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SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information
 20202019
In millions of dollars, except per share amounts
Fourth(1)
Third(2)
Second(2)
First(2)
FourthThirdSecondFirst
Revenues, net of interest expense$16,499 $17,302 $19,766 $20,731 $18,378 $18,574 $18,758 $18,576 
Operating expenses11,104 10,964 10,460 10,643 10,454 10,464 10,500 10,584 
Provisions (release) for credit losses and for benefits
and claims		(46)2,384 8,197 6,960 2,222 2,088 2,093 1,980 
Income from continuing operations before income taxes$5,441 $3,954 $1,109 $3,128 $5,702 $6,022 $6,165 $6,012 
Income taxes(3)
1,116 777 52 580 703 1,079 1,373 1,275 
Income from continuing operations$4,325 $3,177 $1,057 $2,548 $4,999 $4,943 $4,792 $4,737 
Income (loss) from discontinued operations, net of taxes6 (7)(1)(18)(4)(15)17 (2)
Net income before attribution of noncontrolling interests$4,331 $3,170 $1,056 $2,530 $4,995 $4,928 $4,809 $4,735 
Noncontrolling interests22 24 — (6)16 15 10 25 
Citigroup’s net income$4,309 $3,146 $1,056 $2,536 $4,979 $4,913 $4,799 $4,710 
Earnings per share(4)
    
Basic    
Income from continuing operations$1.93 $1.37 $0.38 $1.07 $2.16 $2.09 $1.94 $1.88 
Net income1.93 1.37 0.38 1.06 2.16 2.09 1.95 1.88 
Diluted
Income from continuing operations1.92 1.36 0.38 1.06 2.15 2.08 1.94 1.87 
Net income1.92 1.36 0.38 1.06 2.15 2.07 1.95 1.87 

This Note to the Consolidated Financial Statements is unaudited due to the Company’s individual quarterly results not being subject to an audit.
(1)     As a result of new information Citi received subsequent to December 31, 2020, Citi adjusted downward its fourth quarter of 2020 financial results from those previously reported on January 15, 2021, due to a $390 million increase in operating expenses ($323 million after‐tax) recorded within ICG, resulting from operational losses related to certain legal matters. The downward adjustment lowered Citigroup’s fourth quarter net income from $4.6 billion to $4.3 billion and earnings per diluted share from $2.08 to $1.92.
(2)    In the fourth quarter of 2020, Citi revised the second quarter accounting conclusion for its variable post-charge-off third-party collection costs from a “change in accounting estimate effected by a change in accounting principle” to a “change in accounting principle,” which requires an adjustment to January 1, 2020 opening retained earnings, rather than net income. As a result, Citi’s full-year and quarterly results for 2020 have been revised to reflect this change as if it were effective as of January 1, 2020. Citi recorded an increase to its beginning retained earnings on January 1, 2020 of $330 million and a decrease of $443 million in its allowance for credit losses on loans, as well as a $113 million increase in other assets related to income taxes, and recorded a decrease of $18 million to its provisions for credit losses on loans in the first quarter and increases of $339 million and $122 million to its provisions for credit losses on loans in the second and third quarters, respectively. In addition, Citi’s operating expenses increased by $49 million and $45 million with a corresponding decrease in net credit losses, in the first and second quarters, respectively. See Note 1 to the Consolidated Financial Statements for additional information.
(3)    The fourth quarter of 2019 includes discrete tax items of roughly $540 million including an approximate $430 million benefit of a reduction in Citi’s valuation allowance related to its DTAs. The third quarter of 2019 includes discrete tax items of roughly $230 million, including an approximate $180 million benefit of a reduction in Citi’s valuation allowance related to its DTAs.
(4)    Certain securities were excluded from the second quarter of 2020 diluted EPS calculation because they were anti-dilutive. Year-to-date EPS will not equal the sum of the individual quarters because the year-to-date EPS calculation is a separate calculation. In addition, due to averaging of shares, quarterly earnings per share may not sum to the totals reported for the full year.