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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
 3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
Citigroup previously amended its Registration Statement on Form S-3 on file with the SEC (File No. 33-192302), which added 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 months ended March 31, 2021 and 2020, Condensed Consolidating Balance Sheet as of March 31, 2021 and December 31, 2020 and Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2021 and 2020 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 March 31, 2021
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Revenues
Dividends from subsidiaries$100 $— $— $(100)$— 
Interest revenue— 971 11,563 — 12,534 
Interest revenue—intercompany958 145 (1,103)— — 
Interest expense1,212 223 933 — 2,368 
Interest expense—intercompany84 329 (413)— — 
Net interest revenue$(338)$564 $9,940 $— $10,166 
Commissions and fees$— $2,161 $1,509 $— $3,670 
Commissions and fees—intercompany(26)47 (21)— — 
Principal transactions1,769 5,658 (3,514)— 3,913 
Principal transactions—intercompany(1,878)(4,238)6,116 — — 
Other revenue55 103 1,420 — 1,578 
Other revenue—intercompany(64)(20)84 — — 
Total non-interest revenues$(144)$3,711 $5,594 $— $9,161 
Total revenues, net of interest expense$(382)$4,275 $15,534 $(100)$19,327 
Provisions for credit losses and for benefits and claims$— $4 $(2,059)$— $(2,055)
Operating expenses
Compensation and benefits$28 $1,334 $4,639 $— $6,001 
Compensation and benefits—intercompany24 — (24)— — 
Other operating11 642 4,419 — 5,072 
Other operating—intercompany3 680 (683)— — 
Total operating expenses$66 $2,656 $8,351 $— $11,073 
Equity in undistributed income of subsidiaries$8,173 $— $— $(8,173)$— 
Income (loss) from continuing operations before income taxes$7,725 $1,615 $9,242 $(8,273)$10,309 
Provision (benefit) for income taxes(217)452 2,097 — 2,332 
Income (loss) from continuing operations$7,942 $1,163 $7,145 $(8,273)$7,977 
Income (loss) from discontinued operations, net of taxes— — (2)— (2)
Net income before attribution of noncontrolling interests$7,942 $1,163 $7,143 $(8,273)$7,975 
Noncontrolling interests— — 33 — 33 
Net income (loss)$7,942 $1,163 $7,110 $(8,273)$7,942 
Comprehensive income
Add: Other comprehensive income (loss)$(2,953)$(50)$537 $(487)$(2,953)
Total Citigroup comprehensive income (loss)$4,989 $1,113 $7,647 $(8,760)$4,989 
Add: Other comprehensive income attributable to noncontrolling interests$— $— $(58)$— $(58)
Add: Net income attributable to noncontrolling interests— — 33 — 33 
Total comprehensive income (loss)$4,989 $1,113 $7,622 $(8,760)$4,964 
Condensed Consolidating Statements of Income and Comprehensive Income
Three Months Ended March 31, 2020
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Revenues
Dividends from subsidiaries$105 $— $— $(105)$— 
Interest revenue— 1,903 15,236 — 17,139 
Interest revenue—intercompany1,144 341 (1,485)— — 
Interest expense1,143 1,141 3,363 — 5,647 
Interest expense—intercompany248 782 (1,030)— — 
Net interest revenue$(247)$321 $11,418 $— $11,492 
Commissions and fees$— $1,550 $1,471 $— $3,021 
Commissions and fees—intercompany(19)164 (145)— — 
Principal transactions(672)6,254 (321)— 5,261 
Principal transactions—intercompany502 (4,391)3,889 — — 
Other revenue80 49 828 — 957 
Other revenue—intercompany(70)13 57 — — 
Total non-interest revenues$(179)$3,639 $5,779 $— $9,239 
Total revenues, net of interest expense$(321)$3,960 $17,197 $(105)$20,731 
Provisions for credit losses and for benefits and claims$— $(1)$6,961 $— $6,960 
Operating expenses
Compensation and benefits$28 $1,296 $4,330 $— $5,654 
Compensation and benefits—intercompany74 — (74)— — 
Other operating23 598 4,368 — 4,989 
Other operating—intercompany4 482 (486)— — 
Total operating expenses$129 $2,376 $8,138 $— $10,643 
Equity in undistributed income of subsidiaries$2,382 $— $— $(2,382)$— 
Income (loss) from continuing operations before income
taxes		$1,932 $1,585 $2,098 $(2,487)$3,128 
Provision (benefit) for income taxes(604)337 847 — 580 
Income (loss) from continuing operations$2,536 $1,248 $1,251 $(2,487)$2,548 
Income (loss) from discontinued operations, net of taxes— — (18)— (18)
Net income (loss) before attribution of noncontrolling interests$2,536 $1,248 $1,233 $(2,487)$2,530 
Noncontrolling interests— — (6)— (6)
Net income (loss) $2,536 $1,248 $1,239 $(2,487)$2,536 
