Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets [Text Block]

Goodwill and Other Intangible Assets

Goodwill and intangible assets deemed to have indefinite lives are not amortized but are instead subject to impairment tests. There was a $5 million impairment of indefinite-lived intangible assets recorded for the year ended December 31, 2019. There were no impairments for the years ended December 31, 2018 and 2017.

The changes in the carrying amount of goodwill reported in the Company’s main operating segments were as follows:

	Advice & Wealth Management		Asset Management			Annuities		Protection		Consolidated
	(in millions)
Balance at January 1, 2018	$	279	$	805		$	46	$	45	$	1,175
Foreign currency translation	—		(16		)	—		—		(16		)
Purchase price adjustments	—		(1		)	—		—		(1		)
Balance at December 31, 2018	279		788			46		45		1,158
Foreign currency translation	—		10			—		—		10
Purchase price adjustments	—		(1		)	—		—		(1		)
Balance at December 31, 2019	$	279	$	797		$	46	$	45	$	1,167

As of December 31, 2019 and 2018, the carrying amount of indefinite-lived intangible assets included $641 million and $646 million, respectively, of investment management contracts. As of both December 31, 2019 and 2018, the carrying amount of indefinite-lived intangible assets included $69 million of trade names.

Definite-lived intangible assets consisted of the following:

	December 31, 2019							December 31, 2018
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(in millions)
Customer relationships	$	192	$	(146	)	$	46	$	184	$	(134	)	$	50
Contracts	219		(202		)	17		215		(193		)	22
Other	197		(147		)	50		168		(124		)	44
Total	$	608	$	(495	)	$	113	$	567	$	(451	)	$	116

Definite-lived intangible assets acquired during the year ended December 31, 2019 were $35 million with a weighted average amortization period of 5.5 years. The aggregate amortization expense for definite-lived intangible assets during the years ended December 31, 2019, 2018 and 2017 was $37 million, $30 million and $27 million, respectively. In 2019, 2018 and 2017, the Company did not record any impairment charges on definite-lived intangible assets.

Estimated intangible amortization expense as of December 31, 2019 for the next five years is as follows:

	(in millions)
2020	$	28
2021	25
2022	21
2023	18
2024	6