Goodwill and Acquired Client Relationships

The following tables present the changes in the Company’s consolidated Affiliates’ Goodwill and components of Acquired client relationships (net) in the Consolidated Condensed Balance Sheets:



	Goodwill
Balance, as of December 31, 2017	$	2,662.5
Foreign currency translation	(14.1		)
Balance, as of September 30, 2018	$	2,648.4

As of September 30, 2018, the Company completed its impairment assessment on its goodwill and no impairment was indicated.



	Acquired Client Relationships (Net)
	Definite-lived									Indefinite-lived			Total
	Gross Book Value			Accumulated Amortization			Net Book Value			Net Book Value			Net Book Value
Balance, as of December 31, 2017	$	1,295.5		$	(874.5	)	$	421.0		$	1,028.7		$	1,449.7
Intangible amortization and impairments	—			(76.5		)	(76.5		)	—			(76.5		)
Foreign currency translation	(1.9		)	—			(1.9		)	(13.9		)	(15.8		)
Balance, as of September 30, 2018	$	1,293.6		$	(951.0	)	$	342.6		$	1,014.8		$	1,357.4

Definite-lived acquired client relationships are amortized over their expected period of economic benefit. The Company recorded amortization expense within Intangible amortization and impairments in the Consolidated Statements of Income for these relationships of $21.2 million and $65.1 million for the three and nine months ended September 30, 2017, respectively, and $30.1 million and $76.5 million for the three and nine months ended September 30, 2018, respectively. Based on relationships existing as of September 30, 2018, the Company estimates that its consolidated annual amortization expense will be approximately $100 million in 2018, approximately $90 million in 2019, approximately $60 million in 2020 and approximately $35 million in each of 2021 and 2022.