Charles Schwab 2015 Annual Report Download - page 96
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THE CHARLES SCHWAB CORPORATION
Notes to Consolidated Financial Statements
(Tabular Amounts in Millions, Except Per Share Data, Option Price Amounts, Ratios, or as Noted)
- 76 -
8. Intangible Assets and Goodwill
Intangible assets and goodwill are detailed below:
December 31, 2015 December 31, 2014
Gross Net Gross Net
Carrying Accumulated Carrying Carrying Accumulated Carrying
Value Amortization Value Value Amortization Value
Client relationships $ 274 $ 144 $ 130 $ 274 $ 116 $ 158
Technology 89 47 42 89 37 52
Trade name 16 7 9 17 6 11
Other - - - 7 1 6
Total intangible assets $ 379 $ 198 $ 181 $ 387 $ 160 $ 227
Amortization expense for intangible assets was $45 million, $44 million, and $48 million in 2015, 2014, and 2013,
respectively.
Estimated future annual amortization expense for intangible assets as of December 31, 2015, is as follows:
2016 $ 37
2017 33
2018 31
2019 29
2020 23
Thereafter 28
Total intangible assets $ 181
The changes in the carrying amount of goodwill, as allocated to the Company’s reportable segments for purposes of testing
goodwill for impairment going forward, are presented in the following table:
Investor Advisor
Services Services Total
Balance at December 31, 2013 $ 1,127 $ 100 $ 1,227
Goodwill acquired and other changes during the period - - -
Balance at December 31, 2014 1,127 100 1,227
Goodwill acquired and other changes during the period (1) (31) 31 -
Balance at December 31, 2015 $ 1,096 $ 131 $ 1,227
(1) During 2015, the Corporate Brokerage Retirement Services business was transferred from the Investor Services segment
to the Advisor Services segment. Related goodwill amounts were transferred from the Investor Services segment to the
Advisor Services segment.
In testing for potential impairment of goodwill on April 1, 2015, management performed an assessment of each of the
Company’s reporting units. As a result of this assessment, management concluded that goodwill was not impaired. The
Company did not recognize any goodwill impairment in 2015, 2014, or 2013.