An "intangible asset" is an asset that has a significant value but no physical presence and provides a company with long-term financial value. Intangible assets that can be individually marketed by the business can be separated from other assets and can be identified are known to as identifiable intangible assets. Intellectual property, such as patents, trademarks, and copyrights, as well as non-cash government grants, like airport landing rights or broadcasting licenses, are examples of identifiable intangible assets. A trademark is a sign that can be used to distinguish one company's goods or services from those of other businesses. For trademarks, intellectual property rights offer protection. Intangible assets are capitalized at fair value as of the date of acquisition rather than cost when acquired separately.
DXC Technology’s gross value of intangible assets surged from $4,014 million in FY2021 to $4,063 million in FY2022, an increase of 1.2%. In FY2022, the company's net value of intangible assets was $3,378 million. Other intangible assets accounted for $291 million respectively, based on the company's calculation of the fair value of identified intangible assets. The company's amortization expense for intangible assets was $865 million in FY2022.
In FY2020, DXC completed the sale of its HHS Business to Veritas Capital. As part of the sale of the HHS business, $48 million of software licenses were transferred to the Business. The company's amortization expense for intangible assets was $952 million and $1,019 million in FY2021 and 2020 respectively. Other intangible assets accounted for $239 million in FY2021. The company operates its business in approximately 70 countries.
DXC Technology Co (DXC) is an information technology (IT) and consulting services provider. The company’s service portfolio includes analytics, cloud applications, cloud infrastructure, enterprise applications, data security services, IT outsourcing (ITO), and workplace and mobility solutions. It also provides its services through a partner network. DXC offers services to insurance, healthcare, life sciences, aerospace and defense, consumer and retail, manufacturing and automotive, travel and transportation, hospitality, energy, utilities, and others.
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