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Intangible Assets and Goodwill
12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill 6. Intangible Assets and Goodwill
The following table summarizes the carrying amount of intangible assets as of December 31, 2023 and 2022:
 
As of December 31,
 
2023
2022
 
(Dollars in millions)
Acquired contractual rights
$924.1
$920.2
Accumulated amortization
(262.0)
(126.3)
Finite-lived intangible assets, net
662.1
793.9
Goodwill
104.0
103.9
Intangible Assets, net
$766.1
$897.8
As of December 31, 2023, goodwill included $91.0 million related to the Company’s Global Private Equity segment in
connection with the acquisition of Abingworth. The balance also included $5.5 million as of both December 31, 2023 and 2022
associated with the Company’s Global Credit segment. The remaining balance consisted of $7.5 million and $7.3 million as of
December 31, 2023 and 2022 associated with the Company’s Global Investment Solutions segment, respectively.
As discussed in Note 2, the Company reviews its intangible assets for impairment whenever events or changes in
circumstances indicate that the carrying amount of the asset may not be recoverable, and considers factors including, but not
limited to, expected cash flows from its interest in future management fees and the ability to raise new funds. During the year
ended December 31, 2023, the Company recorded no impairment losses. During the year ended December 31, 2022, the
Company recorded an impairment charge of $4.0 million on certain acquired contractual rights related to Carlyle Aviation
Partners as a result of impaired income streams from aircraft under lease in Russia. No impairment losses were recorded during
the year ended December 31, 2021.
Intangible asset amortization expense was $135.0 million, $103.9 million and $10.2 million for the years ended
December 31, 2023, 2022 and 2021, respectively, and is included in general, administrative, and other expenses in the
consolidated statements of operations. Certain intangible assets are held by entities of which the functional currency is not the
U.S. dollar. Any corresponding currency translation is recorded in other comprehensive income.
The following table summarizes the expected amortization expense for 2024 through 2028 and thereafter (Dollars in
millions):
Year ending December 31,
2024
$131.1
2025
131.1
2026
131.0
2027
120.9
2028
113.8
Thereafter
34.2
$662.1