XML 35 R50.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision Attributable to Controlling and Non-Controlling Interests

The following table presents the consolidated provision for income taxes:

		For the Years Ended December 31,
		2017				2018				2019
Controlling interest:
Current taxes		$	173.8			$	117.2			$	46.5
Intangible-related deferred taxes		(98.5		)		79.7				(51.3		)
Other deferred taxes		(24.9		)		(27.5		)		(4.3		)
Total controlling interest		50.4				169.4				(9.1		)
Non-controlling interests:
Current taxes		$	8.2			$	12.2			$	12.2
Deferred taxes		(0.2		)		(0.3		)		(0.2		)
Total non-controlling interests		8.0				11.9				12.0
Income tax expense		$	58.4			$	181.3			$	2.9
Income before income taxes (controlling interest)		$	739.9			$	413.0			$	6.6
Effective tax rate (controlling interest)(1)		6.8		%		41.0		%		(137.0		)%

__________________________

⁽¹⁾ 

Taxes attributable to the controlling interest divided by Income before income taxes (controlling interest).

Schedule of Consolidated Provision for Income Taxes

The consolidated provision for income taxes consisted of the following:

		For the Years Ended December 31,
		2017				2018				2019
Current:
Federal		$	109.0			$	52.2			$	(18.2	)
State		18.9				28.6				(8.8		)
Foreign		54.1				48.6				85.7
Total current		182.0				129.4				58.7
Deferred:
Federal		(124.9		)		51.3				(23.9		)
State		10.4				13.2				3.4
Foreign		(9.1		)		(12.6		)		(35.3		)
Total deferred		(123.6		)		51.9				(55.8		)
Income tax expense		$	58.4			$	181.3			$	2.9

Schedule of Components of Income before Income Taxes

For financial reporting purposes, Income before income taxes consisted of the following:

		For the Years Ended December 31,
		2017				2018				2019
Domestic		$	756.5			$	637.3			$	152.2
International		310.6				76.3				155.8
		$	1,067.1			$	713.6			$	308.0

Schedule of Effective Income Tax Rate Computed Using Income before Income Taxes and Applying U.S. Federal Income Tax Rate

The following table reconciles the U.S. federal statutory tax rate to the Company’s effective tax rate:

	For the Years Ended December 31,
	2017			2018			2019
Statutory U.S. federal tax rate	35.0	%		21.0	%		21.0	%
State income taxes, net of federal benefit	2.7			3.7			3.5
Foreign operations	(5.4	)		1.3			(471.2	)
Compensation plans	(0.7	)		1.6			240.6
Changes in tax laws	(25.2	)		—			—
Changes in valuation allowances	0.3			0.0			(107.2	)
Unrecognized tax benefits	0.5			0.5			420.4
Affiliate divestments	—			—			(120.4	)
Reduction in carrying value of Affiliates	—			13.0			—
Changes in U.S. tax provision to return	(0.0	)		(1.0	)		(195.7	)
Other	(0.4	)		0.9			72.0
Effective tax rate (controlling interest)	6.8	%		41.0	%		(137.0	)%
Effect of income from non-controlling interests	(1.3	)		(15.6	)		137.9
Effective tax rate	5.5	%		25.4	%		0.9	%

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of the Company’s Deferred income tax liability (net) are as follows:

		December 31,
		2018				2019
Deferred Tax Assets
Deferred compensation		$	18.0			$	13.8
State net operating loss carryforwards		18.2				15.9
Foreign loss carryforwards		16.7				17.7
Tax benefit of uncertain tax positions		10.9				27.4
Deferred income		8.8				3.0
Lease liabilities		—				12.3
Other		5.1				2.6
Total deferred tax assets		77.7				92.7
Valuation allowance		(24.1		)		(16.9		)
Deferred tax assets, net of valuation allowance		$	53.6			$	75.8
Deferred Tax Liabilities
Intangible asset amortization		$	(337.1	)		$	(293.7	)
Non-deductible intangible amortization		(141.0		)		(110.9		)
Junior convertible securities interest		(84.5		)		(91.6		)
Right-of-use assets		—				(10.3		)
Other		(2.6		)		(4.1		)
Total deferred tax liabilities		(565.2		)		(510.6		)
Deferred income tax liability (net)(1)		$	(511.6	)		$	(434.8	)

__________________________

⁽¹⁾ 

As of December 31, 2019, the foreign loss carryforwards of $17.7 million, net of a $2.3 million valuation allowance, are presented in Other assets as they represent a net deferred tax asset position in a foreign jurisdiction.

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

reconciliation of the changes in unrecognized tax benefits is as follows:

		For the Years Ended December 31,
		2017				2018				2019
Balance, beginning of period		$	26.8			$	32.4			$	33.1
Additions based on current year tax positions		6.0				2.4				39.8
Additions based on prior years’ tax positions		1.5				8.4				3.2
Reduction for prior years’ tax positions		—				(2.0		)		(3.5		)
Reductions related to lapses of statutes of limitations		(2.3		)		(6.3		)		(4.0		)
Settlements		—				(1.3		)		(0.4		)
Additions (reductions) related to foreign exchange rates		0.4				(0.5		)		(2.8		)
Balance, end of period		$	32.4			$	33.1			$	65.4

X

- Definition

Tabular disclosure of the components of income tax expense attributable to controlling and non-controlling interests for each year presented including, income before income taxes and effective tax rate attributable to controlling interests.

+ References

No definition available.

+ Details

Name:	amg_ScheduleOfComponentsOfIncomeTaxExpenseBenefitByControllingAndNoncontrollingInterestsTableTextBlock
Namespace Prefix:	amg_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration