XML 33 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets
 12 Months Ended
Dec. 31, 2018
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 renewable investment advisory contracts ($204.1 million and $73.9 million at December 31, 2018 and December 31, 2017, respectively) and trade names ($50.1 million and $1.9 million at December 31, 2018 and December 31, 2017, respectively).
(b) Finite-lived intangible assets
Finite-lived intangible assets represent customer relationships and consist of the following at December 31:
(in thousands)
 
2018

 
2017

Cost
 
$
96,598

 
$
6,300

Accumulated Amortization
 
(11,203
)
 
(5,202
)
Carrying Value
 
$
85,395

 
$
1,098


The increase of $90.3 million in the cost of the finite-lived intangible assets at December 31, 2018 as compared to December 31, 2017 primarily relates to the Hermes Acquisition. See Note (3) for additional information regarding the Hermes Acquisition.
Amortization expense for finite-lived intangible assets was $6.2 million, $0.6 million and $1.0 million in 2018, 2017 and 2016, 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 is $11.4 million for 2019 and $10.9 million for each of the years 2020, 2021, 2022 and 2023.