Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 560

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 560
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 millions)  December 3120242023Land$78 $81 Buildings and improvements804 768 Furniture and equipment476 536 Total cost1,358 1,385 Less: Accumulated depreciation and amortization(885)(940)Net book value$473 $445 The Corporation conducts a portion of its business from leased facilities and leases certain equipment. Refer to Note 25 for more information on leased facilities and equipment. 

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Table of ContentsNOTES TO CONSOLIDATED FINANCIAL STATEMENTSComerica Incorporated and Subsidiaries

Other assets included unamortized capitalized software costs of $137 million and $106 million at December 31, 2024 and 2023, respectively. Noninterest expenses included software amortization expense of $28 million, $26 million and $25 million for the years ending December 31, 2024, 2023 and 2022, respectively.

NOTE 7 - GOODWILL AND INTANGIBLES

The following table summarizes the carrying value of goodwill by reporting unit for the years ended December 31, 2024 and 2023.(in millions)December 3120242023Commercial Bank$473 $473 Retail Bank101 101 Wealth Management61 61 Total$635 $635 The Corporation performs its annual evaluation of goodwill impairment in the third quarter of each year and may elect to perform a quantitative impairment analysis or first conduct a qualitative analysis to determine if a quantitative analysis is necessary. In addition, the Corporation evaluates goodwill impairment on an interim basis if events or changes in circumstances between annual tests indicate additional testing may be warranted to determine if goodwill might be impaired.In 2024 and 2023, the annual test of goodwill impairment was performed as of the beginning of the third quarter. In the 2024 period, a qualitative assessment resulted in the Corporation determining goodwill was not impaired, as it was more likely than not that the fair value of each reporting unit exceeded its carrying value. In the 2023 period, a quantitative assessment resulted in the Corporation determining that goodwill was not impaired, as the estimated fair value of the reporting units were each greater than their respective carrying values.

NOTE 8 - DERIVATIVE AND CREDIT-RELATED FINANCIAL INSTRUMENTS

In the normal course of business, the Corporation enters into various transactions involving derivative and credit-related financial instruments to manage exposure to fluctuations in interest rate, foreign currency and other market risks and