GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2023

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, 2022	$	8,986	$	9,741	$	964	$	19,691
Foreign currency translation	42		69		80		191
Balance at March 31, 2023	$	9,028	$	9,810	$	1,044	$	19,882
Foreign currency translation	13		48		55		116
Balance at June 30, 2023	$	9,041	$	9,858	$	1,099	$	19,998

Components of intangible assets, finite-lived

The components of intangible assets were as follows:

	June 30, 2023						December 31, 2022
In millions of dollars	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Purchased credit card relationships(1)	$	5,302	$	4,290	$	1,012	$	5,513	$	4,426	$	1,087
Credit card contract-related intangibles(2)	4,193		1,612		2,581		3,903		1,518		2,385
Other customer relationships	355		271		84		373		283		90
Present value of future profits	37		36		1		32		31		1
Indefinite-lived intangible assets	217		—		217		192		—		192
Other	—		—		—		65		57		8
Intangible assets (excluding MSRs)	$	10,104	$	6,209	$	3,895	$	10,078	$	6,315	$	3,763
Mortgage servicing rights (MSRs)(3)	681		—		681		665		—		665
Total intangible assets	$	10,785	$	6,209	$	4,576	$	10,743	$	6,315	$	4,428

The changes in intangible assets were as follows:

In millions of dollars	Net carrying amount at December 31, 2022		Acquisitions/renewals/ divestitures		Amortization		Impairments		FX translation and other		Net carrying amount at June 30, 2023
Purchased credit card relationships(1)	$	1,087	$	—	$	(75)	$	—	$	—	$	1,012
Credit card contract-related intangibles(2)	2,385		290		(94)		—		—		2,581
Other customer relationships	90		11		(12)		—		(5)		84
Present value of future profits	1		—		—		—		—		1
Indefinite-lived intangible assets	192		—		—		—		25		217
Other	8		—		(8)		—		—		—
Intangible assets (excluding MSRs)	$	3,763	$	301	$	(189)	$	—	$	20	$	3,895
Mortgage servicing rights (MSRs)(3)	665										681
Total intangible assets	$	4,428									$	4,576

(1)Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles.

(2)Reflects contract-related intangibles associated with the extension or renewal of existing credit card program agreements with card partners. For the credit card program agreement extended during 2023, the remaining term is over 10 years.

(3)See Note 20 for additional information on Citi’s MSRs, including the rollforward for the three months ended June 30, 2023.

Components of intangible assets, indefinite-lived

The components of intangible assets were as follows:

	June 30, 2023						December 31, 2022
In millions of dollars	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Purchased credit card relationships(1)	$	5,302	$	4,290	$	1,012	$	5,513	$	4,426	$	1,087
Credit card contract-related intangibles(2)	4,193		1,612		2,581		3,903		1,518		2,385
Other customer relationships	355		271		84		373		283		90
Present value of future profits	37		36		1		32		31		1
Indefinite-lived intangible assets	217		—		217		192		—		192
Other	—		—		—		65		57		8
Intangible assets (excluding MSRs)	$	10,104	$	6,209	$	3,895	$	10,078	$	6,315	$	3,763
Mortgage servicing rights (MSRs)(3)	681		—		681		665		—		665
Total intangible assets	$	10,785	$	6,209	$	4,576	$	10,743	$	6,315	$	4,428

The changes in intangible assets were as follows:

In millions of dollars	Net carrying amount at December 31, 2022		Acquisitions/renewals/ divestitures		Amortization		Impairments		FX translation and other		Net carrying amount at June 30, 2023
Purchased credit card relationships(1)	$	1,087	$	—	$	(75)	$	—	$	—	$	1,012
Credit card contract-related intangibles(2)	2,385		290		(94)		—		—		2,581
Other customer relationships	90		11		(12)		—		(5)		84
Present value of future profits	1		—		—		—		—		1
Indefinite-lived intangible assets	192		—		—		—		25		217
Other	8		—		(8)		—		—		—
Intangible assets (excluding MSRs)	$	3,763	$	301	$	(189)	$	—	$	20	$	3,895
Mortgage servicing rights (MSRs)(3)	665										681
Total intangible assets	$	4,428									$	4,576

(1)Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles.

(2)Reflects contract-related intangibles associated with the extension or renewal of existing credit card program agreements with card partners. For the credit card program agreement extended during 2023, the remaining term is over 10 years.

(3)See Note 20 for additional information on Citi’s MSRs, including the rollforward for the three months ended June 30, 2023.

Changes in intangible assets

The components of intangible assets were as follows:

	June 30, 2023						December 31, 2022
In millions of dollars	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Purchased credit card relationships(1)	$	5,302	$	4,290	$	1,012	$	5,513	$	4,426	$	1,087
Credit card contract-related intangibles(2)	4,193		1,612		2,581		3,903		1,518		2,385
Other customer relationships	355		271		84		373		283		90
Present value of future profits	37		36		1		32		31		1
Indefinite-lived intangible assets	217		—		217		192		—		192
Other	—		—		—		65		57		8
Intangible assets (excluding MSRs)	$	10,104	$	6,209	$	3,895	$	10,078	$	6,315	$	3,763
Mortgage servicing rights (MSRs)(3)	681		—		681		665		—		665
Total intangible assets	$	10,785	$	6,209	$	4,576	$	10,743	$	6,315	$	4,428

The changes in intangible assets were as follows:

In millions of dollars	Net carrying amount at December 31, 2022		Acquisitions/renewals/ divestitures		Amortization		Impairments		FX translation and other		Net carrying amount at June 30, 2023
Purchased credit card relationships(1)	$	1,087	$	—	$	(75)	$	—	$	—	$	1,012
Credit card contract-related intangibles(2)	2,385		290		(94)		—		—		2,581
Other customer relationships	90		11		(12)		—		(5)		84
Present value of future profits	1		—		—		—		—		1
Indefinite-lived intangible assets	192		—		—		—		25		217
Other	8		—		(8)		—		—		—
Intangible assets (excluding MSRs)	$	3,763	$	301	$	(189)	$	—	$	20	$	3,895
Mortgage servicing rights (MSRs)(3)	665										681
Total intangible assets	$	4,428									$	4,576

(1)Reflects intangibles for the value of purchased cardholder relationships, which are discrete from contract-related intangibles.

(2)Reflects contract-related intangibles associated with the extension or renewal of existing credit card program agreements with card partners. For the credit card program agreement extended during 2023, the remaining term is over 10 years.

(3)See Note 20 for additional information on Citi’s MSRs, including the rollforward for the three months ended June 30, 2023.