v3.20.4
Intangible Assets
12 Months Ended
Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Intangible Assets

12. Intangible Assets

Intangible assets at December 31, 2020 and 2019 consisted of the following:

 

(in millions)

 

Remaining

Weighted-

Average

Estimated

Useful Life

 

 

Gross Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net Carrying

Amount

 

At December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

4.0

 

 

 

283

 

 

 

172

 

 

 

111

 

Investor/customer relationships

 

 

8.2

 

 

 

476

 

 

 

88

 

 

 

388

 

Technology-related

 

 

6.4

 

 

 

203

 

 

 

25

 

 

 

178

 

Trade names/trademarks

 

 

2.3

 

 

 

14

 

 

 

6

 

 

 

8

 

Total finite-lived intangible assets

 

 

7.0

 

 

 

976

 

 

 

291

 

 

 

685

 

Total intangible assets

 

 

 

 

 

$

18,554

 

 

$

291

 

 

$

18,263

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

4.8

 

 

 

283

 

 

 

135

 

 

 

148

 

Investor/customer relationships

 

 

9.2

 

 

 

476

 

 

 

39

 

 

 

437

 

Technology-related

 

 

7.4

 

 

 

203

 

 

 

9

 

 

 

194

 

Trade names/trademarks

 

 

3.3

 

 

 

14

 

 

 

2

 

 

 

12

 

Total finite-lived intangible assets

 

 

7.8

 

 

 

976

 

 

 

185

 

 

 

791

 

Total intangible assets

 

 

 

 

 

$

18,554

 

 

$

185

 

 

$

18,369

 

 

N/A – Not Applicable

 

The impairment tests performed for intangible assets as of July 31, 2020, 2019 and 2018 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

 

2021

 

$

107

 

2022

 

 

103

 

2023

 

 

97

 

2024

 

 

92

 

2025

 

 

87

 

 

In 2019, in connection with the eFront Transaction, the Company acquired $400 million of finite-lived customer relationships, $203 million of finite-lived technology-related intangible assets and $14 million of a finite-lived trade name, with weighted-average estimated lives of approximately 10 years, eight years and four years, respectively. See Note 3, Acquisition, for information on the eFront Transaction.