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Other assets | 12 Months Ended
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Dec. 31, 2023
Other Assets Abstract |
Other assets | Note 14 − Other assets The caption of other assets in the consolidated statements of financial condition consists of the following major categories: (In thousands) December 31, 2023 December 31, 2022 Net deferred tax assets (net of valuation allowance) $ 1,009,068 $ 953,676 Investments under the equity method 236,485 210,001 Prepaid taxes 39,052 39,405 Other prepaid expenses 29,338 33,384 Capitalized software costs 93,404 81,862 Derivative assets 24,419 19,229 Trades receivable from brokers and counterparties 23,102 35,099 Receivables from investments maturities 176,000 125,000 Principal, interest and escrow servicing advances 48,557 41,916 Guaranteed mortgage loan claims receivable 29,648 59,659 Operating ROU assets (Note 33) 116,106 125,573 Finance ROU assets (Note 33) 21,093 18,884 Assets for pension benefit 23,404 - Others 144,888 104,125 Total other assets $ 2,014,564 $ 1,847,813 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 December 31, 2023 Software development costs $ 76,497 $ 22,086 $ 54,411 Software license costs 42,868 18,048 24,820 Cloud computing arrangements 23,623 9,450 14,173 Total Capitalized software costs [1] [2] $ 142,988 $ 49,584 $ 93,404 December 31, 2022 Software development costs $ 63,609 $ 16,803 $ 46,806 Software license costs 37,165 14,164 23,001 Cloud computing arrangements 20,745 8,690 12,055 Total Capitalized software costs [1] [2] $ 121,519 $ 39,657 $ 81,862 [1] Software intangible assets are presented as part of Other Assets in the Consolidated Statements of Financial Condition. [2] The tables above excludes assets that have been fully amortized. Total amortization expense for all capitalized software and hosting arrangement cost, reflected as part of technology and software expenses in the consolidated statement of operations, is as follows: Year ended December 31, (In thousands) 2023 2022 2021 Software development and license costs $ 66,233 $ 55,011 $ 45,577 Cloud computing arrangements 3,324 3,805 3,867 Total amortization expense $ 69,557 $ 58,816 $ 49,444

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- Definition The entire disclosure for other assets. This disclosure includes other current assets and other noncurrent assets. + References No definition available. + Details
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