The following tables provide Citi’s consumer loans by type:

Consumer Loans, Delinquencies and Non-Accrual Status at December 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)	$	42,894	$	245	$	280	$	394	$	43,813	$	134	$	339	$	473	$	282
Home equity loans(8)(9)	4,899		43		159		—		5,101		63		206		269		—
Credit cards	132,050		947		871		—		133,868		—		—		—		871
Personal, small business and other	3,091		19		10		38		3,158		2		15		17		28
Total	$	182,934	$	1,254	$	1,320	$	432	$	185,940	$	199	$	560	$	759	$	1,181
In offices outside North America(6)
Residential mortgages(7)	$	34,289	$	159	$	153	$	—	$	34,601	$	—	$	403	$	403	$	—
Credit cards	17,428		192		188		—		17,808		—		140		140		120
Personal, small business and other	32,662		144		81		—		32,887		—		200		200		22
Total	$	84,379	$	495	$	422	$	—	$	85,296	$	—	$	743	$	743	$	142
Total Citigroup(10)	$	267,313	$	1,749	$	1,742	$	432	$	271,236	$	199	$	1,303	$	1,502	$	1,323

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 mortgages(7)	$	39,557	$	213	$	199	$	—	$	39,969	$	—	$	486	$	486	$	—
Credit cards	21,718		429		545		—		22,692		—		384		384		324
Personal, small business and other	35,925		319		134		—		36,378		—		212		212		52
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 $12 million and $14 million at December 31, 2021 and 2020, respectively, 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 loans that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and $0.2 billion and 90 days or more past due of $0.3 billion and $0.3 billion at December 31, 2021 and 2020, respectively.

(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 and $0.1 billion at December 31, 2021 and 2020, respectively, of residential first mortgage loans in process of foreclosure.

(8)Includes approximately $0.1 billion and $0.1 billion at December 31, 2021 and 2020, respectively, 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 $659 million and $749 million at December 31, 2021 and 2020, respectively. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts.

Interest Income Recognized for Non-Accrual Consumer Loans


	For the years ended
In millions of dollars	December 31, 2021		December 31, 2020
In North America offices(1)
Residential first mortgages	$	13	$	15
Home equity loans	7		8
Credit cards	—		—
Personal, small business and other	—		—
Total	$	20	$	23
In offices outside North America(1)
Residential mortgages	$	1	$	—
Credit cards	—		—
Personal, small business and other	—		—
Total	$	1	$	—
Total Citigroup	$	21	$	23

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

During the years ended December 31, 2021 and 2020, the Company sold and/or reclassified to HFS $1,473 million and $414 million of consumer loans, respectively. Loans of businesses that are HFS are not included in the above. For additional information, see Note 2 to the Consolidated Financial Statements.

Consumer Credit Scores (FICO)

In the U.S., independent credit agencies rate an individual’s risk for assuming debt based on the individual’s credit history and assign every consumer a Fair Isaac Corporation (FICO) credit score. These scores are continually updated by the agencies based upon an individual’s credit actions (e.g., taking out a loan or missed or late payments).

The following tables provide details on the 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)	December 31, 2021
In millions of dollars	Less than 680		680 to 760		Greater than 760		FICO not available		Total loans
Residential first mortgages
2021	$	201	$	3,415	$	7,363
2020	200		2,732		7,339
2019	140		1,178		3,082
2018	196		431		747
2017	240		625		1,143
Prior	1,507		3,817		7,903
Total residential first mortgages	$	2,484	$	12,198	$	27,577	$	1,554	$	43,813
Home equity loans (pre-reset)	$	222	$	836	$	1,309
Home equity loans (post-reset)	609		989		1,095
Total home equity loans	$	831	$	1,825	$	2,404	$	41	$	5,101
Credit cards(3)	$	23,115	$	52,907	$	55,137	$	2,192	$	133,351
Personal, small business and other
2021	$	59	$	201	$	319
2020	22		41		64
2019	42		53		68
2018	34		35		37
2017	7		8		9
Prior	120		179		143
Total personal, small business and other	$	284	$	517	$	640	$	1,717	$	3,158
Total	$	26,714	$	67,447	$	85,758	$	5,504	$	185,423


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
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
Credit cards(3)	$	26,227	$	52,778	$	49,767	$	1,041	$	129,813
Personal, small business 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
Total 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 $517 million and $572 million of balances related to Canada for December 31, 2021 and December 31, 2020, respectively.

Loan to Value (LTV) Ratios

LTV ratios (loan balance divided by appraised value) are calculated at origination and updated by applying market price data.

