Note 7 - Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Text Block]

Note 7 — Goodwill and Intangible Assets

The following tables present activity in our intangible assets and goodwill balances during the three months ended March 31, 2025 and 2024 (in millions):

									*Foreign*
	*December 31,*								*currency*			*March 31,*
	*2024*			*Amortization*			*Additions*		*translation*			*2025*
Indefinite-lived intangible assets:
Investment management agreements	$	2,056.5		$	—		$	—	$	9.8		$	2,066.3
Trademarks		360.0			—			—		—			360.0
Definite-lived intangible assets:
Client relationships		86.1			—			—		1.3			87.4
Investment management agreements		28.0			—			—		—			28.0
Trademarks		5.5			—			—		—			5.5
Accumulated amortization		(62.8	)		(2.8	)		—		(1.2	)		(66.8	)
Net intangible assets	$	2,473.3		$	(2.8	)	$	—	$	9.9		$	2,480.4

Goodwill	$	1,550.4		$	—		$	16.0	$	20.8		$	1,587.2

							*Foreign*
	*December 31,*						*currency*			*March 31,*
	*2023*			*Amortization*			*translation*			*2024*
Indefinite-lived intangible assets:
Investment management agreements	$	2,064.8		$	—		$	(4.2	)	$	2,060.6
Trademarks		360.0			—			—			360.0
Definite-lived intangible assets:
Client relationships		68.6			—			(1.3	)		67.3
Accumulated amortization		(62.1	)		(0.1	)		1.0			(61.2	)
Net intangible assets	$	2,431.3		$	(0.1	)	$	(4.5	)	$	2,426.7

Goodwill	$	1,290.3		$	—		$	(8.1	)	$	1,282.2

Future Amortization

Expected future amortization expense related to definite-lived intangible assets is summarized below (in millions):

Future amortization	*Amount*
2025 (remainder of year)	$	8.3
2026		11.1
2027		11.1
2028		8.9
2029		2.6
Thereafter		12.1
Total	$	54.1