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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and intangible assets deemed to have indefinite lives are not amortized but are instead subject to impairment tests. There were $2 million, nil and nil of impairments of indefinite-lived intangible assets recorded for the years ended December 31, 2024, 2023 and 2022, respectively. The changes in the carrying amount of goodwill reported in the Company’s reportable segments were as follows:
| Advice & Wealth Management |  | Asset Management |  | Retirement & Protection Solutions |  | Consolidated
(in millions)
Balance at January 1, 2023 | $ | 279 |  |  | $ | 1,019 |  |  | $ | 91 |  |  | $ | 1,389 |
Foreign currency translation | — |  |  | 27 |  |  | — |  |  | 27 |
Other adjustments | — |  |  | (6) |  |  | — |  |  | (6) |
Balance at December 31, 2023 | 279 |  |  | 1,040 |  |  | 91 |  |  | 1,410 |
Foreign currency translation | — |  |  | (9) |  |  | — |  |  | (9) |
Other adjustments | — |  |  | — |  |  | — |  |  | — |
Balance at December 31, 2024 | $ | 279 |  |  | $ | 1,031 |  |  | $ | 91 |  |  | $ | 1,401 |
In 2024 and 2023, the Company completed the annual impairment evaluation for goodwill as of July 1. The Company concluded its goodwill was not impaired in either 2024 or 2023. The carrying amount of indefinite-lived intangible assets consisted of the following:
| December 31,
2024 |  | 2023
(in millions)
Customer contracts | $ | 844 |  |  | $ | 848 |
Trade names | 65 |  |  | 67 |
Total | $ | 909 |  |  | $ | 915 |
Definite-lived intangible assets consisted of the following:
| December 31, 2024 |  | December 31, 2023
Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
(in millions)
Customer relationships | $ | 370 |  |  | $ | (204) |  |  | $ | 166 |  |  | $ | 380 |  |  | $ | (191) |  |  | $ | 189 |
Contracts | 226 |  |  | (218) |  |  | 8 |  |  | 228 |  |  | (219) |  |  | 9 |
Other | 357 |  |  | (269) |  |  | 88 |  |  | 343 |  |  | (243) |  |  | 100 |
Total | $ | 953 |  |  | $ | (691) |  |  | $ | 262 |  |  | $ | 951 |  |  | $ | (653) |  |  | $ | 298 |
Definite-lived intangible assets acquired during the year ended December 31, 2024 were $29 million with a weighted average amortization period of 6 years. The aggregate amortization expense for definite-lived intangible assets during the years ended December 31, 2024, 2023 and 2022 was $56 million, $52 million and $45 million, respectively. There were $8 million, $1 million and nil of impairments of definite-lived intangible assets recorded for the years ended December 31, 2024, 2023 and 2022, respectively. Impairments recorded through G&A expense during 2024 primarily relate to certain customer relationships within the Asset Management segment. Estimated intangible amortization expense as of December 31, 2024 for the next five years is as follows:
| (in millions)
2025 | $ | 53 |
2026 | 48 |
2027 | 36 |
2028 | 26 |
2029 | 22 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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