v3.25.4
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill
Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired.
The change in the carrying amount of goodwill by segment is shown below:
(in millions)Market IntelligenceRatingsEnergyMobilityIndicesCorporateTotal
Balance as of December 31, 2023
$18,183 $274 $5,538 $8,863 $1,417 $575 $34,850 
Acquisitions229 — 16 — — — 245 
Dispositions(80)— — — — — (80)
Other 1
(26)(15)(4)(5)(48)— (98)
Balance as of December 31, 2024
18,306 259 5,550 8,858 1,369 575 34,917 
Acquisitions1,487 24 — — 36 5 1,552 
  Reclassifications 2
(141)(115)— — — 115 (141)
Other 1
10 (4)13 — 100 28 147 
Balance as of December 31, 2025
$19,662 $164 $5,563 $8,858 $1,505 $723 $36,475 
1Primarily relates to the impact of foreign exchange and valuation adjustments for prior period acquisitions.
2Relates to Enterprise Data Management, which is classified as assets held for sale in our consolidated balance sheet as of December 31, 2025.
Goodwill additions and dispositions in the table above relate to transactions discussed in Note 2 - Acquisitions and Divestitures.

Other Intangible Assets
Other intangible assets include both indefinite-lived assets not subject to amortization and definite-lived assets subject to amortization. We have indefinite-lived assets with a carrying value of $846 million as of December 31, 2025 and 2024.
•2025 and 2024 both include $380 million and $90 million for Dow Jones Indices intellectual property and the Dow Jones tradename, respectively, that we recorded as part of the transaction to form S&P Dow Jones Indices LLC in 2012.
•2025 and 2024 both include $185 million within our Market Intelligence segment for the SNL tradename.
•2025 and 2024 both include $132 million within our Indices segment for the balance of the IP rights in a family of indices derived from the S&P 500, solidifying Indices IP in and to the S&P 500 index family.
•2025 and 2024 both include $59 million within our Indices segment for the Goldman Sachs Commodity Index intellectual property and the Broad Market Indices intellectual property.
The following table summarizes our definite-lived intangible assets:
(in millions) 
CostDatabases and softwareContentCustomer relationshipsTradenamesOther intangiblesTotal
Balance as of December 31, 2023
$3,942 $139 $13,490 $1,528 $325 $19,424 
   Acquisitions— — — — 268 268 
 Reclassifications(15)— — — — (15)
     Other 1
— — (25)(7)(7)(39)
Balance as of December 31, 2024
3,927 139 13,465 1,521 586 19,638 
   Acquisitions349 — 301 — 78 728 
Reclassifications11 — — — (11)— 
     Other 1
1 — 51 13 9 74 
Balance as of December 31, 2025
$4,288 $139 $13,817 $1,534 $662 $20,440 
Accumulated amortization
Balance as of December 31, 2023
$1,116 $139 $1,198 $256 $163 $2,872 
Current year amortization350 — 542 111 74 1,077 
     Reclassifications (13)— — — — (13)
     Other 1
— — (3)(1)(4)(8)
Balance as of December 31, 2024
1,453 139 1,737 366 233 3,928 
Current year amortization341 — 542 111 75 1,069 
     Reclassifications2 — — — (2)— 
     Other 1
1 — 8 3 6 18 
Balance as of December 31, 2025
$1,797 $139 $2,287 $480 $312 $5,015 
Net definite-lived intangibles:
December 31, 2024$2,474 $— $11,728 $1,155 $353 $15,710 
December 31, 2025$2,491 $— $11,530 $1,054 $350 $15,425 
1Primarily relates to the impact of foreign exchange and valuation adjustments for prior period acquisitions.
Definite-lived intangible assets are being amortized on a straight-line basis over periods of up to 25 years. The weighted-average life of the intangible assets as of December 31, 2025 is approximately 21 years.

Amortization expense was $1,069 million, $1,077 million and $1,042 million for the years ended December 31, 2025, 2024 and 2023, respectively. Expected amortization expense for intangible assets over the next five years for the years ended December 31, assuming no further acquisitions or dispositions, is as follows:
(in millions)20262027202820292030
Amortization expense$1,110 $1,094 $1,076 $1,050 $1,024