Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 12: Intangible Assets

Intangible assets and related amortization expense were as follows:

	December 31, 2021
($ in millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Trade name	$	18	$	(5	)	$	13
Management contracts		1,340		(106	)		1,234
Club member relationships		139		(12	)		127
Capitalized software		138		(71	)		67
	$	1,635	$	(194	)	$	1,441
	December 31, 2020
($ in millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Trade name	$	—	$	—		$	—
Management contracts		89		(51	)		38
Club member relationships		—		—			—
Capitalized software		94		(51	)		43
	$	183	$	(102	)	$	81

We acquired definite-lived intangible assets as part of the Diamond Acquisition, which have been valued on a provisional basis, in the amount of $1,431 million as of the Acquisition Date. Refer to Note 3: Diamond Acquisition for further details. Prior to the Diamond Acquisition, intangible assets included computer software and management contracts. Amortization expense on intangible assets was $90 million, $15 million, and $9 million for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, the weighted average amortization period on trade name was 1.5 years, management agreements was 34.6 years, club member relationships was 14.4 years, and capitalized software was 2.5 years.

As of December 31, 2021, our future amortization expense for our amortizing intangible assets is estimated to be as follows:

($ in millions)	Future Amortization Expense
2022	$	196
2023		156
2024		137
2025		111
2026		99
Thereafter		742
	$	1,441