XML 48 R35.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Segment Reporting
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Segment Reporting
27. 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.
                         
 
Years Ended December 31,
 
 
2019
 
  
2018
 
  
2017
 
U.S. Business Segment
  
 
 
  
 
 
  
 
 
Operating revenues
    
     
     
 
Advisory fees
  $
170,489
    $
204,298
    $
217,021
 
Other income
   
339
     
608
     
520
 
                         
Total operating revenues
  $
170,828
    $
204,906
    $
217,541
 
                         
Total operating expenses
  $
(141,067
 )   $
(152,430
 )   $
(156,342
 )
                         
Other income/(expenses)
    
     
     
 
Interest expense
  $
(780
 )   $
(566
 )   $
—  
  
Interest income
   
3,326
     
3,093
     
2,861
 
Impairments
   
(30,710
)     
(17,386
 )    
—  
  
Settlement gain
   
—
     
—  
      
6,909
 
Other gains and losses, net
   
272
     
292
     
(432
 )
                         
Total other income/(expenses)
  $
(27,892
)    $
(14,567
 )   $
9,338
 
                         
Total income before income taxes (U.S. Business Segment)
  $
1,869
    $
37,909
    $
70,537
 
                         
International Business Segment
(1)
  
 
 
  
 
 
  
 
 
Operating revenues
    
     
     
 
Advisory fees
  $
95,163
    $
66,806
    $
9,671
 
Other income
   
2,412
     
2,404
     
1,083
 
                         
Total operating revenues
  $
97,575
    $
69,210
    $
10,754
 
                         
Total operating expenses
  $
(73,802
 )   $
(60,407
 )   $
(22,865
 )
                         
Other income/(expenses)
    
     
     
 
Interest expense
  $
(10,460
 )   $
(7,396
 )   $
—  
  
Interest income
   
6
     
—  
      
—  
  
(Loss)/gain on revaluation of deferred consideration—gold payments
   
(11,293
 )    
12,220
     
—  
  
Other losses, net
   
(3,774
 )    
(497
 )    
(234
 )
                         
Total other income/(expenses)
  $
(25,521
 )   $
4,327
    $
(234
 )
                         
Total (loss)/income before income taxes (International Business Segment)
  $
(1,748
 )   $
13,130
    $
(12,345
 )
                         
Income/(loss) before income taxes
 
 
 
  
 
 
  
 
 
U.S. Business segment
  $
1,869
    $
37,909
    $
70,537
 
International Business segment
   
(1,748
 )    
13,130
     
(12,345
 )
                         
Total income before income taxes
 
$
121
 
  
$
51,039
 
  
$
58,192
 
                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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.