GOODWILL

Goodwill represents the excess of fair value of purchased assets over the purchase price. Since 1988, the Company has completed more than 25 acquisitions of banks or assets of banks. The changes in the carrying value of goodwill for the three months ended March 31, 2015 and 2014 were:



(in millions)	Consumer Banking		Commercial Banking		Total
Balance at December 31, 2013		$2,136		$4,740		$6,876
Adjustments	—		—		—
Balance at March 31, 2014		$2,136		$4,740		$6,876
Balance at December 31, 2014		$2,136		$4,740		$6,876
Adjustments	—		—		—
Balance at March 31, 2015		$2,136		$4,740		$6,876

Accumulated impairment losses related to the Consumer Banking reporting unit totaled $5.9 billion at March 31, 2015 and 2014. The accumulated impairment losses related to the Commercial Banking reporting unit totaled $50 million at March 31, 2015 and 2014.

The Company performs an annual test for impairment of goodwill at a level of reporting referred to as a reporting unit. The Company has identified and allocated goodwill to two reporting units — Consumer Banking and Commercial Banking — based upon reviews of the structure of the Company’s executive team and supporting functions, resource allocations and financial reporting processes. No impairment was recorded for the three months ended March 31, 2015 or the year ended December 31, 2014.