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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
 3 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

Citigroup amended its Registration Statement on Form S-3 on file with the SEC (File No. 33-192302) to add its wholly owned subsidiary, Citigroup Global Markets Holdings Inc. (CGMHI), as a co-registrant. Any securities issued by CGMHI under the Form S-3 will be fully and unconditionally guaranteed by Citigroup.
The following are the Condensed Consolidating Statements of Income and Comprehensive Income for the three months ended March 31, 2020 and 2019, Condensed Consolidating Balance Sheet as of March 31, 2020 and December 31, 2019 and Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2020 and 2019 for Citigroup Inc., the parent holding company (Citigroup parent company), CGMHI, other Citigroup subsidiaries and eliminations and total consolidating adjustments. “Other Citigroup subsidiaries and eliminations” includes all other subsidiaries of Citigroup, intercompany eliminations and income (loss) from discontinued operations. “Consolidating adjustments” includes Citigroup parent company elimination of distributed and undistributed income of subsidiaries and investment in subsidiaries.
These Condensed Consolidating Financial Statements have been prepared and presented in accordance with SEC Regulation S-X Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.”
These Condensed Consolidating Financial Statements are presented for purposes of additional analysis, but should be considered in relation to the Consolidated Financial Statements of Citigroup taken as a whole.

Condensed Consolidating Statements of Income and Comprehensive Income
 
Three Months Ended March 31, 2020
In millions of dollars
Citigroup parent company
 
CGMHI
 
Other Citigroup subsidiaries and eliminations
 
Consolidating adjustments
 
Citigroup consolidated
Revenues
 
 
 
 
 
 
 
 
 
Dividends from subsidiaries
$
105

 
$
—

 
$
—

 
$
(105
)
 
$
—

Interest revenue
—

 
1,903

 
15,236

 
—

 
17,139

Interest revenue—intercompany
1,144

 
341

 
(1,485
)
 
—

 
—

Interest expense
1,143

 
1,141

 
3,363

 
—

 
5,647

Interest expense—intercompany
248

 
782

 
(1,030
)
 
—

 
—

Net interest revenue
$
(247
)
 
$
321

 
$
11,418

 
$
—

 
$
11,492

Commissions and fees
$
—

 
$
1,550

 
$
1,471

 
$
—

 
$
3,021

Commissions and fees—intercompany
(19
)
 
164

 
(145
)
 
—

 
—

Principal transactions
(672
)
 
6,254

 
(321
)
 
—

 
5,261

Principal transactions—intercompany
502

 
(4,391
)
 
3,889

 
—

 
—

Other income
80

 
49

 
828

 
—

 
957

Other income—intercompany
(70
)
 
13

 
57

 
—

 
—

Total non-interest revenues
$
(179
)
 
$
3,639

 
$
5,779

 
$
—

 
$
9,239

Total revenues, net of interest expense
$
(321
)
 
$
3,960

 
$
17,197

 
$
(105
)
 
$
20,731

Provisions for credit losses and for benefits and claims
$
—

 
$
(1
)
 
$
7,028

 
$
—

 
$
7,027

Operating expenses
 
 
 
 


 
 
 
 
Compensation and benefits
$
28

 
$
1,296

 
$
4,330

 
$
—

 
$
5,654

Compensation and benefits—intercompany
74

 
—

 
(74
)
 
—

 
—

Other operating
23

 
598

 
4,319

 
—

 
4,940

Other operating—intercompany
4

 
482

 
(486
)
 
—

 
—

Total operating expenses
$
129

 
$
2,376

 
$
8,089

 
$
—

 
$
10,594

Equity in undistributed income of subsidiaries
$
2,368

 
$
—

 
$
—

 
$
(2,368
)
 
$
—

Income (loss) from continuing operations before income taxes
$
1,918

 
$
1,585

 
$
2,080

 
$
(2,473
)
 
$
3,110

Provision (benefit) for income taxes
(604
)
 
337

 
843

 
—

 
576

Income (loss) from continuing operations
$
2,522

 
$
1,248

 
$
1,237

 
$
(2,473
)
 
$
2,534

Income (loss) from discontinued operations, net of taxes
—

 
—

 
(18
)
 
—

 
(18
)
Net income before attribution of noncontrolling interests
$
2,522

 
$
1,248

 
$
1,219

 
$
(2,473
)
 
$
2,516

Noncontrolling interests
—

 
—

 
(6
)
 
—

 
(6
)
Net income (loss)
$
2,522

 
$
1,248

 
$
1,225

 
$
(2,473
)
 
$
2,522

Comprehensive income
 
 
 
 
 
 
 
 
 
Add: Other comprehensive income (loss)
$
3,797

 
$
1,757

 
$
1,179

 
$
(2,936
)
 
$
3,797

Total Citigroup comprehensive income (loss)
$
6,319


$
3,005


$
2,404


$
(5,409
)

$
6,319

Add: Other comprehensive income attributable to noncontrolling interests
$
—

 
$
—

 
$
(51
)
 
$
—

 
$
(51
)
Add: Net income attributable to noncontrolling interests
—

 
—

 
(6
)
 
—

 
(6
)
Total comprehensive income (loss)
$
6,319


$
3,005


$
2,347


$
(5,409
)

$
6,262









Condensed Consolidating Statements of Income and Comprehensive Income
 
Three Months Ended March 31, 2019
In millions of dollars
Citigroup parent company
 
CGMHI
 
Other Citigroup subsidiaries and eliminations
 
Consolidating adjustments
 
Citigroup consolidated
Revenues
 
 
 
 
 
 
 
 
 
Dividends from subsidiaries
$
9,167

 
$
—

 
$
—

 
$
(9,167
)
 
$
—

Interest revenue
—

 
2,572

 
16,504

 
—

 
19,076

Interest revenue—intercompany
1,325

 
503

 
(1,828
)
 
—

 
—

Interest expense
1,271

 
1,824

 
4,222

 
—

 
7,317

Interest expense—intercompany
312

 
1,075

 
(1,387
)
 
—

 
—

Net interest revenue
$
(258
)
 
$
176

 
$
11,841

 
$
—

 
$
11,759

Commissions and fees
$
—

 
$
1,307

 
$
1,619

 
$
—

 
$
2,926

Commissions and fees—intercompany
(1
)
 
121

 
(120
)
 
—

 
—

Principal transactions
(825
)
 
(1,034
)
 
4,663

 
—

 
2,804

Principal transactions—intercompany
447

 
2,036

 
(2,483
)
 
—

 
—

Other income
319

 
99

 
669

 
—

 
1,087

Other income—intercompany
(34
)
 
42

 
(8
)
 
—

 
—

Total non-interest revenues
$
(94
)
 
$
2,571

 
$
4,340


$
—

 
$
6,817

Total revenues, net of interest expense
$
8,815

 
$
2,747

 
$
16,181

 
$
(9,167
)
 
$
18,576

Provisions for credit losses and for benefits and claims
$
—

 
$
—

 
$
1,980

 
$
—

 
$
1,980

Operating expenses
 
 
 
 
 
 
 
 
 
Compensation and benefits
$
33

 
$
1,284

 
$
4,341

 
$
—

 
$
5,658

Compensation and benefits—intercompany
26

 
—

 
(26
)
 
—

 
—

Other operating
5

 
553

 
4,368

 
—

 
4,926

Other operating—intercompany
5

 
582

 
(587
)
 
—

 
—

Total operating expenses
$
69

 
$
2,419

 
$
8,096

 
$
—

 
$
10,584

Equity in undistributed income of subsidiaries
$
(4,203
)
 
$
—

 
$
—

 
$
4,203

 
$
—

Income (loss) from continuing operations before income
taxes
$
4,543

 
$
328

 
$
6,105

 
$
(4,964
)
 
$
6,012

Provision (benefit) for income taxes
(167
)
—

140

 
1,302

 
—

 
1,275

Income (loss) from continuing operations
$
4,710

 
$
188

 
$
4,803

 
$
(4,964
)
 
$
4,737

Income (loss) from discontinued operations, net of taxes
—

 
—

 
(2
)
 
—

 
(2
)
Net income (loss) before attribution of noncontrolling interests
$
4,710

 
$
188

 
$
4,801

 
$
(4,964
)
 
