AMERICAN EXPRESS CO

NOTE 6

OTHER ASSETS

The following is a summary of Other assetsas of December 31, 2025 and 2024:

TABLE 6.1: OTHER ASSETS

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

GOODWILL

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

TABLE 6.2: GOODWILL ROLLFORWARD

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

(b)Includes the acquisition of an expense management software company.

(c)Primarily includes foreign currency translation.

Accumulated impairment losses were $221 million as of both December 31, 2025 and 2024.

OTHER INTANGIBLE ASSETS

The gross carrying amount for Other intangible assets as of December 31, 2025 and 2024 was $662 million and $642 million, respectively, with accumulated amortization of $572 million and $519 million, respectively.

Amortization expense was $36 million, $46 million and $49 million for the years ended December 31, 2025, 2024 and 2023, respectively. For Other intangible assets on the Consolidated Balance Sheets as of December 31, 2025, amortization expense is expected to be $25 million in 2026, $23 million in 2027, $19 million in 2028, $16 million in 2029, $4 million in 2030 and $3 million thereafter.

TAX CREDIT INVESTMENTS

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, 2025 and 2024, we had $1,782 million and $1,568 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, 2025 and 2024, $1,266 million and $1,168 million of our tax credit investments, respectively, related to investments in unconsolidated VIEs for which we do not have a controlling financial interest. These amounts also represented our maximum exposure to loss for these entities.

As of December 31, 2025, we committed to provide funding related to certain of our tax credit investments, which is expected to be paid between 2026 and 2041, resulting in $755 million in future equity contributions reported in Other liabilities, of which $445 million specifically related to unconsolidated VIEs.

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

TABLE 6.3: TAX CREDIT INVESTMENT EXPENSES, INCOME TAX CREDITS AND OTHER BENEFITS

(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.