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Intangible Assets
 3 Months Ended
Mar. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible Assets
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 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, 2024
Core deposit intangibles
$209 (189)20 
Developed technology106 (37)69 
Customer relationships
30 (11)19 
Other
16 (9)7 
Total intangible assets
$361 (246)115 
As of December 31, 2023

Core deposit intangibles
$209 (184)25 
Developed technology106 (33)73 
Customer relationships
30 (10)20 
Other
16 (9)7 
Total intangible assets
$361 (236)125 

As of March 31, 2024, all of the Bancorp’s intangible assets were being amortized. Amortization expense recognized on intangible assets was $10 million and $12 million for the three months ended March 31, 2024 and 2023, respectively. The Bancorp’s projections of amortization expense shown in the following table are based on existing asset balances as of March 31, 2024. Future amortization expense may vary from these projections.

Estimated amortization expense for the remainder of 2024 through 2028 is as follows:
($ in millions)Total
Remainder of 2024$25 
202528 
202622 
202714 
20289