(1)Goodwill allocated to the Australia consumer banking business, which was classified as HFS during the third quarter of 2021.

The Company performed its annual goodwill impairment test as of July 1, 2021, 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 125% to 153%, resulting in no impairment. While the inherent risk related to uncertainty is embedded in the key assumptions used in the valuations, the economic and business environment continue to evolve as management progresses on its strategic refresh, including, among others, the exits of consumer businesses in 13 markets in Asia and EMEA. If management’s best estimate of future key economic and market assumptions were to differ from current assumptions, 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 2020 Annual Report on Form 10-K. Refer to Note 3 for a description of Citi’s business segments.

Intangible Assets

The components of intangible assets were as follows:


	September 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	$	5,579	$	4,306	$	1,273	$	5,648	$	4,229	$	1,419
Credit card contract-related intangibles(1)	3,887		1,337		2,550		3,929		1,276		2,653
Core deposit intangibles	39		39		—		45		44		1
Other customer relationships	433		307		126		455		314		141
Present value of future profits	31		29		2		32		30		2
Indefinite-lived intangible assets	183		—		183		190		—		190
Other	76		66		10		72		67		5
Intangible assets (excluding MSRs)	$	10,228	$	6,084	$	4,144	$	10,371	$	5,960	$	4,411
Mortgage servicing rights (MSRs)(2)	409		—		409		336		—		336
Total intangible assets	$	10,637	$	6,084	$	4,553	$	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 September 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 September 30, 2021
Purchased credit card relationships(1)	$	1,419	$	(15)	$	(129)	$	—	$	(2)	$	1,273
Credit card contract-related intangibles(2)	2,653		4		(105)		(1)		(1)		2,550
Core deposit intangibles	1		—		(1)		—		—		—
Other customer relationships	141		12		(17)		—		(10)		126
Present value of future profits	2		—		—		—		—		2
Indefinite-lived intangible assets	190		—		—		—		(7)		183
Other	5		23		(19)		—		1		10
Intangible assets (excluding MSRs)	$	4,411	$	24	$	(271)	$	(1)	$	(19)	$	4,144
Mortgage servicing rights (MSRs)(3)	336										409
Total intangible assets	$	4,747									$	4,553

(1)Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract-related intangibles, and includes 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 September 30, 2021 and December 31, 2020, respectively.

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