Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

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 were $2 million and $5 million of impairments of indefinite-lived intangible assets recorded for the years ended December 31, 2020 and 2019. There was no impairment for the year ended December 31, 2018.

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

	Advice & Wealth Management		Asset Management		Retirement & Protection Solutions		Consolidated
	(in millions)
Balance at January 1, 2019	$	279	$	788	$	91	$	1,158
Foreign currency translation	—		10		—		10
Other adjustments	—		(1)		—		(1)
Balance at December 31, 2019	279		797		91		1,167
Foreign currency translation	—		10		—		10
Other adjustments	—		(1)		—		(1)
Balance at December 31, 2020	$	279	$	806	$	91	$	1,176

As of December 31, 2020 and 2019, the carrying amount of indefinite-lived intangible assets included $640 million and $641 million, respectively, of investment management contracts. As of both December 31, 2020 and 2019, the carrying amount of indefinite-lived intangible assets included $69 million of trade names.

Definite-lived intangible assets consisted of the following:

	December 31, 2020						December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in millions)
Customer relationships	$	193	$	(155)	$	38	$	192	$	(146)	$	46
Contracts	223		(211)		12		219		(202)		17
Other	226		(168)		58		197		(147)		50
Total	$	642	$	(534)	$	108	$	608	$	(495)	$	113

Definite-lived intangible assets acquired during the year ended December 31, 2020 were $25 million with a weighted average amortization period of 5 years. The aggregate amortization expense for definite-lived intangible assets during the years ended December 31, 2020, 2019 and 2018 was $31 million, $37 million and $30 million, respectively. In 2020, 2019 and 2018, the Company did not record any impairment charges on definite-lived intangible assets.

Estimated intangible amortization expense as of December 31, 2020 for the next five years is as follows:

	(in millions)
2021	$	32
2022	28
2023	24
2024	11
2025	7