Intangible Assets

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible assets consist of core deposit intangibles, developed technology, customer relationships, and other intangible assets which include trade names, backlog, operating leases and non-compete agreements. 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 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 December 31, 2023
Core deposit intangibles	$	209	(184)	25
Developed technology	106		(33)	73
Customer relationships	30		(10)	20
Other	16		(9)	7
Total intangible assets	$	361	(236)	125
As of December 31, 2022
Core deposit intangibles	$	229	(182)	47
Developed technology	106		(17)	89
Customer relationships	30		(7)	23
Other	20		(10)	10
Total intangible assets	$	385	(216)	169

As of December 31, 2023, all of the Bancorp’s intangible assets were being amortized. Amortization expense recognized on intangible assets was $43 million, $48 million and $47 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Bancorp’s projections of amortization expense shown in the following table are based on existing asset balances as of December 31, 2023. Future amortization expense may vary from these projections.

Estimated amortization expense for the years ending December 31, 2024 through 2028 is as follows:


($ in millions)	Total
2024	$	35
2025	28
2026	22
2027	14
2028	9