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Note 7 - Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 7 — Goodwill and Intangible Assets The following tables present activity in our intangible assets and goodwill balances during the nine months ended September 30, 2025 and 2024 (in millions):
|  |  |  |  |  |  |  |  |  |  |  |  |  | Foreign |  |  |  |  |
|  | December 31, |  |  |  |  |  |  |  |  |  |  | currency |  |  | September 30, |
|  | 2024 |  |  | Amortization |  |  | Additions |  |  | translation |  |  | 2025 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment management agreements |  | $ | 2,056.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 25.5 |  |  | $ | 2,082.0 |
Trademarks |  |  | 360.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 360.0 |
Definite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Client relationships |  |  | 86.1 |  |  |  | — |  |  |  | — |  |  |  | 4.3 |  |  |  | 90.4 |
Investment management agreements |  |  | 28.0 |  |  |  | — |  |  |  | 41.1 |  |  |  | — |  |  |  | 69.1 |
Trademarks |  |  | 5.5 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5.5 |
Accumulated amortization |  |  | (62.8 | ) |  |  | (9.3 | ) |  |  | — |  |  |  | (3.9 | ) |  |  | (76.0 | )
Net intangible assets |  | $ | 2,473.3 |  |  | $ | (9.3 | ) |  | $ | 41.1 |  |  | $ | 25.9 |  |  | $ | 2,531.0 |
Goodwill |  | $ | 1,550.4 |  |  | $ | — |  |  | $ | 17.9 |  |  | $ | 53.2 |  |  | $ | 1,621.5 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Foreign |  |  |  |  |
|  | December 31, |  |  |  |  |  |  |  |  |  |  | currency |  |  | September 30, |
|  | 2023 |  |  | Amortization |  |  | Additions |  |  | translation |  |  | 2024 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment management agreements |  | $ | 2,064.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 17.3 |  |  | $ | 2,082.1 |
Trademarks |  |  | 360.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 360.0 |
Definite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Client relationships |  |  | 68.6 |  |  |  | — |  |  |  | — |  |  |  | 2.3 |  |  |  | 70.9 |
Accumulated amortization |  |  | (62.1 | ) |  |  | (0.3 | ) |  |  | — |  |  |  | (2.3 | ) |  |  | (64.7 | )
Net intangible assets |  | $ | 2,431.3 |  |  | $ | (0.3 | ) |  | $ | — |  |  | $ | 17.3 |  |  | $ | 2,448.3 |
Goodwill |  | $ | 1,290.3 |  |  | $ | — |  |  | $ | 24.8 |  |  | $ | 36.4 |  |  | $ | 1,351.5 |
As detailed in Note 2 — Acquisitions and Strategic Partnerships, we recognized a definite-lived intangible asset of $41.1 million related to the investment management agreement with Guardian. See Note 2 — Acquisitions and Strategic Partnerships, for additional information on the additions of intangible assets and goodwill. Future Amortization Expected future amortization expense related to definite-lived intangible assets is summarized below (in millions):
Future amortization |  | Amount |
2025 (remainder of year) |  | $ | 3.8 |
2026 |  |  | 15.2 |
2027 |  |  | 15.2 |
2028 |  |  | 13.1 |
2029 |  |  | 6.7 |
Thereafter |  |  | 35.0 |
Total |  | $ | 89.0 |

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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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