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Business Combinations (Tables)
 3 Months Ended
Mar. 31, 2019
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 first quarter 2019:
(in millions)
 
 
Cash and Cash Equivalents
 
$
175.8

Other Current Assets1
 
53.7

Goodwill2
 
155.9

Intangible Assets3
 
276.2

Other Long-Term Assets4
 
35.1

Less: Long-Term Deferred Tax Liability, net
 
(20.5
)
Less: Liabilities Acquired5
 
(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 March 31, 2019.
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 following table summarizes unaudited pro forma financial information assuming the Hermes Acquisition occurred at the beginning of the period presented. This pro forma financial information is for informational purposes only and is not indicative of actual results that would have occurred had the Hermes Acquisition been completed on the assumed date and it is not indicative of future results. In addition, the following pro forma financial information does not reflect the realization of any cost savings (nor does management expect to realize any cost savings) or other synergies from the Hermes Acquisition. The pro forma results include adjustments for the effect of acquisition-related expenses (including 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.
 
 
 
 
Three Months Ended
(in millions)
 
 
 
March 31, 2018
Revenue
 
 
 
$
307.4

Net Income
 
 
 
$
60.2