Intangible Assets

6 Months Ended

Jun. 30, 2011

Intangible Assets

7. Intangible Assets

Intangible assets consist of servicing rights, core deposit intangibles, customer lists, non-compete agreements and cardholder relationships. Intangible assets, excluding servicing rights, are amortized on either a straight-line or an accelerated basis over their estimated useful lives and have an estimated weighted-average life at June 30, 2011 of 3.7 years. The Bancorp reviews intangible assets for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. For more information on servicing rights, see Note 9. The details of the Bancorp’s intangible assets are shown in the following table.

	Gross Carrying		Accumulated			Valuation			Net Carrying
($ in millions)	Amount		Amortization			Allowance			Amount
As of June 30, 2011:
Mortgage servicing rights	$	2,389		(1,199	)		(343	)		847
Core deposit intangibles		439		(400	)		—			39
Other		44		(34	)		—			10
Total intangible assets	$	2,872		(1,633	)		(343	)		896
As of December 31, 2010:
Mortgage servicing rights	$	2,284		(1,146	)		(316	)		822
Core deposit intangibles		439		(389	)		—			50
Other		44		(32	)		—			12
Total intangible assets	$	2,767		(1,567	)		(316	)		884
As of June 30, 2010:
Mortgage servicing rights	$	2,088		(1,056	)		(386	)		646
Core deposit intangibles		487		(418	)		—			69
Other		53		(39	)		—			14
Total intangible assets	$	2,628		(1,513	)		(386	)		729

As of June 30, 2011, all of the Bancorp’s intangible assets were being amortized. Amortization expense recognized on intangible assets, including servicing rights, for the three months ending June 30, 2011 and 2010 was $31 million and $36 million, respectively. For the six months ended June 30, 2011 and 2010, amortization expense was $66 million and $71 million, respectively. Estimated amortization expense for the years ending December 31, 2011 through 2015 is as follows:

	Mortgage		Other
($ in millions)	Servicing Rights		Intangible Assets		Total
Remainder of 2011	$	103		9		112
2012		178		13		191
2013		148		8		156
2014		123		4		127
2015		102		2		104