TABLE 6.1: OTHER ASSETS


(Millions)	2024		2023
Goodwill	$	4,187	$	3,851
Right-of-use lease assets	804		770
Other intangible assets, at amortized cost	123		98
Other (a)	16,065		14,395
Total	$	21,179	$	19,114

(a)Primarily includes net deferred tax assets, other receivables net of reserves, investments in non-consolidated entities, tax credit investments, prepaid assets and derivative assets.

The changes in the carrying amount of goodwill reported in our reportable operating segments were as follows:

TABLE 6.2: GOODWILL ROLLFORWARD


(Millions)	USCS		CS		ICS		GMNS		Total
Balance as of December 31, 2022	$	379	$	2,122	$	725	$	560	$	3,786
Acquisitions	—		30		—		18		48
Dispositions	—		—		—		—		—
Other (a)	—		(1)		18		—		17
Balance as of December 31, 2023	$	379	$	2,151	$	743	$	578	$	3,851
Acquisitions (b)	394		—		—		—		394
Dispositions	—		—		—		(27)		(27)
Other (a)	(1)		(3)		(27)		—		(31)
Balance as of December 31, 2024	$	772	$	2,148	$	716	$	551	$	4,187

(b)Includes the acquisition of a reservation, table and event management technology provider.

Intangible assets are amortized on a straight-line basis over their estimated useful lives of 1 to 22 years. We review long-lived assets and asset groups, including intangible assets, for impairment whenever events and circumstances indicate their carrying amounts may not be recoverable. An impairment is recognized if the carrying amount is not recoverable and exceeds the asset or asset group’s fair value.

The gross carrying amount for Other intangible assets as of December 31, 2024 and 2023 was $642 million and $717 million, respectively, with accumulated amortization of $519 million and $619 million, respectively.

Amortization expense was $46 million, $49 million and $51 million for the years ended December 31, 2024, 2023 and 2022, respectively. For Other intangible assets on the Consolidated Balance Sheets as of December 31, 2024, amortization expense is expected to be $35 million in 2025, $25 million in 2026, $23 million in 2027, $18 million in 2028, $15 million in 2029 and $7 million thereafter.

We hold tax credit investments that promote affordable housing, community development, and small businesses that foster economic growth in underserved areas and support compliance with the Community Reinvestment Act by our U.S. bank subsidiary, American Express National Bank (AENB). These investments generate a return primarily through the realization of income tax credits and other income tax benefits.

As of December 31, 2024 and 2023, we had $1,568 million and $1,369 million in tax credit investments, respectively, included in Other assets on the Consolidated Balance Sheets, comprised of Low-Income Housing Tax Credit (LIHTC) investments and other qualifying investments. We account for such tax credit investments using the Proportional Amortization Method.

As of December 31, 2024 and 2023, $1,168 million and $1,126 million of our tax credit investments, respectively, related to investments in unconsolidated VIEs for which we do not have a controlling financial interest.

As of December 31, 2024, we committed to provide funding related to certain of our tax credit investments, which is expected to be paid between 2025 and 2040, resulting in $682 million in unfunded commitments reported in Other liabilities, of which $401 million specifically related to unconsolidated VIEs.

In addition, as of December 31, 2024, we had contractual off-balance sheet obligations to provide additional funding up to $4 million for these tax credit investments, fully related to unconsolidated VIEs. We may be required to fund these amounts between 2025 and 2034.

The following table presents tax credit investment expenses and associated income tax credits and other income tax benefits for the years ended December 31:


(Millions)	2024		2023		2022
Proportional amortization recognized in tax provision	$	193	$	185	$	161
Equity method expenses recognized in Other, net expenses	$	—	$	—	$	9
Income tax credits and Other income tax benefits (a) recognized in tax provision	$	221	$	204	$	196

(a)Other income tax benefits are a result of tax deductible expenses generated by our tax credit investments.

Income tax credits and other income tax benefits associated with our tax credit investments are also recognized in the Consolidated Statements of Cash Flows in the Operating activities section primarily under Accounts payable and other liabilities.