Goodwill and Intangible Assets |
5. GOODWILL AND INTANGIBLE ASSETS
Goodwill
The following table presents goodwill by reportable segment:
(in thousands) |
|
Index |
|
|
Analytics |
|
|
All Other |
|
|
Total |
|
Goodwill at December 31, 2015 |
|
$ |
1,210,366 |
|
|
$ |
302,551 |
|
|
$ |
52,704 |
|
|
$ |
1,565,621 |
|
Changes to goodwill |
|
|
— |
|
|
|
60 |
|
(1) |
|
(110 |
) |
(2) |
|
(50 |
) |
Foreign exchange translation adjustment |
|
|
(4,408 |
) |
|
|
— |
|
|
|
(2,732 |
) |
|
|
(7,140 |
) |
Goodwill at September 30, 2016 |
|
$ |
1,205,958 |
|
|
$ |
302,611 |
|
|
$ |
49,862 |
|
|
$ |
1,558,431 |
|
(1) |
Reflects the final working capital adjustment payment made during the nine months ended September 30, 2016 to complete the acquisition of Insignis, Inc. |
(2) |
Reflects the value disposed in the sale of the Real Estate occupiers business. |
Intangible Assets
Amortization expense related to intangible assets for the three months ended September 30, 2016 and 2015 was $11.8 million and $11.7 million, respectively. Amortization expense related to intangible assets for the nine months ended September 30, 2016 and 2015 was $35.5 million and $35.1 million, respectively.
The gross carrying and accumulated amortization amounts related to the Company’s identifiable intangible assets were as follows:
|
|
As of |
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
|
(in thousands) |
|
Gross intangible assets: |
|
|
|
|
|
|
|
|
Customer relationships |
|
$ |
361,204 |
|
|
$ |
361,746 |
|
Trademarks/trade names |
|
|
223,382 |
|
|
|
223,382 |
|
Technology/software |
|
|
207,517 |
|
|
|
199,889 |
|
Proprietary data |
|
|
28,627 |
|
|
|
28,627 |
|
Covenant not to compete |
|
|
1,225 |
|
|
|
1,225 |
|
Subtotal |
|
|
821,955 |
|
|
|
814,869 |
|
Foreign exchange translation adjustment |
|
|
(11,534 |
) |
|
|
(4,867 |
) |
Total gross intangible assets |
|
$ |
810,421 |
|
|
$ |
810,002 |
|
Accumulated amortization: |
|
|
|
|
|
|
|
|
Customer relationships |
|
$ |
(161,075 |
) |
|
$ |
(143,325 |
) |
Trademarks/trade names |
|
|
(102,178 |
) |
|
|
(93,476 |
) |
Technology/software |
|
|
(182,013 |
) |
|
|
(175,209 |
) |
Proprietary data |
|
|
(8,141 |
) |
|
|
(6,698 |
) |
Covenant not to compete |
|
|
(1,049 |
) |
|
|
(665 |
) |
Subtotal |
|
|
(454,456 |
) |
|
|
(419,373 |
) |
Foreign exchange translation adjustment |
|
|
2,466 |
|
|
|
861 |
|
Total accumulated amortization |
|
$ |
(451,990 |
) |
|
$ |
(418,512 |
) |
Net intangible assets: |
|
|
|
|
|
|
|
|
Customer relationships |
|
$ |
200,129 |
|
|
$ |
218,421 |
|
Trademarks/trade names |
|
|
121,204 |
|
|
|
129,906 |
|
Technology/software |
|
|
25,504 |
|
|
|
24,680 |
|
Proprietary data |
|
|
20,486 |
|
|
|
21,929 |
|
Covenant not to compete |
|
|
176 |
|
|
|
560 |
|
Subtotal |
|
|
367,499 |
|
|
|
395,496 |
|
Foreign exchange translation adjustment |
|
|
(9,068 |
) |
|
|
(4,006 |
) |
Total net intangible assets |
|
$ |
358,431 |
|
|
$ |
391,490 |
|
The following table presents the estimated amortization expense for the remainder of 2016 and succeeding years:
Years Ending December 31, |
|
Amortization
Expense |
|
|
|
(in thousands) |
|
Remainder 2016 |
|
$ |
12,031 |
|
2017 |
|
|
44,183 |
|
2018 |
|
|
41,138 |
|
2019 |
|
|
39,100 |
|
2020 |
|
|
36,878 |
|
Thereafter |
|
|
185,101 |
|
Total |
|
$ |
358,431 |
|
|