Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

The following table shows a rollforward of goodwill by line of business:

TABLE 9.1



(in millions)	Community Banking		Wealth Manage- ment		Insurance		Other ⁽¹⁾			Total
Balance at January 1, 2018	$	2,228	$	8	$	11	$	2		$	2,249
Goodwill (deductions) additions	3		—		5		(2		)	6
Balance at December 31, 2018	2,231		8		16		—			2,255
Goodwill (deductions) additions	—		—		7		—			7
Balance at December 31, 2019	$	2,231	$	8	$	23	$	—		$	2,262

⁽¹⁾ Other represents Consumer Finance which was a reportable segment prior to December 31, 2018. The deduction of goodwill for the Consumer Finance segment in 2018 was the result of the sale of Regency to Mariner Finance, LLC on August 31, 2018, as part of our strategy to enhance the overall positioning of our consumer banking operations.

The addition of goodwill for the Insurance segment in 2018 and 2019 was the result of the FNIA acquisitions of a Maryland-based insurance agency on December 17, 2018 and a North Carolina-based insurance agency on June 17, 2019. We recorded goodwill in the Community Banking segment during 2018 as a result of the purchase accounting adjustments relating to the YDKN acquisition described in Note 27, “Mergers and Acquisitions.”

The following table shows a summary of core deposit intangibles and customer renewal lists:

TABLE 9.2



(in millions)	Core Deposit Intangibles			Customer Renewal Lists			Total
December 31, 2019
Gross carrying amount	$	196		$	18		$	214
Accumulated amortization	(136		)	(11		)	(147		)
Net carrying amount	$	60		$	7		$	67
December 31, 2018
Gross carrying amount	$	196		$	15		$	211
Accumulated amortization	(122		)	(10		)	(132		)
Net carrying amount	$	74		$	5		$	79

Core deposit intangibles are being amortized primarily over 10 years using accelerated methods. Customer renewal lists are being amortized over their estimated useful lives, which range from eight to thirteen years.

The following table summarizes amortization expense recognized:

TABLE 9.3



December 31	2019		2018		2017
(in millions)
Amortization expense	$	14	$	16	$	18

Following is a summary of the expected amortization expense on finite-lived intangible assets, assuming no new additions, for each of the five years following December 31, 2019:

TABLE 9.4



(in millions)
2020	$	13
2021	12
2022	10
2023	10
2024	8
Total	$	53

Goodwill and other intangible assets are tested annually for impairment, and more frequently if events or changes in circumstances indicate the carrying value may not be recoverable. We completed this test in 2019 and 2018 and determined that our intangible assets are not impaired.