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Intangible Assets
 9 Months Ended
Sep. 30, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consist of core deposit intangibles, developed technology, 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 leasing business revenue or other noninterest expense in the Condensed Consolidated Statements of Income. The increase in the gross carrying amount of intangible assets from the year ended December 31, 2020 reflects acquisition activity during the third quarter of 2021, which included the recognition of $62 million in developed technology which will be amortized over its estimated remaining useful life of approximately 8 years.

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 September 30, 2021
Core deposit intangibles
$229 (144)85 
Developed technology62 (1)61 
Customer relationships
25 (7)18 
Operating leases
13 (10)3 
Other
4 (2)2 
Total intangible assets
$333 (164)169 
As of December 31, 2020

Core deposit intangibles
$229 (116)113 
Customer relationships
24 (5)19 
Operating leases
17 (12)5 
Other
3 (1)2 
Total intangible assets
$273 (134)139 

As of September 30, 2021, all of the Bancorp’s intangible assets were being amortized. Amortization expense recognized on intangible assets was $12 million and $13 million for the three months ended September 30, 2021 and 2020, respectively, and $34 million and $43 million for the nine months ended September 30, 2021 and 2020, respectively. The Bancorp’s projections of amortization expense shown in the following table are based on existing asset balances as of September 30, 2021. Future amortization expense may vary from these projections.

Estimated amortization expense for the remainder of 2021 through 2025 is as follows:
($ in millions)Total
Remainder of 2021$12 
202241 
202332 
202424 
202517