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GOODWILL AND INTANGIBLE ASSETS, NET
12 Months Ended
Dec. 31, 2020
GOODWILL AND INTANGIBLE ASSETS, NET  
GOODWILL AND INTANGIBLE ASSETS, NET

11.  GOODWILL AND INTANGIBLE ASSETS, NET

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

North American

European

Corporate

 

    

Options

    

Equities

    

Equities

    

Global FX

    

and Other

    

Total

 

Balance as of December 31, 2018

$

239.4

$

1,740.4

$

425.6

$

267.2

$

18.8

$

2,691.4

Dispositions

(8.3)

(8.3)

Impairment

(10.5)

(10.5)

Changes in foreign currency exchange rates

 

 

 

9.5

 

9.5

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

Goodwill has been allocated to specific reporting units for purposes of impairment testing - Options, North American Equities, European Equities 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

European

Corporate

 

    

Options

    

Equities

    

Equities

    

Global FX

    

and Other

    

Total

 

Balance as of December 31, 2018

$

181.9

$

990.3

$

376.9

$

166.9

$

4.2

$

1,720.2

Additions

 

 

 

 

 

Dispositions

 

 

 

 

(3.3)

 

(3.3)

Amortization

 

(15.3)

(68.9)

(24.8)

(28.7)

(0.9)

 

(138.6)

Changes in foreign currency exchange rates

 

11.6

 

11.6

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

For the years ended December 31, 2020, 2019 and 2018, amortization expense was $124.8 million, $138.6 million and $160.0 million, respectively. The estimated future amortization expense is $123.7 million for 2021, $110.7 million for 2022, $99.4 million for 2023, $77.8 million for 2024, and $67.2 million for 2025.

The following tables present the categories of intangible assets at December 31, 2020 and 2019 (in millions):

Weighted

December 31, 2020

Average

North American

European

Amortization

    

Options

    

Equities

    

Equities

    

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

Weighted

December 31, 2019

Average

North American

European

Amortization

    

Options

    

Equities

    

Equities

    

Global FX

    

Period (in years)

Trading registrations and licenses

$

95.5

$

572.7

$

182.2

$

Indefinite

Customer relationships

 

38.8

222.9

169.7

140.0

17

Market data customer relationships

 

53.6

322.0

63.6

64.4

12

Technology

 

24.8

22.5

23.9

22.5

4

Trademarks and tradenames

 

1.7

6.0

1.9

1.2

6

Accumulated amortization

 

(47.8)

(224.7)

(77.6)

(89.9)

$

166.6

$

921.4

$

363.7

$

138.2