XML 56 R32.htm IDEA: XBRL DOCUMENT v3.21.2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2021 and 2020, Condensed Consolidating Balance Sheet as of June 30, 2021 and December 31, 2020 and Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 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 June 30, 2021
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Revenues
Dividends from subsidiaries$3,700 $— $— $(3,700)$— 
Interest revenue— 1,014 11,449 — 12,463 
Interest revenue—intercompany954 136 (1,090)— — 
Interest expense1,209 221 834 — 2,264 
Interest expense—intercompany94 330 (424)— — 
Net interest revenue$(349)$599 $9,949 $— $10,199 
Commissions and fees$— $1,836 $1,538 $— $3,374 
Commissions and fees—intercompany(1)88 (87)— — 
Principal transactions(892)919 2,277 — 2,304 
Principal transactions—intercompany910 (110)(800)— — 
Other revenue(4)139 1,462 — 1,597 
Other revenue—intercompany3 (8)5 — — 
Total non-interest revenues$16 $2,864 $4,395 $— $7,275 
Total revenues, net of interest expense$3,367 $3,463 $14,344 $(3,700)$17,474 
Provisions for credit losses and for benefits and claims$2 $3 $(1,071)$— $(1,066)
Operating expenses
Compensation and benefits$— $1,303 $4,679 $— $5,982 
Compensation and benefits—intercompany24 — (24)— — 
Other operating14 680 4,516 — 5,210 
Other operating—intercompany3 808 (811)— — 
Total operating expenses$41 $2,791 $8,360 $— $11,192 
Equity in undistributed income of subsidiaries$2,567 $— $— $(2,567)$— 
Income (loss) from continuing operations before income taxes$5,891 $669 $7,055 $(6,267)$7,348 
Provision (benefit) for income taxes(302)(119)1,576 — 1,155 
Income (loss) from continuing operations$6,193 $788 $5,479 $(6,267)$6,193 
Income (loss) from discontinued operations, net of taxes— — 10 — 10 
Net income before attribution of noncontrolling interests$6,193 $788 $5,489 $(6,267)$6,203 
Noncontrolling interests— — 10 — 10 
Net income (loss)$6,193 $788 $5,479 $(6,267)$6,193 
Comprehensive income
Add: Other comprehensive income (loss)$(109)$7 $(1,966)$1,959 $(109)
Total Citigroup comprehensive income (loss)$6,084 $795 $3,513 $(4,308)$6,084 
Add: Other comprehensive income attributable to noncontrolling interests$— $— $18 $— $18 
Add: Net income attributable to noncontrolling interests— — 10 — 10 
Total comprehensive income (loss)$6,084 $795 $3,541 $(4,308)$6,112 
Condensed Consolidating Statements of Income and Comprehensive Income
Six Months Ended June 30, 2021
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Revenues
Dividends from subsidiaries$3,800 $— $— $(3,800)$— 
Interest revenue— 1,985 23,012 — 24,997 
Interest revenue—intercompany1,912 281 (2,193)— — 
Interest expense2,421 444 1,767 — 4,632 
Interest expense—intercompany178 659 (837)— — 
Net interest revenue$(687)$1,163 $19,889 $— $20,365 
Commissions and fees$— $3,997 $3,047 $— $7,044 
Commissions and fees—intercompany(27)135 (108)— — 
Principal transactions877 6,577 (1,237)— 6,217 
Principal transactions—intercompany(968)(4,348)5,316 — — 
Other revenue51 242 2,882 — 3,175 
Other revenue—intercompany(61)(28)89 — — 
Total non-interest revenues$(128)$6,575 $9,989 $— $16,436 
Total revenues, net of interest expense$2,985 $7,738 $29,878 $(3,800)$36,801 
Provisions for credit losses and for benefits and claims$2 $7 $(3,130)$— $(3,121)
Operating expenses
Compensation and benefits$28 $2,637 $9,318 $— $11,983 
Compensation and benefits—intercompany48 — (48)— — 
Other operating25 1,322 8,935 — 10,282 
Other operating—intercompany6 1,488 (1,494)— — 
Total operating expenses$107 $5,447 $16,711 $— $22,265 
Equity in undistributed income of subsidiaries$10,740 $— $— $(10,740)$— 
Income (loss) from continuing operations before income taxes$13,616 $2,284 $16,297 $(14,540)$17,657 