$
4,735

Noncontrolling interests
—

 
—

 
25

 
—

 
25

Net income (loss)
$
4,710

 
$
188

 
$
4,776

 
$
(4,964
)
 
$
4,710

Comprehensive income
 
 
 
 
 
 
 
 
 
Add: Other comprehensive income (loss)
$
862

 
$
(289
)
 
$
999

 
$
(710
)
 
$
862

Total Citigroup comprehensive income (loss)
$
5,572



$
(101
)


$
5,775


$
(5,674
)

$
5,572

Add: Other comprehensive income attributable to noncontrolling interests
$
—

 
$
—

—

$
(13
)
 
$
—

 
$
(13
)
Add: Net income attributable to noncontrolling interests
—

 
—

—

25

 
—

 
25

Total comprehensive income (loss)
$
5,572



$
(101
)


$
5,787


$
(5,674
)
 
$
5,584











Condensed Consolidating Balance Sheet
 
March 31, 2020
In millions of dollars
Citigroup parent company
 
CGMHI
 
Other Citigroup subsidiaries and eliminations
 
Consolidating adjustments
 
Citigroup consolidated
Assets
 
 
 
 
 
 
 
 
 
Cash and due from banks
$
—

 
$
616

 
$
23,139

 
$
—

 
$
23,755

Cash and due from banks—intercompany
15

 
3,909

 
(3,924
)
 
—

 
—

Deposits with banks, net of allowance
—

 
6,581

 
255,584

 
—

 
262,165

Deposits with banks—intercompany
3,000

 
8,392

 
(11,392
)
 
—

 
—

Securities borrowed and purchased under resale agreements
—

 
200,718

 
61,818

 
—

 
262,536

Securities borrowed and purchased under resale agreements—intercompany
—

 
24,686

 
(24,686
)
 
—

 
—

Trading account assets
329

 
212,464

 
152,207

 
—

 
365,000

Trading account assets—intercompany
167

 
6,045

 
(6,212
)
 
—

 
—

Investments, net of allowance
1

 
508

 
398,374

 
—

 
398,883

Loans, net of unearned income
—

 
1,722

 
719,298

 
—

 
721,020

Loans, net of unearned income—intercompany
—

 
—

 
—

 
—

 
—

Allowance for credit losses on loans (ACLL)
—

 
—

 
(20,841
)
 
—

 
(20,841
)
Total loans, net
$
—

 
$
1,722

 
$
698,457

 
$
—

 
$
700,179

Advances to subsidiaries
$
142,560

 
$
—

 
$
(142,560
)
 
$
—

 
$
—

Investments in subsidiaries
204,662

 
—

 
—

 
(204,662
)
 
—

Other assets, net of allowance(1)
12,152

 
84,877

 
110,223

 
—

 
207,252

Other assets—intercompany
3,451

 
50,312

 
(53,763
)
 
—

 
—

Total assets
$
366,337

 
$
600,830

 
$
1,457,265

 
$
(204,662
)
 
$
2,219,770

Liabilities and equity
 
 
 
 
 
 
 
 
 
Deposits
$
—

 
$
—

 
$
1,184,911

 
$
—

 
$
1,184,911

Deposits—intercompany
—

 
—

 
—

 
—

 
—

Securities loaned and sold under repurchase agreements
—

 
201,631

 
20,693

 
—

 
222,324

Securities loaned and sold under repurchase agreements—intercompany
—

 
29,764

 
(29,764
)
 
—

 
—

Trading account liabilities
—

 
104,146

 
59,849

 
—

 
163,995

Trading account liabilities—intercompany
445

 
5,421

 
(5,866
)
 
—

 
—

Short-term borrowings
28

 
13,997

 
40,926

 
—

 
54,951

Short-term borrowings—intercompany
—

 
25,563

 
(25,563
)
 
—

 
—

Long-term debt
156,461

 
37,118

 
72,519

 
—

 
266,098

Long-term debt—intercompany
—

 
65,945

 
(65,945
)
 
—

 
—

Advances from subsidiaries
13,996

 
—

 
(13,996
)
 
—

 
—

Other liabilities, including allowance
3,001

 
71,096

 
60,412

 
—

 
134,509

Other liabilities—intercompany
75

 
10,464

 
(10,539
)
 
—

 
—

Stockholders’ equity
192,331

 
35,685

 
169,628

 
(204,662
)
 
192,982

Total liabilities and equity
$
366,337

 
$
600,830

 
$
1,457,265

 
$
(204,662
)
 
$
2,219,770


(1)
Other assets for Citigroup parent company at March 31, 2020 included $43.3 billion of placements to Citibank and its branches, of which $38.1 billion had a remaining term of less than 30 days.



Condensed Consolidating Balance Sheet
 
December 31, 2019
In millions of dollars
Citigroup parent company
 
CGMHI
 
Other Citigroup subsidiaries and eliminations
 
Consolidating adjustments
 
Citigroup consolidated
Assets
 
 
 
 
 
 
 
 
 
Cash and due from banks
$
—

 
$
586

 
$
23,381

 
$
—

 
$
23,967

Cash and due from banks—intercompany
21

 
5,095

 
(5,116
)
 
—

 
—

Deposits with banks
—

 
4,050

 
165,902

 
—

 
169,952

Deposits with banks—intercompany
3,000

 
6,710

 
(9,710
)
 
—

 
—

Securities borrowed and purchased under resale agreements
—

 
195,537

 
55,785

 
—

 
251,322

Securities borrowed and purchased under resale agreements—intercompany
—

 
21,446

 
(21,446
)
 
—

 
—

Trading account assets
286

 
152,115

 
123,739

 
—

 
276,140

Trading account assets—intercompany
426

 
5,858

 
(6,284
)
 
—

 
—

Investments, net of allowance
1

 
541

 
368,021

 
—

 
368,563

Loans, net of unearned income
—

 
2,497

 
696,986

 
—

 
699,483

Loans, net of unearned income—intercompany
—

 
—

 
—

 
—

 
—

Allowance for credit losses on loans (ACLL)
—

 
—

 
(12,783
)
 
—

 
(12,783
)
Total loans, net
$
—

 
$
2,497

 
$
684,203

 
$
—

 
$
686,700

Advances to subsidiaries
$
144,587

 
$
—

 
$
(144,587
)
 
$
—

 
$
—

Investments in subsidiaries
202,116

 
—

 
—

 
(202,116
)
 
—

Other assets, net of allowance(1)
12,377

 
54,784

 
107,353

 
—

 
174,514

Other assets—intercompany
2,799

 
45,588

 
(48,387
)
 
—

 
—

Total assets
$
365,613

 
$
494,807

 
$
1,292,854

 
$
(202,116
)
 
$
1,951,158

Liabilities and equity
 
 
 
 
 
 
 
 
 
Deposits
$
—

 
$
—

 
$
1,070,590

 
$
—

 
$
1,070,590

Deposits—intercompany
—

 
—

 
—

 
—

 
—

Securities loaned and sold under repurchase agreements
—

 
145,473

 
20,866

 
—

 
166,339

Securities loaned and sold under repurchase agreements—intercompany
—

 
36,581

 
(36,581
)
 
—

 
—

Trading account liabilities
1

 
80,100

 
39,793

 
—

 
119,894

Trading account liabilities—intercompany
379

 
5,109

 
(5,488
)
 
—

 
—

Short-term borrowings
66

 
11,096

 
33,887

 
—

 
45,049

Short-term borrowings—intercompany
—

 
17,129

 
(17,129
)
 
—

 
—

Long-term debt
150,477

 
39,578

 
58,705

 
—

 
248,760

Long-term debt—intercompany
—

 
66,791

 
(66,791
)
 
—

 
—

Advances from subsidiaries
20,503

 
—

 
(20,503
)
 
—

 
—

Other liabilities, including allowance
937

 
51,777

 
53,866

 
—

 
106,580

Other liabilities—intercompany
8

 
8,414

 
(8,422
)
 
—

 
—

Stockholders’ equity
193,242

 
32,759

 
170,061

 
(202,116
)
 
193,946

Total liabilities and equity
$
365,613

 
$
494,807

 
$
1,292,854

 
$
(202,116
)
 
$
1,951,158



(1)
Other assets for Citigroup parent company at December 31, 2019 included $35.1 billion of placements to Citibank and its branches, of which $24.9 billion had a remaining term of less than 30 days.


