Citibank 2014 Annual Report Download - page 231

214
17. GOODWILL AND INTANGIBLE ASSETS
Goodwill
The changes in Goodwill during 2014 and 2013 were as follows:
In millions of dollars
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
Foreign exchange translation and other (1,214)
Smaller acquisitions/divestitures, purchase accounting adjustments and other (203)
Balance at December 31, 2014 $23,592
The changes in Goodwill by segment during 2014 and 2013 were as follows:
In millions of dollars
Global
Consumer
Banking
Institutional
Clients
Group Citi Holdings Total
Balance at December 31, 2012 $14,539 $10,981 $ 153 $25,673
Goodwill disposed of during 2013 (1) $ (82) $ — $ — $ (82)
Other (2) (472) (113) 3 (582)
Balance at December 31, 2013 $13,985 $10,868 $ 156 $25,009
Goodwill disposed of during 2014 (3) $ (86) $ (1) $(116) $ (203)
Other (2) (505) (711) 2 (1,214)
Balance at December 31, 2014 $13,394 $10,156 $ 42 $23,592
(1) Primarily related to the sale of Credicard. See Note 2 to the Consolidated Financial Statements.
(2) Other changes in Goodwill primarily reflect foreign exchange effects on non-dollar-denominated goodwill and purchase accounting adjustments.
(3) Primarily related to the sale of the Spain consumer operations and the agreement to sell the Japan retail banking business. 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, 2014 resulting in no
impairment for any of the reporting units. The reporting unit structure in
2014 was the same as the reporting unit structure in 2013, except for the
effect of the ICG reorganization during the first quarter of 2014 noted below
and the sale involving the Citi Holdings—Cards reporting unit during the
third quarter of 2014.
Effective January 1, 2014, the businesses within the legacy ICG reporting
units, Securities and Banking and Transaction Services, were realigned
and aggregated as Banking and Markets and securities services
(Markets). An interim goodwill impairment test was performed on the
impacted reporting units as of January 1, 2014, resulting in no impairment.
Subsequent to January 1, 2014, goodwill was allocated to disposals and tested
for impairment under Banking and Markets. Furthermore, on September
22, 2014, Citi sold its consumer operations in Spain, which included the Citi
Holdings—Cards reporting unit. As a result, 100% of the Citi Holdings—
Cards goodwill balance was allocated to the sale. No other interim goodwill
impairment tests were performed during 2014, other than the test performed
related to the ICG reorganization discussed above.
No goodwill was deemed impaired in 2014, 2013 and 2012.