The Company performed its annual goodwill impairment test using data as of July 1, 2021, at the level below each operating segment (referred to as a reporting unit). The fair values of the Company’s reporting units as a 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 environments continue to evolve as management implements its strategic refresh, which includes, among others, the exits of consumer businesses in 13 markets in Asia and EMEA, as well as the exit of the Mexico consumer, small business and middle-market banking operations, and Citi’s implementation of its new operating segment and reporting unit structure in the first quarter of 2022. If management’s future estimate of key economic and market assumptions were to differ from its current assumptions, Citi could potentially experience material goodwill impairment charges in the future. Citi expects that the implementation of its new operating segments and reporting units in the first quarter of 2022, as well as the timing and sequencing of the sales of its Asia consumer banking businesses, may result in goodwill impairment.

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, and Note 3 for a description of Citi’s operating segments.

Intangible Assets

The components of intangible assets were as follows:


	December 31, 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	$	4,348	$	1,231	$	5,648	$	4,229	$	1,419
Credit card contract-related intangibles(1)	3,912		1,372		2,540		3,929		1,276		2,653
Core deposit intangibles	39		39		—		45		44		1
Other customer relationships	429		305		124		455		314		141
Present value of future profits	31		29		2		32		30		2
Indefinite-lived intangible assets	183		—		183		190		—		190
Other	37		26		11		72		67		5
Intangible assets (excluding MSRs)	$	10,210	$	6,119	$	4,091	$	10,371	$	5,960	$	4,411
Mortgage servicing rights (MSRs)(2)	404		—		404		336		—		336
Total intangible assets	$	10,614	$	6,119	$	4,495	$	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% of the aggregate net carrying amount as of December 31, 2021.

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

Intangible assets amortization expense was $360 million, $419 million and $564 million for 2021, 2020 and 2019, respectively. Intangible assets amortization expense is estimated to be $345 million in 2022, $347 million in 2023, $367 million in 2024, $371 million in 2025 and $342 million in 2026.

The changes in intangible assets were as follows:


	Net carrying amount at		Acquisitions/								Net carrying amount at
In millions of dollars	December 31, 2020		renewals/ divestitures		Amortization		Impairments		FX translation and other		December 31, 2021
Purchased credit card relationships(1)	$	1,419	$	(15)	$	(171)	$	—	$	(2)	$	1,231
Credit card contract-related intangibles(2)	2,653		29		(140)		(1)		(1)		2,540
Core deposit intangibles	1		—		(1)		—		—		—
Other customer relationships	141		20		(24)		—		(13)		124
Present value of future profits	2		—		—		—		—		2
Indefinite-lived intangible assets	190		—		—		—		(7)		183
Other	5		29		(24)		—		1		11
Intangible assets (excluding MSRs)	$	4,411	$	63	$	(360)	$	(1)	$	(22)	$	4,091
Mortgage servicing rights (MSRs)(3)	336										404
Total intangible assets	$	4,747									$	4,495

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

(3)For additional information on Citi’s MSRs, including the rollforward from 2020 to 2021, see Note 21 to the Consolidated Financial Statements.