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GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill and Intangible Assets | Goodwill and intangible assets consist of the following:
(in millions) | As of December 31,
| 2023 |  | 2022
Goodwill | $ | 2,642.8 |  |  | $ | 2,642.8 |
Indefinite-lived intangible assets - trade name | 117.1 |  |  | 117.1 |
Indefinite-lived intangible assets - investment advisory agreements | 65.6 |  |  | 65.6 |
Definite-lived intangible assets - investment advisory agreements | 324.6 |  |  | 447.1 |
Total | $ | 3,150.1 |  |  | $ | 3,272.6 |
Schedule of Goodwill | Goodwill activity during the years ended December 31, 2023 and 2022, was as follows:
(in millions) | 2023 |  | 2022
Balance, beginning of the year | $ | 2,642.8 |  |  | $ | 2,693.2 |
Measurement period adjustments | — |  |  | (50.4) |
Balance, end of the year | $ | 2,642.8 |  |  | $ | 2,642.8 |
Schedule of Finite-Lived Intangible Assets | Intangible assets consisted of the following:
(in millions) | Remaining weighted-average estimated useful life |  | Gross carrying amount |  | Accumulated amortization & impairments |  | Net carrying amount |  |  |  |  |  |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Definite-lived intangible assets - Investment advisory agreements | 5.5 |  | 613.9 |  |  | (289.3) |  |  | 324.6 |  |  |  |  |  |  |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
Definite-lived intangible assets - Investment advisory agreements | 6.5 |  | 613.9 |  |  | (166.8) |  |  | 447.1 |  |  |  |  |  |  |
Schedule of Indefinite-Lived Intangible Assets | Intangible assets consisted of the following:
(in millions) | Remaining weighted-average estimated useful life |  | Gross carrying amount |  | Accumulated amortization & impairments |  | Net carrying amount |  |  |  |  |  |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Definite-lived intangible assets - Investment advisory agreements | 5.5 |  | 613.9 |  |  | (289.3) |  |  | 324.6 |  |  |  |  |  |  |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
Definite-lived intangible assets - Investment advisory agreements | 6.5 |  | 613.9 |  |  | (166.8) |  |  | 447.1 |  |  |  |  |  |  |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated amortization expense for the definite-lived investment advisory agreements intangible assets for the five succeeding years is a follows:
(in millions) | 2023
2024 | $ | 87.2 |
2025 | 85.8 |
2026 | 68.7 |
2027 | 46.7 |
2028 | 14.3 |

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