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Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Indefinite-Lived Intangible Assets The following table summarizes the carrying value for the Company’s goodwill and other intangible assets:
Goodwill and Other Intangible Assets
Weighted Average Amortization Period as of December 31, 2021As of December 31,
 20212020
 (in millions)
Goodwill (1)$117 $117 
Finite-lived intangible assets:
CLO contracts6.8 years42 42 
Investment management contracts2.5 years24 24 
CLO distribution network2.8 years9 9 
Trade name7.8 years3 3 
Favorable sublease2.2 years1 1 
Lease-related intangibles5.2 years3 3 
Finite-lived intangible assets, gross5.4 years82 82 
Accumulated amortization(30)(18)
Finite-lived intangible assets, net52 64 
Indefinite-lived intangible assets (insurance licenses)6 22 
Total goodwill and other intangible assets$175 $203 
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(1)    Includes goodwill allocated to the European subsidiaries of BlueMountain. The balance changes due to foreign currency translation. The amount of goodwill deductible for tax purposes was approximately $99 million as of December 31, 2021 and $107 million as of December 31, 2020.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
As of December 31, 2021, future annual amortization of finite-lived intangible assets for the years 2022 through 2026 and thereafter is estimated to be:

Estimated Future Amortization Expense for Finite-Lived Intangible Assets
As of December 31, 2021
Year(in millions)
2022$11 
202311 
202410 
20256 
20265 
Thereafter9 
Total
$52 

On February 24, 2021, the Company received the last regulatory approval required to merge MAC with and into AGM, with AGM as the surviving company. The merger was effective on April 1, 2021. Upon the merger all direct insurance policies issued by MAC became direct insurance obligations of AGM. As a result, the Company wrote off the $16 million carrying value of the indefinite-lived intangible asset related to the MAC insurance licenses in the first quarter of 2021. This was reported in “other operating expenses” in the Insurance segment.