Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

Goodwill includes the following activity during the years ended December 31, 2022 and 2021:

	December 31,
	2022		2021
	(in thousands)
Balance at beginning of period	$	2,780,259	$	2,694,797
Goodwill recognized in connection with the NFI Acquisition	—		85,462
Balance at end of period	$	2,780,259	$	2,780,259

Intangible Assets

Intangible assets with an indefinite useful life consisted of the following as of December 31, 2022 and 2021:

	December 31,
	2022		2021
	(in thousands)
Licenses	$	168,800	$	168,800
Tradename	154,300		154,300
Total	$	323,100	$	323,100

Intangible assets that are subject to amortization consisted of the following:

		December 31, 2022						December 31, 2021
	Amortization Period	Cost		Accumulated Amortization		Net Carrying Amount		Cost		Accumulated Amortization		Net Carrying Amount
		(in thousands)
Customer relationships - Refinitiv Transaction	12 years	$	928,200	$	(328,737)	$	599,463	$	928,200	$	(251,387)	$	676,813
Customer relationships - NFI Acquisition	13 years	101,285		(11,687)		89,598		101,285		(3,896)		97,389
Content and data	7 years	154,400		(93,743)		60,657		154,400		(71,686)		82,714
		$	1,183,885	$	(434,167)	$	749,718	$	1,183,885	$	(326,969)	$	856,916

Amortization expense for definite-lived intangible assets during the years ended December 31, 2022, 2021 and 2020 was $107.2 million, $103.3 million and $99.4 million, respectively.

The estimated annual future amortization for definite-lived intangible assets through December 31, 2027 is as follows:

	Amount
	(in thousands)
2023	$	107,198
2024	$	107,198
2025	$	101,684
2026	$	85,141
2027	$	85,141