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Goodwill and Other Intangibles | 9 Months Ended
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Sep. 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 at 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, a company may elect to proceed directly to the quantitative goodwill impairment test. In the third quarter of 2024, 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, 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 | 826 |  |  | 480 |
Other adjustments (a) | 178 |  |  | (76) |
Balance at September 30, | $ | 18,235 |  |  | $ | 16,655 |
(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 $263 million and $88 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 September 30, 2024 is $14.0 billion for Risk and Insurance Services and $4.2 billion for Consulting. The gross cost and accumulated amortization of other identified intangible assets at September 30, 2024 and December 31, 2023 are as follows:
| September 30, 2024 |  | December 31, 2023
(In millions) | Gross Cost |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Cost |  | Accumulated Amortization |  | Net Carrying Amount
Client relationships | $ | 4,614 |  |  | $ | 1,937 |  |  | $ | 2,677 |  |  | $ | 4,337 |  |  | $ | 1,761 |  |  | $ | 2,576 |
Other (a) | 386 |  |  | 343 |  |  | 43 |  |  | 391 |  |  | 337 |  |  | 54 |
Other intangible assets | $ | 5,000 |  |  | $ | 2,280 |  |  | $ | 2,720 |  |  | $ | 4,728 |  |  | $ | 2,098 |  |  | $ | 2,630 |
(a) Primarily reflects non-compete agreements, trade names and developed technology. Aggregate amortization expense for the three and nine months ended September 30, 2024 was $90 million and $269 million, respectively, compared to $85 million and $257 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 September 30, 2024) | $ | 91 |
2025 | 337 |
2026 | 317 |
2027 | 308 |
2028 | 285 |
Subsequent years | 1,382 |
Total future amortization | $ | 2,720 |

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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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