Financial Information
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PART II
Item 8. Financial Statements and Supplementary Data.
MARRIOTT INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 10. INTANGIBLE ASSETS AND GOODWILL
The following table details the composition of our intangible assets at year-end 2019 and 2018:
We capitalize direct costs that we incur to obtain 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.
For acquired definite-lived intangible assets, we recorded amortization expense of $105 million in 2019, $111 million in 2018, and $116 million in 2017 in the “Depreciation, amortization, and other” caption of our Income Statements. For these assets, we estimate that our aggregate amortization expense will be $102 million for each of the next five fiscal years.
The following table details the carrying amount of our goodwill at year-end 2019 and 2018:
