Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill. Changes by reporting segment in the carrying amount of Goodwill for the years ended December 31, 2025 and 2024, including the effect of foreign exchange rates on non-U.S.-dollar denominated balances, were as follows.

TABLE 73: GOODWILL


(In Millions)	ASSET SERVICING		WEALTH MANAGEMENT		TOTAL
Balance at December 31, 2023	$	621.9	$	80.4	$	702.3
Foreign Exchange Rates	(7.3)		(0.1)		(7.4)
Balance at December 31, 2024	$	614.6	$	80.3	$	694.9

Foreign Exchange Rates	17.9		0.1		18.0
Balance at December 31, 2025	$	632.5	$	80.4	$	712.9

The goodwill impairment test is performed at least annually at the reporting-unit level. The Corporation has determined its reporting units for this purpose to be Asset Servicing and Wealth Management. Goodwill was tested for impairment during the fourth quarter of 2025 using a quantitative assessment in which the estimated fair values of the reporting units are compared to their carrying values. Impairment is deemed to exist if the carrying value of a reporting unit exceeds its estimated fair value. Based upon the quantitative assessments, there were no impairments to goodwill in 2025.

Other Intangible Assets. The net carrying amount of other intangible assets was $59.6 million and $58.1 million as of December 31, 2025 and 2024, respectively. Other intangible assets consist primarily of the value of acquired client relationships and are included in Other Assets on the consolidated balance sheets. Amortization expense totaled $6.1 million and $9.2 million for the years ended December 31, 2025 and 2024, respectively.

Capitalized Software. The gross carrying amount and accumulated amortization of capitalized software as of December 31, 2025 and 2024 were as follows.

TABLE 74: CAPITALIZED SOFTWARE


	DECEMBER 31,
(In Millions)	2025		2024
Gross Carrying Amount	$	4,926.2	$	4,259.6
Less: Accumulated Amortization	2,574.2		2,104.5
Net Carrying Value	$	2,352.0	$	2,155.1

Capitalized software, which is included in Other Assets on the consolidated balance sheets, consists primarily of costs related to purchased software and internal-use software development projects that result in new or enhanced functionality, including compensation and other allowable internal costs. Fees paid for the use of software services that do not convey a software license are expensed as incurred. Amortization expense, which is included in Equipment and Software on the consolidated statements of income, totaled $672.3 million in 2025, $597.6 million in 2024, and $509.4 million in 2023.