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Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2018
Business Combinations [Abstract]  
Summary of Allocation Preliminary Purchase Price
The following table summarizes the allocation of the preliminary purchase price allocation, updated for valuation adjustments made in the fourth quarter 2018:
(in millions)
 
 
Cash and Cash Equivalents
 
$
175.8

Other Current Assets1
 
53.7

Goodwill2
 
154.9

Intangible Assets3
 
276.2

Other Long-Term Assets4
 
35.1

Less: Long-Term Deferred Tax Liability, net
 
(19.5
)
Less: Liabilities Assumed5
 
(162.3
)
Less: Fair Value of Redeemable Noncontrolling Interest in Subsidiary6
 
(169.6
)
Total Purchase Price Consideration
 
$
344.3

1
Includes $31.9 million of receivables, substantially all of which has been collected as of December 31, 2018.
2
The goodwill recognized is attributable to enhanced revenue and AUM growth opportunities from future investors and the assembled workforce of Hermes. In this instance, goodwill is not deductible for tax purposes.
3
Includes $93.6 million for customer relationships with a weighted-average useful life of 8.4 years, $132.7 million for indefinite-lived renewable investment advisory contracts and $49.9 million for an indefinite-lived trade name, all of which are recorded in Intangible Assets, net on the Consolidated Balance Sheets.
4
Includes $11.2 million of Property and Equipment, net.
5
Includes $130.3 million related to Accrued Compensation and Benefits.
6
The fair value of the noncontrolling interest was determined utilizing the market approach and consideration of the overall business enterprise value.
Summary of Unaudited Pro Forma Financial Information
The pro forma results include adjustments for the effect of acquisition-related expenses (including the loss on foreign currency forward transactions noted below, compensation and related expense, income tax expense and amortization related to newly acquired intangibles) as well as adjustments to conform to Federated's U.S. GAAP accounting policies.
(in millions)
 
2018

 
2017

Revenue
 
$
1,230.5

 
$
1,268.6

Net Income1
 
$
241.4

 
$
306.1

1
The year ended December 31, 2018 excludes a $29.0 million loss on foreign currency forward transactions entered into in order to hedge against foreign exchange rate fluctuations associated with the payment for the Hermes Acquisition.