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GOODWILL AND INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2021

10. GOODWILL AND INTANGIBLE ASSETS, NET

The following table presents the details of goodwill by segment (in millions):


			North American		Europe and
	Options		Equities		Asia Pacific		Global FX		Total
Balance as of December 31, 2019	$	239.4	$	1,740.4	$	435.1	$	267.2	$	2,682.1
Additions		66.4		134.8		—		—		201.2
Changes in foreign currency exchange rates		—		2.1		9.7		—		11.8
Balance as of December 31, 2020	$	305.8	$	1,877.3	$	444.8	$	267.2	$	2,895.1
Adjustment		—		(0.5)		(0.4)		—		(0.9)
Additions		—		—		134.0		—		134.0
Changes in foreign currency exchange rates		—		0.1		(2.9)		—		(2.8)
Balance as of December 31, 2021	$	305.8	$	1,876.9	$	575.5	$	267.2	$	3,025.4

Goodwill has been allocated to specific reporting units for purposes of impairment testing - Options, North American Equities, Europe and Asia Pacific and Global FX. No goodwill has been allocated to Futures. Goodwill impairment testing is performed annually in the fiscal fourth quarter or more frequently if conditions exist that indicate that the asset may be impaired.

The following table presents the details of the intangible assets (in millions):


			North American		Europe and
	Options		Equities		Asia Pacific		Global FX		Total
Balance as of December 31, 2019	$	166.6	$	921.4	$	363.7	$	138.2	$	1,589.9
Additions		22.3		193.1		32.3		—		247.7
Amortization		(15.5)		(61.0)		(23.4)		(24.9)		(124.8)
Changes in foreign currency exchange rates		—		2.0		14.2		—		16.2
Balance as of December 31, 2020	$	173.4	$	1,055.5	$	386.8	$	113.3	$	1,729.0
Additions		—		—		73.8		—		73.8
Amortization		(14.3)		(64.4)		(26.3)		(21.6)		(126.6)
Changes in foreign currency exchange rates		—		0.3		(7.9)		—		(7.6)
Balance as of December 31, 2021	$	159.1	$	991.4	$	426.4	$	91.7	$	1,668.6

For the years ended December 31, 2021, 2020 and 2019, amortization expense was $126.6 million, $124.8 million and $138.6 million, respectively. The estimated future amortization expense is $116.1 million for 2022, $103.0 million for 2023, $79.5 million for 2024, $68.9 million for 2025, and $61.5 million for 2026.

The following tables present the categories of intangible assets at December 31, 2021 and 2020 (in millions):


									Weighted
	December 31, 2021								Average
			North American		Europe and				Amortization
	Options		Equities		Asia Pacific		Global FX		Period (in years)
Trading registrations and licenses	$	95.5	$	592.0	$	221.1	$	—	Indefinite
Customer relationships		46.6		378.3		232.3		140.0	17
Market data customer relationships		53.6		322.0		65.2		64.4	10
Technology		28.1		41.1		35.6		22.5	5
Trademarks and tradenames		12.9		7.8		2.5		1.2	8
Accumulated amortization		(77.6)		(349.8)		(130.3)		(136.4)
	$	159.1	$	991.4	$	426.4	$	91.7


									Weighted
	December 31, 2020								Average
			North American		Europe and				Amortization
	Options		Equities		Asia Pacific		Global FX		Period (in years)
Trading registrations and licenses	$	95.5	$	592.0	$	219.3	$	—	Indefinite
Customer relationships		46.6		378.3		175.7		140.0	16
Market data customer relationships		53.6		322.0		65.9		64.4	11
Technology		28.1		41.1		28.6		22.5	5
Trademarks and tradenames		12.9		7.8		2.6		1.2	9
Accumulated amortization		(63.3)		(285.7)		(105.3)		(114.8)
	$	173.4	$	1,055.5	$	386.8	$	113.3