GOODWILL AND INTANGIBLE ASSETS, NET

6 Months Ended

Jun. 30, 2021

GOODWILL AND INTANGIBLE ASSETS, NET

GOODWILL AND INTANGIBLE ASSETS, NET

8.   GOODWILL AND INTANGIBLE ASSETS, NET

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

			North American
	Options		Equities		Europe		Global FX		Total
Balance as of December 31, 2020	$	305.8	$	1,877.3	$	444.8	$	267.2	$	2,895.1
Adjustment		—		(0.5)		—		—		(0.5)
Changes in foreign currency exchange rates		—		1.0		3.9		—		4.9
Balance as of June 30, 2021	$	305.8	$	1,877.8	$	448.7	$	267.2	$	2,899.5

Goodwill has been allocated to specific reporting units for purposes of impairment testing - Options, North American Equities, Europe 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
	Options		Equities		Europe		Global FX		Total
Balance as of December 31, 2020	$	173.4	$	1,055.5	$	386.8	$	113.3	$	1,729.0
Amortization		(7.3)		(33.0)		(12.1)		(11.1)		(63.5)
Changes in foreign currency exchange rates		—		1.2		3.7		—		4.9
Balance as of June 30, 2021	$	166.1	$	1,023.7	$	378.4	$	102.2	$	1,670.4

For the three months ended June 30, 2021 and 2020, amortization expense was $30.6 million and $30.1 million, respectively. For the six months ended June 30, 2021 and 2020, amortization expense was $63.5 million and $62.6 million, respectively. The estimated future amortization expense is $60.7 million for the remainder of 2021, $111.0 million for 2022, $99.7 million for 2023, $78.0 million for 2024, and $67.3 million for 2025.

The following tables present the categories of intangible assets as of June 30, 2021 and December 31, 2020 (in millions, except as stated):

	June 30, 2021								Weighted
			North						Average
			American						Amortization
	Options		Equities		Europe		Global FX		Period (in years)
Trading registrations and licenses	$	95.5	$	592.5	$	220.9	$	—	Indefinite
Customer relationships		46.6		378.8		178.1		140.0	16
Market data customer relationships		53.6		322.0		66.8		64.4	11
Technology		28.1		41.1		28.8		22.5	5
Trademarks and tradenames		12.9		7.8		2.6		1.2	9
Accumulated amortization		(70.6)		(318.5)		(118.8)		(125.9)
	$	166.1	$	1,023.7	$	378.4	$	102.2

	December 31, 2020								Weighted
			North						Average
			American						Amortization
	Options		Equities		Europe		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