Fifth Third Bank 2014 Annual Report Download - page 116
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
114 Fifth Third Bancorp
8. GOODWILL
Business combinations entered into by the Bancorp typically include
the acquisition of goodwill. Acquisition activity includes acquisitions
in the respective period in addition to purchase accounting
adjustments related to previous acquisitions. During the fourth
quarter of 2008, the Bancorp determined that the Commercial
Banking and Consumer Lending reporting units’ goodwill carrying
amounts exceeded their associated implied fair values by $750
million and $215 million, respectively. The resulting $965 million
goodwill impairment charge was recorded in the fourth quarter of
2008 and represents the total amount of accumulated impairment
losses as of December 31, 2014.
Changes in the net carrying amount of goodwill, by reporting unit, for the years ended December 31, 2014 and 2013 were as follows:
Commercial Branch Consumer Investment
($ in millions) Banking Banking Lending Advisors Total
Net carrying value as of December 31, 2012 $613 1,655 - 148 2,416
A
cquisition activit
y
- - - - -
Net carrying value as of December 31, 2013 $613 1,655 - 148 2,416
A
cquisition activit
y
- - - - -
Net carrying value as of December 31, 2014 $613 1,655 - 148 2,416
The Bancorp completed its annual goodwill impairment test as of
September 30, 2014 by performing a qualitative assessment of
goodwill at the reporting unit level to determine whether any
indicators of impairment existed. In performing this qualitative
assessment, the Bancorp evaluated events and circumstances since
the last impairment analysis, macroeconomic conditions, banking
industry and market conditions, and key financial metrics of the
Bancorp as well as reporting unit and overall Bancorp financial
performance. After assessing the totality of the events and
circumstances, the Bancorp determined that it was not more likely
than not that the fair value of each of its reporting units was less
than its carrying amounts and, therefore, the first and second steps
of the quantitative goodwill impairment test were deemed
unnecessary.