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Goodwill And Intangible Assets | 3 Months Ended
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Mar. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill And Intangible Assets | NOTE 8 – Goodwill and Intangible Assets The carrying amount of goodwill and intangible assets attributable to each of our reporting segments is presented in the following table (in thousands):
|  | December 31, 2016 |  |  | Adjustments |  |  | Write-off |  |  | March 31, 2017 |
Goodwill |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 270,779 |  |  | $ | 12,358 |  |  | $ | — |  |  | $ | 283,137 |
Institutional Group |  |  | 691,503 |  |  |  | 3,089 |  |  |  | — |  |  |  | 694,592 |
|  | $ | 962,282 |  |  | $ | 15,447 |  |  | $ | — |  |  | $ | 977,729 |
|  | December 31, 2016 |  |  | Net Additions |  |  | Amortization |  |  | March 31, 2017 |
Intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 45,231 |  |  | $ | — |  |  | $ | (1,067 | ) |  | $ | 44,164 |
Institutional Group |  |  | 71,073 |  |  |  | — |  |  |  | (1,914 | ) |  |  | 69,159 |
|  | $ | 116,304 |  |  | $ | — |  |  | $ | (2,981 | ) |  | $ | 113,323 |
The adjustments to goodwill during the three months ended March 31, 2017, are primarily attributable to the acquisition of City Securities, which closed on January 3, 2017. The allocation of the purchase price for this acquisition is preliminary and will be finalized upon completion of the analysis of the fair values of the net assets of the acquisitions as of the acquisition date and the identified intangible assets. The final goodwill recorded on the consolidated statement of financial condition may differ from the preliminary estimate reflected herein. Goodwill for certain of our acquisitions is deductible for tax purposes. Amortizable intangible assets consist of acquired customer relationships, trade name, investment banking backlog, and non-compete agreements that are amortized over their contractual or determined useful lives. Intangible assets subject to amortization as of March 31, 2017 and December 31, 2016 were as follows (in thousands):
|  | March 31, 2017 |  |  | December 31, 2016 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Gross Carrying Value |  |  | Accumulated Amortization |
Customer relationships |  | $ | 141,621 |  |  | $ | 48,568 |  |  | $ | 141,621 |  |  | $ | 46,209 |
Trade name |  |  | 24,713 |  |  |  | 9,083 |  |  |  | 24,713 |  |  |  | 8,670 |
Investment banking backlog |  |  | 1,345 |  |  |  | 474 |  |  |  | 1,345 |  |  |  | 379 |
Non-compete agreements |  |  | 2,578 |  |  |  | 927 |  |  |  | 2,578 |  |  |  | 813 |
|  | $ | 170,257 |  |  | $ | 59,052 |  |  | $ | 170,257 |  |  | $ | 56,071 |
Amortization expense related to intangible assets was $3.0 million and $3.0 million for the three months ended March 31, 2017 and 2016, respectively. The weighted-average remaining lives of the following intangible assets at March 31, 2017, are: customer relationships, 10.8 years; trade name, 11.3 years; non-compete agreements, 10.2 years; and backlog within the next 9 months. As of March 31, 2017, we expect amortization expense in future periods to be as follows (in thousands):
Fiscal year |  |  |  |
Remainder of 2017 |  | $ | 8,409 |
2018 |  |  | 10,621 |
2019 |  |  | 10,033 |
2020 |  |  | 9,788 |
2021 |  |  | 9,281 |
Thereafter |  |  | 63,073 |
|  | $ | 111,205 |

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16373-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13854-109267 + Details
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