
	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


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.


	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):

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.