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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
 9 Months Ended
Sep. 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 nine months ended September 30, 2020 and 2019, Condensed Consolidating Balance Sheet as of September 30, 2020 and December 31, 2019 and Condensed Consolidating Statement of Cash Flows for the nine months ended September 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 September 30, 2020
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Revenues
Dividends from subsidiaries$2,250 $— $— $(2,250)$— 
Interest revenue— 1,128 12,186 — 13,314 
Interest revenue—intercompany991 153 (1,144)— — 
Interest expense1,267 274 1,280 — 2,821 
Interest expense—intercompany61 416 (477)— — 
Net interest revenue$(337)$591 $10,239 $— $10,493 
Commissions and fees$— $1,494 $1,259 $— $2,753 
Commissions and fees—intercompany— 30 (30)— — 
Principal transactions(169)(3,779)6,456 — 2,508 
Principal transactions—intercompany42 4,350 (4,392)— — 
Other income(90)208 1,430 — 1,548 
Other income—intercompany78 12 (90)— — 
Total non-interest revenues$(139)$2,315 $4,633 $— $6,809 
Total revenues, net of interest expense$1,774 $2,906 $14,872 $(2,250)$17,302 
Provisions for credit losses and for benefits and claims$— $(1)$2,263 $— $2,262 
Operating expenses
Compensation and benefits$(21)$1,165 $4,451 $— $5,595 
Compensation and benefits—intercompany44 — (44)— — 
Other operating5 597 4,767 — 5,369 
Other operating—intercompany4 772 (776)— — 
Total operating expenses$32 $2,534 $8,398 $— $10,964 
Equity in undistributed income of subsidiaries$1,140 $— $— $(1,140)$— 
Income (loss) from continuing operations before income taxes$2,882 $373 $4,211 $(3,390)$4,076 
Provision (benefit) for income taxes(348)165 998 — 815 
Income (loss) from continuing operations$3,230 $208 $3,213 $(3,390)$3,261 
Income (loss) from discontinued operations, net of taxes— — (7)— (7)
Net income before attribution of noncontrolling interests$3,230 $208 $3,206 $(3,390)$3,254 
Noncontrolling interests— — 24 — 24 
Net income (loss)$3,230 $208 $3,182 $(3,390)$3,230 
Comprehensive income
Add: Other comprehensive income (loss)$280 $(51)$(2,178)$2,229 $280 
Total Citigroup comprehensive income (loss)$3,510 $157 $1,004 $(1,161)$3,510 
Add: Other comprehensive income attributable to noncontrolling interests$— $— $19 $— $19 
Add: Net income attributable to noncontrolling interests— — 24 — 24 
Total comprehensive income (loss)$3,510 $157 $1,047 $(1,161)$3,553 
Condensed Consolidating Statements of Income and Comprehensive Income
Nine Months Ended September 30, 2020
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Revenues
Dividends from subsidiaries$2,355 $— $— $(2,355)$— 
Interest revenue— 4,340 40,702 — 45,042 
Interest revenue—intercompany3,202 776 (3,978)— — 
Interest expense3,675 1,795 6,507 — 11,977 
Interest expense—intercompany451 1,819 (2,270)— — 
Net interest revenue$(924)$1,502 $32,487 $— $33,065 
Commissions and fees$— $4,815 $3,892 $— $8,707 
Commissions and fees—intercompany(19)267 (248)— — 
Principal transactions(1,099)(518)13,543 — 11,926 
Principal transactions—intercompany606 4,849 (5,455)— — 
Other income(24)468 3,657 — 4,101 
Other income—intercompany16 38 (54)— — 
Total non-interest revenues$(520)$9,919 $15,335 $— $24,734 
Total revenues, net of interest expense$911 $11,421 $47,822 $(2,355)$57,799 
Provisions for credit losses and for benefits and claims$— $(1)$17,193 $— $17,192 
Operating expenses
Compensation and benefits$112 $3,806 $12,955 $— $16,873 
Compensation and benefits—intercompany119 — (119)— — 
Other operating37 1,789 13,274 — 15,100 
Other operating—intercompany12 1,629 (1,641)— — 
Total operating expenses$280 $7,224 $24,469 $— $31,973 
Equity in undistributed income of subsidiaries$5,615 $— $— $(5,615)$— 
