INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

INTANGIBLE ASSETS

INTANGIBLE ASSETS

The following table presents the major classes of the company's intangible assets at December 31, 2023 and 2022:

(in millions)	Gross Book Value		Accumulated Amortization and Impairment		Net Book Value
December 31, 2023
Management contracts - indefinite-lived	$	6,954.3	(1,248.9)		$	5,705.4
Management contracts - finite-lived	318.3		(221.5)		96.8
Developed technology	94.2		(91.4)		2.8
Other (1)	107.2		(64.1)		43.1
Total	$	7,474.0	$	(1,625.9)	$	5,848.1
December 31, 2022
Management contracts - indefinite-lived	$	6,949.7	N/A		$	6,949.7
Management contracts - finite-lived	318.3		(189.2)		129.1
Developed technology	90.5		(78.8)		11.7
Other (1)	104.8		(54.1)		50.7
Total	$	7,463.3	$	(322.1)	$	7,141.2

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(1) Includes indefinite-lived non-management contracts intangible assets of $19.1 million for the years ended December 31, 2023 and 2022.

Amortization expense was $49.9 million (December 31, 2022: $63.8 million; December 31, 2021: $62.9 million) and impairment of indefinite-lived intangible assets related to management contracts of U.S. retail mutual funds was $1,248.9 million during the year ended December 31, 2023. The impairment was driven by a decrease in the long-term growth rate, an increase in the discount rate and lower projected earnings for the management contracts. Estimated amortization expense for each of the five succeeding fiscal years based upon the company's intangible assets at December 31, 2023 is as follows:

(in millions) Years Ended December 31,	Estimated Amortization Expense
2024	$	(44.8)
2025	$	(37.7)
2026	$	(35.9)
2027	$	(3.6)
2028	$	(1.5)