Citibank 2009 Annual Report Download - page 198
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188
Intangible Assets
The components of intangible assets were as follows:
December 31, 2009 December 31, 2008
In millions of dollars
Gross
carrying
amount
Accumulated
amortization
Net
carrying
amount
Gross
carrying
amount
Accumulated
amortization
Net
carrying
amount
Purchased credit card relationships $ 8,148 $4,838 $ 3,310 $ 8,443 $4,513 $3,930
Core deposit intangibles 1,373 791 582 1,345 662 683
Other customer relationships 675 176 499 4,031 168 3,863
Present value of future profits 418 280 138 415 264 151
Indefinite-lived intangible assets 569 — 569 1,474 — 1,474
Other (1) 4,977 1,361 3,616 5,343 1,285 4,058
Intangible assets (excluding MSRs) $16,160 $7,446 $ 8,714 $21,051 $6,892 $14,159
Mortgage servicing rights (MSRs) 6,530 — 6,530 5,657 — 5,657
Total intangible assets $22,690 $7,446 $15,244 $26,708 $6,892 $19,816
(1) Includes contract-related intangible assets.
In 2009, Citigroup added $302 million in other intangibles, with a weighted-average amortization period of 13 years.
Intangible assets amortization expense was $1,179 million, $1,427 million and $1,267 million for 2009, 2008 and 2007, respectively. Intangible assets
amortization expense is estimated to be $991 million in 2010, $934 million in 2011, $887 million in 2012, $802 million in 2013, and $770 million in 2014.
The changes in intangible assets during 2009 were as follows:
In millions of dollars
Net carrying
amount at
December 31,
2008
Acquisitions/
divestitures Amortization Impairments
FX
and
other (1)
Net carrying
amount at
December 31,
2009
Purchased credit card relationships $ 3,930 $ (72) $ (595) $ — $ 47 $ 3,310
Core deposit intangibles 683 — (115) (3) 17 582
Other customer relationships 3,863 (3,253) (164) — 53 499
Present value of future profits 151 — (13) — — 138
Indefinite-lived intangible assets 1,474 (967) — — 62 569
Other 4,058 (108) (292) (53) 11 3,616
Intangible assets (excluding MSRs) $14,159 $(4,400) $(1,179) $(56) $190 $ 8,714
Mortgage servicing rights (MSRs) (2) 5,657 6,530
Total intangible assets $19,816 $15,244
(1) Includes foreign exchange translation and purchase accounting adjustments.
(2) See Note 23 to the Consolidated Financial Statements for the roll-forward of mortgage servicing rights.