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Note 8 - Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Text Block]

The following is a summary of the change in goodwill from December 31, 2021 through September 30, 2022, both in total and as allocated to our operating segments:

	*Insurance*			*Energy and Specialized Markets*			*Financial Services*			*Total*
Goodwill at December 31, 2021	$	1,454.8		$	2,401.0		$	475.4		$	4,331.2
Acquisitions(1)		289.8			—			—			289.8
Purchase accounting reclassifications		(0.5	)		0.7			—			0.2
Dispositions(2)		—			(116.5	)		(473.2	)		(589.7	)
Impairment charge		—			—			(1.7	)		(1.7	)
Foreign currency translation adjustment		(107.8	)		(265.9	)		(0.5	)		(374.2	)
Goodwill at September 30, 2022	$	1,636.3		$	2,019.3		$	—		$	3,655.6

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⁽¹⁾See Note 6. Acquisitions for more information.

⁽²⁾See Note 7. Dispositions for more information.

Goodwill and intangible assets with indefinite lives are subject to impairment testing annually as of June 30, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Goodwill impairment testing compares the carrying value of each reporting unit to its fair value. If the fair value of the reporting unit exceeds the carrying value of the net assets, including goodwill assigned to that reporting unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets, including goodwill, exceeds the fair value of the reporting unit, then an impairment loss is recorded for the difference between the carrying amount and the fair value of the reporting unit. As of June 30, 2022, we completed the annual impairment review, in which goodwill impairment was tested at the reporting unit level. As part of our annual evaluation, we did not recognize any additional impairment charges related to our goodwill and indefinite-lived intangible assets. Although at the time of the annual impairment test, all of our reporting units had a fair value that exceeded their carrying value by greater than 20%, one of our reporting units had an excess that was only modestly higher. Therefore, any significant adverse change in our near or long-term financial projections, macroeconomic conditions, or other market indicators could result in a future material impairment charge for this reporting unit. During the three months ended September 30, 2022, we continued to monitor these reporting units for events that would trigger an interim impairment test; we did not identify any such events.

There were no impairments to long lived assets for the three months ended September 30, 2022 and 2021. Impairments to long-lived assets for the nine months ended September 30, 2022 and 2021 were $73.7 million and $0.0 million, respectively, and are included within "Other operating loss (income), net" in our condensed consolidated statements of operations. In the first quarter of 2022, we reassessed the recoverability of the long-lived assets for our Financial Services reporting unit and recorded a $73.7 million impairment.

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

	*Weighted Average Useful Life (in years)*	*Cost*		*Accumulated Amortization*			*Net*
September 30, 2022
Technology-based	7	$	527.1	$	(362.4	)	$	164.7
Marketing-related	15		213.2		(101.9	)		111.3
Contract-based	6		5.0		(5.0	)		—
Customer-related	13		879.1		(297.2	)		581.9
Database-based	18		369.4		(136.8	)		232.6
Total intangible assets		$	1,993.8	$	(903.3	)	$	1,090.5
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

Amortization expense related to intangible assets for the three months ended September 30, 2022 and 2021 was $36.6 million and $37.6 million, respectively. Amortization expense related to intangible assets for the nine months ended September 30, 2022 and 2021 was $121.0 million and $133.1 million, respectively. Estimated amortization expense for the remainder of 2022 and the years through 2027 and thereafter for intangible assets subject to amortization is as follows:

Years Ending	*Amount*
2022	$	35.3
2023		138.7
2024		133.1
2025		110.1
2026		106.5
2027 and thereafter		566.8
Total	$	1,090.5