Goodwill and Acquired Client Relationships

12 Months Ended

Dec. 31, 2022

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
	2021		2022
Balance, beginning of period	$	2,661.4	$	2,689.2

New investments	30.5		—
Foreign currency translation	(1.1)		(40.5)
Other	(1.6)		—
Balance, end of period	$	2,689.2	$	2,648.7

As of September 30, 2022, the Company completed its annual 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, 2020	$	1,166.6	$	(1,026.8)	$	139.8	$	909.0	$	1,048.8
New investments	232.0		—		232.0		725.0		957.0
Intangible amortization and impairments	—		(35.7)		(35.7)		—		(35.7)
Foreign currency translation	0.6		(0.6)		—		(3.7)		(3.7)
Transfers(1)	(35.0)		35.0		—		—		—
Balance, as of December 31, 2021	$	1,364.2	$	(1,028.1)	$	336.1	$	1,630.3	$	1,966.4

Intangible amortization and impairments	—		(49.1)		(49.1)		(2.5)		(51.6)
Foreign currency translation	(9.1)		7.5		(1.6)		(37.2)		(38.8)

Balance, as of December 31, 2022	$	1,355.1	$	(1,069.7)	$	285.4	$	1,590.6	$	1,876.0

__________________________

(1)Transfers include 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 $55.3 million, $35.7 million, and $49.1 million for the years ended December 31, 2020, 2021, and 2022, respectively. Based on relationships existing as of December 31, 2022, the Company estimates that its consolidated amortization expense will be approximately $50 million in 2023, approximately $35 million in 2024, and approximately $30 million in each of 2025, 2026, and 2027. As of December 31, 2022, no impairments of definite-lived acquired client relationships were indicated.

As of December 31, 2022, no impairments of indefinite-lived acquired client relationships were indicated.

As of December 31, 2022, the Company had no provisional purchase price allocations.