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	December 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	$	10,515	$	474	$	1
2020	10,206		75		—
2019	4,372		35		1
2018	1,300		74		5
2017	1,986		27		2
Prior	13,271		34		8
Total residential first mortgages	$	41,650	$	719	$	17	$	1,427	$	43,813
Home equity loans (pre-reset)	$	2,315	$	26	$	9
Home equity loans (post-reset)	2,608		48		25
Total home equity loans	$	4,923	$	74	$	34	$	70	$	5,101
Total	$	46,573	$	793	$	51	$	1,497	$	48,914


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

Impaired Consumer Loans

A loan is considered impaired when Citi believes it is probable that all amounts due according to the original contractual terms of the loan will not be collected. Impaired consumer loans include non-accrual loans, as well as smaller-balance homogeneous loans whose terms have been modified due to the borrower’s financial difficulties and where Citi has granted a concession to the borrower. These modifications may

include interest rate reductions and/or principal forgiveness. Impaired consumer loans exclude smaller-balance homogeneous loans that have not been modified and are carried on a non-accrual basis.

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


	At and for the year ended December 31, 2021
In millions of dollars	Recorded investment(1)(2)		Unpaid principal balance		Related specific allowance(3)(4)		Average carrying value(5)		Interest income recognized(6)
Mortgage and real estate
Residential first mortgages	$	1,457	$	1,531	$	87	$	1,548	$	87
Home equity loans	188		342		(1)		335		9
Credit cards	1,582		1,609		594		1,795		116
Personal, small business and other	454		461		120		505		52
Total	$	3,681	$	3,943	$	800	$	4,183	$	264


	At and for the year ended December 31, 2020
In millions of dollars	Recorded investment (1)(2)		Unpaid principal balance		Related specific allowance(3)		Average carrying value(5)		Interest income recognized(6)
Mortgage and real estate
Residential first mortgages	$	1,787	$	1,962	$	157	$	1,661	$	68
Home equity loans	478		651		60		527		13
Credit cards	1,982		2,135		918		1,926		106
Personal, small business and other	552		552		210		463		63
Total	$	4,799	$	5,300	$	1,345	$	4,577	$	250

(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 December 31, 2021, $190 million of residential first mortgages and $94 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)The negative allowance on home equity loans resulted from expected recoveries on previously written-off accounts.

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

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

Consumer Troubled Debt Restructurings(1)


	For the year ended December 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	1,333	$	227	$	—	$	—	$	—	1	%
Home equity loans	187	12		—		—		—		1
Credit cards	165,098	794		—		—		—		18
Personal, small business and other	1,000	13		—		—		—		3
Total(7)	167,618	$	1,046	$	—	$	—	$	—
International
Residential mortgages	1,975	$	86	$	—	$	—	$	—	—	%
Credit cards	74,202	339		—		—		13		13
Personal, small business and other	28,206	201		—		—		7		10
Total(7)	104,383	$	626	$	—	$	—	$	20


	For the year ended December 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	1,225	$	209	$	—	$	—	$	—	—	%
Home equity loans	296	27		—		—		—		1
Credit cards	215,466	1,038		—		—		—		17
Personal, small business and other	2,452	28		—		—		—		5
Total(7)	219,439	$	1,302	$	—	$	—	$	—
International
Residential mortgages	2,542	$	141	$	3	$	—	$	—	2	%
Credit cards	90,694	401		—		—		12		15
Personal, small business and other	41,079	301		—		—		8		10
Total(7)	134,315	$	843	$	3	$	—	$	20

(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 $15 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the year ended December 31, 2021. These amounts include $5 million of residential first mortgages that were newly classified as TDRs during 2021, based on previously received OCC guidance.

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

(6)Represents the 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 year.

(8) Post-modification balances in North America include $13 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the year ended December 31, 2020. These amounts include $9 million of residential first mortgages that were newly classified as TDRs during 2020, based on previously received OCC guidance.

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.


	Years ended December 31,
In millions of dollars	2021		2020
North America
Residential first mortgages	$	57	$	71
Home equity loans	8		14
Credit cards	252		317
Personal, small business and other	4		4
Total	$	321	$	406
International
Residential mortgages	$	38	$	26
Credit cards	152		178
Personal, small business and other	96		78
Total	$	286	$	282

Purchased Credit-Deteriorated Assets


	Years ended December 31,
	2021						2020
In millions of dollars	Credit cards		Mortgages(1)		Installment and other		Credit cards		Mortgages(1)		Installment and other
Purchase price	$	—	$	23	$	—	$	4	$	49	$	—
Allowance for credit losses at acquisition date	—		—		—		4		—		—
Discount or premium attributable to non-credit factors	—		—		—		—		—		—
Par value (amortized cost basis)	$	—	$	23	$	—	$	8	$	49	$	—

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

Corporate Loans

Corporate loans represent loans and leases managed by ICG. The following table presents information by corporate loan type:


