Financial Information
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PART II
Item 8. Financial Statements and Supplementary Data.
MARRIOTT INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
13. INTANGIBLE ASSETS AND GOODWILL
The following table details the composition of our intangible assets at year-end 2017 and 2016:
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 $185 million in 2017, $87 million in 2016, and $65 million in 2015. We estimate that our aggregate amortization expense will be $180 million for each of the next five fiscal years.
The following table details the carrying amount of our goodwill at year-end 2017 and 2016:
(1) The table reflects adjustments to our goodwill from the Starwood Combination during the measurement period.