Voya Financial Inc
For the period ended Mar 31, 2024. Filed May 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 6, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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19. Goodwill and Other Intangible Assets
- Goodwill and Other Intangible Assets
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 | — | 319 | — | 102 | 421 |
| Balance as of December 31, 2023 | $17 | $343 | $286 | $102 | $748 |
| Additions from business combinations(2) | — | — | — | — | — |
| Balance as of March 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.
Other Intangible Assets
The following table presents other intangible assets as of the dates indicated:
| WeightedAverageAmortizationLives · March 31, 2024 · December 31, 2023 | |||||||
|---|---|---|---|---|---|---|---|
| GrossCarryingAmount · AccumulatedAmortization · NetCarryingAmount · GrossCarryingAmount · AccumulatedAmortization · NetCarryingAmount | |||||||
| Indefinite-life intangibles: | |||||||
| Right to manage client assets | N/A | $345 | $— | $345 | $345 | $— | $345 |
| Management contract rights | N/A | 5 | — | 5 | 5 | — | 5 |
| Total indefinite-life intangibles | $350 | $— | $350 | $350 | $— | $350 | |
| Finite-life intangibles: | |||||||
| Management contract rights | 15 years | $153 | $14 | $139 | $153 | $11 | $142 |
| Customer relationship lists | 17 years | 325 | 132 | 193 | 325 | 128 | 197 |
| Trademarks | 8 years | 15 | 2 | 13 | 15 | 2 | 13 |
| Computer software | 4 years | 528 | 362 | 166 | 501 | 346 | 155 |
| Total intangible assets | $1,371 | $510 | $861 | $1,344 | $487 | $857 | |
Amortization expense related to intangible assets were $23 and $20 for the three months ended March 31, 2024 and 2023, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.