Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND CORE DEPOSIT INTANGIBLES

The following table summarizes the carrying value of goodwill by reporting unit for the years ended December 31, 2021 and 2020.


(in millions)
December 31	2021		2020
Commercial Bank	$	473	$	473
Retail Bank	101		101
Wealth Management	61		61
Total	$	635	$	635

The Corporation performs its annual evaluation of goodwill impairment in the third quarter of each year and may elect to perform a quantitative impairment analysis or first conduct a qualitative analysis to determine if a quantitative analysis is necessary. In addition, the Corporation evaluates goodwill impairment on an interim basis if events or changes in circumstances between annual tests indicate additional testing may be warranted to determine if goodwill might be impaired.

In 2021 and 2020, the annual test of goodwill impairment was performed as of the beginning of the third quarter, and in both periods, a qualitative assessment resulted in the Corporation determining goodwill was not impaired, as it was more likely than not that the fair value of each reporting unit exceeded its carrying value.

Due to significant deterioration of economic conditions and the spread of the coronavirus global pandemic in first quarter 2020, the Corporation assessed impairment indicators and determined it was more likely than not that the fair value of each reporting unit exceeded its carrying value. In second quarter 2020, the Corporation performed an interim quantitative impairment test in response to continued macroeconomic deterioration as a result of the global pandemic and the ongoing impacts to the banking industry and markets in which the Corporation operates. At the conclusion of the second quarter 2020 quantitative test, the Corporation determined that the estimated fair values of all reporting units substantially exceeded their carrying values, including goodwill.

A summary of core deposit intangible carrying value and related accumulated amortization follows:


(in millions)
December 31	2021		2020
Gross carrying amount	$	34	$	34
Accumulated amortization	$	(34)	$	(33)
Net carrying amount	$	—	$	1

The Corporation recorded amortization expense related to the core deposit intangible of $1 million, $1 million and $2 million for the years ended December 31, 2021, 2020 and 2019, respectively. The core deposit intangible was fully amortized at December 31, 2021.