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Goodwill and Acquired Intangible Assets | 12 Months Ended
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Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Acquired Intangible Assets | GOODWILL AND ACQUIRED INTANGIBLE ASSETS Goodwill The following table presents the changes in goodwill by business segment during the year ended December 31, 2022:
| (in millions)
Market Platforms |
Balance at December 31, 2021 | $ | 3,129 |
Foreign currency translation adjustments | (217) |
Balance at December 31, 2022 | $ | 2,912 |
Capital Access Platforms |
Balance at December 31, 2021 | $ | 4,292 |
Goodwill acquired | 40 |
Foreign currency translation and other adjustments | (154) |
Balance at December 31, 2022 | $ | 4,178 |
Anti-Financial Crime |
Balance at December 31, 2021 | $ | 1,012 |
Foreign currency translation adjustments | (3) |
Balance at December 31, 2022 | $ | 1,009 |
Total |
Balance at December 31, 2021 | $ | 8,433 |
Balance at Goodwill acquired | 40 |
Foreign currency translation adjustments | (374) |
Balance at December 31, 2022 | $ | 8,099 |
In the table above, the December 31, 2021 balances reflect the revised goodwill following our corporate realignment. As of October 1, 2022, as required under ASC 350-20, the carrying value of goodwill was reassigned to our new reportable segments based on a relative fair value allocation approach. As of December 31, 2022, the amount of goodwill that is expected to be deductible for tax purposes in future periods is $35 million. Goodwill represents the excess of purchase price over the value assigned to the net assets, including identifiable intangible assets, of a business acquired. Goodwill is allocated to our reporting units based on the assignment of the fair values of each reporting unit of the acquired company. We test goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying amount may be impaired, such as changes in the business climate, poor indicators of operating performance or the sale or disposition of a significant portion of a reporting unit. There was no impairment of goodwill for the years ended December 31, 2022, 2021 and 2020; however, events such as prolonged economic weakness or unexpected significant declines in operating results of any of our reporting units or businesses, may result in goodwill impairment charges in the future. Acquired Intangible Assets The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived:
| December 31, 2022 |  | December 31, 2021 |  |  |  |  |  |  |  |  |  |
Finite-Lived Intangible Assets | (in millions) |  |  |  |  |  |  |  |  |  |
Gross Amount |  |  |  |  |  |  |  |  |  |  |  |  |
Technology | $ | 304 |  |  | $ | 295 |  |  |  |  |  |  |  |  |  |  |
Customer relationships | 2,005 |  |  | 2,050 |  |  |  |  |  |  |  |  |  |  |
Trade names and other | 60 |  |  | 60 |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | (209) |  |  | (143) |  |  |  |  |  |  |  |  |  |  |
Total gross amount | $ | 2,160 |  |  | $ | 2,262 |  |  |  |  |  |  |  |  |  |  |
Accumulated Amortization |  |  |  |  |  |  |  |  |  |  |  |  |
Technology | $ | (97) |  |  | $ | (54) |  |  |  |  |  |  |  |  |  |  |
Customer relationships | (778) |  |  | (711) |  |  |  |  |  |  |  |  |  |  |
Trade names and other | (17) |  |  | (11) |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | 120 |  |  | 81 |  |  |  |  |  |  |  |  |  |  |
Total accumulated amortization | $ | (772) |  |  | $ | (695) |  |  |  |  |  |  |  |  |  |  |
Net Amount |  |  |  |  |  |  |  |  |  |  |  |  |
Technology | $ | 207 |  |  | $ | 241 |  |  |  |  |  |  |  |  |  |  |
Customer relationships | 1,227 |  |  | 1,339 |  |  |  |  |  |  |  |  |  |  |
Trade names and other | 43 |  |  | 49 |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | (89) |  |  | (62) |  |  |  |  |  |  |  |  |  |  |
Total finite-lived intangible assets | $ | 1,388 |  |  | $ | 1,567 |  |  |  |  |  |  |  |  |  |  |
Indefinite-Lived Intangible Assets |  |  |  |  |  |  |  |  |  |  |  |
Exchange and clearing registrations | $ | 1,257 |  |  | $ | 1,257 |  |  |  |  |  |  |  |  |  |  |
Trade names | 121 |  |  | 121 |  |  |  |  |  |  |  |  |  |  |
Licenses | 52 |  |  | 52 |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | (237) |  |  | (184) |  |  |  |  |  |  |  |  |  |  |
Total indefinite-lived intangible assets | $ | 1,193 |  |  | $ | 1,246 |  |  |  |  |  |  |  |  |  |  |
Total intangible assets, net | $ | 2,581 |  |  | $ | 2,813 |  |  |  |  |  |  |  |  |  |  |
There was no impairment of indefinite-lived intangible assets for the years ended December 31, 2022, 2021 and 2020. We recorded an impairment charge of $14 million in 2021 related to a finite-lived intangible asset for customer relationships associated with the wind down of a previous acquisition included in depreciation and amortization expense in the Consolidated Statements of Income. There were no material finite-lived impairment charges in 2022 and 2020. The following table presents our amortization expense for acquired finite-lived intangible assets:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in millions)
Amortization expense | $ | 153 |  |  | $ | 170 |  |  | $ | 103 |
The table below presents the estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $89 million as of December 31, 2022) of acquired finite-lived intangible assets as of December 31, 2022:
| (in millions)
2023 | $ | 159 |
2024 | 153 |
2025 | 151 |
2026 | 148 |
2027 | 147 |
2028+ | 719 |
Total | $ | 1,477 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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