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Property, Equipment and Intangible Assets

12 Months Ended

Dec. 31, 2019

Property, Equipment and Intangible Assets [Abstract]

Property, Equipment and Intangible Assets

13. 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 and equipment. The table below presents balances related to property, equipment and intangible assets for the periods indicated.

		December 31,
		2019			2018
		(in millions)
Leasehold improvements		$	37		$	9
Computer equipment			24			19
Office furniture and equipment			14			5
			75			33
Less - accumulated depreciation and amortization			(13)			(13)
Property and equipment, net			62			20
Internally developed software			68			61
Less - accumulated amortization			(34)			(28)
Intangible assets, net			34			33
Total property, equipment, and intangible assets, net		$	96		$	53

Depreciation and amortization of $31 million, $26 million, and $25 million, for the three years ended December 31, 2019, 2018, and 2017, 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, 2019 is expected to be approximately $19 million, $11 million, and $4 million, for years ended December 31, 2020, 2021, and 2022, 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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