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Goodwill and Other Intangibles | 6 Months Ended
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Jun. 30, 2024
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 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 as the same level as the Company's operating segments. 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 2023, the Company performed a quantitative goodwill impairment assessment. Fair values for the reporting units were estimated using both an income and market valuation approach. The carrying values were based on balances at June 30, 2023 and included directly identified assets and liabilities, as well as an allocation of those assets and liabilities not recorded at the reporting unit level. The Company concluded that goodwill was not impaired, as the fair value of each reporting unit exceeded the carrying value. 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 June 30, 2024 and December 31, 2023. Changes in the carrying amount of goodwill are as follows:
(In millions) | 2024 |  | 2023
Balance at January 1, | $ | 17,231 |  |  | $ | 16,251 |
Goodwill acquired | 430 |  |  | 236 |
Other adjustments (a) | (145) |  |  | 134 |
Balance at June 30, | $ | 17,516 |  |  | $ | 16,621 |
(a) Primarily reflects the impact of foreign exchange. The goodwill from acquisitions in 2024 and 2023 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 2024 included approxi mately $254 million and $81 million in t he Risk and Insurance Services and Consulting segments, respectively, which is deductible for tax purposes. Goodwill allocated to the Company’s reportable segments at June 30, 2024 is $13.4 billion for Risk and Insurance Services and $4.1 billion for Consulting. The gross cost and accumulated amortization of other identified intangible assets at June 30, 2024 and December 31, 2023 are as follows:
| June 30, 2024 |  | December 31, 2023
(In millions) | Gross Cost |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Cost |  | Accumulated Amortization |  | Net Carrying Amount
Client relationships | $ | 4,498 |  |  | $ | 1,905 |  |  | $ | 2,593 |  |  | $ | 4,337 |  |  | $ | 1,761 |  |  | $ | 2,576 |
Other (a) | 376 |  |  | 331 |  |  | 45 |  |  | 391 |  |  | 337 |  |  | 54 |
Other intangible assets | $ | 4,874 |  |  | $ | 2,236 |  |  | $ | 2,638 |  |  | $ | 4,728 |  |  | $ | 2,098 |  |  | $ | 2,630 |
(a) Primarily reflects non-compete agreements, trade names and developed technology. Aggregate amortization expense for the three and six months ended June 30, 2024 was $89 million and $179 million, respectively, compared to $87 million and $172 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
2024 (excludes amortization through June 30, 2024) | $ | 174 |
2025 | 322 |
2026 | 301 |
2027 | 293 |
2028 | 271 |
Subsequent years | 1,277 |
Total future amortization | $ | 2,638 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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