STATE STREET CORP | 2013 | FY | 3


Goodwill and Other Intangible Assets
The following table presents changes in the carrying amount of goodwill during the years ended December 31:
 
2013
 
2012
(In millions)
Investment
Servicing
 
Investment
Management
 
Total
 
Investment
Servicing
 
Investment
Management
 
Total
Beginning balance
$
5,941

 
$
36

 
$
5,977

 
$
5,610

 
$
35

 
$
5,645

Acquisitions(1)

 

 

 
290

 

 
290

Divestitures and other reductions
(10
)
 

 
(10
)
 

 

 

Foreign currency translation, net
68

 
1

 
69

 
41

 
1

 
42

Ending balance
$
5,999

 
$
37

 
$
6,036

 
$
5,941

 
$
36

 
$
5,977

 
 
 
 
 
(1) Amount for 2012 represented the acquisition of GSAS; refer to note 2.
The following table presents changes in the net carrying amount of other intangible assets during the years ended December 31:
 
2013
 
2012
(In millions)
Investment
Servicing
 
Investment
Management
 
Total
 
Investment
Servicing
 
Investment
Management
 
Total
Beginning balance
$
2,492

 
$
47

 
$
2,539

 
$
2,408

 
$
51

 
$
2,459

Acquisitions(1)

 

 

 
257

 

 
257

Divestitures
(5
)
 

 
(5
)
 

 

 

Amortization
(205
)
 
(9
)
 
(214
)
 
(193
)
 
(5
)
 
(198
)
Foreign currency translation, net
39

 
1

 
40

 
20

 
1

 
21

Ending balance
$
2,321

 
$
39

 
$
2,360

 
$
2,492

 
$
47

 
$
2,539

 
 
 
 
 

(1) Amount for 2012 represented the acquisition of GSAS; refer to note 2.
The following table presents the gross carrying amount, accumulated amortization and net carrying amount of other intangible assets by type as of December 31:
 
2013
 
2012
(In millions)
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
Client relationships
$
2,706

 
$
(975
)
 
$
1,731

 
$
2,653

 
$
(755
)
 
$
1,898

Core deposits
717

 
(191
)
 
526

 
706

 
(192
)
 
514

Other
234

 
(131
)
 
103

 
244

 
(117
)
 
127

Total
$
3,657

 
$
(1,297
)
 
$
2,360

 
$
3,603

 
$
(1,064
)
 
$
2,539


Amortization expense related to other intangible assets was $214 million, $198 million and $200 million for the years ended December 31, 2013, 2012 and 2011, respectively. Expected future amortization expense for other intangible assets recorded as of December 31, 2013 is $218 million for 2014, $213 million for 2015, $208 million for 2016, $201 million for 2017 and $174 million for 2018.

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