Goodwill and Other Intangibles

9 Months Ended

Sep. 30, 2017

(8) Goodwill and Other Intangibles

Goodwill

The following table presents the changes in the carrying amount of goodwill by the Company’s European Operations segment for the nine months ended September 30, 2017 (dollars in thousands):


	Total
Balance at December 31, 2016	$	10,102
2017 Activity:
Currency translation adjustment		860
Balance at September 30, 2017	$	10,962

Other Intangible Assets

Acquired other intangible assets consisted of the following at September 30, 2017 and December 31, 2016 (dollars in thousands):


	September 30, 2017				December 31, 2016
	Gross Carrying		Accumulated		Gross Carrying		Accumulated		Useful Lives
	Amount		Amortization		Amount		Amortization		(Years)
Trade name	$	8,528	$	—	$	8,518	$	—	—
Customer-related intangibles		10,199		6,072		10,358		5,584	16.9
Proprietary software		23,306		22,059		23,165		21,456	8.4
Trading rights		339		—		339		—	—
Other		50		—		50		—	—
Total	$	42,422	$	28,131	$	42,430	$	27,040

At September 30, 2017, indefinite-lived intangibles not subject to amortization amounted to $8.9 million, of which $8.4 million related to the POSIT trade name.

Amortization expense for definite-lived intangibles was $0.3 million and $1.0 million for the three and nine months ended September 30, 2017, respectively, compared with $0.3 million and $1.5 million in the respective prior year periods. These amounts are included in other general and administrative expense in the Condensed Consolidated Statements of Operations.

During the three months ended September 30, 2017, the Company deemed the remaining value of a customer intangible asset recorded in ITG Derivatives of $0.3 million fully impaired.

The following table represents the changes in the carrying amount of net intangible assets for the nine months ended September 30, 2017 (dollars in thousands):


	Total
Balance at December 31, 2016	$	15,390
2017 Activity:
Amortization		(977)
Impairment charge		(325)
Currency translation adjustment		203
Balance at September 30, 2017	$	14,291

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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