XML 25 R9.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Goodwill and Other Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2023
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 |  | ​ | ​ |  | ​ |  | ​ | ​
​ | ​ | and Income | ​ | Asset | ​ | Benefits and | ​ | ​ | ​ | ​ | ​
​ | ​ | Solutions | ​ | Management | ​ | Protection | ​ | Corporate | ​ | Consolidated
​ | ​ | (in millions)
Balance as of January 1, 2022 | ​ | $ | 675.9 | ​ | $ | 895.1 | ​ | $ | 56.6 | ​ | $ | — | ​ | $ | 1,627.6
Impairment (1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (27.1) | ​ | ​ | — | ​ | ​ | (27.1)
Foreign currency | ​ | ​ | — | ​ | ​ | (2.3) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2.3)
Balance as of December 31, 2022 | ​ | ​ | 675.9 | ​ | ​ | 892.8 | ​ | ​ | 29.5 | ​ | ​ | — | ​ | ​ | 1,598.2
Foreign currency | ​ | ​ | — | ​ | ​ | 10.3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10.3
Balance as of December 31, 2023 | ​ | $ | 675.9 | ​ | $ | 903.1 | ​ | $ | 29.5 | ​ | $ | — | ​ | $ | 1,608.5
(1) | Resulted from a change in the allocation of equity between our reportable operating segments following the Talcott Reinsurance Transaction.
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 16 years were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2023 |  | 2022
​ | ​ | (in millions)
Gross carrying value | ​ | $ | 1,215.1 | ​ | $ | 1,235.1
Accumulated amortization | ​ |  | 512.7 | ​ | ​ | 472.6
Net carrying value | ​ | $ | 702.4 | ​ | $ | 762.5
​ During 2023 and 2022, we fully amortized other finite lived intangible assets of $31.2 million and $34.4 million, respectively. The amortization expense for intangible assets with finite useful lives was $68.6 million, $70.7 million and $75.3 million for 2023, 2022 and 2021, respectively. As of December 31, 2023, the estimated amortization expense for the next five years is as follows (in millions): ​
​ | ​ | ​ | ​ | ​
Year ending December 31: |  | ​ | ​ |
2024 | ​ | $ | 67.3 | ​
2025 | ​ | ​ | 61.9 | ​
2026 | ​ | ​ | 57.8 | ​
2027 | ​ | ​ | 57.8 | ​
2028 | ​ | ​ | 40.6 | ​
​ Indefinite Lived Intangible Assets The net carrying amount of unamortized indefinite lived intangible assets was $767.4 million and $770.8 million as of December 31, 2023 and 2022, respectively. As of both December 31, 2023 and 2022, $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.

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 -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration