LOANS (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022

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)	$	83,520	$	329	$	376	$	344	$	84,569	$	82	$	506	$	588	$	240
Home equity loans(8)(9)	5,127		36		165		—		5,328		56		198		254		—
Credit cards	128,091		988		910		—		129,989		—		—		—		910
Personal, small business and other	41,118		76		67		36		41,297		2		70		72		32
Total	$	257,856	$	1,429	$	1,518	$	380	$	261,183	$	140	$	774	$	914	$	1,182
In offices outside North America(6)
Residential mortgages(7)	$	28,854	$	67	$	96	$	—	$	29,017	$	—	$	326	$	326	$	10
Credit cards	11,309		116		121		—		11,546		—		98		98		48
Personal, small business and other	48,401		101		80		—		48,582		—		179		179		—
Total	$	88,564	$	284	$	297	$	—	$	89,145	$	—	$	603	$	603	$	58
Total Citigroup(10)	$	346,420	$	1,713	$	1,815	$	380	$	350,328	$	140	$	1,377	$	1,517	$	1,240

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

(2)Includes $10 million of residential first mortgages recorded at fair value.

(3)Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes classifiably managed Private bank loans.

(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 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 and $0.0 billion of residential first mortgage loans in process of foreclosure in North America and outside of North America, respectively.

(8)Includes approximately $0.1 billion and $0.0 billion of home equity loans in process of foreclosure in North America and outside of North America, respectively.

(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 $591 million. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts.

Interest Income Recognized for Non-Accrual Consumer Loans

In millions of dollars	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
In North America offices(1)
Residential first mortgages	$	3	$	4
Home equity loans	1		2
Credit cards	—		—
Personal, small business and other	—		—
Total	$	4	$	6
In offices outside North America(1)
Residential mortgages	$	—	$	—
Credit cards	—		—
Personal, small business and other	—		—
Total	$	—	$	—
Total Citigroup	$	4	$	6

(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, 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)	$	82,234	$	454	$	279	$	394	$	83,361	$	134	$	559	$	693	$	282
Home equity loans(8)(9)	5,546		43		156		—		5,745		64		221		285		—
Credit cards	132,050		947		871		—		133,868		—		—		—		871
Personal, small business and other	39,977		534		164		38		40,713		2		70		72		30
Total	$	259,807	$	1,978	$	1,470	$	432	$	263,687	$	200	$	850	$	1,050	$	1,183
In offices outside North America(6)
Residential mortgages(7)	$	37,566	$	165	$	158	$	—	$	37,889	$	—	$	409	$	409	$	10
Credit cards	17,428		192		188		—		17,808		—		140		140		120
Personal, small business and other	56,930		145		75		—		57,150		—		227		227		22
Total	$	111,924	$	502	$	421	$	—	$	112,847	$	—	$	776	$	776	$	152
Total Citigroup(10)	$	371,731	$	2,480	$	1,891	$	432	$	376,534	$	200	$	1,626	$	1,826	$	1,335

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

(2)Includes $12 million of residential first mortgages recorded at fair value.

(3)Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes classifiably managed Private bank loans.

(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 loans 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 $0.3 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 $629 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, 2022
In millions of dollars	Less than 680		680 to 760		Greater than 760		FICO not available		Total loans
Residential first mortgages
2022	$	107	$	1,288	$	2,890
2021	757		6,249		12,930
2020	494		4,776		11,663
2019	342		2,670		5,959
2018	388		1,046		2,185
Prior	2,366		6,958		14,528
Total residential first mortgages	$	4,454	$	22,987	$	50,155	$	6,973	$	84,569
Home equity loans (pre-reset)	$	247	$	949	$	1,426
Home equity loans (post-reset)	593		963		1,104
Total home equity loans	$	840	$	1,912	$	2,530	$	46	$	5,328
Credit cards(3)	$	23,462	$	51,745	$	52,433	$	1,842	$	129,482
Personal, small business and other
2022	$	8	$	34	$	59
2021	92		251		376
2020	21		34		52
2019	36		44		55
2018	26		27		28
Prior	124		181		142
Total personal, small business and other(4)	$	307	$	571	$	712	$	38,769	$	40,359
Total	$	29,063	$	77,215	$	105,830	$	47,630	$	259,738

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	$	626	$	6,729	$	12,349
2020	508		5,102		12,153
2019	373		3,074		6,167
2018	394		1,180		2,216
2017	343		1,455		2,568
Prior	2,053		6,540		12,586
Total residential first mortgages	$	4,297	$	24,080	$	48,039	$	6,945	$	83,361
Home equity loans (pre-reset)	$	263	$	1,030	$	1,539
Home equity loans (post-reset)	639		1,047		1,160
Total home equity loans	$	902	$	2,077	$	2,699	$	67	$	5,745
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(4)	$	284	$	517	$	640	$	38,365	$	39,806
Total	$	28,598	$	79,581	$	106,515	$	47,569	$	262,263

(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 $507 million and $517 million of balances related to Canada for March 31, 2022 and December 31, 2021, respectively.

(4)    Excludes $938 million and $907 million of balances related to Canada for March 31, 2022 and December 31, 2021, 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, 2022
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
2022	$	3,491	$	853	$	3
2021	18,705		2,359		35
2020	17,885		426		—
2019	9,435		231		29
2018	3,949		124		11
Prior	25,225		224		15
Total residential first mortgages	$	78,690	$	4,217	$	93	$	1,569	$	84,569
Home equity loans (pre-reset)	$	2,434	$	37	$	59
Home equity loans (post-reset)	2,600		45		33
Total home equity loans	$	5,034	$	82	$	92	$	120	$	5,328
Total	$	83,724	$	4,299	$	185	$	1,689	$	89,897

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	$	18,107	$	2,723	$	34
2020	18,715		446		—
2019	10,047		269		29
2018	4,117		136		11
2017	4,804		103		4
Prior	22,161		128		14
Total residential first mortgages	$	77,951	$	3,805	$	92	$	1,513	$	83,361
Home equity loans (pre-reset)	$	2,637	$	46	$	69
Home equity loans (post-reset)	2,751		52		32
Total home equity loans	$	5,388	$	98	$	101	$	158	$	5,745
Total	$	83,339	$	3,903	$	193	$	1,671	$	89,106

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, 2022								2022		2021
In millions of dollars	Recorded investment(1)(2)		Unpaid principal balance		Related specific allowance(3)		Average carrying value(4)		Interest income recognized(6)		Interest income recognized(6)
Mortgage and real estate
Residential first mortgages	$	1,407	$	1,556	$	75	$	1,489	$	22	$	88
Home equity loans	266		346		(6)		288		3		9
Credit cards	1,289		1,290		483		1,620		18		116
Personal, small business and other	132		138		34		394		3		52
Total	$	3,094	$	3,330	$	586	$	3,791	$	46	$	265

	Balance at December 31, 2021
In millions of dollars	Recorded investment(1)(2)		Unpaid principal balance		Related specific allowance(3)(4)		Average carrying value(5)
Mortgage and real estate
Residential first mortgages	$	1,521	$	1,595	$	87	$	1,564
Home equity loans	191		344		(1)		336
Credit cards	1,582		1,609		594		1,795
Personal, small business and other	454		461		133		505
Total	$	3,748	$	4,009	$	813	$	4,200

(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, 2022, $191 million of residential first mortgages and $88 million of home equity loans do not have a specific allowance. For December 31, 2021, $190 million of residential first mortgages and $94 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 accrual and cash basis.

Schedule of troubled debt restructurings

Consumer Troubled Debt Restructurings(1)

	For the Three Months Ended March 31, 2022
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	346	$	81	$	—	$	—	$	—	—	%
Home equity loans	104	9		—		—		—		—
Credit cards	40,740	173		—		—		—		17
Personal, small business and other	146	1		—		—		—		5
Total(7)	41,336	$	264	$	—	$	—	$	—
International
Residential mortgages	183	$	6	$	—	$	—	$	—	—	%
Credit cards	5,000	22		—		—		1		19
Personal, small business and other	672	9		—		—		—		8
Total(7)	5,855	$	37	$	—	$	—	$	1

	For the Three Months Ended March 31, 2021
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	336	$	60	$	—	$	—	$	—	—	%
Home equity loans	59	6		—		—		—		—
Credit cards	59,046	300		—		—		—		17
Personal, small business and other	461	7		—		—		—		4
Total(7)	59,902	$	373	$	—	$	—	$	—
International
Residential mortgages	467	$	24	$	—	$	—	$	—	1	%
Credit cards	24,599	102		—		—		7		16
Personal, small business and other	7,538	58		—		—		2		10
Total(7)	32,604	$	184	$	—	$	—	$	9

(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 $1 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the three months ended March 31, 2022. These amounts include $1 million of residential first mortgages that were newly classified as TDRs in the three months ended March 31, 2022, 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 $3 million of residential first mortgages 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 that were newly classified as TDRs in the three months ended March 31, 2021, 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	2022		2021
North America
Residential first mortgages	$	4	$	18
Home equity loans	—		4
Credit cards	57		63
Personal, small business and other	—		1
Total	$	61	$	86
International
Residential mortgages	$	4	$	12
Credit cards	4		52
Personal, small business and other	1		22
Total	$	9	$	86

Purchased Credit-Deteriorated Assets

	Three Months Ended March 31, 2022						Three Months Ended December 31, 2021						Three Months Ended March 31, 2021
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	$	—	$	4	$	—	$	—	$	4	$	—	$	—	$	3	$	—
Allowance for credit losses at acquisition date	—		—		—		—		—		—		—		—		—
Discount or premium attributable to non-credit factors	—		—		—		—		—		—		—		—		—
Par value (amortized cost basis)	$	—	$	4	$	—	$	—	$	4	$	—	$	—	$	3	$	—

(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, 2022

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	$	932	$	631	$	1,563	$	1,519	$	160,279	$	163,361
Financial institutions	380		211		591		52		74,599		75,242
Mortgage and real estate	50		100		150		119		21,921		22,190
Lease financing	—		—		—		15		411		426
Other	41		45		86		161		42,153		42,400
Loans at fair value											5,722
Total	$	1,403	$	987	$	2,390	$	1,866	$	299,363	$	309,341

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	$	1,072	$	239	$	1,311	$	1,263	$	144,430	$	147,004
Financial institutions	320		166		486		2		71,279		71,767
Mortgage and real estate	1		1		2		136		20,153		20,291
Lease financing	—		—		—		14		441		455
Other	77		19		96		138		45,412		45,646
Loans at fair value											6,070
Total	$	1,470	$	425	$	1,895	$	1,553	$	281,715	$	291,233

(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, 2022
In millions of dollars	2022		2021		2020		2019		2018		Prior
Investment grade(3)
Commercial and industrial(4)	$	36,059	$	13,020	$	4,742	$	4,219	$	3,513	$	10,875	$	36,661	$	109,089
Financial institutions(4)	9,481		6,754		1,663		1,107		931		1,923		42,885		64,744
Mortgage and real estate	1,862		3,077		3,720		3,409		1,824		2,477		117		16,486
Other(5)	3,343		3,325		2,351		993		2,502		4,488		19,699		36,701
Total investment grade	$	50,745	$	26,176	$	12,476	$	9,728	$	8,770	$	19,763	$	99,362	$	227,020
Non-investment grade(3)
Accrual
Commercial and industrial(4)	$	11,346	$	8,485	$	2,448	$	2,145	$	1,790	$	5,253	$	21,286	$	52,753
Financial institutions(4)	3,337		1,760		346		553		56		750		3,644		10,446
Mortgage and real estate	141		922		741		1,005		1,141		1,017		618		5,585
Other(5)	910		949		398		390		201		358		2,743		5,949
Non-accrual
Commercial and industrial(4)	143		148		99		122		112		245		650		1,519
Financial institutions	—		50		—		—		—		—		2		52
Mortgage and real estate	10		—		1		—		42		25		41		119
Other(5)	66		4		3		11		24		63		5		176
Total non-investment grade	$	15,953	$	12,318	$	4,036	$	4,226	$	3,366	$	7,711	$	28,989	$	76,599
Loans at fair value(6)															$	5,722
Corporate loans, net of unearned income	$	66,698	$	38,494	$	16,512	$	13,954	$	12,136	$	27,474	$	128,351	$	309,341

	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)	$	42,422	$	5,529	$	4,642	$	3,757	$	2,911	$	8,392	$	30,588	$	98,241
Financial institutions(4)	12,862		1,678		1,183		1,038		419		1,354		43,630		62,164
Mortgage and real estate	2,423		3,660		3,332		2,015		1,212		1,288		141		14,071
Other(5)	9,037		3,099		1,160		2,789		330		4,601		18,727		39,743
Total investment grade	$	66,744	$	13,966	$	10,317	$	9,599	$	4,872	$	15,635	$	93,086	$	214,219
Non-investment grade(3)
Accrual
Commercial and industrial(4)	$	16,783	$	2,281	$	2,343	$	2,024	$	1,412	$	3,981	$	18,676	$	47,500
Financial institutions(4)	4,325		347		567		101		71		511		3,679		9,601
Mortgage and real estate	1,275		869		1,228		1,018		493		586		615		6,084
Other(5)	1,339		349		554		364		119		245		3,236		6,206
Non-accrual
Commercial and industrial(4)	53		119		64		104		94		117		712		1,263
Financial institutions	—		—		—		—		—		—		2		2
Mortgage and real estate	11		8		2		49		10		25		31		136
Other(5)	19		5		19		19		—		90		—		152
Total non-investment grade	$	23,805	$	3,978	$	4,777	$	3,679	$	2,199	$	5,555	$	26,951	$	70,944
Loans at fair value(6)															$	6,070
Corporate loans, net of unearned income	$	90,549	$	17,944	$	15,094	$	13,278	$	7,071	$	21,190	$	120,037	$	291,233

(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)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, 2022								Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
In millions of dollars	Recorded investment(1)		Unpaid principal balance		Related specific allowance		Average carrying  value(2)		Interest income recognized		Interest income recognized(3)
Non-accrual corporate loans
Commercial and industrial	$	1,519	$	2,560	$	392	$	1,603	$	7	$	10
Financial institutions	52		110		31		17		—		—
Mortgage and real estate	119		119		3		155		2		—
Lease financing	15		15		—		18		—		—
Other	161		184		13		155		2		6
Total non-accrual corporate loans	$	1,866	$	2,988	$	439	$	1,948	$	11	$	16

	December 31, 2021
In millions of dollars	Recorded investment(1)		Unpaid principal balance		Related specific allowance		Average carrying  value(2)
Non-accrual corporate loans
Commercial and industrial	$	1,263	$	1,858	$	198	$	1,839
Financial institutions	2		55		—		4
Mortgage and real estate	136		285		10		163
Lease financing	14		14		—		21
Other	138		165		4		134
Total non-accrual corporate loans	$	1,553	$	2,377	$	212	$	2,161

	March 31, 2022				December 31, 2021
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	$	604	$	392	$	637	$	198
Financial institutions	50		31		—		—
Mortgage and real estate	22		3		29		10
Other	21		13		37		4
Total non-accrual corporate loans with specific allowances	$	697	$	439	$	703	$	212
Non-accrual corporate loans without specific allowances
Commercial and industrial	$	915			$	626
Financial institutions	2				2
Mortgage and real estate	97				107
Lease financing	15				14
Other	140				101
Total non-accrual corporate loans without specific allowances	$	1,169	N/A		$	850	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	$	12	$	—	$	—	$	12
Mortgage and real estate	—		—		—		—
Other	—		—		—		—
Total	$	12	$	—	$	—	$	12

For the Three Months Ended March 31, 2021

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

(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, 2022		TDR loans that re-defaulted in 2022 within one year of modification		TDR balances at  March 31, 2021		TDR loans that re-defaulted in 2021 within one year of modification
Commercial and industrial	$	205	$	—	$	283	$	—
Mortgage and real estate	20		—		25		—
Other	23		—		27		—
Total(1)	$	248	$	—	$	335	$	—

(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, 2022		December 31, 2021
In North America offices(1)
Commercial and industrial	$	54,063	$	48,364
Financial institutions	47,930		49,804
Mortgage and real estate(2)	17,536		15,965
Installment and other	18,812		20,143
Lease financing	379		415
Total	$	138,720	$	134,691
In offices outside North America(1)
Commercial and industrial	$	112,732	$	102,735
Financial institutions	27,657		22,158
Mortgage and real estate(2)	4,705		4,374
Installment and other	21,275		22,812
Lease financing	47		40
Governments and official institutions	4,205		4,423
Total	$	170,621	$	156,542
Corporate loans, net of unearned income(3)	$	309,341	$	291,233

(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 ($766) million and ($770) million at March 31, 2022 and December 31, 2021, respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis.