|
12. Intangible Assets
Intangible assets at December 31, 2021 and 2020 consisted of the following:
|
(in millions) |
|
Remaining
Weighted-
Average
Estimated
Useful Life |
|
|
Gross Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net Carrying
Amount |
|
|
At December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3.5 |
|
|
|
244 |
|
|
|
169 |
|
|
|
75 |
|
|
Investor/customer relationships |
|
|
8.0 |
|
|
|
746 |
|
|
|
169 |
|
|
|
577 |
|
|
Technology-related |
|
|
4.1 |
|
|
|
261 |
|
|
|
49 |
|
|
|
212 |
|
|
Trade names/trademarks |
|
|
3.0 |
|
|
|
23 |
|
|
|
12 |
|
|
|
11 |
|
|
Total finite-lived intangible assets |
|
|
6.6 |
|
|
|
1,274 |
|
|
|
399 |
|
|
|
875 |
|
|
Total intangible assets |
|
|
|
|
|
$ |
18,852 |
|
|
$ |
399 |
|
|
$ |
18,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
N/A – Not Applicable
The impairment tests performed for intangible assets as of July 31, 2021, 2020 and 2019 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 |
|
|
2022 |
|
$ |
150 |
|
|
2023 |
|
|
142 |
|
|
2024 |
|
|
131 |
|
|
2025 |
|
|
123 |
|
|
2026 |
|
|
116 |
|
In 2021, in connection with the Aperio Transaction, the Company acquired $270 million of finite-lived customer relationships, $9 million of finite-lived trade name and $8 million of finite-lived technology-related intangible assets, with weighted-average estimated lives of approximately 10 years, five years and three years, respectively. See Note 3, Acquisitions, for information on the Aperio Transaction.
|