Goodwill and Acquired Client Relationships

3 Months Ended

Mar. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

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
Balance, as of December 31, 2018	$	2,633.4
Foreign currency translation	9.0
Balance, as of March 31, 2019	$	2,642.4



	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, 2018	$	1,292.5	$	(988.9	)	$	303.6		$	1,006.3	$	1,309.9
Intangible amortization and impairments	—		(29.6		)	(29.6		)	—		(29.6		)
Foreign currency translation	1.0		—			1.0			8.2		9.2
Balance, as of March 31, 2019	$	1,293.5	$	(1,018.5	)	$	275.0		$	1,014.5	$	1,289.5

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 $23.2 million and $29.6 million for the three months ended March 31, 2018 and 2019, respectively. Based on relationships existing as of March 31, 2019, the Company estimates that its consolidated annual amortization expense will be approximately $120 million in 2019, approximately $90 million in 2020, and approximately $65 million in each of 2021, 2022 and 2023.