Goldman Sachs 2003 Annual Report Download - page 91

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Notes to Consolidated Financial Statements
GOLDMAN SACHS 2003 ANNUAL REPORT 89
Identifiable Intangible Assets
The following table sets forth the gross carrying amount, accumulated amortization and net carrying amount of
identifiable intangible assets:
AS OF NOVEMBER
(IN MILLIONS) 2003 2002
Customer lists(1) Gross carrying amount(3) $1,021 $ 859
Accumulated amortization (141) (94)
Net carrying amount $ 880 $ 765
New York Stock Gross carrying amount $ 714 $ 717
Exchange (NYSE) Accumulated amortization (78) (51)
specialist rights Net carrying amount $ 636 $ 666
Option and exchange- Gross carrying amount $ 312 $ 312
traded fund (ETF) Accumulated amortization (182) (21)
specialist rights Net carrying amount $ 130 $ 291
Other(2) Gross carrying amount $ 351 $ 351
Accumulated amortization (177) (93)
Net carrying amount $ 174 $ 258
Total Gross carrying amount(3) $2,398 $2,239
Accumulated amortization (578)(4) (259)
Net carrying amount $1,820 $1,980
(1) Primarily includes the firm’s clearance and execution and Nasdaq customer lists acquired in the firm’s combination with SLK and financial coun-
seling customer lists acquired in the firm’s combination with The Ayco Company, L.P.
(2) Includes primarily technology-related assets acquired in the firm’s combination with SLK.
(3) Gross carrying amount includes additions of $162 million and $147 million for the years ended November 2003 and November 2002, respectively.
(4) For the year ended November 2003, accumulated amortization includes $188 million of impairment charges primarily related to option specialist rights.
Identifiable intangible assets are amortized over a weighted
average life of approximately 18 years. There were no
identifiable intangible assets that were considered to be
indefinite-lived and, therefore, not subject to amortization.
Amortization expense associated with identifiable intan-
gible assets was $319 million (including $188 million of
impairment charges), $127 million and $115 million for
the fiscal years ended November 2003, November 2002
and November 2001, respectively.
Estimated future amortization expense for existing iden-
tifiable intangible assets is set forth below:
(IN MILLIONS)
2004 $123
2005 123
2006 123
2007 118
2008 91