Income (loss) from continuing operations before income taxes$6,246 $4,198 $6,160 $(7,970)$8,634 
Provision (benefit) for income taxes(822)1,217 1,127 — 1,522 
Income (loss) from continuing operations$7,068 $2,981 $5,033 $(7,970)$7,112 
Income (loss) from discontinued operations, net of taxes— — (26)— (26)
Net income before attribution of noncontrolling interests$7,068 $2,981 $5,007 $(7,970)$7,086 
Noncontrolling interests— — 18 — 18 
Net income (loss)$7,068 $2,981 $4,989 $(7,970)$7,068 
Comprehensive income
Add: Other comprehensive income (loss)$3,253 $277 $10,058 $(10,335)$3,253 
Total Citigroup comprehensive income (loss)$10,321 $3,258 $15,047 $(18,305)$10,321 
Add: Other comprehensive income attributable to noncontrolling interests$— $— $7 $— $7 
Add: Net income attributable to noncontrolling interests— — 18 — 18 
Total comprehensive income (loss)$10,321 $3,258 $15,072 $(18,305)$10,346 
Condensed Consolidating Statements of Income and Comprehensive Income
Three Months Ended September 30, 2019
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Revenues
Dividends from subsidiaries$4,829 $— $— $(4,829)$— 
Interest revenue2 2,595 16,580 — 19,177 
Interest revenue—intercompany1,240 502 (1,742)— — 
Interest expense1,214 1,831 4,491 — 7,536 
Interest expense—intercompany246 1,088 (1,334)— — 
Net interest revenue$(218)$178 $11,681 $— $11,641 
Commissions and fees$— $1,296 $1,610 $— $2,906 
Commissions and fees—intercompany(19)39 (20)— — 
Principal transactions(1,535)291 4,046 — 2,802 
Principal transactions—intercompany284 693 (977)— — 
Other income1,213 67 (55)— 1,225 
Other income—intercompany(95)30 65 — — 
Total non-interest revenues$(152)$2,416 $4,669 $— $6,933 
Total revenues, net of interest expense$4,459 $2,594 $16,350 $(4,829)$18,574 
Provisions for credit losses and for benefits and claims$— $— $2,088 $— $2,088 
Operating expenses
Compensation and benefits$(6)$1,277 $4,058 $— $5,329 
Compensation and benefits—intercompany54 — (54)— — 
Other operating(38)571 4,602 — 5,135 
Other operating—intercompany6 625 (631)— — 
Total operating expenses$16 $2,473 $7,975 $— $10,464 
Equity in undistributed income of subsidiaries$328 $— $— $(328)$— 
Income (loss) from continuing operations before income
taxes		$4,771 $121 $6,287 $(5,157)$6,022 
Provision (benefit) for income taxes(142)— 12 1,209 — 1,079 
Income (loss) from continuing operations$4,913 $109 $5,078 $(5,157)$4,943 
Income (loss) from discontinued operations, net of taxes— — (15)— (15)
Net income (loss) before attribution of noncontrolling interests$4,913 $109 $5,063 $(5,157)$4,928 
Noncontrolling interests— — 15 — 15 
Net income (loss) $4,913 $109 $5,048 $(5,157)$4,913 
Comprehensive income
Add: Other comprehensive income (loss) $(932)$41 $2,895 $(2,936)$(932)
Total Citigroup comprehensive income (loss)$3,981 $150 $7,943 $(8,093)$3,981 
Add: Other comprehensive income attributable to noncontrolling interests$— $— — $(33)$— $(33)
Add: Net income attributable to noncontrolling interests— — 15 — 15 
Total comprehensive income (loss)$3,981 $150 $7,925 $(8,093)$3,963 
Condensed Consolidating Statements of Income and Comprehensive Income
Nine Months Ended September 30, 2019
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Revenues
Dividends from subsidiaries$19,045 $— $— $(19,045)$— 
Interest revenue2 8,351 49,612 — 57,965 
Interest revenue—intercompany3,892 1,523 (5,415)— — 
Interest expense3,763 5,566 13,286 — 22,615 
Interest expense—intercompany760 3,315 (4,075)— — 
Net interest revenue$(629)$993 $34,986 $— $35,350 
Commissions and fees$— $3,912 $4,801 $— $8,713 
Commissions and fees—intercompany(20)254 (234)— — 
Principal transactions(2,925)399 10,006 — 7,480 
Principal transactions—intercompany1,522 2,054 (3,576)— — 
Other income1,164 664 2,537 — 4,365 
Other income—intercompany(120)86 34 — — 
Total non-interest revenues$(379)$7,369 $13,568 $— $20,558 
Total revenues, net of interest expense$18,037 $8,362 $48,554 $(19,045)$55,908 
Provisions for credit losses and for benefits and claims$— $— $6,161 $— $6,161 
Operating expenses
Compensation and benefits$31 $3,727 $12,610 $— $16,368 
Compensation and benefits—intercompany97 — (97)— — 
Other operating(24)1,664 13,540 — 15,180 
Other operating—intercompany16 1,789 (1,805)— — 
Total operating expenses$120 $7,180 $24,248 $— $31,548 
Equity in undistributed income of subsidiaries$(4,021)$— $— $4,021 $— 
Income (loss) from continuing operations before income
taxes		$13,896 $1,182 $18,145 $(15,024)$18,199 
Provision (benefit) for income taxes(526)160 4,093 — 3,727 
Income (loss) from continuing operations$14,422 $1,022 $14,052 $(15,024)$14,472 
Income (loss) from discontinued operations, net of taxes— — — — — 
Net income (loss) before attribution of noncontrolling interests$14,422 $1,022 $14,052 $(15,024)$14,472 
Noncontrolling interests— — 50 — 50 
Net income (loss)$14,422 $1,022 $14,002 $(15,024)$14,422 
Comprehensive income
Add: Other comprehensive income (loss)$1,035 $(260)$4,628 $(4,368)$1,035 
Total Citigroup comprehensive income (loss)$15,457 $762 $18,630 $(19,392)$15,457 
Add: Other comprehensive income attributable to noncontrolling interests$— $— $(26)$— $(26)
Add: Net income attributable to noncontrolling interests— — 50 — 50 
Total comprehensive income (loss)$15,457 $762 $18,654 $(19,392)$15,481 
Condensed Consolidating Balance Sheet
September 30, 2020
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Assets
Cash and due from banks$— $971 $24,337 $— $25,308 
Cash and due from banks—intercompany12 4,989 (5,001)— — 
Deposits with banks, net of allowance— 4,303 294,084 — 298,387 
Deposits with banks—intercompany3,000 7,135 (10,135)— — 
Securities borrowed and purchased under resale agreements— 228,207 61,151 — 289,358 
Securities borrowed and purchased under resale agreements—intercompany— 24,108 (24,108)— — 
Trading account assets282 211,853 136,074 — 348,209 
Trading account assets—intercompany359 4,713 (5,072)— — 
Investments, net of allowance1 458 447,065 — 447,524 
Loans, net of unearned income— 2,149 664,762 — 666,911 
Loans, net of unearned income—intercompany— — — — — 
Allowance for credit losses on loans (ACLL)— — (26,426)— (26,426)
Total loans, net$— $2,149 $638,336 $— $640,485 
Advances to subsidiaries$150,617 $— $(150,617)$— $— 
Investments in subsidiaries207,335 — — (207,335)— 
Other assets, net of allowance(1)
12,383 66,708 106,097 — 185,188 
Other assets—intercompany5,165 49,896 (55,061)— — 
Total assets$379,154 $605,490 $1,457,150 $(207,335)$2,234,459 
Liabilities and equity
Deposits $— $— $1,262,623 $— $1,262,623 
Deposits—intercompany— — — — — 
Securities loaned and sold under repurchase agreements— 191,425 15,802 — 207,227 
Securities loaned and sold under repurchase agreements—intercompany— 66,606 (66,606)— — 
Trading account liabilities— 101,134 45,856 — 146,990 
Trading account liabilities—intercompany341 5,165 (5,506)— — 
Short-term borrowings22 11,884 25,533 — 37,439 
Short-term borrowings—intercompany— 9,241 (9,241)— — 
Long-term debt168,712 45,595 58,947 — 273,254 
Long-term debt—intercompany— 69,761 (69,761)— — 
Advances from subsidiaries 13,290 — (13,290)— — 
Other liabilities, including allowance2,838 — 55,990 53,503 — 112,331 
Other liabilities—intercompany75 12,795 (12,870)— — 
Stockholders’ equity193,876 35,894 172,160 (207,335)194,595 
Total liabilities and equity$379,154 $605,490 $1,457,150 $(207,335)$2,234,459 

(1)Other assets for Citigroup parent company at September 30, 2020 included $37.0 billion of placements to Citibank and its branches, of which $31.8 billion had a remaining term of less than 30 days.
Condensed Consolidating Balance Sheet
December 31, 2019
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Assets
Cash and due from banks$— $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
Nine Months Ended September 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$3,605 $(36,465)$10,606 $— $(22,254)
Cash flows from investing activities of continuing operations
Purchases of investments$— $— $(276,084)$— $(276,084)
Proceeds from sales of investments— — 130,237 — 130,237 
Proceeds from maturities of investments— — 78,476 — 78,476 
Change in loans— — 23,488 — 23,488 
Proceeds from sales and securitizations of loans— — 924 — 924 
Change in securities borrowed and purchased under agreements to resell— (35,332)(2,704)— (38,036)
Changes in investments and advances—intercompany(5,179)(5,532)10,711 — — 
Other investing activities
— — (2,205)— (2,205)
Net cash provided by (used in) investing activities of continuing operations$(5,179)$(40,864)$(37,157)$— $(83,200)
Cash flows from financing activities of continuing operations
Dividends paid$(4,024)$(168)$168 $— $(4,024)
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, net16,136 6,606 (4,664)— 18,078 
Proceeds (repayments) from issuance of long-term debt—intercompany, net— 1,607 (1,607)— — 
Change in deposits— — 192,033 — 192,033 
Change in securities loaned and sold under agreements to repurchase— 75,977 (35,089)— 40,888 
Change in short-term borrowings— 788 (8,398)— (7,610)
Net change in short-term borrowings and other advances—intercompany(7,214)(6,524)13,738 — — 
Other financing activities(408)— — — (408)
Net cash provided by financing activities of continuing operations$1,565 $78,286 $156,181 $— $236,032 
Effect of exchange rate changes on cash and due from banks$— $— $(802)$— $(802)
Change in cash and due from banks and deposits with banks$(9)$957 $128,828 $— $129,776 
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$3,012 $17,398 $303,285 $— $323,695 
Cash and due from banks$12 $5,960 $19,336 $— $25,308 
Deposits with banks, net of allowance3,000 11,438 283,949 — 298,387 
Cash and due from banks and deposits with banks at end of period$3,012 $17,398 $303,285 $— $323,695 
Supplemental disclosure of cash flow information for continuing operations
Cash paid during the period for income taxes$(1,263)$1,177 $3,923 $— $3,837 
Cash paid during the period for interest
2,507 3,988 5,007 — 11,502 
Non-cash investing activities
Transfers to loans HFS from loans
$— $— $2,122 $— $2,122 
Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 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$23,879 $(51,748)$(7,489)$— $(35,358)
Cash flows from investing activities of continuing operations
Purchases of investments$— $— $(196,733)$— $(196,733)
Proceeds from sales of investments4 — 96,396 — 96,400 
Proceeds from maturities of investments— — 91,656 — 91,656 
Change in loans— — (11,518)— (11,518)
Proceeds from sales and securitizations of loans— — 2,717 — 2,717 
Change in securities borrowed and purchased under agreements to resell— 8,914 645 — 9,559 
Changes in investments and advances—intercompany(2,045)(6,204)8,249 — — 
Other investing activities— (44)(4,129)— (4,173)
Net cash provided by (used in) investing activities of continuing operations$(2,041)$2,666 $(12,717)$— $(12,092)
Cash flows from financing activities of continuing operations
Dividends paid$(4,048)$(155)$155 $— $(4,048)
Issuance of preferred stock1,496 — — — 1,496 
Redemption of preferred stock(480)— — — (480)
Treasury stock acquired(12,495)— — — (12,495)
Proceeds (repayments) from issuance of long-term debt, net(1,122)10,136 (6,738)— 2,276 
Proceeds (repayments) from issuance of long-term debt—intercompany, net— (5,683)5,683 — — 
Change in deposits— — 74,599 — 74,599 
Change in securities loaned and sold under agreements to repurchase— 25,598 (8,319)— 17,279 
Change in short-term borrowings— 5,855 (2,971)— 2,884 
Net change in short-term borrowings and other advances—intercompany(4,834)15,211 (10,377)— — 
Capital contributions from (to) parent— (74)74 — — 
Other financing activities(360)— — — (360)
Net cash provided by (used in) financing activities of continuing operations$(21,843)$50,888 $52,106 $— $81,151 
Effect of exchange rate changes on cash and due from banks$— $— $(1,363)$— $(1,363)
Change in cash and due from banks and deposits with banks$(5)$1,806 $30,537 $— $32,338 
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 $17,483 $199,945 $— $220,443 
Cash and due from banks$15 $5,501 $18,570 $— $24,086 
Deposits with banks, net of allowance3,000 11,982 181,375 — 196,357 
Cash and due from banks and deposits with banks at end of period$3,015 $17,483 $199,945 $— $220,443 
Supplemental disclosure of cash flow information for continuing operations
Cash paid during the period for income taxes$(274)$281 $3,728 $— $3,735 
Cash paid during the period for interest3,107 8,893 10,343 — 22,343 
Non-cash investing activities
Transfers to loans HFS from loans$— $— $4,400 $— $4,400