XML 50 R25.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets Goodwill We record goodwill in our consolidated statements of condition in connection with certain of our business combinations. Goodwill, which is tested at least annually for impairment, refers to the difference between the purchase price and the fair value of an acquired company’s assets, net of the liabilities assumed. As of December 31, 2023, the Company identified a triggering event and applied a market approach using the end of day stock price. We evaluated those conditions known and knowable by the company and how a market participant would view the control premium as confirmed by the subsequent confirming market evidence. This adjusted market capitalization was then compared to the carrying value to determine the extent of the shortfall which was calculated to be in excess of the goodwill balance. The Company’s assessment concluded that goodwill from historical transactions (2007 and prior) was fully impaired as of December 31, 2023. As a result, the Company recorded an impairment charge of the entire goodwill balance of $2.4 billion. Goodwill and related changes in the carrying amount during the year ended December 31, 2023 are as follows:
(in millions) | Gross Carrying Amount
Balance at December 31, 2022 | $ | 2,426 |
Impairment | (2,426)
Balance at December 31, 2023 | $ | — |
Finite-lived Intangible Assets As a result of the Signature Transaction, the Company recorded $464 million of core deposit intangible and other intangible assets that are amortizable. At December 31, 2023, intangible assets consisted of the following:
| December 31, 2023 |  | December 31, 2022
(in millions) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Value
Core deposit intangible | $ | 700 |  |  | $ | (113) |  |  | $ | 587 |  |  | $ | 250 |  |  | $ | (4) |  |  | $ | 246 |
Other intangible assets | 56 |  | (18) |  | 38 |  | 42 |  | (1) |  |  | 41
Total other intangible assets | $ | 756 |  |  | $ | (131) |  |  | $ | 625 |  |  | $ | 292 |  |  | $ | (5) |  |  | $ | 287 |
As of December 31, 2023 the weighted average amortization period for core deposit intangible and other intangible assets is 10 years and 5.1 years, respectively. The estimated amortization expense of CDI and other intangible assets for the next five years is as follows:
(in millions) | Amortization Expense
2024 | $ | 132 |
2025 | 107 |
2026 | 94 |
2027 | 81 |
2028 | 68 |
Total | $ | 482 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration