FIFTH THIRD BANCORP
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
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Goodwill
- Goodwill
Business combinations entered into by the Bancorp typically result in the recognition of goodwill. Acquisition activity includes acquisitions in the respective period in addition to purchase accounting adjustments related to previous acquisitions.
The Bancorp completed its annual goodwill impairment test as of September 30, 2023 and the estimated fair values of the Commercial Banking, Consumer and Small Business Banking and Wealth and Asset Management reporting units exceeded their carrying values, including goodwill.
Changes in the net carrying amount of goodwill, by reporting unit, for the years ended December 31, 2023 and 2022 were as follows:
| ($ in millions) | CommercialBanking | Consumer and Small Business Banking | Wealth and AssetManagement | General Corporate and Other | Total |
|---|---|---|---|---|---|
| Goodwill | $2,730 | 2,518 | 231 | — | 5,479 |
| Accumulated impairment losses | (750) | (215) | — | — | (965) |
| Net carrying value as of December 31, 2021 | $1,980 | 2,303 | 231 | — | 4,514 |
| Acquisition activity | — | 440 | — | — | 440 |
| Reallocation of goodwill | 378 | (378) | — | — | — |
| Sale of businesses | (34) | — | (5) | — | (39) |
| Net carrying value as of December 31, 2022 | 2,324 | 2,365 | 226 | — | 4,915 |
| Acquisition activity | — | 4 | — | — | 4 |
| Net carrying value as of December 31, 2023 | $2,324 | 2,369 | 226 | — | 4,919 |
155 Fifth Third Bancorp
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