Divestitures, Held for Sale and Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Divestitures and Assets Held for Sale

The major classes of assets and liabilities held for sale in the Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 are as follows (in millions):

	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	12.8	$	30.6
Investment advisory fees receivable	12.8		12.2
Fixed assets, net	1.8		8.8
Right of use assets	3.6		12.1
Investments	28.7		25.1
Intangible assets, net	—		58.2
Goodwill	13.7		161.8
Other assets	0.8		17.5
Deferred tax assets	—		0.5
Assets of discontinued operations classified as held for sale(1)	$	74.2	$	326.8
Other assets held for sale(2)	62.5		—
Assets held for sale	$	136.7	$	326.8
Accounts payable and accrued expenses	$	1.1	$	2.2
Accrued incentive compensation	11.6		42.5
Other compensation liabilities	75.8		254.2
Operating lease liabilities	3.9		13.1
Other liabilities	$	—	$	1.3
Liabilities of discontinued operations classified as held for sale(1)	$	92.4	$	313.3
Other liabilities held for sale(3)	26.8		—
Liabilities held for sale	$	119.2	$	313.3

(1)Includes assets and liabilities of discontinued operations of TSW that are classified as held for sale as of June 30, 2021 and of Landmark and TSW as of December 31, 2020.

(2)Includes assets of Campbell Global, the Company's co-investments in Campbell Global Funds and seed investments in TSW strategies as of June 30, 2021.

(3)Includes liabilities of Campbell Global as of June 30, 2021.

The major classes of revenue and expenses constituting net income from discontinued operations attributable to controlling interests for Landmark and TSW in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020 are as follows (in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Revenues	$	51.3	$	52.1	$	109.5	$	106.1
Operating expenses:
Compensation and benefits	43.8		49.7		87.6		63.1
General and administrative expenses	3.3		4.1		7.7		9.4
Amortization of intangibles	1.1		1.6		2.7		3.2
Depreciation and amortization	0.2		0.4		0.5		0.6
Consolidated Funds’ expense	—		—		0.1		0.1
Total operating expenses	48.4		55.8		98.6		76.4
Operating income (loss)	2.9		(3.7)		10.9		29.7
Investment gains of consolidated Funds	51.5		28.9		68.1		28.9
Income from discontinued operations before taxes	54.4		25.2		79.0		58.6
Income tax expense (benefit)	1.0		(1.5)		3.7		8.6
Income from discontinued operations, net of tax	53.4		26.7		75.3		50.0
Gain on disposal, net of tax of $176.6, and $176.6	509.2		—		509.2		—
Total discontinued operations	562.6		26.7		584.5		50.0
Income from discontinued operations attributable to non-controlling interests	54.6		28.9		68.0		29.0
Net income from discontinued operations attributable to controlling interests	$	508.0	$	(2.2)	$	516.5	$	21.0

The major classes of assets comprising the consolidated Funds classified as held for sale are as follows at June 30, 2021 and December 31, 2020 (in millions):

	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	—	$	0.6
Equity-accounted investments(1)	—		113.7
Consolidated Funds’ assets held for sale	$	—	$	114.3

(1)Equity-accounted investments in consolidated Funds is comprised of Investments in partnership interests where a portion of return includes carried interest. These investments are accounted for within the scope of ASC 323, Investments - Equity Method and Joint Ventures because the Company has determined it has significant influence.