Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

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, 2012	$	9,508		$	8,517	$	50	$	18,075
Disposition	(69		)	—		—		(69		)
Foreign exchange translation	(11		)	13		—		2
Other (a)	17			—		—		17
Balance at Sept. 30, 2013	$	9,445		$	8,530	$	50	$	18,025

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

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	62			20			—		82
Other (a)	(1		)	(11		)	10		(2		)
Balance at Sept. 30, 2012	$	9,434		$	8,500		$	50	$	17,984

(a) 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. In the second quarter of 2013, we recorded an $8 million impairment charge related to the write-down of the value of a customer contract intangible in the Investment Services business to its fair value.

Intangible assets – net carrying amount by business (in millions)	Investment Management			Investment Services				Other		Consolidated
Balance at Dec. 31, 2012	$	2,228		$	1,732			$	849	$	4,809
Disposition	(7		)	(1		)		—		(8		)
Amortization	(113		)	(147		)	(a)	—		(260		)
Foreign exchange translation	(1		)	1				—		—
Other (b)	(13		)	(1		)		—		(14		)
Balance at Sept. 30, 2013	$	2,094		$	1,584			$	849	$	4,527

(a) Includes an $8 million intangible asset impairment recorded in the second quarter of 2013.

(b) 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			Other		Consolidated
Balance at Dec. 31, 2011	$	2,382		$	1,922		$	848	$	5,152
Amortization	(144		)	(144		)	—		(288		)
Foreign exchange translation	16			2			—		18
Other (a)	—			(1		)	1		—
Balance at Sept. 30, 2012	$	2,254		$	1,779		$	849	$	4,882

(a) 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	Sept. 30, 2013								Dec. 31, 2012
(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	$	2,053	$	(1,426	)	$	627	12 years	$	761
Customer contracts—Investment Services	2,350		(1,156		)	1,194		12 years	1,335
Other	76		(58		)	18		5 years	25
Total subject to amortization	4,479		(2,640		)	1,839		12 years	2,121
Not subject to amortization: (a)
Trade name	1,368		N/A			1,368		N/A	1,368
Customer relationships	1,320		N/A			1,320		N/A	1,320
Total not subject to amortization	2,688		N/A			2,688		N/A	2,688
Total intangible assets	$	7,167	$	(2,640	)	$	4,527	N/A	$	4,809

(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)
2013		$	344
2014		301
2015		269
2016		240
2017		215