Business Segment Information (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Segment Reporting [Abstract] |
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Schedule of Financial Information about Business Segments |
The following tables highlight certain financial information about each of the Company’s business segments for the years ended December 31, 2023, 2022 and 2021: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Private Banks | | Investment Advisors | | Institutional Investors | | Investment Managers | | Investments in New Businesses | | Total | | | For the Year Ended December 31, 2023 | Revenues | | $ | 503,317 | | | $ | 436,298 | | | $ | 289,708 | | | $ | 670,486 | | | $ | 19,984 | | | $ | 1,919,793 | | Expenses | | 455,820 | | | 259,142 | | | 165,455 | | | 437,174 | | | 45,437 | | | 1,363,028 | | Operating profit (loss) | | $ | 47,497 | | | $ | 177,156 | | | $ | 124,253 | | | $ | 233,312 | | | $ | (25,453) | | | $ | 556,765 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Private Banks | | Investment Advisors | | Institutional Investors | | Investment Managers | | Investments in New Businesses | | Total | | | For the Year Ended December 31, 2022 | Revenues | | $ | 575,625 | | | $ | 447,766 | | | $ | 323,353 | | | $ | 624,918 | | | $ | 19,375 | | | $ | 1,991,037 | | Expenses | | 473,209 | | | 251,650 | | | 172,252 | | | 404,850 | | | 45,159 | | | 1,347,120 | | Operating profit (loss) | | $ | 102,416 | | | $ | 196,116 | | | $ | 151,101 | | | $ | 220,068 | | | $ | (25,784) | | | $ | 643,917 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Private Banks | | Investment Advisors | | Institutional Investors | | Investment Managers | | Investments in New Businesses | | Total | | | For the Year Ended December 31, 2021 | Revenues | | $ | 493,570 | | | $ | 482,949 | | | $ | 343,805 | | | $ | 581,157 | | | $ | 16,828 | | | $ | 1,918,309 | | Expenses | | 462,796 | | | 240,334 | | | 168,070 | | | 348,655 | | | 53,219 | | | 1,273,074 | | Operating profit (loss) | | $ | 30,774 | | | $ | 242,615 | | | $ | 175,735 | | | $ | 232,502 | | | $ | (36,391) | | | $ | 645,235 | |
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Schedule of Reconciliation of Total Operating Profit Reported for Business Segments to Income from Operations in Consolidated Statements of Operations |
A reconciliation of the total reported for the business segments to income from operations in the Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021 is as follows: | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2023 | | 2022 | | 2021 | Total operating profit from segments above | | $ | 556,765 | | | $ | 643,917 | | | $ | 645,235 | | Corporate overhead expenses (1) | | (132,241) | | | (168,164) | | | (91,854) | | Income from operations | | $ | 424,524 | | | $ | 475,753 | | | $ | 553,381 | |
(1) Corporate overhead expenses in 2022 include the total costs of the Voluntary Separation Program (See Note 14).
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Schedule of Additional Information Pertaining to Business Segments |
The following tables provide additional information for the years ended December 31, 2023, 2022 and 2021 pertaining to the Company's business segments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Capital Expenditures (2) | | Depreciation | Year Ended December 31, | | 2023 | | 2022 | | 2021 | | 2023 | | 2022 | | 2021 | Private Banks | | $ | 19,331 | | | $ | 32,454 | | | $ | 26,472 | | | $ | 21,888 | | | $ | 21,237 | | | $ | 19,040 | | Investment Advisors | | 9,329 | | | 13,027 | | | 11,100 | | | 2,040 | | | 1,933 | | | 3,646 | | Institutional Investors | | 1,639 | | | 3,884 | | | 2,614 | | | 1,207 | | | 1,142 | | | 1,241 | | Investment Managers | | 26,643 | | | 20,968 | | | 10,275 | | | 9,013 | | | 8,468 | | | 8,185 | | Investments in New Businesses | | 817 | | | 787 | | | 924 | | | 285 | | | 164 | | | 351 | | Total from business segments | | $ | 57,759 | | | $ | 71,120 | | | $ | 51,385 | | | $ | 34,433 | | | $ | 32,944 | | | $ | 32,463 | | Corporate Overhead | | 1,384 | | | 1,714 | | | 1,151 | | | 867 | | | 713 | | | 1,018 | | | | $ | 59,143 | | | $ | 72,834 | | | $ | 52,536 | | | $ | 35,300 | | | $ | 33,657 | | | $ | 33,481 | |
(2) Capital expenditures include additions to property and equipment and capitalized software. | | | | | | | | | | | | | | | | | | | | | | | Amortization | Year Ended December 31, | | 2023 | | 2022 | | 2021 | Private Banks | | $ | 19,094 | | | $ | 25,886 | | | $ | 34,159 | | Investment Advisors | | 7,620 | | | 9,905 | | | 11,654 | | Institutional Investors | | 7,324 | | | 8,166 | | | 2,321 | | Investment Managers | | 3,771 | | | 9,400 | | | 9,955 | | Investments in New Businesses | | 579 | | | 660 | | | 739 | | Total from business segments | | $ | 38,388 | | | $ | 54,017 | | | $ | 58,828 | | Corporate Overhead | | 281 | | | 263 | | | 324 | | | | $ | 38,669 | | | $ | 54,280 | | | $ | 59,152 | |
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Schedule of Revenues and Assets Based on Location |
The following table presents revenues based on the location of the use of the products or services: | | | | | | | | | | | | | | | | | | | | | For the Year Ended December 31, | | 2023 | | 2022 | | 2021 | United States | | $ | 1,640,109 | | | $ | 1,623,022 | | | $ | 1,629,527 | | International operations | | 279,684 | | | 368,015 | | | 288,782 | | | | $ | 1,919,793 | | | $ | 1,991,037 | | | $ | 1,918,309 | |
The following table presents assets based on their location: | | | | | | | | | | | | | | | | | 2023 | | 2022 | United States | | $ | 2,041,083 | | | $ | 1,983,102 | | International operations | | 478,920 | | | 400,451 | | | | $ | 2,520,003 | | | $ | 2,383,553 | |
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