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GOODWILL AND INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 31, 2022

8. 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, 2021	$	305.8	$	1,876.9	$	575.5	$	267.2	$	3,025.4
Changes in foreign currency exchange rates		—		0.6		(7.9)		—		(7.3)
Balance as of March 31, 2022	$	305.8	$	1,877.5	$	567.6	$	267.2	$	3,018.1

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, 2021	$	159.1	$	991.4	$	426.4	$	91.7	$	1,668.6
Amortization		(3.4)		(15.2)		(6.9)		(5.1)		(30.6)
Changes in foreign currency exchange rates		—		0.5		(9.9)		—		(9.4)
Balance as of March 31, 2022	$	155.7	$	976.7	$	409.6	$	86.6	$	1,628.6

For the three months ended March 31, 2022 and 2021, amortization expense was $30.6 million and $32.9 million, respectively. The estimated future amortization expense is $85.2 million for the remainder of 2022, $102.5 million for 2023, $79.1 million for 2024, $68.6 million for 2025, and $61.2 million for 2026.

The following tables present the categories of intangible assets as of March 31, 2022 and December 31, 2021 (in millions, except as stated):



	March 31, 2022								Weighted
			North		Europe				Average
			American		and Asia				Amortization
	Options		Equities		Pacific		Global FX		Period (in years)
Trading registrations and licenses	$	95.5	$	592.4	$	215.3	$	—	Indefinite
Customer relationships		46.6		378.6		227.1		140.0	17
Market data customer relationships		53.6		322.0		63.4		64.4	10
Technology		28.1		41.1		34.8		22.5	4
Trademarks and tradenames		12.8		7.8		2.5		1.2	8
Accumulated amortization		(80.9)		(365.2)		(133.5)		(141.5)
	$	155.7	$	976.7	$	409.6	$	86.6



	December 31, 2021								Weighted
			North		Europe				Average
			American		and Asia				Amortization
	Options		Equities		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