XML 51 R36.htm IDEA: XBRL DOCUMENT
v3.20.4

Note 29 - Segment and Geographic Information | 12 Months Ended
--- | ---
Dec. 31, 2020
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | 29. SEGMENT AND GEOGRAPHIC INFORMATION ﻿ Segment Information ﻿ The Company operates within three business segments: Capital Markets, Asset Management, and Principal Investing. See note 1. ﻿ ﻿ ﻿ The Company's business segment information was prepared using the following methodologies and generally represents the information that is relied upon by management in its decision-making processes. ﻿ (a) Revenues and expenses directly associated with each business segment are included in determining net income / (loss) by segment. ﻿ (b) Indirect expenses (such as general and administrative expenses including executive and indirect overhead costs) not directly associated with specific business segments are not allocated to the business segments' statements of operations. ﻿ Accordingly, the Company presents segment information consistent with internal management reporting. See note ( 1 ) in the table below for more detail on unallocated items. The following tables present the financial information for the Company's segments for the periods indicated. ﻿ ﻿ ﻿
SEGMENT INFORMATION
Statement of Operations Information
For the Year Ended December 31, 2020
(Dollars in Thousands)
|  | Capital |  |  | Asset |  |  | Principal |  |  | Segment |  |  |  |  |  |  |  |
|  | Markets |  |  | Management |  |  | Investing |  |  | Total |  |  | Unallocated (1) |  |  | Total |
Net trading |  | $ | 73,611 |  |  | $ | - |  |  | $ | - |  |  | $ | 73,611 |  |  | $ | - |  |  | $ | 73,611 |
Asset management |  |  | - |  |  |  | 8,759 |  |  |  | - |  |  |  | 8,759 |  |  |  | - |  |  |  | 8,759 |
New issue and advisory |  |  | 2,234 |  |  |  | - |  |  |  | - |  |  |  | 2,234 |  |  |  | - |  |  |  | 2,234 |
Principal transactions and other income |  |  | 3 |  |  |  | 639 |  |  |  | 44,864 |  |  |  | 45,506 |  |  |  | - |  |  |  | 45,506 |
Total revenues |  |  | 75,848 |  |  |  | 9,398 |  |  |  | 44,864 |  |  |  | 130,110 |  |  |  | - |  |  |  | 130,110 |
Compensation and benefits |  |  | 36,092 |  |  |  | 5,309 |  |  |  | 11,700 |  |  |  | 53,101 |  |  |  | 6,801 |  |  |  | 59,902 |
Other operating expense |  |  | 12,546 |  |  |  | 2,042 |  |  |  | 168 |  |  |  | 14,756 |  |  |  | 5,241 |  |  |  | 19,997 |
Impairment of goodwill |  |  | 7,883 |  |  |  | - |  |  |  | - |  |  |  | 7,883 |  |  |  | - |  |  |  | 7,883 |
Total operating expenses |  |  | 56,521 |  |  |  | 7,351 |  |  |  | 11,868 |  |  |  | 75,740 |  |  |  | 12,042 |  |  |  | 87,782 |
Operating income / (loss) |  |  | 19,327 |  |  |  | 2,047 |  |  |  | 32,996 |  |  |  | 54,370 |  |  |  | (12,042 | ) |  |  | 42,328 |
Interest income (expense) |  |  | (997 | ) |  |  | - |  |  |  | - |  |  |  | (997 | ) |  |  | (8,592 | ) |  |  | (9,589 | )
Income / (loss) from equity method affiliates |  |  | - |  |  |  | 639 |  |  |  | (3,594 | ) |  |  | (2,955 | ) |  |  | - |  |  |  | (2,955 | )
Income / (loss) before income taxes |  |  | 18,330 |  |  |  | 2,686 |  |  |  | 29,402 |  |  |  | 50,418 |  |  |  | (20,634 | ) |  |  | 29,784 |
Income tax expense / (benefit) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (8,669 | ) |  |  | (8,669 | )
Net income / (loss) |  |  | 18,330 |  |  |  | 2,686 |  |  |  | 29,402 |  |  |  | 50,418 |  |  |  | (11,965 | ) |  |  | 38,453 |
