Voya Financial Inc

10. Goodwill and Other Intangible Assets

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

(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.

Based on qualitative assessments performed during 2023, the Company concluded there wasno requirement for goodwill impairment. As of December 31, 2023 and 2022, there isno accumulated impairment associated with goodwill.

The Company’s indefinite-lived intangible assets relate primarily to the right to manage client assets acquired in connection with the AllianzGI Transaction during 2022. This intangible asset was valued using the multi-period excess earnings method, a form of the income approach, which relied upon significant assumptions, including 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 2023, the Company re-evaluated projected cash flows associated with management contract rights of a prior acquisition within the Investment Management segment and determined the carrying value was no longer fully recoverable. As of December 31, 2023, the fair value was $22 which was determined using a discounted cash flow approach. Key assumptions used in the fair value assessment included projected cash flows and discount rate. As a result of changes to projected cash flows, the Company recognized an impairment loss of $33, which is 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:

(1) The table reflects the new cost basis and revised useful life of the impaired management contract rights as of December 31, 2023.

Amortization expense related to intangible assets were $85, $36 and $46 for the years ended December 31, 2023, 2022 and 2021, respectively. Fully amortized Management contract rights and Software of $550 and $107, respectively were written off during the year ending December 31, 2023.

The estimated amortization of intangible assets are as follows: