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Goodwill and Other Intangible Assets, net
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets, net

Note 4. Goodwill and Other Intangible Assets, net

Goodwill—The goodwill balances by reportable segment were as follows:

 

 

Gross book value at
December 31, 2021

 

 

Accumulated impairment charges at December 31, 2021

 

 

Net book value at
December 31, 2021

 

 

Disposition (a)

 

 

Foreign exchange and other adjustments

 

 

Net book value at
December 31, 2022

 

Capital Markets - Software Solutions

$

103.7

 

 

$

 

 

$

103.7

 

 

$

(3.5

)

 

$

(0.1

)

 

$

100.1

 

Capital Markets - Compliance and Communications Management

 

253.1

 

 

 

 

 

 

253.1

 

 

 

 

 

 

(0.4

)

 

 

252.7

 

Investment Companies - Software Solutions

 

53.2

 

 

 

 

 

 

53.2

 

 

 

 

 

 

(0.2

)

 

 

53.0

 

Investment Companies - Compliance and Communications Management

 

40.6

 

 

 

(40.6

)

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

450.6

 

 

$

(40.6

)

 

$

410.0

 

 

$

(3.5

)

 

$

(0.7

)

 

$

405.8

 

__________

(a)
$3.5 million of CM-SS goodwill was attributed to EOL and included in the disposition in the fourth quarter of 2022.

In the fourth quarter of 2020, the Company recorded a non-cash impairment charge of $40.6 million to reflect a full impairment of goodwill within the IC-CCM reporting unit. Refer to Note 6, Restructuring, Impairment and Other Charges, net, for further discussion.

Other Intangible Assets, netThe components of other intangible assets at December 31, 2022 and 2021 were as follows:

 

 

December 31, 2022

 

 

December 31, 2021

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Book
Value

 

Customer relationships (useful life of 15 years)

$

10.4

 

 

$

(2.8

)

 

$

7.6

 

 

$

10.4

 

 

$

(2.1

)

 

$

8.3

 

Trade names (useful life of 5 years)

 

1.0

 

 

 

(0.8

)

 

 

0.2

 

 

 

1.0

 

 

 

(0.6

)

 

 

0.4

 

Total other intangible assets

$

11.4

 

 

$

(3.6

)

 

$

7.8

 

 

$

11.4

 

 

$

(2.7

)

 

$

8.7

 

Amortization expense for other intangible assets was $0.9 million, $1.1 million and $12.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. The weighted-average remaining useful life for the unamortized intangible assets as of December 31, 2022 is approximately eleven years.

The following table outlines the estimated annual amortization expense related to other intangible assets:

 

For the Year Ending December 31,

 

Amount

 

2023

 

$

0.9

 

2024

 

 

0.7

 

2025

 

 

0.7

 

2026

 

 

0.7

 

2027

 

 

0.7

 

2028 and thereafter

 

 

4.1

 

Total

 

$

7.8