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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
 3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
Citigroup’s Registration Statement on Form S-3 on file with the SEC includes 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, 2022 and 2021, Condensed Consolidating Balance Sheet as of March 31, 2022 and December 31, 2021 and Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2022 and 2021 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, 2022
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Revenues
Dividends from subsidiaries$250 $— $— $(250)$— 
Interest revenue— 762 12,389 — 13,151 
Interest revenue—intercompany902 139 (1,041)— — 
Interest expense1,179 194 907 — 2,280 
Interest expense—intercompany90 354 (444)— — 
Net interest income$(367)$353 $10,885 $— $10,871 
Commissions and fees$— $1,361 $1,207 $— $2,568 
Commissions and fees—intercompany— 84 (84)— — 
Principal transactions1,862 1,597 1,131 — 4,590 
Principal transactions—intercompany(1,849)(88)1,937 — — 
Other revenue69 158 930 — 1,157 
Other revenue—intercompany(57)(18)75 — — 
Total non-interest revenues$25 $3,094 $5,196 $— $8,315 
Total revenues, net of interest expense$(92)$3,447 $16,081 $(250)$19,186 
Provisions for credit losses and for benefits and claims$— $(1)$756 $— $755 
Operating expenses
Compensation and benefits$— $1,512 $5,308 $— $6,820 
Compensation and benefits—intercompany11 — (11)— — 
Other operating24 656 5,665 — 6,345 
Other operating—intercompany3 754 (757)— — 
Total operating expenses$38 $2,922 $10,205 $— $13,165 
Equity in undistributed income of subsidiaries$4,134 $— $— $(4,134)$— 
Income (loss) from continuing operations before income taxes$4,004 $526 $5,120 $(4,384)$5,266 
Provision (benefit) for income taxes(302)(216)1,459 — 941 
Income (loss) from continuing operations$4,306 $742 $3,661 $(4,384)$4,325 
Income (loss) from discontinued operations, net of taxes— — (2)— (2)
Net income before attribution of noncontrolling interests$4,306 $742 $3,659 $(4,384)$4,323 
Noncontrolling interests— — 17 — 17 
Net income (loss)$4,306 $742 $3,642 $(4,384)$4,306 
Comprehensive income
Add: Other comprehensive income (loss)$(4,820)$449 $(2,070)$1,621 $(4,820)
Total Citigroup comprehensive income (loss)$(514)$1,191 $1,572 $(2,763)$(514)
Add: Other comprehensive income attributable to noncontrolling interests$— $— $(29)$— $(29)
Add: Net income attributable to noncontrolling interests— — 17 — 17 
Total comprehensive income (loss)$(514)$1,191 $1,560 $(2,763)$(526)
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 expense1,212 223 593 — 2,028 
Interest expense—intercompany84 329 (413)— — 
Net interest income$(338)$564 $10,280 $— $10,506 
Commissions and fees$— $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 $15,874 $(100)$19,667 
Provisions for credit losses and for benefits and claims$— $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 4,759 — 5,412 
Other operating—intercompany3 680 (683)— — 
Total operating expenses$66 $2,656 $8,691 $— $11,413 
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 (loss) 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)$4,964 
Condensed Consolidating Balance Sheet
March 31, 2022
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Assets
Cash and due from banks$— $627 $27,141 $— $27,768 
Cash and due from banks—intercompany22 7,857 (7,879)— — 
Deposits with banks, net of allowance— 7,994 236,325 — 244,319 
Deposits with banks—intercompany3,500 10,709 (14,209)— — 
Securities borrowed and purchased under resale agreements— 288,195 57,215 — 345,410 
Securities borrowed and purchased under resale agreements—intercompany— 20,795 (20,795)— — 
Trading account assets237 207,204 150,556 — 357,997 
Trading account assets—intercompany421 1,491 (1,912)— — 
Investments, net of allowance1 233 514,368 — 514,602 
Loans, net of unearned income— 2,716 656,953 — 659,669 
Loans, net of unearned income—intercompany— — — — — 
Allowance for credit losses on loans (ACLL)— — (15,393)— (15,393)
Total loans, net$— $2,716 $641,560 $— $644,276 
Advances to subsidiaries$151,425 $— $(151,425)$— $— 
Investments in subsidiaries222,123 — — (222,123)— 
Other assets, net of allowance(1)
10,722 91,083 157,928 — 259,733 
Other assets—intercompany4,109 63,590 (67,699)— — 
Total assets$392,560 $702,494 $1,521,174 $(222,123)$2,394,105 
Liabilities and equity
Deposits $— $— $1,333,711 $— $1,333,711 
Deposits—intercompany— — — — — 
Securities loaned and sold under repurchase agreements— 184,433 20,061 — 204,494 
Securities loaned and sold under repurchase agreements—intercompany— 54,802 (54,802)— — 
Trading account liabilities22 127,702 60,335 — 188,059 
Trading account liabilities—intercompany282 326 (608)— — 
Short-term borrowings— 16,583 13,561 — 30,144 
Short-term borrowings—intercompany— 18,851 (18,851)— — 
Long-term debt170,142 63,195 20,617 — 253,954 
Long-term debt—intercompany— 83,099 (83,099)— — 
Advances from subsidiaries 21,999 — (21,999)— — 
Other liabilities2,289 91,625 91,476 — 185,390 
Other liabilities—intercompany117 22,671 (22,788)— — 
Stockholders’ equity197,709 39,207 183,560 (222,123)198,353 
Total liabilities and equity$392,560 $702,494 $1,521,174 $(222,123)$2,394,105 

(1)Other assets for Citigroup parent company at March 31, 2022 included $32.8 billion of placements to Citibank and its branches, of which $20.6 billion had a remaining term of less than 30 days.
Condensed Consolidating Balance Sheet
December 31, 2021
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Assets
Cash and due from banks$— $834 $26,681 $— $27,515 
Cash and due from banks—intercompany17 6,890 (6,907)— — 
Deposits with banks, net of allowance— 7,936 226,582 — 234,518 
Deposits with banks—intercompany3,500 11,005 (14,505)— — 
Securities borrowed and purchased under resale agreements— 269,608 57,680 — 327,288 
Securities borrowed and purchased under resale agreements—intercompany— 23,362 (23,362)— — 
Trading account assets248 189,841 141,856 — 331,945 
Trading account assets—intercompany1,215 1,438 (2,653)— — 
Investments, net of allowance1 224 512,597 — 512,822 
Loans, net of unearned income— 2,293 665,474 — 667,767 
Loans, net of unearned income—intercompany— — — — — 
Allowance for credit losses on loans (ACLL)— — (16,455)— (16,455)
Total loans, net$— $2,293 $649,019 $— $651,312 
Advances to subsidiaries$142,144 $— $(142,144)$— $— 
Investments in subsidiaries223,303 — — (223,303)— 
Other assets, net of allowance(1)
10,589 69,312 126,112 — 206,013 
Other assets—intercompany2,737 60,567 (63,304)— — 
Total assets$383,754 $643,310 $1,487,652 $(223,303)$2,291,413 
Liabilities and equity
Deposits $— $— $1,317,230 $— $1,317,230 
Deposits—intercompany— — — — — 
Securities loaned and sold under repurchase agreements— 171,818 19,467 — 191,285 
Securities loaned and sold under repurchase agreements—intercompany— 62,197 (62,197)— — 
Trading account liabilities17 122,383 39,129 — 161,529 
Trading account liabilities—intercompany777 500 (1,277)— — 
Short-term borrowings— 13,425 14,548 — 27,973 
Short-term borrowings—intercompany— 17,230 (17,230)— — 
Long-term debt164,945 61,416 28,013 — 254,374 
Long-term debt—intercompany— 76,335 (76,335)— — 
Advances from subsidiaries 13,469 — (13,469)— — 
Other liabilities2,574 68,206 65,570 — 136,350 
Other liabilities—intercompany— 11,774 (11,774)— — 
Stockholders’ equity201,972 38,026 185,977 (223,303)202,672 
Total liabilities and equity$383,754 $643,310 $1,487,652 $(223,303)$2,291,413 

(1)Other assets for Citigroup parent company at December 31, 2021 included $30.5 billion of placements to Citibank and its branches, of which $19.5 billion had a remaining term of less than 30 days.
Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2022
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Net cash provided by (used in) operating activities of continuing operations$(4,607)$(3,757)$(5,180)$— $(13,544)
Cash flows from investing activities of continuing operations
Available-for-sale debt securities:
Purchases of investments$— $— $(66,115)$— $(66,115)
Proceeds from sales of investments— — 57,084 — 57,084 
Proceeds from maturities of investments— — 28,333 — 28,333 
Held-to-maturity debt securities:
Purchases of investments— — (28,406)— (28,406)
Proceeds from maturities of investments— — 2,775 — 2,775 
Change in loans— — (9,643)— (9,643)
Proceeds from sales and securitizations of loans— — 676 — 676 
Change in securities borrowed and purchased under agreements to resell— (15,750)(2,372)— (18,122)
Changes in investments and advances—intercompany(9,916)(2,369)12,285 — — 
Other investing activities
— — (1,105)— (1,105)
Net cash provided by (used in) investing activities of continuing operations$(9,916)$(18,119)$(6,488)$— $(34,523)
Cash flows from financing activities of continuing operations
Dividends paid$(1,286)$(259)$259 $— $(1,286)
Treasury stock acquired(2,833)— — — (2,833)
Proceeds (repayments) from issuance of long-term debt, net10,447 5,645 (3,485)— 12,607 
Proceeds (repayments) from issuance of long-term debt—intercompany, net— 1,763 (1,763)— — 
Change in deposits— — 34,816 — 34,816 
Change in securities loaned and sold under agreements to repurchase— 5,220 7,989 — 13,209 
Change in short-term borrowings— 3,158 (987)— 2,171 
Net change in short-term borrowings and other advances—intercompany8,530 6,621 (15,151)— — 
Capital contributions from (to) parent— 250 (250)— — 
Other financing activities(330)— — — (330)
Net cash provided by (used in) financing activities of continuing operations$14,528 $22,398 $21,428 $— $58,354 
Effect of exchange rate changes on cash and due from banks$— $— $(233)$— $(233)
Change in cash and due from banks and deposits with banks$5 $522 $9,527 $— $10,054 
Cash and due from banks and deposits with banks at beginning of period3,517 26,665 231,851 — 262,033 
Cash and due from banks and deposits with banks at end of period$3,522 $27,187 $241,378 $— $272,087 
Cash and due from banks$22 $8,484 $19,262 $— $27,768 
Deposits with banks, net of allowance3,500 18,703 222,116 — 244,319 
Cash and due from banks and deposits with banks at end of period$3,522 $27,187 $241,378 $— $272,087 
Supplemental disclosure of cash flow information for continuing operations
Cash paid (received) during the period for income taxes$(13)$(10)$654 $— $631 
Cash paid during the period for interest
1,305 522 955 — 2,782 
Non-cash investing activities
Decrease in net loans associated with significant disposals reclassified to HFS$— $— $14,970 $— $14,970 
Decrease in goodwill associated with significant disposals reclassified to HFS— — 715 — 715 
Transfers to loans HFS (Other assets) from loans
— — 328 — 328 
Non-cash financing activities
Decrease in deposits associated with significant disposals reclassified to HFS$— $— $18,334 $— $18,334 
Decrease in long-term debt associated with significant disposals reclassified to HFS — — 28 — 28 
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 $— $23,198 
Cash flows from investing activities of continuing operations
Available-for-sale debt securities:
Purchases of investments$— $— $(48,998)$— $(48,998)
Proceeds from sales of investments— — 45,960 — 45,960 
Proceeds from maturities of investments— — 30,003 — 30,003 
Held-to-maturity debt securities:
Purchases of investments— — (62,067)— (62,067)
Proceeds from maturities of investments— — 5,085 — 5,085 
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)(790)— (813)
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 stock2,300 — — — 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 $— $950 
Cash paid during the period for interest126 634 629 — 1,389 
Non-cash investing activities
Transfers to loans HFS from loans$— $— $636 $— $636