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Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

INTANGIBLE ASSETS AND GOODWILL

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

						2024																		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						$	4,683.5					$	(2,334.4)					$	2,349.1					$	4,694.4					$	(2,124.9)								$	2,569.5
Technology-related intellectual property						62.5						(62.5)						—						62.5						(62.2)									0.3
Other						71.1						(48.6)						22.5						71.6						(41.2)									30.4
Total Amortizable Intangible Assets						$	4,817.1					$	(2,445.5)					$	2,371.6					$	4,828.5					$	(2,228.3)								$	2,600.2
Indefinite-Lived Intangible Assets:
Trade names																		450.0																					450.0
Total Intangible Assets—Other, Net																		$	2,821.6																				$	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 CFTC. Product authorizations from the CFTC have no term limits.

The originally assigned useful lives for the amortizable intangible assets as of December 31, 2024 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 $221.7 million, $226.6 million and $227.7 million for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:  

(in millions)
2025			$	221.5
2026			221.5
2027			220.2
2028			213.8
2029			213.8
Thereafter			1,280.8

Goodwill activity consisted of the following for the years ended December 31, 2024 and 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						(8.4)
Balance at December 31, 2024						$	10,486.9

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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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