Discontinued Operations

3 Months Ended

Mar. 31, 2016

Discontinued Operations [Abstract]

Discontinued Operations

J.  Discontinued Operations

As a result of the Spin-off, the results of AC’s operations through the Spin-off Date, as well as transaction costs related to the Spin-off, have been classified in the condensed consolidated statements of income as discontinued operations.  There was no gain or loss on the Spin-off for the Company, and it was a tax-free spin-off to GAMCO’s shareholders.

The first quarter 2015 results include $0.8 million in costs incurred with respect to the Spin-off and are included in Other operating expenses below.  Operating results for the period from January 1, 2015 through March 31, 2015 is summarized below:

	Period Ended
	March 31, 2015
Revenues
Investment advisory and incentive fees	$	2,119
Distribution fees and other income		134
Institutional research services		2,447
Total revenues		4,700
Expenses
Compensation		5,879
Stock based compensation		638
Management fee		302
Distribution costs		(29	)
Other operating expenses		2,555
Total expenses		9,345
Operating loss		(4,645	)
Other income (expense)
Net gain from investments		6,945
Interest and dividend income		746
Interest expense		(334	)
Total other income (expense), net		7,357
Income from discontinued operations before income taxes		2,712
Income tax provision		1,101
Income from discontinued operations, net of taxes		1,611
Net loss attributable to noncontrolling interests		(17	)
Net income attributable to GAMCO Investors, Inc.'s discontinued operations, net of taxes	$	1,628

The assets and liabilities of AC have been classified in the consolidated statement of financial condition as of March 31, 2015 as assets and liabilities of discontinued operations and consist of the following:

	March 31, 2015
Cash and cash equivalents	$	320,373
Investments in securities		120,834
Investments in sponsored registered investment companies		120,831
Investments in partnerships		106,943
Receivable from brokers		19,515
Investment advisory fees receivable		1,462
Receivable from affiliates		(28,373	)
Income tax receivable		10
Other assets		11,668
Total assets of discontinued operations		673,263
Payable to brokers		10,128
Income taxes payable and deferred tax liabilities		9,697
Compensation payable		4,571
Securities sold, not yet purchased		8,569
Payable to affiliates		(28	)
Mandatorily redeemable noncontrolling interests		1,298
Accrued expenses and other liabilities		1,547
Total liabilities of discontinued operations		35,782
Redeemable noncontrolling interests from discontinued operations		5,519
Noncontrolling interests from discontinued operations		2,726
Net assets of discontinued operations	$	629,236