Condensed Consolidating Statement of Cash Flows
 
Three Months Ended March 31, 2020
In millions of dollars
Citigroup parent company
 
CGMHI
 
Other Citigroup subsidiaries and eliminations
 
Consolidating adjustments
 
Citigroup consolidated
Net cash provided by (used in) operating activities of continuing operations
$
4,334

 
$
(38,869
)
 
$
9,002

 
$
—

 
$
(25,533
)
Cash flows from investing activities of continuing operations
 
 
 
 
 
 
 
 
 
Purchases of investments
$
—

 
$
—

 
$
(108,658
)
 
$
—

 
$
(108,658
)
Proceeds from sales of investments
—

 
—

 
44,399

 
—

 
44,399

Proceeds from maturities of investments
—

 
—

 
29,203

 
—

 
29,203

Change in loans
—

 
—

 
(26,743
)
 
—

 
(26,743
)
Proceeds from sales and securitizations of loans
—

 
—

 
596

 
—

 
596

Change in securities borrowed and purchased under agreements to resell

—

 
(8,421
)
 
(2,793
)
 
—

 
(11,214
)
Changes in investments and advances—intercompany
1,121

 
(9,442
)
 
8,321

 
—

 
—

Other investing activities
—

 
—

 
(440
)
 
—

 
(440
)
Net cash provided by (used in) investing activities of continuing operations
$
1,121

 
$
(17,863
)
 
$
(56,115
)
 
$
—

 
$
(72,857
)
Cash flows from financing activities of continuing operations
 
 
 
 
 
 
 
 
 
Dividends paid
$
(1,365
)
 
$
—

 
$
—

 
$
—

 
$
(1,365
)
Issuance of preferred stock
1,500

 
—

 
—

 
—

 
1,500

Redemption of preferred stock
(1,500
)
 
—

 
—

 
—

 
(1,500
)
Treasury stock acquired
(2,925
)
 
—

 
—

 
—

 
(2,925
)
Proceeds (repayments) from issuance of long-term debt, net
5,742

 
72

 
10,032

 
—

 
15,846

Proceeds (repayments) from issuance of long-term debt—intercompany, net


 
554

 
(554
)
 
—

 
—

Change in deposits
—

 
—

 
114,321

 
—

 
114,321

Change in securities loaned and sold under agreements to repurchase

—

 
49,341

 
6,644

 
—

 
55,985

Change in short-term borrowings
—

 
2,901

 
7,001

 
—

 
9,902

Net change in short-term borrowings and other advances—intercompany
(6,507
)
 
7,040

 
(533
)
 
—

 
—

Capital contributions from (to) parent
—

—

—

 
—

 
—

 
—

Other financing activities
(406
)
 
(119
)
 
119

 
—

 
(406
)
Net cash provided by (used in) financing activities of continuing operations
$
(5,461
)
 
$
59,789

 
$
137,030

 
$
—

 
$
191,358

Effect of exchange rate changes on cash and due from banks
$
—

 
$
—

 
$
(967
)
 
$
—

 
$
(967
)
Change in cash and due from banks and deposits with banks

$
(6
)


$
3,057


$
88,950


$
—

 
$
92,001

Cash and due from banks and deposits with banks at beginning of period
3,021

 
16,441

 
174,457

 
—

 
193,919

Cash and due from banks and deposits with banks at end of period
$
3,015

 
$
19,498

 
$
263,407

 
$
—

 
$
285,920

Cash and due from banks
$
15

 
$
4,525

 
$
19,215

 
$
—

 
$
23,755

Deposits with banks, net of allowance
3,000

 
14,973

 
244,192

 
—

 
262,165

Cash and due from banks and deposits with banks at end of period
$
3,015

 
$
19,498

 
$
263,407

 
$
—

 
$
285,920

Supplemental disclosure of cash flow information for continuing operations
 
 
 
 
 
 
 
 
 
Cash paid during the period for income taxes
$
16

 
$
78

 
$
1,347

 
$
—

 
$
1,441

Cash paid during the period for interest
998

 
1,983

 
2,443

 
—

 
5,424

Non-cash investing activities
 
 
 
 
 
 
 
 
 
