STATE STREET CORPSTT
STATE STREET CORP Goodwill & Intangibles Disclosure
Goodwill and Other Intangible Assets
Goodwill represents the excess of the cost of an acquisition over the fair value of the net tangible and other intangible assets acquired. Goodwill is not amortized, but is reviewed for impairment annually or more frequently if circumstances arise or events occur that indicate an impairment of the carrying amount may exist.
Impairment of goodwill is deemed to exist if the carrying value of a reporting unit, including its allocation of goodwill and other intangible assets, exceeds its estimated fair value. Management reviews goodwill for impairment annually or more frequently if circumstances arise or events occur that indicate an impairment of the carrying amount may exist. We begin our review by first assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Events that may indicate impairment include significant or adverse changes in the business, economic or political climate, an adverse action or assessment by a regulator, unanticipated competition, and a more-likely-than-not expectation that we will sell or otherwise dispose of a business to which the goodwill or other intangible assets relate. If we conclude from the qualitative assessment of goodwill impairment that it is more likely than not that a reporting unit’s fair value is greater than its carrying amount, quantitative tests are not required. However, if we determine it is more likely than not that a reporting unit’s fair value is less than its carrying amount, then we complete a quantitative assessment to determine if there is goodwill impairment. We may elect to bypass the qualitative assessment and complete a quantitative assessment in any given period.
In 2025, we assessed goodwill for impairment using a qualitative assessment. Based on our evaluation of the qualitative factors noted above, we determined it was more likely than not that the fair value of each of the reporting units exceeded its respective carrying amount.
Other intangible assets represent purchased long-lived intangible assets, primarily client relationships, that can be distinguished from goodwill because of contractual rights or because the asset can be exchanged on its own or in combination with a related contract, asset or liability. Other intangible assets are initially measured at their acquisition date fair value, the determination of which requires management judgment, are amortized over their estimated useful lives and are subject to evaluation for impairment. Client relationships are amortized on a straight-line basis over periods ranging from to twenty years, technology assets are amortized on a straight-line basis over periods ranging from to ten years, and core deposit intangible assets are amortized on a straight-line basis over periods ranging from to twenty-two years, with such amortization recorded in other expenses in our consolidated statement of income.
Other intangible assets are supported by the future cash flows that are directly associated with and expected to arise as a direct result of the use of the intangible asset, less any costs associated with the intangible asset’s eventual disposition. We evaluate other intangible assets for impairment at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows from other groups of assets using the following process. First, we routinely assess whether impairment indicators are present. When impairment indicators are identified as being present, we compare the estimated future net undiscounted cash flows of the intangible asset with its carrying value. If the future net undiscounted cash flows are greater than the carrying value, then there is no impairment, but if the intangible asset’s net undiscounted cash flows are less than its carrying value, we are required to calculate impairment. An impairment is recognized by writing the intangible asset down to its fair value through a charge to other expenses in our consolidated statement of income. We evaluate intangible assets for indicators of impairment on a quarterly basis.
There were no impairments of goodwill or other intangible assets in 2025, 2024 and 2023.
The following table presents changes in the carrying amount of goodwill during the periods indicated for each of our goodwill reporting units:
| (In millions) | Investment Servicing | Investment Management | Total | ||||||||||||||
| Goodwill: | |||||||||||||||||
Ending balance December 31, 2023 | $ | 7,346 | $ | 265 | $ | 7,611 | |||||||||||
Acquisitions(1) | 189 | — | 189 | ||||||||||||||
| Foreign currency translation | (107) | (2) | (109) | ||||||||||||||
Ending balance December 31, 2024 | 7,428 | 263 | 7,691 | ||||||||||||||
Acquisitions | 243 | — | 243 | ||||||||||||||
| Foreign currency translation | 220 | 5 | 225 | ||||||||||||||
Ending balance December 31, 2025 | $ | 7,891 | $ | 268 | $ | 8,159 | |||||||||||
(1) Investment Servicing includes the impact of the consolidation of one of our joint ventures in India.
The following table presents changes in the net carrying amount of other intangible assets during the periods indicated:
| (In millions) | Investment Servicing | Investment Management | Total | ||||||||||||||
| Other intangible assets: | |||||||||||||||||
| Ending balance December 31, 2023 | $ | 1,293 | $ | 27 | $ | 1,320 | |||||||||||
| Acquisitions | 7 | 13 | 20 | ||||||||||||||
| Amortization | (216) | (14) | (230) | ||||||||||||||
| Foreign currency translation | (21) | — | (21) | ||||||||||||||
| Ending balance December 31, 2024 | 1,063 | 26 | 1,089 | ||||||||||||||
| Acquisitions | 34 | — | 34 | ||||||||||||||
| Amortization | (216) | (7) | (223) | ||||||||||||||
| Foreign currency translation | 35 | — | 35 | ||||||||||||||
| Ending balance December 31, 2025 | $ | 916 | $ | 19 | $ | 935 | |||||||||||
The following tables present the gross carrying amount, accumulated amortization and net carrying amount of other intangible assets by type as of the dates indicated:
| December 31, 2025 | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||
| (In millions) | |||||||||||||||||
| Other intangible assets: | |||||||||||||||||
| Client relationships | $ | 2,831 | $ | (2,144) | $ | 687 | |||||||||||
| Technology | 405 | (293) | 112 | ||||||||||||||
| Core deposits | 703 | (597) | 106 | ||||||||||||||
| Other | 121 | (91) | 30 | ||||||||||||||
| Total | $ | 4,060 | $ | (3,125) | $ | 935 | |||||||||||
| December 31, 2024 | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||
| (In millions) | |||||||||||||||||
| Other intangible assets: | |||||||||||||||||
| Client relationships | $ | 2,706 | $ | (1,919) | $ | 787 | |||||||||||
| Technology | 401 | (252) | 149 | ||||||||||||||
| Core deposits | 677 | (540) | 137 | ||||||||||||||
| Other | 95 | (79) | 16 | ||||||||||||||
| Total | $ | 3,879 | $ | (2,790) | $ | 1,089 | |||||||||||
Amortization expense related to other intangible assets was $223 million, $230 million and $239 million in 2025, 2024 and 2023, respectively.
Expected future amortization expense for other intangible assets recorded as of December 31, 2025 is as follows:
| (In millions) | Future Amortization | ||||
| Years Ended December 31, | |||||
| 2026 | $ | 222 | |||
| 2027 | 185 | ||||
| 2028 | 132 | ||||
| 2029 | 68 | ||||
2030 | 56 | ||||
Free Sentinel
Track for freeWant the next STATE STREET CORP goodwill & intangibles disclosure the moment it drops?
Set a Sentinel and we'll alert you the moment STATE STREET CORP's next filing hits EDGAR. No credit card, your email never gets sold.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 19, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.