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ALLOWANCE FOR CREDIT LOSSES
 12 Months Ended
Dec. 31, 2023
Loans and Leases Receivable Disclosure [Abstract]  
ALLOWANCE FOR CREDIT LOSSES ALLOWANCE FOR CREDIT LOSSES
 
In millions of dollars202320222021
Allowance for credit losses on loans (ACLL) at beginning of year$16,974 $16,455 $24,956 
Adjustments to opening balance(1)
Financial instruments—TDRs and vintage disclosures(1)
(352)— — 
Adjusted ACLL at beginning of year$16,622 $16,455 $24,956 
Gross credit losses on loans$(7,881)$(5,156)$(6,720)
Gross recoveries on loans1,444 1,367 1,825 
Net credit losses on loans (NCLs)$(6,437)$(3,789)$(4,895)
Replenishment of NCLs$6,437 $3,789 $4,895 
Net reserve builds (releases) for loans1,272 937 (7,283)
Net specific reserve builds (releases) for loans77 19 (715)
Total provision for credit losses on loans (PCLL)$7,786 $4,745 $(3,103)
Other, net (see table below)174 (437)(503)
ACLL at end of year$18,145 $16,974 $16,455 
Allowance for credit losses on unfunded lending commitments (ACLUC)
at beginning of year(2)
$2,151 $1,871 $2,655 
Provision (release) for credit losses on unfunded lending commitments(425)291 (788)
Other, net(3)
2 (11)4 
ACLUC at end of year(2)
$1,728 $2,151 $1,871 
Total allowance for credit losses on loans, leases and unfunded lending commitments$19,873 $19,125 $18,326 

Other, net details
In millions of dollars202320222021
Sales or transfers of various consumer loan portfolios to HFS(3)
Reclass of Thailand, India, Malaysia, Taiwan, Indonesia, Bahrain and Vietnam consumer ACLL to HFS$— $(350)$— 
Reclass of Australia consumer ACLL to HFS— — (280)
Reclass of the Philippines consumer ACLL to HFS— — (90)
Reclasses of consumer ACLL to HFS(3)
$— $(350)$(370)
FX translation and other174 (87)(133)
Other, net$174 $(437)$(503)

(1)See “Accounting Changes” in Note 1.
(2)Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet.
(3)See Note 2.
Allowance for Credit Losses on Loans and End-of-Period Loans at December 31, 2023

In millions of dollarsCorporateConsumerTotal
ACLL at beginning of year$2,855 $14,119 $16,974 
Adjustments to opening balance:
Financial instruments—TDRs and vintage disclosures(1)
— (352)(352)
Adjusted ACLL at beginning of year$2,855 $13,767 $16,622 
Gross credit losses on loans$(328)$(7,553)$(7,881)
Gross recoveries on loans78 1,366 1,444 
Replenishment of NCLs250 6,187 6,437 
Net reserve builds (releases)(168)1,440 1,272 
Net specific reserve builds (releases)39 38 77 
Other(12)186 174 
Ending balance$2,714 $15,431 $18,145 
ACLL   
Collectively evaluated$2,352 $15,391 $17,743 
Individually evaluated362 40 402 
Purchased credit deteriorated— — — 
Total ACLL$2,714 $15,431 $18,145 
Loans, net of unearned income
Collectively evaluated$291,002 $388,711 $679,713 
Individually evaluated1,882 58 1,940 
Purchased credit deteriorated— 115 115 
Held at fair value7,281 313 7,594 
Total loans, net of unearned income$300,165 $389,197 $689,362 

(1)See “Accounting Changes” in Note 1.

2023 Changes in the ACL
The total allowance for credit losses on loans, leases and unfunded lending commitments as of December 31, 2023 was $19,873 million, an increase from $19,125 million at December 31, 2022. The increase in the ACLL was primarily driven by card balances in Branded Cards and Retail Services and an increase in transfer risk associated with exposures outside the U.S. driven by safety and soundness considerations under U.S. banking law, partially offset by a decrease in the ACLL of $352 million from the adoption of ASU 2022-02 for the recognition and measurement of TDRs (see Note 1) and improved key macroeconomic variable forecasts.

Consumer ACLL
Citi’s total consumer allowance for credit losses on loans (ACLL) as of December 31, 2023 was $15,431 million, an increase from $14,119 million at December 31, 2022. The increase was primarily driven by growth in U.S. cards balances, partially offset by a decrease to the ACLL of $352 million from the adoption of ASU 2022-02 for the recognition and measurement of TDRs.


Corporate ACLL
Citi’s total corporate ACLL as of December 31, 2023 was $2,714 million, a decrease from $2,855 million at December 31, 2022. The decrease was primarily driven by an improved macroeconomic outlook.

ACLUC
As of December 31, 2023, Citi’s total ACLUC, included in Other liabilities, was $1,728 million, a decrease from $2,151 million at December 31, 2022. The decrease was primarily driven by an improved macroeconomic outlook.
Allowance for Credit Losses on Loans and End-of-Period Loans at December 31, 2022

In millions of dollarsCorporateConsumerTotal
ACLL at beginning of year$2,415 $14,040 $16,455 
Gross credit losses on loans(278)(4,878)(5,156)
Gross recoveries on loans100 1,267 1,367 
Replenishment of NCLs178 3,611 3,789 
Net reserve builds (releases)374 563 937 
Net specific reserve builds (releases)65 (46)19 
Other1 (438)(437)
Ending balance$2,855 $14,119 $16,974 
ACLL   
Collectively evaluated$2,532 $13,521 $16,053 
Individually evaluated323 596 919 
Purchased credit deteriorated— 2 2 
Total ACLL$2,855 $14,119 $16,974 
Loans, net of unearned income
Collectively evaluated$282,909 $364,795 $647,704 
Individually evaluated1,122 2,921 4,043 
Purchased credit deteriorated— 114 114 
Held at fair value5,123 237 5,360 
Total loans, net of unearned income$289,154 $368,067 $657,221 


Allowance for Credit Losses on Loans at December 31, 2021

In millions of dollarsCorporateConsumerTotal
ACLL at beginning of year$4,776 $20,180 $24,956 
Gross credit losses on loans(500)(6,220)(6,720)
Gross recoveries on loans114 1,711 1,825 
Replenishment of NCLs386 4,509 4,895 
Net reserve builds (releases)(2,075)(5,208)(7,283)
Net specific reserve builds (releases)(255)(460)(715)
Other(31)(472)(503)
Ending balance$2,415 $14,040 $16,455 


Allowance for Credit Losses on HTM Debt Securities
The allowance for credit losses on HTM debt securities, which the Company has the intent and ability to hold, was $95 million, $120 million and $87 million as of December 31, 2023, 2022 and 2021, respectively.
Allowance for Credit Losses on Other Assets

Year ended December 31, 2023
In millions of dollarsDeposits with banksSecurities borrowed and purchased under agreements
to resell
All other assets(1)
Total
Allowance for credit losses on other assets at beginning of year$51 $36 $36 $123 
Gross credit losses— — (97)(97)
Gross recoveries— — 25 25 
Net credit losses (NCLs)$— $— $(72)$(72)
Replenishment of NCLs$— $— $72 $72 
Net reserve builds (releases)(19)14 1,695 1,690 
Total provision for credit losses$(19)$14 $1,767 $1,762 
Other, net$(1)$(23)$(1)$(25)
Allowance for credit losses on other assets at end of year$31 $27 $1,730 $1,788 

(1)Primarily ACL related to transfer risk associated with exposures outside of the U.S. driven by safety and soundness considerations under U.S. banking law.

Year ended December 31, 2022
In millions of dollarsDeposits with banksSecurities borrowed and purchased under agreements
to resell
All other assets(1)
Total
Allowance for credit losses on other assets at beginning of year$21 $6 $26 $53 
Gross credit losses— — (24)(24)
Gross recoveries— — 3 3 
Net credit losses (NCLs)$— $— $(21)$(21)
Replenishment of NCLs$— $— $21 $21 
Net reserve builds (releases)30 14 11 55 
Total provision for credit losses$30 $14 $32 $76 
Other, net(2)
$— $16 $(1)$15 
Allowance for credit losses on other assets at end of year$51 $36 $36 $123 

(1)Primarily accounts receivable.
(2)Includes $30 million of ACL transferred from Services, Markets and Banking loans ACL during the second quarter of 2022 for securities borrowed and purchased under agreements to resell.

Year ended December 31, 2021
In millions of dollarsDeposits with banksSecurities borrowed and purchased under agreements
to resell
All other assets(1)
Total
Allowance for credit losses on other assets at beginning of year$20 $10 $25 $55 
Gross credit losses— — (2)(2)
Gross recoveries— — — — 
Net credit losses (NCLs)$— $— $(2)$(2)
Replenishment of NCLs$— $— $2 $2 
Net reserve builds (releases)2 (4)— (2)
Total provision for credit losses$2 $(4)$2 $— 
Other, net$(1)$— $1 $— 
Allowance for credit losses on other assets at end of year$21 $6 $26 $53 

(1)Primarily accounts receivable.
For ACL on AFS debt securities, see Note 14.