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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. The change in the carrying amount of goodwill by segment is shown below:
(in millions) | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Corporate |  | Total
Balance as of December 31, 2022 | $ | 18,110 |  |  | $ | 257 |  |  | $ | 5,522 |  |  | $ | 8,695 |  |  | $ | 1,399 |  |  |  |  | $ | 562 |  |  | $ | 34,545 |
Acquisitions | 62 |  |  | 3 |  |  | 6 |  |  | 168 |  |  | — |  |  |  |  | — |  |  | 239 |
Other 1 | 11 |  |  | 14 |  |  | 10 |  |  | — |  |  | 18 |  |  |  |  | 13 |  |  | 66 |
Balance as of December 31, 2023 | 18,183 |  |  | 274 |  |  | 5,538 |  |  | 8,863 |  |  | 1,417 |  |  |  |  | 575 |  |  | 34,850 |
Acquisitions | 229 |  |  | — |  |  | 16 |  |  | — |  |  | — |  |  |  |  | — |  |  | 245 |
Dispositions | (80) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (80) |
Other 1 | (26) |  |  | (15) |  |  | (4) |  |  | (5) |  |  | (48) |  |  |  |  | — |  |  | (98) |
Balance as of December 31, 2024 | $ | 18,306 |  |  | $ | 259 |  |  | $ | 5,550 |  |  | $ | 8,858 |  |  | $ | 1,369 |  |  |  |  | $ | 575 |  |  | $ | 34,917 |
1 Primarily relates to the impact of foreign exchange and valuation adjustments for prior period acquisitions. Goodwill additions and dispositions in the table above relate to transactions discussed in Note 2 - Acquisitions and Divestitures. Other Intangible Assets Other intangible assets include both indefinite-lived assets not subject to amortization and definite-lived assets subject to amortization. We have indefinite-lived assets with a carrying value of $846 million as of December 31, 2024 and 2023. •2024 and 2023 both include $380 million and $90 million for Dow Jones Indices intellectual property and the Dow Jones tradename, respectively, that we recorded as part of the transaction to form S&P Dow Jones Indices LLC in 2012. •2024 and 2023 both include $185 million within our Market Intelligence segment for the SNL tradename. •2024 and 2023 both include $132 million within our Indices segment for the balance of the IP rights in a family of indices derived from the S&P 500, solidifying Indices IP in and to the S&P 500 index family. •2024 and 2023 both include $59 million within our Indices segment for the Goldman Sachs Commodity Index intellectual property and the Broad Market Indices intellectual property. The following table summarizes our definite-lived intangible assets:
(in millions) |  |  |  |  |  |  |  |  |  |  |
Cost | Databases and software |  | Content |  | Customer relationships |  | Tradenames |  | Other intangibles |  | Total
Balance as of December 31, 2022 | $ | 3,941 |  |  | $ | 139 |  |  | $ | 13,467 |  |  | $ | 1,524 |  |  | $ | 214 |  |  | $ | 19,285 |
Acquisitions | — |  |  | — |  |  | — |  |  | — |  |  | 104 |  |  | 104 |
Other 1 | 1 |  |  | — |  |  | 23 |  |  | 4 |  |  | 7 |  |  | 35 |
Balance as of December 31, 2023 | 3,942 |  |  | 139 |  |  | 13,490 |  |  | 1,528 |  |  | 325 |  |  | 19,424 |
Acquisitions | — |  |  | — |  |  | — |  |  | — |  |  | 268 |  |  | 268 |
Reclassifications | (15) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (15) |
Other 1 | — |  |  | — |  |  | (25) |  |  | (7) |  |  | (7) |  |  | (39) |
Balance as of December 31, 2024 | $ | 3,927 |  |  | $ | 139 |  |  | $ | 13,465 |  |  | $ | 1,521 |  |  | $ | 586 |  |  | $ | 19,638 |
Accumulated amortization |  |  |  |  |  |  |  |  |  |  |
Balance as of December 31, 2022 | $ | 765 |  |  | $ | 139 |  |  | $ | 656 |  |  | $ | 142 |  |  | $ | 123 |  |  | $ | 1,825 |
Current year amortization | 351 |  |  | — |  |  | 545 |  |  | 111 |  |  | 35 |  |  | 1,042 |
Reclassifications | — |  |  | — |  |  | (2) |  |  | 2 |  |  | — |  |  | — |
Other 1 | — |  |  | — |  |  | (1) |  |  | 1 |  |  | 5 |  |  | 5 |
Balance as of December 31, 2023 | 1,116 |  |  | 139 |  |  | 1,198 |  |  | 256 |  |  | 163 |  |  | 2,872 |
Current year amortization | 350 |  |  | — |  |  | 542 |  |  | 111 |  |  | 74 |  |  | 1,077 |
Reclassifications | (13) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (13) |
Other 1 | — |  |  | — |  |  | (3) |  |  | (1) |  |  | (4) |  |  | (8) |
Balance as of December 31, 2024 | $ | 1,453 |  |  | $ | 139 |  |  | $ | 1,737 |  |  | $ | 366 |  |  | $ | 233 |  |  | $ | 3,928 |
Net definite-lived intangibles: |  |  |  |  |  |  |  |  |  |  |
December 31, 2023 | $ | 2,826 |  |  | $ | — |  |  | $ | 12,292 |  |  | $ | 1,272 |  |  | $ | 162 |  |  | $ | 16,552 |
December 31, 2024 | $ | 2,474 |  |  | $ | — |  |  | $ | 11,728 |  |  | $ | 1,155 |  |  | $ | 353 |  |  | $ | 15,710 |
1 Primarily relates to the impact of foreign exchange and valuation adjustments for prior period acquisitions. Definite-lived intangible assets are being amortized on a straight-line basis over periods of up to 25 years. The weighted-average life of the intangible assets as of December 31, 2024 is approximately 22 years. Amortization expense was $1,077 million, $1,042 million and $905 million for the years ended December 31, 2024, 2023 and 2022, respectively. Expected amortization expense for intangible assets over the next five years for the years ended December 31, assuming no further acquisitions or dispositions, is as follows:
(in millions) | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029
Amortization expense | $ | 1,076 |  |  | $ | 1,041 |  |  | $ | 1,027 |  |  | $ | 1,009 |  |  | $ | 987 |

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