Goodwill and other intangible assets (Tables)

12 Months Ended

Oct. 31, 2022

Text Block [Abstract]

Summary of Changes in Carrying Amount of Goodwill by Cash Generating Units

Goodwill



		For the year ended October 31, 2022

(Millions of Canadian dollars)		Canadian Banking				Caribbean Banking				Canadian Wealth Management				Global Asset Management				U.S. Wealth Management (including City National)				International Wealth Management				Insurance				Investor & Treasury Services				Capital Markets				Total
Balance at beginning of period		$	2,557			$	1,600			$	577			$	1,964			$	2,768			$	115			$	112			$	148			$	1,013			$	10,854
Acquisitions			17				–				–				33				–				880				–				–				–				930
Dispositions			–				–				–				–				(19	)			–				–				–				–				(19	)
Currency translations			–				159				12				(69	)			278				47				–				(1	)			86				512
Balance at end of period		$	2,574			$	1,759			$	589			$	1,928			$	3,027			$	1,042			$	112			$	147			$	1,099			$	12,277



		For the year ended October 31, 2021

(Millions of Canadian dollars)		Canadian Banking				Caribbean Banking				Canadian Wealth Management				Global Asset Management				U.S. Wealth Management (including City National)				International Wealth Management				Insurance				Investor & Treasury Services				Capital Markets				Total
Balance at beginning of period		$	2,557			$	1,719			$	587			$	2,001			$	2,978			$	121			$	112			$	149			$	1,078			$	11,302
Acquisitions			–				–				–				–				–				–				–				–				–				–
Dispositions			–				(3	)			–				–				–				(4	)			–				–				–				(7	)
Currency translations			–				(116	)			(10	)			(37	)			(210	)			(2	)			–				(1	)			(65	)			(441	)
Balance at end of period		$	2,557			$	1,600			$	577			$	1,964			$	2,768			$	115			$	112			$	148			$	1,013			$	10,854

Summary of Terminal Growth Rates and Pre-tax Discount Rates Used in Discounted Cash Flow Models

The terminal growth rates and

pre-tax

discount rates used in our discounted cash flow models are summarized below.


		As at
		August 1, 2022										August 1, 2021

		Discount rate (1)				Terminal growth rate						Discount rate (1)				Terminal growth rate
Group of cash generating units
Canadian Banking			11.0%				3.0%						9.4%				3.0%
Caribbean Banking			12.6				3.5						10.9				3.5
Canadian Wealth Management			11.8				3.0						10.5				3.0
Global Asset Management			11.8				3.0						10.5				3.0
U.S. Wealth Management (including City National)			12.8				3.0						11.1				3.0
International Wealth Management (2)			n.m.				n.m.						n.m.				n.m.
Insurance			11.6				3.0						10.2				3.0
Investor & Treasury Services			11.8				3.0						9.9				3.0
Capital Markets			12.4				3.0						11.8				3.0

(1)

Pre-tax

discount rates are determined implicitly based on

post-tax

discount rates.

(2)

The recoverable amount for our International Wealth Management CGU is determined using a multiples-based approach.

Summary of Carrying Amount of Other Intangible Assets

Other intangible assets



		For the year ended October 31, 2022

(Millions of Canadian dollars)		Internally generated software				Other software				Core deposit intangibles				Customer list and relationships				In process software				Total
Gross carrying amount
Balance at beginning of period		$	4,886			$	894			$	1,474			$	1,414			$	1,236			$	9,904
Additions			25				16				–				–				1,256				1,297
Acquisition through business combination			–				14				–				1,292				148				1,454
Transfers			1,121				76				–				–				(1,197	)			–
Dispositions			(960	)			(111	)			–				(329	)			(5	)			(1,405	)
Impairment losses			(16	)			–				–				–				(11	)			(27	)
Currency translations			71				48				149				113				30				411
Other changes			(51	)			(29	)			7				(18	)			78				(13	)
Balance at end of period		$	5,076			$	908			$	1,630			$	2,472			$	1,535			$	11,621
Accumulated amortization
Balance at beginning of period		$	(2,979	)		$	(572	)		$	(885	)		$	(997	)		$	–			$	(5,433	)
Amortization charge for the year			(976	)			(137	)			(153	)			(103	)			–				(1,369	)
Dispositions			959				109				–				315				–				1,383
Impairment losses			9				–				–				–				–				9
Currency translations			(36	)			(31	)			(98	)			13				–				(152	)
Other changes			(8	)			19				(10	)			23				–				24
Balance at end of period		$	(3,031	)		$	(612	)		$	(1,146	)		$	(749	)		$	–			$	(5,538	)
Net balance at end of period		$	2,045			$	296			$	484			$	1,723			$	1,535			$	6,083



		For the year ended October 31, 2021

(Millions of Canadian dollars)		Internally generated software (1)				Other software (1)				Core deposit intangibles				Customer list and relationships (1)				In process software				Total
Gross carrying amount
Balance at beginning of period		$	4,321			$	1,031			$	1,586			$	1,493			$	1,241			$	9,672
Additions			48				15				–				–				1,129				1,192
Acquisition through business combination			–				–				–				–				–				–
Transfers			1,022				69				–				–				(1,091	)			–
Dispositions			(258	)			(186	)			–				(43	)			(8	)			(495	)
Impairment losses			(157	)			–				–				–				(9	)			(166	)
Currency translations			(83	)			(43	)			(112	)			(41	)			(29	)			(308	)
Other changes			(7	)			8				–				5				3				9
Balance at end of period		$	4,886			$	894			$	1,474			$	1,414			$	1,236			$	9,904
Accumulated amortization
Balance at beginning of period		$	(2,529	)		$	(630	)		$	(793	)		$	(968	)		$	–			$	(4,920	)
Amortization charge for the year			(898	)			(138	)			(150	)			(101	)			–				(1,287	)
Dispositions			257				185				–				43				–				485
Impairment losses			137				–				–				–				–				137
Currency translations			45				24				58				29				–				156
Other changes			9				(13	)			–				–				–				(4	)
Balance at end of period		$	(2,979	)		$	(572	)		$	(885	)		$	(997	)		$	–			$	(5,433	)
Net balance at end of period		$	1,907			$	322			$	589			$	417			$	1,236			$	4,471

(1)

Certain amounts have been revised from those previously presented.