Goodwill and Other Intangibles

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill. Changes by reporting segment in the carrying amount of Goodwill for the six months ended June 30, 2026, including the effect of foreign exchange rates on non-U.S. dollar denominated balances, were as follows.

TABLE 53: GOODWILL


(In Millions)	ASSET SERVICING		WEALTH MANAGEMENT		TOTAL
Balance at December 31, 2025	$	632.5	$	80.4	$	712.9

Foreign Exchange Rates	(3.3)		—		(3.3)
Balance at June 30, 2026	$	629.2	$	80.4	$	709.6

Other Intangible Assets. The net carrying amount of other intangible assets was $58.0 million and $59.6 million as of June 30, 2026 and December 31, 2025, respectively. Other intangible assets consist primarily of the value of acquired client relationships and are included in Other Assets on the consolidated balance sheets.

Capitalized Software. The gross carrying amount and accumulated amortization of capitalized software as of June 30, 2026 and December 31, 2025 were as follows.

TABLE 54: CAPITALIZED SOFTWARE


(In Millions)	JUNE 30, 2026		DECEMBER 31, 2025
Gross Carrying Amount	$	5,084.3	$	4,926.2
Less: Accumulated Amortization	2,873.4		2,574.2
Net Book Value	$	2,210.9	$	2,352.0

Capitalized software, which is included in Other Assets on the consolidated balance sheets, consists primarily of cost 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 $173.5 million and $346.4 million for the three and six months ended June 30, 2026, respectively, and $168.0 million and $330.9 million for the three and six months ended June 30, 2025, respectively.

Northern Trust recorded a $61.5 million expense for the disposal of capitalized software, primarily related to the development of internal-use software that was no longer planned to be placed in service, which is included in Equipment and Software on the consolidated statements of income for the three and six months ended June 30, 2026.