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Other assets | 9 Months Ended
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Sep. 30, 2022
Other Assets Abstract |
Other assets | Note 13 − Other assets The caption of other assets in the consolidated statements of financial condition consists of the following major categories:
(In thousands) | September 30, 2022 | December 31, 2021
Net deferred tax assets (net of valuation allowance) | $ | 907,419 | $ | 657,597
Investments under the equity method |  | 203,172 |  | 298,988
Prepaid taxes |  | 46,818 |  | 37,924
Other prepaid expenses |  | 42,682 |  | 34,937
Capitalized software costs |  | 82,246 |  | 44,908
Derivative assets |  | 16,653 |  | 26,093
Trades receivable from brokers and counterparties |  | 13,203 |  | 65,460
Principal, interest and escrow servicing advances |  | 44,144 |  | 53,942
Guaranteed mortgage loan claims receivable |  | 77,618 |  | 98,001
Operating ROU assets (Note 28) |  | 119,471 |  | 141,748
Finance ROU assets (Note 28) |  | 18,705 |  | 13,459
Others |  | 128,247 |  | 155,514
Total other assets | $ | 1,700,378 | $ | 1,628,571
The Corporation regularly incurs in capitalizable costs associated with software development or licensing which are recorded within the Other Assets line item in the accompanying Consolidated Statements of Financial Condition. In addition, the Corporation incurs costs associated with hosting arrangements that are service contracts that are also recorded within Other Assets. The hosting arrangements can include capitalizable implementation costs that are amortized during the term of the hosting arrangement. The following table summarizes the composition of acquired or developed software costs as well as costs related to hosting arrangements:
|  | Gross Carrying |  | Accumulated |  | Net Carrying
(In thousands) |  | Amount |  | Amortization |  | Value
September 30, 2022 |  |  |  |  |  |
| Software development costs [1] | $ | 74,845 | $ | 24,562 | $ | 50,283
| Software license costs |  | 201,314 |  | 180,212 |  | 21,102
| Cloud computing arrangements |  | 22,661 |  | 11,800 |  | 10,861
Total Capitalized software costs | $ | 298,820 | $ | 216,574 | $ | 82,246
December 31, 2021 |  |  |  |  |  |
| Software development costs | $ | 40,033 | $ | 18,972 | $ | 21,061
| Software license costs |  | 168,862 |  | 154,571 |  | 14,291
| Cloud computing arrangements |  | 18,346 |  | 8,790 |  | 9,556
Total Capitalized software costs | $ | 227,241 | $ | 182,333 | $ | 44,908
[1] | Software development costs includes $28.7 million acquired as part of the Evertec Transactions.
Total amortization expense for all capitalized software and hosting arrangement cost, reflected as part of equipment expenses, is as follows:
|  | Quarters ended September 30, | Nine months ended September 30,
(In thousands) | 2022 | 2021 | 2022 | 2021
Software development and license costs | $ | 14,589 | $ | 11,741 | $ | 39,357 | $ | 33,429
Cloud computing arrangements |  | 983 |  | 887 |  | 3,010 |  | 2,818
Total amortization expense | $ | 15,572 | $ | 12,628 | $ | 42,367 | $ | 36,247

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