SCHWAB CHARLES CORP
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Goodwill and Acquired Intangible Assets
- Goodwill and Acquired Intangible Assets
The changes in the carrying amount of goodwill, as allocated to our reportable segments, are presented in the following table:
| InvestorServices | AdvisorServices | Total | |
|---|---|---|---|
| December 31, 2021 | $7,970 | $3,982 | $11,952 |
| Goodwill acquired and other changes during the period | (1) | — | (1) |
| December 31, 2022 | $7,969 | $3,982 | $11,951 |
| Goodwill acquired and other changes during the period | — | — | — |
| December 31, 2023 | $7,969 | $3,982 | $11,951 |
We performed an assessment of each of the Company’s reporting units as of our annual testing date. Based on this analysis, we concluded that goodwill was not impaired. There were no indicators that goodwill was impaired after our annual testing date. Schwab didnot recognize any goodwill impairment in any of the years presented.
Acquired intangible assets are detailed below:
| December 31, 2023 | December 31, 2022 | |||||
|---|---|---|---|---|---|---|
| Gross CarryingValue | AccumulatedAmortization | Net CarryingValue | Gross CarryingValue | AccumulatedAmortization | Net CarryingValue | |
| Client relationships | $10,088 | $(1,933) | $8,155 | $10,085 | $(1,422) | $8,663 |
| Technology | 299 | (284) | 15 | 299 | (261) | 38 |
| Trade names | 123 | (33) | 90 | 120 | (32) | 88 |
| Total acquired intangible assets | $10,510 | $(2,250) | $8,260 | $10,504 | $(1,715) | $8,789 |
Estimated future annual amortization expense for acquired intangible assets as of December 31, 2023 is as follows:
| 2024 | $519 |
| 2025 | 512 |
| 2026 | 508 |
| 2027 | 508 |
| 2028 | 507 |
| Thereafter | 5,618 |
| Total | $8,172 |
Note: The above schedule excludes indefinite-lived intangible assets of $88 million.
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