Cushman & Wakefield Ltd.CWK

Cushman & Wakefield Ltd. Goodwill & Intangibles Disclosure

10-KFiled Feb 19, 20262 min read
Note 6: Goodwill and Other Intangible Assets
The following table summarizes the changes in the carrying amount of goodwill by segment (in millions):
AmericasEMEAAPACTotal
Balance as of December 31, 2023
$1,518.3 $320.8 $241.8 $2,080.9 
Dispositions
(44.4)— — (44.4)
Effect of movements in exchange rates
(4.7)(11.4)(22.1)(38.2)
Balance as of December 31, 2024
$1,469.2 $309.4 $219.7 $1,998.3 
Acquisitions
— 8.8 — 8.8 
Effect of movements in exchange rates and other
2.6 31.5 17.1 51.2 
Balance as of December 31, 2025
$1,471.8 $349.7 $236.8 $2,058.3 
Portions of goodwill are denominated in currencies other than the U.S. dollar; therefore, a portion of the movements in the reported book value of these balances is attributable to movements in foreign currency exchange rates.
The Company identified four reporting units: Americas, C&W Services, EMEA and APAC. The Americas and C&W Services reporting units comprise the Americas reportable segment. For the year ended December 31, 2025, the Company considered qualitative factors while performing the annual impairment assessment of goodwill as of October 1, 2025. The Company performed a qualitative, Step Zero, assessment for all reporting units and concluded it was not more likely than not that any RU was impaired.
For the years ended December 31, 2025, 2024 and 2023, the annual impairment assessment of goodwill was completed, resulting in no impairment charges. It is possible that our determination that goodwill for a reporting unit is not impaired could change in the future if current economic conditions or other conditions deteriorate or the operating performance or future prospects for a particular reporting unit declines.
The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions):
As of December 31, 2025
Useful Life
(in years)
Gross ValueAccumulated AmortizationNet Value
C&W trade nameIndefinite$546.0 $— $546.0 
Customer relationships
4 - 15
1,113.0 (1,004.3)108.7 
Total intangible assets$1,659.0 $(1,004.3)$654.7 
As of December 31, 2024
Useful Life
(in years)
Gross ValueAccumulated AmortizationNet Value
C&W trade nameIndefinite$546.0 $— $546.0 
Customer relationships
5 - 15
1,248.9 (1,104.8)144.1 
Other intangible assetsn/a15.2 (15.2)— 
Total intangible assets$1,810.1 $(1,120.0)$690.1 
Amortization expense was $39.6 million, $45.9 million and $64.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. The estimated annual future amortization expense for each of the years ending December 31, 2026 through December 31, 2030 is $36.2 million, $25.9 million, $14.5 million, $12.3 million and $5.0 million, respectively.
No material impairments of intangible assets were recorded during the years ended December 31, 2025, 2024 and 2023.
During the year ended December 31, 2024, the Company disposed of customer relationships, net of $67.2 million related to the sale of a non-core Services business. Refer to Note 7: Disposition for additional information.

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

Other Available Disclosures

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