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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS. Goodwill and intangible assets consist of the following at December 31:
(in millions) | 2024 |  | 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 | 216.5 |  |  | 324.6 |
Total | $ | 3,010.9 |  |  | $ | 3,150.1 |
We evaluate the carrying amount of goodwill in our consolidated balance sheets for possible impairment on an annual basis in the fourth quarter using a fair value approach. We did not record any impairment charges for goodwill for the years ended December 31, 2024, 2023, or 2022. We recognized impairments of indefinite-lived intangibles of $31.1 million in 2024, no impairments in 2023, and $116.8 million in 2022. The $31.1 million impairment in 2024 was attributable to the trade name. Of the $116.8 million in impairments in 2022, $99.2 million was attributable to investment advisory agreements and $17.6 million for the trade name. The impairments in 2024 and 2022 were the result of reduced growth expectations for both management and incentive fees and a higher discount rate. Definite-lived investment advisory agreement intangible assets consisted of the following at December 31 :
(in millions) |  | 2024 |  | 2023
Gross carrying amount |  | $ | 613.9 |  |  | $ | 613.9 |
Accumulated amortization & impairments |  | (397.4) |  |  | (289.3) |
Net carrying amount |  | $ | 216.5 |  |  | $ | 324.6 |
Remaining weighted-average estimated useful life |  | 3.7 |  | 5.5
We recognized insignificant impairments of definite-lived intangibles in 2024 and 2023, and $58.3 million in 2022. The 2022 impairments resulted from 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 $108.1 million in 2024, $122.5 million in 2023, and $166.8 million in 2022, respectively. Estimated amortization expense for the definite-lived investment advisory agreements intangible assets for the five succeeding years is as follows:
(in millions) | 2024
2025 | $ | 77.1 |
2026 | 61.8 |
2027 | 42.9 |
2028 | 12.7 |
2029 | 9.7 |

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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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