Provision (benefit) for income taxes(519)333 3,673 — 3,487 
Income (loss) from continuing operations$14,135 $1,951 $12,624 $(14,540)$14,170 
Income (loss) from discontinued operations, net of taxes— — 8 — 8 
Net income before attribution of noncontrolling interests$14,135 $1,951 $12,632 $(14,540)$14,178 
Noncontrolling interests— — 43 — 43 
Net income (loss)$14,135 $1,951 $12,589 $(14,540)$14,135 
Comprehensive income
Add: Other comprehensive income (loss)$(3,062)$(43)$(1,429)$1,472 $(3,062)
Total Citigroup comprehensive income (loss)$11,073 $1,908 $11,160 $(13,068)$11,073 
Add: Other comprehensive income attributable to noncontrolling interests$— $— $(40)$— $(40)
Add: Net income attributable to noncontrolling interests— — 43 — 43 
Total comprehensive income (loss)$11,073 $1,908 $11,163 $(13,068)$11,076 
Condensed Consolidating Statements of Income and Comprehensive Income
Three Months Ended June 30, 2020
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Revenues
Dividends from subsidiaries$— $— $— $— $— 
Interest revenue— 1,309 13,280 — 14,589 
Interest revenue—intercompany1,067 282 (1,349)— — 
Interest expense1,265 380 1,864 — 3,509 
Interest expense—intercompany142 621 (763)— — 
Net interest revenue$(340)$590 $10,830 $— $11,080 
Commissions and fees$— $1,771 $1,162 $— $2,933 
Commissions and fees—intercompany— 73 (73)— — 
Principal transactions(258)(2,993)7,408 — 4,157 
Principal transactions—intercompany62 4,890 (4,952)— — 
Other revenue(14)211 1,399 — 1,596 
Other revenue—intercompany8 13 (21)— — 
Total non-interest revenues$(202)$3,965 $4,923 $— $8,686 
Total revenues, net of interest expense$(542)$4,555 $15,753 $— $19,766 
Provisions for credit losses and for benefits and claims$— $1 $8,196 $— $8,197 
Operating expenses
Compensation and benefits$105 $1,345 $4,174 $— $5,624 
Compensation and benefits—intercompany1 — (1)— — 
Other operating9 594 4,233 — 4,836 
Other operating—intercompany4 375 (379)— — 
Total operating expenses$119 $2,314 $8,027 $— $10,460 
Equity in undistributed income of subsidiaries$1,847 $— $— $(1,847)$— 
Income (loss) from continuing operations before income
taxes		$1,186 $2,240 $(470)$(1,847)$1,109 
Provision (benefit) for income taxes130 715 (793)— 52 
Income (loss) from continuing operations$1,056 $1,525 $323 $(1,847)$1,057 
Income (loss) from discontinued operations, net of taxes— — (1)— (1)
Net income (loss) before attribution of noncontrolling interests$1,056 $1,525 $322 $(1,847)$1,056 
Noncontrolling interests— — — — — 
Net income (loss) $1,056 $1,525 $322 $(1,847)$1,056 
Comprehensive income
Add: Other comprehensive income (loss) $(824)$(1,429)$(1,223)$2,652 $(824)
Total Citigroup comprehensive income (loss)$232 $96 $(901)$805 $232 
Add: Other comprehensive income attributable to noncontrolling interests$— $— $39 $— $39 
Add: Net income attributable to noncontrolling interests— — — — — 
Total comprehensive income (loss)$232 $96 $(862)$805 $271 
Condensed Consolidating Statements of Income and Comprehensive Income
Six Months Ended June 30, 2020
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Revenues
Dividends from subsidiaries$105 $— $— $(105)$— 
Interest revenue— 3,212 28,516 — 31,728 
Interest revenue—intercompany2,211 623 (2,834)— — 
Interest expense2,408 1,521 5,227 — 9,156 
Interest expense—intercompany390 1,403 (1,793)— — 
Net interest revenue$(587)$911 $22,248 $— $22,572 
Commissions and fees$— $3,321 $2,633 $— $5,954 
Commissions and fees—intercompany(19)237 (218)— — 
Principal transactions(930)3,261 7,087 — 9,418 
Principal transactions—intercompany564 499 (1,063)— — 
Other revenue66 260 2,227 — 2,553 
Other revenue—intercompany(62)26 36 — — 