Less: Net income / (loss) attributable to the non-controlling interest |  |  | - |  |  |  | 1,408 |  |  |  | 8,640 |  |  |  | 10,048 |  |  |  | 14,200 |  |  |  | 24,248 |
Net income / (loss) attributable to Cohen & Company Inc. |  | $ | 18,330 |  |  | $ | 1,278 |  |  | $ | 20,762 |  |  | $ | 40,370 |  |  | $ | (26,165 | ) |  | $ | 14,205 |
Other statement of operations data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (included in total operating expense) |  | $ | 18 |  |  | $ | 3 |  |  | $ | - |  |  | $ | 21 |  |  | $ | 313 |  |  | $ | 334 |
SEGMENT INFORMATION
Statement of Operations Information
For the Year Ended December 31, 2019
(Dollars in Thousands)
|  | Capital |  |  | Asset |  |  | Principal |  |  | Segment |  |  |  |  |  |  |  |
|  | Markets |  |  | Management |  |  | Investing |  |  | Total |  |  | Unallocated (1) |  |  | Total |
Net trading |  | $ | 38,172 |  |  | $ | - |  |  | $ | - |  |  | $ | 38,172 |  |  | $ | - |  |  | $ | 38,172 |
Asset management |  |  | - |  |  |  | 7,560 |  |  |  | - |  |  |  | 7,560 |  |  |  | - |  |  |  | 7,560 |
New issue and advisory |  |  | 1,831 |  |  |  | - |  |  |  | - |  |  |  | 1,831 |  |  |  | - |  |  |  | 1,831 |
Principal transactions and other income |  |  | 1 |  |  |  | 530 |  |  |  | 1,572 |  |  |  | 2,103 |  |  |  | - |  |  |  | 2,103 |
Total revenues |  |  | 40,004 |  |  |  | 8,090 |  |  |  | 1,572 |  |  |  | 49,666 |  |  |  | - |  |  |  | 49,666 |
Compensation and benefits |  |  | 18,575 |  |  |  | 4,805 |  |  |  | - |  |  |  | 23,380 |  |  |  | 2,592 |  |  |  | 25,972 |
Other operating expense |  |  | 12,257 |  |  |  | 2,456 |  |  |  | 399 |  |  |  | 15,112 |  |  |  | 4,541 |  |  |  | 19,653 |
Impairment of goodwill |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total operating expenses |  |  | 30,832 |  |  |  | 7,261 |  |  |  | 399 |  |  |  | 38,492 |  |  |  | 7,133 |  |  |  | 45,625 |
Operating income / (loss) |  |  | 9,172 |  |  |  | 829 |  |  |  | 1,173 |  |  |  | 11,174 |  |  |  | (7,133 | ) |  |  | 4,041 |
Interest income (expense) |  |  | (175 | ) |  |  | - |  |  |  | - |  |  |  | (175 | ) |  |  | (7,409 | ) |  |  | (7,584 | )
Income / (loss) from equity method affiliates |  |  | - |  |  |  | - |  |  |  | (553 | ) |  |  | (553 | ) |  |  | - |  |  |  | (553 | )
Income / (loss) before income taxes |  |  | 8,997 |  |  |  | 829 |  |  |  | 620 |  |  |  | 10,446 |  |  |  | (14,542 | ) |  |  | (4,096 | )
Income tax expense / (benefit) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (523 | ) |  |  | (523 | )
Net income / (loss) |  |  | 8,997 |  |  |  | 829 |  |  |  | 620 |  |  |  | 10,446 |  |  |  | (14,019 | ) |  |  | (3,573 | )
Less: Net income / (loss) attributable to the non-controlling interest |  |  | - |  |  |  | - |  |  |  | (288 | ) |  |  | (288 | ) |  |  | (1,231 | ) |  |  | (1,519 | )
Net income / (loss) attributable to Cohen & Company Inc. |  | $ | 8,997 |  |  | $ | 829 |  |  | $ | 908 |  |  | $ | 10,734 |  |  | $ | (12,788 | ) |  | $ | (2,054 | )
Other statement of operations data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (included in total operating expense) |  | $ | 18 |  |  | $ | 3 |  |  | $ | - |  |  | $ | 21 |  |  | $ | 297 |  |  | $ | 318 |
﻿ ﻿ ﻿ ﻿
SEGMENT INFORMATION
Statement of Operations Information
For the Year Ended December 31, 2018
(Dollars in Thousands)
