GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS

6 Months Ended

Mar. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INDENTIFIABLE INTANGIBLE ASSETS

GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS

The following are our goodwill and net identifiable intangible asset balances as of the dates indicated:



	March 31, 2015		September 30, 2014
	(in thousands)
Goodwill	$	295,486	$	295,486
Identifiable intangible assets, net	55,187		58,775
Total goodwill and identifiable intangible assets, net	$	350,673	$	354,261

Our goodwill and identified intangible assets result from various acquisitions. See Note 13 on pages 150 - 154 of our 2014 Form 10-K for a discussion of the components of our goodwill balance and additional information regarding our identifiable intangible assets. See the discussion of our intangible assets and goodwill accounting policies in Note 2 on page 113 of our 2014 Form 10-K.

Goodwill

The following summarizes our goodwill by segment, along with the activity, as of the dates indicated:



	Three months ended March 31,						Six months ended March 31,
	Segment						Segment
	Private client group		Capital markets		Total		Private client group		Capital markets		Total
	(in thousands)
Fiscal year 2015
Goodwill as of beginning of period	$	174,584	$	120,902	$	295,486	$	174,584	$	120,902	$	295,486
Impairment losses	—		—		—		—		—		—
Goodwill as of end of period	$	174,584	$	120,902	$	295,486	$	174,584	$	120,902	$	295,486

Fiscal year 2014
Goodwill as of beginning of period	$	174,584	$	120,902	$	295,486	$	174,584	$	120,902	$	295,486
Impairment losses	—		—		—		—		—		—
Goodwill as of end of period	$	174,584	$	120,902	$	295,486	$	174,584	$	120,902	$	295,486

We performed our annual goodwill impairment testing during the quarter ended March 31, 2015, evaluating the balances as of December 31, 2014. We performed a qualitative assessment for each reporting unit that includes an allocation of goodwill to determine whether it is more likely than not that the carrying value of such reporting unit, including the recorded goodwill, is in excess of the fair value of the reporting unit. In any instance in which we are unable to qualitatively conclude that it is more likely than not that the fair value of the reporting unit exceeds the reporting unit carrying value including goodwill, a quantitative analysis of the fair value of the reporting unit would be performed. Based upon the outcome of our qualitative assessment, we determined that no quantitative analysis of the fair value of any reporting unit as of December 31, 2014 was required, and we concluded that none of the goodwill allocated to any of our reporting units as of December 31, 2014 was impaired. No events have occurred since December 31, 2014 that would cause us to update this impairment testing.

Identifiable intangible assets, net

The following table sets forth our identifiable intangible asset balances by segment, net of accumulated amortization, and activity for the periods indicated:



	Segment
	Private client group			Capital markets			Asset management			RJ Bank			Total
	(in thousands)
For the three months ended March 31, 2015
Net identifiable intangible assets as of beginning of period	$	8,472		$	36,600		$	10,663		$	1,253		$	56,988
Additions	—			—			—			118			118
Amortization expense	(139		)	(1,375		)	(333		)	(72		)	(1,919		)
Impairment losses	—			—			—			—			—
Net identifiable intangible assets as of end of period	$	8,333		$	35,225		$	10,330		$	1,299		$	55,187

For the six months ended March 31, 2015
Net identifiable intangible assets as of beginning of period	$	8,611		$	37,975		$	10,996		$	1,193		$	58,775
Additions	—			—			—			233			233
Amortization expense	(278		)	(2,750		)	(666		)	(127		)	(3,821		)
Impairment losses	—			—			—			—			—
Net identifiable intangible assets as of end of period	$	8,333		$	35,225		$	10,330		$	1,299		$	55,187

For the three months ended March 31, 2014
Net identifiable intangible assets as of beginning of period	$	9,035		$	42,099		$	11,996		$	1,014		$	64,144
Additions	—			—			—			118			118
Amortization expense	(146		)	(1,375		)	(333		)	(48		)	(1,902		)
Impairment losses	—			—			—			—			—
Net identifiable intangible assets as of end of period	$	8,889		$	40,724		$	11,663		$	1,084		$	62,360

For the six months ended March 31, 2014
Net identifiable intangible assets as of beginning of period	$	9,191		$	43,474		$	12,329		$	984		$	65,978
Additions	—			—			—			189			189
Amortization expense	(302		)	(2,750		)	(666		)	(89		)	(3,807		)
Impairment losses	—			—			—			—			—
Net identifiable intangible assets as of end of period	$	8,889		$	40,724		$	11,663		$	1,084		$	62,360

Identifiable intangible assets by type are presented below:



	March 31, 2015					September 30, 2014
	Gross carrying value		Accumulated amortization			Gross carrying value		Accumulated amortization
	(in thousands)
Customer relationships	$	65,957	$	(16,469	)	$	65,957	$	(13,875	)
Trade name	—		—			2,000		(2,000		)
Developed technology	11,000		(6,600		)	11,000		(5,500		)
Non-compete agreements	—		—			1,000		(1,000		)
Mortgage servicing rights	1,726		(427		)	1,493		(300		)
Total	$	78,683	$	(23,496	)	$	81,450	$	(22,675	)

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References+ Details