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Goodwill and Other Intangible Assets

12 Months Ended

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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- References

No definition available.

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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

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