CBRE GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 84 Our annual assessment of goodwill and other intangible assets deemed to have indefinite lives has historically been completed as of the beginning of the fourth quarter of each year.
We performed the 2017, 2016 and 2015 assessments as of October 1.
When we performed our required annual goodwill impairment review as of October 1, 2017, 2016 and 2015, we determined that no impairment existed as the estimated fair value of our reporting units was in excess of their carrying value.
Other intangible assets totaled $1.4 billion, net of accumulated amortization of $1.0 billion as of December 31, 2017, and $1.4 billion, net of accumulated amortization of $771.7 million, as of December 31, 2017 and 2016, respectively, and are comprised of the following (dollars in thousands):
## Table 0 ##
Unamortizable intangible assets include management contracts identified as a result of the REIM Acquisitions relating to relationships with open-end funds, a trademark separately identified as a result of the 2001 Acquisition and a trade name separately identified in connection with the REIM Acquisitions, which represents the Clarion Partners trade name in the U. S.  These intangible assets have indefinite useful lives and accordingly are not being amortized.
Customer relationships relate to existing relationships mainly in the brokerage, occupier outsourcing and property management lines of business that were primarily identified in the Trammell Crow Company Acquisition, the Norland Acquisition and the GWS Acquisition.
These intangible assets are being amortized over useful lives of up to 20 years.
Mortgage servicing rights represent the carrying value of servicing assets in our mortgage brokerage line of business in the U. S.  The mortgage servicing rights are being amortized over the estimated period that net servicing income is expected to be received, which is typically up to ten years.
In connection with the GWS Acquisition, trademarks of approximately $280 million were separately identified and are being amortized over 20 years.
Management contracts consist primarily of asset management contracts relating to relationships with closedend funds and separate accounts in the U. S. , Europe and Asia that were separately identified as a result of the REIM Acquisitions.
These management contracts are being amortized over useful lives of up to 13 years.
MORGAN STANLEY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Senior debt securities often are denominated in various non-U.
S.  dollar currencies and may be structured to provide a return that is equity-linked, credit-linked, commodity-linked or linked to some other index (e. g. , the consumer price index).
Senior debt also may be structured to be callable by the Company or extendible at the option of holders of the senior debt securities.
Debt containing provisions that effectively allow the holders to put or extend the notes aggregated $2,902 million at December 31, 2015 and $2,175 million at December 31, 2014.
In addition, in certain circumstances, certain purchasers may be entitled to cause the repurchase of the notes.
The aggregated value of notes subject to these arrangements was $650 million at December 31, 2015 and $551 million at December 31, 2014.
Subordinated debt and junior subordinated debentures generally are issued to meet the capital requirements of the Company or its regulated subsidiaries and primarily are U. S.  dollar denominated.
During 2015, Morgan Stanley Capital Trusts VI and VII redeemed all of their issued and outstanding 6.60% Capital Securities, respectively, and the Company concurrently redeemed the related underlying junior subordinated debentures.
Senior Debt—Structured Borrowings.
The Company’s index-linked, equity-linked or credit-linked borrowings include various structured instruments whose payments and redemption values are linked to the performance of a specific index (e. g. , Standard & Poor’s 500), a basket of stocks, a specific equity security, a credit exposure or basket of credit exposures.
To minimize the exposure resulting from movements in the underlying index, equity, credit or other position, the Company has entered into various swap contracts and purchased options that effectively convert the borrowing costs into floating rates based upon LIBOR.
The Company generally carries the entire structured borrowings at fair value.
The swaps and purchased options used to economically hedge the embedded features are derivatives and also are carried at fair value.
Changes in fair value related to the notes and economic hedges are reported in Trading revenues.
See Note 3 for further information on structured borrowings.
Subordinated Debt and Junior Subordinated Debentures.
Included in the long-term borrowings are subordinated notes of $10,404 million having a contractual weighted average coupon of 4.45% at December 31, 2015 and $8,339 million having a contractual weighted average coupon of 4.57% at December 31, 2014.
Junior subordinated debentures outstanding by the Company were $2,870 million at December 31, 2015 having a contractual weighted average coupon of 6.22% at December 31, 2015 and $4,868 million at December 31, 2014 having a contractual weighted average coupon of 6.37% at December 31, 2014.
Maturities of the subordinated and junior subordinated notes range from 2022 to 2067, while maturities of certain junior subordinated debentures can be extended to 2052 at the Company’s option.
