Goodwill and Acquired Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

GOODWILL AND ACQUIRED INTANGIBLE ASSETS

Goodwill

The following table presents the changes in goodwill by business segment during the three months ended March 31, 2022:

	(in millions)
Market Technology
Balance at December 31, 2021	$	2,171
Foreign currency translation adjustments	(5)
Balance at March 31, 2022	$	2,166
Investment Intelligence
Balance at December 31, 2021	$	2,428
Foreign currency translation adjustments	(35)
Balance at March 31, 2022	$	2,393
Corporate Platforms
Balance at December 31, 2021	$	469
Foreign currency translation adjustments	(6)
Balance at March 31, 2022	$	463
Market Services
Balance at December 31, 2021	$	3,365
Foreign currency translation adjustments	(49)
Balance at March 31, 2022	$	3,316
Total
Balance at December 31, 2021	$	8,433
Foreign currency translation adjustments	(95)
Balance at March 31, 2022	$	8,338

Goodwill represents the excess of purchase price over the value assigned to the net assets, including identifiable intangible assets, of a business acquired. Goodwill is allocated to our reporting units based on the assignment of the fair values of each reporting unit of the acquired company. We test goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying amount may be impaired, such as changes in the business climate, poor indicators of operating performance or the sale or disposition of a significant portion of a reporting unit. There was no impairment of goodwill for the three months ended March 31, 2022 and 2021; however, events such as prolonged economic weakness or unexpected significant declines in operating results of any of our reporting units or businesses, may result in goodwill impairment charges in the future.

Acquired Intangible Assets

The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived:

	March 31, 2022		December 31, 2021
Finite-Lived Intangible Assets	(in millions)
Gross Amount
Technology	$	294	$	295
Customer relationships	2,050		2,050
Trade names and other	60		60
Foreign currency translation adjustment	(156)		(143)
Total gross amount	$	2,248	$	2,262
Accumulated Amortization
Technology	$	(64)	$	(54)
Customer relationships	(740)		(711)
Trade names and other	(12)		(11)
Foreign currency translation adjustment	88		81
Total accumulated amortization	$	(728)	$	(695)
Net Amount
Technology	$	230	$	241
Customer relationships	1,310		1,339
Trade names and other	48		49
Foreign currency translation adjustment	(68)		(62)
Total finite-lived intangible assets	$	1,520	$	1,567
Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	1,257	$	1,257
Trade names	121		121
Licenses	52		52
Foreign currency translation adjustment	(199)		(184)
Total indefinite-lived intangible assets	$	1,231	$	1,246
Total intangible assets, net	$	2,751	$	2,813

There was no impairment of indefinite-lived intangible assets for the three months ended March 31, 2022 and 2021.

The following table presents our amortization expense for acquired finite-lived intangible assets:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Amortization expense	$	40	$	36

The increase in amortization expense for the three months ended March 31, 2022 compared with the same period in 2021 was primarily due to additional amortization expense for acquired intangible assets related to our acquisition of Verafin. These amounts are included in depreciation and amortization expense in the Condensed Consolidated Statements of Income.

The table below presents the estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $68 million as of March 31, 2022) of acquired finite-lived intangible assets as of March 31, 2022:

	(in millions)
Remainder of 2022	$	120
2023	157
2024	152
2025	149
2026	147
2027+	863
Total	$	1,588