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Other Intangible Assets, net and Goodwill (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of identifiable intangible assets

The following tables summarize the gross carrying amounts and accumulated amortization of the Company’s identifiable intangible assets by major class:

			September 30, 2022																		December 31, 2021
			Gross						Accumulated Amortization						Net						Gross						Accumulated Amortization						Net
Finite-lived intangible assets
Customer relationships			$	7,481.8					$	(700.9)					$	6,780.9					$	8,279.1					$	(514.8)					$	7,764.3
Databases and content			2,636.0						(724.5)						1,911.5						2,577.1						(591.0)						1,986.1
Computer software			725.3						(378.7)						346.6						733.1						(320.1)						413.0
Trade names			59.9						(17.3)						42.6						62.1						(10.5)						51.6
Backlog			28.7						(18.3)						10.4						29.1						(13.0)						16.1
Finite-lived intangible assets			10,931.7						(1,839.7)						9,092.0						11,680.5						(1,449.4)						10,231.1
Indefinite-lived intangible assets
Trade names			156.9						—						156.9						161.3						—						161.3
Total intangible assets			$	11,088.6					$	(1,839.7)					$	9,248.9					$	11,841.8					$	(1,449.4)					$	10,392.4

Schedule of weighted-average amortization period for finite-lived intangible assets

Schedule of estimated amortization for five succeeding years

Schedule of change in the carrying amount of goodwill

The change in the carrying amount of goodwill is shown below:

			A&G Segment						LS&H Segment						IP Segment						Consolidated Total
Balance as of December 31, 2021(1)			$	2,862.6					$	1,177.3					$	3,865.0					$	7,904.9
Acquisition measurement period adjustments			2.9						3.1						—						6.0
Transferred to Assets held for sale(2)			—						—						(42.8)						(42.8)
Goodwill impairment(3)			(1,745.8)						—						(2,662.1)						(4,407.9)
Impact of foreign currency fluctuations(4)			(21.7)						(4.6)						(629.5)						(655.8)
Balance as of September 30, 2022			$	1,098.0					$	1,175.8					$	530.6					$	2,804.4
(1) The prior year amounts have been revised for a reclassification of allocated goodwill between reporting units. Refer to Note 18 - Segment Information for additional information.
(2) Relates to the MarkMonitor domain management business divestiture classified as held-for-sale as of September 30, 2022. Refer to Note 5 - Assets Held for Sale and Divested Operations for additional information.
(3) Accumulated goodwill impairment as of September 30, 2022 and December 31, 2021 was $4,407.9 and $0.0, respectively. The total goodwill impairment charge reflected in the Condensed Consolidated Statements of Operations was $4,448.6 for the three and nine months ended September 30, 2022. The difference represents the CTA impact for amounts recorded in subsidiaries with functional currencies other than USD.
(4) The impact of foreign currency fluctuations was primarily driven by changes in the GBP/USD translation rate as of September 30, 2022 compared to December 31, 2021. Approximately half of the Company's Goodwill and Other intangible assets are denominated in GBP.

In connection with the preparation of these Condensed Consolidated Financial Statements for the three months ended September 30, 2022, the Company identified the following possible impairment indicators: (i) worsening market considerations and macroeconomic conditions such as increasing inflationary pressures and rising interest rates and (ii) sustained declines in the Company's share price during the three months ended September 30, 2022. This coincided with the Company's change in organizational structure to realign its business segments based on the products we offer and the markets they serve. With these changes, the Company changed its reportable segments, operating segments, and reporting units (see Note 18 - Segment Information). As of a result of these third quarter events, the Company performed a quantitative interim goodwill impairment assessment over the Company's reporting units. The goodwill impairment assessment included an analysis on the Company's reporting units immediately before and immediately after the change.

The Company estimated the fair value of each reporting unit using the income approach, and more specifically, the discounted cash flow model ("DCF"). The significant assumptions used in the DCF model included projected revenue growth rates and operating margins, tax rates, terminal values, and discount rates, among others, all of which require significant judgments by management. The inputs utilized in the analysis are classified as Level 3 inputs within the fair value hierarchy.

Based on the quantitative analysis performed in connection with the Company's preparation of these Condensed Consolidated Financial Statements in the third quarter of 2022, the Company recorded a goodwill impairment charge of $4,407.9 as follows: (i) $1,745.8 related to the ProQuest reporting unit within the A&G segment; (ii) $2,569.1 related to the former IP Management reporting unit within the IP segment; and (iii) $93.0 related to the former Patent reporting unit within the IP segment. The estimated fair value of each of the remaining reporting units exceeded their carrying values. Refer to Note 18 - Segment Information for additional information related to the Company's realignment of our reportable segments during the third quarter of 2022.

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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.

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Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Tabular disclosure of goodwill and intangible assets, which may be broken down by segment or major class.

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Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets.

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