Goodwill and Other Intangible Assets

Goodwill represents the excess of the cost of an acquisition over the fair value of the net tangible and other intangible assets acquired. Other intangible assets represent purchased long-lived intangible assets, primarily client relationships, that can be distinguished from goodwill because of contractual rights or because the asset can be exchanged on its own or in combination with a related contract, asset or liability. Goodwill is not amortized, but is subject to at least annual evaluation for impairment. Other intangible assets, which are also subject to annual evaluation for impairment, are mainly related to client relationships, which are amortized on a straight-line basis over periods ranging from five to twenty years, technology assets, which are amortized on a straight-line basis over periods ranging from three to ten years, and core deposit intangible assets, which are amortized on a straight-line basis over periods ranging from sixteen to twenty-two years, with such amortization recorded in other expenses in our consolidated statement of income.

Impairment of goodwill is deemed to exist if the carrying value of a reporting unit, including its allocation of goodwill and other intangible assets, exceeds its estimated fair value. Impairment of other intangible assets is deemed to exist if the balance of the other intangible asset exceeds the cumulative expected net cash inflows related to the asset over its remaining estimated useful life. If these reviews determine that goodwill or other intangible assets are impaired, the value of the goodwill or the other intangible asset is written down through a charge to other expenses in our consolidated statement of income. There were no impairments to goodwill or other intangible assets in 2018.

The following table presents changes in the carrying amount of goodwill during the periods indicated:



(In millions)	Investment Servicing⁽¹⁾			Investment Management			Total
Goodwill:
Ending balance December 31, 2016	$	5,550		$	264		$	5,814
Acquisitions	17			—			17
Divestitures and other reductions	(9		)	—			(9		)
Foreign currency translation	194			6			200
Ending balance December 31, 2017	5,752			270			6,022
Acquisitions⁽¹⁾	1,512			—			1,512
Foreign currency translation	(84		)	(4		)	(88		)
Ending balance December 31, 2018	$	7,180		$	266		$	7,446

⁽¹⁾ Investment Servicing includes our acquisition of Charles River Development on October 1, 2018, which is described in Note 1.

The following table presents changes in the net carrying amount of other intangible assets during the periods indicated:



(In millions)	Investment Servicing⁽¹⁾			Investment Management			Total
Other intangible assets:
Ending balance December 31, 2016	$	1,539		$	211		$	1,750
Acquisitions	16			—			16
Divestitures	(11		)	—			(11		)
Amortization	(183		)	(31		)	(214		)
Foreign currency translation	71			1			72
Ending balance December 31, 2017	1,432			181			1,613
Acquisitions⁽¹⁾	1,007			—			1,007
Amortization	(196		)	(30		)	(226		)
Foreign currency translation	(25		)	—			(25		)
Ending balance December 31, 2018	$	2,218		$	151		$	2,369

⁽¹⁾ Investment Servicing includes our acquisition of Charles River Development on October 1, 2018, which is described in Note 1.

The following table presents the gross carrying amount, accumulated amortization and net carrying amount of other intangible assets by type as of the dates indicated:



	December 31, 2018							December 31, 2017
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Other intangible assets:
Client relationships	$	3,262	$	(1,605	)	$	1,657	$	2,669	$	(1,470	)	$	1,199
Technology	389		(49		)	340		47		(40		)	7
Core deposits	676		(350		)	326		686		(320		)	366
Other	103		(57		)	46		95		(54		)	41
Total	$	4,430	$	(2,061	)	$	2,369	$	3,497	$	(1,884	)	$	1,613

Amortization expense related to other intangible assets was $226 million, $214 million and $207 million in 2018, 2017 and 2016, respectively.

Expected future amortization expense for other intangible assets recorded as of December 31, 2018 is as follows:



(In millions)	Future Amortization
Years Ended December 31,
2019	$	245
2020	243
2021	236
2022	233
2023	232