11. Intangible Assets Intangible assets at December 31, 2023 and 2022 consisted of the following:
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(in millions) |
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Remaining Weighted- Average Estimated Useful Life |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Amount |
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At December 31, 2023 |
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Indefinite-lived intangible assets: |
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Management contracts |
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N/A |
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$ |
16,169 |
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$ |
— |
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$ |
16,169 |
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Trade names/trademarks |
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N/A |
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1,403 |
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— |
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1,403 |
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License |
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N/A |
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|
6 |
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|
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— |
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|
|
6 |
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Total indefinite-lived intangible assets |
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17,578 |
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— |
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17,578 |
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Finite-lived intangible assets(1): |
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Management contracts |
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3.7 |
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244 |
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156 |
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88 |
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Investor/customer relationships |
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6.0 |
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785 |
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338 |
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447 |
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Technology-related |
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4.6 |
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260 |
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118 |
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142 |
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Trade names/trademarks |
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1.8 |
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9 |
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6 |
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3 |
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Total finite-lived intangible assets |
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5.4 |
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1,298 |
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|
618 |
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|
|
680 |
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Total intangible assets |
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$ |
18,876 |
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$ |
618 |
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|
$ |
18,258 |
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At December 31, 2022 |
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Indefinite-lived intangible assets: |
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Management contracts |
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N/A |
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$ |
16,169 |
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$ |
— |
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$ |
16,169 |
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Trade names/trademarks |
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N/A |
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|
1,403 |
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|
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— |
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|
|
1,403 |
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License |
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N/A |
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|
6 |
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|
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— |
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|
|
6 |
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Total indefinite-lived intangible assets |
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|
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17,578 |
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— |
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17,578 |
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Finite-lived intangible assets: |
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Management contracts |
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2.9 |
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177 |
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130 |
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47 |
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Investor/customer relationships |
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7.0 |
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746 |
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254 |
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|
492 |
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Technology-related |
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4.6 |
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261 |
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81 |
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180 |
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Trade names/trademarks |
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2.6 |
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23 |
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18 |
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|
5 |
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Total finite-lived intangible assets |
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6.1 |
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1,207 |
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|
|
483 |
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|
|
724 |
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Total intangible assets |
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|
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$ |
18,785 |
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|
$ |
483 |
|
|
$ |
18,302 |
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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:
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(in millions) |
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Year |
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Amount |
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2024 |
|
$ |
151 |
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2025 |
|
|
143 |
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2026 |
|
|
129 |
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2027 |
|
|
103 |
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2028 |
|
|
83 |
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