INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

INTANGIBLE ASSETS

The following table details the composition of our intangible asset balances:

($ in millions)	2021		2020
Definite-lived intangible assets
Member relationships	$	671	$	671
Management contracts	452		351
	1,123		1,022
Accumulated amortization	(194)		(134)
	929		888
Indefinite-lived intangible assets
Trade names	64		64
	$	993	$	952

Definite-Lived Intangible Assets

Definite-lived intangible assets, all of which were acquired as part of the ILG and Welk Acquisitions, are amortized on a straight-line basis over their estimated useful lives, ranging from 15 to 25 years. We recorded amortization expense of $61 million in 2021, $57 million in 2020, and $59 million in 2019 in the Depreciation and amortization line of our Income Statements. For these assets, we estimate that our aggregate amortization expense will be $62 million for each of the next five fiscal years.

Indefinite-Lived Intangible Assets

The following table summarizes the activity related to our indefinite-lived intangible assets, all of which are related to the Exchange & Third-Party Management segment.

($ in millions)	Trade Names
Balance at December 31, 2019	$	82
Impairment	(18)
Balance at December 31, 2020	64
Impairment	—
Balance at December 31, 2021	$	64

2020

We recognized a non-cash impairment charge of $18 million in the Impairment line on our Income Statement during the first quarter of 2020 related to the indefinite-lived intangible assets in our Exchange & Third-Party Management segment, which was primarily attributed to the decline in estimated near-term revenues and related recovery of long-term revenues as a result of the impact of the COVID-19 pandemic.