Intangible Assets

9 Months Ended

Sep. 30, 2012

Intangible Assets

8. 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 remaining weighted-average life at September 30, 2012 of 3.7years. 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 mortgage servicing rights, see Note 10.

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 September 30, 2012
	Mortgage servicing rights	$	2,774	(1,415)	(680)	679
	Core deposit intangibles		180	(157)	-	23
	Other		44	(37)	-	7
Total intangible assets		$	2,998	(1,609)	(680)	709
As of December 31, 2011
	Mortgage servicing rights	$	2,520	(1,281)	(558)	681
	Core deposit intangibles		439	(407)	-	32
	Other		44	(36)	-	8
Total intangible assets		$	3,003	(1,724)	(558)	721
As of September 30, 2011
	Mortgage servicing rights	$	2,440	(1,234)	(544)	662
	Core deposit intangibles		439	(404)	-	35
	Other		44	(34)	-	10
Total intangible assets		$	2,923	(1,672)	(544)	707

As of September 30, 2012, all of the Bancorp's intangible assets were being amortized. Amortization expense recognized on intangible assets, including mortgage servicing rights,for the three months endedSeptember 30, 2012 and 2011was $51 million and$39 million, respectively. For the nine months ended September 30, 2012 and 2011, amortization expense was $145 million and $105 million, respectively.

Estimated amortization expense for the remainder of 2012 through 2016 is as follows:
		Mortgage	Other
($ in millions)		Servicing Rights	Intangible Assets	Total
Remainder of 2012	$	81	3	84
2013		270	8	278
2014		208	4	212
2015		163	2	165
2016		129	2	131