Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

The Company has two operating segments: (i) Market Making; (ii) Execution Services; and one non-operating segment: Corporate. As of December 31, 2019 and December 31, 2018, the Company’s total amount of goodwill recorded was $1,148.9 million and $836.6 million, respectively. The Company recognized $312.3 million of goodwill in connection with the ITG Acquisition, which was recorded in the Execution Services segment. No goodwill impairment was recognized during the years ended December 31, 2019, 2018, and 2017.

The following table presents the details of goodwill by segment:



(in thousands)	Market Making		Execution Services		Corporate		Total
Balance as of December 31, 2018	$	755,292	$	81,291	$	—	$	836,583
Goodwill recognized in ITG Acquisition	—		312,343		—		312,343
Balance as of December 31, 2019	$	755,292	$	393,634	$	—	$	1,148,926

As of December 31, 2019 and December 31, 2018, the Company's total amount of intangible assets recorded was $529.6 million and $84.0 million, respectively. The Company acquired $517.2 million of intangible assets in connection with the ITG Acquisition. Acquired intangible assets consisted of the following as of December 31, 2019 and December 31, 2018:



	As of December 31, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Purchased technology	$	110,000	$	110,000	$	—	1.4	to	2.5
ETF issuer relationships	950		770		180			9
ETF buyer relationships	950		770		180			9
Technology	136,000		58,203		77,797		1	to	6
Customer relationships	486,600		46,456		440,144		10	to	12
Trade name	3,600		1,000		2,600			3
Favorable occupancy leases	5,895		2,040		3,855		3	to	15
Exchange memberships	4,882		—		4,882		Indefinite
	$	748,877	$	219,239	$	529,638



	As of December 31, 2018
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Purchased technology	$	110,000	$	110,000	$	—	1.4	to	2.5
ETF issuer relationships	950		665		285			9
ETF buyer relationships	950		665		285			9
Technology	60,000		30,185		29,815		1	to	6
Customer relationships	49,000		5,905		43,095			12
Favorable occupancy leases	5,895		1,224		4,671		3	to	15
Exchange memberships	5,838		—		5,838		Indefinite
	$	232,633	$	148,644	$	83,989

Amortization expense relating to finite-lived intangible assets was approximately $70.6 million, $26.1 million, and $15.4 million for the years ended December 31, 2019, 2018, and 2017, respectively. This is included in Amortization of purchased intangibles and acquired capitalized software in the accompanying Consolidated Statements of Comprehensive Income.