Segment Reporting

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Reporting

17. Segment Reporting

The Company operates as an ETP sponsor and asset manager providing investment advisory services in the U.S., Europe, Canada and Japan. 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 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:

	Year Ended December 31,
	2016			2015			2014
Revenues (U.S. Business segment)
Advisory fees	$	211,066		$	293,788		$	181,987
Other income		1,424			931			960
Total revenues (U.S. Business segment)	$	212,490		$	294,719		$	182,947
Revenues (International Business segment)
Advisory fees	$	7,399		$	4,156		$	829
Other income		(443	)		67			(14	)
Total revenues (International Business segment)	$	6,956		$	4,223		$	815
Total revenues	$	219,446		$	298,942		$	183,762
Income/(loss) before taxes
U.S. Business segment	$	74,721		$	146,335		$	78,631
International Business segment		(19,159	)		(9,150	)		(5,083	)
Total income before taxes	$	55,562		$	137,185		$	73,548

Assets are not reported by segment as such information is not utilized by the chief operating decision maker. The vast majority of the Company’s assets are located in the U.S.