Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The following is a summary of the activity in our goodwill balance by segment for the nine months ended September 30, 2025 (in millions):


	Exchanges Segment		Fixed Income and Data Services Segment		Mortgage Technology Segment		Total Consolidated
Goodwill balance at December 31, 2024	$	8,136	$	4,853	$	17,606	$	30,595
Acquisitions	1		7		4		12

Foreign currency translation	35		3		(1)		37
Other activity, net	—		—		(1)		(1)
Goodwill balance at September 30, 2025	$	8,172	$	4,863	$	17,608	$	30,643

The following is a summary of the activity in our other intangible assets balance for the nine months ended September 30, 2025 (in millions):


Other intangible assets balance at December 31, 2024	$	16,306
Acquisitions	8
Foreign currency translation	31
Amortization of other intangible assets	(756)

Other intangible assets balance at September 30, 2025	$	15,589

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.

During the nine months ended September 30, 2025, we considered potential indicators of impairment to goodwill and other intangible assets for each of our reporting units, which included continued global inflation concerns, changes in tariffs and trade policies and changing interest rates, including their effect on our forecasts, among other things. As such, we performed this assessment to determine whether it was more-likely-than-not that goodwill and indefinite lived intangibles within each of our reporting units were impaired. Additionally, we evaluated whether the carrying value of the

finite-lived intangible assets may not be recoverable. After evaluating events, circumstances and factors which could affect the significant inputs used in our evaluation of cash flows and related fair value, we determined it was not more-likely-than-not that an impairment existed in our goodwill and indefinite lived intangible assets or that the carrying amount of our finite lived intangible assets was not recoverable. We plan to perform our annual impairment testing in the fourth quarter of 2025.