GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS.

Goodwill and intangible assets consist of the following:


(in millions)	As of December 31,
	2021		2020
Goodwill	$	2,693.2	$	665.7
Indefinite-lived intangible assets - trade name	134.7		—
Indefinite-lived intangible assets - investment advisory agreements	164.8		—
Definite-lived intangible assets - investment advisory agreements	613.9		—
Total	$	3,606.6	$	665.7

The estimated weighted average life for the definite-lived intangible assets is 6.1 years. Estimated amortization expense for the definite-lived investment advisory agreements intangible assets for 2022 through 2026 is $108.5 million for 2022, $108.1 million for 2023, $105.7 million for 2024, $105.0 million for 2025 and $87.7 million for 2026. Due to the timing of the acquisition of OHA, there was no amortization expense for acquisition intangible assets included in the consolidated statements of income for the year ended December 31, 2021.

Goodwill activity during the years ended December 31, 2021 and 2020, was as follows:


(in millions)	2021		2020
Balance, beginning of the year	$	665.7	$	665.7
Acquisition of OHA	2,027.5		—
Balance, end of year	$	2,693.2	$	665.7

For the goodwill held prior to the acquisition of OHA, we evaluate the carrying amount of goodwill in our consolidated balance sheets for possible impairment on an annual basis in the third quarter of each year using a fair value approach.