The Company does not amortize goodwill, however, core deposit and other intangible assets are amortized over the estimated life of each respective asset. A summary of total amortizing intangible assets follows.


(Dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
December 31, 2023
Core deposit	$	218	$	90	$	128
Other		43		24		19
Total	$	261	$	114	$	147
December 31, 2022
Core deposit	$	218	$	41	$	177
Other		43		11		32
Total	$	261	$	52	$	209

Amortization of core deposit and other intangible assets was generally computed using accelerated methods over original amortization periods of three to seven years. The weighted-average original amortization period was approximately six years. Amortization expense for core deposit and other intangible assets was $62 million, $56 million and $10 million for the years ended December 31, 2023, 2022 and 2021, respectively. Estimated amortization expense in future years for such intangible assets is as follows:


(Dollars in millions)
Year ending December 31:
2024	$	53
2025		38
2026		27
2027		18
2028		9
Later years		2
	$	147

The Company completed its annual goodwill impairment test as of October 1, 2023. For purposes of testing for impairment, the Company assigned all recorded goodwill to the reporting units originally intended to benefit from past business combinations, which has historically been the Company’s core relationship business reporting units. Goodwill was generally assigned based on the implied fair value of the acquired goodwill applicable to the benefited reporting units at the time of each respective acquisition. The implied fair value of the goodwill was determined as the difference between the estimated incremental overall fair value of the reporting unit and the estimated fair value of the net

assets assigned to the reporting unit as of each respective acquisition date. There were no changes to the goodwill assigned to any business reporting unit as a result of the realignment of the Company's business operations into three reportable segments in the fourth quarter of 2023 as described in note 23. To test for goodwill impairment at the evaluation date, the Company compared the estimated fair value of each of its reporting units to their respective carrying amounts and certain other assets and liabilities assigned to the reporting unit, including goodwill and core deposit and other intangible assets. The methodologies used to estimate fair values of reporting units as of the acquisition dates and as of the evaluation date were similar. For the Company’s core customer relationship business reporting units, fair value was estimated as the present value of the expected future cash flows of the reporting unit. Based on the results of the goodwill impairment test, the Company concluded that the amount of recorded goodwill was not impaired at the testing date. The Company was not aware of any events occurring in the fourth quarter of 2023 that more likely than not would have resulted in an impairment of recorded goodwill at December 31, 2023.

A summary of goodwill assigned to each of the Company’s reportable segments as of December 31, 2023 and 2022 for purposes of testing for impairment is as follows:


	December 31,		2023			December 31,
(Dollars in millions)	2022		Transactions (a)			2023
Commercial Bank	$	5,076	$	—		$	5,076
Retail Bank		3,089		—			3,089
Institutional Services & Wealth Management		325		(25	)		300
All Other		—		—			—
Total	$	8,490	$	(25	)	$	8,465

(a)

The decrease in Institutional Services & Wealth Management represents goodwill allocated to the CIT business sold in April 2023. Further information regarding that transaction is provided in note 2.