XML 62 R27.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Consolidated Sponsored Investment Products (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract] |
Balances of Consolidated Sponsored Investment Products | The following table presents the balances of the consolidated sponsored investment products that were reflected in the Condensed Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013:
|  | As of |
|  | March 31, 2014 |  |  | December 31, 2013 |
($ in thousands) |  |  |  |  |  |
Total cash |  | $ | 2,543 |  |  | $ | 531 |
Total investments |  |  | 62,086 |  |  |  | 139,054 |
All other assets |  |  | 1,217 |  |  |  | 9,595 |
Total liabilities |  |  | (2,500 | ) |  |  | (8,435 | )
Redeemable noncontrolling interests |  |  | (3,867 | ) |  |  | (42,186 | )
The Company’s net interests in consolidated sponsored investment products |  | $ | 59,479 |  |  | $ | 98,559 |
Consolidated Balance Sheets | The following tables reflect the impact of the consolidated sponsored investment products in the Condensed Consolidated Balance Sheets as of March, 31, 2014 and December 31, 2013 and the Condensed Consolidated Statements of Income for the three months ended March 31, 2014 and 2013, respectively:
As of March 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Sponsored Investment Products |  |  | Eliminations and Adjustments (a) |  |  | Balances as Reported in Consolidated Balance Sheet |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Total cash |  | $ | 234,795 |  |  | $ | 2,543 |  |  | $ | — |  |  | $ | 237,338 |
Total investments |  |  | 161,910 |  |  |  | 62,086 |  |  |  | (59,420 | ) |  |  | 164,576 |
All other assets |  |  | 182,755 |  |  |  | 1,217 |  |  |  | (59 | ) |  |  | 183,913 |
Total assets |  | $ | 579,460 |  |  | $ | 65,846 |  |  | $ | (59,479 | ) |  | $ | 585,827 |
Total liabilities |  | $ | 69,364 |  |  | $ | 2,559 |  |  | $ | (59 | ) |  | $ | 71,864 |
Redeemable noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 3,867 |  |  |  | 3,867 |
Equity attributable to stockholders of the Company |  |  | 510,168 |  |  |  | 63,287 |  |  |  | (63,287 | ) |  |  | 510,168 |
Non-redeemable noncontrolling interests |  |  | (72 | ) |  |  | — |  |  |  | — |  |  |  | (72 | )
Total liabilities and equity |  | $ | 579,460 |  |  | $ | 65,846 |  |  | $ | (59,479 | ) |  | $ | 585,827 |
As of December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Sponsored Investment Products |  |  | Eliminations and Adjustments (a) |  |  | Balances as Reported in Consolidated Balance Sheet |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Total cash |  | $ | 271,014 |  |  | $ | 531 |  |  | $ | — |  |  | $ | 271,545 |
Total investments |  |  | 135,692 |  |  |  | 139,054 |  |  |  | (98,434 | ) |  |  | 176,312 |
All other assets |  |  | 187,627 |  |  |  | 9,595 |  |  |  | (125 | ) |  |  | 197,097 |
Total assets |  | $ | 594,333 |  |  | $ | 149,180 |  |  | $ | (98,559 | ) |  | $ | 644,954 |
Total liabilities |  | $ | 101,465 |  |  | $ | 8,560 |  |  | $ | (125 | ) |  | $ | 109,900 |
Redeemable noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 42,186 |  |  |  | 42,186 |
Equity attributable to stockholders of the Company |  |  | 492,930 |  |  |  | 140,620 |  |  |  | (140,620 | ) |  |  | 492,930 |
Non-redeemable noncontrolling interests |  |  | (62 | ) |  |  | — |  |  |  | — |  |  |  | (62 | )
Total liabilities and equity |  | $ | 594,333 |  |  | $ | 149,180 |  |  | $ | (98,559 | ) |  | $ | 644,954 |
(a) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated sponsored investment products, primarily the elimination of the investments and equity and recording of any noncontrolling interest.
