American Express 2015 Annual Report Download - page 135
Download and view the complete annual report
Please find page 135 of the 2015 American Express annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125 -
126 -
127 -
128 -
129 -
130 -
131 -
132 -
133 -
134 -
135 -
136 -
137 -
138 -
139 -
140 -
141 -
142 -
143 -
144 -
145 -
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
 |
 |
Amortization expense for the years ended December 31, 2015, 2014 and 2013 was $183 million, $174 million and
$193 million, respectively. Intangible assets acquired in 2015 and 2014 are being amortized, on average, over 5 and 7
years, respectively.
Estimated amortization expense for other intangible assets over the next five years is as follows:
(Millions) 2016 2017 2018 2019 2020
Estimated amortization expense ........................................... $174 $156 $146 $106 $76
COMMUNITY REINVESTMENT ACT TAX CREDIT INVESTMENTS
The Company accounts for its investments in Qualified Affordable Housing (QAH) and other tax credit
investments using the equity method of accounting. The Company had $638 million and $622 million in tax credit
investments as of December 31, 2015 and 2014, respectively, included in Other assets on the Consolidated Balance
Sheets, of which $578 million and $522 million, respectively, specifically related to QAH investments.
As of December 31, 2015, the Company has committed to provide funding related to certain of these investments,
resulting in a $139 million unfunded commitment reported in Other liabilities, which is expected to be paid between
2016 and 2029.
In addition, the Company has contractual off-balance sheet obligations, which were not deemed probable of being
drawn, whereby it may provide additional funding up to $200 million for these QAH investments as of December 31,
2015.
During the years ended December 31, 2015 and 2014, the Company recognized equity method losses related to
these QAH investments of $50 million and $48 million, respectively, which were recognized in Other expenses; and
associated tax credits of $53 million and $47 million, respectively, recognized in Income tax provision.
OTHER
In 2014, the Company received $990 million in net cash proceeds for the sale of its equity method investment in
Concur Technologies (Concur) with a carrying amount of $246 million and recognized a gain of $744 million in Other
revenues.
124