In millions of dollars	December 31, 2021		December 31, 2020
In North America offices(1)
Commercial and industrial	$	51,999	$	57,731
Financial institutions	66,936		55,809
Mortgage and real estate(2)	63,357		60,675
Installment and other	29,143		26,744
Lease financing	413		673
Total	$	211,848	$	201,632
In offices outside North America(1)
Commercial and industrial	$	103,167	$	104,072
Financial institutions	32,203		32,334
Mortgage and real estate(2)	10,412		11,371
Installment and other	34,436		33,759
Lease financing	42		65
Governments and official institutions	4,423		3,811
Total	$	184,683	$	185,412
Corporate loans, net of unearned income(3)	$	396,531	$	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 ($799) million and ($844) million at December 31, 2021 and 2020, respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis.

The Company sold and/or reclassified to held-for-sale $5.9 billion and $2.2 billion of corporate loans during the years ended December 31, 2021 and 2020, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the years ended December 31, 2021 or 2020.

Lease financing

Citi is a lessor in the power, railcars, shipping and aircraft sectors, where the Company has executed operating, direct financing and leveraged leases. Citi’s $0.5 billion of lease financing receivables, as of December 31, 2021, is composed of approximately equal balances of direct financing lease receivables and net investments in leveraged leases. Citi uses the interest rate implicit in the lease to determine the present value of its lease financing receivables. Interest income on direct financing and leveraged leases during the year ended December 31, 2021 was not material.

The Company’s leases have an average remaining maturity of approximately three and a half years. In certain cases, Citi obtains residual value insurance from third parties and/or the lessee to manage the risk associated with the residual value of the leased assets. The receivable related to the residual value of the leased assets is $0.2 billion as of December 31, 2021, while the amount covered by residual value guarantees is nil.

The Company’s operating leases, where Citi is a lessor, are not significant to the Consolidated Financial Statements.

Delinquency Status

Citi generally does not manage corporate loans on a delinquency basis. Corporate loans are identified as impaired and placed on a cash (non-accrual) basis when it is determined, based on actual experience and a forward-looking assessment of the collectability of the loan in full, that the payment of interest or principal is doubtful or when interest or principal is 90 days past due, except when the loan is well collateralized and in the process of collection. Any interest accrued on impaired corporate loans and leases is reversed at 90 days and charged against current earnings, and interest is thereafter included in earnings only to the extent actually received in cash. When there is doubt regarding the ultimate collectability of principal, all cash receipts are thereafter applied to reduce the recorded investment in the loan. While corporate loans are generally managed based on their internally assigned risk rating (see further discussion below), the following tables present delinquency information by corporate loan type.

Corporate Loan Delinquencies and Non-Accrual Details at December 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	$	1,100	$	249	$	1,349	$	1,264	$	148,459	$	151,072
Financial institutions	505		233		738		33		98,172		98,943
Mortgage and real estate	283		1		284		419		73,066		73,769
Lease financing	—		—		—		14		441		455
Other	128		26		154		147		65,921		66,222
Loans at fair value											6,070

Total	$	2,016	$	509	$	2,525	$	1,877	$	386,059	$	396,531

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 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.

Citigroup has a risk management process to monitor, evaluate and manage the principal risks associated with its corporate loan portfolio. As part of its risk management process, Citi assigns numeric risk ratings to its corporate loan facilities based on quantitative and qualitative assessments of the obligor and facility. These risk ratings are reviewed at least annually or more often if material events related to the obligor or facility warrant. Factors considered in assigning the risk ratings include financial condition of the obligor, qualitative assessment of management and strategy, amount and sources of repayment, amount and type of collateral and guarantee arrangements, amount and type of any contingencies associated with the obligor and the obligor’s industry and geography.

The obligor risk ratings are defined by ranges of default probabilities. The facility risk ratings are defined by ranges of loss norms, which are the product of the probability of default and the loss given default. The investment-grade rating categories are similar to the category BBB-/Baa3 and above as defined by S&P and Moody’s. Loans classified according to the bank regulatory definitions as special mention, substandard, doubtful and loss will have risk ratings within the non-investment-grade categories.

Corporate Loans Credit Quality Indicators


	Recorded investment in loans(1)
	Term loans by year of origination												Revolving line of credit arrangements(2)		December 31, 2021
In millions of dollars	2021		2020		2019		2018		2017		Prior
Investment grade(3)
Commercial and industrial(4)	$	42,730	$	5,744	$	4,762	$	3,825	$	3,060	$	8,928	$	32,894	$	101,943
Financial institutions(4)	14,096		1,985		1,290		1,118		599		2,536		67,184		88,808
Mortgage and real estate	4,423		6,013		5,421		3,630		1,801		3,561		1,341		26,190
Other(5)	11,928		3,993		1,392		2,974		524		6,321		32,807		59,939
Total investment grade	$	73,177	$	17,735	$	12,865	$	11,547	$	5,984	$	21,346	$	134,226	$	276,880
Non-investment grade(3)
Accrual
Commercial and industrial(4)	$	16,814	$	2,313	$	2,466	$	2,024	$	1,412	$	3,987	$	18,849	$	47,865
Financial institutions(4)	4,471		399		571		107		74		586		3,894		10,102
Mortgage and real estate	1,819		980		1,842		1,163		640		761		644		7,849
Other(5)	1,517		399		594		384		148		383		3,152		6,577
Non-accrual
Commercial and industrial(4)	54		119		64		104		94		117		712		1,264
Financial institutions	—		—		—		—		—		—		33		33
Mortgage and real estate	13		10		2		49		10		25		310		419
Other(5)	19		5		19		19		—		90		9		161
Total non-investment grade	$	24,707	$	4,225	$	5,558	$	3,850	$	2,378	$	5,949	$	27,603	$	74,270
Non-rated private bank loans managed on a delinquency basis(3)(6)	$	9,984	$	8,901	$	5,926	$	2,895	$	2,925	$	8,680	$	—	$	39,311
Loans at fair value(7)															6,070
Corporate loans, net of unearned income	$	107,868	$	30,861	$	24,349	$	18,292	$	11,287	$	35,975	$	161,829	$	396,531


	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 year.

(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.

Impaired collateral-dependent loans and leases, where repayment is expected to be provided solely by the sale of the underlying collateral with no other available and reliable sources of repayment, are written down to the lower of carrying value or collateral value, less cost to sell. Cash-basis loans are returned to an accrual status when all contractual principal and interest amounts are reasonably assured of repayment and there is a sustained period of repayment performance, generally six months, in accordance with the contractual terms of the loan.

Non-Accrual Corporate Loans

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


	At and for the year ended December 31, 2021


In millions of dollars	Recorded investment(1)		Unpaid principal balance		Related specific allowance		Average carrying value(2)		Interest income recognized(3)
Non-accrual corporate loans
Commercial and industrial	$	1,264	$	1,863	$	198	$	1,840	$	37
Financial institutions	33		98		4		40		—
Mortgage and real estate	419		582		15		448		—
Lease financing	14		14		—		20		—
Other	147		241		8		142		18
Total non-accrual corporate loans	$	1,877	$	2,798	$	225	$	2,490	$	55


	At and for the year ended December 31, 2020

In millions of dollars	Recorded investment(1)		Unpaid principal balance		Related specific allowance		Average carrying value(2)		Interest income recognized(3)
Non-accrual corporate loans
Commercial and industrial	$	2,795	$	3,664	$	442	$	2,649	$	14
Financial institutions	92		181		17		132		—
Mortgage and real estate	505		803		38		413		—
Lease financing	24		24		—		34		—
Other	111		235		18		174		21
Total non-accrual corporate loans	$	3,527	$	4,907	$	515	$	3,402	$	35


	December 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	$	638	$	198	$	1,523	$	442
Financial institutions	27		4		90		17
Mortgage and real estate	294		15		246		38
Lease financing	—		—		—		—
Other	37		8		68		18
Total non-accrual corporate loans with specific allowances	$	996	$	225	$	1,927	$	515
Non-accrual corporate loans without specific allowances
Commercial and industrial	$	626			$	1,272
Financial institutions	6				2
Mortgage and real estate	125				259
Lease financing	14				24
Other	110				43
Total non-accrual corporate loans without specific allowances	$	881	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.

(3)Interest income recognized for the year ended December 31, 2019 was $42 million.

N/A Not applicable

Corporate Troubled Debt Restructurings(1)

For the year ended December 31, 2021


In millions of dollars	Carrying value of TDRs modified during the year		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	$	82	$	—	$	—	$	82

Mortgage and real estate	8		—		—		8
Other	10		1				9

Total	$	100	$	1	$	—	$	99

For the year ended December 31, 2020


In millions of dollars	Carrying value of TDRs modified during the year		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	$	247	$	—	$	—	$	247

Mortgage and real estate	19		—		—		19
Other	19		6		—		13

Total	$	285	$	6	$	—	$	279

(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.

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 December 31, 2021		TDR loans that re-defaulted in 2021 within one year of modification		TDR balances at December 31, 2020		TDR loans that re-defaulted in 2020 within one year of modification
Commercial and industrial	$	236	$	—	$	325	$	—
Financial institutions	—		—		—		—
Mortgage and real estate	73		—		92		—
Lease financing	—		—		—		—
Other	41		—		33		—
Total(1)	$	350	$	—	$	450	$	—

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