|  | Capital |  |  | Asset |  |  | Principal |  |  | Segment |  |  |  |  |  |  |  |
|  | Markets |  |  | Management |  |  | Investing |  |  | Total |  |  | Unallocated (1) |  |  | Total |
Net trading |  | $ | 29,298 |  |  | $ | - |  |  | $ | - |  |  | $ | 29,298 |  |  | $ | - |  |  | $ | 29,298 |
Asset management |  |  | - |  |  |  | 12,536 |  |  |  | - |  |  |  | 12,536 |  |  |  | - |  |  |  | 12,536 |
New issue and advisory |  |  | 2,979 |  |  |  | - |  |  |  | - |  |  |  | 2,979 |  |  |  | - |  |  |  | 2,979 |
Principal transactions and other income |  |  | 39 |  |  |  | 678 |  |  |  | 3,856 |  |  |  | 4,573 |  |  |  | - |  |  |  | 4,573 |
Total revenues |  |  | 32,316 |  |  |  | 13,214 |  |  |  | 3,856 |  |  |  | 49,386 |  |  |  | - |  |  |  | 49,386 |
Salaries/Wages |  |  | 17,539 |  |  |  | 4,571 |  |  |  | 321 |  |  |  | 22,431 |  |  |  | 2,954 |  |  |  | 25,385 |
Other Operating Expense |  |  | 12,410 |  |  |  | 3,800 |  |  |  | 391 |  |  |  | 16,601 |  |  |  | 3,741 |  |  |  | 20,342 |
Impairment of goodwill |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total operating expenses |  |  | 29,949 |  |  |  | 8,371 |  |  |  | 712 |  |  |  | 39,032 |  |  |  | 6,695 |  |  |  | 45,727 |
Operating income / (loss) |  |  | 2,367 |  |  |  | 4,843 |  |  |  | 3,144 |  |  |  | 10,354 |  |  |  | (6,695 | ) |  |  | 3,659 |
Interest income (expense) |  |  | (236 | ) |  |  | - |  |  |  | - |  |  |  | (236 | ) |  |  | (8,251 | ) |  |  | (8,487 | )
Income / (loss) from equity method affiliates |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Income / (loss) before income taxes |  |  | 2,131 |  |  |  | 4,843 |  |  |  | 3,144 |  |  |  | 10,118 |  |  |  | (14,946 | ) |  |  | (4,828 | )
Income tax expense / (benefit) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (841 | ) |  |  | (841 | )
Net income / (loss) |  |  | 2,131 |  |  |  | 4,843 |  |  |  | 3,144 |  |  |  | 10,118 |  |  |  | (14,105 | ) |  |  | (3,987 | )
Less: Net income / (loss) attributable to the non-controlling interest |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,524 | ) |  |  | (1,524 | )
Net income / (loss) attributable to Cohen & Company Inc. |  | $ | 2,131 |  |  | $ | 4,843 |  |  | $ | 3,144 |  |  | $ | 10,118 |  |  | $ | (12,581 | ) |  | $ | (2,463 | )
Other statement of operations data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization (included in total operating expense) |  | $ | 48 |  |  | $ | 4 |  |  | $ | - |  |  | $ | 52 |  |  | $ | 209 |  |  | $ | 261 |
( 1 ) | Unallocated includes certain expenses incurred by indirect overhead and support departments (such as the executive, finance, legal, information technology, human resources, risk, compliance and other similar overhead and support departments). Some of the items not allocated include: ( 1 ) operating expenses (such as cash compensation and benefits, equity-based compensation expense, professional fees, travel and entertainment, consulting fees, and rent) related to support departments excluding certain departments that directly support the Capital Markets business segment; ( 2 ) interest expense on debt; and ( 3 ) income taxes. Management does not consider these items necessary for an understanding of the operating results of these business segments and such amounts are excluded in business segment reporting to the chief operating decision maker.
