GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

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(1)	$	11,874		$	9,741		$	44		$	21,659
Foreign exchange translation	$	286		$	443		$	—		$	729
Divestitures(2)	(32		)	(72		)	—			(104		)
Impairment of goodwill(3)	—			—			(28		)	(28		)
Balance at December 31, 2017	$	12,128		$	10,112		$	16		$	22,256
Foreign exchange translation	$	(41	)	$	(153	)	$	—		$	(194	)
Divestitures(4)	—			—			(16		)	(16		)
Balance at December 31, 2018	$	12,087		$	9,959		$	—		$	22,046
Foreign exchange translation	$	15		$	65		$	—		$	80
Balance at December 31, 2019	$	12,102		$	10,024		$	—		$	22,126

(1) December 31, 2016 has been revised to reflect intersegment goodwill allocations that resulted from the 2019 reorganization of the Citi commercial banking business from GCB to ICG. See Note 3 to the Consolidated Financial Statements.

(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.

Components of intangible assets, finite-lived

The components of intangible assets were as follows:

	December 31, 2019						December 31, 2018
In millions of dollars	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Purchased credit card relationships	$	5,676	$	4,059	$	1,617	$	5,733	$	3,936	$	1,797
Credit card contract-related intangibles(1)	5,393		3,069		2,324		5,225		2,791		2,434
Core deposit intangibles	434		433		1		419		415		4
Other customer relationships	424		275		149		470		299		171
Present value of future profits	34		31		3		32		29		3
Indefinite-lived intangible assets	228		—		228		218		—		218
Other	82		77		5		84		75		9
Intangible assets (excluding MSRs)	$	12,271	$	7,944	$	4,327	$	12,181	$	7,545	$	4,636
Mortgage servicing rights (MSRs)(2)	495		—		495		584		—		584
Total intangible assets	$	12,766	$	7,944	$	4,822	$	12,765	$	7,545	$	5,220

(1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount as of December 31, 2019.

(2)

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

Components of intangible assets, indefinite-lived

The components of intangible assets were as follows:

	December 31, 2019						December 31, 2018
In millions of dollars	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Purchased credit card relationships	$	5,676	$	4,059	$	1,617	$	5,733	$	3,936	$	1,797
Credit card contract-related intangibles(1)	5,393		3,069		2,324		5,225		2,791		2,434
Core deposit intangibles	434		433		1		419		415		4
Other customer relationships	424		275		149		470		299		171
Present value of future profits	34		31		3		32		29		3
Indefinite-lived intangible assets	228		—		228		218		—		218
Other	82		77		5		84		75		9
Intangible assets (excluding MSRs)	$	12,271	$	7,944	$	4,327	$	12,181	$	7,545	$	4,636
Mortgage servicing rights (MSRs)(2)	495		—		495		584		—		584
Total intangible assets	$	12,766	$	7,944	$	4,822	$	12,765	$	7,545	$	5,220

(1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount as of December 31, 2019.

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

Changes in intangible assets

The changes in intangible assets were as follows:

	Net carrying amount at											Net carrying amount at
In millions of dollars	December 31, 2018		Acquisitions/ divestitures		Amortization			Impairments		FX translation and other		December 31, 2019
Purchased credit card relationships(1)	$	1,797	$	9	$	(189	)	$	—	$	—	$	1,617
Credit card contract-related intangibles(2)	2,434		73		(336		)	—		153		2,324
Core deposit intangibles	4		—		(4		)	—		1		1
Other customer relationships	171		—		(24		)	—		2		149
Present value of future profits	3		—		—			—		—		3
Indefinite-lived intangible assets	218		4		—			—		6		228
Other	9		6		(11		)	—		1		5
Intangible assets (excluding MSRs)	$	4,636	$	92	$	(564	)	$	—	$	163	$	4,327
Mortgage servicing rights (MSRs)(3)	584											495
Total intangible assets	$	5,220										$	4,822

(1) Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract-related intangibles and include credit card accounts primarily in the Costco, Macy’s and Sears portfolios.

(2) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represent 96% of the aggregate net carrying amount at December 31, 2019 and 2018.

(3)

For additional information on Citi’s MSRs, including the rollforward from 2018 to 2019, see Note 21 to the Consolidated Financial Statements.