GUARANTEES AND COMMITMENTS (Tables)

9 Months Ended

Sep. 30, 2016

Pledged Assets, Collateral, Guarantees and Commitments [Abstract]

The following tables present information about Citi’s guarantees at September 30, 2016 and December 31, 2015:



	Maximum potential amount of future payments
In billions of dollars at September 30, 2016 except carrying value in millions	Expire within 1 year		Expire after 1 year		Total amount outstanding		Carrying value (in millions of dollars)
Financial standby letters of credit	$	25.8	$	69.3	$	95.1	$	170
Performance guarantees	7.7		3.8		11.5		19
Derivative instruments considered to be guarantees	4.5		78.4		82.9		954
Loans sold with recourse	—		0.2		0.2		13
Securities lending indemnifications⁽¹⁾	83.9		—		83.9		—
Credit card merchant processing⁽¹⁾⁽²⁾	83.3		—		83.3		—
Credit card arrangements with partners	—		1.5		1.5		206
Custody indemnifications and other	0.1		47.1		47.2		58
Total	$	205.3	$	200.3	$	405.6	$	1,420



	Maximum potential amount of future payments
In billions of dollars at December 31, 2015 except carrying value in millions	Expire within 1 year		Expire after 1 year		Total amount outstanding		Carrying value (in millions of dollars)
Financial standby letters of credit	$	23.8	$	73.0	$	96.8	$	152
Performance guarantees	7.4		4.1		11.5		23
Derivative instruments considered to be guarantees	3.6		74.9		78.5		1,779
Loans sold with recourse	—		0.2		0.2		17
Securities lending indemnifications⁽¹⁾	79.0		—		79.0		—
Credit card merchant processing⁽¹⁾⁽²⁾	84.2		—		84.2		—
Custody indemnifications and other	—		51.7		51.7		56
Total	$	198.0	$	203.9	$	401.9	$	2,027


(1)	The carrying values of securities lending indemnifications and credit card merchant processing were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal.

(2)

At September 30, 2016 and December 31, 2015, this maximum potential exposure was estimated to be $83 billion and $84 billion, respectively. However, Citi believes that the maximum exposure is not representative of the actual potential loss exposure based on its historical experience. This contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants.

Schedule of guarantor obligations by credit ratings

Presented in the tables below are the maximum potential amounts of future payments that are classified based upon internal and external credit ratings as of September 30, 2016 and December 31, 2015. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees.



	Maximum potential amount of future payments
In billions of dollars at September 30, 2016	Investment grade		Non-investment grade		Not rated		Total
Financial standby letters of credit	$	68.4	$	14.1	$	12.6	$	95.1
Performance guarantees	6.5		4.1		0.9		11.5
Derivative instruments deemed to be guarantees	—		—		82.9		82.9
Loans sold with recourse	—		—		0.2		0.2
Securities lending indemnifications	—		—		83.9		83.9
Credit card merchant processing	—		—		83.3		83.3
Credit card arrangements with partners	—		—		1.5		1.5
Custody indemnifications and other	47.1		0.1		—		47.2
Total	$	122.0	$	18.3	$	265.3	$	405.6



	Maximum potential amount of future payments
In billions of dollars at December 31, 2015	Investment grade		Non-investment grade		Not rated		Total
Financial standby letters of credit	$	69.2	$	15.4	$	12.2	$	96.8
Performance guarantees	6.6		4.1		0.8		11.5
Derivative instruments deemed to be guarantees	—		—		78.5		78.5
Loans sold with recourse	—		—		0.2		0.2
Securities lending indemnifications	—		—		79.0		79.0
Credit card merchant processing	—		—		84.2		84.2
Custody indemnifications and other	51.6		0.1		—		51.7
Total	$	127.4	$	19.6	$	254.9	$	401.9

Schedule of credit commitments



In millions of dollars	U.S.		Outside of U.S.		September 30, 2016		December 31, 2015
Commercial and similar letters of credit	$	1,268	$	4,209	$	5,477	$	6,102
One- to four-family residential mortgages	1,644		1,810		3,454		3,196
Revolving open-end loans secured by one- to four-family residential properties	11,939		1,621		13,560		14,726
Commercial real estate, construction and land development	8,414		1,593		10,007		10,522
Credit card lines	571,251		99,088		670,339		573,057
Commercial and other consumer loan commitments	161,524		91,791		253,315		271,076
Other commitments and contingencies	2,477		9,021		11,498		9,982
Total	$	758,517	$	209,133	$	967,650	$	888,661