Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2015

The tables below provide a breakdown of goodwill by business.



Goodwill by business (in millions)	Investment Management			(a)	Investment Services			Other			(a)	Consolidated
Balance at Dec. 31, 2013	$	9,446			$	8,550		$	77			$	18,073
Acquisition/dispositions	—				39			—				39
Foreign currency translation	(118		)		(124		)	(3		)		(245		)
Other (b)	—				2			—				2
Balance at Dec. 31, 2014	$	9,328			$	8,467		$	74			$	17,869
Acquisitions/dispositions	10				—			(22		)		(12		)
Foreign currency translation	(128		)		(105		)	(3		)		(236		)
Other (b)	(3		)		—			—				(3		)
Balance at Dec. 31, 2015	$	9,207			$	8,362		$	49			$	17,618


(a)	Includes the reclassification of goodwill associated with Meriten from Investment Management to the Other segment.


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

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



Intangible assets – net carrying amount by business (in millions)	Investment Management			(a)	Investment Services			Other			(a)	Consolidated
Balance at Dec. 31, 2013	$	2,047			$	1,538		$	867			$	4,452
Amortization	(118		)		(175		)	(5		)		(298		)
Foreign currency translation	(18		)		(8		)	(1		)		(27		)
Balance at Dec. 31, 2014	$	1,911			$	1,355		$	861			$	4,127
Acquisitions/dispositions	9				—			(9		)		—
Amortization	(97		)		(162		)	(2		)		(261		)
Foreign currency translation	(16		)		(7		)	(1		)		(24		)
Balance at Dec. 31, 2015	$	1,807			$	1,186		$	849			$	3,842


(a)	Includes the reclassification of intangible assets associated with Meriten from Investment Management to the Other segment.

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



Intangible assets	Dec. 31, 2015								Dec. 31, 2014
(in millions)	Gross carrying amount		Accumulated amortization			Net carrying amount		Remaining weighted- average amortization period	Gross carrying amount		Accumulated amortization			Net carrying amount
Subject to amortization:
Customer relationships—Investment Management	$	1,709	$	(1,351	)	$	358	11 years	$	1,945	$	(1,481	)	$	464
Customer contracts—Investment Services	2,313		(1,503		)	810		10 years	2,328		(1,354		)	974
Other	75		(66		)	9		3 years	81		(67		)	14
Total subject to amortization	4,097		(2,920		)	1,177		10 years	4,354		(2,902		)	1,452
Not subject to amortization: (a)
Trade name	1,358		N/A			1,358		N/A	1,360		N/A			1,360
Customer relationships	1,307		N/A			1,307		N/A	1,315		N/A			1,315
Total not subject to amortization	2,665		N/A			2,665		N/A	2,675		N/A			2,675
Total intangible assets	$	6,762	$	(2,920	)	$	3,842	N/A	$	7,029	$	(2,902	)	$	4,127


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

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)
2016		$	238
2017		214
2018		180
2019		108
2020		97