v3.26.1
Intangible Assets And Goodwill
 3 Months Ended
Mar. 31, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Intangible Assets And Goodwill Intangible Assets and Goodwill
Intangible assets consisted of the following at March 31, 2026 and December 31, 2025:
 
 March 31, 2026December 31, 2025
(in millions)Assigned ValueAccumulated
Amortization		Net Book
Value		Assigned ValueAccumulated
Amortization		Net Book
Value
Amortizable Intangible Assets:
Clearing firm, market data and other customer relationships$4,696.0 $(2,608.2)$2,087.8 $4,703.0 $(2,557.5)$2,145.5 
Technology-related intellectual property62.5 (62.5)— 62.5 (62.5)— 
Other73.1 (60.1)13.0 73.9 (58.7)15.2 
Total amortizable intangible assets$4,831.6 $(2,730.8)$2,100.8 $4,839.4 $(2,678.7)$2,160.7 
Indefinite-Lived Intangible Assets:
Trade names450.0 450.0 
Total intangible assets – other, net$2,550.8 $2,610.7 
Trading products (1)
$17,175.3 $17,175.3 
(1)Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc., NYMEX Holdings, Inc. and The Board of Trade of Kansas City, Missouri, Inc. Clearing and transaction fees are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the Commodity Futures Trading Commission (CFTC). Product authorizations from the CFTC have no term limits.
Total amortization expense for intangible assets was $56.1 million and $55.2 million for the quarters ended March 31, 2026 and 2025, respectively. During the quarter ended March 31, 2026, the net book value of amortizable intangible assets included $3.9 million of foreign currency translation for the period.
As of March 31, 2026, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:
(in millions) Amortization Expense
Remainder of 2026$166.8 
2027221.0 
2028214.5 
2029214.5 
2030214.5 
2031214.5 
Thereafter855.0 

Goodwill activity consisted of the following for the periods ended March 31, 2026 and December 31, 2025:
(in millions)Goodwill
Balance at December 31, 2024$10,486.9 
Foreign currency translation27.8 
Balance at December 31, 202510,514.7 
Foreign currency translation(8.7)
Balance at March 31, 2026$10,506.0