The financial results of certain Affiliates accounted for under the equity method are recognized in the Consolidated

Equity method investments in Affiliates (net) consisted of the following:


	December 31, 2023	March 31, 2024
Goodwill	$1,323.3	$1,369.3
Definite-lived acquired client relationships (net)	652.5	617.7
Indefinite-lived acquired client relationships (net)	122.6	122.6
Undistributed earnings and tangible capital	190.1	104.5
Equity method investments in Affiliates (net)	$2,288.5	$2,214.1

The following table presents the change in Equity method investments in Affiliates (net):


		Equity Method Investments in Affiliates
Balance, as of December 31, 2023		$2,288.5
Earnings		138.3
Intangible amortization and impairments		(20.8)
Distributions of earnings		(211.5)
Foreign currency translation		19.6
Balance, as of March 31, 2024		$2,214.1

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 $20.9 million and $20.8 million for the three months ended March 31, 2023 and 2024, respectively. Based on relationships

existing as of March 31, 2024, the Company estimates the amortization expense attributable to its Affiliates will be

approximately $62 million for the remainder of 2024, approximately $77 million in 2025, approximately $73 million in each of

2026 and 2027, approximately $65 million in 2028, and approximately $50 million in 2029.

The Company had 22 Affiliates accounted for under the equity method as of December 31, 2023 and March 31, 2024. 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.