v3.24.0.1
Intangible Assets
12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

11. Intangible Assets

Intangible assets at December 31, 2023 and 2022 consisted of the following:

(in millions)

 

Remaining
Weighted-
Average
Estimated
Useful Life

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

At December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

N/A

 

$

16,169

 

 

$

 

 

$

16,169

 

Trade names/trademarks

 

N/A

 

 

1,403

 

 

 

 

 

 

1,403

 

License

 

N/A

 

 

6

 

 

 

 

 

 

6

 

Total indefinite-lived intangible assets

 

 

 

 

17,578

 

 

 

 

 

 

17,578

 

Finite-lived intangible assets(1):

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

3.7

 

 

244

 

 

 

156

 

 

 

88

 

Investor/customer relationships

 

6.0

 

 

785

 

 

 

338

 

 

 

447

 

Technology-related

 

4.6

 

 

260

 

 

 

118

 

 

 

142

 

Trade names/trademarks

 

1.8

 

 

9

 

 

 

6

 

 

 

3

 

Total finite-lived intangible assets

 

5.4

 

 

1,298

 

 

 

618

 

 

 

680

 

Total intangible assets

 

 

 

$

18,876

 

 

$

618

 

 

$

18,258

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

N/A

 

$

16,169

 

 

$

 

 

$

16,169

 

Trade names/trademarks

 

N/A

 

 

1,403

 

 

 

 

 

 

1,403

 

License

 

N/A

 

 

6

 

 

 

 

 

 

6

 

Total indefinite-lived intangible assets

 

 

 

 

17,578

 

 

 

 

 

 

17,578

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

2.9

 

 

177

 

 

 

130

 

 

 

47

 

Investor/customer relationships

 

7.0

 

 

746

 

 

 

254

 

 

 

492

 

Technology-related

 

4.6

 

 

261

 

 

 

81

 

 

 

180

 

Trade names/trademarks

 

2.6

 

 

23

 

 

 

18

 

 

 

5

 

Total finite-lived intangible assets

 

6.1

 

 

1,207

 

 

 

483

 

 

 

724

 

Total intangible assets

 

 

 

$

18,785

 

 

$

483

 

 

$

18,302

 

N/A – Not Applicable

(1)
In connection with the Kreos Transaction, the Company acquired approximately $67 million of finite-lived management contracts and $39 million of finite-lived investor relationships with weighted-average estimated lives of approximately five and ten years, respectively.

The impairment tests performed for intangible assets as of July 31, 2023, 2022 and 2021 indicated no impairment charges were required.

Estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows:

(in millions)

 

 

 

Year

 

Amount

 

2024

 

$

151

 

2025

 

 

143

 

2026

 

 

129

 

2027

 

 

103

 

2028

 

 

83