| 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.
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Goodwill |
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December 31 |
(Dollars in millions) |
2018 |
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2017 |
Deposits |
$ |
18,414 |
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$ |
18,414 |
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Consumer Lending |
11,709 |
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11,709 |
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Consumer Banking |
30,123 |
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30,123 |
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U.S. Trust |
2,917 |
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2,917 |
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Merrill Lynch Global Wealth Management |
6,760 |
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6,760 |
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Global Wealth & Investment Management |
9,677 |
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9,677 |
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Global Commercial Banking |
16,146 |
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16,146 |
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Global Corporate and Investment Banking |
6,231 |
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6,231 |
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Business Banking |
1,546 |
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1,546 |
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Global Banking |
23,923 |
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23,923 |
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Global Markets |
5,182 |
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5,182 |
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All Other |
46 |
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46 |
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Total goodwill |
$ |
68,951 |
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$ |
68,951 |
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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.
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Intangible Assets (1, 2)
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Gross
Carrying Value |
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Accumulated
Amortization |
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Net
Carrying Value |
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Gross
Carrying Value |
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Accumulated
Amortization |
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Net
Carrying Value |
(Dollars in millions) |
December 31, 2018 |
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December 31, 2017 |
Purchased credit card and affinity relationships |
$ |
5,919 |
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$ |
5,759 |
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$ |
160 |
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$ |
5,919 |
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$ |
5,604 |
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$ |
315 |
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Core deposit and other intangibles (3)
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3,835 |
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2,221 |
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1,614 |
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3,835 |
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2,140 |
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1,695 |
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Customer relationships |
— |
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— |
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— |
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3,886 |
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3,584 |
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302 |
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Total intangible assets |
$ |
9,754 |
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$ |
7,980 |
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$ |
1,774 |
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$ |
13,640 |
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$ |
11,328 |
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$ |
2,312 |
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(1) |
Excludes fully amortized intangible assets. |
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(2) |
At December 31, 2018 and 2017, none of the intangible assets were impaired.
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(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.
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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.
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