v3.25.4

Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets 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 |
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 goodwill table above primarily relate to adjustments to the fair value of the net tangible 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, 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.
In 2025, 2024 and 2023, amortization expense of other intangible assets was $994 million, $1.0 billion and $749 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 12.8 years as of December 31, 2025. 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 |
Goodwill and indefinite-lived intangible assets are tested for impairment annually in the fourth quarter or in interim periods if events occur or circumstances change that would indicate that the carrying amount may be impaired. We did not recognize any impairment losses on goodwill or indefinite-lived intangible assets in 2025, 2024 or 2023. Our finite-lived intangible assets are tested for impairment when indicators of impairment are present. 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 finite-lived intangible assets in 2025, 2024 or 2023. The impairment charges described above are included in depreciation and amortization expense within the consolidated statements of income.

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