v3.25.4

Goodwill and Other Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Intangible Assets and Goodwill | 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, 2024 | $ | 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 |
Acquisitions | 1 |  |  | 7 |  |  | 4 |  |  | 12 |
Foreign currency translation | 38 |  |  | 3 |  |  | (2) |  |  | 39 |
Other activity, net | — |  |  | 1 |  |  | (1) |  |  | — |
Goodwill balance at December 31, 2025 | $ | 8,175 |  |  | $ | 4,864 |  |  | $ | 17,607 |  |  | $ | 30,646 |
The following is a summary of the activity in our other intangible assets balance (in millions):
Other intangible assets balance at January 1, 2024 | $ | 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 |
Acquisitions | 8 |
Foreign currency translation | 33 |
Amortization of other intangible assets | (994) |
Other intangible assets balance at December 31, 2025 | $ | 15,353 |
Other intangible assets and the related accumulated amortization consisted of the following (in millions):
| As of December 31, 2025 |  | As of December 31, 2024
| Gross(1) |  | Accumulated Amortization(1) |  | Net Book Value |  | Gross |  | Accumulated Amortization |  | Net Book Value
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer relationships | $ | 10,692 |  |  | $ | (3,743) |  |  | $ | 6,949 |  |  | $ | 10,874 |  |  | $ | (3,299) |  |  | $ | 7,575 |
Technology | 2,102 |  |  | (997) |  |  | 1,105 |  |  | 2,549 |  |  | (1,191) |  |  | 1,358 |
Trading products with finite lives | 216 |  |  | (170) |  |  | 46 |  |  | 202 |  |  | (149) |  |  | 53 |
Data and databases | 609 |  |  | (153) |  |  | 456 |  |  | 746 |  |  | (230) |  |  | 516 |
Trademarks and trade names | 359 |  |  | (79) |  |  | 280 |  |  | 386 |  |  | (87) |  |  | 299 |
Other | 13 |  |  | (6) |  |  | 7 |  |  | 51 |  |  | (43) |  |  | 8 |
Total finite-lived intangible assets | $ | 13,991 |  |  | $ | (5,148) |  |  | $ | 8,843 |  |  | $ | 14,808 |  |  | $ | (4,999) |  |  | $ | 9,809 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Exchange registrations, licenses and contracts with indefinite lives | $ | 6,222 |  |  | $ | — |  |  | $ | 6,222 |  |  | $ | 6,209 |  |  | $ | — |  |  | $ | 6,209 |
Trademarks and trade names with indefinite lives | 280 |  |  | — |  |  | 280 |  |  | 280 |  |  | — |  |  | 280 |
Other | 8 |  |  | — |  |  | 8 |  |  | 8 |  |  | — |  |  | 8 |
Total indefinite-lived intangible assets | $ | 6,510 |  |  | $ | — |  |  | $ | 6,510 |  |  | $ | 6,497 |  |  | $ | — |  |  | $ | 6,497 |
Total other intangible assets | $ | 20,501 |  |  | $ | (5,148) |  |  | $ | 15,353 |  |  | $ | 21,305 |  |  | $ | (4,999) |  |  | $ | 16,306 |
(1) In 2025, we removed $868 million of fully amortized intangible assets.
Schedule of Future Amortization Expense | We expect future amortization expense from the finite-lived intangible assets as of December 31, 2025 to be as follows (in millions):
2026 | $ | 946 |
2027 | 901 |
2028 | 803 |
2029 | 769 |
2030 | 744 |
Thereafter | 4,680 |
Total | $ | 8,843 |

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