LOANS (Tables)

3 Months Ended

Mar. 31, 2021

Consumer

Financing Receivable, Credit Quality Indicator [Line Items]

Schedule of loan delinquency and non-accrual details

Consumer Loans, Delinquencies and Non-Accrual Status at March 31, 2021

In millions of dollars	Total current(1)(2)		30–89  days past  due(3)(4)		≥ 90 days past  due(3)(4)		Past due government guaranteed(5)		Total loans		Non-accrual loans for which there is no ACLL		Non-accrual loans for which there is an ACLL		Total non-accrual		90 days  past due and accruing
In North America offices(6)
Residential first mortgages(7)	$	44,638	$	272	$	344	$	485	$	45,739	$	128	$	460	$	588	$	325
Home equity loans(8)(9)	6,391		61		186		—		6,638		69		268		337		—
Credit cards	118,870		997		1,181		—		121,048		—		—		—		1,181
Personal, small business and other	4,565		25		10		—		4,600		2		34		36		—
Total	$	174,464	$	1,355	$	1,721	$	485	$	178,025	$	199	$	762	$	961	$	1,506
In offices outside North America(6)
Residential first mortgages(7)	$	39,426	$	205	$	202	$	—	$	39,833	$	—	$	479	$	479	$	—
Credit cards	20,397		344		396		—		21,137		—		281		281		269
Personal, small business and other	34,669		237		133		—		35,039		—		263		263		—
Total	$	94,492	$	786	$	731	$	—	$	96,009	$	—	$	1,023	$	1,023	$	269
Total Citigroup(10)	$	268,956	$	2,141	$	2,452	$	485	$	274,034	$	199	$	1,785	$	1,984	$	1,775

(1)Loans less than 30 days past due are presented as current.

(2)Includes $15 million of residential first mortgages recorded at fair value.

(3)Excludes loans guaranteed by U.S. government-sponsored agencies.

(4)Loans modified under Citi’s consumer relief programs continue to be reported in the same delinquency bucket they were in at the time of modification. Most modified loans in North America would not be reported as 30–89 or 90+ days past due for the duration of the programs (which have various durations, and certain of which may be renewed by the customer). Consumer relief programs in Asia and Mexico largely expired during the fourth quarter of 2020 and began to age at that time.

(5)Consists of residential first mortgages that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and 90 days or more past due of $0.4 billion.

(6)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.

(7)Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure.

(8)Includes approximately $0.1 billion of home equity loans in process of foreclosure.

(9)Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions.

(10)Consumer loans are net of unearned income of $700 million. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts.

Interest Income Recognized for Non-Accrual Consumer Loans

	Interest income
In millions of dollars	Three Months Ended March 31, 2021		Three Months Ended March 31, 2020
In North America offices(1)
Residential first mortgages	$	3	$	3
Home equity loans	2		2
Credit cards	—		—
Personal, small business and other	—		—
Total	$	5	$	5
In offices outside North America(1)
Residential first mortgages	$	—	$	—
Credit cards	—		—
Personal, small business and other	—		—
Total	$	—	$	—
Total Citigroup	$	5	$	5

(1)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.

Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 2020

In millions of dollars	Total current(1)(2)		30–89 days past due(3)(4)		≥ 90 days past due(3)(4)		Past due government guaranteed(5)		Total loans		Non-accrual loans for which there is no ACLL		Non-accrual loans for which there is an ACLL		Total non-accrual		90 days  past due and accruing
In North America offices(6)
Residential first mortgages(7)	$	46,471	$	402	$	381	$	524	$	47,778	$	136	$	509	$	645	$	332
Home equity loans(8)(9)	6,829		78		221		—		7,128		72		307		379		—
Credit cards	127,827		1,228		1,330		—		130,385		—		—		—		1,330
Personal, small business and other	4,472		27		10		—		4,509		2		33		35		—
Total	$	185,599	$	1,735	$	1,942	$	524	$	189,800	$	210	$	849	$	1,059	$	1,662
In offices outside North America(6)
Residential first mortgages(7)	$	39,557	$	213	$	199	$	—	$	39,969	$	—	$	486	$	486	$	—
Credit cards	21,718		429		545		—		22,692		—		384		384		376
Personal, small business and other	35,925		319		134		—		36,378		—		212		212		—
Total	$	97,200	$	961	$	878	$	—	$	99,039	$	—	$	1,082	$	1,082	$	376
Total Citigroup(10)	$	282,799	$	2,696	$	2,820	$	524	$	288,839	$	210	$	1,931	$	2,141	$	2,038

(1)Loans less than 30 days past due are presented as current.

(2)Includes $14 million of residential first mortgages recorded at fair value.

(3)Excludes loans guaranteed by U.S. government-sponsored agencies.

(4)Loans modified under Citi’s consumer relief programs continue to be reported in the same delinquency bucket they were in at the time of modification, and thus almost all would not be reported as 30–89 or 90+ days past due for the duration of the programs (which have various durations, and certain of which may be renewed by the customer).

(5)Consists of residential first mortgages that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.2 billion and 90 days or more past due of $0.3 billion.

(6)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.

(7)Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure.

(8)Includes approximately $0.1 billion of home equity loans in process of foreclosure.

(9)Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions.

(10)Consumer loans are net of unearned income of $749 million. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts.

Schedule of loans credit quality indicators

The following tables provide details on the Fair Isaac Corporation (FICO) scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables by year of origination. FICO scores are updated monthly for substantially all of the portfolio or, otherwise, on a quarterly basis for the remaining portfolio.

FICO score distribution in U.S. portfolio(1)(2)	March 31, 2021
In millions of dollars	Less than 680		680 to 760		Greater than 760		FICO not available		Total loans
Residential first mortgages
2021	$	21	$	730	$	1,650
2020	195		3,418		8,962
2019	131		1,639		4,700
2018	233		547		1,089
2017	286		740		1,612
Prior	1,905		4,880		11,365
Total residential first mortgages	$	2,771	$	11,954	$	29,378	$	1,636	$	45,739
Credit cards(3)	$	22,931	$	49,139	$	46,084	$	2,364	$	120,518
Home equity loans (pre-reset)	$	272	$	929	$	1,568
Home equity loans (post-reset)	965		1,439		1,455
Total home equity loans	$	1,237	$	2,368	$	3,023	$	10	$	6,638
Installment and other
2021	$	1	$	6	$	13
2020	26		65		112
2019	70		90		114
2018	67		66		70
2017	20		21		23
Prior	201		374		501
Personal, small business and other	$	385	$	622	$	833	$	2,760	$	4,600
Total	$	27,324	$	64,083	$	79,318	$	6,770	$	177,495

FICO score distribution in U.S. portfolio(1)(2)	December 31, 2020
In millions of dollars	Less than 680		680 to 760		Greater than 760		FICO not available		Total loans
Residential first mortgages
2020	$	187	$	3,741	$	9,052
2019	150		1,857		5,384
2018	246		655		1,227
2017	298		846		1,829
2016	323		1,368		3,799
Prior	1,708		4,133		9,105
Total residential first mortgages	$	2,912	$	12,600	$	30,396	$	1,870	$	47,778
Credit cards(3)	$	26,227	$	52,778	$	49,767	$	1,041	$	129,813
Home equity loans (pre-reset)	$	292	$	1,014	$	1,657
Home equity loans (post-reset)	1,055		1,569		1,524
Total home equity loans	$	1,347	$	2,583	$	3,181	$	17	$	7,128
Installment and other
2020	$	23	$	58	$	95
2019	79		106		134
2018	82		80		84
2017	26		27		30
2016	10		9		8
Prior	214		393		529
Personal, small business and other	$	434	$	673	$	880	$	2,522	$	4,509
Total	$	30,920	$	68,634	$	84,224	$	5,450	$	189,228

(1)The FICO bands in the tables are consistent with general industry peer presentations.

(2)FICO scores are updated on either a monthly or quarterly basis. For updates that are made only quarterly, certain current-period loans by year of origination are greater than those disclosed in the prior periods. Loans that did not have FICO scores as of the prior period have been updated with FICO scores as they become available.

(3)Excludes $530 million and $572 million of balances related to Canada for March 31, 2021 and December 31, 2020, respectively.

The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolios by year of origination. LTV ratios are updated monthly using the most recent Core Logic Home Price Index data available for substantially all of the portfolio applied at the Metropolitan Statistical Area level, if available, or the state level if not. The remainder of the portfolio is updated in a similar manner using the Federal Housing Finance Agency indices.

LTV distribution in U.S. portfolio	March 31, 2021
In millions of dollars	Less than  or equal to 80%		> 80% but less than or equal to 100%		Greater than 100%		LTV not available		Total
Residential first mortgages
2021	$	1,958	$	443	$	—
2020	11,401		1,184		—
2019	6,093		377		3
2018	1,474		392		8
2017	2,449		192		3
Prior	18,084		98		17
Total residential first mortgages	$	41,459	$	2,686	$	31	$	1,563	$	45,739
Home equity loans (pre-reset)	$	2,684	$	50	$	15
Home equity loans (post-reset)	3,586		211		45
Total home equity loans	$	6,270	$	261	$	60	$	47	$	6,638
Total	$	47,729	$	2,947	$	91	$	1,610	$	52,377

LTV distribution in U.S. portfolio	December 31, 2020
In millions of dollars	Less than  or equal to 80%		> 80% but less than or equal to 100%		Greater than 100%		LTV not available		Total
Residential first mortgages
2020	$	11,447	$	1,543	$	—
2019	7,029		376		2
2018	1,617		507		11
2017	2,711		269		4
2016	5,423		84		2
Prior	14,966		66		16
Total residential first mortgages	$	43,193	$	2,845	$	35	$	1,705	$	47,778
Home equity loans (pre-reset)	$	2,876	$	50	$	16
Home equity loans (post-reset)	3,782		290		58
Total home equity loans	$	6,658	$	340	$	74	$	56	$	7,128
Total	$	49,851	$	3,185	$	109	$	1,761	$	54,906

Schedule of impaired loans

The following tables present information about impaired consumer loans and interest income recognized on impaired consumer loans:

									Three Months Ended    March 31,
	Balance at March 31, 2021								2021		2020
In millions of dollars	Recorded investment(1)(2)		Unpaid principal balance		Related specific allowance(3)		Average carrying value(4)		Interest income recognized(5)		Interest income recognized(5)
Mortgage and real estate
Residential first mortgages	$	1,708	$	1,850	$	144	$	1,695	$	21	$	14
Home equity loans	457		645		45		498		3		3
Credit cards	1,992		2,593		844		1,946		35		26
Personal, small business and other	576		577		181		502		12		15
Total	$	4,733	$	5,665	$	1,214	$	4,641	$	71	$	58

(1)

	Balance at December 31, 2020
In millions of dollars	Recorded investment(1)(2)		Unpaid principal balance		Related specific allowance(3)		Average carrying value(4)
Mortgage and real estate
Residential first mortgages	$	1,787	$	1,962	$	157	$	1,661
Home equity loans	478		651		60		527
Credit cards	1,982		2,135		918		1,926
Personal, small business and other	552		552		210		463
Total	$	4,799	$	5,300	$	1,345	$	4,577

(1)Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans.

(2)For March 31, 2021, $209 million of residential first mortgages and $136 million of home equity loans do not have a specific allowance. For December 31, 2020, $211 million of residential first mortgages and $147 million of home equity loans do not have a specific allowance.

(3)Included in the Allowance for credit losses on loans.

(4)Average carrying value represents the average recorded investment ending balance for the last four quarters and does not include the related specific allowance.

(5)Includes amounts recognized on both accrual and cash basis.

Schedule of troubled debt restructurings

Consumer Troubled Debt Restructurings(1)

	For the Three Months Ended March 31, 2021(1)
In millions of dollars, except number of loans modified	Number of loans modified	Post- modification recorded investment(2)(3)		Deferred principal(4)		Contingent principal forgiveness(5)		Principal forgiveness(6)		Average interest rate reduction
North America
Residential first mortgages	331	$	57	$	—	$	—	$	—	—	%
Home equity loans	50	4		—		—		—		—
Credit cards	59,046	300		—		—		—		17
Personal, small business and other	461	7		—		—		—		4
Total(7)	59,888	$	368	$	—	$	—	$	—
International
Residential first mortgages	467	$	24	$	—	$	—	$	—	1	%
Credit cards	24,599	102		—		—		7		15
Personal, small business and other	7,537	57		—		—		2		11
Total(7)	32,603	$	183	$	—	$	—	$	9

	For the Three Months Ended March 31, 2020(1)
In millions of dollars, except number of loans modified	Number of loans modified	Post- modification recorded investment(2)(8)		Deferred principal(4)		Contingent principal forgiveness(5)		Principal forgiveness(6)		Average interest rate reduction
North America
Residential first mortgages	277	$	44	$	—	$	—	$	—	—	%
Home equity loans	82	8		—		—		—		2
Credit cards	67,282	305		—		—		—		17
Personal, small business and other	433	4		—		—		—		6
Total(7)	68,074	$	361	$	—	$	—	$	—
International
Residential first mortgages	536	$	14	$	—	$	—	$	—	5	%
Credit cards	19,315	73		—		—		3		16
Personal, small business and other	7,654	52		—		—		2		11
Total(7)	27,505	$	139	$	—	$	—	$	5

(1)The above tables do not include loan modifications that meet the TDR relief criteria in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) or the interagency guidance.

(2)Post-modification balances include past-due amounts that are capitalized at the modification date.

(3)Post-modification balances in North America include $3 million of residential first mortgages and $0.1 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended March 31, 2021. These amounts include $1 million of residential first mortgages and $0.1 million of home equity loans that were newly classified as TDRs in the three months ended March 31, 2021, based on previously received OCC guidance.

(4)Represents portion of contractual loan principal that is non-interest bearing, but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value.

(5)Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness.

(6)Represents portion of contractual loan principal that was forgiven at the time of permanent modification.

(7)    The above tables reflect activity for restructured loans that were considered TDRs during the reporting period.

(8)    Post-modification balances in North America include $4 million of residential first mortgages and $1 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended March 31, 2020. These amounts include $3 million of residential first mortgages and $1 million of home equity loans that were newly classified as TDRs in the three months ended March 31, 2020, based on previously received OCC guidance.

Schedule of troubled debt restructuring loans that defaulted

The following table presents consumer TDRs that defaulted for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due.

	Three Months Ended March 31,
In millions of dollars	2021		2020
North America
Residential first mortgages	$	18	$	14
Home equity loans	4		2
Credit cards	63		90
Personal, small business and other	1		1
Total	$	86	$	107
International
Residential first mortgages	$	12	$	6
Credit cards	52		33
Personal, small business and other	23		17
Total	$	87	$	56

Purchased Credit-Deteriorated Assets

	Three Months Ended March 31, 2021						Three Months Ended December 31, 2020						Three Months Ended March 31, 2020
In millions of dollars	Credit cards		Mortgages(1)		Installment and other		Credit cards		Mortgages(1)		Installment and other		Credit cards		Mortgages(1)		Installment and other
Purchase price	$	—	$	3	$	—	$	—	$	12	$	—	$	4	$	9	$	—
Allowance for credit losses at acquisition date	—		—		—		—		—		—		4		—		—
Discount or premium attributable to non-credit factors	—		—		—		—		—		—		—		—		—
Par value (amortized cost basis)	$	—	$	3	$	—	$	—	$	12	$	—	$	8	$	9	$	—

(1)    Includes loans sold to agencies that were bought back at par due to repurchase agreements.

Corporate

Financing Receivable, Credit Quality Indicator [Line Items]

Schedule of loan delinquency and non-accrual details

Corporate Loan Delinquencies and Non-Accrual Details at March 31, 2021

In millions of dollars	30–89 days past due and accruing(1)		≥ 90 days past due and accruing(1)		Total past due and accruing		Total non-accrual(2)		Total current(3)		Total loans(4)
Commercial and industrial	$	582	$	118	$	700	$	2,465	$	148,635	$	151,800
Financial institutions	969		174		1,143		36		90,339		91,518
Mortgage and real estate	189		84		273		496		71,373		72,142
Lease financing	28		—		28		27		540		595
Other	70		12		82		82		68,225		68,389
Loans at fair value											7,510
Total	$	1,838	$	388	$	2,226	$	3,106	$	379,112	$	391,954

Corporate Loan Delinquencies and Non-Accrual Details at December 31, 2020

In millions of dollars	30–89 days past due and accruing(1)		≥ 90 days past due and accruing(1)		Total past due and accruing		Total non-accrual(2)		Total current(3)		Total loans(4)
Commercial and industrial	$	400	$	109	$	509	$	2,795	$	153,036	$	156,340
Financial institutions	668		65		733		92		86,864		87,689
Mortgage and real estate	450		247		697		505		70,836		72,038
Lease financing	62		12		74		24		640		738
Other	112		19		131		111		63,157		63,399
Loans at fair value											6,840
Total	$	1,692	$	452	$	2,144	$	3,527	$	374,533	$	387,044

(1)Corporate loans that are 90 days past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid.

(2)Non-accrual loans generally include those loans that are 90 days or more past due or those loans for which Citi believes, based on actual experience and a forward-looking assessment of the collectability of the loan in full, that the payment of interest and/or principal is doubtful.

(3)Loans less than 30 days past due are presented as current.

(4)Total loans include loans at fair value, which are not included in the various delinquency columns.

Schedule of loans credit quality indicators

Corporate Loans Credit Quality Indicators

	Recorded investment in loans(1)
	Term loans by year of origination												Revolving line of credit arrangements(2)		March 31, 2021
In millions of dollars	2021		2020		2019		2018		2017		Prior
Investment grade(3)
Commercial and industrial(4)	$	29,070	$	11,833	$	6,534	$	5,311	$	3,416	$	10,120	$	26,712	$	92,996
Financial institutions(4)	10,473		5,551		2,242		1,582		1,025		2,254		58,910		82,037
Mortgage and real estate	2,473		5,494		5,820		4,827		2,205		2,847		1,728		25,394
Other(5)	8,994		6,575		2,392		4,588		606		6,744		32,683		62,582
Total investment grade	$	51,010	$	29,453	$	16,988	$	16,308	$	7,252	$	21,965	$	120,033	$	263,009
Non-investment grade(3)
Accrual
Commercial and industrial(4)	$	12,897	$	6,422	$	4,266	$	3,991	$	2,850	$	4,167	$	21,746	$	56,339
Financial institutions(4)	3,196		2,395		629		555		98		274		2,298		9,445
Mortgage and real estate	944		1,319		2,117		1,755		1,415		1,376		578		9,504
Other(5)	1,384		528		682		541		299		591		2,268		6,293
Non-accrual
Commercial and industrial(4)	81		197		227		86		106		286		1,482		2,465
Financial institutions	—		—		—		—		—		—		36		36
Mortgage and real estate	—		12		8		55		18		30		373		496
Other(5)	7		4		24		38		10		26		—		109
Total non-investment grade	$	18,509	$	10,877	$	7,953	$	7,021	$	4,796	$	6,750	$	28,781	$	84,687
Non-rated private bank loans managed on a delinquency basis(3)(6)	$	2,313	$	9,755	$	6,839	$	3,359	$	3,488	$	10,994	$	—	$	36,748
Loans at fair value(7)															7,510
Corporate loans, net of unearned income	$	71,832	$	50,085	$	31,780	$	26,688	$	15,536	$	39,709	$	148,814	$	391,954

	Recorded investment in loans(1)
	Term loans by year of origination												Revolving line of credit arrangements(2)		December 31, 2020
In millions of dollars	2020		2019		2018		2017		2016		Prior
Investment grade(3)
Commercial and industrial(4)	$	38,398	$	7,607	$	5,929	$	3,909	$	2,094	$	8,670	$	25,819	$	92,426
Financial institutions(4)	10,560		2,964		2,106		782		681		2,030		56,239		75,362
Mortgage and real estate	6,793		6,714		5,174		2,568		1,212		1,719		1,557		25,737
Other(5)	10,874		3,566		4,597		952		780		5,290		31,696		57,755
Total investment grade	$	66,625	$	20,851	$	17,806	$	8,211	$	4,767	$	17,709	$	115,311	$	251,280
Non-investment grade(3)
Accrual
Commercial and industrial(4)	$	19,683	$	4,794	$	4,645	$	2,883	$	1,182	$	4,533	$	23,400	$	61,120
Financial institutions(4)	7,413		700		654		274		141		197		2,855		12,234
Mortgage and real estate	1,882		1,919		2,058		1,457		697		837		551		9,401
Other(5)	1,407		918		725		370		186		657		1,986		6,249
Non-accrual
Commercial and industrial(4)	260		203		192		143		57		223		1,717		2,795
Financial institutions	1		—		—		—		—		—		91		92
Mortgage and real estate	13		4		3		18		8		32		427		505
Other(5)	15		3		12		29		2		65		9		135
Total non-investment grade	$	30,674	$	8,541	$	8,289	$	5,174	$	2,273	$	6,544	$	31,036	$	92,531
Non-rated private bank loans managed on a delinquency basis(3)(6)	$	9,823	$	7,121	$	3,533	$	3,674	$	4,300	$	7,942	$	—	$	36,393
Loans at fair value(7)															6,840
Corporate loans, net of unearned income	$	107,122	$	36,513	$	29,628	$	17,059	$	11,340	$	32,195	$	146,347	$	387,044

(1)Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs.

(2)There were no significant revolving line of credit arrangements that converted to term loans during the quarter.

(3)Held-for-investment loans are accounted for on an amortized cost basis.

(4)Includes certain short-term loans with less than one year in tenor.

(5)Other includes installment and other, lease financing and loans to government and official institutions.

(6)Non-rated private bank loans mainly include mortgage and real estate loans to private banking clients.

(7)Loans at fair value include loans to commercial and industrial, financial institutions, mortgage and real estate and other.

Schedule of impaired loans

The following tables present non-accrual loan information by corporate loan type and interest income recognized on non-accrual corporate loans:

	March 31, 2021								Three Months Ended March 31, 2021		Three Months Ended March 31, 2020
In millions of dollars	Recorded investment(1)		Unpaid principal balance		Related specific allowance		Average carrying  value(2)		Interest income recognized		Interest income recognized
Non-accrual corporate loans
Commercial and industrial	$	2,465	$	3,069	$	435	$	2,812	$	10	$	2
Financial institutions	36		120		6		134		—		—
Mortgage and real estate	496		798		38		486		—		—
Lease financing	27		27		—		31		—		—
Other	82		205		10		96		6		13
Total non-accrual corporate loans	$	3,106	$	4,219	$	489	$	3,559	$	16	$	15

	December 31, 2020
In millions of dollars	Recorded investment(1)		Unpaid principal balance		Related specific allowance		Average carrying  value(2)
Non-accrual corporate loans
Commercial and industrial	$	2,795	$	3,664	$	442	$	2,649
Financial institutions	92		181		17		132
Mortgage and real estate	505		803		38		413
Lease financing	24		24		—		34
Other	111		235		18		174
Total non-accrual corporate loans	$	3,527	$	4,907	$	515	$	3,402

	March 31, 2021				December 31, 2020
In millions of dollars	Recorded investment(1)		Related specific allowance		Recorded investment(1)		Related specific allowance
Non-accrual corporate loans with specific allowances
Commercial and industrial	$	1,984	$	435	$	1,523	$	442
Financial institutions	34		6		90		17
Mortgage and real estate	236		38		246		38
Lease financing	23		—		—		—
Other	30		10		68		18
Total non-accrual corporate loans with specific allowances	$	2,307	$	489	$	1,927	$	515
Non-accrual corporate loans without specific allowances
Commercial and industrial	$	481			$	1,272
Financial institutions	2				2
Mortgage and real estate	260				259
Lease financing	4				24
Other	52				43
Total non-accrual corporate loans without specific allowances	$	799	N/A		$	1,600	N/A

(1)Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs.

(2)Average carrying value represents the average recorded investment balance and does not include related specific allowances.

N/A Not applicable

Schedule of troubled debt restructurings

In millions of dollars	Carrying value of TDRs modified during the period		TDRs involving changes in the amount and/or timing of principal payments(2)		TDRs involving changes in the amount and/or timing of interest payments(3)		TDRs involving changes in the amount and/or timing of both principal and interest payments
Commercial and industrial	$	21	$	—	$	—	$	21
Mortgage and real estate	1		—		—		1
Other	1		1		—		—
Total	$	23	$	1	$	—	$	22

For the Three Months Ended March 31, 2020

In millions of dollars	Carrying value of TDRs modified during the period		TDRs involving changes in the amount and/or timing of principal payments(3)		TDRs involving changes in the amount and/or timing of interest payments(3)		TDRs involving changes in the amount and/or timing of both principal and interest payments
Commercial and industrial	$	94	$	—	$	—	$	94
Mortgage and real estate	4		—		—		4
Total	$	98	$	—	$	—	$	98

(1)The above tables do not include loan modifications that meet the TDR relief criteria in the CARES Act or the interagency guidance.

(2)TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for corporate loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loans. Charge-offs for amounts deemed uncollectible may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification.

(3)TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate.

Schedule of troubled debt restructuring loans that defaulted

The following table presents total corporate loans modified in a TDR as well as those TDRs that defaulted and for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due.

In millions of dollars	TDR balances at March 31, 2021		TDR loans that re-defaulted in 2021 within one year of modification		TDR balances at March 31, 2020		TDR loans that re-defaulted in 2020 within one year of modification
Commercial and industrial	$	283	$	—	$	685	$	—
Mortgage and real estate	83		—		77		—
Other	35		—		15		—
Total(1)	$	401	$	—	$	777	$	—

(1)The above table reflects activity for loans outstanding that were considered TDRs as of the end of the reporting period.

Schedule of corporate loans by type

The following table presents information by corporate loan type:

In millions of dollars	March 31, 2021		December 31, 2020
In North America offices(1)
Commercial and industrial	$	55,497	$	57,731
Financial institutions	57,009		55,809
Mortgage and real estate(2)	60,976		60,675
Installment and other	29,186		26,744
Lease financing	539		673
Total	$	203,207	$	201,632
In offices outside North America(1)
Commercial and industrial	$	102,666	$	104,072
Financial institutions	34,729		32,334
Mortgage and real estate(2)	11,166		11,371
Installment and other	35,347		33,759
Lease financing	56		65
Governments and official institutions	4,783		3,811
Total	$	188,747	$	185,412
Corporate loans, net of unearned income(3)	$	391,954	$	387,044

(1)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. The classification between offices in North America and outside North America is based on the domicile of the booking unit. The difference between the domicile of the booking unit and the domicile of the managing unit is not material.

(2)Loans secured primarily by real estate.

(3)Corporate loans are net of unearned income of ($844) million and ($844) million at March 31, 2021 and December 31, 2020, respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis.