Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

5. Intangible Assets and Goodwill

The following table summarizes the carrying amount of intangible assets as of September 30, 2023 and December 31, 2022:


	As of
	September 30, 2023		December 31, 2022
	(Dollars in millions)
Acquired contractual rights	$	920.8	$	920.2

Accumulated amortization	(228.6)		(126.3)
Finite-lived intangible assets, net	692.2		793.9
Goodwill	103.8		103.9
Intangible Assets, net	$	796.0	$	897.8

As discussed in Note 2, the Company reviews its intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable, and considers factors including, but not limited to, expected cash flows from its interest in future management fees and the ability to raise new funds. For the three and nine months ended September 30, 2023, the Company recorded no impairment losses. For the three months ended September 30, 2022, the Company recorded no impairment losses. For the nine months ended September 30, 2022, the Company recorded an impairment charge of $4.0 million on certain acquired contractual rights related to Carlyle Aviation Partners as a result of impaired income streams from aircraft under lease in Russia.

Intangible asset amortization expense was $36.7 million and $32.0 million for the three months ended September 30, 2023 and 2022, respectively, and $102.4 million and $70.7 million for the nine months ended September 30, 2023 and 2022, respectively, and is included in general, administrative, and other expenses in the unaudited condensed consolidated statements of operations. Certain intangible assets are held by entities of which the functional currency is not the U.S. dollar. Any corresponding currency translation is recorded in other comprehensive income.

The following table summarizes the expected amortization expense for 2023 through 2027 and thereafter (Dollars in millions):


Year ending December 31,
2023 (excluding the nine months ended September 30, 2023)	$	32.7
2024	130.7
2025	130.6
2026	130.5
2027	120.4
Thereafter	147.3
	$	692.2