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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill represents the excess of the cost of an acquisition over the fair value of the net tangible and other intangible assets acquired. Other intangible assets represent purchased long-lived intangible assets, primarily client relationships, that can be distinguished from goodwill because of contractual rights or because the asset can be exchanged on its own or in combination with a related contract, asset or liability. Goodwill is not amortized, but is subject to at least annual evaluation for impairment. Other intangible assets, which are subject to evaluation for impairment, are mainly related to client relationships, which are amortized on a straight-line basis over periods ranging from five to twenty years, technology assets, which are amortized on a straight-line basis over periods ranging from three to ten years, and core deposit intangible assets, which are amortized on a straight-line basis over periods ranging from sixteen to twenty-two years, with such amortization recorded in other expenses in our consolidated statement of income.
Impairment of goodwill is deemed to exist if the carrying value of a reporting unit, including its allocation of goodwill and other intangible assets, exceeds its estimated fair value. Impairment of other intangible assets is deemed to exist if the balance of the other intangible asset exceeds the cumulative expected undiscounted net cash inflows related to the asset over its remaining estimated useful life. If these reviews determine that goodwill or other intangible assets are impaired, the value of the goodwill or the other intangible asset is written down through a charge to other expenses in our consolidated statement of income. There were no impairments to goodwill or other intangible assets in 2022, 2021 and 2020.
The following table presents changes in the carrying amount of goodwill during the periods indicated:
(In millions)
Investment
Servicing(1)
Investment
Management		Total
Goodwill:
Ending balance December 31, 2020$7,413 $270 $7,683 
Acquisitions(2)
66 — 66 
Divestitures(3)
(17)— (17)
Foreign currency translation(108)(3)(111)
Ending balance December 31, 20217,354 267 7,621 
Acquisitions(2)
3 — 3 
Foreign currency translation(125)(4)(129)
Ending balance December 31, 2022$7,232 $263 $7,495 
(1) Investment Servicing includes our acquisition of CRD.
(2) Investment Servicing includes our acquisitions of the depositary bank and fund administrator activities of Fideuram Bank Luxembourg, a subsidiary of Intesa Sanpaolo, in the first quarter of 2021, with a total purchase price of approximately EUR 220 million or approximately $258 million, and our acquisition of Mercatus, Inc. in the third quarter of 2021, with a total purchase price of approximately $88 million. We accounted for these acquisitions as business combinations and, in accordance with ASC Topic 805, Business Combinations, we have recorded assets acquired and liabilities assumed at their respective fair values as of the acquisition date.
(3) In the second quarter of 2021, we sold a majority share of our WMS business.
The following table presents changes in the net carrying amount of other intangible assets during the periods indicated:
(In millions)
Investment
Servicing(1)
Investment
Management		Total
Other intangible assets:
Ending balance December 31, 2020$1,733 $94 $1,827 
Acquisitions(2)
264 — 264 
Amortization(221)(24)(245)
Foreign currency translation(30)— (30)
Ending balance December 31, 20211,746 70 1,816 
Amortization(217)(21)(238)
Foreign currency translation(34)— (34)
Ending balance December 31, 2022$1,495 $49 $1,544 
(1) Investment Servicing includes our acquisition of CRD.
(2) Investment Servicing includes our acquisitions of the depositary bank and fund administrator activities of Fideuram Bank Luxembourg, a subsidiary of Intesa Sanpaolo, in the first quarter of 2021, with a total purchase price of approximately EUR 220 million or approximately $258 million, and our acquisition of Mercatus, Inc. in the third quarter of 2021, with a total purchase price of approximately $88 million. We accounted for these acquisitions as business combinations and, in accordance with ASC Topic 805, Business Combinations, we have recorded assets acquired and liabilities assumed at their respective fair values as of the acquisition date.     
The following table presents the gross carrying amount, accumulated amortization and net carrying amount of other intangible assets by type as of the dates indicated:
December 31, 2022Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
(In millions)
Other intangible assets:
Client relationships
$2,728 $(1,626)$1,102 
Technology
402 (178)224 
Core deposits
683 (477)206 
Other
84 (72)12 
Total
$3,897 $(2,353)$1,544 
December 31, 2021Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
(In millions)
Other intangible assets:
Client relationships
$2,786 $(1,497)$1,289 
Technology
403 (142)261 
Core deposits
696 (451)245 
Other
96 (75)21 
Total
$3,981 $(2,165)$1,816 
Amortization expense related to other intangible assets was $238 million, $245 million and $234 million in 2022, 2021 and 2020, respectively.
Expected future amortization expense for other intangible assets recorded as of December 31, 2022 is as follows:
(In millions)Future Amortization
Years Ended December 31,
2023$241 
2024238 
2025210 
2026201 
2027167