CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed income statement and condensed statement of comprehensive income

	Year ended December 31, 2020
In millions of dollars	Citigroup parent company		CGMHI		Other Citigroup subsidiaries and eliminations		Consolidating adjustments		Citigroup consolidated
Revenues
Dividends from subsidiaries	$	2,355	$	—	$	—	$	(2,355)	$	—
Interest revenue	—		5,364		52,725		—		58,089
Interest revenue—intercompany	4,162		920		(5,082)		—		—
Interest expense	4,992		1,989		7,560		—		14,541
Interest expense—intercompany	502		2,170		(2,672)		—		—
Net interest revenue	$	(1,332)	$	2,125	$	42,755	$	—	$	43,548
Commissions and fees	$	—	$	6,216	$	5,169	$	—	$	11,385
Commissions and fees—intercompany	(36)		290		(254)		—		—
Principal transactions	(1,254)		(4,252)		19,391		—		13,885
Principal transactions—intercompany	693		9,064		(9,757)		—		—
Other revenue	(127)		706		4,901		—		5,480
Other revenue—intercompany	111		23		(134)		—		—
Total non-interest revenues	$	(613)	$	12,047	$	19,316	$	—	$	30,750
Total revenues, net of interest expense	$	410	$	14,172	$	62,071	$	(2,355)	$	74,298
Provisions for credit losses and for benefits and claims	$	—	$	(1)	$	17,496	$	—	$	17,495
Operating expenses
Compensation and benefits	$	(5)	$	4,941	$	17,278	$	—	$	22,214
Compensation and benefits—intercompany	191		—		(191)		—		—
Other operating	37		2,393		18,527		—		20,957
Other operating—intercompany	15		2,317		(2,332)		—		—
Total operating expenses	$	238	$	9,651	$	33,282	$	—	$	43,171
Equity in undistributed income of subsidiaries	$	9,894	$	—	$	—	$	(9,894)	$	—
Income from continuing operations before income taxes	$	10,066	$	4,522	$	11,293	$	(12,249)	$	13,632
Provision (benefit) for income taxes	(981)		1,249		2,257		—		2,525
Income from continuing operations	$	11,047	$	3,273	$	9,036	$	(12,249)	$	11,107
Income (loss) from discontinued operations, net of taxes	—		—		(20)		—		(20)
Net income before attribution of noncontrolling interests	$	11,047	$	3,273	$	9,016	$	(12,249)	$	11,087
Noncontrolling interests	—		—		40		—		40
Net income	$	11,047	$	3,273	$	8,976	$	(12,249)	$	11,047
Comprehensive income
Add: Other comprehensive income (loss)	$	4,260	$	(223)	$	4,244	$	(4,021)	$	4,260
Total Citigroup comprehensive income	$	15,307	$	3,050	$	13,220	$	(16,270)	$	15,307
Add: Other comprehensive income attributable to noncontrolling interests	$	—	$	—	$	26	$	—	$	26
Add: Net income attributable to noncontrolling interests	—		—		40		—		40
Total comprehensive income	$	15,307	$	3,050	$	13,286	$	(16,270)	$	15,373

	Year ended December 31, 2019
In millions of dollars	Citigroup parent company		CGMHI		Other Citigroup subsidiaries and eliminations		Consolidating adjustments		Citigroup consolidated
Revenues
Dividends from subsidiaries	$	23,347	$	—	$	—	$	(23,347)	$	—
Interest revenue	—		10,661		65,849		—		76,510
Interest revenue—intercompany	5,091		1,942		(7,033)		—		—
Interest expense	4,949		7,010		17,204		—		29,163
Interest expense—intercompany	1,038		4,243		(5,281)		—		—
Net interest revenue	$	(896)	$	1,350	$	46,893	$	—	$	47,347
Commissions and fees	$	—	$	5,265	$	6,481	$	—	$	11,746
Commissions and fees—intercompany	(21)		354		(333)		—		—
Principal transactions	(2,537)		277		11,152		—		8,892
Principal transactions—intercompany	1,252		2,464		(3,716)		—		—
Other revenue	767		832		4,702		—		6,301
Other revenue—intercompany	(55)		102		(47)		—		—
Total non-interest revenues	$	(594)	$	9,294	$	18,239	$	—	$	26,939
Total revenues, net of interest expense	$	21,857	$	10,644	$	65,132	$	(23,347)	$	74,286
Provisions for credit losses and for benefits and claims	$	—	$	—	$	8,383	$	—	$	8,383
Operating expenses
Compensation and benefits	$	32	$	4,680	$	16,721	$	—	$	21,433
Compensation and benefits—intercompany	134		—		(134)		—		—
Other operating	(16)		2,326		18,259		—		20,569
Other operating—intercompany	20		2,410		(2,430)		—		—
Total operating expenses	$	170	$	9,416	$	32,416	$	—	$	42,002
Equity in undistributed income of subsidiaries	$	(3,620)	$	—	$	—	$	3,620	$	—
Income from continuing operations before income taxes	$	18,067	$	1,228	$	24,333	$	(19,727)	$	23,901
Provision (benefit) for income taxes	(1,334)		176		5,588		—		4,430
Income from continuing operations	$	19,401	$	1,052	$	18,745	$	(19,727)	$	19,471
Income (loss) from discontinued operations, net of taxes	—		—		(4)		—		(4)
Net income (loss) before attribution of noncontrolling interests	$	19,401	$	1,052	$	18,741	$	(19,727)	$	19,467
Noncontrolling interests	—		—		66		—		66
Net income	$	19,401	$	1,052	$	18,675	$	(19,727)	$	19,401
Comprehensive income
Add: Other comprehensive income (loss)	$	852	$	(651)	$	1,600	$	(949)	$	852
Total Citigroup comprehensive income	$	20,253	$	401	$	20,275	$	(20,676)	$	20,253
Add: Other comprehensive income attributable to noncontrolling interests	$	—	$	—	$	—	$	—	$	—
Add: Net income attributable to noncontrolling interests	—		—		66		—		66
Total comprehensive income	$	20,253	$	401	$	20,341	$	(20,676)	$	20,319

	Year ended December 31, 2018
In millions of dollars	Citigroup parent company		CGMHI		Other Citigroup subsidiaries and eliminations		Consolidating adjustments		Citigroup consolidated
Revenues
Dividends from subsidiaries	$	22,854	$	—	$	—	$	(22,854)	$	—
Interest revenue	67		8,732		62,029		—		70,828
Interest revenue—intercompany	4,933		1,659		(6,592)		—		—
Interest expense	4,783		5,430		14,053		—		24,266
Interest expense—intercompany	1,198		3,539		(4,737)		—		—
Net interest revenue	$	(981)	$	1,422	$	46,121	$	—	$	46,562
Commissions and fees	$	—	$	5,146	$	6,711	$	—	$	11,857
Commissions and fees—intercompany	(2)		237		(235)		—		—
Principal transactions	(1,310)		1,599		8,616		—		8,905
Principal transactions—intercompany	(929)		1,328		(399)		—		—
Other revenue	1,373		710		3,447		—		5,530
Other revenue—intercompany	(107)		143		(36)		—		—
Total non-interest revenues	$	(975)	$	9,163	$	18,104	$	—	$	26,292
Total revenues, net of interest expense	$	20,898	$	10,585	$	64,225	$	(22,854)	$	72,854
Provisions for credit losses and for benefits and claims	$	—	$	(22)	$	7,590	$	—	$	7,568
Operating expenses
Compensation and benefits	$	4	$	4,484	$	16,666	$	—	$	21,154
Compensation and benefits—intercompany	115		—		(115)		—		—
Other operating	(192)		2,224		18,655		—		20,687
Other operating—intercompany	49		2,312		(2,361)		—		—
Total operating expenses	$	(24)	$	9,020	$	32,845	$	—	$	41,841
Equity in undistributed income of subsidiaries	$	(2,163)	$	—	$	—	$	2,163	$	—
Income from continuing operations before income taxes	$	18,759	$	1,587	$	23,790	$	(20,691)	$	23,445
Provision (benefit) for income taxes	714		1,123		3,520		—		5,357
Income from continuing operations	$	18,045	$	464	$	20,270	$	(20,691)	$	18,088
Income (loss) from discontinued operations, net of taxes	—		—		(8)		—		(8)
Net income before attribution of noncontrolling interests	$	18,045	$	464	$	20,262	$	(20,691)	$	18,080
Noncontrolling interests	—		—		35		—		35
Net income	$	18,045	$	464	$	20,227	$	(20,691)	$	18,045
Comprehensive income
Add: Other comprehensive income (loss)	$	(2,499)	$	257	$	3,500	$	(3,757)	$	(2,499)
Total Citigroup comprehensive income	$	15,546	$	721	$	23,727	$	(24,448)	$	15,546
Add: Other comprehensive income attributable to noncontrolling interests	$	—	$	—	$	(43)	$	—	$	(43)
Add: Net income attributable to noncontrolling interests	—		—		35		—		35
Total comprehensive income	$	15,546	$	721	$	23,719	$	(24,448)	$	15,538

