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Property, Equipment and Intangible Assets

12 Months Ended

Dec. 31, 2024

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,
		2024			2023
		(in millions)
Leasehold improvements		$	28		$	56
Computer equipment			67			90
Office furniture and equipment			15			15
			110			161
Less - accumulated depreciation and amortization			(51)			(80)
Property and equipment, net			59			81
Internally developed software			88			84
Other intangible assets			4			4
Less - accumulated amortization			(44)			(45)
Intangible assets, net			48			43
Total property, equipment, and intangible assets, net		$	107		$	124

Depreciation and amortization of $67 million, $65 million and $58 million, for the three years ended December 31, 2024, 2023, and 2022, respectively, is included in “Occupancy, depreciation and amortization” expense in the consolidated statements of comprehensive income. Amortization expense related to the Company’s intangible assets as of December 31, 2024 is expected to be approximately $26 million, $16 million, and $6 million, for years ended December 31, 2025, 2026, and 2027, 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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

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