GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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