Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

The changes in the net carrying amount of goodwill for the nine months ended September 30, 2025 are as follows (in millions):

	Risk Capital		Human Capital		Total
Balance as of December 31, 2024	$	8,785	$	6,449	$	15,234
Goodwill related to current year acquisitions	450		26		476
Goodwill related to current year disposals	(7)		—		(7)
Goodwill related to assets held for sale	—		(389)		(389)
Measurement period adjustments related to prior year acquisitions	(11)		(16)		(27)
Foreign currency translation and other	280		137		417
Balance as of September 30, 2025	$	9,497	$	6,207	$	15,704

Other intangible assets by asset class are as follows (in millions):

	September 30, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization and Impairment		Net Carrying Amount (1)		Gross Carrying Amount		Accumulated Amortization and Impairment		Net Carrying Amount
Customer-related and contract-based	$	7,660	$	2,488	$	5,172	$	7,994	$	2,050	$	5,944
Tradenames	715		103		612		812		66		746
Technology and other	367		324		43		366		313		53
Total	$	8,742	$	2,915	$	5,827	$	9,172	$	2,429	$	6,743

(1)As of September 30, 2025, the Company classified $754 million of Intangible assets, net, as assets held for sale within Other current assets. Refer to Note 7 “Acquisitions and Dispositions of Businesses” for further information.

The estimated future amortization for finite-lived intangible assets as of September 30, 2025 is as follows (in millions):

Remainder of 2025	$	178
2026	661
2027	611
2028	560
2029	515
2030	470
Thereafter	2,832
Total	$	5,827