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Goodwill and Other Intangibles | 3 Months Ended
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Mar. 31, 2023
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. 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 March 31, 2023 and December 31, 2022. Changes in the carrying amount of goodwill are as follows:
(In millions) | 2023 |  | 2022
Balance as of January 1, | $ | 16,251 |  |  | $ | 16,317 |
Goodwill acquired | 11 |  |  | 17 |
Other adjustments (a) | 38 |  |  | (80) |
Balance at March 31, | $ | 16,300 |  |  | $ | 16,254 |
(a) Primarily reflects the impact of foreign exchange. The goodwill arising from acquisitions in 2023 and 2022 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 2023 was in the Consulting segment and is deductible for tax purposes. Goodwill allocable to the Company’s reportable segments at March 31, 2023, is $12.5 billion for Risk and Insurance Services and $3.8 billion for Consulting. The gross cost and accumulated amortization of other identified intangible assets at March 31, 2023 and December 31, 2022 are as follows:
| March 31, 2023 |  | December 31, 2022
(In millions) | Gross Cost |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Cost |  | Accumulated Amortization |  | Net Carrying Amount
Client relationships | $ | 3,969 |  |  | $ | 1,561 |  |  | $ | 2,408 |  |  | $ | 3,993 |  |  | $ | 1,508 |  |  | $ | 2,485 |
Other (a) | 361 |  |  | 317 |  |  | 44 |  |  | 360 |  |  | 308 |  |  | 52 |
Other intangible assets | $ | 4,330 |  |  | $ | 1,878 |  |  | $ | 2,452 |  |  | $ | 4,353 |  |  | $ | 1,816 |  |  | $ | 2,537 |
(a) Primarily reflects non-compete agreements, trade names and developed technology. Aggregate amortization expense for the three months ended March 31, 2023 and 2022 was $85 million and $91 million, respectively. The estimated future aggregate amortization expense is as follows:
For the Years Ending December 31, |
(In millions) | Estimated Expense
2023 (excludes amortization through March 31, 2023) | $ | 241 |
2024 | 301 |
2025 | 268 |
2026 | 250 |
2027 | 249 |
Subsequent years | 1,143 |
Total future amortization | $ | 2,452 |

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- 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
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