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v3.23.1

Goodwill and Acquired Client Relationships | 3 Months Ended
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Mar. 31, 2023
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, 2022 |  | $ | 2,648.7 |
Foreign currency translation |  | 5.3 |
Other |  | (5.1) |
Balance, as of March 31, 2023 |  | $ | 2,648.9 |
|  | 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, 2022 |  | $ | 1,355.1 |  |  | $ | (1,069.7) |  |  | $ | 285.4 |  |  | $ | 1,590.6 |  |  | $ | 1,876.0 |
Intangible amortization and impairments |  | — |  |  | (12.5) |  |  | (12.5) |  |  | — |  |  | (12.5) |
Foreign currency translation |  | 0.2 |  |  | — |  |  | 0.2 |  |  | 6.5 |  |  | 6.7 |
Transfers(1) |  | (10.3) |  |  | 10.3 |  |  | — |  |  | (4.1) |  |  | (4.1) |
Balance, as of March 31, 2023 |  | $ | 1,345.0 |  |  | $ | (1,071.9) |  |  | $ | 273.1 |  |  | $ | 1,593.0 |  |  | $ | 1,866.1 |
__________________________ (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 within Intangible amortization and impairments in the Consolidated Statements of Income for these relationships of $12.6 million and $12.5 million for the three months ended March 31, 2022 and 2023, respectively. Based on relationships existing as of March 31, 2023, the Company estimates that its consolidated amortization expense will be approximately $38 million for the remainder of 2023, approximately $35 million in 2024, and approximately $30 million in each of 2025, 2026, 2027, and approximately $25 million in 2028. As of March 31, 2023, no impairments of indefinite-lived acquired client relationships were indicated

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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