Goodwill and Other Intangibles

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill. Changes by reporting segment in the carrying amount of goodwill for the nine months ended September 30, 2020, including the effect of foreign exchange rates on non-U.S.-dollar denominated balances, were as follows:

TABLE 64: GOODWILL BY REPORTING SEGMENT


(In Millions)	CORPORATE & INSTITUTIONAL SERVICES		WEALTH MANAGEMENT		TOTAL
Balance at December 31, 2019	$	625.7	$	71.1	$	696.8
Foreign Exchange Rates	1.2		—		1.2
Balance at September 30, 2020	$	626.9	$	71.1	$	698.0

Other Intangible Assets Subject to Amortization. The gross carrying amount and accumulated amortization of other intangible assets subject to amortization as of September 30, 2020 and December 31, 2019 were as follows:

TABLE 65: OTHER INTANGIBLE ASSETS


(In Millions)	SEPTEMBER 30, 2020		DECEMBER 31, 2019
Gross Carrying Amount	$	214.3	$	207.2
Less: Accumulated Amortization	101.7		86.6
Net Book Value	$	112.6	$	120.6

Other intangible assets consist primarily of the value of acquired client relationships and are included within Other Assets on the consolidated balance sheets. Amortization expense related to other intangible assets totaled $4.3 million and $12.6 million for the three and nine months ended September 30, 2020, and $4.2 million and $12.5 million for the three and nine months ended September 30, 2019. Amortization for the remainder of 2020 and for the years 2021, 2022, 2023, and 2024 is estimated to be $4.3 million, $14.7 million, $10.1 million, $9.8 million, and $9.7 million, respectively.