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Goodwill

12 Months Ended

Dec. 31, 2020

The table below details changes in the goodwill balance:


$ in millions															Net Book Value
January 1, 2020															8,509.4
Business combinations (See Note 2)															285.8
Foreign exchange															121.1
December 31, 2020															8,916.3

January 1, 2019															7,157.1
Business combinations (See Note 2)															1,229.1
Foreign exchange															123.2
December 31, 2019															8,509.4

The 2020 additions to goodwill of $285.8 million related to adjustments to the purchase price allocation of the Oppenheimer acquisition. See Note 2, “Business Combinations,” for additional details. The 2019 addition to goodwill consists of $1,219.5 million related to additions from the Oppenheimer acquisition and the acquisitions of digital wealth technology companies.

The 2020 and 2019 annual impairment reviews determined that no impairment existed at the respective review dates. Due to the decline in our assets under management in the three months ended March 31, 2020, management determined that an interim impairment test was necessary during 2020. The analysis resulted in no impairment because the fair value of the company exceeded its carrying value. No interim impairment test was deemed necessary during 2019.