Citibank 2013 Annual Report Download - page 247

229
17. GOODWILL AND INTANGIBLE ASSETS
Goodwill
The changes in Goodwill during 2013 and 2012 were as follows:
In millions of dollars
Balance at December 31, 2011 $25,413
Foreign exchange translation 294
Smaller acquisitions/divestitures, purchase accounting adjustments and other (21)
Discontinued operations (13)
Balance at December 31, 2012 $25,673
Foreign exchange translation (577)
Smaller acquisitions/divestitures, purchase accounting adjustments and other (25)
Sale of Brazil Credicard (62)
Balance at December 31, 2013 $25,009
The changes in Goodwill by segment during 2013 and 2012 were as follows:
In millions of dollars
Global
Consumer
Banking
Institutional
Clients
Group Citi Holdings
Corporate/
Other Total
Balance at December 31, 2011 $10,236 $10,737 $ 4,440 $— $25,413
Goodwill acquired during 2012 $ — $ — $ — $— $ —
Goodwill disposed of during 2012 — — (8) — (8)
Other (1) 20 244 4 — 268
Intersegment transfers in/(out) (2) 4,283 — (4,283) —
Balance at December 31, 2012 $14,539 $10,981 $ 153 $— $25,673
Goodwill acquired during 2013 $ — $ — $ — $— $ —
Goodwill disposed of during 2013 (3) (82) — — — (82)
Other (1) (472) (113) 3 — (582)
Balance at December 31, 2013 $13,985 $10,868 $ 156 $— $25,009
(1) Other changes in Goodwill primarily reflect foreign exchange effects on non-dollar-denominated goodwill and purchase accounting adjustments.
(2) Primarily includes the transfer of the substantial majority of the Citi retail services business from Citi Holdings—Local Consumer Lending to Citicorp—North America Regional Consumer Banking during the first
quarter of 2012.
(3) Primarily related to the Sale of Brazil Credicard. See Note 2 to the Consolidated Financial Statements.
Goodwill impairment testing is performed at the level below the business
segments (referred to as a reporting unit). The Company performed
its annual goodwill impairment test as of July 1, 2013 resulting in no
impairment for any of the reporting units.
The reporting unit structure in 2013 was the same as the reporting
unit structure in 2012, although certain names were changed and certain
underlying businesses were transferred between certain reporting units in
the third quarter of 2013. Specifically, assets were transferred from the legacy
Brokerage Asset Management reporting unit to the Special Asset Pool, both
components within the Citi Holdings segment. While goodwill affected by the
reorganization was reassigned to reporting units that receive businesses using
a relative fair value approach, no goodwill was allocated to this transferred
portfolio as the assets do not represent a business as defined by GAAP and
therefore goodwill allocation was not appropriate. The legacy reporting
unit was renamed as Latin America Retirement Services, and continues to
hold the $42 million of goodwill as of December 31, 2013. Additionally, the
legacy Local Consumer Lending—Cards reporting unit was renamed Citi
Holdings—Cards, but no changes were made to the businesses and assets
assigned to the reporting unit. An interim goodwill impairment test was
performed on the impacted reporting units as of July 1, 2013, resulting in
no impairment.
No goodwill was deemed impaired in 2013, 2012 and 2011.