Annual report pursuant to Section 13 and 15(d)

Goodwill

v3.8.0.1
Goodwill
 12 Months Ended
Dec. 31, 2017
Goodwill and Intangible Asset Impairment [Abstract]  
Goodwill
Goodwill

Changes to the carrying amount of goodwill during the years ended December 31, 2017 and 2016 are as follows:

 
 
Ladenburg
 
Independent Advisory and Brokerage Services
 
Insurance Brokerage
 
Total
Balance as of January 1, 2016
 
$
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

Correction related to Foothill acquisition purchase price allocation (2)
 
—

 
179

 
—

 
179

Balance as of December 31, 2017
 
$
301

 
$
111,210

 
$
12,699

 
$
124,210



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

(2) During 2017, Securities America corrected the allocation of purchase price related to the Foothill acquisition, which resulted in an increase in goodwill and related increase in contingent deferred liability.

The annual impairment tests performed at December 31, 2017 and 2016, 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.