GUARANTEES AND COMMITMENTS (Tables)

3 Months Ended

Mar. 31, 2017

Pledged Assets, Collateral, Guarantees and Commitments [Abstract]

The following tables present information about Citi’s guarantees at March 31, 2017 and December 31, 2016:



	Maximum potential amount of future payments
In billions of dollars at March 31, 2017 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	$	28.1	$	66.0	$	94.1	$	205
Performance guarantees	7.6		3.7		11.3		20
Derivative instruments considered to be guarantees	10.7		78.1		88.8		690
Loans sold with recourse	—		0.2		0.2		11
Securities lending indemnifications⁽¹⁾	97.1		—		97.1		—
Credit card merchant processing⁽¹⁾⁽²⁾	77.6		—		77.6		—
Credit card arrangements with partners	0.2		1.3		1.5		206
Custody indemnifications and other	1.5		47.5		49.0		58
Total	$	222.8	$	196.8	$	419.6	$	1,190



	Maximum potential amount of future payments
In billions of dollars at December 31, 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	$	26.0	$	67.1	$	93.1	$	141
Performance guarantees	7.5		3.6		11.1		19
Derivative instruments considered to be guarantees	7.2		80.0		87.2		747
Loans sold with recourse	—		0.2		0.2		12
Securities lending indemnifications⁽¹⁾	80.3		—		80.3		—
Credit card merchant processing⁽¹⁾⁽²⁾	86.4		—		86.4		—
Credit card arrangements with partners	—		1.5		1.5		206
Custody indemnifications and other	—		45.4		45.4		58
Total	$	207.4	$	197.8	$	405.2	$	1,183


(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 March 31, 2017 and December 31, 2016, this maximum potential exposure was estimated to be $78 billion and $86 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. 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 March 31, 2017	Investment grade		Non-investment grade		Not rated		Total
Financial standby letters of credit	$	65.9	$	14.8	$	13.4	$	94.1
Performance guarantees	7.2		2.6		1.5		11.3
Derivative instruments deemed to be guarantees	—		—		88.8		88.8
Loans sold with recourse	—		—		0.2		0.2
Securities lending indemnifications	—		—		97.1		97.1
Credit card merchant processing	—		—		77.6		77.6
Credit card arrangements with partners	—		—		1.5		1.5
Custody indemnifications and other	47.3		0.1		1.6		49.0
Total	$	120.4	$	17.5	$	281.7	$	419.6



	Maximum potential amount of future payments
In billions of dollars at December 31, 2016	Investment grade		Non-investment grade		Not rated		Total
Financial standby letters of credit	$	66.8	$	13.4	$	12.9	$	93.1
Performance guarantees	6.3		4.0		0.8		11.1
Derivative instruments deemed to be guarantees	—		—		87.2		87.2
Loans sold with recourse	—		—		0.2		0.2
Securities lending indemnifications	—		—		80.3		80.3
Credit card merchant processing	—		—		86.4		86.4
Credit card arrangements with partners	—		—		1.5		1.5
Custody indemnifications and other	45.3		0.1		—		45.4
Total	$	118.4	$	17.5	$	269.3	$	405.2

Schedule of credit commitments

The table below summarizes Citigroup’s credit commitments:



In millions of dollars	U.S.		Outside of U.S.		March 31, 2017		December 31, 2016
Commercial and similar letters of credit	$	795	$	4,790	$	5,585	$	5,736
One- to four-family residential mortgages	1,283		1,698		2,981		2,838
Revolving open-end loans secured by one- to four-family residential properties	11,900		1,542		13,442		13,405
Commercial real estate, construction and land development	9,562		1,318		10,880		10,781
Credit card lines	576,402		97,286		673,688		664,335
Commercial and other consumer loan commitments	174,429		96,164		270,593		259,934
Other commitments and contingencies	3,723		9,290		13,013		11,267
Total	$	778,094	$	212,088	$	990,182	$	968,296