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INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
The following table details the composition of our intangible asset balances:
($ in millions)At Year-End 2024At Year-End 2023
Definite-lived intangible assets
Member relationships$670 $670 
Management contracts427 431 
1,097 1,101 
Accumulated amortization(370)(310)
727 791 
Indefinite-lived intangible assets
Trade names63 63 
$790 $854 
Definite-Lived Intangible Assets
Definite-lived intangible assets, all of which were acquired as part of the ILG and Welk Acquisitions, are amortized on a straight-line basis over their estimated useful lives, ranging from 15 to 20 years. We recorded amortization expense of $60 million for the year ended December 31, 2024, and $61 million for each of the years ended December 31, 2023 and 2022, in the Depreciation and amortization line of our Income Statements. We estimate that our annual amortization expense will continue to be approximately $60 million for each of the next five fiscal years.
Indefinite-Lived Intangible Assets
All of our indefinite-lived intangible assets are related to the Exchange & Third-Party Management segment. We performed our annual impairment test of indefinite-lived intangible assets during the fourth quarters of 2024 and 2023, and no impairment charges were recorded in either year.