Financial Information
11. INTANGIBLE ASSETS AND GOODWILL
The following table details the composition of our acquired intangible assets at year-end 2014 and 2013:
We capitalize both direct and incremental costs that we incur to acquire management, franchise, and license agreements. We amortize these costs on a straight-line basis over the initial term of the agreements, ranging from 15 to 30 years. Our amortization expense totaled $64 million in 2014, $68 million in 2013, and $54 million in 2012. We estimate that our aggregate amortization expense for each of the next five fiscal years will be as follows: $58 million for 2015; $58 million for 2016; $58 million for 2017; $58 million for 2018; and $58 million for 2019.
The following table details the carrying amount of our goodwill at year-end 2014 and 2013:
