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Goodwill and Acquired Client Relationships

3 Months Ended

Mar. 31, 2024

The following tables present the changes in the Company’s consolidated Goodwill and components of Acquired client

relationships (net):


		Goodwill
Balance, as of December 31, 2023		$2,523.6
Foreign currency translation		(6.1)
Balance, as of March 31, 2024		$2,517.5


	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, 2023	$1,260.5	$(1,051.2)	$209.3	$1,603.1	$1,812.4
Intangible amortization and impairments	—	(7.3)	(7.3)	—	(7.3)
Foreign currency translation	(1.5)	1.4	(0.1)	(2.7)	(2.8)
Balance, as of March 31, 2024	$1,259.0	$(1,057.1)	$201.9	$1,600.4	$1,802.3

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 in the

Consolidated Statements of Income for these relationships of $12.5 million and $7.3 million for the three months ended

March 31, 2023 and 2024, respectively. Based on relationships existing as of March 31, 2024, the Company estimates that its

consolidated amortization expense will be approximately $22 million for the remainder of 2024, approximately $25 million in

each of 2025, 2026, 2027, and 2028, and approximately $13 million in 2029.