Total non-interest revenues$(381)$7,604 $10,702 $— $17,925 
Total revenues, net of interest expense$(863)$8,515 $32,950 $(105)$40,497 
Provisions for credit losses and for benefits and claims$— $— $15,157 $— $15,157 
Operating expenses
Compensation and benefits$133 $2,641 $8,504 $— $11,278 
Compensation and benefits—intercompany75 — (75)— — 
Other operating32 1,192 8,601 — 9,825 
Other operating—intercompany8 857 (865)— — 
Total operating expenses$248 $4,690 $16,165 $— $21,103 
Equity in undistributed income of subsidiaries$4,229 $— $— $(4,229)$— 
Income (loss) from continuing operations before income
taxes		$3,118 $3,825 $1,628 $(4,334)$4,237 
Provision (benefit) for income taxes(474)1,052 54 — 632 
Income (loss) from continuing operations$3,592 $2,773 $1,574 $(4,334)$3,605 
Income (loss) from discontinued operations, net of taxes— — (19)— (19)
Net income (loss) before attribution of noncontrolling interests$3,592 $2,773 $1,555 $(4,334)$3,586 
Noncontrolling interests— — (6)— (6)
Net income (loss)$3,592 $2,773 $1,561 $(4,334)$3,592 
Comprehensive income
Add: Other comprehensive income (loss)$2,973 $328 $12,236 $(12,564)$2,973 
Total Citigroup comprehensive income (loss)$6,565 $3,101 $13,797 $(16,898)$6,565 
Add: Other comprehensive income attributable to noncontrolling interests$— $— $(12)$— $(12)
Add: Net income attributable to noncontrolling interests— — (6)— (6)
Total comprehensive income (loss)$6,565 $3,101 $13,779 $(16,898)$6,547 
Condensed Consolidating Balance Sheet
June 30, 2021
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Assets
Cash and due from banks$— $723 $26,394 $— $27,117 
Cash and due from banks—intercompany16 5,919 (5,935)— — 
Deposits with banks, net of allowance— 7,398 264,723 — 272,121 
Deposits with banks—intercompany3,000 8,915 (11,915)— — 
Securities borrowed and purchased under resale agreements— 251,864 57,183 — 309,047 
Securities borrowed and purchased under resale agreements—intercompany— 25,247 (25,247)— — 
Trading account assets264 222,808 147,878 — 370,950 
Trading account assets—intercompany1,069 9,759 (10,828)— — 
Investments, net of allowance1 265 486,797 — 487,063 
Loans, net of unearned income— 3,135 673,699 — 676,834 
Loans, net of unearned income—intercompany— — — — — 
Allowance for credit losses on loans (ACLL)— — (19,238)— (19,238)
Total loans, net$— $3,135 $654,461 $— $657,596 
Advances to subsidiaries$153,845 $— $(153,845)$— $— 
Investments in subsidiaries220,810 — — (220,810)— 
Other assets, net of allowance(1)
11,302 74,398 118,274 — 203,974 
Other assets—intercompany3,354 58,861 (62,215)— — 
Total assets$393,661 $669,292 $1,485,725 $(220,810)$2,327,868 
Liabilities and equity
Deposits $— $— $1,310,281 $— $1,310,281 
Deposits—intercompany— — — — — 
Securities loaned and sold under repurchase agreements— 203,715 18,102 — 221,817 
Securities loaned and sold under repurchase agreements—intercompany— 48,508 (48,508)— — 
Trading account liabilities19 125,785 48,902 — 174,706 
Trading account liabilities—intercompany564 8,578 (9,142)— — 
Short-term borrowings— 15,681 15,781 — 31,462 
Short-term borrowings—intercompany— 18,337 (18,337)— — 
Long-term debt174,366 56,087 34,122 — 264,575 
Long-term debt—intercompany— 77,668 (77,668)— — 
Advances from subsidiaries 13,747 — (13,747)— — 
Other liabilities, including allowance2,806 61,526 57,785 — 122,117 
Other liabilities—intercompany— 16,004 (16,004)— — 
Stockholders’ equity202,159 37,403 184,158 (220,810)202,910 
Total liabilities and equity$393,661 $669,292 $1,485,725 $(220,810)$2,327,868 

(1)Other assets for Citigroup parent company at June 30, 2021 included $42.0 billion of placements to Citibank and its branches, of which $31.8 billion had a remaining term of less than 30 days.
Condensed Consolidating Balance Sheet
December 31, 2020
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Assets
Cash and due from banks$— $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
Six Months Ended June 30, 2021
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Net cash provided by operating activities of continuing operations$1,429 $5,912 $16,222 $— $23,563 
Cash flows from investing activities of continuing operations
Purchases of investments$— $— $(201,567)$— $(201,567)
Proceeds from sales of investments— — 66,477 — 66,477 
Proceeds from maturities of investments— — 75,195 — 75,195 
Change in loans— — (3,088)— (3,088)
Proceeds from sales and securitizations of loans— — 869 — 869 
Change in securities borrowed and purchased under agreements to resell— (14,084)(251)— (14,335)
Changes in investments and advances—intercompany(2,424)(7,360)9,784 — — 
Other investing activities
— (15)(1,647)— (1,662)
Net cash used in investing activities of continuing operations$(2,424)$(21,459)$(54,228)$— $(78,111)
Cash flows from financing activities of continuing operations
Dividends paid$(2,663)$(187)$187 $— $(2,663)
Issuance of preferred stock
2,300 — — — 2,300 
Redemption of preferred stock
(3,785)— — — (3,785)
Treasury stock acquired(4,381)— — — (4,381)
Proceeds (repayments) from issuance of long-term debt, net7,576 8,446 (16,405)— (383)
Proceeds (repayments) from issuance of long-term debt—intercompany, net— 11,040 (11,040)— — 
Change in deposits— — 29,610 — 29,610 
Change in securities loaned and sold under agreements to repurchase— (9,152)31,444 — 22,292 
Change in short-term borrowings— 3,358 (1,410)— 1,948 
Net change in short-term borrowings and other advances—intercompany772 4,885 (5,657)— — 
Other financing activities(324)— — — (324)
Net cash provided by (used in) financing activities of continuing operations$(505)$18,390 $26,729 $— $44,614 
Effect of exchange rate changes on cash and due from banks$— $— $(443)$— $(443)
Change in cash and due from banks and deposits with banks$(1,500)$2,843 $(11,720)$— $(10,377)
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$3,016 $22,955 $273,267 $— $299,238 
Cash and due from banks$16 $6,642 $20,459 $— $27,117 
Deposits with banks, net of allowance3,000 16,313 252,808 — 272,121 
Cash and due from banks and deposits with banks at end of period$3,016 $22,955 $273,267 $— $299,238 
Supplemental disclosure of cash flow information for continuing operations
Cash paid (received) during the period for income taxes$(1,437)$649 $2,964 $— $2,176 
Cash paid during the period for interest
1,287 1,197 2,061 — 4,545 
Non-cash investing activities
Transfers to loans HFS from loans
$— $— $961 $— $961 
Condensed Consolidating Statement of Cash Flows
Six Months Ended June 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$2,857 $(53,782)$31,717 $— $(19,208)
Cash flows from investing activities of continuing operations
Purchases of investments$— $— $(207,701)$— $(207,701)
Proceeds from sales of investments— — 86,191 — 86,191 
Proceeds from maturities of investments— — 53,909 — 53,909 
Change in loans— — 7,943 — 7,943 
Proceeds from sales and securitizations of loans— — 826 — 826 
Change in securities borrowed and purchased under agreements to resell— (29,475)(2,120)— (31,595)
Changes in investments and advances—intercompany(7,371)(4,890)12,261 — — 
Other investing activities— — (1,262)— (1,262)
Net cash used in investing activities of continuing operations$(7,371)$(34,365)$(49,953)$— $(91,689)
Cash flows from financing activities of continuing operations
Dividends paid$(2,679)$— $— $— $(2,679)
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, net17,353 8,907 (86)— 26,174 
Proceeds (repayments) from issuance of long-term debt—intercompany, net— 6,815 (6,815)— — 
Change in deposits— — 163,070 — 163,070 
Change in securities loaned and sold under agreements to repurchase— 68,650 (19,267)— 49,383 
Change in short-term borrowings— 1,074 (5,967)— (4,893)
Net change in short-term borrowings and other advances—intercompany(6,826)3,035 3,791 — — 
Other financing activities(407)(118)118 — (407)
Net cash provided by financing activities of continuing operations$4,516 $88,363 $134,844 $— $227,723 
Effect of exchange rate changes on cash and due from banks$— $— $(972)$— $(972)
Change in cash and due from banks and deposits with banks$2 $216 $115,636 $— $115,854 
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$3,023 $16,657 $290,093 $— $309,773 
Cash and due from banks$23 $3,728 $19,138 $— $22,889 
Deposits with banks, net of allowance3,000 12,929 270,955 — 286,884 
Cash and due from banks and deposits with banks at end of period$3,023 $16,657 $290,093 $— $309,773 
Supplemental disclosure of cash flow information for continuing operations
Cash paid during the period for income taxes$39 $174 $2,330 $— $2,543 
Cash paid during the period for interest1,757 3,006 3,988 — 8,751 
Non-cash investing activities
Transfers to loans HFS from loans$— $— $1,036 $— $1,036