XML 76 R17.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets (a) Indefinite-lived intangible assets Indefinite-lived intangible assets are recorded in Intangible Assets, net on the Consolidated Balance Sheets and include rights to manage fund assets ($335.2 million and $204.1 million at December 31, 2019 and 2018, respectively) and trade names ($52.0 million and $50.1 million at December 31, 2019 and 2018, respectively). On November 18, 2019, Federated completed the acquisition of certain components of the PNC Capital Advisors LLC investment management business. As a result, Federated recorded $58.0 million of indefinite-lived rights to manage fund assets. The transaction was accounted for as an asset acquisition as substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable asset. The remaining increase in indefinite-lived rights to manage fund assets during 2019 primarily related to a final purchase price adjustment of $65.8 million related to the Hermes Acquisition (see Note (3) for additional information). (b) Finite-lived intangible assets Finite-lived intangible assets represent customer relationships and consist of the following at December 31:
(in thousands) |  | 2019 |  |  | 2018 |
Cost |  | $ | 71,853 |  |  | $ | 96,598 |
Accumulated Amortization |  | (12,856 | ) |  | (11,203 | )
Carrying Value |  | $ | 58,997 |  |  | $ | 85,395 |
The decrease in the cost of the finite-lived intangible assets at December 31, 2019 as compared to December 31, 2018 primarily relates to a final purchase price adjustment related to the finite-lived customer relationship asset acquired in connection with the Hermes Acquisition. See Note (3) for additional information. Amortization expense for finite-lived intangible assets was $7.5 million, $6.2 million and $0.6 million in 2019, 2018 and 2017, respectively, and was recorded as operating expense in Other expense on the Consolidated Statements of Income. Expected aggregate annual amortization expense for finite-lived intangible assets in each of the five succeeding years assuming no new acquisitions or impairments will be $8.6 million.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration