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ALLOWANCE FOR CREDIT LOSSES
 6 Months Ended
Jun. 30, 2020
Loans and Leases Receivable Disclosure [Abstract]  
ALLOWANCE FOR CREDIT LOSSES ALLOWANCE FOR CREDIT LOSSES
 
Three Months Ended June 30,Six Months Ended June 30,
In millions of dollars2020201920202019
Allowance for credit losses on loans (ACLL) at beginning of period$20,841  $12,329  $12,783  $12,315  
Adjustment to opening balance for CECL adoption(1)
—  —  4,201  —  
Adjusted ACLL at beginning of period$20,841  $12,329  $16,984  $12,315  
Gross credit losses on loans$(2,528) $(2,354) $(5,007) $(4,699) 
Gross recoveries on loans(2)
322  391  693  788  
Net credit losses on loans (NCLs) $(2,206) $(1,963) $(4,314) $(3,911) 
NCLs$2,206  $1,963  $4,314  $3,911  
Net reserve builds (releases) for loans(3)
4,856  53  8,968  120  
Net specific reserve builds (releases) for loans634  73  858  2  
Total provision for credit losses on loans (PCLL)$7,696  $2,089  $14,140  $4,033  
Initial allowance for credit losses on newly purchased credit
deteriorated assets during the period		—  —  4—  
Other, net (see table below)89  11  (394) 29  
ACLL at end of period$26,420  $12,466  $26,420  $12,466  
Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period(4)
$1,813  $1,391  $1,456  $1,367  
Adjustment to opening balance for CECL adoption(1)
—  —  (194) —  
Provision (release) for credit losses on unfunded lending commitments113  (15) 670  9  
Other, net(5)
(67) —  (73) —  
ACLUC at end of period(4)
$1,859  $1,376  $1,859  $1,376  
Total allowance for credit losses on loans, leases and unfunded lending commitments$28,279  $13,842  $28,279  $13,842  
Other, net detailsThree Months Ended June 30,Six Months Ended June 30,
Sales or transfers of various consumer loan portfolios to HFS$(1) $(4) $(4) $(4) 
FX translation(6)
88  13  (395) 39  
Other2  2  5  (6) 
Other, net$89  $11  $(394) $29  

(1)See Note 1 to the Consolidated Financial Statements for further discussion on the impact of Citi’s adoption of CECL.
(2)Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful.
(3)During the second quarter of 2020, Citi updated its ACLL estimate of lifetime credit losses resulting from a change in accounting for variable post-charge-off third-party agency collection costs in its U.S. Consumer businesses. After June 30, 2020, these costs will be recorded as operating expenses for future periods as they are incurred. The impact of this change in estimate effected by a change in accounting principle resulted in an approximate $426 million reduction in Citi's estimated ACLL at June 30, 2020.
(4)Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet.
(5)At June 30, 2020, the Corporate ACLUC includes a non-provision transfer of $68 million, representing reserves on performance guarantees as of March 31, 2020. The reserves on these contracts have been reclassified out of the allowance for credit losses on unfunded lending commitments and into other liabilities as of June 30, 2020.
(6)Primarily related to consumer. The corporate allowance is predominantly sourced in U.S. dollars.
Allowance for Credit Losses and End-of-Period Loans
Three Months Ended
June 30, 2020June 30, 2019
In millions of dollarsCorporateConsumerTotalCorporateConsumerTotal
ACLL at beginning of period$3,451  $17,390  $20,841  $2,731  $9,598  $12,329  
Charge-offs(347) (2,181) (2,528) (104) (2,250) (2,354) 
Recoveries23  299  322  15  376  391  
Replenishment of net charge-offs324  1,882  2,206  89  1,874  1,963  
Net reserve builds (releases)2,883  1,973  4,856  50  3  53  
Net specific reserve builds (releases)486  148  634  3  70  73  
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period—  —  —  —  —  —  
Other4  85  89  3  8  11  
Ending balance$6,824  $19,596  $26,420  $2,787  $9,679  $12,466  
Six Months Ended
June 30, 2020June 30, 2019
In millions of dollarsCorporateConsumerTotalCorporateConsumerTotal
ACLL at beginning of period$2,886  $9,897  $12,783  $2,811  $9,504  $12,315  
Adjustment to opening balance for CECL adoption(721) 4,922  4,201  —  —  —  
Charge-offs(485) (4,522) (5,007) (204) (4,495) (4,699) 
Recoveries34  659  693  36  752  788  
Replenishment of net charge-offs451  3,863  4,314  168  3,743  3,911  
Net reserve builds (releases)4,151  4,817  8,968  54  66  120  
Net specific reserve builds (releases)534  324  858  (76) 78  2  
Initial allowance for credit losses on newly purchased credit deteriorated assets during the period—  4  4  —  —  —  
Other(26) (368) (394) (2) 31  29  
Ending balance$6,824  $19,596  $26,420  $2,787  $9,679  $12,466  

June 30, 2020December 31, 2019
In millions of dollarsCorporateConsumerTotalCorporateConsumerTotal
Allowance for credit losses on loans   
Collectively evaluated$6,056  $18,344  $24,400  $2,587  $8,706  $11,293  
Individually evaluated 768  1,247  2,015  299  1,190  1,489  
Purchased credit deteriorated—  5  5  —  1  1  
Total allowance for credit losses on loans$6,824  $19,596  $26,420  $2,886  $9,897  $12,783  
Loans, net of unearned income
Collectively evaluated$394,380  $276,470  $670,850  $383,828  $304,510  $688,338  
Individually evaluated 4,016  4,506  8,522  2,040  4,892  6,932  
Purchased credit deteriorated—  121  121  —  128  128  
Held at fair value5,783  16  5,799  4,067  18  4,085  
Total loans, net of unearned income$404,179  $281,113  $685,292  $389,935  $309,548  $699,483  
Allowance for Credit Losses on AFS Debt Securities
Three Months Ended June 30, 2020
In millions of dollarsForeign governmentCorporateTotal AFS
Allowance for credit losses at beginning of period$—  $—  $—  
Less: Write-offs—  —  —  
Recoveries of amounts written-off—  —  —  
Net credit losses (NCLs)$—  $—  $—  
NCLs$—  $—  $—  
Credit losses on securities without previous credit losses3  5  8  
Total provision for credit losses$3  $5  $8  
Initial allowance on newly purchased credit deteriorated securities during the period—  —  —  
Allowance for credit losses at end of period$3  $5  $8  
Six Months Ended June 30, 2020
In millions of dollarsForeign governmentCorporateTotal AFS
Allowance for credit losses at beginning of period$—  $—  $—  
Adjustment to opening balance for CECL adoption—  —  —  
Less: Write-offs—  —  —  
Recoveries of amounts written-off—  —  —  
Net credit losses (NCLs)$—  $—  $—  
NCLs$—  $—  $—  
Credit losses on securities without previous credit losses3  5  8  
Total provision for credit losses$3  $5  $8  
Initial allowance on newly purchased credit deteriorated securities during the period—  —  —  
Allowance for credit losses at end of period$3  $5  $8  
Allowance for Credit Losses on HTM Debt Securities
Three Months Ended June 30, 2020
In millions of dollarsState and municipalForeign governmentAsset-backedTotal HTM
Allowance for credit losses on HTM debt securities at beginning of period$66  $4  $6  $76  
Net credit losses (NCLs)$—  $—  $—  $—  
NCLs$—  $—  $—  $—  
Net reserve builds (releases)30  2  (1) 31  
Net specific reserve builds (releases)—  —  —  —  
Total provision for credit losses on HTM debt securities$30  $2  $(1) $31  
Other, net$3  $—  $(3) $—  
Initial allowance for credit losses on newly purchased credit deteriorated securities during the period—  —  —  —  
Allowance for credit losses on HTM debt securities at end of period$99  $6  $2  $107  
Six Months Ended June 30, 2020
In millions of dollarsState and municipalForeign governmentAsset-backedTotal HTM
Allowance for credit losses on HTM debt securities at beginning of period$—  $—  $—  $—  
Adjustment to opening balance for CECL adoption61  4  5  70  
Net credit losses (NCLs)$—  $—  $—  $—  
NCLs$—  $—  $—  $—  
Net reserve builds (releases)35  2  —  37  
Net specific reserve builds (releases)—  —  —  —  
Total provision for credit losses on HTM debt securities$35  $2  $—  $37  
Other, net$3  $—  $(3) $—  
Initial allowance for credit losses on newly purchased credit deteriorated securities during the period—  —  —  —  
Allowance for credit losses on HTM debt securities at end of period$99  $6  $2  $107  
Allowance for Credit Losses on Other Assets
Three Months Ended June 30, 2020
In millions of dollarsCash and due from banksDeposits with banksSecurities borrowed and purchased under agreements to resellBrokerage receivables
All other assets(1)
Total
Allowance for credit losses at beginning of period$—  $8  $5  $—  $41  $54  
Net credit losses (NCLs)$—  $—  $—  $—  $—  $—  
NCLs$—  $—  $—  $—  $—  $—  
Net reserve builds (releases)—  10  2  —  36  48  
Total provision for credit losses$—  $10  $2  $—  $36  $48  
Other, net$—  $—  $—  $—  $—  $—  
Allowance for credit losses on Other assets at end of period$—  $18  $7  $—  $77  $102  
Six Months Ended June 30, 2020
In millions of dollarsCash and due from banksDeposits with banksSecurities borrowed and purchased under agreements to resellBrokerage receivables
All other assets(1)
Total
Allowance for credit losses at beginning of period$—  $—  $—  $—  $—  $—  
Adjustment to opening balance for CECL adoption6  14  2  1  3  26  
Net credit losses (NCLs)$—  $—  $—  $—  $—  $—  
NCLs$—  $—  $—  $—  $—  $—  
Net reserve builds (releases)(6) 4  5  (1) 42  44  
Total provision for credit losses$(6) $4  $5  $(1) $42  $44  
Other, net$—  $—  $—  $—  $32  $32  
Allowance for credit losses on Other assets at end of period$—  $18  $7  $—  $77  $102  

(1)Primarily accounts receivables.