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.

During the three and six months ended June 30, 2020, Citi qualitatively assessed the current environment, including the estimated impact of the COVID-19 pandemic on macroeconomic variables and economic forecasts and how those might impact the fair value of reporting units. After consideration of the items above, the first and second quarter 2020 results, the results of the 2019 impairment test and latest available management forecasts, Citi determined it was not more-likely-than-not that the fair value of any reporting unit was below its book value as of June 30, 2020. For additional information regarding Citi’s goodwill impairment testing process, see Notes 1 and 16 to the Consolidated Financial Statements in Citi’s 2019 Annual Report on Form 10-K.

See Note 1 for Citi’s adoption of a new accounting standard regarding the subsequent measurement of goodwill.

Intangible Assets

The components of intangible assets were as follows:


	June 30, 2020										December 31, 2019
In millions of dollars	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Purchased credit card relationships	$	5,642	$	4,115	$	1,527	$	5,676	$	4,059	$	1,617
Credit card contract-related intangibles⁽¹⁾	3,427		1,192		2,235		5,393		3,069		2,324
Core deposit intangibles	42		42		—		434		433		1
Other customer relationships	428		289		139		424		275		149
Present value of future profits	27		25		2		34		31		3
Indefinite-lived intangible assets	194		—		194		228		—		228
Other	67		58		9		82		77		5
Intangible assets (excluding MSRs)	$	9,827	$	5,721	$	4,106	$	12,271	$	7,944	$	4,327
Mortgage servicing rights (MSRs)⁽²⁾	345		—		345		495		—		495
Total intangible assets	$	10,172	$	5,721	$	4,451	$	12,766	$	7,944	$	4,822

(1)Primarily reflects contract-related intangibles associated with the American Airlines, Costco, The Home Depot, and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount as of June 30, 2020 and December 31, 2019.

(2)For additional information on Citi’s MSRs, see Note 18 to the Consolidated Financial Statements.

The changes in intangible assets were as follows:


	Net carrying amount at										Net carrying amount at
In millions of dollars	December 31, 2019		Acquisitions/ divestitures		Amortization		Impairments		FX translation and other		June 30, 2020
Purchased credit card relationships⁽¹⁾	$	1,617	$	11	$	(99)	$	—	$	(2)	$	1,527
Credit card contract-related intangibles⁽²⁾	2,324		14		(101)		—		(2)		2,235
Core deposit intangibles	1		—		(1)		—		—		—
Other customer relationships	149		—		(12)		—		2		139
Present value of future profits	3		—		—		—		(1)		2
Indefinite-lived intangible assets	228		—		—		—		(34)		194
Other	5		7		(3)		—		—		9
Intangible assets (excluding MSRs)	$	4,327	$	32	$	(216)	$	—	$	(37)	$	4,106
Mortgage servicing rights (MSRs)⁽³⁾	495										345
Total intangible assets	$	4,822									$	4,451

(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 and Macy’s portfolios.

(2)Primarily reflects contract-related intangibles associated with the American Airlines, Costco, The Home Depot, and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount at June 30, 2020 and December 31, 2019.

(3)For additional information on Citi’s MSRs, including the rollforward for the three and six months ended June 30, 2020, see Note 18 to the Consolidated Financial Statements.