Goodwill

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Business combinations entered into by the Bancorp typically result in the recognition of goodwill. Acquisition activity includes acquisitions in the respective period in addition to purchase accounting adjustments related to previous acquisitions. During the third quarter of 2022, the Bancorp reorganized its management reporting structure and now reports on three business segments, which are also reporting units: Commercial Banking, Consumer and Small Business Banking and Wealth and Asset Management. In conjunction with this reorganization, the Bancorp reallocated a portion of its goodwill from Consumer and Small Business Banking to Commercial Banking using a relative fair value approach for the portions of the business which were transferred between reporting units. Refer to Note 23 for additional information.

The Bancorp completed its annual goodwill impairment test as of September 30, 2022 and the estimated fair values of the Commercial Banking, Consumer and Small Business Banking and Wealth and Asset Management reporting units exceeded their carrying values, including goodwill.

Changes in the net carrying amount of goodwill, by reporting unit, for the nine months ended September 30, 2022 and the year ended December 31, 2021 were as follows:


($ in millions)	Commercial Banking		Consumer and Small Business Banking	Wealth and Asset Management	General Corporate and Other	Total
Goodwill	$	2,730	2,262	231	—	5,223
Accumulated impairment losses	(750)		(215)	—	—	(965)
Net carrying value as of December 31, 2020	$	1,980	2,047	231	—	4,258
Acquisition activity	—		256	—	—	256
Net carrying value as of December 31, 2021	1,980		2,303	231	—	4,514
Acquisition activity	—		450	—	—	450
Reallocation of goodwill	378		(378)	—	—	—
Sale of businesses	(34)		—	(5)	—	(39)
Net carrying value as of September 30, 2022	$	2,324	2,375	226	—	4,925