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PREFERRED STOCK
 6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
PREFERRED STOCK PREFERRED STOCK
The following table summarizes the Company’s preferred stock outstanding:

 
Dividend rate as of June 30, 2024
 Redemption
price per depositary share/preference share		 
Carrying value
 (in millions of dollars)
 Issuance dateRedeemable by issuer beginningNumber
of depositary
shares		June 30,
2024		December 31,
2023
Series D(1)
April 30, 2013May 15, 2023N/A$1,000 1,250,000 $— $1,250 
Series J(2)
September 19, 2013September 30, 2023N/A25 22,000,000 — 550 
Series M(3)
April 30, 2014May 15, 2024
3-mo. SOFR+ 3.68461
1,000 1,750,000 1,750 1,750 
Series P(4)
April 24, 2015May 15, 20255.950 %1,000 2,000,000 2,000 2,000 
Series T(5)
April 25, 2016August 15, 20266.250 1,000 1,500,000 1,500 1,500 
Series U(6)
September 12, 2019September 12, 20245.000 1,000 1,500,000 1,500 1,500 
Series V(7)
January 23, 2020January 30, 20254.700 1,000 1,500,000 1,500 1,500 
Series W(8)
December 10, 2020December 10, 20254.000 1,000 1,500,000 1,500 1,500 
Series X(9)
February 18, 2021February 18, 20263.875 1,000 2,300,000 2,300 2,300 
Series Y(10)
October 27, 2021November 15, 20264.150 1,000 1,000,000 1,000 1,000 
Series Z(11)
March 7, 2023May 15, 20287.375 1,000 1,250,000 1,250 1,250 
Series AA(12)
September 21, 2023November 15, 20287.625 1,000 1,500,000 1,500 1,500 
Series BB(13)
March 6, 2024May 15, 20297.200 1,000 550,000 550 — 
Series CC(14)
May 29, 2024August 15, 20297.125 1,000 1,750,000 1,750 — 
  $18,100 $17,600 

Note: On July 30, 2024, Citi issued $1.5 billion of preferred stock Series DD.
(1)Citi redeemed Series D in its entirety on May 15, 2024.
(2)Citi redeemed the remaining Series J in its entirety on March 29, 2024.
(3)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, May 15, 2024, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. The spread incorporates the original contractual spread and a 0.26161% tenor spread adjustment. As previously announced, Citi will be redeeming Series M in its entirety on August 15, 2024.
(4)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, May 15, 2025, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(5)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on February 15 and August 15 at a fixed rate until, but excluding, August 15, 2026, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(6)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on March 12 and September 12 at a fixed rate until, but excluding, September 12, 2024, thereafter payable quarterly on March 12, June 12, September 12 and December 12 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(7)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on January 30 and July 30 at a fixed rate until, but excluding, January 30, 2025, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(8)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 10, June 10, September 10 and December 10 at a fixed rate until, but excluding, December 10, 2025, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(9)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 18, May 18, August 18 and November 18 at a fixed rate until, but excluding, February 18, 2026, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(10)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2026, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(11)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, May 15, 2028, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(12)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, November 15, 2028, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(13)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, May 15, 2029, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
(14)Issued as depositary shares, each representing a 1/25th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until, but excluding, August 15, 2029, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors.
N/A Not applicable, as the series has been redeemed.