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Segment Reporting

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segment Reporting

24. Segment Reporting

The Company operates as an ETP sponsor and asset manager providing investment advisory services globally. These activities are reported in the Company’s U.S. Business and International Business reportable segments. The U.S. Business segment includes the results of the Company’s U.S. operations and wind down costs associated with the Japan sales office. The results of the Company’s European and Canadian operations are reported as the International Business segment.

Information concerning these reportable segments are as follows:

		Three Months Ended June 30,								Six Months Ended June 30,
		2019				2018				2019				2018
U.S. Business Segment
Operating revenues
Advisory fees		$	43,070			$	52,931			$	85,587			$	108,449
Other income			76				162				182				309
Total operating revenues		$	43,146			$	53,093			$	85,769			$	108,758
Total operating expenses		$	(36,407	)		$	(42,638	)		$	(73,583	)		$	(81,668	)
Other income/(expenses)
Interest expense		$	(194	)		$	(173	)		$	(386	)		$	(173	)
Interest income			818				612				1,597				1,574
Impairment			—				—				(572	)			—
Other gains and losses, net			(54	)			(66	)			91				(292	)
Total other income		$	570			$	373			$	730			$	1,109
Total income before income taxes (U.S. Business Segment)		$	7,309			$	10,828			$	12,916			$	28,199
International Business Segment(1)
Operating revenues
Advisory fees		$	22,557			$	20,847			$	44,880			$	23,785
Other income			590				835				1,129				1,136
Total operating revenues		$	23,147			$	21,682			$	46,009			$	24,921
Total operating expenses		$	(17,975	)		$	(17,606	)		$	(35,601	)		$	(24,259	)
Other income/(expenses)
Interest expense		$	(2,716	)		$	(2,183	)		$	(5,416	)		$	(2,183	)
(Loss)/gain on revaluation of deferred consideration			(4,037	)			9,898				367				9,898
Other gains and losses, net			338				(435	)			(4,434	)			(470	)
Total other income/(expenses)		$	(6,415	)		$	7,280			$	(9,483	)		$	7,245
Total (loss)/income before income taxes (International Business Segment)		$	(1,243	)		$	11,356			$	925			$	7,907
Income/(loss) before income taxes
U.S. Business segment		$	7,309			$	10,828			$	12,916			$	28,199
International Business segment			(1,243	)			11,356				925				7,907
Total income before income taxes		$	6,066			$	22,184			$	13,841			$	36,106

Assets are not reported by segment as such information is not utilized by the chief operating decision maker.

(1) The financial results of ETFS are included in the International Business reportable segment as of April 11, 2018.

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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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