Property, Equipment and Intangible Assets

12 Months Ended

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.