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Goodwill and Acquired Client Relationships
 6 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Acquired Client Relationships
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
 
6.1

Balance, as of June 30, 2019
 
$
2,639.5


 
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
—

 
(50.9
)
 
(50.9
)
 
—

 
(50.9
)
Foreign currency translation
(0.1
)
 
—

 
(0.1
)
 
(1.8
)
 
(1.9
)
Balance, as of June 30, 2019
$
1,292.4

 
$
(1,039.8
)
 
$
252.6

 
$
1,004.5

 
$
1,257.1


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 $46.4 million for the three and six months ended June 30, 2018, respectively, and $21.2 million and $50.9 million for the three and six months ended June 30, 2019, respectively. Based on relationships existing as of June 30, 2019, the Company estimates that its consolidated annual amortization expense will be approximately $100 million in 2019, approximately $75 million in 2020, and approximately $50 million in each of 2021, 2022 and 2023.