investment Managers |  | Investments In New Businesses |  | Total
| For the Nine Months Ended September 30, 2020
Revenues | $ | 335,739 |  |  | $ | 299,218 |  |  | $ | 235,309 |  |  | $ | 359,815 |  |  | $ | 10,254 |  |  | $ | 1,240,335 |
Expenses | 331,442 |  |  | 154,100 |  |  | 113,016 |  |  | 228,795 |  |  | 37,691 |  |  | 865,044 |
Operating profit (loss) | $ | 4,297 |  |  | $ | 145,118 |  |  | $ | 122,293 |  |  | $ | 131,020 |  |  | $ | (27,437) |  |  | $ | 375,291 |
A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the nine months ended September 30, 2021 and 2020:
| 2021 |  | 2020
Total operating profit from segments | $ | 475,175 |  |  | $ | 375,291 |
Corporate overhead expenses | (65,192) |  |  | (53,414) |
Income from operations | $ | 409,983 |  |  | $ | 321,877 |
The following tables provide additional information for the nine months ended September 30, 2021 and 2020:
| Capital Expenditures (1) |  | Depreciation
| 2021 |  | 2020 |  | 2021 |  | 2020
Private Banks | $ | 20,596 |  |  | $ | 24,211 |  |  | $ | 13,290 |  |  | $ | 12,069 |
Investment Advisors | 8,784 |  |  | 12,427 |  |  | 3,205 |  |  | 3,578 |
Institutional Investors | 2,115 |  |  | 3,085 |  |  | 982 |  |  | 901 |
Investment Managers | 8,726 |  |  | 19,067 |  |  | 6,508 |  |  | 5,499 |
Investments in New Businesses | 788 |  |  | 894 |  |  | 306 |  |  | 243 |
Total from business segments | $ | 41,009 |  |  | $ | 59,684 |  |  | $ | 24,291 |  |  | $ | 22,290 |
Corporate Overhead | 997 |  |  | 2,069 |  |  | 850 |  |  | 768 |
| $ | 42,006 |  |  | $ | 61,753 |  |  | $ | 25,141 |  |  | $ | 23,058 |
(1) Capital expenditures include additions to property and equipment and capitalized software.
| Amortization
| 2021 |  | 2020
Private Banks | $ | 25,735 |  |  | $ | 22,390 |
Investment Advisors | 8,550 |  |  | 7,999 |
Institutional Investors | 1,280 |  |  | 1,280 |
Investment Managers | 7,375 |  |  | 7,020 |
Investments in New Businesses | 555 |  |  | 556 |
Total from business segments | $ | 43,495 |  |  | $ | 39,245 |
Corporate Overhead | 254 |  |  | 172 |
| $ | 43,749 |  |  | $ | 39,417 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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