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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
 3 Months Ended
Mar. 31, 2023
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, 2023 and 2022, Condensed Consolidating Balance Sheet as of March 31, 2023 and December 31, 2022 and Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2023 and 2022 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, 2023
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Revenues
Dividends from subsidiaries$3,291 $— $— $(3,291)$— 
Interest revenue— 6,269 23,126 — 29,395 
Interest revenue—intercompany1,653 1,587 (3,240)— — 
Interest expense1,503 4,777 9,767 — 16,047 
Interest expense—intercompany326 2,282 (2,608)— — 
Net interest income$(176)$797 $12,727 $— $13,348 
Commissions and fees$— $1,133 $1,233 $— $2,366 
Commissions and fees—intercompany(14)47 (33)— — 
Principal transactions(631)674 3,896 — 3,939 
Principal transactions—intercompany327 562 (889)— — 
Other revenue(59)31 1,822 — 1,794 
Other revenue—intercompany16 (10)(6)— — 
Total non-interest revenues$(361)$2,437 $6,023 $— $8,099 
Total revenues, net of interest expense$2,754 $3,234 $18,750 $(3,291)$21,447 
Provisions for credit losses and for benefits and claims$— $19 $1,956 $— $1,975 
Operating expenses
Compensation and benefits$5 $1,490 $6,043 $— $7,538 
Compensation and benefits—intercompany17 — (17)— — 
Other operating33 539 5,179 — 5,751 
Other operating—intercompany4 888 (892)— — 
Total operating expenses$59 $2,917 $10,313 $— $13,289 
Equity in undistributed income of subsidiaries$1,543 $— $— $(1,543)$— 
Income (loss) from continuing operations before income taxes$4,238 $298 $6,481 $(4,834)$6,183 
Provision (benefit) for income taxes(368)115 1,784 — 1,531 
Income (loss) from continuing operations$4,606 $183 $4,697 $(4,834)$4,652 
Income (loss) from discontinued operations, net of taxes— — (1)— (1)
Net income before attribution of noncontrolling interests$4,606 $183 $4,696 $(4,834)$4,651 
Noncontrolling interests— — 45 — 45 
Net income (loss)$4,606 $183 $4,651 $(4,834)$4,606 
Comprehensive income
Add: Other comprehensive income (loss)$1,594 $(28)$(1,047)$1,075 $1,594 
Total Citigroup comprehensive income (loss)$6,200 $155 $3,604 $(3,759)$6,200 
Add: Other comprehensive income attributable to noncontrolling interests$— $— $32 $— $32 
Add: Net income attributable to noncontrolling interests— — 45 — 45 
Total comprehensive income (loss)$6,200 $155 $3,681 $(3,759)$6,277 
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 (loss) 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 Balance Sheet

March 31, 2023
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Assets
Cash and due from banks$— $739 $25,485 $— $26,224 
Cash and due from banks—intercompany33 5,846 (5,879)— — 
Deposits with banks, net of allowance— 7,107 295,628 — 302,735 
Deposits with banks—intercompany4,000 9,514 (13,514)— — 
Securities borrowed and purchased under resale agreements— 307,774 76,424 — 384,198 
Securities borrowed and purchased under resale agreements—intercompany— 20,355 (20,355)— — 
Trading account assets148 248,341 135,417 — 383,906 
Trading account assets—intercompany247 4,889 (5,136)— — 
Investments, net of allowance1 250 512,327 — 512,578 
Loans, net of unearned income— 1,884 650,111 — 651,995 
Loans, net of unearned income—intercompany— 111 (111)— — 
Allowance for credit losses on loans (ACLL)— (14)(17,155)— (17,169)
Total loans, net$— $1,981 $632,845 $— $634,826 
Advances to subsidiaries$146,754 $— $(146,754)$— $— 
Investments in subsidiary bank holding company176,035 — — (176,035)— 
Investments in non-bank subsidiaries48,381 — — (48,381)— 
Other assets, net of allowance(1)
11,493 67,102 132,051 — 210,646 
Other assets—intercompany4,577 97,995 (102,572)— — 
Total assets$391,669 $771,893 $1,515,967 $(224,416)$2,455,113 
Liabilities and equity
Deposits $— $— $1,330,459 $— $1,330,459 
Deposits—intercompany— — — — — 
Securities loaned and sold under repurchase agreements— 236,426 21,255 — 257,681 
Securities loaned and sold under repurchase agreements—intercompany— 62,675 (62,675)— — 
Trading account liabilities32 123,141 61,837 — 185,010 
Trading account liabilities—intercompany722 3,787 (4,509)— — 
Short-term borrowings— 17,079 23,108 — 40,187 
Short-term borrowings—intercompany— 15,390 (15,390)— — 
Long-term debt166,826 96,700 16,158 — 279,684 
Long-term debt—intercompany— 90,431 (90,431)— — 
Advances from subsidiary bank holding company5,028 — (5,028)— — 
Advances from non-bank subsidiaries8,035 — (8,035)— — 
Other liabilities2,627 75,199 75,247 — 153,073 
Other liabilities—intercompany104 12,090 (12,194)— — 
Stockholders’ equity208,295 38,975 186,165 (224,416)209,019 
Total liabilities and equity$391,669 $771,893 $1,515,967 $(224,416)$2,455,113 

