Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

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