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Goodwill and Acquired Client Relationships
 12 Months Ended
Dec. 31, 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
 
 
2018
 
2019
Balance, beginning of period
 
$
2,662.5

 
$
2,633.4

Foreign currency translation
 
(29.1
)
 
18.3

Balance, end of period
 
$
2,633.4

 
$
2,651.7


As of September 30, 2019, the Company completed its impairment assessment on 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
 
—

 
(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

Intangible amortization and impairments
 
—

 
(93.4
)
 
(93.4
)
 
(51.1
)
 
(144.5
)
Foreign currency translation
 
(0.4
)
 
—

 
(0.4
)
 
17.0

 
16.6

Transfers(1)
 
(36.1
)
 
36.1

 
—

 
—

 
—

Balance, as of December 31, 2019
 
$
1,256.0

 
$
(1,046.2
)
 
$
209.8

 
$
972.2

 
$
1,182.0

__________________________
(1) 
Transfers includes acquired client relationships at Affiliates that were deconsolidated during the period.
Definite-lived acquired client relationships at the Company’s consolidated Affiliates are amortized over their expected period of economic benefit. The Company recorded amortization expense in Intangible amortization and impairments for these relationships of $86.4 million, $114.4 million and $93.4 million for the years ended December 31, 2017, 2018 and 2019, respectively. Based on relationships existing as of December 31, 2019, the Company estimates that its consolidated annual amortization expense will be approximately $60 million in 2020, approximately $30 million in each of 2021, 2022 and 2023, and approximately $20 million in 2024.
In the fourth quarter of 2019, the Company completed its impairment assessment of its indefinite-lived acquired client relationships and determined that the fair value of an indefinite-lived acquired client relationship at one of its Affiliates had declined below its carrying value. Accordingly, the Company recorded an expense in Intangible amortization and impairments of $35.0 million ($31.2 million attributable to the controlling interest) to reduce the carrying value to fair value of the asset. The decline in the fair value was a result of a projected decline in assets under management that decreased the forecasted revenue associated with the asset. The fair value of the asset was determined using a discounted cash flow analysis, a level 3 fair value measurement that included a projected growth rate of (9)% for assets under management, discount rate of 14.5% for
asset based fees, and a market participant tax rate of 25%. No other impairments of indefinite-lived acquired client relationships were indicated.
In addition, the Company recorded an expense in Intangible amortization and impairments of $16.1 million to reduce the carrying value to zero of certain indefinite-lived acquired client relationships due to the closure of certain retail investment products on its U.S. retail distribution platform.