v3.22.0.1
Intangible Assets
12 Months Ended
Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Intangible Assets

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.