GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The changes in Goodwill were as follows:

In millions of dollars	Institutional Clients Group		Personal Banking and Wealth Management		Legacy Franchises		Total
Balance at December 31, 2021	$	9,215	$	9,717	$	2,367	$	21,299
Impairment(1)	—		—		(535)		(535)
Divestitures(2)	—		—		(873)		(873)
Foreign currency translation	(44)		18		—		(26)
Balance at March 31, 2022	$	9,171	$	9,735	$	959	$	19,865

(1)Goodwill impairment of $535 million (approximately $489 million after-tax) was incurred in the Asia Consumer reporting unit of Legacy Franchises due to the re-segmentation and timing of divestitures recorded in the first quarter.

(2)Primarily relates to Citi’s agreement to sell its consumer banking businesses in Malaysia, Thailand, Indonesia, Vietnam, Taiwan, India and Bahrain within Asia Consumer, during the first quarter of 2022 and reclassified as HFS as of March 31, 2022. See Note 2.

Components of intangible assets, finite-lived

The components of intangible assets were as follows:

	March 31, 2022						December 31, 2021
In millions of dollars	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Purchased credit card relationships	$	5,523	$	4,328	$	1,195	$	5,579	$	4,348	$	1,231
Credit card contract-related intangibles(1)	3,904		1,402		2,502		3,912		1,372		2,540
Core deposit intangibles	38		38		—		39		39		—
Other customer relationships	412		297		115		429		305		124
Present value of future profits	32		30		2		31		29		2
Indefinite-lived intangible assets	188		—		188		183		—		183
Other	—		—		—		37		26		11
Intangible assets (excluding MSRs)	$	10,097	$	6,095	$	4,002	$	10,210	$	6,119	$	4,091
Mortgage servicing rights (MSRs)(2)	520		—		520		404		—		404
Total intangible assets	$	10,617	$	6,095	$	4,522	$	10,614	$	6,119	$	4,495

(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 both March 31, 2022 and December 31, 2021.

(2)See Note 18 for additional information on Citi’s MSRs.

The changes in intangible assets were as follows:

In millions of dollars	Net carrying amount at December 31, 2021		Acquisitions/renewals/ divestitures		Amortization		Impairments		FX translation and other		Net carrying amount at March 31, 2022
Purchased credit card relationships(1)	$	1,231	$	—	$	(36)	$	—	$	—	$	1,195
Credit card contract-related intangibles(2)	2,540		—		(38)		—		—		2,502
Core deposit intangibles	—		—		—		—		—		—
Other customer relationships	124		2		(7)		—		(4)		115
Present value of future profits	2		—		—		—		—		2
Indefinite-lived intangible assets	183		—		—		—		5		188
Other	11		3		(13)		—		(1)		—
Intangible assets (excluding MSRs)	$	4,091	$	5	$	(94)	$	—	$	—	$	4,002
Mortgage servicing rights (MSRs)(3)	404										520
Total intangible assets	$	4,495									$	4,522

(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% of the aggregate net carrying amount at both March 31, 2022 and December 31, 2021.

(3)See Note 18 for additional information on Citi’s MSRs, including the rollforward for the three months ended March 31, 2022.

Components of intangible assets, indefinite-lived

The components of intangible assets were as follows:

	March 31, 2022						December 31, 2021
In millions of dollars	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Purchased credit card relationships	$	5,523	$	4,328	$	1,195	$	5,579	$	4,348	$	1,231
Credit card contract-related intangibles(1)	3,904		1,402		2,502		3,912		1,372		2,540
Core deposit intangibles	38		38		—		39		39		—
Other customer relationships	412		297		115		429		305		124
Present value of future profits	32		30		2		31		29		2
Indefinite-lived intangible assets	188		—		188		183		—		183
Other	—		—		—		37		26		11
Intangible assets (excluding MSRs)	$	10,097	$	6,095	$	4,002	$	10,210	$	6,119	$	4,091
Mortgage servicing rights (MSRs)(2)	520		—		520		404		—		404
Total intangible assets	$	10,617	$	6,095	$	4,522	$	10,614	$	6,119	$	4,495

(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 both March 31, 2022 and December 31, 2021.

(2)See Note 18 for additional information on Citi’s MSRs.

The changes in intangible assets were as follows:

In millions of dollars	Net carrying amount at December 31, 2021		Acquisitions/renewals/ divestitures		Amortization		Impairments		FX translation and other		Net carrying amount at March 31, 2022
Purchased credit card relationships(1)	$	1,231	$	—	$	(36)	$	—	$	—	$	1,195
Credit card contract-related intangibles(2)	2,540		—		(38)		—		—		2,502
Core deposit intangibles	—		—		—		—		—		—
Other customer relationships	124		2		(7)		—		(4)		115
Present value of future profits	2		—		—		—		—		2
Indefinite-lived intangible assets	183		—		—		—		5		188
Other	11		3		(13)		—		(1)		—
Intangible assets (excluding MSRs)	$	4,091	$	5	$	(94)	$	—	$	—	$	4,002
Mortgage servicing rights (MSRs)(3)	404										520
Total intangible assets	$	4,495									$	4,522

(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% of the aggregate net carrying amount at both March 31, 2022 and December 31, 2021.

(3)See Note 18 for additional information on Citi’s MSRs, including the rollforward for the three months ended March 31, 2022.

Changes in intangible assets

The components of intangible assets were as follows:

	March 31, 2022						December 31, 2021
In millions of dollars	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Purchased credit card relationships	$	5,523	$	4,328	$	1,195	$	5,579	$	4,348	$	1,231
Credit card contract-related intangibles(1)	3,904		1,402		2,502		3,912		1,372		2,540
Core deposit intangibles	38		38		—		39		39		—
Other customer relationships	412		297		115		429		305		124
Present value of future profits	32		30		2		31		29		2
Indefinite-lived intangible assets	188		—		188		183		—		183
Other	—		—		—		37		26		11
Intangible assets (excluding MSRs)	$	10,097	$	6,095	$	4,002	$	10,210	$	6,119	$	4,091
Mortgage servicing rights (MSRs)(2)	520		—		520		404		—		404
Total intangible assets	$	10,617	$	6,095	$	4,522	$	10,614	$	6,119	$	4,495

(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 both March 31, 2022 and December 31, 2021.

(2)See Note 18 for additional information on Citi’s MSRs.

The changes in intangible assets were as follows:

In millions of dollars	Net carrying amount at December 31, 2021		Acquisitions/renewals/ divestitures		Amortization		Impairments		FX translation and other		Net carrying amount at March 31, 2022
Purchased credit card relationships(1)	$	1,231	$	—	$	(36)	$	—	$	—	$	1,195
Credit card contract-related intangibles(2)	2,540		—		(38)		—		—		2,502
Core deposit intangibles	—		—		—		—		—		—
Other customer relationships	124		2		(7)		—		(4)		115
Present value of future profits	2		—		—		—		—		2
Indefinite-lived intangible assets	183		—		—		—		5		188
Other	11		3		(13)		—		(1)		—
Intangible assets (excluding MSRs)	$	4,091	$	5	$	(94)	$	—	$	—	$	4,002
Mortgage servicing rights (MSRs)(3)	404										520
Total intangible assets	$	4,495									$	4,522

(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% of the aggregate net carrying amount at both March 31, 2022 and December 31, 2021.

(3)See Note 18 for additional information on Citi’s MSRs, including the rollforward for the three months ended March 31, 2022.