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DEBT
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
DEBT DEBT
Short-Term Borrowings

December 31,
20212020
In millions of dollarsBalanceWeighted average couponBalanceWeighted average coupon
Commercial paper
Bank(1)
$9,026 $10,022 
Broker-dealer and other(2)
6,992 7,988 
Total commercial paper$16,018 0.22 %$18,010 0.24 %
Other borrowings(3)
11,955 0.91 11,504 0.48 
Total$27,973 $29,514 

(1)Represents Citibank entities as well as other bank entities.
(2)Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company.
(3)Includes borrowings from Federal Home Loan Banks and other market participants. At December 31, 2021 and 2020, collateralized short-term advances from Federal Home Loan Banks were $0.0 billion and $4.0 billion, respectively.

Borrowings under bank lines of credit may be at interest rates based on LIBOR, CD rates, the prime rate or bids submitted by the banks. Citigroup pays commitment fees for its lines of credit.
Some of Citigroup’s non-bank subsidiaries have credit facilities with Citigroup’s subsidiary depository institutions, including Citibank. Borrowings under these facilities are secured in accordance with Section 23A of the Federal Reserve Act.
Citigroup Global Markets Holdings Inc. (CGMHI) has borrowing agreements consisting of facilities that CGMHI has been advised are available, but where no contractual lending obligation exists. These arrangements are reviewed on an ongoing basis to ensure flexibility in meeting CGMHI’s short-term requirements.
Long-Term Debt

Balances at
December 31,
In millions of dollars
Weighted
average
coupon(1)
Maturities20212020
Citigroup Inc.(2)
Senior debt2.88 %
2022–2098
$137,651 $142,197 
Subordinated debt(3)
4.65 
2022–2046
25,560 26,636 
Trust preferred securities6.30 
2036–2067
1,734 1,730 
Bank(4)
Senior debt1.54 
2022–2039
23,567 44,742 
Broker-dealer(5)
Senior debt0.84 
2022–2070
65,652 55,896 
Subordinated debt(3)
— 
2022–2046
210 485 
Total2.94 %$254,374 $271,686 
Senior debt$226,870 $242,835 
Subordinated debt(3)
25,770 27,121 
Trust preferred securities1,734 1,730 
Total$254,374 $271,686 

(1)The weighted average coupon excludes structured notes accounted for at fair value.
(2)Represents the parent holding company.
(3)Includes notes that are subordinated within certain countries, regions or subsidiaries.
(4)Represents Citibank entities as well as other bank entities. At December 31, 2021 and 2020, collateralized long-term advances from Federal Home Loan Banks were $5.3 billion and $10.9 billion, respectively.
(5)Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. Certain Citigroup consolidated hedging activities are also included in this line.

The Company issues both fixed- and variable-rate debt in a range of currencies. It uses derivative contracts, primarily interest rate swaps, to effectively convert a portion of its fixed-rate debt to variable-rate debt. The maturity structure of the derivatives generally corresponds to the maturity structure of the debt being hedged. In addition, the Company uses other derivative contracts to manage the foreign exchange impact of certain debt issuances. At December 31, 2021, the Company’s overall weighted average interest rate for long-term debt, excluding structured notes accounted for at fair value, was 2.94% on a contractual basis and 3.12% including the effects of derivative contracts.
Aggregate annual maturities of long-term debt obligations (based on final maturity dates) including trust preferred securities are as follows:

In millions of dollars20222023202420252026ThereafterTotal
Citigroup Inc.$9,955 $14,440 $12,475 $16,798 $21,483 $89,794 $164,945 
Bank9,839 4,227 5,028 473 68 3,932 23,567 
Broker-dealer13,199 11,813 8,066 3,995 5,499 23,290 65,862 
Total$32,993 $30,480 $25,569 $21,266 $27,050 $117,016 $254,374 

The following table summarizes Citi’s outstanding trust preferred securities at December 31, 2021:

      Junior subordinated debentures owned by trust
TrustIssuance
date		Securities
issued
Liquidation
value(1)
Coupon
rate(2)
Common
shares
issued
to parent		AmountMaturityRedeemable
by issuer
beginning
 In millions of dollars, except securities and share amounts
Citigroup Capital IIIDec. 1996194,053 $194 7.625 %6,003 $200 Dec. 1, 2036Not redeemable
Citigroup Capital XIIISept. 201089,840,000 2,246 
3 mo LIBOR + 637 bps
1,000 2,246 Oct. 30, 2040Oct. 30, 2015
Citigroup Capital XVIIIJune 200799,901 135 
3 mo sterling LIBOR + 88.75 bps
50 135 June 28, 2067June 28, 2017
Total obligated  $2,575  $2,581   

Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and Citigroup Capital XVIII and quarterly for Citigroup Capital XIII.
(1)Represents the notional value received by outside investors from the trusts at the time of issuance. This differs from Citi’s balance sheet carrying value due primarily to unamortized discount and issuance costs.
(2)In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities.