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Goodwill and Acquired Client Relationships | 6 Months Ended
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Jun. 30, 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 |  | 16.0 |
Other |  | (5.1) |
Balance, as of June 30, 2023 |  | $ | 2,659.6 |
| 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 | — |  |  | (25.0) |  |  | (25.0) |  |  | — |  |  | (25.0) |
Foreign currency translation | 1.6 |  |  | (1.3) |  |  | 0.3 |  |  | 15.9 |  |  | 16.2 |
Transfers(1) | (10.3) |  |  | 10.3 |  |  | — |  |  | (4.1) |  |  | (4.1) |
Balance, as of June 30, 2023 | $ | 1,346.4 |  |  | $ | (1,085.7) |  |  | $ | 260.7 |  |  | $ | 1,602.4 |  |  | $ | 1,863.1 |
__________________________ (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 $12.5 million and $25.0 million for the three and six months ended June 30, 2022, respectively, and $12.5 million and $25.0 million for the three and six months ended June 30, 2023, respectively. Based on relationships existing as of June 30, 2023, the Company estimates that its consolidated amortization expense will be approximately $25 million for the remainder of 2023, approximately $35 million in 2024, approximately $30 million in each of 2025, 2026, and 2027, and approximately $25 million in 2028. As of June 30, 2023, no impairments of indefinite-lived acquired client relationships were indicated. In July 2023, the Company entered into an agreement with a third party and one of the Company’s consolidated Affiliates, under which the third party will acquire 100% of the outstanding equity interests in the Affiliate. Pursuant to the terms of the agreement, the Company will receive gross cash proceeds of approximately $294 million. The Affiliate will continue to be included in the Company’s results until closing of the transaction, which is expected to occur in the second half of 2023, and is subject to customary closing conditions. As of August 7, 2023, the gain on the transaction cannot be estimated because it is dependent on the amount of goodwill allocated to the Affiliate, which cannot be determined until closing.

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