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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2020 and 2019, Condensed Consolidating Balance Sheet as of June 30, 2020 and December 31, 2019 and Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 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 June 30, 2020
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Revenues
Dividends from subsidiaries$—  $—  $—  $—  $—  
Interest revenue—  1,309  13,280  —  14,589  
Interest revenue—intercompany1,067  282  (1,349) —  —  
Interest expense1,265  380  1,864  —  3,509  
Interest expense—intercompany142  621  (763) —  —  
Net interest revenue$(340) $590  $10,830  $—  $11,080  
Commissions and fees$—  $1,771  $1,162  $—  $2,933  
Commissions and fees—intercompany—  73  (73) —  —  
Principal transactions(258) (2,993) 7,408  —  4,157  
Principal transactions—intercompany62  4,890  (4,952) —  —  
Other income(14) 211  1,399  —  1,596  
Other income—intercompany8  13  (21) —  —  
Total non-interest revenues$(202) $3,965  $4,923  $—  $8,686  
Total revenues, net of interest expense$(542) $4,555  $15,753  $—  $19,766  
Provisions for credit losses and for benefits and claims$—  $1  $7,902  $—  $7,903  
Operating expenses
Compensation and benefits$105  $1,345  $4,174  $—  $5,624  
Compensation and benefits—intercompany1  —  (1) —  —  
Other operating9  594  4,188  —  4,791  
Other operating—intercompany4  375  (379) —  —  
Total operating expenses$119  $2,314  $7,982  $—  $10,415  
Equity in undistributed income of subsidiaries$2,107  $—  $—  $(2,107) $—  
Income (loss) from continuing operations before income taxes$1,446  $2,240  $(131) $(2,107) $1,448  
Provision (benefit) for income taxes130  715  (714) —  131  
Income (loss) from continuing operations$1,316  $1,525  $583  $(2,107) $1,317  
Income (loss) from discontinued operations, net of taxes—  —  (1) —  (1) 
Net income before attribution of noncontrolling interests$1,316  $1,525  $582  $(2,107) $1,316  
Noncontrolling interests—  —  —  —  —  
Net income (loss)$1,316  $1,525  $582  $(2,107) $1,316  
Comprehensive income
Add: Other comprehensive income (loss)$(824) $(1,429) $(1,223) $2,652  $(824) 
Total Citigroup comprehensive income (loss)$492  $96  $(641) $545  $492  
Add: Other comprehensive income attributable to noncontrolling interests$—  $—  $39  $—  $39  
Add: Net income attributable to noncontrolling interests—  —  —  —  —  
Total comprehensive income (loss)$492  $96  $(602) $545  $531  
Condensed Consolidating Statements of Income and Comprehensive Income
Six Months Ended June 30, 2020
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Revenues
Dividends from subsidiaries$105  $—  $—  $(105) $—  
Interest revenue—  3,212  28,516  —  31,728  
Interest revenue—intercompany2,211  623  (2,834) —  —  
Interest expense2,408  1,521  5,227  —  9,156  
Interest expense—intercompany390  1,403  (1,793) —  —  
Net interest revenue$(587) $911  $22,248  $—  $22,572  
Commissions and fees$—  $3,321  $2,633  $—  $5,954  
Commissions and fees—intercompany(19) 237  (218) —  —  
Principal transactions(930) 3,261  7,087  —  9,418  
Principal transactions—intercompany564  499  (1,063) —  —  
Other income66  260  2,227  —  2,553  
Other income—intercompany(62) 26  36  —  —  
Total non-interest revenues$(381) $7,604  $10,702  $—  $17,925  
Total revenues, net of interest expense$(863) $8,515  $32,950  $(105) $40,497  
Provisions for credit losses and for benefits and claims$—  $—  $14,930  $—  $14,930  
Operating expenses
Compensation and benefits$133  $2,641  $8,504  $—  $11,278  
Compensation and benefits—intercompany75  —  (75) —  —  
Other operating32  1,192  8,507  —  9,731  
Other operating—intercompany8  857  (865) —  —  
Total operating expenses$248  $4,690  $16,071  $—  $21,009  
Equity in undistributed income of subsidiaries$4,475  $—  $—  $(4,475) $—  
Income (loss) from continuing operations before income taxes$3,364  $3,825  $1,949  $(4,580) $4,558  
Provision (benefit) for income taxes(474) 1,052  129  —  707  
Income (loss) from continuing operations$3,838  $2,773  $1,820  $(4,580) $3,851  
Income (loss) from discontinued operations, net of taxes—  —  (19) —  (19) 
Net income before attribution of noncontrolling interests$3,838  $2,773  $1,801  $(4,580) $3,832  
Noncontrolling interests—  —  (6) —  (6) 
Net income (loss)$3,838  $2,773  $1,807  $(4,580) $3,838  
Comprehensive income
Add: Other comprehensive income (loss)$2,973  $328  $12,236  $(12,564) $2,973  
Total Citigroup comprehensive income (loss)$6,811  $3,101  $14,043  $(17,144) $6,811  
Add: Other comprehensive income attributable to noncontrolling interests$—  $—  $(12) $—  $(12) 
Add: Net income attributable to noncontrolling interests—  —  (6) —  (6) 
Total comprehensive income (loss)$6,811  $3,101  $14,025  $(17,144) $6,793  
Condensed Consolidating Statements of Income and Comprehensive Income
Three Months Ended June 30, 2019
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Revenues
Dividends from subsidiaries$5,049  $—  $—  $(5,049) $—  
Interest revenue—  3,184  16,528  —  19,712  
Interest revenue—intercompany1,327  518  (1,845) —  —  
Interest expense1,278  1,911  4,573  —  7,762  
Interest expense—intercompany202  1,152  (1,354) —  —  
Net interest revenue$(153) $639  $11,464  $—  $11,950  
Commissions and fees$—  $1,309  $1,572  $—  $2,881  
Commissions and fees—intercompany—  94  (94) —  —  
Principal transactions(565) 1,142  1,297  —  1,874  
Principal transactions—intercompany791  (675) (116) —  —  
Other income(368) 498  1,923  —  2,053  
Other income—intercompany9  14  (23) —  —  
Total non-interest revenues$(133) $2,382  $4,559  $—  $6,808  
Total revenues, net of interest expense$4,763  $3,021  $16,023  $(5,049) $18,758  
Provisions for credit losses and for benefits and claims$—  $—  $2,093  $—  $2,093  
Operating expenses
Compensation and benefits$4  $1,166  $4,211  $—  $5,381  
Compensation and benefits—intercompany17  —  (17) —  —  
Other operating9  540  4,570  —  5,119  
Other operating—intercompany5  582  (587) —  —  
Total operating expenses$35  $2,288  $8,177  $—  $10,500  
Equity in undistributed income of subsidiaries$(146) $—  $—  $146  $—  
Income (loss) from continuing operations before income
taxes		$4,582  $733  $5,753  $(4,903) $6,165  
Provision (benefit) for income taxes(217) —  8  1,582  —  1,373  
Income (loss) from continuing operations$4,799  $725  $4,171  $(4,903) $4,792  
Income (loss) from discontinued operations, net of taxes—  —  17  —  17  
Net income (loss) before attribution of noncontrolling interests$4,799  $725  $4,188  $(4,903) $4,809  
Noncontrolling interests—  —  10  —  10  
Net income (loss) $4,799  $725  $4,178  $(4,903) $4,799  
Comprehensive income
Add: Other comprehensive income (loss) $1,105  $(12) $734  $(722) $1,105  
Total Citigroup comprehensive income (loss)$5,904  $713  $4,912  $(5,625) $5,904  
Add: Other comprehensive income attributable to noncontrolling interests$—  $—  —  $20  $—  $20  
Add: Net income attributable to noncontrolling interests—  —  10  —  10  
Total comprehensive income (loss)$5,904  $713  $4,942  $(5,625) $5,934  
Condensed Consolidating Statements of Income and Comprehensive Income
Six Months Ended June 30, 2019
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Revenues
Dividends from subsidiaries$14,216  $—  $—  $(14,216) $—  
Interest revenue—  5,756  33,032  —  38,788  
Interest revenue—intercompany2,652  1,021  (3,673) —  —  
Interest expense2,549  3,735  8,795  —  15,079  
Interest expense—intercompany514  2,227  (2,741) —  —  
Net interest revenue$(411) $815  $23,305  $—  $23,709  
Commissions and fees$—  $2,616  $3,191  $—  $5,807  
Commissions and fees—intercompany(1) 215  (214) —  —  
Principal transactions(1,390) 108  5,960  —  4,678  
Principal transactions—intercompany1,238  1,361  (2,599) —  —  
Other income(49) 597  2,592  —  3,140  
Other income—intercompany(25) 56  (31) —  —  
Total non-interest revenues$(227) $4,953  $8,899  $—  $13,625  
Total revenues, net of interest expense$13,578  $5,768  $32,204  $(14,216) $37,334  
Provisions for credit losses and for benefits and claims$—  $—  $4,073  $—  $4,073  
Operating expenses
Compensation and benefits$37  $2,450  $8,552  $—  $11,039  
Compensation and benefits—intercompany43  —  (43) —  —  
Other operating14  1,093  8,938  —  10,045  
Other operating—intercompany10  1,164  (1,174) —  —  
Total operating expenses$104  $4,707  $16,273  $—  $21,084  
Equity in undistributed income of subsidiaries$(4,349) $—  $—  $4,349  $—  
Income (loss) from continuing operations before income
taxes		$9,125  $1,061  $11,858  $(9,867) $12,177  
Provision (benefit) for income taxes(384) 148  2,884  —  2,648  
Income (loss) from continuing operations$9,509  $913  $8,974  $(9,867) $9,529  
Income (loss) from discontinued operations, net of taxes—  —  15  —  15  
Net income (loss) before attribution of noncontrolling interests$9,509  $913  $8,989  $(9,867) $9,544  
Noncontrolling interests—  —  35  —  35  
Net income (loss)$9,509  $913  $8,954  $(9,867) $9,509  
Comprehensive income
Add: Other comprehensive income (loss)$1,967  $(301) $1,733  $(1,432) $1,967  
Total Citigroup comprehensive income (loss)$11,476  $612  $10,687  $(11,299) $11,476  
Add: Other comprehensive income attributable to noncontrolling interests$—  $—  $7  $—  $7  
Add: Net income attributable to noncontrolling interests—  —  35  —  35  
Total comprehensive income (loss)$11,476  $612  $10,729  $(11,299) $11,518  
Condensed Consolidating Balance Sheet
June 30, 2020
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Assets
Cash and due from banks$—  $403  $22,486  $—  $22,889  
Cash and due from banks—intercompany23  3,325  (3,348) —  —  
Deposits with banks, net of allowance—  4,784  282,100  —  286,884  
Deposits with banks—intercompany3,000  8,145  (11,145) —  —  
Securities borrowed and purchased under resale agreements—  221,779  61,138  —  282,917  
Securities borrowed and purchased under resale agreements—intercompany—  24,679  (24,679) —  —  
Trading account assets250  223,733  138,328  —  362,311  
Trading account assets—intercompany261  3,786  (4,047) —  —  
Investments, net of allowance1  458  432,794  —  433,253  
Loans, net of unearned income—  2,922  682,370  —  685,292  
Loans, net of unearned income—intercompany—  —  —  —  —  
Allowance for credit losses on loans (ACLL)—  —  (26,420) —  (26,420) 
Total loans, net$—  $2,922  $655,950  $—  $658,872  
Advances to subsidiaries$151,652  $—  $(151,652) $—  $—  
Investments in subsidiaries205,625  —  —  (205,625) —  
Other assets, net of allowance(1)
13,299  64,181  108,109  —  185,589  
Other assets—intercompany3,535  50,952  (54,487) —  —  
Total assets$377,646  $609,147  $1,451,547  $(205,625) $2,232,715  
Liabilities and equity
Deposits $—  $—  $1,233,660  $—  $1,233,660  
Deposits—intercompany—  —  —  —  —  
Securities loaned and sold under repurchase agreements—  199,525  16,197  —  215,722  
Securities loaned and sold under repurchase agreements—intercompany—  51,179  (51,179) —  —  
Trading account liabilities11  100,338  48,915  —  149,264  
Trading account liabilities—intercompany141  2,745  (2,886) —  —  
Short-term borrowings25  12,170  27,961  —  40,156  
Short-term borrowings—intercompany—  16,888  (16,888) —  —  
Long-term debt169,036  44,874  65,865  —  279,775  
Long-term debt—intercompany—  76,880  (76,880) —  —  
Advances from subsidiaries 13,678  —  (13,678) —  —  
Other liabilities, including allowance3,139  59,236  59,461  —  121,836  
Other liabilities—intercompany(6) 9,530  (9,524) —  —  
Stockholders’ equity191,622  35,782  170,523  (205,625) 192,302  
Total liabilities and equity$377,646  $609,147  $1,451,547  $(205,625) $2,232,715  

(1)Other assets for Citigroup parent company at June 30, 2020 included $34.4 billion of placements to Citibank and its branches, of which $29.2 billion had a remaining term of less than 30 days.
Condensed Consolidating Balance Sheet
December 31, 2019
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Assets
Cash and due from banks$—  $586  $23,381  $—  $23,967  
Cash and due from banks—intercompany21  5,095  (5,116) —  —  
Deposits with banks—  4,050  165,902  —  169,952  
Deposits with banks—intercompany3,000  6,710  (9,710) —  —  
Securities borrowed and purchased under resale agreements—  195,537  55,785  —  251,322  
Securities borrowed and purchased under resale agreements—intercompany—  21,446  (21,446) —  —  
Trading account assets286  152,115  123,739  —  276,140  
Trading account assets—intercompany426  5,858  (6,284) —  —  
Investments, net of allowance1  541  368,021  —  368,563  
Loans, net of unearned income—  2,497  696,986  —  699,483  
Loans, net of unearned income—intercompany—  —  —  —  —  
Allowance for credit losses on loans (ACLL)—  —  (12,783) —  (12,783) 
Total loans, net$—  $2,497  $684,203  $—  $686,700  
Advances to subsidiaries$144,587  $—  $(144,587) $—  $—  
Investments in subsidiaries202,116  —  —  (202,116) —  
Other assets, net of allowance(1)
12,377  54,784  107,353  —  174,514  
Other assets—intercompany2,799  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 liabilities1  80,100  39,793  —  119,894  
Trading account liabilities—intercompany379  5,109  (5,488) —  —  
Short-term borrowings66  11,096  33,887  —  45,049  
Short-term borrowings—intercompany—  17,129  (17,129) —  —  
Long-term debt150,477  39,578  58,705  —  248,760  
Long-term debt—intercompany—  66,791  (66,791) —  —  
Advances from subsidiaries 20,503  —  (20,503) —  —  
Other liabilities, including allowance937  51,777  53,866  —  106,580  
Other liabilities—intercompany8  8,414  (8,422) —  —  
Stockholders’ equity193,242  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
Six Months Ended June 30, 2020
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Net cash provided by (used in) operating activities of continuing operations$2,857  $(53,782) $31,717  $—  $(19,208) 
Cash flows from investing activities of continuing operations
Purchases of investments$—  $—  $(207,701) $—  $(207,701) 
Proceeds from sales of investments—  —  86,191  —  86,191  
Proceeds from maturities of investments—  —  53,909  —  53,909  
Change in loans—  —  7,943  —  7,943  
Proceeds from sales and securitizations of loans—  —  826  —  826  
Change in securities borrowed and purchased under agreements to resell—  (29,475) (2,120) —  (31,595) 
Changes in investments and advances—intercompany(7,371) (4,890) 12,261  —  —  
Other investing activities
—  —  (1,262) —  (1,262) 
Net cash provided by (used in) investing activities of continuing operations$(7,371) $(34,365) $(49,953) $—  $(91,689) 
Cash flows from financing activities of continuing operations
Dividends paid$(2,679) $—  $—  $—  $(2,679) 
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, net17,353  8,907  (86) —  26,174  
Proceeds (repayments) from issuance of long-term debt—intercompany, net6,815  (6,815) —  —  
Change in deposits—  —  163,070  —  163,070  
Change in securities loaned and sold under agreements to repurchase—  68,650  (19,267) —  49,383  
Change in short-term borrowings—  1,074  (5,967) —  (4,893) 
Net change in short-term borrowings and other advances—intercompany(6,826) 3,035  3,791  —  —  
Capital contributions from (to) parent—  —  —  —  —  —  
Other financing activities(407) (118) 118  —  (407) 
Net cash provided by (used in) financing activities of continuing operations$4,516  $88,363  $134,844  $—  $227,723  
Effect of exchange rate changes on cash and due from banks$—  $—  $(972) $—  $(972) 
Change in cash and due from banks and deposits with banks$2  $216  $115,636  $—  $115,854  
Cash and due from banks and deposits with banks at beginning of period3,021  16,441  174,457  —  193,919  
Cash and due from banks and deposits with banks at end of period$3,023  $16,657  $290,093  $—  $309,773  
Cash and due from banks$23  $3,728  $19,138  $—  $22,889  
Deposits with banks, net of allowance3,000  12,929  270,955  —  286,884  
Cash and due from banks and deposits with banks at end of period$3,023  $16,657  $290,093  $—  $309,773  
Supplemental disclosure of cash flow information for continuing operations
Cash paid during the period for income taxes$39  $174  $2,330  $—  $2,543  
Cash paid during the period for interest
1,757  3,006  3,988  —  8,751  
Non-cash investing activities
Transfers to loans HFS from loans
$—  $—  $1,036  $—  $1,036  
Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2019
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Net cash provided by (used in) operating activities of continuing operations$17,500  $(39,793) $(15,463) $—  $(37,756) 
Cash flows from investing activities of continuing operations
Purchases of investments$—  $—  $(118,132) $—  $(118,132) 
Proceeds from sales of investments4  —  63,591  —  63,595  
Proceeds from maturities of investments—  —  57,684  —  57,684  
Change in loans—  —  (7,803) —  (7,803) 
Proceeds from sales and securitizations of loans—  —  2,249  —  2,249  
Change in securities borrowed and purchased under agreements to resell—  9,511  1,404  —  10,915  
Changes in investments and advances—intercompany(3,336) (10,607) 13,943  —  —  
Other investing activities
—  (32) (3,178) —  (3,210) 
Net cash provided by (used in) investing activities of continuing operations$(3,332) $(1,128) $9,758  $—  $5,298  
Cash flows from financing activities of continuing operations
Dividends paid$(2,650) $—  $—  $—  $(2,650) 
Redemption of preferred stock
(480) —  —  —  (480) 
Treasury stock acquired(7,518) —  —  —  (7,518) 
Proceeds (repayments) from issuance of long-term debt, net5,418  10,817  (2,814) —  13,421  
Proceeds (repayments) from issuance of long-term debt—intercompany, net—  (3,941) 3,941  —  —  
Change in deposits—  —  32,437  —  32,437  
Change in securities loaned and sold under agreements to repurchase—  20,903  (17,538) —  3,365  
Change in short-term borrowings—  4,977  5,119  —  10,096  
Net change in short-term borrowings and other advances—intercompany(8,584) 7,088  1,496  —  —  
Other financing activities(359) —  —  —  (359) 
Net cash provided by (used in) financing activities of continuing operations$(14,173) $39,844  $22,641  $—  $48,312  
Effect of exchange rate changes on cash and due from banks$—  $—  $(716) $—  $(716) 
Change in cash and due from banks and deposits with banks$(5) $(1,077) $16,220  $—  $15,138  
Cash and due from banks and deposits with banks at beginning of period3,020  15,677  169,408  —  188,105  
Cash and due from banks and deposits with banks at end of period$3,015  $14,600  $185,628  $—  $203,243  
Cash and due from banks$15  —  $4,479  $20,503  $—  $24,997  
Deposits with banks, net of allowance3,000  10,121  165,125  —  178,246  
Cash and due from banks and deposits with banks at end of period$3,015  $14,600  $185,628  $—  $203,243  
Supplemental disclosure of cash flow information for continuing operations
Cash paid during the period for income taxes$154  $119  $2,541  $—  $2,814  
Cash paid during the period for interest
1,753  6,577  5,670  —  14,000  
Non-cash investing activities
Transfers to loans HFS from loans$—  $—  $3,600  $—  $3,600