Goodwill and Intangible Assets, Net |
9. GOODWILL AND INTANGIBLE ASSETS, NET
Goodwill
The following table presents goodwill by reportable segment:
(in thousands) |
|
Index |
|
|
Analytics |
|
|
ESG and Climate |
|
|
All Other - Private Assets |
|
|
|
Total |
|
Goodwill at December 31, 2019 |
|
$ |
1,204,694 |
|
|
$ |
290,976 |
|
|
$ |
46,612 |
|
|
$ |
20,586 |
|
|
|
$ |
1,562,868 |
|
Foreign exchange translation adjustment |
|
|
1,064 |
|
|
|
— |
|
|
|
1,435 |
|
|
|
655 |
|
|
|
|
3,154 |
|
Goodwill at December 31, 2020 |
|
$ |
1,205,758 |
|
|
$ |
290,976 |
|
|
$ |
48,047 |
|
|
$ |
21,241 |
|
|
|
$ |
1,566,022 |
|
Acquisitions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
670,874 |
|
(1) |
|
|
670,874 |
|
Foreign exchange translation adjustment |
|
|
(315 |
) |
|
|
— |
|
|
|
— |
|
|
|
(195 |
) |
|
|
|
(510 |
) |
Goodwill at December 31, 2021 |
|
$ |
1,205,443 |
|
|
$ |
290,976 |
|
|
$ |
48,047 |
|
|
$ |
691,920 |
|
|
|
$ |
2,236,386 |
|
(1) |
Reflects the impact of the acquisition of RCA. |
Intangible Assets, Net
The following table presents the amount of amortization expense related to intangible assets by category for the periods indicated:
|
|
Years Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
(in thousands) |
|
2021 |
|
|
2020 |
|
|
2019 |
|
Amortization expense of acquired intangible assets |
|
$ |
42,242 |
|
|
$ |
34,049 |
|
|
$ |
34,773 |
|
Amortization expense of internally developed
capitalized software |
|
|
22,337 |
|
|
|
22,892 |
|
|
|
14,637 |
|
Write-off of internally developed capitalized software |
|
|
16,013 |
|
|
|
— |
|
|
|
— |
|
Total amortization of intangible assets expense |
|
$ |
80,592 |
|
|
$ |
56,941 |
|
|
$ |
49,410 |
|
Following management’s decision to discontinue development and cease related sales activities of certain Analytics segment products and transition existing customers to other product offerings, the Company wrote off $16.0 million of certain internally developed capitalized software intangible assets (consisting of $46.3 million of gross intangible assets less $30.3 million of accumulated amortization) during the year ended December 31, 2021. The non-cash charge is recorded as a component of “Amortization of intangible assets” on the Consolidated Statement of Income.
The gross carrying and accumulated amortization amounts related to the Company’s intangible assets were as follows:
|
|
|
|
As of |
|
|
|
Estimated |
|
December 31, |
|
|
December 31, |
|
|
|
Useful Lives |
|
2021 |
|
|
2020 |
|
|
|
|
|
(in thousands) |
|
Gross intangible assets: |
|
|
|
|
|
|
|
|
|
|
Customer relationships |
|
13 to 21 years |
|
$ |
532,400 |
|
|
$ |
356,700 |
|
Proprietary data |
|
11 to 13 years |
|
|
220,639 |
|
|
|
28,627 |
|
Acquired technology and software |
|
8 to 9 years |
|
|
209,220 |
|
|
|
177,720 |
|
Trademarks |
|
2 to 21.5 years |
|
|
208,190 |
|
|
|
207,300 |
|
Internally developed capitalized software |
|
3 to 5 years |
|
|
106,181 |
|
|
|
113,188 |
|
Subtotal |
|
|
|
|
1,276,630 |
|
|
|
883,535 |
|
Foreign exchange translation adjustment |
|
|
|
|
(5,782 |
) |
|
|
(5,262 |
) |
Total gross intangible assets |
|
|
|
$ |
1,270,848 |
|
|
$ |
878,273 |
|
Accumulated amortization: |
|
|
|
|
|
|
|
|
|
|
Customer relationships |
|
|
|
$ |
(277,865 |
) |
|
$ |
(253,465 |
) |
Proprietary data |
|
|
|
|
(22,678 |
) |
|
|
(15,730 |
) |
Acquired technology and software |
|
|
|
|
(175,718 |
) |
|
|
(174,032 |
) |
Trademarks |
|
|
|
|
(152,468 |
) |
|
|
(143,207 |
) |
Internally developed capitalized software |
|
|
|
|
(49,394 |
) |
|
|
(57,464 |
) |
Subtotal |
|
|
|
|
(678,123 |
) |
|
|
(643,898 |
) |
Foreign exchange translation adjustment |
|
|
|
|
616 |
|
|
|
373 |
|
Total accumulated amortization |
|
|
|
$ |
(677,507 |
) |
|
$ |
(643,525 |
) |
Net intangible assets: |
|
|
|
|
|
|
|
|
|
|
Customer relationships |
|
|
|
$ |
254,535 |
|
|
$ |
103,235 |
|
Proprietary data |
|
|
|
|
197,961 |
|
|
|
12,897 |
|
Acquired technology and software |
|
|
|
|
33,502 |
|
|
|
3,688 |
|
Trademarks |
|
|
|
|
55,722 |
|
|
|
64,093 |
|
Internally developed capitalized software |
|
|
|
|
56,787 |
|
|
|
55,724 |
|
Subtotal |
|
|
|
|
598,507 |
|
|
|
239,637 |
|
Foreign exchange translation adjustment |
|
|
|
|
(5,166 |
) |
|
|
(4,889 |
) |
Total net intangible assets |
|
|
|
$ |
593,341 |
|
|
$ |
234,748 |
|
Estimated amortization expense for succeeding years is presented below:
Years Ending December 31, |
|
Amortization
Expense |
|
|
|
(in thousands) |
|
2022 |
|
$ |
87,438 |
|
2023 |
|
|
81,532 |
|
2024 |
|
|
74,370 |
|
2025 |
|
|
51,800 |
|
2026 |
|
|
36,175 |
|
Thereafter |
|
|
262,026 |
|
Total |
|
$ |
593,341 |
|
|