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Equity Method Investments in Affiliates
 6 Months Ended
Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments in Affiliates Equity Method Investments in Affiliates
The financial results of certain Affiliates accounted for under the equity method are recognized in the Consolidated Financial Statements one quarter in arrears.
Equity method investments in Affiliates (net) consisted of the following:
December 31,
2022		June 30,
2023
Goodwill$1,262.4 $1,280.7 
Definite-lived acquired client relationships (net)479.4 441.5 
Indefinite-lived acquired client relationships (net)119.0 121.7 
Undistributed earnings and tangible capital278.7 99.9 
Equity method investments in Affiliates (net)$2,139.5 $1,943.8 
The following table presents the change in Equity method investments in Affiliates (net):
Equity Method Investments in Affiliates (Net)
Balance, as of December 31, 2022$2,139.5 
Earnings156.3 
Intangible amortization and impairments(41.8)
Distributions of earnings (352.3)
Foreign currency translation29.2 
Other12.9 
Balance, as of June 30, 2023$1,943.8 
Definite-lived acquired client relationships at the Company’s Affiliates accounted for under the equity method are amortized over their expected period of economic benefit. The Company recorded amortization expense for these relationships of $34.6 million and $57.9 million for the three and six months ended June 30, 2022, respectively, and $20.9 million and $41.8 million for the three and six months ended June 30, 2023, respectively. Based on relationships existing as of June 30, 2023, the Company estimates the amortization expense attributable to its Affiliates will be approximately $42 million for the remainder of 2023, approximately $50 million in each of 2024 and 2025, approximately $45 million in each of 2026 and 2027, and approximately $35 million in 2028.
The Company had 20 Affiliates accounted for under the equity method as of December 31, 2022 and June 30, 2023. The majority of these Affiliates are partnerships with structured interests that define how the Company will participate in Affiliate earnings, typically based upon a fixed percentage of revenue reduced by, in some cases, certain agreed-upon expenses. The partnership agreements do not define a fixed percentage for the Company’s ownership of the equity of the Affiliate. These percentages would be subject to a separate future negotiation if an Affiliate were to be sold or liquidated.
In June 2023, the Company entered into an agreement to acquire a minority equity interest in Forbion Group Holding B.V. (“Forbion”), a pan-European venture capital and growth equity firm focused on investing in high-quality life sciences companies. Following the close of the transaction, Forbion partners will continue to hold a significant majority of the equity of the business and direct its day-to-day operations. The transaction is expected to close during the second half of 2023, and is subject to customary closing conditions.