Goodwill and Intangible Assets |
9. Goodwill and Intangible Assets Goodwill The Firm completed its annual goodwill impairment testing as of July 1, 2017 and July 1, 2016. The Firm’s impairment testing for each period did not indicate any goodwill impairment as each of the Firm’s reporting units with goodwill had a fair value that was substantially in excess of its carrying value. Goodwill Rollforward | | | | | | $ in millions | | IS | | WM | | IM | | Total | At December 31, 20151 | $ | 282 | $ | 5,533 | $ | 769 | $ | 6,584 | Foreign currency and other | | (7) | | ─ | | ─ | | (7) | At December 31, 20161 | $ | 275 | $ | 5,533 | $ | 769 | $ | 6,577 | Foreign currency and other | | 20 | | ─ | | ─ | | 20 | At December 31, 20171 | $ | 295 | $ | 5,533 | $ | 769 | $ | 6,597 | Accumulated | | | | | | | | | impairments2 | | 673 | | ─ | | 27 | | 700 |
IS—Institutional Securities WM—Wealth Management IM—Investment Management - Balances represent the amount of the Firm’s goodwill after accumulated impairments.
- Balances represent amounts at December 31, 2017, 2016 and 2015.
Intangible Assets by Business Segment | | | | | | | | $ in millions | | IS | | WM | | IM | | Total | Amortizable intangibles | $ | 346 | $ | 2,361 | $ | 11 | $ | 2,718 | Mortgage servicing rights | | — | | 3 | | — | | 3 | At December 31, 2016 | $ | 346 | $ | 2,364 | $ | 11 | $ | 2,721 | Amortizable intangibles | $ | 349 | $ | 2,092 | $ | 4 | $ | 2,445 | Mortgage servicing rights | | — | | 3 | | — | | 3 | At December 31, 2017 | $ | 349 | $ | 2,095 | $ | 4 | $ | 2,448 |
Gross Amortizable Intangible Assets by Type | | | | | | | | | | | At December 31, 2017 | | At December 31, 2016 | | $ in millions | | Gross Carrying Amount | | Accumulated Amortization | | Gross Carrying Amount | | Accumulated Amortization | | Trademarks | $ | 1 | $ | — | $ | 1 | $ | — | | Tradename | | 283 | | 50 | | 283 | | 40 | | Customer | | | | | | | | | | relationships | | 4,059 | | 2,193 | | 4,059 | | 1,939 | | Management | | | | | | | | | | contracts | | 503 | | 299 | | 467 | | 275 | | Other | | 329 | | 188 | | 329 | | 167 | | Total | $ | 5,175 | $ | 2,730 | $ | 5,139 | $ | 2,421 | | Estimated annual amortization expense for the next five years | $ | 301 | |
Net Amortizable Intangible Assets Rollforward | | | | | | | | $ in millions | | IS | | WM | | IM | | Total | At December 31, 2015 | $ | 327 | $ | 2,632 | $ | 20 | $ | 2,979 | Acquired | | 43 | | — | | — | | 43 | Disposals | | (11) | | — | | — | | (11) | Amortization expense | | (11) | | (271) | | (9) | | (291) | Impairment losses | | (2) | | — | | — | | (2) | At December 31, 2016 | $ | 346 | $ | 2,361 | $ | 11 | $ | 2,718 | Acquired | | 51 | | — | | — | | 51 | Disposals | | (15) | | — | | — | | (15) | Amortization expense | | (33) | | (269) | | (7) | | (309) | At December 31, 2017 | $ | 349 | $ | 2,092 | $ | 4 | $ | 2,445 |
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