Goodwill and Other Intangibles

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

The carrying amounts of goodwill and other intangibles assets, reflecting the effect of foreign exchange rates on non-U.S.-dollar-denominated balances, by reporting segment at June 30, 2019, and December 31, 2018, were as follows:

Table 56: Goodwill by Reporting Segment



(In Millions)	June 30, 2019		December 31, 2018
Corporate & Institutional Services	$	610.9	$	598.2
Wealth Management	71.1		71.1
Total Goodwill	$	682.0	$	669.3

The gross carrying amount and accumulated amortization of other intangible assets subject to amortization as of June 30, 2019 and December 31, 2018, were as follows:

Table 57: Other Intangible Assets



(In Millions)	June 30, 2019		December 31, 2018
Gross Carrying Amount	$	208.8	$	211.1
Less: Accumulated Amortization	78.8		72.5
Net Book Value	$	130.0	$	138.6

Other intangible assets consist primarily of the value of acquired client relationships and are included within Other Assets in the consolidated balance sheets. Amortization expense related to other intangible assets totaled $4.1 million and $8.3 million for the three and six months ended June 30, 2019, respectively, and $4.4 million and $8.9 million for the three and six months ended June 30, 2018. Amortization for the remainder of 2019 and for the years 2020, 2021, 2022, and 2023 is estimated to be $8.4 million, $16.8 million, $14.4 million, $9.8 million, and $9.5 million, respectively.

In the first quarter of 2019, Northern Trust completed the purchase accounting related to its acquisition of BEx LLC, a provider of foreign exchange software solutions. The purchase price recorded in connection with the closing of the acquisition totaled $37.9 million. Goodwill and software intangible assets associated with the acquisition totaled $12.5 million and $25.0 million, respectively.