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DEBT
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
DEBT DEBT
Short-Term Borrowings

December 31,
20232022
In millions of dollarsBalance
Weighted- average coupon(1)
Balance
Weighted- average coupon(1)
Commercial paper
Bank(2)
$11,116 $11,185 
Broker-dealer and other(3)
9,106 14,345 
Total commercial paper$20,222 5.72 %$25,530 4.29 %
Other borrowings(4)
17,235 5.45 21,566 4.23 
Total$37,457 $47,096 

(1)The weighted-average coupon excludes structured notes accounted for at fair value and the effect of hedges.
(2)Represents Citibank entities as well as other bank entities.
(3)Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company.
(4)Includes borrowings from Federal Home Loan Banks and other market participants. At December 31, 2023 and 2022, collateralized short-term advances from Federal Home Loan Banks were $8.0 billion and $12.0 billion, respectively.

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.
Long-Term Debt

Balances at
December 31,
In millions of dollars
Weighted-
average
coupon(1)
Maturities20232022
Citigroup Inc.(2)
Senior debt3.53 %
2024–2098
$135,579 $141,893 
Subordinated debt(3)
5.02 
2024–2046
25,116 22,758 
Trust preferred securities11.66 
2036–2040
1,614 1,606 
Bank(4)
Senior debt5.37 
2024–2039
31,673 21,113 
Broker-dealer(5)
Senior debt5.34 
2024–2070
92,637 84,236 
Total4.17 %$286,619 $271,606 
Senior debt$259,889 $247,242 
Subordinated debt(3)
25,116 22,758 
Trust preferred securities1,614 1,606 
Total$286,619 $271,606 

(1)The weighted-average coupon excludes structured notes accounted for at fair value and the effect of hedges.
(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, 2023 and 2022, collateralized long-term advances from Federal Home Loan Banks were $11.5 billion and $7.3 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. Balances primarily relate to senior debt.

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. In addition, the Company uses other derivative contracts to manage the foreign exchange impact of certain debt issuances. At December 31, 2023, the Company’s overall weighted-average interest rate for long-term debt, excluding structured notes accounted for at fair value, was 4.17% on a contractual basis and 4.22% 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 dollars20242025202620272028ThereafterTotal
Citigroup Inc.$7,035 $18,892 $28,995 $13,371 $18,791 $75,225 $162,309 
Bank11,798 10,415 3,183 774 3,679 1,824 31,673 
Broker-dealer26,955 17,117 8,202 7,117 7,644 25,602 92,637 
Total$45,788 $46,424 $40,380 $21,262 $30,114 $102,651 $286,619 

The following table summarizes Citi’s outstanding trust preferred securities at December 31, 2023:

      Junior subordinated debentures owned by trust
TrustIssuance
date		Securities
issued
Liquidation
value(1)
Coupon
rate(2)
Common
shares
issued
to parent		Notional 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 XIIIOct. 201089,840,000 2,246 
3-mo. SOFR + 663 bps(3)
1,000 2,246 Oct. 30, 2040Oct. 30, 2015
Total obligated  $2,440  $2,446   

Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III 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.
(3)The spread incorporates the original contractual spread and a 26.161 bps tenor spread adjustment.