AMERIPRISE FINANCIAL INC
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
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Goodwill and Other Intangible Assets
- Goodwill and Other Intangible Assets
Goodwill and intangible assets deemed to have indefinite lives are not amortized but are instead subject to impairment tests. There were $2 million, nil andnil of impairments of indefinite-lived intangible assets recorded for the years ended December 31, 2024, 2023 and 2022, respectively.
The changes in the carrying amount of goodwill reported in the Company’s reportable segments were as follows:
| Advice & Wealth Management | AssetManagement | Retirement & Protection Solutions | Consolidated | |
|---|---|---|---|---|
| (in millions) | ||||
| Balance at January 1, 2023 | $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 |
| Foreign currency translation | — | (9) | — | (9) |
| Other adjustments | — | — | — | — |
| Balance at December 31, 2024 | $279 | $1,031 | $91 | $1,401 |
In 2024 and 2023, the Company completed the annual impairment evaluation for goodwill as of July 1. The Company concluded its goodwill was not impaired in either 2024 or 2023.
The carrying amount of indefinite-lived intangible assets consisted of the following:
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (in millions) | ||
| Customer contracts | $844 | $848 |
| Trade names | 65 | 67 |
| Total | $909 | $915 |
Definite-lived intangible assets consisted of the following:
| December 31, 2024 · December 31, 2023 | ||||||
|---|---|---|---|---|---|---|
| Gross Carrying Amount · Accumulated Amortization · Net Carrying Amount · Gross Carrying Amount · Accumulated Amortization · Net Carrying Amount | ||||||
| (in millions) | ||||||
| Customer relationships | $370 | $(204) | $166 | $380 | $(191) | $189 |
| Contracts | 226 | (218) | 8 | 228 | (219) | 9 |
| Other | 357 | (269) | 88 | 343 | (243) | 100 |
| Total | $953 | $(691) | $262 | $951 | $(653) | $298 |
Index
Definite-lived intangible assets acquired during the year ended December 31, 2024 were $29 million with a weighted average amortization period of 6 years. The aggregate amortization expense for definite-lived intangible assets during the years ended December 31, 2024, 2023 and 2022 was $56 million, $52 million and $45 million, respectively. There were $8 million, $1 million andnil of impairments of definite-lived intangible assets recorded for the years ended December 31, 2024, 2023 and 2022, respectively. Impairments recorded through G&A expense during 2024 primarily relate to certain customer relationships within the Asset Management segment.
Estimated intangible amortization expense as of December 31, 2024 for the next five years is as follows:
| (in millions) | |
|---|---|
| 2025 | $53 |
| 2026 | 48 |
| 2027 | 36 |
| 2028 | 26 |
| 2029 | 22 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.