v3.25.3
Goodwill and Acquired Intangible Assets
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Acquired Intangible Assets GOODWILL AND ACQUIRED INTANGIBLE ASSETS
Goodwill
The following table presents the changes in goodwill by business segment during the nine months ended September 30, 2025:
(in millions)
Capital Access Platforms
Balance at December 31, 2024$4,127 
Foreign currency translation adjustments155 
Balance at September 30, 2025$4,282 
Financial Technology
Balance at December 31, 2024$7,925 
Divestiture of business(9)
Foreign currency translation adjustments31 
Balance at September 30, 2025$7,947 
Market Services
Balance at December 31, 2024$1,905 
Foreign currency translation adjustments202 
Balance at September 30, 2025$2,107 
Total
Balance at December 31, 2024$13,957 
Divestiture of business(9)
Foreign currency translation adjustments388 
Balance at September 30, 2025$14,336 
Goodwill represents the excess of purchase price over the value assigned to the net assets, including identifiable intangible assets, of a business acquired. Goodwill is allocated to our reporting units based on the assignment of the fair values of each reporting unit of the acquired company. Upon the sale of a business, we also allocate a portion of goodwill to the business being sold, based on the relative fair value of the business and the portion of the reporting unit that we are retaining. We test goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying amount may be impaired, such as changes in the business climate, poor indicators of operating performance or the sale or disposition of a significant portion of a reporting unit. There was no impairment of goodwill for the three and nine months ended September 30, 2025 and 2024; however, events such as prolonged economic weakness or unexpected significant declines in operating results of any of our reporting units or businesses may result in goodwill impairment charges in the future.
Acquired Intangible Assets
The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived:
September 30, 2025December 31, 2024
Finite-Lived Intangible Assets(in millions)
Gross Amount:
Technology$1,234 $1,234 
Customer relationships5,714 5,720 
Trade names and other417 417 
Foreign currency translation adjustment(172)(237)
Total gross amount$7,193 $7,134 
Accumulated Amortization:
Technology$(496)$(348)
Customer relationships(1,365)(1,164)
Trade names and other(60)(43)
Foreign currency translation adjustment118 153 
Total accumulated amortization$(1,803)$(1,402)
Net Amount:
Technology$738 $886 
Customer relationships4,349 4,556 
Trade names and other357 374 
Foreign currency translation adjustment(54)(84)
Total finite-lived intangible assets$5,390 $5,732 
Indefinite-Lived Intangible Assets
Exchange and clearing registrations$1,257 $1,257 
Trade names121 121 
Licenses52 52 
Foreign currency translation adjustment(200)(257)
Total indefinite-lived intangible assets$1,230 $1,173 
Total intangible assets, net$6,620 $6,905 
There was no impairment of intangible assets for the three and nine months ended September 30, 2025 and 2024.
The following tables present our amortization expense for acquired finite-lived intangible assets:
Three Months Ended September 30,
20252024
(in millions)
Amortization expense$122 $122 
Nine Months Ended September 30,
20252024
(in millions)
Amortization expense$365 $366 
The table below presents the estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $54 million as of September 30, 2025) of acquired finite-lived intangible assets as of September 30, 2025:
(in millions)
Remainder of 2025
$123 
2026503 
2027493 
2028460 
2029433 
2030+3,432 
Total$5,444