Company: MGRE
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001004434-25-000039
Chunk: 4

Company: AFFILIATED MANAGERS GROUP, INC.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 4
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1.Basis of Presentation and Use of Estimates

The Consolidated Financial Statements of Affiliated Managers Group, Inc. (“AMG” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by GAAP for full year financial statements.  In the opinion of management, all normal and recurring adjustments considered necessary for a fair statement of the Company’s interim financial position and results of operations have been included and all intercompany balances and transactions have been eliminated.  Operating results for interim periods are not necessarily indicative of the results that may be expected for any other period or for the full year.  The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 includes additional information about its operations, financial position, and accounting policies, and should be read in conjunction with this Quarterly Report on Form 10-Q.The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements.  Actual results could differ from those estimates. All dollar amounts, except per share, per unit, and per option data in the text and tables herein, are stated in millions unless otherwise indicated.

2.Accounting Standards and Policies

Recently Adopted Accounting StandardsEffective for the financial year ended December 31, 2024 and for interim periods beginning January 1, 2025, the Company adopted Accounting Standard Update (“ASU”) 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures.  Effective January 1, 2025, the Company adopted ASU 2024-01, Compensation—Stock Compensation: Scope Application of Profits Interest and Similar Awards.  The adoption of these standards did not have a material impact on the Company’s Consolidated Financial Statements.Recent Accounting DevelopmentsIn December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires greater disaggregation of income tax disclosures related to the income tax rate reconciliation and income taxes paid.  The standard is effective for annual periods beginning after December 15, 2024.  The Company currently does not expect the adoption to have a material impact on