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Intangible Assets and Goodwill | 12 Months Ended
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Dec. 31, 2018
Tradeweb Markets LLC |
Entity Information [Line Items] |
Intangible Assets and Goodwill | 9. Intangible Assets and Goodwill Intangible assets and goodwill relate primarily to the allocation of purchase price associated with the Refinitiv Transaction, the acquisition by TR of Tradeweb Group LLC in 2004, the merger in 2010 of the Company with Tradeweb NewMarkets LLC (“NewMarkets”), which was a company owned by the Banks and TR (the “Merger”), the purchase of the RaffCap business in 2011 and the purchase of BondDesk in 2013. The following is a summary of goodwill (in thousands):
|  | Successor |  |  | Predecessor
|  | December 31, |  |  | December 31,
|  | 2018 |  |  | 2017
Refinitiv Transaction |  | $ | 2,694,797 |  |  | $ | —
TR Acquisition |  |  | — |  |  |  | 334,185
Merger |  |  | — |  |  |  | 66,484
RaffCap Business |  |  | — |  |  |  | 49,200
BondDesk |  |  | — |  |  |  | 103,158
Other |  |  | — |  |  |  | 10,394
Total |  | $ | 2,694,797 |  |  | $ | 563,421
The following is a summary of intangible assets which have an indefinite useful life (in thousands):
|  | Successor |  |  | Predecessor
|  | December 31, |  |  | December 31,
|  | 2018 |  |  | 2017
Licences |  | $ | 168,800 |  |  | $ | 12,000
Tradename |  |  | 154,300 |  |  |  | —
Total |  | $ | 323,100 |  |  | $ | 12,000
Intangible assets that are subject to amortization, including the related accumulated amortization, are comprised as follows (in thousands):
|  |  |  | Successor |  |  | Predecessor
|  |  |  | December 31, 2018 |  |  | December 31, 2017
|  | Amortization |  |  |  |  | Accumulated |  | Net Carrying |  |  |  |  |  | Accumulated |  | Net Carrying
|  | Period |  | Cost |  | Amortization |  | Amount |  |  | Cost |  | Amortization |  | Amount
Customer relationships - Refinitiv Transaction |  | 12 Years |  | $ | 928,200 |  | $ | (19,338) |  | $ | 908,862 |  |  | $ | — |  | $ | — |  | $ | —
Content and data |  | 7 Years |  |  | 154,400 |  |  | (5,514) |  |  | 148,886 |  |  |  | — |  |  | — |  |  | —
Customer relationships - Fixed Income Business |  | 13 Years |  |  | — |  |  | — |  |  | — |  |  |  | 155,284 |  |  | (155,270) |  |  | 14
Customer relationships - DW |  | 11 Years |  |  | — |  |  | — |  |  | — |  |  |  | 65,000 |  |  | (42,348) |  |  | 22,652
Customer relationships - RaffCap |  | 12 Years |  |  | — |  |  | — |  |  | — |  |  |  | 17,600 |  |  | (9,166) |  |  | 8,434
Customer relationships - BondDesk |  | 15 Years |  |  | — |  |  | — |  |  | — |  |  |  | 104,000 |  |  | (28,806) |  |  | 75,194
Customer relationships - Other |  | 10 Years |  |  | — |  |  | — |  |  | — |  |  |  | 2,100 |  |  | (385) |  |  | 1,715
Tradenames |  | 10 Years |  |  | — |  |  | — |  |  | — |  |  |  | 200 |  |  | (125) |  |  | 75
Liquidity contracts |  | 16 Years |  |  | — |  |  | — |  |  | — |  |  |  | 185,000 |  |  | (82,865) |  |  | 102,135
|  |  |  | $ | 1,082,600 |  | $ | (24,852) |  | $ | 1,057,748 |  |  | $ | 529,184 |  | $ | (318,965) |  | $ | 210,219
For October 1, 2018 to December 31, 2018, January 1, 2018 to September 30, 2018 and for the years ended December 31, 2017 and 2016, amortization expense relating to these assets was $24,852,000, $19,576,000, $31,236,000 and $41,125,000, respectively. The estimated annual future amortization for existing intangibles assets through December 31, 2023 is as follows (in thousands):
Year |  | Amount
2019 |  | $ | 99,408
2020 |  |  | 99,408
2021 |  |  | 99,408
2022 |  |  | 99,408
2023 |  |  | 99,408

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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 http://asc.fasb.org/topic&trid=2144416 + Details
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