Our annual assessment of goodwill and other intangible assets deemed to have indefinite lives has historically been completed as of the beginning of the fourth quarter of each year. We performed the 2024, 2023 and 2022 annual assessments as of October 1 and determined that no impairment existed as the estimated fair value of our reporting units was in excess of their carrying value.

During 2022, we identified a triggering event due to changing market conditions in our Real Estate Investments segment for the Telford Homes business. We recorded a non-cash goodwill impairment charge of $26 million associated with this reporting unit attributable to the effects of elevated inflation on construction, materials and labor costs, driving an increase in Telford Homes’ risk as the contractor and reducing the profitability of current projects.

The following table summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 (dollars in millions):


	Advisory Services		Global Workplace Solutions		Real Estate Investments		Total
Balance as of December 31, 2022
Goodwill	$	3,283	$	2,110	$	595	$	5,988
Accumulated impairment losses	(762)		(175)		(183)		(1,120)
	2,521		1,935		412		4,868

Acquisitions	91		93		3		187

Foreign exchange movement	9		57		8		74
Balance as of December 31, 2023
Goodwill	3,383		2,260		606		6,249
Accumulated impairment losses	(762)		(175)		(183)		(1,120)
	2,621		2,085		423		5,129

Acquisitions	8		589		—		597

Foreign exchange movement	(33)		(60)		(12)		(105)
Balance as of December 31, 2024
Goodwill	3,358		2,789		594		6,741
Accumulated impairment losses	(762)		(175)		(183)		(1,120)
	$	2,596	$	2,614	$	411	$	5,621

Other intangible assets totaled $2.3 billion, net of accumulated amortization of $2.5 billion as of December 31, 2024, and $2.1 billion, net of accumulated amortization of $2.2 billion as of December 31, 2023 and are comprised of the following (dollars in millions):


	December 31,
	2024				2023
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Unamortizable intangible assets:
Management contracts	$	58			$	62
Trademarks	309				317

	367				379
Amortizable intangible assets:
Customer relationships	2,021		$	(1,031)	1,727		$	(893)
Mortgage servicing rights	1,134		(648)		1,055		(556)
Trademarks/Trade names	342		(177)		315		(147)
Management contracts	133		(133)		122		(121)

Other	795		(505)		662		(462)
	4,425		(2,494)		3,881		(2,179)
Total intangible assets	$	4,792	$	(2,494)	$	4,260	$	(2,179)

Indefinite-lived intangible assets include management contracts identified as a result of the ING Group N.V. (ING) Real Estate Investment Management (REIM) operations in Europe and Asia, as well as substantially all of Clarion Real Estate Securities (CRES) in 2011 (collectively referred to as the REIM Acquisitions) relating to relationships with open-end funds, a trademark separately identified as a result of the CBRE Services, Inc. (CBRE Services) in 2001 (the 2001 Acquisition), a trade name separately identified in connection with the REIM Acquisitions and a trademark separately identified as part of the Turner & Townsend transaction.

Customer relationships relate to existing relationships acquired through acquisitions mainly in our Global Workplace Solutions segment that are being amortized over useful lives of up to 20 years.

Mortgage servicing rights represent the carrying value of servicing assets in the U.S. in our Advisory Services segment. The mortgage servicing rights are being amortized over the estimated period that net servicing income is expected to be received, which is typically up to 10 years. See Mortgage Servicing Rights discussion within Note 2 – Significant Accounting Policies for additional information.

Trademarks are primarily from our 2015 acquisition of the Global Workplace Solutions business from Johnson Controls, Inc., which are being amortized over 20 years. During 2022, we recorded a non-cash impairment of approximately $22 million for trademarks associated with our Telford Homes business in the Real Estate Investments segment due to the impact of the inflationary conditions on construction materials negatively impacting cash flows (see Note 7 – Fair Value Measurements).

Management contracts consist primarily of asset management contracts relating to relationships with closed-end funds and separate accounts in the U.S., Europe and Asia that were separately identified as a result of the REIM Acquisitions. These management contracts are being amortized over useful lives of up to 13 years.

Other amortizable intangible assets mainly represent upfront transition costs incurred to obtain or fulfill contracts prior to services being rendered which primarily get amortized to cost of revenue over the life of the associated contract. It also includes a backlog related intangible identified as part of the Turner & Townsend transaction.

Amortization expense related to intangible assets, excluding amortization of transition costs, was $363 million, $322 million and $348 million for the years ended December 31, 2024, 2023 and 2022, respectively. The estimated annual amortization expense, excluding amortization of transition costs, for each of the years ending December 31, 2025 through December 31, 2029 and thereafter approximates $339 million, $281 million, $243 million, $191 million, $165 million and $529 million, respectively.