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Goodwill and Acquired Client Relationships | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Acquired Client Relationships | Goodwill and Acquired Client Relationships The following table presents the changes in the Company’s consolidated Affiliates’ Goodwill:
|  | Goodwill
|  | 2023 |  | 2024
Balance, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $2,648.7 |  | $2,523.6
Veritable Transaction(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | (136.5) |  | —
Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 16.5 |  | (18.7)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | (5.1) |  | —
Balance, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $2,523.6 |  | $2,504.9
___________________________ (1)Represents Goodwill allocated to Veritable as of the closing date, including $3.5 million attributable to the non-controlling interests. 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, 2022 . . . . . . . . |  | $1,355.1 |  | $(1,069.7) |  | $285.4 |  | $1,590.6 |  | $1,876.0
Veritable Transaction(1) . . . . . . . . . . . . . . . . |  | (85.1) |  | 57.0 |  | (28.1) |  | — |  | (28.1)
Intangible amortization and impairments . . |  | — |  | (48.3) |  | (48.3) |  | — |  | (48.3)
Foreign currency translation . . . . . . . . . . . . |  | 0.8 |  | (0.5) |  | 0.3 |  | 16.6 |  | 16.9
Transfers(2) . . . . . . . . . . . . . . . . . . . . . . . . . . |  | (10.3) |  | 10.3 |  | — |  | (4.1) |  | (4.1)
Balance, as of December 31, 2023 . . . . . . . . |  | $1,260.5 |  | $(1,051.2) |  | $209.3 |  | $1,603.1 |  | $1,812.4
Intangible amortization and impairments . . |  | — |  | (29.0) |  | (29.0) |  | — |  | (29.0)
Foreign currency translation . . . . . . . . . . . . |  | (5.0) |  | 5.0 |  | — |  | (5.6) |  | (5.6)
Balance, as of December 31, 2024 . . . . . . . . |  | $1,255.5 |  | $(1,075.2) |  | $180.3 |  | $1,597.5 |  | $1,777.8
___________________________ (1)Represents acquired client relationships attributable to Veritable as of the closing date, including $6.7 million attributable to the non-controlling interests. (2)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 in Intangible amortization and impairments for these relationships of $49.1 million, $48.3 million, and $29.0 million for the years ended December 31, 2022, 2023, and 2024, respectively. Based on relationships existing as of December 31, 2024, the Company estimates that its consolidated amortization expense will be approximately $25 million in each of 2025, 2026, 2027, and 2028, and approximately $15 million in 2029. As of December 31, 2024, no impairments of definite-lived acquired client relationships were indicated. As of December 31, 2024, no impairments of indefinite-lived acquired client relationships were indicated. 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, (the “Veritable Transaction”). 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 is included in the Company’s results through the closing date, and the Company’s gain on the transaction was $133.1 million, which is recorded in Affiliate Transaction gains in the Consolidated Statements of Income.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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