GOODWILL AND INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 31, 2020

GOODWILL AND INTANGIBLE ASSETS, NET

GOODWILL AND INTANGIBLE ASSETS, NET

9.   GOODWILL AND INTANGIBLE ASSETS, NET

The following table presents the details of goodwill by segment (in millions):

			U.S.		European
	Options		Equities		Equities		Global FX		Total
Balance as of December 31, 2019	$	239.4	$	1,740.4	$	435.1	$	267.2	$	2,682.1
Additions		60.4		—		—		—		60.4
Changes in foreign currency exchange rates		—		—		(17.1)		—		(17.1)
Balance as of March 31, 2020	$	299.8	$	1,740.4	$	418.0	$	267.2	$	2,725.4

Goodwill has been allocated to specific reporting units for purposes of impairment testing - Options, U.S. Equities, European Equities and Global FX. No goodwill has been allocated to Futures. Goodwill impairment testing is performed annually in the fiscal fourth quarter or more frequently if conditions exist that indicate that the asset may be impaired.

The following table presents the details of the intangible assets (in millions):

			U.S.		European
	Options		Equities		Equities		Global FX		Total
Balance as of December 31, 2019	$	166.6	$	921.4	$	363.7	$	138.2	$	1,589.9
Additions		20.3		—		—		—		20.3
Amortization		(3.9)		(16.0)		(5.9)		(6.7)		(32.5)
Changes in foreign currency exchange rates		—		—		(22.2)		—		(22.2)
Balance as of March 31, 2020	$	183.0	$	905.4	$	335.6	$	131.5	$	1,555.5

For the three months ended March 31, 2020 and 2019, amortization expense was $32.5 million and $37.5 million, respectively. The estimated future amortization expense is $89.9 million for the remainder of 2020, $107.9 million for 2021, $95.4 million for 2022, $84.7 million for 2023, $63.8 million for 2024, and $53.6 million for 2025.

The following tables present the categories of intangible assets as of March 31, 2020 and December 31, 2019 (in millions):

									Weighted
	March 31, 2020								Average
			U.S.		European				Amortization
	Options		Equities		Equities		Global FX		Period (in years)
Trading registrations and licenses	$	95.5	$	572.7	$	171.0	$	—	Indefinite
Customer relationships		45.9		222.9		159.3		140.0	17
Market data customer relationships		53.6		322.0		59.7		64.4	12
Technology		27.8		22.5		22.4		22.5	4
Trademarks and tradenames		11.9		6.0		1.8		1.2	10
Accumulated amortization		(51.7)		(240.7)		(78.6)		(96.6)
	$	183.0	$	905.4	$	335.6	$	131.5

									Weighted
	December 31, 2019								Average
			U.S.		European				Amortization
	Options		Equities		Equities		Global FX		Period (in years)
Trading registrations and licenses	$	95.5	$	572.7	$	182.2	$	—	Indefinite
Customer relationships		38.8		222.9		169.7		140.0	17
Market data customer relationships		53.6		322.0		63.6		64.4	12
Technology		24.8		22.5		23.9		22.5	4
Trademarks and tradenames		1.7		6.0		1.9		1.2	6
Accumulated amortization		(47.8)		(224.7)		(77.6)		(89.9)
	$	166.6	$	921.4	$	363.7	$	138.2