Intangible Assets And Goodwill

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible assets consisted of the following at March 31, 2022 and December 31, 2021:


	March 31, 2022				December 31, 2021
(in millions)	Assigned Value		Accumulated Amortization		Net Book Value		Assigned Value		Accumulated Amortization		Deconsolidation(2)		Net Book Value
Amortizable Intangible Assets:
Clearing firm, market data and other customer relationships	$	4,714.0	$	(1,757.5)	$	2,956.5	$	5,818.2	$	(1,847.7)	(950.0)		$	3,020.5

Technology-related intellectual property	62.5		(50.2)		12.3		175.3		(76.3)		(84.6)		14.4
Other	72.8		(28.4)		44.4		105.7		(35.5)		(23.1)		47.1
Total amortizable intangible assets	$	4,849.3	$	(1,836.1)	$	3,013.2	$	6,099.2	$	(1,959.5)	$	(1,057.7)	3,082.0

Indefinite-Lived Intangible Assets:
Trade names					450.0								450.0
Total intangible assets – other, net					$	3,463.2							$	3,532.0
Trading products (1)					$	17,175.3							$	17,175.3

(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 Commodity Futures Trading Commission (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.

Total amortization expense for intangible assets was $58.4 million and $60.6 million for the quarters ended March 31, 2022 and 2021, respectively.

As of March 31, 2022, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:


(in millions)	Amortization Expense
Remainder of 2022	$	173.3
2023	229.7
2024	223.2
2025	223.2
2026	223.2
2027	221.9
Thereafter	1,718.7

Goodwill activity consisted of the following for the periods ended March 31, 2022 and December 31, 2021:


(in millions)	Balance at December 31, 2021		Deconsolidation (1)		Other Activity (2)		Balance at March 31, 2022
CBOT Holdings	$	5,066.4	$	—	$	—	$	5,066.4
NYMEX Holdings	2,462.2		—		—		2,462.2
NEX	2,959.0		—		(12.2)		2,946.8
Other	40.4		—		—		40.4
Total Goodwill	$	10,528.0	$	—	$	(12.2)	$	10,515.8
(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

__________

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.