Property, Equipment and Intangible Assets

12 Months Ended

Dec. 31, 2017

Property, Equipment and Intangible Assets [Abstract]

Property, Equipment and Intangible Assets

11. 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, 2017 and 2016, property, equipment and intangible assets consisted of:


	December 31,
	2017		2016

	(in millions)
Leasehold improvements	$	7	$	6
Computer equipment		17		14
Office furniture and equipment		2		2
		26		22
Less - accumulated depreciation and amortization		(12)		(9)
Property and equipment, net		14		13

Internally developed software		52		49
Intangible assets (acquired technology)		8		7
Less - accumulated amortization		(31)		(28)
Intangible assets, net		29		28
Total property, equipment, and intangible assets, net	$	43	$	41

Depreciation and amortization of $25 million, $25 million, and $22 million, for the three years ended December 31, 2017, 2016, and 2015, 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, $10 million, and $3 million, for years ended December 31, 2018, 2019, and 2020, respectively.