Goodwill and Other Intangibles

Goodwill. Changes by reporting segment in the carrying amount of goodwill for the years ended December 31, 2018 and 2017, including the effect of foreign exchange rates on non-U.S.-dollar-denominated balances, were as follows:

TABLE 73: GOODWILL



(In Millions)	CORPORATE & INSTITUTIONAL SERVICES			WEALTH MANAGEMENT		TOTAL
Balance at December 31, 2016	$	448.4		$	71.0	$	519.4
Goodwill Acquired	78.3			—		78.3
Measurement Period Adjustments	(1.3		)	—		(1.3		)
Foreign Exchange Rates	9.1			0.1		9.2

Balance at December 31, 2017	$	534.5		$	71.1	$	605.6
Goodwill Acquired	71.4			—		71.4
Foreign Exchange Rates	(7.7		)	—		(7.7		)

Balance at December 31, 2018	$	598.2		$	71.1	$	669.3

Other Intangible Assets Subject to Amortization. The gross carrying amount and accumulated amortization of other intangible assets subject to amortization as of December 31, 2018 and 2017 were as follows:

TABLE 74: OTHER INTANGIBLE ASSETS



	DECEMBER 31,
(In Millions)	2018		2017
Gross Carrying Amount	$	211.1	$	222.7
Less: Accumulated Amortization	72.5		61.3

Net Book Value	$	138.6	$	161.4

Other intangible assets consist primarily of the value of acquired client relationships and are included within other assets in the consolidated balance sheets. Amortization expense related to other intangible assets was $17.4 million, $11.4 million, and $8.8 million for the years ended December 31, 2018, 2017, and 2016, respectively. Amortization for the years 2019, 2020, 2021, 2022, and 2023 is estimated to be $16.8 million, $16.8 million, $14.4 million, $9.8 million, and $9.5 million respectively.

In November 2018, Northern Trust completed its acquisition of BEx LLC, a provider of foreign exchange software solutions, for a total purchase price of $37.6 million, inclusive of cash consideration of $31.2 million paid in the fourth quarter of 2018. The related purchase accounting is expected to be completed in the first quarter of 2019.

Since its acquisition of Omnium LLC in 2011, Northern Trust has made various investments in Citadel Technology LLC’s Omnium technology platform. In June 2018, Northern Trust completed its acquisition of such platform, along with associated development resources, for a total purchase price of $73.0 million. Goodwill and incremental software intangible assets associated with the acquisition in 2018 totaled $71.4 million and $1.6 million, respectively.

On October 1, 2017, Northern Trust completed its acquisition of UBS Asset Management’s fund administration servicing business in Luxembourg and Switzerland. The purchase price recorded in connection with the closing of the acquisition, which was subject to adjustment through May 2018, totaled $191.3 million. Goodwill and other intangible assets associated with the acquisition totaled $78.3 million and $126.0 million, respectively.