Other Assets |
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Disclosure Text Block Abstract | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | NOTE 7 Other Assets The following is a summary of Other assets as of December 31:
Goodwill The changes in the carrying amount of goodwill reported in the Company’s reportable operating segments and Corporate & Other were as follows:
Primarily includes foreign currency translation. Accumulated impairment losses were $220 million as of both December 31, 2017 and 2016. Other Intangible Assets The components of other intangible assets were as follows:
Amortization expense for the years ended December 31, 2017, 2016 and 2015 was $207 million, $194 million and $183 million, respectively. Intangible assets acquired in 2017 and 2016 are being amortized, on average, over 6 and 7 years, respectively. Estimated amortization expense for other intangible assets over the next five years is as follows:
TAX CREDIT INVESTMENTS The Company accounts for its tax credit investments, including Qualified Affordable Housing (QAH) investments, using the equity method of accounting. The Company had $1,023 million and $824 million in tax credit investments as of December 31, 2017 and 2016, respectively, included in Other assets on the Consolidated Balance Sheets, of which $1,018 million and $798 million, respectively, specifically related to QAH investments. Included in QAH investments as of December 31, 2017 and 2016, the Company had $933 million and $701 million, respectively, specifically related to investments in unconsolidated VIEs for which the Company does not have a controlling financial interest. As of December 31, 2017, the Company had committed to provide funding related to certain of these QAH investments, which is expected to be paid between 2018 and 2032, resulting in a $373 million unfunded commitment reported in Other liabilities, of which $352 million specifically related to unconsolidated VIEs. In addition, the Company had contractual off-balance sheet obligations, which were not deemed probable of being drawn, to provide additional funding up to $66 million for these QAH investments as of December 31, 2017, fully related to unconsolidated VIEs. During the years ended December 31, 2017 and 2016, the Company recognized equity method losses related to its QAH investments of $112 million and $43 million, respectively, which were recognized in Other, net expenses; and associated tax credits of $74 million and $63 million, respectively, recognized in Income tax provision. |