Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

NOTE 7—GOODWILL AND OTHER INTANGIBLE ASSETS

The table below presents our goodwill, other intangible assets and MSRs as of June 30, 2024 and December 31, 2023. Goodwill is presented separately, while other intangible assets and MSRs are included in other assets on our consolidated balance sheets.

Table 7.1: Components of Goodwill, Other Intangible Assets and MSRs

	June 30, 2024
(Dollars in millions)	Carrying Amount of Assets		Accumulated Amortization		Net Carrying Amount
Goodwill	$	15,062	N/A		$	15,062
Other intangible assets:
Purchased credit card relationship (“PCCR”) intangibles	369		$	(130)	239
Other(1)	134		(102)		32
Total other intangible assets	503		(232)		271
Total goodwill and other intangible assets	$	15,565	$	(232)	$	15,333
Commercial MSRs(2)	$	657	$	(290)	$	367
	December 31, 2023
(Dollars in millions)	Carrying Amount of Assets		Accumulated Amortization		Net Carrying Amount
Goodwill	$	15,065	N/A		$	15,065
Other intangible assets:
Purchased credit card relationship (“PCCR”) intangibles	369		$	(96)	273
Other(1)	171		(134)		37
Total other intangible assets	540		(230)		310
Total goodwill and other intangible assets	$	15,605	$	(230)	$	15,375
Commercial MSRs(2)	$	653	$	(263)	$	390

__________

(1)Primarily consists of intangibles for sponsorship, customer and merchant relationships, domain names and licenses.

(2)Commercial MSRs are accounted for under the amortization method on our consolidated balance sheets.

Amortization expense for amortizable intangible assets, which is presented separately in our consolidated statements of income, totaled $19 million and $38 million for the three and six months ended June 30, 2024, respectively, and $22 million and $36 million for the three and six months ended June 30, 2023, respectively.

Goodwill

The following table presents changes in the carrying amount of goodwill by each of our business segments as of June 30, 2024 and December 31, 2023.

Table 7.2: Goodwill by Business Segments

(Dollars in millions)	Credit Card		Consumer Banking		Commercial Banking		Total
Balance as of December 31, 2023	$	5,366	$	4,645	$	5,054	$	15,065
Other adjustments(1)	(3)		0		0		(3)
Balance as of June 30, 2024	$	5,363	$	4,645	$	5,054	$	15,062

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(1)Primarily represents foreign currency translation adjustments.