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Equity Method Investments in Affiliates | 6 Months Ended
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Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments in Affiliates | Equity Method Investments in Affiliates The following table presents the change in Equity method investments in Affiliates:
| Total
Balance, as of December 31, 2016 | $ | 3,368.3 |
Equity method earnings | 206.7 |
Equity method intangible amortization | (45.8 | )
Distributions of earnings from equity method investments | (283.5 | )
Investments | 29.8 |
Foreign currency translation | 3.6 |
Other | (0.4 | )
Balance, as of June 30, 2017 | $ | 3,278.7 |
In the six months ended June 30, 2017, there were no new material investments. In the six months ended June 30, 2016, the Company completed investments in Systematica Investments L.P. and Baring Private Equity Asia, both of which closed on January 4, 2016. The purchase price allocations were completed using financial models that included assumptions of expected market performance, net client cash flows and discount rates. The majority of the consideration paid is deductible for U.S. tax purposes over a 15-year life. The aggregate purchase price allocation for the investments was as follows:
| Total
Consideration paid | $ | 551.0 |
Definite-lived acquired client relationships | $ | 223.1 |
Indefinite-lived acquired client relationships | 7.3 |
Deferred tax liability | (32.0 | )
Goodwill | 352.6 |
| $ | 551.0 |
For these new investments, the Company recorded amortization expense on the definite-lived acquired client relationships of $4.5 million and $7.4 million in the three and six months ended June 30, 2016, respectively, and $3.7 million and $7.4 million in the three and six months ended June 30, 2017, respectively. As of June 30, 2017, the definite-lived relationships at all of the Company’s equity method Affiliates were being amortized over a weighted average life of approximately 13 years. The Company recognized amortization expense for these relationships of $14.8 million and $29.0 million for the three and six months ended June 30, 2016, respectively, and $24.0 million and $45.8 million for the three and six months ended June 30, 2017, respectively. Based on relationships existing as of June 30, 2017, the Company estimates the annual amortization expense attributable to its current equity-method Affiliates to be approximately $85 million for each of the next five years. The financial results of certain equity method Affiliates are recognized in the Consolidated Financial Statements one quarter in arrears. The Company has determined that one if its equity method Affiliates is significant under Rule 10-01(b)(1) of Regulation S-X. For the three and six months ended June 30, 2016, this equity method Affiliate recognized revenue of $222.4 million and $428.5 million, respectively, and net income of $122.9 million and $234.6 million, respectively. For the three and six months ended June 30, 2017, this equity method Affiliate recognized revenue of $259.2 million and $524.8 million, respectively, and net income of $144.4 million and $293.0 million, respectively.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66011266&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32787-111569 + Details
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