21. SEGMENT AND GEOGRAPHIC INFORMATION Segment Information The Company operates within three business segments: Capital Markets, Asset Management, and Principal Investing. See note 1. The Companys 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, and (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 Companys segments for the periods indicated. ? ? ? ? ? SEGMENT INFORMATION ? Statement of Operations Information ? Nine Months Ended September 30, 2019 ? ? Capital Asset Principal Segment Unallocated ? Markets Management Investing Total (1) Total ? Net trading $ 25,873 $ - $ - $ 25,873 $ - $ 25,873 ? Asset management - 5,765 - 5,765 - 5,765 ? New issue and advisory 250 - - 250 - 250 ? Principal transactions and other income 2 379 1,307 1,688 - 1,688 ? Total revenues 26,125 6,144 1,307 33,576 - 33,576 ? Total operating expenses 22,838 4,894 300 28,032 5,537 33,569 ? Operating income (loss) 3,287 1,250 1,007 5,544 (5,537) 7 ? Interest income (expense) 348 (191) - 157 (5,486) (5,329) ? Income (loss) from equity method affiliates - - (365) (365) - (365) ? Income (loss) before income taxes 3,635 1,059 642 5,336 (11,023) (5,687) ? Income tax expense (benefit) - - - - (917) (917) ? Net income (loss) 3,635 1,059 642 5,336 (10,106) (4,770) ? Less: Net income (loss) attributable to the non-controlling interest - - - - (1,942) (1,942) ? Net income (loss) attributable to Cohen &amp; Company Inc. $ 3,635 $ 1,059 $ 642 $ 5,336 $ (8,164) $ (2,828) ? ? Other statement of operations data ? Depreciation and amortization (included in total operating expense) $ 13 $ 2 $ - $ 15 $ 224 $ 239 ? ? ? ? ? ? ? ? ? ? ? SEGMENT INFORMATION ? Statement of Operations Information ? Nine Months Ended September 30, 2018 ? ? Capital Asset Principal Segment Unallocated ? Markets Management Investing Total (1) Total ? Net trading $ 20,193 $ - $ - $ 20,193 $ - $ 20,193 ? Asset management - 7,827 - 7,827 - 7,827 ? New issue and advisory 873 - - 873 - 873 ? Principal transactions and other income 33 538 4,301 4,872 - 4,872 ? Total revenues 21,099 8,365 4,301 33,765 - 33,765 ? Total operating expenses 21,171 5,437 612 27,220 5,174 32,394 ? Operating income (loss) (72) 2,928 3,689 6,545 (5,174) 1,371 ? Interest (expense) income (170) (33) - (203) (6,002) (6,205) ? Income (loss) from equity method affiliates - - - - - - ? Income (loss) before income taxes (242) 2,895 3,689 6,342 (11,176) (4,834) ? Income tax expense (benefit) - - - - (1,259) (1,259) ? Net income (loss) (242) 2,895 3,689 6,342 (9,917) (3,575) ? Less: Net income (loss) attributable to the non-controlling interest - - - - (1,530) (1,530) ? Net income (loss) attributable to Cohen &amp; Company Inc. $ (242) $ 2,895 $ 3,689 $ 6,342 $ (8,387) $ (2,045) ? ? Other statement of operations data ? Depreciation and amortization (included in total operating expense) $ 39 $ 3 $ - $ 42 $ 134 $ 176 ? ? ? ? ? ? ? SEGMENT INFORMATION ? Statement of Operations Information ? Three Months Ended September 30, 2019 ? ? Capital Asset Principal Segment Unallocated ? Markets Management Investing Total (1) Total ? Net trading $ 8,479 $ - $ - $ 8,479 $ - $ 8,479 ? Asset management - 2,018 - 2,018 - 2,018 ? New issue and advisory 250 - - 250 - 250 ? Principal transactions and other income - 157 363 520 - 520 ? Total revenues 