BB&T 2010 Annual Report Download - page 128
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NOTE 7. Goodwill and Other Intangible Assets
The changes in the carrying amounts of goodwill attributable to each of BB&T’s operating segments for the
years ended December 31, 2010 and 2009 are reflected in the table below. To date, there have been no goodwill
impairments recorded by BB&T.
Goodwill Activity by Operating Segment
Community
Banking
Residential
Mortgage
Banking Sales
Finance Specialized
Lending Insurance
Services Financial
Services All
Other Total
(Dollars in millions)
Balance January 1, 2009 $4,038 $ 7 $ 93 $ 98 $1,029 $192 $26 $5,483
Acquired goodwill, net 533 — — 10 29 — — 572
Contingent consideration — — — — 2 — — 2
Other adjustments (2) — — 2 (4) — — (4)
Balance December 31, 2009 4,569 7 93 110 1,056 192 26 6,053
Contingent consideration — — — — 9 — — 9
Other adjustments (50) — — (6) 2 — — (54)
Balance, December 31, 2010 $4,519 $ 7 $ 93 $104 $1,067 $192 $26 $6,008
The adjustments to goodwill during 2010 within the Community Banking segment (formerly “Banking
Network”), reflect the finalization of valuations for certain assets and liabilities acquired in the Colonial
acquisition.
The following table presents the gross carrying amounts and accumulated amortization for BB&T’s
identifiable intangible assets subject to amortization at the dates presented:
Identifiable Intangible Assets
December 31, 2010 December 31, 2009
Gross
Carrying
Amount Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount Accumulated
Amortization
Net
Carrying
Amount
(Dollars in millions)
Identifiable intangible assets:
Core deposit intangibles $ 626 $(438) $188 $ 633 $(375) $258
Other (1) 752 (432) 320 755 (373) 382
Totals $1,378 $(870) $508 $1,388 $(748) $640
(1) Other identifiable intangibles are primarily customer relationship intangibles.
During the years ended December 31, 2010, 2009 and 2008, BB&T incurred $122 million, $114 million and
$100 million, respectively, in pre-tax amortization expenses associated with core deposit intangibles and other
intangible assets. At December 31, 2010, the weighted-average remaining life of core deposit intangibles and
other identifiable intangibles was 8.9 years and 13.0 years, respectively.
Estimated amortization expense of identifiable intangible assets for each of the next five years total $98
million, $80 million, $65 million, $52 million and $43 million.
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