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Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
NOTE 7—GOODWILL AND OTHER INTANGIBLE ASSETS
The table below presents our goodwill, other intangible assets and MSRs as of September 30, 2025 and December 31, 2024. Goodwill and other intangible assets are presented separately, while MSRs are included in other assets on our consolidated balance sheets.
Table 7.1: Components of Goodwill, Other Intangible Assets and MSRs
September 30, 2025
(Dollars in millions)Carrying Amount of AssetsAccumulated AmortizationNet Carrying Amount
Goodwill$28,863 N/A$28,863 
     Other intangible assets (definite lived):
     Purchased credit card relationships(1)
10,469 $(839)9,630 
     Network and financial partner relationships(2)
1,500 (50)1,450 
     Core deposit(2)
1,040 (71)969 
     Other(3)
121 (106)15 
     Total other intangible assets (definite lived):
13,130 (1,066)12,064 
     Other intangible assets (indefinite lived):
     Discover Network(2)
2,700 N/A2,700 
     Brand / Trade names(2)
2,270 N/A2,270 
     Other(4)
8 N/A8 
     Total other intangible assets (indefinite lived):
4,978 N/A4,978 
Total other intangible assets18,108 (1,066)17,042 
Total goodwill and other intangible assets$46,971 $(1,066)$45,905 
Commercial MSRs(5)
$645 $(336)$309 
December 31, 2024
(Dollars in millions)Carrying Amount of AssetsAccumulated AmortizationNet Carrying Amount
Goodwill$15,059 N/A$15,059 
     Other intangible assets (definite lived):
     Purchased credit card relationships
369 $(164)205 
     Other(3)
126 (106)20 
     Total other intangible assets (definite lived)
495 (270)225 
     Other intangible assets (indefinite lived):
     Other(4)
8 N/A8 
     Total other intangible assets (indefinite lived)
8 N/A8 
Total other intangible assets503 (270)233 
Total goodwill and other intangible assets$15,562 $(270)$15,292 
Commercial MSRs(5)
$653 $(309)$344 
__________
(1)Includes a carrying value of $10.1 billion of purchased credit card relationships related to the Transaction.
(2)Intangible assets recognized as part of the Transaction.
(3)Primarily consists of intangibles for customer, sponsor and merchant relationships.
(4)Consists of license and domain names.
(5)Commercial MSRs are accounted for under the amortization method.
Amortization expense for intangible assets, which is presented separately in our consolidated statements of income, totaled $514 million and $801 million for the three and nine months ended September 30, 2025, respectively. The following table summarizes the estimated future amortization expense for intangible assets as of September 30, 2025 for the next five fiscal years and thereafter:
Table 7.2: Amortization Expense
(Dollars in millions)Amortization Expense
Estimated future amounts for the period between October 1, 2025 and December 31, 2025$518 
Estimated future amounts for the year ending December 31,
20261,952 
20271,769 
20281,587 
20291,405 
20301,224 
Thereafter3,609 
Total estimated future amounts$12,064 
Goodwill
The following table presents changes in the carrying amount of goodwill by each of our business segments as of September 30, 2025 and December 31, 2024.
Table 7.3: Goodwill by Business Segments
(Dollars in millions)Credit CardConsumer BankingCommercial Banking
Other(1)
Total
Balance as of December 31, 2024$5,360 $4,645 $5,054 $0 $15,059 
Acquisitions(1)
6,755 7,023 0 0 13,778 
Other adjustments(2)
26 0 0 0 26 
Balance as of September 30, 2025$12,141 $11,668 $5,054 $0 $28,863 
__________
(1)The goodwill associated with the Transaction has been preliminarily allocated to the Credit Card and Consumer Banking segments as of September 30, 2025. See “Note 2—Business Combinations and Discontinued Operations” for further details.
(2)Represents foreign currency translation adjustments.