8,729 2,175 363 11,267 - 11,267 ? Total operating expenses 8,161 1,612 101 9,874 1,836 11,710 ? Operating income (loss) 568 563 262 1,393 (1,836) (443) ? Interest income (expense) 165 (64) - 101 (1,637) (1,536) ? Income (loss) from equity method affiliates - - (109) (109) - (109) ? Income (loss) before income taxes 733 499 153 1,385 (3,473) (2,088) ? Income tax expense (benefit) - - - - (170) (170) ? Net income (loss) 733 499 153 1,385 (3,303) (1,918) ? Less: Net income (loss) attributable to the non-controlling interest - - - - (702) (702) ? Net income (loss) attributable to Cohen &amp; Company Inc. $ 733 $ 499 $ 153 $ 1,385 $ (2,601) $ (1,216) ? ? Other statement of operations data ? Depreciation and amortization (included in total operating expense) $ 5 $ 1 $ - $ 6 $ 74 $ 80 ? ? ? ? ? ? ? SEGMENT INFORMATION ? Statement of Operations Information ? Three Months Ended September 30, 2018 ? ? Capital Asset Principal Segment Unallocated ? Markets Management Investing Total (1) Total ? Net trading $ 6,816 $ - $ - $ 6,816 $ - $ 6,816 ? Asset management - 2,818 - 2,818 - 2,818 ? New issue and advisory - - - - - - ? Principal transactions and other income 17 152 2,434 2,603 - 2,603 ? Total revenues 6,833 2,970 2,434 12,237 - 12,237 ? Total operating expenses 7,543 2,017 420 9,980 1,901 11,881 ? Operating income (loss) (710) 953 2,014 2,257 (1,901) 356 ? Interest (expense) income (99) (33) - (132) (2,053) (2,185) ? Income (loss) from equity method affiliates - - - - - - ? Income (loss) before income taxes (809) 920 2,014 2,125 (3,954) (1,829) ? Income tax expense (benefit) - - - - (595) (595) ? Net income (loss) (809) 920 2,014 2,125 (3,359) (1,234) ? Less: Net income (loss) attributable to the non-controlling interest - - - - (583) (583) ? Net income (loss) attributable to Cohen &amp; Company Inc. $ (809) $ 920 $ 2,014 $ 2,125 $ (2,776) $ (651) ? ? Other statement of operations data ? Depreciation and amortization (included in total operating expense) $ 9 $ 1 $ - $ 10 $ 53 $ 63 ? ? (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 September 30, 2019 ? (Dollars in Thousands) ? ? Capital Asset Principal Segment Unallocated ? Markets Management Investing Total (1) Total ? Total Assets $ 7,421,954 $ 1,448 $ 10,328 $ 7,433,730 $ 13,692 $ 7,447,422 ? ? Included within total assets: ? Goodwill (2) $ 7,937 $ 55 $ - $ 7,992 $ - $ 7,992 ? Intangible assets (2) $ 166 $ - $ - $ 166 $ - $ 166 ? ? ? ? ? ? ? ? ? ? BALANCE SHEET DATA ? December 31, 2018 ? (Dollars in Thousands) ? ? Capital Asset Principal Segment Unallocated ? Markets Management Investing Total (1) Total ? Total Assets $ 8,094,983 $ 2,309 $ 13,768 $ 8,111,060 $ 4,569 $ 8,115,629 ? ? Included within total assets: ? 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. 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 above. Geographic Information The Company conducts 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) ? ? Three Months Ended September 30, Nine Months Ended September 30, ? 2019 2018 2019 2018 ? Total Revenues: ? United States $ 10,152 $ 10,406 $ 30,545 $ 28,461 ? Europe &amp; Other 1,115 1,831 3,031 5,304 ? Total $ 11,267 $ 12,237 $ 33,576 $ 33,765 ? ? Long-lived assets attributable to an individual country, other than the United States, are not material.