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Goodwill and Specifically Identifiable Intangible Assets | 12 Months Ended
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Dec. 31, 2019
Goodwill and Specifically Identifiable Intangible Assets [Abstract] |
Goodwill and Specifically Identifiable Intangible Assets | 10. Goodwill and Specifically Identifiable Intangible Assets The changes in the carrying amount of goodwill (in millions) by reportable segment were as follows:
|  | For the Year Ended December 31, 2019 |  |
| Gross | Accumulated |  |  |  |  |  |  |  |  |  |
| Goodwill | Impairment |  |  |  |  |  |  |  |  |  | Net |
| as of | as of |  | Acquisition |  |  |  |  |  | Goodwill |  |
| Beginning- | Beginning- |  | Accounting |  |  |  |  |  | as of End- |  |
|  | of-Year |  |  | of-Year |  |  | Adjustments |  |  | Impairment |  |  | of-Year |  |
Annuities |  | $ | 1,040 |  |  | $ | (600 | ) |  | $ | - |  |  | $ | - |  |  | $ | 440 |  |
Retirement Plan Services |  |  | 20 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 20 |  |
Life Insurance |  |  | 2,188 |  |  |  | (1,554 | ) |  |  | - |  |  |  | - |  |  |  | 634 |  |
Group Protection |  |  | 688 |  |  |  | - |  |  |  | (4) |  |  |  | - |  |  |  | 684 |  |
Total goodwill |  | $ | 3,936 |  |  | $ | (2,154 | ) |  | $ | (4) |  |  | $ | - |  |  | $ | 1,778 |  |
|  | For the Year Ended December 31, 2018 |  |
|  | Gross | Accumulated |  |  |  |  |  |  |  |  |  |
|  | Goodwill | Impairment |  |  |  |  |  |  |  |  |  | Net |  |
|  | as of | as of |  | Acquisition |  |  |  |  |  | Goodwill |  |
|  | Beginning- | Beginning- |  | Accounting |  |  |  |  |  | as of End- |  |
|  | of-Year |  |  | of-Year |  |  | Adjustments |  |  | Impairment |  |  | of-Year |  |
Annuities |  | $ | 1,040 |  |  | $ | (600 | ) |  | $ | - |  |  | $ | - |  |  | $ | 440 |  |
Retirement Plan Services |  |  | 20 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 20 |  |
Life Insurance |  |  | 2,188 |  |  |  | (1,554 | ) |  |  | - |  |  |  | - |  |  |  | 634 |  |
Group Protection |  |  | 274 |  |  |  | - |  |  |  | 414 |  |  |  | - |  |  |  | 688 |  |
Total goodwill |  | $ | 3,522 |  |  | $ | (2,154 | ) |  | $ | 414 |  |  | $ | - |  |  | $ | 1,782 |  |
The fair values of our reporting units (Level 3 fair value estimates) are comprised of the value of in-force (i.e., existing) business and the value of new business. Specifically, new business is representative of cash flows and profitability associated with policies or contracts we expect to issue in the future, reflecting our forecasts of future sales volume and product mix over a 10-year period. To determine the values of in-force and new business, we use a discounted cash flows technique that applies a discount rate reflecting the market expected, weighted-average rate of return adjusted for the risk factors associated with operations to the projected future cash flows for each reporting unit. As of October 1, 2019 and 2018, we performed our annual quantitative goodwill impairment test for our reporting units, and, as of each such date, the fair value was in excess of each reporting unit’s carrying value for Annuities, Retirement Plan Services, Life Insurance and Group Protection. As of October 1, 2017, the date of our annual quantitative assessment of goodwill, our Annuities, Retirement Plan Services and Group Protection reporting units had fair values that exceeded the carrying value of each reporting unit. Our early adoption of ASU 2017-04, “Simplifying the Test for Goodwill Impairment,” resulted in impairment of the Life Insurance reporting unit goodwill of $905 million during the fourth quarter of 2017 driven primarily from the impact of the December 22, 2017, enactment of the Tax Act that increased the carrying value of the Life Insurance reporting unit in excess of its fair value. The gross carrying amounts and accumulated amortization (in millions) for each major specifically identifiable intangible asset class by reportable segment were as follows:
| As of December 31, 2019 |  |  | As of December 31, 2018 |  |
| Gross |  |  |  |  |  |  | Gross |  |  |  |  |
| Carrying |  | Accumulated |  | Carrying |  | Accumulated |
| Amount |  | Amortization |  | Amount |  | Amortization |
Retirement Plan Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual fund contract rights (1) | $ | 5 |  |  | $ | - |  |  | $ | 5 |  |  | $ | - |  |
Life Insurance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales force |  | 100 |  |  |  | 55 |  |  |  | 100 |  |  |  | 51 |  |
Group Protection: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
VOCRA |  | 576 |  |  |  | 25 |  |  |  | 576 |  |  |  | 5 |  |
VODA |  | 31 |  |  |  | 2 |  |  |  | 31 |  |  |  | - |  |
Insurance licenses (1) |  | 3 |  |  |  | - |  |  |  | 3 |  |  |  | - |  |
Total | $ | 715 |  |  | $ | 82 |  |  | $ | 715 |  |  | $ | 56 |  |
(1)No amortization recorded as the intangible asset has indefinite life. Future estimated amortization of specifically identifiable intangible assets (in millions) as of December 31, 2019, was as follows:
2020 | $ | 37 |
2021 |  | 37 |
2022 |  | 37 |
2023 |  | 37 |
2024 |  | 37 |
Thereafter |  | 440 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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