Goodwill and intangible assets (Tables)

6 Months Ended

Jun. 30, 2012

Goodwill by Business Segment

The tables below provide a breakdown of goodwill by business.

Goodwill by business (in millions)	Investment Management		Investment Services			Other		Consolidated
Balance at Dec. 31, 2011	$	9,373	$	8,491		$	40	$	17,904
Foreign exchange translation		13		(7	)		-		6
Other (a)		-		(11	)		10		(1	)
Balance at June 30, 2012	$	9,386	$	8,473		$	50	$	17,909

(a) Other changes in goodwill include purchase price adjustments and certain other reclassifications.

Goodwill by business (in millions)	Investment Management		Investment Services(a)			Other(a)		Consolidated
Balance at Dec. 31, 2010	$	9,359	$	8,515		$	168	$	18,042
Foreign exchange translation		64		82			-		146
Other (b)		7		(4	)		-		3
Balance at June 30, 2011	$	9,430	$	8,593		$	168	$	18,191

(a) Includes the reclassification of goodwill associated with the Shareowner Services business from Investment Services to the other segment.

(b) Other changes in goodwill include purchase price adjustments and certain other reclassifications.

Intangible Assets by Business Segment

The tables below provide a breakdown of intangible assets by business.

Intangible assets – net carrying amount by business (in millions)	Investment Management			Investment Services			Other		Consolidated
Balance at Dec. 31, 2011	$	2,382		$	1,922		$	848	$	5,152
Amortization		(96	)		(97	)		-		(193	)
Foreign exchange translation		4			(1	)		-		3
Other (a)		-			(1	)		1		-
Balance at June 30, 2012	$	2,290		$	1,823		$	849	$	4,962

(a) Other changes in intangible assets include purchase price adjustments and certain other reclassifications.

Intangible assets – net carrying amount by business (in millions)	Investment Management			Investment Services (a)			Other (a)			Consolidated
Balance at Dec. 31, 2010	$	2,592		$	2,113		$	991		$	5,696
Acquisitions		-			12			-			12
Amortization		(108	)		(100	)		(8	)		(216	)
Foreign exchange translation		16			10			-			26
Impairment		-			(6	)		-			(6	)
Other (b)		-			2			-			2
Balance at June 30, 2011	$	2,500		$	2,031		$	983		$	5,514

(a) Includes the reclassification of intangible assets associated with the Shareowner Services business from Investment Services to the Other segment.

(b) Other changes in intangible assets include purchase price adjustments and certain other reclassifications.

Intangible Assets by Type

The table below provides a breakdown of intangible assets by type.

Intangible assets	June 30, 2012									Dec. 31, 2011
(in millions)	Gross carrying amount		Accumulated amortization			Net carrying amount		Remaining weighted- average amortization period		Net carrying amount
Subject to amortization:
Customer relationships - Investment Management	$	2,093	$	(1,267	)	$	826		12 yrs.	$	920
Customer contracts - Investment Services		2,348		(925	)		1,423		13		1,517
Other		131		(101	)		30		5		36
Total subject to amortization		4,572		(2,293	)		2,279		13 yrs.		2,473
Not subject to amortization: (a)
Trade name		1,367		N/A			1,367		N/A		1,366
Customer relationships		1,316		N/A			1,316		N/A		1,313
Total not subject to amortization		2,683		N/A			2,683		N/A		2,679
Total intangible assets	$	7,255	$	(2,293	)	$	4,962		N/A	$	5,152

(a) Intangible assets not subject to amortization have an indefinite life.

N/A—Not applicable.

Estimated Annual Amortization Expense

Estimated annual amortization expense for current

intangibles for the next five years is as follows:

For the year ended Dec. 31,	Estimated amortization expense (in millions)
2012	$	385
2013		334
2014		298
2015		266
2016		238