Goodwill and Other Intangibles

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill. Changes by reporting segment in the carrying amount of Goodwill for the six months ended June 30, 2025, including the effect of foreign exchange rates on non-U.S. dollar denominated balances, were as follows.

TABLE 54: GOODWILL


(In Millions)	ASSET SERVICING		WEALTH MANAGEMENT		TOTAL
Balance at December 31, 2024	$	614.6	$	80.3	$	694.9

Foreign Exchange Rates	19.6		0.1		19.7
Balance at June 30, 2025	$	634.2	$	80.4	$	714.6

Other Intangible Assets Subject to Amortization. The gross carrying amount and accumulated amortization of other intangible assets subject to amortization as of June 30, 2025 and December 31, 2024 were as follows.

TABLE 55: OTHER INTANGIBLE ASSSETS SUBJECT TO AMORTIZATION


(In Millions)	JUNE 30, 2025		DECEMBER 31, 2024
Gross Carrying Amount	$	136.5	$	127.0
Less: Accumulated Amortization	75.3		68.9
Net Book Value	$	61.2	$	58.1

TABLE 56: CHANGES IN OTHER INTANGIBLE ASSETS


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
(In Millions)	2025		2024		2025		2024
Balance at Beginning of Period	58.2		67.0		58.1		71.6
Amortization	(2.3)		(2.3)		(4.4)		(4.7)
Foreign Exchange Rates	5.3		(0.3)		7.5		(2.5)
Balance as of June 30	$	61.2	$	64.4	$	61.2	$	64.4

Amortization for the remainder of 2025 and for the years 2026, 2027, 2028, and 2029 is estimated to be $4.7 million, $9.1 million, $8.8 million, $8.1 million, and $8.1 million, respectively.

Capitalized Software. The gross carrying amount and accumulated amortization of capitalized software as of June 30, 2025 and December 31, 2024 were as follows.

TABLE 57: CAPITALIZED SOFTWARE


(In Millions)	JUNE 30, 2025		DECEMBER 31, 2024
Gross Carrying Amount	$	4,764.7	$	4,259.6
Less: Accumulated Amortization	2,413.5		2,104.5
Net Book Value	$	2,351.2	$	2,155.1

Capitalized software, which is included in Other Assets on the consolidated balance sheets, consists primarily of cost related to purchased software and internal-use software development projects that result in new or enhanced functionality, including compensation and other allowable internal costs. Fees paid for the use of software services that do not convey a software license are expensed as incurred. Amortization expense, which is included in Equipment and Software on the consolidated statements of income, totaled $168.0 million and $330.9 million for the three and six months ended June 30, 2025, respectively, and $150.6 million and $291.0 million for the three and six months ended June 30, 2024, respectively