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Business Combinations | 12 Months Ended
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Dec. 31, 2019
Business Combinations [Abstract] |
Business Combinations | Business Combinations Sustainable Growth Advisers, LP ("SGA") On July 1, 2018, the Company completed the acquisition of 70% of the outstanding limited partnership interests of SGA and 100% of the membership interests in its general partner, SGIA, LLC (the "Acquisition"). SGA is an investment manager specializing in growth equity investing in U.S. and global equity portfolios. The Acquisition expanded the Company's offerings of investment strategies and diversified the Company's client base, particularly with regard to institutional investors and international clients. The Company accounted for the acquisition in accordance with ASC 805, Business Combinations. The total purchase price of $129.5 million was allocated to the assets acquired, liabilities assumed and redeemable noncontrolling interests based upon their estimated fair values at the date of the Acquisition. Goodwill of $120.2 million and other intangible assets of $62.0 million were recorded as a result of the Acquisition. The Company expects $127.5 million of the purchase price to be tax deductible over 15 years. The Company completed its final assessment of the fair value of purchased receivables and acquired contracts as of June 30, 2019, with no incremental measurement period adjustments recorded. The following table summarizes the identified acquired assets, liabilities assumed and redeemable noncontrolling interests as of the acquisition date:
| July 1, 2018
| (in thousands)
Assets: |
Cash and cash equivalents | $ | 2,505 |
Investments | 262 |
Accounts receivable | 6,649 |
Furniture, equipment and leasehold improvements | 70 |
Intangible assets | 62,000 |
Goodwill | 120,213 |
Other assets | 659 |
Total Assets | 192,358 |
Liabilities |
Accrued compensation and benefits | 824 |
Accounts payable and accrued liabilities | 6,534 |
Total liabilities | 7,358 |
Redeemable noncontrolling interests | 55,500 |
Total Net Assets Acquired | $ | 129,500 |
Identifiable Intangible Assets Acquired In connection with the allocation of the purchase price, the Company identified the following intangible assets:
| July 1, 2018
| Approximate Fair Value |  | Weighted Average of Useful Life
| (in thousands) |  | (in years)
Definite-lived intangible assets: |  |  |
Institutional and retail separate account investment contracts | $ | 49,000 |  |  | 6
Trade name | 7,000 |  |  | 10
Non-competition agreements | 6,000 |  |  | 5
Total definite-lived intangible assets | $ | 62,000 |  |  |
The following unaudited proforma condensed consolidated results of operations are provided for illustrative purposes only and assume that the Acquisition, including adjustments for transaction and integration expenses, occurred on January 1, 2017. This unaudited information should not be relied upon as indicative of historical results that would have been obtained if the Acquisition had occurred on that date, nor of the results that may be obtained in the future.
| Years Ended December 31,
(in thousands) | 2018 |  | 2017
Total Revenues | $ | 569,465 |  |  | $ | 454,156 |
Net Income (Loss) Attributable to Common Stockholders | $ | 69,341 |  |  | $ | 26,175 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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