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Intangible Assets
 3 Months Ended
Mar. 31, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS

The following table presents the major classes of the company's intangible assets at March 31, 2020 and December 31, 2019:
$ in millions
Gross Book Value
 
Accumulated Amortization
 
Net Book Value
March 31, 2020
 
 
 
 
 
Management contracts - indefinite-lived
6,962.0

 
N/A

 
6,962.0

Management contracts - finite-lived
319.2

 
(92.7
)
 
226.5

Developed technology
92.5

 
(35.0
)
 
57.5

Other
106.1

 
(27.0
)
 
79.1

Total
7,479.8

 
(154.7
)
 
7,325.1

December 31, 2019
 
 
 
 
 
Management contracts - indefinite-lived
6,969.1

 
N/A

 
6,969.1

Management contracts - finite-lived
319.3

 
(84.5
)
 
234.8

Developed technology
98.6

 
(31.7
)
 
66.9

Other
112.2

 
(24.7
)
 
87.5

Total
7,499.2

 
(140.9
)
 
7,358.3



During the three months ended March 31, 2020, the company did not acquire any intangible assets.

During 2019, the company acquired $4,907.0 million in indefinite lived management contracts, $255.0 million of finite-lived intangible asset related management contracts, and $27.0 million of trade name assets related to the Oppenheimer acquisition. Other 2019 additions to intangible assets related to the preliminary valuations of acquisitions of digital wealth technology companies. Amortizable intangible assets of $315.4 million related to 2019 acquisitions have a weighted-average amortization period of 7.15 years.

The 2019 annual impairment review of indefinite-lived intangible assets determined that no impairment existed. Due to the decline in our assets under management in the three months ended March 31, 2020, management determined that an interim impairment test was necessary for certain of our indefinite-lived management contract assets.

The impairment analysis involves determining whether the estimated fair value of each intangible asset exceeds its carrying amount. If the fair value of the intangible asset exceeds its carrying amount, then the asset is not impaired. However, if the carrying amount exceeds the fair value of the asset, the amount of impairment would equal the excess carrying value.
The principal method of determining fair value of indefinite-lived intangible assets is an income approach where estimated future cash flows are discounted to arrive at a single present value amount. The discount rate used is derived based on the time value of money and the risk profile of the stream of future cash flows. Recent results and projections based on expectations regarding revenue, expenses, capital expenditure and acquisition earn out payments produce a present value for the company, or its fair value.
The company’s impairment analysis at March 31, 2020 incorporated revised forecasts that took into account the market disruptions during the quarter and expectations for a continued strain on results over the remainder of the year. Given the significant level of uncertainty that currently exists, management applied several alternative scenarios for market and company performance over the next several years to determine fair value. Other key assumptions were updated as appropriate, including the discount rate, which increased as a result of an increase in the equity risk premium, which was partially offset by a decrease in the risk free rate.
The analysis resulted in no impairment because the fair value of indefinite-lived intangible assets exceeded their carrying value, although the amount of excess has decreased since the last quantitative test. To the extent that markets remain depressed for a prolonged period of time and market conditions stagnate or worsen as a result of the COVID-19 pandemic, our assets under management, revenues, and profitability would likely be adversely affected. As a result, subsequent impairment tests may be based upon different assumptions and future cash flow projections, which may result in an impairment. Any impairment could reduce materially the recorded amount of indefinite-lived intangible assets with a corresponding charge to our earnings.

Amortization expense for the three months ended March 31, 2020 was $15.9 million. Amortization expense for the three months ended December 31, 2019 was $20 million. Estimated amortization expense for each of the five succeeding fiscal years based upon the company's intangible assets at March 31, 2020 is as follows:
$ in millions

Years Ended December 31,
Estimated Amortization Expense
2020 (excluding the three months ended March 31, 2020)
(46.2
)
2021
(62.5
)
2022
(59.5
)
2023
(52.0
)
2024
(46.8
)
2025
(38.9
)