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Goodwill | 3 Months Ended
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Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill | 10. Goodwill Our annual goodwill impairment testing is performed as of October 1 each year, or more frequently as events occur or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. A quantitative or qualitative testing approach may be used. Additional information pertaining to our accounting policy for goodwill and other intangible assets is summarized in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Goodwill and Other Intangible Assets” beginning on page 115 of our 2020 Form 10-K. The fair values of each reporting unit are estimated using a combination of market and income approaches. In our latest quantitative test as of September 30, 2020, the income approach, which was weighted at 75%, utilized discounted cash flow projections for each reporting unit. The market approach, which was weighted at 25%, consisted primarily of public company metrics but also considered recent transactions in the financial services industry. The carrying amounts of Key’s reporting units represent the combination of regulatory and economic equity for goodwill impairment testing and management reporting purposes. Changes in the carrying amount of goodwill by reporting segment are presented in the following table:
in millions | Consumer Bank | Commercial Bank | Total
BALANCE AT MARCH 31, 2020 | 1,752 |  | 912 |  | 2,664 |
BALANCE AT BALANCE AT DECEMBER 31, 2020 | $ | 1,752 |  | $ | 912 |  | $ | 2,664 |
AQN acquisition | $ | 9 |  | $ | — |  | $ | 9 |
BALANCE AT MARCH 31, 2021 | $ | 1,761 |  | $ | 912 |  | $ | 2,673 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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