XML 29 R8.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities of continuing operations    
Net income before attribution of noncontrolling interests $ 4,651 $ 4,323
Net income attributable to noncontrolling interests 45 17
Citigroup’s net income 4,606 4,306
Income (loss) from discontinued operations, net of taxes (1) (2)
Income from continuing operations—excluding noncontrolling interests 4,607 4,308
Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuing operations    
Net loss on significant disposal [1] (1,059) 118
Depreciation and amortization 1,111 1,015
Deferred income taxes [2] (28) (189)
Provisions for credit losses and for benefits and claims [2],[3] 1,975 755
Realized gains from sales of investments (72) (80)
Impairment losses on investments and other assets 86 90
Goodwill impairment 0 535
Change in trading account assets (49,831) (26,073)
Change in trading account liabilities 14,363 26,530
Change in brokerage receivables net of brokerage payables 6,191 (4,984)
Change in loans held-for-sale (HFS) (1,066) 3,223
Change in other assets (3,608) (7,308)
Change in other liabilities (6,132) 310
Other, net [2],[4] (2,978) 7,497
Total adjustments (35,092) (13,555)
Net cash used in operating activities of continuing operations (30,485) (9,247)
Cash flows from investing activities of continuing operations    
Change in securities borrowed and purchased under agreements to resell (18,797) (18,122)
Change in loans 3,010 (9,643)
Proceeds from sales and securitizations of loans 895 676
Net payment due to transfer of net liabilities associated with divestitures [1] (29) 0
Available-for-sale debt securities    
Purchases of investments [2],[4] (52,708) (66,156)
Proceeds from sales of investments 18,619 57,084
Proceeds from maturities of investments [2],[4] 51,034 24,210
Held-to-maturity debt securities    
Purchases of investments (631) (28,406)
Proceeds from maturities of investments 1,977 2,775
Capital expenditures on premises and equipment and capitalized software (1,634) (1,229)
Proceeds from sales of premises and equipment, subsidiaries and affiliates and repossessed assets 6 15
Other, net [2],[4],[5] (4,815) (24)
Net cash used in investing activities of continuing operations (3,073) (38,820)
Cash flows from financing activities of continuing operations    
Dividends paid (1,267) (1,286)
Issuance of preferred stock 1,245 0
Redemption of preferred stock 0 0
Treasury stock acquired 0 (2,833)
Stock tendered for payment of withholding taxes (315) (330)
Change in securities loaned and sold under agreements to repurchase 55,237 13,209
Issuance of long-term debt 15,741 29,668
Payments and redemptions of long-term debt (12,471) (17,061)
Change in deposits (35,495) 34,816
Change in short-term borrowings (6,909) 2,171
Net cash provided by financing activities of continuing operations 15,766 58,354
Effect of exchange rate changes on cash and due from banks (274) (233)
Change in cash, due from banks and deposits with banks (18,066) 10,054
Cash, due from banks and deposits with banks at beginning of period 342,025 262,033
Cash, due from banks and deposits with banks at end of period 323,959 272,087
Cash and due from banks (including segregated cash and other deposits) 26,224 27,768
Deposits with banks, net of allowance [5] 297,735 244,319
Cash, due from banks and deposits with banks at end of period 323,959 272,087
Supplemental disclosure of cash flow information for continuing operations    
Cash paid during the period for income taxes 1,593 631
Cash paid during the period for interest 14,358 2,782
Non-cash investing and financing activities    
Transfer of investment securities from HTM to AFS [1],[6],[7] 3,324 0
Decrease in net loans associated with divestitures reclassified to HFS [1],[6],[7] 0 14,970
Decrease in goodwill associated with divestitures reclassified to HFS [1],[6],[7] 0 715
Transfers to loans HFS (Other assets) from loans HFI [1],[6],[7] 2,696 328
Transfers from loans HFS (Other assets) to loans HFI [1],[6],[7] 322 0
Decrease in deposits associated with divestitures reclassified to HFS [1] 0 18,334
Decrease in long-term debt associated with divestitures reclassified to HFS [1] $ 0 $ 28
[1] See Note 2 for further information on significant disposals.
[2] 2022 amounts have been revised to conform to the current-period presentation.
[3] This total excludes the provision for credit losses on AFS securities, which is disclosed separately above.
[4] Consistent with the revisions disclosed in “Statement of Cash Flows” in Note 1 to the Consolidated Financial Statements in Citi’s 2022 Form 10-K, during the three months ended March 31, 2022, $4.1 billion of cash flows related to maturities of short-term negotiable certificates of deposit (NCDs) and $41 million of cash flows related to purchases of short-term NCDs were reclassified from purchases and maturities of AFS securities within investing activities to Other, net within operating activities.
[5] Deposits with banks as of March 31, 2023 excludes approximately $5 billion of deposits that do not meet the definition of cash equivalents. These deposits are reported within Other, net investing activities.
[6] In January 2023, Citi adopted ASU 2022-01. Upon adoption, Citi transferred $3.3 billion of mortgage-backed securities from HTM classification to AFS classification as allowed under the ASU. At the time of transfer, the securities were in an unrealized gain position of $0.1 billion, which was recorded in AOCI upon transfer. See Note 1.
[7] Operating and finance lease right-of-use assets and lease liabilities represent non-cash investing and financing activities, respectively, and are not included in the non-cash investing activities presented here. See Note 24 for more information and balances as of March 31, 2023.