Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.10.0.1
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The table below presents goodwill balances by reporting unit and All Other at December 31, 2018 and 2017. The reporting units utilized for goodwill impairment testing are the operating segments or one level below.
 
 
 
 
Goodwill
 
 
 
 
 
 
 
 
December 31
(Dollars in millions)
2018
 
2017
Deposits
$
18,414

 
$
18,414

Consumer Lending
11,709

 
11,709

Consumer Banking
30,123

 
30,123

U.S. Trust
2,917

 
2,917

Merrill Lynch Global Wealth Management
6,760

 
6,760

Global Wealth & Investment Management
9,677

 
9,677

Global Commercial Banking
16,146

 
16,146

Global Corporate and Investment Banking
6,231

 
6,231

Business Banking
1,546

 
1,546

Global Banking
23,923

 
23,923

Global Markets
5,182

 
5,182

All Other
46

 
46

Total goodwill
$
68,951

 
$
68,951


During 2018, the Corporation completed its annual goodwill impairment test as of June 30, 2018 using qualitative assessments for all applicable reporting units. Based on the results of the annual goodwill impairment test, the Corporation determined there was no impairment. For more information on the use of qualitative assessments, see Note 1 – Summary of Significant Accounting Principles.
Intangible Assets
The table below presents the gross and net carrying values and accumulated amortization for intangible assets at December 31, 2018 and 2017.
 
 
 
 
 
 
 
 
 
 
 
 
Intangible Assets (1, 2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross
Carrying Value
 
Accumulated
Amortization
 
Net
Carrying Value
 
Gross
Carrying Value
 
Accumulated
Amortization
 
Net
Carrying Value
(Dollars in millions)
December 31, 2018
 
December 31, 2017
Purchased credit card and affinity relationships
$
5,919

 
$
5,759

 
$
160

 
$
5,919

 
$
5,604

 
$
315

Core deposit and other intangibles (3)
3,835

 
2,221

 
1,614

 
3,835

 
2,140

 
1,695

Customer relationships

 

 

 
3,886

 
3,584

 
302

Total intangible assets
$
9,754


$
7,980

 
$
1,774

 
$
13,640

 
$
11,328

 
$
2,312

(1) 
Excludes fully amortized intangible assets.
(2) 
At December 31, 2018 and 2017, none of the intangible assets were impaired.
(3) 
Includes $1.6 billion at both December 31, 2018 and 2017 of intangible assets associated with trade names that have an indefinite life and, accordingly, are not amortized.
Amortization of intangibles expense was $538 million, $621 million and $730 million for 2018, 2017 and 2016, respectively. The Corporation estimates aggregate amortization expense will be $105 million for 2019, $55 million for 2020 and none for the years thereafter.