Goodwill

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

11. GOODWILL

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. On March 22, 2019 the Bancorp completed its acquisition of MB Financial, Inc. In connection with the acquisition, the Bancorp recorded approximately $1.8 billion of goodwill. The estimated fair value of assets acquired, liabilities assumed and noncontrolling interest recognized are considered preliminary as of December 31, 2019 and are subject to change for up to one year after the acquisition date as

additional information becomes available. The amount of goodwill recognized and the allocation to the Bancorp’s reporting units are also considered preliminary and subject to change for up to one year from the acquisition date.

The Bancorp completed its annual goodwill impairment test as of September 30, 2019 and the estimated fair values of the Commercial Banking, Branch 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 years ended December 31, 2019 and 2018 were as follows:

($ in millions)	Commercial Banking		Branch Banking		Consumer Lending		Wealth and Asset Management		Total
Goodwill	$	1,363		1,655		215		177		3,410
Accumulated impairment losses		(750)		-		(215)		-		(965)
Net carrying amount as of December 31, 2017	$	613		1,655		-		177		2,445
Acquisition activity		17		-		-		16		33
Net carrying amount as of December 31, 2018	$	630		1,655		-		193		2,478
Acquisition activity		1,324		391		-		62		1,777
Sale of business		-		-		-		(3)		(3)
Net carrying amount as of December 31, 2019	$	1,954		2,046		-		252		4,252