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Intangible Assets
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
     
  
NOTE 10
 
   Intangible Assets
Intangible assets consisted of the following:
 
                             
At December 31 (Dollars in Millions)
  
Estimated
Life
(a)
   
Amortization
Method
(b)
      Balance  
   2019      2018  
Goodwill
  
 
     
(c)
 		      $ 9,655      $ 9,369  
Merchant processing contracts
   6 years/7 years      SL/AC        225        155  
Core deposit benefits
   22 years/5 years      SL/AC        82        104  
Mortgage servicing rights
         
(c)
 		        2,546        2,791  
Trust relationships
   10 years/7 years      SL/AC        27        34  
Other identified intangibles
   6 years/4 years      SL/AC        343        308  
Total
  
 
   
 
 
 
    $ 12,878      $ 12,761  
 
 
 
(a)
Estimated life represents the amortization period for assets subject to the straight line method and the weighted
-
average or life of the underlying cash flows amortization period for intangibles subject to accelerated methods. If more than one amortization method is used for a category, the estimated life for each method is calculated and reported separately.
 
 
 
 
 
 
 
 
 
(b)
Amortization methods:         SL = straight line method
 
 
 
 
 
 
 
 
 
                                                      AC
= accelerated methods generally based on cash flows
 
 
 
 
 
 
 
 
 
(c)
Goodwill is evaluated for impairment, but not amortized. Mortgage servicing rights are recorded at fair value, and are not amortized.
 
 
 
Aggregate amortization expense consisted of the following:
 
                         
Year Ended December 31 (Dollars in Millions)   2019        2018        2017  
Merchant processing contracts
   $ 45        $ 24        $ 24  
Core deposit benefits
     22          26          30  
Trust relationships
     10          11          14  
Other identified intangibles
     91          100          107  
   
 
 
  
Total
   $ 168        $ 161        $ 175  
 
 
 
 
 
 
 
The estimated amortization expense for the next five years is as follows:
 
         
(Dollars in Millions)       
2020
   $ 155  
2021
     130  
2022
     109  
2023
     76  
2024
     60  
 
 
 
 
 
 
 
The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2019, 2018 and 2017:
 
 
                                                 
(Dollars in Millions)   Corporate and
Commercial Banking		      Consumer and
Business
Banking		     Wealth Management and
Investment Services		      Payment
Services		     Treasury and
Corporate Support		      Consolidated
Company		  
Balance at December 31, 2016
   $ 1,647      $ 3,681     $ 1,566      $ 2,450     $ –      $ 9,344  
Goodwill acquired
     –        –       –        62       –        62  
Foreign exchange translation and other
     –        –       3        25       –        28  
   
 
 
  
Balance at December 31, 2017
   $ 1,647      $ 3,681     $ 1,569      $ 2,537     $ –      $ 9,434  
Goodwill acquired
     –        –       –        105       –        105  
Disposal
     –        (155 )      –        –       –        (155 ) 
Foreign exchange translation and other
     –        (51 )      49        (13 )      –        (15 ) 
   
 
 
  
Balance at December 31, 2018
   $ 1,647      $ 3,475     $ 1,618      $ 2,629     $ –      $ 9,369  
Goodwill acquired
     –        –       –        285       –        285  
Foreign exchange translation and other
     –        –       (1 )       2       –        1  
   
 
 
  
Balance at December 31, 2019
   $ 1,647      $ 3,475     $ 1,617      $ 2,916     $ –      $ 9,655