Note 7 - Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 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 six months ended June 30, 2025 and 2024 (in millions):

									*Foreign*
	*December 31,*								*currency*			*June 30,*
	*2024*			*Amortization*			*Additions*		*translation*			*2025*
Indefinite-lived intangible assets:
Investment management agreements	$	2,056.5		$	—		$	—	$	31.3		$	2,087.8
Trademarks		360.0			—			—		—			360.0
Definite-lived intangible assets:
Client relationships		86.1			—			—		4.8			90.9
Investment management agreements		28.0			—			41.1		—			69.1
Trademarks		5.5			—			—		—			5.5
Accumulated amortization		(62.8	)		(5.5	)		—		(4.5	)		(72.8	)
Net intangible assets	$	2,473.3		$	(5.5	)	$	41.1	$	31.6		$	2,540.5

Goodwill	$	1,550.4		$	—		$	17.8	$	65.6		$	1,633.8

							*Foreign*
	*December 31,*						*currency*			*June 30,*
	*2023*			*Amortization*			*translation*			*2024*
Indefinite-lived intangible assets:
Investment management agreements	$	2,064.8		$	—		$	(3.3	)	$	2,061.5
Trademarks		360.0			—			—			360.0
Definite-lived intangible assets:
Client relationships		68.6			—			(0.9	)		67.7
Accumulated amortization		(62.1	)		(0.2	)		0.7			(61.6	)
Net intangible assets	$	2,431.3		$	(0.2	)	$	(3.5	)	$	2,427.6

Goodwill	$	1,290.3		$	—		$	(6.5	)	$	1,283.8

As detailed in Note 2 — Acquisitions and Strategic Partnerships, we recognized a definite-lived intangible asset of $41.1 million related to the investment management agreement with Guardian. See Note 2 — Acquisitions and Strategic Partnerships, for additional information on the additions of intangible assets and goodwill.

Future Amortization

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

Future amortization	*Amount*
2025 (remainder of year)	$	7.6
2026		15.2
2027		15.2
2028		13.1
2029		6.7
Thereafter		34.9
Total	$	92.7