Equity Method Investments
|6 Months Ended|
Jun. 30, 2017
|Equity Method Investments and Joint Ventures [Abstract]|
|Investment in Equity Affiliates||
In connection with the EMC Acquisition, the Company acquired 49% equity interests in each of WMS and Santander (which interests EMC owned at the time of the EMC Acquisition). These investments are accounted for using the equity method of accounting, under which our results of operations include our share of the income of WMS and Santander in Income from equity method investments in our Condensed Consolidated Statements of Operations. Following is (1) the summarized balance sheet information for these equity method investments on an aggregated basis as of June 30, 2017 and December 31, 2016, and (2) results of operations information for these equity method investments on an aggregated basis for the six months ended June 30, 2017 (in thousands):
The carrying values of the Company’s equity interests in WMS and Santander as of June 30, 2017 and December 31, 2016 were as follows (in thousands):
As of June 30, 2017 there was an aggregate difference of $138.0 million between the carrying amounts of these investments and the amounts of underlying equity in net assets in these investments. The difference was determined by applying the acquisition method of accounting in connection with the EMC Acquisition and is being amortized ratably over the life of the related acquired intangible assets. The weighted-average life of the intangible assets at the time of the EMC Acquisition in total was 14.9 years.
The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.
Reference 1: http://www.xbrl.org/2003/role/presentationRef