Consolidated Statements of Income | The following table reflects the impact of the consolidated sponsored investment products in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2014 and 2013:
For the Three Months Ended March 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Sponsored Investment Products |  |  | Eliminations and Adjustments (a) |  |  | Balances as Reported in Condensed Consolidated Statement of Operations |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Total operating revenues |  | $ | 107,855 |  |  | $ | — |  |  | $ | 16 |  |  | $ | 107,871 |
Total operating expenses |  |  | 74,914 |  |  |  | 315 |  |  |  | 16 |  |  |  | 75,245 |
Operating income (loss) |  |  | 32,941 |  |  |  | (315 | ) |  |  | — |  |  |  | 32,626 |
Total other non-operating income (expense) |  |  | 2,997 |  |  |  | 910 |  |  |  | (756 | ) |  |  | 3,151 |
Income (loss) before income tax expense |  |  | 35,938 |  |  |  | 595 |  |  |  | (756 | ) |  |  | 35,777 |
Income tax expense |  |  | 14,010 |  |  |  | — |  |  |  | — |  |  |  | 14,010 |
Net income (loss) |  |  | 21,928 |  |  |  | 595 |  |  |  | (756 | ) |  |  | 21,767 |
Noncontrolling interests |  |  | 10 |  |  |  | — |  |  |  | 161 |  |  |  | 171 |
Net income (loss) attributable to the Company |  | $ | 21,938 |  |  | $ | 595 |  |  | $ | (595 | ) |  | $ | 21,938 |
For the Three Months Ended March 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |
|  | Balance Before Consolidation of Investment Products |  |  | Consolidated Sponsored Investment Products |  |  | Eliminations and Adjustments (a) |  |  | Balances as Reported in Condensed Consolidated Statement of Operations |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Total operating revenues |  | $ | 86,120 |  |  | $ | — |  |  | $ | 48 |  |  | $ | 86,168 |
Total operating expenses |  |  | 64,884 |  |  |  | 136 |  |  |  | 48 |  |  |  | 65,068 |
Operating income (loss) |  |  | 21,236 |  |  |  | (136 | ) |  |  | — |  |  |  | 21,100 |
Total other non-operating income (expense) |  |  | 1,156 |  |  |  | 851 |  |  |  | (472 | ) |  |  | 1,535 |
Income (loss) before income tax expense |  |  | 22,392 |  |  |  | 715 |  |  |  | (472 | ) |  |  | 22,635 |
Income tax expense |  |  | 8,450 |  |  |  | — |  |  |  | — |  |  |  | 8,450 |
Net income (loss) |  |  | 13,942 |  |  |  | 715 |  |  |  | (472 | ) |  |  | 14,185 |
Noncontrolling interests |  |  | 18 |  |  |  | — |  |  |  | (243 | ) |  |  | (225 | )
Net income (loss) attributable to the Company |  | $ | 13,960 |  |  | $ | 715 |  |  | $ | (715 | ) |  | $ | 13,960 |
(a) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated sponsored investment products, primarily the elimination of the investments and equity and recording of any noncontrolling interest.
Summary of Assets Measured at Fair Value on Recurring Basis | Fair Value Measurements of Consolidated Sponsored Investment Products The assets of the consolidated sponsored investment products measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 by fair value hierarchy level were as follows:
March 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  | $ | — |  |  | $ | 52,925 |  |  | $ | — |  |  | $ | 52,925 |
Equity securities |  |  | 9,161 |  |  |  | — |  |  |  | — |  |  |  | 9,161 |
Total Investments of Consolidated Sponsored Investment Products at Fair Value |  | $ | 9,161 |  |  | $ | 52,925 |  |  | $ | — |  |  | $ | 62,086 |
December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  | $ | — |  |  | $ | 47,114 |  |  | $ | — |  |  | $ | 47,114 |
Equity securities |  |  | 91,940 |  |  |  | — |  |  |  | — |  |  |  | 91,940 |
Total Investments of Consolidated Sponsored Investment Products at Fair Value |  | $ | 91,940 |  |  | $ | 47,114 |  |  | $ | — |  |  | $ | 139,054 |

X
- Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Balances Related To Consolidated Sponsored Investment Products Table [Text Block] + References No definition available. + Details
Name: | vrts_BalancesRelatedToConsolidatedSponsoredInvestmentProductsTableTextBlock
Namespace Prefix: | vrts_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis of Investments in Consolidated Sponsored Investment [Table Text Block] + References No definition available. + Details
Name: | vrts_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisOfInvestmentsInConsolidatedSponsoredInvestmentTableTextBlock
Namespace Prefix: | vrts_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration