Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

Intangible assets consisted of the following at December 31, 2021 and 2020:


	2021								2020
(in millions)	Assigned Value		Accumulated Amortization		Deconsolidation(2)		Net Book Value		Assigned Value		Accumulated Amortization		Net Book Value
Amortizable Intangible Assets:
Clearing firm, market data and other customer relationships	$	5,818.2	$	(1,847.7)	$	(950.0)	$	3,020.5	$	5,858.0	$	(1,632.5)	$	4,225.5

Technology-related intellectual property	175.3		(76.3)		(84.6)		14.4		178.4		(68.2)		110.2
Other	105.7		(35.5)		(23.1)		47.1		106.9		(27.3)		79.6
Total Amortizable Intangible Assets	$	6,099.2	$	(1,959.5)	$	(1,057.7)	$	3,082.0	$	6,143.3	$	(1,728.0)	$	4,415.3

Indefinite-Lived Intangible Assets:
Trade names							450.0						450.0

Total Intangible Assets—Other, Net							$	3,532.0					$	4,865.3
Trading products (1)							$	17,175.3					$	17,175.3

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(1)Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc., NYMEX Holdings, Inc. and The Board of Trade of Kansas City, Missouri, Inc. Clearing and transaction fees are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the CFTC. Product authorizations from the CFTC have no term limits.

(2)The activity from deconsolidation includes intangible assets as part of the contribution of the net assets of the optimization business to OSTTRA.

The originally assigned useful lives for the amortizable intangible assets as of December 31, 2021 are as follows:



Clearing firm, market data and other customer relationships			5 - 30 years

Technology-related intellectual property			5 - 9 years
Other			3 - 24.5 years

Total amortization expense for intangible assets was $237.6 million, $311.2 million and $314.7 million for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:


(in millions)
2022	$	232.0
2023	230.7
2024	224.2
2025	224.2
2026	224.2
Thereafter	1,946.7

Goodwill activity consisted of the following for the years ended December 31, 2021 and 2020:


(in millions)	Balance at December 31, 2020		Deconsolidation(1)		Other Activity (2)		Balance at December 31, 2021
CBOT Holdings	$	5,066.4	$	—	$	—	$	5,066.4
NYMEX Holdings	2,462.2		—		—		2,462.2
NEX	3,229.8		(246.2)		(24.6)		2,959.0
Other	40.4		—		—		40.4
Total Goodwill	$	10,798.8	$	(246.2)	$	(24.6)	$	10,528.0
(in millions)	Balance at December 31, 2019		Deconsolidation(1)		Other Activity (2)		Balance at December 31, 2020
CBOT Holdings	$	5,066.4	$	—	$	—	$	5,066.4
NYMEX Holdings	2,462.2		—		—		2,462.2
NEX	3,173.5		—		56.3		3,229.8
Other	40.4		—		—		40.4
Total Goodwill	$	10,742.5	$	—	$	56.3	$	10,798.8

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1) The activity from deconsolidation includes goodwill as part of the contribution of the net assets of the optimization business to OSTTRA.

2) Other activity includes currency translation adjustments.