Condensed balance sheet

	December 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	$	—	$	628	$	25,721	$	—	$	26,349
Cash and due from banks—intercompany	16		6,081		(6,097)		—		—
Deposits with banks, net of allowance	—		5,224		278,042		—		283,266
Deposits with banks—intercompany	4,500		8,179		(12,679)		—		—
Securities borrowed and purchased under resale agreements	—		238,718		55,994		—		294,712
Securities borrowed and purchased under resale agreements—intercompany	—		24,309		(24,309)		—		—
Trading account assets	307		222,278		152,494		—		375,079
Trading account assets—intercompany	723		9,400		(10,123)		—		—
Investments, net of allowance	1		374		446,984		—		447,359
Loans, net of unearned income	—		2,524		673,359		—		675,883
Loans, net of unearned income—intercompany	—		—		—		—		—
Allowance for credit losses on loans (ACLL)	—		—		(24,956)		—		(24,956)
Total loans, net	$	—	$	2,524	$	648,403	$	—	$	650,927
Advances to subsidiaries	$	152,383	$	—	$	(152,383)	$	—	$	—
Investments in subsidiaries	213,267		—		—		(213,267)		—
Other assets, net of allowance(1)	12,156		60,273		109,969		—		182,398
Other assets—intercompany	2,781		51,489		(54,270)		—		—
Total assets	$	386,134	$	629,477	$	1,457,746	$	(213,267)	$	2,260,090
Liabilities and equity
Deposits	$	—	$	—	$	1,280,671	$	—	$	1,280,671
Deposits—intercompany	—		—		—		—		—
Securities loaned and sold under repurchase agreements	—		184,786		14,739		—		199,525
Securities loaned and sold under repurchase agreements—intercompany	—		76,590		(76,590)		—		—
Trading account liabilities	—		113,100		54,927		—		168,027
Trading account liabilities—intercompany	397		8,591		(8,988)		—		—
Short-term borrowings	—		12,323		17,191		—		29,514
Short-term borrowings—intercompany	—		12,757		(12,757)		—		—
Long-term debt	170,563		47,732		53,391		—		271,686
Long-term debt—intercompany	—		67,322		(67,322)		—		—
Advances from subsidiaries	12,975		—		(12,975)		—		—
Other liabilities, including allowance	2,692		55,217		52,558		—		110,467
Other liabilities—intercompany	65		15,378		(15,443)		—		—
Stockholders’ equity	199,442		35,681		178,344		(213,267)		200,200
Total liabilities and equity	$	386,134	$	629,477	$	1,457,746	$	(213,267)	$	2,260,090

(1)Other assets for Citigroup parent company at December 31, 2020 included $29.5 billion of placements to Citibank and its branches, of which $24.3 billion had a remaining term of less than 30 days.

	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, net of allowance	—		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 cash flow statement

	Year ended December 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	$	5,002	$	(26,195)	$	572	$	—	$	(20,621)
Cash flows from investing activities of continuing operations
Purchases of investments	$	—	$	—	$	(334,900)	$	—	$	(334,900)
Proceeds from sales of investments	—		—		146,285		—		146,285
Proceeds from maturities of investments	—		—		124,229		—		124,229
Change in loans	—		—		14,249		—		14,249
Proceeds from sales and securitizations of loans	—		—		1,495		—		1,495
Change in securities borrowed and purchased under agreements to resell	—		(46,044)		2,654		—		(43,390)
Changes in investments and advances—intercompany	(5,584)		(6,917)		12,501		—		—
Other investing activities	—		(54)		(3,226)		—		(3,280)
Net cash used in investing activities of continuing operations	$	(5,584)	$	(53,015)	$	(36,713)	$	—	$	(95,312)
Cash flows from financing activities of continuing operations
Dividends paid	$	(5,352)	$	(172)	$	172	$	—	$	(5,352)
Issuance of preferred stock	2,995		—		—		—		2,995
Redemption of preferred stock	(1,500)		—		—		—		(1,500)
Treasury stock acquired	(2,925)		—		—		—		(2,925)
Proceeds (repayments) from issuance of long-term debt, net	16,798		6,349		(10,091)		—		13,056
Proceeds (repayments) from issuance of long-term debt—intercompany, net	—		3,960		(3,960)		—		—
Change in deposits	—		—		210,081		—		210,081
Change in securities loaned and sold under agreements to repurchase	—		79,322		(46,136)		—		33,186
Change in short-term borrowings	—		1,228		(16,763)		—		(15,535)
Net change in short-term borrowings and other advances—intercompany	(7,528)		(7,806)		15,334		—		—
Capital contributions from (to) parent	—		—		—		—		—
Other financing activities	(411)		—		—		—		(411)
Net cash provided by financing activities of continuing operations	$	2,077	$	82,881	$	148,637	$	—	$	233,595
Effect of exchange rate changes on cash and due from banks	$	—	$	—	$	(1,966)	$	—	$	(1,966)
Change in cash and due from banks and deposits with banks	$	1,495	$	3,671	$	110,530	$	—	$	115,696
Cash and due from banks and deposits with banks at beginning of year	3,021		16,441		174,457		—		193,919
Cash and due from banks and deposits with banks at end of year	$	4,516	$	20,112	$	284,987	$	—	$	309,615
Cash and due from banks	$	16	$	6,709	$	19,624	$	—	$	26,349
Deposits with banks, net of allowance	4,500		13,403		265,363		—		283,266
Cash and due from banks and deposits with banks at end of year	$	4,516	$	20,112	$	284,987	$	—	$	309,615
Supplemental disclosure of cash flow information for continuing operations
Cash paid during the year for income taxes	$	(1,883)	$	1,138	$	5,542	$	—	$	4,797
Cash paid during the year for interest	2,681		4,516		6,101		—		13,298
Non-cash investing activities
Transfers to loans HFS from loans	$	—	$	—	$	2,614	$	—	$	2,614

	Year ended December 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	$	25,011	$	(35,396)	$	(2,452)	$	—	$	(12,837)
Cash flows from investing activities of continuing operations
Purchases of investments	$	—	$	—	$	(274,491)	$	—	$	(274,491)
Proceeds from sales of investments	5		—		137,168		—		137,173
Proceeds from maturities of investments	—		—		119,051		—		119,051
Change in loans	—		—		(22,466)		—		(22,466)
Proceeds from sales and securitizations of loans	—		—		2,878		—		2,878
Change in securities borrowed and purchased under agreements to resell	—		15,811		3,551		—		19,362
Changes in investments and advances—intercompany	(1,847)		(870)		2,717		—		—
Other investing activities	—		(64)		(4,817)		—		(4,881)
Net cash provided by (used in) investing activities of continuing operations	$	(1,842)	$	14,877	$	(36,409)	$	—	$	(23,374)
Cash flows from financing activities of continuing operations
Dividends paid	$	(5,447)	$	—	$	—	$	—	$	(5,447)
Issuance of preferred stock	1,496		—		—		—		1,496
Redemption of preferred stock	(1,980)		—		—		—		(1,980)
Treasury stock acquired	(17,571)		—		—		—		(17,571)
Proceeds from issuance of long-term debt, net	1,666		10,389		(3,950)		—		8,105
Proceeds (repayments) from issuance of long-term debt—intercompany, net	—		(7,177)		7,177		—		—
Change in deposits	—		—		57,420		—		57,420
Change in securities loaned and sold under agreements to repurchase	—		5,115		(16,544)		—		(11,429)
Change in short-term borrowings	—		7,440		5,263		—		12,703
Net change in short-term borrowings and other advances—intercompany	(968)		5,843		(4,875)		—		—
Capital contributions from (to) parent	—		(74)		74		—		—
Other financing activities	(364)		(253)		253		—		(364)
Net cash provided by (used in) financing activities of continuing operations	$	(23,168)	$	21,283	$	44,818	$	—	$	42,933
Effect of exchange rate changes on cash and due from banks	$	—	$	—	$	(908)	$	—	$	(908)
Change in cash and due from banks and deposits with banks	$	1	$	764	$	5,049	$	—	$	5,814
Cash and due from banks and deposits with banks at beginning of year	3,020		15,677		169,408		—		188,105
Cash and due from banks and deposits with banks at end of year	$	3,021	$	16,441	$	174,457	$	—	$	193,919
Cash and due from banks	$	21	$	5,681	$	18,265	$	—	$	23,967
Deposits with banks, net of allowance	3,000		10,760		156,192		—		169,952
Cash and due from banks and deposits with banks at end of year	$	3,021	$	16,441	$	174,457	$	—	$	193,919
Supplemental disclosure of cash flow information for continuing operations
Cash paid (received) during the year for income taxes	$	(393)	$	418	$	4,863	$	—	$	4,888
Cash paid during the year for interest	3,820		12,664		12,198		—		28,682
Non-cash investing activities
Transfers to loans HFS from loans	$	—	$	—	$	5,500	$	—	$	5,500

	Year ended December 31, 2018
In millions of dollars	Citigroup parent company		CGMHI		Other Citigroup subsidiaries and eliminations		Consolidating adjustments		Citigroup consolidated
Net cash provided by operating activities of continuing operations	$	21,314	$	13,287	$	2,351	$	—	$	36,952
Cash flows from investing activities of continuing operations
Purchases of investments	$	(7,955)	$	(18)	$	(144,514)	$	—	$	(152,487)
Proceeds from sales of investments	7,634		3		53,854		—		61,491
Proceeds from maturities of investments	—		—		83,604		—		83,604
Change in loans	—		—		(29,002)		—		(29,002)
Proceeds from sales and securitizations of loans	—		—		4,549		—		4,549
Proceeds from significant disposals	—		—		314		—		314
Change in securities borrowed and purchased under agreements to resell	—		(34,018)		(4,188)		—		(38,206)
Changes in investments and advances—intercompany	(5,566)		(832)		6,398		—		—
Other investing activities	556		(59)		(3,878)		—		(3,381)
Net cash used in investing activities of continuing operations	$	(5,331)	$	(34,924)	$	(32,863)	$	—	$	(73,118)
Cash flows from financing activities of continuing operations
Dividends paid	$	(5,020)	$	—	$	—	$	—	$	(5,020)
Redemption of preferred stock	(793)		—		—		—		(793)
Treasury stock acquired	(14,433)		—		—		—		(14,433)
Proceeds (repayments) from issuance of long-term debt, net	(5,099)		10,278		(2,656)		—		2,523
Proceeds (repayments) from issuance of long-term debt—intercompany, net	—		10,708		(10,708)		—		—
Change in deposits	—		—		53,348		—		53,348
Change in securities loaned and sold under agreements to repurchase	—		23,454		(1,963)		—		21,491
Change in short-term borrowings	32		88		(12,226)		—		(12,106)
Net change in short-term borrowings and other advances—intercompany	1,819		(19,111)		17,292		—		—
Capital contributions from (to) parent	—		(798)		798		—		—
Other financing activities	(482)		—		—		—		(482)
Net cash provided by (used in) financing activities of continuing operations	$	(23,976)	$	24,619	$	43,885	$	—	$	44,528
Effect of exchange rate changes on cash and due from banks	$	—	$	—	$	(773)	$	—	$	(773)
Change in cash and due from banks and deposits with banks	$	(7,993)	$	2,982	$	12,600	$	—	$	7,589
Cash and due from banks and deposits with banks at beginning of year	11,013		12,695		156,808		—		180,516
Cash and due from banks and deposits with banks at end of year	$	3,020	$	15,677	$	169,408	$	—	$	188,105
Cash and due from banks	$	20	$	4,234	$	19,391	$	—	$	23,645
Deposits with banks, net of allowance	3,000		11,443		150,017		—		164,460
Cash and due from banks and deposits with banks at end of year	$	3,020	$	15,677	$	169,408	$	—	$	188,105
Supplemental disclosure of cash flow information for continuing operations
Cash paid during the year for income taxes	$	(783)	$	458	$	4,638	$	—	$	4,313
Cash paid during the year for interest	3,854		8,671		10,438		—		22,963
Non-cash investing activities
Transfers to loans HFS from loans	$	—	$	—	$	4,200	$	—	$	4,200