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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company has two operating segments: (i) Market Making; and (ii) Execution Services; and one non-operating segment: Corporate. As of March 31, 2024 and December 31, 2023, the Company’s total amount of goodwill recorded was $1,148.9 million. No goodwill impairment was recognized during the three months ended March 31, 2024 and 2023. The following table presents the details of goodwill by segment as of March 31, 2024 and December 31, 2023:
(in thousands) |  | Market Making |  | Execution Services |  | Corporate |  | Total
Balance as of period-end |  | $ | 755,292 |  |  | $ | 393,634 |  |  | $ | — |  |  | $ | 1,148,926 |
As of March 31, 2024 and December 31, 2023, the Company's total amount of intangible assets recorded was $242.8 million and $257.5 million, respectively. Acquired intangible assets consisted of the following as of March 31, 2024 and December 31, 2023:
|  | As of March 31, 2024
(in thousands) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Useful Lives (Years)
Customer relationships |  | $ | 486,600 |  |  | $ | (249,791) |  |  | $ | 236,809 |  |  | 10 | to | 12
Technology |  | 136,000 |  |  | (136,000) |  |  | — |  |  | 1 | to | 6
Favorable occupancy leases |  | 5,895 |  |  | (5,369) |  |  | 526 |  |  | 3 | to | 15
Exchange memberships |  | 3,998 |  |  | — |  |  | 3,998 |  |  | Indefinite
Trade name |  | 3,600 |  |  | (3,600) |  |  | — |  |  |  | 3 |
ETF issuer relationships |  | 950 |  |  | (950) |  |  | — |  |  |  | 9 |
ETF buyer relationships |  | 950 |  |  | (950) |  |  | — |  |  |  | 9 |
Other |  | $ | 1,500 |  |  | $ | — |  |  | $ | 1,500 |  |  | Indefinite
|  | $ | 639,493 |  |  | $ | (396,660) |  |  | $ | 242,833 |  |  |  |  |
|  | As of December 31, 2023
(in thousands) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Useful Lives (Years)
Customer relationships |  | $ | 486,600 |  |  | $ | (237,829) |  |  | $ | 248,771 |  |  | 10 | to | 12
Technology |  | 136,000 |  |  | (133,467) |  |  | 2,533 |  |  | 1 | to | 6
Favorable occupancy leases |  | 5,895 |  |  | (5,177) |  |  | 718 |  |  | 3 | to | 15
Exchange memberships |  | 3,998 |  |  | — |  |  | 3,998 |  |  | Indefinite
Trade name |  | 3,600 |  |  | (3,600) |  |  | — |  |  |  | 3 |
ETF issuer relationships |  | 950 |  |  | (950) |  |  | — |  |  |  | 9 |
ETF buyer relationships |  | 950 |  |  | (950) |  |  | — |  |  |  | 9 |
Other |  | $ | 1,500 |  |  | $ | — |  |  | $ | 1,500 |  |  | Indefinite
|  | $ | 639,493 |  |  | $ | (381,973) |  |  | $ | 257,520 |  |  |  |  |
Amortization expense relating to finite-lived intangible assets was approximately $14.7 million and $16.0 million for the three months ended March 31, 2024 and 2023, respectively. This is included in Amortization of purchased intangibles and acquired capitalized software in the accompanying Condensed Consolidated Statements of Comprehensive Income. The Company expects to record amortization expense as follows over the next five subsequent years:
(in thousands) |  |
Remainder of 2024 |  | $ | 36,158 |
2025 |  | 47,879 |
2026 |  | 47,879 |
2027 |  | 47,879 |
2028 |  | 47,879 |
2029 |  | 9,590 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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