Asset and Liability Management.
In general, securities inventories that are not financed by secured funding sources and the majority of the Company’s assets are financed with a combination of deposits, short-term funding, floating rate long-term debt or fixed rate long-term debt swapped to a floating rate.
Fixed assets are generally financed with fixed rate long-term debt.
The Company uses interest rate swaps to more closely match these borrowings to the duration, holding period and interest rate characteristics of the assets being funded and to manage interest rate risk.
These swaps effectively convert certain of the Company’s fixed rate borrowings into floating rate obligations.
In addition, for non-U.
S.  dollar currency borrowings that are not used to fund assets in the same currency, the Company has entered into currency swaps that effectively convert the borrowings into U. S.  dollar obligations.
The Company’s use of swaps for asset and liability management affected its effective average borrowing rate.
## Table 1 ##
Management’s Discussion and Analysis continued Net Investment Income (Expense).
Net investment income was $184 million for fiscal 2004, compared to net investment expense of $8 million for fiscal 2003.
The change was primarily comprised as follows (in millions):
## Table 2 ##
*As adjusted for discontinued operations.
The increase in interest income on cash and marketable securities held by corporate and other segments was a result of higher average cash and marketable securities balances, partially offset by the impact of lower interest rates earned on these balances, and $6 million in interest income recorded as a result of a refund from the United States Internal Revenue Service.
The decrease in QSI interest income was primarily the result of the prepayment on the Pegaso debt facility in the first quarter of fiscal 2004.
The other-than-temporary losses on marketable securities during fiscal 2003 primarily related to an $81 million impairment of our investment in a wireless operator in South Korea and a $16 million impairment of our investment in a provider of semiconductor packaging, test and distribution services.
The other-than-temporary losses on other investments during fiscal 2003 related to the impairment of our investments in two development stage CDMA wireless operators.
Equity in losses of investees decreased primarily due to a decrease in losses incurred by Inquam, of which our share was $59 million for fiscal 2004 as compared to $99 million for fiscal 2003.
Income Tax Expense.
Income tax expense from continuing operations was $588 million for fiscal 2004, compared to $536 million for fiscal 2003.
The annual effective tax rate for continuing operations was approximately 25% for fiscal 2004, compared to 34% for fiscal 2003.
The annual effective tax rate for continuing operations for fiscal 2004 was lower than the 2003 effective tax rate for continuing operations primarily due to an increase in foreign earnings taxed at less than the United States federal tax rate, an increase in tax benefits recorded arising from the forecast of our ability to use capital loss carryforwards and the reduction of QTL earnings, which are taxed at a rate that is lower than our effective tax rate, as a percentage of total earnings due to the change in the timing of recognizing QTL royalties.
Foreign earnings taxed at less than the United States federal rate are higher in fiscal 2004 primarily due to the adjustment of an intercompany royalty agreement and an increase in foreign earnings.
The annual effective tax rate for continuing operations for fiscal 2004 is 10% lower than the United States federal statutory rate due primarily to a benefit of approximately 14% related to foreign earnings taxed at less than the United States federal rate, research and development tax credits and the forecast of our increased ability to use capital loss carryforwards, partially offset by state taxes of 4%.
As of September 30, 2004, we had a valuation allowance of $139 million on previously incurred capital losses due to uncertainty as to our ability to generate sufficient capital gains to utilize all capital losses.
We will continue to assess the realizability of capital losses.
The amount of the valuation allowance on capital losses may be adjusted in the future as our ability to utilize capital losses changes.
A change in the valuation allowance may impact the provision for income taxes in the period the change occurs.
We are currently considering actions that may result in our ability to utilize some of the capital loss currently reserved, which may result in a reduction of our valuation allowance and income tax expense in subsequent periods.
Fiscal 2003 Compared to Fiscal 2002 Revenues.
Total revenues for fiscal 2003 were $3,847 million, compared to $2,915 million for fiscal 2002.
Revenues from Samsung, LG Electronics, Motorola and Kyocera, customers of our QCT, QTL and other nonreportable segments, comprised an aggregate of 17%, 13%, 13% and 9% of total consolidated revenues, respectively, in fiscal 2003, compared to 16%, 12%, 8% and 14% of total consolidated revenues, respectively, in fiscal 2002.
The percentages for Kyocera included 1% and 4% in fiscal 2003 and 2002, respectively, related to services provided to Kyocera by employees from our terrestrial-based CDMA wireless consumer phone business which was sold to Kyocera in February 2000.
