XML 54 R34.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Goodwill and Intangible Assets (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of goodwill by segment | 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 |
Schedule of acquired intangible assets | 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 |  |  |  |  |
Schedule of finite-lived intangible assets, future amortization expense | 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 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 + Details
Name: | us-gaap_ScheduleOfAcquiredFiniteLivedIntangibleAssetsByMajorClassTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482548/350-20-55-24 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-2 + Details
Name: | us-gaap_ScheduleOfGoodwillTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration