v3.25.4
INTANGIBLE ASSETS AND GOODWILL
 12 Months Ended
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 2025At 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 Assets6,148 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
EMEAGreater ChinaAPECCALATotal Goodwill
Balance at year-end 2024$5,301 $1,417 $979 $731 $303 $8,731 
Foreign currency translation18 97 30 17 14 176 
Balance at year-end 2025$5,319 $1,514 $1,009 $748 $317 $8,907