Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

Goodwill was $375 million at both December 31, 2022 and December 31, 2021. The changes in goodwill were as follows for the years ended December 31, 2022 and December 31, 2021:

(Dollars in millions)	Goodwill
Beginning balance at December 31, 2020	$	143
Acquisitions (1)	232
Ending balance at December 31, 2021	$	375
Acquisitions	—
Impairment	—
Ending balance at December 31, 2022	$	375

(1)Goodwill was recognized for the acquisitions of Boston Private effective July 1, 2021 and MoffettNathanson LLC effective December 10, 2021.

During 2022, we completed our annual goodwill impairment test as of October 1, 2022, utilizing information as of September 30, 2022, and as a result, we determined there was no impairment as of December 31, 2022. For more information on our annual impairment policies, see Note 2—“Summary of Significant Accounting Policies."

Other Intangible Assets

The following table presents the gross carrying amount and accumulated amortization of other intangible assets as of December 31, 2022, and December 31, 2021:

	December 31, 2022						December 31, 2021
(Dollars in millions)	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Other intangible assets:
Customer relationships	$	135	$	30	$	105	$	135	$	16	$	119
Other	57		26		31		57		16		41
Total other intangible assets, net	$	192	$	56	$	136	$	192	$	32	$	160

Amortization expense recognized on intangible assets was $24 million, $15 million and $5 million for the years ended 2022, 2021 and 2020. Assuming no future impairments of other intangible assets or additional acquisitions or dispositions, the following table presents the Company's future expected amortization expense for other intangible assets that will continue to be amortized as of December 31, 2022:

Years ended December 31, (Dollars in millions)	Other Intangible Assets
2023	$	22
2024	20
2025	17
2026	15
2027	12
2028 and thereafter	50
Total future amortization expense	$	136