Divestitures, Held for Sale and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of gain (loss) from discontinued operations

The major classes of assets and liabilities held for sale consisted of the following at December 31 (in millions):

	2021		2020
Cash and cash equivalents	$	—	$	30.6
Investment advisory fees receivable	—		12.2
Fixed assets, net	—		8.8
Right of use assets	—		12.1
Investments	—		25.1
Intangible assets, net	—		58.2
Goodwill	—		161.8
Other assets	—		17.5
Deferred tax assets	—		0.5
Assets of discontinued operations classified as held for sale(1)	$	—	$	326.8
Accounts payable and accrued expenses	$	—	$	2.2
Accrued incentive compensation	—		42.5
Other compensation liabilities	—		254.2
Operating lease liabilities	—		13.1
Other liabilities	—		1.3
Liabilities of discontinued operations classified as held for sale(1)	$	—	$	313.3

(1)Includes assets and liabilities of discontinued operations of Landmark and TSW as of December 31, 2020.

The major classes of revenue and expenses constituting net income from discontinued operations attributable to controlling interests for Landmark and TSW in the Consolidated Statements of Operations for the years ended December 31 are as follows (in millions):

	2021		2020		2019
Revenues	$	115.1	$	219.0	$	224.9
Operating expenses:
Compensation and benefits	91.2		145.6		167.6
General and administrative expenses	8.1		18.0		21.7
Amortization of intangibles	2.7		6.4		6.4
Depreciation and amortization	0.5		1.2		1.0
Consolidated Funds’ expense	0.1		0.1		0.1
Total operating expenses	102.6		171.3		196.8
Operating income	12.5		47.7		28.1
Investment gains of consolidated Funds	68.1		35.1		16.7
Income from discontinued operations before taxes	80.6		82.8		44.8
Income tax expense	3.3		15.0		7.5
Income from discontinued operations, net of tax	77.3		67.8		37.3
Gain on disposal, net of tax of $253.4	691.0		—		—
Total discontinued operations	768.3		67.8		37.3
Income from discontinued operations attributable to non-controlling interests	68.0		28.4		10.3
Net income from discontinued operations attributable to controlling interests	$	700.3	$	39.4	$	27.0

The major classes of assets comprising the consolidated Funds classified as held for sale are as follows at December 31 (in millions):

	2021		2020
Cash and cash equivalents	$	—	$	0.6
Equity-accounted investments(1)	—		113.7
Consolidated Funds’ assets held for sale	$	—	$	114.3

(1)Equity-accounted investments in consolidated Funds is comprised of Investments in partnership interests where a portion of return includes carried interest. These investments are accounted for within the scope of ASC 323, Investments - Equity Method and Joint Ventures because the Company has determined it has significant influence.