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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2019
Business Combinations [Abstract] |
Summary of Final Purchase Price Allocation | The following table summarizes the final purchase price allocation determined as of the purchase date:
(in millions) |  |
Cash and Cash Equivalents |  | $ | 175.8 |
Other Current Assets 1 |  | 53.7 |
Goodwill 2 |  | 114.1 |
Intangible Assets 3 |  | 320.0 |
Other Long-Term Assets 4 |  | 40.1 |
Less: Long-Term Deferred Tax Liability, net |  | (28.7 | )
Less: Liabilities Acquired 5 |  | (162.3 | )
Less: Fair Value of Redeemable Noncontrolling Interest in Subsidiary 6 |  | (169.2 | )
Total Purchase Price Consideration |  | $ | 343.5 |
1 | Includes $31.9 million of receivables, all of which has been collected.
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 $71.6 million for customer relationships with a weighted-average useful life of 8.5 years, $198.5 million for indefinite-lived rights to manage fund assets 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 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 |
Revenue |  | $ | 1,230.5 |
Net Income 1 |  | $ | 241.4 |
1 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.

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
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