v3.25.4

INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS AND GOODWILL | INTANGIBLE ASSETS AND GOODWILL The following table details the composition of our intangible assets at year-end 2025 and 2024:
(in millions) | At Year-End 2025 |  | At Year-End 2024
Definite-lived Intangible Assets |  |  |
Costs incurred to obtain contracts with customers | $ | 2,899 |  |  | $ | 2,538 |
Acquired contracts and other | 1,964 |  |  | 1,918 |
Software | 1,932 |  |  | 792 |
| 6,795 |  |  | 5,248 |
Accumulated amortization | (2,607) |  |  | (1,471) |
| 4,188 |  |  | 3,777 |
Indefinite-lived Intangible Brand Assets | 6,148 |  |  | 5,711 |
| $ | 10,336 |  |  | $ | 9,488 |
We capitalize direct costs that we incur to obtain contracts with customers, which we amortize on a straight-line basis over the initial term of the agreements, generally ranging from 15 to 30 years. For contracts acquired in business combinations and asset acquisitions, we record a definite-lived intangible asset at the acquisition date, which is amortized on a straight-line basis over the remaining life of the contract. We capitalize costs incurred to develop internal-use software and acquire software licenses and begin amortizing these costs when the software is substantially ready for its intended use on a straight-line basis over its estimated useful life, generally ranging from two to seven years. For acquired contracts, software, and other intangible assets, we recorded amortization expense of $313 million in 2025, $255 million in 2024, and $226 million in 2023 (of which $206 million in 2025, $158 million in 2024, and $122 million in 2023 was included in the “Reimbursed expenses” caption of our Income Statements). For these assets, we estimate that our aggregate amortization expense will be $308 million in 2026, $272 million in 2027, $225 million in 2028, $181 million in 2029, and $131 million in 2030. The following table details the carrying amount of our goodwill at year-end 2025 and 2024:
(in millions) | U.S. & Canada |  | EMEA |  | Greater China |  | APEC |  | CALA |  | Total Goodwill
Balance at year-end 2024 | $ | 5,301 |  |  | $ | 1,417 |  |  | $ | 979 |  |  | $ | 731 |  |  | $ | 303 |  |  | $ | 8,731 |
Foreign currency translation | 18 |  |  | 97 |  |  | 30 |  |  | 17 |  |  | 14 |  |  | 176 |
Balance at year-end 2025 | $ | 5,319 |  |  | $ | 1,514 |  |  | $ | 1,009 |  |  | $ | 748 |  |  | $ | 317 |  |  | $ | 8,907 |

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