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Intangible Assets
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
 
 
  
NOTE  10
 
   Intangible Assets
Intangible assets consisted of the following:
 
   
Estimated
Life
(a)
   
Amortization
Method
(b)
      Balance  
At December 31 (Dollars in Millions)    2020      2019  
Goodwill
  
 
     
(c)
 		      $ 9,918      $ 9,655  
Merchant processing contracts
   6 years/7
 
years		      SL/AC        235        225  
Core deposit benefits
   22
 
years/5
 
years		      SL/AC        64        82  
Mortgage servicing rights
         
(c)
 		        2,210        2,546  
Trust relationships
   10
 
years/7 years		      SL/AC        19        27  
Other identified intangibles
   6
 
years/4 years		      SL/AC        336        343  
Total
  
 
   
 
 
 
    $ 12,782      $ 12,878  
(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)   2020        2019        2018  
Merchant processing contracts
   $ 49        $ 45        $ 24  
Core deposit benefits
     18          22          26  
Trust relationships
     9          10          11  
Other identified intangibles
     100          91          100  
Total
  
$
 176       
$
 168       
$
 161  
The estimated amortization expense for the next five years is as follows:
 
(Dollars in Millions)       
2021
   $ 149  
2022
     137  
2023
     98  
2024
     77  
2025
     52  
The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2020, 2019 and 2018:
 
(Dollars in Millions)   Corporate and
Commercial Banking		      Consumer and
Business
Banking		     Wealth Management
Investment and Services		     Payment
Services		     Treasury and
Corporate Support		      Consolidated
Company		  
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  
Goodwill acquired
     –        –       –       180       –        180  
Foreign exchange translation and other
     –        –       2       81       –        83  
   
 
 
  
Balance at December 31, 2020
   $ 1,647      $ 3,475     $ 1,619     $ 3,177     $ –      $ 9,918