XML 46 R30.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets [Abstract]

23. Goodwill and Intangible Assets

Goodwill

The table below sets forth goodwill which is tested annually for impairment on November 30^th:

	Total
Balance at January 1, 2024	$	86,841
Changes		—
Balance at March 31, 2024	$	86,841

Of the total goodwill of $86,841 at March 31, 2024, $85,042 is not deductible for tax purposes as the acquisitions that gave rise to the goodwill were structured as stock acquisitions. The remainder of the goodwill is deductible for U.S. tax purposes.

Intangible Assets

The table below sets forth the Company’s intangible assets which are tested annually for impairment on November 30^th:

	Balance at March 31, 2024
Item	Gross Asset		Accumulated Amortization			Net Asset
ETFS Acquisition	$	601,247	$	—		$	601,247
Software development		5,111		(1,011	)		4,100
Balance at March 31, 2024	$	606,358	$	(1,011	)	$	605,347
	Balance at December 31, 2023
Item	Gross Asset		Accumulated Amortization			Net Asset
ETFS Acquisition	$	601,247	$	—		$	601,247
Software development		4,519		(684	)		3,835
Balance at December 31, 2023	$	605,766	$	(684	)	$	605,082

ETFS Acquisition (Indefinite-Lived)

In connection with the ETFS Acquisition, which was completed on April 11, 2018, the Company identified intangible assets valued at $601,247 related to the right to manage AUM through customary advisory agreements. These intangible assets were determined to have indefinite useful lives and are not deductible for tax purposes.

Software Development (Finite-Lived)

Internally-developed software is amortized over a useful life of three years. During the three months ended March 31, 2024 and 2023, the Company recognized amortization expense on internally-developed software of $327 and $51, respectively.

As of March 31, 2024, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows:

Remainder of 2024	$	1,276
2025		1,655
2026		1,073
2027		96
2028 and thereafter		—
Total expected amortization expense	$	4,100

The weighted-average remaining useful life of the finite-lived intangible assets is 2.5 years.