Annual report pursuant to Section 13 and 15(d)

Goodwill

v3.6.0.2
Goodwill
 12 Months Ended
Dec. 31, 2016
Goodwill and Intangible Asset Impairment [Abstract]  
Goodwill
Goodwill

Changes to the carrying amount of goodwill during the years ended December 31, 2016 and 2015 are as follows:

 
 
Ladenburg
 
Independent Brokerage and Advisory Services
 
Insurance Brokerage
 
Total
Balance as of January 1, 2015
 
$
301

 
$
103,422

 
$
11,515

 
$
115,238

Benefit applied to reduce goodwill
 
—

 
(78
)
 
—

 
(78
)
Adjustments related to allocation of KMS and Highland purchase price
 
—

 
(68
)
 
1,184

 
1,116

Business acquisitions
 
—

 
9,296

 
—

 
9,296

Balance as of December 31, 2015
 
$
301

 
$
112,572

 
$
12,699

 
$
125,572

Correction related to Securities America acquisition purchase price allocation (1)
 
—

 
(2,870
)
 
—

 
(2,870
)
Business acquisitions
 
—

 
1,329

 
—

 
1,329

Balance as of December 31, 2016
 
$
301

 
$
111,031

 
$
12,699

 
$
124,031



(1) During 2016, the Company corrected the allocation of purchase price related to Securities America acquisition, which resulted in a decrease of $2,870 in goodwill and related decrease in deferred tax liability.

The annual impairment tests performed at December 31, 2016 and 2015, based on quantitative assessments, did not indicate that the carrying value of goodwill had been impaired. However, changes in circumstances or business conditions could result in an impairment of goodwill.