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Intangible Assets And Goodwill

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets And Goodwill

Intangible Assets and Goodwill

Intangible assets consisted of the following at September 30, 2024 and December 31, 2023:

						September 30, 2024																		December 31, 2023
(in millions)						Assigned Value						Accumulated Amortization												Net Book Value						Assigned Value						Accumulated Amortization												Net Book Value
Amortizable Intangible Assets:
Clearing firm, market data and other customer relationships						$	4,706.9					$	(2,289.9)											$	2,417.0					$	4,694.4					$	(2,124.9)											$	2,569.5
Technology-related intellectual property						62.5						(62.5)												—						62.5						(62.2)												0.3
Other						73.6						(48.4)												25.2						71.6						(41.2)												30.4
Total amortizable intangible assets						$	4,843.0					$	(2,400.8)											$	2,442.2					$	4,828.5					$	(2,228.3)											$	2,600.2
Indefinite-Lived Intangible Assets:
Trade names																								450.0																								450.0
Total intangible assets – other, net																								$	2,892.2																							$	3,050.2
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.

Total amortization expense for intangible assets was $55.7 million and $57.2 million for the quarters ended September 30, 2024 and 2023, respectively. Total amortization expense for intangible assets was $166.4 million and $171.0 million for the nine months ended September 30, 2024 and 2023, respectively.

As of September 30, 2024, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:

(in millions)			Amortization Expense
Remainder of 2024			$	55.8
2025			223.2
2026			223.2
2027			221.9
2028			215.3
2029			215.3
Thereafter			1,287.5

Goodwill activity consisted of the following for the periods ended September 30, 2024 and December 31, 2023:

(in millions)						Goodwill
Balance at December 31, 2022						$	10,482.5
Foreign currency translation						12.8
Balance at December 31, 2023						10,495.3
Foreign currency translation						18.8
Balance at September 30, 2024						$	10,514.1

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- References

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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