Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2013

7.	Intangible Assets and Goodwill

The following table summarizes the carrying amount of intangible assets as of March 31, 2013 and December 31, 2012:


	As of
	March 31, 2013			December 31, 2012
	(Dollars in millions)

Acquired contractual rights	$	793.2		$	797.7
Acquired trademarks		6.8			6.8
Accumulated amortization		(186.7	)		(150.4	)

Finite-lived intangible assets, net		613.3			654.1
Goodwill		36.8			37.0

Intangible assets, net	$	650.1		$	691.1

The following table summarizes the changes in the carrying amount of goodwill, by segment as of March 31, 2013. There was no goodwill associated with the Partnership’s Corporate Private Equity and Real Assets segments.


	Global Market Strategies		Solutions			Total
			(Dollars in millions)

Balance as of December 31, 2012	$	28.0	$	9.0		$	37.0
Foreign currency translation		—		(0.2	)		(0.2	)

Balance as of March 31, 2013	$	28.0	$	8.8		$	36.8

Intangible asset amortization expense was $37.0 million and $18.7 million for the three months ended March 31, 2013 and 2012, respectively, and is included in general, administrative, and other expenses in the condensed consolidated statements of operations.

The following table summarizes the estimated amortization expense for 2013 through 2017 and thereafter (Dollars in millions):


2013	$	110.7
2014		97.0
2015		93.1
2016		87.3
2017		82.9
Thereafter		183.1

	$	654.1

- 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.

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