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Goodwill and Other Acquisition-Related Intangible Assets
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Acquisition-Related Intangible Assets
NOTE 7 – Goodwill and Other Acquisition-Related Intangible Assets
Goodwill
Changes in the carrying amount of People’s United’s goodwill are summarized as follows:
Operating Segment
(in millions)Commercial
Banking		Retail
Banking		Wealth
Management		Total
Balance at December 31, 2017$1,600.3  $720.1  $91.0  $2,411.4  
Acquisition of:
First Connecticut135.2  115.2  —  250.4  
Vend Lease23.9  —  —  23.9  
Balance at December 31, 20181,759.4  835.3  91.0  2,685.7  
Acquisition of:
United Financial120.5  83.8  —  204.3  
BSB Bancorp49.3  95.6  —  144.9  
VAR37.5  —  —  37.5  
Write-down relating to the sale of branches (1)(0.6) (3.8) (2.5) (6.9) 
Balance at December 31, 2019$1,966.1  $1,010.9  $88.5  $3,065.5  
(1)See Note 2.
Recent acquisitions have been undertaken with the objective of expanding the Company’s business, both geographically and through product offerings, as well as realizing synergies and economies of scale by combining with the acquired entities. For these reasons, a market-based premium was paid for the acquired entities which, in turn, resulted in the recognition of goodwill, representing the excess of the respective purchase prices over the estimated fair value of the net assets acquired.
All of People’s United’s tax deductible goodwill was created in transactions in which the Company purchased the assets of the target (as opposed to purchasing the issued and outstanding stock of the target). At December 31, 2019 and 2018, tax deductible goodwill totaled $134.4 million and $90.3 million, respectively.
Other Acquisition-Related Intangible Assets
The following is a summary of People’s United’s other acquisition-related intangible assets:
20192018
As of December 31 (in millions)Gross
Amount		Accumulated
Amortization		Carrying
Amount		Gross
Amount		Accumulated
Amortization		Carrying
Amount
Intangibles amortized:
Core deposit intangible$303.9  $177.3  $126.6  $222.9  $157.4  $65.5  
Trade name intangible123.9  73.4  50.5  123.9  64.8  59.1  
Client relationships24.4  6.4  18.0  24.4  4.4  20.0  
Trust relationships42.7  35.1  7.6  42.7  31.3  11.4  
Insurance relationships38.1  34.3  3.8  38.1  33.6  4.5  
Favorable lease agreements2.9  0.6  2.3  2.9  0.3  2.6  
Non-compete agreements0.6  0.3  0.3  0.6  0.2  0.4  
Total$536.5  $327.4  209.1  $455.5  $292.0  163.5  
Mutual fund management contracts
(not amortized)		—  16.5  
Total other acquisition-related
intangible assets		$209.1  $180.0  
Other acquisition-related intangible assets subject to amortization have an original weighted-average amortization period of 12 years. Amortization expense of other acquisition-related intangible assets totaled $32.5 million, $21.8 million and $30.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. Scheduled amortization expense attributable to other acquisition-related intangible assets for each of the next five years is as follows: $40.9 million in 2020; $36.1 million in 2021; $31.7 million in 2022; $24.0 million in 2023; and $20.3 million in 2024. In the fourth quarter of 2019, People's United recorded a complete write-down of the mutual fund management contract intangible asset ($16.5 million) stemming from the liquidation of the Company's public mutual funds. The charge is included in other non-interest expense in the Consolidated Statements of Income. Also in the fourth quarter of 2019, People's United recorded partial write-downs of the trade name and trust relationship intangible assets ($1.9 million and $1.0 million, respectively) as a result of the sale of 
eight branches in central Maine. The charge is included in other non-interest income (as a component of the net gain on sale) in the Consolidated Statements of Income. There were no other impairment losses relating to goodwill or other acquisition-related intangible assets recorded in the Consolidated Statements of Income during the years ended December 31, 2019, 2018 and 2017.