GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The changes in Goodwill were as follows:

In millions of dollars	Global Consumer Banking		Institutional Clients Group		Total
Balance at December 31, 2019	$	12,102	$	10,024	$	22,126
Foreign currency translation	(265)		(597)		(862)
Balance at March 31, 2020	$	11,837	$	9,427	$	21,264
Foreign currency translation	39		96		135
Balance at June 30, 2020	$	11,876	$	9,523	$	21,399
Foreign currency translation	74		151		225
Balance at September 30, 2020	$	11,950	$	9,674	$	21,624

Components of intangible assets, finite-lived

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.

Components of intangible assets, indefinite-lived

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.

Changes in 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.