Goodwill and Acquired Client Relationships

9 Months Ended

Sep. 30, 2024

The following table presents the changes in the Company’s consolidated Goodwill:


		Goodwill
Balance, as of December 31, 2023		$2,523.6
Foreign currency translation		8.4
Balance, as of September 30, 2024		$2,532.0

As of September 30, 2024 the Company completed its annual impairment assessment on goodwill and no impairment was

indicated.

The following table presents the changes in the Company’s components of Acquired client relationships (net):


	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	—	(21.8)	(21.8)	—	(21.8)
Foreign currency translation	4.0	(4.0)	—	16.5	16.5
Balance, as of September 30, 2024	$1,264.5	$(1,077.0)	$187.5	$1,619.6	$1,807.1

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 $37.5 million for the three and nine months

ended September 30, 2023, respectively, and $7.3 million and $21.8 million for the three and nine months ended September 30,

2024, respectively. Based on relationships existing as of September 30, 2024, the Company estimates that its consolidated

amortization expense will be approximately $7 million for the remainder of 2024, approximately $25 million in each of 2025,

2026, 2027, and 2028, and approximately $15 million in 2029.

Veritable Transaction

In the third quarter of 2023, the Company completed the sale of its equity interest in Veritable, LP (“Veritable”), one of the

Company’s consolidated Affiliates. Pursuant to the terms of the agreement, under which a third party acquired 100% of the

outstanding equity interests in Veritable, the Company received $287.4 million in cash, net of transaction costs. Veritable was

included in the Company’s results through the closing date, and the Company’s gain on the transaction was $133.1 million,

which was recorded in Affiliate Transaction gain in the Consolidated Statements of Income.