Comprehensive income
Add: Other comprehensive income (loss) $3,797 $1,757 $13,459 $(15,216)$3,797 
Total Citigroup comprehensive income (loss)$6,333 $3,005 $14,698 $(17,703)$6,333 
Add: Other comprehensive income attributable to noncontrolling interests$— $— $(51)$— $(51)
Add: Net income attributable to noncontrolling interests— — (6)— (6)
Total comprehensive income (loss)$6,333 $3,005 $14,641 $(17,703)$6,276 
Condensed Consolidating Balance Sheet
March 31, 2021
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Assets
Cash and due from banks$— $676 $25,528 $— $26,204 
Cash and due from banks—intercompany11 5,929 (5,940)— — 
Deposits with banks, net of allowance— 5,408 293,070 — 298,478 
Deposits with banks—intercompany3,000 8,833 (11,833)— — 
Securities borrowed and purchased under resale agreements— 258,976 56,096 — 315,072 
Securities borrowed and purchased under resale agreements—intercompany— 25,598 (25,598)— — 
Trading account assets265 222,114 138,280 — 360,659 
Trading account assets—intercompany1,202 11,732 (12,934)— — 
Investments, net of allowance1 235 472,723 — 472,959 
Loans, net of unearned income— 3,442 662,546 — 665,988 
Loans, net of unearned income—intercompany— — — — — 
Allowance for credit losses on loans (ACLL)— — (21,638)— (21,638)
Total loans, net$— $3,442 $640,908 $— $644,350 
Advances to subsidiaries$149,378 $— $(149,378)$— $— 
Investments in subsidiaries218,488 — — (218,488)— 
Other assets, net of allowance(1)
12,591 72,333 111,620 — 196,544 
Other assets—intercompany3,445 54,272 (57,717)— — 
Total assets$388,381 $669,548 $1,474,825 $(218,488)$2,314,266 
Liabilities and equity
Deposits $— $— $1,300,975 $— $1,300,975 
Deposits—intercompany— — — — — 
Securities loaned and sold under repurchase agreements— 201,562 17,606 — 219,168 
Securities loaned and sold under repurchase agreements—intercompany— 63,566 (63,566)— — 
Trading account liabilities32 129,449 49,636 — 179,117 
Trading account liabilities—intercompany1,000 11,181 (12,181)— — 
Short-term borrowings— 12,874 19,213 — 32,087 
Short-term borrowings—intercompany— 12,942 (12,942)— — 
Long-term debt164,099 50,267 41,969 — 256,335 
Long-term debt—intercompany— 72,433 (72,433)— — 
Advances from subsidiaries 17,937 — (17,937)— — 
Other liabilities, including allowance2,695 60,243 60,373 — 123,311 
Other liabilities—intercompany69 18,352 (18,421)— — 
Stockholders’ equity202,549 36,679 182,533 (218,488)203,273 
Total liabilities and equity$388,381 $669,548 $1,474,825 $(218,488)$2,314,266 

(1)Other assets for Citigroup parent company at March 31, 2021 included $31.6 billion of placements to Citibank and its branches, of which $19.4 billion had a remaining term of less than 30 days.
Condensed Consolidating Balance Sheet
December 31, 2020
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Assets
Cash and due from banks$— $628 $25,721 $— $26,349 
Cash and due from banks—intercompany16 6,081 (6,097)— — 
Deposits with banks, net of allowance— 5,224 278,042 — 283,266 
Deposits with banks—intercompany4,500 8,179 (12,679)— — 
Securities borrowed and purchased under resale agreements— 238,718 55,994 — 294,712 
Securities borrowed and purchased under resale agreements—intercompany— 24,309 (24,309)— — 
Trading account assets307 222,278 152,494 — 375,079 
Trading account assets—intercompany723 9,400 (10,123)— — 
Investments, net of allowance1 374 446,984 — 447,359 
Loans, net of unearned income— 2,524 673,359 — 675,883 
Loans, net of unearned income—intercompany— — — — — 
Allowance for credit losses on loans (ACLL)— — (24,956)— (24,956)
Total loans, net$— $2,524 $648,403 $— $650,927 
Advances to subsidiaries$152,383 $— $(152,383)$— $— 
Investments in subsidiaries213,267 — — (213,267)— 
Other assets, net of allowance(1)
12,156 60,273 109,969 — 182,398 
Other assets—intercompany2,781 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—intercompany397 8,591 (8,988)— — 
Short-term borrowings— 12,323 17,191 — 29,514 
Short-term borrowings—intercompany— 12,757 (12,757)— — 
Long-term debt170,563 47,732 53,391 — 271,686 
Long-term debt—intercompany— 67,322 (67,322)— — 
Advances from subsidiaries 12,975 — (12,975)— — 
Other liabilities, including allowance2,692 55,217 52,558 — 110,467 
Other liabilities—intercompany65 15,378 (15,443)— — 
Stockholders’ equity199,442 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 $24.3 billion had a remaining term of less than 30 days.
Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2021
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Net cash provided by (used in) operating activities of continuing operations$(4,966)$12,638 $15,526 $— $23,198 
Cash flows from investing activities of continuing operations
Purchases of investments$— $— $(111,187)$— $(111,187)
Proceeds from sales of investments— — 46,049 — 46,049 
Proceeds from maturities of investments— — 35,088 — 35,088 
Change in loans— — 9,933 — 9,933 
Proceeds from sales and securitizations of loans— — 323 — 323 
Change in securities borrowed and purchased under agreements to resell— (21,547)1,187 — (20,360)
Changes in investments and advances—intercompany1,887 (2,991)1,104 — — 
Other investing activities
— (23)(757)— (780)
Net cash provided by (used in) investing activities of continuing operations$1,887 $(24,561)$(18,260)$— $(40,934)
Cash flows from financing activities of continuing operations
Dividends paid$(1,356)$(115)$115 $— $(1,356)
Issuance of preferred stock
2,300 — — — 2,300 
Redemption of preferred stock
(1,500)— — — (1,500)
Treasury stock acquired(1,481)— — — (1,481)
Proceeds (repayments) from issuance of long-term debt, net(1,039)3,172 (9,049)— (6,916)
Proceeds (repayments) from issuance of long-term debt—intercompany, net— 5,702 (5,702)— — 
Change in deposits— — 20,304 — 20,304 
Change in securities loaned and sold under agreements to repurchase— 3,752 15,891 — 19,643 
Change in short-term borrowings— 551 2,022 — 2,573 
Net change in short-term borrowings and other advances—intercompany4,962 (405)(4,557)— — 
Other financing activities(312)— — — (312)
Net cash provided by financing activities of continuing operations$1,574 $12,657 $19,024 $— $33,255 
Effect of exchange rate changes on cash and due from banks$— $— $(452)$— $(452)
Change in cash and due from banks and deposits with banks$(1,505)$734 $15,838 $— $15,067 
Cash and due from banks and deposits with banks at beginning of period4,516 20,112 284,987 — 309,615 
Cash and due from banks and deposits with banks at end of period$3,011 $20,846 $300,825 $— $324,682 
Cash and due from banks$11 $6,605 $19,588 $— $26,204 
Deposits with banks, net of allowance3,000 14,241 281,237 — 298,478 
Cash and due from banks and deposits with banks at end of period$3,011 $20,846 $300,825 $— $324,682 
Supplemental disclosure of cash flow information for continuing operations
Cash paid during the period for income taxes$99 $31 $820 $— $950 
Cash paid during the period for interest
126 634 969 — 1,729 
Non-cash investing activities
Transfers to loans HFS from loans
$— $— $636 $— $636 
Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2020
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Net cash provided by (used in) operating activities of continuing operations$4,334 $(38,869)$9,002 $— $(25,533)
Cash flows from investing activities of continuing operations
Purchases of investments$— $— $(108,658)$— $(108,658)
Proceeds from sales of investments— — 44,399 — 44,399 
Proceeds from maturities of investments— — 29,203 — 29,203 
Change in loans— — (26,743)— (26,743)
Proceeds from sales and securitizations of loans— — 596 — 596 
Change in securities borrowed and purchased under agreements to resell— (8,421)(2,793)— (11,214)
Changes in investments and advances—intercompany1,121 (9,442)8,321 — — 
Other investing activities— — (440)— (440)
Net cash provided by (used in) investing activities of continuing operations$1,121 $(17,863)$(56,115)$— $(72,857)
Cash flows from financing activities of continuing operations
Dividends paid$(1,365)$— $— $— $(1,365)
Issuance of preferred stock1,500 — — — 1,500 
Redemption of preferred stock(1,500)— — — (1,500)
Treasury stock acquired(2,925)— — — (2,925)
Proceeds (repayments) from issuance of long-term debt, net5,742 72 10,032 — 15,846 
Proceeds (repayments) from issuance of long-term debt—intercompany, net— 554 (554)— — 
Change in deposits— — 114,321 — 114,321 
Change in securities loaned and sold under agreements to repurchase— 49,341 6,644 — 55,985 
Change in short-term borrowings— 2,901 7,001 — 9,902 
Net change in short-term borrowings and other advances—intercompany(6,507)7,040 (533)— — 
Other financing activities(406)(119)119 — (406)
Net cash provided by (used in) financing activities of continuing operations$(5,461)$59,789 $137,030 $— $191,358 
Effect of exchange rate changes on cash and due from banks$— $— $(967)$— $(967)
Change in cash and due from banks and deposits with banks$(6)$3,057 $88,950 $— $92,001 
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$3,015 $19,498 $263,407 $— $285,920 
Cash and due from banks$15 $4,525 $19,215 $— $23,755 
Deposits with banks, net of allowance3,000 14,973 244,192 — 262,165 
Cash and due from banks and deposits with banks at end of period$3,015 $19,498 $263,407 $— $285,920 
Supplemental disclosure of cash flow information for continuing operations
Cash paid during the period for income taxes$16 $78 $1,347 $— $1,441 
Cash paid during the period for interest998 1,983 2,443 — 5,424 
Non-cash investing activities
Transfers to loans HFS from loans$— $— $224 $— $224