Annual report pursuant to Section 13 and 15(d)

Intangible Assets, Net

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Intangible Assets, Net
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net
12. Intangible Assets, Net
Intangible assets, net, related to continuing operations consisted of the following (in thousands). Refer to Note 2 - Summary of Significant Accounting Policies for additional information on our accounting policies related to intangible assets.
December 31, 2023 Amortization Period (Years) Cost Accumulated Amortization Impairment Net
Non-amortizing intangibles
Trade name N/A $ 27,500  $ —  $ (6,400) $ 21,100 
Amortizing intangibles
Broker/customer relationships
9
 334,700  (102,269) —  232,431 
Total intangibles $ 362,200  $ (102,269) $ (6,400) $ 253,531 
December 31, 2022 Amortization Period (Years) Cost Accumulated Amortization Impairment Net
Non-amortizing intangibles
Trade name
N/A
 $ 34,800  $ —  $ (7,300) $ 27,500 
Amortizing intangibles
Broker/customer relationships
9
334,700  (65,081) —  269,619 
Total intangibles $ 369,500  $ (65,081) $ (7,300) $ 297,119 
The Company performed its annual impairment testing in the fourth quarter of 2023. Based on the analysis, the Company recognized an indefinite-lived intangible asset impairment of $6.4 million for the year ended December 31, 2023 at the Portfolio Management reporting unit. During 2022, due to such market pressures, an interim impairment analysis was triggered as of September 30, 2022. In addition, the Company performed its annual impairment testing in the fourth quarter of 2022. Based on the analyses, the Company recognized an indefinite-lived intangible asset impairment of $3.8 million as of September 30, 2022 and an additional impairment of $3.5 million during the fourth quarter of 2022, totaling $7.3 million for the year ended December 31, 2022. The impairment of these intangible assets for each reporting unit was as follows: $3.8 million at the Portfolio Management reporting unit, and $3.5 million at the Retirement Solutions reporting unit.
Amortization expense was $37.2 million and $37.8 million for the years ended December 31, 2023 and 2022, respectively.
The estimated amortization expense for each of the five succeeding fiscal years and thereafter as of December 31, 2023 is as follows (in thousands):
Year Ending December 31, Amount
2024 $ 37,189 
2025 37,189 
2026 37,189 
2027 37,189 
2028 37,189 
Thereafter 46,486 
Total future amortization expense $ 232,431