XML 70 R17.htm IDEA: XBRL DOCUMENT
v3.22.4

Goodwill and Other Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible AssetsGoodwill and intangible assets deemed to have indefinite lives are not amortized but are instead subject to impairment tests. There were nil, nil and $2 million of impairments of indefinite-lived intangible assets recorded for the years ended December 31, 2022, 2021 and 2020, respectively. The changes in the carrying amount of goodwill reported in the Company’s main operating segments were as follows:
| Advice & Wealth Management |  | Asset Management |  | Retirement & Protection Solutions |  | Consolidated
(in millions)
Balance at January 1, 2021 | $ | 279 |  |  | $ | 806 |  |  | $ | 91 |  |  | $ | 1,176 |
Acquisitions | — |  |  | 287 |  |  | — |  |  | 287 |
Foreign currency translation | — |  |  | (4) |  |  | — |  |  | (4) |
Other adjustments | — |  |  | (1) |  |  | — |  |  | (1) |
Balance at December 31, 2021 | 279 |  |  | 1,088 |  |  | 91 |  |  | 1,458 |
Foreign currency translation | — |  |  | (59) |  |  | — |  |  | (59) |
Other adjustments | — |  |  | (10) |  |  | — |  |  | (10) |
Balance at December 31, 2022 | $ | 279 |  |  | $ | 1,019 |  |  | $ | 91 |  |  | $ | 1,389 |
On November 8, 2021, the Company completed its acquisition of the European-based asset management business of BMO Financial Group for $973 million, excluding an estimated $7 million reduction due to customary deferred and contingent adjustments. The all-cash transaction added $136 billion of assets under management in EMEA. Goodwill of $287 million arising from acquisition consists largely of the synergies and economies of scale expected from combining the Company’s EMEA operations. All goodwill was assigned to the Asset Management segment. During the fourth quarter of 2022, the Company finalized its purchase accounting and measurement period adjustments, reported within Other adjustments above. In addition to our annual impairment evaluation for goodwill as of July 1, we evaluated goodwill for impairment in the fourth quarter 2022 due to the current macroeconomic conditions and concluded our goodwill was not impaired. The carrying amount of indefinite-lived intangible assets consisted of the following:
| December 31,
2022 |  | 2021
(in millions)
Customer contracts | $ | 837 |  |  | $ | 848 |
Trade names | 67 |  |  | 69 |
Total | $ | 904 |  |  | $ | 917 |
Definite-lived intangible assets consisted of the following:
| December 31, 2022 |  | December 31, 2021
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount
(in millions)
Customer relationships | $ | 265 |  |  | $ | (174) |  |  | $ | 91 |  |  | $ | 254 |  |  | $ | (163) |  |  | $ | 91 |
Contracts | 222 |  |  | (210) |  |  | 12 |  |  | 235 |  |  | (217) |  |  | 18 |
Other | 295 |  |  | (206) |  |  | 89 |  |  | 272 |  |  | (188) |  |  | 84 |
Total | $ | 782 |  |  | $ | (590) |  |  | $ | 192 |  |  | $ | 761 |  |  | $ | (568) |  |  | $ | 193 |
The aggregate amortization expense for definite-lived intangible assets during the years ended December 31, 2022, 2021 and 2020 was $45 million, $34 million and $31 million, respectively. In 2022, 2021 and 2020, the Company did not record any impairment charges on definite-lived intangible assets. Estimated intangible amortization expense as of December 31, 2022 for the next five years is as follows:
| (in millions)
2023 | $ | 42 |
2024 | 31 |
2025 | 26 |
2026 | 21 |
2027 | 13 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration