Intangible Assets

3 Months Ended

Mar. 31, 2022

Intangible Assets, Net (Excluding Goodwill) [Abstract]

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 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 March 31, 2022
Core deposit intangibles	$	229	(161)	68
Developed technology	62		(5)	57
Customer relationships	25		(8)	17
Operating leases	10		(8)	2
Other	4		(3)	1
Total intangible assets	$	330	(185)	145
As of December 31, 2021
Core deposit intangibles	$	229	(153)	76
Developed technology	62		(3)	59
Customer relationships	25		(7)	18
Operating leases	11		(9)	2
Other	4		(3)	1
Total intangible assets	$	331	(175)	156

As of March 31, 2022, all of the Bancorp’s intangible assets were being amortized. Amortization expense recognized on intangible assets was $11 million and $12 million for the three months ended March 31, 2022 and 2021, respectively. The Bancorp’s projections of amortization expense shown in the following table are based on existing asset balances as of March 31, 2022. Future amortization expense may vary from these projections.

Estimated amortization expense for the remainder of 2022 through 2026 is as follows:


($ in millions)	Total
Remainder of 2022	$	29
2023	32
2024	24
2025	17
2026	11