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Property, Equipment and Intangible Assets | 12 Months Ended
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Dec. 31, 2023
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,
|  | 2023 |  | 2022
|  | (in millions)
Leasehold improvements |  | $ | 56 |  | $ | 51
Computer equipment |  |  | 90 |  |  | 84
Office furniture and equipment |  |  | 15 |  |  | 16
|  |  | 161 |  |  | 151
Less - accumulated depreciation and amortization |  |  | (80) |  |  | (58)
Property and equipment, net |  |  | 81 |  |  | 93
Internally developed software |  |  | 84 |  |  | 87
Other intangible assets |  |  | 4 |  |  | 4
Less - accumulated amortization |  |  | (45) |  |  | (43)
Intangible assets, net |  |  | 43 |  |  | 48
Total property, equipment, and intangible assets, net |  | $ | 124 |  | $ | 141
Depreciation and amortization of $65 million, $58 million and $50 million, for the three years ended December 31, 2023, 2022, and 2021, 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, 2023 is expected to be approximately $24 million, $15 million, and $4 million, for years ended December 31, 2024, 2025, and 2026, 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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