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This excerpt taken from the C 10-Q filed Aug 4, 2006. 11. Goodwill and Intangible Assets The changes in goodwill during the first six months of 2006 were as follows:
During the first two quarters of 2006, no goodwill was written off due to impairment. 99 The changes in intangible assets during the first six months of 2006 were as follows:
The components of intangible assets were as follows:
100 This excerpt taken from the C 10-Q filed May 5, 2006. 10. Goodwill and Intangible Assets The changes in goodwill during the first three months of 2006 were as follows:
During the first quarter of 2006, no goodwill was written off due to impairment. The changes in intangible assets during the first three months of 2006 were as follows:
The components of intangible assets were as follows:
92 This excerpt taken from the C 10-Q filed Aug 4, 2005. Goodwill and Intangible Assets The changes in goodwill and intangible assets during 2005 were as follows:
During the first two quarters of 2005 and 2004 no goodwill was written off due to impairment. 71 4. Discontinued Operations This excerpt taken from the C 10-Q filed May 4, 2005. Goodwill and Intangible Assets During the first quarters of 2005 and 2004 no goodwill was impaired or written off. During the first quarter of 2005, the Company recorded goodwill of approximately $606 million, approximately $87 million of core deposit intangibles, and approximately $1 million of purchased credit card relationship intangibles, in connection with the acquisition of FAB. The acquired core deposit intangible assets are being amortized over fifteen years. Intangible assets amortization expense was $451 million and $320 million for the three months ended March 31, 2005 and 2004, respectively. At December 31, 2004, the Company's Consolidated Balance Sheet included goodwill totaling approximately $291 million and intangibles totaling approximately $91 million, relating to Life Insurance & Annuities and the Argentine pension business. Accordingly, at March 31, 2005, goodwill totaling approximately $292 million and intangibles totaling approximately $90 million, associated with these businesses, are included in Citigroup's Consolidated Balance Sheet as assets of discontinued operations held for sale. 70 4. Discontinued Operations On January 31, 2005, the Company announced an agreement for the sale of Citigroup's Travelers Life & Annuity, and substantially all of Citigroup's international insurance businesses, to MetLife, Inc. (MetLife) for $11.5 billion, subject to closing adjustments. The businesses being sold were the primary vehicles through which Citigroup engaged in the Life Insurance and Annuities business. The transaction has been approved by the Boards of Directors of both companies. Under the terms of the transaction, Citigroup will receive up to $3.0 billion in MetLife equity securities and the balance in cash, which will result in an after-tax gain of approximately $2.0 billion, subject to closing adjustments. The transaction encompasses Travelers Life & Annuity's U.S. businesses and its international operations other than Citigroup's life business in Mexico (which is now included within Retail Banking). International operations include wholly owned insurance companies in the United Kingdom, Belgium, Australia, Brazil, Argentina, and Poland; joint ventures in Japan and Hong Kong; and offices in China. The sale transaction also includes Citigroup's Argentine pension business. (The transaction described in the preceding three paragraphs is referred to herein as the Sale of the Life Insurance & Annuities Business). In connection with the transaction, Citigroup and MetLife have entered into ten-year agreements under which Travelers Life & Annuity products will be made available through certain Citigroup distribution channels, subject to appropriate suitability and other standards. In addition, MetLife products will be added to these distribution channels. For the first three months of 2005 and 2004, intercompany commission fees paid by Travelers Life & Annuity to Citigroup affiliates for distribution services totaled $115 million and $105 million, respectively. Also included in the sales agreement between Citigroup and MetLife are provisions related to transitional services that will be provided for a period of 24 to 30 months. These transitional service agreements may be terminated or extended. The costs associated with these agreements are not considered to be significant. The transaction is subject to certain domestic and international regulatory approvals, as well as other customary conditions to closing, and is expected to close during the 2005 third quarter. The businesses being acquired by MetLife generated total revenues of $1.4 billion and $1.2 billion and net income of $273 million and $249 million, respectively, for the three months ended March 31, 2005 and 2004. The businesses had total assets of $95 billion at March 31, 2005. Results for all of the businesses included in the Sale of the Life Insurance & Annuities Business are recorded separately as discontinued operations for all periods presented. The assets and liabilities of the businesses being sold are included in Assets of discontinued operations held for sale and Liabilities of discontinued operations held for sale on the Consolidated Balance Sheet. Summarized financial information for discontinued operations was as follows:
71 The following is a summary of the assets and liabilities of discontinued operations held for sale as of March 31, 2005:
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