Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 399

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 399
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 in accounting principle did not result in any delay, acceleration or avoidance of a goodwill impairment charge. The Company continuously monitors each reporting unit for triggering events for the purpose of goodwill impairment testing.Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL, fair value measurements and the evaluation and measurement of goodwill impairment.

Citizens Financial Group, Inc. | 93

Significant Accounting PoliciesThe following table identifies the Company’s significant accounting policies and the Note and Page where a detailed description of each policy can be found.NotePageCash and Due From Banks395Securities495Loans and Leases599Allowance for Credit Losses and FDMs6101Premises, Equipment and Software7115Mortgage Servicing Rights8116Leases9118Goodwill and Intangible Assets10120Variable Interest Entities11121Derivative Instruments14126Employee Benefits15130Treasury Stock17132Employee Share-Based Compensation18134Fair Value Measurement20137Revenue Recognition21143Income Taxes23145Earnings Per Share24148Business Segments26150Accounting Pronouncements Adopted in 2024

PronouncementSummary of GuidanceEffects on Financial StatementsImprovements to Reportable Segment DisclosuresIssued November 2023•Requires disclosure of significant segment expenses regularly provided to the CODM•Requires disclosure of an amount for other segment items by reportable segment and a description of its composition•Requires disclosure of the title and position of the CODM•The Company adopted the new standard on January 1, 2024, effective for annual financial statements for the year ended December 31, 2024 and subsequent interim periods beginning in 2025.•Required disclosures and discussion of significant accounting policies for business operating segments are included in Note 26.

NOTE 2 - ACQUISITIONS  Acquisition of HSBCOn February 18, 2022, CBNA closed on its HSBC transaction, which included 66 branches in the New York City metropolitan area, 9 branches in the Mid-Atlantic/Washington D.C. area, and 5 branches in Southeast Florida. The Company’s results of operations and balance sheets for all periods presented in this Report reflect the benefit of the HSBC transaction for the period since the transaction closed on February 18, 2022.Investors AcquisitionOn April 6, 2022, the