GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS |
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETSThe following table summarizes the activity in goodwill for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | MA | | MIS | | Consolidated | | Gross goodwill | | Accumulated impairment charge | | Net goodwill | | Gross goodwill | | Accumulated impairment charge | | Net goodwill | | Gross goodwill | | Accumulated impairment charge | | Net goodwill | Balance at beginning of year | $ | 5,681 | | | $ | (12) | | | $ | 5,669 | | | $ | 287 | | | $ | — | | | $ | 287 | | | $ | 5,968 | | | $ | (12) | | | $ | 5,956 | | Additions/ adjustments (1) | 13 | | | — | | | 13 | | | 2 | | | — | | | 2 | | | 15 | | | — | | | 15 | | Foreign currency translation adjustments | (61) | | | — | | | (61) | | | (1) | | | — | | | (1) | | | (62) | | | — | | | (62) | | | | | | | | | | | | | | | | | | | | Ending balance | $ | 5,633 | | | $ | (12) | | | $ | 5,621 | | | $ | 288 | | | $ | — | | | $ | 288 | | | $ | 5,921 | | | $ | (12) | | | $ | 5,909 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2023 | | MA | | MIS | | Consolidated | | Gross goodwill | | Accumulated impairment charge | | Net goodwill | | Gross goodwill | | Accumulated impairment charge | | Net goodwill | | Gross goodwill | | Accumulated impairment charge | | Net goodwill | Balance at beginning of year | $ | 5,474 | | | $ | (12) | | | $ | 5,462 | | | $ | 377 | | | $ | — | | | $ | 377 | | | $ | 5,851 | | | $ | (12) | | | $ | 5,839 | | Additions/ adjustments (2) | 90 | | | — | | | 90 | | | (87) | | | — | | | (87) | | | 3 | | | — | | | 3 | | Foreign currency translation adjustments | 117 | | | — | | | 117 | | | (3) | | | — | | | (3) | | | 114 | | | — | | | 114 | | | | | | | | | | | | | | | | | | | | Ending balance | $ | 5,681 | | | $ | (12) | | | $ | 5,669 | | | $ | 287 | | | $ | — | | | $ | 287 | | | $ | 5,968 | | | $ | (12) | | | $ | 5,956 | |
(1) The 2024 additions/adjustments primarily relate to certain immaterial acquisitions which were completed in the first quarter of 2024. (2) The 2023 additions/adjustments primarily relate to a reallocation of goodwill pursuant to a realignment of certain components of the Company's ESG business in the first quarter of 2023. Acquired intangible assets and related amortization consisted of: | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | Customer relationships | $ | 2,045 | | | $ | 2,065 | | Accumulated amortization | (573) | | | (556) | | Net customer relationships | 1,472 | | | 1,509 | | Software/product technology | 667 | | | 674 | | Accumulated amortization | (377) | | | (364) | | Net software/product technology | 290 | | | 310 | | Database | 178 | | | 179 | | Accumulated amortization | (86) | | | (82) | | Net database | 92 | | | 97 | | Trade names | 198 | | | 199 | | Accumulated amortization | (75) | | | (72) | | Net trade names | 123 | | | 127 | | Other (1) | 52 | | | 52 | | Accumulated amortization | (46) | | | (46) | | Net other | 6 | | | 6 | | Total acquired intangible assets, net | $ | 1,983 | | | $ | 2,049 | |
(1) Other intangible assets primarily consist of trade secrets, covenants not to compete, and acquired ratings methodologies and models. Amortization expense relating to acquired intangible assets is as follows: | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | 2024 | | 2023 | | | | | Amortization expense | $ | 49 | | | $ | 51 | | | | | |
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