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GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS (Tables) | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Activity in Goodwill | The following table summarizes the activity in goodwill for the periods indicated:
| Nine Months Ended September 30, 2024
| MA |  | MIS |  | Consolidated
| Gross goodwill |  | Accumulated impairment charge |  | Net goodwill |  | Gross goodwill |  | Accumulated impairment charge |  | Net goodwill |  | Gross goodwill |  | Accumulated impairment charge |  | Net goodwill
Balance at beginning of year | $ | 5,681 |  |  | $ | (12) |  |  | $ | 5,669 |  |  | $ | 287 |  |  | $ | — |  |  | $ | 287 |  |  | $ | 5,968 |  |  | $ | (12) |  |  | $ | 5,956 |
Additions/ adjustments (1) | 39 |  |  | — |  |  | 39 |  |  | 98 |  |  | — |  |  | 98 |  |  | 137 |  |  | — |  |  | 137 |
Foreign currency translation adjustments | 54 |  |  | — |  |  | 54 |  |  | 1 |  |  | — |  |  | 1 |  |  | 55 |  |  | — |  |  | 55 |
Ending balance | $ | 5,774 |  |  | $ | (12) |  |  | $ | 5,762 |  |  | $ | 386 |  |  | $ | — |  |  | $ | 386 |  |  | $ | 6,160 |  |  | $ | (12) |  |  | $ | 6,148 |
| Year Ended December 31, 2023
| MA |  | MIS |  | Consolidated
| Gross goodwill |  | Accumulated impairment charge |  | Net goodwill |  | Gross goodwill |  | Accumulated impairment charge |  | Net goodwill |  | Gross goodwill |  | Accumulated impairment charge |  | Net goodwill
Balance at beginning of year | $ | 5,474 |  |  | $ | (12) |  |  | $ | 5,462 |  |  | $ | 377 |  |  | $ | — |  |  | $ | 377 |  |  | $ | 5,851 |  |  | $ | (12) |  |  | $ | 5,839 |
Additions/ adjustments (2) | 90 |  |  | — |  |  | 90 |  |  | (87) |  |  | — |  |  | (87) |  |  | 3 |  |  | — |  |  | 3 |
Foreign currency translation adjustments | 117 |  |  | — |  |  | 117 |  |  | (3) |  |  | — |  |  | (3) |  |  | 114 |  |  | — |  |  | 114 |
Ending balance | $ | 5,681 |  |  | $ | (12) |  |  | $ | 5,669 |  |  | $ | 287 |  |  | $ | — |  |  | $ | 287 |  |  | $ | 5,968 |  |  | $ | (12) |  |  | $ | 5,956 |
(1) The 2024 additions/adjustments primarily relate to certain immaterial acquisitions in 2024 (most notably GCR and Praedicat in the third quarter of 2024). (2) The 2023 additions/adjustments primarily relate to a reallocation of goodwill pursuant to a realignment of certain components of the Company's ESG business in the first quarter of 2023.
Acquired Intangible Assets and Related Amortization | Acquired intangible assets and related amortization consisted of:
| September 30, 2024 |  | December 31, 2023
Customer relationships | $ | 2,109 |  |  | $ | 2,065 |
Accumulated amortization | (634) |  |  | (556) |
Net customer relationships | 1,475 |  |  | 1,509 |
Software/product technology | 691 |  |  | 674 |
Accumulated amortization | (420) |  |  | (364) |
Net software/product technology | 271 |  |  | 310 |
Database | 179 |  |  | 179 |
Accumulated amortization | (97) |  |  | (82) |
Net database | 82 |  |  | 97 |
Trade names | 207 |  |  | 199 |
Accumulated amortization | (83) |  |  | (72) |
Net trade names | 124 |  |  | 127 |
Other (1) | 66 |  |  | 52 |
Accumulated amortization | (48) |  |  | (46) |
Net other | 18 |  |  | 6 |
Total acquired intangible assets, net | $ | 1,970 |  |  | $ | 2,049 |
(1) Other intangible assets primarily consist of trade secrets, covenants not to compete, and acquired ratings methodologies and models.
Amortization Expense Relating to Acquired Intangible Assets | Amortization expense relating to acquired intangible assets is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Amortization expense | $ | 51 |  |  | $ | 49 |  |  | $ | 148 |  |  | $ | 150 |

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 + Details
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