v3.24.3
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Components of Goodwill

The components of goodwill are outlined below for the nine months ended September 30, 2024.

 

 

 

HWC

 

 

R&B

 

 

Total

 

Balance at December 31, 2023:

 

 

 

 

 

 

 

 

 

Goodwill, gross

 

$

7,866

 

 

$

2,821

 

 

$

10,687

 

Accumulated impairment losses

 

 

(130

)

 

 

(362

)

 

 

(492

)

Goodwill, net - December 31, 2023

 

 

7,736

 

 

 

2,459

 

 

 

10,195

 

Goodwill acquired

 

 

21

 

 

 

—

 

 

 

21

 

Impairment

 

 

(1,042

)

 

 

—

 

 

 

(1,042

)

Reclassification to held for sale (i)

 

 

(311

)

 

 

—

 

 

 

(311

)

Foreign exchange

 

 

10

 

 

 

9

 

 

 

19

 

Balance at September 30, 2024:

 

 

 

 

 

 

 

 

 

Goodwill, gross

 

 

7,325

 

 

 

2,830

 

 

 

10,155

 

Accumulated impairment losses

 

 

(911

)

 

 

(362

)

 

 

(1,273

)

Goodwill, net - September 30, 2024

 

$

6,414

 

 

$

2,468

 

 

$

8,882

 

 

(i)
Amounts reclassified to held for sale were determined on a relative fair value allocation and are net of the impairment of goodwill on the BDA reporting unit. As such, $261 million of the accumulated impairment loss was also reclassified to held for sale.
Changes in the Net Carrying Amount of the Components of Finite-Lived Intangible Assets

The following table reflects changes in the net carrying amounts of the components of finite-lived intangible assets for the nine months ended September 30, 2024:

 

 

 

Client relationships

 

 

Software

 

 

Trademark and trade name

 

 

Other

 

 

Total

 

Balance at December 31, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangible assets, gross

 

$

3,807

 

 

$

729

 

 

$

1,039

 

 

$

63

 

 

$

5,638

 

Accumulated amortization

 

 

(2,514

)

 

 

(726

)

 

 

(342

)

 

 

(40

)

 

 

(3,622

)

Intangible assets, net - December 31, 2023

 

 

1,293

 

 

 

3

 

 

 

697

 

 

 

23

 

 

 

2,016

 

Intangible assets acquired

 

 

20

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

20

 

Amortization

 

 

(138

)

 

 

(2

)

 

 

(32

)

 

 

(4

)

 

 

(176

)

Reclassification to held for sale

 

 

(484

)

 

 

—

 

 

 

—

 

 

 

(17

)

 

 

(501

)

Foreign exchange

 

 

—

 

 

 

1

 

 

 

2

 

 

 

(2

)

 

 

1

 

Balance at September 30, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangible assets, gross

 

 

3,213

 

 

 

744

 

 

 

1,041

 

 

 

29

 

 

 

5,027

 

Accumulated amortization

 

 

(2,522

)

 

 

(742

)

 

 

(374

)

 

 

(29

)

 

 

(3,667

)

Intangible assets, net - September 30, 2024

 

$

691

 

 

$

2

 

 

$

667

 

 

$

—

 

 

$

1,360

 
Schedule of Future Estimated Amortization Expense for Amortizable Intangible Assets

The table below reflects the future estimated amortization expense for amortizable intangible assets for the remainder of 2024 and for subsequent years:

 

 

 

Amortization

 

Remainder of 2024

 

$

50

 

2025

 

 

188

 

2026

 

 

167

 

2027

 

 

151

 

2028

 

 

136

 

Thereafter

 

 

668

 

Total

 

$

1,360