|
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.
|