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Goodwill and Acquired Client Relationships
 3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Acquired Client Relationships
Goodwill and Acquired Client Relationships
The following tables present the changes in the Company’s consolidated Affiliates’ Goodwill and components of Acquired client relationships (net):
 
 
Goodwill
Balance, as of December 31, 2019
 
$
2,651.7

Foreign currency translation
 
(29.9
)
Balance, as of March 31, 2020
 
$
2,621.8


 
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, 2019
$
1,248.8

 
$
(1,039.0
)
 
$
209.8

 
$
972.2

 
$
1,182.0

Intangible amortization and impairments
—

 
(20.6
)
 
(20.6
)
 
—

 
(20.6
)
Foreign currency translation
(8.5
)
 
5.9

 
(2.6
)
 
(25.0
)
 
(27.6
)
Balance, as of March 31, 2020
$
1,240.3

 
$
(1,053.7
)
 
$
186.6

 
$
947.2

 
$
1,133.8


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 within Intangible amortization and impairments in the Consolidated Statements of Income for these relationships of $29.6 million and $20.6 million for the three months ended March 31, 2019 and 2020, respectively. Based on relationships existing as of March 31, 2020, the Company estimates that its consolidated annual amortization expense will be approximately $60 million in 2020, approximately $30 million in each of 2021, 2022 and 2023, and approximately $20 million in 2024.
As of March 31, 2020, the estimated fair values of the Company’s indefinite-lived acquired client relationships exceeded their carrying values. If financial markets remain depressed for a prolonged period of time or worsen as result of the novel coronavirus global pandemic (“COVID-19”) or other factors, the fair values of these assets could drop below their carrying values resulting in future impairments.