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GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
Goodwill
The changes in Goodwill were as follows:

In millions of dollarsServices
Markets(1)
Banking(1)
USPBWealthAll OtherTotal
Balance at December 31, 2020$2,166 $6,238 $1,077 $5,387 $4,635 $2,659 $22,162 
Foreign currency translation(61)(160)(45)(164)(132)179 (383)
Divestitures(2)
— — — — (9)(471)(480)
Balance at December 31, 2021$2,105 $6,078 $1,032 $5,223 $4,494 $2,367 $21,299 
Foreign currency translation62 (293)2 50 (26)5 (200)
Divestitures(2)
— — — — — (873)(873)
Impairment of goodwill(3)
— — — — — (535)(535)
Balance at December 31, 2022$2,167 $5,785 $1,034 $5,273 $4,468 $964 $19,691 
Foreign currency translation47 85 5 125 1 144 407 
Balance at December 31, 2023$2,214 $5,870 $1,039 $5,398 $4,469 $1,108 $20,098 

(1)    In 2023, goodwill of approximately $537 million was transferred from Banking to Markets related to business realignment. Prior-period amounts have been
revised to conform with the current presentation. See Note 3.
(2)    Represents goodwill allocated to the Asia Consumer banking exit markets upon the signing of the respective sales agreements: in 2021, related to the Australia and Philippines consumer banking businesses, which were reclassified as HFS during 2021; in 2022, related to the India, Taiwan, Thailand, Malaysia, Indonesia, Bahrain and Vietnam consumer banking businesses, which were reclassified as HFS during 2022. See Note 2.
(3)    Goodwill impairment of $535 million (approximately $489 million after-tax) was incurred in the Asia Consumer reporting unit of Legacy Franchises in the first quarter of 2022, due to the resegmentation and change of reporting units as well as the sequence of the signing of sale agreements.


Citi performed its annual goodwill impairment test as of October 1, 2023, which resulted in no impairment of any of Citi’s reporting units’ goodwill.
As discussed in Note 3, effective in the fourth quarter of 2023, as part of its organizational simplification, Citi made changes to its management structure, which resulted in changes in its operating segments and reporting units to reflect how the CEO, who is the chief operating decision maker, manages the Company, including allocating resources and measuring performance.
The reorganization of Citi’s segment structure, including the change of management, and the business realignment between Banking and Markets were identified as triggering events for purposes of goodwill impairment testing. Consistent with the requirements of ASC 350, additional interim goodwill impairment tests were performed as of December 13, 2023, which resulted in no impairment during the fourth quarter of 2023. Additionally, goodwill was reallocated from Banking to Markets related to the business realignment based on their relative fair values using the valuation performed as of the effective date of the reorganization. No additional triggering events were identified and no goodwill was impaired during 2023.

While the inherent risk of uncertainty is embedded in the key assumptions used in the reporting unit valuations, the economic and business environments continue to evolve as management implements its organizational simplification. If management’s future estimates of key economic and market assumptions were to differ from its current assumptions, Citi could potentially experience material goodwill impairment charges in the future.
For additional information regarding Citi’s goodwill impairment testing process, see 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, 2023December 31, 2022
In millions of dollarsGross
carrying
amount		Accumulated
amortization		Net
carrying
amount		Gross
carrying
amount		Accumulated
amortization		Net
carrying
amount
Purchased credit card relationships(1)
$5,302 $4,365 $937 $5,513 $4,426 $1,087 
Credit card contract-related intangibles(2)
4,177 1,698 2,479 3,903 1,518 2,385 
Other customer relationships363 290 73 373 283 90 
Present value of future profits37 36 1 32 31 1 
Indefinite-lived intangible assets240 — 240 192 — 192 
Other— — — 65 57 8 
Intangible assets (excluding MSRs)$10,119 $6,389 $3,730 $10,078 $6,315 $3,763 
Mortgage servicing rights (MSRs)(3)
691 — 691 665 — 665 
Total intangible assets$10,810 $6,389 $4,421 $10,743 $6,315 $4,428 

(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 23.

Intangible assets amortization expense was $370 million, $352 million and $360 million for 2023, 2022 and 2021, respectively. Intangible assets amortization expense is estimated to be $383 million in 2024, $391 million in 2025, $359 million in 2026, $333 million in 2027 and $355 million in 2028.
The changes in intangible assets were as follows:


Net carrying
amount at		Acquisitions/renewals/divestituresNet carrying
amount at
In millions of dollarsDecember 31, 2022AmortizationImpairmentsFX translation and otherDecember 31,
2023
Purchased credit card relationships(1)
$1,087 $— $(150)$— $— $937 
Credit card contract-related intangibles(2)
2,385 290 (188)— (8)2,479 
Other customer relationships90 11 (24)— (4)73 
Present value of future profits1 — — — — 1 
Indefinite-lived intangible assets192 20 — — 28 240 
Other8 — (8)— — — 
Intangible assets (excluding MSRs)$3,763 $321 $(370)$— $16 $3,730 
Mortgage servicing rights (MSRs)(3)
665 691 
Total intangible assets$4,428 $4,421 

(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 23.