Business Combinations (Tables)

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Summary of Preliminary Purchase Price Allocation

The following table summarizes the preliminary purchase price allocation determined as of the purchase date:

(in millions)
Cash and Cash Equivalents	$	14.0
Other Current Assets1	11.3
Goodwill2	19.1
Intangible Assets3	27.6
Other Long-Term Assets	9.8
Less: Liabilities Acquired	(26.9		)
Less: Fair Value of Redeemable Noncontrolling Interest in Subsidiary4	(34.5		)
Total Purchase Price Consideration	$	20.4

1 Includes $4.6 million of accounts receivable.

2 The goodwill recognized is attributable to enhanced revenue and AUM growth opportunities from future investors and the assembled workforce of HGPE. In this instance, goodwill is not deductible for tax purposes.

3 Includes $20.3 million for rights to manage fund assets for private equity funds with a weighted-average useful life of 9.0 years and $6.9 million for rights to manage fund assets for infrastructure funds with a weighted-average useful life of 11.0 years, all of which are recorded in Intangible Assets, net on the Consolidated Balance Sheets.

4

The fair value of the noncontrolling interest was determined utilizing primarily the discounted cash flow methodology under the income approach.