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) which indicated that the fair values of the Company’s reporting units as a 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 economic environment and Citi’s outlook continues to evolve due to the challenges and uncertainties related to the impact of 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 rates, exit multiples and growth rates used in net income projections. If the future were to differ from management’s estimate of key assumptions (e.g., net interest revenue and loan volume), 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 the following Notes to the Consolidated Financial Statements: Note 1 for Citi’s Accounting Policy for goodwill, including the 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:


	December 31, 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	$	5,648	$	4,229	$	1,419	$	5,676	$	4,059	$	1,617
Credit card contract-related intangibles(1)	3,929		1,276		2,653		5,393		3,069		2,324
Core deposit intangibles	45		44		1		434		433		1
Other customer relationships	455		314		141		424		275		149
Present value of future profits	32		30		2		34		31		3
Indefinite-lived intangible assets	190		—		190		228		—		228
Other	72		67		5		82		77		5
Intangible assets (excluding MSRs)	$	10,371	$	5,960	$	4,411	$	12,271	$	7,944	$	4,327
Mortgage servicing rights (MSRs)(2)	336		—		336		495		—		495
Total intangible assets	$	10,707	$	5,960	$	4,747	$	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 96% of the aggregate net carrying amount as of December 31, 2020.

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

Intangible assets amortization expense was $419 million, $564 million and $557 million for 2020, 2019 and 2018, respectively. Intangible assets amortization expense is estimated to be $364 million in 2021, $350 million in 2022, $351 million in 2023, $365 million in 2024 and $370 million in 2025.

The changes in intangible assets were as follows:


	Net carrying amount at		Acquisitions/								Net carrying amount at
In millions of dollars	December 31, 2019		renewals/ divestitures		Amortization		Impairments		FX translation and other		December 31, 2020
Purchased credit card relationships(1)	$	1,617	$	11	$	(200)	$	(10)	$	1	$	1,419
Credit card contract-related intangibles(2)	2,324		509		(183)		—		3		2,653
Core deposit intangibles	1		—		—		—		—		1
Other customer relationships	149		—		(24)		—		16		141
Present value of future profits	3		—		—		—		(1)		2
Indefinite-lived intangible assets	228		—		—		(28)		(10)		190
Other	5		7		(12)		—		5		5
Intangible assets (excluding MSRs)	$	4,327	$	527	$	(419)	$	(38)	$	14	$	4,411
Mortgage servicing rights (MSRs)(3)	495										336
Total intangible assets	$	4,822									$	4,747

(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, 2020 and 2019. During 2020, Citi renewed its contract with American Airlines.

(3)For additional information on Citi’s MSRs, including the rollforward from 2019 to 2020, see Note 21 to the Consolidated Financial Statements.