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Equity Acquisition and Business Combination (Tables)
9 Months Ended
Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of Preliminary Purchase Price Allocation
The following table summarizes the final purchase price allocation determined as of the purchase date:
(in millions)
Cash and Cash Equivalents $32.7 
Other Current Assets1
11.8 
Goodwill2
19.1 
Intangible Assets3
27.6 
Other Long-Term Assets16.4 
Less: Liabilities Acquired(44.1)
Less: Fair Value of Redeemable Noncontrolling Interest in Subsidiary4
(43.1)
Total Purchase Price Consideration$20.4 
1    Includes $5.0 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.