Citibank 2011 Annual Report Download - page 231
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209
INTANGIBLE ASSETS
The components of intangible assets were as follows:
December 31, 2011 $ECEMBERææ
In millions of dollars
Gross
carrying
amount
Accumulated
amortization
Net
carrying
amount
'ROSSæ
CARRYINGæ
AMOUNT
!CCUMULATEDæ
AMORTIZATION
.ETæ
CARRYINGæ
AMOUNT
0URCHASEDæCREDITæCARDæRELATIONSHIPS $ 7,616 $ 5,309 $ 2,307
#OREæDEPOSITæINTANGIBLES 1,337 965 372
/THERæCUSTOMERæRELATIONSHIPS 830 356 474
0RESENTæVALUEæOFæFUTUREæPROFITS 235 123 112
)NDEFINITELIVEDæINTANGIBLEæASSETS 492 — 492
/THERæ 4,866 2,023 2,843
Intangible assets (excluding MSRs) $15,376 $ 8,776 $ 6,600
-ORTGAGEæSERVICINGæRIGHTSæ-32S 2,569 — 2,569
Total intangible assets $17,945 $ 8,776 $ 9,169
æ )NCLUDESæCONTRACTRELATEDæINTANGIBLEæASSETS
Intangible assets amortization expense was $898 million, $976 million
and $1,179 million for 2011, 2010 and 2009, respectively. Intangible assets
amortization expense is estimated to be $826 million in 2012, $822 million
in 2013, $734 million in 2014, $700 million in 2015, and $807 million
in 2016.
The changes in intangible assets during 2011 were as follows:
In millions of dollars
.ETæCARRYINGæ
AMOUNTæATæ
$ECEMBERææ
Acquisitions/
divestitures Amortization Impairments
FX
and
other (1)
Discontinued
operations
Net carrying
amount at
December 31,
2011
0URCHASEDæCREDITæCARDæRELATIONSHIPS $ 5 $(435) $ — $ (11) $ — $ 2,307
#OREæDEPOSITæINTANGIBLES 4 (97) — (18) — 372
/THERæCUSTOMERæRELATIONSHIPS 3 (51) — 15 — 474
0RESENTæVALUEæOFæFUTUREæPROFITS — (13) — (2) — 112
)NDEFINITELIVEDæINTANGIBLEæASSETS — — — (58) — 492
/THER 93 (302) (17) (2) (18) 2,843
Intangible assets (excluding MSRs) $ 105 $(898) $ (17) $ (76) $ (18) $ 6,600
-ORTGAGEæSERVICINGæRIGHTSæ-32Sæ 2,569
Total intangible assets $ 9,169
æ )NCLUDESæFOREIGNæEXCHANGEæTRANSLATIONæANDæPURCHASEæACCOUNTINGæADJUSTMENTS
æ 3EEæ.OTEææTOæTHEæ#ONSOLIDATEDæ&INANCIALæ3TATEMENTSæFORæTHEæROLLFORWARDæOFæ-32S