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Sale of BondPoint | 3 Months Ended
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Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract] |
Sale of BondPoint | Sale of BondPoint In October 2017, the Company entered into an Asset Purchase Agreement with Intercontinental Exchange (“ICE”) pursuant to which the Company has agreed to sell specified assets and to assign specified liabilities constituting its BondPoint division and fixed income venue (“BondPoint”). BondPoint is a provider of electronic fixed income trading solutions for the buy-side and sell-side offering access to centralized liquidity and automated trade execution services. On January 2, 2018, the Company completed the sale of BondPoint to ICE for total gross proceeds of $400.2 million in cash. The Company incurred one-time transaction costs of $8.5 million, which included professional fees of $7.1 million related to the sale and $1.4 million of compensation expense, which is recorded in Transaction advisory fees and expenses and Employee compensation and payroll taxes, respectively, on the condensed consolidated statement of comprehensive income. The Company recognized a gain on sale of $337.6 million, which is recorded in Other, net on the condensed consolidated statement of comprehensive income for the three months ended March 31, 2018. A summary of the carrying value of BondPoint and gain on sale of BondPoint is as follows:
(in thousands) |  |
Total sale proceeds received |  | $ | 400,192 |
Business assets and liabilities held for sale as of December 31, 2017: |  |
Receivables from broker dealers and clearing organizations |  | 3,383 |
Intangibles and other assets |  | 51,687 |
Liabilities |  | (728 | )
Total carrying value of BondPoint as of December 31, 2017: |  | 54,342 |
Goodwill adjustment allocated to BondPoint |  | 8,300 |
Gain on sale of BondPoint |  | 337,550 |
Transaction costs |  | 8,568 |
Gain on sale of BondPoint, net of transaction costs |  | $ | 328,982 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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