The Company is required to assess goodwill and any indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate an impairment may have occurred. The Company performs the annual impairment assessment for each of its reporting units during the third quarter of each year. The reporting unit level is defined as the same level as the Company's operating segments. In accordance with applicable accounting guidance, a company can assess qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. Alternatively, the Company may elect to proceed directly to the quantitative goodwill impairment test.

In 2023, the Company performed a quantitative goodwill impairment assessment. Fair values for the reporting units were estimated using both an income and market valuation approach. The carrying values were based on balances at June 30, 2023 and included directly identified assets and liabilities, as well as an allocation of those assets and liabilities not recorded at the reporting unit level. The Company concluded that goodwill was not impaired, as the fair value of each reporting unit exceeded the carrying value.

Other intangible assets that are not deemed to have an indefinite life are amortized over their estimated lives and assessed for impairment upon the occurrence of certain triggering events in accordance with applicable accounting literature. Based on its assessment, the Company concluded that other intangible assets were not impaired. The Company had no indefinite lived intangible assets at June 30, 2024 and December 31, 2023.



(In millions)	2024		2023
Balance at January 1,	$	17,231	$	16,251
Goodwill acquired	430		236
Other adjustments (a)	(145)		134
Balance at June 30,	$	17,516	$	16,621

The goodwill from acquisitions in 2024 and 2023 consists largely of the synergies and economies of scale expected from combining the operations of the Company and the acquired entities and the trained and assembled workforce acquired.

The goodwill acquired in 2024 included approximately $254 million and $81 million in the Risk and Insurance Services and Consulting segments, respectively, which is deductible for tax purposes.

Goodwill allocated to the Company’s reportable segments at June 30, 2024 is $13.4 billion for Risk and Insurance Services and $4.1 billion for Consulting.


	June 30, 2024						December 31, 2023
(In millions)	Gross Cost		Accumulated Amortization		Net Carrying Amount		Gross Cost		Accumulated Amortization		Net Carrying Amount
Client relationships	$	4,498	$	1,905	$	2,593	$	4,337	$	1,761	$	2,576
Other (a)	376		331		45		391		337		54
Other intangible assets	$	4,874	$	2,236	$	2,638	$	4,728	$	2,098	$	2,630

Aggregate amortization expense for the three and six months ended June 30, 2024 was $89 million and $179 million, respectively, compared to $87 million and $172 million, respectively, for the corresponding periods in the prior year.


For the Years Ending December 31,
(In millions)	Estimated Expense
2024 (excludes amortization through June 30, 2024)	$	174
2025	322
2026	301
2027	293
2028	271
Subsequent years	1,277
Total future amortization	$	2,638