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Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Goodwill and Intangible Assets

The following table presents the changes in the carrying value of goodwill and intangible assets from continuing operations:
 
Capital
 
Asset
 
 
(Dollars in thousands)
Markets
 
Management 
 
Total
Goodwill
 
 
 
 
 
Balance at December 31, 2012
$

 
$
196,844

 
$
196,844

Goodwill acquired
13,790

 

 
13,790

Balance at December 31, 2013
$
13,790

 
$
196,844

 
$
210,634

Goodwill acquired

 

 

Measurement period adjustment
1,244

 

 
1,244

Balance at December 31, 2014
$
15,034

 
$
196,844

 
$
211,878

 
 
 
 
 

Intangible assets
 
 
 
 
 
Balance at December 31, 2012
$

 
$
41,258

 
$
41,258

Intangible assets acquired
6,665

 

 
6,665

Amortization of intangible assets
(1,349
)
 
(6,644
)
 
(7,993
)
Balance at December 31, 2013
$
5,316

 
$
34,614

 
$
39,930

Intangible assets acquired

 

 

Amortization of intangible assets
(2,972
)
 
(6,300
)
 
(9,272
)
Balance at December 31, 2014
$
2,344

 
$
28,314

 
$
30,658



The Company tests goodwill and indefinite-life intangible assets for impairment on an annual basis and on an interim basis when circumstances exist that could indicate possible impairment. The Company tests for impairment at the reporting unit level, which is generally one level below its operating segments. The Company has identified two reporting units: capital markets and asset management. When testing for impairment, the Company has the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after making an assessment, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. However, if the Company concludes otherwise, then the Company is required to perform the two-step impairment test, which requires management to make judgments in determining what assumptions to use in the calculation. The first step of the process consists of estimating the fair value of the reporting units based on the following factors: a discounted cash flow model using revenue and profit forecasts, the Company’s market capitalization, public company comparables and multiples of recent mergers and acquisitions of similar businesses, if available. The estimated fair values of the reporting units are compared with their carrying values, which includes the allocated goodwill. If the estimated fair value is less than the carrying values, a second step is performed to measure the amount of the impairment loss, if any. An impairment loss is equal to the excess of the carrying amount of goodwill over its fair value.

The Company completed its annual goodwill impairment analysis as of October 31, 2014 and 2013, and concluded there was no goodwill impairment. In 2012, the Company recorded a non-cash goodwill impairment charge of $5.5 million within discontinued operations. This amount represented the residual value of goodwill attributable to FAMCO.
 
The Company also evaluated its intangible assets (indefinite and definite-lived) and concluded there was no impairment in 2014, 2013 and 2012, respectively.

The addition of goodwill and intangible assets during the year ended December 31, 2013 related to the acquisitions of Seattle-Northwest and Edgeview, as discussed in Note 4. In 2014, the Company recorded a $1.2 million measurement period adjustment to increase goodwill and acquisition-related deferred tax liabilities. Management identified $6.7 million of intangible assets, consisting of customer relationships ($6.0 million) and non-competition agreements ($0.7 million), which will be amortized over a weighted average life of 1.9 years and 3.0 years, respectively.

Intangible assets with determinable lives consist of asset management customer relationships and capital markets customer relationships and non-competition agreements. The intangible assets are amortized over their original estimated useful lives ranging from two to ten years. The following table summarizes the future aggregate amortization expense of the Company's intangible assets with determinable lives for the years ended:
(Dollars in thousands)
 
2015
$
7,093

2016
6,219

2017
5,230

2018
4,804

2019
4,452

Total
$
27,798