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GUARANTEES, LEASES AND COMMITMENTS (Tables)

6 Months Ended

Jun. 30, 2019

Guarantees, Leases And Commitments [Abstract]

The following tables present information about Citi’s guarantees at June 30, 2019 and December 31, 2018:



	Maximum potential amount of future payments
In billions of dollars at June 30, 2019	Expire within 1 year		Expire after 1 year		Total amount outstanding		Carrying value (in millions of dollars)
Financial standby letters of credit	$	32.9	$	66.2	$	99.1	$	132
Performance guarantees	7.7		4.3		12.0		27
Derivative instruments considered to be guarantees	39.3		63.6		102.9		413
Loans sold with recourse	—		1.3		1.3		8
Securities lending indemnifications⁽¹⁾	105.3		—		105.3		—
Credit card merchant processing⁽¹⁾⁽²⁾	90.0		—		90.0		—
Credit card arrangements with partners	0.1		0.8		0.9		136
Custody indemnifications and other	—		31.7		31.7		41
Total	$	275.3	$	167.9	$	443.2	$	757



	Maximum potential amount of future payments
In billions of dollars at December 31, 2018	Expire within 1 year		Expire after 1 year		Total amount outstanding		Carrying value (in millions of dollars)
Financial standby letters of credit	$	32.1	$	67.5	$	99.6	$	131
Performance guarantees	7.7		4.2		11.9		29
Derivative instruments considered to be guarantees	23.5		87.4		110.9		567
Loans sold with recourse	—		1.2		1.2		9
Securities lending indemnifications⁽¹⁾	98.3		—		98.3		—
Credit card merchant processing⁽¹⁾⁽²⁾	94.7		—		94.7		—
Credit card arrangements with partners	0.3		0.8		1.1		162
Custody indemnifications and other	—		35.4		35.4		41
Total	$	256.6	$	196.5	$	453.1	$	939


(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 June 30, 2019 and December 31, 2018, this maximum potential exposure was estimated to be $90 billion and $95 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 June 30, 2019	Investment grade		Non-investment grade		Not rated		Total
Financial standby letters of credit	$	71.6	$	11.7	$	15.8	$	99.1
Performance guarantees	9.7		2.0		0.3		12.0
Derivative instruments deemed to be guarantees	—		—		102.9		102.9
Loans sold with recourse	—		—		1.3		1.3
Securities lending indemnifications	—		—		105.3		105.3
Credit card merchant processing	—		—		90.0		90.0
Credit card arrangements with partners	—		—		0.9		0.9
Custody indemnifications and other	19.1		12.6		—		31.7
Total	$	100.4	$	26.3	$	316.5	$	443.2



	Maximum potential amount of future payments
In billions of dollars at December 31, 2018	Investment grade		Non-investment grade		Not rated		Total
Financial standby letters of credit	$	71.3	$	11.9	$	16.4	$	99.6
Performance guarantees	9.2		2.1		0.6		11.9
Derivative instruments deemed to be guarantees	—		—		110.9		110.9
Loans sold with recourse	—		—		1.2		1.2
Securities lending indemnifications	—		—		98.3		98.3
Credit card merchant processing	—		—		94.7		94.7
Credit card arrangements with partners	—		—		1.1		1.1
Custody indemnifications and other	22.2		13.2		—		35.4
Total	$	102.7	$	27.2	$	323.2	$	453.1

Schedule of future operating lease payments

Citi’s operating cash outflows related to operating leases were approximately $252 million and $486 million for the three and six months ended June 30, 2019, respectively, while the future lease payments are as follows:



In millions of dollars	Operating leases
As of June 30, 2019
Remaining 2019	$	436
2020	716
2021	592
2022	464
2023	355
Thereafter	930
Total future lease payments	$	3,493
Less imputed interest (based on weighted-average discount rate of 3.7%)	(391		)
Lease liability	$	3,102

Schedule of credit commitments

The table below summarizes Citigroup’s credit commitments:



In millions of dollars	U.S.		Outside of U.S.		June 30, 2019		December 31, 2018
Commercial and similar letters of credit	$	928	$	4,485	$	5,413	$	5,461
One- to four-family residential mortgages	2,367		1,783		4,150		2,671
Revolving open-end loans secured by one- to four-family residential properties	9,769		1,283		11,052		11,374
Commercial real estate, construction and land development	12,054		1,505		13,559		11,293
Credit card lines	613,905		94,579		708,484		696,007
Commercial and other consumer loan commitments	198,479		106,442		304,921		300,115
Other commitments and contingencies	3,033		415		3,448		3,321
Total	$	840,535	$	210,492	$	1,051,027	$	1,030,242

Schedule of restricted cash

Restricted cash is included on the Consolidated Balance Sheet within the following balance sheet lines:



In millions of dollars	June 30, 2019		December 31, 2018
Cash and due from banks	$	2,624	$	4,000
Deposits with banks	29,519		27,208
Total	$	32,143	$	31,208