Goodwill and Other Intangibles

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The Company is required to assess goodwill and any indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate an impairment may have occurred. The Company performs the annual impairment assessment for each of its reporting units during the third quarter of each year. The reporting unit level is defined at the same level as the Company's operating segments. A company can assess qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. Alternatively, a company may elect to proceed directly to the quantitative goodwill impairment test. In the third quarter of 2025, the Company completed a qualitative impairment assessment and concluded that goodwill was not impaired. As part of its assessment, the Company considered numerous factors, including:

•that the fair value of each reporting unit exceeds its carrying value by a substantial margin based on its most recent quantitative assessment in 2023;

•whether significant acquisitions or dispositions occurred which might alter the fair value of its reporting units;

•macroeconomic conditions and their potential impact on reporting unit fair values;

•actual performance compared with budget and prior projections used in its estimation of reporting unit fair values;

•industry and market conditions; and

•the year-over-year change in the Company’s share price.

Other intangible assets that are not deemed to have an indefinite life are amortized over their estimated lives and assessed for impairment upon the occurrence of certain triggering events in accordance with applicable accounting literature. Based on its assessment, the Company concluded that other intangible assets were not impaired. The Company had no indefinite-lived intangible assets at September 30, 2025 and December 31, 2024.

Changes in the carrying amount of goodwill are as follows:



(In millions)	2025		2024
Balance at January 1,	$	23,306	$	17,231
Goodwill acquired	234		826
Other adjustments (a)	409		178
Balance at September 30,	$	23,949	$	18,235

(a)Primarily reflects the impact of foreign exchange.

The goodwill from acquisitions in 2025 and 2024 consists largely of the synergies and economies of scale expected from combining the operations of the Company and the acquired entities and the trained and assembled workforce acquired.

The goodwill acquired in 2025 included approximately $14 million and $30 million in the Risk and Insurance Services and Consulting segments, respectively, which is deductible for tax purposes.

Goodwill allocated to the Company’s reportable segments at September 30, 2025 is $19.2 billion for Risk and Insurance Services and $4.7 billion for Consulting.

The gross cost and accumulated amortization of other identified intangible assets at September 30, 2025 and December 31, 2024 are as follows:


	September 30, 2025						December 31, 2024
(In millions)	Gross Cost		Accumulated Amortization		Net Carrying Amount		Gross Cost		Accumulated Amortization		Net Carrying Amount
Client relationships	$	6,918	$	2,322	$	4,596	$	6,650	$	1,961	$	4,689
Other (a)	462		387		75		476		345		131
Other intangible assets	$	7,380	$	2,709	$	4,671	$	7,126	$	2,306	$	4,820

(a)Primarily reflects non-compete agreements, trade names and developed technology.

Aggregate amortization expense for the three and nine months ended September 30, 2025 was $133 million and $412 million, respectively, compared to $90 million and $269 million, respectively, for the corresponding periods in the prior year.

The estimated future aggregate amortization expense is as follows:


For the Years Ending December 31,
(In millions)	Estimated Expense
2025 (excludes amortization through September 30, 2025)	$	135
2026	521
2027	485
2028	461
2029	432
Subsequent years	2,637
Total future amortization	$	4,671