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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | 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 |
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 |
We evaluate the carrying amount of goodwill in our consolidated balance sheets for possible impairment on an annual basis in the fourth quarter of each year using a fair value approach. We did not record any impairment charges for goodwill for the years ended December 31, 2023, 2022, or 2021. 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 |  |  |  |  |  |  |
Amortization and Impairments. We recognized no impairments of indefinite-lived intangibles in 2023 compared with $116.8M in 2022. Of the $116.8M in impairments in 2022, $99.2M was attributable to investment advisory agreements and $17.6M for the trade name.The impairments in 2022 were the result of reduced growth expectations for both management and incentive fees and a higher discount rate. We recognized insignificant impairments of definite-lived intangibles in 2023 compared with $58.3M in 2022. The impairments in 2022 were the result of reduced growth expectations for both management and incentive fees and a higher discount rate. Amortization and impairment expense for the definite-lived investment advisory agreement intangible assets was $122.5 million for 2023. 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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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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