INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The following table details the composition of our intangible assets at year-end 2024 and 2023:


(in millions)	At Year-End 2024		At Year-End 2023
Definite-lived Intangible Assets
Costs incurred to obtain contracts with customers	$	2,538	$	2,185
Acquired contracts and other	1,918		1,911
Software	792		576
	5,248		4,672
Accumulated amortization	(1,471)		(1,328)
	3,777		3,344
Indefinite-lived Intangible Brand Assets	5,711		5,846
	$	9,488	$	9,190

We capitalize direct costs that we incur to obtain contracts with customers, which we amortize on a straight-line basis over the initial term of the agreements, generally ranging from 15 to 30 years.

For contracts acquired in business combinations and asset acquisitions, we record a definite-lived intangible asset at the acquisition date, which is amortized on a straight-line basis over the remaining life of the contract. We capitalize costs incurred to develop internal-use software and acquire software licenses and begin amortizing these costs when the software is substantially ready for its intended use on a straight-line basis over its estimated useful life, generally ranging from two to seven years. For acquired contracts, software, and other intangible assets, we recorded amortization expense of $255 million in 2024, $226 million in 2023, and $197 million in 2022 (of which $158 million in 2024, $122 million in 2023, and $83 million in 2022 was included in the “Reimbursed expenses” caption of our Income Statements). For these assets, we estimate that our aggregate amortization expense will be $241 million in 2025, $205 million in 2026, $175 million in 2027, $138 million in 2028, and $102 million in 2029.

The following table details the carrying amount of our goodwill at year-end 2024 and 2023:


(in millions)	U.S. & Canada		EMEA		Greater China		APEC		CALA		Total Goodwill


Balance at year-end 2023	$	5,333	$	1,467	$	999	$	763	$	324	$	8,886



Foreign currency translation	(32)		(50)		(20)		(32)		(21)		(155)




Balance at year-end 2024	$	5,301	$	1,417	$	979	$	731	$	303	$	8,731