GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

Finite Lived Intangible Assets, Net

The following table summarizes the carrying value, net of accumulated amortization, of the Company's intangible assets that are included within other assets in the Consolidated Statements of Financial Condition:

	Weighted Average Amortization Period as of December 31, 2019	As of December 31,
		2019		2018
Management contracts	2.2 years	$	12,498	$	42,335
Client relationships	8.5 years	6,341		38,600
Trade name	2.5 years	378		3,200
Intangible assets		19,217		84,135
Less: accumulated amortization		(11,242)		(52,701)
Intangible assets, net		$	7,975	$	31,434

Amortization expense associated with intangible assets, excluding impairment charges, was $3.4 million, $9.0 million and $17.9 million for the years ended December 31, 2019, 2018 and 2017, respectively, and is presented within general, administrative and other expenses within the Consolidated Statements of Operations. During the first quarter of 2019, the Company removed $29.8 million of intangible assets that were fully amortized.

During the year ended December 31, 2019, the Company recorded a non-cash impairment charge of $20.0 million to general, administrative and other expenses within the Consolidated Statements of Operations related to certain intangible assets recorded in connection with the Company’s acquisition of Energy Investors Funds (“EIF”). The EIF funds are a component of the Private Equity Group operating segment. The primary indicators of impairment were lower legacy EIF investor commitments into successor funds from the Company’s original projections and the Company’s decision to no longer introduce successor funds under its EIF trade name. As a result, the Company expects a decrease in the future expected cash flows from management fees generated by EIF’s existing client relationships and a decrease in royalties attributed to EIF’s trade name. The Company determined that the carrying value of these intangible assets exceeded the expected undiscounted future cash flows and recorded an impairment charge equal to the difference between its carrying value of each asset and the asset’s estimated fair value, as calculated using a discounted cash flow methodology. Following the recognition of the impairment charge, the Company removed $35.1 million of the client relationships and trade name intangible assets to reflect the adjusted carrying value to be amortized over the remaining useful life.

At December 31, 2019, future annual amortization of finite-lived intangible assets for the years 2020 through 2024 and thereafter is estimated to be:

Year	Amortization
2020	$	1,627
2021	1,542
2022	895
2023	711
2024	711
Thereafter	2,489
Total	$	7,975

Goodwill

The following table summarizes the carrying value of the Company's goodwill assets that are included within other assets in the Consolidated Statements of Financial Condition:

	Credit Group		Private Equity Group		Real Estate Group		Total
Balance as of December 31, 2017	$	32,196	$	58,600	$	53,099	$	143,895
Foreign currency translation	—		—		(109)		(109)
Balance as of December 31, 2018	32,196		58,600		52,990		143,786
Foreign currency translation	—		—		69		69
Balance as of December 31, 2019	$	32,196	$	58,600	$	53,059	$	143,855

There was no impairment of goodwill recorded during the years ended December 31, 2019 and 2018. The impact of foreign currency translation is reflected within other comprehensive income.