GOODWILL AND INTANGIBLE ASSETS

Goodwill

The changes in Goodwill were as follows:



In millions of dollars
Balance at December 31, 2015	$	22,349
Foreign exchange translation and other	$	(613	)
Divestitures⁽¹⁾	(77		)
Balance at December 31, 2016	$	21,659
Foreign exchange translation and other	$	729
Divestitures⁽²⁾	(104		)
Impairment of goodwill ⁽³⁾	(28		)
Balance at December 31, 2017	$	22,256
Foreign exchange translation and other	$	(194	)
Divestitures⁽⁴⁾	(16		)
Balance at December 31, 2018	$	22,046

The changes in Goodwill by segment were as follows:



In millions of dollars	Global Consumer Banking			Institutional Clients Group			Corporate/Other			Total
Balance at December 31, 2016	$	12,530		$	9,085		$	44		$	21,659
Foreign exchange translation and other	$	286		$	443		$	—		$	729
Divestitures⁽²⁾	(32		)	(72		)	—			(104		)
Impairment of goodwill⁽³⁾	—			—			(28		)	(28		)
Balance at December 31, 2017	$	12,784		$	9,456		$	16		$	22,256
Foreign exchange translation and other	$	(41	)	$	(153	)	$	—		$	(194	)
Divestitures⁽⁴⁾	—			—			(16		)	(16		)
Balance at December 31, 2018	$	12,743		$	9,303		$	—		$	22,046


(1)	Primarily related to the sale of the private equity services business completed in 2016 and agreements to sell Argentina and Brazil consumer operations as of December 31, 2016.

(2) Primarily related to the sale of a fixed income analytics business and a fixed income index business completed in 2017 and agreement to sell a Mexico asset management business as of December 31, 2017. See Note 2 to the Consolidated Financial Statements.


(3)	Related to the transfer of the mortgage servicing business from North America GCB to Corporate/Other effective January 1, 2017.


(4)	Primarily related to the sale of consumer operations in Colombia in 2018.

Goodwill impairment testing is performed at the level below each business segment (referred to as a reporting unit). See Note 3 for further information on business segments.

The Company performed its annual goodwill impairment test as of July 1, 2018. The fair values of the Company’s reporting units exceeded their carrying values by approximately 14% to 243% and no reporting unit is at risk of impairment. Further, there were no triggering events identified and no goodwill was impaired during the year.

Intangible Assets

The components of intangible assets were as follows:



	December 31, 2018						December 31, 2017
In millions of dollars	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Purchased credit card relationships	$	5,733	$	3,936	$	1,797	$	5,375	$	3,836	$	1,539
Credit card contract related intangibles⁽¹⁾	5,225		2,791		2,434		5,045		2,456		2,589
Core deposit intangibles	419		415		4		639		628		11
Other customer relationships	470		299		171		459		272		187
Present value of future profits	32		29		3		32		28		4
Indefinite-lived intangible assets	218		—		218		244		—		244
Other	84		75		9		100		86		14
Intangible assets (excluding MSRs)	$	12,181	$	7,545	$	4,636	$	11,894	$	7,306	$	4,588
Mortgage servicing rights (MSRs)⁽²⁾	584		—		584		558		—		558
Total intangible assets	$	12,765	$	7,545	$	5,220	$	12,452	$	7,306	$	5,146


(1)	Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco, Sears and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount as of December 31, 2018.


(2)	For additional information on Citi’s MSRs, see Note 21 to the Consolidated Financial Statements.

Intangible assets amortization expense was $557 million, $603 million and $595 million for 2018, 2017 and 2016, respectively. Intangible assets amortization expense is estimated to be $533 million in 2019, $394 million in 2020, $376 million in 2021, $915 million in 2022 and $214 million in 2023.

The changes in intangible assets were as follows:



	Net carrying amount at										Net carrying amount at
In millions of dollars	December 31, 2017		Acquisitions/ divestitures		Amortization			FX translation and other			December 31, 2018
Purchased credit card relationships⁽¹⁾	$	1,539	$	429	$	(173	)	$	2		$	1,797
Credit card contract-related intangibles⁽²⁾	2,589		185		(339		)	(1		)	2,434
Core deposit intangibles	11		—		(8		)	1			4
Other customer relationships	187		—		(25		)	9			171
Present value of future profits	4		—		—			(1		)	3
Indefinite-lived intangible assets	244		—		—			(26		)	218
Other	14		—		(12		)	7			9
Intangible assets (excluding MSRs)	$	4,588	$	614	$	(557	)	$	(9	)	$	4,636
Mortgage servicing rights (MSRs)⁽³⁾	558										584
Total intangible assets	$	5,146									$	5,220


(1)	Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract intangibles and include credit card accounts primarily in the Costco, Macy’s and Sears portfolios. The increase since December 31, 2017 reflects the purchase of certain rights related to credit card accounts in the Sears portfolio.


(2)	Primarily reflects contract-related intangibles associated with the American Airlines, Costco, The Home Depot, Sears and AT&T credit card program agreements, which represent 97% of the aggregate net carrying amount as of December 31, 2018.


(3)	For additional information on Citi’s MSRs, including the rollforward from 2017 to 2018, see Note 21 to the Consolidated Financial Statements.