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Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets (a) Indefinite-lived intangible assets Indefinite-lived intangible assets are recorded in Intangible Assets, net on the Consolidated Balance Sheets and include rights to manage fund assets ($304.6 million and $295.6 million at December 31, 2023 and 2022, respectively) and trade names ($50.1 million and $47.6 million at December 31, 2023 and 2022, respectively). The increase in indefinite-lived intangible assets at December 31, 2023 as compared to December 31, 2022 is primarily a result of foreign exchange rate fluctuations on intangible assets denominated in a foreign currency. The uncertainty caused by the Pandemic resulted in management determining that an indicator of potential impairment existed beginning in the first quarter 2020 for the FHL right to manage public fund assets acquired in connection with the 2018 FHL acquisition. Management used an income-based approach to valuation, the discounted cash flow method, in valuing the asset. As a result of continued increases in market interest rates and a decrease in near-term projected cash flows, a discounted cash flow analysis was prepared as of December 31, 2022 and resulted in a non-cash impairment charge of $31.5 million recorded in Operating Expenses - Intangible Asset Related on the Consolidated Statements of Income. A discounted cash flow analysis prepared as of December 31, 2023 did not result in an impairment. The FHL right to manage public fund assets totaled $158.6 million as of December 31, 2023. (b) Finite-lived intangible assets Finite-lived intangible assets primarily represent customer relationships and consist of the following at December 31:
(in thousands) |  | 2023 |  | 2022
Cost |  | $ | 118,905 |  |  | $ | 113,571 |
Accumulated Amortization |  | (64,112) |  |  | (47,650) |
Carrying Value |  | $ | 54,793 |  |  | $ | 65,921 |
The decrease in finite-lived intangible assets at December 31, 2023 as compared to December 31, 2022 primarily relates to amortization expense ($13.9 million), which was partially offset by foreign exchange translation ($2.5 million). Amortization expense for finite-lived intangible assets was $13.9 million, $12.5 million and $13.8 million in 2023, 2022 and 2021, respectively, and was recorded in Operating Expenses - Other on the Consolidated Statements of Income. Expected aggregate annual amortization expense for finite-lived intangible assets in each of the five succeeding years assuming no new acquisitions or impairments is shown in the table below:
(in thousands) |  |
2024 |  | $ | 13,000 |
2025 |  | 12,923 |
2026 |  | 9,147 |
2027 |  | 5,787 |
2028 |  | 4,906 |
(c) Goodwill Goodwill at December 31, 2023 increased $6.7 million from December 31, 2022 primarily as a result of foreign exchange rate fluctuations on goodwill denominated in a foreign currency.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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