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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The following table presents the changes in goodwill in 2021 and 2020 (in millions):
 Quant & SolutionsAlternativesLiquid AlphaTotal
Goodwill$22.1 $5.0 $118.4 $145.5 
Accumulated impairment(1.8)(5.0)(25.9)(32.7)
December 31, 2019$20.3 $— $92.5 $112.8 
Additions— — — — 
Impairments— — (16.4)(16.4)
Disposals (1)
— — (76.1)(76.1)
Goodwill22.1 5.0 — 27.1 
Accumulated impairment(1.8)(5.0)— (6.8)
December 31, 2020$20.3 $— $— $20.3 
Additions— — — — 
Impairments— — — — 
Disposals— — — — 
Goodwill22.1 — — 22.1 
Accumulated impairment(1.8)— — (1.8)
December 31, 2021$20.3 $— $— $20.3 
(1)The disposal of $76.1 million pertains to the goodwill assigned to the Barrow Hanley reporting unit that was divested in November 2020.
Due to the decline in the Company’s assets under management for the three months ended March 31, 2020, management determined that an interim impairment assessment was necessary as of March 31, 2020 with respect to the Copper Rock Capital Partners, LLC (“Copper Rock”) reporting unit. In the first quarter of 2020, the Company performed a quantitative impairment test for the Copper Rock reporting unit which was included within the Liquid Alpha segment prior to its disposition in July 2020. The quantitative impairment test concluded that the fair value of the reporting unit did not exceed its carrying value. Accordingly, the Company recognized a goodwill impairment charge of $16.4 million for the year ended December 31, 2020. The 2021 annual impairment assessment determined that no impairment existed at the annual assessment date.
The fair value of the reporting unit was estimated using the income approach, which calculates the fair value based on the present value of estimated future cash flows. Cash flow projections are based on management’s estimates of Assets Under Management (“AUM”) growth rates, product mix and effective fee rates, taking into consideration industry and market conditions. The discount rates used are based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics. The Company’s quantitative impairment analysis at March 31, 2020 incorporated revised forecasts that took into account the market disruptions during the quarter and its impact on the results in future periods. Given the significant level of uncertainty that currently exists, management also considered alternative scenarios for market and reporting unit performance over the next several years. If the Company’s AUM are further impacted by the global economic conditions caused by COVID-19, such as adverse and significant declines in the value of global financial markets, additional impairments of goodwill or intangible assets are possible in future periods.
In connection with the divestitures of Landmark and TSW, the Company disposed of goodwill of $148.1 million and $13.7 million, respectively, during the year ended December 31, 2021. The Company also reclassified goodwill pertaining to Landmark and TSW of $148.1 million and $13.7 million, respectively, within “Assets held for sale” as of December 31, 2020. In connection with the divestiture of Landmark, the Company disposed of $55.5 million of intangible assets during the year ended December 31, 2021. The Company also reclassified intangible assets of $58.2 million pertaining to Landmark within “Assets held for sale” as of December 31, 2020. See Note 3, Divestitures, Held for Sale and Discontinued Operations, in these notes for additional information.