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GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET
 12 Months Ended
Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS, NET
Our goodwill and identifiable intangible assets result from various acquisitions. See Note 2 for a discussion of our goodwill and intangible assets accounting policies. The following table presents our goodwill and net identifiable intangible asset balances as of the dates indicated.
September 30,
$ in millions20202019
Goodwill$466 $464 
Identifiable intangible assets, net134 147 
Total goodwill and identifiable intangible assets, net
$600 $611 

Goodwill

The following table summarizes our goodwill by segment and the balances and activity for the years indicated.
$ in millionsPrivate Client GroupCapital
Markets		Asset
Management		Total
Year ended September 30, 2020
Goodwill as of beginning of year$275 $120 $69 $464 
Foreign currency translations2 — — 2 
Goodwill as of end of year$277 $120 $69 $466 
Year ended September 30, 2019
Goodwill as of beginning of year$276 $133 $69 $478 
Additions
— 7 — 7 
Foreign currency translations(1)(1)— (2)
Impairment— (19)— (19)
Goodwill as of end of year$275 $120 $69 $464 

The addition to goodwill during the year ended September 30, 2019 arose from our acquisition of Silver Lane Advisors LLC (“Silver Lane”) and primarily represents synergies from combining this entity with our existing business. The goodwill associated with Silver Lane is deductible for tax purposes over 15 years. The impairment to goodwill during the year ended September 30, 2019 represents a $19 million impairment charge related to our Canadian Capital Markets business.

Qualitative assessments

As described in Note 2, we perform goodwill impairment testing on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We performed our latest annual goodwill impairment testing as of our January 1, 2020 evaluation date, evaluating balances as of December 31, 2019. In that testing, we performed a qualitative assessment for each of our reporting units that had goodwill. Based upon the outcome of our qualitative assessments, no impairment was identified.

Our qualitative assessments consider macroeconomic indicators, such as trends in equity and fixed income markets, gross domestic product, unemployment rates, and interest rates. We also consider regulatory changes, reporting unit results, and changes in key personnel and strategy. Changes in these indicators, and our ability to respond to such changes, may trigger the need for impairment testing at a point other than our annual assessment date.

Subsequent to our annual goodwill impairment testing, the COVID-19 pandemic broadly impacted the operating environment and caused deterioration in market conditions, particularly toward the end of our fiscal second quarter. However, the operating environment toward the end of our fiscal year continued to recover and market conditions generally improved. We performed an evaluation to determine whether the economic impacts resulting from the pandemic were indicators requiring us to perform an impairment test as of September 30, 2020. Multiple factors, including performance, macroeconomic, and fair value indicators, were assessed with respect to each of our reporting units to determine whether it was more likely than not that the estimated fair value of any of these reporting units was less than its carrying value. As a result of our review, we concluded that it was more likely than not that the estimated fair values of our reporting units exceeded their respective carrying values and that the impact of the COVID-19 pandemic through the end of our fiscal year 2020 was not a triggering event to perform a quantitative assessment as of a date other than our annual evaluation date.
Identifiable intangible assets, net

The following table sets forth our identifiable intangible asset balances by segment, net of accumulated amortization, and activity for the years indicated.
$ in millionsPrivate Client GroupCapital
Markets		Asset
Management		Total
Year ended September 30, 2020
Net identifiable intangible assets as of beginning of year
$35 $17 $95 $147 
Amortization expense(4)(4)(5)(13)
Net identifiable intangible assets as of end of year
$31 $13 $90 $134 
Year ended September 30, 2019
Net identifiable intangible assets as of beginning of year
$41 $20 $100 $161 
Additions
— 1 — 

1 
Amortization expense(6)(4)(5)(15)
Net identifiable intangible assets as of end of year
$35 $17 $95 $147 

The addition of intangible assets during the year ended September 30, 2019 was attributable to the acquisition of Silver Lane.

The following table summarizes our identifiable intangible assets by type.
September 30,
20202019
$ in millionsGross carrying valueAccumulated amortizationGross carrying valueAccumulated amortization
Customer relationships$134 $(61)$134 $(50)
Non-amortizing customer relationships52 — 52 — 
Trade name10 (4)12 (5)
Seller relationship agreements4 (2)5 (3)
Other6 (5)6 (4)
Total$206 $(72)$209 $(62)

The following table sets forth the projected amortization expense by fiscal year associated with our identifiable intangible assets with finite lives.
Fiscal year ended September 30, $ in millions
2021$12 
202211 
202310 
202410 
20258 
Thereafter31 
Total$82 

Qualitative assessments

As described in Note 2, we perform impairment testing for our non-amortizing customer relationship intangible asset on an annual basis or when an event occurs or circumstances change that would more likely than not reduce the fair value of the asset below its carrying value. We performed our latest annual impairment test as of our January 1, 2020 evaluation date, evaluating balances as of December 31, 2019. In that testing, we performed a qualitative assessment for our non-amortizing customer relationship intangible asset. Based upon the outcome of our qualitative assessment, no impairment was identified.

Subsequent to our annual impairment testing of our non-amortizing customer relationship intangible asset, we performed an evaluation to determine whether the economic impacts resulting from the COVID-19 pandemic were indicators requiring us to perform an impairment test as of September 30, 2020. In performing our assessment, we considered multiple factors, including macroeconomic and market conditions, performance, and relevant entity-specific events, among others, to determine whether it was more likely than not that the estimated fair value of the asset was less than its carrying value. As a result of our review, we concluded that it was more likely than not that the fair value of the non-amortizing customer relationship intangible asset exceeded its carrying value and that the impact of the COVID-19 pandemic through the end of our fiscal year 2020 was not a triggering event to perform a quantitative assessment as of a date other than our annual evaluation date.