﻿
Balance Sheet Data
As of December 31, 2020
(Dollars in Thousands)
|  | Capital |  |  | Asset |  |  | Principal |  |  | Segment |  |  |  |  |  |  |  |
|  | Markets |  |  | Management |  |  | Investing |  |  | Total |  |  | Unallocated (1) |  |  | Total |
Total Assets |  | $ | 6,049,599 |  |  | $ | 1,540 |  |  | $ | 72,292 |  |  | $ | 6,123,431 |  |  | $ | 25,948 |  |  | $ | 6,149,379 |
Included within total assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in equity method affiliates |  | $ | - |  |  | $ | - |  |  | $ | 13,482 |  |  | $ | 13,482 |  |  | $ | - |  |  | $ | 13,482 |
Goodwill (2) |  | $ | 54 |  |  | $ | 55 |  |  | $ | - |  |  | $ | 109 |  |  | $ | - |  |  | $ | 109 |
Intangible assets (2) |  | $ | 166 |  |  | $ | - |  |  | $ | - |  |  | $ | 166 |  |  | $ | - |  |  | $ | 166 |
Balance Sheet Data
As of December 31, 2019
(Dollars in Thousands)
|  | Capital |  |  | Asset |  |  | Principal |  |  | Segment |  |  |  |  |  |  |  |
|  | Markets |  |  | Management |  |  | Investing |  |  | Total |  |  | Unallocated (1) |  |  | Total |
Total Assets |  | $ | 7,968,491 |  |  | $ | 1,616 |  |  | $ | 18,689 |  |  | $ | 7,988,796 |  |  | $ | 12,828 |  |  | $ | 8,001,624 |
Included within total assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in equity method affiliates |  | $ | - |  |  | $ | - |  |  | $ | 3,799 |  |  | $ | 3,799 |  |  | $ | - |  |  | $ | 3,799 |
Goodwill (2) |  | $ | 7,937 |  |  | $ | 55 |  |  | $ | - |  |  | $ | 7,992 |  |  | $ | - |  |  | $ | 7,992 |
Intangible assets (2) |  | $ | 166 |  |  | $ | - |  |  | $ | - |  |  | $ | 166 |  |  | $ | - |  |  | $ | 166 |
( 1 ) | Unallocated assets primarily include ( 1 ) amounts due from related parties; ( 2 ) furniture and equipment, net; and ( 3 ) other assets that are not considered necessary for an understanding of business segment assets and such amounts are excluded in business segment reporting to the chief operating decision maker.
( 2 ) | Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the table from above.
﻿ Geographic Information ﻿ The Company has conducted its business activities through offices in the following locations: ( 1 ) United States and ( 2 ) United Kingdom and other. Total revenues by geographic area are summarized as follows.﻿
GEOGRAPHIC DATA
(Dollars in Thousands)
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Total Revenues: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 125,067 |  |  | $ | 43,772 |  |  | $ | 43,309 |
United Kingdom & Other |  |  | 5,043 |  |  |  | 5,894 |  |  |  | 6,077 |
Total |  | $ | 130,110 |  |  | $ | 49,666 |  |  | $ | 49,386 |
Long-lived assets attributable to an individual country, other than the United States, are not material.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=120311839&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=120311839&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=120311839&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=120311839&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=120311839&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=120311839&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=120311839&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=120311839&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=120311839&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=120311839&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=120311839&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=120311839&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=120311839&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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration