Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets, Net by Segment and Type

The following tables summarize the Company’s Intangible assets, net of accumulated amortization by segment and type (in thousands):



	March 31, 2017		December 31, 2016
Market Making
Technology	$	38,759	$	39,536
Trading rights	7,028		7,027
Total	45,787		46,563
Global Execution Services
Technology	20,033		20,694
Customer relationships	7,583		7,944
Trade names	625		650
Total	28,241		29,288
Corporate and Other
Technology ⁽¹⁾	16,418		8,084
Total	$	90,446	$	83,935

⁽¹⁾

Excluded from the December 31, 2016 balance is $8.2 million of intangibles related to a business which met the requirements to be considered held for sale. As noted above and in Footnote 3 "Assets of Business Held for Sale & Sales of Businesses", such amounts were included in Assets of business held for sale at December 31, 2016, however, such intangibles were no longer considered to be held for sale at March 31, 2017 and are therefore included above at March 31, 2017.



		March 31, 2017			December 31, 2016
Technology ⁽¹⁾	Gross carrying amount	$	183,567		$	157,188
	Accumulated amortization	(108,347		)	(88,874		)
	Net carrying amount	75,220			68,314
Trading rights ⁽²⁾	Gross carrying amount	7,509			7,509
	Accumulated amortization	(491		)	(482		)
	Net carrying amount	7,018			7,027
Customer relationships ⁽³⁾	Gross carrying amount	13,000			13,000
	Accumulated amortization	(5,417		)	(5,056		)
	Net carrying amount	7,583			7,944
Trade names ⁽⁴⁾	Gross carrying amount	1,000			1,000
	Accumulated amortization	(375		)	(350		)
	Net carrying amount	625			650
Total	Gross carrying amount	205,076			178,697
	Accumulated amortization	(114,630		)	(94,762		)
	Net carrying amount	$	90,446		$	83,935

⁽¹⁾

The weighted average remaining life for technology, including capitalized internal use software, was approximately two years as of both March 31, 2017 and December 31, 2016. Excluded from the December 31, 2016 balance is $8.2 million of technology assets related to Assets of businesses held for sale. As noted above and in Footnote 3 "Assets of Business Held for Sale & Sales of Businesses", these assets are included in Assets of businesses held for sale at December 31, 2016.


⁽²⁾	Trading rights provide the Company with the rights to trade on certain exchanges. The weighted average remaining life of trading rights with definite useful lives was approximately 3 and 4 years as of March 31, 2017 and December 31, 2016, respectively. As of March 31, 2017 and December 31, 2016, $6.9 million of trading rights had indefinite useful lives.


⁽³⁾	Customer relationships relate to KCG BondPoint. The weighted average remaining life was approximately 5 and 6 years as of March 31, 2017 and December 31, 2016, respectively. Lives may be reduced depending upon actual retention rates.


⁽⁴⁾	Trade names relate to KCG BondPoint. The weighted average remaining life was approximately 6 and 7 years as of March 31, 2017 and December 31, 2016, respectively.

Summary of Amortization Expense

The following table summarizes the Company’s amortization expense relating to Intangible assets (in thousands):



	For the three months ended March 31,
	2017		2016
Amortization expense	$	10,109	$	7,559

Summary of Estimated Amortization Expense for Future Periods

As of March 31, 2017, the following table summarizes the Company’s estimated amortization expense for future periods (in thousands):



	Amortization expense
For the nine months ended December 31, 2017	$	33,654
For the year ended December 31, 2018	32,749
For the year ended December 31, 2019	12,708
For the year ended December 31, 2020	2,009
For the year ended December 31, 2021	1,544