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Acquisitions/Dispositions Acquisitions/Dispositions (Notes)
 12 Months Ended
Dec. 31, 2017
Acquisitions/Dispositions [Abstract]  
Mergers, Acquisitions and Dispositions Disclosures [Text Block]
NOTE 2 - ACQUISITIONS/DISPOSITIONS
During the years ended December 31, 2017, 2016, and 2015, the Company had the following notable acquisition and disposition:
(Dollars in millions)
Date
 
Consideration Received/(Paid)
 
Goodwill
 
Other Intangible Assets
 
Pre-tax Gain
2017
 
 
 
 
 
 
 
 
 
Sale of PAC
12/1/2017
 

$261

 

($7
)
 

$—

 

$107

2016
 
 
 
 
 
 
 
 
 
Acquisition of Pillar
12/15/2016
 

($197
)
 

$1

 

$13

1 

$—

1 Does not include $62 million of commercial mortgage servicing rights acquired.

Sale of PAC
On December 1, 2017, the Company completed the sale of PAC, its commercial lines insurance premium finance subsidiary with $1.3 billion in assets and $1.2 billion in liabilities, to IPFS Corporation. As a result, the Company received consideration of $261 million and recognized a pre-tax gain of $107 million in connection with the sale, net of transaction-related expenses.
The Company's results for the years ended December 31, 2017, 2016, and 2015 included the following related to PAC, excluding the gain on sale:
(Dollars in millions)
 
 
 
 
 
PAC Financial Information:
2017
 
2016
 
2015
Revenue

$56

 

$60

 

$59

Less: Expenses
31

 
27

 
22

Income before provision for income taxes

$25

 

$33

 

$37



For all periods presented, the financial results of PAC through the date of disposition, including the gain on sale, are reflected in the Company's Wholesale business segment.

Acquisition of Pillar
On December 15, 2016, the Company completed the acquisition of substantially all of the assets of the operating subsidiaries of Pillar Financial, LLC, a multi-family agency lending and servicing company with an originate-to-distribute focus that holds licenses with Fannie Mae, Freddie Mac, and the FHA. The acquired assets include Pillar's multi-family lending business, which is comprised of multi-family affordable housing, health care properties, senior housing, and manufactured housing specialty teams. Additionally, the transaction includes Cohen Financial's commercial real estate investor services business, which provides loan administration, advisory, and commercial mortgage brokerage services.
During the second quarter of 2017, the final settlement amount associated with working capital adjustments was reached and the purchase consideration of $197 million was finalized.

There were no other material acquisitions or dispositions during the three years ended December 31, 2017.