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Goodwill and Other Intangible Assets
12 Months Ended
Dec. 31, 2021
Goodwill and Other Intangible Assets  
Goodwill and Other Intangible Assets

2. Goodwill and Other Intangible Assets

Goodwill

The changes in the carrying amount of goodwill reported in our segments were as follows:

    

Retirement

    

Principal

    

    

U.S.

    

    

  

and Income

Global

Principal

Insurance

Solutions

Investors

International

Solutions

Corporate

Consolidated

(in millions)

Balance as of January 1, 2020

$

675.9

$

317.5

$

642.8

$

56.6

$

1.0

$

1,693.8

Foreign currency

 

 

3.4

 

13.8

 

 

 

17.2

Balance as of December 31, 2020

675.9

320.9

656.6

56.6

1.0

1,711.0

Goodwill disposed (1)

(2.3)

(2.3)

Impairment (2)

(1.0)

(1.0)

Foreign currency

(2.5)

(77.6)

(80.1)

Balance as of December 31, 2021

$

675.9

$

318.4

$

576.7

$

56.6

$

$

1,627.6

(1)Relates to the sale of our India asset management business.
(2)Relates to the buyout of the minority interest in RobustWealth, Inc. (“RobustWealth”) and realignment of the business.

Finite Lived Intangible Assets

Amortized intangible assets primarily relate to customer relationship intangibles associated with our acquisition of the Institutional Retirement & Trust business of Wells Fargo Bank, N.A. (the “Acquired Business”) and previous acquisitions in Chile, Mexico and Hong Kong. The finite lived intangible assets that continue to be subject to amortization over a weighted average remaining expected life of 17 years were as follows:

December 31, 

    

2021

    

2020

  

(in millions)

Gross carrying value

$

1,262.8

$

1,338.2

Accumulated amortization

 

432.1

405.6

Net carrying value

$

830.7

$

932.6

During 2021 and 2020, we fully amortized other finite lived intangible assets of $15.0 million and $18.7 million, respectively.

The amortization expense for intangible assets with finite useful lives was $75.3 million, $73.5 million and $62.8 million for 2021, 2020 and 2019, respectively. As of December 31, 2021, the estimated amortization expense for the next five years is as follows (in millions):

Year ending December 31:

    

  

2022

$

71.1

2023

68.3

2024

67.0

2025

60.7

2026

56.6

Indefinite Lived Intangible Assets

The net carrying amount of unamortized indefinite lived intangible assets was $769.9 million and $790.4 million as of December 31, 2021 and 2020, respectively. As of both December 31, 2021 and 2020, $608.0 million relates to investment management contracts associated with our acquisition of WM Advisors, Inc. in 2006. The remaining balance primarily relates to the trade name intangible associated with our acquisition of Administradora de Fondos de Pensiones Cuprum S.A. (“Cuprum”) in 2013.