We test each of our reporting units for goodwill impairment annually at October 1st, or upon the occurrence of a

triggering event, in accordance with ASC Topic 350, “Intangibles – Goodwill and Other.” As of January 1, 2026, we

transferred the data center project work that is integrated with our Data Center Services facilities management business from the

Project Management segment to the BOE segment. This changed the composition of our reporting units which resulted in the

reallocation of goodwill from the Project Management segment to the BOE segment as of January 1, 2026. Additionally, the

change in composition of our reporting units was considered a triggering event requiring an interim goodwill impairment test as

of January 1, 2026. We determined that no impairment existed as the estimated fair values of our reporting units were in excess

of their respective carrying values, both before and after the transfer.


	Advisory Services	Building Operations & Experience	Project Management	Real Estate Investments	Total Consolidated
Balance as of December 31, 2025 (1)	$2,401	$2,850	$1,378	$422	$7,051
Reallocation	—	27	(27)	—	—
Acquisitions	(4)	5	6	—	7
Foreign exchange movement	(10)	(26)	(20)	(4)	(60)
Balance as of June 30, 2026	$2,387	$2,856	$1,337	$418	$6,998

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(1)Beginning goodwill balance is presented net of prior accumulated impairment losses of $673 million, $175 million, $89 million, and $183 million related

to the Advisory Services, BOE, Project Management, and REI segments, respectively.