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GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS. Goodwill and intangible assets consist of the following:
(in millions) | 9/30/2024 |  | 12/31/2023
Goodwill | $ | 2,642.8 |  |  | $ | 2,642.8 |
Indefinite-lived intangible assets - trade name | 86.0 |  |  | 117.1 |
Indefinite-lived intangible assets - investment advisory agreements | 65.6 |  |  | 65.6 |
Definite-lived intangible assets - investment advisory agreements | 243.6 |  |  | 324.6 |
Total | $ | 3,038.0 |  |  | $ | 3,150.1 |
Amortization and impairment expense for the definite-lived intangible assets was $28.3 million and $81.0 million for the three- and nine-months ended September 30, 2024, respectively. For the three- and nine-months ended September 30, 2023, amortization and impairment expense for the definite-lived intangible assets was $35.0 million and $87.4 million, respectively. Estimated amortization expense for the definite-lived intangible assets for the five succeeding years is as follows:
(in millions) |
Remaining 2024 | $ | 24.3 |
2025 | 78.9 |
2026 | 62.6 |
2027 | 43.2 |
2028 | 12.7 |
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 September 30, 2024 and June 30, 2024. The quantitative impairment tests resulted in the carrying amount of the trade name intangible asset exceeding its fair value and we recognized impairment charges of $18.8 million and $31.1 million for the three- and nine-months ended September 30, 2024, respectively. 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 nine months ended September 30, 2024.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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