The Company performed its annual goodwill impairment test as of July 1, 2020, at the level below each business segment (referred to as a reporting unit). The fair values of the Company’s reporting units as percentage of their carrying values ranged from approximately 115% to 136%, resulting in no impairment. While the inherent risk related to uncertainty is embedded in the key assumptions used in the valuations, the current environment remains rapidly evolving due to the COVID-19 pandemic. Further deterioration in macroeconomic and market conditions, including potential adverse effects to economic forecasts due to the severity and duration of the pandemic, as well as the responses of governments, customers, and clients, could negatively influence the assumptions used in the valuations, in particular, the discount and growth rates used in the net income projections. If the future were to differ from management’s best estimate of key economic assumptions, and associated cash flows were to decrease, Citi could potentially experience material goodwill impairment charges in the future.

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 and Note 3 for a description of Citi’s Business Segments.

Intangible Assets

The components of intangible assets were as follows:


	September 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	$	5,636	$	4,170	$	1,466	$	5,676	$	4,059	$	1,617
Credit card contract-related intangibles(1)	3,921		1,240		2,681		5,393		3,069		2,324
Core deposit intangibles	44		44		—		434		433		1
Other customer relationships	439		300		139		424		275		149
Present value of future profits	29		27		2		34		31		3
Indefinite-lived intangible assets	172		—		172		228		—		228
Other	71		61		10		82		77		5
Intangible assets (excluding MSRs)	$	10,312	$	5,842	$	4,470	$	12,271	$	7,944	$	4,327
Mortgage servicing rights (MSRs)(2)	334		—		334		495		—		495
Total intangible assets	$	10,646	$	5,842	$	4,804	$	12,766	$	7,944	$	4,822

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


In millions of dollars	Net carrying amount at December 31, 2019		Acquisitions/renewals/ divestitures		Amortization		Impairments		FX translation and other		Net carrying amount at September 30, 2020
Purchased credit card relationships(1)	$	1,617	$	11	$	(149)	$	(10)	$	(3)	$	1,466
Credit card contract-related intangibles(2)	2,324		509		(150)		—		(2)		2,681
Core deposit intangibles	1		—		(1)		—		—		—
Other customer relationships	149		—		(18)		—		8		139
Present value of future profits	3		—		—		—		(1)		2
Indefinite-lived intangible assets	228		—		—		(28)		(28)		172
Other	5		7		(6)		—		4		10
Intangible assets (excluding MSRs)	$	4,327	$	527	$	(324)	$	(38)	$	(22)	$	4,470
Mortgage servicing rights (MSRs)(3)	495										334
Total intangible assets	$	4,822									$	4,804

(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, The Home Depot, Costco and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount at September 30, 2020 and December 31, 2019. During the third quarter of 2020, Citi renewed its contract with American Airlines.

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