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. There were no changes in the carrying value of goodwill for the years ended December 31, 2016 and 2015 as presented below:



(in millions)	Consumer Banking		Commercial Banking		Total
Balance at December 31, 2014		$2,136		$4,740		$6,876
Adjustments	—		—		—
Balance at December 31, 2015		$2,136		$4,740		$6,876
Adjustments	—		—		—
Balance at December 31, 2016		$2,136		$4,740		$6,876

Accumulated impairment losses related to the Consumer Banking reporting unit totaled $5.9 billion at December 31, 2016 and 2015. The accumulated impairment losses related to the Commercial Banking reporting unit totaled $50 million at December 31, 2016 and 2015.

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 years ended December 31, 2016, 2015 and 2014.

The valuation of goodwill is dependent on forward-looking expectations related to the performance of the U.S. economy and the associated financial performance of the Company.