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):



	Goodwill
	2017		2018
Balance, beginning of period	$	2,628.1	$	2,662.5
Foreign currency translation	34.4		(29.1		)
Balance, end of period	$	2,662.5	$	2,633.4

As of September 30, 2018, the Company completed its impairment assessment on goodwill and no impairments were 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, 2016	$	1,290.0		$	(788.1	)	$	501.9		$	995.5		$	1,497.4
Intangible amortization and impairments	—			(86.4		)	(86.4		)	—			(86.4		)
Foreign currency translation	5.5			—			5.5			33.2			38.7
Balance, as of December 31, 2017	$	1,295.5		$	(874.5	)	$	421.0		$	1,028.7		$	1,449.7
Intangible amortization and impairments	—			(114.4		)	(114.4		)	(0.4		)	(114.8		)
Foreign currency translation	(3.0		)	—			(3.0		)	(22.0		)	(25.0		)
Balance, as of December 31, 2018	$	1,292.5		$	(988.9	)	$	303.6		$	1,006.3		$	1,309.9

Definite-lived acquired client relationships are amortized over their expected period of economic benefit. The Company recorded amortization expense within Intangible amortization and impairments for these relationships of $107.7 million, $86.4 million and $114.4 million, respectively, for the years ended December 31, 2016, 2017 and 2018. Based on relationships existing as of December 31, 2018, the Company estimates that its consolidated annual amortization expense will be approximately $110 million in 2019, $55 million in 2020, and $30 million in 2021, 2022 and 2023.

During 2018, the Company completed impairment assessments on its definite-lived and indefinite-lived acquired client relationships and no impairments were indicated.