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Goodwill and Acquired Client Relationships | 3 Months Ended
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Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Acquired Client Relationships | Goodwill and Acquired Client Relationshi p s The following table presents the changes in the Company’s consolidated Affiliates’ Goodwill:
|  | Goodwill
Balance, as of December 31, 2024 |  | $2,504.9
Foreign currency translation |  | 7.6
Balance, as of March 31, 2025 |  | $2,512.5
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, 2024 | $1,255.5 |  | $(1,075.2) |  | $180.3 |  | $1,597.5 |  | $1,777.8
Intangible amortization and impairments | — |  | (6.3) |  | (6.3) |  | (77.0) |  | (83.3)
Foreign currency translation | 3.8 |  | (3.9) |  | (0.1) |  | 9.5 |  | 9.4
Balance, as of March 31, 2025 | $1,259.3 |  | $(1,085.4) |  | $173.9 |  | $1,530.0 |  | $1,703.9
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 $7.3 million and $6.3 million for the three months ended March 31, 2024 and 2025, respectively. Based on relationships existing as of March 31, 2025, the Company estimates that its consolidated amortization expense will be approximately $20 million for the remainder of 2025, approximately $25 million in each of 2026, 2027, and 2028, approximately $15 million in 2029, and approximately $10 million in 2030. In the first quarter of 2025, the Company completed an impairment assessment of the indefinite-lived acquired client relationships for certain mutual fund assets and determined that the fair value of the assets had declined below their carrying values. Accordingly, the Company recorded an expense in Intangible amortization and impairments of $59.2 million attributable to the controlling interest ($70.0 million in aggregate) to reduce the carrying value of the assets to fair value. The decline in the fair value was a result of current and projected declines in assets under management that decreased the forecasted revenue associated with the assets. The most relevant assumptions used in these analyses were revenue growth rates over the next five years ranging from (21)% to 0%, long-term revenue growth rates of 0%, and discount rates of 11%. In addition, the Company recorded an expense in In tangible amortization and impairments of $4.0 million attributable to the controlling interest ($7.0 million in aggregate) to reduce the carrying value of an indefinite-lived acquired client relationship to zero due to the closure of one of its Affiliate’s mutual fund products.

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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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