(in millions)

2021

2020

Beginning of year balance

$

14,551

$

14,562

Acquisitions⁽¹⁾

810

—

Other⁽²⁾

(10

)

(11

)

End of year balance

$

15,351

$

14,551

(1)

In 2021, the $810 million increase in goodwill resulted primarily from the Aperio Transaction, which closed on February 1, 2021. See Note 3, Acquisitions, for information on the Aperio Transaction.

(2)

Amounts primarily resulted from a decline related to tax benefits realized from tax-deductible goodwill in excess of book goodwill from the acquisition of the fund-of-funds business of Quellos Group, LLC in October 2007 (the “Quellos Transaction”). Goodwill related to the Quellos Transaction will continue to be reduced in future periods by the amount of tax benefits realized from tax-deductible goodwill in excess of book goodwill from the Quellos Transaction. The balance of the Quellos tax-deductible goodwill in excess of book goodwill was approximately $43 million and $74 million at December 31, 2021 and 2020, respectively.