Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The following is a summary of the activity in our goodwill balance by segment (in millions):


	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Goodwill balance at January 1, 2023	$	8,134	$	4,850	$	8,127	$	21,111
Acquisitions	—		—		9,417		9,417

Foreign currency translation	21		3		—		24
Other activity, net	—		1		—		1
Goodwill balance at December 31, 2023	$	8,155	$	4,854	$	17,544	$	30,553
Acquisitions	—		—		39		39

Foreign currency translation	(19)		(1)		(1)		(21)
Other activity, net	—		—		24		24
Goodwill balance at December 31, 2024	$	8,136	$	4,853	$	17,606	$	30,595

The following is a summary of the activity in our other intangible assets balance (in millions):


Other intangible assets balance at January 1, 2023	$	13,090
Acquisitions	4,953

Foreign currency translation	21
Amortization of other intangible assets	(749)
Other activity, net	2
Other intangible assets balance at December 31, 2023	$	17,317
Acquisitions	21

Foreign currency translation	(20)
Amortization of other intangible assets	(1,012)

Other intangible assets balance at December 31, 2024	$	16,306

We completed our acquisition of Black Knight during 2023 (see Note 3).

Foreign currency translation adjustments result from a portion of our goodwill and other intangible assets primarily being held at our U.K., EU and Canadian subsidiaries, whose functional currencies are not the U.S. dollar. The changes in other activity, net, in the tables above primarily relate to adjustments to the fair value of the net tangible and intangible assets made within one year of acquisitions, with a corresponding adjustment to goodwill.

Other intangible assets and the related accumulated amortization consisted of the following (in millions):


	As of December 31, 2024						As of December 31, 2023
	Gross		Accumulated Amortization		Net Book Value		Gross		Accumulated Amortization		Net Book Value
Finite-lived intangible assets:
Customer relationships	$	10,874	$	(3,299)	$	7,575	$	10,870	$	(2,641)	$	8,229
Technology	2,549		(1,191)		1,358		2,497		(934)		1,563
Trading products with finite lives	202		(149)		53		205		(141)		64
Data and databases	746		(230)		516		745		(170)		575
Trademarks and trade names	386		(87)		299		386		(67)		319
Other	51		(43)		8		51		(42)		9
Total finite-lived intangible assets	14,808		(4,999)		9,809		14,754		(3,995)		10,759
Indefinite-lived intangible assets:
Exchange registrations, licenses and contracts with indefinite lives	6,209		—		$	6,209	6,223		—		6,223
Trademarks and trade names with indefinite lives	280		—		$	280	280		—		280
In-process research and development	—		—		$	—	47		—		47
Other	8		—		$	8	8		—		8
Total indefinite-lived intangible assets	6,497		—		6,497		6,558		—		6,558
Total other intangible assets	$	21,305	$	(4,999)	$	16,306	$	21,312	$	(3,995)	$	17,317

In 2024, 2023 and 2022, amortization expense of other intangible assets was $1.0 billion, $749 million and $610 million, respectively, and is recorded in depreciation and amortization expense in our consolidated statements of income. Collectively, the remaining weighted average useful lives of the finite-lived intangible assets is 13.5 years as of December 31, 2024. We expect future amortization expense from the finite-lived intangible assets as of December 31, 2024 to be as follows (in millions):


2025	$	991
2026	943
2027	897
2028	800
2029	766
Thereafter	5,412
	$	9,809

We performed an analysis of impairment indicators as of December 31, 2024, and other than a $7 million impairment on certain trademark intangible assets within our Mortgage Technology Segment in 2023 and a $3 million impairment of developed technology within our Exchanges Segment in 2024 for assets no longer in use, we did not recognize any impairment losses on goodwill or other intangible assets in 2024, 2023 or 2022. The impairment charges described above are included in depreciation and amortization expense within the consolidated statements of income. We considered potential indicators of impairment to goodwill and other intangible assets for each of our reporting units, which included continued global inflation concerns and changing interest rates, including their effect on our forecasts and discount rates, among other things.