Goldman Sachs 2009 Annual Report Download - page 48

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The following table sets forth the carrying value of our goodwill by operating segment:
Goodwill by Operating Segment
As of
December November
(inmillions) 2009 2008
Investment Banking
Underwriting $ 125 $ 125
Trading and Principal Investments
FICC 265 247
Equities (1) 2,389 2,389
Principal Investments 84 80
Asset Management and Securities Services
Asset Management (2) 563 565
Securities Services 117 117
Total $3,543 $3,523
(1) Primarily related to SLK.
(2) Primarily related to Ayco.
Identi able Intangible Assets. We amortize our identi able intangible assets over their estimated lives or, in the case of insurance
contracts, in proportion to estimated gross pro ts or premium revenues. Identi able intangible assets are tested for impairment
whenever events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable.
An impairment loss, generally calculated as the difference between the estimated fair value and the carrying value of an asset or
asset group, is recognized if the sum of the estimated undiscounted cash  ows relating to the asset or asset group is less than the
corresponding carryingvalue.
The following table sets forth the carrying value and range of estimated remaining lives of our identi able intangible assets by
major asset class:
Identi able Intangible Assets by Asset Class
As of
December2009 November2008
Range of Estimated
Carrying Remaining Lives Carrying
($ inmillions) Value (in years) Value
Customer lists (1) $ 645 2–16 $ 724
NewYork Stock Exchange (NYSE) Designated Market Maker (DMM) rights 420 12 462
Insurance-related assets (2) 150 6 155
Exchange-traded fund (ETF) lead market maker rights 90 18 95
Other
(3) 72 2–16 93
Total $1,377 $1,529
(1) Primarily includes our clearance and execution and NASDAQ customer lists related to SLK and  nancial counseling customer lists related to Ayco.
(2) Primarily includes the value of business acquired related to our insurance businesses.
(3) Primarily includes marketing-related assets and other contractual rights.
Goldman Sachs 2009 Annual Report
46
Management’s Discussion and Analysis