Goodwill and intangible assets (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Breakdown of Goodwill by Business

The table below provides a breakdown of goodwill by business.

Goodwill by business (in millions)	Investment Services			Investment Management			Other		Consolidated
Balance at Dec. 31, 2017	$	8,389		$	9,128		$	47	$	17,564
Dispositions	—			(65		)	—		(65		)
Foreign currency translation	(56		)	(93		)	—		(149		)
Balance at Dec. 31, 2018	$	8,333		$	8,970		$	47	$	17,350
Foreign currency translation	(1		)	37			—		36
Balance at Dec. 31, 2019	$	8,332		$	9,007		$	47	$	17,386

Breakdown of Intangible Assets by Business

The table below provides a breakdown of intangible assets by business.

Intangible assets – net carrying amount by business (in millions)	Investment Services			Investment Management			Other		Consolidated
Balance at Dec. 31, 2017	$	888		$	1,674		$	849	$	3,411
Amortization	(129		)	(51		)	—		(180		)
Foreign currency translation	(1		)	(10		)	—		(11		)
Balance at Dec. 31, 2018	$	758		$	1,613		$	849	$	3,220
Amortization	(80		)	(37		)	—		(117		)
Foreign currency translation	—			4			—		4
Balance at Dec. 31, 2019	$	678		$	1,580		$	849	$	3,107

Breakdown of Intangible Assets by Type

The table below provides a breakdown of intangible assets by type.

Intangible assets	Dec. 31, 2019								Dec. 31, 2018
(in millions)	Gross carrying amount		Accumulated amortization			Net carrying amount		Remaining weighted- average amortization period	Gross carrying amount		Accumulated amortization			Net carrying amount
Subject to amortization: (a)
Customer contracts—Investment Services	$	1,520	$	(1,214	)	$	306	10 years	$	1,572	$	(1,186	)	$	386
Customer relationships—Investment Management	712		(544		)	168		11 years	899		(699		)	200
Other	64		(16		)	48		14 years	26		(12		)	14
Total subject to amortization	2,296		(1,774		)	522		10 years	2,497		(1,897		)	600
Not subject to amortization: (b)
Tradenames	1,293		N/A			1,293		N/A	1,332		N/A			1,332
Customer relationships	1,292		N/A			1,292		N/A	1,288		N/A			1,288
Total not subject to amortization	2,585		N/A			2,585		N/A	2,620		N/A			2,620
Total intangible assets	$	4,881	$	(1,774	)	$	3,107	N/A	$	5,117	$	(1,897	)	$	3,220

(a) Excludes fully amortized intangible assets.

(b) Intangible assets not subject to amortization have an indefinite life.

Estimated Annual Amortization Expense

Estimated annual amortization expense for current intangibles for the next five years is as follows:

For the year ended Dec. 31,	Estimated amortization expense (in millions)
2020		$	104
2021		81
2022		63
2023		52
2024		45