Segment Operating Results (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Information Regarding Operations By Segment

The following information presents each segment's contribution.

	For the Years Ended December 31,
	2019		2018		2017
Investment Banking
Net Revenues(1)	$	1,951,795	$	2,012,023	$	1,634,268
Operating Expenses	1,485,477		1,448,301		1,175,927
Other Expenses(2)	33,618		30,366		35,810
Operating Income	432,700		533,356		422,531
Income from Equity Method Investments	916		518		277
Pre-Tax Income	$	433,616	$	533,874	$	422,808
Identifiable Segment Assets	$	2,393,647	$	1,923,783	$	1,294,103
Investment Management
Net Revenues(1)	$	56,903	$	52,682	$	70,081
Operating Expenses	48,645		43,940		51,646
Other Expenses(2)	3,247		21		12,155
Operating Income	5,011		8,721		6,280
Income from Equity Method Investments	10,080		8,776		8,561
Pre-Tax Income	$	15,091	$	17,497	$	14,841
Identifiable Segment Assets	$	204,966	$	201,884	$	290,783
Total
Net Revenues(1)	$	2,008,698	$	2,064,705	$	1,704,349
Operating Expenses	1,534,122		1,492,241		1,227,573
Other Expenses(2)	36,865		30,387		47,965
Operating Income	437,711		542,077		428,811
Income from Equity Method Investments	10,996		9,294		8,838
Pre-Tax Income	$	448,707	$	551,371	$	437,649
Identifiable Segment Assets	$	2,598,613	$	2,125,667	$	1,584,886

(1) Net revenues include Other Revenue, net, allocated to the segments as follows:

	For the Years Ended December 31,
	2019		2018			2017
Investment Banking(A)	$	19,023	$	(3,156	)	$	58,399
Investment Management(B)	6,292		4,436			10,433
Total Other Revenue, net	$	25,315	$	1,280		$	68,832

(A) Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and lines of credit of $12,917, $9,201 and $9,960 for the years ended December 31, 2019, 2018 and 2017, respectively, and includes an estimated gain of $77,535 related to a reduction in the liability for amounts due pursuant to the tax receivable agreement and a loss of $16,266 related to the release of cumulative foreign exchange losses resulting from the restructuring of the Company's former equity method investment in G5 for the year ended December 31, 2017. Also includes ($701) of principal trading losses for the year ended December 31, 2017 to conform to the current presentation.

(B) Investment Management Other Revenue, net, includes a gain of $7,808 related to the sale of the Institutional Trust and Independent Fiduciary business of ETC for the year ended December 31, 2017. Also includes $2,037 of net realized and unrealized gains on private equity investments for the year ended December 31, 2017 to conform to the current presentation.

(2) Other Expenses are as follows:

	For the Years Ended December 31,
	2019		2018		2017
Investment Banking
Amortization of LP Units/Interests and Certain Other Awards	$	18,183	$	15,241	$	11,444
Special Charges	7,202		5,012		14,400
Acquisition and Transition Costs	705		—		555
Fair Value of Contingent Consideration	—		1,485		—
Intangible Asset and Other Amortization	7,528		8,628		9,411
Total Investment Banking	33,618		30,366		35,810
Investment Management
Special Charges	2,939		—		11,037
Acquisition and Transition Costs	308		21		1,118
Total Investment Management	3,247		21		12,155
Total Other Expenses	$	36,865	$	30,387	$	47,965

Revenues Derived from Clients and Private Equity Funds by Geographical Areas

The Company's revenues were derived from clients located and managed in the following geographical areas:

	For the Years Ended December 31,
	2019		2018		2017
Net Revenues:(1)
United States	$	1,464,551	$	1,591,883	$	1,199,231
Europe and Other	501,425		438,602		422,271
Latin America	17,407		32,940		14,015
Total	$	1,983,383	$	2,063,425	$	1,635,517

(1) Excludes Other Revenue, Including Interest and Investments, and Interest Expense.

Assets by Geographic Areas

The Company's total assets are located in the following geographical areas:

	December 31,
	2019		2018
Total Assets:
United States	$	2,158,347	$	1,757,589
Europe and Other	373,822		298,917
Latin America	66,444		69,161
Total	$	2,598,613	$	2,125,667