Goodwill and Intangible Assets
Change in goodwill:
December 31,
20252024
January 1$10,677.4 $10,082.3 
Acquisitions7,698.6 761.2 
Noncontrolling interests in acquired businesses2.7 22.8 
Contingent purchase price obligations of acquired businesses2.6 — 
Planned dispositions (see Note 14)
(66.2)(6.0)
Foreign currency translation326.3 (182.9)
December 31
$18,641.4 $10,677.4 
The increase in goodwill in 2025 and 2024 is primarily attributable to the acquisitions of IPG and Flywheel Digital, respectively. There were no goodwill impairment losses recorded in 2025 or 2024, and there are no accumulated goodwill impairment losses.
Intangible assets:
December 31,
 20252024
Gross
Carrying
Value
Accumulated
Amortization
Net
Carrying
Value
Gross
Carrying
Value
Accumulated
Amortization
Net
Carrying
Value
     Trade Names
929.9 (76.5)853.4 153.7 (73.1)80.6 
     Customer Relationships
4,389.5 (504.1)3,885.4 813.7 (484.0)329.7 
     Technology and other
409.2 (79.6)329.6 128.7 (48.9)79.8 
Acquired intangible assets and internally
   developed strategic platform assets
$5,728.6 $(660.2)$5,068.4 $1,096.1 $(606.0)$490.1 
Other purchased and internally
   developed software
275.6 (243.0)32.6 258.3 (226.3)32.0 
Intangible Assets$6,004.2 $(903.2)$5,101.0 $1,354.4 $(832.3)$522.1 
The increase in the gross carrying value of acquired intangible assets for 2025 and 2024 was primarily related to the $4,640.3 million and $182.6 million of combined customer relationships, intellectual property and trade names for IPG and Flywheel Digital, respectively.
Amortization of intangible assets:
Year Ended December 31,
202520242023
Acquired intangible assets and internally developed
   strategic platform assets
$115.8 $87.5 $61.8 
Other purchased and internally developed software15.8 18.1 18.5 
Amortization Expense$131.6 $105.6 $80.3 
Estimated amortization expense at December 31, 2025:
2026$383.1 
2027382.6 
2028378.6 
2029371.6 
2030358.8 

Historical Timeline

Fiscal YearFiled
2025Feb 20, 2026Showing above
2024Feb 5, 2025
2023Feb 7, 2024
2022Feb 8, 2023
2021Feb 9, 2022
2020Feb 18, 2021
2019Feb 11, 2020
2018Feb 12, 2019
2017Feb 15, 2018
2016Feb 9, 2017
2015Feb 9, 2016

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.