Intangible Assets

12 Months Ended

Dec. 31, 2023


NOTE 11						Intangible Assets

Intangible assets consisted of the following:


At December 31 (Dollars in Millions)	2023		2022
Goodwill	$	12,489	$	12,373
Merchant processing contracts	124		155
Core deposit benefits	2,134		2,706
Mortgage servicing rights	3,377		3,755
Trust relationships	41		50
Other identified intangibles	408		489
Total	$	18,573	$	19,528

Aggregate amortization expense consisted of the following:


Year Ended December 31 (Dollars in Millions)	2023		2022		2021
Merchant processing contracts	$	31	$	38	$	45
Core deposit benefits	481		53		15
Trust relationships	10		12		10
Other identified intangibles	114		112		89
Total	$	636	$	215	$	159

The estimated amortization expense for the next five years is as follows:

The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2023, 2022 and 2021:


(Dollars in Millions)	Wealth, Corporate, Commercial and Institutional Banking		Consumer and Business Banking		Payment Services		Treasury and Corporate Support		Consolidated Company
Balance at December 31, 2020	$	3,266	$	3,475	$	3,177	$	—	$	9,918
Goodwill acquired	144		35		192		—		371
Foreign exchange translation and other	263		(265)		(25)		—		(27)
Balance at December 31, 2021	$	3,673	$	3,245	$	3,344	$	—	$	10,262
Goodwill acquired	918		1,220		11		—		2,149
Foreign exchange translation and other	(2)		—		(36)		—		(38)
Balance at December 31, 2022	$	4,589	$	4,465	$	3,319	$	—	$	12,373
Goodwill acquired	235		(139)		—		—		96
Foreign exchange translation and other	1		—		19		—		20
Balance at December 31, 2023	$	4,825	$	4,326	$	3,338	$	—	$	12,489