Goldman Sachs 2012 Annual Report Download - page 168

Notes to Consolidated Financial Statements
Identifiable Intangible Assets
The table below presents the gross carrying amount,
accumulated amortization and net carrying amount of
identifiable intangible assets and their weighted average
remaining lives.
As of December
$ in millions 2012
Weighted Average
Remaining Lives
(years) 2011
Customer lists Gross carrying amount $ 1,099 $ 1,119
Accumulated amortization (643) (593)
Net carrying amount 456 8 526
Commodities-related intangibles 1Gross carrying amount 513 595
Accumulated amortization (226) (237)
Net carrying amount 287 10 358
Television broadcast royalties Gross carrying amount 560 560
Accumulated amortization (186) (123)
Net carrying amount 374 6 437
Insurance-related intangibles 2Gross carrying amount 380 292
Accumulated amortization (231) (146)
Net carrying amount 149 N/A 2146
Other 3Gross carrying amount 950 950
Accumulated amortization (819) (751)
Net carrying amount 131 12 199
Total Gross carrying amount 3,502 3,516
Accumulated amortization (2,105) (1,850)
Net carrying amount $ 1,397 8 $ 1,666
1. Primarily includes commodity-related customer contracts and relationships, permits and access rights.
2. Primarily related to the firm’s reinsurance business, which is classified as held for sale. See Note 12 for further information.
3. Primarily includes the firm’s exchange-traded fund lead market maker rights and NYSE DMM rights.
Substantially all of the firm’s identifiable intangible assets
are considered to have finite lives and are amortized (i) over
their estimated lives, (ii) based on economic usage for
certain commodity-related intangibles or (iii) in proportion
to estimated gross profits or premium revenues.
Amortization expense for identifiable intangible assets is
included in “Depreciation and amortization.”
166 Goldman Sachs 2012 Annual Report