Other Assets

6 Months Ended

Jun. 30, 2019

Other Assets

The components of other assets were as follows.



($ in millions)	June 30, 2019			December 31, 2018
Property and equipment at cost	$	1,245		$	1,250
Accumulated depreciation	(640		)	(686		)
Net property and equipment	605			564
Nonmarketable equity investments (a)	1,303			1,410
Investment in qualified affordable housing projects (b)	724			649
Accrued interest, fees, and rent receivables	631			599
Restricted cash held for securitization trusts (c)	608			965
Other accounts receivable	396			203
Equity-method investments (d)	317			262
Goodwill (e)	240			240
Net deferred tax assets	173			317
Restricted cash and cash equivalents (f)	99			124
Fair value of derivative contracts in receivable position (g)	59			41
Cash collateral placed with counterparties	9			26
Other assets	911			753
Total other assets	$	6,075		$	6,153

(a)

Includes investments in FHLB stock of $778 million and $903 million at June 30, 2019, and December 31, 2018, respectively; Federal Reserve Bank (FRB) stock of $448 million at both June 30, 2019, and December 31, 2018; and equity securities without a readily determinable fair value of $77 million and $59 million at June 30, 2019, and December 31, 2018, respectively, measured at cost with adjustments for impairment and observable changes in price. During the three months and six months ended June 30, 2019, we recorded $7 million of upward adjustments related to equity securities without a readily determinable fair value. Through June 30, 2019, we recorded $7 million of cumulative upward adjustments and $3 million of cumulative impairments and downward adjustments related to equity securities without a readily determinable fair value.

(b)

Investment in qualified affordable housing projects are accounted for using the proportional amortization method of accounting and include $322 million and $319 million of unfunded commitments to provide additional capital contributions to investees at June 30, 2019, and December 31, 2018, respectively. Substantially all of the unfunded commitments at June 30, 2019, are expected to be paid out over the next five years.


(c)	Includes restricted cash collected from customer payments on securitized receivables, which are distributed by us to investors as payments on the related secured debt, and cash reserve deposits utilized as a form of credit enhancement for various securitization transactions.


(d)	Primarily relates to investments made in connection with our Community Reinvestment Act (CRA) program.


(e)	Includes goodwill of $27 million within our Insurance operations at both June 30, 2019, and December 31, 2018; $193 million within Corporate and Other at both June 30, 2019, and December 31, 2018; and $20 million within Automotive Finance operations at both June 30, 2019, and December 31, 2018. No changes to the carrying amount of goodwill were recorded during the six months ended June 30, 2019.


(f)	Primarily represents a number of arrangements with third parties where certain restrictions are placed on balances we hold due to collateral agreements associated with operational processes with a third-party bank, or letter of credit arrangements and corresponding collateral requirements.

(g)

For additional information on derivative instruments and hedging activities, refer to Note 17.