BUSINESS HELD-FOR-SALE
Exit of Market Making Business
At the end of June 2013, the Company decided to exit the market making business, G1 Execution Services, LLC, and as a result the assets and liabilities of the market making business were classified as held-for-sale. During the third quarter of 2013, we entered into a definitive agreement to sell the market making business to an affiliate of Susquehanna for approximately $75 million, subject to regulatory approval. The table below summarizes the carrying amounts of the major classes of assets and liabilities of the market making business as of December 31, 2013 and 2012 (dollars in thousands):
|
| | | | | | | | |
| | December 31, 2013(1) | | December 31, 2012 |
| | | | |
Assets: | | | | |
Cash and equivalents | | $ | 10,578 |
| | $ | 7,618 |
|
Trading securities | | 104,963 |
| | 101,252 |
|
Property and equipment, net | | 2,026 |
| | 1,517 |
|
Goodwill | | — |
| | 142,423 |
|
Other intangibles, net | | 21,161 |
| | 21,898 |
|
Other assets | | 38,479 |
| | 37,096 |
|
Total assets | | $ | 177,207 |
| | $ | 311,804 |
|
Liabilities: | | | | |
Other liabilities | | $ | 107,332 |
| | $ | 96,463 |
|
Total liabilities | | $ | 107,332 |
| | $ | 96,463 |
|
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(1) | Assets and liabilities as of December 31, 2013 are classified as held-for-sale and reflected in other assets and other liabilities line items on the consolidated balance sheet respectively. |
As a result of the Company's decision to exit the market making business, the goodwill allocated to the market making business was impaired. For additional information on the impairment of goodwill, see Note 9–Goodwill.
