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Goodwill and Other Intangibles (Tables) | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill | The changes in the carrying value of goodwill by reportable segment are as follows:
| PGIM |  | International Businesses |  | Corporate and Other(1) |  | Other(2) |  | Total
| (in millions)
Goodwill balance, December 31, 2020: | $ | 258 |  |  | $ | 144 |  |  | $ | 2,623 |  |  | $ | 10 |  |  | $ | 3,035 |
Acquisitions(3) | 304 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 304 |
Impairments | 0 |  |  | 0 |  |  | (1,060) |  |  | 0 |  |  | (1,060) |
Foreign currency translation | (4) |  |  | (14) |  |  | (2) |  |  | 0 |  |  | (20) |
Reclassified to “Assets held-for-sale”(4) | 0 |  |  | 0 |  |  | (455) |  |  | 0 |  |  | (455) |
Goodwill balance, December 31, 2021: | 558 |  |  | 130 |  |  | 1,106 |  |  | 10 |  |  | 1,804 |
Impairments | 0 |  |  | 0 |  |  | (903) |  |  | 0 |  |  | (903) |
Foreign currency translation | (9) |  |  | (15) |  |  | (1) |  |  | 0 |  |  | (25) |
Goodwill balance, December 31, 2022: | 549 |  |  | 115 |  |  | 202 |  |  | 10 |  |  | 876 |
Acquisitions(5) | 373 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 373 |
Impairments | 0 |  |  | 0 |  |  | (177) |  |  | 0 |  |  | (177) |
Divestitures(6) | 0 |  |  | 0 |  |  | (23) |  |  | 0 |  |  | (23) |
Foreign currency translation | 30 |  |  | (7) |  |  | (1) |  |  | 0 |  |  | 22 |
Goodwill balance, December 31, 2023: | $ | 952 |  |  | $ | 108 |  |  | $ | 1 |  |  | $ | 10 |  |  | $ | 1,071 |
__________ (1)Effective January 1, 2023, Assurance IQ no longer represents a separately reportable segment and is now included within Corporate and Other operations. Prior period amounts have been reclassified to conform to current period presentation. (2)Other includes goodwill balances assigned to Individual Retirement Strategies, Individual Life, and Group Insurance. (3)During 2021, PGIM completed the acquisitions of Montana Capital Partners, a European-based private equity secondaries asset manager, and Green Harvest Asset Management LLC, a separately managed account platform providing customized solutions for the high net worth market. (4)The Full Service Retirement business was classified as a divested business and transferred to Corporate and Other, and its assets, including goodwill, were reclassified to “Assets held-for-sale” as of December 31, 2021. The sale was completed in the second quarter of 2022. See Note 1 for additional information regarding this disposition. (5)During 2023, PGIM acquired a majority stake in Deerpath Capital Management, LP, a leading U.S.-based private credit and direct lending manager. (6)A foreign operation that was classified as a divested business and transferred to Corporate and Other during 2020 was sold in 2023.
Schedule of Finite-Lived Intangible Assets | Other intangible balances at December 31, are as follows:
| 2023 |  | 2022
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
| (in millions)
Subject to amortization: |  |  |  |  |  |  |  |  |  |  |
Mortgage servicing rights | $ | 884 |  |  | $ | (600) |  |  | $ | 284 |  |  | $ | 882 |  |  | $ | (569) |  |  | $ | 313 |
Customer relationships | 268 |  |  | (158) |  |  | 110 |  |  | 202 |  |  | (146) |  |  | 56 |
Software and other | 189 |  |  | (135) |  |  | 54 |  |  | 199 |  |  | (111) |  |  | 88 |
Not subject to amortization | 58 |  |  | N/A |  | 58 |  |  | 61 |  |  | N/A |  | 61 |
Total |  |  |  |  | $ | 506 |  |  |  |  |  |  | $ | 518 |
Schedule of Indefinite-Lived Intangible Assets | Other intangible balances at December 31, are as follows:
| 2023 |  | 2022
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
| (in millions)
Subject to amortization: |  |  |  |  |  |  |  |  |  |  |
Mortgage servicing rights | $ | 884 |  |  | $ | (600) |  |  | $ | 284 |  |  | $ | 882 |  |  | $ | (569) |  |  | $ | 313 |
Customer relationships | 268 |  |  | (158) |  |  | 110 |  |  | 202 |  |  | (146) |  |  | 56 |
Software and other | 189 |  |  | (135) |  |  | 54 |  |  | 199 |  |  | (111) |  |  | 88 |
Not subject to amortization | 58 |  |  | N/A |  | 58 |  |  | 61 |  |  | N/A |  | 61 |
Total |  |  |  |  | $ | 506 |  |  |  |  |  |  | $ | 518 |
Estimated Future Amortization Expense of Other Intangibles | The following table provides estimated future amortization for the periods indicated:
| 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
| (in millions)
Estimated future VOBA amortization | $ | 47 |  |  | $ | 43 |  |  | $ | 39 |  |  | $ | 36 |  |  | $ | 32 |  |  | $ | 333 |  |  | $ | 530 |
The following table provides estimated future amortization for the periods indicated:
|  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028
|  | (in millions)
Estimated future amortization expense of other intangibles |  | $ | 88 |  |  | $ | 78 |  |  | $ | 56 |  |  | $ | 51 |  |  | $ | 45 |

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