Prudential 2007 Annual Report Download - page 133
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PRUDENTIAL FINANCIAL, INC.
Notes to Consolidated Financial Statements
7. VALUATION OF BUSINESS ACQUIRED, GOODWILL AND OTHER INTANGIBLES (continued)
Goodwill
The changes in the book value of goodwill by segment are as follows:
Year Ended December 31, 2007
Balance at
January 1 Acquisitions
Impairment
Charge Other(1)
Balance at
December 31
(in millions)
Individual Annuities ................................ $ 97 $— $— $— $ 97
Asset Management ................................. 238 — — 5 243
Retirement ........................................ 338 — — — 338
International Insurance .............................. 19 — — 4 23
International Investments ............................ 125 — — 1 126
Real Estate and Relocation Services .................... 118 — — 1 119
Total ........................................ $935 $— $— $ 11 $946
Year Ended December 31, 2006
Balance at
January 1 Acquisitions
Impairment
Charge Other(1)
Balance at
December 31
(in millions)
Individual Annuities ................................ $— $ 97 $— $— $ 97
Asset Management ................................. 240 — — (2) 238
Retirement ........................................ 342 — — (4) 338
International Insurance .............................. 17 — — 2 19
International Investments ............................ 120 3 — 2 125
Real Estate and Relocation Services .................... 116 — — 2 118
Total ........................................ $835 $100 $— $— $935
(1) Other represents foreign currency translation and purchase price adjustments.
The Company tests goodwill for impairment annually as of December 31 and more frequently if an event occurs or circumstances
change that would more likely than not reduce the fair value of a reporting unit, which is defined as an operating segment or one level
below an operating segment, below its carrying amount. There were no impairments recorded in 2007, 2006 or 2005.
Other Intangibles
Other intangible balances at December 31, are as follows:
2007 2006
Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
(in millions)
Subject to amortization:
Mortgage servicing rights .................. $242 $ (86) $156 $229 $ (81) $148
Customer relationships .................... 310 (142) 168 181 (122) 59
Other .................................. 31 (21) 10 27 (16) 11
Not subject to amortization ..................... N/A N/A 6 N/A N/A 6
Total .................................. $340 $224
Prudential Financial 2007 Annual Report 131