
	Financial Services		Benefits and Insurance Services		Total Goodwill
Gross	$	625,110	$	324,057	$	949,167
Accumulated impairment	(76,254)		(7,733)		(83,987)
Net at December 31, 2023	$	548,856	$	316,324	$	865,180
Additions	1,458,747		13,905		1,472,652
Divestitures and other adjustments	(6,371)		—		(6,371)
Gross	2,077,486		337,962		2,415,448
Accumulated impairment	(76,254)		(7,733)		(83,987)
Net at December 31, 2024	$	2,001,232	$	330,229	$	2,331,461
Additions	1,876		—		1,876
Other adjustment(1)	(5,814)		2,276		(3,538)
Gross	2,073,548		340,238		2,413,786
Accumulated impairment	(76,254)		(7,733)		(83,987)
Net at December 31, 2025	$	1,997,294	$	332,505	$	2,329,799

As discussed in Note 1, Basis of Presentation and Significant Accounting Polices, during the fourth quarter of 2025, we completed certain organizational reporting changes which resulted in a realignment of the reporting units in both the Financial Services and Benefits and Insurance Services practice groups into new reporting units to align with the internal reporting structure and the services provided by the practice groups. As a result of the changes in reporting units, we performed a qualitative assessment immediately before the change in reporting units. We concluded that it was more likely than not the fair values of each of our reporting units immediately before the change exceeded their respective carrying values and, therefore, goodwill related to those reporting units was determined not to be impaired. The change in reporting units resulted in a triggering event. We performed a quantitative assessment immediately after the change in reporting units by comparing the fair value of the reporting unit to its carrying value. In measuring the estimated fair value of each reporting unit, we utilized a combination of an income approach and a market approach. Under the income approach, a discounted cash flow analysis is performed with assumptions and estimates of forecasted operating cash flows, including revenue growth rates, profitability margins, and discount rates, which all vary among reporting units. The market approach utilizes the guideline public company method and is based on revenue and earnings multiple data derived from publicly traded peer group companies. Based on the results of the quantitative assessment, we concluded that the estimated fair values of our reporting units immediately after the change exceeded their respective carrying values and, therefore, goodwill is not impaired. We re-allocated goodwill to each of the new reporting units based on its relative fair value as of the annual test date.


	2025		2024
Goodwill	$	2,329,799	$	2,331,461
Intangibles :
Client lists	821,450		820,564
Other intangibles	32,481		32,481
Total intangibles	853,931		853,045
Total goodwill and other intangibles assets	3,183,730		3,184,506
Accumulated amortization:
Client lists	(297,094)		(227,943)
Other intangibles	(16,846)		(11,093)
Total accumulated amortization	(313,940)		(239,036)
Goodwill and other intangible assets, net	$	2,869,790	$	2,945,470

Amortization expense for client lists and other intangible assets was $74.9 million, $32.7 million and $23.8 million in 2025, 2024 and 2023, respectively. The weighted-average useful lives of total intangible assets, client lists and other intangible assets were 8.3 years, 8.3 years and 6.3 years, respectively, as of December 31, 2025. Other intangible assets are amortized over periods ranging from 3 to 15 years. Based on the amount of intangible assets subject to amortization at December 31, 2025, the estimated amortization expense is $73.2 million for 2026, $71.2 million for 2027, $64.7 million for 2028, $64.1 million for 2029, $63.4 million for 2030, and $203.5 million thereafter.