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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets 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 subject to 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 2020, 2019 and 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, 2018$7,180 $266 $7,446 
Acquisitions(2)
122 — 122 
Foreign currency translation(13)1 (12)
Ending balance December 31, 20197,289 267 7,556 
Foreign currency translation124 3 127 
Ending balance December 31, 2020$7,413 $270 $7,683 
(1) Investment Servicing includes our acquisition of CRD.
(2) We completed the purchase price accounting for the CRD acquisition as of March 31, 2019. Upon completion of valuation procedures related to the acquired assets and assumed liabilities, primarily the identifiable intangible assets, we recorded measurement period adjustments in the year ended December 31, 2019, resulting in an increase in the goodwill of $113 million and a decrease of $93 million in other intangible assets.
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, 2018$2,218 $151 $2,369 
Acquisitions(2)
(93)— (93)
Amortization(207)(29)(236)
Foreign currency translation(10)— (10)
Ending balance December 31, 20191,908 122 2,030 
Amortization(206)(28)(234)
Foreign currency translation31 — 31 
Ending balance December 31, 2020$1,733 $94 $1,827 
(1) Investment Servicing includes our acquisition of CRD.
(2) We completed the purchase price accounting for the CRD acquisition as of March 31, 2019. Upon completion of valuation procedures related to the acquired assets and assumed liabilities, primarily the identifiable intangible assets, we recorded measurement period adjustments in the year ended December 31, 2019, resulting in a decrease in the fair value of other intangible assets of $93 million, with a corresponding increase to goodwill.    
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, 2020
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
(In millions)
Other intangible assets:
Client relationships
$2,704 $(1,450)$1,254 
Technology
393 (113)280 
Core deposits
690 (425)265 
Other
107 (79)28 
Total
$3,894 $(2,067)$1,827 
December 31, 2019
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
(In millions)
Other intangible assets:
Client relationships
$3,104 $(1,718)$1,386 
Technology
403 (87)316 
Core deposits
673 (381)292 
Other
100 (64)36 
Total
$4,280 $(2,250)$2,030 
Amortization expense related to other intangible assets was $234 million, $236 million and $226 million in 2020, 2019 and 2018, respectively.
Expected future amortization expense for other intangible assets recorded as of December 31, 2020 is as follows:
(In millions)Future Amortization
Years Ended December 31,
2021$235 
2022232 
2023231 
2024224 
2025199