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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill balances by business segment at December 31, 2020 and 2019 were:
DOLLARS IN MILLIONS |  | 2020 |  | 2019
Specialty Property & Casualty Insurance |  | $ | 845.0 |  |  | $ | 845.0 |
Preferred Property & Casualty Insurance |  | 49.6 |  |  | 49.6 |
Life & Health Insurance |  | 219.4 |  |  | 219.4 |
Total |  | $ | 1,114.0 |  |  | $ | 1,114.0 |
The Company tests goodwill for recoverability at the reporting unit level on an annual basis, or whenever events or circumstances indicate the fair value of a reporting unit may have declined below its carrying value. The Company performed a qualitative goodwill impairment assessment for all reporting units with goodwill as of October 1, 2020. The qualitative assessment takes into consideration changes in macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, events impacting reporting units, and changes in Kemper’s stock price since the last quantitative assessment, which was performed on January 1, 2017. Based on its qualitative assessment, the Company concluded that the associated goodwill was recoverable for each reporting unit tested. NOTE 5. GOODWILL AND INTANGIBLE ASSETS (Continued) The Gross carrying amount and accumulated amortization of Definite and Indefinite life intangible assets at December 31, 2020 and 2019 were:
|  | 2020 |  | 2019
(Dollars in Millions) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Amount
Definite Life Intangibles |  |  |  |  |  |  |  |  |  |  |  |
Value of Business Acquired |  | $ | 194.5 |  |  | $ | 174.2 |  |  | $ | 20.3 |  |  | $ | 194.5 |  |  | $ | 170.4 |  |  | $ | 24.1 |
Customer Relationships |  | 39.0 |  |  | 35.6 |  |  | 3.4 |  | 39.0 |  |  | 34.7 |  |  | 4.3 |
Agent Relationships |  | 74.4 |  |  | 16.8 |  |  | 57.6 |  | 74.4 |  |  | 11.9 |  |  | 62.5 |
Internal-Use Software |  | 299.6 |  |  | 108.6 |  |  | 191.0 |  | 261.6 |  |  | 71.9 |  |  | 189.7 |
Total Definite Life Intangible Assets |  | 607.5 |  |  | 335.2 |  |  | 272.3 |  | 569.5 |  |  | 288.9 |  |  | 280.6 |
Indefinite Life Intangible Assets |  |  |  |  |  |  |  |  |  |  |  |
Trade Names |  | 5.2 |  |  | — |  |  | 5.2 |  | 5.2 |  |  | — |  |  | 5.2 |
Insurance Licenses |  | 42.6 |  |  | — |  |  | 42.6 |  | 42.6 |  |  | — |  |  | 42.6 |
Total Indefinite Life Intangible Assets |  | 47.8 |  |  | — |  |  | 47.8 |  | 47.8 |  |  | — |  |  | 47.8 |
Total Intangible Assets |  | $ | 655.3 |  |  | $ | 335.2 |  |  | $ | 320.1 |  |  | $ | 617.3 |  |  | $ | 288.9 |  |  | $ | 328.4 |
The Company records intangible assets acquired in business combinations and certain costs incurred developing and customizing internal-use software within Other Assets on the Consolidated Balance Sheets. Definite life intangible assets are amortized over the estimated profit emergence period or estimated useful life of the asset. Indefinite life intangible assets are not amortized, but rather tested annually for impairment. In 2020 and 2019, the Company recognized amortization expense on definite life intangible assets of $42.3 million and $37.8 million, respectively. The amount of amortization expense expected to be recorded in the next five years for definite life intangible assets is as follows:
DOLLARS IN MILLIONS |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  |
Definite Life Intangible Assets: |  |  |  |  |  |  |  |  |  |  |  |
Value of Business Acquired |  | $ | 3.4 |  |  | $ | 1.9 |  |  | $ | 1.9 |  |  | $ | 1.8 |  |  | $ | 1.8 |  |  |
Customer Relationships |  | 0.7 |  |  | 0.6 |  |  | 0.5 |  |  | 0.4 |  |  | 0.4 |  |  |
Agent Relationships |  | 5.0 |  |  | 5.0 |  |  | 5.0 |  |  | 5.0 |  |  | 5.0 |  |  |
Internal-Use Software |  | 24.8 |  |  | 25.6 |  |  | 22.8 |  |  | 19.4 |  |  | 15.4 |  |  |
Total |  | $ | 33.9 |  |  | $ | 33.1 |  |  | $ | 30.2 |  |  | $ | 26.6 |  |  | $ | 22.6 |  |  |

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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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