Goodwill and Intangible Assets

Prior to the Acquisition of KCG, the Company was managed and operated as one business, and accordingly, operated under one operating segment. As a result of the Acquisition of KCG, beginning in the third quarter of 2017 the Company has two operating segments: (i) Market Making; (ii) Execution Services; and one non-operating segment: Corporate. The Company allocated goodwill to the new reporting units using a relative fair value approach. In addition, the Company performed an assessment of potential goodwill impairment for all reporting units immediately prior to the reallocation and determined that no impairment was indicated.

The following table presents the details of goodwill by segment:



(in thousands)	Market Making		Execution Services			Corporate		Total
Balance as of December 31, 2017	$	755,292	$	89,591		$	—	$	844,883
Goodwill adjustment allocated to BondPoint	—		(8,300		)	—		(8,300		)
Balance as of December 31, 2018	$	755,292	$	81,291		$	—	$	836,583

As of December 31, 2018 and 2017, the Company’s total amount of goodwill recorded was $836.6 million and $844.9 million, respectively. As described in Note 4 "Sale of BondPoint", the Company allocated $8.3 million of goodwill to BondPoint as part of the sale. No goodwill impairment was recognized during the years ended December 31, 2018 and 2017.

Acquired intangible assets consisted of the following as of December 31, 2018 and 2017:



	As of December 31, 2018
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Purchased technology	$	110,000	$	110,000	$	—	1.4	to	2.5
ETF issuer relationships	950		665		285			9
ETF buyer relationships	950		665		285			9
Technology	60,000		30,185		29,815		1	to	6
Customer relationships	49,000		5,905		43,095			12
Favorable occupancy leases	5,895		1,224		4,671		3	to	15
Exchange memberships	5,838		—		5,838		Indefinite
	$	232,633	$	148,644	$	83,989



	As of December 31, 2017
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Useful Lives (Years)
Purchased technology	$	110,000	$	110,000	$	—	1.4	to	2.5
ETF issuer relationships	950		559		391			9
ETF buyer relationships	950		559		390			9
Leases	1,800		397		1,403			3
FCC licenses	200		19		181			7
Technology	60,000		9,644		50,356		1	to	6
Customer relationships	49,000		1,822		47,178		12	to	17
Favorable occupancy leases	5,895		408		5,487			7
Exchange memberships	5,838		—		5,838		Indefinite
	$	234,633	$	123,408	$	111,224

Amortization expense relating to finite-lived intangible assets was approximately $26.1 million, $15.4 million, and $0.2 million for the years ended December 31, 2018, 2017, and 2016, respectively. This is included in amortization of purchased intangibles and acquired capitalized software in the accompanying consolidated statements of comprehensive income.

In the third quarter of 2018, the Company sold certain assets to one of its joint ventures, including the intangible assets associated with leases with a net carrying value of $1.1 million at the time of sale.