Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2014

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, 2013	$	9,473		$	8,550		$	50	$	18,073
Acquisitions/dispositions	—			39			—		39
Foreign currency translation	(45		)	(75		)	—		(120		)
Balance at Sept. 30, 2014	$	9,428		$	8,514		$	50	$	17,992

Goodwill by business (in millions)	Investment Management			(a)	Investment Services		Other			(a)	Consolidated
Balance at Dec. 31, 2012	$	9,440			$	8,517	$	118			$	18,075
Dispositions	—				—		(69		)		(69		)
Foreign currency translation	(12		)		13		1				2
Other (b)	17				—		—				17
Balance at Sept. 30, 2013	$	9,445			$	8,530	$	50			$	18,025

(a) Includes the reclassification of goodwill associated with the Newton Private Clients business from Investment Management 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, 2013	$	2,065		$	1,538		$	849	$	4,452
Amortization	(93		)	(132		)	—		(225		)
Foreign currency translation	(7		)	(5		)	—		(12		)
Balance at Sept. 30, 2014	$	1,965		$	1,401		$	849	$	4,215

Intangible assets – net carrying amount by business (in millions)	Investment Management			(a)	Investment Services				Other			(a)	Consolidated
Balance at Dec. 31, 2012	$	2,220			$	1,732			$	857			$	4,809
Disposition	—				(1		)		(7		)		(8		)
Amortization	(113		)		(147		)	(b)	—				(260		)
Foreign currency translation	—				1				(1		)		—
Other (c)	(13		)		(1		)		—				(14		)
Balance at Sept. 30, 2013	$	2,094			$	1,584			$	849			$	4,527

(a) Includes the reclassification of intangible assets associated with the Newton Private Clients business from Investment Management to the Other segment.

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

(c) 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, 2014								Dec. 31, 2013
(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	$	2,013	$	(1,514	)	$	499	11 years	$	594
Customer contracts—Investment Services	2,335		(1,316		)	1,019		11 years	1,150
Other	82		(67		)	15		4 years	16
Total subject to amortization	4,430		(2,897		)	1,533		11 years	1,760
Not subject to amortization: (a)
Trade name	1,361		N/A			1,361		N/A	1,369
Customer relationships	1,321		N/A			1,321		N/A	1,323
Total not subject to amortization	2,682		N/A			2,682		N/A	2,692
Total intangible assets	$	7,112	$	(2,897	)	$	4,215	N/A	$	4,452

(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)
2014		$	300
2015		269
2016		241
2017		216
2018		182