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GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

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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- References

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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

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