Transfers to loans HFS from loans
$
—

 
$
—

 
$
224

 
$
—

 
$
224

Condensed Consolidating Statement of Cash Flows
 
Three Months Ended March 31, 2019
In millions of dollars
Citigroup parent company
 
CGMHI
 
Other Citigroup subsidiaries and eliminations
 
Consolidating adjustments
 
Citigroup consolidated
Net cash provided by (used in) operating activities of continuing operations
$
10,950

 
$
(30,786
)
 
$
(17,780
)
 
$
—

 
$
(37,616
)
Cash flows from investing activities of continuing operations
 
 
 
 
 
 
 
 


Purchases of investments
$
—

 
$
—

 
$
(69,673
)
 
$
—

 
$
(69,673
)
Proceeds from sales of investments
—

 
—

 
31,436

 
—

 
31,436

Proceeds from maturities of investments
—

 
—

 
47,363

 
—

 
47,363

Change in loans
—

 
—

 
(892
)
 
—

 
(892
)
Proceeds from sales and securitizations of loans
—

 
—

 
2,062

 
—

 
2,062

Proceeds from significant disposals
—

 
—

 
—

 
—

 
—

Change in securities borrowed and purchased under agreements to resell
—

 
6,748

 
(559
)
 
—

 
6,189

Changes in investments and advances—intercompany
(106
)
 
(6,636
)
 
6,742

 
—

 
—

Other investing activities
—

 
(17
)
 
(425
)
 
—

 
(442
)
Net cash provided by (used in) investing activities of continuing operations
$
(106
)
 
$
95

 
$
16,054

 
$
—

 
$
16,043

Cash flows from financing activities of continuing operations
 
 
 
 
 
 
 
 
 
Dividends paid
$
(1,320
)
 
$
—

 
$
—

 
$
—

 
$
(1,320
)
Redemption of preferred stock
(480
)
 
—

 
—

 
—

 
(480
)
Treasury stock acquired
(4,055
)
 
—

 
—

 
—

 
(4,055
)
Proceeds (repayments) from issuance of long-term debt, net
5,199

 
5,576

 
(1,791
)
 
—

 
8,984

Proceeds (repayments) from issuance of long-term debt—intercompany, net
—

 
(1,295
)
 
1,295

 
—

 
—

Change in deposits
—

 
—

 
17,186

 
—

 
17,186

Change in securities loaned and sold under agreements to repurchase

—

 
15,217

 
(2,613
)
 
—

 
12,604

Change in short-term borrowings
—

 
2,829

 
4,147

 
—

 
6,976

Net change in short-term borrowings and other advances—intercompany
(9,838
)
 
9,125

 
713

 
—

 
—

Other financing activities
(358
)
 
—

 
—

 
—

 
(358
)
Net cash provided by (used in) financing activities of continuing operations
$
(10,852
)
 
$
31,452

 
$
18,937

 
$
—

 
$
39,537

Effect of exchange rate changes on cash and due from banks
$
—

 
$
—

 
$
(176
)
 
$
—

 
$
(176
)
Change in cash and due from banks and deposits with banks

$
(8
)
 
$
761

 
$
17,035

 
$
—

 
$
17,788

Cash and due from banks and deposits with banks at beginning of period
3,020

 
15,677

 
169,408

 
—

 
188,105

Cash and due from banks and deposits with banks at end of period
$
3,012

 
$
16,438

 
$
186,443

 
$
—

 
$
205,893

Cash and due from banks
$
12

—

$
4,916

 
$
19,520

 
$
—

 
$
24,448

Deposits with banks, net of allowance
3,000

 
11,522

 
166,923

 
—

 
181,445

Cash and due from banks and deposits with banks at end of period
$
3,012

 
$
16,438

 
$
186,443

 
$
—

 
$
205,893

Supplemental disclosure of cash flow information for continuing operations
 
 
 
 
 
 
 
 
 
Cash paid (received) during the period for income taxes
$
306

 
$
57

 
$
962

 
$
—

 
$
1,325

Cash paid during the period for interest
956

 
2,694

 
3,281

 
—

 
6,931

Non-cash investing activities
 
 
 
 


 
 
 
 
Transfers to loans HFS from loans
$
—

 
$
—

 
$
2,000

 
$
—

 
$
2,000