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Business Combinations, Goodwill and Acquired Intangible (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combinations [Abstract] |
Summary of Goodwill for Each Reporting Units and Reportable Segments | The following table summarizes our goodwill for our reporting units and reportable segments.
|  | As of December 31, |
(Dollars in millions) |  | 2023 |  |  | 2022 |
Federal Education Loans reportable segment: |  |  |  |  |  |
FFELP Loans |  | $ | 227 |  |  | $ | 227 |
Federal Education Loan Servicing |  |  | 5 |  |  |  | 5 |
Total |  |  | 232 |  |  |  | 232 |
Consumer Lending reportable segment: |  |  |  |  |  |
Private Education Legacy In-School Loans |  |  | 106 |  |  |  | 106 |
Private Education Refinance Loans |  |  | 77 |  |  |  | 77 |
Private Education Recent In-School Loans |  |  | 13 |  |  |  | 13 |
Total |  |  | 196 |  |  |  | 196 |
Business Processing reportable segment: |  |  |  |  |  |
Government Services |  |  | 136 |  |  |  | 136 |
Healthcare Services |  |  | 106 |  |  |  | 106 |
Total |  |  | 242 |  |  |  | 242 |
Total goodwill |  | $ | 670 |  |  | $ | 670 |
Acquired Intangible Assets | Acquired intangible assets include the following:
|  | As of December 31, 2023 |  |  | As of December 31, 2022 |
(Dollars in millions) |  | Cost Basis |  |  | Accumulated Impairment and Amortization(2)(3) |  |  | Net |  |  | Cost Basis(2) |  |  | Accumulated Impairment and Amortization(2)(3) |  |  | Net |
Customer, services and lending relationships(1) |  | $ | 218 |  |  | $ | (212 | ) |  | $ | 6 |  |  | $ | 218 |  |  | $ | (207 | ) |  | $ | 11 |
Software and technology |  |  | 119 |  |  |  | (110 | ) |  |  | 9 |  |  |  | 119 |  |  |  | (108 | ) |  |  | 11 |
Trade names and trademarks |  |  | 40 |  |  |  | (30 | ) |  |  | 10 |  |  |  | 40 |  |  |  | (27 | ) |  |  | 13 |
Total acquired intangible assets |  | $ | 377 |  |  | $ | (352 | ) |  | $ | 25 |  |  | $ | 377 |  |  | $ | (342 | ) |  | $ | 35 |
(1) (1) In 2022 we impaired a customer relationship asset in the Business Processing reportable segment for $6 million as a result of exiting a line of business. (2) Accumulated impairment and amortization include impairment amounts only if the acquired intangible asset has been deemed partially impaired. When an acquired intangible asset is considered fully impaired and no longer in use, the cost basis and any accumulated amortization related to the asset is written off. (3) We recorded amortization of acquired intangible assets of $10 million, $14 million and $19 million in 2023, 2022 and 2021, respectively. We will continue to amortize our intangible assets with definite useful lives over their remaining estimated useful lives. We estimate amortization expense associated with these intangible assets will be $9 million, $6 million, $5 million, $3 million and $1 million in 2024, 2025, 2026, 2027 and after 2027, respectively.

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 + Details
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