Revenues from sales of equipment and services for fiscal 2003 were $2,862 million, compared to $2,080 million for fiscal 2002.
Revenues from sales of integrated circuits increased by $828 million, primarily due to an increase in unit shipments of MSM and accompanying RF integrated circuits.
Revenues from licensing and royalty fees for fiscal 2003 were $985 million, compared to $835 million for fiscal 2002.
The increase resulted from higher QTL segment royalties, resulting from an increase in phone sales by our licensees.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="4">December 31,</td></tr><tr><td></td><td colspan="2">2017</td><td colspan="2">2016</td></tr><tr><td></td><td>Gross</td><td></td><td>Gross</td><td></td></tr><tr><td></td><td>Carrying</td><td>Accumulated</td><td>Carrying</td><td>Accumulated</td></tr><tr><td></td><td>Amount</td><td>Amortization</td><td>Amount</td><td>Amortization</td></tr><tr><td>Unamortizable intangible assets</td><td></td><td></td><td></td><td></td></tr><tr><td>Management contracts</td><td>$90,503</td><td></td><td>$101,355</td><td></td></tr><tr><td>Trademarks</td><td>56,800</td><td></td><td>56,800</td><td></td></tr><tr><td>Trade names</td><td>16,250</td><td></td><td>18,100</td><td></td></tr><tr><td></td><td>$163,553</td><td></td><td>$176,255</td><td></td></tr><tr><td>Amortizable intangible assets</td><td></td><td></td><td></td><td></td></tr><tr><td>Customer relationships</td><td>$802,597</td><td>$-355,642</td><td>$761,290</td><td>$-270,447</td></tr><tr><td>Mortgage servicing rights</td><td>608,757</td><td>-235,626</td><td>501,087</td><td>-180,563</td></tr><tr><td>Trademarks/Trade name</td><td>321,406</td><td>-64,866</td><td>306,559</td><td>-46,837</td></tr><tr><td>Management contracts</td><td>203,291</td><td>-122,450</td><td>177,014</td><td>-99,733</td></tr><tr><td>Covenant not to compete</td><td>73,750</td><td>-57,358</td><td>73,750</td><td>-32,777</td></tr><tr><td>Other</td><td>226,496</td><td>-164,796</td><td>186,757</td><td>-141,316</td></tr><tr><td></td><td>$2,236,297</td><td>$-1,000,738</td><td>$2,006,457</td><td>$-771,673</td></tr><tr><td>Total intangible assets</td><td>$2,399,850</td><td>$-1,000,738</td><td>$2,182,712</td><td>$-771,673</td></tr></table>
<table><tr><td></td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>Weighted average coupon of long-term borrowings at period-end-1</td><td>4.0%</td><td>4.2%</td><td>4.4%</td></tr><tr><td>Effective average borrowing rate for long-term borrowings after swaps at period-end-1</td><td>2.1%</td><td>2.3%</td><td>2.2%</td></tr></table>
<table><tr><td></td><td colspan="2"> Years Ended September 30,</td><td> </td></tr><tr><td></td><td> 2004</td><td> 2003*</td><td> Change</td></tr><tr><td>Interest income:</td><td></td><td></td><td></td></tr><tr><td>QSI</td><td>$14</td><td>$45</td><td>$-31</td></tr><tr><td>Corporate and other segments</td><td>161</td><td>113</td><td>48</td></tr><tr><td>Interest expense</td><td>-2</td><td>-2</td><td>—</td></tr><tr><td>Net realized gains on investments:</td><td></td><td></td><td></td></tr><tr><td>QSI</td><td>56</td><td>63</td><td>-7</td></tr><tr><td>Corporate</td><td>32</td><td>17</td><td>15</td></tr><tr><td>Other-than-temporary losses on marketable securities</td><td>-12</td><td>-100</td><td>88</td></tr><tr><td>Other-than-temporary losses on other investments</td><td>—</td><td>-28</td><td>28</td></tr><tr><td>Gains (losses) on derivative instruments</td><td>7</td><td>-3</td><td>10</td></tr><tr><td>Equity in losses of investees</td><td>-72</td><td>-113</td><td>41</td></tr><tr><td></td><td>$184</td><td>$-8</td><td>$192</td></tr></table>

Question: Does the value of Management contracts in 2017 greater than that in 2016 ? (in thousand)
Answer: 90503.0