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Intangible Assets
 6 Months Ended
Jun. 30, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consist of core deposit intangibles, customer relationships, operating leases, non-compete agreements, trade names and books of business. Intangible assets are amortized on either a straight-line or an accelerated basis over their estimated useful lives and, based on the type of intangible asset, the amortization expense may be recorded in either other noninterest income or other noninterest expense in the Condensed Consolidated Statements of Income.

On March 22, 2019, the Bancorp completed its acquisition of MB Financial, Inc. In connection with the acquisition, the Bancorp recorded a $195 million core deposit intangible asset with a weighted-average amortization period of 7.2 years. Additionally, the Bancorp recorded a $24 million operating lease intangible asset with a weighted-average amortization period of 1.7 years. The fair values of these intangibles were finalized as of March 31, 2020.

The details of the Bancorp’s intangible assets are shown in the following table:

($ in millions)
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
As of June 30, 2020
Core deposit intangibles
$229  (94) 135  
Customer relationships
29  (6) 23  
Operating leases
21  (12) 9  
Non-compete agreements
3  (2) 1  
Other
4  (1) 3  
Total intangible assets
$286  (115) 171  
As of December 31, 2019

Core deposit intangibles
$229  (70) 159  
Customer relationships
29  (6) 23  
Operating leases
23  (9) 14  
Non-compete agreements
13  (11) 2  
Other
4  (1) 3  
Total intangible assets
$298  (97) 201  
As of June 30, 2020, all of the Bancorp’s intangible assets were being amortized. Amortization expense recognized on intangible assets was $13 million and $14 million for the three months ended June 30, 2020 and 2019, respectively, and $29 million and $17 million for the six months ended June 30, 2020 and 2019, respectively. The Bancorp’s projections of amortization expense shown in the following table are based on existing asset balances as of June 30, 2020. Future amortization expense may vary from these projections.

Estimated amortization expense for the remainder of 2020 through 2024 is as follows:
($ in millions)Total
Remainder of 2020$26  
202143  
202233  
202324  
202416