XML 33 R21.htm IDEA: XBRL DOCUMENT

Note 12 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Text Block]

We completed the required annual impairment test as of June 30, 2021, 2020 and 2019, which resulted in no impairment of goodwill. Based on the results of our impairment assessment as of June 30, 2021, we determined that the fair value of each of our reporting units exceeded their respective carrying value. As of December 31, 2021, we reassessed the recoverability of the long-lived assets for our Financial Services reporting unit based upon the weaker than expected operating performance as a result of changing market conditions. These conditions constituted a triggering event, which resulted in a $134.0 million impairment to the long-lived assets for our Financial Services reporting unit including $88.2 million to intangible assets and $45.8 million to fixed assets. We based our analysis of the fair value of our long-lived assets on the indication of fair value provided by the offer to purchase such reporting unit, which was approved by our Board of Directors on February 16, 2022. This impairment is included within "Other operating loss (income)" in our consolidated statement of operations.

The following is a summary of the change in goodwill from December 31, 2019 through December 31, 2021, both in total and as allocated to our operating segments:

	*Insurance*			*Energy and Specialized Markets*			*Financial Services*			*Total*
Goodwill at December 31, 2019	$	998.8		$	2,389.5		$	476.0		$	3,864.3
Acquisitions		171.7			—			—			171.7
Purchase accounting reclassifications		2.1			(6.0	)		(0.2	)		(4.1	)
Current period adjustment		21.4			(19.5	)		—			1.9
Foreign currency translation adjustment		14.6			59.6			0.1			74.3
Goodwill at December 31, 2020		1,208.6			2,423.6			475.9			4,108.1
Acquisitions and purchases of controlling interests		235.9			21.2			—			257.1
Purchase accounting reclassifications		(0.3	)		—			—			(0.3	)
Current period adjustment ⁽¹⁾		15.8			(15.8	)		—			—
Foreign currency translation adjustment		(5.2	)		(28.0	)		(0.5	)		(33.7	)
Goodwill at December 31, 2021	$	1,454.8		$	2,401.0		$	475.4		$	4,331.2

____________

⁽¹⁾This adjustment relates to a segment reclassification; refer to Note 19. Segment Reporting

Our intangible assets and related accumulated amortization consisted of the following:

	*Weighted*
	*Average*
	*Useful Life*			*Accumulated*
	*(in years)*	*Cost*		*Amortization*			*Net*
December 31, 2021
Technology-based	7	$	576.4		(403.3	)	$	173.1
Marketing-related	15		274.1		(129.6	)	$	144.5
Contract-based	6		5.0		(5.0	)	$	—
Customer-related	13		1,015.4		(426.5	)	$	588.9
Database-based	18		484.2		(164.8	)	$	319.4
Total intangible assets		$	2,355.1	$	(1,129.2	)	$	1,225.9
December 31, 2020
Technology-based	7	$	559.6	$	(349.5	)	$	210.1
Marketing-related	16		275.2		(113.4	)		161.8
Contract-based	6		5.0		(5.0	)		—
Customer-related	13		1,004.3		(354.2	)		650.1
Database-based	19		501.0		(138.2	)		362.8
Total intangible assets		$	2,345.1	$	(960.3	)	$	1,384.8

Amortization expense related to intangible assets for the years ended December 31, 2021, 2020, and 2019, was $176.7 million, $165.9 million, and $138.0 million, respectively. Estimated amortization expense in future periods through 2027 and thereafter for intangible assets subject to amortization is as follows:

Years Ending	*Amount*
2022	$	170.6
2023		155.8
2024		133.8
2025		109.3
2026		104.6
2027 and thereafter		551.8
Total	$	1,225.9