(1)Citigroup parent company and Other Citigroup subsidiaries at March 31, 2023 included $46.8 billion of placements to Citibank and its branches, of which $35.2 billion had a remaining term of less than 30 days.
Condensed Consolidating Balance Sheet

December 31, 2022
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Assets
Cash and due from banks$— $955 $29,622 $— $30,577 
Cash and due from banks—intercompany15 7,448 (7,463)— — 
Deposits with banks, net of allowance— 7,902 303,546 — 311,448 
Deposits with banks—intercompany3,000 10,816 (13,816)— — 
Securities borrowed and purchased under resale agreements— 286,724 78,677 — 365,401 
Securities borrowed and purchased under resale agreements—intercompany— 19,549 (19,549)— — 
Trading account assets130 202,678 131,306 — 334,114 
Trading account assets—intercompany176 7,279 (7,455)— — 
Investments, net of allowance1 265 526,316 — 526,582 
Loans, net of unearned income— 1,749 655,472 — 657,221 
Loans, net of unearned income—intercompany— 337 (337)— — 
Allowance for credit losses on loans (ACLL)— — (16,974)— (16,974)
Total loans, net$— $2,086 $638,161 $— $640,247 
Advances to subsidiaries$146,843 $— $(146,843)$— $— 
Investments in subsidiary bank holding company172,721 — — (172,721)— 
Investments in non-bank subsidiaries48,295 — — (48,295)— 
Other assets, net of allowance(1)
10,441 66,753 131,113 — 208,307 
Other assets—intercompany3,346 94,716 (98,062)— — 
Total assets$384,968 $707,171 $1,545,553 $(221,016)$2,416,676 
Liabilities and equity
Deposits $— $— $1,365,954 $— $1,365,954 
Deposits—intercompany— — — — — 
Securities loaned and sold under repurchase agreements— 181,765 20,679 — 202,444 
Securities loaned and sold under repurchase agreements—intercompany— 64,151 (64,151)— — 
Trading account liabilities23 108,940 61,684 — 170,647 
Trading account liabilities—intercompany581 6,989 (7,570)— — 
Short-term borrowings— 20,382 26,714 — 47,096 
Short-term borrowings—intercompany— 23,468 (23,468)— — 
Long-term debt166,257 88,844 16,505 — 271,606 
Long-term debt—intercompany— 83,224 (83,224)— — 
Advances from subsidiary bank holding company 6,629 — (6,629)— — 
Advances from non-bank subsidiaries7,933 — (7,933)— — 
Other liabilities2,321 75,040 79,730 — 157,091 
Other liabilities—intercompany35 15,530 (15,565)— — 
Stockholders’ equity201,189 38,838 182,827 (221,016)201,838 
Total liabilities and equity$384,968 $707,171 $1,545,553 $(221,016)$2,416,676 

(1)Other assets for Citigroup parent company at December 31, 2022 included $40.2 billion of placements to Citibank and its branches, of which $29.2 billion had a remaining term of less than 30 days.
Condensed Consolidating Statement of Cash Flows

Three Months Ended March 31, 2023
In millions of dollarsCitigroup parent companyCGMHIOther Citigroup subsidiaries and eliminationsConsolidating adjustmentsCitigroup consolidated
Net cash provided by (used in) operating activities of continuing operations$3,337 $(31,964)$(1,858)$— $(30,485)
Cash flows from investing activities of continuing operations
Change in securities borrowed and purchased under agreements to resell$— $(21,856)$3,059 $— $(18,797)
Change in loans— — 3,010 — 3,010 
Proceeds from sales and securitizations of loans— — 895 — 895 
Net payment due to transfer of net liabilities associated with divestitures— — (29)— (29)
Available-for-sale (AFS) debt securities:
Purchases of investments— — (52,708)— (52,708)
Proceeds from sales of investments— — 18,619 — 18,619 
Proceeds from maturities of investments— — 51,034 — 51,034 
Held-to-maturity (HTM) debt securities:
Purchases of investments— — (631)— (631)
Proceeds from maturities of investments— — 1,977 — 1,977 
Changes in investments and advances—intercompany456 (3,662)3,206 — — 
Other investing activities
— (32)(6,411)— (6,443)
Net cash provided by (used in) investing activities of continuing operations$456 $(25,550)$22,021 $— $(3,073)
Cash flows from financing activities of continuing operations
Dividends paid$(1,267)$(14)$14 $— $(1,267)
Issuance of preferred stock
1,245 — — — 1,245 
Proceeds (repayments) from issuance of long-term debt, net(940)4,598 (388)— 3,270 
Proceeds (repayments) from issuance of long-term debt—intercompany, net— 2,111 (2,111)— — 
Change in deposits— — (35,495)— (35,495)
Change in securities loaned and sold under agreements to repurchase— 53,185 2,052 — 55,237 
Change in short-term borrowings— (3,303)(3,606)— (6,909)
Net change in short-term borrowings and other advances—intercompany(1,498)(2,978)4,476 — — 
Other financing activities(315)— — — (315)
Net cash provided by (used in) financing activities of continuing operations$(2,775)$53,599 $(35,058)$— $15,766 
Effect of exchange rate changes on cash and due from banks$— $— $(274)$— $(274)
Change in cash and due from banks and deposits with banks$1,018 $(3,915)$(15,169)$— $(18,066)
Cash and due from banks and deposits with banks at beginning of period3,015 27,121 311,889 — 342,025 
Cash and due from banks and deposits with banks at end of period$4,033 $23,206 $296,720 $— $323,959 
Cash and due from banks (including segregated cash and other deposits)$33 $6,585 $19,606 $— $26,224 
Deposits with banks, net of allowance4,000 16,621 277,114 — 297,735 
Cash and due from banks and deposits with banks at end of period$4,033 $23,206 $296,720 $— $323,959 
Supplemental disclosure of cash flow information for continuing operations
Cash paid (received) during the period for income taxes$59 $43 $1,491 $— $1,593 
Cash paid during the period for interest
1,462 6,252 6,644 — 14,358 
Non-cash investing activities
Transfer of investment securities from HTM to AFS$— $— $3,324 $— $3,324 
Transfers to loans HFS (Other assets) from loans
— — 2,696 — 2,696 
Transfers from loans HFS (Other assets) to loans HFI
— — 322 — 322 
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)$(883)$— $(9,247)
Cash flows from investing activities of continuing operations
Change in securities borrowed and purchased under agreements to resell$— $(15,750)$(2,372)$— $(18,122)
Change in loans— — (9,643)— (9,643)
Proceeds from sales and securitizations of loans— — 676 — 676 
AFS debt securities:
Purchases of investments— — (66,156)— (66,156)
Proceeds from sales of investments— — 57,084 — 57,084 
Proceeds from maturities of investments— — 24,210 — 24,210 
HTM debt securities:
Purchases of investments— — (28,406)— (28,406)
Proceeds from maturities of investments— — 2,775 — 2,775 
Changes in investments and advances—intercompany(9,916)(2,369)12,285 — — 
Other investing activities— — (1,238)— (1,238)
Net cash provided by (used in) investing activities of continuing operations$(9,916)$(18,119)$(10,785)$— $(38,820)
Cash flows from financing activities of continuing operations
Dividends paid$(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 (including segregated cash and other deposits)$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 $— $631 
Cash paid during the period for interest1,305 522 955 — 2,782 
Non-cash investing activities
Decrease in net loans associated with divestitures reclassified to HFS$— $— $14,970 $— $14,970 
Decrease in goodwill associated with divestitures reclassified to HFS— — 715 — 715 
Transfers to loans HFS (Other assets) from loans
— — 328 — 328 
Non-cash financing activities
Decrease in deposits associated with divestitures reclassified to HFS$— $— $18,334 $— $18,334 
Decrease in long-term debt associated with divestitures reclassified to HFS— — 28 — 28