Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

The carrying amount of the Company's goodwill by segment at December 31, 2019 and 2018 is as follows:



	Investment Managers		Investments In New Businesses		Total
Balance, January 1, 2018	$	52,990	$	—	$	52,990
Acquisition of Huntington Steele	—		11,499		11,499
Balance, December 31, 2018	$	52,990	$	11,499	$	64,489
Balance, December 31, 2019	$	52,990	$	11,499	$	64,489

In April 2018, the Company acquired all ownership interests of Huntington Steele, LLC (Huntington Steele). The excess purchase price over the estimated value of the net tangible and identifiable intangible assets was allocated to goodwill. The total amount of goodwill from this transaction amounted to $11,499 and is included on the accompanying Consolidated Balance Sheets. The total purchase price for Huntington Steele included a contingent purchase price of $12,120 payable to the sellers upon the attainment of specified financial measures determined at various intervals occurring between 2019 and 2023. During 2019, the Company made a payment of $433 to the sellers and made an adjustment of $568 to increase the fair value of the remaining contingent consideration. The fair value adjustment to the contingent consideration is reflected in Facilities, supplies and other costs on the accompanying Consolidated Statement of Operations in 2019. As of December 31, 2019, the current portion of the contingent consideration of $625 is included in Accrued liabilities on the accompanying Balance Sheet. The long-term portion of the contingent consideration of $11,630 is included in Other long-term liabilities on the accompanying Balance Sheet.

There was no change in the carrying amount of the Company's goodwill during 2019.

The Company's intangible assets consist of:



	2019			Weighted Average Estimated Useful Life	2018			Weighted Average Estimated Useful Life
Acquired technology	$	13,510		10.0 years	$	13,510		10.0 years
Client relationships	16,940			13.9 years	16,940			13.9 years
Non-competition agreements	3,470			5.0 years	3,470			5.0 years
Trade name	2,840			7.0 years	2,840			7.0 years
	36,760				36,760
Less: Accumulated amortization	(8,773		)		(5,090		)
Intangible assets, net	$	27,987			$	31,670

The Company recognized $3,683 and $3,538 of amortization expense related to intangible assets during 2019 and 2018, respectively.

The Company currently expects to recognize amortization expense related to intangible assets as of December 31, 2019 each year from 2020 through 2024 as follows:



Year	Expected Amortization Expense Related to Intangible Assets
2020	$	3,683
2021	3,683
2022	3,336
2023	2,989
2024	2,818