Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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 reviewed for impairment annually or more frequently if circumstances arise or events occur that indicate an impairment of the carrying amount may exist. 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 undiscounted 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 2024, 2023 and 2022.

The following table presents changes in the carrying amount of goodwill during the periods indicated for each of our goodwill reporting units:


(In millions)	Investment Servicing		Investment Management		Total
Goodwill:











Ending balance December 31, 2022	$	7,232	$	263	$	7,495
Acquisitions	44		—		44

Foreign currency translation	70		2		72
Ending balance December 31, 2023	7,346		265		7,611
Acquisitions(1)	189		—		189

Foreign currency translation	(107)		(2)		(109)
Ending balance December 31, 2024	$	7,428	$	263	$	7,691

(1) Investment Servicing includes the impact of the consolidation of one of our joint ventures in India.

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


(In millions)	Investment Servicing		Investment Management		Total
Other intangible assets:











Ending balance December 31, 2022	$	1,495	$	49	$	1,544

Amortization	(217)		(22)		(239)
Foreign currency translation	15		—		15
Ending balance December 31, 2023	1,293		27		1,320
Acquisitions	7		13		20
Amortization	(216)		(14)		(230)
Foreign currency translation	(21)		—		(21)
Ending balance December 31, 2024	$	1,063	$	26	$	1,089

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


December 31, 2024	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
(In millions)
Other intangible assets:
Client relationships	$	2,706	$	(1,919)	$	787
Technology	401		(252)		149
Core deposits	677		(540)		137
Other	95		(79)		16
Total	$	3,879	$	(2,790)	$	1,089

December 31, 2023	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
(In millions)
Other intangible assets:
Client relationships	$	2,761	$	(1,808)	$	953
Technology	402		(216)		186
Core deposits	690		(516)		174
Other	85		(78)		7
Total	$	3,938	$	(2,618)	$	1,320

Amortization expense related to other intangible assets was $230 million, $239 million and $238 million in 2024, 2023 and 2022, respectively.

Expected future amortization expense for other intangible assets recorded as of December 31, 2024 is as follows:


(In millions)	Future Amortization
Years Ended December 31,
2025	$	225
2026	202
2027	168
2028	122
2029	64