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DEBT
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
Short-Term Borrowings

December 31,
20242023
In millions of dollarsBalance
Weighted- average coupon(1)
Balance
Weighted- average coupon(1)
Commercial paper
Bank(2)
$15,127 $11,116 
Broker-dealer and other(3)
13,789 9,106 
Total commercial paper$28,916 4.85 %$20,222 5.72 %
Other borrowings(4)
19,589 4.67 17,235 5.45 
Total$48,505 $37,457 

(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, 2024 and 2023, collateralized short-term advances from Federal Home Loan Banks were $5.0 billion and $8.0 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)
Maturities20242023
Citigroup Inc.(2)
Senior debt3.66 %
2025–2098
$133,519 $135,579 
Subordinated debt(3)
5.13 
2025–2046
28,883 25,116 
Trust preferred securities10.93 
2036–2040
1,622 1,614 
Bank(4)
Senior debt5.11 
2025–2039
35,470 31,673 
Broker-dealer(5)
Senior debt4.55 
2025–2070
87,806 92,637 
Total4.26 %$287,300 $286,619 
Senior debt$256,795 $259,889 
Subordinated debt(3)
28,883 25,116 
Trust preferred securities1,622 1,614 
Total$287,300 $286,619 

(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, 2024 and 2023, collateralized long-term advances from the Federal Home Loan Banks were $8.5 billion and $11.5 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, 2024, the Company’s overall weighted-average interest rate for long-term debt, excluding structured notes accounted for at fair value, was 4.26% on a contractual basis and 4.40% 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 dollars20252026202720282029ThereafterTotal
Citigroup Inc.$10,563 $28,503 $13,228 $19,917 $5,563 $86,250 $164,024 
Bank9,999 10,723 5,318 2,576 3,391 3,463 35,470 
Broker-dealer21,313 11,643 11,777 6,763 8,868 27,442 87,806 
Total$41,875 $50,869 $30,323 $29,256 $17,822 $117,155 $287,300 

The following table summarizes Citi’s outstanding trust preferred securities at December 31, 2024:

      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 +663.161 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.