GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2021

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, 2020	$	12,142	$	10,020	$	22,162
Foreign currency translation	(68)		(189)		(257)
Balance at March 31, 2021	$	12,074	$	9,831	$	21,905
Foreign currency translation	34		121		155
Balance at June 30, 2021	$	12,108	$	9,952	$	22,060

Components of intangible assets, finite-lived

The components of intangible assets were as follows:

	June 30, 2021						December 31, 2020
In millions of dollars	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Purchased credit card relationships	$	5,615	$	4,283	$	1,332	$	5,648	$	4,229	$	1,419
Credit card contract-related intangibles(1)	3,924		1,323		2,601		3,929		1,276		2,653
Core deposit intangibles	44		44		—		45		44		1
Other customer relationships	434		306		128		455		314		141
Present value of future profits	32		30		2		32		30		2
Indefinite-lived intangible assets	189		—		189		190		—		190
Other	76		60		16		72		67		5
Intangible assets (excluding MSRs)	$	10,314	$	6,046	$	4,268	$	10,371	$	5,960	$	4,411
Mortgage servicing rights (MSRs)(2)	419		—		419		336		—		336
Total intangible assets	$	10,733	$	6,046	$	4,687	$	10,707	$	5,960	$	4,747

(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% and 96% of the aggregate net carrying amount as of June 30, 2021 and December 31, 2020, respectively.

(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, 2020		Acquisitions/renewals/ divestitures		Amortization		Impairments		FX translation and other		Net carrying amount at June 30, 2021
Purchased credit card relationships(1)	$	1,419	$	—	$	(86)	$	—	$	(1)	$	1,332
Credit card contract-related intangibles(2)	2,653		19		(70)		(1)		—		2,601
Core deposit intangibles	1		—		(1)		—		—		—
Other customer relationships	141		7		(12)		—		(8)		128
Present value of future profits	2		—		—		—		—		2
Indefinite-lived intangible assets	190		—		—		—		(1)		189
Other	5		23		(13)		—		1		16
Intangible assets (excluding MSRs)	$	4,411	$	49	$	(182)	$	(1)	$	(9)	$	4,268
Mortgage servicing rights (MSRs)(3)	336										419
Total intangible assets	$	4,747									$	4,687

(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 represented 97% and 96% of the aggregate net carrying amount at June 30, 2021 and December 31, 2020, respectively.

(3)For additional information on Citi’s MSRs, including the rollforward for the three and six months ended June 30, 2021, see Note 18 to the Consolidated Financial Statements.

Components of intangible assets, indefinite-lived

The components of intangible assets were as follows:

	June 30, 2021						December 31, 2020
In millions of dollars	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Purchased credit card relationships	$	5,615	$	4,283	$	1,332	$	5,648	$	4,229	$	1,419
Credit card contract-related intangibles(1)	3,924		1,323		2,601		3,929		1,276		2,653
Core deposit intangibles	44		44		—		45		44		1
Other customer relationships	434		306		128		455		314		141
Present value of future profits	32		30		2		32		30		2
Indefinite-lived intangible assets	189		—		189		190		—		190
Other	76		60		16		72		67		5
Intangible assets (excluding MSRs)	$	10,314	$	6,046	$	4,268	$	10,371	$	5,960	$	4,411
Mortgage servicing rights (MSRs)(2)	419		—		419		336		—		336
Total intangible assets	$	10,733	$	6,046	$	4,687	$	10,707	$	5,960	$	4,747

(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% and 96% of the aggregate net carrying amount as of June 30, 2021 and December 31, 2020, respectively.

(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, 2020		Acquisitions/renewals/ divestitures		Amortization		Impairments		FX translation and other		Net carrying amount at June 30, 2021
Purchased credit card relationships(1)	$	1,419	$	—	$	(86)	$	—	$	(1)	$	1,332
Credit card contract-related intangibles(2)	2,653		19		(70)		(1)		—		2,601
Core deposit intangibles	1		—		(1)		—		—		—
Other customer relationships	141		7		(12)		—		(8)		128
Present value of future profits	2		—		—		—		—		2
Indefinite-lived intangible assets	190		—		—		—		(1)		189
Other	5		23		(13)		—		1		16
Intangible assets (excluding MSRs)	$	4,411	$	49	$	(182)	$	(1)	$	(9)	$	4,268
Mortgage servicing rights (MSRs)(3)	336										419
Total intangible assets	$	4,747									$	4,687

(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 represented 97% and 96% of the aggregate net carrying amount at June 30, 2021 and December 31, 2020, respectively.

(3)For additional information on Citi’s MSRs, including the rollforward for the three and six months ended June 30, 2021, see Note 18 to the Consolidated Financial Statements.

Changes in intangible assets

The components of intangible assets were as follows:

	June 30, 2021						December 31, 2020
In millions of dollars	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Purchased credit card relationships	$	5,615	$	4,283	$	1,332	$	5,648	$	4,229	$	1,419
Credit card contract-related intangibles(1)	3,924		1,323		2,601		3,929		1,276		2,653
Core deposit intangibles	44		44		—		45		44		1
Other customer relationships	434		306		128		455		314		141
Present value of future profits	32		30		2		32		30		2
Indefinite-lived intangible assets	189		—		189		190		—		190
Other	76		60		16		72		67		5
Intangible assets (excluding MSRs)	$	10,314	$	6,046	$	4,268	$	10,371	$	5,960	$	4,411
Mortgage servicing rights (MSRs)(2)	419		—		419		336		—		336
Total intangible assets	$	10,733	$	6,046	$	4,687	$	10,707	$	5,960	$	4,747

(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% and 96% of the aggregate net carrying amount as of June 30, 2021 and December 31, 2020, respectively.

(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, 2020		Acquisitions/renewals/ divestitures		Amortization		Impairments		FX translation and other		Net carrying amount at June 30, 2021
Purchased credit card relationships(1)	$	1,419	$	—	$	(86)	$	—	$	(1)	$	1,332
Credit card contract-related intangibles(2)	2,653		19		(70)		(1)		—		2,601
Core deposit intangibles	1		—		(1)		—		—		—
Other customer relationships	141		7		(12)		—		(8)		128
Present value of future profits	2		—		—		—		—		2
Indefinite-lived intangible assets	190		—		—		—		(1)		189
Other	5		23		(13)		—		1		16
Intangible assets (excluding MSRs)	$	4,411	$	49	$	(182)	$	(1)	$	(9)	$	4,268
Mortgage servicing rights (MSRs)(3)	336										419
Total intangible assets	$	4,747									$	4,687

(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 represented 97% and 96% of the aggregate net carrying amount at June 30, 2021 and December 31, 2020, respectively.

(3)For additional information on Citi’s MSRs, including the rollforward for the three and six months ended June 30, 2021, see Note 18 to the Consolidated Financial Statements.