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GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS.
Goodwill and intangible assets consist of the following at December 31:

(in millions)20252024
Goodwill$2,642.8 $2,642.8 
Indefinite-lived intangible assets - trade name86.0 86.0 
Indefinite-lived intangible assets - investment advisory agreements62.3 65.6 
Definite-lived intangible assets - investment advisory agreements125.9 216.5 
Total$2,917.0 $3,010.9 

We evaluate the carrying amount of goodwill in our consolidated balance sheets for possible impairment on an annual basis in the fourth quarter using a fair value approach. We did not record any impairment charges for goodwill for the years ended December 31, 2025, 2024, or 2023.

We recognized impairments of indefinite-lived intangibles of $3.3 million in 2025, $31.1 million in 2024, and no impairments in 2023. The $3.3 million impairment in 2025 was attributable to investment advisory agreements while the $31.1 million impairment in 2024 was attributable to the trade name. The impairments in 2025 and 2024 were the result of reduced growth expectations for both management and incentive fees.

Definite-lived investment advisory agreement intangible assets consisted of the following at December 31 :

(in millions)20252024
Gross carrying amount$613.9 $613.9 
Accumulated amortization & impairments(488.0)(397.4)
Net carrying amount$125.9 $216.5 
Remaining weighted-average estimated useful life in years2.83.7
Amortization and impairment expense for the definite-lived investment advisory agreement intangible assets was $90.6 million in 2025, $108.1 million in 2024, and $122.5 million in 2023, respectively. We recognized insignificant impairments of definite-lived intangibles in 2025, 2024, and 2023. Estimated amortization expense for the definite-lived investment advisory agreements intangible assets for the remaining years is as follows:

(in millions)2025
2026$54.6 
202739.1 
202811.8 
20298.8 
2030 and after11.6 
$125.9