SCHWAB CHARLES CORP
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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FY2024 · Filed Feb 26, 2025
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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, 2022 | $7,969 | $3,982 | $11,951 |
| Goodwill acquired and other changes during the period | — | — | — |
| December 31, 2023 | $7,969 | $3,982 | $11,951 |
| Goodwill acquired and other changes during the period (1) | 114 | (114) | — |
| December 31, 2024 | $8,083 | $3,868 | $11,951 |
(1)In the fourth quarter of 2024, the Retirement Business Services business unit was transferred from the Advisor Services segment to the Investor Services segment. Related goodwill amounts were transferred from the Advisor Services segment to the Investor Services segment.
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.
- 90 -
Acquired intangible assets are detailed below:
| December 31, 2024 | December 31, 2023 | |||||
|---|---|---|---|---|---|---|
| Gross CarryingValue | AccumulatedAmortization | Net CarryingValue | Gross CarryingValue | AccumulatedAmortization | Net CarryingValue | |
| Client relationships | $9,819 | $(2,171) | $7,648 | $10,088 | $(1,933) | $8,155 |
| Technology | 216 | (212) | 4 | 299 | (284) | 15 |
| Trade names | 111 | (20) | 91 | 123 | (33) | 90 |
| Total acquired intangible assets | $10,146 | $(2,403) | $7,743 | $10,510 | $(2,250) | $8,260 |
Estimated future annual amortization expense for acquired intangible assets as of December 31, 2024 is as follows:
| 2025 | $512 |
| 2026 | 508 |
| 2027 | 508 |
| 2028 | 507 |
| 2029 | 507 |
| Thereafter | 5,110 |
| Total | $7,652 |
Note: The above schedule excludes indefinite-lived intangible assets of $91 million.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.