Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

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


	Wealth Solutions		Health Solutions		Investment Management		Corporate(1)		Consolidated
Balance as of January 1, 2023	$	17	$	24	$	286	$	—	$	327
Additions from business combinations(2)	—		319		—		102		421

Balance as of December 31, 2023	17		343		286		102		748
Additions from business combinations	—		—		—		—		—

Balance as of December 31, 2024	$	17	$	343	$	286	$	102	$	748

(1) Corporate includes goodwill that was acquired by the parent company and not pushed to a subsidiary within the Company’s reportable segments. The carrying value of goodwill within Corporate is allocated to Wealth Solutions, Health Solutions, and Investment Management reporting units as $72, $20 and $10, respectively.

(2) See the Business, Basis of Presentation and Significant Accounting Policies Note for information on recent business combinations.

During the fourth quarter of 2024, the Company performed its annual goodwill impairment assessment and determined there was no goodwill impairment as of December 31, 2024. There were no accumulated impairments associated with goodwill as of December 31, 2024 and 2023.

Other Intangible Assets

The Company’s indefinite-lived intangible assets, primarily related to the right to manage client assets, were valued using the multi-period excess earnings method, a form of the income approach, which relied upon significant assumptions, including the projected revenues and discount rate. The right to manage client assets was determined to have an indefinite life based on the open-ended nature of the right to manage, and the ability to continue to manage the assets with no specific termination date.

During the fourth quarter of 2024, the Company completed an assessment for recoverability of its definite-lived intangible assets, and determined that the carrying value was recoverable.

During the fourth quarter of 2023, as a result of the changes to the projected cash flows and using a discounted cash flow approach, the Company recognized an impairment loss of $33 in relation to management contract rights, which was included in Operating expenses in the Consolidated Statements of Operations for the year ended December 31, 2023.

The following table presents other intangible assets as of the dates indicated:


	Weighted Average Amortization Lives	December 31, 2024						December 31, 2023
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-life intangibles:
Management contract rights	N/A	$	350	$	—	$	350	$	350	$	—	$	350
Total indefinite-life intangibles		350		—		350		350		—		350
Finite-life intangibles:
Management contract rights	17 years	131		19		112		153		11		142
Customer relationship lists	17 years	325		145		180		325		128		197
Trademarks	8 years	15		4		11		15		2		13
Computer software	5 years	432		253		179		501		346		155
Total intangible assets		$	1,253	$	421	$	832	$	1,344	$	487	$	857

Fully amortized computer software of $156 was written off during the year ended December 31, 2024. In addition, during the fourth quarter of 2024, $18 of management contracts related to a prior acquisition were derecognized and the related loss was recorded in Operating expenses in the Consolidated Statements of Operations and reported in the Investment Management segment.

Amortization expense related to intangible assets was $96, $85 and $36 for the years ended December 31, 2024, 2023 and 2022, respectively.

The estimated amortization of intangible assets are as follows:


Year	Amount
2025	$	92
2026	78
2027	57
2028	34
2029	31