v2.4.0.6
Goodwill and Net Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2012
Goodwill and Net Intangible Assets  
Changes in Carrying Amount of Goodwill
  Institutional Securities Global Wealth Management Group Asset Management Total
  (dollars in millions)
Goodwill at December 31, 2010$ 383$ 5,616$ 740$ 6,739
Foreign currency translation adjustments and other   (53)  ─  ─  (53)
Goodwill at December 31, 2011(1)$ 330$ 5,616$ 740$ 6,686
Foreign currency translation adjustments and other   (6)  35  ─  29
Goodwill disposed of during the period(2)  ─  (65)  ─  (65)
Goodwill at December 31, 2012(1)$ 324$ 5,586$ 740$ 6,650

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  • The amount of the Company's goodwill before accumulated impairments of $700 million, which included $673 million related to the Institutional Securities business segment and $27 million related to the Asset Management business segment, was $7,350 million and $7,386 million at December 31, 2012 and December 31, 2011, respectively.
  • The Global Wealth Management Group activity represents goodwill disposed of in connection with the sale of Quilter (see Notes 1 and 25).

 
Changes in Carrying Amount of Intangible Assets
  Institutional Securities Global Wealth Management Group Asset Management Total
         
  (dollars in millions)
Amortizable net intangible assets at December 31, 2010$ 262$ 3,963$ 5$ 4,230
Mortgage servicing rights (see Note 7)   151  6  —  157
Indefinite-lived intangible assets (see Note 2)  —  280  —  280
Net intangible assets at December 31, 2010$ 413$ 4,249$ 5$ 4,667
Amortizable net intangible assets at December 31, 2010$ 262$ 3,963$ 5$ 4,230
Foreign currency translation adjustments and other   (10)  —  —  (10)
Amortization expense   (23)  (322)  —  (345)
Impairment losses(1)  (4)  —  (3)  (7)
Intangible assets acquired during the period   5  —  —  5
Intangible assets disposed of during the period   (1)  —  —  (1)
Amortizable net intangible assets at December 31, 2011 $ 229$ 3,641$ 2$ 3,872
Mortgage servicing rights (see Note 7)   122  11  —  133
Indefinite-lived intangible assets (see Note 2)  —  280  —  280
Net intangible assets at December 31, 2011$ 351$ 3,932$ 2$ 4,285
Amortizable net intangible assets at December 31, 2011$ 229$ 3,641$ 2$ 3,872
Foreign currency translation adjustments and other   5  1  —  6
Amortization expense   (17)  (322)  (1)  (340)
Impairment losses(1)  (4)  —  —  (4)
Increase due to Smith Barney tradename(2)  —  280  —  280
Intangible assets acquired during the period   4  —  —  4
Intangible assets disposed of during the period(3)  (42)  —  —  (42)
Amortizable net intangible assets at December 31, 2012  175  3,600  1  3,776
Mortgage servicing rights (see Note 7)   —  7  —  7
Net intangible assets at December 31, 2012$ 175$ 3,607$ 1$ 3,783

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(1)       Impairment losses are recorded within Other expenses in the consolidated statements of income.

(2)       The Global Wealth Management Group business segment activity represents the reclassification of $280 million from an indefinite-lived to a finite-lived intangible asset (see Note 2).

(3)       The Institutional Securities business segment activity represents intangible assets disposed of in connection with the sale of a principal investment.

 
Amortizable Intangible Assets
    At December 31, 2012 At December 31, 2011
    Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization
   (dollars in millions)
Amortizable intangible assets:        
 Trademarks$ 7$ 3$ 59$ 13
 Tradename  280  2  —  —
 Customer relationships  4,058  923  4,063  673
 Management contracts  313  116  313  80
 Research  176  126  176  91
 Other  192  80  171  53
  Total amortizable intangible assets$ 5,026$ 1,250$ 4,782$ 910