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Property, Equipment and Intangible Assets

12 Months Ended

Dec. 31, 2018

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, 2018 and 2017, property, equipment and intangible assets consisted of: 






		December 31,
		2018			2017

		(in millions)
Leasehold improvements		$	9		$	7
Computer equipment			19			17
Office furniture and equipment			5			2
			33			26
Less - accumulated depreciation and amortization			(13)			(12)
Property and equipment, net			20			14

Internally developed software			61			52
Intangible assets (acquired technology)			—			8
Less - accumulated amortization			(28)			(31)
Intangible assets, net			33			29
Total property, equipment, and intangible assets, net		$	53		$	43



Depreciation and amortization of $26 million, $25 million, and $25 million, for the three years ended December 31, 2018, 2017, and 2016, respectively, is included in occupancy, depreciation and amortization expenses in the consolidated statements of comprehensive income. Amortization expense related to the Company’s intangible assets as of December 31, 2018 is expected to be approximately $18 million, $11 million, and $4 million, for years ended December 31, 2019, 2020, and 2021, respectively.

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- References

No definition available.

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI http://asc.fasb.org/topic&trid=2144416

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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