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Intangible Assets
 3 Months Ended
Mar. 31, 2020
Intangible Assets [Abstract]  
Intangible Assets
12. Intangible Assets
Intangible assets consist of core deposit intangibles, customer relationships, operating leases,
non-compete
agreements, trade names and books of business. 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 other noninterest income or other noninterest expense in the Condensed Consolidated Statements of Income.
On March 22, 2019, the Bancorp completed its acquisition of MB Financial, Inc. In connection with the acquisition, the Bancorp recorded a $195 million core deposit intangible asset with a weighted-average amortization period of 7.2 years. Additionally, the Bancorp recorded a $24 million operating lease intangible asset with a weighted-average amortization period of 1.7 years. The fair values of these intangibles were finalized as of March 31, 2020.
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, 2020
   
     
     
     
 
Core deposit intangibles
 
$
229
 
  
 
(83
)
 
 
146
 
  
 
 
Customer relationships
 
 
29
 
  
 
(6
)
 
 
23
 
  
 
 
Operating leases
 
 
21
 
  
 
(11
)
 
 
10
 
  
 
 
Non-compete
agreements
  
 
3
 
  
 
(1
)
 
 
2
 
  
 
 
Other
 
 
4
 
  
 
(1
)
 
 
3
 
  
 
 
Total intangible assets
 
$
286
 
  
 
(102
)
 
 
184
 
  
 
 
As of December 31, 2019
   
     
     
     
 
Core deposit intangibles
  $
229
     
(70
 )    
159
     
 
Customer relationships
   
29
     
(6
 )    
23
     
 
Operating leases
   
23
     
(9
 )    
14
     
 
Non-compete
agreements
    
13
     
(11
 )    
2
     
 
Other
   
4
     
(1
 )    
3
     
 
Total intangible assets
  $
298
     
(97
 )    
201
     
 
 
 
As of March 31, 2020, all of the Bancorp’s intangible assets were being amortized. Amortization expense recognized on intangible assets was $16 million and $3 million for the three months ended March 31, 2020 and 2019, respectively. The Bancorp’s projections of amortization expense shown in the following table are based on existing asset balances as of March 31, 2020. Future amortization expense may vary from these projections.
Estimated amortization expense for the remainder of 2020 through 2024 is as follows:
                 
($ in millions)
 
Total
   
 
Remainder of 2020
  $
                 40
     
 
2021
   
43
     
 
2022
   
34
     
 
2023
   
24
     
 
2024
   
16