Goodwill by business (in millions) | Investment Management | Investment Services | Other | Consolidated | |||||||||||
Balance at Dec. 31, 2011 | $ | 9,373 | $ | 8,491 | $ | 40 | $ | 17,904 | |||||||
Acquisition | 70 | — | — | 70 | |||||||||||
Foreign exchange translation | 63 | 38 | — | 101 | |||||||||||
Other (a) | 2 | (12 | ) | 10 | — | ||||||||||
Balance at Dec. 31, 2012 | $ | 9,508 | $ | 8,517 | $ | 50 | $ | 18,075 | |||||||
Disposition | (69 | ) | — | — | (69 | ) | |||||||||
Foreign exchange translation | 17 | 33 | — | 50 | |||||||||||
Other (a) | 17 | — | — | 17 | |||||||||||
Balance at Dec. 31, 2013 | $ | 9,473 | $ | 8,550 | $ | 50 | $ | 18,073 |
(a) | Other changes in goodwill include purchase price adjustments and certain other reclassifications. |
Intangible assets – net carrying amount by business (in millions) | Investment Management | Investment Services | Other | Consolidated | |||||||||||
Balance at Dec. 31, 2011 | $ | 2,382 | $ | 1,922 | $ | 848 | $ | 5,152 | |||||||
Acquisition | 23 | — | — | 23 | |||||||||||
Amortization | (192 | ) | (192 | ) | — | (384 | ) | ||||||||
Foreign exchange translation | 15 | 3 | — | 18 | |||||||||||
Other (a) | — | (1 | ) | 1 | — | ||||||||||
Balance at Dec. 31, 2012 | $ | 2,228 | $ | 1,732 | $ | 849 | $ | 4,809 | |||||||
Disposition | (7 | ) | (1 | ) | — | (8 | ) | ||||||||
Amortization | (148 | ) | (194 | ) | (b) | — | (342 | ) | |||||||
Foreign exchange translation | 6 | 2 | — | 8 | |||||||||||
Other (a) | (14 | ) | (1 | ) | — | (15 | ) | ||||||||
Balance at Dec. 31, 2013 | $ | 2,065 | $ | 1,538 | $ | 849 | $ | 4,452 |
(a) | Other changes in intangible assets include purchase price adjustments and certain other reclassifications. |
(b) | Includes an $8 million intangible asset impairment recorded in 2013. |
Intangible assets | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||||||||
(in millions) | Gross carrying amount | Accumulated amortization | Net carrying amount | Remaining weighted- average amortization period | Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||
Subject to amortization: | ||||||||||||||||||||
Customer relationships—Investment Management | $ | 2,043 | $ | (1,449 | ) | $ | 594 | 12 years | $ | 2,114 | $ | (1,353 | ) | $ | 761 | |||||
Customer contracts—Investment Services | 2,352 | (1,202 | ) | 1,150 | 12 years | 2,353 | (1,018 | ) | 1,335 | |||||||||||
Other | 76 | (60 | ) | 16 | 5 years | 125 | (100 | ) | 25 | |||||||||||
Total subject to amortization | 4,471 | (2,711 | ) | 1,760 | 12 years | 4,592 | (2,471 | ) | 2,121 | |||||||||||
Not subject to amortization: (a) | ||||||||||||||||||||
Trade name | 1,369 | N/A | 1,369 | N/A | 1,368 | N/A | 1,368 | |||||||||||||
Customer relationships | 1,323 | N/A | 1,323 | N/A | 1,320 | N/A | 1,320 | |||||||||||||
Total not subject to amortization | 2,692 | N/A | 2,692 | N/A | 2,688 | N/A | 2,688 | |||||||||||||
Total intangible assets | $ | 7,163 | $ | (2,711 | ) | $ | 4,452 | N/A | $ | 7,280 | $ | (2,471 | ) | $ | 4,809 |
(a) | Intangible assets not subject to amortization have an indefinite life. |
For the year ended Dec. 31, | Estimated amortization expense (in millions) | |||
2014 | $ | 302 | ||
2015 | 269 | |||
2016 | 240 | |||
2017 | 215 | |||
2018 | 180 |