GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS.

Goodwill and intangible assets consist of the following:


(in millions)	6/30/2024		12/31/2023
Goodwill	$	2,642.8	$	2,642.8
Indefinite-lived intangible assets - trade name	104.8		117.1
Indefinite-lived intangible assets - investment advisory agreements	65.6		65.6
Definite-lived intangible assets - investment advisory agreements	271.9		324.6
Total	$	3,085.1	$	3,150.1

Amortization and impairment expense for the definite-lived intangible assets was $27.2 million and $52.7 million for the three- and six- months ended June 30, 2024, respectively. For the three- and six- months ended June 30, 2023, amortization and impairment expense for the definite-lived intangible assets was $26.4 million and $52.4 million, respectively. Estimated amortization expense for the definite-lived intangible assets for the five succeeding years is a follows:


(in millions)
Remaining 2024	$	42.8
2025	82.2
2026	65.2
2027	45.3
2028	14.3

Impairment

Our indefinite-lived intangible assets are tested for impairment annually, in the fourth quarter, or more frequently if events or changes in circumstances indicate that it is more likely than not that the intangible asset is impaired. Based on a review of qualitative factors, primarily the future outlook, we determined it was necessary to perform a quantitative impairment test on the trade name intangible asset during the three months ended June 30, 2024. The quantitative impairment test resulted in the carrying amount of the trade name intangible asset exceeding its fair value and we recognized an impairment charge of $12.3 million, which represented the excess. Fair value was determined using a discounted cash flow analysis where estimated future cash flows were discounted to arrive at a single present value amount. This approach included inputs that required significant management judgment, the most relevant of which include revenue growth, discount rate, and effective tax rate.

We evaluate the carrying amount of goodwill in our unaudited condensed consolidated balance sheets for possible impairment on an annual basis in the fourth quarter or if triggering events occur that require us to evaluate for impairment earlier. No triggering events arose during the six months ended June 30, 2024.