Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets deemed to have indefinite lives are not amortized but are instead subject to impairment tests. There were no impairments of indefinite-lived intangible assets recorded for the years ended December 31, 2023, 2022 and 2021.

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


	Advice & Wealth Management		Asset Management		Retirement & Protection Solutions		Consolidated
	(in millions)
Balance at January 1, 2022	$	279	$	1,088	$	91	$	1,458

Foreign currency translation	—		(59)		—		(59)
Other adjustments	—		(10)		—		(10)
Balance at December 31, 2022	279		1,019		91		1,389

Foreign currency translation	—		27		—		27
Other adjustments	—		(6)		—		(6)
Balance at December 31, 2023	$	279	$	1,040	$	91	$	1,410

In 2023 and 2022, the Company completed the annual impairment evaluation for goodwill as of July 1. Additionally, in the fourth quarter of 2022, due to the macroeconomic conditions at the time, the Company performed an additional goodwill impairment evaluation. The Company concluded its goodwill was not impaired in either 2023 or 2022.

The carrying amount of indefinite-lived intangible assets consisted of the following:


	December 31,
	2023		2022
	(in millions)
Customer contracts	$	848	$	837
Trade names	67		67
Total	$	915	$	904

Definite-lived intangible assets consisted of the following:


	December 31, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in millions)
Customer relationships	$	380	$	(191)	$	189	$	265	$	(174)	$	91
Contracts	228		(219)		9		222		(210)		12
Other	343		(243)		100		295		(206)		89
Total	$	951	$	(653)	$	298	$	782	$	(590)	$	192

On November 6, 2023, the Company and Comerica, Inc. (through certain affiliates) closed an arrangement in which the Company became Comerica’s new investment program provider and acquired Comerica’s customer lists for $110 million.

Definite-lived intangible assets acquired during the year ended December 31, 2023 were $110 million with a weighted average amortization period of 10 years. The aggregate amortization expense for definite-lived intangible assets during the years ended December 31, 2023, 2022 and 2021 was $52 million, $45 million and $34 million, respectively.There were $1 million, nil and nil of impairments of definite-lived intangible assets recorded for the years ended December 31, 2023, 2022 and 2021, respectively.

Estimated intangible amortization expense as of December 31, 2023 for the next five years is as follows:


	(in millions)
2024	$	53
2025	47
2026	43
2027	35
2028	24