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Property, Equipment and Intangible Assets

12 Months Ended

Dec. 31, 2016

Property, Equipment and Intangible Assets [Abstract]

Property, Equipment and Intangible Assets



12. Property, Equipment and Intangible Assets



Property, equipment and intangible assets, which are included in other assets in the consolidated statements of financial condition, consist of leasehold improvements, computer equipment, software developed for the Company’s internal use, office furniture, equipment and acquired technology. As of December 31, 2016 and 2015, property, equipment and intangible assets consisted of:                   






		December 31,
		2016			2015

		(in millions)
Leasehold improvements		$	6		$	16
Computer equipment			14			9
Office furniture and equipment			2			2
			22			27
Less - accumulated depreciation and amortization			(9)			(17)
Property and equipment, net			13			10

Internally developed software			49			47
Intangible assets (acquired technology)			7			8
Less - accumulated amortization			(28)			(25)
Intangible assets, net			28			30
Total property, equipment, and intangible assets, net		$	41		$	40





Depreciation and amortization of $25 million, $22 million, and $20 million, for the three years ended December 31, 2016, 2015, and 2014, respectively, is included in occupancy, depreciation and amortization expenses in the consolidated statements of comprehensive income.  Amortization expense related to intangible assets is expected to be approximately $16 million, $9 million, and $3 million, for years ended December 31, 2017, 2018, and 2019, respectively.

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- Definition

The entire disclosure for intangible assets and long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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