Note 10: Intangible Assets
The gross carrying value of intangible assets and accumulated amortization was:
| December 31, 2013 | December 31, 2012 | |||||||||||||
| Gross | Net | Gross | Net | |||||||||||
| carrying | Accumulated | carrying | carrying | Accumulated | carrying | |||||||||
| (in millions) | value | amortization | value | value | amortization | value | ||||||||
| Amortized intangible assets (1): | ||||||||||||||
| MSRs (2) | $ | 2,639 | (1,410) | 1,229 | 2,317 | (1,157) | 1,160 | |||||||
| Core deposit intangibles | 12,834 | (8,160) | 4,674 | 12,836 | (6,921) | 5,915 | ||||||||
| Customer relationship and other intangibles | 3,145 | (2,061) | 1,084 | 3,147 | (1,795) | 1,352 | ||||||||
| Total amortized intangible assets | $ | 18,618 | (11,631) | 6,987 | 18,300 | (9,873) | 8,427 | |||||||
| Unamortized intangible assets: | ||||||||||||||
| MSRs (carried at fair value) (2) | $ | 15,580 | 11,538 | |||||||||||
| Goodwill | 25,637 | 25,637 | ||||||||||||
| Trademark | 14 | 14 | ||||||||||||
The following table provides the current year and estimated future amortization expense for amortized intangible assets. We based our projections of amortization expense shown below on existing asset balances at December 31, 2013. Future amortization expense may vary from these projections.
| Customer | ||||||||
| Core | relationship | |||||||
| Amortized | deposit | and other | ||||||
| (in millions) | MSRs | intangibles | intangibles | Total | ||||
| Year ended December 31, 2013 (actual) | $ | 254 | 1,241 | 267 | 1,762 | |||
| Estimate for year ended December 31, | ||||||||
| 2014 | $ | 247 | 1,113 | 251 | 1,611 | |||
| 2015 | 215 | 1,022 | 227 | 1,464 | ||||
| 2016 | 177 | 919 | 212 | 1,308 | ||||
| 2017 | 134 | 851 | 195 | 1,180 | ||||
| 2018 | 100 | 769 | 184 | 1,053 | ||||
For our goodwill impairment analysis, we allocate all of the goodwill to the individual operating segments. We identify reporting units that are one level below an operating segment (referred to as a component), and distinguish these reporting units based on how the segments and components are managed, taking into consideration the economic characteristics, nature of the products and customers of the components. At the time we acquire a business, we allocate goodwill to applicable reporting units based on their relative fair value, and if we have a significant business reorganization, we may reallocate the goodwill. See Note 24 for further information on management reporting.
The following table shows the allocation of goodwill to our reportable operating segments for purposes of goodwill impairment testing.
| Wealth, | ||||||||||
| Community | Wholesale | Brokerage and | Consolidated | |||||||
| (in millions) | Banking | Banking | Retirement | Company | ||||||
| December 31, 2011 | $ | 17,924 | 6,820 | 371 | 25,115 | |||||
| Goodwill from business combinations | (2) | 524 | - | 522 | ||||||
| December 31, 2012 | $ | 17,922 | 7,344 | 371 | 25,637 | |||||
| December 31, 2013 | $ | 17,922 | 7,344 | 371 | 25,637 | |||||