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CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities of continuing operations    
Net income before attribution of noncontrolling interests $ 3,407 $ 4,651
Net income attributable to noncontrolling interests 36 45
Citigroup’s net income 3,371 4,606
Income (loss) from discontinued operations, net of taxes (1) (1)
Income from continuing operations—excluding noncontrolling interests 3,372 4,607
Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuing operations    
Net loss (gain) on sale of significant disposals [1] 0 (1,059)
Depreciation and amortization 1,110 1,111
Deferred income taxes (348) (28)
Provisions for credit losses and for benefits and claims [2] 2,365 1,975
Realized gains from sales of investments (115) (72)
Impairment losses on investments and other assets 30 86
Change in trading account assets (19,761) (49,831)
Change in trading account liabilities 1,307 14,363
Change in brokerage receivables net of brokerage payables 2,075 6,191
Change in loans held-for-sale (HFS) (414) (1,066)
Change in other assets (997) (3,608)
Change in other liabilities(2) [3] (4,272) (6,132)
Other, net 4,817 2,978
Total adjustments (14,203) (35,092)
Net cash provided by (used in) operating activities of continuing operations (10,831) (30,485)
Cash flows from investing activities of continuing operations    
Change in securities borrowed and purchased under agreements to resell 1,436 (18,797)
Change in loans 11,380 3,010
Proceeds from sales and securitizations of loans 709 895
Net payment due to transfer of net liabilities associated with divestitures [1] 0 (29)
Available-for-sale (AFS) debt securities    
Purchases of investments (70,491) (52,708)
Proceeds from sales of investments 15,372 18,619
Proceeds from maturities of investments 55,520 51,034
Held-to-maturity debt securities    
Purchases of investments (2,823) (631)
Proceeds from maturities of investments 4,613 1,977
Capital expenditures on premises and equipment and capitalized software (1,607) (1,634)
Proceeds from sales of premises and equipment and repossessed assets 162 6
Other, net 573 (4,815)
Net cash provided by (used in) investing activities of continuing operations 14,844 (3,073)
Cash flows from financing activities of continuing operations    
Dividends paid (1,291) (1,267)
Issuance of preferred stock 548 1,245
Redemption of preferred stock (550) 0
Treasury stock acquired (413) 0
Stock tendered for payment of withholding taxes (433) (315)
Change in securities loaned and sold under agreements to repurchase 21,280 55,237
Issuance of long-term debt 20,412 15,741
Payments and redemptions of long-term debt (20,137) (12,471)
Change in deposits (1,518) (35,495)
Change in short-term borrowings (5,547) (6,909)
Net cash provided by (used in) financing activities of continuing operations 12,351 15,766
Effect of exchange rate changes on cash, due from banks and deposits with banks (4,566) (274)
Change in cash, due from banks and deposits with banks 11,798 (18,066)
Cash, due from banks and deposits with banks at beginning of period 260,932 342,025
Cash, due from banks and deposits with banks at end of period 272,730 323,959
Cash and due from banks (including segregated cash and other deposits) 25,174 26,224
Deposits with banks, net of allowance 247,556 297,735
Cash, due from banks and deposits with banks at end of period 272,730 323,959
Supplemental disclosure of cash flow information for continuing operations    
Cash paid during the period for income taxes 1,457 1,593
Cash paid during the period for interest 22,115 14,358
Non-cash investing activities    
Transfer of investment securities from HTM to AFS [1],[4],[5] 0 3,324
Transfers to loans HFS (Other assets) from loans HFI [1],[4],[5] 959 2,696
Transfers from loans HFS (Other assets) to loans HFI [1],[4],[5] $ 0 $ 322
[1] See Note 2.
[2] This total excludes the provision for credit losses on AFS debt securities, which is disclosed separately above.
[3]     Includes balances related to the FDIC special assessment and restructuring charges. See Notes 9 and 27.
[4] 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 26 for more information and balances as of March 31, 2024.
[5] n 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.