Financial Information
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PART II
Item 8. Financial Statements and Supplementary Data.
MARRIOTT INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
11. INTANGIBLE ASSETS AND GOODWILL
The following table details the composition of our acquired intangible assets at year-end 2015 and 2014:
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 $65 million in 2015, $64 million in 2014, and $68 million in 2013. We estimate that our aggregate amortization expense for each of the next five fiscal years will be as follows: $67 million for 2016; $67 million for 2017; $67 million for 2018; $67 million for 2019; and $67 million for 2020.
The following table details the carrying amount of our goodwill at year-end 2015 and 2014:
The table reflects goodwill added as a result of our acquisitions of Delta Hotels and Resorts in 2015 and Protea Hotels in 2014. See Footnote No. 3, “Acquisitions and Dispositions” for more information.