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Property, Equipment and Intangible Assets

12 Months Ended

Dec. 31, 2022

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,
		2022			2021
		(in millions)
Leasehold improvements		$	51		$	43
Computer equipment			84			67
Office furniture and equipment			16			15
			151			125
Less - accumulated depreciation and amortization			(58)			(40)
Property and equipment, net			93			85
Internally developed software			87			77
Other intangible assets			4			4
Less - accumulated amortization			(43)			(35)
Intangible assets, net			48			46
Total property, equipment, and intangible assets, net		$	141		$	131

Depreciation and amortization of $58 million, $50 million and $42 million, for the three years ended December 31, 2022, 2021, and 2020, 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, 2022 is expected to be approximately $26 million, $16 million, and $6 million, for years ended December 31, 2023, 2024, and 2025, 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 https://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 https://asc.fasb.org/topic&trid=2155823

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