| Goodwill and Intangible Assets |
Goodwill and Intangible Assets Goodwill Rollforward | | | | | | | | | | | | | | | | $ in millions | IS | WM | IM | Total | | At December 31, 2023¹ | $ | 424 | | $ | 10,199 | | $ | 6,084 | | $ | 16,707 | | Foreign currency | (12) | | (8) | | (3) | | (23) | | Acquired | 23 | | — | | — | | 23 | | Disposals | — | | (1) | | — | | (1) | | | December 31, 2024 | 435 | | 10,190 | | 6,081 | | 16,706 | | | Foreign currency | 2 | | 9 | | 9 | | 20 | | | | | | | | | | | | | At December 31, 2025¹ | $ | 437 | | $ | 10,199 | | $ | 6,090 | | $ | 16,726 | | Accumulated impairments2 | $ | 673 | | $ | — | | $ | 27 | | $ | 700 | |
1.Balances represent the amount of the Firm’s goodwill after accumulated impairments. 2.There were no impairments recorded in 2025, 2024 or 2023. Intangible Assets Rollforward | | | | | | | | | | | | | | | | $ in millions | IS | WM | IM | Total | | At December 31, 2023 | $ | 26 | | $ | 3,427 | | $ | 3,602 | | $ | 7,055 | | Acquired | 13 | | — | | — | | 13 | | | Disposals | — | | (6) | | — | | (6) | | | Amortization expense | (10) | | (479) | | (113) | | (602) | | | Other | (2) | | (3) | | (2) | | (7) | | | At December 31, 2024 | $ | 27 | | $ | 2,939 | | $ | 3,487 | | $ | 6,453 | | | Acquired | 1 | | — | | — | | 1 | | | | | | | | Amortization expense | (7) | | (334) | | (113) | | (454) | | | Other | — | | 2 | | 8 | | 10 | | | At December 31, 2025 | $ | 21 | | $ | 2,607 | | $ | 3,382 | | $ | 6,010 | |
Intangible Assets by Type | | | | | | | | | | | | | Non-amortizable | Amortizable | | $ in millions | Gross
Carrying
Amount | Gross
Carrying
Amount | Accumulated
Amortization | | At December 31, 2025 | | | | | Management contracts | $ | 2,117 | | $ | 235 | | $ | 100 | | | Customer relationships | — | | 4,746 | | 1,514 | | Trade names | — | | 766 | | 259 | | | Other | — | | 28 | | 9 | | | Total | $ | 2,117 | | $ | 5,775 | | $ | 1,882 | | | At December 31, 2024 | | | | | Management contracts | 2,112 | | 245 | | 93 | | | Customer relationships | — | | 8,746 | | 5,121 | | Trade names | — | | 769 | | 223 | | | Other | — | | 26 | | 8 | | | Total | $ | 2,112 | | $ | 9,786 | | $ | 5,445 | | | |
Intangible Assets Estimated Future Amortization Expense | | | | | | | | $ in millions | At December 31, 2025 | | | | | | 2026 | $ | 345 | | | | 2027 | 341 | | | | 2028 | 337 | | | | 2029 | 335 | | | | 2030 | 331 | | | | | |
The Firm’s annual goodwill and non-amortizable intangible asset impairment testing as of July 1, 2025 did not indicate any impairment. For more information, see Note 2.
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