BB&T 2014 Annual Report Download - page 115
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Table of Contents
The changes in the carrying amounts of goodwill attributable to BB&T’s operating segments are reflected in the table below. There have been no goodwill
impairments recorded to date.
Goodwill balance, January 1, 2012 $ 4,542 $ 7 $ 111 $ 94 $ 1,132 $ 192 $ 6,078
Acquired goodwill, net 358 ― ― 5 358 ― 721
Contingent consideration ― ― ― ― 3 ― 3
Other adjustments ― ― ― ― 2 ― 2
Goodwill balance, December 31, 2012 $ 4,900 $ 7 $ 111 $ 99 $ 1,495 $ 192 $ 6,804
Contingent consideration ― ― ― ― 6 ― 6
Other adjustments 24 ― ― (11) (9) ― 4
Goodwill balance, December 31, 2013 $ 4,924 $ 7 $ 111 $ 88 $ 1,492 $ 192 $ 6,814
Acquired goodwill, net 29 ― ― ― 12 ― 41
Contingent consideration ― ― ― ― 14 ― 14
Other adjustments (319) 319 ― ― ― ― ―
Goodwill balance, December 31, 2014 $ 4,634 $ 326 $ 111 $ 88 $ 1,518 $ 192 $ 6,869
During 2012, BB&T completed the acquisition of Fort Lauderdale, Florida-based BankAtlantic. The 2012 change in Community Banking goodwill was
primarily the result of this acquisition. Also during 2012, BB&T acquired the life and property and casualty insurance divisions of Crump Group Inc. The
2012 changes in Insurance Services goodwill and other identifiable intangibles were primarily due to this acquisition.
The 2013 adjustments to goodwill within Community Banking and Insurance Services reflect the finalization of valuations for certain assets and liabilities of
the above acquisitions. The 2013 adjustment to Specialized Lending primarily represents the goodwill associated with a subsidiary that was sold.
During 2014, BB&T purchased 21 bank branches in Texas from Citigroup, Inc., resulting in Community Banking’s acquired goodwill above. Also during
2014, the transfer of closed-end, first and second lien position residential mortgage loans from Community Banking to Residential Mortgage Banking
resulted in a reallocation of the related goodwill, which is included in other adjustments in the above table.
The following table presents information for identifiable intangible assets subject to amortization:
CDI 6.8 $ 693 $ (585) $ 108 $ 672 $ (555) $ 117
Other, primarily customer relationship
intangibles 14.7 1,088 (691) 397 1,082 (630) 452
Total $ 1,781 $ (1,276) $ 505 $ 1,754 $ (1,185) $ 569
Estimated amortization expense of identifiable intangibles $ 79 $ 68 $ 59 $ 52 $ 43
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Source: BB&T CORP, 10-K, February 25, 2015 Powered by Morningstar® Document Research℠
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