XML 29 R15.htm IDEA: XBRL DOCUMENT
v3.22.4

Goodwill and Other Intangibles | 12 Months Ended
--- | ---
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangibles | Goodwill and Other Intangibles The Company is required to assess goodwill and any indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate impairment may have occurred. The Company performs the annual impairment assessment for each of its reporting units during the third quarter of each year. In accordance with applicable accounting guidance, a company can assess qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. Alternatively, the Company may elect to proceed directly to the quantitative goodwill impairment test. In the third quarter of 2022, 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 2019; •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. Othe r 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 identified intangible assets at December 31, 2022 and 2021. Changes in the carrying amount of goodwill are as follows:
(In millions) | 2022 |  | 2021
Balance as of January 1 | $ | 16,317 |  |  | $ | 15,517 |
Goodwill acquired | 460 |  |  | 1,045 |
Other adjustments (a) | (526) |  |  | (245) |
Balance at December 31, | $ | 16,251 |  |  | $ | 16,317 |
(a) Primarily reflects the impact of foreign exchange and dispositions. The goodwill arising from acquisitions in 2022 and 2021 consists largely of the synergies and economies of scale expected from combining the operations of the Company and the acquired entities and the trained assembled workforce acquired. The goodwill acquired in 2022 included approximately $348 million and $64 million in the Risk and Insurance Services and Consulting segments, respectively, which is deductible for tax purposes. The goodwill acquired in 2021 included approximately $96 million, primarily related to the Risk and Insurance Service segment, which is deductible for tax purposes. Goodwill allocable to the Company’s reportable segments as of December 31, 2022, is $12.5 billion for Risk and Insurance Services and $3.8 billion for Consulting. The gross cost and accumulated amortization of other intangible assets at December 31, 2022 and 2021 are as follows:
(In millions) | 2022 |  | 2021
| Gross Cost |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Cost |  | Accumulated Amortization |  | Net Carrying Amount
Customer relationships | $ | 3,993 |  |  | $ | 1,508 |  |  | $ | 2,485 |  |  | $ | 4,066 |  |  | $ | 1,334 |  |  | $ | 2,732 |
Other (a) | 360 |  |  | 308 |  |  | 52 |  |  | 365 |  |  | 287 |  |  | 78 |
Other intangible assets | $ | 4,353 |  |  | $ | 1,816 |  |  | $ | 2,537 |  |  | $ | 4,431 |  |  | $ | 1,621 |  |  | $ | 2,810 |
(a) Primarily non-compete agreements, trade names and developed technology. Aggregate amortization expens e was $338 million, $365 million, and $351 million for the years ended December 31, 2022, 2021 and 2020, respectively. The estimated future aggregate amortization expense is as follows:
For the Years Ended December 31, |
(In millions) |
2023 | $ | 327 |
2024 | 307 |
2025 | 274 |
2026 | 253 |
2027 | 249 |
Subsequent years | 1,127 |
Total future amortization | $ | 2,537 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration