Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2018shares | |
Document and Entity Information | |
Entity Registrant Name | CITIGROUP INC |
Entity Central Index Key | 831,001 |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 2,516,605,412 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Revenues | |||||
Interest revenue | $ 17,550 | $ 15,294 | $ 33,882 | $ 29,815 | |
Interest expense | 5,885 | 4,036 | 11,045 | 7,602 | |
Net interest revenue | 11,665 | 11,258 | 22,837 | 22,213 | |
Commissions and fees | 3,111 | 3,256 | 6,141 | 6,311 | |
Principal transactions | 2,151 | 2,643 | 5,440 | 5,737 | |
Administration and other fiduciary fees | 934 | 909 | 1,839 | 1,743 | |
Realized gains on sales of investments, net | 102 | 221 | 272 | 413 | |
Impairment losses on investments | |||||
Gross impairment losses | (15) | (20) | (43) | (32) | |
Less: Impairments recognized in AOCI | 0 | 0 | 0 | 0 | |
Net impairment losses recognized in earnings | (15) | (20) | (43) | (32) | |
Other revenue | 521 | (112) | 855 | 136 | |
Total non-interest revenues | 6,804 | 6,897 | 14,504 | 14,308 | |
Revenue | 18,469 | 18,155 | 37,341 | 36,521 | |
Provisions for credit losses and for benefits and claims | |||||
Provision for loan losses | 1,795 | 1,666 | 3,598 | 3,341 | |
Policyholder benefits and claims | 21 | 23 | 47 | 53 | |
Provision (release) for unfunded lending commitments | (4) | 28 | 24 | (15) | |
Total provisions for credit losses and for benefits and claims | 1,812 | 1,717 | 3,669 | 3,379 | |
Operating expenses | |||||
Compensation and benefits | 5,452 | 5,463 | 11,259 | 10,997 | |
Premises and equipment | 570 | 604 | 1,163 | 1,224 | |
Technology/communication | 1,797 | 1,695 | 3,555 | 3,358 | |
Advertising and marketing | 411 | 432 | 792 | 805 | |
Other operating | 2,482 | 2,566 | 4,868 | 5,099 | |
Total operating expenses | 10,712 | 10,760 | 21,637 | 21,483 | |
Income from continuing operations before income taxes | 5,945 | 5,678 | 12,035 | 11,659 | |
Provision for income taxes | 1,444 | 1,795 | 2,885 | 3,658 | |
Income from continuing operations | 4,501 | 3,883 | 9,150 | 8,001 | |
Discontinued operations | |||||
Income (loss) from discontinued operations | (2) | 33 | (9) | 5 | |
Provision (benefit) for income taxes | (17) | 12 | (17) | 2 | |
Income from discontinued operations, net of taxes | 15 | 21 | 8 | 3 | |
Net income before attribution of noncontrolling interests | 4,516 | 3,904 | 9,158 | 8,004 | |
Noncontrolling interests | 26 | 32 | 48 | 42 | |
Citigroup’s net income | $ 4,490 | $ 3,872 | $ 9,110 | $ 7,962 | |
Basic earnings per share | |||||
Income from continuing operations (in dollars per share) | [1] | $ 1.62 | $ 1.27 | $ 3.30 | $ 2.63 |
Income from discontinued operations, net of taxes (in dollars per share) | [1] | 0.01 | 0.01 | 0.01 | 0 |
Net income (in dollars per share) | [1] | $ 1.63 | $ 1.28 | $ 3.31 | $ 2.63 |
Weighted average common shares outstanding (in shares) | 2,530.9 | 2,739.1 | 2,546.2 | 2,752.2 | |
Diluted earnings per share | |||||
Income from continuing operations (in dollars per share) | [1] | $ 1.62 | $ 1.27 | $ 3.30 | $ 2.63 |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | [1] | 0.01 | 0.01 | 0.01 | 0 |
Net income (in dollars per share) | [1] | $ 1.63 | $ 1.28 | $ 3.31 | $ 2.63 |
Adjusted weighted average common shares outstanding (in shares) | 2,532.3 | 2,739.2 | 2,547.6 | 2,752.3 | |
[1] | Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Statement of Comprehensive Income [Abstract] | |||||
Citigroup’s net income | $ 4,490 | $ 3,872 | $ 9,110 | $ 7,962 | |
Add: Citigroup's other comprehensive income | |||||
Net change in unrealized gains and losses on investment securities, net of taxes | [1],[2] | (498) | (27) | (1,556) | 193 |
Net change in debt valuation adjustment (DVA), net of taxes | [2] | 318 | (84) | 446 | (144) |
Net change in cash flow hedges, net of taxes | (101) | 117 | (323) | 115 | |
Benefit plans liability adjustment, net of taxes | 301 | (135) | 389 | (147) | |
Net change in foreign currency translation adjustment, net of taxes and hedges | (2,867) | 643 | (1,747) | 1,961 | |
Net change in excluded component of fair value hedges, net of taxes | (28) | 0 | (32) | 0 | |
Citigroup’s total other comprehensive income | (2,875) | 514 | (2,823) | 1,978 | |
Citigroup’s total comprehensive income | 1,615 | 4,386 | 6,287 | 9,940 | |
Add: Other comprehensive income attributable to noncontrolling interests | (57) | 39 | (43) | 70 | |
Add: Net income attributable to noncontrolling interests | 26 | 32 | 48 | 42 | |
Total comprehensive income | $ 1,584 | $ 4,457 | $ 6,292 | $ 10,052 | |
[1] | For the three and six months ended June 30, 2018, respectively, amount represents the net change in unrealized gains and losses on available-for-sale (AFS) debt securities. Effective January 1, 2018, the AFS category is eliminated for equity securities under ASU 2016-01. | ||||
[2] | See Note 1 to the Consolidated Financial Statements. |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | $ 21,077 | $ 23,775 |
Deposits with banks | 179,825 | 156,741 |
Federal funds sold and securities borrowed or purchased under agreements to resell (including $169,113 and $132,949 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 265,526 | 232,478 |
Brokerage receivables | 36,977 | 38,384 |
Trading account assets (including $113,280 and $99,460 pledged to creditors at June 30, 2018 and December 31, 2017, respectively) | 262,949 | 252,790 |
Investments: | ||
Available-for-sale debt securities (including $7,901 and $9,493 pledged to creditors as of June 30, 2018 and December 31, 2017, respectively) | 289,031 | 290,725 |
Held-to-maturity debt securities (including $1,094 and $435 pledged to creditors as of June 30, 2018 and December 31, 2017, respectively) | 52,897 | 53,320 |
Equity securities (including $1,432 and $1,395 at fair value as of June 30, 2018 and December 31, 2017, respectively, of which $189 was available for sale as of December 31, 2017) | 7,788 | |
Equity securities (including $1,432 and $1,395 at fair value as of June 30, 2018 and December 31, 2017, respectively, of which $189 was available for sale as of December 31, 2017) | 8,245 | |
Total investments | 349,716 | 352,290 |
Loans: | ||
Loans, net of unearned income | 671,180 | 667,034 |
Allowance for loan losses | (12,126) | (12,355) |
Total loans, net | 659,054 | 654,679 |
Goodwill | 22,058 | 22,256 |
Intangible assets (other than MSRs) | 4,729 | 4,588 |
Mortgage servicing rights (MSRs) | 596 | 558 |
Other assets (including $21,703 and $18,559 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 109,827 | 103,926 |
Total assets | 1,912,334 | 1,842,465 |
Liabilities | ||
Non-interest-bearing deposits in U.S. offices | 117,473 | 126,880 |
Interest-bearing deposits in U.S. offices (including $334 and $303 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 337,228 | 318,613 |
Non-interest-bearing deposits in offices outside the U.S. | 86,241 | 87,440 |
Interest-bearing deposits in offices outside the U.S. (including $1,294 and $1,162 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 455,788 | 426,889 |
Total deposits | 996,730 | 959,822 |
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $49,246 and $40,638 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 177,828 | 156,277 |
Brokerage payables | 67,672 | 61,342 |
Trading account liabilities | 140,745 | 125,170 |
Short-term borrowings (including $4,093 and $4,627 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 37,233 | 44,452 |
Long-term debt (including $35,462 and $31,392 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 236,822 | 236,709 |
Other liabilities (including $17,819 and $13,961 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 54,336 | 57,021 |
Total liabilities | 1,711,366 | 1,640,793 |
Stockholders’ equity | ||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: as of June 30, 2018—761,400 and as of December 31, 2017—770,120, at aggregate liquidation value | 19,035 | 19,253 |
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: as of June 30, 2018—3,099,558,751 and as of December 31, 2017—3,099,523,273 | 31 | 31 |
Additional paid-in capital | 107,724 | 108,008 |
Retained earnings | 145,211 | 138,425 |
Treasury stock, at cost: June 30, 2018—582,953,339 shares and December 31, 2017—529,614,728 shares | (34,413) | (30,309) |
Accumulated other comprehensive income (loss) (AOCI) | (37,494) | (34,668) |
Total Citigroup stockholders’ equity | 200,094 | 200,740 |
Noncontrolling interest | 874 | 932 |
Total equity | 200,968 | 201,672 |
Total liabilities and equity | 1,912,334 | 1,842,465 |
Consumer | ||
Loans: | ||
Loans, net of unearned income | 323,632 | 333,656 |
Allowance for loan losses | (9,796) | (9,869) |
Corporate | ||
Loans: | ||
Loans, net of unearned income | 347,548 | 333,378 |
Allowance for loan losses | (2,330) | (2,486) |
Consolidated VIEs | ||
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | 46 | 52 |
Trading account assets (including $113,280 and $99,460 pledged to creditors at June 30, 2018 and December 31, 2017, respectively) | 745 | 1,129 |
Investments: | ||
Total investments | 2,462 | 2,498 |
Loans: | ||
Loans, net of unearned income | 69,117 | 74,491 |
Allowance for loan losses | (1,903) | (1,930) |
Total loans, net | 67,214 | 72,561 |
Other assets (including $21,703 and $18,559 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 171 | 154 |
Total assets | 70,638 | 76,394 |
Liabilities | ||
Short-term borrowings (including $4,093 and $4,627 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 12,293 | 10,142 |
Long-term debt (including $35,462 and $31,392 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 28,727 | 30,492 |
Other liabilities (including $17,819 and $13,961 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 834 | 611 |
Total liabilities | 41,854 | 41,245 |
Consolidated VIEs | Consumer | ||
Loans: | ||
Loans, net of unearned income | 50,042 | 54,656 |
Consolidated VIEs | Corporate | ||
Loans: | ||
Loans, net of unearned income | $ 19,075 | $ 19,835 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Federal funds sold and securities borrowed or purchased under agreements to resell, at fair value | $ 265,526 | $ 232,478 |
Trading account assets, pledged to creditors | 113,280 | 99,460 |
Available-for-sale securities, pledged to creditors | 7,901 | 9,493 |
Held-to-maturity securities, pledged to creditors | 1,094 | 435 |
Equity securities, available for sale | 189 | |
Loans, net of unearned income | 671,180 | 667,034 |
Other assets, at fair value | 109,827 | 103,926 |
Interest-bearing deposits in U.S. offices | 337,228 | 318,613 |
Interest-bearing deposits in offices outside the U.S. | 455,788 | 426,889 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, at fair value | 177,828 | 156,277 |
Short-term borrowings, at fair value | 37,233 | 44,452 |
Long-term debt, at fair value | 236,822 | 236,709 |
Other liabilities | $ 54,336 | $ 57,021 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized shares (in shares) | 30,000,000 | 30,000,000 |
Preferred stock, issued shares, at aggregate liquidation value (in shares) | 761,400 | 770,120 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized shares (in shares) | 6,000,000,000 | 6,000,000,000 |
Common stock, issued shares (in shares) | 3,099,558,751 | 3,099,523,273 |
Treasury stock (in shares) | 582,953,339 | 529,614,728 |
Consumer | ||
Loans, net of unearned income | $ 323,632 | $ 333,656 |
Corporate | ||
Loans, net of unearned income | 347,548 | 333,378 |
Fair value | ||
Federal funds sold and securities borrowed or purchased under agreements to resell, at fair value | 169,113 | 132,949 |
Non-marketable equity securities, pledged to creditors | 1,432 | 1,395 |
Other assets, at fair value | 21,703 | 18,559 |
Interest-bearing deposits in U.S. offices | 334 | 303 |
Interest-bearing deposits in offices outside the U.S. | 1,294 | 1,162 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, at fair value | 49,246 | 40,638 |
Short-term borrowings, at fair value | 4,093 | 4,627 |
Long-term debt, at fair value | 35,462 | 31,392 |
Other liabilities | 17,819 | 13,961 |
Fair value | Consumer | ||
Loans, net of unearned income | 22 | 25 |
Fair value | Corporate | ||
Loans, net of unearned income | $ 2,978 | $ 4,349 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Citigroup stockholders' equity | Preferred stock at aggregate liquidation value | Citigroup common stockholders' equity | Common stock and additional paid-in capital | Retained earnings | Treasury stock, at cost | Citigroup's accumulated other comprehensive income (loss) | Noncontrolling interests | |||
Balance, beginning of period at Dec. 31, 2016 | $ 19,253 | $ 108,073 | $ 146,477 | $ (16,302) | $ (32,381) | $ 1,023 | ||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Redemption of preferred stock | 0 | |||||||||||
Adjustment to opening balance, net of taxes at Dec. 31, 2016 | [1] | (660) | 504 | |||||||||
Adjusted balance, beginning of period at Dec. 31, 2016 | 145,817 | (31,877) | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Employee benefit plans | (239) | 523 | [2] | |||||||||
Other | (5) | (90) | [3] | (53) | ||||||||
Citigroup’s net income | $ 8,004 | 7,962 | 42 | |||||||||
Distributions paid to noncontrolling-interest shareholders | 0 | |||||||||||
Common dividends | [4] | (890) | ||||||||||
Preferred dividends | (621) | (621) | ||||||||||
Treasury stock acquired | [5] | (3,563) | ||||||||||
Citigroup's total other comprehensive income (loss) | 1,978 | 70 | ||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | 6 | |||||||||||
Net change in noncontrolling interests | 65 | |||||||||||
Balance, end of period at Jun. 30, 2017 | 231,107 | $ 230,019 | 19,253 | $ 210,766 | 107,829 | 152,178 | (19,342) | (29,899) | 1,088 | |||
Balance, beginning of period at Mar. 31, 2017 | (30,413) | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Citigroup’s net income | 3,904 | |||||||||||
Preferred dividends | (320) | |||||||||||
Citigroup's total other comprehensive income (loss) | 514 | |||||||||||
Balance, end of period at Jun. 30, 2017 | 231,107 | 230,019 | 19,253 | 210,766 | 107,829 | 152,178 | (19,342) | (29,899) | 1,088 | |||
Balance, beginning of period at Dec. 31, 2017 | 201,672 | 19,253 | 108,039 | 138,425 | (30,309) | (34,668) | 932 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Redemption of preferred stock | (218) | |||||||||||
Adjustment to opening balance, net of taxes at Dec. 31, 2017 | [1] | (84) | (3) | |||||||||
Adjusted balance, beginning of period at Dec. 31, 2017 | 138,341 | (34,671) | ||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Employee benefit plans | (285) | 471 | [2] | |||||||||
Other | 1 | 0 | [3] | (11) | ||||||||
Citigroup’s net income | 9,158 | 9,110 | 48 | |||||||||
Distributions paid to noncontrolling-interest shareholders | (36) | |||||||||||
Common dividends | [4] | (1,650) | ||||||||||
Preferred dividends | (590) | (590) | ||||||||||
Treasury stock acquired | [5] | (4,575) | ||||||||||
Citigroup's total other comprehensive income (loss) | (2,823) | (43) | ||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (16) | |||||||||||
Net change in noncontrolling interests | (58) | |||||||||||
Balance, end of period at Jun. 30, 2018 | 200,968 | 200,094 | 19,035 | 181,059 | 107,755 | 145,211 | (34,413) | (37,494) | 874 | |||
Balance, beginning of period at Mar. 31, 2018 | (34,619) | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Citigroup’s net income | 4,516 | |||||||||||
Preferred dividends | (318) | |||||||||||
Citigroup's total other comprehensive income (loss) | (2,875) | |||||||||||
Balance, end of period at Jun. 30, 2018 | $ 200,968 | $ 200,094 | $ 19,035 | $ 181,059 | $ 107,755 | $ 145,211 | $ (34,413) | $ (37,494) | $ 874 | |||
[1] | See Note 1 to the Consolidated Financial Statements for additional details. | |||||||||||
[2] | Includes treasury stock related to (i) certain activity on employee stock option program exercises where the employee delivers existing shares to cover the option exercise, or (ii) under Citi’s employee restricted or deferred stock programs where shares are withheld to satisfy tax requirements. | |||||||||||
[3] | Includes the impact of ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. See Note 1 to the Consolidated Financial Statements. | |||||||||||
[4] | Common dividends declared were $0.32 per share in the first and second quarters of 2018 and $0.16 per share in the first and second quarters of 2017. | |||||||||||
[5] | For the six months ended June 30, 2018 and 2017, primarily consists of open market purchases under Citi’s Board of Directors-approved common stock repurchase program. |
CONSOLIDATED STATEMENT OF CHAN7
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common dividends declared (in dollars per share) | $ 0.32 | $ 0.32 | $ 0.16 | $ 0.16 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Cash flows from operating activities of continuing operations | |||
Net income before attribution of noncontrolling interests | $ 9,158 | $ 8,004 | |
Net income attributable to noncontrolling interests | 48 | 42 | |
Citigroup’s net income | 9,110 | 7,962 | |
Income from discontinued operations, net of taxes | 8 | 3 | |
Income from continuing operations—excluding noncontrolling interests | 9,102 | 7,959 | |
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations | |||
Net gains on significant disposals | [1] | 0 | (19) |
Depreciation and amortization | 1,855 | 1,797 | |
Provision for loan losses | 3,598 | 3,341 | |
Realized gains from sales of investments | (272) | (413) | |
Net impairment losses on investments, goodwill and intangible assets | 43 | 60 | |
Change in trading account assets | (10,235) | (14,741) | |
Change in trading account liabilities | 15,575 | (2,847) | |
Change in brokerage receivables net of brokerage payables | 7,737 | (5,805) | |
Change in loans HFS | (147) | (515) | |
Change in other assets | (5,799) | (4,480) | |
Change in other liabilities | (2,685) | (2,975) | |
Other, net | (10,453) | (2,975) | |
Total adjustments | (783) | (29,572) | |
Net cash provided by (used in) operating activities of continuing operations | 8,319 | (21,613) | |
Cash flows from investing activities of continuing operations | |||
Change in federal funds sold and securities borrowed or purchased under agreements to resell | (33,048) | 2,748 | |
Change in loans | (10,132) | (29,952) | |
Proceeds from sales and securitizations of loans | 3,217 | 6,256 | |
Purchases of investments | (85,871) | (96,925) | |
Proceeds from sales of investments | 41,808 | 56,728 | |
Proceeds from maturities of investments | 48,846 | 47,785 | |
Proceeds from significant disposals | [1] | 0 | 2,732 |
Capital expenditures on premises and equipment and capitalized software | (1,690) | (1,647) | |
Proceeds from sales of premises and equipment, subsidiaries and affiliates and repossessed assets | 143 | 215 | |
Other, net | 98 | 102 | |
Net cash used in investing activities of continuing operations | (36,629) | (11,958) | |
Cash flows from financing activities of continuing operations | |||
Dividends paid | (2,232) | (1,504) | |
Redemption of preferred stock | (218) | 0 | |
Treasury stock acquired | (4,686) | (3,635) | |
Stock tendered for payment of withholding taxes | (475) | (401) | |
Change in federal funds purchased and securities loaned or sold under agreements to repurchase | 21,551 | 12,959 | |
Issuance of long-term debt | 40,757 | 37,679 | |
Payments and redemptions of long-term debt | (35,087) | (21,317) | |
Change in deposits | 36,908 | 29,337 | |
Change in short-term borrowings | (7,219) | 5,818 | |
Net cash provided by financing activities of continuing operations | 49,299 | 58,936 | |
Effect of exchange rate changes on cash and due from banks | (603) | 223 | |
Change in cash and due from banks and deposits with banks | [2] | 20,386 | 25,588 |
Cash, due from banks and deposits with banks at beginning of period | [2] | 180,516 | 160,494 |
Cash, due from banks and deposits with banks at end of period | [2] | 200,902 | 186,082 |
Cash, due from banks and deposits with banks at end of period | [2] | 180,516 | 160,494 |
Supplemental disclosure of cash flow information for continuing operations | |||
Cash paid during the period for income taxes | 2,239 | 1,975 | |
Cash paid during the period for interest | 9,957 | 7,329 | |
Non-cash investing activities | |||
Transfers to loans HFS from loans | 2,900 | 3,300 | |
Transfers to OREO and other repossessed assets | $ 55 | $ 58 | |
[1] | See Note 2 to the Consolidated Financial Statements for further information on significant disposals. | ||
[2] | Includes the impact of ASU 2016-18, Restricted Cash. See Notes 1 and 22 to the Consolidated Financial Statements. |
BASIS OF PRESENTATION AND ACCOU
BASIS OF PRESENTATION AND ACCOUNTING CHANGES | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND ACCOUNTING CHANGES | BASIS OF PRESENTATION AND ACCOUNTING CHANGES Basis of Presentation The accompanying unaudited Consolidated Financial Statements as of June 30, 2018 and for the three- and six-month periods ended June 30, 2018 and 2017 include the accounts of Citigroup Inc. and its consolidated subsidiaries. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation have been reflected. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in Citigroup’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 (2017 Annual Report on Form 10-K) and Citigroup’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 (First Quarter of 2018 Form 10-Q). Certain financial information that is normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), but is not required for interim reporting purposes, has been condensed or omitted. Management must make estimates and assumptions that affect the Consolidated Financial Statements and the related footnote disclosures. While management uses its best judgment, actual results could differ from those estimates. As noted above, the Notes to Consolidated Financial Statements are unaudited. Throughout these Notes, “Citigroup,” “Citi” and the “Company” refer to Citigroup Inc. and its consolidated subsidiaries. Certain reclassifications have been made to the prior periods’ financial statements and notes to conform to the current period’s presentation. ACCOUNTING CHANGES Revenue Recognition In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers (Revenue Recognition), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU defines the promised good or service as the performance obligation under the contract. While the guidance replaces most existing revenue recognition guidance in GAAP, the ASU is not applicable to financial instruments and, therefore, does not impact a majority of the Company’s revenues, including net interest income, loan fees, gains on sales and mark-to-market accounting. In accordance with the new revenue recognition standard, Citi has identified the specific performance obligation (promised services) associated with the contract with the customer and has determined when that specific performance obligation has been satisfied, which may be at a point in time or over time depending on how the performance obligation is defined. The contracts with customers also contain the transaction price, which consists of fixed consideration and/or consideration that may vary (variable consideration), and is defined as the amount of consideration an entity expects to be entitled to when or as the performance obligation is satisfied, excluding amounts collected on behalf of third parties (including transaction taxes). The amounts recognized at the point in time the performance obligation is satisfied may differ from the ultimate transaction price associated with that performance obligation when a portion of it is based on variable consideration. For example, some consideration is based on the client’s month-end balance or market values which are unknown at the time the contract is executed. The remaining transaction price amount, if any, will be recognized as the variable consideration becomes determinable. In certain transactions, the performance obligation is considered satisfied at a point in time in the future. In this instance, Citi defers revenue on the balance sheet that will only be recognized upon completion of the performance obligation. The new revenue recognition standard further clarified the guidance related to reporting revenue gross as principal versus net as an agent. In many cases, Citi outsources a component of its performance obligations to third parties. The Company has determined that it acts as principal in the majority of these transactions and therefore presents the amounts paid to these third parties gross within operating expenses. The Company has retrospectively adopted this standard as of January 1, 2018 and as a result was required to report amounts paid to third parties where Citi is principal to the contract within Operating expenses. The adoption resulted in an increase in both revenue and expenses of approximately $250 million for the three-month period ended March 31, 2018 and approximately $500 million for the six-month period ended June 30, 2018, respectively, while increasing approximately $1 billion for the year ended December 31, 2017 with similar amounts for prior periods. Prior to adoption, these expense amounts were reported as contra revenue primarily within Commissions and fees and Administration and other fiduciary fees revenue. Accordingly, prior periods have been reclassified to conform to the new presentation. See Note 5 to the Consolidated Financial Statements for a description of the Company’s revenue recognition policies for Commissions and fees and Administration and other fiduciary fees . Income Tax Impact of Intra-Entity Transfers of Assets In October 2016, the FASB issued ASU No. 2016-16, Income Taxes—Intra-Entity Transfers of Assets Other Than Inventory , which requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The ASU was effective January 1, 2018 and was adopted as of that date. The impact of this standard was an increase of DTAs by approximately $300 million , a decrease of retained earnings by approximately $80 million and a decrease of prepaid tax assets by approximately $380 million . Clarifying the Definition of a Business In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The definition of a business directly and indirectly affects many areas of accounting (e.g., acquisitions, disposals, goodwill and consolidation). The ASU narrows the definition of a business by introducing a quantitative screen as the first step, such that if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If the set is not scoped out from the quantitative screen, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The ASU was effective for public entities, including Citi, as of January 1, 2018 with prospective application. The ongoing impact of the ASU will depend upon the acquisition and disposal activities of Citi. If fewer transactions qualify as a business, there could be less initial recognition of goodwill, but also less goodwill allocated to disposals. Changes in Accounting for Pension and Postretirement (Benefit) Expense In March 2017, the FASB issued ASU No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which changes the income statement presentation of net benefit expense and requires restating the Company’s financial statements for each of the earlier periods presented in Citi’s annual and interim financial statements. The change in presentation was effective for annual and interim periods starting January 1, 2018. The ASU requires that only the service cost component of net benefit expense be included in Compensation and benefits on the income statement. The other components of net benefit expense are required to be presented outside of Compensation and benefits and are presented in Other operating expense . Since both of these income statement line items are part of Operating expenses , total Operating expenses and Net income will not change. This change in presentation did not have a material effect on Compensation and benefits and Other operating expenses and is applied prospectively. The components of the net benefit expense are currently disclosed in Note 8 to the Consolidated Financial Statements. The new standard also changes the components of net benefit expense that are eligible for capitalization when employee costs are capitalized in connection with various activities, such as internally developed software, construction-in-progress, and loan origination costs. Prospectively from January 1, 2018, only the service cost component of net benefit expense may be capitalized. Existing capitalized balances are not affected. This change in amounts eligible for capitalization does not have a material effect on the Company’s Consolidated Financial Statements and related disclosures. Hedging In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities , which better aligns an entity’s risk management activities and financial reporting for hedging relationships through changes to the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The ASU requires the change in the fair value of the hedging instrument to be presented in the same income statement line as the hedged item and also requires expanded disclosures. Citi adopted this standard on January 1, 2018 and transferred approximately $4 billion of pre-payable mortgage backed securities and municipal bonds from held-to-maturity (HTM) into available-for-sale (AFS) securities classification as permitted as a one-time transfer upon adoption of the standard, as these assets were deemed to be eligible to be hedged under the last of layer hedge strategy. The impact to opening retained earnings was immaterial. See Note 19 to the Consolidated Financial Statements for more information. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. In February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10) , to clarify certain provisions in ASU 2016-01. The ASUs require entities to present separately in AOCI the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. It also requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, thus eliminating the AFS category for equity investments. However, Federal Reserve Bank and Federal Home Loan Bank stock, as well as certain exchange seats, will continue to be presented at cost. The ASUs also provide an instrument-by-instrument election to measure non-marketable equity investments using a measurement alternative. Under the measurement alternative, the investment is carried at cost plus or minus changes resulting from observable prices in orderly transactions for the identical or a similar investment of the same issuer. In addition, equity securities under the measurement alternative are also assessed for impairment. Finally, the ASUs require that fair value disclosures for financial instruments not measured at fair value on the balance sheet be presented at their exit prices (e.g., held-for-investment loans). Citi early adopted the provisions of ASU 2016-01 related to presentation of the change in fair value of liabilities for which the fair value option was elected, related to changes in Citigroup’s own credit spreads in Accumulated other comprehensive income (loss) (AOCI) effective January 1, 2016. Accordingly, since the first quarter of 2016, these amounts have been reflected as a component of AOCI, whereas these amounts were previously recognized in Citigroup’s revenues and net income. The impact of adopting this amendment resulted in a cumulative catch-up reclassification from retained earnings to AOCI of an accumulated after-tax loss of approximately $15 million at January 1, 2016. Financial statements for periods prior to 2016 were not subject to restatement under the provisions of this ASU. For additional information, see Notes 17, 20 and 21 to the Consolidated Financial Statements. The other provisions of ASU 2016-01, as discussed above, was effective January 1, 2018. Citi has adopted both ASU 2016-01 and ASU 2018-03 as of January 1, 2018. Accordingly, as of the first quarter of 2018, the changes to accounting for equity securities and fair value disclosures have been reflected in Citigroup’s financial statements. The impact of adopting the change to AFS equity securities resulted in a cumulative catch-up reclassification from AOCI to retained earnings of an accumulated after-tax gain of approximately $3 million at January 1, 2018. Citi elected the measurement alternative for all non-marketable equity investments that no longer qualify for cost measurement under the ASUs. This provision in the ASUs was adopted prospectively. Financial statements for periods prior to 2018 were not subject to restatement under the provisions of the ASUs. For additional information, see Notes 12, 17 and 20 to the Consolidated Financial Statements. Statement of Cash Flows In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which requires that companies present cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents (restricted cash) when reconciling beginning-of-period and end-of-period totals on the Statement of Cash Flows. In connection with the adoption of the ASU, Citigroup also changed its definition of cash and cash equivalents to include all of Cash and due from banks and predominately all of Deposits with banks. The Company has retrospectively adopted this ASU as of January 1, 2018 and as a result Net cash provided by investing activities of continuing operations on the Statement of Cash Flows increased by $27.7 billion for the six months ended June 30, 2017. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments , which provides guidance on the classification and presentation of certain cash receipts and payments on the Statement of Cash Flows. The Company has retrospectively adopted this ASU as of January 1, 2018 which resulted in immaterial changes to Citi’s Consolidated Statement of Cash Flows. Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities , which amends the amortization period for certain purchased callable debt securities held at a premium. The ASU requires entities to amortize premiums on debt securities by the first call date when the securities have fixed and determinable call dates and prices. The scope of the ASU includes all accounting premiums, such as purchase premiums and cumulative fair value hedge adjustments. The ASU does not change the accounting for discounts, which continue to be recognized over the contractual life of a security. Citi early adopted the ASU in the second quarter of 2017, with an effective date of January 1, 2017. Adoption of the ASU is on a modified retrospective basis through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. Adoption of the ASU primarily affected Citi’s AFS and HTM portfolios of callable state and municipal debt securities. The ASU adoption resulted in a net reduction to total stockholders’ equity of $156 million (after tax), effective as of January 1, 2017. This amount is composed of a reduction of approximately $660 million to retained earnings for the incremental amortization of purchase premiums and cumulative hedge adjustments generated under fair value hedges of these callable debt securities, offset by an increase to AOCI of $504 million related to the cumulative fair value hedge adjustments reclassified to retained earnings for AFS debt securities. |
DISCONTINUED OPERATIONS AND SIG
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS Summary of Discontinued Operations Citi sold its German retail banking operations and Egg Banking plc credit card business in 2008 and 2011, respectively. Residual items from these disposals mainly related to reversal of reserves associated with agreed tax settlement and expirations of certain warranties and indemnifications, resulted in income from Discontinued operations , net of taxes, as summarized below. All Discontinued operations results are recorded within Corporate/Other. The following summarizes financial information for all discontinued operations: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 Total revenues, net of interest expense $ — $ — $ — $ — (Loss) income from discontinued operations $ (2 ) $ 33 $ (9 ) $ 5 (Benefit) provision for income taxes (17 ) 12 (17 ) 2 Income from discontinued operations, net of taxes $ 15 $ 21 $ 8 $ 3 Cash flows for discontinued operations were not material for the periods presented. Significant Disposals There were no new significant disposal transactions during the three and six months ended June 30, 2018. For a description of the Company’s significant disposal transactions and financial impact, see Note 2 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | BUSINESS SEGMENTS Citigroup’s activities are conducted through the following business segments: Global Consumer Banking (GCB) and ICG . In addition, Corporate/Other includes activities not assigned to a specific business segment, as well as certain North America and international loan portfolios, discontinued operations and other legacy assets. The prior-period balances reflect reclassifications to conform the presentation for all periods to the current period’s presentation. Effective January 1, 2018, financial data was reclassified to reflect: • adoption of ASU No. 2014-09, Revenue Recognition , which occurred on January 1, 2018 on a retrospective basis. See “Accounting Changes” in Note 1 to the Consolidated Financial Statements; • the re-attribution of certain costs between Corporate/Other and GCB and ICG ; and • certain other immaterial reclassifications. Citi’s consolidated results remain unchanged for all periods presented as a result of the changes and reclassifications discussed above. For additional information regarding Citigroup’s business segments, see Note 3 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. The following table presents certain information regarding the Company’s continuing operations by segment: Three Months Ended June 30, Revenues, (1) Provision (benefits) Income (loss) from (2) Identifiable assets In millions of dollars, except identifiable assets in billions 2018 2017 2018 2017 2018 2017 June 30, December 31, 2017 Global Consumer Banking $ 8,250 $ 8,073 $ 411 $ 646 $ 1,279 $ 1,128 $ 422 $ 428 Institutional Clients Group 9,691 9,421 971 1,327 3,237 2,780 1,397 1,336 Corporate/Other 528 661 62 (178 ) (15 ) (25 ) 93 78 Total $ 18,469 $ 18,155 $ 1,444 $ 1,795 $ 4,501 $ 3,883 $ 1,912 $ 1,842 (1) Includes total revenues, net of interest expense (excluding Corporate/Other ), in North America of $8.6 billion and $8.6 billion ; in EMEA of $3.0 billion and $2.9 billion ; in Latin America of $2.5 billion and $2.4 billion ; and in Asia of $3.8 billion and $3.6 billion for the three months ended June 30, 2018 and 2017 , respectively. These regional numbers exclude Corporate/Other , which largely operates within the U.S. (2) Includes pretax provisions for credit losses and for benefits and claims in the GCB results of $1.9 billion and $1.8 billion ; in the ICG results of $25 million and $87 million ; and in the Corporate/Other results of $(118) million and $(132) million for the three months ended June 30, 2018 and 2017 , respectively. Six Months Ended June 30, Revenues, (1) Provision (benefits) Income (loss) from (2) In millions of dollars 2018 2017 2018 2017 2018 2017 Global Consumer Banking $ 16,683 $ 15,919 $ 864 $ 1,228 $ 2,673 $ 2,126 Institutional Clients Group 19,539 18,740 2,028 2,702 6,566 5,791 Corporate/Other 1,119 1,862 (7 ) (272 ) (89 ) 84 Total $ 37,341 $ 36,521 $ 2,885 $ 3,658 $ 9,150 $ 8,001 (1) Includes total revenues, net of interest expense, in North America of $16.9 billion and $17.2 billion ; in EMEA of $6.2 billion and $5.7 billion ; in Latin America of $5.1 billion and $4.7 billion ; and in Asia of $8.0 billion and $7.1 billion for the six months ended June 30, 2018 and 2017 , respectively. Regional numbers exclude Corporate/Other , which largely operates within the U.S. (2) Includes pretax provisions for credit losses and for benefits and claims in the GCB results of $3.8 billion and $3.6 billion ; in the ICG results of $(16) million and $(118) million ; and in Corporate/Other results of $(125) million and $(80) million for the six months ended June 30, 2018 and 2017 , respectively. |
INTEREST REVENUE AND EXPENSE
INTEREST REVENUE AND EXPENSE | 6 Months Ended |
Jun. 30, 2018 | |
Banking and Thrift, Interest [Abstract] | |
INTEREST REVENUE AND EXPENSE | INTEREST REVENUE AND EXPENSE Interest revenue and Interest expense consisted of the following: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 Interest revenue Loan interest, including fees $ 11,190 $ 10,293 $ 22,082 $ 20,338 Deposits with banks 493 375 925 670 Federal funds sold and securities borrowed or purchased under agreements to resell 1,336 829 2,375 1,490 Investments, including dividends 2,374 2,058 4,608 4,018 Trading account assets (1) 1,763 1,481 3,134 2,747 Other interest 394 258 758 552 Total interest revenue $ 17,550 $ 15,294 $ 33,882 $ 29,815 Interest expense Deposits (2) $ 2,244 $ 1,603 $ 4,241 $ 3,018 Federal funds purchased and securities loaned or sold under agreements to repurchase 1,224 676 2,173 1,169 Trading account liabilities (1) 236 146 451 293 Short-term borrowings 523 202 994 401 Long-term debt 1,658 1,409 3,186 2,721 Total interest expense $ 5,885 $ 4,036 $ 11,045 $ 7,602 Net interest revenue $ 11,665 $ 11,258 $ 22,837 $ 22,213 Provision for loan losses 1,795 1,666 3,598 3,341 Net interest revenue after provision for loan losses $ 9,870 $ 9,592 $ 19,239 $ 18,872 (1) Interest expense on Trading account liabilities is reported as a reduction of interest revenue from Trading account assets . (2) Includes deposit insurance fees and charges of $319 million and $329 million for the three months ended June 30, 2018 and 2017 , respectively, and $695 million and $634 million for the six months ended June 30, 2018 and 2017, respectively. |
COMMISSIONS AND FEES; ADMINISTR
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES | 6 Months Ended |
Jun. 30, 2018 | |
Banking and Thrift [Abstract] | |
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES | COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES The primary components of Commissions and fees revenue are investment banking fees, brokerage commissions, credit- and bank-card income and deposit-related fees. Investment banking fees are substantially composed of underwriting and advisory revenues. Such fees are recognized at the point in time when Citigroup’s performance under the terms of a contractual arrangement is completed, which is typically at the closing of a transaction. Reimbursed expenses related to these transactions are recorded as revenue and are included within investment banking fees. In certain instances for advisory contracts, Citi will receive amounts in advance of the deal’s closing. In these instances, the amounts received will be recognized as a liability and not recognized in revenue until the transaction closes. The contract liability amount for the periods presented was negligible. Out-of-pocket expenses associated with underwriting activity are deferred and recognized at the time the related revenue is recognized, while out-of-pocket expenses associated with advisory arrangements are expensed as incurred. In general, expenses incurred related to investment banking transactions, whether consummated or not, are recorded in Other operating expenses . The Company has determined that it acts as principal in the majority of these transactions and therefore presents expenses gross within Other operating expenses . Brokerage commissions primarily include commissions and fees from the following: executing transactions for clients on exchanges and over-the-counter markets; sales of mutual funds and other annuity products; and assisting clients in clearing transactions, providing brokerage services and other such activities. Brokerage commissions are recognized in Commissions and fees at the point in time the associated service is fulfilled, generally on trade-execution date. Gains or losses, if any, on these transactions are included in Principal transactions (see Note 6 to the Consolidated Financial Statements). Sales of certain investment products include a portion of variable consideration associated with the underlying product. In these instances, a portion of the revenue associated with the sale of the product is not recognized until the variable consideration becomes fixed. The Company recognized $124 million and $99 million of revenue related to such variable consideration for the three months ended June 30, 2018 and 2017, respectively, and $272 million and $195 million for the six months ended June 30, 2018 and 2017, respectively. These amounts primarily relate to performance obligations satisfied in prior periods. Credit- and bank-card income is primarily composed of interchange fees, which are earned by card issuers based on purchase sales, and certain card fees, including annual fees. Costs related to customer reward programs and certain payments to partners (primarily based on program sales, profitability and customer acquisitions) are recorded as a reduction of credit- and bank-card income. Interchange revenues are recognized as earned on a daily basis when Citi's performance obligation to transmit funds to the payment networks has been satisfied. Annual card fees, net of origination costs, are deferred and amortized on a straight-line basis over a 12-month period. Costs related to card reward programs are recognized when the rewards are earned by the cardholders. Payments to partners are recognized when incurred. Deposit-related fees consist of service charges on deposit accounts and fees earned from performing cash management activities and other deposit account services. Such fees are recognized in the period in which the related service is provided. Transactional service fees primarily consist of fees charged for processing services such as cash management, global payments, clearing, international funds transfer, and other trade services. Such fees are recognized as/when the associated service is satisfied, which normally occurs at the point in time the service is requested by the customer and provided by Citi. Insurance distribution revenue consists of commissions earned from third-party insurance companies for marketing and selling insurance policies on behalf of such entities. Such commissions are recognized in Commissions and fees at the point in time the associated service is fulfilled, generally when the insurance policy is sold to the policyholder. Sales of certain insurance products include a portion of variable consideration associated with the underlying product. In these instances, a portion of the revenue associated with the sale of the policy is not recognized until the variable consideration becomes determinable. The Company recognized $101 million and $107 million for the three months ended June 30, 2018 and 2017, respectively, and $204 million and $227 million for the six months ended June 30, 2018 and June 30, 2017, respectively. These amounts primarily relate to performance obligations in prior periods. Insurance premiums consist of premium income from insurance policies which Citi has underwritten and sold to policyholders. The following tables present Commissions and fees revenue: Three Months Ended June 30, Six Months Ended June 30, 2018 2018 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 1,012 $ — $ — $ 1,012 $ 1,839 $ — $ — $ 1,839 Brokerage commissions 491 206 — 697 1,057 455 — 1,512 Credit- and bank-card income Interchange fees 276 2,025 5 2,306 536 3,900 10 4,446 Card-related loan fees 17 147 6 170 31 302 12 345 Card rewards and partner payments (126 ) (2,065 ) (6 ) (2,197 ) (250 ) (3,940 ) (11 ) (4,201 ) Deposit-related fees (1) 236 160 1 397 472 343 1 816 Transactional service fees 182 21 1 204 372 42 3 417 Corporate finance (2) 219 1 — 220 361 3 — 364 Insurance distribution revenue (3) 5 142 5 152 10 285 10 305 Insurance premiums (3) — 32 (1 ) 31 — 65 (2 ) 63 Loan servicing 38 40 11 89 76 62 23 161 Other (5 ) 34 1 30 10 61 3 74 Total commissions and fees (4) $ 2,345 $ 743 $ 23 $ 3,111 $ 4,514 $ 1,578 $ 49 $ 6,141 Three Months Ended June 30, Six Months Ended June 30, 2017 2017 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 967 $ — $ — $ 967 $ 1,879 $ — $ — $ 1,879 Brokerage commissions 490 199 1 690 972 393 2 1,367 Credit- and bank-card income Interchange fees 241 1,892 23 2,156 463 3,595 63 4,121 Card-related loan fees 14 187 12 213 26 354 28 408 Card rewards and partner payments (109 ) (1,844 ) (14 ) (1,967 ) (211 ) (3,530 ) (41 ) (3,782 ) Deposit-related fees (1) 239 181 4 424 447 366 8 821 Transactional service fees 197 26 9 232 371 53 33 457 Corporate finance (2) 249 1 — 250 433 2 — 435 Insurance distribution revenue (3) 2 138 17 157 5 283 41 329 Insurance premiums (3) — 32 (1 ) 31 — 65 (3 ) 62 Loan servicing 36 28 32 96 71 54 64 189 Other (16 ) 20 3 7 (38 ) 39 24 25 Total commissions and fees (4) $ 2,310 $ 860 $ 86 $ 3,256 $ 4,418 $ 1,674 $ 219 $ 6,311 (1) Includes overdraft fees of $30 million and $33 million for the three months ended June 30, 2018 and 2017 , respectively, and $62 million and $66 million for the six months ended June 30, 2018 and 2017, respectively. Overdraft fees are accounted for under ASC 310. (2) Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity. This activity is accounted for under ASC 310. (3) Previously reported as insurance premiums on the Consolidated Statement of Income. (4) Commissions and fees includes $(1,648) million and $(1,347) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three months ended June 30, 2018 and 2017 , respectively, and $(3,193) million and $(2,625) million for the six months ended June 30, 2018 and 2017, respectively. Amounts reported in Commissions and fees accounted for under other guidance primarily include card-related loan fees, card reward programs and certain partner payments, corporate finance fees, insurance premiums, and loan servicing fees. Administration and Other Fiduciary Fees Administration and other fiduciary fees are primarily composed of custody fees and fiduciary fees. The custody product is composed of numerous services related to the administration, safekeeping and reporting for both U.S. and non-U.S. denominated securities. The services offered to clients include: trade settlement, safekeeping, income collection, corporate action notification, record-keeping and reporting, tax reporting, and cash management. These services are provided for a wide range of securities, including but not limited to equities, municipal and corporate bonds, mortgage and asset-backed securities, money market instruments, U.S. Treasuries and agencies, derivative instruments, mutual funds, alternative investments and precious metals. Custody fees are recognized as/when the associated promised service is satisfied, which normally occurs at the point in time the service is requested by the customer and provided by Citi. Fiduciary fees consist of trust services and investment management services. As an escrow agent, Citi receives, safe-keeps, services and manages clients’ escrowed assets such as cash, securities, property (including intellectual property), contracts, or other collateral. Citi performs its escrow agent duties by safekeeping the funds during the specified time period agreed upon by all parties and therefore earns its revenue evenly during the contract duration. Investment management services consist of managing assets on behalf of Citi’s retail and institutional clients. Revenue from these services primarily consists of asset-based fees for advisory accounts, which are based on the market value of the client’s assets and recognized monthly, when the market value is fixed. In some instances, the Company contracts with third-party advisors and to third-party custodians. The Company has determined that it acts as principal in the majority of these transactions and therefore presents the amounts paid to third parties gross within Other operating expenses . The following table presents Administration and other fiduciary fees : Three Months Ended June 30, Six Months Ended June 30, 2018 2018 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 399 $ 45 $ 17 $ 461 $ 767 $ 92 $ 32 $ 891 Fiduciary fees 165 150 12 327 332 297 19 648 Guarantee fees 130 14 2 146 267 29 4 300 Total administration and other fiduciary fees (1) $ 694 $ 209 $ 31 $ 934 $ 1,366 $ 418 $ 55 $ 1,839 Three Months Ended June 30, Six Months Ended June 30, 2017 2017 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 382 $ 41 $ 14 $ 437 $ 510 $ 54 $ 16 $ 580 Fiduciary fees 147 142 30 319 289 274 41 604 Guarantee fees 138 13 2 153 494 50 15 559 Total administration and other fiduciary fees (1) $ 667 $ 196 $ 46 $ 909 $ 1,293 $ 378 $ 72 $ 1,743 (1) Administration and other fiduciary fees includes $146 million and $153 million for the three months ended June 30, 2018 and 2017, respectively, and $299 million and $296 million for the six months ended June 30, 2018 and 2017, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These amounts include guarantee fees. |
PRINCIPAL TRANSACTIONS
PRINCIPAL TRANSACTIONS | 6 Months Ended |
Jun. 30, 2018 | |
Principal Transactions Revenue, Net [Abstract] | |
PRINCIPAL TRANSACTIONS | PRINCIPAL TRANSACTIONS Principal transactions revenue consists of realized and unrealized gains and losses from trading activities. Trading activities include revenues from fixed income, equities, credit and commodities products and foreign exchange transactions which are managed on a portfolio basis characterized by primary risk. Not included in the table below is the impact of net interest revenue related to trading activities, which is an integral part of trading activities’ profitability. See Note 4 to the Consolidated Financial Statements for information about net interest revenue related to trading activities. Principal transactions include CVA (credit valuation adjustments on derivatives) and FVA (funding valuation adjustments) on over-the-counter derivatives. These adjustments are discussed further in Note 20 to the Consolidated Financial Statements. In certain transactions, Citi incurs fees and presents these fees paid to third parties in operating expenses. The following table presents Principal transactions revenue: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 Global Consumer Banking $ 143 $ 152 $ 293 $ 307 Institutional Clients Group 2,358 2,151 5,242 4,882 Corporate/Other (350 ) 340 (95 ) 548 Total Citigroup $ 2,151 $ 2,643 $ 5,440 $ 5,737 Interest rate risks (1) $ 1,551 $ 1,495 $ 3,173 $ 3,241 Foreign exchange risks (2) 175 757 920 1,336 Equity risks (3) 120 74 686 286 Commodity and other risks (4) 208 169 300 322 Credit products and risks (5) 97 148 361 552 Total $ 2,151 $ 2,643 $ 5,440 $ 5,737 (1) Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities. (2) Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation (FX translation) gains and losses. (3) Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants. (4) Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. (5) Includes revenues from structured credit products. |
INCENTIVE PLANS
INCENTIVE PLANS | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
INCENTIVE PLANS | INCENTIVE PLANS For additional information on Citi’s incentive plans, see Note 7 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. |
RETIREMENT BENEFITS
RETIREMENT BENEFITS | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
RETIREMENT BENEFITS | RETIREMENT BENEFITS For additional information on Citi’s retirement benefits, see Note 8 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Net (Benefit) Expense The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s pension and postretirement plans for Significant Plans and All Other Plans: Three Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2018 2017 2018 2017 2018 2017 2018 2017 Benefits earned during the period $ — $ — $ 38 $ 38 $ — $ — $ 3 $ 2 Interest cost on benefit obligation 126 136 72 74 7 8 25 25 Expected return on plan assets (211 ) (217 ) (72 ) (76 ) (3 ) (2 ) (22 ) (22 ) Amortization of unrecognized Prior service benefit — 1 (1 ) (1 ) — — (3 ) (3 ) Net actuarial loss 42 40 14 15 — 1 8 9 Curtailment loss (1) 1 3 — — — — — — Settlement loss (1) — — 1 4 — — — — Total net (benefit) expense $ (42 ) $ (37 ) $ 52 $ 54 $ 4 $ 7 $ 11 $ 11 (1) Losses due to curtailment and settlement relate to repositioning and divestiture activities. Six Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2018 2017 2018 2017 2018 2017 2018 2017 Benefits earned during the period $ 1 $ 1 $ 76 $ 74 $ — $ — $ 5 $ 4 Interest cost on benefit obligation 249 275 147 145 13 14 51 49 Expected return on plan assets (424 ) (433 ) (150 ) (146 ) (6 ) (3 ) (45 ) (43 ) Amortization of unrecognized Prior service benefit — 1 (2 ) (2 ) — — (5 ) (5 ) Net actuarial loss 89 84 27 31 — — 15 17 Curtailment loss (1) 1 3 — — — — — — Settlement loss (1) — — 5 4 — — — — Total net (benefit) expense $ (84 ) $ (69 ) $ 103 $ 106 $ 7 $ 11 $ 21 $ 22 (1) Losses due to curtailment and settlement relate to repositioning and divestiture activities. Funded Status and Accumulated Other Comprehensive Income (AOCI) The following tables summarize the funded status and amounts recognized in the Consolidated Balance Sheet for the Company’s Significant Plans. Six Months Ended June 30, 2018 Pension plans Postretirement benefit plans In millions of dollars U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans Change in projected benefit obligation Projected benefit obligation at beginning of year $ 14,040 $ 7,433 $ 699 $ 1,261 Plans measured annually (28 ) (1,987 ) — (334 ) Projected benefit obligation at beginning of year—Significant Plans $ 14,012 $ 5,446 $ 699 $ 927 First quarter activity (576 ) 151 (32 ) 89 Projected benefit obligation at March 31, 2018—Significant Plans $ 13,436 $ 5,597 $ 667 $ 1,016 Benefits earned during the period — 22 — 2 Interest cost on benefit obligation 126 60 7 22 Actuarial (gain) loss (516 ) (96 ) 8 (1 ) Benefits paid, net of participants’ contributions and government subsidy (206 ) (74 ) (15 ) (15 ) Curtailment loss (1) 1 — — — Foreign exchange impact and other — (256 ) — (73 ) Projected benefit obligation at period end—Significant Plans $ 12,841 $ 5,253 $ 667 $ 951 (1) Loss due to curtailment relates to repositioning activities. Six Months Ended June 30, 2018 Pension plans Postretirement benefit plans In millions of dollars U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans Change in plan assets Plan assets at fair value at beginning of year $ 12,725 $ 7,128 $ 262 $ 1,119 Plans measured annually — (1,305 ) — (10 ) Plan assets at fair value at beginning of year—Significant Plans $ 12,725 $ 5,823 $ 262 $ 1,109 First quarter activity (349 ) 115 $ (21 ) 58 Plan assets at fair value at March 31, 2018 — Significant Plans $ 12,376 $ 5,938 $ 241 $ 1,167 Actual return on plan assets (27 ) (22 ) — 20 Company contributions, net of reimbursements 13 21 11 — Benefits paid, net of participants’ contributions and government subsidy (206 ) (74 ) (15 ) (15 ) Foreign exchange impact and other — (253 ) — (83 ) Plan assets at fair value at period end—Significant Plans $ 12,156 $ 5,610 $ 237 $ 1,089 Funded status of the Significant Plans Qualified plans (1) $ (18 ) $ 357 $ (430 ) $ 138 Nonqualified plans (667 ) — — — Funded status of the plans at period end—Significant Plans $ (685 ) $ 357 $ (430 ) $ 138 Net amount recognized at period end Benefit asset $ — $ 847 $ — $ (380 ) Benefit liability (685 ) (490 ) (430 ) 518 Net amount recognized on the balance sheet—Significant Plans $ (685 ) $ 357 $ (430 ) $ 138 Amounts recognized in AOCI at period end Prior service benefit $ — $ 25 $ — $ 78 Net actuarial (loss) gain (6,324 ) (801 ) 79 (334 ) Net amount recognized in equity (pretax)—Significant Plans $ (6,324 ) $ (776 ) $ 79 $ (256 ) Accumulated benefit obligation at period end—Significant Plans $ 12,833 $ 4,992 $ 667 $ 951 (1) The U.S. qualified pension plan is fully funded pursuant to the Employee Retirement Income Security Act of 1974, as amended (ERISA), funding rules as of January 1, 2018 and no minimum required funding is expected for 2018 . The following table shows the change in AOCI related to the Company’s pension, postretirement and post employment plans: In millions of dollars Three Months Ended Six Months Ended June 30, 2018 Beginning of period balance, net of tax (1)(2) $ (6,095 ) $ (6,183 ) Actuarial assumptions changes and plan experience 603 1,119 Net asset (loss) gain due to difference between actual and expected returns (328 ) (779 ) Net amortization 54 112 Prior service cost — 6 Curtailment/settlement gain (3) 2 — Foreign exchange impact and other 72 36 Change in deferred taxes, net (102 ) (105 ) Change, net of tax $ 301 $ 389 End of period balance, net of tax (1)(2) $ (5,794 ) $ (5,794 ) (1) See Note 17 to the Consolidated Financial Statements for further discussion of net AOCI balance. (2) Includes net-of-tax amounts for certain profit sharing plans outside the U.S. (3) Gains due to curtailment and settlement relate to repositioning and divestiture activities. Plan Assumptions The discount rates utilized during the period in determining the pension and postretirement net (benefit) expense for the Significant Plans are as follows: Net (benefit) expense assumed discount rates during the period Three Months Ended Jun. 30, 2018 Jun. 30, 2017 U.S. plans Qualified pension 3.95% 3.60% Nonqualified pension 3.95 3.60 Postretirement 3.90 3.50 Non-U.S. plans Pension 0.75 -9.90 0.6-10.20 Weighted average 4.86 4.75 Postretirement 9.50 9.55 The discount rates utilized at period-end in determining the pension and postretirement benefit obligations for the Significant Plans are as follows: Plan obligations assumed discount rates at period ended Jun. 30, 2018 Mar. 31, 2018 Dec. 31, U.S. plans Qualified pension 4.25% 3.95% 3.60% Nonqualified pension 4.25 3.95 3.60 Postretirement 4.20 3.90 3.50 Non-U.S. plans Pension 0.80-10.70 0.75 -9.90 0.6-10.20 Weighted average 4.88 4.86 4.75 Postretirement 9.50 9.50 9.55 Sensitivities of Certain Key Assumptions The following table summarizes the estimated effect on the Company’s Significant Plans quarterly expense of a one-percentage-point change in the discount rate: Three Months Ended June 30, 2018 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 6 $ (9 ) Non-U.S. plans (3 ) 5 Postretirement U.S. plans — (1 ) Non-U.S. plans (2 ) 2 Contributions For the U.S. pension plans, there were no required minimum cash contributions during the first six months of 2018 . The following table summarizes the Company’s actual contributions for the six months ended June 30, 2018 and 2017 , as well as estimated expected Company contributions for the remainder of 2018 and the actual contributions made for the remainder of 2017 . Pension plans Postretirement plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2018 2017 2018 2017 2018 2017 2018 2017 Company contributions (2) for the six months ended June 30 $ 28 $ 26 $ 112 $ 58 $ 7 $ 19 $ 5 $ 3 Company contributions made or expected to be made during the remainder of the year 29 79 67 68 2 157 5 6 (1) The U.S. pension plans include benefits paid directly by the Company for the nonqualified pension plans. (2) Company contributions are composed of cash contributions made to the plans and benefits paid directly by the Company. Defined Contribution Plans The following table summarizes the Company’s contributions for the defined contribution plans: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 U.S. plans $ 99 $ 100 $ 203 $ 198 Non-U.S. plans 72 66 148 135 Post Employment Plans The following table summarizes the components of net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans: Three Months Ended June 30, Six Months Ended In millions of dollars 2018 2017 2018 2017 Interest cost on benefit obligation $ 1 $ 1 $ 1 $ 1 Expected return on plan assets (1 ) — (1 ) — Amortization of unrecognized Prior service benefit (7 ) (7 ) (15 ) (15 ) Net actuarial loss — — 1 1 Total service- related benefit $ (7 ) $ (6 ) $ (14 ) $ (13 ) Non-service- related expense $ (3 ) $ 4 $ 3 $ 12 Total net (benefit) expense $ (10 ) $ (2 ) $ (11 ) $ (1 ) |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars, except per share amounts 2018 2017 2018 2017 Income from continuing operations before attribution of noncontrolling interests $ 4,501 $ 3,883 $ 9,150 $ 8,001 Less: Noncontrolling interests from continuing operations 26 32 48 42 Net income from continuing operations (for EPS purposes) $ 4,475 $ 3,851 $ 9,102 $ 7,959 Income (loss) from discontinued operations, net of taxes 15 21 8 3 Citigroup's net income $ 4,490 $ 3,872 $ 9,110 $ 7,962 Less: Preferred dividends (1) 318 320 590 621 Net income available to common shareholders $ 4,172 $ 3,552 $ 8,520 $ 7,341 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS 49 48 90 103 Net income allocated to common shareholders for basic EPS $ 4,123 $ 3,504 $ 8,430 $ 7,238 Net income allocated to common shareholders for diluted EPS 4,123 3,504 8,430 7,238 Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,530.9 2,739.1 2,546.2 2,752.2 Effect of dilutive securities (2) Options (3) 0.1 0.1 0.1 0.1 Other employee plans 1.3 — 1.3 — Adjusted weighted-average common shares outstanding applicable to diluted EPS (4) 2,532.3 2,739.2 2,547.6 2,752.3 Basic earnings per share (5) Income from continuing operations $ 1.62 $ 1.27 $ 3.30 $ 2.63 Discontinued operations 0.01 0.01 0.01 — Net income $ 1.63 $ 1.28 $ 3.31 $ 2.63 Diluted earnings per share (5) Income from continuing operations $ 1.62 $ 1.27 $ 3.30 $ 2.63 Discontinued operations 0.01 0.01 0.01 — Net income $ 1.63 $ 1.28 $ 3.31 $ 2.63 (1) As of June 30, 2018 , Citi estimates it will distribute preferred dividends of approximately $583 million during the remainder of 2018, assuming such dividends are declared by the Citi Board of Directors. During the first six months of 2018, Citi redeemed all of its 3.8 million Series AA preferred shares for $96.8 million and all of its 4.9 million Series E preferred shares for $121.3 million . All preferred shares were redeemed at par value. (2) Warrants issued to the U.S. Treasury as part of the Troubled Asset Relief Program (TARP) and the loss-sharing agreement (all of which were subsequently sold to the public in January 2011), with exercise prices of $178.50 and $104.33 per share for approximately 21.0 million and 25.5 million shares of Citigroup common stock, respectively. Both warrants were not included in the computation of earnings per share in the three and six months ended June 30, 2018 and 2017 because they were anti-dilutive. (3) During the second quarters of 2018 and 2017 , weighted-average options to purchase 0.5 million and 0.8 million shares of common stock, respectively, were outstanding, but not included in the computation of earnings per share because the weighted-average exercise prices of $148.77 and $204.80 per share, respectively, were anti-dilutive. (4) Due to rounding, common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to common shares outstanding applicable to diluted EPS. (5) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
FEDERAL FUNDS, SECURITIES BORRO
FEDERAL FUNDS, SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS | 6 Months Ended |
Jun. 30, 2018 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |
FEDERAL FUNDS, SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS | FEDERAL FUNDS, SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS For additional information on the Company’s resale and repurchase agreements and securities borrowing and lending agreements, see Note 11 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Federal funds sold and securities borrowed or purchased under agreements to resell , at their respective carrying values, consisted of the following: In millions of dollars June 30, December 31, 2017 Federal funds sold $ — $ — Securities purchased under agreements to resell 142,627 130,984 Deposits paid for securities borrowed 122,899 101,494 Total (1) $ 265,526 $ 232,478 Federal funds purchased and securities loaned or sold under agreements to repurchase , at their respective carrying values, consisted of the following: In millions of dollars June 30, December 31, 2017 Federal funds purchased $ 118 $ 326 Securities sold under agreements to repurchase 162,555 142,646 Deposits received for securities loaned 15,155 13,305 Total (1) $ 177,828 $ 156,277 (1) The above tables do not include securities-for-securities lending transactions of $17.8 billion and $14.0 billion at June 30, 2018 and December 31, 2017, respectively, where the Company acts as lender and receives securities that can be sold or pledged as collateral. In these transactions, the Company recognizes the securities received at fair value within Other assets and the obligation to return those securities as a liability within Brokerage payables . It is the Company’s policy to take possession of the underlying collateral, monitor its market value relative to the amounts due under the agreements and, when necessary, require prompt transfer of additional collateral in order to maintain contractual margin protection. For resale and repurchase agreements, when necessary, the Company posts additional collateral in order to maintain contractual margin protection. A substantial portion of the resale and repurchase agreements is recorded at fair value, as described in Notes 20 and 21 to the Consolidated Financial Statements. The remaining portion is carried at the amount of cash initially advanced or received, plus accrued interest, as specified in the respective agreements. A substantial portion of securities borrowing and lending agreements is recorded at the amount of cash advanced or received. The remaining portion is recorded at fair value as the Company elected the fair value option for certain securities borrowed and loaned portfolios, as described in Note 21 to the Consolidated Financial Statements. With respect to securities loaned, the Company receives cash collateral in an amount generally in excess of the market value of the securities loaned. The Company monitors the market value of securities borrowed and securities loaned on a daily basis and obtains or posts additional collateral in order to maintain contractual margin protection. The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amount permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. As of June 30, 2018 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities purchased under agreements to resell $ 223,470 $ 80,843 $ 142,627 $ 111,150 $ 31,477 Deposits paid for securities borrowed 122,899 — 122,899 26,497 96,402 Total $ 346,369 $ 80,843 $ 265,526 $ 137,647 $ 127,879 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities sold under agreements to repurchase $ 243,398 $ 80,843 $ 162,555 $ 89,609 $ 72,946 Deposits received for securities loaned 15,155 — 15,155 4,341 10,814 Total $ 258,553 $ 80,843 $ 177,710 $ 93,950 $ 83,760 As of December 31, 2017 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities purchased under agreements to resell $ 204,460 $ 73,476 $ 130,984 $ 103,022 $ 27,962 Deposits paid for securities borrowed 101,494 — 101,494 22,271 79,223 Total $ 305,954 $ 73,476 $ 232,478 $ 125,293 $ 107,185 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities sold under agreements to repurchase $ 216,122 $ 73,476 $ 142,646 $ 73,716 $ 68,930 Deposits received for securities loaned 13,305 — 13,305 4,079 9,226 Total $ 229,427 $ 73,476 $ 155,951 $ 77,795 $ 78,156 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) The total of this column for each period excludes federal funds sold/purchased. See tables above. (3) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (4) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. The following tables present the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by remaining contractual maturity: As of June 30, 2018 In millions of dollars Open and overnight Up to 30 days 31–90 days Greater than 90 days Total Securities sold under agreements to repurchase $ 114,766 $ 55,286 $ 26,266 $ 47,080 $ 243,398 Deposits received for securities loaned 10,431 207 2,527 1,990 15,155 Total $ 125,197 $ 55,493 $ 28,793 $ 49,070 $ 258,553 As of December 31, 2017 In millions of dollars Open and overnight Up to 30 days 31–90 days Greater than 90 days Total Securities sold under agreements to repurchase $ 82,073 $ 68,372 $ 33,846 $ 31,831 $ 216,122 Deposits received for securities loaned 9,946 266 1,912 1,181 13,305 Total $ 92,019 $ 68,638 $ 35,758 $ 33,012 $ 229,427 The following tables present the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by class of underlying collateral: As of June 30, 2018 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 85,479 $ 86 $ 85,565 State and municipal securities 2,168 — 2,168 Foreign government securities 92,604 584 93,188 Corporate bonds 21,843 612 22,455 Equity securities 16,492 13,648 30,140 Mortgage-backed securities 14,342 — 14,342 Asset-backed securities 6,441 — 6,441 Other 4,029 225 4,254 Total $ 243,398 $ 15,155 $ 258,553 As of December 31, 2017 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 58,774 $ — $ 58,774 State and municipal securities 1,605 — 1,605 Foreign government securities 89,576 105 89,681 Corporate bonds 20,194 657 20,851 Equity securities 20,724 11,907 32,631 Mortgage-backed securities 17,791 — 17,791 Asset-backed securities 5,479 — 5,479 Other 1,979 636 2,615 Total $ 216,122 $ 13,305 $ 229,427 |
BROKERAGE RECEIVABLES AND BROKE
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | 6 Months Ended |
Jun. 30, 2018 | |
Brokers and Dealers [Abstract] | |
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES The Company has receivables and payables for financial instruments sold to and purchased from brokers, dealers and customers, which arise in the ordinary course of business. For additional information on these receivables and payables, see Note 12 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars June 30, December 31, 2017 Receivables from customers $ 16,208 $ 19,215 Receivables from brokers, dealers and clearing organizations 20,769 19,169 Total brokerage receivables (1) $ 36,977 $ 38,384 Payables to customers $ 40,408 $ 38,741 Payables to brokers, dealers and clearing organizations 27,264 22,601 Total brokerage payables (1) $ 67,672 $ 61,342 (1) Includes brokerage receivables and payables recorded by Citi broker-dealer entities that are accounted for in accordance with the AICPA Accounting Guide for Brokers and Dealers in Securities as codified in ASC 940-320. |
INVESTMENTS
INVESTMENTS | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS For additional information regarding Citi’s investment portfolios, including evaluating investments for other-than-temporary impairment (OTTI), see Note 13 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Overview Citi adopted ASU 2016-01 and ASU 2018-03 as of January 1, 2018. The ASUs require fair value changes on marketable equity securities to be recognized in earnings. The available-for-sale category was eliminated for equity securities. Also, non-marketable equity securities are required to be measured at fair value with changes in fair value recognized in earnings unless: (i) the measurement alternative is elected or (ii) the investment represents Federal Reserve Bank and Federal Home Loan Bank stock or certain exchange seats that continue to be carried at cost. See Note 1 to the Consolidated Financial Statements for additional details. The following tables present Citi’s investments by category: In millions of dollars June 30, Debt securities available-for-sale (AFS) $ 289,031 Debt securities held-to-maturity (HTM) (1) 52,897 Marketable equity securities carried at fair value (2) 204 Non-marketable equity securities carried at fair value (2) 1,228 Non-marketable equity securities measured using the measurement alternative (3) 415 Non-marketable equity securities carried at cost (4) 5,941 Total investments $ 349,716 In millions of dollars December 31, Securities available-for-sale (AFS) $ 290,914 Debt securities held-to-maturity (HTM) (1) 53,320 Non-marketable equity securities carried at fair value (2) 1,206 Non-marketable equity securities carried at cost (4) 6,850 Total investments $ 352,290 (1) Carried at adjusted amortized cost basis, net of any credit-related impairment. (2) Unrealized gains and losses are recognized in earnings. (3) Impairment losses and adjustments to the carrying value as a result of observable price changes are recognized in earnings. (4) Represents shares issued by the Federal Reserve Bank, Federal Home Loan Banks and certain exchanges of which Citigroup is a member. The following table presents interest and dividend income on investments: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 Taxable interest $ 2,158 $ 1,859 $ 4,200 $ 3,623 Interest exempt from U.S. federal income tax 132 141 262 283 Dividend income 84 58 146 112 Total interest and dividend income $ 2,374 $ 2,058 $ 4,608 $ 4,018 The following table presents realized gains and losses on the sales of investments, which excludes OTTI losses: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 Gross realized investment gains $ 170 $ 258 $ 396 $ 546 Gross realized investment losses (68 ) (37 ) (124 ) (133 ) Net realized gains on sale of investments $ 102 $ 221 $ 272 $ 413 Securities Available-for-Sale The amortized cost and fair value of AFS securities were as follows: June 30, 2018 December 31, 2017 In millions of dollars Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Securities AFS Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 43,825 $ 141 $ 994 $ 42,972 $ 42,116 $ 125 $ 500 $ 41,741 Prime — — — — 11 6 — 17 Alt-A 1 — — 1 26 90 — 116 Non-U.S. residential 1,851 7 1 1,857 2,744 13 6 2,751 Commercial 281 1 3 279 334 — 2 332 Total mortgage-backed securities $ 45,958 $ 149 $ 998 $ 45,109 $ 45,231 $ 234 $ 508 $ 44,957 U.S. Treasury and federal agency securities U.S. Treasury $ 108,616 $ 53 $ 1,772 $ 106,897 $ 108,344 $ 77 $ 971 $ 107,450 Agency obligations 11,557 7 190 11,374 10,813 7 124 10,696 Total U.S. Treasury and federal agency securities $ 120,173 $ 60 $ 1,962 $ 118,271 $ 119,157 $ 84 $ 1,095 $ 118,146 State and municipal (2) $ 9,885 $ 123 $ 244 $ 9,764 $ 8,870 $ 140 $ 245 $ 8,765 Foreign government 98,172 385 732 97,825 100,615 508 590 100,533 Corporate 12,694 37 130 12,601 14,144 51 86 14,109 Asset-backed securities (1) 1,868 5 3 1,870 3,906 14 2 3,918 Other debt securities 3,590 1 — 3,591 297 — — 297 Total debt securities AFS $ 292,340 $ 760 $ 4,069 $ 289,031 $ 292,220 $ 1,031 $ 2,526 $ 290,725 Marketable equity securities AFS (3) $ — $ — $ — $ — $ 186 $ 4 $ 1 $ 189 Total securities AFS $ 292,340 $ 760 $ 4,069 $ 289,031 $ 292,406 $ 1,035 $ 2,527 $ 290,914 (1) The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 18 to the Consolidated Financial Statements. (2) In the second quarter of 2017, Citi early adopted ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. Upon adoption, a cumulative effect adjustment was recorded to reduce retained earnings, effective January 1, 2017, for the incremental amortization of purchase premiums and cumulative fair value hedge adjustments on callable state and municipal debt securities. For additional information, see Note 1 to the Consolidated Financial Statements. (3) Citi adopted ASU 2016-01 and ASU 2018-03 as of January 1, 2018, resulting in a cumulative effect adjustment from AOCI to retained earnings for net unrealized gains on marketable equity securities AFS. The available-for-sale category was eliminated for equity securities effective January 1, 2018. See Note 1 to the Consolidated Financial Statements for additional details. The following table shows the fair value of AFS securities that have been in an unrealized loss position: Less than 12 months 12 months or longer Total In millions of dollars Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses June 30, 2018 Debt Securities AFS (1) Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 13,676 $ 328 $ 13,363 $ 666 $ 27,039 $ 994 Non-U.S. residential 203 1 1 — 204 1 Commercial 234 2 27 1 261 3 Total mortgage-backed securities $ 14,113 $ 331 $ 13,391 $ 667 $ 27,504 $ 998 U.S. Treasury and federal agency securities U.S. Treasury $ 68,095 $ 1,208 $ 20,384 $ 564 $ 88,479 $ 1,772 Agency obligations 4,900 78 4,619 112 9,519 190 Total U.S. Treasury and federal agency securities $ 72,995 $ 1,286 $ 25,003 $ 676 $ 97,998 $ 1,962 State and municipal $ 2,043 $ 25 $ 1,161 $ 219 $ 3,204 $ 244 Foreign government 50,160 470 10,488 262 60,648 732 Corporate 6,362 120 521 10 6,883 130 Asset-backed securities 511 3 11 — 522 3 Other debt securities 1,174 — — — 1,174 — Total debt securities AFS $ 147,358 $ 2,235 $ 50,575 $ 1,834 $ 197,933 $ 4,069 December 31, 2017 Securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 30,994 $ 438 $ 2,206 $ 62 $ 33,200 $ 500 Non-U.S. residential 753 6 — — 753 6 Commercial 150 1 57 1 207 2 Total mortgage-backed securities $ 31,897 $ 445 $ 2,263 $ 63 $ 34,160 $ 508 U.S. Treasury and federal agency securities U.S. Treasury $ 79,050 $ 856 $ 7,404 $ 115 $ 86,454 $ 971 Agency obligations 8,857 110 1,163 14 10,020 124 Total U.S. Treasury and federal agency securities $ 87,907 $ 966 $ 8,567 $ 129 $ 96,474 $ 1,095 State and municipal $ 1,009 $ 11 $ 1,155 $ 234 $ 2,164 $ 245 Foreign government 53,206 356 9,051 234 62,257 590 Corporate 6,737 74 859 12 7,596 86 Asset-backed securities 449 1 25 1 474 2 Other debt securities — — — — — — Marketable equity securities AFS (1) 11 1 — — 11 1 Total securities AFS $ 181,216 $ 1,854 $ 21,920 $ 673 $ 203,136 $ 2,527 (1) Citi adopted ASU 2016-01 and ASU 2018-03 as of January 1, 2018, resulting in a cumulative effect adjustment from AOCI to retained earnings for net unrealized gains on marketable equity securities AFS. The available-for-sale category was eliminated for equity securities effective January 1, 2018. See Note 1 to the Consolidated Financial Statements for additional details. The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: June 30, 2018 December 31, 2017 In millions of dollars Amortized cost Fair value Amortized cost Fair value Mortgage-backed securities (1) Due within 1 year $ 34 $ 34 $ 45 $ 45 After 1 but within 5 years 1,207 1,202 1,306 1,304 After 5 but within 10 years 1,531 1,503 1,376 1,369 After 10 years (2) 43,186 42,370 42,504 42,239 Total $ 45,958 $ 45,109 $ 45,231 $ 44,957 U.S. Treasury and federal agency securities Due within 1 year $ 26,550 $ 26,528 $ 4,913 $ 4,907 After 1 but within 5 years 91,342 89,497 111,236 110,238 After 5 but within 10 years 2,190 2,153 3,008 3,001 After 10 years (2) 91 93 — — Total $ 120,173 $ 118,271 $ 119,157 $ 118,146 State and municipal Due within 1 year $ 773 $ 773 $ 1,792 $ 1,792 After 1 but within 5 years 3,460 3,457 2,579 2,576 After 5 but within 10 years 564 584 514 528 After 10 years (2) 5,088 4,950 3,985 3,869 Total $ 9,885 $ 9,764 $ 8,870 $ 8,765 Foreign government Due within 1 year $ 36,246 $ 36,189 $ 32,130 $ 32,100 After 1 but within 5 years 47,736 47,344 53,034 53,165 After 5 but within 10 years 11,805 11,816 12,949 12,680 After 10 years (2) 2,385 2,476 2,502 2,588 Total $ 98,172 $ 97,825 $ 100,615 $ 100,533 All other (3) Due within 1 year $ 4,881 $ 4,879 $ 3,998 $ 3,991 After 1 but within 5 years 10,494 10,420 9,047 9,027 After 5 but within 10 years 2,004 2,011 3,415 3,431 After 10 years (2) 773 752 1,887 1,875 Total $ 18,152 $ 18,062 $ 18,347 $ 18,324 Total debt securities AFS $ 292,340 $ 289,031 $ 292,220 $ 290,725 (1) Includes mortgage-backed securities of U.S. government-sponsored agencies. (2) Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment rights. (3) Includes corporate, asset-backed and other debt securities. Debt Securities Held-to-Maturity The carrying value and fair value of debt securities HTM were as follows: In millions of dollars Carrying value Gross unrealized gains Gross unrealized losses Fair value June 30, 2018 Debt securities held-to-maturity Mortgage-backed securities (1) U.S. government agency guaranteed $ 24,939 $ 11 $ 661 $ 24,289 Alt-A — — — — Non-U.S. residential 1,356 20 — 1,376 Commercial 264 — — 264 Total mortgage-backed securities $ 26,559 $ 31 $ 661 $ 25,929 State and municipal $ 7,480 $ 180 $ 132 $ 7,528 Foreign government 1,348 — 15 1,333 Asset-backed securities (1) 17,510 47 2 17,555 Total debt securities held-to-maturity $ 52,897 $ 258 $ 810 $ 52,345 December 31, 2017 Debt securities held-to-maturity Mortgage-backed securities (1) U.S. government agency guaranteed $ 23,880 $ 40 $ 157 $ 23,763 Alt-A 141 57 — 198 Non-U.S. residential 1,841 65 — 1,906 Commercial 237 — — 237 Total mortgage-backed securities $ 26,099 $ 162 $ 157 $ 26,104 State and municipal (2) $ 8,897 $ 378 $ 73 $ 9,202 Foreign government 740 — 18 722 Asset-backed securities (1) 17,584 162 22 17,724 Total debt securities held-to-maturity $ 53,320 $ 702 $ 270 $ 53,752 (1) The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 18 to the Consolidated Financial Statements. (2) In the second quarter of 2017, Citi early adopted ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. Upon adoption, a cumulative effect adjustment was recorded to reduce retained earnings, effective January 1, 2017, for the incremental amortization of purchase premiums and cumulative fair value hedge adjustments on callable state and municipal debt securities. For additional information, see Note 1 to the Consolidated Financial Statements. The table below shows the fair value of debt securities HTM that have been in an unrecognized loss position: Less than 12 months 12 months or longer Total In millions of dollars Fair Gross Fair Gross Fair Gross June 30, 2018 Debt securities held-to-maturity Mortgage-backed securities $ 16,731 $ 410 $ 5,805 $ 251 $ 22,536 $ 661 State and municipal 1,518 24 747 108 2,265 132 Foreign government 1,334 15 — — 1,334 15 Asset-backed securities 16 — 611 2 627 2 Total debt securities held-to-maturity $ 19,599 $ 449 $ 7,163 $ 361 $ 26,762 $ 810 December 31, 2017 Debt securities held-to-maturity Mortgage-backed securities $ 8,569 $ 50 $ 6,353 $ 107 $ 14,922 $ 157 State and municipal 353 5 835 68 1,188 73 Foreign government 723 18 — — 723 18 Asset-backed securities 71 3 134 19 205 22 Total debt securities held-to-maturity $ 9,716 $ 76 $ 7,322 $ 194 $ 17,038 $ 270 Note: Excluded from the gross unrecognized losses presented in the table above are $(69) million and $(117) million of net unrealized losses recorded in AOCI as of June 30, 2018 and December 31, 2017 , respectively, primarily related to the difference between the amortized cost and carrying value of HTM debt securities that were reclassified from AFS. Substantially all of these net unrecognized losses relate to securities that have been in a loss position for 12 months or longer at June 30, 2018 and December 31, 2017 . The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: June 30, 2018 December 31, 2017 In millions of dollars Carrying value Fair value Carrying value Fair value Mortgage-backed securities Due within 1 year $ — $ — $ — $ — After 1 but within 5 years 130 128 720 720 After 5 but within 10 years 180 179 148 149 After 10 years (1) 26,249 25,622 25,231 25,235 Total $ 26,559 $ 25,929 $ 26,099 $ 26,104 State and municipal Due within 1 year $ 67 $ 67 $ 407 $ 425 After 1 but within 5 years 187 194 259 270 After 5 but within 10 years 464 468 512 524 After 10 years (1) 6,762 6,799 7,719 7,983 Total $ 7,480 $ 7,528 $ 8,897 $ 9,202 Foreign government Due within 1 year $ 362 $ 362 $ 381 $ 381 After 1 but within 5 years 986 971 359 341 After 5 but within 10 years — — — — After 10 years (1) — — — — Total $ 1,348 $ 1,333 $ 740 $ 722 All other (2) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years — — — — After 5 but within 10 years 1,441 1,445 1,669 1,680 After 10 years (1) 16,069 16,110 15,915 16,044 Total $ 17,510 $ 17,555 $ 17,584 $ 17,724 Total debt securities held-to-maturity $ 52,897 $ 52,345 $ 53,320 $ 53,752 (1) Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment rights. (2) Includes corporate and asset-backed securities. Evaluating Investments for Other-Than-Temporary Impairment Overview The Company conducts periodic reviews of all securities with unrealized losses to evaluate whether the impairment is other-than-temporary. This review applies to all securities that are not measured at fair value through earnings. Effective January 1, 2018, the AFS category was eliminated for equity securities and, therefore, other-than-temporary impairment (OTTI) review is not required for those securities. See Note 1 to the Consolidated Financial Statements for additional details. An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. Unrealized losses that are determined to be temporary in nature are recorded, net of tax, in AOCI for AFS securities. Temporary losses related to HTM debt securities generally are not recorded, as these investments are carried at adjusted amortized cost basis. However, for HTM debt securities with credit-related impairment, the credit loss is recognized in earnings as OTTI, and any difference between the cost basis adjusted for the OTTI and fair value is recognized in AOCI and amortized as an adjustment of yield over the remaining contractual life of the security. For debt securities transferred to HTM from Trading account assets , amortized cost is defined as the fair value of the securities at the date of transfer, plus any accretion income and less any impairment recognized in earnings subsequent to transfer. For debt securities transferred to HTM from AFS, amortized cost is defined as the original purchase cost, adjusted for the cumulative accretion or amortization of any purchase discount or premium, plus or minus any cumulative fair value hedge adjustments, net of accretion or amortization, and less any impairment recognized in earnings. Regardless of the classification of securities as AFS or HTM, the Company assesses each position with an unrealized loss for OTTI. Factors considered in determining whether a loss is temporary include: • the length of time and the extent to which fair value has been below cost; • the severity of the impairment; • the cause of the impairment and the financial condition and near-term prospects of the issuer; • activity in the market of the issuer that may indicate adverse credit conditions; and • the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery. The Company’s review for impairment generally entails: • identification and evaluation of impaired investments; • analysis of individual investments that have fair values less than amortized cost, including consideration of the length of time the investment has been in an unrealized loss position and the expected recovery period; • consideration of evidential matter, including an evaluation of factors or triggers that could cause individual investments to qualify as having other-than-temporary impairment and those that would not support other-than-temporary impairment; and • documentation of the results of these analyses, as required under business policies. Debt Securities The entire difference between amortized cost basis and fair value is recognized in earnings as OTTI for impaired debt securities that the Company has an intent to sell or for which the Company believes it will more-likely-than-not be required to sell prior to recovery of the amortized cost basis. However, for those securities that the Company does not intend to sell and is not likely to be required to sell, only the credit-related impairment is recognized in earnings and any non-credit-related impairment is recorded in AOCI. For debt securities, credit impairment exists where management does not expect to receive contractual principal and interest cash flows sufficient to recover the entire amortized cost basis of a security. AFS Equity Securities and Equity Method Investments For AFS equity securities, prior to January 1, 2018, management considered the various factors described above, including its intent and ability to hold an equity security for a period of time sufficient for recovery to cost or whether it was more-likely-than-not that the Company would have been required to sell the security prior to recovery of its cost basis. Where management lacked that intent or ability, the security’s decline in fair value was deemed to be other-than-temporary and was recorded in earnings. Effective January 1, 2018, the AFS category has been eliminated for equity securities and, therefore, OTTI review is not required for those securities. See Note 1 to the Consolidated Financial Statements for additional details. Management assesses equity method investments that have fair values that are less than their respective carrying values for OTTI. Fair value is measured as price multiplied by quantity if the investee has publicly listed securities. If the investee is not publicly listed, other methods are used (see Note 20 to the Consolidated Financial Statements). For impaired equity method investments that Citi plans to sell prior to recovery of value or would likely be required to sell, with no expectation that the fair value will recover prior to the expected sale date, the full impairment is recognized in earnings as OTTI regardless of severity and duration. The measurement of the OTTI does not include partial projected recoveries subsequent to the balance sheet date. For impaired equity method investments that management does not plan to sell and is not likely to be required to sell prior to recovery of value, the evaluation of whether an impairment is other-than-temporary is based on (i) whether and when an equity method investment will recover in value and (ii) whether the investor has the intent and ability to hold that investment for a period of time sufficient to recover the value. The determination of whether the impairment is considered other-than-temporary considers the following indicators: • the cause of the impairment and the financial condition and near-term prospects of the issuer, including any specific events that may influence the operations of the issuer; • the intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value; and • the length of time and extent to which fair value has been less than the carrying value. The sections below describe the Company’s process for identifying credit-related impairments for security types that have the most significant unrealized losses as of June 30, 2018. Mortgage-Backed Securities For U.S. mortgage-backed securities, credit impairment is assessed using a cash flow model that estimates the principal and interest cash flows on the underlying mortgages using the security-specific collateral and transaction structure. The model distributes the estimated cash flows to the various tranches of securities, considering the transaction structure and any subordination and credit enhancements that exist in that structure. The cash flow model incorporates actual cash flows on the mortgage-backed securities through the current period and then estimates the remaining cash flows using a number of assumptions, including default rates, prepayment rates, recovery rates (on foreclosed properties) and loss severity rates (on non-agency mortgage-backed securities). Management develops specific assumptions using market data, internal estimates and estimates published by rating agencies and other third-party sources. Default rates are projected by considering current underlying mortgage loan performance, generally assuming the default of (i) 10% of current loans, (ii) 25% of 30–59 day delinquent loans, (iii) 70% of 60–90 day delinquent loans and (iv) 100% of 91+ day delinquent loans. These estimates are extrapolated along a default timing curve to estimate the total lifetime pool default rate. Other assumptions contemplate the actual collateral attributes, including geographic concentrations, rating actions and current market prices. Cash flow projections are developed using different stress test scenarios. Management evaluates the results of those stress tests (including the severity of any cash shortfall indicated and the likelihood of the stress scenarios actually occurring based on the underlying pool’s characteristics and performance) to assess whether management expects to recover the amortized cost basis of the security. If cash flow projections indicate that the Company does not expect to recover its amortized cost basis, the Company recognizes the estimated credit loss in earnings. State and Municipal Securities The process for identifying credit impairments in Citigroup’s AFS and HTM state and municipal bonds is primarily based on a credit analysis that incorporates third-party credit ratings. Citigroup monitors the bond issuers and any insurers providing default protection in the form of financial guarantee insurance. The average external credit rating, ignoring any insurance, is Aa3/AA-. In the event of an external rating downgrade or other indicator of credit impairment (i.e., based on instrument-specific estimates of cash flows or probability of issuer default), the subject bond is specifically reviewed for adverse changes in the amount or timing of expected contractual principal and interest payments. For state and municipal bonds with unrealized losses that Citigroup plans to sell, or would be more-likely-than-not required to sell, the full impairment is recognized in earnings. Recognition and Measurement of OTTI The following tables present total OTTI recognized in earnings: OTTI on Investments Three Months Ended Six Months Ended In millions of dollars AFS (1) HTM Total AFS (1) HTM Total Impairment losses related to debt securities that the Company does not intend to sell nor will likely be required to sell: Total OTTI losses recognized during the period $ — $ — $ — $ — $ — $ — Less: portion of impairment loss recognized in AOCI (before taxes) — — — — — — Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell $ — $ — $ — $ — $ — $ — Impairment losses recognized in earnings for debt securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise 12 — 12 39 — 39 Total OTTI losses recognized in earnings $ 12 $ — $ 12 $ 39 $ — $ 39 (1) For the three and six months ended June 30, 2018, amounts represent AFS debt securities. Effective January 1, 2018, the AFS category was eliminated for equity securities. See Note 1 to the Consolidated Financial Statements for additional details. OTTI on Investments Three months ended Six Months Ended In millions of dollars AFS (1) HTM Total AFS (1) HTM Total Impairment losses related to securities that the Company does not intend to sell nor will likely be required to sell: Total OTTI losses recognized during the period $ — $ — $ — $ — $ — $ — Less: portion of impairment loss recognized in AOCI (before taxes) — — — — — — Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell $ — $ — $ — $ — $ — $ — Impairment losses recognized in earnings for securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise and FX losses 20 — 20 31 1 32 Total impairment losses recognized in earnings $ 20 $ — $ 20 $ 31 $ 1 $ 32 (1) Includes OTTI on non-marketable equity securities. The following are three-month rollforwards of the credit-related impairments recognized in earnings for AFS and HTM debt securities held that the Company does not intend to sell nor likely will be required to sell: Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars March 31, 2018 balance Credit Credit Changes due to June 30, 2018 balance AFS debt securities Mortgage-backed securities (1) $ 25 $ — $ — $ (24 ) $ 1 State and municipal — — — — — Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities 2 — — — 2 Total OTTI credit losses recognized for AFS debt securities $ 31 $ — $ — $ (24 ) $ 7 HTM debt securities Mortgage-backed securities $ — $ — $ — $ — $ — State and municipal — — — — — Total OTTI credit losses recognized for HTM debt securities $ — $ — $ — $ — $ — (1) Primarily consists of Prime securities. Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars March 31, 2017 balance Credit Credit Reductions due to June 30, 2017 balance AFS debt securities Mortgage-backed securities $ — $ — $ — $ — $ — State and municipal 4 — — — 4 Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities 22 — — (22 ) — Total OTTI credit losses recognized for AFS debt securities $ 30 $ — $ — $ (22 ) $ 8 HTM debt securities Mortgage-backed securities (1) $ 97 $ — $ — $ — $ 97 State and municipal 3 — — — 3 Total OTTI credit losses recognized for HTM debt securities $ 100 $ — $ — $ — $ 100 (1) Primarily consists of Alt-A securities. The following are six-month rollforwards of the credit-related impairments recognized in earnings for AFS and HTM debt securities held that the Company does not intend to sell nor likely will be required to sell: Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars December 31, 2017 balance Credit Credit Changes due to (1) June 30, 2018 balance AFS debt securities Mortgage-backed securities (2) $ 38 $ — $ — $ (37 ) $ 1 State and municipal 4 — — (4 ) — Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities 2 — — — 2 Total OTTI credit losses recognized for AFS debt securities $ 48 $ — $ — $ (41 ) $ 7 HTM debt securities Mortgage-backed securities (3) $ 54 $ — $ — $ (54 ) $ — State and municipal 3 — — (3 ) — Total OTTI credit losses recognized for HTM debt securities $ 57 $ — $ — $ (57 ) $ — (1) Includes $18 million in cumulative OTTI reclassified from HTM to AFS due to the transfer of the related debt securities from HTM to AFS. Citi adopted ASU 2017-12, Targeted Improvements to Accounting for Hedge Activities , on January 1, 2018 and transferred approximately $4 billion of HTM debt securities into AFS classification as permitted as a one-time transfer under the standard. (2) Primarily consists of Prime securities. (3) Primarily consists of Alt-A securities. Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars December 31, 2016 balance Credit Credit Reductions due to June 30, 2017 balance AFS debt securities Mortgage-backed securities $ — $ — $ — $ — $ — State and municipal 4 — — — 4 Foreign government securities — — — — — Corporate 5 — — (1 ) 4 All other debt securities 22 — — (22 ) — Total OTTI credit losses recognized for AFS debt securities $ 31 $ — $ — $ (23 ) $ 8 HTM debt securities Mortgage-backed securities (1) $ 101 $ — $ — $ (4 ) $ 97 State and municipal 3 — — — 3 Total OTTI credit losses recognized for HTM debt securities $ 104 $ — $ — $ (4 ) $ 100 (1) Primarily consists of Alt-A securities. Non-Marketable Equity Securities Not Carried at Fair Value Effective January 1, 2018, non-marketable equity securities are required to be measured at fair value with changes in fair value recognized in earnings unless: (i) the measurement alternative is elected or (ii) the investment represents Federal Reserve Bank and Federal Home Loan Bank stock or certain exchange seats that continue to be carried at cost. See Note 1 to the Consolidated Financial Statements for additional details. The election to measure a non-marketable equity security using the measurement alternative is made on an instrument-by-instrument basis. Under the measurement alternative, an equity security is carried at cost plus or minus changes resulting from observable prices in orderly transactions for the identical or a similar investment of the same issuer. In addition, equity securities under the measurement alternative are also assessed for impairment, as described below. The carrying value of the equity security is adjusted to fair value on the date of an observed transaction. Fair value may differ from the observed transaction price due to a number of factors, including marketability adjustments and differences in rights and obligations when the observed transaction is not for the identical investment held by Citi. On a quarterly basis, management qualitatively assesses whether each equity security under the measurement alternative is impaired. Impairment indicators that are considered include, but are not limited to, the following: • A significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee; • A significant adverse change in the regulatory, economic, or technological environment of the investee; • A significant adverse change in the general market condition of either the geographical area or the industry in which the investee operates; • A bona fide offer to purchase, an offer by the investee to sell, or a completed auction process for the same or similar investment for an amount less than the carrying amount of that investment; and • Factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants. When the qualitative assessment indicates that impairment exists, the investment is written down to fair value, w |
LOANS
LOANS | 6 Months Ended |
Jun. 30, 2018 | |
Loans and Leases Receivable Disclosure [Abstract] | |
LOANS | LOANS Citigroup loans are reported in two categories: consumer and corporate. These categories are classified primarily according to the segment and subsegment that manage the loans. For additional information regarding Citi’s consumer and corporate loans, including related accounting policies, see Note 14 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Consumer Loans Consumer loans represent loans and leases managed primarily by GCB and Corporate/Other . The following table provides Citi’s consumer loans by loan type: In millions of dollars June 30, December 31, 2017 In U.S. offices Mortgage and real estate (1) $ 61,692 $ 65,467 Installment, revolving credit and other 3,759 3,398 Cards 135,968 139,006 Commercial and industrial 7,459 7,840 $ 208,878 $ 215,711 In offices outside the U.S. Mortgage and real estate (1) $ 43,056 $ 44,081 Installment, revolving credit and other 27,254 26,556 Cards 24,712 26,257 Commercial and industrial 18,966 20,238 Lease financing 55 76 $ 114,043 $ 117,208 Total consumer loans $ 322,921 $ 332,919 Net unearned income $ 711 $ 737 Consumer loans, net of unearned income $ 323,632 $ 333,656 (1) Loans secured primarily by real estate. The Company sold and/or reclassified to held-for-sale $1.9 billion and $2.8 billion , $0.6 billion and $2.8 billion of consumer loans during the three and six months ended June 30, 2018 and 2017, respectively. Consumer Loan Delinquency and Non-Accrual Details at June 30, 2018 In millions of dollars Total current (1)(2) 30–89 days past due (3) ≥ 90 days past due (3) Past due government guaranteed (4) Total loans (2) Total non-accrual 90 days past due and accruing In North America offices Residential first mortgages (5) $ 46,314 $ 404 $ 255 $ 931 $ 47,904 $ 619 $ 673 Home equity loans (6)(7) 12,420 155 286 — 12,861 606 — Credit cards 133,860 1,388 1,493 — 136,741 — 1,493 Installment and other 3,402 38 13 — 3,453 20 — Commercial banking loans 9,054 10 40 — 9,104 128 — Total $ 205,050 $ 1,995 $ 2,087 $ 931 $ 210,063 $ 1,373 $ 2,166 In offices outside North America Residential first mortgages (5) $ 35,789 $ 205 $ 140 $ — $ 36,134 $ 382 $ — Credit cards 23,389 416 352 — 24,157 312 227 Installment and other 24,772 243 109 — 25,124 144 — Commercial banking loans 28,027 54 72 — 28,153 172 — Total $ 111,977 $ 918 $ 673 $ — $ 113,568 $ 1,010 $ 227 Total GCB and Corporate/Other — Consumer $ 317,027 $ 2,913 $ 2,760 $ 931 $ 323,631 $ 2,383 $ 2,393 Other (8) 1 — — — 1 — — Total Citigroup $ 317,028 $ 2,913 $ 2,760 $ 931 $ 323,632 $ 2,383 $ 2,393 (1) Loans less than 30 days past due are presented as current. (2) Includes $22 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored entities. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.2 billion and 90 days or more past due of $0.7 billion . (5) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (6) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (7) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (8) Represents loans classified as consumer loans on the Consolidated Balance Sheet that are not included in GCB or Corporate/Other consumer credit metrics. Consumer Loan Delinquency and Non-Accrual Details at December 31, 2017 In millions of dollars Total current (1)(2) 30–89 days past due (3) ≥ 90 days past due (3) Past due government guaranteed (4) Total loans (2) Total non-accrual 90 days past due and accruing In North America offices Residential first mortgages (5) $ 47,366 $ 505 $ 280 $ 1,225 $ 49,376 $ 665 $ 941 Home equity loans (6)(7) 14,268 207 352 — 14,827 750 — Credit cards 136,588 1,528 1,613 — 139,729 — 1,596 Installment and other 3,395 45 16 — 3,456 22 1 Commercial banking loans 9,395 51 65 — 9,511 213 — Total $ 211,012 $ 2,336 $ 2,326 $ 1,225 $ 216,899 $ 1,650 $ 2,538 In offices outside North America Residential first mortgages (5) $ 37,062 $ 209 $ 148 $ — $ 37,419 $ 400 $ — Credit cards 24,934 427 366 — 25,727 323 259 Installment and other 25,634 275 123 — 26,032 157 — Commercial banking loans 27,449 57 72 — 27,578 160 — Total $ 115,079 $ 968 $ 709 $ — $ 116,756 $ 1,040 $ 259 Total GCB and Corporate/Other — Consumer $ 326,091 $ 3,304 $ 3,035 $ 1,225 $ 333,655 $ 2,690 $ 2,797 Other (8) 1 — — — 1 — — Total Citigroup $ 326,092 $ 3,304 $ 3,035 $ 1,225 $ 333,656 $ 2,690 $ 2,797 (1) Loans less than 30 days past due are presented as current. (2) Includes $25 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored entities. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.2 billion and 90 days or more past due of $1.0 billion . (5) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (6) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (7) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (8) Represents loans classified as consumer loans on the Consolidated Balance Sheet that are not included in GCB or Corporate/Other consumer credit metrics. Consumer Credit Scores (FICO) The following tables provide details on the FICO scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables (commercial banking loans are excluded from the table since they are business based and FICO scores are not a primary driver in their credit evaluation). FICO scores are updated monthly for substantially all of the portfolio or, otherwise, on a quarterly basis for the remaining portfolio. FICO score distribution in U.S. portfolio (1)(2) June 30, 2018 In millions of dollars Less than 620 ≥ 620 but less than 660 ≥ 660 but less than 720 Equal to or greater than 720 Residential first mortgages $ 1,707 $ 1,626 $ 6,421 $ 35,465 Home equity loans 1,085 906 2,946 7,274 Credit cards 8,682 11,129 38,544 74,911 Installment and other 147 242 708 1,685 Total $ 11,621 $ 13,903 $ 48,619 $ 119,335 FICO score distribution in U.S. portfolio (1)(2) December 31, 2017 In millions of dollars Less than 620 ≥ 620 but less than 660 ≥ 660 but less Equal to or greater than 720 Residential first mortgages $ 2,100 $ 1,932 $ 6,931 $ 35,334 Home equity loans 1,379 1,081 3,446 8,530 Credit cards 9,079 11,651 37,916 77,661 Installment and other 276 250 667 1,818 Total $ 12,834 $ 14,914 $ 48,960 $ 123,343 (1) Excludes loans guaranteed by U.S. government entities, loans subject to long-term standby commitments (LTSC) with U.S. government-sponsored entities and loans recorded at fair value. (2) Excludes balances where FICO was not available. Such amounts are not material. Loan to Value (LTV) Ratios The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolios. LTV ratios are updated monthly using the most recent Core Logic Home Price Index data available for substantially all of the portfolio applied at the Metropolitan Statistical Area level, if available, or the state level if not. The remainder of the portfolio is updated in a similar manner using the Federal Housing Finance Agency indices. LTV distribution in U.S. portfolio (1)(2) June 30, 2018 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 42,778 $ 2,382 $ 189 Home equity loans 9,972 1,610 553 Total $ 52,750 $ 3,992 $ 742 LTV distribution in U.S. portfolio (1)(2) December 31, 2017 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 43,626 $ 2,578 $ 247 Home equity loans 11,403 2,147 800 Total $ 55,029 $ 4,725 $ 1,047 (1) Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value. (2) Excludes balances where LTV was not available. Such amounts are not material. Impaired Consumer Loans The following tables present information about impaired consumer loans and interest income recognized on impaired consumer loans: Three Months Ended Six Months Ended June 30, Balance at June 30, 2018 2018 2017 2018 2017 In millions of dollars Recorded investment (1)(2) Unpaid principal balance Related specific allowance (3) Average carrying value (4) Interest income (5) Interest income (5) Interest income recognized (5) Interest income recognized (5) Mortgage and real estate Residential first mortgages $ 2,489 $ 2,674 $ 233 $ 2,831 $ 21 $ 32 $ 42 $ 68 Home equity loans 730 1,073 136 931 2 7 8 15 Credit cards 1,794 1,824 621 1,812 25 36 55 73 Installment and other Individual installment and other 405 434 166 427 6 5 12 13 Commercial banking 307 463 29 333 5 8 8 14 Total $ 5,725 $ 6,468 $ 1,185 $ 6,334 $ 59 $ 88 $ 125 $ 183 (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans. (2) $521 million of residential first mortgages, $295 million of home equity loans and $14 million of commercial market loans do not have a specific allowance. (3) Included in the Allowance for loan losses . (4) Average carrying value represents the average recorded investment ending balance for the last four quarters and does not include the related specific allowance. (5) Includes amounts recognized on both an accrual and cash basis. Balance, December 31, 2017 In millions of dollars Recorded investment (1)(2) Unpaid principal balance Related specific allowance (3) Average carrying value (4) Mortgage and real estate Residential first mortgages $ 2,877 $ 3,121 $ 278 $ 3,155 Home equity loans 1,151 1,590 216 1,181 Credit cards 1,787 1,819 614 1,803 Installment and other Individual installment and other 431 460 175 415 Commercial banking 334 541 51 429 Total $ 6,580 $ 7,531 $ 1,334 $ 6,983 (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans. (2) $607 million of residential first mortgages, $370 million of home equity loans and $10 million of commercial market loans do not have a specific allowance. (3) Included in the Allowance for loan losses . (4) Average carrying value represents the average recorded investment ending balance for the last four quarters and does not include the related specific allowance. Consumer Troubled Debt Restructurings At and for the three months ended June 30, 2018 In millions of dollars except number of loans modified Number of Post- (1)(2) Deferred (3) Contingent (4) Principal (5) Average North America Residential first mortgages 495 $ 77 $ 1 $ — $ — — % Home equity loans 380 37 1 — — 1 Credit cards 55,459 220 — — — 17 Installment and other revolving 292 2 — — — 5 Commercial banking (6) 17 1 — — — — Total (8) 56,643 $ 337 $ 2 $ — $ — International Residential first mortgages 624 $ 22 $ — $ — $ — — % Credit cards 17,782 78 — — 2 16 Installment and other revolving 7,172 43 — — 2 11 Commercial banking (6) 157 22 — — — — Total (8) 25,735 $ 165 $ — $ — $ 4 At and for the three months ended June 30, 2017 In millions of dollars except number of loans modified Number of loans modified Post- modification recorded investment (1)(7) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 806 $ 116 $ 1 $ — $ 1 1 % Home equity loans 677 58 5 — — 2 Credit cards 53,080 203 — — — 17 Installment and other revolving 250 2 — — — 5 Commercial banking (6) 30 43 — — — — Total (8) 54,843 $ 422 $ 6 $ — $ 1 International Residential first mortgages 755 $ 28 $ — $ — $ — — % Credit cards 28,551 98 — — 2 12 Installment and other revolving 11,622 64 — — 2 9 Commercial banking (6) 53 6 — — — — Total (8) 40,981 $ 196 $ — $ — $ 4 (1) Post-modification balances include past due amounts that are capitalized at the modification date. (2) Post-modification balances in North America include $8 million of residential first mortgages and $3 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended June 30, 2018 . These amounts include $5 million of residential first mortgages and $3 million of home equity loans that were newly classified as TDRs in the three months ended June 30, 2018 , based on previously received OCC guidance. (3) Represents portion of contractual loan principal that is non-interest bearing, but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value. (4) Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. (5) Represents portion of contractual loan principal that was forgiven at the time of permanent modification. (6) Commercial banking loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest. (7) Post-modification balances in North America include $ 15 million of residential first mortgages and $ 5 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended June 30, 2017 . These amounts include $ 11 million of residential first mortgages and $ 4 million of home equity loans that were newly classified as TDRs in the three months ended June 30, 2017 , based on previously received OCC guidance. (8) The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs. At and for the six months ended June 30, 2018 In millions of dollars except number of loans modified Number of loans modified Post- modification recorded investment (1)(2) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 1,083 $ 166 $ 1 $ — $ — — % Home equity loans 836 78 3 — — 1 Credit cards 118,662 464 — — — 17 Installment and other revolving 634 5 — — — 5 Commercial banking (6) 26 2 — — — — Total (8) 121,241 $ 715 $ 4 $ — $ — International Residential first mortgages 1,173 $ 41 $ — $ — $ — — % Credit cards 41,176 173 — — 5 16 Installment and other revolving 16,497 102 — — 4 10 Commercial banking (6) 302 50 — — — (1 ) Total (8) 59,148 $ 366 $ — $ — $ 9 At and for the six months ended June 30, 2017 In millions of dollars except number of loans modified Number of loans modified Post- modification recorded investment (1)(7) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 1,772 $ 246 $ 4 $ — $ 1 1 % Home equity loans 1,356 114 8 — — 1 Credit cards 112,417 433 — — — 17 Installment and other revolving 471 4 — — — 5 Commercial banking (6) 56 48 — — — — Total (8) 116,072 $ 845 $ 12 $ — $ 1 International Residential first mortgages 1,368 $ 54 $ — $ — $ — — % Credit cards 53,788 183 — — 4 13 Installment and other revolving 22,929 124 — — 6 7 Commercial banking (6) 85 19 — — — (1 ) Total (8) 78,170 $ 380 $ — $ — $ 10 (1) Post-modification balances include past due amounts that are capitalized at the modification date. (2) Post-modification balances in North America include $ 19 million of residential first mortgages and $ 7 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2018. These amounts include $ 13 million of residential first mortgages and $ 6 million of home equity loans that were newly classified as TDRs in the six months ended June 30, 2018, based on previously received OCC guidance. (3) Represents portion of contractual loan principal that is non-interest bearing but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value. (4) Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. (5) Represents portion of contractual loan principal that was forgiven at the time of permanent modification. (6) Commercial banking loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest. (7) Post-modification balances in North America include $ 30 million of residential first mortgages and $ 11 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2017 . These amounts include $ 21 million of residential first mortgages and $ 10 million of home equity loans that were newly classified as TDRs in the six months ended June 30, 2017 , based on previously received OCC guidance. (8) The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs. The following table presents consumer TDRs that defaulted for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due. Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 North America Residential first mortgages $ 30 $ 48 $ 74 $ 99 Home equity loans 6 8 16 17 Credit cards 57 57 116 109 Installment and other revolving 1 1 1 1 Commercial banking 13 1 21 2 Total $ 107 $ 115 $ 228 $ 228 International Residential first mortgages $ 2 $ 3 $ 4 $ 5 Credit cards 55 46 108 88 Installment and other revolving 20 23 44 46 Commercial banking 9 — 10 — Total $ 86 $ 72 $ 166 $ 139 Corporate Loans Corporate loans represent loans and leases managed by ICG . The following table presents information by corporate loan type: In millions of dollars June 30, December 31, In U.S. offices Commercial and industrial $ 53,260 $ 51,319 Financial institutions 42,867 39,128 Mortgage and real estate (1) 46,310 44,683 Installment, revolving credit and other 32,663 33,181 Lease financing 1,445 1,470 $ 176,545 $ 169,781 In offices outside the U.S. Commercial and industrial $ 98,068 $ 93,750 Financial institutions 38,312 35,273 Mortgage and real estate (1) 7,261 7,309 Installment, revolving credit and other 22,755 22,638 Lease financing 139 190 Governments and official institutions 5,270 5,200 $ 171,805 $ 164,360 Total corporate loans $ 348,350 $ 334,141 Net unearned income $ (802 ) $ (763 ) Corporate loans, net of unearned income $ 347,548 $ 333,378 (1) Loans secured primarily by real estate. The Company sold and/or reclassified to held-for-sale $0.4 billion and $0.5 billion of corporate loans during the three and six months ended June 30, 2018 , respectively, and $0 billion and $0.5 billion during the three and six months ended June 30, 2017, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three and six months ended June 30, 2018 or 2017 . Corporate Loan Delinquency and Non-Accrual Details at June 30, 2018 In millions of dollars 30–89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due and accruing Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 618 $ 39 $ 657 $ 1,095 $ 147,195 $ 148,947 Financial institutions 177 54 231 134 80,182 80,547 Mortgage and real estate 140 9 149 267 53,135 53,551 Leases 3 — 3 41 1,541 1,585 Other 59 19 78 86 59,776 59,940 Loans at fair value 2,978 Total $ 997 $ 121 $ 1,118 $ 1,623 $ 341,829 $ 347,548 Corporate Loan Delinquency and Non-Accrual Details at December 31, 2017 In millions of dollars 30–89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due and accruing Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 249 $ 13 $ 262 $ 1,506 $ 139,554 $ 141,322 Financial institutions 93 15 108 92 73,557 73,757 Mortgage and real estate 147 59 206 195 51,563 51,964 Leases 68 8 76 46 1,533 1,655 Other 70 13 83 103 60,145 60,331 Loans at fair value 4,349 Total $ 627 $ 108 $ 735 $ 1,942 $ 326,352 $ 333,378 (1) Corporate loans that are 90 days past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid. (2) Non-accrual loans generally include those loans that are ≥ 90 days past due or those loans for which Citi believes, based on actual experience and a forward-looking assessment of the collectability of the loan in full, that the payment of interest or principal is doubtful. (3) Loans less than 30 days past due are presented as current. (4) Total loans include loans at fair value, which are not included in the various delinquency columns. Corporate Loans Credit Quality Indicators Recorded investment in loans (1) In millions of dollars June 30, December 31, Investment grade (2) Commercial and industrial $ 106,631 $ 101,313 Financial institutions 68,604 60,404 Mortgage and real estate 23,633 23,213 Leases 1,055 1,090 Other 55,196 56,306 Total investment grade $ 255,119 $ 242,326 Non-investment grade (2) Accrual Commercial and industrial $ 41,221 $ 38,503 Financial institutions 11,808 13,261 Mortgage and real estate 3,211 2,881 Leases 490 518 Other 4,658 3,924 Non-accrual Commercial and industrial 1,095 1,506 Financial institutions 134 92 Mortgage and real estate 267 195 Leases 41 46 Other 86 103 Total non-investment grade $ 63,011 $ 61,029 Non-rated private bank loans managed on a delinquency basis (2) $ 26,440 $ 25,674 Loans at fair value 2,978 4,349 Corporate loans, net of unearned income $ 347,548 $ 333,378 (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. (2) Held-for-investment loans are accounted for on an amortized cost basis. Non-Accrual Corporate Loans The following tables present non-accrual loan information by corporate loan type and interest income recognized on non-accrual corporate loans: June 30, 2018 Three Months Ended Six Months Ended In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Interest income recognized (3) Interest income recognized (3) Non-accrual corporate loans Commercial and industrial $ 1,095 $ 1,246 $ 248 $ 1,332 $ 13 $ 16 Financial institutions 134 149 53 134 — — Mortgage and real estate 267 420 29 206 — 1 Lease financing 41 41 — 48 — — Other 86 194 2 102 — — Total non-accrual corporate loans $ 1,623 $ 2,050 $ 332 $ 1,822 $ 13 $ 17 December 31, 2017 In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Non-accrual corporate loans Commercial and industrial $ 1,506 $ 1,775 $ 368 $ 1,547 Financial institutions 92 102 41 212 Mortgage and real estate 195 324 11 183 Lease financing 46 46 4 59 Other 103 212 2 108 Total non-accrual corporate loans $ 1,942 $ 2,459 $ 426 $ 2,109 June 30, 2018 December 31, 2017 In millions of dollars Recorded investment (1) Related specific allowance Recorded investment (1) Related specific allowance Non-accrual corporate loans with valuation allowances Commercial and industrial $ 660 $ 248 $ 1,017 $ 368 Financial institutions 98 53 88 41 Mortgage and real estate 124 29 51 11 Lease financing — — 46 4 Other 10 2 13 2 Total non-accrual corporate loans with specific allowance $ 892 $ 332 $ 1,215 $ 426 Non-accrual corporate loans without specific allowance Commercial and industrial $ 435 $ 489 Financial institutions 36 4 Mortgage and real estate 143 144 Lease financing 41 — Other 76 90 Total non-accrual corporate loans without specific allowance $ 731 N/A $ 727 N/A (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. (2) Average carrying value represents the average recorded investment balance and does not include related specific allowance. (3) Interest income recognized for the three and six months ended June 30 , 2017 was $17 million and $19 million . N/A Not applicable Corporate Troubled Debt Restructurings At and for the three months ended June 30, 2018 : In millions of dollars Carrying Value TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 39 $ 3 $ 4 $ 32 Mortgage and real estate 2 — — 2 Total $ 41 $ 3 $ 4 $ 34 At and for the three months ended June 30, 2017 : In millions of dollars Carrying Value TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 233 $ 32 $ — $ 201 Mortgage and real estate 3 — — 3 Total $ 236 $ 32 $ — $ 204 At and for the six months ended June 30, 2018 : In millions of dollars Carrying Value TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 41 $ 3 $ 4 $ 34 Mortgage and real estate 3 — — 3 Total $ 44 $ 3 $ 4 $ 37 At and for the six months ended June 30, 2017 : In millions of dollars Carrying Value TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 288 $ 32 $ — $ 256 Mortgage and real estate 15 — — 15 Other 4 — — 4 Total $ 307 $ 32 $ — $ 275 (1) TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for corporate loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loans. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification. (2) TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. The following table presents total corporate loans modified in a TDR as well as those TDRs that defaulted and for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due. In millions of dollars TDR balances at June 30, 2018 TDR loans in payment default during the three months ended June 30, 2018 TDR loans in payment default six months ended June 30, 2018 TDR balances at June 30, 2017 TDR loans in payment default during the three months ended June 30, 2017 TDR loans in payment default during the six months ended Commercial and industrial $ 440 $ 11 $ 70 $ 591 $ 3 $ 12 Financial institutions 34 — — 24 — 3 Mortgage and real estate 87 — — 74 — — Other 37 — — 166 — — Total (1) $ 598 $ 11 $ 70 $ 855 $ 3 $ 15 (1) The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs. |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2018 | |
Loans and Leases Receivable Disclosure [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES Three Months Ended June 30, Six Months Ended In millions of dollars 2018 2017 2018 2017 Allowance for loan losses at beginning of period $ 12,354 $ 12,030 $ 12,355 $ 12,060 Gross credit losses (2,109 ) (2,130 ) (4,405 ) (4,274 ) Gross recoveries (1) 405 420 834 855 Net credit losses (NCLs) $ (1,704 ) $ (1,710 ) $ (3,571 ) $ (3,419 ) NCLs $ 1,704 $ 1,710 $ 3,571 $ 3,419 Net reserve builds (releases) 31 67 133 47 Net specific reserve releases 60 (111 ) (106 ) (125 ) Total provision for loan losses $ 1,795 $ 1,666 $ 3,598 $ 3,341 Other, net (see table below) (319 ) 39 (256 ) 43 Allowance for loan losses at end of period $ 12,126 $ 12,025 $ 12,126 $ 12,025 Allowance for credit losses on unfunded lending commitments at beginning of period $ 1,290 $ 1,377 $ 1,258 $ 1,418 Provision (release) for unfunded lending commitments (4 ) 28 24 (15 ) Other, net (8 ) 1 (4 ) 3 Allowance for credit losses on unfunded lending commitments at end of period (2) $ 1,278 $ 1,406 $ 1,278 $ 1,406 Total allowance for loans, leases and unfunded lending commitments $ 13,404 $ 13,431 $ 13,404 $ 13,431 (1) Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. (2) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. Other, net details Three Months Ended June 30, Six Months Ended In millions of dollars 2018 2017 2018 2017 Sales or transfers of various consumer loan portfolios to HFS Transfer of real estate loan portfolios $ (33 ) $ (19 ) $ (86 ) $ (56 ) Transfer of other loan portfolios (104 ) — (106 ) (124 ) Sales or transfers of various consumer loan portfolios to HFS $ (137 ) $ (19 ) $ (192 ) $ (180 ) FX translation, consumer (164 ) 50 (46 ) 214 Other (18 ) 8 (18 ) 9 Other, net $ (319 ) $ 39 $ (256 ) $ 43 Allowance for Credit Losses and Investment in Loans Three Months Ended June 30, 2018 June 30, 2017 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses at beginning of period $ 2,315 $ 10,039 $ 12,354 $ 2,535 $ 9,495 $ 12,030 Charge-offs (20 ) (2,089 ) (2,109 ) (96 ) (2,034 ) (2,130 ) Recoveries 22 383 405 19 401 420 Replenishment of net charge-offs (2 ) 1,706 1,704 77 1,633 1,710 Net reserve builds (releases) (30 ) 61 31 (4 ) 71 67 Net specific reserve builds (releases) 63 (3 ) 60 (27 ) (84 ) (111 ) Other (18 ) (301 ) (319 ) 6 33 39 Ending balance $ 2,330 $ 9,796 $ 12,126 $ 2,510 $ 9,515 $ 12,025 Six Months Ended June 30, 2018 June 30, 2017 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses at beginning of period $ 2,486 $ 9,869 $ 12,355 $ 2,702 $ 9,358 $ 12,060 Charge-offs (159 ) (4,246 ) (4,405 ) (199 ) (4,075 ) (4,274 ) Recoveries 65 769 834 85 770 855 Replenishment of net charge-offs 94 3,477 3,571 114 3,305 3,419 Net reserve builds (releases) (49 ) 182 133 (170 ) 217 47 Net specific reserve builds (releases) (92 ) (14 ) (106 ) (39 ) (86 ) (125 ) Other (15 ) (241 ) (256 ) 17 26 43 Ending balance $ 2,330 $ 9,796 $ 12,126 $ 2,510 $ 9,515 $ 12,025 June 30, 2018 December 31, 2017 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses Collectively evaluated in accordance with ASC 450 $ 1,998 $ 8,608 $ 10,606 $ 2,060 $ 8,531 $ 10,591 Individually evaluated in accordance with ASC 310-10-35 332 1,185 1,517 426 1,334 1,760 Purchased credit-impaired in accordance with ASC 310-30 — 3 3 — 4 4 Total allowance for loan losses $ 2,330 $ 9,796 $ 12,126 $ 2,486 $ 9,869 $ 12,355 Loans, net of unearned income Collectively evaluated in accordance with ASC 450 $ 343,000 $ 317,736 $ 660,736 $ 327,142 $ 326,884 $ 654,026 Individually evaluated in accordance with ASC 310-10-35 1,570 5,725 7,295 1,887 6,580 8,467 Purchased credit-impaired in accordance with ASC 310-30 — 149 149 — 167 167 Held at fair value 2,978 22 3,000 4,349 25 4,374 Total loans, net of unearned income $ 347,548 $ 323,632 $ 671,180 $ 333,378 $ 333,656 $ 667,034 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill impairment testing is performed at the level below each business segment (referred to as a reporting unit). See Note 3 for further information on business segments. For additional information regarding Citi’s goodwill impairment testing process, see Notes 1 and 16 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. There were no triggering events identified and no goodwill was impaired during the three and six months ended June 30, 2018. Goodwill The changes in Goodwill were as follows: In millions of dollars Global Consumer Banking Institutional Clients Group Corporate/Other Total Balance at December 31, 2017 $ 12,784 $ 9,456 $ 16 $ 22,256 Foreign currency translation and other $ 184 $ 235 $ — $ 419 Divestiture (1) — — (16 ) (16 ) Balance at March 31, 2018 $ 12,968 $ 9,691 $ — $ 22,659 Foreign exchange translation and other $ (226 ) $ (375 ) $ — $ (601 ) Divestiture (1) — — — — Balance at June 30, 2018 $ 12,742 $ 9,316 $ — $ 22,058 (1) Goodwill allocated to the sale of the Citi Colombia consumer business, the only remaining business in Citi Holdings-Consumer Latin America reporting unit reported as part of Corporate/Other , which was classified as HFS beginning the first quarter of 2018. The sale was completed during the second quarter of 2018. Intangible Assets The components of intangible assets were as follows: June 30, 2018 December 31, 2017 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 5,726 $ 3,838 $ 1,888 $ 5,375 $ 3,836 $ 1,539 Credit card contract related intangibles (1) 5,043 2,624 2,419 5,045 2,456 2,589 Core deposit intangibles 419 412 7 639 628 11 Other customer relationships 472 287 185 459 272 187 Present value of future profits 32 28 4 32 28 4 Indefinite-lived intangible assets 216 — 216 244 — 244 Other 95 85 10 100 86 14 Intangible assets (excluding MSRs) $ 12,003 $ 7,274 $ 4,729 $ 11,894 $ 7,306 $ 4,588 Mortgage servicing rights (MSRs) (2) 596 — 596 558 — 558 Total intangible assets $ 12,599 $ 7,274 $ 5,325 $ 12,452 $ 7,306 $ 5,146 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco, Sears and AT&T credit card program agreements, which represent 97% of the aggregate net carrying amount as of June 30, 2018. (2) For additional information on Citi’s MSRs, see Note 18 to the Consolidated Financial Statements. The changes in intangible assets were as follows: Net carrying Net carrying amount at In millions of dollars December 31, Acquisitions/ divestitures Amortization FX translation and other June 30, Purchased credit card relationships (1) $ 1,539 $ 425 $ (74 ) $ (2 ) $ 1,888 Credit card contract related intangibles (2) 2,589 2 (171 ) (1 ) 2,419 Core deposit intangibles 11 — (4 ) — 7 Other customer relationships 187 — (12 ) 10 185 Present value of future profits 4 — — — 4 Indefinite-lived intangible assets 244 — — (28 ) 216 Other 14 — (7 ) 3 10 Intangible assets (excluding MSRs) $ 4,588 $ 427 $ (268 ) $ (18 ) $ 4,729 Mortgage servicing rights (MSRs) (3) 558 596 Total intangible assets $ 5,146 $ 5,325 (1) Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract intangibles and include credit card accounts primarily in the Costco, Macy`s and Sears portfolios. The increase since December 31, 2017 reflects the purchase of certain rights related to credit card accounts in the Sears portfolio. (2) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco, Sears and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount at June 30, 2018 and December 31, 2017 . (3) For additional information on Citi’s MSRs, including the rollforward for the six months ended June 30, 2018 , see Note 18 to the Consolidated Financial Statements. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT For additional information regarding Citi’s short-term borrowings and long-term debt, see Note 17 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Short-Term Borrowings In millions of dollars June 30, December 31, Commercial paper $ 12,034 $ 9,940 Other borrowings (1) 25,199 34,512 Total $ 37,233 $ 44,452 (1) Includes borrowings from Federal Home Loan Banks and other market participants. At June 30, 2018 and December 31, 2017 , collateralized short-term advances from the Federal Home Loan Banks were $15.3 billion and $23.8 billion , respectively. Long-Term Debt In millions of dollars June 30, December 31, 2017 Citigroup Inc. (1) $ 148,601 $ 152,163 Bank (2) 63,951 65,856 Broker-dealer and other (3) 24,270 18,690 Total $ 236,822 $ 236,709 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At June 30, 2018 and December 31, 2017 , collateralized long-term advances from the Federal Home Loan Banks were $13.7 billion and $19.3 billion , respectively. (3) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. Long-term debt outstanding includes trust preferred securities with a balance sheet carrying value of $1.7 billion at both June 30, 2018 and December 31, 2017 . The following table summarizes Citi’s outstanding trust preferred securities at June 30, 2018 : Junior subordinated debentures owned by trust Trust Issuance date Securities issued Liquidation value (1) Coupon rate (2) Common shares issued to parent Amount Maturity Redeemable by issuer beginning In millions of dollars, except share amounts Citigroup Capital III Dec. 1996 194,053 $ 194 7.625 % 6,003 $ 200 Dec. 1, 2036 Not redeemable Citigroup Capital XIII Sept. 2010 89,840,000 2,246 3 mo LIBOR + 637 bps 1,000 2,246 Oct. 30, 2040 Oct. 30, 2015 Citigroup Capital XVIII June 2007 99,901 132 3 mo LIBOR + 88.75 bps 50 132 June 28, 2067 June 28, 2017 Total obligated $ 2,572 $ 2,578 Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and Citigroup Capital XVIII and quarterly for Citigroup Capital XIII. (1) Represents the notional value received by investors from the trusts at the time of issuance. (2) In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities. |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) | 6 Months Ended |
Jun. 30, 2018 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) were as follows: Three Months Ended June 30, 2018 In millions of dollars Net Debt valuation adjustment (DVA) Cash flow hedges (1) Benefit plans (2) Foreign (3) Excluded Component of fair value hedges (4) Accumulated Balance, March 31, 2018 $ (2,219 ) $ (793 ) $ (920 ) $ (6,095 ) $ (24,588 ) $ (4 ) $ (34,619 ) Other comprehensive income before reclassifications (433 ) 316 (36 ) 261 (2,867 ) (28 ) (2,787 ) Increase (decrease) due to amounts reclassified from AOCI (65 ) 2 (65 ) 40 — — (88 ) Change, net of taxes $ (498 ) $ 318 $ (101 ) $ 301 $ (2,867 ) $ (28 ) $ (2,875 ) Balance at June 30, 2018 $ (2,717 ) $ (475 ) $ (1,021 ) $ (5,794 ) $ (27,455 ) $ (32 ) $ (37,494 ) Six Months Ended June 30, 2018 In millions of dollars Net Debt valuation adjustment (DVA) Cash flow hedges (1) Benefit plans (2) Foreign (3) Excluded Component of fair value hedges (4) Accumulated Balance, December 31, 2017 $ (1,158 ) $ (921 ) $ (698 ) $ (6,183 ) $ (25,708 ) $ — $ (34,668 ) Adjustment to opening balance, net of taxes (5) (3 ) — — — — — (3 ) Adjusted balance, beginning of period $ (1,161 ) $ (921 ) $ (698 ) $ (6,183 ) $ (25,708 ) $ — $ (34,671 ) Other comprehensive income before reclassifications (1,383 ) 417 (279 ) 302 (1,747 ) (32 ) (2,722 ) Increase (decrease) due to amounts reclassified from AOCI (173 ) 29 (44 ) 87 — — (101 ) Change, net of taxes $ (1,556 ) $ 446 $ (323 ) $ 389 $ (1,747 ) $ (32 ) $ (2,823 ) Balance at June 30, 2018 $ (2,717 ) $ (475 ) $ (1,021 ) $ (5,794 ) $ (27,455 ) $ (32 ) $ (37,494 ) Note: Footnotes to the tables above appear on the following page. Three Months Ended June 30, 2017 In millions of dollars Net Debt valuation adjustment (DVA) Cash flow hedges (1) Benefit plans (2) Foreign (3) Excluded Component of fair value hedges (4) Accumulated Balance, March 31, 2017 $ (75 ) $ (412 ) $ (562 ) $ (5,176 ) $ (24,188 ) $ — $ (30,413 ) Other comprehensive income before reclassifications 101 (79 ) 62 (173 ) 643 — 554 Increase (decrease) due to amounts reclassified from AOCI (128 ) (5 ) 55 38 — — (40 ) Change, net of taxes $ (27 ) $ (84 ) $ 117 $ (135 ) $ 643 $ — $ 514 Balance, June 30, 2017 $ (102 ) $ (496 ) $ (445 ) $ (5,311 ) $ (23,545 ) $ — $ (29,899 ) Six Months Ended June 30, 2017 In millions of dollars Net Debt valuation adjustment (DVA) Cash flow hedges (1) Benefit plans (2) Foreign (3) Excluded Component of fair value hedges (4) Accumulated Balance, December 31, 2016 $ (799 ) $ (352 ) $ (560 ) $ (5,164 ) $ (25,506 ) $ — $ (32,381 ) Adjustment to opening balance, net of taxes (6) 504 — — — — — 504 Adjusted balance, beginning of period $ (295 ) $ (352 ) $ (560 ) $ (5,164 ) $ (25,506 ) $ — $ (31,877 ) Other comprehensive income before reclassifications 435 (134 ) 86 (222 ) 2,108 — 2,273 Increase (decrease) due to amounts reclassified from AOCI (242 ) (10 ) 29 75 (147 ) — (295 ) Change, net of taxes $ 193 $ (144 ) $ 115 $ (147 ) $ 1,961 $ — $ 1,978 Balance, June 30, 2017 $ (102 ) $ (496 ) $ (445 ) $ (5,311 ) $ (23,545 ) $ — $ (29,899 ) (1) Primarily driven by Citigroup’s pay fixed/receive floating interest rate swap programs that hedge the floating rates on liabilities. (2) Primarily reflects adjustments based on the quarterly actuarial valuations of the Company’s Significant pension and postretirement plans, annual actuarial valuations of all other plans and amortization of amounts previously recognized in other comprehensive income. (3) Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Euro, and Korean won against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2018 . Primarily reflects the movements in (by order of impact) the Brazilian real, Indian rupee, Argentine peso, and Korean won against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2018. Primarily reflects the movements in (by order of impact) the Mexican peso, Euro, Polish zloty, and British pound sterling against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2017. Primarily reflects the movements in (by order of impact) the Mexican peso, Euro, Korean won, and Polish zloty against the U.S. dollar and changes in related tax effects and hedges for the quarter and six months ended June 30, 2017. Amounts recorded in the CTA component of AOCI remain in AOCI until the sale or substantial liquidation of the foreign entity, at which point such amounts related to the foreign entity are reclassified into earnings. (4) Beginning in the first quarter of 2018, changes in the excluded component of fair value hedges are reflected as a component of AOCI, pursuant to the early adoption of ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities . See Note 1 to the Consolidated Financial Statements for further information regarding this change. (5) Citi adopted ASU 2016-01 and ASU 2018-03 on January 1, 2018. Upon adoption, a cumulative effect adjustment was recorded from AOCI to retained earnings for net unrealized gains on former AFS equity securities. For additional information, see Note 1 to the Consolidated Financial Statements. (6) In the second quarter of 2017, Citi early adopted ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. Upon adoption, a cumulative effect adjustment was recorded to reduce retained earnings, effective January 1, 2017, for the incremental amortization of cumulative fair value hedge adjustments on callable state and municipal debt securities. For additional information, see Note 1 to the Consolidated Financial Statements. The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows: Three Months Ended June 30, 2018 In millions of dollars Pretax Tax effect (1) After-tax Balance, March 31, 2018 $ (41,519 ) $ 6,900 $ (34,619 ) Change in net unrealized gains (losses) on AFS debt securities (671 ) 173 (498 ) Debt valuation adjustment (DVA) 418 (100 ) 318 Cash flow hedges (132 ) 31 (101 ) Benefit plans 403 (102 ) 301 Foreign currency translation adjustment (2,869 ) 2 (2,867 ) Excluded component of fair value hedges (37 ) 9 (28 ) Change $ (2,888 ) $ 13 $ (2,875 ) Balance, June 30, 2018 $ (44,407 ) $ 6,913 $ (37,494 ) Six Months Ended June 30, 2018 In millions of dollars Pretax Tax effect (1) After-tax Balance, December 31, 2017 (1) $ (41,228 ) $ 6,560 $ (34,668 ) Adjustment to opening balance (2) (4 ) 1 (3 ) Adjusted balance, beginning of period $ (41,232 ) $ 6,561 $ (34,671 ) Change in net unrealized gains (losses) on investment securities (2,051 ) 495 (1,556 ) Debt valuation adjustment (DVA) 585 (139 ) 446 Cash flow hedges (422 ) 99 (323 ) Benefit plans 494 (105 ) 389 Foreign currency translation adjustment (1,739 ) (8 ) (1,747 ) Excluded component of fair value hedges (42 ) 10 (32 ) Change $ (3,175 ) $ 352 $ (2,823 ) Balance, June 30, 2018 $ (44,407 ) $ 6,913 $ (37,494 ) (1) Includes the impact of ASU 2018-02, which transferred amounts from AOCI to Retained Earnings . For additional information, see Note 19 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. (2) Citi adopted ASU 2016-01 and ASU 2018-03 on January 1, 2018. Upon adoption, a cumulative effect adjustment was recorded from AOCI to retained earnings for net unrealized gains on former AFS equity securities. For additional information, see Note 1 to the Consolidated Financial Statements. Three Months Ended June 30, 2017 In millions of dollars Pretax Tax effect After-tax Balance, March 31, 2017 $ (39,514 ) $ 9,101 $ (30,413 ) Change in net unrealized gains (losses) on investment securities (45 ) 18 (27 ) Debt valuation adjustment (DVA) (132 ) 48 (84 ) Cash flow hedges 185 (68 ) 117 Benefit plans (219 ) 84 (135 ) Foreign currency translation adjustment 619 24 643 Excluded component of fair value hedges — — — Change $ 408 $ 106 $ 514 Balance, June 30, 2017 $ (39,106 ) $ 9,207 $ (29,899 ) Six Months Ended June 30, 2017 In millions of dollars Pretax Tax effect After-tax Balance, December 31, 2016 $ (42,035 ) $ 9,654 $ (32,381 ) Adjustment to opening balance (1) 803 (299 ) 504 Adjusted balance, beginning of period $ (41,232 ) $ 9,355 $ (31,877 ) Change in net unrealized gains (losses) on investment securities 301 (108 ) 193 Debt valuation adjustment (DVA) (227 ) 83 (144 ) Cash flow hedges 186 (71 ) 115 Benefit plans (221 ) 74 (147 ) Foreign currency translation adjustment 2,087 (126 ) 1,961 Excluded component of fair value hedges — — — Change $ 2,126 $ (148 ) $ 1,978 Balance, June 30, 2017 $ (39,106 ) $ 9,207 $ (29,899 ) (1) In the second quarter of 2017, Citi early adopted ASU 2017-08 . Upon adoption, a cumulative effect adjustment was recorded to reduce retained earnings, effective January 1, 2017, for the incremental amortization of cumulative fair value hedge adjustments on callable state and municipal debt securities. See Note 1 to the Consolidated Financial Statements. The Company recognized pretax gains (losses) related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows: Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2018 Realized (gains) losses on sales of investments $ (102 ) $ (272 ) Gross impairment losses 15 43 Subtotal, pretax $ (87 ) $ (229 ) Tax effect 22 56 Net realized (gains) losses on investments after-tax (1) $ (65 ) $ (173 ) Realized DVA (gains) losses on fair value option liabilities $ 2 $ 37 Subtotal, pretax $ 2 $ 37 Tax effect — (8 ) Net realized debt valuation adjustment, after-tax $ 2 $ 29 Interest rate contracts $ (82 ) $ (51 ) Foreign exchange contracts (4 ) (6 ) Subtotal, pretax $ (86 ) $ (57 ) Tax effect 21 13 Amortization of cash flow hedges, after-tax (2) $ (65 ) $ (44 ) Amortization of unrecognized Prior service cost (benefit) $ (11 ) $ (22 ) Net actuarial loss 64 133 Curtailment/settlement impact (3) 2 6 Subtotal, pretax $ 55 $ 117 Tax effect (15 ) (30 ) Amortization of benefit plans, after-tax (3) $ 40 $ 87 Foreign currency translation adjustment $ — $ — Tax effect — — Foreign currency translation adjustment $ — $ — Total amounts reclassified out of AOCI, pretax $ (116 ) $ (132 ) Total tax effect 28 31 Total amounts reclassified out of AOCI, after-tax $ (88 ) $ (101 ) (1) The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses in the Consolidated Statement of Income. See Note 12 to the Consolidated Financial Statements for additional details. (2) See Note 19 to the Consolidated Financial Statements for additional details. (3) See Note 8 to the Consolidated Financial Statements for additional details. The Company recognized pretax gains (losses) related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows: Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2017 2017 Realized (gains) losses on sales of investments $ (221 ) $ (413 ) OTTI gross impairment losses 20 32 Subtotal, pretax $ (201 ) $ (381 ) Tax effect 73 139 Net realized (gains) losses on investment securities, after-tax (1) $ (128 ) $ (242 ) Realized DVA (gains) losses on fair value option liabilities $ (8 ) $ (16 ) Subtotal, pretax $ (8 ) $ (16 ) Tax effect $ 3 $ 6 Net realized debt valuation adjustment, after-tax $ (5 ) $ (10 ) Interest rate contracts $ 90 $ 46 Foreign exchange contracts (2 ) 1 Subtotal, pretax $ 88 $ 47 Tax effect (33 ) (18 ) Amortization of cash flow hedges, after-tax (2) $ 55 $ 29 Amortization of unrecognized Prior service cost (benefit) $ (12 ) $ (22 ) Net actuarial loss 66 133 Curtailment/settlement impact (3) 7 7 Subtotal, pretax $ 61 $ 118 Tax effect (23 ) (43 ) Amortization of benefit plans, after-tax (3) $ 38 $ 75 Foreign currency translation adjustment $ — $ (232 ) Tax effect — 85 Foreign currency translation adjustment $ — $ (147 ) Total amounts reclassified out of AOCI, pretax $ (60 ) $ (464 ) Total tax effect 20 169 Total amounts reclassified out of AOCI, after-tax $ (40 ) $ (295 ) (1) The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses on the Consolidated Statement of Income. See Note 12 to the Consolidated Financial Statements for additional details. (2) See Note 19 to the Consolidated Financial Statements for additional details. (3) See Note 8 to the Consolidated Financial Statements for additional details. |
SECURITIZATIONS AND VARIABLE IN
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | 6 Months Ended |
Jun. 30, 2018 | |
Securitizations and Variable Interest Entities [Abstract] | |
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | SECURITIZATIONS AND VARIABLE INTEREST ENTITIES For additional information regarding Citi’s use of special purpose entities (SPEs) and variable interest entities (VIEs), see Note 21 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below: As of June 30, 2018 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total involvement with SPE assets Consolidated VIE/SPE assets Significant unconsolidated VIE assets (3) Debt investments Equity investments Funding commitments Guarantees and derivatives Total Credit card securitizations $ 46,520 $ 46,520 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 110,826 — 110,826 3,014 — — 97 3,111 Non-agency-sponsored 22,812 1,724 21,088 422 — — 1 423 Citi-administered asset-backed commercial paper conduits (ABCP) 18,548 18,548 — — — — — — Collateralized loan obligations (CLOs) 16,687 — 16,687 5,148 — — 9 5,157 Asset-based financing 64,970 627 64,343 19,360 568 7,249 — 27,177 Municipal securities tender option bond trusts (TOBs) 7,671 2,158 5,513 — — 3,752 — 3,752 Municipal investments 18,321 3 18,318 2,609 3,767 2,237 — 8,613 Client intermediation 667 442 225 124 — — 6 130 Investment funds 1,836 581 1,255 8 7 7 2 24 Other 662 35 627 38 8 24 46 116 Total $ 309,520 $ 70,638 $ 238,882 $ 30,723 $ 4,350 $ 13,269 $ 161 $ 48,503 As of December 31, 2017 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total involvement with SPE assets Consolidated VIE/SPE assets Significant unconsolidated VIE assets (3) Debt investments Equity investments Funding commitments Guarantees and derivatives Total Credit card securitizations $ 50,795 $ 50,795 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 116,610 — 116,610 2,647 — — 74 2,721 Non-agency-sponsored 22,251 2,035 20,216 330 — — 1 331 Citi-administered asset-backed commercial paper conduits (ABCP) 19,282 19,282 — — — — — — Collateralized loan obligations (CLOs) 20,588 — 20,588 5,956 — — 9 5,965 Asset-based financing 60,472 633 59,839 19,478 583 5,878 — 25,939 Municipal securities tender option bond trusts (TOBs) 6,925 2,166 4,759 138 — 3,035 — 3,173 Municipal investments 19,119 7 19,112 2,709 3,640 2,344 — 8,693 Client intermediation 958 824 134 32 — — 9 41 Investment funds 1,892 616 1,276 14 7 13 — 34 Other 677 36 641 27 9 34 47 117 Total $ 319,569 $ 76,394 $ 243,175 $ 31,331 $ 4,239 $ 11,304 $ 140 $ 47,014 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s June 30, 2018 and December 31, 2017 Consolidated Balance Sheet. (3) A significant unconsolidated VIE is an entity in which the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss. (4) Citigroup mortgage securitizations also include agency and non-agency (private-label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion. The previous tables do not include: • certain venture capital investments made by some of the Company’s private equity subsidiaries, as the Company accounts for these investments in accordance with the Investment Company Audit Guide (codified in ASC 946); • certain investment funds for which the Company provides investment management services and personal estate trusts for which the Company provides administrative, trustee and/or investment management services; • certain VIEs structured by third parties in which the Company holds securities in inventory, as these investments are made on arm’s-length terms; • certain positions in mortgage-backed and asset-backed securities held by the Company, which are classified as Trading account assets or Investments , in which the Company has no other involvement with the related securitization entity deemed to be significant (for more information on these positions, see Notes 12 and 20 to the Consolidated Financial Statements); • certain representations and warranties exposures in legacy ICG -sponsored mortgage-backed and asset-backed securitizations in which the Company has no variable interest or continuing involvement as servicer. The outstanding balance of mortgage loans securitized during 2005 to 2008 in which the Company has no variable interest or continuing involvement as servicer was approximately $8 billion and $9 billion at June 30, 2018 and December 31, 2017 , respectively; • certain representations and warranties exposures in Citigroup residential mortgage securitizations, where the original mortgage loan balances are no longer outstanding; and • VIEs such as trust preferred securities trusts used in connection with the Company’s funding activities. The Company does not have a variable interest in these trusts. The asset balances for consolidated VIEs represent the carrying amounts of the assets consolidated by the Company. The carrying amount may represent the amortized cost or the current fair value of the assets depending on the legal form of the asset (e.g., loan or security) and the Company’s standard accounting policies for the asset type and line of business. The asset balances for unconsolidated VIEs in which the Company has significant involvement represent the most current information available to the Company. In most cases, the asset balances represent an amortized cost basis without regard to impairments, unless fair value information is readily available to the Company. The maximum funded exposure represents the balance sheet carrying amount of the Company’s investment in the VIE. It reflects the initial amount of cash invested in the VIE, adjusted for any accrued interest and cash principal payments received. The carrying amount may also be adjusted for increases or declines in fair value or any impairment in value recognized in earnings. The maximum exposure of unfunded positions represents the remaining undrawn committed amount, including liquidity and credit facilities provided by the Company or the notional amount of a derivative instrument considered to be a variable interest. In certain transactions, the Company has entered into derivative instruments or other arrangements that are not considered variable interests in the VIE (e.g., interest rate swaps, cross-currency swaps or where the Company is the purchaser of credit protection under a credit default swap or total return swap where the Company pays the total return on certain assets to the SPE). Receivables under such arrangements are not included in the maximum exposure amounts. Funding Commitments for Significant Unconsolidated VIEs—Liquidity Facilities and Loan Commitments The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above: June 30, 2018 December 31, 2017 In millions of dollars Liquidity facilities Loan/equity commitments Liquidity facilities Loan/equity commitments Asset-based financing $ — $ 7,249 $ — $ 5,878 Municipal securities tender option bond trusts (TOBs) 3,752 — 3,035 — Municipal investments — 2,237 — 2,344 Investment funds — 7 — 13 Other — 24 — 34 Total funding commitments $ 3,752 $ 9,517 $ 3,035 $ 8,269 Significant Interests in Unconsolidated VIEs—Balance Sheet Classification The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs: In billions of dollars June 30, 2018 December 31, 2017 Cash $ — $ — Trading account assets 8.0 8.5 Investments 4.6 4.4 Total loans, net of allowance 22.0 22.2 Other 0.5 0.5 Total assets $ 35.1 $ 35.6 Credit Card Securitizations Substantially all of the Company’s credit card securitization activity is through two trusts—Citibank Credit Card Master Trust (Master Trust) and Citibank Omni Master Trust (Omni Trust), with the substantial majority through the Master Trust. These trusts are consolidated entities. The following table reflects amounts related to the Company’s securitized credit card receivables: In billions of dollars June 30, 2018 December 31, 2017 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 27.3 $ 28.8 Retained by Citigroup as trust-issued securities 7.6 7.6 Retained by Citigroup via non-certificated interests 11.7 14.4 Total $ 46.6 $ 50.8 The following tables summarize selected cash flow information related to Citigroup’s credit card securitizations: Three Months Ended June 30, In billions of dollars 2018 2017 Proceeds from new securitizations $ 1.1 $ 5.1 Pay down of maturing notes (2.6 ) (0.8 ) Six Months Ended June 30, In billions of dollars 2018 2017 Proceeds from new securitizations $ 3.9 $ 7.6 Pay down of maturing notes (5.4 ) (2.8 ) Master Trust Liabilities (at Par Value) The weighted average maturity of the third-party term notes issued by the Master Trust was 2.8 years as of June 30, 2018 and 2.6 years as of December 31, 2017 . In billions of dollars Jun. 30, 2018 Dec. 31, 2017 Term notes issued to third parties $ 26.3 $ 27.8 Term notes retained by Citigroup affiliates 5.7 5.7 Total Master Trust liabilities $ 32.0 $ 33.5 Omni Trust Liabilities (at Par Value) The weighted average maturity of the third-party term notes issued by the Omni Trust was 1.4 years as of June 30, 2018 and 1.9 years as of December 31, 2017 . In billions of dollars Jun. 30, 2018 Dec. 31, 2017 Term notes issued to third parties $ 1.0 $ 1.0 Term notes retained by Citigroup affiliates 1.9 1.9 Total Omni Trust liabilities $ 2.9 $ 2.9 Mortgage Securitizations The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: Three Months Ended June 30, 2018 2017 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Proceeds from new securitizations $ 7.7 $ 2.8 $ 7.3 $ 1.4 Contractual servicing fees received — — 0.1 — Six Months Ended June 30, 2018 2017 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Proceeds from new securitizations $ 15.8 $ 6.1 $ 14.5 $ 2.8 Contractual servicing fees received 0.1 — 0.1 — Gains recognized on the securitization of U.S. agency-sponsored mortgages were $7 million and $12 million for the three and six months ended June 30, 2018 , respectively. For the three and six months ended June 30, 2018 , gains recognized on the securitization of non-agency sponsored mortgages were $17 million and $35 million , respectively. Gains recognized on the securitization of U.S. agency-sponsored mortgages were $18 million and $47 million for the three and six months ended June 30, 2017 , respectively. For the three and six months ended June 30, 2017 , gains recognized on the securitization of non-agency sponsored mortgages were $26 million and $46 million , respectively. June 30, 2018 December 31, 2017 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior Subordinated U.S. agency- Senior Subordinated Carrying value of retained interests $ 2,152 $ 277 $ 109 $ 1,634 $ 214 $ 139 (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. Key assumptions used in measuring the fair value of retained interests at the date of sale or securitization of mortgage receivables were as follows: Three Months Ended June 30, 2018 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate 3.1% to 9.5% 1.6% to 4.2% 3.5 % Weighted average discount rate 5.7 % 3.4 % 3.5 % Constant prepayment rate 3.5% to 12.9% 8.0 % 8.0 % Weighted average constant prepayment rate 8.0 % 8.0 % 8.0 % Anticipated net credit losses (2) NM 4.6 % 4.6 % Weighted average anticipated net credit losses NM 4.6 % 4.6 % Weighted average life 5.0 to 18.9 years 3.4 to 9.9 years 3.4 years Three Months Ended June 30, 2017 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 2.5% to 14.0% 2.0% to 3.3% 3.5% to 19.1% Weighted average discount rate 7.6 % 2.7 % 4.3 % Constant prepayment rate 6.5% to 16.1% — — Weighted average constant prepayment rate 10.6 % — — Anticipated net credit losses (2) NM — 69.0% to 69.1% Weighted average anticipated net credit losses NM — 69.1 % Weighted average life 4.9 to 14.5 years 4.9 to 10.0 years 8.6 to 10.0 years Six Months Ended June 30, 2018 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 3.0% to 11.4% 1.6% to 4.5% 3.0% to 3.5% Weighted average discount rate 6.0 % 3.4 % 3.2 % Constant prepayment rate 3.5% to 16.0% 8.0% to 12.0% 8.0% to 12.0% Weighted average constant prepayment rate 8.2 % 9.8 % 9.9 % Anticipated net credit losses (2) NM 2.0% to 6.7% 2.0% to 4.6% Weighted average anticipated net credit losses NM 4.9 % 3.3 % Weighted average life 5.0 to 18.9 years 2.5 to 9.9 years 2.5 to 3.4 years Six Months Ended June 30, 2017 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 2.4% to 19.9% 2.0% to 3.3% 3.5% to 19.1% Weighted average discount rate 9.5 % 2.7 % 4.3 % Constant prepayment rate 3.8% to 16.1% — — Weighted average constant prepayment rate 9.1 % — — Anticipated net credit losses (2) NM — 67.3% to 69.1% Weighted average anticipated net credit losses NM — 68.5 % Weighted average life 4.9 to 14.5 years 4.9 to 10.0 years 8.6 to 10.0 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. The interests retained by the Company range from highly rated and/or senior in the capital structure to unrated and/or residual interests. The key assumptions used to value retained interests, and the sensitivity of the fair value to adverse changes of 10% and 20% in each of the key assumptions, are set forth in the tables below. The negative effect of each change is calculated independently, holding all other assumptions constant. Because the key assumptions may not be independent, the net effect of simultaneous adverse changes in the key assumptions may be less than the sum of the individual effects shown below. June 30, 2018 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 2.4% to 48.6% 9.5 % 3.9% to 8.5% Weighted average discount rate 5.7 % 9.5 % 7.2 % Constant prepayment rate 3.3% to 21.2% 5.0 % 7.5% to 9.5% Weighted average constant prepayment rate 9.2 % 5.0 % 8.5 % Anticipated net credit losses (2) NM 41.0 % 28.0% to 56.3% Weighted average anticipated net credit losses NM 41.0 % 41.1 % Weighted average life 0.5 to 27.3 years 6.9 years 1.9 to 10.3 years December 31, 2017 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 1.8% to 84.2% 5.8% to 100.0% 2.8% to 35.1% Weighted average discount rate 7.1 % 5.8 % 9.0 % Constant prepayment rate 6.9% to 27.8% 8.9% to 15.5% 8.6% to 13.1% Weighted average constant prepayment rate 11.6 % 8.9 % 10.6 % Anticipated net credit losses (2) NM 0.4% to 46.9% 35.1% to 52.1% Weighted average anticipated net credit losses NM 46.9 % 44.9 % Weighted average life 0.1 to 27.8 years 4.8 to 5.3 years 0.2 to 18.6 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. June 30, 2018 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rates Adverse change of 10% $ (61 ) $ — $ (1 ) Adverse change of 20% (119 ) — (2 ) Constant prepayment rate Adverse change of 10% (34 ) — (1 ) Adverse change of 20% (68 ) — (1 ) Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — December 31, 2017 Non-agency-sponsored mortgages In millions of dollars U.S. agency- Senior Subordinated Discount rates Adverse change of 10% $ (44 ) $ (2 ) $ (3 ) Adverse change of 20% (85 ) (4 ) (5 ) Constant prepayment rate Adverse change of 10% (41 ) (1 ) (1 ) Adverse change of 20% (84 ) (1 ) (2 ) Anticipated net credit losses Adverse change of 10% NM (3 ) — Adverse change of 20% NM (7 ) — NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. Mortgage Servicing Rights (MSRs) The fair value of Citi’s capitalized MSRs was $596 million and $560 million at June 30, 2018 and 2017 , respectively. The MSRs correspond to principal loan balances of $63 billion and $71 billion as of June 30, 2018 and 2017 , respectively. The following tables summarize the changes in capitalized MSRs: Three Months Ended June 30, In millions of dollars 2018 2017 Balance, as of March 31 $ 587 $ 567 Originations 15 21 Changes in fair value of MSRs due to changes in inputs and assumptions 11 (11 ) Other changes (1) (16 ) (17 ) Sale of MSRs (1 ) — Balance, as of June 30 $ 596 $ 560 Six Months Ended June 30, In millions of dollars 2018 2017 Balance, beginning of year $ 558 $ 1,564 Originations 32 56 Changes in fair value of MSRs due to changes in inputs and assumptions 57 56 Other changes (1) (33 ) (70 ) Sale of MSRs (2) (18 ) (1,046 ) Balance, as of June 30 $ 596 $ 560 (1) Represents changes due to customer payments and passage of time. (2) See Note 2 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K for more information on the exit of the U.S. mortgage servicing operations and sale of MSRs in 2017 . The Company receives fees during the course of servicing previously securitized mortgages. The amounts of these fees were as follows: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 Servicing fees $ 43 $ 65 $ 89 $ 171 Late fees 1 3 2 6 Ancillary fees 3 4 6 8 Total MSR fees $ 47 $ 72 $ 97 $ 185 In the Consolidated Statement of Income these fees are primarily classified as Commissions and fees, and changes in MSR fair values are classified as Other revenue . Re-securitizations The Company engages in re-securitization transactions in which debt securities are transferred to a VIE in exchange for new beneficial interests. Citi did not transfer non-agency (private-label) securities to re-securitization entities during the quarters ended June 30, 2018 and 2017 . These securities are backed by either residential or commercial mortgages and are often structured on behalf of clients. As of June 30, 2018 , the fair value of Citi-retained interests in private-label re-securitization transactions structured by Citi totaled approximately $90 million (all related to re-securitization transactions executed prior to 2016), which has been recorded in Trading account assets . Of this amount, approximately $33 million was related to senior beneficial interests and approximately $57 million was related to subordinated beneficial interests. As of December 31, 2017 , the fair value of Citi-retained interests in private-label re-securitization transactions structured by Citi totaled approximately $79 million (all related to re-securitization transactions executed prior to 2016). Of this amount, substantially all was related to subordinated beneficial interests. The original par value of private-label re-securitization transactions in which Citi holds a retained interest as of June 30, 2018 and December 31, 2017 was approximately $548 million and $887 million , respectively. The Company also re-securitizes U.S. government-agency guaranteed mortgage-backed (agency) securities. During the three and six months ended June 30, 2018 , Citi transferred agency securities with a fair value of approximately $6.6 billion and $13.6 billion , respectively, to re-securitization entities compared to approximately $5.6 billion and $10.1 billion for the three and six months ended June 30, 2017 . As of June 30, 2018 , the fair value of Citi-retained interests in agency re-securitization transactions structured by Citi totaled approximately $2.5 billion (including $1.2 billion related to re-securitization transactions executed in 2018 ) compared to $2.1 billion as of December 31, 2017 (including $854 million related to re-securitization transactions executed in 2017 ), which is recorded in Trading account assets . The original fair value of agency re-securitization transactions in which Citi holds a retained interest as of June 30, 2018 and December 31, 2017 was approximately $64.2 billion and $68.3 billion , respectively. As of June 30, 2018 and December 31, 2017 , the Company did not consolidate any private-label or agency re-securitization entities. Citi-Administered Asset-Backed Commercial Paper Conduits At June 30, 2018 and December 31, 2017 , the commercial paper conduits administered by Citi had approximately $18.5 billion and $19.3 billion of purchased assets outstanding, respectively, and had incremental funding commitments with clients of approximately $15.8 billion and $14.5 billion , respectively. Substantially all of the funding of the conduits is in the form of short-term commercial paper. At June 30, 2018 and December 31, 2017 , the weighted average remaining lives of the commercial paper issued by the conduits were approximately 47 and 51 days , respectively. The primary credit enhancement provided to the conduit investors is in the form of transaction-specific credit enhancements described above. In addition to the transaction-specific credit enhancements, the conduits, other than the government guaranteed loan conduit, have obtained a letter of credit from the Company, which is equal to at least 8% to 10% of the conduit’s assets with a minimum of $200 million . The letters of credit provided by the Company to the conduits total approximately $1.7 billion as of June 30, 2018 and December 31, 2017 . The net result across multi-seller conduits administered by the Company is that, in the event defaulted assets exceed the transaction-specific credit enhancements described above, any losses in each conduit are allocated first to the Company and then the commercial paper investors. At June 30, 2018 and December 31, 2017 , the Company owned $6.5 billion and $9.3 billion , respectively, of the commercial paper issued by its administered conduits. The Company's investments were not driven by market illiquidity and the Company is not obligated under any agreement to purchase the commercial paper issued by the conduits. Collateralized Loan Obligations The following tables summarize selected cash flow information and retained interests related to Citigroup CLOs: Three Months Ended June 30, In billions of dollars 2018 2017 Proceeds from new securitizations $ 2.2 $ 1.1 Six Months Ended June 30, In billions of dollars 2018 2017 Proceeds from new securitizations $ 3.6 $ 1.4 In millions of dollars Jun. 30, 2018 Dec. 31, 2017 Carrying value of retained interests $ 3,461 $ 4,079 Citi held no retained interests in CLOs purchased during the three and six months ended June 30, 2018 and 2017 . Asset-Based Financing The primary types of Citi’s asset-based financings, total assets of the unconsolidated VIEs with significant involvement, and Citi’s maximum exposure to loss are shown below. For Citi to realize the maximum loss, the VIE (borrower) would have to default with no recovery from the assets held by the VIE. June 30, 2018 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 15,795 $ 5,177 Corporate loans 8,567 6,748 Hedge funds and equities 469 55 Airplanes, ships and other assets 39,512 15,197 Total $ 64,343 $ 27,177 December 31, 2017 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 15,370 $ 5,445 Corporate loans 4,725 3,587 Hedge funds and equities 542 58 Airplanes, ships and other assets 39,202 16,849 Total $ 59,839 $ 25,939 Municipal Securities Tender Option Bond (TOB) Trusts At June 30, 2018 and December 31, 2017 , none of the municipal bonds owned by non-customer TOB trusts were subject to a credit guarantee provided by the Company. At June 30, 2018 and December 31, 2017 , liquidity agreements provided with respect to customer TOB trusts totaled $3.8 billion and $3.2 billion , respectively, of which $1.9 billion and $2.0 billion , respectively, were offset by reimbursement agreements. For the remaining exposure related to TOB transactions, where the residual owned by the customer was at least 25% of the bond value at the inception of the transaction, no reimbursement agreement was executed. The Company also provides other liquidity agreements or letters of credit to customer-sponsored municipal investment funds, which are not variable interest entities, and municipality-related issuers that totaled $6.3 billion and $6.1 billion as of June 30, 2018 and December 31, 2017 , respectively. These liquidity agreements and letters of credit are offset by reimbursement agreements with various term-out provisions. Client Intermediation The proceeds from new securitizations related to the Company’s client intermediation transactions for the three and six months ended June 30, 2018 totaled approximately $0.3 billion and $0.5 billion , respectively, compared to $0.2 billion and $0.7 billion for the three and six months ended June 30, 2017 . |
DERIVATIVES ACTIVITIES
DERIVATIVES ACTIVITIES | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES ACTIVITIES | DERIVATIVES ACTIVITIES As of January 1, 2018, Citigroup early adopted ASU 2017-12, Targeted Improvements to Accounting for Hedge Activities . This standard primarily impacts Citi’s accounting for derivatives designated as cash flow hedges and fair value hedges. Refer to the respective sections below for details. In the ordinary course of business, Citigroup enters into various types of derivative transactions. All derivatives are recorded in Trading account assets/Trading account liabilities on the Consolidated Balance Sheet. For additional information regarding Citi’s use of and accounting for derivatives, see Note 22 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Information pertaining to Citigroup’s derivative activities, based on notional amounts, is presented in the table below. Derivative notional amounts are reference amounts from which contractual payments are derived and do not represent a complete measure of Citi’s exposure to derivative transactions. Rather, Citi’s derivative exposure arises primarily from market fluctuations (i.e., market risk), counterparty failure (i.e., credit risk) and/or periods of high volatility or financial stress (i.e., liquidity risk), as well as any market valuation adjustments that may be required on the transactions. Moreover, notional amounts do not reflect the netting of offsetting trades. For example, if Citi enters into a receive-fixed interest rate swap with $100 million notional, and offsets this risk with an identical but opposite pay-fixed position with a different counterparty, $200 million in derivative notionals is reported, although these offsetting positions may result in de minimis overall market risk. In addition, aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on Citi’s market share, levels of client activity and other factors. Derivative Notionals Hedging instruments under Trading derivative instruments In millions of dollars June 30, December 31, June 30, December 31, Interest rate contracts Swaps $ 222,057 $ 189,779 $ 20,721,169 $ 18,754,219 Futures and forwards — — 8,073,755 6,460,539 Written options — — 4,391,594 3,516,131 Purchased options — — 3,857,093 3,234,025 Total interest rate contract notionals $ 222,057 $ 189,779 $ 37,043,611 $ 31,964,914 Foreign exchange contracts Swaps $ 56,971 $ 37,162 $ 7,020,783 $ 5,576,357 Futures, forwards and spot 37,911 33,103 5,424,415 3,097,700 Written options 2,503 3,951 1,738,131 1,127,728 Purchased options 2,908 6,427 1,720,287 1,148,686 Total foreign exchange contract notionals $ 100,293 $ 80,643 $ 15,903,616 $ 10,950,471 Equity contracts Swaps $ — $ — $ 253,135 $ 215,834 Futures and forwards — — 56,968 72,616 Written options — — 410,955 389,961 Purchased options — — 317,718 328,154 Total equity contract notionals $ — $ — $ 1,038,776 $ 1,006,565 Commodity and other contracts Swaps $ — $ — $ 106,646 $ 82,039 Futures and forwards 113 23 163,593 153,248 Written options — — 72,359 62,045 Purchased options — — 71,368 60,526 Total commodity and other contract notionals $ 113 $ 23 $ 413,966 $ 357,858 Credit derivatives (1) Protection sold $ — $ — $ 703,904 $ 735,142 Protection purchased — — 749,562 777,713 Total credit derivatives $ — $ — $ 1,453,466 $ 1,512,855 Total derivative notionals $ 322,463 $ 270,445 $ 55,853,435 $ 45,792,663 (1) Credit derivatives are arrangements designed to allow one party (protection buyer) to transfer the credit risk of a “reference asset” to another party (protection seller). These arrangements allow a protection seller to assume the credit risk associated with the reference asset without directly purchasing that asset. The Company enters into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk. The following tables present the gross and net fair values of the Company’s derivative transactions and the related offsetting amounts as of June 30, 2018 and December 31, 2017 . Gross positive fair values are offset against gross negative fair values by counterparty, pursuant to enforceable master netting agreements. Under ASC 815-10-45, payables and receivables in respect of cash collateral received from or paid to a given counterparty pursuant to a credit support annex are included in the offsetting amount, if a legal opinion supporting the enforceability of netting and collateral rights has been obtained. GAAP does not permit similar offsetting for security collateral. In addition, the following tables reflect rule changes adopted by clearing organizations that require or allow entities to treat certain derivative assets, liabilities and the related variation margin as settlement of the related derivative fair values for legal and accounting purposes, as opposed to presenting gross derivative assets and liabilities that are subject to collateral, whereby the counterparties would record a related collateral payable or receivable. As a result, the table reflects a reduction of approximately $110 billion and $100 billion as of June 30, 2018 and December 31, 2017 , respectively, of derivative assets and derivative liabilities that previously would have been reported on a gross basis, but are now settled and not subject to collateral. The tables also present amounts that are not permitted to be offset, such as security collateral or cash collateral posted at third-party custodians, but which would be eligible for offsetting to the extent that an event of default occurred and a legal opinion supporting enforceability of the netting and collateral rights has been obtained. Derivative Mark-to-Market (MTM) Receivables/Payables In millions of dollars at June 30, 2018 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,537 $ 204 Cleared 338 124 Interest rate contracts $ 1,875 $ 328 Over-the-counter $ 2,044 $ 1,297 Foreign exchange contracts $ 2,044 $ 1,297 Total derivatives instruments designated as ASC 815 hedges $ 3,919 $ 1,625 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 170,608 $ 147,232 Cleared 4,580 10,206 Exchange traded 225 223 Interest rate contracts $ 175,413 $ 157,661 Over-the-counter $ 170,158 $ 165,898 Cleared 5,349 5,394 Exchange traded 81 263 Foreign exchange contracts $ 175,588 $ 171,555 Over-the-counter $ 17,898 $ 22,444 Cleared 28 18 Exchange traded 9,323 9,438 Equity contracts $ 27,249 $ 31,900 Over-the-counter $ 16,907 $ 20,340 Exchange traded 675 723 Commodity and other contracts $ 17,582 $ 21,063 Over-the-counter $ 10,353 $ 10,504 Cleared 5,948 6,055 Credit derivatives $ 16,301 $ 16,559 Total derivatives instruments not designated as ASC 815 hedges $ 412,133 $ 398,738 Total derivatives $ 416,052 $ 400,363 Cash collateral paid/received (3) $ 11,894 $ 15,634 Less: Netting agreements (4) (332,207 ) (332,207 ) Less: Netting cash collateral received/paid (5) (39,595 ) (30,377 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 56,144 $ 53,413 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (763 ) $ (128 ) Less: Non-cash collateral received/paid (13,820 ) (7,880 ) Total net receivables/payables (6) $ 41,561 $ 45,405 (1) The derivatives fair values are also presented in Note 20 to the Consolidated Financial Statements. (2) Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. (3) Reflects the net amount of the $42,271 million and $55,229 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $30,377 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $39,595 million was used to offset trading derivative assets. (4) Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately $311 billion , $12 billion and $9 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (5) Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received and paid is netted against OTC derivative assets and liabilities, respectively. (6) The net receivables/payables include approximately $7 billion of derivative asset and $8 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. In millions of dollars at December 31, 2017 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,969 $ 134 Cleared 110 92 Interest rate contracts $ 2,079 $ 226 Over-the-counter $ 1,143 $ 1,150 Foreign exchange contracts $ 1,143 $ 1,150 Total derivatives instruments designated as ASC 815 hedges $ 3,222 $ 1,376 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 195,677 $ 173,937 Cleared 7,129 10,381 Exchange traded 102 95 Interest rate contracts $ 202,908 $ 184,413 Over-the-counter $ 119,092 $ 117,473 Cleared 1,690 2,028 Exchange traded 34 121 Foreign exchange contracts $ 120,816 $ 119,622 Over-the-counter $ 17,221 $ 21,201 Cleared 21 25 Exchange traded 9,736 10,147 Equity contracts $ 26,978 $ 31,373 Over-the-counter $ 13,499 $ 16,362 Exchange traded 604 665 Commodity and other contracts $ 14,103 $ 17,027 Over-the-counter $ 12,972 $ 12,958 Cleared 7,562 8,575 Credit derivatives $ 20,534 $ 21,533 Total derivatives instruments not designated as ASC 815 hedges $ 385,339 $ 373,968 Total derivatives $ 388,561 $ 375,344 Cash collateral paid/received (3) $ 7,541 $ 14,308 Less: Netting agreements (4) (306,401 ) (306,401 ) Less: Netting cash collateral received/paid (5) (38,532 ) (35,666 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 51,169 $ 47,585 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (872 ) $ (121 ) Less: Non-cash collateral received/paid (12,739 ) (6,929 ) Total net receivables/payables (6) $ 37,558 $ 40,535 (1) The derivatives fair values are presented in Note 20 to the Consolidated Financial Statements. Derivative mark-to-market receivables/payables previously reported within Other assets/Other liabilities have been reclassified to Trading account assets/Trading account liabilities to conform with the current period presentation. (2) Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. (3) Reflects the net amount of the $43,207 million and $52,840 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $35,666 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $38,532 million was used to offset trading derivative assets. (4) Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately $283 billion , $14 billion and $9 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (5) Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received and paid is netted against OTC derivative assets and liabilities, respectively. (6) The net receivables/payables include approximately $6 billion of derivative asset and $8 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. For the three and six months ended June 30, 2018 and 2017 , the amounts recognized in Principal transactions in the Consolidated Statement of Income related to derivatives not designated in a qualifying hedging relationship, as well as the underlying non-derivative instruments, are presented in Note 6 to the Consolidated Financial Statements. Citigroup presents this disclosure by business classification, showing derivative gains and losses related to its trading activities together with gains and losses related to non-derivative instruments within the same trading portfolios, as this represents how these portfolios are risk managed. The amounts recognized in Other revenue in the Consolidated Statement of Income related to derivatives not designated in a qualifying hedging relationship are shown below. The table below does not include any offsetting gains (losses) on the economically hedged items to the extent such amounts are also recorded in Other revenue . Gains (losses) included in Other revenue Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 Interest rate contracts $ (15 ) $ (14 ) $ (43 ) $ (67 ) Foreign exchange (517 ) 1,109 (13 ) 1,301 Credit derivatives (25 ) (97 ) (71 ) (376 ) Total $ (557 ) $ 998 $ (127 ) $ 858 Fair Value Hedge Hedging of Benchmark Interest Rate Risk Citigroup’s fair value hedges are primarily hedges of fixed-rate long-term debt or assets, such as available-for-sale debt securities or loans. For qualifying fair value hedges of interest rate risk, the changes in the fair value of the derivative and the change in the fair value of the hedged item attributable to the hedged risk, either total cash flows or benchmark only cash flows are presented within Interest revenue or Interest expense based on whether the hedged item is an asset or a liability. Prior to the adoption of ASU 2017-12, the fair value of the derivative was presented in Other revenue or Principal transactions and the difference between the changes in the hedged item and the derivative was defined as ineffectiveness. Hedging of Foreign Exchange Risk Citigroup hedges the change in fair value attributable to foreign exchange rate movements in available-for-sale debt securities and long-term debt that are denominated in currencies other than the functional currency of the entity holding the securities or issuing the debt, which may be within or outside the U.S. The hedging instrument may be a forward foreign exchange contract or a cross currency swap contract. Citigroup considers the premium associated with forward contracts (i.e., the differential between the spot and contractual forward rates) as the cost of hedging; this amount is excluded from the assessment of hedge effectiveness and reflected directly in earnings over the life of the hedge. Beginning January 1, 2018, Citi excludes changes in cross-currency basis associated with cross-currency swaps from the assessment of hedge effectiveness and records it in Other comprehensive income. Hedging of Commodity Price Risk Citigroup hedges the change in fair value attributable to spot price movements in physical commodities inventory. The hedging instrument is a futures contract to sell the underlying commodity. In this hedge, the change in the value of the hedged inventory is reflected in earnings, which offsets the change in the fair value of the futures contract that is also reflected in earnings. Although the change in the fair value of the hedging instrument recorded in earnings includes changes in forward rates, Citigroup excludes the differential between the spot and the contractual forward rates under the futures contract from the assessment of hedge effectiveness and amortizes directly into earnings over the life of the hedge. The following table summarizes the gains (losses) on the Company’s fair value hedges: Gains (losses) on fair value hedges (1) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 (3) 2018 2017 (3) In millions of dollars Other revenue Net interest revenue Other revenue Other revenue Net interest revenue Other revenue Gain (loss) on the derivatives in designated and qualifying fair value hedges Interest rate hedges $ — $ (518 ) $ (71 ) $ — $ 360 $ (376 ) Foreign exchange hedges 320 — (555 ) 499 — (637 ) Commodity hedges 2 — (11 ) — — (9 ) Total gain (loss) on the derivatives in designated and qualifying fair value hedges $ 322 $ (518 ) $ (637 ) $ 499 $ 360 $ (1,022 ) Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ 520 $ 47 $ — $ (346 ) $ 343 Foreign exchange hedges (347 ) — 570 (596 ) — 766 Commodity hedges — — 11 1 — 10 Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ (347 ) $ 520 $ 628 $ (595 ) $ (346 ) $ 1,119 Net gain (loss) excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ (5 ) $ (8 ) $ — $ (5 ) $ (7 ) Foreign exchange hedges (2) 33 — 28 56 — 80 Commodity hedges 1 — — 2 — 1 Total net gain (loss) excluded from assessment of the effectiveness of fair value hedges $ 34 $ (5 ) $ 20 $ 58 $ (5 ) $ 74 (1) Beginning January 1, 2018, gain (loss) amounts for interest rate risk hedges are included in Interest income/Interest expense while the remaining amounts including the amounts for interest rate hedges prior to January 1, 2018 are included in Other revenue or Principal transactions on the Consolidated Statement of Income. The accrued interest income on fair value hedges both prior to and after January 1, 2018 is recorded in Net interest revenue and is excluded from this table. (2) Amounts relate to the premium associated with forward contracts (differential between spot and contractual forward rates). These amounts are excluded from the assessment of hedge effectiveness and are reflected directly in earnings. After January 1, 2018, amounts include cross-currency basis which is recognized in accumulated other comprehensive income. The amount of cross currency basis that was included in accumulated other comprehensive income was $37 million and $42 million for the three and six months ended June 30, 2018, none of which was recognized in earnings. (3) Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges for the three months ended June 30, 2017 was $(16) million for interest rate hedges and $(13) million for foreign exchange hedges, for a total of $(29) million . Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges for the six months ended June 30, 2017 was $(26) million for interest rate hedges and $49 million for foreign exchange hedges, for a total of $23 million . Cumulative Basis Adjustment Upon electing to apply ASC 815 fair value hedge accounting, the carrying value of the hedged item is adjusted to reflect the cumulative impact of changes in the hedged risk. The hedge basis adjustment, whether arising from an active or de-designated hedge relationship, remains with the hedged item until the hedged item is de-recognized from the balance sheet. The table below presents the carrying amount of Citi’s hedged assets and liabilities under qualifying fair value hedges at June 30, 2018, along with the cumulative hedge basis adjustments included within the carrying value of those hedged assets and liabilities. In millions of dollars as of June 30, 2018 Balance sheet line item in which hedged item is recorded Carrying amount of hedged asset/ liability Cumulative fair value hedging adjustment increasing (decreasing) the carrying amount Active De-designated Debt securities AFS $ 81,735 $ (73 ) $ (320 ) Long-term debt 153,857 (347 ) 1,614 Cash Flow Hedges Citigroup hedges the variability of forecasted cash flows associated with floating-rate assets/liabilities and other forecasted transactions. Variable cash flows from those liabilities are synthetically converted to fixed-rate cash flows by entering into receive-variable, pay-fixed interest rate swaps and receive-variable, pay-fixed forward-starting interest rate swaps. Variable cash flows associated with certain assets are synthetically converted to fixed-rate cash flows by entering into receive-fixed, pay-variable interest rate swaps. These cash flow hedging relationships use either regression analysis or dollar-offset ratio analysis to assess whether the hedging relationships are highly effective at inception and on an ongoing basis. Prior to the adoption of ASU 2017-12, Citigroup designated the risk being hedged as the risk of overall variability in the hedged cash flows for certain items. With the adoption of ASU 2017-12, Citigroup hedges the variability from changes in a contractually specified rate and recognizes the entire change in fair value of the cash flow hedging instruments in AOCI. Prior to the adoption of ASU 2017-12, to the extent these derivatives were not fully effective, changes in their fair values in excess of changes in the value of the hedged transactions were immediately included in Other revenue . The adoption of ASU 2017-12 no longer requires such amounts to be immediately recognized in income, but instead requires the full change in the value of the hedging instrument to be recognized in AOCI, and then recognized in earnings in the same period that the cash flows impact earnings. The pretax change in AOCI from cash flow hedges is presented below: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 Amount of gain (loss) recognized in AOCI on derivative Interest rate contracts (1) $ (222 ) $ 97 $ (544 ) $ 139 Foreign exchange contracts 5 — (1 ) — Total gain (loss) recognized in AOCI $ (217 ) $ 97 $ (545 ) $ 139 Amount of gain (loss) reclassified from AOCI to earnings Other revenue Net interest revenue Other revenue Other revenue Net interest revenue Other revenue Interest rate contracts (1) $ — $ (88 ) $ (90 ) $ — $ (119 ) $ (46 ) Foreign exchange contracts (6 ) — 2 (4 ) — (1 ) Total gain (loss) reclassified from AOCI into earnings $ (6 ) $ (88 ) $ (88 ) $ (4 ) $ (119 ) $ (47 ) (1) After January 1, 2018, all amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest revenue) . For all other hedges, including interest rate hedges prior to January 1, 2018, the amounts reclassified to earnings are included primarily in Other revenue and Net interest revenue on the Consolidated Income Statement. For cash flow hedges, the changes in the fair value of the hedging derivative remain in AOCI on the Consolidated Balance Sheet and will be included in the earnings of future periods to offset the variability of the hedged cash flows when such cash flows affect earnings. The net gain (loss) associated with cash flow hedges expected to be reclassified from AOCI within 12 months of June 30, 2018 is approximately $410 million . The maximum length of time over which forecasted cash flows are hedged is 10 years . The after-tax impact of cash flow hedges on AOCI is shown in Note 17 to the Consolidated Financial Statements. Net Investment Hedges The pretax gain (loss) recorded in the Foreign currency translation adjustment account within AOCI, related to net investment hedges, is $1,633 million and $1,143 million for the three and six months ended June 30, 2018 and $(32) million and $(1,748) million for the three and six months ended June 30, 2017, respectively. Credit Derivatives The following tables summarize the key characteristics of Citi’s credit derivatives portfolio by counterparty and derivative form: Fair values Notionals In millions of dollars at June 30, 2018 Receivable (1) Payable (2) Protection Protection By industry/counterparty Banks $ 5,441 $ 4,970 $ 233,888 $ 252,428 Broker-dealers 1,765 1,595 62,868 70,253 Non-financial 75 117 2,077 2,349 Insurance and other financial institutions 9,020 9,877 450,729 378,874 Total by industry/counterparty $ 16,301 $ 16,559 $ 749,562 $ 703,904 By instrument Credit default swaps and options $ 15,777 $ 15,905 $ 725,671 $ 691,039 Total return swaps and other 524 654 23,891 12,865 Total by instrument $ 16,301 $ 16,559 $ 749,562 $ 703,904 By rating Investment grade $ 7,836 $ 7,748 $ 580,678 $ 537,864 Non-investment grade 8,465 8,811 168,884 166,040 Total by rating $ 16,301 $ 16,559 $ 749,562 $ 703,904 By maturity Within 1 year $ 2,249 $ 2,055 $ 228,075 $ 215,284 From 1 to 5 years 12,235 12,644 472,038 447,616 After 5 years 1,817 1,860 49,449 41,004 Total by maturity $ 16,301 $ 16,559 $ 749,562 $ 703,904 (1) The fair value amount receivable is composed of $3,848 million under protection purchased and $12,453 million under protection sold. (2) The fair value amount payable is composed of $13,014 million under protection purchased and $3,545 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2017 Receivable (1) Payable (2) Protection Protection By industry/counterparty Banks $ 7,471 $ 6,669 $ 264,414 $ 273,711 Broker-dealers 2,325 2,285 73,273 83,229 Non-financial 70 91 1,288 1,140 Insurance and other financial institutions 10,668 12,488 438,738 377,062 Total by industry/counterparty $ 20,534 $ 21,533 $ 777,713 $ 735,142 By instrument Credit default swaps and options $ 20,251 $ 20,554 $ 754,114 $ 724,228 Total return swaps and other 283 979 23,599 10,914 Total by instrument $ 20,534 $ 21,533 $ 777,713 $ 735,142 By rating Investment grade $ 10,473 $ 10,616 $ 588,324 $ 557,987 Non-investment grade 10,061 10,917 189,389 177,155 Total by rating $ 20,534 $ 21,533 $ 777,713 $ 735,142 By maturity Within 1 year $ 2,477 $ 2,914 $ 231,878 $ 218,097 From 1 to 5 years 16,098 16,435 498,606 476,345 After 5 years 1,959 2,184 47,229 40,700 Total by maturity $ 20,534 $ 21,533 $ 777,713 $ 735,142 (1) The fair value amount receivable is composed of $3,195 million under protection purchased and $17,339 under protection sold. (2) The fair value amount payable is composed of $ 3,147 million under protection purchased and $ 18,386 million under protection sold. Credit Risk-Related Contingent Features in Derivatives Certain derivative instruments contain provisions that require the Company to either post additional collateral or immediately settle any outstanding liability balances upon the occurrence of a specified event related to the credit risk of the Company. These events, which are defined by the existing derivative contracts, are primarily downgrades in the credit ratings of the Company and its affiliates. The fair value (excluding CVA) of all derivative instruments with credit risk-related contingent features that were in a net liability position at both June 30, 2018 and December 31, 2017 was $30 billion and $29 billion , respectively. The Company posted $27 billion and $28 billion as collateral for this exposure in the normal course of business as of June 30, 2018 and December 31, 2017, respectively. A downgrade could trigger additional collateral or cash settlement requirements for the Company and certain affiliates. In the event that Citigroup and Citibank were downgraded a single notch by all three major rating agencies as of June 30, 2018, the Company could be required to post an additional $1.0 billion as either collateral or settlement of the derivative transactions. Additionally, the Company could be required to segregate with third-party custodians collateral previously received from existing derivative counterparties in the amount of $0.2 billion upon the single notch downgrade, resulting in aggregate cash obligations and collateral requirements of approximately $1.2 billion . Derivatives Accompanied by Financial Asset Transfers For transfers of financial assets accounted for as a sale by the Company and for which the Company has retained substantially all of the economic exposure to the transferred asset through a total return swap executed with the same counterparty in contemplation of the initial sale (and still outstanding), both the asset amounts derecognized and the gross cash proceeds received as of the date of derecognition were $2.9 billion and $3.0 billion as of June 30, 2018 and December 31, 2017, respectively. At June 30, 2018 , the fair value of these previously derecognized assets was $2.9 billion . The fair value of the total return swaps as of June 30, 2018 was $51 million recorded as gross derivative assets and $20 million recorded as gross derivative liabilities. At December 31, 2017, the fair value of these previously derecognized assets was $3.1 billion and the fair value of the total return swaps was $89 million , recorded as gross derivative assets, and $15 million recorded as gross derivative liabilities. The balances for the total return swaps are on a gross basis, before the application of counterparty and cash collateral netting, and are included primarily as equity derivatives in the tabular disclosures in this Note. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT For additional information regarding fair value measurement at Citi, see Note 24 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. Market Valuation Adjustments The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments at June 30, 2018 and December 31, 2017 : Credit and funding valuation adjustments contra-liability (contra-asset) In millions of dollars June 30, December 31, Counterparty CVA $ (1,023 ) $ (970 ) Asset FVA (398 ) (447 ) Citigroup (own-credit) CVA 384 287 Liability FVA 62 47 Total CVA—derivative instruments (1) $ (975 ) $ (1,083 ) (1) FVA is included with CVA for presentation purposes. The table below summarizes pretax gains (losses) related to changes in CVA on derivative instruments, net of hedges, FVA on derivatives and debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities for the periods indicated: Credit/funding/debt valuation adjustments gain (loss) Three Months Ended June 30, Six Months Ended In millions of dollars 2018 2017 2018 2017 Counterparty CVA $ — $ 80 $ 23 $ 170 Asset FVA 40 (13 ) 49 79 Own-credit CVA 24 (53 ) 99 (125 ) Liability FVA 22 16 15 6 Total CVA—derivative instruments $ 86 $ 30 $ 186 $ 130 DVA related to own FVO liabilities (1) $ 418 $ (132 ) $ 585 $ (227 ) Total CVA and DVA (2) $ 504 $ (102 ) $ 771 $ (97 ) (1) See Note 1 and Note 17 to the Consolidated Financial Statements. (2) FVA is included with CVA for presentation purposes. Items Measured at Fair Value on a Recurring Basis The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2018 and December 31, 2017 . The Company may hedge positions that have been classified in the Level 3 category with other financial instruments (hedging instruments) that may be classified as Level 3, but also with financial instruments classified as Level 1 or Level 2 of the fair value hierarchy. The effects of these hedges are presented gross in the following tables: Fair Value Levels In millions of dollars at June 30, 2018 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ — $ 221,357 $ 66 $ 221,423 $ (52,310 ) $ 169,113 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 24,250 99 24,349 — 24,349 Residential — 693 132 825 — 825 Commercial — 1,420 51 1,471 — 1,471 Total trading mortgage-backed securities $ — $ 26,363 $ 282 $ 26,645 $ — $ 26,645 U.S. Treasury and federal agency securities $ 22,866 $ 4,058 $ 7 $ 26,931 $ — $ 26,931 State and municipal — 3,146 226 3,372 — 3,372 Foreign government 48,875 19,598 36 68,509 — 68,509 Corporate 318 13,496 520 14,334 — 14,334 Equity securities 44,031 7,257 293 51,581 — 51,581 Asset-backed securities — 1,696 1,688 3,384 — 3,384 Other trading assets (3) 5 11,502 542 12,049 — 12,049 Total trading non-derivative assets $ 116,095 $ 87,116 $ 3,594 $ 206,805 $ — $ 206,805 Trading derivatives Interest rate contracts $ 266 $ 174,771 $ 2,251 $ 177,288 Foreign exchange contracts 3 177,017 612 177,632 Equity contracts 2,109 24,842 298 27,249 Commodity contracts 20 16,911 651 17,582 Credit derivatives — 15,445 856 16,301 Total trading derivatives $ 2,398 $ 408,986 $ 4,668 $ 416,052 Cash collateral paid (4) $ 11,894 Netting agreements $ (332,207 ) Netting of cash collateral received (39,595 ) Total trading derivatives $ 2,398 $ 408,986 $ 4,668 $ 427,946 $ (371,802 ) $ 56,144 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 42,938 $ 34 $ 42,972 $ — $ 42,972 Residential — 1,858 — 1,858 — 1,858 Commercial — 273 6 279 — 279 Total investment mortgage-backed securities $ — $ 45,069 $ 40 $ 45,109 $ — $ 45,109 U.S. Treasury and federal agency securities $ 106,316 $ 11,955 $ — $ 118,271 $ — $ 118,271 State and municipal — 9,002 762 9,764 — 9,764 Foreign government 59,220 38,551 54 97,825 — 97,825 Corporate 4,172 8,361 68 12,601 — 12,601 Equity securities 190 13 1 204 — 204 Asset-backed securities — 1,414 456 1,870 — 1,870 Other debt securities — 3,591 — 3,591 — 3,591 Non-marketable equity securities (5) — 207 611 818 — 818 Total investments $ 169,898 $ 118,163 $ 1,992 $ 290,053 $ — $ 290,053 Table continues on the next page. In millions of dollars at June 30, 2018 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Loans $ — $ 2,619 $ 381 $ 3,000 $ — $ 3,000 Mortgage servicing rights — — 596 596 — 596 Non-trading derivatives and other financial assets measured on a recurring basis $ 16,779 $ 4,924 $ — $ 21,703 $ — $ 21,703 Total assets $ 305,170 $ 843,165 $ 11,297 $ 1,171,526 $ (424,112 ) $ 747,414 Total as a percentage of gross assets (6) 26.3 % 72.7 % 1.0 % Liabilities Interest-bearing deposits $ — $ 1,308 $ 320 $ 1,628 $ — $ 1,628 Federal funds purchased and securities loaned or sold under agreements to repurchase — 100,590 966 101,556 (52,310 ) 49,246 Trading account liabilities Securities sold, not yet purchased 75,843 9,836 189 85,868 — 85,868 Other trading liabilities — 1,464 — 1,464 — 1,464 Total trading liabilities $ 75,843 $ 11,300 $ 189 $ 87,332 $ — $ 87,332 Trading derivatives Interest rate contracts $ 256 $ 155,568 $ 2,165 $ 157,989 Foreign exchange contracts 6 172,473 373 172,852 Equity contracts 2,334 27,822 1,744 31,900 Commodity contracts 6 18,500 2,557 21,063 Credit derivatives — 14,855 1,704 16,559 Total trading derivatives $ 2,602 $ 389,218 $ 8,543 $ 400,363 Cash collateral received (7) $ 15,634 Netting agreements $ (332,207 ) Netting of cash collateral paid (30,377 ) Total trading derivatives $ 2,602 $ 389,218 $ 8,543 $ 415,997 $ (362,584 ) $ 53,413 Short-term borrowings $ — $ 4,003 $ 90 $ 4,093 $ — $ 4,093 Long-term debt — 21,681 13,781 35,462 — 35,462 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 17,657 $ 162 $ — $ 17,819 $ — $ 17,819 Total liabilities $ 96,102 $ 528,262 $ 23,889 $ 663,887 $ (414,894 ) $ 248,993 Total as a percentage of gross liabilities (6) 14.8 % 81.5 % 3.7 % (1) For the three and six months ended June 30, 2018 , the Company transferred assets of approximately $0.9 billion and $1.6 billion from Level 1 to Level 2, primarily related to foreign government securities and equity securities not traded in active markets. During the three and six months ended June 30, 2018 , the Company transferred assets of approximately $1.3 billion and $5.3 billion from Level 2 to Level 1, primarily related to foreign government bonds, foreign corporate securities, and equity securities traded with sufficient frequency to constitute an active market. For the three and six months ended June 30, 2018 , there were $0.1 billion and $0.2 billion transfers of liabilities from Level 1 to Level 2. During the three and six months ended June 30, 2018 , the Company transferred liabilities of approximately $0.3 billion and $0.5 billion , from Level 2 to Level 1. (2) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (3) Includes positions related to investments in unallocated precious metals, as discussed in Note 21 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (4) Reflects the net amount of $42,271 million gross cash collateral paid, of which $30,377 million was used to offset trading derivative liabilities. (5) Amounts exclude $0.4 billion of investments measured at Net Asset Value (NAV) in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). (6) Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. (7) Reflects the net amount $55,229 million of gross cash collateral received, of which $39,595 million was used to offset trading derivative assets. Fair Value Levels In millions of dollars at December 31, 2017 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ — $ 188,571 $ 16 $ 188,587 $ (55,638 ) $ 132,949 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 22,801 163 22,964 — 22,964 Residential — 649 164 813 — 813 Commercial — 1,309 57 1,366 — 1,366 Total trading mortgage-backed securities $ — $ 24,759 $ 384 $ 25,143 $ — $ 25,143 U.S. Treasury and federal agency securities $ 17,524 $ 3,613 $ — $ 21,137 $ — $ 21,137 State and municipal — 4,426 274 4,700 — 4,700 Foreign government 39,347 20,843 16 60,206 — 60,206 Corporate 301 15,129 275 15,705 — 15,705 Equity securities 53,305 6,794 120 60,219 — 60,219 Asset-backed securities — 1,198 1,590 2,788 — 2,788 Other trading assets (3) 3 11,105 615 11,723 — 11,723 Total trading non-derivative assets $ 110,480 $ 87,867 $ 3,274 $ 201,621 $ — $ 201,621 Trading derivatives Interest rate contracts $ 145 $ 203,134 $ 1,708 $ 204,987 Foreign exchange contracts 19 121,363 577 121,959 Equity contracts 2,364 24,170 444 26,978 Commodity contracts 282 13,252 569 14,103 Credit derivatives — 19,624 910 20,534 Total trading derivatives $ 2,810 $ 381,543 $ 4,208 $ 388,561 Cash collateral paid (4) $ 7,541 Netting agreements $ (306,401 ) Netting of cash collateral received (38,532 ) Total trading derivatives $ 2,810 $ 381,543 $ 4,208 $ 396,102 $ (344,933 ) $ 51,169 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 41,717 $ 24 $ 41,741 $ — $ 41,741 Residential — 2,884 — 2,884 — 2,884 Commercial — 329 3 332 — 332 Total investment mortgage-backed securities $ — $ 44,930 $ 27 $ 44,957 $ — $ 44,957 U.S. Treasury and federal agency securities $ 106,964 $ 11,182 $ — $ 118,146 $ — $ 118,146 State and municipal — 8,028 737 8,765 — 8,765 Foreign government 56,456 43,985 92 100,533 — 100,533 Corporate 1,911 12,127 71 14,109 — 14,109 Equity securities 176 11 2 189 — 189 Asset-backed securities — 3,091 827 3,918 — 3,918 Other debt securities — 297 — 297 — 297 Non-marketable equity securities (5) — 121 681 802 — 802 Total investments $ 165,507 $ 123,772 $ 2,437 $ 291,716 $ — $ 291,716 Table continues on the next page. In millions of dollars at December 31, 2017 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Loans $ — $ 3,824 $ 550 $ 4,374 $ — $ 4,374 Mortgage servicing rights — — 558 558 — 558 Non-trading derivatives and other financial assets measured on a recurring basis $ 13,903 $ 4,640 $ 16 $ 18,559 $ — $ 18,559 Total assets $ 292,700 $ 790,217 $ 11,059 $ 1,101,517 $ (400,571 ) $ 700,946 Total as a percentage of gross assets (6) 26.8 % 72.2 % 1.0 % Liabilities Interest-bearing deposits $ — $ 1,179 $ 286 $ 1,465 $ — $ 1,465 Federal funds purchased and securities loaned or sold under agreements to repurchase — 95,550 726 96,276 (55,638 ) 40,638 Trading account liabilities Securities sold, not yet purchased 65,843 10,306 22 76,171 — 76,171 Other trading liabilities — 1,409 5 1,414 — 1,414 Total trading liabilities $ 65,843 $ 11,715 $ 27 $ 77,585 $ — $ 77,585 Trading account derivatives Interest rate contracts $ 137 $ 182,372 $ 2,130 $ 184,639 Foreign exchange contracts 9 120,316 447 120,772 Equity contracts 2,430 26,472 2,471 31,373 Commodity contracts 115 14,482 2,430 17,027 Credit derivatives — 19,824 1,709 21,533 Total trading derivatives $ 2,691 $ 363,466 $ 9,187 $ 375,344 Cash collateral received (7) $ 14,308 Netting agreements $ (306,401 ) Netting of cash collateral paid (35,666 ) Total trading derivatives $ 2,691 $ 363,466 $ 9,187 $ 389,652 $ (342,067 ) $ 47,585 Short-term borrowings $ — $ 4,609 $ 18 $ 4,627 $ — $ 4,627 Long-term debt — 18,310 13,082 31,392 — 31,392 Non-trading derivatives and other financial liabilities measured on a recurring basis $ 13,903 $ 50 $ 8 $ 13,961 $ — $ 13,961 Total liabilities $ 82,437 $ 494,879 $ 23,334 $ 614,958 $ (397,705 ) $ 217,253 Total as a percentage of gross liabilities (6) 13.7 % 82.4 % 3.9 % (1) In 2017, the Company transferred assets of approximately $4.8 billion from Level 1 to Level 2, primarily related to foreign government securities and equity securities not traded in active markets. In 2017, the Company transferred assets of approximately $4.0 billion from Level 2 to Level 1, primarily related to foreign government bonds and equity securities traded with sufficient frequency to constitute a liquid market. In 2017, the Company transferred liabilities of approximately $0.4 billion from Level 1 to Level 2. In 2017, the Company transferred liabilities of approximately $0.3 billion from Level 2 to Level 1. (2) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (3) Includes positions related to investments in unallocated precious metals, as discussed in Note 21 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (4) Reflects the net amount of $43,207 million of gross cash collateral paid, of which $35,666 million was used to offset trading derivative liabilities. (5) Amounts exclude $0.4 billion of investments measured at Net Asset Value (NAV) in accordance with ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). (6) Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. (7) Reflects the net amount of $52,840 million of gross cash collateral received, of which $38,532 million was used to offset trading derivative assets. Changes in Level 3 Fair Value Category The following tables present the changes in the Level 3 fair value category for the three and six months ended June 30, 2018 and 2017 . The gains and losses presented below include changes in the fair value related to both observable and unobservable inputs. The Company often hedges positions with offsetting positions that are classified in a different level. For example, the gains and losses for assets and liabilities in the Level 3 category presented in the tables below do not reflect the effect of offsetting losses and gains on hedging instruments that may be classified in the Level 1 or Level 2 categories. In addition, the Company hedges items classified in the Level 3 category with instruments also classified in Level 3 of the fair value hierarchy. The hedged items and related hedges are presented gross in the following tables: Level 3 Fair Value Rollforward Net realized/unrealized Transfers Unrealized (3) In millions of dollars Mar. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2018 Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ 16 $ 1 $ — $ 49 $ — $ — $ — $ — $ — $ 66 $ — Trading non-derivative assets Trading mortgage- backed securities U.S. government-sponsored agency guaranteed 206 1 — 3 (41 ) 37 — (107 ) — 99 1 Residential 143 (17 ) — 23 (11 ) 45 — (51 ) — 132 (4 ) Commercial 35 (2 ) — 7 (2 ) 23 — (10 ) — 51 (1 ) Total trading mortgage- backed securities $ 384 $ (18 ) $ — $ 33 $ (54 ) $ 105 $ — $ (168 ) $ — $ 282 $ (4 ) U.S. Treasury and federal agency securities $ — $ — $ — $ 6 $ — $ 1 $ — $ — $ — $ 7 $ — State and municipal 211 4 — — — 13 — (2 ) — 226 2 Foreign government 21 (1 ) — — (5 ) 32 — (11 ) — 36 (1 ) Corporate 252 52 — 12 (19 ) 245 — (22 ) — 520 248 Equity securities 237 7 — 16 (5 ) 74 — (36 ) — 293 30 Asset-backed securities 1,597 17 — 27 (32 ) 373 — (294 ) — 1,688 (16 ) Other trading assets 716 (52 ) — 27 (32 ) 45 — (158 ) (4 ) 542 (21 ) Total trading non- derivative assets $ 3,418 $ 9 $ — $ 121 $ (147 ) $ 888 $ — $ (691 ) $ (4 ) $ 3,594 $ 238 Trading derivatives, net (4) Interest rate contracts $ (6 ) $ 206 $ — $ — $ (109 ) $ 1 $ — $ — $ (6 ) $ 86 $ 270 Foreign exchange contracts 88 167 — (12 ) (5 ) 6 — (5 ) — 239 146 Equity contracts (1,741 ) 34 — (16 ) 279 4 — (4 ) (2 ) (1,446 ) 469 Commodity contracts (1,909 ) (141 ) — 4 90 7 — — 43 (1,906 ) (118 ) Credit derivatives (859 ) (36 ) — (10 ) 14 — — — 43 (848 ) (29 ) Total trading derivatives, net (4) $ (4,427 ) $ 230 $ — $ (34 ) $ 269 $ 18 $ — $ (9 ) $ 78 $ (3,875 ) $ 738 Table continues on the next page. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Mar. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2018 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 23 $ — $ 11 $ — $ — $ — $ — $ — $ — $ 34 $ 12 Residential — — — — — — — — — — — Commercial 5 — — 1 — — — — — 6 — Total investment mortgage-backed securities $ 28 $ — $ 11 $ 1 $ — $ — $ — $ — $ — $ 40 $ 12 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 682 — 3 — (9 ) 111 — (25 ) — 762 3 Foreign government 70 — (3 ) 1 — 5 — (19 ) — 54 (3 ) Corporate 76 — — — (2 ) — — (6 ) — 68 — Equity securities 1 — — — — — — — — 1 — Asset-backed securities 497 — (25 ) 1 (2 ) 11 — (26 ) — 456 (25 ) Other debt securities — — — — — — — — — — — Non-marketable equity securities 734 — (54 ) — — — — (33 ) (36 ) 611 (23 ) Total investments $ 2,088 $ — $ (68 ) $ 3 $ (13 ) $ 127 $ — $ (109 ) $ (36 ) $ 1,992 $ (36 ) Loans $ 554 $ — $ (274 ) $ — $ 60 $ 47 $ — $ (6 ) $ — $ 381 $ 40 Mortgage servicing rights 587 — 11 — — — 15 (1 ) (16 ) 596 11 Other financial assets measured on a recurring basis 13 — 14 — (11 ) — — (4 ) (12 ) — 14 Liabilities Interest-bearing deposits $ 292 $ — $ (3 ) $ — $ — $ — $ 25 $ — $ — $ 320 $ (6 ) Federal funds purchased and securities loaned or sold under agreements to repurchase 857 25 — — — — 96 — 38 966 16 Trading account liabilities Securities sold, not yet purchased 48 (142 ) — 4 (12 ) — — 6 1 189 (50 ) Other trading liabilities — — — — — — — — — — — Short-term borrowings 81 (6 ) — 3 (21 ) — 24 — (3 ) 90 10 Long-term debt 13,484 (7 ) — 815 (540 ) — 4 — 11 13,781 92 Other financial liabilities measured on a recurring basis 3 — (2 ) 1 (5 ) — — — (1 ) — (3 ) (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments on the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue on the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2018 . (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2018 Assets Federal funds sold and securities borrowed or purchased under agreements to resell 16 19 — 49 — — — — (18 ) 66 10 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 163 2 — 89 (90 ) 153 — (218 ) — 99 1 Residential 164 5 — 58 (88 ) 91 — (98 ) — 132 (4 ) Commercial 57 (1 ) — 11 (37 ) 38 — (17 ) — 51 3 Total trading mortgage-backed securities 384 6 — 158 (215 ) 282 — (333 ) — 282 — U.S. Treasury and federal agency securities — — — 6 — 1 — — — 7 — State and municipal 274 10 — — (44 ) 13 — (27 ) — 226 1 Foreign government 16 (1 ) — 2 (5 ) 46 — (22 ) — 36 (1 ) Corporate 275 95 — 61 (91 ) 279 — (99 ) — 520 251 Equity securities 120 82 — 17 (20 ) 242 — (148 ) — 293 26 Asset-backed securities 1,590 75 — 45 (47 ) 689 — (664 ) — 1,688 39 Other trading assets 615 83 — 85 (42 ) 157 5 (352 ) (9 ) 542 (11 ) Total trading non-derivative assets 3,274 350 — 374 (464 ) 1,709 5 (1,645 ) (9 ) 3,594 305 Trading derivatives, net (4) Interest rate contracts (422 ) 587 — 5 (72 ) 8 — (16 ) (4 ) 86 529 Foreign exchange contracts 130 105 — (13 ) 3 7 — (5 ) 12 239 27 Equity contracts (2,027 ) (102 ) — (73 ) 751 17 — (11 ) (1 ) (1,446 ) 203 Commodity contracts (1,861 ) (174 ) — (43 ) 98 27 — — 47 (1,906 ) (32 ) Credit derivatives (799 ) (98 ) — (9 ) 12 2 — 1 43 (848 ) (219 ) Total trading derivatives, net (4) (4,979 ) 318 — (133 ) 792 61 — (31 ) 97 (3,875 ) 508 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed 24 — 10 — — — — — — 34 (12 ) Residential — — — — — — — — — — — Commercial 3 — 2 1 — — — — — 6 — Total investment mortgage-backed securities 27 — 12 1 — — — — — 40 (12 ) U.S. Treasury and federal agency securities — — — — — — — — — — — State and municipal 737 — (13 ) — (18 ) 140 — (84 ) — 762 (22 ) Foreign government 92 — (4 ) 1 (2 ) 62 — (95 ) — 54 (3 ) Corporate 71 — (1 ) 3 (2 ) 3 — (6 ) — 68 — Equity securities 2 — — — — — — (1 ) — 1 — Asset-backed securities 827 — (15 ) 3 (344 ) 11 — (26 ) — 456 (25 ) Other debt securities — — — — — — — — — — — Non-marketable equity securities 681 — (30 ) 30 — 15 — (33 ) (52 ) 611 (7 ) Total investments 2,437 — (51 ) 38 (366 ) 231 — (245 ) (52 ) 1,992 (69 ) Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2018 Loans 550 — (255 ) — 59 51 — (22 ) (2 ) 381 175 Mortgage servicing rights 558 — 57 — — — 32 (18 ) (33 ) 596 57 Other financial assets measured on a recurring basis 16 — 22 — (11 ) 4 12 (4 ) (39 ) — 33 Liabilities Interest-bearing deposits 286 — 23 12 — — 45 — — 320 (60 ) Federal funds purchased and securities loaned or sold under agreements to repurchase 726 39 — — — — 243 — 36 966 29 Trading account liabilities Securities sold, not yet purchased 22 (247 ) — 7 (31 ) — — 9 (65 ) 189 (46 ) Other trading liabilities 5 5 — — — — — — — — — Short-term borrowings 18 1 — 48 (21 ) — 49 — (3 ) 90 (9 ) Long-term debt 13,082 (243 ) — 1,755 (1,304 ) 36 7 (44 ) 6 13,781 (735 ) Other financial liabilities measured on a recurring basis 8 — (2 ) 1 (10 ) — 2 — (3 ) — (4 ) (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments on the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue on the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at December 31, 2017 . (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Mar. 31, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2017 Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ 1,187 $ 54 $ — $ — $ (239 ) $ — $ — $ — $ — $ 1,002 $ — Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed $ 271 $ (1 ) $ — $ 29 $ (48 ) $ 103 $ — $ (150 ) $ — $ 204 $ — Residential 368 22 — 30 (20 ) 16 — (89 ) — 327 19 Commercial 266 5 — 27 (16 ) 244 — (208 ) — 318 (3 ) Total trading mortgage-backed securities $ 905 $ 26 $ — $ 86 $ (84 ) $ 363 $ — $ (447 ) $ — $ 849 $ 16 U.S. Treasury and federal agency securities $ 1 $ — $ — $ — $ — $ — $ — $ (1 ) $ — $ — $ — State and municipal 270 3 — 22 (1 ) 7 — (17 ) — 284 (1 ) Foreign government 126 3 — 6 (77 ) 83 — (33 ) — 108 1 Corporate 296 124 — 89 (21 ) 158 — (245 ) — 401 132 Equity securities 110 14 — 130 (1 ) 2 — (15 ) — 240 13 Asset-backed securities 1,941 (23 ) — 3 (65 ) 313 — (599 ) — 1,570 (19 ) Other trading assets 1,888 (43 ) — 222 (243 ) 366 — (383 ) (4 ) 1,803 (17 ) Total trading non-derivative assets $ 5,537 $ 104 $ — $ 558 $ (492 ) $ 1,292 $ — $ (1,740 ) $ (4 ) $ 5,255 $ 125 Trading derivatives, net (4) Interest rate contracts (773 ) (155 ) — 10 632 59 — (92 ) 31 (288 ) (60 ) Foreign exchange contracts 48 93 — (2 ) (39 ) 4 — (2 ) 82 184 88 Equity contracts (1,524 ) (101 ) — 18 42 64 — (113 ) (33 ) (1,647 ) (158 ) Commodity contracts (2,074 ) (153 ) — 12 51 — — — 140 (2,024 ) (152 ) Credit derivatives (1,123 ) (293 ) — (44 ) (16 ) (2 ) — 2 137 (1,339 ) (325 ) Total trading derivatives, net (4) $ (5,446 ) $ (609 ) $ — $ (6 ) $ 670 $ 125 $ — $ (205 ) $ 357 $ (5,114 ) $ (607 ) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 55 $ — $ 1 $ — $ (6 ) $ — $ — $ — $ — $ 50 $ — Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 55 $ — $ 1 $ — $ (6 ) $ — $ — $ — $ — $ 50 $ — U.S. Treasury and federal agency securities $ 1 $ — $ — $ — $ — $ — $ — $ — $ — $ 1 $ — State and municipal 1,233 — 27 12 (3 ) 22 — (6 ) — 1,285 28 Foreign government 235 — 10 — (1 ) 191 — (77 ) — 358 7 Corporate 339 — (137 ) 5 — 92 — (143 ) — 156 9 Equity securities 9 — — — — — — — — 9 — Asset-backed securities 712 — 173 4 (13 ) 334 — (182 ) — 1,028 171 Other debt securities — — — — — 10 — — — 10 — Non-marketable equity securities 1,082 — 31 2 — 1 — (154 ) (23 ) 939 66 Total investments $ 3,666 $ — $ 105 $ 23 $ (23 ) $ 650 $ — $ (562 ) $ (23 ) $ 3,836 $ 281 Net realized/unrealized Transfers Unrealized (3) In millions of dollars Mar. 31, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2017 Loans $ 580 $ — $ (12 ) $ 15 $ — $ 30 $ — $ (33 ) $ (3 ) $ 577 $ 42 Mortgage servicing rights 567 — (11 ) — — — 21 — (17 ) 560 3 Other financial assets measured on a recurring basis 27 — 29 — (7 ) — 27 (4 ) (55 ) 17 26 Liabilities Interest-bearing deposits $ 302 $ — $ — $ 20 $ — $ — $ — $ — $ (22 ) $ 300 $ 5 Federal funds purchased and securities loaned or sold under agreements to repurchase 809 2 — — — — — — — 807 2 Trading account liabilities Securities sold, not yet purchased 1,151 (60 ) — 2 (29 ) — — 76 (117 ) 1,143 5 Short-term borrowings 60 40 — 1 — — 8 — — 29 11 Long-term debt 10,176 (618 ) — 321 (558 ) — 1,353 — (79 ) 11,831 (73 ) Other financial liabilities measured on a recurring basis 4 — 2 — — — 1 — (1 ) 2 2 Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2016 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2017 Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ 1,496 $ (2 ) $ — $ — $ (491 ) $ — $ — $ — $ (1 ) $ 1,002 $ — Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 176 4 — 79 (65 ) 264 — (254 ) — 204 1 Residential 399 37 — 47 (49 ) 66 — (173 ) — 327 29 Commercial 206 (3 ) — 44 (29 ) 434 — (334 ) — 318 (10 ) Total trading mortgage-backed securities $ 781 $ 38 $ — $ 170 $ (143 ) $ 764 $ — $ (761 ) $ — $ 849 $ 20 U.S. Treasury and federal agency securities $ 1 $ — $ — $ — $ — $ — $ — $ (1 ) $ — $ — $ — State and municipal 296 5 — 24 (48 ) 88 — (81 ) — 284 2 Foreign government 40 7 — 84 (90 ) 127 — (60 ) — 108 8 Corporate 324 215 — 116 (73 ) 276 — (457 ) — 401 177 Equity securities 127 29 — 132 (13 ) 9 — (44 ) — 240 21 Asset-backed securities 1,868 137 — 23 (81 ) 704 — (1,081 ) — 1,570 52 Other trading assets 2,814 (50 ) — 432 (774 ) 653 1 (1,258 ) (15 ) 1,803 (38 ) Total trading non-derivative assets $ 6,251 $ 381 $ — $ 981 $ (1,222 ) $ 2,621 $ 1 $ (3,743 ) $ (15 ) $ 5,255 $ 242 Trading derivatives, net (4) Interest rate contracts $ (663 ) $ (192 ) $ — $ (28 ) $ 651 $ 65 $ — $ (205 ) $ 84 $ (288 ) $ (12 ) Foreign exchange contracts 413 (297 ) — 53 (59 ) 38 — (34 ) 70 184 43 Equity contracts (1,557 ) (103 ) — 18 26 149 — (137 ) (43 ) (1,647 ) (139 ) Commodity contracts (1,945 ) (328 ) — 58 49 — — — 142 (2,024 ) (358 ) Credit derivatives (1,001 ) (385 ) — (68 ) (24 ) (2 ) — 2 139 (1,339 ) (745 ) Total trading derivatives, net (4) $ (4,753 ) $ (1,305 ) $ — $ 33 $ 643 $ 250 $ — $ (374 ) $ 392 $ (5,114 ) $ (1,211 ) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 101 $ — $ 3 $ 1 $ (55 ) $ — $ — $ — $ — $ 50 $ 2 Residential 50 — 2 — (47 ) — — (5 ) — — — Commercial — — — — — 8 — (8 ) — — — Total investment mortgage-backed securities $ 151 $ — $ 5 $ 1 $ (102 ) $ 8 $ — $ (13 ) $ — $ 50 $ 2 U.S. Treasury and federal agency securities $ 2 $ — $ — $ — $ — $ — $ — $ (1 ) $ — $ 1 $ — State and municipal 1,211 — 39 49 (33 ) 76 — (57 ) — 1,285 35 Foreign government 186 — 11 2 (19 ) 333 — (155 ) — 358 7 Corporate 311 — (135 ) 64 (4 ) 183 — (263 ) — 156 9 Equity securities 9 — — — — — — — — 9 — Asset-backed securities 660 — 182 21 (13 ) 360 — (182 ) — 1,028 171 Other debt securities — — — — — 21 — (11 ) — 10 — Non-marketable equity securities 1,331 — (63 ) 2 — 9 — (227 ) (113 ) 939 79 Total investments $ 3,861 $ — $ 39 $ 139 $ (171 ) $ 990 $ — $ (909 ) $ (113 ) $ 3,836 $ 303 Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2016 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2017 Loans $ 568 $ — $ (16 ) $ 80 $ (16 ) $ 42 $ — $ (76 ) $ (5 ) $ 577 $ 58 Mortgage servicing rights 1,564 — 56 — — — 56 (1,046 ) (70 ) 560 (40 ) Other financial assets measured on a recurring basis 34 — (160 ) 3 (8 ) — 260 (4 ) (108 ) 17 (57 ) Liabilities Interest-bearing deposits $ 293 $ — $ 11 $ 40 $ — $ — $ — $ — $ (22 ) $ 300 $ 31 Federal funds purchased and securities loaned or sold under agreements to repurchase 849 8 — — — — — — (34 ) 807 8 Trading account liabilities Securities sold, not yet purchased 1,177 (6 ) — 13 (43 ) — — 177 (187 ) 1,143 (3 ) Short-term borrowings 42 31 — 1 — — 19 — (2 ) 29 5 Long-term debt 9,744 (601 ) — 521 (967 ) — 2,282 — (350 ) 11,831 (747 ) Other financial liabilities measured on a recurring basis 8 — — — — (1 ) 2 — (7 ) 2 — (1) Changes in fair value of available-for-sale investments are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments on the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue on the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale investments), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2017. (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. Level 3 Fair Value Rollforward The following were the significant Level 3 transfers for the period December 31, 2017 to June 30, 2018 : • During the three and six months ended June 30, 2018, transfers of Long-term debt of $0.8 billion and $1.8 billion from Level 2 to Level 3, and of $0.5 billion and $1.3 billion from Level 3 to Level 2, mainly related to structured debt, reflecting changes in the significance of unobservable inputs as well as certain underlying market inputs becoming less or more observable. The were no significant Level 3 transfers for the period from March 31, 2017 to June 30, 2017 . The following were the significant Level 3 transfers for the period December 31, 2016 to June 30, 2017: • Transfers of Long-term debt |
FAIR VALUE ELECTIONS
FAIR VALUE ELECTIONS | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value, Option, Aggregate Differences [Abstract] | |
FAIR VALUE ELECTIONS | FAIR VALUE ELECTIONS The Company may elect to report most financial instruments and certain other items at fair value on an instrument-by-instrument basis with changes in fair value reported in earnings, other than DVA (see below). The election is made upon the initial recognition of an eligible financial asset, financial liability or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once an election is made. The changes in fair value are recorded in current earnings, other than DVA, which from January 1, 2016 are reported in AOCI. Additional discussion regarding the applicable areas in which fair value elections were made is presented in Note 20 to the Consolidated Financial Statements. The Company has elected fair value accounting for its mortgage servicing rights. See Note 18 to the Consolidated Financial Statements for further discussions regarding the accounting and reporting of MSRs. The following table presents the changes in fair value of those items for which the fair value option has been elected: Changes in fair value—gains (losses) Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ 19 $ (58 ) $ 3 $ (91 ) Trading account assets (85 ) 232 (101 ) 662 Investments — (3 ) — (3 ) Loans Certain corporate loans (3 ) (5 ) (126 ) 19 Certain consumer loans — 2 — 2 Total loans $ (3 ) $ (3 ) $ (126 ) $ 21 Other assets MSRs $ 11 $ (11 ) $ 57 $ 56 Certain mortgage loans held-for-sale (1) 10 44 12 81 Total other assets $ 21 $ 33 $ 69 $ 137 Total assets $ (48 ) $ 201 $ (155 ) $ 726 Liabilities Interest-bearing deposits $ 10 $ (30 ) $ 38 $ (44 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (15 ) (527 ) (126 ) 86 Trading account liabilities (15 ) 18 (21 ) 44 Short-term borrowings (59 ) (99 ) 118 (80 ) Long-term debt 921 (132 ) 1,539 (464 ) Total liabilities $ 842 $ (770 ) $ 1,548 $ (458 ) (1) Includes gains (losses) associated with interest rate lock commitments for those loans that have been originated and elected under the fair value option. Own Debt Valuation Adjustments (DVA) Own debt valuation adjustments are recognized on Citi’s liabilities for which the fair value option has been elected using Citi’s credit spreads observed in the bond market. Effective January 1, 2016, changes in fair value of fair value option liabilities related to changes in Citigroup’s own credit spreads (DVA) are reflected as a component of AOCI; previously these amounts were recognized in Citigroup’s Revenues and Net income along with all other changes in fair value. See Note 1 to the Consolidated Financial Statements for additional information. Among other variables, the fair value of liabilities for which the fair value option has been elected (other than non-recourse and similar liabilities) is impacted by the narrowing or widening of the Company’s credit spreads. The estimated change in the fair value of these liabilities due to such changes in the Company’s own credit spread (or instrument-specific credit risk) was a gain of $418 million and a loss of $132 million for the three months ended June 30, 2018 and 2017 , and a gain of $585 million and a loss of $227 million for the six months ended June 30, 2018 and 2017, respectively. Changes in fair value resulting from changes in instrument-specific credit risk were estimated by incorporating the Company’s current credit spreads observable in the bond market into the relevant valuation technique used to value each liability as described above. The Fair Value Option for Financial Assets and Financial Liabilities Selected Portfolios of Securities Purchased Under Agreements to Resell, Securities Borrowed, Securities Sold Under Agreements to Repurchase, Securities Loaned and Certain Non-Collateralized Short-Term Borrowings The Company elected the fair value option for certain portfolios of fixed income securities purchased under agreements to resell and fixed income securities sold under agreements to repurchase, securities borrowed, securities loaned and certain non-collateralized short-term borrowings held primarily by broker-dealer entities in the United States, United Kingdom and Japan. In each case, the election was made because the related interest rate risk is managed on a portfolio basis, primarily with offsetting derivative instruments that are accounted for at fair value through earnings. Changes in fair value for transactions in these portfolios are recorded in Principal transactions . The related interest revenue and interest expense are measured based on the contractual rates specified in the transactions and are reported as Interest revenue and Interest expense in the Consolidated Statement of Income. Certain Loans and Other Credit Products Citigroup has also elected the fair value option for certain other originated and purchased loans, including certain unfunded loan products, such as guarantees and letters of credit, executed by Citigroup’s lending and trading businesses. None of these credit products are highly leveraged financing commitments. Significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term, or transactions where the economic risks are hedged with derivative instruments, such as purchased credit default swaps or total return swaps where the Company pays the total return on the underlying loans to a third party. Citigroup has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. Fair value was not elected for most lending transactions across the Company. The following table provides information about certain credit products carried at fair value: June 30, 2018 December 31, 2017 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 9,653 $ 3,000 $ 8,851 $ 4,374 Aggregate unpaid principal balance in excess of (less than) fair value 573 838 623 682 Balance of non-accrual loans or loans more than 90 days past due — 1 — 1 Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due — — — 1 In addition to the amounts reported above, $ 529 million and $ 508 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of June 30, 2018 and December 31, 2017 , respectively. Changes in the fair value of funded and unfunded credit products are classified in Principal transactions in Citi’s Consolidated Statement of Income. Related interest revenue is measured based on the contractual interest rates and reported as Interest revenue on Trading account assets or loan interest depending on the balance sheet classifications of the credit products. The changes in fair value for the six months ended June 30, 2018 and 2017 due to instrument-specific credit risk totaled to a loss of $ 20 million and a gain of $ 25 million , respectively. Certain Investments in Unallocated Precious Metals Citigroup invests in unallocated precious metals accounts (gold, silver, platinum and palladium) as part of its commodity and foreign currency trading activities or to economically hedge certain exposures from issuing structured liabilities. Under ASC 815, the investment is bifurcated into a debt host contract and a commodity forward derivative instrument. Citigroup elects the fair value option for the debt host contract, and reports the debt host contract within Trading account assets on the Company’s Consolidated Balance Sheet. The total carrying amount of debt host contracts across unallocated precious metals accounts was approximately $ 0.4 billion and $ 0.9 billion at June 30, 2018 and December 31, 2017 , respectively. The amounts are expected to fluctuate based on trading activity in future periods. As part of its commodity and foreign currency trading activities, Citi trades unallocated precious metals investments and executes forward purchase and forward sale derivative contracts with trading counterparties. When Citi sells an unallocated precious metals investment, Citi’s receivable from its depository bank is repaid and Citi derecognizes its investment in the unallocated precious metal. The forward purchase or sale contract with the trading counterparty indexed to unallocated precious metals is accounted for as a derivative, at fair value through earnings. As of June 30, 2018 , there were approximately $ 10.8 billion and $ 10.0 billion of notional amounts of such forward purchase and forward sale derivative contracts outstanding, respectively. Certain Investments in Private Equity and Real Estate Ventures and Certain Equity Method and Other Investments Citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation. The Company has elected the fair value option for certain of these ventures, because such investments are considered similar to many private equity or hedge fund activities in Citi’s investment companies, which are reported at fair value. The fair value option brings consistency in the accounting and evaluation of these investments. All investments (debt and equity) in such private equity and real estate entities are accounted for at fair value. These investments are classified as Investments on Citigroup’s Consolidated Balance Sheet. Changes in the fair values of these investments are classified in Other revenue in the Company’s Consolidated Statement of Income. Citigroup also elected the fair value option for certain non-marketable equity securities, whose risk is managed with derivative instruments that are accounted for at fair value through earnings. These securities are classified as Trading account assets on Citigroup’s Consolidated Balance Sheet. Changes in the fair value of these securities and the related derivative instruments are recorded in Principal transactions . Effective January 1, 2018, under ASU 2016-01 and ASU 2018-03, a fair value option election is no longer required to measure these non-marketable equity securities at fair value through earnings. See Note 1 to the Consolidated Financial Statements for additional details. Certain Mortgage Loans Held-for-Sale (HFS) Citigroup has elected the fair value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans HFS. These loans are intended for sale or securitization and are hedged with derivative instruments. The Company has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications. The following table provides information about certain mortgage loans HFS carried at fair value: In millions of dollars June 30, December 31, 2017 Carrying amount reported on the Consolidated Balance Sheet $ 386 $ 426 Aggregate fair value in excess of (less than) unpaid principal balance 11 14 Balance of non-accrual loans or loans more than 90 days past due — — Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due — — The changes in the fair values of these mortgage loans are reported in Other revenue in the Company’s Consolidated Statement of Income. There was no net change in fair value during the six months ended June 30, 2018 and 2017 due to instrument-specific credit risk. Related interest income continues to be measured based on the contractual interest rates and reported as Interest revenue in the Consolidated Statement of Income. Certain Structured Liabilities The Company has elected the fair value option for certain structured liabilities whose performance is linked to structured interest rates, inflation, currency, equity, referenced credit or commodity risks. The Company elected the fair value option because these exposures are considered to be trading-related positions and, therefore, are managed on a fair value basis. These positions will continue to be classified as debt, deposits or derivatives ( Trading account liabilities ) on the Company’s Consolidated Balance Sheet according to their legal form. The following table provides information about the carrying value of structured notes, disaggregated by type of embedded derivative instrument: In billions of dollars June 30, 2018 December 31, 2017 Interest rate linked $ 16.3 $ 13.9 Foreign exchange linked 0.3 0.3 Equity linked 14.6 13.0 Commodity linked 0.2 0.2 Credit linked 1.6 1.9 Total $ 33.0 $ 29.3 Prior to 2016, the total change in the fair value of these structured liabilities was reported in Principal transactions in the Company’s Consolidated Statement of Income. Beginning in the first quarter of 2016, the portion of the changes in fair value attributable to changes in Citigroup’s own credit spreads (DVA) is reflected as a component of AOCI while all other changes in fair value will continue to be reported in Principal transactions . Changes in the fair value of these structured liabilities include accrued interest, which is also included in the change in fair value reported in Principal transactions . Certain Non-Structured Liabilities The Company has elected the fair value option for certain non-structured liabilities with fixed and floating interest rates. The Company has elected the fair value option where the interest rate risk of such liabilities may be economically hedged with derivative contracts or the proceeds are used to purchase financial assets that will also be accounted for at fair value through earnings. The elections have been made to mitigate accounting mismatches and to achieve operational simplifications. These positions are reported in Short-term borrowings and Long-term debt on the Company’s Consolidated Balance Sheet. Prior to 2016, the total change in the fair value of these non-structured liabilities was reported in Principal transactions in the Company’s Consolidated Statement of Income. Beginning in the first quarter of 2016, the portion of the changes in fair value attributable to changes in Citigroup’s own credit spreads (DVA) is reflected as a component of AOCI while all other changes in fair value will continue to be reported in Principal transactions . Interest expense on non-structured liabilities is measured based on the contractual interest rates and reported as Interest expense in the Consolidated Statement of Income. The following table provides information about long-term debt carried at fair value: In millions of dollars June 30, 2018 December 31, 2017 Carrying amount reported on the Consolidated Balance Sheet $ 35,462 $ 31,392 Aggregate unpaid principal balance in excess of (less than) fair value 1,548 (579 ) The following table provides information about short-term borrowings carried at fair value: In millions of dollars June 30, 2018 December 31, 2017 Carrying amount reported on the Consolidated Balance Sheet $ 4,093 $ 4,627 Aggregate unpaid principal balance in excess of fair value 586 74 |
GUARANTEES AND COMMITMENTS
GUARANTEES AND COMMITMENTS | 6 Months Ended |
Jun. 30, 2018 | |
Pledged Assets, Collateral, Guarantees and Commitments [Abstract] | |
GUARANTEES AND COMMITMENTS | GUARANTEES AND COMMITMENTS Citi provides a variety of guarantees and indemnifications to its customers to enhance their credit standing and enable them to complete a wide variety of business transactions. For certain contracts meeting the definition of a guarantee, the guarantor must recognize, at inception, a liability for the fair value of the obligation undertaken in issuing the guarantee. In addition, the guarantor must disclose the maximum potential amount of future payments that the guarantor could be required to make under the guarantee, if there were a total default by the guaranteed parties. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. For additional information regarding Citi’s guarantees and indemnifications included in the tables below, as well as its other guarantees and indemnifications excluded from the tables below, see Note 26 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. The following tables present information about Citi’s guarantees at June 30, 2018 and December 31, 2017 : Maximum potential amount of future payments In billions of dollars at June 30, 2018 except carrying value in millions Expire within 1 year Expire after 1 year Total amount outstanding Carrying value (in millions of dollars) Financial standby letters of credit $ 30.1 $ 64.2 $ 94.3 $ 149 Performance guarantees 7.7 4.2 11.9 29 Derivative instruments considered to be guarantees 15.5 84.1 99.6 396 Loans sold with recourse — 0.3 0.3 9 Securities lending indemnifications (1) 121.5 — 121.5 — Credit card merchant processing (1)(2) 94.2 — 94.2 — Credit card arrangements with partners 0.1 1.1 1.2 162 Custody indemnifications and other — 37.1 37.1 128 Total $ 269.1 $ 191.0 $ 460.1 $ 873 Maximum potential amount of future payments In billions of dollars at December 31, 2017 except carrying value in millions Expire within 1 year Expire after 1 year Total amount outstanding Carrying value ( in millions of dollars) Financial standby letters of credit $ 27.9 $ 65.9 $ 93.8 $ 93 Performance guarantees 7.2 4.1 11.3 20 Derivative instruments considered to be guarantees 11.0 84.9 95.9 423 Loans sold with recourse — 0.2 0.2 9 Securities lending indemnifications (1) 103.7 — 103.7 — Credit card merchant processing (1)(2) 85.5 — 85.5 — Credit card arrangements with partners 0.3 1.1 1.4 205 Custody indemnifications and other — 36.0 36.0 59 Total $ 235.6 $ 192.2 $ 427.8 $ 809 (1) The carrying values of securities lending indemnifications and credit card merchant processing were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal. (2) At June 30, 2018 and December 31, 2017 , this maximum potential exposure was estimated to be $94 billion and $86 billion , respectively. However, Citi believes that the maximum exposure is not representative of the actual potential loss exposure based on its historical experience. This contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants. Loans sold with recourse Loans sold with recourse represent Citi’s obligations to reimburse the buyers for loan losses under certain circumstances. Recourse refers to the clause in a sales agreement under which a seller/lender will fully reimburse the buyer/investor for any losses resulting from the purchased loans. This may be accomplished by the seller taking back any loans that become delinquent. In addition to the amounts shown in the tables above, Citi has recorded a repurchase reserve for its potential repurchases or make-whole liability regarding residential mortgage representation and warranty claims related to its whole loan sales to U.S. government-sponsored enterprises (GSEs) and, to a lesser extent, private investors. The repurchase reserve was approximately $56 million and $66 million at June 30, 2018 and December 31, 2017 , respectively, and these amounts are included in Other liabilities on the Consolidated Balance Sheet. Credit card arrangements with partners Citi, in certain of its credit card partner arrangements, provides guarantees to the partner regarding the volume of certain customer originations during the term of the agreement. To the extent such origination targets are not met, the guarantees serve to compensate the partner for certain payments that otherwise would have been generated in connection with such originations. Other guarantees and indemnifications Credit Card Protection Programs Citi, through its credit card businesses, provides various cardholder protection programs on several of its card products, including programs that provide insurance coverage for rental cars, coverage for certain losses associated with purchased products, price protection for certain purchases and protection for lost luggage. These guarantees are not included in the table, since the total outstanding amount of the guarantees and Citi’s maximum exposure to loss cannot be quantified. The protection is limited to certain types of purchases and losses, and it is not possible to quantify the purchases that would qualify for these benefits at any given time. Citi assesses the probability and amount of its potential liability related to these programs based on the extent and nature of its historical loss experience. At June 30, 2018 and December 31, 2017, the actual and estimated losses incurred and the carrying value of Citi’s obligations related to these programs were immaterial. Value-Transfer Networks Citi is a member of, or shareholder in, hundreds of value-transfer networks (VTNs) (payment, clearing and settlement systems as well as exchanges) around the world. As a condition of membership, many of these VTNs require that members stand ready to pay a pro rata share of the losses incurred by the organization due to another member’s default on its obligations. Citi’s potential obligations may be limited to its membership interests in the VTNs, contributions to the VTN’s funds, or, in limited cases, the obligation may be unlimited. The maximum exposure cannot be estimated as this would require an assessment of claims that have not yet occurred. Citi believes the risk of loss is remote given historical experience with the VTNs. Accordingly, Citi’s participation in VTNs is not reported in the guarantees tables above, and there are no amounts reflected on the Consolidated Balance Sheet as of June 30, 2018 or December 31, 2017 for potential obligations that could arise from Citi’s involvement with VTN associations. Long-Term Care Insurance Indemnification In 2000, Travelers Life & Annuity (Travelers), then a subsidiary of Citi, entered into a reinsurance agreement to transfer the risks and rewards of its long-term care (LTC) business to GE Life (now Genworth Financial Inc., or Genworth), then a subsidiary of the General Electric Company (GE). As part of this transaction, the reinsurance obligations were provided by two regulated insurance subsidiaries of GE Life, which funded two collateral trusts with securities. Presently, as discussed below, the trusts are referred to as the Genworth Trusts. As part of GE’s spin-off of Genworth in 2004, GE retained the risks and rewards associated with the 2000 Travelers reinsurance agreement by providing a reinsurance contract to Genworth through its Union Fidelity Life Insurance Company (UFLIC) subsidiary that covers the Travelers LTC policies. In addition, GE provided a capital maintenance agreement in favor of UFLIC that is designed to assure that UFLIC will have the funds to pay its reinsurance obligations. As a result of these reinsurance agreements and the spin-off of Genworth, Genworth has reinsurance protection from UFLIC (supported by GE) and has reinsurance obligations in connection with the Travelers LTC policies. As noted below, the Genworth reinsurance obligations now benefit Brighthouse Financial, Inc. (Brighthouse). While neither Brighthouse nor Citi are direct beneficiaries of the capital maintenance agreement between GE and UFLIC, Brighthouse and Citi benefit indirectly from the existence of the capital maintenance agreement, which helps assure that UFLIC will continue to have funds necessary to pay its reinsurance obligations to Genworth. In connection with Citi’s 2005 sale of Travelers to MetLife Inc. (MetLife), Citi provided an indemnification to MetLife for losses (including policyholder claims) relating to the LTC business for the entire term of the Travelers LTC policies, which, as noted above, are reinsured by subsidiaries of Genworth. In 2017, MetLife spun off its retail insurance business to Brighthouse. As a result, the Travelers LTC policies now reside with Brighthouse. The original reinsurance agreement between Travelers (now Brighthouse) and Genworth remains in place and Brighthouse is the sole beneficiary of the Genworth Trusts. The fair value of the Genworth Trusts is approximately $7.4 billion as of June 30, 2018, compared to $7.5 billion at December 31, 2017. The Genworth Trusts are designed to provide collateral to Brighthouse in an amount equal to the statutory liabilities of Brighthouse in respect of the Travelers LTC policies. The assets in the Genworth Trusts are evaluated and adjusted periodically to ensure that the fair value of the assets continues to provide collateral in an amount equal to these estimated statutory liabilities, as the liabilities change over time. If both (i) Genworth fails to perform under the original Travelers/GE Life reinsurance agreement for any reason, including insolvency or the failure of UFLIC to perform in a timely manner, and (ii) the assets of the two Genworth Trusts are insufficient or unavailable, then Citi, through its LTC reinsurance indemnification, must reimburse Brighthouse for any losses incurred in connection with the LTC policies. Since both events would have to occur before Citi would become responsible for any payment to Brighthouse pursuant to its indemnification obligation, and the likelihood of such events occurring is currently not probable, there is no liability reflected on the Consolidated Balance Sheet as of June 30, 2018 and December 31, 2017 related to this indemnification. Citi continues to closely monitor its potential exposure under this indemnification obligation. Separately, Genworth announced that it had agreed to be purchased by China Oceanwide Holdings Co., Ltd, subject to a series of conditions and regulatory approvals. Citi is monitoring these developments. Futures and over-the-counter derivatives clearing Citi provides clearing services on central clearing parties (CCP) for clients that need to clear exchange-traded and over-the-counter (OTC) derivative contracts with CCPs. Based on all relevant facts and circumstances, Citi has concluded that it acts as an agent for accounting purposes in its role as clearing member for these client transactions. As such, Citi does not reflect the underlying exchange-traded or OTC derivatives contracts in its Consolidated Financial Statements. See Note 19 for a discussion of Citi’s derivatives activities that are reflected in its Consolidated Financial Statements. As a clearing member, Citi collects and remits cash and securities collateral (margin) between its clients and the respective CCP. In certain circumstances, Citi collects a higher amount of cash (or securities) from its clients than it needs to remit to the CCPs. This excess cash is then held at depository institutions such as banks or carry brokers. There are two types of margin: initial and variation. Where Citi obtains benefits from or controls cash initial margin (e.g., retains an interest spread), cash initial margin collected from clients and remitted to the CCP or depository institutions is reflected within Brokerage payables (payables to customers) and Brokerage receivables (receivables from brokers, dealers and clearing organizations) or Cash and due from banks , respectively. However, for exchange-traded and OTC-cleared derivative contracts where Citi does not obtain benefits from or control the client cash balances, the client cash initial margin collected from clients and remitted to the CCP or depository institutions is not reflected on Citi’s Consolidated Balance Sheet. These conditions are met when Citi has contractually agreed with the client that (i) Citi will pass through to the client all interest paid by the CCP or depository institutions on the cash initial margin, (ii) Citi will not utilize its right as a clearing member to transform cash margin into other assets, (iii) Citi does not guarantee and is not liable to the client for the performance of the CCP or the depository institution and (iv) the client cash balances are legally isolated from Citi’s bankruptcy estate. The total amount of cash initial margin collected and remitted in this manner was approximately $12.5 billion and $10.7 billion as of June 30, 2018 and December 31, 2017 , respectively. Variation margin due from clients to the respective CCP, or from the CCP to clients, reflects changes in the value of the client’s derivative contracts for each trading day. As a clearing member, Citi is exposed to the risk of non-performance by clients (e.g., failure of a client to post variation margin to the CCP for negative changes in the value of the client’s derivative contracts). In the event of non-performance by a client, Citi would move to close out the client’s positions. The CCP would typically utilize initial margin posted by the client and held by the CCP, with any remaining shortfalls required to be paid by Citi as clearing member. Citi generally holds incremental cash or securities margin posted by the client, which would typically be expected to be sufficient to mitigate Citi’s credit risk in the event the client fails to perform. As required by ASC 860-30-25-5, securities collateral posted by clients is not recognized on Citi’s Consolidated Balance Sheet. Carrying Value—Guarantees and Indemnifications At June 30, 2018 and December 31, 2017 , the total carrying amounts of the liabilities related to the guarantees and indemnifications included in the tables above amounted to approximately $0.9 billion and $0.8 billion . The carrying value of financial and performance guarantees is included in Other liabilities . For loans sold with recourse, the carrying value of the liability is included in Other liabilities . Collateral Cash collateral available to Citi to reimburse losses realized under these guarantees and indemnifications amounted to $51 billion and $46 billion at June 30, 2018 and December 31, 2017 , respectively. Securities and other marketable assets held as collateral amounted to $85 billion and $70 billion at June 30, 2018 and December 31, 2017 , respectively. The majority of collateral is held to reimburse losses realized under securities lending indemnifications. Additionally, letters of credit in favor of Citi held as collateral amounted to $3.8 billion and $3.7 billion at June 30, 2018 and December 31, 2017 , respectively. Other property may also be available to Citi to cover losses under certain guarantees and indemnifications; however, the value of such property has not been determined. Performance risk Presented in the tables below are the maximum potential amounts of future payments that are classified based upon internal and external credit ratings. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. Maximum potential amount of future payments In billions of dollars at June 30, 2018 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 64.9 $ 12.3 $ 17.1 $ 94.3 Performance guarantees 8.7 2.1 1.1 11.9 Derivative instruments deemed to be guarantees — — 99.6 99.6 Loans sold with recourse — — 0.3 0.3 Securities lending indemnifications — — 121.5 121.5 Credit card merchant processing — — 94.2 94.2 Credit card arrangements with partners — — 1.2 1.2 Custody indemnifications and other 24.3 12.8 — 37.1 Total $ 97.9 $ 27.2 $ 335.0 $ 460.1 Maximum potential amount of future payments In billions of dollars at December 31, 2017 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 68.1 $ 10.9 $ 14.8 $ 93.8 Performance guarantees 7.9 2.4 1.0 11.3 Derivative instruments deemed to be guarantees — — 95.9 95.9 Loans sold with recourse — — 0.2 0.2 Securities lending indemnifications — — 103.7 103.7 Credit card merchant processing — — 85.5 85.5 Credit card arrangements with partners — — 1.4 1.4 Custody indemnifications and other 23.7 12.3 — 36.0 Total $ 99.7 $ 25.6 $ 302.5 $ 427.8 Credit Commitments and Lines of Credit The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. June 30, December 31, 2017 Commercial and similar letters of credit $ 865 $ 4,691 $ 5,556 $ 5,000 One- to four-family residential mortgages 1,561 1,799 3,360 2,674 Revolving open-end loans secured by one- to four-family residential properties 10,308 1,417 11,725 12,323 Commercial real estate, construction and land development 10,927 2,388 13,315 11,151 Credit card lines 600,259 93,036 693,295 678,300 Commercial and other consumer loan commitments 198,912 102,096 301,008 272,655 Other commitments and contingencies 2,211 810 3,021 3,071 Total $ 825,043 $ 206,237 $ 1,031,280 $ 985,174 The majority of unused commitments are contingent upon customers maintaining specific credit standards. Commercial commitments generally have floating interest rates and fixed expiration dates and may require payment of fees. Such fees (net of certain direct costs) are deferred and, upon exercise of the commitment, amortized over the life of the loan or, if exercise is deemed remote, amortized over the commitment period. Other commitments and contingencies Other commitments and contingencies include all other transactions related to commitments and contingencies not reported on the lines above. Unsettled reverse repurchase and securities lending agreements and unsettled repurchase and securities borrowing agreements In addition, in the normal course of business, Citigroup enters into reverse repurchase and securities borrowing agreements, as well as repurchase and securities lending agreements, which settle at a future date. At June 30, 2018, and December 31, 2017, Citigroup had $54.3 billion and $35.0 billion of unsettled reverse repurchase and securities borrowing agreements, respectively, and $42.4 billion and $19.1 billion of unsettled repurchase and securities lending agreements, respectively. For a further discussion of securities purchased under agreements to resell and securities borrowed, and securities sold under agreements to repurchase and securities loaned, including the Company’s policy for offsetting repurchase and reverse repurchase agreements, see Note 10 to the Consolidated Financial Statements. Restricted Cash Citigroup defines restricted cash (as cash subject to withdrawal restrictions) to include cash deposited with central banks that must be maintained to meet minimum regulatory requirements, and cash set aside for the benefit of customers or for other purposes such as compensating balance arrangements or debt retirement. Restricted cash includes minimum reserve requirements with the Federal Reserve Bank and certain other central banks and cash segregated to satisfy rules regarding the protection of customer assets as required by Citigroup broker-dealers’ primary regulators, including the Securities and Exchange Commission, the Commodities Futures Trading Commission and the United Kingdom’s Prudential Regulation Authority. Restricted cash is included on the consolidated balance sheet within the following balance sheet lines: In millions of dollars June 30, December 31, 2017 Cash and due from banks $ 2,855 $ 3,151 Deposits with banks 27,624 27,664 Total $ 30,479 $ 30,815 |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES The following information supplements and amends, as applicable, the disclosures in Note 23 to the Consolidated Financial Statements of Citigroup’s First Quarter of 2018 Form 10-Q and Note 27 to the Consolidated Financial Statements of Citigroup’s 2017 Annual Report on Form 10-K. For purposes of this Note, Citigroup, its affiliates and subsidiaries and current and former officers, directors and employees, are sometimes collectively referred to as Citigroup and Related Parties. In accordance with ASC 450, Citigroup establishes accruals for contingencies, including the litigation and regulatory matters disclosed herein, when Citigroup believes it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of loss ultimately incurred in relation to those matters may be substantially higher or lower than the amounts accrued for those matters. If Citigroup has not accrued for a matter because the matter does not meet the criteria for accrual (as set forth above), or Citigroup believes an exposure to loss exists in excess of the amount accrued for a particular matter, in each case assuming a material loss is reasonably possible, Citigroup discloses the matter. In addition, for such matters, Citigroup discloses an estimate of the aggregate reasonably possible loss or range of loss in excess of the amounts accrued for those matters as to which an estimate can be made. At June 30, 2018, Citigroup’s estimate of the reasonably possible unaccrued loss for these matters was materially unchanged from the estimate of approximately $1.0 billion in the aggregate as of March 31, 2018. As available information changes, the matters for which Citigroup is able to estimate will change, and the estimates themselves will change. In addition, while many estimates presented in financial statements and other financial disclosures involve significant judgment and may be subject to significant uncertainty, estimates of the range of reasonably possible loss arising from litigation and regulatory proceedings are subject to particular uncertainties. For example, at the time of making an estimate, Citigroup may have only preliminary, incomplete or inaccurate information about the facts underlying the claim; its assumptions about the future rulings of the court or other tribunal on significant issues, or the behavior and incentives of adverse parties or regulators, may prove to be wrong; and the outcomes it is attempting to predict are often not amenable to the use of statistical or other quantitative analytical tools. In addition, from time to time an outcome may occur that Citigroup had not accounted for in its estimates because it had deemed such an outcome to be remote. For all these reasons, the amount of loss in excess of accruals ultimately incurred for the matters as to which an estimate has been made could be substantially higher or lower than the range of loss included in the estimate. Subject to the foregoing, it is the opinion of Citigroup's management, based on current knowledge and after taking into account its current legal accruals, that the eventual outcome of all matters described in this Note would not be likely to have a material adverse effect on the consolidated financial condition of Citigroup. Nonetheless, given the substantial or indeterminate amounts sought in certain of these matters and the inherent unpredictability of such matters, an adverse outcome in certain of these matters could, from time to time, have a material adverse effect on Citigroup’s consolidated results of operations or cash flows in particular quarterly or annual periods. For further information on ASC 450 and Citigroup's accounting and disclosure framework for contingencies, including for litigation and regulatory matters disclosed herein, see Note 27 to the Consolidated Financial Statements of Citigroup’s 2017 Annual Report on Form 10-K. ANZ Underwriting Matter On June 1, 2018, charges were filed by the Australian Commonwealth Director of Public Prosecutions (CDPP) against Citigroup Global Markets Australia Pty Limited (CGMA) for alleged criminal cartel offenses following a referral by the Australian Competition and Consumer Commission. CDPP alleges that the cartel conduct took place following an institutional share placement by Australia and New Zealand Banking Group Limited (ANZ) in August 2015, where CGMA acted as joint underwriter and lead manager with other banks. CDPP has also charged other banks and individuals, including current and former Citi employees. Charges relating to CGMA are captioned R v. CITIGROUP GLOBAL MARKETS AUSTRALIA PTY LIMITED (2018/00175168). The matter is before the Downing Centre Local Court in Sydney, Australia. Separately, the Australian Securities and Investments Commission is conducting an investigation, and CGMA is cooperating with the investigation. CARD Act Matter On June 29, 2018, Citi entered into a consent order with the Bureau of Consumer Financial Protection related to certain self-reported methodological issues in connection with determining annual percentage rates (APRs) for certain cardholders under the rate re-evaluation provisions of the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) and Regulation Z. Credit Crisis-Related Litigation and Other Matters Tribune Company Bankruptcy On May 15, 2018, the United States Court of Appeals for the Second Circuit withdrew its 2016 transfer of jurisdiction to the district court in IN RE: TRIBUNE COMPANY FRAUDULENT CONVEYANCE LITIGATION, in order to reconsider its decision in light of a recent United States Supreme Court decision. Additional information concerning these actions is publicly available in court filings under the docket numbers 08-13141 (Bankr. D. Del.) (Carey, J.), 11 MD 02296 (S.D.N.Y.) (Sullivan, J.), 12 MC 2296 (S.D.N.Y.) (Sullivan, J.), 13-3992, 13-3875, 13-4178, 13-4196 (2d Cir.) and 16-317 (U.S.). Depositary Receipts Conversion Litigation On June 6, 2018, the parties informed the court that they had reached a settlement in principle and requested a 45-day stay to prepare final settlement documentation and submit a motion for preliminary approval of the settlement. On June 11, 2018, the court granted the request for a stay. Additional information concerning this action is publicly available in court filings under the docket number 15 Civ. 9185 (S.D.N.Y.) (McMahon, C.). Foreign Exchange Matters Antitrust and Other Litigation : On May 23, 2018, in IN RE FOREIGN EXCHANGE BENCHMARK RATES ANTITRUST LITIGATION, the court held a fairness hearing to consider plaintiffs’ motion for final approval of the proposed class settlements with Citi and certain other banks and plaintiffs’ motion for attorneys’ fees. Additional information concerning this action is publicly available in court filings under the docket number 13 Civ. 7789 (S.D.N.Y.) (Schofield, J.). On June 20, 2018, in NYPL v. JPMORGAN CHASE & CO., the court denied plaintiffs’ request to expand their class to include credit card, wire and ATM transactions with a foreign currency exchange component. On July 20, 2018, plaintiffs moved for reconsideration of this decision. Additional information concerning this action is publicly available in court filings under the docket numbers 15 Civ. 2290 (N.D. Cal.) (Chhabria, J.) and 15 Civ. 9300 (S.D.N.Y.) (Schofield, J.). On July 10, 2018, the United States Court of Appeals for the Second Circuit affirmed the dismissal of ALLEN v. BANK OF AMERICA CORPORATION, ET AL., in which plaintiffs had alleged violations of the Employee Retirement Income Security Act. Additional information concerning this action is publicly available in court filings under the docket numbers 15 Civ. 4285 (S.D.N.Y.) (Schofield, J.) and 16-3327 (lead case) and 16-3571 (consolidated case) (2d Cir.). Interbank Offered Rates-Related Litigation and Other Matters Regulatory Actions : On June 15, 2018, Citibank entered into a $100 million civil settlement regarding its USD LIBOR submissions with a consortium of 42 state attorneys general. Interest Rate Swaps Matters Antitrust and Other Litigation : Numerous defendants, including Citigroup, Citibank, Citigroup Global Markets Inc. (CGMI) and Citigroup Global Markets Limited, were named as defendants in a complaint filed in the United States District Court for the Southern District of New York under the caption TRUEEX LLC v. BANK OF AMERICA CORPORATION, ET AL. Plaintiff asserts federal and state antitrust claims, as well as state claims for unjust enrichment and tortious interference, and seeks treble damages, fees, costs and injunctive relief. On June 21, 2018, this action was consolidated with the multidistrict litigation captioned IN RE: INTEREST RATE SWAPS ANTITRUST LITIGATION. Additional information concerning this action is publicly available in court filings under the docket numbers 18-CV-5361 (S.D.N.Y.) (Engelmayer, J.) and 16-MDL-2704 (S.D.N.Y.) (Engelmayer, J.). Oceanografía Fraud and Related Matters Other Litigation : On June 22, 2018, in the action filed in the United States District Court for the Southern District of Florida, plaintiffs filed a notice of appeal of the decision dismissing the complaint. Additional information concerning this action is publicly available in court filings under the docket number 16-20725 (S.D. Fla.) (Gayles, J.). Shareholder Derivative Litigation On May 8, 2018, plaintiffs filed a notice of voluntary dismissal of their appeal from the order dismissing the complaint in OKLAHOMA FIREFIGHTERS PENSION & RETIREMENT SYSTEM, ET AL. v. CORBAT, ET AL. Additional information concerning this action is publicly available in court filings under the docket numbers C.A. No. 12151-VCG (Del. Ch.) (Glasscock, Ch.) and No. 32, 2018 (Del.). Sovereign Securities Matters Regulatory Actions : Government and regulatory agencies in the United States and in other jurisdictions are conducting investigations or making inquiries regarding Citigroup’s sales and trading activities in connection with sovereign and other government-related securities. Citigroup is fully cooperating with these investigations and inquiries. Antitrust and Other Litigation : Five additional complaints have been filed in the United States District Court for the Southern District of New York against numerous defendants, including Citigroup, CGMI, Citigroup Financial Products Inc., Citigroup Global Markets Holdings Inc. and Citibanamex, which assert antitrust and unjust enrichment claims and seek treble damages, restitution and injunctive relief. The additional complaints are based on allegations similar to those in the March 30, 2018 putative class action. All six actions were consolidated on June 18, 2018, and additional information relating to this consolidated action is publicly available in court filings under the docket number 18 Civ. 2830 (S.D.N.Y.) (Oetken, J.). Settlement Payments Payments required in settlement agreements described above have been made or are covered by existing litigation accruals. |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Citigroup amended its Registration Statement on Form S-3 on file with the SEC (File No. 33-192302) to add its wholly owned subsidiary, Citigroup Global Markets Holdings Inc. (CGMHI), as a co-registrant. Any securities issued by CGMHI under the Form S-3 will be fully and unconditionally guaranteed by Citigroup. The following are the Condensed Consolidating Statements of Income and Comprehensive Income for the three and six months ended June 30, 2018 and 2017 , Condensed Consolidating Balance Sheet as of June 30, 2018 and December 31, 2017 and Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2018 and 2017 for Citigroup Inc., the parent holding company (Citigroup parent company), CGMHI, other Citigroup subsidiaries and eliminations and total consolidating adjustments. “Other Citigroup subsidiaries and eliminations” includes all other subsidiaries of Citigroup, intercompany eliminations and income (loss) from discontinued operations. “Consolidating adjustments” includes Citigroup parent company elimination of distributed and undistributed income of subsidiaries and investment in subsidiaries. These Condensed Consolidating Financial Statements have been prepared and presented in accordance with SEC Regulation S-X Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” These Condensed Consolidating Financial Statements are presented for purposes of additional analysis, but should be considered in relation to the Consolidated Financial Statements of Citigroup taken as a whole. Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended June 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 3,115 $ — $ — $ (3,115 ) $ — Interest revenue 14 2,398 15,138 — 17,550 Interest revenue—intercompany 1,225 399 (1,624 ) — — Interest expense 1,141 1,314 3,430 — 5,885 Interest expense—intercompany 388 896 (1,284 ) — — Net interest revenue $ (290 ) $ 587 $ 11,368 $ — $ 11,665 Commissions and fees $ — $ 1,347 $ 1,764 $ — $ 3,111 Commissions and fees—intercompany (1 ) 91 (90 ) — — Principal transactions (1,206 ) (697 ) 4,054 — 2,151 Principal transactions—intercompany (472 ) 1,279 (807 ) — — Other income 1,479 188 (125 ) — 1,542 Other income—intercompany (120 ) (19 ) 139 — — Total non-interest revenues $ (320 ) $ 2,189 $ 4,935 $ — $ 6,804 Total revenues, net of interest expense $ 2,505 $ 2,776 $ 16,303 $ (3,115 ) $ 18,469 Provisions for credit losses and for benefits and claims $ — $ (24 ) $ 1,836 $ — $ 1,812 Operating expenses Compensation and benefits $ 1 $ 1,282 $ 4,169 $ — $ 5,452 Compensation and benefits—intercompany 29 — (29 ) — — Other operating (53 ) 578 4,735 — 5,260 Other operating—intercompany 13 693 (706 ) — — Total operating expenses $ (10 ) $ 2,553 $ 8,169 $ — $ 10,712 Equity in undistributed income of subsidiaries $ 1,483 $ — $ — $ (1,483 ) $ — Income (loss) from continuing operations before income taxes $ 3,998 $ 247 $ 6,298 $ (4,598 ) $ 5,945 Provision (benefit) for income taxes (492 ) 619 1,317 — 1,444 Income (loss) from continuing operations $ 4,490 $ (372 ) $ 4,981 $ (4,598 ) $ 4,501 Income from discontinued operations, net of taxes — — 15 — 15 Net income before attribution of noncontrolling interests $ 4,490 $ (372 ) $ 4,996 $ (4,598 ) $ 4,516 Noncontrolling interests — — 26 — 26 Net income (loss) $ 4,490 $ (372 ) $ 4,970 $ (4,598 ) $ 4,490 Comprehensive income Add: Other comprehensive income (loss) $ (2,875 ) $ (72 ) $ 5,401 $ (5,329 ) $ (2,875 ) Total Citigroup comprehensive income (loss) $ 1,615 $ (444 ) $ 10,371 $ (9,927 ) $ 1,615 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (57 ) $ — $ (57 ) Add: Net income attributable to noncontrolling interests — — 26 — 26 Total comprehensive income (loss) $ 1,615 $ (444 ) $ 10,340 $ (9,927 ) $ 1,584 Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended June 30, 2017 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 2,515 $ — $ — $ (2,515 ) $ — Interest revenue (1 ) 1,405 13,890 — 15,294 Interest revenue—intercompany 1,076 377 (1,453 ) — — Interest expense 1,136 541 2,359 — 4,036 Interest expense—intercompany 263 658 (921 ) — — Net interest revenue $ (324 ) $ 583 10,999 $ — $ 11,258 Commissions and fees $ — $ 1,348 1,908 $ — $ 3,256 Commissions and fees—intercompany (1 ) 108 (107 ) — — Principal transactions 1,122 218 1,303 — 2,643 Principal transactions—intercompany 396 617 (1,013 ) — — Other income (1,601 ) 70 2,529 — 998 Other income—intercompany 161 (3 ) (158 ) — — Total non-interest revenues $ 77 $ 2,358 4,462 $ — $ 6,897 Total revenues, net of interest expense $ 2,268 $ 2,941 15,461 $ (2,515 ) $ 18,155 Provisions for credit losses and for benefits and claims $ — $ 1 1,716 $ — $ 1,717 Operating expenses Compensation and benefits $ (1 ) $ 1,212 4,252 $ — $ 5,463 Compensation and benefits—intercompany 20 — (20 ) — — Other operating (344 ) 532 5,109 — 5,297 Other operating—intercompany 10 617 (627 ) — — Total operating expenses $ (315 ) $ 2,361 8,714 $ — $ 10,760 Equity in undistributed income of subsidiaries $ 1,183 $ — — $ (1,183 ) $ — Income (loss) from continuing operations before income taxes $ 3,766 $ 579 5,031 $ (3,698 ) $ 5,678 Provision (benefit) for income taxes (106 ) 261 1,640 — 1,795 Income (loss) from continuing operations $ 3,872 $ 318 3,391 $ (3,698 ) $ 3,883 Income from discontinued operations, net of taxes — — 21 — 21 Net income (loss) before attribution of noncontrolling interests $ 3,872 $ 318 3,412 $ (3,698 ) $ 3,904 Noncontrolling interests — — 32 — 32 Net income (loss) $ 3,872 $ 318 $ 3,380 $ (3,698 ) $ 3,872 Comprehensive income Add: Other comprehensive income (loss) $ 514 $ (38 ) $ (155 ) $ 193 $ 514 Total Citigroup comprehensive income (loss) $ 4,386 $ 280 $ 3,225 $ (3,505 ) $ 4,386 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — — $ 39 $ — $ 39 Add: Net income attributable to noncontrolling interests — — — 32 — 32 Total comprehensive income (loss) $ 4,386 $ 280 $ 3,296 $ (3,505 ) $ 4,457 Condensed Consolidating Statements of Income and Comprehensive Income Six Months Ended June 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 8,700 $ — $ — $ (8,700 ) $ — Interest revenue 66 4,053 29,763 — 33,882 Interest revenue—intercompany 2,355 782 (3,137 ) — — Interest expense 2,051 2,327 6,667 — 11,045 Interest expense—intercompany 975 1,668 (2,643 ) — — Net interest revenue $ (605 ) $ 840 $ 22,602 $ — $ 22,837 Commissions and fees $ — $ 2,599 $ 3,542 $ — $ 6,141 Commissions and fees—intercompany (1 ) 91 (90 ) — — Principal transactions (175 ) 224 5,391 — 5,440 Principal transactions—intercompany (858 ) 1,471 (613 ) — — Other income 551 341 2,031 — 2,923 Other income—intercompany (65 ) 31 34 — — Total non-interest revenues $ (548 ) $ 4,757 $ 10,295 $ — $ 14,504 Total revenues, net of interest expense $ 7,547 $ 5,597 $ 32,897 $ (8,700 ) $ 37,341 Provisions for credit losses and for benefits and claims $ — $ (24 ) $ 3,693 $ — $ 3,669 Operating expenses Compensation and benefits $ 135 $ 2,547 $ 8,577 $ — $ 11,259 Compensation and benefits—intercompany 63 — (63 ) — — Other operating (9 ) 1,126 9,261 — 10,378 Other operating—intercompany 25 1,271 (1,296 ) — — Total operating expenses $ 214 $ 4,944 $ 16,479 $ — $ 21,637 Equity in undistributed income of subsidiaries $ 1,038 $ — $ — $ (1,038 ) $ — Income (loss) from continuing operations before income taxes $ 8,371 $ 677 $ 12,725 $ (9,738 ) $ 12,035 Provision (benefit) for income taxes (739 ) 684 2,940 — 2,885 Income (loss) from continuing operations $ 9,110 $ (7 ) $ 9,785 $ (9,738 ) $ 9,150 Income from discontinued operations, net of taxes — — 8 — 8 Net income (loss) before attribution of noncontrolling interests $ 9,110 $ (7 ) $ 9,793 $ (9,738 ) $ 9,158 Noncontrolling interests — — 48 — 48 Net income (loss) $ 9,110 $ (7 ) $ 9,745 $ (9,738 ) $ 9,110 Comprehensive income Add: Other comprehensive income (loss) $ (2,823 ) $ 10 $ 2,245 $ (2,255 ) $ (2,823 ) Total Citigroup comprehensive income (loss) $ 6,287 $ 3 $ 11,990 $ (11,993 ) $ 6,287 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (43 ) $ — $ (43 ) Add: Net income attributable to noncontrolling interests — — 48 — 48 Total comprehensive income (loss) $ 6,287 $ 3 $ 11,995 $ (11,993 ) $ 6,292 Condensed Consolidating Statements of Income and Comprehensive Income Six Months Ended June 30, 2017 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 6,265 $ — $ — $ (6,265 ) $ — Interest revenue — 2,431 27,384 — 29,815 Interest revenue—intercompany 1,869 534 (2,403 ) — — Interest expense 2,354 935 4,313 — 7,602 Interest expense—intercompany 353 1,086 (1,439 ) — — Net interest revenue $ (838 ) $ 944 $ 22,107 $ — $ 22,213 Commissions and fees $ — $ 2,671 $ 3,640 $ — $ 6,311 Commissions and fees—intercompany (1 ) 110 (109 ) — — Principal transactions 959 1,876 2,902 — 5,737 Principal transactions—intercompany 600 194 (794 ) — — Other income (1,640 ) 139 3,761 — 2,260 Other income—intercompany 38 3 (41 ) — — Total non-interest revenues $ (44 ) $ 4,993 $ 9,359 $ — $ 14,308 Total revenues, net of interest expense $ 5,383 $ 5,937 $ 31,466 $ (6,265 ) $ 36,521 Provisions for credit losses and for benefits and claims $ — $ 1 $ 3,378 $ — $ 3,379 Operating expenses Compensation and benefits $ (15 ) $ 2,474 $ 8,538 $ — $ 10,997 Compensation and benefits—intercompany 51 — (51 ) — — Other operating (316 ) 1,045 9,757 — 10,486 Other operating—intercompany (49 ) 1,323 (1,274 ) — — Total operating expenses $ (329 ) $ 4,842 $ 16,970 $ — $ 21,483 Equity in undistributed income of subsidiaries $ 1,770 $ — $ — $ (1,770 ) $ — Income (loss) from continuing operations before income taxes $ 7,482 $ 1,094 $ 11,118 $ (8,035 ) $ 11,659 Provision (benefit) for income taxes (480 ) 476 3,662 — 3,658 Income (loss) from continuing operations $ 7,962 $ 618 $ 7,456 $ (8,035 ) $ 8,001 Income from discontinued operations, net of taxes — — 3 — 3 Net income (loss) before attribution of noncontrolling interests $ 7,962 $ 618 $ 7,459 $ (8,035 ) $ 8,004 Noncontrolling interests — — 42 — 42 Net income (loss) $ 7,962 $ 618 $ 7,417 $ (8,035 ) $ 7,962 Comprehensive income Add: Other comprehensive income (loss) $ 1,978 $ (58 ) $ (3,876 ) $ 3,934 $ 1,978 Total Citigroup comprehensive income (loss) $ 9,940 $ 560 $ 3,541 $ (4,101 ) $ 9,940 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 70 $ — $ 70 Add: Net income attributable to noncontrolling interests — — 42 — 42 Total comprehensive income (loss) $ 9,940 $ 560 $ 3,653 $ (4,101 ) $ 10,052 Condensed Consolidating Balance Sheet June 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ 1 $ 521 $ 20,555 $ — $ 21,077 Cash and due from banks—intercompany 30 3,721 (3,751 ) — — Deposits with banks — 3,206 176,619 — 179,825 Deposits with banks—intercompany 3,000 5,954 (8,954 ) — — Federal funds sold and resale agreements — 216,269 49,257 — 265,526 Federal funds sold and resale agreements—intercompany — 12,838 (12,838 ) — — Trading account assets 276 152,241 110,432 — 262,949 Trading account assets—intercompany 741 2,125 (2,866 ) — — Investments 8 243 349,465 — 349,716 Loans, net of unearned income — 1,036 670,144 — 671,180 Loans, net of unearned income—intercompany — — — — — Allowance for loan losses — — (12,126 ) — (12,126 ) Total loans, net $ — $ 1,036 $ 658,018 $ — $ 659,054 Advances to subsidiaries $ 143,693 $ — $ (143,693 ) $ — $ — Investments in subsidiaries 207,960 — — (207,960 ) — Other assets (1) 12,467 61,339 100,381 — 174,187 Other assets—intercompany 3,670 45,236 (48,906 ) — — Total assets $ 371,846 $ 504,729 $ 1,243,719 $ (207,960 ) $ 1,912,334 Liabilities and equity Deposits $ — $ — $ 996,730 $ — $ 996,730 Deposits—intercompany — — — — — Federal funds purchased and securities loaned or sold — 156,107 21,721 — 177,828 Federal funds purchased and securities loaned or sold—intercompany — 23,745 (23,745 ) — — Trading account liabilities 5 93,880 46,860 — 140,745 Trading account liabilities—intercompany 341 2,055 (2,396 ) — — Short-term borrowings 276 3,109 33,848 — 37,233 Short-term borrowings—intercompany — 34,575 (34,575 ) — — Long-term debt 148,601 22,874 65,347 — 236,822 Long-term debt—intercompany — 59,737 (59,737 ) — — Advances from subsidiaries 19,634 — (19,634 ) — — Other liabilities 2,606 67,487 51,915 — 122,008 Other liabilities—intercompany 289 8,852 (9,141 ) — — Stockholders’ equity 200,094 32,308 176,526 (207,960 ) 200,968 Total liabilities and equity $ 371,846 $ 504,729 $ 1,243,719 $ (207,960 ) $ 1,912,334 (1) Other assets for Citigroup parent company at June 30, 2018 included $ 15.7 billion of placements to Citibank and its branches, of which $ 11.4 billion had a remaining term of less than 30 days. Condensed Consolidating Balance Sheet December 31, 2017 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 378 $ 23,397 $ — $ 23,775 Cash and due from banks—intercompany 13 3,750 (3,763 ) — — Deposits with banks — 3,348 153,393 — 156,741 Deposits with banks—intercompany 11,000 5,219 (16,219 ) — — Federal funds sold and resale agreements — 182,685 49,793 — 232,478 Federal funds sold and resale agreements—intercompany — 16,091 (16,091 ) — — Trading account assets — 139,462 113,328 — 252,790 Trading account assets—intercompany 38 2,711 (2,749 ) — — Investments 27 181 352,082 — 352,290 Loans, net of unearned income — 900 666,134 — 667,034 Loans, net of unearned income—intercompany — — — — — Allowance for loan losses — — (12,355 ) — (12,355 ) Total loans, net $ — $ 900 $ 653,779 $ — $ 654,679 Advances to subsidiaries $ 139,722 $ — $ (139,722 ) $ — $ — Investments in subsidiaries 210,537 — — (210,537 ) — Other assets (1) 10,844 58,299 100,569 — 169,712 Other assets—intercompany 3,428 43,613 (47,041 ) — — Total assets $ 375,609 $ 456,637 $ 1,220,756 $ (210,537 ) $ 1,842,465 Liabilities and equity Deposits $ — $ — $ 959,822 $ — $ 959,822 Deposits—intercompany — — — — — Federal funds purchased and securities loaned or sold — 134,888 21,389 — 156,277 Federal funds purchased and securities loaned or sold—intercompany — 18,597 (18,597 ) — — Trading account liabilities — 80,801 44,369 — 125,170 Trading account liabilities—intercompany 15 2,182 (2,197 ) — — Short-term borrowings 251 3,568 40,633 — 44,452 Short-term borrowings—intercompany — 32,871 (32,871 ) — — Long-term debt 152,163 18,048 66,498 — 236,709 Long-term debt—intercompany — 60,765 (60,765 ) — — Advances from subsidiaries 19,136 — (19,136 ) — — Other liabilities 2,673 62,113 53,577 — 118,363 Other liabilities—intercompany 631 9,753 (10,384 ) — — Stockholders’ equity 200,740 33,051 178,418 (210,537 ) 201,672 Total liabilities and equity $ 375,609 $ 456,637 $ 1,220,756 $ (210,537 ) $ 1,842,465 (1) Other assets for Citigroup parent company at December 31, 2017 included $29.7 billion of placements to Citibank and its branches, of which $18.9 billion had a remaining term of less than 30 days. Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Net cash provided by operating activities of continuing operations $ 5,156 $ 1,207 $ 1,956 $ — $ 8,319 Cash flows from investing activities of continuing operations Purchases of investments $ (7,955 ) $ — $ (77,916 ) $ — $ (85,871 ) Proceeds from sales of investments 7,634 — 34,174 — 41,808 Proceeds from maturities of investments — — 48,846 — 48,846 Change in loans — — (10,132 ) — (10,132 ) Proceeds from sales and securitizations of loans — — 3,217 — 3,217 Change in federal funds sold and resales — (30,331 ) (2,717 ) — (33,048 ) Changes in investments and advances—intercompany (4,780 ) (1,872 ) 6,652 — — Other investing activities 212 (26 ) (1,635 ) — (1,449 ) Net cash provided by (used in) investing activities of continuing operations $ (4,889 ) $ (32,229 ) $ 489 $ — $ (36,629 ) Cash flows from financing activities of continuing operations Dividends paid $ (2,232 ) $ — $ — $ — $ (2,232 ) Redemption of preferred stock (218 ) — — — (218 ) Treasury stock acquired (4,686 ) — — — (4,686 ) Proceeds (repayments) from issuance of long-term debt, net (1,167 ) 5,805 1,032 — 5,670 Proceeds (repayments) from issuance of long-term debt—intercompany, net — (1,025 ) 1,025 — — Change in deposits — — 36,908 — 36,908 Change in federal funds purchased and repos — 26,367 (4,816 ) — 21,551 Change in short-term borrowings 32 (459 ) (6,792 ) — (7,219 ) Net change in short-term borrowings and other advances—intercompany 497 1,704 (2,201 ) — — Capital contributions from (to) parent — (663 ) 663 — — Other financing activities (475 ) — — — (475 ) Net cash provided by (used in) financing activities of continuing operations $ (8,249 ) $ 31,729 $ 25,819 $ — $ 49,299 Effect of exchange rate changes on cash and due from banks $ — $ — $ (603 ) $ — $ (603 ) Change in cash and due from banks, and deposits with banks $ (7,982 ) $ 707 $ 27,661 $ — $ 20,386 Cash and due from banks, and deposits with banks at beginning of period 11,013 12,695 156,808 — 180,516 Cash and due from banks, and deposits with banks at end of period $ 3,031 $ 13,402 $ 184,469 $ — $ 200,902 Cash and due from banks $ 31 $ 4,242 $ 16,804 $ — $ 21,077 Deposits with banks 3,000 9,160 167,665 — 179,825 Cash and due from banks, and deposits with banks at end of period $ 3,031 $ 13,402 $ 184,469 $ — $ 200,902 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the year for income taxes $ 941 $ 42 $ 1,256 $ — $ 2,239 Cash paid during the year for interest 1,729 3,676 4,552 — 9,957 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 2,900 $ — $ 2,900 Transfers to OREO and other repossessed assets — — 55 — 55 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2017 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Net cash provided by (used in) operating activities of continuing operations $ 983 $ (18,060 ) $ (4,536 ) $ — $ (21,613 ) Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (96,925 ) $ — $ (96,925 ) Proceeds from sales of investments 132 — 56,596 — 56,728 Proceeds from maturities of investments — — 47,785 — 47,785 Change in loans — — (29,952 ) — (29,952 ) Proceeds from sales and securitizations of loans — — 6,256 — 6,256 Proceeds from significant disposals — — 2,732 — 2,732 Change in federal funds sold and resales — 4,649 (1,901 ) — 2,748 Changes in investments and advances—intercompany 12,132 (5,870 ) (6,262 ) — — Other investing activities — — (1,330 ) — (1,330 ) Net cash provided by (used in) investing activities of continuing operations $ 12,264 $ (1,221 ) $ (23,001 ) $ — $ (11,958 ) Cash flows from financing activities of continuing operations Dividends paid $ (1,504 ) $ — $ — $ — $ (1,504 ) Treasury stock acquired (3,635 ) — — — (3,635 ) Proceeds (repayments) from issuance of long-term debt, net 3,139 3,887 9,336 — 16,362 Proceeds (repayments) from issuance of long-term debt—intercompany, net — (3,100 ) 3,100 — — Change in deposits — — 29,337 — 29,337 Change in federal funds purchased and repos — 4,564 8,395 — 12,959 Change in short-term borrowings — 1,861 3,957 — 5,818 Net change in short-term borrowings and other advances—intercompany (20,497 ) 907 19,590 — — Other financing activities (401 ) — — — (401 ) Net cash provided by (used in) financing activities of continuing operations $ (22,898 ) $ 8,119 $ 73,715 $ — $ 58,936 Effect of exchange rate changes on cash and due from banks $ — $ — $ 223 $ — $ 223 Change in cash and due from banks, and deposits with banks $ (9,651 ) $ (11,162 ) $ 46,401 $ — $ 25,588 Cash and due from banks, and deposits with banks at beginning of period 20,811 25,118 114,565 — 160,494 Cash and due from banks, and deposits with banks at end of period $ 11,160 $ 13,956 $ 160,966 $ — $ 186,082 Cash and due from banks $ 160 $ 3,636 $ 17,144 $ — $ 20,940 Deposits with banks 11,000 10,320 143,822 — 165,142 Cash and due from banks, and deposits with banks at end of period $ 11,160 $ 13,956 $ 160,966 $ — $ 186,082 Supplemental disclosure of cash flow information for continuing operations Cash paid during the year for income taxes $ 679 $ 152 $ 1,144 $ — $ 1,975 Cash paid during the year for interest 2,212 1,924 3,193 — 7,329 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 3,300 $ — $ 3,300 Transfers to OREO and other repossessed assets — — 58 — 58 |
BASIS OF PRESENTATION AND ACC33
BASIS OF PRESENTATION AND ACCOUNTING CHANGES (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Accounting Changes | ACCOUNTING CHANGES Revenue Recognition In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers (Revenue Recognition), which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of the revenue model is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU defines the promised good or service as the performance obligation under the contract. While the guidance replaces most existing revenue recognition guidance in GAAP, the ASU is not applicable to financial instruments and, therefore, does not impact a majority of the Company’s revenues, including net interest income, loan fees, gains on sales and mark-to-market accounting. In accordance with the new revenue recognition standard, Citi has identified the specific performance obligation (promised services) associated with the contract with the customer and has determined when that specific performance obligation has been satisfied, which may be at a point in time or over time depending on how the performance obligation is defined. The contracts with customers also contain the transaction price, which consists of fixed consideration and/or consideration that may vary (variable consideration), and is defined as the amount of consideration an entity expects to be entitled to when or as the performance obligation is satisfied, excluding amounts collected on behalf of third parties (including transaction taxes). The amounts recognized at the point in time the performance obligation is satisfied may differ from the ultimate transaction price associated with that performance obligation when a portion of it is based on variable consideration. For example, some consideration is based on the client’s month-end balance or market values which are unknown at the time the contract is executed. The remaining transaction price amount, if any, will be recognized as the variable consideration becomes determinable. In certain transactions, the performance obligation is considered satisfied at a point in time in the future. In this instance, Citi defers revenue on the balance sheet that will only be recognized upon completion of the performance obligation. The new revenue recognition standard further clarified the guidance related to reporting revenue gross as principal versus net as an agent. In many cases, Citi outsources a component of its performance obligations to third parties. The Company has determined that it acts as principal in the majority of these transactions and therefore presents the amounts paid to these third parties gross within operating expenses. The Company has retrospectively adopted this standard as of January 1, 2018 and as a result was required to report amounts paid to third parties where Citi is principal to the contract within Operating expenses. The adoption resulted in an increase in both revenue and expenses of approximately $250 million for the three-month period ended March 31, 2018 and approximately $500 million for the six-month period ended June 30, 2018, respectively, while increasing approximately $1 billion for the year ended December 31, 2017 with similar amounts for prior periods. Prior to adoption, these expense amounts were reported as contra revenue primarily within Commissions and fees and Administration and other fiduciary fees revenue. Accordingly, prior periods have been reclassified to conform to the new presentation. See Note 5 to the Consolidated Financial Statements for a description of the Company’s revenue recognition policies for Commissions and fees and Administration and other fiduciary fees . Income Tax Impact of Intra-Entity Transfers of Assets In October 2016, the FASB issued ASU No. 2016-16, Income Taxes—Intra-Entity Transfers of Assets Other Than Inventory , which requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The ASU was effective January 1, 2018 and was adopted as of that date. The impact of this standard was an increase of DTAs by approximately $300 million , a decrease of retained earnings by approximately $80 million and a decrease of prepaid tax assets by approximately $380 million . Clarifying the Definition of a Business In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The definition of a business directly and indirectly affects many areas of accounting (e.g., acquisitions, disposals, goodwill and consolidation). The ASU narrows the definition of a business by introducing a quantitative screen as the first step, such that if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If the set is not scoped out from the quantitative screen, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The ASU was effective for public entities, including Citi, as of January 1, 2018 with prospective application. The ongoing impact of the ASU will depend upon the acquisition and disposal activities of Citi. If fewer transactions qualify as a business, there could be less initial recognition of goodwill, but also less goodwill allocated to disposals. Changes in Accounting for Pension and Postretirement (Benefit) Expense In March 2017, the FASB issued ASU No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which changes the income statement presentation of net benefit expense and requires restating the Company’s financial statements for each of the earlier periods presented in Citi’s annual and interim financial statements. The change in presentation was effective for annual and interim periods starting January 1, 2018. The ASU requires that only the service cost component of net benefit expense be included in Compensation and benefits on the income statement. The other components of net benefit expense are required to be presented outside of Compensation and benefits and are presented in Other operating expense . Since both of these income statement line items are part of Operating expenses , total Operating expenses and Net income will not change. This change in presentation did not have a material effect on Compensation and benefits and Other operating expenses and is applied prospectively. The components of the net benefit expense are currently disclosed in Note 8 to the Consolidated Financial Statements. The new standard also changes the components of net benefit expense that are eligible for capitalization when employee costs are capitalized in connection with various activities, such as internally developed software, construction-in-progress, and loan origination costs. Prospectively from January 1, 2018, only the service cost component of net benefit expense may be capitalized. Existing capitalized balances are not affected. This change in amounts eligible for capitalization does not have a material effect on the Company’s Consolidated Financial Statements and related disclosures. Hedging In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities , which better aligns an entity’s risk management activities and financial reporting for hedging relationships through changes to the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The ASU requires the change in the fair value of the hedging instrument to be presented in the same income statement line as the hedged item and also requires expanded disclosures. Citi adopted this standard on January 1, 2018 and transferred approximately $4 billion of pre-payable mortgage backed securities and municipal bonds from held-to-maturity (HTM) into available-for-sale (AFS) securities classification as permitted as a one-time transfer upon adoption of the standard, as these assets were deemed to be eligible to be hedged under the last of layer hedge strategy. The impact to opening retained earnings was immaterial. See Note 19 to the Consolidated Financial Statements for more information. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. In February 2018, the FASB issued ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10) , to clarify certain provisions in ASU 2016-01. The ASUs require entities to present separately in AOCI the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. It also requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, thus eliminating the AFS category for equity investments. However, Federal Reserve Bank and Federal Home Loan Bank stock, as well as certain exchange seats, will continue to be presented at cost. The ASUs also provide an instrument-by-instrument election to measure non-marketable equity investments using a measurement alternative. Under the measurement alternative, the investment is carried at cost plus or minus changes resulting from observable prices in orderly transactions for the identical or a similar investment of the same issuer. In addition, equity securities under the measurement alternative are also assessed for impairment. Finally, the ASUs require that fair value disclosures for financial instruments not measured at fair value on the balance sheet be presented at their exit prices (e.g., held-for-investment loans). Citi early adopted the provisions of ASU 2016-01 related to presentation of the change in fair value of liabilities for which the fair value option was elected, related to changes in Citigroup’s own credit spreads in Accumulated other comprehensive income (loss) (AOCI) effective January 1, 2016. Accordingly, since the first quarter of 2016, these amounts have been reflected as a component of AOCI, whereas these amounts were previously recognized in Citigroup’s revenues and net income. The impact of adopting this amendment resulted in a cumulative catch-up reclassification from retained earnings to AOCI of an accumulated after-tax loss of approximately $15 million at January 1, 2016. Financial statements for periods prior to 2016 were not subject to restatement under the provisions of this ASU. For additional information, see Notes 17, 20 and 21 to the Consolidated Financial Statements. The other provisions of ASU 2016-01, as discussed above, was effective January 1, 2018. Citi has adopted both ASU 2016-01 and ASU 2018-03 as of January 1, 2018. Accordingly, as of the first quarter of 2018, the changes to accounting for equity securities and fair value disclosures have been reflected in Citigroup’s financial statements. The impact of adopting the change to AFS equity securities resulted in a cumulative catch-up reclassification from AOCI to retained earnings of an accumulated after-tax gain of approximately $3 million at January 1, 2018. Citi elected the measurement alternative for all non-marketable equity investments that no longer qualify for cost measurement under the ASUs. This provision in the ASUs was adopted prospectively. Financial statements for periods prior to 2018 were not subject to restatement under the provisions of the ASUs. For additional information, see Notes 12, 17 and 20 to the Consolidated Financial Statements. Statement of Cash Flows In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which requires that companies present cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents (restricted cash) when reconciling beginning-of-period and end-of-period totals on the Statement of Cash Flows. In connection with the adoption of the ASU, Citigroup also changed its definition of cash and cash equivalents to include all of Cash and due from banks and predominately all of Deposits with banks. The Company has retrospectively adopted this ASU as of January 1, 2018 and as a result Net cash provided by investing activities of continuing operations on the Statement of Cash Flows increased by $27.7 billion for the six months ended June 30, 2017. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments , which provides guidance on the classification and presentation of certain cash receipts and payments on the Statement of Cash Flows. The Company has retrospectively adopted this ASU as of January 1, 2018 which resulted in immaterial changes to Citi’s Consolidated Statement of Cash Flows. Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities , which amends the amortization period for certain purchased callable debt securities held at a premium. The ASU requires entities to amortize premiums on debt securities by the first call date when the securities have fixed and determinable call dates and prices. The scope of the ASU includes all accounting premiums, such as purchase premiums and cumulative fair value hedge adjustments. The ASU does not change the accounting for discounts, which continue to be recognized over the contractual life of a security. Citi early adopted the ASU in the second quarter of 2017, with an effective date of January 1, 2017. Adoption of the ASU is on a modified retrospective basis through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. Adoption of the ASU primarily affected Citi’s AFS and HTM portfolios of callable state and municipal debt securities. The ASU adoption resulted in a net reduction to total stockholders’ equity of $156 million (after tax), effective as of January 1, 2017. This amount is composed of a reduction of approximately $660 million to retained earnings for the incremental amortization of purchase premiums and cumulative hedge adjustments generated under fair value hedges of these callable debt securities, offset by an increase to AOCI of $504 million related to the cumulative fair value hedge adjustments reclassified to retained earnings for AFS debt securities. |
DISCONTINUED OPERATIONS AND S34
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summarized financial information disposal groups including discontinued operations | The following summarizes financial information for all discontinued operations: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 Total revenues, net of interest expense $ — $ — $ — $ — (Loss) income from discontinued operations $ (2 ) $ 33 $ (9 ) $ 5 (Benefit) provision for income taxes (17 ) 12 (17 ) 2 Income from discontinued operations, net of taxes $ 15 $ 21 $ 8 $ 3 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Information regarding the Company's operations by segment | The following table presents certain information regarding the Company’s continuing operations by segment: Three Months Ended June 30, Revenues, (1) Provision (benefits) Income (loss) from (2) Identifiable assets In millions of dollars, except identifiable assets in billions 2018 2017 2018 2017 2018 2017 June 30, December 31, 2017 Global Consumer Banking $ 8,250 $ 8,073 $ 411 $ 646 $ 1,279 $ 1,128 $ 422 $ 428 Institutional Clients Group 9,691 9,421 971 1,327 3,237 2,780 1,397 1,336 Corporate/Other 528 661 62 (178 ) (15 ) (25 ) 93 78 Total $ 18,469 $ 18,155 $ 1,444 $ 1,795 $ 4,501 $ 3,883 $ 1,912 $ 1,842 (1) Includes total revenues, net of interest expense (excluding Corporate/Other ), in North America of $8.6 billion and $8.6 billion ; in EMEA of $3.0 billion and $2.9 billion ; in Latin America of $2.5 billion and $2.4 billion ; and in Asia of $3.8 billion and $3.6 billion for the three months ended June 30, 2018 and 2017 , respectively. These regional numbers exclude Corporate/Other , which largely operates within the U.S. (2) Includes pretax provisions for credit losses and for benefits and claims in the GCB results of $1.9 billion and $1.8 billion ; in the ICG results of $25 million and $87 million ; and in the Corporate/Other results of $(118) million and $(132) million for the three months ended June 30, 2018 and 2017 , respectively. Six Months Ended June 30, Revenues, (1) Provision (benefits) Income (loss) from (2) In millions of dollars 2018 2017 2018 2017 2018 2017 Global Consumer Banking $ 16,683 $ 15,919 $ 864 $ 1,228 $ 2,673 $ 2,126 Institutional Clients Group 19,539 18,740 2,028 2,702 6,566 5,791 Corporate/Other 1,119 1,862 (7 ) (272 ) (89 ) 84 Total $ 37,341 $ 36,521 $ 2,885 $ 3,658 $ 9,150 $ 8,001 (1) Includes total revenues, net of interest expense, in North America of $16.9 billion and $17.2 billion ; in EMEA of $6.2 billion and $5.7 billion ; in Latin America of $5.1 billion and $4.7 billion ; and in Asia of $8.0 billion and $7.1 billion for the six months ended June 30, 2018 and 2017 , respectively. Regional numbers exclude Corporate/Other , which largely operates within the U.S. (2) Includes pretax provisions for credit losses and for benefits and claims in the GCB results of $3.8 billion and $3.6 billion ; in the ICG results of $(16) million and $(118) million ; and in Corporate/Other results of $(125) million and $(80) million for the six months ended June 30, 2018 and 2017 , respectively. |
INTEREST REVENUE AND EXPENSE (T
INTEREST REVENUE AND EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Banking and Thrift, Interest [Abstract] | |
Interest revenue and interest expense | Interest revenue and Interest expense consisted of the following: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 Interest revenue Loan interest, including fees $ 11,190 $ 10,293 $ 22,082 $ 20,338 Deposits with banks 493 375 925 670 Federal funds sold and securities borrowed or purchased under agreements to resell 1,336 829 2,375 1,490 Investments, including dividends 2,374 2,058 4,608 4,018 Trading account assets (1) 1,763 1,481 3,134 2,747 Other interest 394 258 758 552 Total interest revenue $ 17,550 $ 15,294 $ 33,882 $ 29,815 Interest expense Deposits (2) $ 2,244 $ 1,603 $ 4,241 $ 3,018 Federal funds purchased and securities loaned or sold under agreements to repurchase 1,224 676 2,173 1,169 Trading account liabilities (1) 236 146 451 293 Short-term borrowings 523 202 994 401 Long-term debt 1,658 1,409 3,186 2,721 Total interest expense $ 5,885 $ 4,036 $ 11,045 $ 7,602 Net interest revenue $ 11,665 $ 11,258 $ 22,837 $ 22,213 Provision for loan losses 1,795 1,666 3,598 3,341 Net interest revenue after provision for loan losses $ 9,870 $ 9,592 $ 19,239 $ 18,872 (1) Interest expense on Trading account liabilities is reported as a reduction of interest revenue from Trading account assets . (2) Includes deposit insurance fees and charges of $319 million and $329 million for the three months ended June 30, 2018 and 2017 , respectively, and $695 million and $634 million for the six months ended June 30, 2018 and 2017, respectively. |
COMMISSIONS AND FEES; ADMINIS37
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Banking and Thrift [Abstract] | |
Commissions and fees revenues | The following tables present Commissions and fees revenue: Three Months Ended June 30, Six Months Ended June 30, 2018 2018 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 1,012 $ — $ — $ 1,012 $ 1,839 $ — $ — $ 1,839 Brokerage commissions 491 206 — 697 1,057 455 — 1,512 Credit- and bank-card income Interchange fees 276 2,025 5 2,306 536 3,900 10 4,446 Card-related loan fees 17 147 6 170 31 302 12 345 Card rewards and partner payments (126 ) (2,065 ) (6 ) (2,197 ) (250 ) (3,940 ) (11 ) (4,201 ) Deposit-related fees (1) 236 160 1 397 472 343 1 816 Transactional service fees 182 21 1 204 372 42 3 417 Corporate finance (2) 219 1 — 220 361 3 — 364 Insurance distribution revenue (3) 5 142 5 152 10 285 10 305 Insurance premiums (3) — 32 (1 ) 31 — 65 (2 ) 63 Loan servicing 38 40 11 89 76 62 23 161 Other (5 ) 34 1 30 10 61 3 74 Total commissions and fees (4) $ 2,345 $ 743 $ 23 $ 3,111 $ 4,514 $ 1,578 $ 49 $ 6,141 Three Months Ended June 30, Six Months Ended June 30, 2017 2017 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Investment banking $ 967 $ — $ — $ 967 $ 1,879 $ — $ — $ 1,879 Brokerage commissions 490 199 1 690 972 393 2 1,367 Credit- and bank-card income Interchange fees 241 1,892 23 2,156 463 3,595 63 4,121 Card-related loan fees 14 187 12 213 26 354 28 408 Card rewards and partner payments (109 ) (1,844 ) (14 ) (1,967 ) (211 ) (3,530 ) (41 ) (3,782 ) Deposit-related fees (1) 239 181 4 424 447 366 8 821 Transactional service fees 197 26 9 232 371 53 33 457 Corporate finance (2) 249 1 — 250 433 2 — 435 Insurance distribution revenue (3) 2 138 17 157 5 283 41 329 Insurance premiums (3) — 32 (1 ) 31 — 65 (3 ) 62 Loan servicing 36 28 32 96 71 54 64 189 Other (16 ) 20 3 7 (38 ) 39 24 25 Total commissions and fees (4) $ 2,310 $ 860 $ 86 $ 3,256 $ 4,418 $ 1,674 $ 219 $ 6,311 (1) Includes overdraft fees of $30 million and $33 million for the three months ended June 30, 2018 and 2017 , respectively, and $62 million and $66 million for the six months ended June 30, 2018 and 2017, respectively. Overdraft fees are accounted for under ASC 310. (2) Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity. This activity is accounted for under ASC 310. (3) Previously reported as insurance premiums on the Consolidated Statement of Income. (4) Commissions and fees includes $(1,648) million and $(1,347) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the three months ended June 30, 2018 and 2017 , respectively, and $(3,193) million and $(2,625) million for the six months ended June 30, 2018 and 2017, respectively. Amounts reported in Commissions and fees accounted for under other guidance primarily include card-related loan fees, card reward programs and certain partner payments, corporate finance fees, insurance premiums, and loan servicing fees. The following table presents Administration and other fiduciary fees : Three Months Ended June 30, Six Months Ended June 30, 2018 2018 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 399 $ 45 $ 17 $ 461 $ 767 $ 92 $ 32 $ 891 Fiduciary fees 165 150 12 327 332 297 19 648 Guarantee fees 130 14 2 146 267 29 4 300 Total administration and other fiduciary fees (1) $ 694 $ 209 $ 31 $ 934 $ 1,366 $ 418 $ 55 $ 1,839 Three Months Ended June 30, Six Months Ended June 30, 2017 2017 In millions of dollars ICG GCB Corporate/Other Total ICG GCB Corporate/Other Total Custody fees $ 382 $ 41 $ 14 $ 437 $ 510 $ 54 $ 16 $ 580 Fiduciary fees 147 142 30 319 289 274 41 604 Guarantee fees 138 13 2 153 494 50 15 559 Total administration and other fiduciary fees (1) $ 667 $ 196 $ 46 $ 909 $ 1,293 $ 378 $ 72 $ 1,743 (1) Administration and other fiduciary fees includes $146 million and $153 million for the three months ended June 30, 2018 and 2017, respectively, and $299 million and $296 million for the six months ended June 30, 2018 and 2017, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These amounts include guarantee fees. |
PRINCIPAL TRANSACTIONS (Tables)
PRINCIPAL TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Principal Transactions Revenue, Net [Abstract] | |
Principal transactions revenue | The following table presents Principal transactions revenue: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 Global Consumer Banking $ 143 $ 152 $ 293 $ 307 Institutional Clients Group 2,358 2,151 5,242 4,882 Corporate/Other (350 ) 340 (95 ) 548 Total Citigroup $ 2,151 $ 2,643 $ 5,440 $ 5,737 Interest rate risks (1) $ 1,551 $ 1,495 $ 3,173 $ 3,241 Foreign exchange risks (2) 175 757 920 1,336 Equity risks (3) 120 74 686 286 Commodity and other risks (4) 208 169 300 322 Credit products and risks (5) 97 148 361 552 Total $ 2,151 $ 2,643 $ 5,440 $ 5,737 (1) Includes revenues from government securities and corporate debt, municipal securities, mortgage securities and other debt instruments. Also includes spot and forward trading of currencies and exchange-traded and over-the-counter (OTC) currency options, options on fixed income securities, interest rate swaps, currency swaps, swap options, caps and floors, financial futures, OTC options and forward contracts on fixed income securities. (2) Includes revenues from foreign exchange spot, forward, option and swap contracts, as well as foreign currency translation (FX translation) gains and losses. (3) Includes revenues from common, preferred and convertible preferred stock, convertible corporate debt, equity-linked notes and exchange-traded and OTC equity options and warrants. (4) Primarily includes revenues from crude oil, refined oil products, natural gas and other commodities trades. (5) Includes revenues from structured credit products. |
RETIREMENT BENEFITS (Tables)
RETIREMENT BENEFITS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Components of net (benefit) expense | The following table summarizes the components of net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans: Three Months Ended June 30, Six Months Ended In millions of dollars 2018 2017 2018 2017 Interest cost on benefit obligation $ 1 $ 1 $ 1 $ 1 Expected return on plan assets (1 ) — (1 ) — Amortization of unrecognized Prior service benefit (7 ) (7 ) (15 ) (15 ) Net actuarial loss — — 1 1 Total service- related benefit $ (7 ) $ (6 ) $ (14 ) $ (13 ) Non-service- related expense $ (3 ) $ 4 $ 3 $ 12 Total net (benefit) expense $ (10 ) $ (2 ) $ (11 ) $ (1 ) The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s pension and postretirement plans for Significant Plans and All Other Plans: Three Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2018 2017 2018 2017 2018 2017 2018 2017 Benefits earned during the period $ — $ — $ 38 $ 38 $ — $ — $ 3 $ 2 Interest cost on benefit obligation 126 136 72 74 7 8 25 25 Expected return on plan assets (211 ) (217 ) (72 ) (76 ) (3 ) (2 ) (22 ) (22 ) Amortization of unrecognized Prior service benefit — 1 (1 ) (1 ) — — (3 ) (3 ) Net actuarial loss 42 40 14 15 — 1 8 9 Curtailment loss (1) 1 3 — — — — — — Settlement loss (1) — — 1 4 — — — — Total net (benefit) expense $ (42 ) $ (37 ) $ 52 $ 54 $ 4 $ 7 $ 11 $ 11 (1) Losses due to curtailment and settlement relate to repositioning and divestiture activities. Six Months Ended June 30, Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2018 2017 2018 2017 2018 2017 2018 2017 Benefits earned during the period $ 1 $ 1 $ 76 $ 74 $ — $ — $ 5 $ 4 Interest cost on benefit obligation 249 275 147 145 13 14 51 49 Expected return on plan assets (424 ) (433 ) (150 ) (146 ) (6 ) (3 ) (45 ) (43 ) Amortization of unrecognized Prior service benefit — 1 (2 ) (2 ) — — (5 ) (5 ) Net actuarial loss 89 84 27 31 — — 15 17 Curtailment loss (1) 1 3 — — — — — — Settlement loss (1) — — 5 4 — — — — Total net (benefit) expense $ (84 ) $ (69 ) $ 103 $ 106 $ 7 $ 11 $ 21 $ 22 (1) Losses due to curtailment and settlement relate to repositioning and divestiture activities. |
Summary of the funded status and amounts recognized in the Consolidated Balance Sheet for the Company's U.S. qualified, non-qualified plans and plans outside the U.S. | The following tables summarize the funded status and amounts recognized in the Consolidated Balance Sheet for the Company’s Significant Plans. Six Months Ended June 30, 2018 Pension plans Postretirement benefit plans In millions of dollars U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans Change in projected benefit obligation Projected benefit obligation at beginning of year $ 14,040 $ 7,433 $ 699 $ 1,261 Plans measured annually (28 ) (1,987 ) — (334 ) Projected benefit obligation at beginning of year—Significant Plans $ 14,012 $ 5,446 $ 699 $ 927 First quarter activity (576 ) 151 (32 ) 89 Projected benefit obligation at March 31, 2018—Significant Plans $ 13,436 $ 5,597 $ 667 $ 1,016 Benefits earned during the period — 22 — 2 Interest cost on benefit obligation 126 60 7 22 Actuarial (gain) loss (516 ) (96 ) 8 (1 ) Benefits paid, net of participants’ contributions and government subsidy (206 ) (74 ) (15 ) (15 ) Curtailment loss (1) 1 — — — Foreign exchange impact and other — (256 ) — (73 ) Projected benefit obligation at period end—Significant Plans $ 12,841 $ 5,253 $ 667 $ 951 (1) Loss due to curtailment relates to repositioning activities. Six Months Ended June 30, 2018 Pension plans Postretirement benefit plans In millions of dollars U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans Change in plan assets Plan assets at fair value at beginning of year $ 12,725 $ 7,128 $ 262 $ 1,119 Plans measured annually — (1,305 ) — (10 ) Plan assets at fair value at beginning of year—Significant Plans $ 12,725 $ 5,823 $ 262 $ 1,109 First quarter activity (349 ) 115 $ (21 ) 58 Plan assets at fair value at March 31, 2018 — Significant Plans $ 12,376 $ 5,938 $ 241 $ 1,167 Actual return on plan assets (27 ) (22 ) — 20 Company contributions, net of reimbursements 13 21 11 — Benefits paid, net of participants’ contributions and government subsidy (206 ) (74 ) (15 ) (15 ) Foreign exchange impact and other — (253 ) — (83 ) Plan assets at fair value at period end—Significant Plans $ 12,156 $ 5,610 $ 237 $ 1,089 Funded status of the Significant Plans Qualified plans (1) $ (18 ) $ 357 $ (430 ) $ 138 Nonqualified plans (667 ) — — — Funded status of the plans at period end—Significant Plans $ (685 ) $ 357 $ (430 ) $ 138 Net amount recognized at period end Benefit asset $ — $ 847 $ — $ (380 ) Benefit liability (685 ) (490 ) (430 ) 518 Net amount recognized on the balance sheet—Significant Plans $ (685 ) $ 357 $ (430 ) $ 138 Amounts recognized in AOCI at period end Prior service benefit $ — $ 25 $ — $ 78 Net actuarial (loss) gain (6,324 ) (801 ) 79 (334 ) Net amount recognized in equity (pretax)—Significant Plans $ (6,324 ) $ (776 ) $ 79 $ (256 ) Accumulated benefit obligation at period end—Significant Plans $ 12,833 $ 4,992 $ 667 $ 951 (1) The U.S. qualified pension plan is fully funded pursuant to the Employee Retirement Income Security Act of 1974, as amended (ERISA), funding rules as of January 1, 2018 and no minimum required funding is expected for 2018 . |
Change in accumulated other comprehensive income (loss) | The following table shows the change in AOCI related to the Company’s pension, postretirement and post employment plans: In millions of dollars Three Months Ended Six Months Ended June 30, 2018 Beginning of period balance, net of tax (1)(2) $ (6,095 ) $ (6,183 ) Actuarial assumptions changes and plan experience 603 1,119 Net asset (loss) gain due to difference between actual and expected returns (328 ) (779 ) Net amortization 54 112 Prior service cost — 6 Curtailment/settlement gain (3) 2 — Foreign exchange impact and other 72 36 Change in deferred taxes, net (102 ) (105 ) Change, net of tax $ 301 $ 389 End of period balance, net of tax (1)(2) $ (5,794 ) $ (5,794 ) (1) See Note 17 to the Consolidated Financial Statements for further discussion of net AOCI balance. (2) Includes net-of-tax amounts for certain profit sharing plans outside the U.S. (3) Gains due to curtailment and settlement relate to repositioning and divestiture activities. |
Assumptions used in determining benefit obligations and net benefit expense | The discount rates utilized during the period in determining the pension and postretirement net (benefit) expense for the Significant Plans are as follows: Net (benefit) expense assumed discount rates during the period Three Months Ended Jun. 30, 2018 Jun. 30, 2017 U.S. plans Qualified pension 3.95% 3.60% Nonqualified pension 3.95 3.60 Postretirement 3.90 3.50 Non-U.S. plans Pension 0.75 -9.90 0.6-10.20 Weighted average 4.86 4.75 Postretirement 9.50 9.55 The discount rates utilized at period-end in determining the pension and postretirement benefit obligations for the Significant Plans are as follows: Plan obligations assumed discount rates at period ended Jun. 30, 2018 Mar. 31, 2018 Dec. 31, U.S. plans Qualified pension 4.25% 3.95% 3.60% Nonqualified pension 4.25 3.95 3.60 Postretirement 4.20 3.90 3.50 Non-U.S. plans Pension 0.80-10.70 0.75 -9.90 0.6-10.20 Weighted average 4.88 4.86 4.75 Postretirement 9.50 9.50 9.55 |
Effect of one-percentage-point change in the discount rates on pension expense | The following table summarizes the estimated effect on the Company’s Significant Plans quarterly expense of a one-percentage-point change in the discount rate: Three Months Ended June 30, 2018 In millions of dollars One-percentage-point increase One-percentage-point decrease Pension U.S. plans $ 6 $ (9 ) Non-U.S. plans (3 ) 5 Postretirement U.S. plans — (1 ) Non-U.S. plans (2 ) 2 |
Schedule of company contributions | The following table summarizes the Company’s actual contributions for the six months ended June 30, 2018 and 2017 , as well as estimated expected Company contributions for the remainder of 2018 and the actual contributions made for the remainder of 2017 . Pension plans Postretirement plans U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2018 2017 2018 2017 2018 2017 2018 2017 Company contributions (2) for the six months ended June 30 $ 28 $ 26 $ 112 $ 58 $ 7 $ 19 $ 5 $ 3 Company contributions made or expected to be made during the remainder of the year 29 79 67 68 2 157 5 6 (1) The U.S. pension plans include benefits paid directly by the Company for the nonqualified pension plans. (2) Company contributions are composed of cash contributions made to the plans and benefits paid directly by the Company. |
Defined contribution plans | The following table summarizes the Company’s contributions for the defined contribution plans: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 U.S. plans $ 99 $ 100 $ 203 $ 198 Non-U.S. plans 72 66 148 135 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of the income and share data used in the basic and diluted earnings per share computations | The following table reconciles the income and share data used in the basic and diluted earnings per share (EPS) computations: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars, except per share amounts 2018 2017 2018 2017 Income from continuing operations before attribution of noncontrolling interests $ 4,501 $ 3,883 $ 9,150 $ 8,001 Less: Noncontrolling interests from continuing operations 26 32 48 42 Net income from continuing operations (for EPS purposes) $ 4,475 $ 3,851 $ 9,102 $ 7,959 Income (loss) from discontinued operations, net of taxes 15 21 8 3 Citigroup's net income $ 4,490 $ 3,872 $ 9,110 $ 7,962 Less: Preferred dividends (1) 318 320 590 621 Net income available to common shareholders $ 4,172 $ 3,552 $ 8,520 $ 7,341 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS 49 48 90 103 Net income allocated to common shareholders for basic EPS $ 4,123 $ 3,504 $ 8,430 $ 7,238 Net income allocated to common shareholders for diluted EPS 4,123 3,504 8,430 7,238 Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,530.9 2,739.1 2,546.2 2,752.2 Effect of dilutive securities (2) Options (3) 0.1 0.1 0.1 0.1 Other employee plans 1.3 — 1.3 — Adjusted weighted-average common shares outstanding applicable to diluted EPS (4) 2,532.3 2,739.2 2,547.6 2,752.3 Basic earnings per share (5) Income from continuing operations $ 1.62 $ 1.27 $ 3.30 $ 2.63 Discontinued operations 0.01 0.01 0.01 — Net income $ 1.63 $ 1.28 $ 3.31 $ 2.63 Diluted earnings per share (5) Income from continuing operations $ 1.62 $ 1.27 $ 3.30 $ 2.63 Discontinued operations 0.01 0.01 0.01 — Net income $ 1.63 $ 1.28 $ 3.31 $ 2.63 (1) As of June 30, 2018 , Citi estimates it will distribute preferred dividends of approximately $583 million during the remainder of 2018, assuming such dividends are declared by the Citi Board of Directors. During the first six months of 2018, Citi redeemed all of its 3.8 million Series AA preferred shares for $96.8 million and all of its 4.9 million Series E preferred shares for $121.3 million . All preferred shares were redeemed at par value. (2) Warrants issued to the U.S. Treasury as part of the Troubled Asset Relief Program (TARP) and the loss-sharing agreement (all of which were subsequently sold to the public in January 2011), with exercise prices of $178.50 and $104.33 per share for approximately 21.0 million and 25.5 million shares of Citigroup common stock, respectively. Both warrants were not included in the computation of earnings per share in the three and six months ended June 30, 2018 and 2017 because they were anti-dilutive. (3) During the second quarters of 2018 and 2017 , weighted-average options to purchase 0.5 million and 0.8 million shares of common stock, respectively, were outstanding, but not included in the computation of earnings per share because the weighted-average exercise prices of $148.77 and $204.80 per share, respectively, were anti-dilutive. (4) Due to rounding, common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to common shares outstanding applicable to diluted EPS. (5) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
FEDERAL FUNDS, SECURITIES BOR41
FEDERAL FUNDS, SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |
Federal funds sold and securities borrowed or purchased under agreements to resell | Federal funds sold and securities borrowed or purchased under agreements to resell , at their respective carrying values, consisted of the following: In millions of dollars June 30, December 31, 2017 Federal funds sold $ — $ — Securities purchased under agreements to resell 142,627 130,984 Deposits paid for securities borrowed 122,899 101,494 Total (1) $ 265,526 $ 232,478 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | Federal funds purchased and securities loaned or sold under agreements to repurchase , at their respective carrying values, consisted of the following: In millions of dollars June 30, December 31, 2017 Federal funds purchased $ 118 $ 326 Securities sold under agreements to repurchase 162,555 142,646 Deposits received for securities loaned 15,155 13,305 Total (1) $ 177,828 $ 156,277 (1) The above tables do not include securities-for-securities lending transactions of $17.8 billion and $14.0 billion at June 30, 2018 and December 31, 2017, respectively, where the Company acts as lender and receives securities that can be sold or pledged as collateral. In these transactions, the Company recognizes the securities received at fair value within Other assets and the obligation to return those securities as a liability within Brokerage payables . |
Schedule of gross and net resale agreements and securities borrowing agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45 | The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amount permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. As of June 30, 2018 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities purchased under agreements to resell $ 223,470 $ 80,843 $ 142,627 $ 111,150 $ 31,477 Deposits paid for securities borrowed 122,899 — 122,899 26,497 96,402 Total $ 346,369 $ 80,843 $ 265,526 $ 137,647 $ 127,879 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities sold under agreements to repurchase $ 243,398 $ 80,843 $ 162,555 $ 89,609 $ 72,946 Deposits received for securities loaned 15,155 — 15,155 4,341 10,814 Total $ 258,553 $ 80,843 $ 177,710 $ 93,950 $ 83,760 As of December 31, 2017 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities purchased under agreements to resell $ 204,460 $ 73,476 $ 130,984 $ 103,022 $ 27,962 Deposits paid for securities borrowed 101,494 — 101,494 22,271 79,223 Total $ 305,954 $ 73,476 $ 232,478 $ 125,293 $ 107,185 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities sold under agreements to repurchase $ 216,122 $ 73,476 $ 142,646 $ 73,716 $ 68,930 Deposits received for securities loaned 13,305 — 13,305 4,079 9,226 Total $ 229,427 $ 73,476 $ 155,951 $ 77,795 $ 78,156 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) The total of this column for each period excludes federal funds sold/purchased. See tables above. (3) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (4) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. |
Schedule of gross and net repurchase agreements and securities lending agreements and the related offsetting amount permitted as well as not permitted under ASC 210-20-45 | The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amount permitted under ASC 210-20-45. The tables also include amounts related to financial instruments that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default occurred and a legal opinion supporting enforceability of the offsetting rights has been obtained. Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. As of June 30, 2018 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities purchased under agreements to resell $ 223,470 $ 80,843 $ 142,627 $ 111,150 $ 31,477 Deposits paid for securities borrowed 122,899 — 122,899 26,497 96,402 Total $ 346,369 $ 80,843 $ 265,526 $ 137,647 $ 127,879 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities sold under agreements to repurchase $ 243,398 $ 80,843 $ 162,555 $ 89,609 $ 72,946 Deposits received for securities loaned 15,155 — 15,155 4,341 10,814 Total $ 258,553 $ 80,843 $ 177,710 $ 93,950 $ 83,760 As of December 31, 2017 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities purchased under agreements to resell $ 204,460 $ 73,476 $ 130,984 $ 103,022 $ 27,962 Deposits paid for securities borrowed 101,494 — 101,494 22,271 79,223 Total $ 305,954 $ 73,476 $ 232,478 $ 125,293 $ 107,185 In millions of dollars Gross amounts Gross amounts (1) Net amounts of (2) Amounts (3) Net (4) Securities sold under agreements to repurchase $ 216,122 $ 73,476 $ 142,646 $ 73,716 $ 68,930 Deposits received for securities loaned 13,305 — 13,305 4,079 9,226 Total $ 229,427 $ 73,476 $ 155,951 $ 77,795 $ 78,156 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) The total of this column for each period excludes federal funds sold/purchased. See tables above. (3) Includes financial instruments subject to enforceable master netting agreements that are not permitted to be offset under ASC 210-20-45, but would be eligible for offsetting to the extent that an event of default has occurred and a legal opinion supporting enforceability of the offsetting right has been obtained. (4) Remaining exposures continue to be secured by financial collateral, but the Company may not have sought or been able to obtain a legal opinion evidencing enforceability of the offsetting right. |
Gross amount of liabilities associated with repurchase agreements and securities lending agreements | The following tables present the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by remaining contractual maturity: As of June 30, 2018 In millions of dollars Open and overnight Up to 30 days 31–90 days Greater than 90 days Total Securities sold under agreements to repurchase $ 114,766 $ 55,286 $ 26,266 $ 47,080 $ 243,398 Deposits received for securities loaned 10,431 207 2,527 1,990 15,155 Total $ 125,197 $ 55,493 $ 28,793 $ 49,070 $ 258,553 As of December 31, 2017 In millions of dollars Open and overnight Up to 30 days 31–90 days Greater than 90 days Total Securities sold under agreements to repurchase $ 82,073 $ 68,372 $ 33,846 $ 31,831 $ 216,122 Deposits received for securities loaned 9,946 266 1,912 1,181 13,305 Total $ 92,019 $ 68,638 $ 35,758 $ 33,012 $ 229,427 The following tables present the gross amount of liabilities associated with repurchase agreements and securities lending agreements, by class of underlying collateral: As of June 30, 2018 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 85,479 $ 86 $ 85,565 State and municipal securities 2,168 — 2,168 Foreign government securities 92,604 584 93,188 Corporate bonds 21,843 612 22,455 Equity securities 16,492 13,648 30,140 Mortgage-backed securities 14,342 — 14,342 Asset-backed securities 6,441 — 6,441 Other 4,029 225 4,254 Total $ 243,398 $ 15,155 $ 258,553 As of December 31, 2017 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 58,774 $ — $ 58,774 State and municipal securities 1,605 — 1,605 Foreign government securities 89,576 105 89,681 Corporate bonds 20,194 657 20,851 Equity securities 20,724 11,907 32,631 Mortgage-backed securities 17,791 — 17,791 Asset-backed securities 5,479 — 5,479 Other 1,979 636 2,615 Total $ 216,122 $ 13,305 $ 229,427 |
BROKERAGE RECEIVABLES AND BRO42
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Brokers and Dealers [Abstract] | |
Brokerage receivables and brokerage payables | Brokerage receivables and Brokerage payables consisted of the following: In millions of dollars June 30, December 31, 2017 Receivables from customers $ 16,208 $ 19,215 Receivables from brokers, dealers and clearing organizations 20,769 19,169 Total brokerage receivables (1) $ 36,977 $ 38,384 Payables to customers $ 40,408 $ 38,741 Payables to brokers, dealers and clearing organizations 27,264 22,601 Total brokerage payables (1) $ 67,672 $ 61,342 (1) Includes brokerage receivables and payables recorded by Citi broker-dealer entities that are accounted for in accordance with the AICPA Accounting Guide for Brokers and Dealers in Securities as codified in ASC 940-320. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments by category | The following tables present Citi’s investments by category: In millions of dollars June 30, Debt securities available-for-sale (AFS) $ 289,031 Debt securities held-to-maturity (HTM) (1) 52,897 Marketable equity securities carried at fair value (2) 204 Non-marketable equity securities carried at fair value (2) 1,228 Non-marketable equity securities measured using the measurement alternative (3) 415 Non-marketable equity securities carried at cost (4) 5,941 Total investments $ 349,716 In millions of dollars December 31, Securities available-for-sale (AFS) $ 290,914 Debt securities held-to-maturity (HTM) (1) 53,320 Non-marketable equity securities carried at fair value (2) 1,206 Non-marketable equity securities carried at cost (4) 6,850 Total investments $ 352,290 (1) Carried at adjusted amortized cost basis, net of any credit-related impairment. (2) Unrealized gains and losses are recognized in earnings. (3) Impairment losses and adjustments to the carrying value as a result of observable price changes are recognized in earnings. (4) Represents shares issued by the Federal Reserve Bank, Federal Home Loan Banks and certain exchanges of which Citigroup is a member. |
Interest and dividends on investments | The following table presents interest and dividend income on investments: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 Taxable interest $ 2,158 $ 1,859 $ 4,200 $ 3,623 Interest exempt from U.S. federal income tax 132 141 262 283 Dividend income 84 58 146 112 Total interest and dividend income $ 2,374 $ 2,058 $ 4,608 $ 4,018 |
Realized gains and losses on investments excluding other-than-temporary impairment | The following table presents realized gains and losses on the sales of investments, which excludes OTTI losses: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 Gross realized investment gains $ 170 $ 258 $ 396 $ 546 Gross realized investment losses (68 ) (37 ) (124 ) (133 ) Net realized gains on sale of investments $ 102 $ 221 $ 272 $ 413 |
Amortized cost and fair value of AFS | The amortized cost and fair value of AFS securities were as follows: June 30, 2018 December 31, 2017 In millions of dollars Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Securities AFS Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 43,825 $ 141 $ 994 $ 42,972 $ 42,116 $ 125 $ 500 $ 41,741 Prime — — — — 11 6 — 17 Alt-A 1 — — 1 26 90 — 116 Non-U.S. residential 1,851 7 1 1,857 2,744 13 6 2,751 Commercial 281 1 3 279 334 — 2 332 Total mortgage-backed securities $ 45,958 $ 149 $ 998 $ 45,109 $ 45,231 $ 234 $ 508 $ 44,957 U.S. Treasury and federal agency securities U.S. Treasury $ 108,616 $ 53 $ 1,772 $ 106,897 $ 108,344 $ 77 $ 971 $ 107,450 Agency obligations 11,557 7 190 11,374 10,813 7 124 10,696 Total U.S. Treasury and federal agency securities $ 120,173 $ 60 $ 1,962 $ 118,271 $ 119,157 $ 84 $ 1,095 $ 118,146 State and municipal (2) $ 9,885 $ 123 $ 244 $ 9,764 $ 8,870 $ 140 $ 245 $ 8,765 Foreign government 98,172 385 732 97,825 100,615 508 590 100,533 Corporate 12,694 37 130 12,601 14,144 51 86 14,109 Asset-backed securities (1) 1,868 5 3 1,870 3,906 14 2 3,918 Other debt securities 3,590 1 — 3,591 297 — — 297 Total debt securities AFS $ 292,340 $ 760 $ 4,069 $ 289,031 $ 292,220 $ 1,031 $ 2,526 $ 290,725 Marketable equity securities AFS (3) $ — $ — $ — $ — $ 186 $ 4 $ 1 $ 189 Total securities AFS $ 292,340 $ 760 $ 4,069 $ 289,031 $ 292,406 $ 1,035 $ 2,527 $ 290,914 (1) The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 18 to the Consolidated Financial Statements. (2) In the second quarter of 2017, Citi early adopted ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. Upon adoption, a cumulative effect adjustment was recorded to reduce retained earnings, effective January 1, 2017, for the incremental amortization of purchase premiums and cumulative fair value hedge adjustments on callable state and municipal debt securities. For additional information, see Note 1 to the Consolidated Financial Statements. (3) Citi adopted ASU 2016-01 and ASU 2018-03 as of January 1, 2018, resulting in a cumulative effect adjustment from AOCI to retained earnings for net unrealized gains on marketable equity securities AFS. The available-for-sale category was eliminated for equity securities effective January 1, 2018. See Note 1 to the Consolidated Financial Statements for additional details. |
Amortized cost and fair value of AFS debt securities | The amortized cost and fair value of AFS securities were as follows: June 30, 2018 December 31, 2017 In millions of dollars Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Securities AFS Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed $ 43,825 $ 141 $ 994 $ 42,972 $ 42,116 $ 125 $ 500 $ 41,741 Prime — — — — 11 6 — 17 Alt-A 1 — — 1 26 90 — 116 Non-U.S. residential 1,851 7 1 1,857 2,744 13 6 2,751 Commercial 281 1 3 279 334 — 2 332 Total mortgage-backed securities $ 45,958 $ 149 $ 998 $ 45,109 $ 45,231 $ 234 $ 508 $ 44,957 U.S. Treasury and federal agency securities U.S. Treasury $ 108,616 $ 53 $ 1,772 $ 106,897 $ 108,344 $ 77 $ 971 $ 107,450 Agency obligations 11,557 7 190 11,374 10,813 7 124 10,696 Total U.S. Treasury and federal agency securities $ 120,173 $ 60 $ 1,962 $ 118,271 $ 119,157 $ 84 $ 1,095 $ 118,146 State and municipal (2) $ 9,885 $ 123 $ 244 $ 9,764 $ 8,870 $ 140 $ 245 $ 8,765 Foreign government 98,172 385 732 97,825 100,615 508 590 100,533 Corporate 12,694 37 130 12,601 14,144 51 86 14,109 Asset-backed securities (1) 1,868 5 3 1,870 3,906 14 2 3,918 Other debt securities 3,590 1 — 3,591 297 — — 297 Total debt securities AFS $ 292,340 $ 760 $ 4,069 $ 289,031 $ 292,220 $ 1,031 $ 2,526 $ 290,725 Marketable equity securities AFS (3) $ — $ — $ — $ — $ 186 $ 4 $ 1 $ 189 Total securities AFS $ 292,340 $ 760 $ 4,069 $ 289,031 $ 292,406 $ 1,035 $ 2,527 $ 290,914 (1) The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 18 to the Consolidated Financial Statements. (2) In the second quarter of 2017, Citi early adopted ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. Upon adoption, a cumulative effect adjustment was recorded to reduce retained earnings, effective January 1, 2017, for the incremental amortization of purchase premiums and cumulative fair value hedge adjustments on callable state and municipal debt securities. For additional information, see Note 1 to the Consolidated Financial Statements. (3) Citi adopted ASU 2016-01 and ASU 2018-03 as of January 1, 2018, resulting in a cumulative effect adjustment from AOCI to retained earnings for net unrealized gains on marketable equity securities AFS. The available-for-sale category was eliminated for equity securities effective January 1, 2018. See Note 1 to the Consolidated Financial Statements for additional details. |
Fair value of securities in unrealized loss position | The table below shows the fair value of debt securities HTM that have been in an unrecognized loss position: Less than 12 months 12 months or longer Total In millions of dollars Fair Gross Fair Gross Fair Gross June 30, 2018 Debt securities held-to-maturity Mortgage-backed securities $ 16,731 $ 410 $ 5,805 $ 251 $ 22,536 $ 661 State and municipal 1,518 24 747 108 2,265 132 Foreign government 1,334 15 — — 1,334 15 Asset-backed securities 16 — 611 2 627 2 Total debt securities held-to-maturity $ 19,599 $ 449 $ 7,163 $ 361 $ 26,762 $ 810 December 31, 2017 Debt securities held-to-maturity Mortgage-backed securities $ 8,569 $ 50 $ 6,353 $ 107 $ 14,922 $ 157 State and municipal 353 5 835 68 1,188 73 Foreign government 723 18 — — 723 18 Asset-backed securities 71 3 134 19 205 22 Total debt securities held-to-maturity $ 9,716 $ 76 $ 7,322 $ 194 $ 17,038 $ 270 Note: Excluded from the gross unrecognized losses presented in the table above are $(69) million and $(117) million of net unrealized losses recorded in AOCI as of June 30, 2018 and December 31, 2017 , respectively, primarily related to the difference between the amortized cost and carrying value of HTM debt securities that were reclassified from AFS. Substantially all of these net unrecognized losses relate to securities that have been in a loss position for 12 months or longer at June 30, 2018 and December 31, 2017 . The following table shows the fair value of AFS securities that have been in an unrealized loss position: Less than 12 months 12 months or longer Total In millions of dollars Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses June 30, 2018 Debt Securities AFS (1) Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 13,676 $ 328 $ 13,363 $ 666 $ 27,039 $ 994 Non-U.S. residential 203 1 1 — 204 1 Commercial 234 2 27 1 261 3 Total mortgage-backed securities $ 14,113 $ 331 $ 13,391 $ 667 $ 27,504 $ 998 U.S. Treasury and federal agency securities U.S. Treasury $ 68,095 $ 1,208 $ 20,384 $ 564 $ 88,479 $ 1,772 Agency obligations 4,900 78 4,619 112 9,519 190 Total U.S. Treasury and federal agency securities $ 72,995 $ 1,286 $ 25,003 $ 676 $ 97,998 $ 1,962 State and municipal $ 2,043 $ 25 $ 1,161 $ 219 $ 3,204 $ 244 Foreign government 50,160 470 10,488 262 60,648 732 Corporate 6,362 120 521 10 6,883 130 Asset-backed securities 511 3 11 — 522 3 Other debt securities 1,174 — — — 1,174 — Total debt securities AFS $ 147,358 $ 2,235 $ 50,575 $ 1,834 $ 197,933 $ 4,069 December 31, 2017 Securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 30,994 $ 438 $ 2,206 $ 62 $ 33,200 $ 500 Non-U.S. residential 753 6 — — 753 6 Commercial 150 1 57 1 207 2 Total mortgage-backed securities $ 31,897 $ 445 $ 2,263 $ 63 $ 34,160 $ 508 U.S. Treasury and federal agency securities U.S. Treasury $ 79,050 $ 856 $ 7,404 $ 115 $ 86,454 $ 971 Agency obligations 8,857 110 1,163 14 10,020 124 Total U.S. Treasury and federal agency securities $ 87,907 $ 966 $ 8,567 $ 129 $ 96,474 $ 1,095 State and municipal $ 1,009 $ 11 $ 1,155 $ 234 $ 2,164 $ 245 Foreign government 53,206 356 9,051 234 62,257 590 Corporate 6,737 74 859 12 7,596 86 Asset-backed securities 449 1 25 1 474 2 Other debt securities — — — — — — Marketable equity securities AFS (1) 11 1 — — 11 1 Total securities AFS $ 181,216 $ 1,854 $ 21,920 $ 673 $ 203,136 $ 2,527 (1) Citi adopted ASU 2016-01 and ASU 2018-03 as of January 1, 2018, resulting in a cumulative effect adjustment from AOCI to retained earnings for net unrealized gains on marketable equity securities AFS. The available-for-sale category was eliminated for equity securities effective January 1, 2018. See Note 1 to the Consolidated Financial Statements for additional details. |
Amortized cost and fair value of debt securities by contractual maturity dates | The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: June 30, 2018 December 31, 2017 In millions of dollars Amortized cost Fair value Amortized cost Fair value Mortgage-backed securities (1) Due within 1 year $ 34 $ 34 $ 45 $ 45 After 1 but within 5 years 1,207 1,202 1,306 1,304 After 5 but within 10 years 1,531 1,503 1,376 1,369 After 10 years (2) 43,186 42,370 42,504 42,239 Total $ 45,958 $ 45,109 $ 45,231 $ 44,957 U.S. Treasury and federal agency securities Due within 1 year $ 26,550 $ 26,528 $ 4,913 $ 4,907 After 1 but within 5 years 91,342 89,497 111,236 110,238 After 5 but within 10 years 2,190 2,153 3,008 3,001 After 10 years (2) 91 93 — — Total $ 120,173 $ 118,271 $ 119,157 $ 118,146 State and municipal Due within 1 year $ 773 $ 773 $ 1,792 $ 1,792 After 1 but within 5 years 3,460 3,457 2,579 2,576 After 5 but within 10 years 564 584 514 528 After 10 years (2) 5,088 4,950 3,985 3,869 Total $ 9,885 $ 9,764 $ 8,870 $ 8,765 Foreign government Due within 1 year $ 36,246 $ 36,189 $ 32,130 $ 32,100 After 1 but within 5 years 47,736 47,344 53,034 53,165 After 5 but within 10 years 11,805 11,816 12,949 12,680 After 10 years (2) 2,385 2,476 2,502 2,588 Total $ 98,172 $ 97,825 $ 100,615 $ 100,533 All other (3) Due within 1 year $ 4,881 $ 4,879 $ 3,998 $ 3,991 After 1 but within 5 years 10,494 10,420 9,047 9,027 After 5 but within 10 years 2,004 2,011 3,415 3,431 After 10 years (2) 773 752 1,887 1,875 Total $ 18,152 $ 18,062 $ 18,347 $ 18,324 Total debt securities AFS $ 292,340 $ 289,031 $ 292,220 $ 290,725 (1) Includes mortgage-backed securities of U.S. government-sponsored agencies. (2) Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment rights. (3) Includes corporate, asset-backed and other debt securities. The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: June 30, 2018 December 31, 2017 In millions of dollars Carrying value Fair value Carrying value Fair value Mortgage-backed securities Due within 1 year $ — $ — $ — $ — After 1 but within 5 years 130 128 720 720 After 5 but within 10 years 180 179 148 149 After 10 years (1) 26,249 25,622 25,231 25,235 Total $ 26,559 $ 25,929 $ 26,099 $ 26,104 State and municipal Due within 1 year $ 67 $ 67 $ 407 $ 425 After 1 but within 5 years 187 194 259 270 After 5 but within 10 years 464 468 512 524 After 10 years (1) 6,762 6,799 7,719 7,983 Total $ 7,480 $ 7,528 $ 8,897 $ 9,202 Foreign government Due within 1 year $ 362 $ 362 $ 381 $ 381 After 1 but within 5 years 986 971 359 341 After 5 but within 10 years — — — — After 10 years (1) — — — — Total $ 1,348 $ 1,333 $ 740 $ 722 All other (2) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years — — — — After 5 but within 10 years 1,441 1,445 1,669 1,680 After 10 years (1) 16,069 16,110 15,915 16,044 Total $ 17,510 $ 17,555 $ 17,584 $ 17,724 Total debt securities held-to-maturity $ 52,897 $ 52,345 $ 53,320 $ 53,752 (1) Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment rights. (2) Includes corporate and asset-backed securities. |
Carrying value and fair value of debt securities HTM | The carrying value and fair value of debt securities HTM were as follows: In millions of dollars Carrying value Gross unrealized gains Gross unrealized losses Fair value June 30, 2018 Debt securities held-to-maturity Mortgage-backed securities (1) U.S. government agency guaranteed $ 24,939 $ 11 $ 661 $ 24,289 Alt-A — — — — Non-U.S. residential 1,356 20 — 1,376 Commercial 264 — — 264 Total mortgage-backed securities $ 26,559 $ 31 $ 661 $ 25,929 State and municipal $ 7,480 $ 180 $ 132 $ 7,528 Foreign government 1,348 — 15 1,333 Asset-backed securities (1) 17,510 47 2 17,555 Total debt securities held-to-maturity $ 52,897 $ 258 $ 810 $ 52,345 December 31, 2017 Debt securities held-to-maturity Mortgage-backed securities (1) U.S. government agency guaranteed $ 23,880 $ 40 $ 157 $ 23,763 Alt-A 141 57 — 198 Non-U.S. residential 1,841 65 — 1,906 Commercial 237 — — 237 Total mortgage-backed securities $ 26,099 $ 162 $ 157 $ 26,104 State and municipal (2) $ 8,897 $ 378 $ 73 $ 9,202 Foreign government 740 — 18 722 Asset-backed securities (1) 17,584 162 22 17,724 Total debt securities held-to-maturity $ 53,320 $ 702 $ 270 $ 53,752 (1) The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 18 to the Consolidated Financial Statements. (2) In the second quarter of 2017, Citi early adopted ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. Upon adoption, a cumulative effect adjustment was recorded to reduce retained earnings, effective January 1, 2017, for the incremental amortization of purchase premiums and cumulative fair value hedge adjustments on callable state and municipal debt securities. For additional information, see Note 1 to the Consolidated Financial Statements. |
Total other-than-temporary impairments recognized | The following tables present total OTTI recognized in earnings: OTTI on Investments Three Months Ended Six Months Ended In millions of dollars AFS (1) HTM Total AFS (1) HTM Total Impairment losses related to debt securities that the Company does not intend to sell nor will likely be required to sell: Total OTTI losses recognized during the period $ — $ — $ — $ — $ — $ — Less: portion of impairment loss recognized in AOCI (before taxes) — — — — — — Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell $ — $ — $ — $ — $ — $ — Impairment losses recognized in earnings for debt securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise 12 — 12 39 — 39 Total OTTI losses recognized in earnings $ 12 $ — $ 12 $ 39 $ — $ 39 (1) For the three and six months ended June 30, 2018, amounts represent AFS debt securities. Effective January 1, 2018, the AFS category was eliminated for equity securities. See Note 1 to the Consolidated Financial Statements for additional details. OTTI on Investments Three months ended Six Months Ended In millions of dollars AFS (1) HTM Total AFS (1) HTM Total Impairment losses related to securities that the Company does not intend to sell nor will likely be required to sell: Total OTTI losses recognized during the period $ — $ — $ — $ — $ — $ — Less: portion of impairment loss recognized in AOCI (before taxes) — — — — — — Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell $ — $ — $ — $ — $ — $ — Impairment losses recognized in earnings for securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise and FX losses 20 — 20 31 1 32 Total impairment losses recognized in earnings $ 20 $ — $ 20 $ 31 $ 1 $ 32 (1) Includes OTTI on non-marketable equity securities. |
Cumulative other-than-temporary impairment credit losses recognized in earnings | The following are three-month rollforwards of the credit-related impairments recognized in earnings for AFS and HTM debt securities held that the Company does not intend to sell nor likely will be required to sell: Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars March 31, 2018 balance Credit Credit Changes due to June 30, 2018 balance AFS debt securities Mortgage-backed securities (1) $ 25 $ — $ — $ (24 ) $ 1 State and municipal — — — — — Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities 2 — — — 2 Total OTTI credit losses recognized for AFS debt securities $ 31 $ — $ — $ (24 ) $ 7 HTM debt securities Mortgage-backed securities $ — $ — $ — $ — $ — State and municipal — — — — — Total OTTI credit losses recognized for HTM debt securities $ — $ — $ — $ — $ — (1) Primarily consists of Prime securities. Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars March 31, 2017 balance Credit Credit Reductions due to June 30, 2017 balance AFS debt securities Mortgage-backed securities $ — $ — $ — $ — $ — State and municipal 4 — — — 4 Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities 22 — — (22 ) — Total OTTI credit losses recognized for AFS debt securities $ 30 $ — $ — $ (22 ) $ 8 HTM debt securities Mortgage-backed securities (1) $ 97 $ — $ — $ — $ 97 State and municipal 3 — — — 3 Total OTTI credit losses recognized for HTM debt securities $ 100 $ — $ — $ — $ 100 (1) Primarily consists of Alt-A securities. The following are six-month rollforwards of the credit-related impairments recognized in earnings for AFS and HTM debt securities held that the Company does not intend to sell nor likely will be required to sell: Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars December 31, 2017 balance Credit Credit Changes due to (1) June 30, 2018 balance AFS debt securities Mortgage-backed securities (2) $ 38 $ — $ — $ (37 ) $ 1 State and municipal 4 — — (4 ) — Foreign government securities — — — — — Corporate 4 — — — 4 All other debt securities 2 — — — 2 Total OTTI credit losses recognized for AFS debt securities $ 48 $ — $ — $ (41 ) $ 7 HTM debt securities Mortgage-backed securities (3) $ 54 $ — $ — $ (54 ) $ — State and municipal 3 — — (3 ) — Total OTTI credit losses recognized for HTM debt securities $ 57 $ — $ — $ (57 ) $ — (1) Includes $18 million in cumulative OTTI reclassified from HTM to AFS due to the transfer of the related debt securities from HTM to AFS. Citi adopted ASU 2017-12, Targeted Improvements to Accounting for Hedge Activities , on January 1, 2018 and transferred approximately $4 billion of HTM debt securities into AFS classification as permitted as a one-time transfer under the standard. (2) Primarily consists of Prime securities. (3) Primarily consists of Alt-A securities. Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars December 31, 2016 balance Credit Credit Reductions due to June 30, 2017 balance AFS debt securities Mortgage-backed securities $ — $ — $ — $ — $ — State and municipal 4 — — — 4 Foreign government securities — — — — — Corporate 5 — — (1 ) 4 All other debt securities 22 — — (22 ) — Total OTTI credit losses recognized for AFS debt securities $ 31 $ — $ — $ (23 ) $ 8 HTM debt securities Mortgage-backed securities (1) $ 101 $ — $ — $ (4 ) $ 97 State and municipal 3 — — — 3 Total OTTI credit losses recognized for HTM debt securities $ 104 $ — $ — $ (4 ) $ 100 (1) Primarily consists of Alt-A securities. |
Carrying value of non-marketable equity securities measured using the measurement alternative | Below is the carrying value of non-marketable equity securities measured using the measurement alternative at June 30, 2018, and amounts recognized in earnings for the three and six months ended June 30, 2018: In millions of dollars Three Months Ended June 30, 2018 Six Months Ended Measurement alternative, balance at June 30, 2018 $ 415 $ 415 Measurement alternative—impairment losses (1) 3 4 Measurement alternative—downward changes for observable prices (1) 2 4 Measurement alternative—upward changes for observable prices (1) 4 112 (1) See Note 20 to the Consolidated Financial Statements for additional information on these nonrecurring fair value measurements. |
Investments in alternative investment funds | Fair value Unfunded Redemption frequency (if currently eligible) monthly, quarterly, annually Redemption notice period In millions of dollars June 30, December 31, 2017 June 30, December 31, 2017 Hedge funds $ — $ 1 $ — $ — Generally quarterly 10–95 days Private equity funds (1)(2) 368 372 62 62 — — Real estate funds (2)(3) 16 31 19 20 — — Mutual/collective investment funds 26 — — — — — Total $ 410 $ 404 $ 81 $ 82 — — (1) Private equity funds include funds that invest in infrastructure, emerging markets and venture capital. (2) With respect to the Company’s investments in private equity funds and real estate funds, distributions from each fund will be received as the underlying assets held by these funds are liquidated. It is estimated that the underlying assets of these funds will be liquidated over a period of several years as market conditions allow. Private equity and real estate funds do not allow redemption of investments by their investors. Investors are permitted to sell or transfer their investments, subject to the approval of the general partner or investment manager of these funds, which generally may not be unreasonably withheld. (3) Includes several real estate funds that invest primarily in commercial real estate in the U.S., Europe and Asia. |
LOANS (Tables)
LOANS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Consumer | |
Loans receivable | |
Schedule of loans | The following table provides Citi’s consumer loans by loan type: In millions of dollars June 30, December 31, 2017 In U.S. offices Mortgage and real estate (1) $ 61,692 $ 65,467 Installment, revolving credit and other 3,759 3,398 Cards 135,968 139,006 Commercial and industrial 7,459 7,840 $ 208,878 $ 215,711 In offices outside the U.S. Mortgage and real estate (1) $ 43,056 $ 44,081 Installment, revolving credit and other 27,254 26,556 Cards 24,712 26,257 Commercial and industrial 18,966 20,238 Lease financing 55 76 $ 114,043 $ 117,208 Total consumer loans $ 322,921 $ 332,919 Net unearned income $ 711 $ 737 Consumer loans, net of unearned income $ 323,632 $ 333,656 (1) Loans secured primarily by real estate. |
Schedule of loan delinquency and non-accrual details | Consumer Loan Delinquency and Non-Accrual Details at June 30, 2018 In millions of dollars Total current (1)(2) 30–89 days past due (3) ≥ 90 days past due (3) Past due government guaranteed (4) Total loans (2) Total non-accrual 90 days past due and accruing In North America offices Residential first mortgages (5) $ 46,314 $ 404 $ 255 $ 931 $ 47,904 $ 619 $ 673 Home equity loans (6)(7) 12,420 155 286 — 12,861 606 — Credit cards 133,860 1,388 1,493 — 136,741 — 1,493 Installment and other 3,402 38 13 — 3,453 20 — Commercial banking loans 9,054 10 40 — 9,104 128 — Total $ 205,050 $ 1,995 $ 2,087 $ 931 $ 210,063 $ 1,373 $ 2,166 In offices outside North America Residential first mortgages (5) $ 35,789 $ 205 $ 140 $ — $ 36,134 $ 382 $ — Credit cards 23,389 416 352 — 24,157 312 227 Installment and other 24,772 243 109 — 25,124 144 — Commercial banking loans 28,027 54 72 — 28,153 172 — Total $ 111,977 $ 918 $ 673 $ — $ 113,568 $ 1,010 $ 227 Total GCB and Corporate/Other — Consumer $ 317,027 $ 2,913 $ 2,760 $ 931 $ 323,631 $ 2,383 $ 2,393 Other (8) 1 — — — 1 — — Total Citigroup $ 317,028 $ 2,913 $ 2,760 $ 931 $ 323,632 $ 2,383 $ 2,393 (1) Loans less than 30 days past due are presented as current. (2) Includes $22 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored entities. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.2 billion and 90 days or more past due of $0.7 billion . (5) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (6) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (7) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (8) Represents loans classified as consumer loans on the Consolidated Balance Sheet that are not included in GCB or Corporate/Other consumer credit metrics. Consumer Loan Delinquency and Non-Accrual Details at December 31, 2017 In millions of dollars Total current (1)(2) 30–89 days past due (3) ≥ 90 days past due (3) Past due government guaranteed (4) Total loans (2) Total non-accrual 90 days past due and accruing In North America offices Residential first mortgages (5) $ 47,366 $ 505 $ 280 $ 1,225 $ 49,376 $ 665 $ 941 Home equity loans (6)(7) 14,268 207 352 — 14,827 750 — Credit cards 136,588 1,528 1,613 — 139,729 — 1,596 Installment and other 3,395 45 16 — 3,456 22 1 Commercial banking loans 9,395 51 65 — 9,511 213 — Total $ 211,012 $ 2,336 $ 2,326 $ 1,225 $ 216,899 $ 1,650 $ 2,538 In offices outside North America Residential first mortgages (5) $ 37,062 $ 209 $ 148 $ — $ 37,419 $ 400 $ — Credit cards 24,934 427 366 — 25,727 323 259 Installment and other 25,634 275 123 — 26,032 157 — Commercial banking loans 27,449 57 72 — 27,578 160 — Total $ 115,079 $ 968 $ 709 $ — $ 116,756 $ 1,040 $ 259 Total GCB and Corporate/Other — Consumer $ 326,091 $ 3,304 $ 3,035 $ 1,225 $ 333,655 $ 2,690 $ 2,797 Other (8) 1 — — — 1 — — Total Citigroup $ 326,092 $ 3,304 $ 3,035 $ 1,225 $ 333,656 $ 2,690 $ 2,797 (1) Loans less than 30 days past due are presented as current. (2) Includes $25 million of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored entities. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.2 billion and 90 days or more past due of $1.0 billion . (5) Includes approximately $0.1 billion of residential first mortgage loans in process of foreclosure. (6) Includes approximately $0.1 billion of home equity loans in process of foreclosure. (7) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (8) Represents loans classified as consumer loans on the Consolidated Balance Sheet that are not included in GCB or Corporate/Other consumer credit metrics. |
Schedule of loans credit quality indicators | The following tables provide details on the FICO scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables (commercial banking loans are excluded from the table since they are business based and FICO scores are not a primary driver in their credit evaluation). FICO scores are updated monthly for substantially all of the portfolio or, otherwise, on a quarterly basis for the remaining portfolio. FICO score distribution in U.S. portfolio (1)(2) June 30, 2018 In millions of dollars Less than 620 ≥ 620 but less than 660 ≥ 660 but less than 720 Equal to or greater than 720 Residential first mortgages $ 1,707 $ 1,626 $ 6,421 $ 35,465 Home equity loans 1,085 906 2,946 7,274 Credit cards 8,682 11,129 38,544 74,911 Installment and other 147 242 708 1,685 Total $ 11,621 $ 13,903 $ 48,619 $ 119,335 FICO score distribution in U.S. portfolio (1)(2) December 31, 2017 In millions of dollars Less than 620 ≥ 620 but less than 660 ≥ 660 but less Equal to or greater than 720 Residential first mortgages $ 2,100 $ 1,932 $ 6,931 $ 35,334 Home equity loans 1,379 1,081 3,446 8,530 Credit cards 9,079 11,651 37,916 77,661 Installment and other 276 250 667 1,818 Total $ 12,834 $ 14,914 $ 48,960 $ 123,343 (1) Excludes loans guaranteed by U.S. government entities, loans subject to long-term standby commitments (LTSC) with U.S. government-sponsored entities and loans recorded at fair value. (2) Excludes balances where FICO was not available. Such amounts are not material. The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolios. LTV ratios are updated monthly using the most recent Core Logic Home Price Index data available for substantially all of the portfolio applied at the Metropolitan Statistical Area level, if available, or the state level if not. The remainder of the portfolio is updated in a similar manner using the Federal Housing Finance Agency indices. LTV distribution in U.S. portfolio (1)(2) June 30, 2018 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 42,778 $ 2,382 $ 189 Home equity loans 9,972 1,610 553 Total $ 52,750 $ 3,992 $ 742 LTV distribution in U.S. portfolio (1)(2) December 31, 2017 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 43,626 $ 2,578 $ 247 Home equity loans 11,403 2,147 800 Total $ 55,029 $ 4,725 $ 1,047 (1) Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value. (2) Excludes balances where LTV was not available. Such amounts are not material. |
Schedule of impaired loans | The following tables present information about impaired consumer loans and interest income recognized on impaired consumer loans: Three Months Ended Six Months Ended June 30, Balance at June 30, 2018 2018 2017 2018 2017 In millions of dollars Recorded investment (1)(2) Unpaid principal balance Related specific allowance (3) Average carrying value (4) Interest income (5) Interest income (5) Interest income recognized (5) Interest income recognized (5) Mortgage and real estate Residential first mortgages $ 2,489 $ 2,674 $ 233 $ 2,831 $ 21 $ 32 $ 42 $ 68 Home equity loans 730 1,073 136 931 2 7 8 15 Credit cards 1,794 1,824 621 1,812 25 36 55 73 Installment and other Individual installment and other 405 434 166 427 6 5 12 13 Commercial banking 307 463 29 333 5 8 8 14 Total $ 5,725 $ 6,468 $ 1,185 $ 6,334 $ 59 $ 88 $ 125 $ 183 (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans. (2) $521 million of residential first mortgages, $295 million of home equity loans and $14 million of commercial market loans do not have a specific allowance. (3) Included in the Allowance for loan losses . (4) Average carrying value represents the average recorded investment ending balance for the last four quarters and does not include the related specific allowance. (5) Includes amounts recognized on both an accrual and cash basis. Balance, December 31, 2017 In millions of dollars Recorded investment (1)(2) Unpaid principal balance Related specific allowance (3) Average carrying value (4) Mortgage and real estate Residential first mortgages $ 2,877 $ 3,121 $ 278 $ 3,155 Home equity loans 1,151 1,590 216 1,181 Credit cards 1,787 1,819 614 1,803 Installment and other Individual installment and other 431 460 175 415 Commercial banking 334 541 51 429 Total $ 6,580 $ 7,531 $ 1,334 $ 6,983 (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans. (2) $607 million of residential first mortgages, $370 million of home equity loans and $10 million of commercial market loans do not have a specific allowance. (3) Included in the Allowance for loan losses . (4) Average carrying value represents the average recorded investment ending balance for the last four quarters and does not include the related specific allowance. |
Schedule of troubled debt restructurings | Consumer Troubled Debt Restructurings At and for the three months ended June 30, 2018 In millions of dollars except number of loans modified Number of Post- (1)(2) Deferred (3) Contingent (4) Principal (5) Average North America Residential first mortgages 495 $ 77 $ 1 $ — $ — — % Home equity loans 380 37 1 — — 1 Credit cards 55,459 220 — — — 17 Installment and other revolving 292 2 — — — 5 Commercial banking (6) 17 1 — — — — Total (8) 56,643 $ 337 $ 2 $ — $ — International Residential first mortgages 624 $ 22 $ — $ — $ — — % Credit cards 17,782 78 — — 2 16 Installment and other revolving 7,172 43 — — 2 11 Commercial banking (6) 157 22 — — — — Total (8) 25,735 $ 165 $ — $ — $ 4 At and for the three months ended June 30, 2017 In millions of dollars except number of loans modified Number of loans modified Post- modification recorded investment (1)(7) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 806 $ 116 $ 1 $ — $ 1 1 % Home equity loans 677 58 5 — — 2 Credit cards 53,080 203 — — — 17 Installment and other revolving 250 2 — — — 5 Commercial banking (6) 30 43 — — — — Total (8) 54,843 $ 422 $ 6 $ — $ 1 International Residential first mortgages 755 $ 28 $ — $ — $ — — % Credit cards 28,551 98 — — 2 12 Installment and other revolving 11,622 64 — — 2 9 Commercial banking (6) 53 6 — — — — Total (8) 40,981 $ 196 $ — $ — $ 4 (1) Post-modification balances include past due amounts that are capitalized at the modification date. (2) Post-modification balances in North America include $8 million of residential first mortgages and $3 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended June 30, 2018 . These amounts include $5 million of residential first mortgages and $3 million of home equity loans that were newly classified as TDRs in the three months ended June 30, 2018 , based on previously received OCC guidance. (3) Represents portion of contractual loan principal that is non-interest bearing, but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value. (4) Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. (5) Represents portion of contractual loan principal that was forgiven at the time of permanent modification. (6) Commercial banking loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest. (7) Post-modification balances in North America include $ 15 million of residential first mortgages and $ 5 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the three months ended June 30, 2017 . These amounts include $ 11 million of residential first mortgages and $ 4 million of home equity loans that were newly classified as TDRs in the three months ended June 30, 2017 , based on previously received OCC guidance. (8) The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs. At and for the six months ended June 30, 2018 In millions of dollars except number of loans modified Number of loans modified Post- modification recorded investment (1)(2) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 1,083 $ 166 $ 1 $ — $ — — % Home equity loans 836 78 3 — — 1 Credit cards 118,662 464 — — — 17 Installment and other revolving 634 5 — — — 5 Commercial banking (6) 26 2 — — — — Total (8) 121,241 $ 715 $ 4 $ — $ — International Residential first mortgages 1,173 $ 41 $ — $ — $ — — % Credit cards 41,176 173 — — 5 16 Installment and other revolving 16,497 102 — — 4 10 Commercial banking (6) 302 50 — — — (1 ) Total (8) 59,148 $ 366 $ — $ — $ 9 At and for the six months ended June 30, 2017 In millions of dollars except number of loans modified Number of loans modified Post- modification recorded investment (1)(7) Deferred principal (3) Contingent principal forgiveness (4) Principal forgiveness (5) Average interest rate reduction North America Residential first mortgages 1,772 $ 246 $ 4 $ — $ 1 1 % Home equity loans 1,356 114 8 — — 1 Credit cards 112,417 433 — — — 17 Installment and other revolving 471 4 — — — 5 Commercial banking (6) 56 48 — — — — Total (8) 116,072 $ 845 $ 12 $ — $ 1 International Residential first mortgages 1,368 $ 54 $ — $ — $ — — % Credit cards 53,788 183 — — 4 13 Installment and other revolving 22,929 124 — — 6 7 Commercial banking (6) 85 19 — — — (1 ) Total (8) 78,170 $ 380 $ — $ — $ 10 (1) Post-modification balances include past due amounts that are capitalized at the modification date. (2) Post-modification balances in North America include $ 19 million of residential first mortgages and $ 7 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2018. These amounts include $ 13 million of residential first mortgages and $ 6 million of home equity loans that were newly classified as TDRs in the six months ended June 30, 2018, based on previously received OCC guidance. (3) Represents portion of contractual loan principal that is non-interest bearing but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value. (4) Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. (5) Represents portion of contractual loan principal that was forgiven at the time of permanent modification. (6) Commercial banking loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest. (7) Post-modification balances in North America include $ 30 million of residential first mortgages and $ 11 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the six months ended June 30, 2017 . These amounts include $ 21 million of residential first mortgages and $ 10 million of home equity loans that were newly classified as TDRs in the six months ended June 30, 2017 , based on previously received OCC guidance. (8) The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs. |
Schedule of troubled debt restructuring loans that defaulted | The following table presents consumer TDRs that defaulted for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due. Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 North America Residential first mortgages $ 30 $ 48 $ 74 $ 99 Home equity loans 6 8 16 17 Credit cards 57 57 116 109 Installment and other revolving 1 1 1 1 Commercial banking 13 1 21 2 Total $ 107 $ 115 $ 228 $ 228 International Residential first mortgages $ 2 $ 3 $ 4 $ 5 Credit cards 55 46 108 88 Installment and other revolving 20 23 44 46 Commercial banking 9 — 10 — Total $ 86 $ 72 $ 166 $ 139 |
Corporate | |
Loans receivable | |
Schedule of loans | The following table presents information by corporate loan type: In millions of dollars June 30, December 31, In U.S. offices Commercial and industrial $ 53,260 $ 51,319 Financial institutions 42,867 39,128 Mortgage and real estate (1) 46,310 44,683 Installment, revolving credit and other 32,663 33,181 Lease financing 1,445 1,470 $ 176,545 $ 169,781 In offices outside the U.S. Commercial and industrial $ 98,068 $ 93,750 Financial institutions 38,312 35,273 Mortgage and real estate (1) 7,261 7,309 Installment, revolving credit and other 22,755 22,638 Lease financing 139 190 Governments and official institutions 5,270 5,200 $ 171,805 $ 164,360 Total corporate loans $ 348,350 $ 334,141 Net unearned income $ (802 ) $ (763 ) Corporate loans, net of unearned income $ 347,548 $ 333,378 (1) Loans secured primarily by real estate. |
Schedule of loan delinquency and non-accrual details | Corporate Loan Delinquency and Non-Accrual Details at June 30, 2018 In millions of dollars 30–89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due and accruing Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 618 $ 39 $ 657 $ 1,095 $ 147,195 $ 148,947 Financial institutions 177 54 231 134 80,182 80,547 Mortgage and real estate 140 9 149 267 53,135 53,551 Leases 3 — 3 41 1,541 1,585 Other 59 19 78 86 59,776 59,940 Loans at fair value 2,978 Total $ 997 $ 121 $ 1,118 $ 1,623 $ 341,829 $ 347,548 Corporate Loan Delinquency and Non-Accrual Details at December 31, 2017 In millions of dollars 30–89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due and accruing Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 249 $ 13 $ 262 $ 1,506 $ 139,554 $ 141,322 Financial institutions 93 15 108 92 73,557 73,757 Mortgage and real estate 147 59 206 195 51,563 51,964 Leases 68 8 76 46 1,533 1,655 Other 70 13 83 103 60,145 60,331 Loans at fair value 4,349 Total $ 627 $ 108 $ 735 $ 1,942 $ 326,352 $ 333,378 (1) Corporate loans that are 90 days past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid. (2) Non-accrual loans generally include those loans that are ≥ 90 days past due or those loans for which Citi believes, based on actual experience and a forward-looking assessment of the collectability of the loan in full, that the payment of interest or principal is doubtful. (3) Loans less than 30 days past due are presented as current. (4) Total loans include loans at fair value, which are not included in the various delinquency columns. |
Schedule of loans credit quality indicators | Corporate Loans Credit Quality Indicators Recorded investment in loans (1) In millions of dollars June 30, December 31, Investment grade (2) Commercial and industrial $ 106,631 $ 101,313 Financial institutions 68,604 60,404 Mortgage and real estate 23,633 23,213 Leases 1,055 1,090 Other 55,196 56,306 Total investment grade $ 255,119 $ 242,326 Non-investment grade (2) Accrual Commercial and industrial $ 41,221 $ 38,503 Financial institutions 11,808 13,261 Mortgage and real estate 3,211 2,881 Leases 490 518 Other 4,658 3,924 Non-accrual Commercial and industrial 1,095 1,506 Financial institutions 134 92 Mortgage and real estate 267 195 Leases 41 46 Other 86 103 Total non-investment grade $ 63,011 $ 61,029 Non-rated private bank loans managed on a delinquency basis (2) $ 26,440 $ 25,674 Loans at fair value 2,978 4,349 Corporate loans, net of unearned income $ 347,548 $ 333,378 (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. (2) Held-for-investment loans are accounted for on an amortized cost basis. |
Schedule of impaired loans | The following tables present non-accrual loan information by corporate loan type and interest income recognized on non-accrual corporate loans: June 30, 2018 Three Months Ended Six Months Ended In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Interest income recognized (3) Interest income recognized (3) Non-accrual corporate loans Commercial and industrial $ 1,095 $ 1,246 $ 248 $ 1,332 $ 13 $ 16 Financial institutions 134 149 53 134 — — Mortgage and real estate 267 420 29 206 — 1 Lease financing 41 41 — 48 — — Other 86 194 2 102 — — Total non-accrual corporate loans $ 1,623 $ 2,050 $ 332 $ 1,822 $ 13 $ 17 December 31, 2017 In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Non-accrual corporate loans Commercial and industrial $ 1,506 $ 1,775 $ 368 $ 1,547 Financial institutions 92 102 41 212 Mortgage and real estate 195 324 11 183 Lease financing 46 46 4 59 Other 103 212 2 108 Total non-accrual corporate loans $ 1,942 $ 2,459 $ 426 $ 2,109 June 30, 2018 December 31, 2017 In millions of dollars Recorded investment (1) Related specific allowance Recorded investment (1) Related specific allowance Non-accrual corporate loans with valuation allowances Commercial and industrial $ 660 $ 248 $ 1,017 $ 368 Financial institutions 98 53 88 41 Mortgage and real estate 124 29 51 11 Lease financing — — 46 4 Other 10 2 13 2 Total non-accrual corporate loans with specific allowance $ 892 $ 332 $ 1,215 $ 426 Non-accrual corporate loans without specific allowance Commercial and industrial $ 435 $ 489 Financial institutions 36 4 Mortgage and real estate 143 144 Lease financing 41 — Other 76 90 Total non-accrual corporate loans without specific allowance $ 731 N/A $ 727 N/A (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. (2) Average carrying value represents the average recorded investment balance and does not include related specific allowance. (3) Interest income recognized for the three and six months ended June 30 , 2017 was $17 million and $19 million . N/A Not applicable |
Schedule of troubled debt restructurings | At and for the three months ended June 30, 2018 : In millions of dollars Carrying Value TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 39 $ 3 $ 4 $ 32 Mortgage and real estate 2 — — 2 Total $ 41 $ 3 $ 4 $ 34 At and for the three months ended June 30, 2017 : In millions of dollars Carrying Value TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 233 $ 32 $ — $ 201 Mortgage and real estate 3 — — 3 Total $ 236 $ 32 $ — $ 204 At and for the six months ended June 30, 2018 : In millions of dollars Carrying Value TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 41 $ 3 $ 4 $ 34 Mortgage and real estate 3 — — 3 Total $ 44 $ 3 $ 4 $ 37 At and for the six months ended June 30, 2017 : In millions of dollars Carrying Value TDRs involving changes in the amount and/or timing of principal payments (1) TDRs involving changes in the amount and/or timing of interest payments (2) TDRs involving changes in the amount and/or timing of both principal and interest payments Commercial and industrial $ 288 $ 32 $ — $ 256 Mortgage and real estate 15 — — 15 Other 4 — — 4 Total $ 307 $ 32 $ — $ 275 (1) TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for corporate loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loans. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification. (2) TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate. |
Schedule of troubled debt restructuring loans that defaulted | The following table presents total corporate loans modified in a TDR as well as those TDRs that defaulted and for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due. In millions of dollars TDR balances at June 30, 2018 TDR loans in payment default during the three months ended June 30, 2018 TDR loans in payment default six months ended June 30, 2018 TDR balances at June 30, 2017 TDR loans in payment default during the three months ended June 30, 2017 TDR loans in payment default during the six months ended Commercial and industrial $ 440 $ 11 $ 70 $ 591 $ 3 $ 12 Financial institutions 34 — — 24 — 3 Mortgage and real estate 87 — — 74 — — Other 37 — — 166 — — Total (1) $ 598 $ 11 $ 70 $ 855 $ 3 $ 15 (1) The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs. |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Allowance for credit losses | Three Months Ended June 30, Six Months Ended In millions of dollars 2018 2017 2018 2017 Allowance for loan losses at beginning of period $ 12,354 $ 12,030 $ 12,355 $ 12,060 Gross credit losses (2,109 ) (2,130 ) (4,405 ) (4,274 ) Gross recoveries (1) 405 420 834 855 Net credit losses (NCLs) $ (1,704 ) $ (1,710 ) $ (3,571 ) $ (3,419 ) NCLs $ 1,704 $ 1,710 $ 3,571 $ 3,419 Net reserve builds (releases) 31 67 133 47 Net specific reserve releases 60 (111 ) (106 ) (125 ) Total provision for loan losses $ 1,795 $ 1,666 $ 3,598 $ 3,341 Other, net (see table below) (319 ) 39 (256 ) 43 Allowance for loan losses at end of period $ 12,126 $ 12,025 $ 12,126 $ 12,025 Allowance for credit losses on unfunded lending commitments at beginning of period $ 1,290 $ 1,377 $ 1,258 $ 1,418 Provision (release) for unfunded lending commitments (4 ) 28 24 (15 ) Other, net (8 ) 1 (4 ) 3 Allowance for credit losses on unfunded lending commitments at end of period (2) $ 1,278 $ 1,406 $ 1,278 $ 1,406 Total allowance for loans, leases and unfunded lending commitments $ 13,404 $ 13,431 $ 13,404 $ 13,431 (1) Recoveries have been reduced by certain collection costs that are incurred only if collection efforts are successful. (2) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. Other, net details Three Months Ended June 30, Six Months Ended In millions of dollars 2018 2017 2018 2017 Sales or transfers of various consumer loan portfolios to HFS Transfer of real estate loan portfolios $ (33 ) $ (19 ) $ (86 ) $ (56 ) Transfer of other loan portfolios (104 ) — (106 ) (124 ) Sales or transfers of various consumer loan portfolios to HFS $ (137 ) $ (19 ) $ (192 ) $ (180 ) FX translation, consumer (164 ) 50 (46 ) 214 Other (18 ) 8 (18 ) 9 Other, net $ (319 ) $ 39 $ (256 ) $ 43 |
Schedule of allowance for credit losses and investment in loans by portfolio segment | Allowance for Credit Losses and Investment in Loans Three Months Ended June 30, 2018 June 30, 2017 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses at beginning of period $ 2,315 $ 10,039 $ 12,354 $ 2,535 $ 9,495 $ 12,030 Charge-offs (20 ) (2,089 ) (2,109 ) (96 ) (2,034 ) (2,130 ) Recoveries 22 383 405 19 401 420 Replenishment of net charge-offs (2 ) 1,706 1,704 77 1,633 1,710 Net reserve builds (releases) (30 ) 61 31 (4 ) 71 67 Net specific reserve builds (releases) 63 (3 ) 60 (27 ) (84 ) (111 ) Other (18 ) (301 ) (319 ) 6 33 39 Ending balance $ 2,330 $ 9,796 $ 12,126 $ 2,510 $ 9,515 $ 12,025 Six Months Ended June 30, 2018 June 30, 2017 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses at beginning of period $ 2,486 $ 9,869 $ 12,355 $ 2,702 $ 9,358 $ 12,060 Charge-offs (159 ) (4,246 ) (4,405 ) (199 ) (4,075 ) (4,274 ) Recoveries 65 769 834 85 770 855 Replenishment of net charge-offs 94 3,477 3,571 114 3,305 3,419 Net reserve builds (releases) (49 ) 182 133 (170 ) 217 47 Net specific reserve builds (releases) (92 ) (14 ) (106 ) (39 ) (86 ) (125 ) Other (15 ) (241 ) (256 ) 17 26 43 Ending balance $ 2,330 $ 9,796 $ 12,126 $ 2,510 $ 9,515 $ 12,025 June 30, 2018 December 31, 2017 In millions of dollars Corporate Consumer Total Corporate Consumer Total Allowance for loan losses Collectively evaluated in accordance with ASC 450 $ 1,998 $ 8,608 $ 10,606 $ 2,060 $ 8,531 $ 10,591 Individually evaluated in accordance with ASC 310-10-35 332 1,185 1,517 426 1,334 1,760 Purchased credit-impaired in accordance with ASC 310-30 — 3 3 — 4 4 Total allowance for loan losses $ 2,330 $ 9,796 $ 12,126 $ 2,486 $ 9,869 $ 12,355 Loans, net of unearned income Collectively evaluated in accordance with ASC 450 $ 343,000 $ 317,736 $ 660,736 $ 327,142 $ 326,884 $ 654,026 Individually evaluated in accordance with ASC 310-10-35 1,570 5,725 7,295 1,887 6,580 8,467 Purchased credit-impaired in accordance with ASC 310-30 — 149 149 — 167 167 Held at fair value 2,978 22 3,000 4,349 25 4,374 Total loans, net of unearned income $ 347,548 $ 323,632 $ 671,180 $ 333,378 $ 333,656 $ 667,034 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in Goodwill were as follows: In millions of dollars Global Consumer Banking Institutional Clients Group Corporate/Other Total Balance at December 31, 2017 $ 12,784 $ 9,456 $ 16 $ 22,256 Foreign currency translation and other $ 184 $ 235 $ — $ 419 Divestiture (1) — — (16 ) (16 ) Balance at March 31, 2018 $ 12,968 $ 9,691 $ — $ 22,659 Foreign exchange translation and other $ (226 ) $ (375 ) $ — $ (601 ) Divestiture (1) — — — — Balance at June 30, 2018 $ 12,742 $ 9,316 $ — $ 22,058 (1) Goodwill allocated to the sale of the Citi Colombia consumer business, the only remaining business in Citi Holdings-Consumer Latin America reporting unit reported as part of Corporate/Other , which was classified as HFS beginning the first quarter of 2018. The sale was completed during the second quarter of 2018. |
Components of intangible assets, finite-lived | The components of intangible assets were as follows: June 30, 2018 December 31, 2017 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 5,726 $ 3,838 $ 1,888 $ 5,375 $ 3,836 $ 1,539 Credit card contract related intangibles (1) 5,043 2,624 2,419 5,045 2,456 2,589 Core deposit intangibles 419 412 7 639 628 11 Other customer relationships 472 287 185 459 272 187 Present value of future profits 32 28 4 32 28 4 Indefinite-lived intangible assets 216 — 216 244 — 244 Other 95 85 10 100 86 14 Intangible assets (excluding MSRs) $ 12,003 $ 7,274 $ 4,729 $ 11,894 $ 7,306 $ 4,588 Mortgage servicing rights (MSRs) (2) 596 — 596 558 — 558 Total intangible assets $ 12,599 $ 7,274 $ 5,325 $ 12,452 $ 7,306 $ 5,146 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco, Sears and AT&T credit card program agreements, which represent 97% of the aggregate net carrying amount as of June 30, 2018. (2) For additional information on Citi’s MSRs, see Note 18 to the Consolidated Financial Statements. |
Components of intangible assets, indefinite-lived | The components of intangible assets were as follows: June 30, 2018 December 31, 2017 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 5,726 $ 3,838 $ 1,888 $ 5,375 $ 3,836 $ 1,539 Credit card contract related intangibles (1) 5,043 2,624 2,419 5,045 2,456 2,589 Core deposit intangibles 419 412 7 639 628 11 Other customer relationships 472 287 185 459 272 187 Present value of future profits 32 28 4 32 28 4 Indefinite-lived intangible assets 216 — 216 244 — 244 Other 95 85 10 100 86 14 Intangible assets (excluding MSRs) $ 12,003 $ 7,274 $ 4,729 $ 11,894 $ 7,306 $ 4,588 Mortgage servicing rights (MSRs) (2) 596 — 596 558 — 558 Total intangible assets $ 12,599 $ 7,274 $ 5,325 $ 12,452 $ 7,306 $ 5,146 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco, Sears and AT&T credit card program agreements, which represent 97% of the aggregate net carrying amount as of June 30, 2018. (2) For additional information on Citi’s MSRs, see Note 18 to the Consolidated Financial Statements. |
Changes in intangible assets | The changes in intangible assets were as follows: Net carrying Net carrying amount at In millions of dollars December 31, Acquisitions/ divestitures Amortization FX translation and other June 30, Purchased credit card relationships (1) $ 1,539 $ 425 $ (74 ) $ (2 ) $ 1,888 Credit card contract related intangibles (2) 2,589 2 (171 ) (1 ) 2,419 Core deposit intangibles 11 — (4 ) — 7 Other customer relationships 187 — (12 ) 10 185 Present value of future profits 4 — — — 4 Indefinite-lived intangible assets 244 — — (28 ) 216 Other 14 — (7 ) 3 10 Intangible assets (excluding MSRs) $ 4,588 $ 427 $ (268 ) $ (18 ) $ 4,729 Mortgage servicing rights (MSRs) (3) 558 596 Total intangible assets $ 5,146 $ 5,325 (1) Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract intangibles and include credit card accounts primarily in the Costco, Macy`s and Sears portfolios. The increase since December 31, 2017 reflects the purchase of certain rights related to credit card accounts in the Sears portfolio. (2) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco, Sears and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount at June 30, 2018 and December 31, 2017 . (3) For additional information on Citi’s MSRs, including the rollforward for the six months ended June 30, 2018 , see Note 18 to the Consolidated Financial Statements. |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings | In millions of dollars June 30, December 31, Commercial paper $ 12,034 $ 9,940 Other borrowings (1) 25,199 34,512 Total $ 37,233 $ 44,452 (1) Includes borrowings from Federal Home Loan Banks and other market participants. At June 30, 2018 and December 31, 2017 , collateralized short-term advances from the Federal Home Loan Banks were $15.3 billion and $23.8 billion , respectively. |
Schedule of long-term debt | In millions of dollars June 30, December 31, 2017 Citigroup Inc. (1) $ 148,601 $ 152,163 Bank (2) 63,951 65,856 Broker-dealer and other (3) 24,270 18,690 Total $ 236,822 $ 236,709 (1) Represents the parent holding company. (2) Represents Citibank entities as well as other bank entities. At June 30, 2018 and December 31, 2017 , collateralized long-term advances from the Federal Home Loan Banks were $13.7 billion and $19.3 billion , respectively. (3) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. |
Summary of outstanding trust preferred securities | The following table summarizes Citi’s outstanding trust preferred securities at June 30, 2018 : Junior subordinated debentures owned by trust Trust Issuance date Securities issued Liquidation value (1) Coupon rate (2) Common shares issued to parent Amount Maturity Redeemable by issuer beginning In millions of dollars, except share amounts Citigroup Capital III Dec. 1996 194,053 $ 194 7.625 % 6,003 $ 200 Dec. 1, 2036 Not redeemable Citigroup Capital XIII Sept. 2010 89,840,000 2,246 3 mo LIBOR + 637 bps 1,000 2,246 Oct. 30, 2040 Oct. 30, 2015 Citigroup Capital XVIII June 2007 99,901 132 3 mo LIBOR + 88.75 bps 50 132 June 28, 2067 June 28, 2017 Total obligated $ 2,572 $ 2,578 Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and Citigroup Capital XVIII and quarterly for Citigroup Capital XIII. (1) Represents the notional value received by investors from the trusts at the time of issuance. (2) In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities. |
CHANGES IN ACCUMULATED OTHER 48
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Changes in each component of accumulated other comprehensive income (loss) | Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) were as follows: Three Months Ended June 30, 2018 In millions of dollars Net Debt valuation adjustment (DVA) Cash flow hedges (1) Benefit plans (2) Foreign (3) Excluded Component of fair value hedges (4) Accumulated Balance, March 31, 2018 $ (2,219 ) $ (793 ) $ (920 ) $ (6,095 ) $ (24,588 ) $ (4 ) $ (34,619 ) Other comprehensive income before reclassifications (433 ) 316 (36 ) 261 (2,867 ) (28 ) (2,787 ) Increase (decrease) due to amounts reclassified from AOCI (65 ) 2 (65 ) 40 — — (88 ) Change, net of taxes $ (498 ) $ 318 $ (101 ) $ 301 $ (2,867 ) $ (28 ) $ (2,875 ) Balance at June 30, 2018 $ (2,717 ) $ (475 ) $ (1,021 ) $ (5,794 ) $ (27,455 ) $ (32 ) $ (37,494 ) Six Months Ended June 30, 2018 In millions of dollars Net Debt valuation adjustment (DVA) Cash flow hedges (1) Benefit plans (2) Foreign (3) Excluded Component of fair value hedges (4) Accumulated Balance, December 31, 2017 $ (1,158 ) $ (921 ) $ (698 ) $ (6,183 ) $ (25,708 ) $ — $ (34,668 ) Adjustment to opening balance, net of taxes (5) (3 ) — — — — — (3 ) Adjusted balance, beginning of period $ (1,161 ) $ (921 ) $ (698 ) $ (6,183 ) $ (25,708 ) $ — $ (34,671 ) Other comprehensive income before reclassifications (1,383 ) 417 (279 ) 302 (1,747 ) (32 ) (2,722 ) Increase (decrease) due to amounts reclassified from AOCI (173 ) 29 (44 ) 87 — — (101 ) Change, net of taxes $ (1,556 ) $ 446 $ (323 ) $ 389 $ (1,747 ) $ (32 ) $ (2,823 ) Balance at June 30, 2018 $ (2,717 ) $ (475 ) $ (1,021 ) $ (5,794 ) $ (27,455 ) $ (32 ) $ (37,494 ) Note: Footnotes to the tables above appear on the following page. Three Months Ended June 30, 2017 In millions of dollars Net Debt valuation adjustment (DVA) Cash flow hedges (1) Benefit plans (2) Foreign (3) Excluded Component of fair value hedges (4) Accumulated Balance, March 31, 2017 $ (75 ) $ (412 ) $ (562 ) $ (5,176 ) $ (24,188 ) $ — $ (30,413 ) Other comprehensive income before reclassifications 101 (79 ) 62 (173 ) 643 — 554 Increase (decrease) due to amounts reclassified from AOCI (128 ) (5 ) 55 38 — — (40 ) Change, net of taxes $ (27 ) $ (84 ) $ 117 $ (135 ) $ 643 $ — $ 514 Balance, June 30, 2017 $ (102 ) $ (496 ) $ (445 ) $ (5,311 ) $ (23,545 ) $ — $ (29,899 ) Six Months Ended June 30, 2017 In millions of dollars Net Debt valuation adjustment (DVA) Cash flow hedges (1) Benefit plans (2) Foreign (3) Excluded Component of fair value hedges (4) Accumulated Balance, December 31, 2016 $ (799 ) $ (352 ) $ (560 ) $ (5,164 ) $ (25,506 ) $ — $ (32,381 ) Adjustment to opening balance, net of taxes (6) 504 — — — — — 504 Adjusted balance, beginning of period $ (295 ) $ (352 ) $ (560 ) $ (5,164 ) $ (25,506 ) $ — $ (31,877 ) Other comprehensive income before reclassifications 435 (134 ) 86 (222 ) 2,108 — 2,273 Increase (decrease) due to amounts reclassified from AOCI (242 ) (10 ) 29 75 (147 ) — (295 ) Change, net of taxes $ 193 $ (144 ) $ 115 $ (147 ) $ 1,961 $ — $ 1,978 Balance, June 30, 2017 $ (102 ) $ (496 ) $ (445 ) $ (5,311 ) $ (23,545 ) $ — $ (29,899 ) (1) Primarily driven by Citigroup’s pay fixed/receive floating interest rate swap programs that hedge the floating rates on liabilities. (2) Primarily reflects adjustments based on the quarterly actuarial valuations of the Company’s Significant pension and postretirement plans, annual actuarial valuations of all other plans and amortization of amounts previously recognized in other comprehensive income. (3) Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Euro, and Korean won against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2018 . Primarily reflects the movements in (by order of impact) the Brazilian real, Indian rupee, Argentine peso, and Korean won against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2018. Primarily reflects the movements in (by order of impact) the Mexican peso, Euro, Polish zloty, and British pound sterling against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2017. Primarily reflects the movements in (by order of impact) the Mexican peso, Euro, Korean won, and Polish zloty against the U.S. dollar and changes in related tax effects and hedges for the quarter and six months ended June 30, 2017. Amounts recorded in the CTA component of AOCI remain in AOCI until the sale or substantial liquidation of the foreign entity, at which point such amounts related to the foreign entity are reclassified into earnings. (4) Beginning in the first quarter of 2018, changes in the excluded component of fair value hedges are reflected as a component of AOCI, pursuant to the early adoption of ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities . See Note 1 to the Consolidated Financial Statements for further information regarding this change. (5) Citi adopted ASU 2016-01 and ASU 2018-03 on January 1, 2018. Upon adoption, a cumulative effect adjustment was recorded from AOCI to retained earnings for net unrealized gains on former AFS equity securities. For additional information, see Note 1 to the Consolidated Financial Statements. (6) In the second quarter of 2017, Citi early adopted ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. Upon adoption, a cumulative effect adjustment was recorded to reduce retained earnings, effective January 1, 2017, for the incremental amortization of cumulative fair value hedge adjustments on callable state and municipal debt securities. For additional information, see Note 1 to the Consolidated Financial Statements. |
Schedule of pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) | The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows: Three Months Ended June 30, 2018 In millions of dollars Pretax Tax effect (1) After-tax Balance, March 31, 2018 $ (41,519 ) $ 6,900 $ (34,619 ) Change in net unrealized gains (losses) on AFS debt securities (671 ) 173 (498 ) Debt valuation adjustment (DVA) 418 (100 ) 318 Cash flow hedges (132 ) 31 (101 ) Benefit plans 403 (102 ) 301 Foreign currency translation adjustment (2,869 ) 2 (2,867 ) Excluded component of fair value hedges (37 ) 9 (28 ) Change $ (2,888 ) $ 13 $ (2,875 ) Balance, June 30, 2018 $ (44,407 ) $ 6,913 $ (37,494 ) Six Months Ended June 30, 2018 In millions of dollars Pretax Tax effect (1) After-tax Balance, December 31, 2017 (1) $ (41,228 ) $ 6,560 $ (34,668 ) Adjustment to opening balance (2) (4 ) 1 (3 ) Adjusted balance, beginning of period $ (41,232 ) $ 6,561 $ (34,671 ) Change in net unrealized gains (losses) on investment securities (2,051 ) 495 (1,556 ) Debt valuation adjustment (DVA) 585 (139 ) 446 Cash flow hedges (422 ) 99 (323 ) Benefit plans 494 (105 ) 389 Foreign currency translation adjustment (1,739 ) (8 ) (1,747 ) Excluded component of fair value hedges (42 ) 10 (32 ) Change $ (3,175 ) $ 352 $ (2,823 ) Balance, June 30, 2018 $ (44,407 ) $ 6,913 $ (37,494 ) (1) Includes the impact of ASU 2018-02, which transferred amounts from AOCI to Retained Earnings . For additional information, see Note 19 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K. (2) Citi adopted ASU 2016-01 and ASU 2018-03 on January 1, 2018. Upon adoption, a cumulative effect adjustment was recorded from AOCI to retained earnings for net unrealized gains on former AFS equity securities. For additional information, see Note 1 to the Consolidated Financial Statements. Three Months Ended June 30, 2017 In millions of dollars Pretax Tax effect After-tax Balance, March 31, 2017 $ (39,514 ) $ 9,101 $ (30,413 ) Change in net unrealized gains (losses) on investment securities (45 ) 18 (27 ) Debt valuation adjustment (DVA) (132 ) 48 (84 ) Cash flow hedges 185 (68 ) 117 Benefit plans (219 ) 84 (135 ) Foreign currency translation adjustment 619 24 643 Excluded component of fair value hedges — — — Change $ 408 $ 106 $ 514 Balance, June 30, 2017 $ (39,106 ) $ 9,207 $ (29,899 ) Six Months Ended June 30, 2017 In millions of dollars Pretax Tax effect After-tax Balance, December 31, 2016 $ (42,035 ) $ 9,654 $ (32,381 ) Adjustment to opening balance (1) 803 (299 ) 504 Adjusted balance, beginning of period $ (41,232 ) $ 9,355 $ (31,877 ) Change in net unrealized gains (losses) on investment securities 301 (108 ) 193 Debt valuation adjustment (DVA) (227 ) 83 (144 ) Cash flow hedges 186 (71 ) 115 Benefit plans (221 ) 74 (147 ) Foreign currency translation adjustment 2,087 (126 ) 1,961 Excluded component of fair value hedges — — — Change $ 2,126 $ (148 ) $ 1,978 Balance, June 30, 2017 $ (39,106 ) $ 9,207 $ (29,899 ) (1) In the second quarter of 2017, Citi early adopted ASU 2017-08 . Upon adoption, a cumulative effect adjustment was recorded to reduce retained earnings, effective January 1, 2017, for the incremental amortization of cumulative fair value hedge adjustments on callable state and municipal debt securities. See Note 1 to the Consolidated Financial Statements. |
Summary of amounts reclassified out of accumulated other comprehensive income (loss) into the consolidated statement of income | The Company recognized pretax gains (losses) related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows: Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2018 Realized (gains) losses on sales of investments $ (102 ) $ (272 ) Gross impairment losses 15 43 Subtotal, pretax $ (87 ) $ (229 ) Tax effect 22 56 Net realized (gains) losses on investments after-tax (1) $ (65 ) $ (173 ) Realized DVA (gains) losses on fair value option liabilities $ 2 $ 37 Subtotal, pretax $ 2 $ 37 Tax effect — (8 ) Net realized debt valuation adjustment, after-tax $ 2 $ 29 Interest rate contracts $ (82 ) $ (51 ) Foreign exchange contracts (4 ) (6 ) Subtotal, pretax $ (86 ) $ (57 ) Tax effect 21 13 Amortization of cash flow hedges, after-tax (2) $ (65 ) $ (44 ) Amortization of unrecognized Prior service cost (benefit) $ (11 ) $ (22 ) Net actuarial loss 64 133 Curtailment/settlement impact (3) 2 6 Subtotal, pretax $ 55 $ 117 Tax effect (15 ) (30 ) Amortization of benefit plans, after-tax (3) $ 40 $ 87 Foreign currency translation adjustment $ — $ — Tax effect — — Foreign currency translation adjustment $ — $ — Total amounts reclassified out of AOCI, pretax $ (116 ) $ (132 ) Total tax effect 28 31 Total amounts reclassified out of AOCI, after-tax $ (88 ) $ (101 ) (1) The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses in the Consolidated Statement of Income. See Note 12 to the Consolidated Financial Statements for additional details. (2) See Note 19 to the Consolidated Financial Statements for additional details. (3) See Note 8 to the Consolidated Financial Statements for additional details. The Company recognized pretax gains (losses) related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows: Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2017 2017 Realized (gains) losses on sales of investments $ (221 ) $ (413 ) OTTI gross impairment losses 20 32 Subtotal, pretax $ (201 ) $ (381 ) Tax effect 73 139 Net realized (gains) losses on investment securities, after-tax (1) $ (128 ) $ (242 ) Realized DVA (gains) losses on fair value option liabilities $ (8 ) $ (16 ) Subtotal, pretax $ (8 ) $ (16 ) Tax effect $ 3 $ 6 Net realized debt valuation adjustment, after-tax $ (5 ) $ (10 ) Interest rate contracts $ 90 $ 46 Foreign exchange contracts (2 ) 1 Subtotal, pretax $ 88 $ 47 Tax effect (33 ) (18 ) Amortization of cash flow hedges, after-tax (2) $ 55 $ 29 Amortization of unrecognized Prior service cost (benefit) $ (12 ) $ (22 ) Net actuarial loss 66 133 Curtailment/settlement impact (3) 7 7 Subtotal, pretax $ 61 $ 118 Tax effect (23 ) (43 ) Amortization of benefit plans, after-tax (3) $ 38 $ 75 Foreign currency translation adjustment $ — $ (232 ) Tax effect — 85 Foreign currency translation adjustment $ — $ (147 ) Total amounts reclassified out of AOCI, pretax $ (60 ) $ (464 ) Total tax effect 20 169 Total amounts reclassified out of AOCI, after-tax $ (40 ) $ (295 ) (1) The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses on the Consolidated Statement of Income. See Note 12 to the Consolidated Financial Statements for additional details. (2) See Note 19 to the Consolidated Financial Statements for additional details. (3) See Note 8 to the Consolidated Financial Statements for additional details. |
SECURITIZATIONS AND VARIABLE 49
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Securitizations and Variable Interest Entities [Abstract] | |
Schedule of consolidated and unconsolidated VIEs with which the Company holds significant variable interests | Citigroup’s involvement with consolidated and unconsolidated VIEs with which the Company holds significant variable interests or has continuing involvement through servicing a majority of the assets in a VIE is presented below: As of June 30, 2018 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total involvement with SPE assets Consolidated VIE/SPE assets Significant unconsolidated VIE assets (3) Debt investments Equity investments Funding commitments Guarantees and derivatives Total Credit card securitizations $ 46,520 $ 46,520 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 110,826 — 110,826 3,014 — — 97 3,111 Non-agency-sponsored 22,812 1,724 21,088 422 — — 1 423 Citi-administered asset-backed commercial paper conduits (ABCP) 18,548 18,548 — — — — — — Collateralized loan obligations (CLOs) 16,687 — 16,687 5,148 — — 9 5,157 Asset-based financing 64,970 627 64,343 19,360 568 7,249 — 27,177 Municipal securities tender option bond trusts (TOBs) 7,671 2,158 5,513 — — 3,752 — 3,752 Municipal investments 18,321 3 18,318 2,609 3,767 2,237 — 8,613 Client intermediation 667 442 225 124 — — 6 130 Investment funds 1,836 581 1,255 8 7 7 2 24 Other 662 35 627 38 8 24 46 116 Total $ 309,520 $ 70,638 $ 238,882 $ 30,723 $ 4,350 $ 13,269 $ 161 $ 48,503 As of December 31, 2017 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total involvement with SPE assets Consolidated VIE/SPE assets Significant unconsolidated VIE assets (3) Debt investments Equity investments Funding commitments Guarantees and derivatives Total Credit card securitizations $ 50,795 $ 50,795 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 116,610 — 116,610 2,647 — — 74 2,721 Non-agency-sponsored 22,251 2,035 20,216 330 — — 1 331 Citi-administered asset-backed commercial paper conduits (ABCP) 19,282 19,282 — — — — — — Collateralized loan obligations (CLOs) 20,588 — 20,588 5,956 — — 9 5,965 Asset-based financing 60,472 633 59,839 19,478 583 5,878 — 25,939 Municipal securities tender option bond trusts (TOBs) 6,925 2,166 4,759 138 — 3,035 — 3,173 Municipal investments 19,119 7 19,112 2,709 3,640 2,344 — 8,693 Client intermediation 958 824 134 32 — — 9 41 Investment funds 1,892 616 1,276 14 7 13 — 34 Other 677 36 641 27 9 34 47 117 Total $ 319,569 $ 76,394 $ 243,175 $ 31,331 $ 4,239 $ 11,304 $ 140 $ 47,014 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s June 30, 2018 and December 31, 2017 Consolidated Balance Sheet. (3) A significant unconsolidated VIE is an entity in which the Company has any variable interest or continuing involvement considered to be significant, regardless of the likelihood of loss. (4) Citigroup mortgage securitizations also include agency and non-agency (private-label) re-securitization activities. These SPEs are not consolidated. See “Re-securitizations” below for further discussion. |
Schedule of funding commitments of unconsolidated Variable Interest Entities | The following table presents the notional amount of liquidity facilities and loan commitments that are classified as funding commitments in the VIE tables above: June 30, 2018 December 31, 2017 In millions of dollars Liquidity facilities Loan/equity commitments Liquidity facilities Loan/equity commitments Asset-based financing $ — $ 7,249 $ — $ 5,878 Municipal securities tender option bond trusts (TOBs) 3,752 — 3,035 — Municipal investments — 2,237 — 2,344 Investment funds — 7 — 13 Other — 24 — 34 Total funding commitments $ 3,752 $ 9,517 $ 3,035 $ 8,269 |
Schedule of significant interests in unconsolidated VIEs - balance sheet classification | The following table presents the carrying amounts and classification of significant variable interests in unconsolidated VIEs: In billions of dollars June 30, 2018 December 31, 2017 Cash $ — $ — Trading account assets 8.0 8.5 Investments 4.6 4.4 Total loans, net of allowance 22.0 22.2 Other 0.5 0.5 Total assets $ 35.1 $ 35.6 |
Schedule of securitized credit card receivables | The following table reflects amounts related to the Company’s securitized credit card receivables: In billions of dollars June 30, 2018 December 31, 2017 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 27.3 $ 28.8 Retained by Citigroup as trust-issued securities 7.6 7.6 Retained by Citigroup via non-certificated interests 11.7 14.4 Total $ 46.6 $ 50.8 The following tables summarize selected cash flow information related to Citigroup’s credit card securitizations: Three Months Ended June 30, In billions of dollars 2018 2017 Proceeds from new securitizations $ 1.1 $ 5.1 Pay down of maturing notes (2.6 ) (0.8 ) Six Months Ended June 30, In billions of dollars 2018 2017 Proceeds from new securitizations $ 3.9 $ 7.6 Pay down of maturing notes (5.4 ) (2.8 ) |
Schedule of Master Trust liabilities (at par value) | In billions of dollars Jun. 30, 2018 Dec. 31, 2017 Term notes issued to third parties $ 26.3 $ 27.8 Term notes retained by Citigroup affiliates 5.7 5.7 Total Master Trust liabilities $ 32.0 $ 33.5 |
Schedule of Omni Trust liabilities (at par value) | In billions of dollars Jun. 30, 2018 Dec. 31, 2017 Term notes issued to third parties $ 1.0 $ 1.0 Term notes retained by Citigroup affiliates 1.9 1.9 Total Omni Trust liabilities $ 2.9 $ 2.9 |
Schedule of cash flow information, mortgage securitizations | The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: Three Months Ended June 30, 2018 2017 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Proceeds from new securitizations $ 7.7 $ 2.8 $ 7.3 $ 1.4 Contractual servicing fees received — — 0.1 — Six Months Ended June 30, 2018 2017 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- Proceeds from new securitizations $ 15.8 $ 6.1 $ 14.5 $ 2.8 Contractual servicing fees received 0.1 — 0.1 — |
Schedule of carrying value of retained interests | June 30, 2018 December 31, 2017 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior Subordinated U.S. agency- Senior Subordinated Carrying value of retained interests $ 2,152 $ 277 $ 109 $ 1,634 $ 214 $ 139 (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. |
Schedule of key assumptions used in measuring fair value of retained interest at the date of sale or securitization of mortgage receivables | Key assumptions used in measuring the fair value of retained interests at the date of sale or securitization of mortgage receivables were as follows: Three Months Ended June 30, 2018 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate 3.1% to 9.5% 1.6% to 4.2% 3.5 % Weighted average discount rate 5.7 % 3.4 % 3.5 % Constant prepayment rate 3.5% to 12.9% 8.0 % 8.0 % Weighted average constant prepayment rate 8.0 % 8.0 % 8.0 % Anticipated net credit losses (2) NM 4.6 % 4.6 % Weighted average anticipated net credit losses NM 4.6 % 4.6 % Weighted average life 5.0 to 18.9 years 3.4 to 9.9 years 3.4 years Three Months Ended June 30, 2017 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 2.5% to 14.0% 2.0% to 3.3% 3.5% to 19.1% Weighted average discount rate 7.6 % 2.7 % 4.3 % Constant prepayment rate 6.5% to 16.1% — — Weighted average constant prepayment rate 10.6 % — — Anticipated net credit losses (2) NM — 69.0% to 69.1% Weighted average anticipated net credit losses NM — 69.1 % Weighted average life 4.9 to 14.5 years 4.9 to 10.0 years 8.6 to 10.0 years Six Months Ended June 30, 2018 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 3.0% to 11.4% 1.6% to 4.5% 3.0% to 3.5% Weighted average discount rate 6.0 % 3.4 % 3.2 % Constant prepayment rate 3.5% to 16.0% 8.0% to 12.0% 8.0% to 12.0% Weighted average constant prepayment rate 8.2 % 9.8 % 9.9 % Anticipated net credit losses (2) NM 2.0% to 6.7% 2.0% to 4.6% Weighted average anticipated net credit losses NM 4.9 % 3.3 % Weighted average life 5.0 to 18.9 years 2.5 to 9.9 years 2.5 to 3.4 years Six Months Ended June 30, 2017 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 2.4% to 19.9% 2.0% to 3.3% 3.5% to 19.1% Weighted average discount rate 9.5 % 2.7 % 4.3 % Constant prepayment rate 3.8% to 16.1% — — Weighted average constant prepayment rate 9.1 % — — Anticipated net credit losses (2) NM — 67.3% to 69.1% Weighted average anticipated net credit losses NM — 68.5 % Weighted average life 4.9 to 14.5 years 4.9 to 10.0 years 8.6 to 10.0 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. The interests retained by the Company range from highly rated and/or senior in the capital structure to unrated and/or residual interests. The key assumptions used to value retained interests, and the sensitivity of the fair value to adverse changes of 10% and 20% in each of the key assumptions, are set forth in the tables below. The negative effect of each change is calculated independently, holding all other assumptions constant. Because the key assumptions may not be independent, the net effect of simultaneous adverse changes in the key assumptions may be less than the sum of the individual effects shown below. June 30, 2018 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 2.4% to 48.6% 9.5 % 3.9% to 8.5% Weighted average discount rate 5.7 % 9.5 % 7.2 % Constant prepayment rate 3.3% to 21.2% 5.0 % 7.5% to 9.5% Weighted average constant prepayment rate 9.2 % 5.0 % 8.5 % Anticipated net credit losses (2) NM 41.0 % 28.0% to 56.3% Weighted average anticipated net credit losses NM 41.0 % 41.1 % Weighted average life 0.5 to 27.3 years 6.9 years 1.9 to 10.3 years December 31, 2017 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Discount rate 1.8% to 84.2% 5.8% to 100.0% 2.8% to 35.1% Weighted average discount rate 7.1 % 5.8 % 9.0 % Constant prepayment rate 6.9% to 27.8% 8.9% to 15.5% 8.6% to 13.1% Weighted average constant prepayment rate 11.6 % 8.9 % 10.6 % Anticipated net credit losses (2) NM 0.4% to 46.9% 35.1% to 52.1% Weighted average anticipated net credit losses NM 46.9 % 44.9 % Weighted average life 0.1 to 27.8 years 4.8 to 5.3 years 0.2 to 18.6 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. |
Schedule of key assumptions used to value retained interests and sensitivity of adverse changes of 10% and 20%, mortgage securitizations | June 30, 2018 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rates Adverse change of 10% $ (61 ) $ — $ (1 ) Adverse change of 20% (119 ) — (2 ) Constant prepayment rate Adverse change of 10% (34 ) — (1 ) Adverse change of 20% (68 ) — (1 ) Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — December 31, 2017 Non-agency-sponsored mortgages In millions of dollars U.S. agency- Senior Subordinated Discount rates Adverse change of 10% $ (44 ) $ (2 ) $ (3 ) Adverse change of 20% (85 ) (4 ) (5 ) Constant prepayment rate Adverse change of 10% (41 ) (1 ) (1 ) Adverse change of 20% (84 ) (1 ) (2 ) Anticipated net credit losses Adverse change of 10% NM (3 ) — Adverse change of 20% NM (7 ) — NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. |
Schedule of changes in capitalized MSRs | The following tables summarize the changes in capitalized MSRs: Three Months Ended June 30, In millions of dollars 2018 2017 Balance, as of March 31 $ 587 $ 567 Originations 15 21 Changes in fair value of MSRs due to changes in inputs and assumptions 11 (11 ) Other changes (1) (16 ) (17 ) Sale of MSRs (1 ) — Balance, as of June 30 $ 596 $ 560 Six Months Ended June 30, In millions of dollars 2018 2017 Balance, beginning of year $ 558 $ 1,564 Originations 32 56 Changes in fair value of MSRs due to changes in inputs and assumptions 57 56 Other changes (1) (33 ) (70 ) Sale of MSRs (2) (18 ) (1,046 ) Balance, as of June 30 $ 596 $ 560 (1) Represents changes due to customer payments and passage of time. (2) See Note 2 to the Consolidated Financial Statements in Citi’s 2017 Annual Report on Form 10-K for more information on the exit of the U.S. mortgage servicing operations and sale of MSRs in 2017 . |
Schedule of fees received on servicing previously securitized mortgages | The amounts of these fees were as follows: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 Servicing fees $ 43 $ 65 $ 89 $ 171 Late fees 1 3 2 6 Ancillary fees 3 4 6 8 Total MSR fees $ 47 $ 72 $ 97 $ 185 |
Schedule of cash flow information, collateralized loan obligations | The following tables summarize selected cash flow information and retained interests related to Citigroup CLOs: Three Months Ended June 30, In billions of dollars 2018 2017 Proceeds from new securitizations $ 2.2 $ 1.1 Six Months Ended June 30, In billions of dollars 2018 2017 Proceeds from new securitizations $ 3.6 $ 1.4 |
Schedule of sensitivity of adverse changes of 10% and 20% to discount rate, CDOs and CLOs | In millions of dollars Jun. 30, 2018 Dec. 31, 2017 Carrying value of retained interests $ 3,461 $ 4,079 |
Schedule of asset-based financing | June 30, 2018 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 15,795 $ 5,177 Corporate loans 8,567 6,748 Hedge funds and equities 469 55 Airplanes, ships and other assets 39,512 15,197 Total $ 64,343 $ 27,177 December 31, 2017 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 15,370 $ 5,445 Corporate loans 4,725 3,587 Hedge funds and equities 542 58 Airplanes, ships and other assets 39,202 16,849 Total $ 59,839 $ 25,939 |
DERIVATIVES ACTIVITIES (Tables)
DERIVATIVES ACTIVITIES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative notionals | Information pertaining to Citigroup’s derivative activities, based on notional amounts, is presented in the table below. Derivative notional amounts are reference amounts from which contractual payments are derived and do not represent a complete measure of Citi’s exposure to derivative transactions. Rather, Citi’s derivative exposure arises primarily from market fluctuations (i.e., market risk), counterparty failure (i.e., credit risk) and/or periods of high volatility or financial stress (i.e., liquidity risk), as well as any market valuation adjustments that may be required on the transactions. Moreover, notional amounts do not reflect the netting of offsetting trades. For example, if Citi enters into a receive-fixed interest rate swap with $100 million notional, and offsets this risk with an identical but opposite pay-fixed position with a different counterparty, $200 million in derivative notionals is reported, although these offsetting positions may result in de minimis overall market risk. In addition, aggregate derivative notional amounts can fluctuate from period to period in the normal course of business based on Citi’s market share, levels of client activity and other factors. Derivative Notionals Hedging instruments under Trading derivative instruments In millions of dollars June 30, December 31, June 30, December 31, Interest rate contracts Swaps $ 222,057 $ 189,779 $ 20,721,169 $ 18,754,219 Futures and forwards — — 8,073,755 6,460,539 Written options — — 4,391,594 3,516,131 Purchased options — — 3,857,093 3,234,025 Total interest rate contract notionals $ 222,057 $ 189,779 $ 37,043,611 $ 31,964,914 Foreign exchange contracts Swaps $ 56,971 $ 37,162 $ 7,020,783 $ 5,576,357 Futures, forwards and spot 37,911 33,103 5,424,415 3,097,700 Written options 2,503 3,951 1,738,131 1,127,728 Purchased options 2,908 6,427 1,720,287 1,148,686 Total foreign exchange contract notionals $ 100,293 $ 80,643 $ 15,903,616 $ 10,950,471 Equity contracts Swaps $ — $ — $ 253,135 $ 215,834 Futures and forwards — — 56,968 72,616 Written options — — 410,955 389,961 Purchased options — — 317,718 328,154 Total equity contract notionals $ — $ — $ 1,038,776 $ 1,006,565 Commodity and other contracts Swaps $ — $ — $ 106,646 $ 82,039 Futures and forwards 113 23 163,593 153,248 Written options — — 72,359 62,045 Purchased options — — 71,368 60,526 Total commodity and other contract notionals $ 113 $ 23 $ 413,966 $ 357,858 Credit derivatives (1) Protection sold $ — $ — $ 703,904 $ 735,142 Protection purchased — — 749,562 777,713 Total credit derivatives $ — $ — $ 1,453,466 $ 1,512,855 Total derivative notionals $ 322,463 $ 270,445 $ 55,853,435 $ 45,792,663 (1) Credit derivatives are arrangements designed to allow one party (protection buyer) to transfer the credit risk of a “reference asset” to another party (protection seller). These arrangements allow a protection seller to assume the credit risk associated with the reference asset without directly purchasing that asset. The Company enters into credit derivative positions for purposes such as risk management, yield enhancement, reduction of credit concentrations and diversification of overall risk. |
Derivative mark-to-market (MTM) receivables/payables | The following tables present the gross and net fair values of the Company’s derivative transactions and the related offsetting amounts as of June 30, 2018 and December 31, 2017 . Gross positive fair values are offset against gross negative fair values by counterparty, pursuant to enforceable master netting agreements. Under ASC 815-10-45, payables and receivables in respect of cash collateral received from or paid to a given counterparty pursuant to a credit support annex are included in the offsetting amount, if a legal opinion supporting the enforceability of netting and collateral rights has been obtained. GAAP does not permit similar offsetting for security collateral. In addition, the following tables reflect rule changes adopted by clearing organizations that require or allow entities to treat certain derivative assets, liabilities and the related variation margin as settlement of the related derivative fair values for legal and accounting purposes, as opposed to presenting gross derivative assets and liabilities that are subject to collateral, whereby the counterparties would record a related collateral payable or receivable. As a result, the table reflects a reduction of approximately $110 billion and $100 billion as of June 30, 2018 and December 31, 2017 , respectively, of derivative assets and derivative liabilities that previously would have been reported on a gross basis, but are now settled and not subject to collateral. The tables also present amounts that are not permitted to be offset, such as security collateral or cash collateral posted at third-party custodians, but which would be eligible for offsetting to the extent that an event of default occurred and a legal opinion supporting enforceability of the netting and collateral rights has been obtained. Derivative Mark-to-Market (MTM) Receivables/Payables In millions of dollars at June 30, 2018 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,537 $ 204 Cleared 338 124 Interest rate contracts $ 1,875 $ 328 Over-the-counter $ 2,044 $ 1,297 Foreign exchange contracts $ 2,044 $ 1,297 Total derivatives instruments designated as ASC 815 hedges $ 3,919 $ 1,625 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 170,608 $ 147,232 Cleared 4,580 10,206 Exchange traded 225 223 Interest rate contracts $ 175,413 $ 157,661 Over-the-counter $ 170,158 $ 165,898 Cleared 5,349 5,394 Exchange traded 81 263 Foreign exchange contracts $ 175,588 $ 171,555 Over-the-counter $ 17,898 $ 22,444 Cleared 28 18 Exchange traded 9,323 9,438 Equity contracts $ 27,249 $ 31,900 Over-the-counter $ 16,907 $ 20,340 Exchange traded 675 723 Commodity and other contracts $ 17,582 $ 21,063 Over-the-counter $ 10,353 $ 10,504 Cleared 5,948 6,055 Credit derivatives $ 16,301 $ 16,559 Total derivatives instruments not designated as ASC 815 hedges $ 412,133 $ 398,738 Total derivatives $ 416,052 $ 400,363 Cash collateral paid/received (3) $ 11,894 $ 15,634 Less: Netting agreements (4) (332,207 ) (332,207 ) Less: Netting cash collateral received/paid (5) (39,595 ) (30,377 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 56,144 $ 53,413 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (763 ) $ (128 ) Less: Non-cash collateral received/paid (13,820 ) (7,880 ) Total net receivables/payables (6) $ 41,561 $ 45,405 (1) The derivatives fair values are also presented in Note 20 to the Consolidated Financial Statements. (2) Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. (3) Reflects the net amount of the $42,271 million and $55,229 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $30,377 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $39,595 million was used to offset trading derivative assets. (4) Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately $311 billion , $12 billion and $9 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (5) Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received and paid is netted against OTC derivative assets and liabilities, respectively. (6) The net receivables/payables include approximately $7 billion of derivative asset and $8 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. In millions of dollars at December 31, 2017 Derivatives classified in (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,969 $ 134 Cleared 110 92 Interest rate contracts $ 2,079 $ 226 Over-the-counter $ 1,143 $ 1,150 Foreign exchange contracts $ 1,143 $ 1,150 Total derivatives instruments designated as ASC 815 hedges $ 3,222 $ 1,376 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 195,677 $ 173,937 Cleared 7,129 10,381 Exchange traded 102 95 Interest rate contracts $ 202,908 $ 184,413 Over-the-counter $ 119,092 $ 117,473 Cleared 1,690 2,028 Exchange traded 34 121 Foreign exchange contracts $ 120,816 $ 119,622 Over-the-counter $ 17,221 $ 21,201 Cleared 21 25 Exchange traded 9,736 10,147 Equity contracts $ 26,978 $ 31,373 Over-the-counter $ 13,499 $ 16,362 Exchange traded 604 665 Commodity and other contracts $ 14,103 $ 17,027 Over-the-counter $ 12,972 $ 12,958 Cleared 7,562 8,575 Credit derivatives $ 20,534 $ 21,533 Total derivatives instruments not designated as ASC 815 hedges $ 385,339 $ 373,968 Total derivatives $ 388,561 $ 375,344 Cash collateral paid/received (3) $ 7,541 $ 14,308 Less: Netting agreements (4) (306,401 ) (306,401 ) Less: Netting cash collateral received/paid (5) (38,532 ) (35,666 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 51,169 $ 47,585 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (872 ) $ (121 ) Less: Non-cash collateral received/paid (12,739 ) (6,929 ) Total net receivables/payables (6) $ 37,558 $ 40,535 (1) The derivatives fair values are presented in Note 20 to the Consolidated Financial Statements. Derivative mark-to-market receivables/payables previously reported within Other assets/Other liabilities have been reclassified to Trading account assets/Trading account liabilities to conform with the current period presentation. (2) Over-the-counter (OTC) derivatives are derivatives executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house. Cleared derivatives include derivatives executed bilaterally with a counterparty in the OTC market, but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties. Exchange-traded derivatives include derivatives executed directly on an organized exchange that provides pre-trade price transparency. (3) Reflects the net amount of the $43,207 million and $52,840 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $35,666 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $38,532 million was used to offset trading derivative assets. (4) Represents the netting of derivative receivable and payable balances with the same counterparty under enforceable netting agreements. Approximately $283 billion , $14 billion and $9 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (5) Represents the netting of cash collateral paid and received by counterparty under enforceable credit support agreements. Substantially all cash collateral received and paid is netted against OTC derivative assets and liabilities, respectively. (6) The net receivables/payables include approximately $6 billion of derivative asset and $8 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. |
Schedule of gains (losses) on derivatives not designated in a qualifying hedging relationship recognized in Other revenue and gains (losses) on fair value hedges | The following table summarizes the gains (losses) on the Company’s fair value hedges: Gains (losses) on fair value hedges (1) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 (3) 2018 2017 (3) In millions of dollars Other revenue Net interest revenue Other revenue Other revenue Net interest revenue Other revenue Gain (loss) on the derivatives in designated and qualifying fair value hedges Interest rate hedges $ — $ (518 ) $ (71 ) $ — $ 360 $ (376 ) Foreign exchange hedges 320 — (555 ) 499 — (637 ) Commodity hedges 2 — (11 ) — — (9 ) Total gain (loss) on the derivatives in designated and qualifying fair value hedges $ 322 $ (518 ) $ (637 ) $ 499 $ 360 $ (1,022 ) Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ 520 $ 47 $ — $ (346 ) $ 343 Foreign exchange hedges (347 ) — 570 (596 ) — 766 Commodity hedges — — 11 1 — 10 Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ (347 ) $ 520 $ 628 $ (595 ) $ (346 ) $ 1,119 Net gain (loss) excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ (5 ) $ (8 ) $ — $ (5 ) $ (7 ) Foreign exchange hedges (2) 33 — 28 56 — 80 Commodity hedges 1 — — 2 — 1 Total net gain (loss) excluded from assessment of the effectiveness of fair value hedges $ 34 $ (5 ) $ 20 $ 58 $ (5 ) $ 74 (1) Beginning January 1, 2018, gain (loss) amounts for interest rate risk hedges are included in Interest income/Interest expense while the remaining amounts including the amounts for interest rate hedges prior to January 1, 2018 are included in Other revenue or Principal transactions on the Consolidated Statement of Income. The accrued interest income on fair value hedges both prior to and after January 1, 2018 is recorded in Net interest revenue and is excluded from this table. (2) Amounts relate to the premium associated with forward contracts (differential between spot and contractual forward rates). These amounts are excluded from the assessment of hedge effectiveness and are reflected directly in earnings. After January 1, 2018, amounts include cross-currency basis which is recognized in accumulated other comprehensive income. The amount of cross currency basis that was included in accumulated other comprehensive income was $37 million and $42 million for the three and six months ended June 30, 2018, none of which was recognized in earnings. (3) Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges for the three months ended June 30, 2017 was $(16) million for interest rate hedges and $(13) million for foreign exchange hedges, for a total of $(29) million . Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges for the six months ended June 30, 2017 was $(26) million for interest rate hedges and $49 million for foreign exchange hedges, for a total of $23 million . The amounts recognized in Other revenue in the Consolidated Statement of Income related to derivatives not designated in a qualifying hedging relationship are shown below. The table below does not include any offsetting gains (losses) on the economically hedged items to the extent such amounts are also recorded in Other revenue . Gains (losses) included in Other revenue Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 Interest rate contracts $ (15 ) $ (14 ) $ (43 ) $ (67 ) Foreign exchange (517 ) 1,109 (13 ) 1,301 Credit derivatives (25 ) (97 ) (71 ) (376 ) Total $ (557 ) $ 998 $ (127 ) $ 858 |
Schedule of amounts recorded on the Balance Sheet related to cumulative basis adjustments for fair value hedges | In millions of dollars as of June 30, 2018 Balance sheet line item in which hedged item is recorded Carrying amount of hedged asset/ liability Cumulative fair value hedging adjustment increasing (decreasing) the carrying amount Active De-designated Debt securities AFS $ 81,735 $ (73 ) $ (320 ) Long-term debt 153,857 (347 ) 1,614 |
Schedule of pretax change in accumulated other comprehensive income (loss) from cash flow hedges | The pretax change in AOCI from cash flow hedges is presented below: Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 Amount of gain (loss) recognized in AOCI on derivative Interest rate contracts (1) $ (222 ) $ 97 $ (544 ) $ 139 Foreign exchange contracts 5 — (1 ) — Total gain (loss) recognized in AOCI $ (217 ) $ 97 $ (545 ) $ 139 Amount of gain (loss) reclassified from AOCI to earnings Other revenue Net interest revenue Other revenue Other revenue Net interest revenue Other revenue Interest rate contracts (1) $ — $ (88 ) $ (90 ) $ — $ (119 ) $ (46 ) Foreign exchange contracts (6 ) — 2 (4 ) — (1 ) Total gain (loss) reclassified from AOCI into earnings $ (6 ) $ (88 ) $ (88 ) $ (4 ) $ (119 ) $ (47 ) (1) After January 1, 2018, all amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest revenue) . For all other hedges, including interest rate hedges prior to January 1, 2018, the amounts reclassified to earnings are included primarily in Other revenue and Net interest revenue on the Consolidated Income Statement. |
Schedule of key characteristics of credit derivative portfolio | The following tables summarize the key characteristics of Citi’s credit derivatives portfolio by counterparty and derivative form: Fair values Notionals In millions of dollars at June 30, 2018 Receivable (1) Payable (2) Protection Protection By industry/counterparty Banks $ 5,441 $ 4,970 $ 233,888 $ 252,428 Broker-dealers 1,765 1,595 62,868 70,253 Non-financial 75 117 2,077 2,349 Insurance and other financial institutions 9,020 9,877 450,729 378,874 Total by industry/counterparty $ 16,301 $ 16,559 $ 749,562 $ 703,904 By instrument Credit default swaps and options $ 15,777 $ 15,905 $ 725,671 $ 691,039 Total return swaps and other 524 654 23,891 12,865 Total by instrument $ 16,301 $ 16,559 $ 749,562 $ 703,904 By rating Investment grade $ 7,836 $ 7,748 $ 580,678 $ 537,864 Non-investment grade 8,465 8,811 168,884 166,040 Total by rating $ 16,301 $ 16,559 $ 749,562 $ 703,904 By maturity Within 1 year $ 2,249 $ 2,055 $ 228,075 $ 215,284 From 1 to 5 years 12,235 12,644 472,038 447,616 After 5 years 1,817 1,860 49,449 41,004 Total by maturity $ 16,301 $ 16,559 $ 749,562 $ 703,904 (1) The fair value amount receivable is composed of $3,848 million under protection purchased and $12,453 million under protection sold. (2) The fair value amount payable is composed of $13,014 million under protection purchased and $3,545 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2017 Receivable (1) Payable (2) Protection Protection By industry/counterparty Banks $ 7,471 $ 6,669 $ 264,414 $ 273,711 Broker-dealers 2,325 2,285 73,273 83,229 Non-financial 70 91 1,288 1,140 Insurance and other financial institutions 10,668 12,488 438,738 377,062 Total by industry/counterparty $ 20,534 $ 21,533 $ 777,713 $ 735,142 By instrument Credit default swaps and options $ 20,251 $ 20,554 $ 754,114 $ 724,228 Total return swaps and other 283 979 23,599 10,914 Total by instrument $ 20,534 $ 21,533 $ 777,713 $ 735,142 By rating Investment grade $ 10,473 $ 10,616 $ 588,324 $ 557,987 Non-investment grade 10,061 10,917 189,389 177,155 Total by rating $ 20,534 $ 21,533 $ 777,713 $ 735,142 By maturity Within 1 year $ 2,477 $ 2,914 $ 231,878 $ 218,097 From 1 to 5 years 16,098 16,435 498,606 476,345 After 5 years 1,959 2,184 47,229 40,700 Total by maturity $ 20,534 $ 21,533 $ 777,713 $ 735,142 (1) The fair value amount receivable is composed of $3,195 million under protection purchased and $17,339 under protection sold. (2) The fair value amount payable is composed of $ 3,147 million under protection purchased and $ 18,386 million under protection sold. |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of CVA and FVA applied to fair value of derivative instruments | The table below summarizes the credit valuation adjustments (CVA) and funding valuation adjustments (FVA) applied to the fair value of derivative instruments at June 30, 2018 and December 31, 2017 : Credit and funding valuation adjustments contra-liability (contra-asset) In millions of dollars June 30, December 31, Counterparty CVA $ (1,023 ) $ (970 ) Asset FVA (398 ) (447 ) Citigroup (own-credit) CVA 384 287 Liability FVA 62 47 Total CVA—derivative instruments (1) $ (975 ) $ (1,083 ) (1) FVA is included with CVA for presentation purposes. |
Schedule of pretax gains (losses) related to changes in CVA, FVA, and DVA | The table below summarizes pretax gains (losses) related to changes in CVA on derivative instruments, net of hedges, FVA on derivatives and debt valuation adjustments (DVA) on Citi’s own fair value option (FVO) liabilities for the periods indicated: Credit/funding/debt valuation adjustments gain (loss) Three Months Ended June 30, Six Months Ended In millions of dollars 2018 2017 2018 2017 Counterparty CVA $ — $ 80 $ 23 $ 170 Asset FVA 40 (13 ) 49 79 Own-credit CVA 24 (53 ) 99 (125 ) Liability FVA 22 16 15 6 Total CVA—derivative instruments $ 86 $ 30 $ 186 $ 130 DVA related to own FVO liabilities (1) $ 418 $ (132 ) $ 585 $ (227 ) Total CVA and DVA (2) $ 504 $ (102 ) $ 771 $ (97 ) (1) See Note 1 and Note 17 to the Consolidated Financial Statements. (2) FVA is included with CVA for presentation purposes. |
Items measured at fair value on a recurring basis | The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2018 and December 31, 2017 . The Company may hedge positions that have been classified in the Level 3 category with other financial instruments (hedging instruments) that may be classified as Level 3, but also with financial instruments classified as Level 1 or Level 2 of the fair value hierarchy. The effects of these hedges are presented gross in the following tables: Fair Value Levels In millions of dollars at June 30, 2018 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ — $ 221,357 $ 66 $ 221,423 $ (52,310 ) $ 169,113 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 24,250 99 24,349 — 24,349 Residential — 693 132 825 — 825 Commercial — 1,420 51 1,471 — 1,471 Total trading mortgage-backed securities $ — $ 26,363 $ 282 $ 26,645 $ — $ 26,645 U.S. Treasury and federal agency securities $ 22,866 $ 4,058 $ 7 $ 26,931 $ — $ 26,931 State and municipal — 3,146 226 3,372 — 3,372 Foreign government 48,875 19,598 36 68,509 — 68,509 Corporate 318 13,496 520 14,334 — 14,334 Equity securities 44,031 7,257 293 51,581 — 51,581 Asset-backed securities — 1,696 1,688 3,384 — 3,384 Other trading assets (3) 5 11,502 542 12,049 — 12,049 Total trading non-derivative assets $ 116,095 $ 87,116 $ 3,594 $ 206,805 $ — $ 206,805 Trading derivatives Interest rate contracts $ 266 $ 174,771 $ 2,251 $ 177,288 Foreign exchange contracts 3 177,017 612 177,632 Equity contracts 2,109 24,842 298 27,249 Commodity contracts 20 16,911 651 17,582 Credit derivatives — 15,445 856 16,301 Total trading derivatives $ 2,398 $ 408,986 $ 4,668 $ 416,052 Cash collateral paid (4) $ 11,894 Netting agreements $ (332,207 ) Netting of cash collateral received (39,595 ) Total trading derivatives $ 2,398 $ 408,986 $ 4,668 $ 427,946 $ (371,802 ) $ 56,144 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 42,938 $ 34 $ 42,972 $ — $ 42,972 Residential — 1,858 — 1,858 — 1,858 Commercial — 273 6 279 — 279 Total investment mortgage-backed securities $ — $ 45,069 $ 40 $ 45,109 $ — $ 45,109 U.S. Treasury and federal agency securities $ 106,316 $ 11,955 $ — $ 118,271 $ — $ 118,271 State and municipal — 9,002 762 9,764 — 9,764 Foreign government 59,220 38,551 54 97,825 — 97,825 Corporate 4,172 8,361 68 12,601 — 12,601 Equity securities 190 13 1 204 — 204 Asset-backed securities — 1,414 456 1,870 — 1,870 Other debt securities — 3,591 — 3,591 — 3,591 Non-marketable equity securities (5) — 207 611 818 — 818 Total investments $ 169,898 $ 118,163 $ 1,992 $ 290,053 $ — $ 290,053 Table continues on the next page. In millions of dollars at June 30, 2018 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Loans $ — $ 2,619 $ 381 $ 3,000 $ — $ 3,000 Mortgage servicing rights — — 596 596 — 596 Non-trading derivatives and other financial assets measured on a recurring basis $ 16,779 $ 4,924 $ — $ 21,703 $ — $ 21,703 Total assets $ 305,170 $ 843,165 $ 11,297 $ 1,171,526 $ (424,112 ) $ 747,414 Total as a percentage of gross assets (6) 26.3 % 72.7 % 1.0 % Liabilities Interest-bearing deposits $ — $ 1,308 $ 320 $ 1,628 $ — $ 1,628 Federal funds purchased and securities loaned or sold under agreements to repurchase — 100,590 966 101,556 (52,310 ) 49,246 Trading account liabilities Securities sold, not yet purchased 75,843 9,836 189 85,868 — 85,868 Other trading liabilities — 1,464 — 1,464 — 1,464 Total trading liabilities $ 75,843 $ 11,300 $ 189 $ 87,332 $ — $ 87,332 Trading derivatives Interest rate contracts $ 256 $ 155,568 $ 2,165 $ 157,989 Foreign exchange contracts 6 172,473 373 172,852 Equity contracts 2,334 27,822 1,744 31,900 Commodity contracts 6 18,500 2,557 21,063 Credit derivatives — 14,855 1,704 16,559 Total trading derivatives $ 2,602 $ 389,218 $ 8,543 $ 400,363 Cash collateral received (7) $ 15,634 Netting agreements $ (332,207 ) Netting of cash collateral paid (30,377 ) Total trading derivatives $ 2,602 $ 389,218 $ 8,543 $ 415,997 $ (362,584 ) $ 53,413 Short-term borrowings $ — $ 4,003 $ 90 $ 4,093 $ — $ 4,093 Long-term debt — 21,681 13,781 35,462 — 35,462 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 17,657 $ 162 $ — $ 17,819 $ — $ 17,819 Total liabilities $ 96,102 $ 528,262 $ 23,889 $ 663,887 $ (414,894 ) $ 248,993 Total as a percentage of gross liabilities (6) 14.8 % 81.5 % 3.7 % (1) For the three and six months ended June 30, 2018 , the Company transferred assets of approximately $0.9 billion and $1.6 billion from Level 1 to Level 2, primarily related to foreign government securities and equity securities not traded in active markets. During the three and six months ended June 30, 2018 , the Company transferred assets of approximately $1.3 billion and $5.3 billion from Level 2 to Level 1, primarily related to foreign government bonds, foreign corporate securities, and equity securities traded with sufficient frequency to constitute an active market. For the three and six months ended June 30, 2018 , there were $0.1 billion and $0.2 billion transfers of liabilities from Level 1 to Level 2. During the three and six months ended June 30, 2018 , the Company transferred liabilities of approximately $0.3 billion and $0.5 billion , from Level 2 to Level 1. (2) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (3) Includes positions related to investments in unallocated precious metals, as discussed in Note 21 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (4) Reflects the net amount of $42,271 million gross cash collateral paid, of which $30,377 million was used to offset trading derivative liabilities. (5) Amounts exclude $0.4 billion of investments measured at Net Asset Value (NAV) in accordance with ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). (6) Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. (7) Reflects the net amount $55,229 million of gross cash collateral received, of which $39,595 million was used to offset trading derivative assets. Fair Value Levels In millions of dollars at December 31, 2017 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ — $ 188,571 $ 16 $ 188,587 $ (55,638 ) $ 132,949 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 22,801 163 22,964 — 22,964 Residential — 649 164 813 — 813 Commercial — 1,309 57 1,366 — 1,366 Total trading mortgage-backed securities $ — $ 24,759 $ 384 $ 25,143 $ — $ 25,143 U.S. Treasury and federal agency securities $ 17,524 $ 3,613 $ — $ 21,137 $ — $ 21,137 State and municipal — 4,426 274 4,700 — 4,700 Foreign government 39,347 20,843 16 60,206 — 60,206 Corporate 301 15,129 275 15,705 — 15,705 Equity securities 53,305 6,794 120 60,219 — 60,219 Asset-backed securities — 1,198 1,590 2,788 — 2,788 Other trading assets (3) 3 11,105 615 11,723 — 11,723 Total trading non-derivative assets $ 110,480 $ 87,867 $ 3,274 $ 201,621 $ — $ 201,621 Trading derivatives Interest rate contracts $ 145 $ 203,134 $ 1,708 $ 204,987 Foreign exchange contracts 19 121,363 577 121,959 Equity contracts 2,364 24,170 444 26,978 Commodity contracts 282 13,252 569 14,103 Credit derivatives — 19,624 910 20,534 Total trading derivatives $ 2,810 $ 381,543 $ 4,208 $ 388,561 Cash collateral paid (4) $ 7,541 Netting agreements $ (306,401 ) Netting of cash collateral received (38,532 ) Total trading derivatives $ 2,810 $ 381,543 $ 4,208 $ 396,102 $ (344,933 ) $ 51,169 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 41,717 $ 24 $ 41,741 $ — $ 41,741 Residential — 2,884 — 2,884 — 2,884 Commercial — 329 3 332 — 332 Total investment mortgage-backed securities $ — $ 44,930 $ 27 $ 44,957 $ — $ 44,957 U.S. Treasury and federal agency securities $ 106,964 $ 11,182 $ — $ 118,146 $ — $ 118,146 State and municipal — 8,028 737 8,765 — 8,765 Foreign government 56,456 43,985 92 100,533 — 100,533 Corporate 1,911 12,127 71 14,109 — 14,109 Equity securities 176 11 2 189 — 189 Asset-backed securities — 3,091 827 3,918 — 3,918 Other debt securities — 297 — 297 — 297 Non-marketable equity securities (5) — 121 681 802 — 802 Total investments $ 165,507 $ 123,772 $ 2,437 $ 291,716 $ — $ 291,716 Table continues on the next page. In millions of dollars at December 31, 2017 Level 1 (1) Level 2 (1) Level 3 Gross Netting (2) Net Loans $ — $ 3,824 $ 550 $ 4,374 $ — $ 4,374 Mortgage servicing rights — — 558 558 — 558 Non-trading derivatives and other financial assets measured on a recurring basis $ 13,903 $ 4,640 $ 16 $ 18,559 $ — $ 18,559 Total assets $ 292,700 $ 790,217 $ 11,059 $ 1,101,517 $ (400,571 ) $ 700,946 Total as a percentage of gross assets (6) 26.8 % 72.2 % 1.0 % Liabilities Interest-bearing deposits $ — $ 1,179 $ 286 $ 1,465 $ — $ 1,465 Federal funds purchased and securities loaned or sold under agreements to repurchase — 95,550 726 96,276 (55,638 ) 40,638 Trading account liabilities Securities sold, not yet purchased 65,843 10,306 22 76,171 — 76,171 Other trading liabilities — 1,409 5 1,414 — 1,414 Total trading liabilities $ 65,843 $ 11,715 $ 27 $ 77,585 $ — $ 77,585 Trading account derivatives Interest rate contracts $ 137 $ 182,372 $ 2,130 $ 184,639 Foreign exchange contracts 9 120,316 447 120,772 Equity contracts 2,430 26,472 2,471 31,373 Commodity contracts 115 14,482 2,430 17,027 Credit derivatives — 19,824 1,709 21,533 Total trading derivatives $ 2,691 $ 363,466 $ 9,187 $ 375,344 Cash collateral received (7) $ 14,308 Netting agreements $ (306,401 ) Netting of cash collateral paid (35,666 ) Total trading derivatives $ 2,691 $ 363,466 $ 9,187 $ 389,652 $ (342,067 ) $ 47,585 Short-term borrowings $ — $ 4,609 $ 18 $ 4,627 $ — $ 4,627 Long-term debt — 18,310 13,082 31,392 — 31,392 Non-trading derivatives and other financial liabilities measured on a recurring basis $ 13,903 $ 50 $ 8 $ 13,961 $ — $ 13,961 Total liabilities $ 82,437 $ 494,879 $ 23,334 $ 614,958 $ (397,705 ) $ 217,253 Total as a percentage of gross liabilities (6) 13.7 % 82.4 % 3.9 % (1) In 2017, the Company transferred assets of approximately $4.8 billion from Level 1 to Level 2, primarily related to foreign government securities and equity securities not traded in active markets. In 2017, the Company transferred assets of approximately $4.0 billion from Level 2 to Level 1, primarily related to foreign government bonds and equity securities traded with sufficient frequency to constitute a liquid market. In 2017, the Company transferred liabilities of approximately $0.4 billion from Level 1 to Level 2. In 2017, the Company transferred liabilities of approximately $0.3 billion from Level 2 to Level 1. (2) Represents netting of (i) the amounts due under securities purchased under agreements to resell and the amounts owed under securities sold under agreements to repurchase and (ii) derivative exposures covered by a qualifying master netting agreement and cash collateral offsetting. (3) Includes positions related to investments in unallocated precious metals, as discussed in Note 21 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (4) Reflects the net amount of $43,207 million of gross cash collateral paid, of which $35,666 million was used to offset trading derivative liabilities. (5) Amounts exclude $0.4 billion of investments measured at Net Asset Value (NAV) in accordance with ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). (6) Because the amount of the cash collateral paid/received has not been allocated to the Level 1, 2 and 3 subtotals, these percentages are calculated based on total assets and liabilities measured at fair value on a recurring basis, excluding the cash collateral paid/received on derivatives. (7) Reflects the net amount of $52,840 million of gross cash collateral received, of which $38,532 million was used to offset trading derivative assets. |
Changes in level 3 fair value category | The hedged items and related hedges are presented gross in the following tables: Level 3 Fair Value Rollforward Net realized/unrealized Transfers Unrealized (3) In millions of dollars Mar. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2018 Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ 16 $ 1 $ — $ 49 $ — $ — $ — $ — $ — $ 66 $ — Trading non-derivative assets Trading mortgage- backed securities U.S. government-sponsored agency guaranteed 206 1 — 3 (41 ) 37 — (107 ) — 99 1 Residential 143 (17 ) — 23 (11 ) 45 — (51 ) — 132 (4 ) Commercial 35 (2 ) — 7 (2 ) 23 — (10 ) — 51 (1 ) Total trading mortgage- backed securities $ 384 $ (18 ) $ — $ 33 $ (54 ) $ 105 $ — $ (168 ) $ — $ 282 $ (4 ) U.S. Treasury and federal agency securities $ — $ — $ — $ 6 $ — $ 1 $ — $ — $ — $ 7 $ — State and municipal 211 4 — — — 13 — (2 ) — 226 2 Foreign government 21 (1 ) — — (5 ) 32 — (11 ) — 36 (1 ) Corporate 252 52 — 12 (19 ) 245 — (22 ) — 520 248 Equity securities 237 7 — 16 (5 ) 74 — (36 ) — 293 30 Asset-backed securities 1,597 17 — 27 (32 ) 373 — (294 ) — 1,688 (16 ) Other trading assets 716 (52 ) — 27 (32 ) 45 — (158 ) (4 ) 542 (21 ) Total trading non- derivative assets $ 3,418 $ 9 $ — $ 121 $ (147 ) $ 888 $ — $ (691 ) $ (4 ) $ 3,594 $ 238 Trading derivatives, net (4) Interest rate contracts $ (6 ) $ 206 $ — $ — $ (109 ) $ 1 $ — $ — $ (6 ) $ 86 $ 270 Foreign exchange contracts 88 167 — (12 ) (5 ) 6 — (5 ) — 239 146 Equity contracts (1,741 ) 34 — (16 ) 279 4 — (4 ) (2 ) (1,446 ) 469 Commodity contracts (1,909 ) (141 ) — 4 90 7 — — 43 (1,906 ) (118 ) Credit derivatives (859 ) (36 ) — (10 ) 14 — — — 43 (848 ) (29 ) Total trading derivatives, net (4) $ (4,427 ) $ 230 $ — $ (34 ) $ 269 $ 18 $ — $ (9 ) $ 78 $ (3,875 ) $ 738 Table continues on the next page. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Mar. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2018 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 23 $ — $ 11 $ — $ — $ — $ — $ — $ — $ 34 $ 12 Residential — — — — — — — — — — — Commercial 5 — — 1 — — — — — 6 — Total investment mortgage-backed securities $ 28 $ — $ 11 $ 1 $ — $ — $ — $ — $ — $ 40 $ 12 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 682 — 3 — (9 ) 111 — (25 ) — 762 3 Foreign government 70 — (3 ) 1 — 5 — (19 ) — 54 (3 ) Corporate 76 — — — (2 ) — — (6 ) — 68 — Equity securities 1 — — — — — — — — 1 — Asset-backed securities 497 — (25 ) 1 (2 ) 11 — (26 ) — 456 (25 ) Other debt securities — — — — — — — — — — — Non-marketable equity securities 734 — (54 ) — — — — (33 ) (36 ) 611 (23 ) Total investments $ 2,088 $ — $ (68 ) $ 3 $ (13 ) $ 127 $ — $ (109 ) $ (36 ) $ 1,992 $ (36 ) Loans $ 554 $ — $ (274 ) $ — $ 60 $ 47 $ — $ (6 ) $ — $ 381 $ 40 Mortgage servicing rights 587 — 11 — — — 15 (1 ) (16 ) 596 11 Other financial assets measured on a recurring basis 13 — 14 — (11 ) — — (4 ) (12 ) — 14 Liabilities Interest-bearing deposits $ 292 $ — $ (3 ) $ — $ — $ — $ 25 $ — $ — $ 320 $ (6 ) Federal funds purchased and securities loaned or sold under agreements to repurchase 857 25 — — — — 96 — 38 966 16 Trading account liabilities Securities sold, not yet purchased 48 (142 ) — 4 (12 ) — — 6 1 189 (50 ) Other trading liabilities — — — — — — — — — — — Short-term borrowings 81 (6 ) — 3 (21 ) — 24 — (3 ) 90 10 Long-term debt 13,484 (7 ) — 815 (540 ) — 4 — 11 13,781 92 Other financial liabilities measured on a recurring basis 3 — (2 ) 1 (5 ) — — — (1 ) — (3 ) (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments on the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue on the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2018 . (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2018 Assets Federal funds sold and securities borrowed or purchased under agreements to resell 16 19 — 49 — — — — (18 ) 66 10 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 163 2 — 89 (90 ) 153 — (218 ) — 99 1 Residential 164 5 — 58 (88 ) 91 — (98 ) — 132 (4 ) Commercial 57 (1 ) — 11 (37 ) 38 — (17 ) — 51 3 Total trading mortgage-backed securities 384 6 — 158 (215 ) 282 — (333 ) — 282 — U.S. Treasury and federal agency securities — — — 6 — 1 — — — 7 — State and municipal 274 10 — — (44 ) 13 — (27 ) — 226 1 Foreign government 16 (1 ) — 2 (5 ) 46 — (22 ) — 36 (1 ) Corporate 275 95 — 61 (91 ) 279 — (99 ) — 520 251 Equity securities 120 82 — 17 (20 ) 242 — (148 ) — 293 26 Asset-backed securities 1,590 75 — 45 (47 ) 689 — (664 ) — 1,688 39 Other trading assets 615 83 — 85 (42 ) 157 5 (352 ) (9 ) 542 (11 ) Total trading non-derivative assets 3,274 350 — 374 (464 ) 1,709 5 (1,645 ) (9 ) 3,594 305 Trading derivatives, net (4) Interest rate contracts (422 ) 587 — 5 (72 ) 8 — (16 ) (4 ) 86 529 Foreign exchange contracts 130 105 — (13 ) 3 7 — (5 ) 12 239 27 Equity contracts (2,027 ) (102 ) — (73 ) 751 17 — (11 ) (1 ) (1,446 ) 203 Commodity contracts (1,861 ) (174 ) — (43 ) 98 27 — — 47 (1,906 ) (32 ) Credit derivatives (799 ) (98 ) — (9 ) 12 2 — 1 43 (848 ) (219 ) Total trading derivatives, net (4) (4,979 ) 318 — (133 ) 792 61 — (31 ) 97 (3,875 ) 508 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed 24 — 10 — — — — — — 34 (12 ) Residential — — — — — — — — — — — Commercial 3 — 2 1 — — — — — 6 — Total investment mortgage-backed securities 27 — 12 1 — — — — — 40 (12 ) U.S. Treasury and federal agency securities — — — — — — — — — — — State and municipal 737 — (13 ) — (18 ) 140 — (84 ) — 762 (22 ) Foreign government 92 — (4 ) 1 (2 ) 62 — (95 ) — 54 (3 ) Corporate 71 — (1 ) 3 (2 ) 3 — (6 ) — 68 — Equity securities 2 — — — — — — (1 ) — 1 — Asset-backed securities 827 — (15 ) 3 (344 ) 11 — (26 ) — 456 (25 ) Other debt securities — — — — — — — — — — — Non-marketable equity securities 681 — (30 ) 30 — 15 — (33 ) (52 ) 611 (7 ) Total investments 2,437 — (51 ) 38 (366 ) 231 — (245 ) (52 ) 1,992 (69 ) Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2018 Loans 550 — (255 ) — 59 51 — (22 ) (2 ) 381 175 Mortgage servicing rights 558 — 57 — — — 32 (18 ) (33 ) 596 57 Other financial assets measured on a recurring basis 16 — 22 — (11 ) 4 12 (4 ) (39 ) — 33 Liabilities Interest-bearing deposits 286 — 23 12 — — 45 — — 320 (60 ) Federal funds purchased and securities loaned or sold under agreements to repurchase 726 39 — — — — 243 — 36 966 29 Trading account liabilities Securities sold, not yet purchased 22 (247 ) — 7 (31 ) — — 9 (65 ) 189 (46 ) Other trading liabilities 5 5 — — — — — — — — — Short-term borrowings 18 1 — 48 (21 ) — 49 — (3 ) 90 (9 ) Long-term debt 13,082 (243 ) — 1,755 (1,304 ) 36 7 (44 ) 6 13,781 (735 ) Other financial liabilities measured on a recurring basis 8 — (2 ) 1 (10 ) — 2 — (3 ) — (4 ) (1) Changes in fair value of available-for-sale debt securities are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments on the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue on the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale debt securities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at December 31, 2017 . (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Mar. 31, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2017 Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ 1,187 $ 54 $ — $ — $ (239 ) $ — $ — $ — $ — $ 1,002 $ — Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed $ 271 $ (1 ) $ — $ 29 $ (48 ) $ 103 $ — $ (150 ) $ — $ 204 $ — Residential 368 22 — 30 (20 ) 16 — (89 ) — 327 19 Commercial 266 5 — 27 (16 ) 244 — (208 ) — 318 (3 ) Total trading mortgage-backed securities $ 905 $ 26 $ — $ 86 $ (84 ) $ 363 $ — $ (447 ) $ — $ 849 $ 16 U.S. Treasury and federal agency securities $ 1 $ — $ — $ — $ — $ — $ — $ (1 ) $ — $ — $ — State and municipal 270 3 — 22 (1 ) 7 — (17 ) — 284 (1 ) Foreign government 126 3 — 6 (77 ) 83 — (33 ) — 108 1 Corporate 296 124 — 89 (21 ) 158 — (245 ) — 401 132 Equity securities 110 14 — 130 (1 ) 2 — (15 ) — 240 13 Asset-backed securities 1,941 (23 ) — 3 (65 ) 313 — (599 ) — 1,570 (19 ) Other trading assets 1,888 (43 ) — 222 (243 ) 366 — (383 ) (4 ) 1,803 (17 ) Total trading non-derivative assets $ 5,537 $ 104 $ — $ 558 $ (492 ) $ 1,292 $ — $ (1,740 ) $ (4 ) $ 5,255 $ 125 Trading derivatives, net (4) Interest rate contracts (773 ) (155 ) — 10 632 59 — (92 ) 31 (288 ) (60 ) Foreign exchange contracts 48 93 — (2 ) (39 ) 4 — (2 ) 82 184 88 Equity contracts (1,524 ) (101 ) — 18 42 64 — (113 ) (33 ) (1,647 ) (158 ) Commodity contracts (2,074 ) (153 ) — 12 51 — — — 140 (2,024 ) (152 ) Credit derivatives (1,123 ) (293 ) — (44 ) (16 ) (2 ) — 2 137 (1,339 ) (325 ) Total trading derivatives, net (4) $ (5,446 ) $ (609 ) $ — $ (6 ) $ 670 $ 125 $ — $ (205 ) $ 357 $ (5,114 ) $ (607 ) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 55 $ — $ 1 $ — $ (6 ) $ — $ — $ — $ — $ 50 $ — Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 55 $ — $ 1 $ — $ (6 ) $ — $ — $ — $ — $ 50 $ — U.S. Treasury and federal agency securities $ 1 $ — $ — $ — $ — $ — $ — $ — $ — $ 1 $ — State and municipal 1,233 — 27 12 (3 ) 22 — (6 ) — 1,285 28 Foreign government 235 — 10 — (1 ) 191 — (77 ) — 358 7 Corporate 339 — (137 ) 5 — 92 — (143 ) — 156 9 Equity securities 9 — — — — — — — — 9 — Asset-backed securities 712 — 173 4 (13 ) 334 — (182 ) — 1,028 171 Other debt securities — — — — — 10 — — — 10 — Non-marketable equity securities 1,082 — 31 2 — 1 — (154 ) (23 ) 939 66 Total investments $ 3,666 $ — $ 105 $ 23 $ (23 ) $ 650 $ — $ (562 ) $ (23 ) $ 3,836 $ 281 Net realized/unrealized Transfers Unrealized (3) In millions of dollars Mar. 31, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2017 Loans $ 580 $ — $ (12 ) $ 15 $ — $ 30 $ — $ (33 ) $ (3 ) $ 577 $ 42 Mortgage servicing rights 567 — (11 ) — — — 21 — (17 ) 560 3 Other financial assets measured on a recurring basis 27 — 29 — (7 ) — 27 (4 ) (55 ) 17 26 Liabilities Interest-bearing deposits $ 302 $ — $ — $ 20 $ — $ — $ — $ — $ (22 ) $ 300 $ 5 Federal funds purchased and securities loaned or sold under agreements to repurchase 809 2 — — — — — — — 807 2 Trading account liabilities Securities sold, not yet purchased 1,151 (60 ) — 2 (29 ) — — 76 (117 ) 1,143 5 Short-term borrowings 60 40 — 1 — — 8 — — 29 11 Long-term debt 10,176 (618 ) — 321 (558 ) — 1,353 — (79 ) 11,831 (73 ) Other financial liabilities measured on a recurring basis 4 — 2 — — — 1 — (1 ) 2 2 Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2016 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2017 Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ 1,496 $ (2 ) $ — $ — $ (491 ) $ — $ — $ — $ (1 ) $ 1,002 $ — Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 176 4 — 79 (65 ) 264 — (254 ) — 204 1 Residential 399 37 — 47 (49 ) 66 — (173 ) — 327 29 Commercial 206 (3 ) — 44 (29 ) 434 — (334 ) — 318 (10 ) Total trading mortgage-backed securities $ 781 $ 38 $ — $ 170 $ (143 ) $ 764 $ — $ (761 ) $ — $ 849 $ 20 U.S. Treasury and federal agency securities $ 1 $ — $ — $ — $ — $ — $ — $ (1 ) $ — $ — $ — State and municipal 296 5 — 24 (48 ) 88 — (81 ) — 284 2 Foreign government 40 7 — 84 (90 ) 127 — (60 ) — 108 8 Corporate 324 215 — 116 (73 ) 276 — (457 ) — 401 177 Equity securities 127 29 — 132 (13 ) 9 — (44 ) — 240 21 Asset-backed securities 1,868 137 — 23 (81 ) 704 — (1,081 ) — 1,570 52 Other trading assets 2,814 (50 ) — 432 (774 ) 653 1 (1,258 ) (15 ) 1,803 (38 ) Total trading non-derivative assets $ 6,251 $ 381 $ — $ 981 $ (1,222 ) $ 2,621 $ 1 $ (3,743 ) $ (15 ) $ 5,255 $ 242 Trading derivatives, net (4) Interest rate contracts $ (663 ) $ (192 ) $ — $ (28 ) $ 651 $ 65 $ — $ (205 ) $ 84 $ (288 ) $ (12 ) Foreign exchange contracts 413 (297 ) — 53 (59 ) 38 — (34 ) 70 184 43 Equity contracts (1,557 ) (103 ) — 18 26 149 — (137 ) (43 ) (1,647 ) (139 ) Commodity contracts (1,945 ) (328 ) — 58 49 — — — 142 (2,024 ) (358 ) Credit derivatives (1,001 ) (385 ) — (68 ) (24 ) (2 ) — 2 139 (1,339 ) (745 ) Total trading derivatives, net (4) $ (4,753 ) $ (1,305 ) $ — $ 33 $ 643 $ 250 $ — $ (374 ) $ 392 $ (5,114 ) $ (1,211 ) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 101 $ — $ 3 $ 1 $ (55 ) $ — $ — $ — $ — $ 50 $ 2 Residential 50 — 2 — (47 ) — — (5 ) — — — Commercial — — — — — 8 — (8 ) — — — Total investment mortgage-backed securities $ 151 $ — $ 5 $ 1 $ (102 ) $ 8 $ — $ (13 ) $ — $ 50 $ 2 U.S. Treasury and federal agency securities $ 2 $ — $ — $ — $ — $ — $ — $ (1 ) $ — $ 1 $ — State and municipal 1,211 — 39 49 (33 ) 76 — (57 ) — 1,285 35 Foreign government 186 — 11 2 (19 ) 333 — (155 ) — 358 7 Corporate 311 — (135 ) 64 (4 ) 183 — (263 ) — 156 9 Equity securities 9 — — — — — — — — 9 — Asset-backed securities 660 — 182 21 (13 ) 360 — (182 ) — 1,028 171 Other debt securities — — — — — 21 — (11 ) — 10 — Non-marketable equity securities 1,331 — (63 ) 2 — 9 — (227 ) (113 ) 939 79 Total investments $ 3,861 $ — $ 39 $ 139 $ (171 ) $ 990 $ — $ (909 ) $ (113 ) $ 3,836 $ 303 Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2016 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Jun. 30, 2017 Loans $ 568 $ — $ (16 ) $ 80 $ (16 ) $ 42 $ — $ (76 ) $ (5 ) $ 577 $ 58 Mortgage servicing rights 1,564 — 56 — — — 56 (1,046 ) (70 ) 560 (40 ) Other financial assets measured on a recurring basis 34 — (160 ) 3 (8 ) — 260 (4 ) (108 ) 17 (57 ) Liabilities Interest-bearing deposits $ 293 $ — $ 11 $ 40 $ — $ — $ — $ — $ (22 ) $ 300 $ 31 Federal funds purchased and securities loaned or sold under agreements to repurchase 849 8 — — — — — — (34 ) 807 8 Trading account liabilities Securities sold, not yet purchased 1,177 (6 ) — 13 (43 ) — — 177 (187 ) 1,143 (3 ) Short-term borrowings 42 31 — 1 — — 19 — (2 ) 29 5 Long-term debt 9,744 (601 ) — 521 (967 ) — 2,282 — (350 ) 11,831 (747 ) Other financial liabilities measured on a recurring basis 8 — — — — (1 ) 2 — (7 ) 2 — (1) Changes in fair value of available-for-sale investments are recorded in AOCI, unless related to other-than-temporary impairment, while gains and losses from sales are recorded in Realized gains (losses) from sales of investments on the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue on the Consolidated Statement of Income. (3) Represents the amount of total gains or losses for the period, included in earnings (and AOCI for changes in fair value of available-for-sale investments), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at June 30, 2017. (4) Total Level 3 derivative assets and liabilities have been netted in these tables for presentation purposes only. |
Significant valuation techniques and most significant unobservable inputs used in Level 3 fair value measurements | The following tables present the valuation techniques covering the majority of Level 3 inventory and the most significant unobservable inputs used in Level 3 fair value measurements. Differences between this table and amounts presented in the Level 3 Fair Value Rollforward table represent individually immaterial items that have been measured using a variety of valuation techniques other than those listed. As of June 30, 2018 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ 66 Model-based Interest rate 2.06 % 3.67 % 3.51 % Mortgage-backed securities $ 156 Price-based Price $ 0.01 $ 109.48 $ 83.75 110 Yield analysis Yield 2.71 % 8.81 % 4.56 % 39 Model-based State and municipal, foreign government, corporate and other debt securities $ 1,103 Model-based Price $ 2.34 $ 129.50 $ 92.65 895 Price-based Credit spread 35 bps 500 bps 238 bps Equity securities (5) $ 206 Price-based Price $ — $ 456.89 $ 41.58 87 Model-based Equity volatility 3.93 % 12.42 % 9.20 % Forward price 80.20 % 124.54 % 105.47 % Asset-backed securities $ 2,058 Price-based Price $ 3.00 $ 100.89 $ 72.24 Non-marketable equities $ 505 Comparables analysis EBITDA multiples 7.30x 10.40x 8.88x 76 Price-based Discount to price — % 100.00 % 15.37 % Derivatives—gross (6) Interest rate contracts (gross) $ 4,344 Model-based Mean reversion 1.00 % 20.00 % 10.50 % Inflation volatility 0.21 % 2.63 % 0.75 % IR normal volatility 0.10 % 78.22 % 51.57 % Foreign exchange contracts (gross) $ 889 Model-based FX volatility 2.40 % 18.05 % 10.79 % IR-IR correlation (51.00 )% 40.00 % 34.08 % FX rate $ — $ 0.04 $ 0.04 IR-FX correlation 40.00 % 60.00 % 50.00 % Credit spread 34 bps 2,568 bps 300 bps IR basis (0.47 )% 0.36 % (0.19 )% Equity contracts (gross) $ 2,038 Model-based Equity volatility 3.26 % 74.93 % 26.61 % Forward price 63.07 % 159.10 % 100.93 % Equity-equity correlation (81.06 )% 100.00 % 55.36 % Equity-FX correlation (83.00 )% 54.00 % (37.30 )% WAL 2.00 years 4.43 years 2.90 years Commodity and other contracts (gross) $ 3,095 Model-based Forward price 28.57 % 454.29 % 108.29 % Commodity volatility 9.33 % 46.05 % 21.51 % Commodity correlation (52.24 )% 91.44 % 22.32 % Credit derivatives (gross) $ 1,778 Model-based Credit correlation 25.00 % 80.00 % 42.67 % 781 Price-based Upfront points 1.67 % 97.99 % 56.21 % As of June 30, 2018 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Credit spread 4 bps 1,266 bps 110 bps Price $ 10.31 $ 225.00 $ 88.72 Recovery rate 5.00 % 65.00 % 50.48 % Loans and leases $ 241 Model-based Credit spread 143 bps 143 bps 143 bps 139 Price-based Price $ 0.76 $ 238.35 $ 41.60 Yield 4.09 % 4.09 % 4.09 % Mortgage servicing rights $ 508 Cash flow Yield 4.34 % 12.14 % 8.33 % 87 Model-based WAL 4.09 years 7.74 years 6.64 years Liabilities Interest-bearing deposits $ 320 Model-based Mean reversion — % 20.00 % 7.85 % Equity volatility 3.93 % 12.42 % 9.20 % Forward price 80.20 % 124.54 % 105.47 % Federal funds purchased and securities loaned or sold under agreement to repurchase $ 966 Model-based Interest rate 2.06 % 3.24 % 2.99 % Trading account liabilities Securities sold, not yet purchased $ 165 Model-based Forward price 28.57 % 454.29 % 104.11 % $ 23 Price-based Equity volatility 3.26 % 74.93 % 15.37 % IR normal volatility 15.02 % 31.88 % 19.85 % Equity-equity correlation (81.06 )% 100.00 % 55.40 % Equity-FX correlation (82.74 )% 54.00 % (37.34 )% Price $ — $ 456.89 $ 93.88 Short-term borrowings and long-term debt $ 13,928 Model-based Mean reversion 1.00 % 20.00 % 10.50 % Forward price 63.07 % 195.78 % 104.83 % Equity volatility 3.26 % 74.93 % 12.05 % IR normal volatility 8.49 % 78.22 % 51.93 % As of December 31, 2017 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ 16 Model-based Interest rate 1.43 % 2.16 % 2.09 % Mortgage-backed securities $ 214 Price-based Price $ 2.96 $ 101.00 $ 56.52 184 Yield analysis Yield 2.52 % 14.06 % 5.97 % State and municipal, foreign government, corporate and other debt securities $ 949 Model-based Price $ — $ 184.04 $ 91.74 914 Price-based Credit spread 35 bps 500 bps 249 bps Yield 2.36 % 14.25 % 6.03 % Equity securities (5) $ 65 Price-based Price $ — $ 25,450.00 $ 2,526.62 55 Model-based WAL 2.50 years 2.50 years 2.50 years Asset-backed securities $ 2,287 Price-based Price $ 4.25 $ 100.60 $ 74.57 As of December 31, 2017 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Non-marketable equity $ 423 Comparables analysis EBITDA multiples 6.90 x 12.80 x 8.66 x 223 Price-based Discount to price — % 100.00 % 11.83 % Price-to-book ratio 0.05 x 1.00 x 0.32 x Derivatives—gross (6) Interest rate contracts (gross) $ 3,818 Model-based IR normal volatility 9.40 % 77.40 % 58.86 % Mean reversion 1.00 % 20.00 % 10.50 % Foreign exchange contracts (gross) $ 940 Model-based Foreign exchange (FX) volatility 4.58 % 15.02 % 8.16 % Interest rate (0.55 )% 0.28 % 0.04 % IR-IR correlation (51.00 )% 40.00 % 36.56 % IR-FX correlation (7.34 )% 60.00 % 49.04 % Credit spread 11 bps 717 bps 173 bps Equity contracts (gross) (7) $ 2,897 Model-based Equity volatility 3.00 % 68.93 % 24.66 % Forward price 69.74 % 154.19 % 92.80 % Commodity contracts (gross) $ 2,937 Model-based Forward price 3.66 % 290.59 % 114.16 % Commodity volatility 8.60 % 66.73 % 25.04 % Commodity correlation (37.64 )% 91.71 % 15.21 % Credit derivatives (gross) $ 1,797 Model-based Credit correlation 25.00 % 90.00 % 44.64 % 823 Price-based Upfront points 6.03 % 97.26 % 62.88 % Credit spread 3 bps 1,636 bps 173 bps Price $ 1.00 $ 100.24 $ 57.63 Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross) (6) $ 24 Model-based Recovery rate 25.00 % 40.00 % 31.56 % Redemption rate 10.72 % 99.50 % 74.24 % Credit spread 38 bps 275 bps 127 bps Upfront points 61.00 % 61.00 % 61.00 % Loans and leases $ 391 Model-based Equity volatility 3.00 % 68.93 % 22.52 % 148 Price-based Credit spread 134 bps 500 bps 173 bps Yield 3.09 % 4.40 % 3.13 % Mortgage servicing rights $ 471 Cash flow Yield 8.00 % 16.38 % 11.47 % 87 Model-based WAL 3.83 years 6.89 years 5.93 years Liabilities Interest-bearing deposits $ 286 Model-based Mean reversion 1.00 % 20.00 % 10.50 % Forward price 99.56 % 99.95 % 99.72 % Federal funds purchased and securities loaned or sold under agreements to repurchase $ 726 Model-based Interest rate 1.43 % 2.16 % 2.09 % Trading account liabilities Securities sold, not yet purchased $ 21 Price-based Price $ 1.00 $ 287.64 $ 88.19 Short-term borrowings and long-term debt $ 13,100 Model-based Forward price 69.74 % 161.11 % 100.70 % (1) The fair value amounts presented in these tables represent the primary valuation technique or techniques for each class of assets or liabilities. (2) Some inputs are shown as zero due to rounding. (3) When the low and high inputs are the same, there is either a constant input applied to all positions, or the methodology involving the input applies to only one large position. (4) Weighted averages are calculated based on the fair values of the instruments. (5) For equity securities, the price inputs are expressed on an absolute basis, not as a percentage of the notional amount. (6) Both trading and nontrading account derivatives—assets and liabilities—are presented on a gross absolute value basis. (7) Includes hybrid products. |
Items measured at fair value of a nonrecurring basis | The following table presents the carrying amounts of all assets that were still held for which a nonrecurring fair value measurement was recorded: In millions of dollars Fair value Level 2 Level 3 June 30, 2018 Loans HFS (1) $ 4,285 $ 1,703 $ 2,582 Other real estate owned 77 53 24 Loans (2) 400 184 216 Non-marketable equity investments measured using the measurement alternative 112 107 5 Total assets at fair value on a nonrecurring basis $ 4,874 $ 2,047 $ 2,827 In millions of dollars Fair value Level 2 Level 3 December 31, 2017 Loans HFS (1) $ 5,675 $ 2,066 $ 3,609 Other real estate owned 54 10 44 Loans (2) 630 216 414 Total assets at fair value on a nonrecurring basis $ 6,359 $ 2,292 $ 4,067 (1) Net of fair value amounts on the unfunded portion of loans HFS recognized as Other liabilities on the Consolidated Balance Sheet. (2) Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral less costs to sell, primarily real estate. |
Valuation techniques and inputs for Level 3 nonrecurring fair value measurements | The following table presents the valuation techniques covering the majority of Level 3 nonrecurring fair value measurements and the most significant unobservable inputs used in those measurements: As of June 30, 2018 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans held-for-sale $ 2,240 Price-based Price $ 75.00 $ 100.00 $ 98.63 Other real estate owned $ 20 Price-based Appraised value $ 470,964 $ 8,394,102 $ 6,714,334 3 Recovery analysis Discount to price 13.00 % 13.00 % 13.00 % Price $ 54.93 $ 54.93 $ 54.93 Loans (5) $ 98 Recovery analysis Price $ 91.50 $ 100.00 $ 99.17 75 Price-based Appraised value $ 30,653,667 $ 465,594,643 $ 126,532,515 22 Cash flow Recovery rate 9.00 % 9.00 % 9.00 % As of December 31, 2017 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans held-for-sale $ 3,186 Price-based Price $ 77.93 $ 100.00 $ 99.26 Other real estate owned $ 42 Price-based Appraised value (4) $ 20,278 $ 8,091,760 $ 4,016,665 Discount to price (6) 34.00 % 34.00 % 34.00 % Price $ 30.00 $ 50.36 $ 49.09 Loans (5) $ 133 Price-based Price $ 2.80 $ 100.00 $ 62.46 129 Cash flow Recovery rate 50.00 % 100.00 % 63.59 % 127 Recovery analysis Appraised value $ — $ 45,500,000 $ 38,785,667 (1) The fair value amounts presented in this table represent the primary valuation technique or techniques for each class of assets or liabilities. (2) Some inputs are shown as zero due to rounding. (3) Weighted averages are calculated based on the fair values of the instruments. (4) Appraised values are disclosed in whole dollars. (5) Represents impaired loans held for investment whose carrying amounts are based on the fair value of the underlying collateral, primarily real estate secured loans. (6) Includes estimated costs to sell. |
Changes in total nonrecurring fair value measurements | The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that were still held: Three Months Ended June 30, In millions of dollars 2018 2017 Loans HFS $ (7 ) $ (5 ) Other real estate owned (1 ) (3 ) Loans (1) (33 ) (30 ) Non-marketable equity investments measured using the measurement alternative (1 ) — Total nonrecurring fair value gains (losses) $ (42 ) $ (38 ) (1) Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, primarily real estate. Six Months Ended June 30, In millions of dollars 2018 2017 Loans HFS $ (8 ) $ (5 ) Other real estate owned (1 ) (3 ) Loans (1) (33 ) (48 ) Non-marketable equity investments measured using the measurement alternative 104 — Total nonrecurring fair value gains (losses) $ 62 $ (56 ) (1) Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral, primarily real estate. |
Estimated fair value of financial instruments | The following table presents the carrying value and fair value of Citigroup’s financial instruments that are not carried at fair value. The table below therefore excludes items measured at fair value on a recurring basis presented in the tables above. June 30, 2018 Estimated fair value Carrying value Estimated fair value In billions of dollars Level 1 Level 2 Level 3 Assets Investments $ 58.8 $ 58.3 $ 1.1 $ 55.2 $ 2.0 Federal funds sold and securities borrowed or purchased under agreements to resell 96.4 96.4 — 91.8 4.6 Loans (1)(2) 654.4 648.8 — 5.6 643.2 Other financial assets (2)(3) 265.0 265.4 187.3 13.6 64.5 Liabilities Deposits $ 995.1 $ 992.8 $ 3.0 $ 844.4 $ 145.4 Federal funds purchased and securities loaned or sold under agreements to repurchase 128.6 128.6 — 128.5 0.1 Long-term debt (4) 201.4 204.6 — 186.3 18.3 Other financial liabilities (5) 111.9 111.9 — 15.7 96.2 December 31, 2017 Estimated fair value Carrying value Estimated fair value In billions of dollars Level 1 Level 2 Level 3 Assets Investments $ 60.2 $ 60.6 $ 0.5 $ 57.5 $ 2.6 Federal funds sold and securities borrowed or purchased under agreements to resell 99.5 99.5 — 94.4 5.1 Loans (1)(2) 648.6 644.9 — 6.0 638.9 Other financial assets (2)(3) 242.6 243.0 166.4 14.1 62.5 Liabilities Deposits $ 958.4 $ 955.6 $ — $ 816.1 $ 139.5 Federal funds purchased and securities loaned or sold under agreements to repurchase 115.6 115.6 — 115.6 — Long-term debt (4) 205.3 214.0 — 187.2 26.8 Other financial liabilities (5) 129.9 129.9 — 15.5 114.4 (1) The carrying value of loans is net of the Allowance for loan losses of $12.1 billion for June 30, 2018 and $12.4 billion for December 31, 2017 . In addition, the carrying values exclude $1.6 billion and $1.7 billion of lease finance receivables at June 30, 2018 and December 31, 2017 , respectively. (2) Includes items measured at fair value on a nonrecurring basis. (3) Includes cash and due from banks, deposits with banks, brokerage receivables, reinsurance recoverables and other financial instruments included in Other assets on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value. (4) The carrying value includes long-term debt balances under qualifying fair value hedges. (5) Includes brokerage payables, separate and variable accounts, short-term borrowings (carried at cost) and other financial instruments included in Other liabilities on the Consolidated Balance Sheet, for all of which the carrying value is a reasonable estimate of fair value. |
FAIR VALUE ELECTIONS (Tables)
FAIR VALUE ELECTIONS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value, Option, Aggregate Differences [Abstract] | |
Schedule of financial instruments selected for changes in fair value gains and losses | The following table presents the changes in fair value of those items for which the fair value option has been elected: Changes in fair value—gains (losses) Three Months Ended June 30, Six Months Ended June 30, In millions of dollars 2018 2017 2018 2017 Assets Federal funds sold and securities borrowed or purchased under agreements to resell $ 19 $ (58 ) $ 3 $ (91 ) Trading account assets (85 ) 232 (101 ) 662 Investments — (3 ) — (3 ) Loans Certain corporate loans (3 ) (5 ) (126 ) 19 Certain consumer loans — 2 — 2 Total loans $ (3 ) $ (3 ) $ (126 ) $ 21 Other assets MSRs $ 11 $ (11 ) $ 57 $ 56 Certain mortgage loans held-for-sale (1) 10 44 12 81 Total other assets $ 21 $ 33 $ 69 $ 137 Total assets $ (48 ) $ 201 $ (155 ) $ 726 Liabilities Interest-bearing deposits $ 10 $ (30 ) $ 38 $ (44 ) Federal funds purchased and securities loaned or sold under agreements to repurchase (15 ) (527 ) (126 ) 86 Trading account liabilities (15 ) 18 (21 ) 44 Short-term borrowings (59 ) (99 ) 118 (80 ) Long-term debt 921 (132 ) 1,539 (464 ) Total liabilities $ 842 $ (770 ) $ 1,548 $ (458 ) (1) Includes gains (losses) associated with interest rate lock commitments for those loans that have been originated and elected under the fair value option. |
Schedule of fair value of loans and other disclosures for certain credit related products | The following table provides information about certain credit products carried at fair value: June 30, 2018 December 31, 2017 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 9,653 $ 3,000 $ 8,851 $ 4,374 Aggregate unpaid principal balance in excess of (less than) fair value 573 838 623 682 Balance of non-accrual loans or loans more than 90 days past due — 1 — 1 Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due — — — 1 |
Schedule of fair value of loans and other disclosures for certain mortgage loans | The following table provides information about certain mortgage loans HFS carried at fair value: In millions of dollars June 30, December 31, 2017 Carrying amount reported on the Consolidated Balance Sheet $ 386 $ 426 Aggregate fair value in excess of (less than) unpaid principal balance 11 14 Balance of non-accrual loans or loans more than 90 days past due — — Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due — — |
Schedule of carrying value of structured notes, disaggregated by type of embedded derivative instrument | The following table provides information about the carrying value of structured notes, disaggregated by type of embedded derivative instrument: In billions of dollars June 30, 2018 December 31, 2017 Interest rate linked $ 16.3 $ 13.9 Foreign exchange linked 0.3 0.3 Equity linked 14.6 13.0 Commodity linked 0.2 0.2 Credit linked 1.6 1.9 Total $ 33.0 $ 29.3 |
Schedule of long-term debt carried at fair value, excluding debt issued by consolidated VIEs | The following table provides information about long-term debt carried at fair value: In millions of dollars June 30, 2018 December 31, 2017 Carrying amount reported on the Consolidated Balance Sheet $ 35,462 $ 31,392 Aggregate unpaid principal balance in excess of (less than) fair value 1,548 (579 ) |
Schedule of short-term borrowings carried at fair value | The following table provides information about short-term borrowings carried at fair value: In millions of dollars June 30, 2018 December 31, 2017 Carrying amount reported on the Consolidated Balance Sheet $ 4,093 $ 4,627 Aggregate unpaid principal balance in excess of fair value 586 74 |
GUARANTEES AND COMMITMENTS (Tab
GUARANTEES AND COMMITMENTS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Pledged Assets, Collateral, Guarantees and Commitments [Abstract] | |
Schedule of guarantor obligations | The following tables present information about Citi’s guarantees at June 30, 2018 and December 31, 2017 : Maximum potential amount of future payments In billions of dollars at June 30, 2018 except carrying value in millions Expire within 1 year Expire after 1 year Total amount outstanding Carrying value (in millions of dollars) Financial standby letters of credit $ 30.1 $ 64.2 $ 94.3 $ 149 Performance guarantees 7.7 4.2 11.9 29 Derivative instruments considered to be guarantees 15.5 84.1 99.6 396 Loans sold with recourse — 0.3 0.3 9 Securities lending indemnifications (1) 121.5 — 121.5 — Credit card merchant processing (1)(2) 94.2 — 94.2 — Credit card arrangements with partners 0.1 1.1 1.2 162 Custody indemnifications and other — 37.1 37.1 128 Total $ 269.1 $ 191.0 $ 460.1 $ 873 Maximum potential amount of future payments In billions of dollars at December 31, 2017 except carrying value in millions Expire within 1 year Expire after 1 year Total amount outstanding Carrying value ( in millions of dollars) Financial standby letters of credit $ 27.9 $ 65.9 $ 93.8 $ 93 Performance guarantees 7.2 4.1 11.3 20 Derivative instruments considered to be guarantees 11.0 84.9 95.9 423 Loans sold with recourse — 0.2 0.2 9 Securities lending indemnifications (1) 103.7 — 103.7 — Credit card merchant processing (1)(2) 85.5 — 85.5 — Credit card arrangements with partners 0.3 1.1 1.4 205 Custody indemnifications and other — 36.0 36.0 59 Total $ 235.6 $ 192.2 $ 427.8 $ 809 (1) The carrying values of securities lending indemnifications and credit card merchant processing were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal. (2) At June 30, 2018 and December 31, 2017 , this maximum potential exposure was estimated to be $94 billion and $86 billion , respectively. However, Citi believes that the maximum exposure is not representative of the actual potential loss exposure based on its historical experience. This contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants. |
Schedule of guarantor obligations by credit ratings | Presented in the tables below are the maximum potential amounts of future payments that are classified based upon internal and external credit ratings. The determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged. As such, Citi believes such amounts bear no relationship to the anticipated losses, if any, on these guarantees. Maximum potential amount of future payments In billions of dollars at June 30, 2018 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 64.9 $ 12.3 $ 17.1 $ 94.3 Performance guarantees 8.7 2.1 1.1 11.9 Derivative instruments deemed to be guarantees — — 99.6 99.6 Loans sold with recourse — — 0.3 0.3 Securities lending indemnifications — — 121.5 121.5 Credit card merchant processing — — 94.2 94.2 Credit card arrangements with partners — — 1.2 1.2 Custody indemnifications and other 24.3 12.8 — 37.1 Total $ 97.9 $ 27.2 $ 335.0 $ 460.1 Maximum potential amount of future payments In billions of dollars at December 31, 2017 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 68.1 $ 10.9 $ 14.8 $ 93.8 Performance guarantees 7.9 2.4 1.0 11.3 Derivative instruments deemed to be guarantees — — 95.9 95.9 Loans sold with recourse — — 0.2 0.2 Securities lending indemnifications — — 103.7 103.7 Credit card merchant processing — — 85.5 85.5 Credit card arrangements with partners — — 1.4 1.4 Custody indemnifications and other 23.7 12.3 — 36.0 Total $ 99.7 $ 25.6 $ 302.5 $ 427.8 |
Schedule of credit commitments | The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. June 30, December 31, 2017 Commercial and similar letters of credit $ 865 $ 4,691 $ 5,556 $ 5,000 One- to four-family residential mortgages 1,561 1,799 3,360 2,674 Revolving open-end loans secured by one- to four-family residential properties 10,308 1,417 11,725 12,323 Commercial real estate, construction and land development 10,927 2,388 13,315 11,151 Credit card lines 600,259 93,036 693,295 678,300 Commercial and other consumer loan commitments 198,912 102,096 301,008 272,655 Other commitments and contingencies 2,211 810 3,021 3,071 Total $ 825,043 $ 206,237 $ 1,031,280 $ 985,174 |
Schedule of restricted cash | In millions of dollars June 30, December 31, 2017 Cash and due from banks $ 2,855 $ 3,151 Deposits with banks 27,624 27,664 Total $ 30,479 $ 30,815 |
CONDENSED CONSOLIDATING FINAN54
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Statements of Income and Comprehensive Income | Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended June 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 3,115 $ — $ — $ (3,115 ) $ — Interest revenue 14 2,398 15,138 — 17,550 Interest revenue—intercompany 1,225 399 (1,624 ) — — Interest expense 1,141 1,314 3,430 — 5,885 Interest expense—intercompany 388 896 (1,284 ) — — Net interest revenue $ (290 ) $ 587 $ 11,368 $ — $ 11,665 Commissions and fees $ — $ 1,347 $ 1,764 $ — $ 3,111 Commissions and fees—intercompany (1 ) 91 (90 ) — — Principal transactions (1,206 ) (697 ) 4,054 — 2,151 Principal transactions—intercompany (472 ) 1,279 (807 ) — — Other income 1,479 188 (125 ) — 1,542 Other income—intercompany (120 ) (19 ) 139 — — Total non-interest revenues $ (320 ) $ 2,189 $ 4,935 $ — $ 6,804 Total revenues, net of interest expense $ 2,505 $ 2,776 $ 16,303 $ (3,115 ) $ 18,469 Provisions for credit losses and for benefits and claims $ — $ (24 ) $ 1,836 $ — $ 1,812 Operating expenses Compensation and benefits $ 1 $ 1,282 $ 4,169 $ — $ 5,452 Compensation and benefits—intercompany 29 — (29 ) — — Other operating (53 ) 578 4,735 — 5,260 Other operating—intercompany 13 693 (706 ) — — Total operating expenses $ (10 ) $ 2,553 $ 8,169 $ — $ 10,712 Equity in undistributed income of subsidiaries $ 1,483 $ — $ — $ (1,483 ) $ — Income (loss) from continuing operations before income taxes $ 3,998 $ 247 $ 6,298 $ (4,598 ) $ 5,945 Provision (benefit) for income taxes (492 ) 619 1,317 — 1,444 Income (loss) from continuing operations $ 4,490 $ (372 ) $ 4,981 $ (4,598 ) $ 4,501 Income from discontinued operations, net of taxes — — 15 — 15 Net income before attribution of noncontrolling interests $ 4,490 $ (372 ) $ 4,996 $ (4,598 ) $ 4,516 Noncontrolling interests — — 26 — 26 Net income (loss) $ 4,490 $ (372 ) $ 4,970 $ (4,598 ) $ 4,490 Comprehensive income Add: Other comprehensive income (loss) $ (2,875 ) $ (72 ) $ 5,401 $ (5,329 ) $ (2,875 ) Total Citigroup comprehensive income (loss) $ 1,615 $ (444 ) $ 10,371 $ (9,927 ) $ 1,615 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (57 ) $ — $ (57 ) Add: Net income attributable to noncontrolling interests — — 26 — 26 Total comprehensive income (loss) $ 1,615 $ (444 ) $ 10,340 $ (9,927 ) $ 1,584 Condensed Consolidating Statements of Income and Comprehensive Income Three Months Ended June 30, 2017 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 2,515 $ — $ — $ (2,515 ) $ — Interest revenue (1 ) 1,405 13,890 — 15,294 Interest revenue—intercompany 1,076 377 (1,453 ) — — Interest expense 1,136 541 2,359 — 4,036 Interest expense—intercompany 263 658 (921 ) — — Net interest revenue $ (324 ) $ 583 10,999 $ — $ 11,258 Commissions and fees $ — $ 1,348 1,908 $ — $ 3,256 Commissions and fees—intercompany (1 ) 108 (107 ) — — Principal transactions 1,122 218 1,303 — 2,643 Principal transactions—intercompany 396 617 (1,013 ) — — Other income (1,601 ) 70 2,529 — 998 Other income—intercompany 161 (3 ) (158 ) — — Total non-interest revenues $ 77 $ 2,358 4,462 $ — $ 6,897 Total revenues, net of interest expense $ 2,268 $ 2,941 15,461 $ (2,515 ) $ 18,155 Provisions for credit losses and for benefits and claims $ — $ 1 1,716 $ — $ 1,717 Operating expenses Compensation and benefits $ (1 ) $ 1,212 4,252 $ — $ 5,463 Compensation and benefits—intercompany 20 — (20 ) — — Other operating (344 ) 532 5,109 — 5,297 Other operating—intercompany 10 617 (627 ) — — Total operating expenses $ (315 ) $ 2,361 8,714 $ — $ 10,760 Equity in undistributed income of subsidiaries $ 1,183 $ — — $ (1,183 ) $ — Income (loss) from continuing operations before income taxes $ 3,766 $ 579 5,031 $ (3,698 ) $ 5,678 Provision (benefit) for income taxes (106 ) 261 1,640 — 1,795 Income (loss) from continuing operations $ 3,872 $ 318 3,391 $ (3,698 ) $ 3,883 Income from discontinued operations, net of taxes — — 21 — 21 Net income (loss) before attribution of noncontrolling interests $ 3,872 $ 318 3,412 $ (3,698 ) $ 3,904 Noncontrolling interests — — 32 — 32 Net income (loss) $ 3,872 $ 318 $ 3,380 $ (3,698 ) $ 3,872 Comprehensive income Add: Other comprehensive income (loss) $ 514 $ (38 ) $ (155 ) $ 193 $ 514 Total Citigroup comprehensive income (loss) $ 4,386 $ 280 $ 3,225 $ (3,505 ) $ 4,386 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — — $ 39 $ — $ 39 Add: Net income attributable to noncontrolling interests — — — 32 — 32 Total comprehensive income (loss) $ 4,386 $ 280 $ 3,296 $ (3,505 ) $ 4,457 Condensed Consolidating Statements of Income and Comprehensive Income Six Months Ended June 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 8,700 $ — $ — $ (8,700 ) $ — Interest revenue 66 4,053 29,763 — 33,882 Interest revenue—intercompany 2,355 782 (3,137 ) — — Interest expense 2,051 2,327 6,667 — 11,045 Interest expense—intercompany 975 1,668 (2,643 ) — — Net interest revenue $ (605 ) $ 840 $ 22,602 $ — $ 22,837 Commissions and fees $ — $ 2,599 $ 3,542 $ — $ 6,141 Commissions and fees—intercompany (1 ) 91 (90 ) — — Principal transactions (175 ) 224 5,391 — 5,440 Principal transactions—intercompany (858 ) 1,471 (613 ) — — Other income 551 341 2,031 — 2,923 Other income—intercompany (65 ) 31 34 — — Total non-interest revenues $ (548 ) $ 4,757 $ 10,295 $ — $ 14,504 Total revenues, net of interest expense $ 7,547 $ 5,597 $ 32,897 $ (8,700 ) $ 37,341 Provisions for credit losses and for benefits and claims $ — $ (24 ) $ 3,693 $ — $ 3,669 Operating expenses Compensation and benefits $ 135 $ 2,547 $ 8,577 $ — $ 11,259 Compensation and benefits—intercompany 63 — (63 ) — — Other operating (9 ) 1,126 9,261 — 10,378 Other operating—intercompany 25 1,271 (1,296 ) — — Total operating expenses $ 214 $ 4,944 $ 16,479 $ — $ 21,637 Equity in undistributed income of subsidiaries $ 1,038 $ — $ — $ (1,038 ) $ — Income (loss) from continuing operations before income taxes $ 8,371 $ 677 $ 12,725 $ (9,738 ) $ 12,035 Provision (benefit) for income taxes (739 ) 684 2,940 — 2,885 Income (loss) from continuing operations $ 9,110 $ (7 ) $ 9,785 $ (9,738 ) $ 9,150 Income from discontinued operations, net of taxes — — 8 — 8 Net income (loss) before attribution of noncontrolling interests $ 9,110 $ (7 ) $ 9,793 $ (9,738 ) $ 9,158 Noncontrolling interests — — 48 — 48 Net income (loss) $ 9,110 $ (7 ) $ 9,745 $ (9,738 ) $ 9,110 Comprehensive income Add: Other comprehensive income (loss) $ (2,823 ) $ 10 $ 2,245 $ (2,255 ) $ (2,823 ) Total Citigroup comprehensive income (loss) $ 6,287 $ 3 $ 11,990 $ (11,993 ) $ 6,287 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (43 ) $ — $ (43 ) Add: Net income attributable to noncontrolling interests — — 48 — 48 Total comprehensive income (loss) $ 6,287 $ 3 $ 11,995 $ (11,993 ) $ 6,292 Condensed Consolidating Statements of Income and Comprehensive Income Six Months Ended June 30, 2017 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 6,265 $ — $ — $ (6,265 ) $ — Interest revenue — 2,431 27,384 — 29,815 Interest revenue—intercompany 1,869 534 (2,403 ) — — Interest expense 2,354 935 4,313 — 7,602 Interest expense—intercompany 353 1,086 (1,439 ) — — Net interest revenue $ (838 ) $ 944 $ 22,107 $ — $ 22,213 Commissions and fees $ — $ 2,671 $ 3,640 $ — $ 6,311 Commissions and fees—intercompany (1 ) 110 (109 ) — — Principal transactions 959 1,876 2,902 — 5,737 Principal transactions—intercompany 600 194 (794 ) — — Other income (1,640 ) 139 3,761 — 2,260 Other income—intercompany 38 3 (41 ) — — Total non-interest revenues $ (44 ) $ 4,993 $ 9,359 $ — $ 14,308 Total revenues, net of interest expense $ 5,383 $ 5,937 $ 31,466 $ (6,265 ) $ 36,521 Provisions for credit losses and for benefits and claims $ — $ 1 $ 3,378 $ — $ 3,379 Operating expenses Compensation and benefits $ (15 ) $ 2,474 $ 8,538 $ — $ 10,997 Compensation and benefits—intercompany 51 — (51 ) — — Other operating (316 ) 1,045 9,757 — 10,486 Other operating—intercompany (49 ) 1,323 (1,274 ) — — Total operating expenses $ (329 ) $ 4,842 $ 16,970 $ — $ 21,483 Equity in undistributed income of subsidiaries $ 1,770 $ — $ — $ (1,770 ) $ — Income (loss) from continuing operations before income taxes $ 7,482 $ 1,094 $ 11,118 $ (8,035 ) $ 11,659 Provision (benefit) for income taxes (480 ) 476 3,662 — 3,658 Income (loss) from continuing operations $ 7,962 $ 618 $ 7,456 $ (8,035 ) $ 8,001 Income from discontinued operations, net of taxes — — 3 — 3 Net income (loss) before attribution of noncontrolling interests $ 7,962 $ 618 $ 7,459 $ (8,035 ) $ 8,004 Noncontrolling interests — — 42 — 42 Net income (loss) $ 7,962 $ 618 $ 7,417 $ (8,035 ) $ 7,962 Comprehensive income Add: Other comprehensive income (loss) $ 1,978 $ (58 ) $ (3,876 ) $ 3,934 $ 1,978 Total Citigroup comprehensive income (loss) $ 9,940 $ 560 $ 3,541 $ (4,101 ) $ 9,940 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 70 $ — $ 70 Add: Net income attributable to noncontrolling interests — — 42 — 42 Total comprehensive income (loss) $ 9,940 $ 560 $ 3,653 $ (4,101 ) $ 10,052 |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet June 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ 1 $ 521 $ 20,555 $ — $ 21,077 Cash and due from banks—intercompany 30 3,721 (3,751 ) — — Deposits with banks — 3,206 176,619 — 179,825 Deposits with banks—intercompany 3,000 5,954 (8,954 ) — — Federal funds sold and resale agreements — 216,269 49,257 — 265,526 Federal funds sold and resale agreements—intercompany — 12,838 (12,838 ) — — Trading account assets 276 152,241 110,432 — 262,949 Trading account assets—intercompany 741 2,125 (2,866 ) — — Investments 8 243 349,465 — 349,716 Loans, net of unearned income — 1,036 670,144 — 671,180 Loans, net of unearned income—intercompany — — — — — Allowance for loan losses — — (12,126 ) — (12,126 ) Total loans, net $ — $ 1,036 $ 658,018 $ — $ 659,054 Advances to subsidiaries $ 143,693 $ — $ (143,693 ) $ — $ — Investments in subsidiaries 207,960 — — (207,960 ) — Other assets (1) 12,467 61,339 100,381 — 174,187 Other assets—intercompany 3,670 45,236 (48,906 ) — — Total assets $ 371,846 $ 504,729 $ 1,243,719 $ (207,960 ) $ 1,912,334 Liabilities and equity Deposits $ — $ — $ 996,730 $ — $ 996,730 Deposits—intercompany — — — — — Federal funds purchased and securities loaned or sold — 156,107 21,721 — 177,828 Federal funds purchased and securities loaned or sold—intercompany — 23,745 (23,745 ) — — Trading account liabilities 5 93,880 46,860 — 140,745 Trading account liabilities—intercompany 341 2,055 (2,396 ) — — Short-term borrowings 276 3,109 33,848 — 37,233 Short-term borrowings—intercompany — 34,575 (34,575 ) — — Long-term debt 148,601 22,874 65,347 — 236,822 Long-term debt—intercompany — 59,737 (59,737 ) — — Advances from subsidiaries 19,634 — (19,634 ) — — Other liabilities 2,606 67,487 51,915 — 122,008 Other liabilities—intercompany 289 8,852 (9,141 ) — — Stockholders’ equity 200,094 32,308 176,526 (207,960 ) 200,968 Total liabilities and equity $ 371,846 $ 504,729 $ 1,243,719 $ (207,960 ) $ 1,912,334 (1) Other assets for Citigroup parent company at June 30, 2018 included $ 15.7 billion of placements to Citibank and its branches, of which $ 11.4 billion had a remaining term of less than 30 days. Condensed Consolidating Balance Sheet December 31, 2017 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 378 $ 23,397 $ — $ 23,775 Cash and due from banks—intercompany 13 3,750 (3,763 ) — — Deposits with banks — 3,348 153,393 — 156,741 Deposits with banks—intercompany 11,000 5,219 (16,219 ) — — Federal funds sold and resale agreements — 182,685 49,793 — 232,478 Federal funds sold and resale agreements—intercompany — 16,091 (16,091 ) — — Trading account assets — 139,462 113,328 — 252,790 Trading account assets—intercompany 38 2,711 (2,749 ) — — Investments 27 181 352,082 — 352,290 Loans, net of unearned income — 900 666,134 — 667,034 Loans, net of unearned income—intercompany — — — — — Allowance for loan losses — — (12,355 ) — (12,355 ) Total loans, net $ — $ 900 $ 653,779 $ — $ 654,679 Advances to subsidiaries $ 139,722 $ — $ (139,722 ) $ — $ — Investments in subsidiaries 210,537 — — (210,537 ) — Other assets (1) 10,844 58,299 100,569 — 169,712 Other assets—intercompany 3,428 43,613 (47,041 ) — — Total assets $ 375,609 $ 456,637 $ 1,220,756 $ (210,537 ) $ 1,842,465 Liabilities and equity Deposits $ — $ — $ 959,822 $ — $ 959,822 Deposits—intercompany — — — — — Federal funds purchased and securities loaned or sold — 134,888 21,389 — 156,277 Federal funds purchased and securities loaned or sold—intercompany — 18,597 (18,597 ) — — Trading account liabilities — 80,801 44,369 — 125,170 Trading account liabilities—intercompany 15 2,182 (2,197 ) — — Short-term borrowings 251 3,568 40,633 — 44,452 Short-term borrowings—intercompany — 32,871 (32,871 ) — — Long-term debt 152,163 18,048 66,498 — 236,709 Long-term debt—intercompany — 60,765 (60,765 ) — — Advances from subsidiaries 19,136 — (19,136 ) — — Other liabilities 2,673 62,113 53,577 — 118,363 Other liabilities—intercompany 631 9,753 (10,384 ) — — Stockholders’ equity 200,740 33,051 178,418 (210,537 ) 201,672 Total liabilities and equity $ 375,609 $ 456,637 $ 1,220,756 $ (210,537 ) $ 1,842,465 (1) Other assets for Citigroup parent company at December 31, 2017 included $29.7 billion of placements to Citibank and its branches, of which $18.9 billion had a remaining term of less than 30 days. |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Net cash provided by operating activities of continuing operations $ 5,156 $ 1,207 $ 1,956 $ — $ 8,319 Cash flows from investing activities of continuing operations Purchases of investments $ (7,955 ) $ — $ (77,916 ) $ — $ (85,871 ) Proceeds from sales of investments 7,634 — 34,174 — 41,808 Proceeds from maturities of investments — — 48,846 — 48,846 Change in loans — — (10,132 ) — (10,132 ) Proceeds from sales and securitizations of loans — — 3,217 — 3,217 Change in federal funds sold and resales — (30,331 ) (2,717 ) — (33,048 ) Changes in investments and advances—intercompany (4,780 ) (1,872 ) 6,652 — — Other investing activities 212 (26 ) (1,635 ) — (1,449 ) Net cash provided by (used in) investing activities of continuing operations $ (4,889 ) $ (32,229 ) $ 489 $ — $ (36,629 ) Cash flows from financing activities of continuing operations Dividends paid $ (2,232 ) $ — $ — $ — $ (2,232 ) Redemption of preferred stock (218 ) — — — (218 ) Treasury stock acquired (4,686 ) — — — (4,686 ) Proceeds (repayments) from issuance of long-term debt, net (1,167 ) 5,805 1,032 — 5,670 Proceeds (repayments) from issuance of long-term debt—intercompany, net — (1,025 ) 1,025 — — Change in deposits — — 36,908 — 36,908 Change in federal funds purchased and repos — 26,367 (4,816 ) — 21,551 Change in short-term borrowings 32 (459 ) (6,792 ) — (7,219 ) Net change in short-term borrowings and other advances—intercompany 497 1,704 (2,201 ) — — Capital contributions from (to) parent — (663 ) 663 — — Other financing activities (475 ) — — — (475 ) Net cash provided by (used in) financing activities of continuing operations $ (8,249 ) $ 31,729 $ 25,819 $ — $ 49,299 Effect of exchange rate changes on cash and due from banks $ — $ — $ (603 ) $ — $ (603 ) Change in cash and due from banks, and deposits with banks $ (7,982 ) $ 707 $ 27,661 $ — $ 20,386 Cash and due from banks, and deposits with banks at beginning of period 11,013 12,695 156,808 — 180,516 Cash and due from banks, and deposits with banks at end of period $ 3,031 $ 13,402 $ 184,469 $ — $ 200,902 Cash and due from banks $ 31 $ 4,242 $ 16,804 $ — $ 21,077 Deposits with banks 3,000 9,160 167,665 — 179,825 Cash and due from banks, and deposits with banks at end of period $ 3,031 $ 13,402 $ 184,469 $ — $ 200,902 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the year for income taxes $ 941 $ 42 $ 1,256 $ — $ 2,239 Cash paid during the year for interest 1,729 3,676 4,552 — 9,957 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 2,900 $ — $ 2,900 Transfers to OREO and other repossessed assets — — 55 — 55 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2017 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Net cash provided by (used in) operating activities of continuing operations $ 983 $ (18,060 ) $ (4,536 ) $ — $ (21,613 ) Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (96,925 ) $ — $ (96,925 ) Proceeds from sales of investments 132 — 56,596 — 56,728 Proceeds from maturities of investments — — 47,785 — 47,785 Change in loans — — (29,952 ) — (29,952 ) Proceeds from sales and securitizations of loans — — 6,256 — 6,256 Proceeds from significant disposals — — 2,732 — 2,732 Change in federal funds sold and resales — 4,649 (1,901 ) — 2,748 Changes in investments and advances—intercompany 12,132 (5,870 ) (6,262 ) — — Other investing activities — — (1,330 ) — (1,330 ) Net cash provided by (used in) investing activities of continuing operations $ 12,264 $ (1,221 ) $ (23,001 ) $ — $ (11,958 ) Cash flows from financing activities of continuing operations Dividends paid $ (1,504 ) $ — $ — $ — $ (1,504 ) Treasury stock acquired (3,635 ) — — — (3,635 ) Proceeds (repayments) from issuance of long-term debt, net 3,139 3,887 9,336 — 16,362 Proceeds (repayments) from issuance of long-term debt—intercompany, net — (3,100 ) 3,100 — — Change in deposits — — 29,337 — 29,337 Change in federal funds purchased and repos — 4,564 8,395 — 12,959 Change in short-term borrowings — 1,861 3,957 — 5,818 Net change in short-term borrowings and other advances—intercompany (20,497 ) 907 19,590 — — Other financing activities (401 ) — — — (401 ) Net cash provided by (used in) financing activities of continuing operations $ (22,898 ) $ 8,119 $ 73,715 $ — $ 58,936 Effect of exchange rate changes on cash and due from banks $ — $ — $ 223 $ — $ 223 Change in cash and due from banks, and deposits with banks $ (9,651 ) $ (11,162 ) $ 46,401 $ — $ 25,588 Cash and due from banks, and deposits with banks at beginning of period 20,811 25,118 114,565 — 160,494 Cash and due from banks, and deposits with banks at end of period $ 11,160 $ 13,956 $ 160,966 $ — $ 186,082 Cash and due from banks $ 160 $ 3,636 $ 17,144 $ — $ 20,940 Deposits with banks 11,000 10,320 143,822 — 165,142 Cash and due from banks, and deposits with banks at end of period $ 11,160 $ 13,956 $ 160,966 $ — $ 186,082 Supplemental disclosure of cash flow information for continuing operations Cash paid during the year for income taxes $ 679 $ 152 $ 1,144 $ — $ 1,975 Cash paid during the year for interest 2,212 1,924 3,193 — 7,329 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 3,300 $ — $ 3,300 Transfers to OREO and other repossessed assets — — 58 — 58 |
BASIS OF PRESENTATION AND ACC55
BASIS OF PRESENTATION AND ACCOUNTING CHANGES - Accounting Changes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Jan. 01, 2018 | Mar. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2016 | Jan. 01, 2016 | ||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Revenue | $ 18,469 | $ 18,155 | $ 37,341 | $ 36,521 | ||||||||
Operating expenses | 10,712 | 10,760 | 21,637 | 21,483 | ||||||||
Decrease in retained earnings | (145,211) | (145,211) | $ (138,425) | |||||||||
Available for sale debt securities | 289,031 | 289,031 | 290,725 | |||||||||
Held to maturity securities | 52,897 | 52,897 | 53,320 | |||||||||
Reclassification into AOCI | (37,494) | (37,494) | (34,668) | |||||||||
Net cash used in investing activities of continuing operations | (36,629) | (11,958) | ||||||||||
Net reduction to total stockholders' equity | (200,968) | (231,107) | (200,968) | (231,107) | (201,672) | |||||||
Accounting Standards Update 2016-16 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Increase in DTAs | $ 300 | |||||||||||
Decrease in retained earnings | 80 | |||||||||||
Decrease in prepaid taxes | 380 | |||||||||||
Accounting Standards Update 2017-12 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Available for sale debt securities | 4,000 | |||||||||||
Held to maturity securities | (4,000) | |||||||||||
Accounting Standards Update 2016-01 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Decrease in retained earnings | $ 15 | |||||||||||
Reclassification into AOCI | $ 15 | |||||||||||
Accounting Standards Update 2016-01 And 2018-03 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Cumulative effect adjustment after tax | $ 3 | |||||||||||
Accounting Standards Update 2016-18 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Net cash used in investing activities of continuing operations | 27,700 | |||||||||||
Early adoption | Accounting Standards Update 2017-08 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Net reduction to total stockholders' equity | $ 156 | |||||||||||
Retained earnings | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Cumulative effect adjustment after tax | [1] | (84) | $ (660) | |||||||||
Net reduction to total stockholders' equity | (145,211) | (152,178) | (145,211) | (152,178) | (138,425) | (146,477) | ||||||
Retained earnings | Early adoption | Accounting Standards Update 2017-08 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Cumulative effect adjustment after tax | (660) | |||||||||||
Accumulated other comprehensive income (loss) | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Cumulative effect adjustment after tax | [1] | (3) | 504 | |||||||||
Net reduction to total stockholders' equity | $ 37,494 | $ 34,619 | $ 29,899 | 37,494 | $ 29,899 | 34,668 | $ 30,413 | $ 32,381 | ||||
Accumulated other comprehensive income (loss) | Early adoption | Accounting Standards Update 2017-08 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Cumulative effect adjustment after tax | $ 504 | |||||||||||
Restatement Adjustment | Accounting Standards Update 2014-09 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Revenue | 250 | 500 | 1,000 | |||||||||
Operating expenses | $ 250 | $ 500 | $ 1,000 | |||||||||
[1] | See Note 1 to the Consolidated Financial Statements for additional details. |
DISCONTINUED OPERATIONS AND S56
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS - Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Results of Discontinued Operations | ||||
Total revenues, net of interest expense | $ 0 | $ 0 | $ 0 | $ 0 |
(Loss) income from discontinued operations | (2) | 33 | (9) | 5 |
Provision (benefit) for income taxes on discontinued operations | (17) | 12 | (17) | 2 |
Income from discontinued operations, net of taxes | $ 15 | $ 21 | $ 8 | $ 3 |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Segment reporting information | |||||
Revenue | $ 18,469 | $ 18,155 | $ 37,341 | $ 36,521 | |
Provision (benefits) for income taxes | 1,444 | 1,795 | 2,885 | 3,658 | |
Income (loss) from continuing operations | 4,501 | 3,883 | 9,150 | 8,001 | |
Identifiable assets | 1,912,334 | 1,912,334 | $ 1,842,465 | ||
Provisions for credit losses and for benefits and claims | 1,812 | 1,717 | 3,669 | 3,379 | |
Corporate/Other | |||||
Segment reporting information | |||||
Revenue | 528 | 661 | 1,119 | 1,862 | |
Provision (benefits) for income taxes | 62 | (178) | (7) | (272) | |
Income (loss) from continuing operations | (15) | (25) | (89) | 84 | |
Identifiable assets | 93,000 | 93,000 | 78,000 | ||
Provisions for credit losses and for benefits and claims | (118) | (132) | (125) | (80) | |
Operating Segments | Citicorp | North America | |||||
Segment reporting information | |||||
Revenue | 8,600 | 8,600 | 16,900 | 17,200 | |
Operating Segments | Citicorp | EMEA | |||||
Segment reporting information | |||||
Revenue | 3,000 | 2,900 | 6,200 | 5,700 | |
Operating Segments | Citicorp | Latin America | |||||
Segment reporting information | |||||
Revenue | 2,500 | 2,400 | 5,100 | 4,700 | |
Operating Segments | Citicorp | Asia | |||||
Segment reporting information | |||||
Revenue | 3,800 | 3,600 | 8,000 | 7,100 | |
Operating Segments | Global Consumer Banking | |||||
Segment reporting information | |||||
Revenue | 8,250 | 8,073 | 16,683 | 15,919 | |
Provision (benefits) for income taxes | 411 | 646 | 864 | 1,228 | |
Income (loss) from continuing operations | 1,279 | 1,128 | 2,673 | 2,126 | |
Identifiable assets | 422,000 | 422,000 | 428,000 | ||
Provisions for credit losses and for benefits and claims | 1,900 | 1,800 | 3,800 | 3,600 | |
Operating Segments | Institutional Clients Group | |||||
Segment reporting information | |||||
Revenue | 9,691 | 9,421 | 19,539 | 18,740 | |
Provision (benefits) for income taxes | 971 | 1,327 | 2,028 | 2,702 | |
Income (loss) from continuing operations | 3,237 | 2,780 | 6,566 | 5,791 | |
Identifiable assets | 1,397,000 | 1,397,000 | $ 1,336,000 | ||
Provisions for credit losses and for benefits and claims | $ 25 | $ 87 | $ (16) | $ (118) |
INTEREST REVENUE AND EXPENSE (D
INTEREST REVENUE AND EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest revenue | ||||
Loan interest, including fees | $ 11,190 | $ 10,293 | $ 22,082 | $ 20,338 |
Deposits with banks | 493 | 375 | 925 | 670 |
Federal funds sold and securities borrowed or purchased under agreements to resell | 1,336 | 829 | 2,375 | 1,490 |
Investments, including dividends | 2,374 | 2,058 | 4,608 | 4,018 |
Trading account assets | 1,763 | 1,481 | 3,134 | 2,747 |
Other interest | 394 | 258 | 758 | 552 |
Total interest revenue | 17,550 | 15,294 | 33,882 | 29,815 |
Interest expense | ||||
Deposits | 2,244 | 1,603 | 4,241 | 3,018 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 1,224 | 676 | 2,173 | 1,169 |
Trading account liabilities | 236 | 146 | 451 | 293 |
Short-term borrowings | 523 | 202 | 994 | 401 |
Long-term debt | 1,658 | 1,409 | 3,186 | 2,721 |
Total interest expense | 5,885 | 4,036 | 11,045 | 7,602 |
Net interest revenue | 11,665 | 11,258 | 22,837 | 22,213 |
Provision for loan losses | 1,795 | 1,666 | 3,598 | 3,341 |
Net interest revenue after provision for loan losses | 9,870 | 9,592 | 19,239 | 18,872 |
Insurance fees and charges | $ 319 | $ 329 | $ 695 | $ 634 |
COMMISSIONS AND FEES; ADMINIS59
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Brokerage commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue recognized | $ 124 | $ 99 | $ 272 | $ 195 |
Insurance distribution revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue recognized | $ 101 | $ 107 | $ 204 | $ 227 |
COMMISSIONS AND FEES; ADMINIS60
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Commissions and Fees Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Commissions and fees | ||||
Commissions and fees | $ 3,111 | $ 3,256 | $ 6,141 | $ 6,311 |
Investment banking | ||||
Commissions and fees | ||||
Commissions and fees | 1,012 | 967 | 1,839 | 1,879 |
Brokerage commissions | ||||
Commissions and fees | ||||
Commissions and fees | 697 | 690 | 1,512 | 1,367 |
Interchange fees | ||||
Commissions and fees | ||||
Commissions and fees | 2,306 | 2,156 | 4,446 | 4,121 |
Card-related loan fees | ||||
Commissions and fees | ||||
Commissions and fees | 170 | 213 | 345 | 408 |
Card rewards and partner payments | ||||
Commissions and fees | ||||
Commissions and fees | (2,197) | (1,967) | (4,201) | (3,782) |
Deposit-related fees | ||||
Commissions and fees | ||||
Commissions and fees | 397 | 424 | 816 | 821 |
Transactional service fees | ||||
Commissions and fees | ||||
Commissions and fees | 204 | 232 | 417 | 457 |
Corporate finance | ||||
Commissions and fees | ||||
Commissions and fees | 220 | 250 | 364 | 435 |
Insurance distribution revenue | ||||
Commissions and fees | ||||
Commissions and fees | 152 | 157 | 305 | 329 |
Insurance premiums | ||||
Commissions and fees | ||||
Commissions and fees | 31 | 31 | 63 | 62 |
Loan servicing | ||||
Commissions and fees | ||||
Commissions and fees | 89 | 96 | 161 | 189 |
Other | ||||
Commissions and fees | ||||
Commissions and fees | 30 | 7 | 74 | 25 |
Commissions and fees | ||||
Commissions and fees | ||||
Revenue not accounted for under ASC 606, Revenue from Contracts with Customers | (1,648) | (1,347) | (3,193) | (2,625) |
Overdraft fees | ||||
Commissions and fees | ||||
Commissions and fees | 30 | 33 | 62 | 66 |
ICG | ||||
Commissions and fees | ||||
Commissions and fees | 2,345 | 2,310 | 4,514 | 4,418 |
ICG | Investment banking | ||||
Commissions and fees | ||||
Commissions and fees | 1,012 | 967 | 1,839 | 1,879 |
ICG | Brokerage commissions | ||||
Commissions and fees | ||||
Commissions and fees | 491 | 490 | 1,057 | 972 |
ICG | Interchange fees | ||||
Commissions and fees | ||||
Commissions and fees | 276 | 241 | 536 | 463 |
ICG | Card-related loan fees | ||||
Commissions and fees | ||||
Commissions and fees | 17 | 14 | 31 | 26 |
ICG | Card rewards and partner payments | ||||
Commissions and fees | ||||
Commissions and fees | (126) | (109) | (250) | (211) |
ICG | Deposit-related fees | ||||
Commissions and fees | ||||
Commissions and fees | 236 | 239 | 472 | 447 |
ICG | Transactional service fees | ||||
Commissions and fees | ||||
Commissions and fees | 182 | 197 | 372 | 371 |
ICG | Corporate finance | ||||
Commissions and fees | ||||
Commissions and fees | 219 | 249 | 361 | 433 |
ICG | Insurance distribution revenue | ||||
Commissions and fees | ||||
Commissions and fees | 5 | 2 | 10 | 5 |
ICG | Insurance premiums | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 0 | 0 | 0 |
ICG | Loan servicing | ||||
Commissions and fees | ||||
Commissions and fees | 38 | 36 | 76 | 71 |
ICG | Other | ||||
Commissions and fees | ||||
Commissions and fees | (5) | (16) | 10 | (38) |
GCB | ||||
Commissions and fees | ||||
Commissions and fees | 743 | 860 | 1,578 | 1,674 |
GCB | Investment banking | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 0 | 0 | 0 |
GCB | Brokerage commissions | ||||
Commissions and fees | ||||
Commissions and fees | 206 | 199 | 455 | 393 |
GCB | Interchange fees | ||||
Commissions and fees | ||||
Commissions and fees | 2,025 | 1,892 | 3,900 | 3,595 |
GCB | Card-related loan fees | ||||
Commissions and fees | ||||
Commissions and fees | 147 | 187 | 302 | 354 |
GCB | Card rewards and partner payments | ||||
Commissions and fees | ||||
Commissions and fees | (2,065) | (1,844) | (3,940) | (3,530) |
GCB | Deposit-related fees | ||||
Commissions and fees | ||||
Commissions and fees | 160 | 181 | 343 | 366 |
GCB | Transactional service fees | ||||
Commissions and fees | ||||
Commissions and fees | 21 | 26 | 42 | 53 |
GCB | Corporate finance | ||||
Commissions and fees | ||||
Commissions and fees | 1 | 1 | 3 | 2 |
GCB | Insurance distribution revenue | ||||
Commissions and fees | ||||
Commissions and fees | 142 | 138 | 285 | 283 |
GCB | Insurance premiums | ||||
Commissions and fees | ||||
Commissions and fees | 32 | 32 | 65 | 65 |
GCB | Loan servicing | ||||
Commissions and fees | ||||
Commissions and fees | 40 | 28 | 62 | 54 |
GCB | Other | ||||
Commissions and fees | ||||
Commissions and fees | 34 | 20 | 61 | 39 |
Corporate/Other | ||||
Commissions and fees | ||||
Commissions and fees | 23 | 86 | 49 | 219 |
Corporate/Other | Investment banking | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 0 | 0 | 0 |
Corporate/Other | Brokerage commissions | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 1 | 0 | 2 |
Corporate/Other | Interchange fees | ||||
Commissions and fees | ||||
Commissions and fees | 5 | 23 | 10 | 63 |
Corporate/Other | Card-related loan fees | ||||
Commissions and fees | ||||
Commissions and fees | 6 | 12 | 12 | 28 |
Corporate/Other | Card rewards and partner payments | ||||
Commissions and fees | ||||
Commissions and fees | (6) | (14) | (11) | (41) |
Corporate/Other | Deposit-related fees | ||||
Commissions and fees | ||||
Commissions and fees | 1 | 4 | 1 | 8 |
Corporate/Other | Transactional service fees | ||||
Commissions and fees | ||||
Commissions and fees | 1 | 9 | 3 | 33 |
Corporate/Other | Corporate finance | ||||
Commissions and fees | ||||
Commissions and fees | 0 | 0 | 0 | 0 |
Corporate/Other | Insurance distribution revenue | ||||
Commissions and fees | ||||
Commissions and fees | 5 | 17 | 10 | 41 |
Corporate/Other | Insurance premiums | ||||
Commissions and fees | ||||
Commissions and fees | (1) | (1) | (2) | (3) |
Corporate/Other | Loan servicing | ||||
Commissions and fees | ||||
Commissions and fees | 11 | 32 | 23 | 64 |
Corporate/Other | Other | ||||
Commissions and fees | ||||
Commissions and fees | $ 1 | $ 3 | $ 3 | $ 24 |
COMMISSIONS AND FEES; ADMINIS61
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Administration and Other Fiduciary Fees (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Commissions and fees | ||||
Administration and other fiduciary fees | $ 934 | $ 909 | $ 1,839 | $ 1,743 |
Custody fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 461 | 437 | 891 | 580 |
Custody fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 399 | 382 | 767 | 510 |
Custody fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 45 | 41 | 92 | 54 |
Custody fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 17 | 14 | 32 | 16 |
Fiduciary fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 327 | 319 | 648 | 604 |
Fiduciary fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 165 | 147 | 332 | 289 |
Fiduciary fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 150 | 142 | 297 | 274 |
Fiduciary fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 12 | 30 | 19 | 41 |
Guarantee fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 146 | 153 | 300 | 559 |
Guarantee fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 130 | 138 | 267 | 494 |
Guarantee fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 14 | 13 | 29 | 50 |
Guarantee fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 2 | 2 | 4 | 15 |
Administration and other fiduciary fees | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 934 | 909 | 1,839 | 1,743 |
Revenue not accounted for under ASC 606, Revenue from Contracts with Customers | 146 | 153 | 299 | 296 |
Administration and other fiduciary fees | ICG | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 694 | 667 | 1,366 | 1,293 |
Administration and other fiduciary fees | GCB | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | 209 | 196 | 418 | 378 |
Administration and other fiduciary fees | Corporate/Other | ||||
Commissions and fees | ||||
Administration and other fiduciary fees | $ 31 | $ 46 | $ 55 | $ 72 |
PRINCIPAL TRANSACTIONS (Details
PRINCIPAL TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Principal transactions revenue | ||||
Principal transactions revenue | $ 2,151 | $ 2,643 | $ 5,440 | $ 5,737 |
Interest rate risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 1,551 | 1,495 | 3,173 | 3,241 |
Foreign exchange risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 175 | 757 | 920 | 1,336 |
Equity risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 120 | 74 | 686 | 286 |
Commodity and other risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 208 | 169 | 300 | 322 |
Credit products and risks | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 97 | 148 | 361 | 552 |
Citicorp | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 2,151 | 2,643 | 5,440 | 5,737 |
Global Consumer Banking | Operating Segments | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 143 | 152 | 293 | 307 |
Institutional Clients Group | Operating Segments | ||||
Principal transactions revenue | ||||
Principal transactions revenue | 2,358 | 2,151 | 5,242 | 4,882 |
Corporate/Other | ||||
Principal transactions revenue | ||||
Principal transactions revenue | $ (350) | $ 340 | $ (95) | $ 548 |
RETIREMENT BENEFITS - Net (Bene
RETIREMENT BENEFITS - Net (Benefit) Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
U.S. | Pension Plans | ||||
Service-related expense | ||||
Benefits earned during the period | $ 0 | $ 0 | $ 1 | $ 1 |
Interest cost on benefit obligation | 126 | 136 | 249 | 275 |
Expected return on plan assets | (211) | (217) | (424) | (433) |
Amortization of unrecognized | ||||
Prior service benefit | 0 | 1 | 0 | 1 |
Net actuarial loss | 42 | 40 | 89 | 84 |
Curtailment loss | 1 | 3 | 1 | 3 |
Settlement loss | 0 | 0 | 0 | 0 |
Total net (benefit) expense | (42) | (37) | (84) | (69) |
U.S. | Postretirement Benefit Plans | ||||
Service-related expense | ||||
Benefits earned during the period | 0 | 0 | 0 | 0 |
Interest cost on benefit obligation | 7 | 8 | 13 | 14 |
Expected return on plan assets | (3) | (2) | (6) | (3) |
Amortization of unrecognized | ||||
Prior service benefit | 0 | 0 | 0 | 0 |
Net actuarial loss | 0 | 1 | 0 | 0 |
Curtailment loss | 0 | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 | 0 |
Total net (benefit) expense | 4 | 7 | 7 | 11 |
Non-U.S. plans | Pension Plans | ||||
Service-related expense | ||||
Benefits earned during the period | 38 | 38 | 76 | 74 |
Interest cost on benefit obligation | 72 | 74 | 147 | 145 |
Expected return on plan assets | (72) | (76) | (150) | (146) |
Amortization of unrecognized | ||||
Prior service benefit | (1) | (1) | (2) | (2) |
Net actuarial loss | 14 | 15 | 27 | 31 |
Curtailment loss | 0 | 0 | 0 | 0 |
Settlement loss | 1 | 4 | 5 | 4 |
Total net (benefit) expense | 52 | 54 | 103 | 106 |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Service-related expense | ||||
Benefits earned during the period | 3 | 2 | 5 | 4 |
Interest cost on benefit obligation | 25 | 25 | 51 | 49 |
Expected return on plan assets | (22) | (22) | (45) | (43) |
Amortization of unrecognized | ||||
Prior service benefit | (3) | (3) | (5) | (5) |
Net actuarial loss | 8 | 9 | 15 | 17 |
Curtailment loss | 0 | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 | 0 |
Total net (benefit) expense | $ 11 | $ 11 | $ 21 | $ 22 |
RETIREMENT BENEFITS - Funded St
RETIREMENT BENEFITS - Funded Status and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
U.S. | Pension Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | $ 14,040 | $ 14,040 | |||
Benefits earned during the period | $ 0 | $ 0 | 1 | $ 1 | |
Interest cost on benefit obligation | 126 | 136 | 249 | 275 | |
Projected benefit obligation at period end—Significant Plans | 12,841 | 12,841 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 12,725 | 12,725 | |||
Plan assets at fair value at period end—Significant Plans | 12,156 | 12,156 | |||
Funded status of the Significant Plans | (685) | (685) | |||
Net amount recognized at period end | |||||
Benefit asset | 0 | 0 | |||
Benefit liability | (685) | (685) | |||
Net amount recognized on the balance sheet—Significant Plans | (685) | (685) | |||
Amounts recognized in AOCI at period end | |||||
Prior service benefit | 0 | 0 | |||
Net actuarial (loss) gain | (6,324) | (6,324) | |||
Net amount recognized in equity-pretax | (6,324) | (6,324) | |||
Accumulated benefit obligation at period end—Significant Plans | 12,833 | 12,833 | |||
U.S. | Pension Plans | Other than Significant Plans Measured Annually | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 28 | 28 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 0 | 0 | |||
U.S. | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 13,436 | 14,012 | 14,012 | ||
First quarter activity | (576) | ||||
Benefits earned during the period | 0 | ||||
Interest cost on benefit obligation | 126 | ||||
Actuarial (gain) loss | (516) | ||||
Benefits paid, net of participants’ contributions and government subsidy | (206) | ||||
Curtailment loss | 1 | ||||
Foreign exchange impact and other | 0 | ||||
Projected benefit obligation at period end—Significant Plans | 13,436 | ||||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 12,376 | 12,725 | 12,725 | ||
First quarter activity | (349) | ||||
Actual return on plan assets | (27) | ||||
Company contributions, net of reimbursements | 13 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (206) | ||||
Foreign exchange impact and other | 0 | ||||
Plan assets at fair value at period end—Significant Plans | 12,376 | ||||
U.S. | Postretirement Benefit Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 699 | 699 | |||
Benefits earned during the period | 0 | 0 | 0 | 0 | |
Interest cost on benefit obligation | 7 | 8 | 13 | 14 | |
Projected benefit obligation at period end—Significant Plans | 667 | 667 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 262 | 262 | |||
Plan assets at fair value at period end—Significant Plans | 237 | 237 | |||
Funded status of the Significant Plans | (430) | (430) | |||
Net amount recognized at period end | |||||
Benefit asset | 0 | 0 | |||
Benefit liability | (430) | (430) | |||
Net amount recognized on the balance sheet—Significant Plans | (430) | (430) | |||
Amounts recognized in AOCI at period end | |||||
Prior service benefit | 0 | 0 | |||
Net actuarial (loss) gain | 79 | 79 | |||
Net amount recognized in equity-pretax | 79 | 79 | |||
Accumulated benefit obligation at period end—Significant Plans | 667 | 667 | |||
U.S. | Postretirement Benefit Plans | Other than Significant Plans Measured Annually | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 0 | 0 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 0 | 0 | |||
U.S. | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 667 | 699 | 699 | ||
First quarter activity | (32) | ||||
Benefits earned during the period | 0 | ||||
Interest cost on benefit obligation | 7 | ||||
Actuarial (gain) loss | 8 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (15) | ||||
Curtailment loss | 0 | ||||
Foreign exchange impact and other | 0 | ||||
Projected benefit obligation at period end—Significant Plans | 667 | ||||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 241 | 262 | 262 | ||
First quarter activity | (21) | ||||
Actual return on plan assets | 0 | ||||
Company contributions, net of reimbursements | 11 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (15) | ||||
Foreign exchange impact and other | 0 | ||||
Plan assets at fair value at period end—Significant Plans | 241 | ||||
Non-U.S. plans | Pension Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 7,433 | 7,433 | |||
Benefits earned during the period | 38 | 38 | 76 | 74 | |
Interest cost on benefit obligation | 72 | 74 | 147 | 145 | |
Projected benefit obligation at period end—Significant Plans | 5,253 | 5,253 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 7,128 | 7,128 | |||
Plan assets at fair value at period end—Significant Plans | 5,610 | 5,610 | |||
Funded status of the Significant Plans | 357 | 357 | |||
Net amount recognized at period end | |||||
Benefit asset | 847 | 847 | |||
Benefit liability | (490) | (490) | |||
Net amount recognized on the balance sheet—Significant Plans | 357 | 357 | |||
Amounts recognized in AOCI at period end | |||||
Prior service benefit | 25 | 25 | |||
Net actuarial (loss) gain | (801) | (801) | |||
Net amount recognized in equity-pretax | (776) | (776) | |||
Accumulated benefit obligation at period end—Significant Plans | 4,992 | 4,992 | |||
Non-U.S. plans | Pension Plans | Other than Significant Plans Measured Annually | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 1,987 | 1,987 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 1,305 | 1,305 | |||
Non-U.S. plans | Pension Plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 5,597 | 5,446 | 5,446 | ||
First quarter activity | 151 | ||||
Benefits earned during the period | 22 | ||||
Interest cost on benefit obligation | 60 | ||||
Actuarial (gain) loss | (96) | ||||
Benefits paid, net of participants’ contributions and government subsidy | (74) | ||||
Curtailment loss | 0 | ||||
Foreign exchange impact and other | (256) | ||||
Projected benefit obligation at period end—Significant Plans | 5,597 | ||||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 5,938 | 5,823 | 5,823 | ||
First quarter activity | 115 | ||||
Actual return on plan assets | (22) | ||||
Company contributions, net of reimbursements | 21 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (74) | ||||
Foreign exchange impact and other | (253) | ||||
Plan assets at fair value at period end—Significant Plans | 5,938 | ||||
Non-U.S. plans | Postretirement Benefit Plans | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 1,261 | 1,261 | |||
Benefits earned during the period | 3 | 2 | 5 | 4 | |
Interest cost on benefit obligation | 25 | $ 25 | 51 | $ 49 | |
Projected benefit obligation at period end—Significant Plans | 951 | 951 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 1,119 | 1,119 | |||
Plan assets at fair value at period end—Significant Plans | 1,089 | 1,089 | |||
Funded status of the Significant Plans | 138 | 138 | |||
Net amount recognized at period end | |||||
Benefit asset | (380) | (380) | |||
Benefit liability | 518 | 518 | |||
Net amount recognized on the balance sheet—Significant Plans | 138 | 138 | |||
Amounts recognized in AOCI at period end | |||||
Prior service benefit | 78 | 78 | |||
Net actuarial (loss) gain | (334) | (334) | |||
Net amount recognized in equity-pretax | (256) | (256) | |||
Accumulated benefit obligation at period end—Significant Plans | 951 | 951 | |||
Non-U.S. plans | Postretirement Benefit Plans | Other than Significant Plans Measured Annually | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 334 | 334 | |||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 10 | 10 | |||
Non-U.S. plans | Postretirement Benefit Plans | Significant Plans Measured Quarterly | |||||
Change in projected benefit obligation | |||||
Projected benefit obligation at beginning of year | 1,016 | 927 | 927 | ||
First quarter activity | 89 | ||||
Benefits earned during the period | 2 | ||||
Interest cost on benefit obligation | 22 | ||||
Actuarial (gain) loss | (1) | ||||
Benefits paid, net of participants’ contributions and government subsidy | (15) | ||||
Curtailment loss | 0 | ||||
Foreign exchange impact and other | (73) | ||||
Projected benefit obligation at period end—Significant Plans | 1,016 | ||||
Change in plan assets | |||||
Plan assets at fair value at beginning of year | 1,167 | 1,109 | 1,109 | ||
First quarter activity | 58 | ||||
Actual return on plan assets | 20 | ||||
Company contributions, net of reimbursements | 0 | ||||
Benefits paid, net of participants’ contributions and government subsidy | (15) | ||||
Foreign exchange impact and other | (83) | ||||
Plan assets at fair value at period end—Significant Plans | $ 1,167 | ||||
Qualified plans | U.S. | Pension Plans | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | (18) | (18) | |||
Qualified plans | U.S. | Postretirement Benefit Plans | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | (430) | (430) | |||
Qualified plans | Non-U.S. plans | Pension Plans | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 357 | 357 | |||
Qualified plans | Non-U.S. plans | Postretirement Benefit Plans | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 138 | 138 | |||
Nonqualified plans | U.S. | Pension Plans | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | (667) | (667) | |||
Nonqualified plans | U.S. | Postretirement Benefit Plans | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 0 | 0 | |||
Nonqualified plans | Non-U.S. plans | Pension Plans | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | 0 | 0 | |||
Nonqualified plans | Non-U.S. plans | Postretirement Benefit Plans | |||||
Change in plan assets | |||||
Funded status of the Significant Plans | $ 0 | $ 0 |
RETIREMENT BENEFITS - Accumulat
RETIREMENT BENEFITS - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | $ 201,672 | |||
Actuarial assumptions changes and plan experience | $ 603 | 1,119 | ||
Net asset (loss) gain due to difference between actual and expected returns | (328) | (779) | ||
Net amortization | 54 | 112 | ||
Prior service cost | 0 | 6 | ||
Curtailment/settlement gain | 2 | 0 | ||
Foreign exchange impact and other | 72 | 36 | ||
Change in deferred taxes, net | (102) | (105) | ||
Change, net of tax | 301 | $ (135) | 389 | $ (147) |
Balance, end of period | 200,968 | 231,107 | 200,968 | 231,107 |
Benefit plans | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of period | (6,095) | (5,176) | (6,183) | (5,164) |
Balance, end of period | $ (5,794) | $ (5,311) | $ (5,794) | $ (5,311) |
RETIREMENT BENEFITS - Assumptio
RETIREMENT BENEFITS - Assumptions Used (Details) | 3 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | |
U.S. | Postretirement Benefit Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 3.90% | 3.50% | ||
Plan Assumptions - At year end | ||||
Discount rate | 4.20% | 3.90% | 3.50% | |
Non-U.S. plans | Pension Plans | Weighted Average | ||||
Plan Assumptions - During the year | ||||
Discount rate | 4.86% | 4.75% | ||
Plan Assumptions - At year end | ||||
Discount rate | 4.88% | 4.86% | 4.75% | |
Non-U.S. plans | Pension Plans | Minimum | ||||
Plan Assumptions - During the year | ||||
Discount rate | 0.75% | 0.60% | ||
Plan Assumptions - At year end | ||||
Discount rate | 0.80% | 0.75% | 0.60% | |
Non-U.S. plans | Pension Plans | Maximum | ||||
Plan Assumptions - During the year | ||||
Discount rate | 9.90% | 10.20% | ||
Plan Assumptions - At year end | ||||
Discount rate | 10.70% | 9.90% | 10.20% | |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 9.50% | 9.55% | ||
Plan Assumptions - At year end | ||||
Discount rate | 9.50% | 9.50% | 9.55% | |
Qualified plans | U.S. | Pension Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 3.95% | 3.60% | ||
Plan Assumptions - At year end | ||||
Discount rate | 4.25% | 3.95% | 3.60% | |
Nonqualified plans | U.S. | Pension Plans | ||||
Plan Assumptions - During the year | ||||
Discount rate | 3.95% | 3.60% | ||
Plan Assumptions - At year end | ||||
Discount rate | 4.25% | 3.95% | 3.60% |
RETIREMENT BENEFITS - Sensitivi
RETIREMENT BENEFITS - Sensitivities of Certain Key Assumptions (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2018USD ($) | |
U.S. | Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | $ 6 |
Effect of one-percentage-point decrease in discount rates | (9) |
U.S. | Postretirement Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | 0 |
Effect of one-percentage-point decrease in discount rates | (1) |
Non-U.S. plans | Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | (3) |
Effect of one-percentage-point decrease in discount rates | 5 |
Non-U.S. plans | Postretirement Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
Effect of one-percentage-point increase in discount rates | (2) |
Effect of one-percentage-point decrease in discount rates | $ 2 |
RETIREMENT BENEFITS - Contribut
RETIREMENT BENEFITS - Contributions (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
U.S. | Pension Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions for the six months ended June 30 | $ 28 | $ 26 |
Company contributions made or expected to be made during the remainder of the year | 29 | 79 |
U.S. | Postretirement Benefit Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions for the six months ended June 30 | 7 | 19 |
Company contributions made or expected to be made during the remainder of the year | 2 | 157 |
Non-U.S. plans | Pension Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions for the six months ended June 30 | 112 | 58 |
Company contributions made or expected to be made during the remainder of the year | 67 | 68 |
Non-U.S. plans | Postretirement Benefit Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Company contributions for the six months ended June 30 | 5 | 3 |
Company contributions made or expected to be made during the remainder of the year | $ 5 | $ 6 |
RETIREMENT BENEFITS - Defined C
RETIREMENT BENEFITS - Defined Contribution Plans and Postemployment Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Postemployment Retirement Benefits | ||||
Service-related expense | ||||
Interest cost on benefit obligation | $ 1 | $ 1 | $ 1 | $ 1 |
Expected return on plan assets | (1) | 0 | (1) | 0 |
Amortization of unrecognized | ||||
Prior service benefit | (7) | (7) | (15) | (15) |
Net actuarial loss | 0 | 0 | 1 | 1 |
Total service-related benefit | (7) | (6) | (14) | (13) |
Non-service-related expense (benefit) | (3) | 4 | 3 | 12 |
Total net (benefit) expense | (10) | (2) | (11) | (1) |
U.S. | Postretirement Benefit Plans | ||||
Defined Contribution Plans | ||||
Company's contributions for defined contribution plans | 99 | 100 | 203 | 198 |
Service-related expense | ||||
Interest cost on benefit obligation | 7 | 8 | 13 | 14 |
Expected return on plan assets | (3) | (2) | (6) | (3) |
Amortization of unrecognized | ||||
Prior service benefit | 0 | 0 | 0 | 0 |
Total net (benefit) expense | 4 | 7 | 7 | 11 |
Non-U.S. plans | Postretirement Benefit Plans | ||||
Defined Contribution Plans | ||||
Company's contributions for defined contribution plans | 72 | 66 | 148 | 135 |
Service-related expense | ||||
Interest cost on benefit obligation | 25 | 25 | 51 | 49 |
Expected return on plan assets | (22) | (22) | (45) | (43) |
Amortization of unrecognized | ||||
Prior service benefit | (3) | (3) | (5) | (5) |
Total net (benefit) expense | $ 11 | $ 11 | $ 21 | $ 22 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Earnings Per Share [Abstract] | ||||||
Income from continuing operations before attribution of noncontrolling interests | $ 4,501 | $ 3,883 | $ 9,150 | $ 8,001 | ||
Less: Noncontrolling interests from continuing operations | 26 | 32 | 48 | 42 | ||
Net income from continuing operations (for EPS purposes) | 4,475 | 3,851 | 9,102 | 7,959 | ||
Income (loss) from discontinued operations, net of taxes | 15 | 21 | 8 | 3 | ||
Citigroup’s net income | 4,490 | 3,872 | 9,110 | 7,962 | ||
Less: Preferred dividends | 318 | 320 | 590 | 621 | ||
Net income available to common shareholders | 4,172 | 3,552 | 8,520 | 7,341 | ||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with nonforfeitable rights to dividends, applicable to basic EPS | 49 | 48 | 90 | 103 | ||
Net income allocated to common shareholders for basic EPS | 4,123 | 3,504 | 8,430 | 7,238 | ||
Net income allocated to common shareholders for diluted EPS | $ 4,123 | $ 3,504 | $ 8,430 | $ 7,238 | ||
Weighted-average common shares outstanding applicable to basic EPS (in shares) | 2,530.9 | 2,739.1 | 2,546.2 | 2,752.2 | ||
Effect of dilutive securities | ||||||
Options (in shares) | 0.1 | 0.1 | 0.1 | 0.1 | ||
Other employee plans (in shares) | 1.3 | 0 | 1.3 | 0 | ||
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in shares) | 2,532.3 | 2,739.2 | 2,547.6 | 2,752.3 | ||
Basic earnings per share | ||||||
Income from continuing operations (in dollars per share) | [1] | $ 1.62 | $ 1.27 | $ 3.30 | $ 2.63 | |
Discontinued operations (in dollars per share) | [1] | 0.01 | 0.01 | 0.01 | 0 | |
Net income (in dollars per share) | [1] | 1.63 | 1.28 | 3.31 | 2.63 | |
Diluted earnings per share | ||||||
Income from continuing operations (in dollars per share) | [1] | 1.62 | 1.27 | 3.30 | 2.63 | |
Discontinued operations (in dollars per share) | [1] | 0.01 | 0.01 | 0.01 | 0 | |
Net income (in dollars per share) | [1] | 1.63 | 1.28 | 3.31 | 2.63 | |
Warrants issued to U.S. Treasury as part of TARP and loss-sharing agreement | Warrant with the exercise price of $178.50 | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||
Antidilutive securities exercise price (in dollars per share) | $ 178.50 | $ 178.50 | $ 178.50 | $ 178.50 | ||
Antidilutive securities excluded from computation of earnings per common share (in shares) | 21 | 21 | 21 | 21 | ||
Warrants issued to U.S. Treasury as part of TARP and loss-sharing agreement | Warrant with the exercise price of $104.33 | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||
Antidilutive securities exercise price (in dollars per share) | $ 104.33 | $ 104.33 | $ 104.33 | $ 104.33 | ||
Antidilutive securities excluded from computation of earnings per common share (in shares) | 25.5 | 25.5 | 25.5 | 25.5 | ||
Weighted-average options to purchase common stock | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||
Antidilutive securities exercise price (in dollars per share) | $ 148.77 | $ 204.80 | $ 148.77 | $ 204.80 | ||
Antidilutive securities excluded from computation of earnings per common share (in shares) | 0.5 | 0.8 | ||||
Forecast | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||
Distribution of preferred dividends | $ 583 | |||||
Preferred stock | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||
Treasury stock acquired | $ 218 | $ 0 | ||||
Preferred stock | Series AA | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||
Number of shares redeemed | 3.8 | |||||
Treasury stock acquired | $ 96.8 | |||||
Preferred stock | Series E | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||
Number of shares redeemed | 4.9 | |||||
Treasury stock acquired | $ 121.3 | |||||
[1] | Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
FEDERAL FUNDS, SECURITIES BOR71
FEDERAL FUNDS, SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Federal Funds, Securities, and Deposits (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Federal funds sold | $ 0 | $ 0 |
Securities purchased under agreements to resell | 142,627 | 130,984 |
Deposits paid for securities borrowed | 122,899 | 101,494 |
Total | 265,526 | 232,478 |
Federal funds purchased | 118 | 326 |
Securities sold under agreements to repurchase | 162,555 | 142,646 |
Deposits received for securities loaned | 15,155 | 13,305 |
Total | 177,828 | 156,277 |
Securities-for-securities lending transactions | $ 17,800 | $ 14,000 |
FEDERAL FUNDS, SECURITIES BOR72
FEDERAL FUNDS, SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Offsetting (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Securities purchased under agreements to resell | ||
Gross amounts of recognized assets | $ 223,470 | $ 204,460 |
Gross amounts offset on the Consolidated Balance Sheet | 80,843 | 73,476 |
Net amounts of assets included on the Consolidated Balance Sheet | 142,627 | 130,984 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 111,150 | 103,022 |
Net amounts | 31,477 | 27,962 |
Deposits paid for securities borrowed | ||
Gross amounts of recognized assets | 122,899 | 101,494 |
Net amounts of assets included on the Consolidated Balance Sheet | 122,899 | 101,494 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 26,497 | 22,271 |
Net amounts | 96,402 | 79,223 |
Total | ||
Gross amounts of recognized assets | 346,369 | 305,954 |
Gross amounts offset on the Consolidated Balance Sheet | 80,843 | 73,476 |
Net amounts of assets included on the Consolidated Balance Sheet | 265,526 | 232,478 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 137,647 | 125,293 |
Net amounts | 127,879 | 107,185 |
Securities sold under agreements to repurchase | ||
Gross amounts of recognized liabilities | 243,398 | 216,122 |
Gross amounts offset on the Consolidated Balance Sheet | 80,843 | 73,476 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 162,555 | 142,646 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 89,609 | 73,716 |
Net amounts | 72,946 | 68,930 |
Deposits received for securities loaned | ||
Gross amounts of recognized liabilities | 15,155 | 13,305 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 15,155 | 13,305 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 4,341 | 4,079 |
Net amounts | 10,814 | 9,226 |
Total | ||
Gross amounts of recognized liabilities | 258,553 | 229,427 |
Gross amounts offset on the Consolidated Balance Sheet | 80,843 | 73,476 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 177,710 | 155,951 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 93,950 | 77,795 |
Net amounts | $ 83,760 | $ 78,156 |
FEDERAL FUNDS, SECURITIES BOR73
FEDERAL FUNDS, SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Repurchase Agreements (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | $ 243,398 | $ 216,122 |
Deposits received for securities loaned | 15,155 | 13,305 |
Total | 258,553 | 229,427 |
U.S. Treasury and federal agency securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 85,479 | 58,774 |
Deposits received for securities loaned | 86 | 0 |
Total | 85,565 | 58,774 |
State and municipal securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 2,168 | 1,605 |
Deposits received for securities loaned | 0 | 0 |
Total | 2,168 | 1,605 |
Foreign government | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 92,604 | 89,576 |
Deposits received for securities loaned | 584 | 105 |
Total | 93,188 | 89,681 |
Corporate bonds | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 21,843 | 20,194 |
Deposits received for securities loaned | 612 | 657 |
Total | 22,455 | 20,851 |
Equity securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 16,492 | 20,724 |
Deposits received for securities loaned | 13,648 | 11,907 |
Total | 30,140 | 32,631 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 14,342 | 17,791 |
Deposits received for securities loaned | 0 | 0 |
Total | 14,342 | 17,791 |
Asset-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 6,441 | 5,479 |
Deposits received for securities loaned | 0 | 0 |
Total | 6,441 | 5,479 |
Other | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 4,029 | 1,979 |
Deposits received for securities loaned | 225 | 636 |
Total | 4,254 | 2,615 |
Open and overnight | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 114,766 | 82,073 |
Deposits received for securities loaned | 10,431 | 9,946 |
Total | 125,197 | 92,019 |
Up to 30 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 55,286 | 68,372 |
Deposits received for securities loaned | 207 | 266 |
Total | 55,493 | 68,638 |
31–90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 26,266 | 33,846 |
Deposits received for securities loaned | 2,527 | 1,912 |
Total | 28,793 | 35,758 |
Greater than 90 days | ||
Assets Sold under Agreements to Repurchase | ||
Securities sold under agreements to repurchase | 47,080 | 31,831 |
Deposits received for securities loaned | 1,990 | 1,181 |
Total | $ 49,070 | $ 33,012 |
BROKERAGE RECEIVABLES AND BRO74
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Brokers and Dealers [Abstract] | ||
Receivables from customers | $ 16,208 | $ 19,215 |
Receivables from brokers, dealers and clearing organizations | 20,769 | 19,169 |
Total brokerage receivables | 36,977 | 38,384 |
Payables to customers | 40,408 | 38,741 |
Payables to brokers, dealers and clearing organizations | 27,264 | 22,601 |
Total brokerage payables | $ 67,672 | $ 61,342 |
INVESTMENTS - Overview (Details
INVESTMENTS - Overview (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Investment Holdings | |||||
Investments | $ 349,716 | $ 349,716 | $ 352,290 | ||
Interest and dividends on investments | |||||
Taxable interest | 2,158 | $ 1,859 | 4,200 | $ 3,623 | |
Interest exempt from U.S. federal income tax | 132 | 141 | 262 | 283 | |
Dividend income | 84 | 58 | 146 | 112 | |
Total interest and dividend income | 2,374 | 2,058 | 4,608 | 4,018 | |
Gross realized investments losses, excluding losses from other-than-temporary impairment | |||||
Gross realized investment gains | 170 | 258 | 396 | 546 | |
Gross realized investment losses | (68) | (37) | (124) | (133) | |
Net realized gains on sale of investments | 102 | $ 221 | 272 | $ 413 | |
Securities AFS | |||||
Amortized cost | 292,340 | 292,340 | 292,220 | ||
Gross unrealized gains | 760 | 760 | |||
Gross unrealized losses | 4,069 | 4,069 | |||
Fair value | 289,031 | 289,031 | 290,725 | ||
Amortized cost | 292,406 | ||||
Gross unrealized gains | 1,035 | ||||
Gross unrealized losses | 2,527 | ||||
Fair value | 290,914 | ||||
Mortgage-backed securities - U.S. agency-sponsored | |||||
Securities AFS | |||||
Amortized cost | 43,825 | 43,825 | |||
Gross unrealized gains | 141 | 141 | |||
Gross unrealized losses | 994 | 994 | |||
Fair value | 42,972 | 42,972 | |||
Amortized cost | 42,116 | ||||
Gross unrealized gains | 125 | ||||
Gross unrealized losses | 500 | ||||
Fair value | 41,741 | ||||
Mortgage-backed securities - Prime | |||||
Securities AFS | |||||
Amortized cost | 0 | 0 | |||
Gross unrealized gains | 0 | 0 | |||
Gross unrealized losses | 0 | 0 | |||
Fair value | 0 | 0 | |||
Amortized cost | 11 | ||||
Gross unrealized gains | 6 | ||||
Gross unrealized losses | 0 | ||||
Fair value | 17 | ||||
Mortgage-backed securities - Alt-A | |||||
Securities AFS | |||||
Amortized cost | 1 | 1 | |||
Gross unrealized gains | 0 | 0 | |||
Gross unrealized losses | 0 | 0 | |||
Fair value | 1 | 1 | |||
Amortized cost | 26 | ||||
Gross unrealized gains | 90 | ||||
Gross unrealized losses | 0 | ||||
Fair value | 116 | ||||
Mortgage-backed securities - Non-U.S. residential | |||||
Securities AFS | |||||
Amortized cost | 1,851 | 1,851 | |||
Gross unrealized gains | 7 | 7 | |||
Gross unrealized losses | 1 | 1 | |||
Fair value | 1,857 | 1,857 | |||
Amortized cost | 2,744 | ||||
Gross unrealized gains | 13 | ||||
Gross unrealized losses | 6 | ||||
Fair value | 2,751 | ||||
Mortgage-backed securities - Commercial | |||||
Securities AFS | |||||
Amortized cost | 281 | 281 | |||
Gross unrealized gains | 1 | 1 | |||
Gross unrealized losses | 3 | 3 | |||
Fair value | 279 | 279 | |||
Amortized cost | 334 | ||||
Gross unrealized gains | 0 | ||||
Gross unrealized losses | 2 | ||||
Fair value | 332 | ||||
Mortgage-backed securities | |||||
Securities AFS | |||||
Amortized cost | 45,958 | 45,958 | 45,231 | ||
Gross unrealized gains | 149 | 149 | |||
Gross unrealized losses | 998 | 998 | |||
Fair value | 45,109 | 45,109 | 44,957 | ||
Amortized cost | 45,231 | ||||
Gross unrealized gains | 234 | ||||
Gross unrealized losses | 508 | ||||
Fair value | 44,957 | ||||
U.S. Treasury | |||||
Securities AFS | |||||
Amortized cost | 108,616 | 108,616 | |||
Gross unrealized gains | 53 | 53 | |||
Gross unrealized losses | 1,772 | 1,772 | |||
Fair value | 106,897 | 106,897 | |||
Amortized cost | 108,344 | ||||
Gross unrealized gains | 77 | ||||
Gross unrealized losses | 971 | ||||
Fair value | 107,450 | ||||
Agency obligations | |||||
Securities AFS | |||||
Amortized cost | 11,557 | 11,557 | |||
Gross unrealized gains | 7 | 7 | |||
Gross unrealized losses | 190 | 190 | |||
Fair value | 11,374 | 11,374 | |||
Amortized cost | 10,813 | ||||
Gross unrealized gains | 7 | ||||
Gross unrealized losses | 124 | ||||
Fair value | 10,696 | ||||
U.S. Treasury and federal agency securities | |||||
Securities AFS | |||||
Amortized cost | 120,173 | 120,173 | 119,157 | ||
Gross unrealized gains | 60 | 60 | |||
Gross unrealized losses | 1,962 | 1,962 | |||
Fair value | 118,271 | 118,271 | 118,146 | ||
Amortized cost | 119,157 | ||||
Gross unrealized gains | 84 | ||||
Gross unrealized losses | 1,095 | ||||
Fair value | 118,146 | ||||
State and municipal securities | |||||
Securities AFS | |||||
Amortized cost | 9,885 | 9,885 | 8,870 | ||
Gross unrealized gains | 123 | 123 | |||
Gross unrealized losses | 244 | 244 | |||
Fair value | 9,764 | 9,764 | 8,765 | ||
Amortized cost | 8,870 | ||||
Gross unrealized gains | 140 | ||||
Gross unrealized losses | 245 | ||||
Fair value | 8,765 | ||||
Foreign government | |||||
Securities AFS | |||||
Amortized cost | 98,172 | 98,172 | 100,615 | ||
Gross unrealized gains | 385 | 385 | |||
Gross unrealized losses | 732 | 732 | |||
Fair value | 97,825 | 97,825 | 100,533 | ||
Amortized cost | 100,615 | ||||
Gross unrealized gains | 508 | ||||
Gross unrealized losses | 590 | ||||
Fair value | 100,533 | ||||
Corporate | |||||
Securities AFS | |||||
Amortized cost | 12,694 | 12,694 | |||
Gross unrealized gains | 37 | 37 | |||
Gross unrealized losses | 130 | 130 | |||
Fair value | 12,601 | 12,601 | |||
Amortized cost | 14,144 | ||||
Gross unrealized gains | 51 | ||||
Gross unrealized losses | 86 | ||||
Fair value | 14,109 | ||||
Asset-backed securities | |||||
Securities AFS | |||||
Amortized cost | 1,868 | 1,868 | |||
Gross unrealized gains | 5 | 5 | |||
Gross unrealized losses | 3 | 3 | |||
Fair value | 1,870 | 1,870 | |||
Amortized cost | 3,906 | ||||
Gross unrealized gains | 14 | ||||
Gross unrealized losses | 2 | ||||
Fair value | 3,918 | ||||
Other debt securities | |||||
Securities AFS | |||||
Amortized cost | 3,590 | 3,590 | |||
Gross unrealized gains | 1 | 1 | |||
Gross unrealized losses | 0 | 0 | |||
Fair value | 3,591 | 3,591 | |||
Amortized cost | 297 | ||||
Gross unrealized gains | 0 | ||||
Gross unrealized losses | 0 | ||||
Fair value | 297 | ||||
Debt securities | |||||
Securities AFS | |||||
Amortized cost | 292,340 | 292,340 | |||
Gross unrealized gains | 760 | 760 | |||
Gross unrealized losses | 4,069 | 4,069 | |||
Fair value | 289,031 | 289,031 | |||
Amortized cost | 292,220 | ||||
Gross unrealized gains | 1,031 | ||||
Gross unrealized losses | 2,526 | ||||
Fair value | 290,725 | ||||
Equity securities | |||||
Securities AFS | |||||
Amortized cost | 186 | ||||
Gross unrealized gains | 4 | ||||
Gross unrealized losses | 1 | ||||
Fair value | 189 | ||||
Securities available-for-sale (AFS) | |||||
Investment Holdings | |||||
Investments | 289,031 | 289,031 | 290,914 | ||
Held-to-maturity securities | |||||
Investment Holdings | |||||
Investments | 52,897 | 52,897 | 53,320 | ||
Marketable equity securities | Fair value | |||||
Investment Holdings | |||||
Investments | 204 | 204 | |||
Non-marketable equity securities | Fair value | |||||
Investment Holdings | |||||
Investments | 1,228 | 1,228 | 1,206 | ||
Non-marketable equity securities | Carried at cost | |||||
Investment Holdings | |||||
Investments | 5,941 | 5,941 | $ 6,850 | ||
Non-marketable securities, measured using measurement alternative | |||||
Investment Holdings | |||||
Investments | $ 415 | $ 415 |
INVESTMENTS - Fair Value of AFS
INVESTMENTS - Fair Value of AFS Securities (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Fair value | ||
Less than 12 months | $ 147,358 | |
Less than 12 months | $ 181,216 | |
12 months or longer | 50,575 | |
12 months or longer | 21,920 | |
Total | 197,933 | |
Total | 203,136 | |
Gross unrealized losses | ||
Less than 12 months | 2,235 | |
Less than 12 months | 1,854 | |
12 months or longer | 1,834 | |
12 months or longer | 673 | |
Total | 4,069 | |
Total | 2,527 | |
Mortgage-backed securities - U.S. agency-sponsored | ||
Fair value | ||
Less than 12 months | 13,676 | |
Less than 12 months | 30,994 | |
12 months or longer | 13,363 | |
12 months or longer | 2,206 | |
Total | 27,039 | |
Total | 33,200 | |
Gross unrealized losses | ||
Less than 12 months | 328 | |
Less than 12 months | 438 | |
12 months or longer | 666 | |
12 months or longer | 62 | |
Total | 994 | |
Total | 500 | |
Mortgage-backed securities - Non-U.S. residential | ||
Fair value | ||
Less than 12 months | 203 | |
Less than 12 months | 753 | |
12 months or longer | 1 | |
12 months or longer | 0 | |
Total | 204 | |
Total | 753 | |
Gross unrealized losses | ||
Less than 12 months | 1 | |
Less than 12 months | 6 | |
12 months or longer | 0 | |
12 months or longer | 0 | |
Total | 1 | |
Total | 6 | |
Mortgage-backed securities - Commercial | ||
Fair value | ||
Less than 12 months | 234 | |
Less than 12 months | 150 | |
12 months or longer | 27 | |
12 months or longer | 57 | |
Total | 261 | |
Total | 207 | |
Gross unrealized losses | ||
Less than 12 months | 2 | |
Less than 12 months | 1 | |
12 months or longer | 1 | |
12 months or longer | 1 | |
Total | 3 | |
Total | 2 | |
Mortgage-backed securities | ||
Fair value | ||
Less than 12 months | 14,113 | |
Less than 12 months | 31,897 | |
12 months or longer | 13,391 | |
12 months or longer | 2,263 | |
Total | 27,504 | |
Total | 34,160 | |
Gross unrealized losses | ||
Less than 12 months | 331 | |
Less than 12 months | 445 | |
12 months or longer | 667 | |
12 months or longer | 63 | |
Total | 998 | |
Total | 508 | |
U.S. Treasury | ||
Fair value | ||
Less than 12 months | 68,095 | |
Less than 12 months | 79,050 | |
12 months or longer | 20,384 | |
12 months or longer | 7,404 | |
Total | 88,479 | |
Total | 86,454 | |
Gross unrealized losses | ||
Less than 12 months | 1,208 | |
Less than 12 months | 856 | |
12 months or longer | 564 | |
12 months or longer | 115 | |
Total | 1,772 | |
Total | 971 | |
Agency obligations | ||
Fair value | ||
Less than 12 months | 4,900 | |
Less than 12 months | 8,857 | |
12 months or longer | 4,619 | |
12 months or longer | 1,163 | |
Total | 9,519 | |
Total | 10,020 | |
Gross unrealized losses | ||
Less than 12 months | 78 | |
Less than 12 months | 110 | |
12 months or longer | 112 | |
12 months or longer | 14 | |
Total | 190 | |
Total | 124 | |
U.S. Treasury and federal agency securities | ||
Fair value | ||
Less than 12 months | 72,995 | |
Less than 12 months | 87,907 | |
12 months or longer | 25,003 | |
12 months or longer | 8,567 | |
Total | 97,998 | |
Total | 96,474 | |
Gross unrealized losses | ||
Less than 12 months | 1,286 | |
Less than 12 months | 966 | |
12 months or longer | 676 | |
12 months or longer | 129 | |
Total | 1,962 | |
Total | 1,095 | |
State and municipal securities | ||
Fair value | ||
Less than 12 months | 2,043 | |
Less than 12 months | 1,009 | |
12 months or longer | 1,161 | |
12 months or longer | 1,155 | |
Total | 3,204 | |
Total | 2,164 | |
Gross unrealized losses | ||
Less than 12 months | 25 | |
Less than 12 months | 11 | |
12 months or longer | 219 | |
12 months or longer | 234 | |
Total | 244 | |
Total | 245 | |
Foreign government | ||
Fair value | ||
Less than 12 months | 50,160 | |
Less than 12 months | 53,206 | |
12 months or longer | 10,488 | |
12 months or longer | 9,051 | |
Total | 60,648 | |
Total | 62,257 | |
Gross unrealized losses | ||
Less than 12 months | 470 | |
Less than 12 months | 356 | |
12 months or longer | 262 | |
12 months or longer | 234 | |
Total | 732 | |
Total | 590 | |
Corporate | ||
Fair value | ||
Less than 12 months | 6,362 | |
Less than 12 months | 6,737 | |
12 months or longer | 521 | |
12 months or longer | 859 | |
Total | 6,883 | |
Total | 7,596 | |
Gross unrealized losses | ||
Less than 12 months | 120 | |
Less than 12 months | 74 | |
12 months or longer | 10 | |
12 months or longer | 12 | |
Total | 130 | |
Total | 86 | |
Asset-backed securities | ||
Fair value | ||
Less than 12 months | 511 | |
Less than 12 months | 449 | |
12 months or longer | 11 | |
12 months or longer | 25 | |
Total | 522 | |
Total | 474 | |
Gross unrealized losses | ||
Less than 12 months | 3 | |
Less than 12 months | 1 | |
12 months or longer | 0 | |
12 months or longer | 1 | |
Total | 3 | |
Total | 2 | |
Other debt securities | ||
Fair value | ||
Less than 12 months | 1,174 | |
Less than 12 months | 0 | |
12 months or longer | 0 | |
12 months or longer | 0 | |
Total | 1,174 | |
Total | 0 | |
Gross unrealized losses | ||
Less than 12 months | 0 | |
Less than 12 months | 0 | |
12 months or longer | 0 | |
12 months or longer | 0 | |
Total | $ 0 | |
Total | 0 | |
Equity securities | ||
Fair value | ||
Less than 12 months | 11 | |
12 months or longer | 0 | |
Total | 11 | |
Gross unrealized losses | ||
Less than 12 months | 1 | |
12 months or longer | 0 | |
Total | $ 1 |
INVESTMENTS - Fair Value of A77
INVESTMENTS - Fair Value of AFS Debt Securities by Contractual Maturity Date (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Amoritzed cost | ||
Amortized cost | $ 292,340 | $ 292,220 |
Fair value | ||
Total fair value | 289,031 | 290,725 |
Mortgage-backed securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 34 | 45 |
Amortized cost, after 1 but within 5 years | 1,207 | 1,306 |
Amortized cost, after 5 but within 10 years | 1,531 | 1,376 |
Amortized cost, after 10 years | 43,186 | 42,504 |
Amortized cost | 45,958 | 45,231 |
Fair value | ||
Fair value, due within 1 year | 34 | 45 |
Fair value, after 1 but within 5 years | 1,202 | 1,304 |
Fair value, after 5 but within 10 years | 1,503 | 1,369 |
Fair value, after 10 years | 42,370 | 42,239 |
Total fair value | 45,109 | 44,957 |
U.S. Treasury and federal agency securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 26,550 | 4,913 |
Amortized cost, after 1 but within 5 years | 91,342 | 111,236 |
Amortized cost, after 5 but within 10 years | 2,190 | 3,008 |
Amortized cost, after 10 years | 91 | 0 |
Amortized cost | 120,173 | 119,157 |
Fair value | ||
Fair value, due within 1 year | 26,528 | 4,907 |
Fair value, after 1 but within 5 years | 89,497 | 110,238 |
Fair value, after 5 but within 10 years | 2,153 | 3,001 |
Fair value, after 10 years | 93 | 0 |
Total fair value | 118,271 | 118,146 |
State and municipal securities | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 773 | 1,792 |
Amortized cost, after 1 but within 5 years | 3,460 | 2,579 |
Amortized cost, after 5 but within 10 years | 564 | 514 |
Amortized cost, after 10 years | 5,088 | 3,985 |
Amortized cost | 9,885 | 8,870 |
Fair value | ||
Fair value, due within 1 year | 773 | 1,792 |
Fair value, after 1 but within 5 years | 3,457 | 2,576 |
Fair value, after 5 but within 10 years | 584 | 528 |
Fair value, after 10 years | 4,950 | 3,869 |
Total fair value | 9,764 | 8,765 |
Foreign government | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 36,246 | 32,130 |
Amortized cost, after 1 but within 5 years | 47,736 | 53,034 |
Amortized cost, after 5 but within 10 years | 11,805 | 12,949 |
Amortized cost, after 10 years | 2,385 | 2,502 |
Amortized cost | 98,172 | 100,615 |
Fair value | ||
Fair value, due within 1 year | 36,189 | 32,100 |
Fair value, after 1 but within 5 years | 47,344 | 53,165 |
Fair value, after 5 but within 10 years | 11,816 | 12,680 |
Fair value, after 10 years | 2,476 | 2,588 |
Total fair value | 97,825 | 100,533 |
All other | ||
Amoritzed cost | ||
Amortized cost, due within 1 year | 4,881 | 3,998 |
Amortized cost, after 1 but within 5 years | 10,494 | 9,047 |
Amortized cost, after 5 but within 10 years | 2,004 | 3,415 |
Amortized cost, after 10 years | 773 | 1,887 |
Amortized cost | 18,152 | 18,347 |
Fair value | ||
Fair value, due within 1 year | 4,879 | 3,991 |
Fair value, after 1 but within 5 years | 10,420 | 9,027 |
Fair value, after 5 but within 10 years | 2,011 | 3,431 |
Fair value, after 10 years | 752 | 1,875 |
Total fair value | $ 18,062 | $ 18,324 |
INVESTMENTS - Debt Securities H
INVESTMENTS - Debt Securities Held-to-Maturity (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Securities Held-to-maturity | ||
Carrying value | $ 52,897 | $ 53,320 |
Gross unrealized gains | 258 | 702 |
Gross unrealized losses | 810 | 270 |
Fair value | 52,345 | 53,752 |
Mortgage-backed securities - U.S. agency-sponsored | ||
Debt Securities Held-to-maturity | ||
Carrying value | 24,939 | 23,880 |
Gross unrealized gains | 11 | 40 |
Gross unrealized losses | 661 | 157 |
Fair value | 24,289 | 23,763 |
Mortgage-backed securities - Alt-A | ||
Debt Securities Held-to-maturity | ||
Carrying value | 0 | 141 |
Gross unrealized gains | 0 | 57 |
Gross unrealized losses | 0 | 0 |
Fair value | 0 | 198 |
Mortgage-backed securities - Non-U.S. residential | ||
Debt Securities Held-to-maturity | ||
Carrying value | 1,356 | 1,841 |
Gross unrealized gains | 20 | 65 |
Gross unrealized losses | 0 | 0 |
Fair value | 1,376 | 1,906 |
Mortgage-backed securities - Commercial | ||
Debt Securities Held-to-maturity | ||
Carrying value | 264 | 237 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 264 | 237 |
Mortgage-backed securities | ||
Debt Securities Held-to-maturity | ||
Carrying value | 26,559 | 26,099 |
Gross unrealized gains | 31 | 162 |
Gross unrealized losses | 661 | 157 |
Fair value | 25,929 | 26,104 |
State and municipal securities | ||
Debt Securities Held-to-maturity | ||
Carrying value | 7,480 | 8,897 |
Gross unrealized gains | 180 | 378 |
Gross unrealized losses | 132 | 73 |
Fair value | 7,528 | 9,202 |
Foreign government | ||
Debt Securities Held-to-maturity | ||
Carrying value | 1,348 | 740 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 15 | 18 |
Fair value | 1,333 | 722 |
Asset-backed securities | ||
Debt Securities Held-to-maturity | ||
Carrying value | 17,510 | 17,584 |
Gross unrealized gains | 47 | 162 |
Gross unrealized losses | 2 | 22 |
Fair value | $ 17,555 | $ 17,724 |
INVESTMENTS - Debt Securities i
INVESTMENTS - Debt Securities in HTM in Unrecognized Loss Position (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less than 12 months | $ 19,599 | $ 9,716 |
12 months or longer | 7,163 | 7,322 |
Total | 26,762 | 17,038 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Gross Recognized Losses | ||
Less than 12 months | 449 | 76 |
12 months or longer | 361 | 194 |
Total | 810 | 270 |
Unrealized loss, other than temporary impairment, not credit loss, recorded in AOCI | 69 | 117 |
Mortgage-backed securities | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less than 12 months | 16,731 | 8,569 |
12 months or longer | 5,805 | 6,353 |
Total | 22,536 | 14,922 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Gross Recognized Losses | ||
Less than 12 months | 410 | 50 |
12 months or longer | 251 | 107 |
Total | 661 | 157 |
State and municipal securities | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less than 12 months | 1,518 | 353 |
12 months or longer | 747 | 835 |
Total | 2,265 | 1,188 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Gross Recognized Losses | ||
Less than 12 months | 24 | 5 |
12 months or longer | 108 | 68 |
Total | 132 | 73 |
Foreign government | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less than 12 months | 1,334 | 723 |
12 months or longer | 0 | 0 |
Total | 1,334 | 723 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Gross Recognized Losses | ||
Less than 12 months | 15 | 18 |
12 months or longer | 0 | 0 |
Total | 15 | 18 |
Asset-backed securities | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | ||
Less than 12 months | 16 | 71 |
12 months or longer | 611 | 134 |
Total | 627 | 205 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Gross Recognized Losses | ||
Less than 12 months | 0 | 3 |
12 months or longer | 2 | 19 |
Total | $ 2 | $ 22 |
INVESTMENTS - Carrying Value an
INVESTMENTS - Carrying Value and Fair Value of HTM Debt Securities by Contractual Maturity Dates (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Carrying value | $ 52,897 | $ 53,320 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Fair value | 52,345 | 53,752 |
Mortgage-backed securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 0 | 0 |
After 1 but within 5 years, carrying value | 130 | 720 |
After 5 but within 10 years, carrying value | 180 | 148 |
After 10 years, carrying value | 26,249 | 25,231 |
Carrying value | 26,559 | 26,099 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 0 | 0 |
After 1 but within 5 years, fair value | 128 | 720 |
After 5 but within 10 years, fair value | 179 | 149 |
After 10 years, fair value | 25,622 | 25,235 |
Fair value | 25,929 | 26,104 |
State and municipal securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 67 | 407 |
After 1 but within 5 years, carrying value | 187 | 259 |
After 5 but within 10 years, carrying value | 464 | 512 |
After 10 years, carrying value | 6,762 | 7,719 |
Carrying value | 7,480 | 8,897 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 67 | 425 |
After 1 but within 5 years, fair value | 194 | 270 |
After 5 but within 10 years, fair value | 468 | 524 |
After 10 years, fair value | 6,799 | 7,983 |
Fair value | 7,528 | 9,202 |
Foreign government | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 362 | 381 |
After 1 but within 5 years, carrying value | 986 | 359 |
After 5 but within 10 years, carrying value | 0 | 0 |
After 10 years, carrying value | 0 | 0 |
Carrying value | 1,348 | 740 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 362 | 381 |
After 1 but within 5 years, fair value | 971 | 341 |
After 5 but within 10 years, fair value | 0 | 0 |
After 10 years, fair value | 0 | 0 |
Fair value | 1,333 | 722 |
All other | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 0 | 0 |
After 1 but within 5 years, carrying value | 0 | 0 |
After 5 but within 10 years, carrying value | 1,441 | 1,669 |
After 10 years, carrying value | 16,069 | 15,915 |
Carrying value | 17,510 | 17,584 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 0 | 0 |
After 1 but within 5 years, fair value | 0 | 0 |
After 5 but within 10 years, fair value | 1,445 | 1,680 |
After 10 years, fair value | 16,110 | 16,044 |
Fair value | $ 17,555 | $ 17,724 |
INVESTMENTS - Recognition and M
INVESTMENTS - Recognition and Measurement of OTTI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
OTTI on Investments disclosures | ||||
Total OTTI losses recognized during the period | $ 0 | $ 0 | $ 0 | $ 0 |
Less: portion of impairment loss recognized in AOCI (before taxes) | 0 | 0 | 0 | 0 |
Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell | 0 | 0 | 0 | 0 |
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise | 12 | 20 | 39 | 32 |
Total OTTI losses recognized in earnings | 12 | 20 | 39 | 32 |
Securities available-for-sale (AFS) | ||||
OTTI on Investments disclosures | ||||
Total OTTI losses recognized during the period | 0 | 0 | 0 | 0 |
Less: portion of impairment loss recognized in AOCI (before taxes) | 0 | 0 | 0 | 0 |
Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell | 0 | 0 | 0 | 0 |
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise | 12 | 20 | 39 | 31 |
Total OTTI losses recognized in earnings | 12 | 20 | 39 | 31 |
Held-to-maturity securities | ||||
OTTI on Investments disclosures | ||||
Total OTTI losses recognized during the period | 0 | 0 | 0 | 0 |
Less: portion of impairment loss recognized in AOCI (before taxes) | 0 | 0 | 0 | 0 |
Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell | 0 | 0 | 0 | 0 |
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would be more-likely-than-not required to sell or will be subject to an issuer call deemed probable of exercise | 0 | 0 | 0 | 1 |
Total OTTI losses recognized in earnings | $ 0 | $ 0 | $ 0 | $ 1 |
INVESTMENTS - Cumulative OTTI C
INVESTMENTS - Cumulative OTTI Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Available for sale debt securities | $ 289,031 | $ 289,031 | $ 290,725 | |||
Held to maturity securities | 52,897 | 52,897 | 53,320 | |||
Mortgage-backed securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Cumulative OTTI reclassified | (18) | (18) | ||||
Available for sale debt securities | 45,109 | 45,109 | 44,957 | |||
Held to maturity securities | 26,559 | 26,559 | 26,099 | |||
State and municipal securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Available for sale debt securities | 9,764 | 9,764 | 8,765 | |||
Held to maturity securities | 7,480 | 7,480 | 8,897 | |||
Foreign government securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Available for sale debt securities | 97,825 | 97,825 | 100,533 | |||
Held to maturity securities | 1,348 | 1,348 | $ 740 | |||
Corporate | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Available for sale debt securities | 12,601 | 12,601 | ||||
Other debt securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Available for sale debt securities | 3,591 | 3,591 | ||||
AFS debt securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 31 | $ 30 | 48 | $ 31 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 | ||
Changes due to credit-impaired securities sold, transferred or matured | (24) | (22) | (41) | (23) | ||
Ending balance | 7 | 8 | 7 | 8 | ||
AFS debt securities | Mortgage-backed securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 25 | 0 | 38 | 0 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 | ||
Changes due to credit-impaired securities sold, transferred or matured | (24) | 0 | (37) | 0 | ||
Ending balance | 1 | 0 | 1 | 0 | ||
AFS debt securities | State and municipal securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 0 | 4 | 4 | 4 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | (4) | 0 | ||
Ending balance | 0 | 4 | 0 | 4 | ||
AFS debt securities | Foreign government securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | 0 | 0 | ||
Ending balance | 0 | 0 | 0 | 0 | ||
AFS debt securities | Corporate | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 4 | 4 | 4 | 5 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | 0 | (1) | ||
Ending balance | 4 | 4 | 4 | 4 | ||
AFS debt securities | Other debt securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 2 | 22 | 2 | 22 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | (22) | 0 | (22) | ||
Ending balance | 2 | 0 | 2 | 0 | ||
HTM debt securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 0 | 100 | 57 | 104 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | (57) | (4) | ||
Ending balance | 0 | 100 | 0 | 100 | ||
HTM debt securities | Mortgage-backed securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 0 | 97 | 54 | 101 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | (54) | (4) | ||
Ending balance | 0 | 97 | 0 | 97 | ||
HTM debt securities | State and municipal securities | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Beginning balance | 0 | 3 | 3 | 3 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | 0 | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 | ||
Changes due to credit-impaired securities sold, transferred or matured | 0 | 0 | (3) | 0 | ||
Ending balance | $ 0 | $ 3 | $ 0 | $ 3 | ||
Accounting Standards Update 2017-12 | ||||||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | ||||||
Available for sale debt securities | $ 4,000 | |||||
Held to maturity securities | $ (4,000) |
INVESTMENTS - Carrying Value of
INVESTMENTS - Carrying Value of Non-marketable Equity Securities Measured Using the Measurement Alternative (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) | |
Investments, Debt and Equity Securities [Abstract] | ||
Measurement alternative, balance at June 30, 2018 | $ 415,000,000 | $ 415,000,000 |
Measurement alternative—impairment losses | 3,000,000 | 4,000,000 |
Measurement alternative—downward changes for observable prices | 2,000,000 | 4,000,000 |
Measurement alternative—upward changes for observable prices | 4,000,000 | 112,000,000 |
Non-marketable equity securities, impairment loss recognized in earnings | $ 0 | $ 0 |
INVESTMENTS - Alternative Inves
INVESTMENTS - Alternative Investment Funds (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | $ 81 | $ 82 |
Hedge funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | $ 0 | $ 0 |
Alternative investment funds, redemption frequency (if currently eligible) | Generally quarterly | |
Hedge funds | Minimum | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, redemption notice period | 10 days | 10 days |
Hedge funds | Maximum | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, redemption notice period | 95 days | 95 days |
Private equity | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | $ 62 | $ 62 |
Real estate funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | 19 | 20 |
Mutual/collective investment funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | 0 | 0 |
Fair value | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 410 | 404 |
Fair value | Hedge funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 0 | 1 |
Fair value | Private equity | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 368 | 372 |
Fair value | Real estate funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 16 | 31 |
Fair value | Mutual/collective investment funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | $ 26 | $ 0 |
LOANS - Consumer Loans (Details
LOANS - Consumer Loans (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($)category | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)category | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Loans | |||||
Number of loan categories | category | 2 | 2 | |||
Loans, net of unearned income | $ 671,180 | $ 671,180 | $ 667,034 | ||
Consumer | |||||
Loans | |||||
Total loans | 322,921 | 322,921 | 332,919 | ||
Net unearned income | 711 | 711 | 737 | ||
Loans, net of unearned income | 323,632 | 323,632 | 333,656 | ||
Loans sold and/or reclassified to held-for-sale | 1,900 | $ 600 | 2,800 | $ 2,800 | |
In U.S. offices | Consumer | |||||
Loans | |||||
Total loans | 208,878 | 208,878 | 215,711 | ||
In U.S. offices | Consumer | Mortgage and real estate | |||||
Loans | |||||
Total loans | 61,692 | 61,692 | 65,467 | ||
In U.S. offices | Consumer | Installment, revolving credit and other | |||||
Loans | |||||
Total loans | 3,759 | 3,759 | 3,398 | ||
In U.S. offices | Consumer | Cards | |||||
Loans | |||||
Total loans | 135,968 | 135,968 | 139,006 | ||
In U.S. offices | Consumer | Commercial and industrial | |||||
Loans | |||||
Total loans | 7,459 | 7,459 | 7,840 | ||
In offices outside the U.S. | Consumer | |||||
Loans | |||||
Total loans | 114,043 | 114,043 | 117,208 | ||
In offices outside the U.S. | Consumer | Mortgage and real estate | |||||
Loans | |||||
Total loans | 43,056 | 43,056 | 44,081 | ||
In offices outside the U.S. | Consumer | Installment, revolving credit and other | |||||
Loans | |||||
Total loans | 27,254 | 27,254 | 26,556 | ||
In offices outside the U.S. | Consumer | Cards | |||||
Loans | |||||
Total loans | 24,712 | 24,712 | 26,257 | ||
In offices outside the U.S. | Consumer | Commercial and industrial | |||||
Loans | |||||
Total loans | 18,966 | 18,966 | 20,238 | ||
In offices outside the U.S. | Consumer | Lease financing | |||||
Loans | |||||
Total loans | $ 55 | $ 55 | $ 76 |
LOANS - Consumer Loan Delinquen
LOANS - Consumer Loan Delinquency (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Non-Accrual Details | ||
Loans, net of unearned income | $ 671,180 | $ 667,034 |
Loans at fair value | 3,000 | 4,374 |
Consumer | ||
Non-Accrual Details | ||
Loans, current | 317,028 | 326,092 |
Loans, net of unearned income | 323,632 | 333,656 |
Total non-accrual | 2,383 | 2,690 |
90 days past due and accruing | $ 2,393 | $ 2,797 |
Loans less than this number of days past due are considered current | 30 days | 30 days |
Loans at fair value | $ 22 | $ 25 |
Number of days past due, non-accrual status | 60 days | |
Consumer | Less than or equal to 80% | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | $ 52,750 | 55,029 |
Consumer | 80% but less than or equal to 100% | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 3,992 | 4,725 |
Consumer | Greater than 100% | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 742 | 1,047 |
Consumer | Less than 620 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 11,621 | 12,834 |
Consumer | ≥ 620 but less than 660 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 13,903 | 14,914 |
Consumer | ≥ 660 but less than 720 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 48,619 | 48,960 |
Consumer | Equal to or greater than 720 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 119,335 | 123,343 |
Consumer | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 931 | 1,225 |
Consumer | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 2,913 | 3,304 |
Consumer | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 2,760 | 3,035 |
Consumer | Residential first mortgages | ||
Non-Accrual Details | ||
Loans at fair value | $ 22 | $ 25 |
Number of days past due, non-accrual status | 90 days | 90 days |
Consumer | Residential first mortgages | Less than or equal to 80% | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | $ 42,778 | $ 43,626 |
Consumer | Residential first mortgages | 80% but less than or equal to 100% | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 2,382 | 2,578 |
Consumer | Residential first mortgages | Greater than 100% | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 189 | 247 |
Consumer | Residential first mortgages | Less than 620 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 1,707 | 2,100 |
Consumer | Residential first mortgages | ≥ 620 but less than 660 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 1,626 | 1,932 |
Consumer | Residential first mortgages | ≥ 660 but less than 720 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 6,421 | 6,931 |
Consumer | Residential first mortgages | Equal to or greater than 720 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 35,465 | 35,334 |
Consumer | Home equity loans | Less than or equal to 80% | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 9,972 | 11,403 |
Consumer | Home equity loans | 80% but less than or equal to 100% | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 1,610 | 2,147 |
Consumer | Home equity loans | Greater than 100% | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 553 | 800 |
Consumer | Home equity loans | Less than 620 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 1,085 | 1,379 |
Consumer | Home equity loans | ≥ 620 but less than 660 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 906 | 1,081 |
Consumer | Home equity loans | ≥ 660 but less than 720 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 2,946 | 3,446 |
Consumer | Home equity loans | Equal to or greater than 720 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 7,274 | 8,530 |
Consumer | Credit cards | Less than 620 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 8,682 | 9,079 |
Consumer | Credit cards | ≥ 620 but less than 660 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 11,129 | 11,651 |
Consumer | Credit cards | ≥ 660 but less than 720 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 38,544 | 37,916 |
Consumer | Credit cards | Equal to or greater than 720 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 74,911 | 77,661 |
Consumer | Installment and other revolving | Less than 620 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 147 | 276 |
Consumer | Installment and other revolving | ≥ 620 but less than 660 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 242 | 250 |
Consumer | Installment and other revolving | ≥ 660 but less than 720 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | 708 | 667 |
Consumer | Installment and other revolving | Equal to or greater than 720 | ||
Financing Receivable | ||
Purchased credit-impaired in accordance with ASC 310-30 | $ 1,685 | 1,818 |
Consumer | Commercial banking loans | ||
Non-Accrual Details | ||
Number of days past due, non-accrual status | 90 days | |
Consumer | Total GCB and Corporate/Other— Consumer | ||
Non-Accrual Details | ||
Loans, current | $ 317,027 | 326,091 |
Loans, net of unearned income | 323,631 | 333,655 |
Total non-accrual | 2,383 | 2,690 |
90 days past due and accruing | 2,393 | 2,797 |
Consumer | Total GCB and Corporate/Other— Consumer | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 931 | 1,225 |
Consumer | Total GCB and Corporate/Other— Consumer | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 2,913 | 3,304 |
Consumer | Total GCB and Corporate/Other— Consumer | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 2,760 | 3,035 |
Consumer | Other | ||
Non-Accrual Details | ||
Loans, current | 1 | 1 |
Loans, net of unearned income | 1 | 1 |
Total non-accrual | 0 | 0 |
90 days past due and accruing | 0 | 0 |
Consumer | Other | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | Other | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | Other | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In North America offices | ||
Non-Accrual Details | ||
Loans, current | 205,050 | 211,012 |
Loans, net of unearned income | 210,063 | 216,899 |
Total non-accrual | 1,373 | 1,650 |
90 days past due and accruing | 2,166 | 2,538 |
Consumer | In North America offices | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 931 | 1,225 |
Consumer | In North America offices | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 1,995 | 2,336 |
Consumer | In North America offices | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 2,087 | 2,326 |
Consumer | In North America offices | Residential first mortgages | ||
Non-Accrual Details | ||
Loans, current | 46,314 | 47,366 |
Loans, net of unearned income | 47,904 | 49,376 |
Total non-accrual | 619 | 665 |
90 days past due and accruing | 673 | 941 |
Mortgage loans in process of foreclosure | 100 | 100 |
Consumer | In North America offices | Residential first mortgages | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 931 | 1,225 |
Consumer | In North America offices | Residential first mortgages | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 404 | 505 |
Consumer | In North America offices | Residential first mortgages | 30 to 89 Days Past Due | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 200 | 200 |
Consumer | In North America offices | Residential first mortgages | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 255 | 280 |
Consumer | In North America offices | Residential first mortgages | Equal to greater than 90 days past due | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 700 | 1,000 |
Consumer | In North America offices | Home equity loans | ||
Non-Accrual Details | ||
Loans, current | 12,420 | 14,268 |
Loans, net of unearned income | 12,861 | 14,827 |
Total non-accrual | 606 | 750 |
90 days past due and accruing | 0 | 0 |
Home equity loans in process of foreclosure | 100 | 100 |
Consumer | In North America offices | Home equity loans | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In North America offices | Home equity loans | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 155 | 207 |
Consumer | In North America offices | Home equity loans | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 286 | 352 |
Consumer | In North America offices | Credit cards | ||
Non-Accrual Details | ||
Loans, current | 133,860 | 136,588 |
Loans, net of unearned income | 136,741 | 139,729 |
Total non-accrual | 0 | 0 |
90 days past due and accruing | 1,493 | 1,596 |
Consumer | In North America offices | Credit cards | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In North America offices | Credit cards | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 1,388 | 1,528 |
Consumer | In North America offices | Credit cards | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 1,493 | 1,613 |
Consumer | In North America offices | Installment and other revolving | ||
Non-Accrual Details | ||
Loans, current | 3,402 | 3,395 |
Loans, net of unearned income | 3,453 | 3,456 |
Total non-accrual | 20 | 22 |
90 days past due and accruing | 0 | 1 |
Consumer | In North America offices | Installment and other revolving | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In North America offices | Installment and other revolving | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 38 | 45 |
Consumer | In North America offices | Installment and other revolving | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 13 | 16 |
Consumer | In North America offices | Commercial banking loans | ||
Non-Accrual Details | ||
Loans, current | 9,054 | 9,395 |
Loans, net of unearned income | 9,104 | 9,511 |
Total non-accrual | 128 | 213 |
90 days past due and accruing | 0 | 0 |
Consumer | In North America offices | Commercial banking loans | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In North America offices | Commercial banking loans | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 10 | 51 |
Consumer | In North America offices | Commercial banking loans | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 40 | 65 |
Consumer | In offices outside North America | ||
Non-Accrual Details | ||
Loans, current | 111,977 | 115,079 |
Loans, net of unearned income | 113,568 | 116,756 |
Total non-accrual | 1,010 | 1,040 |
90 days past due and accruing | 227 | 259 |
Consumer | In offices outside North America | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 918 | 968 |
Consumer | In offices outside North America | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 673 | 709 |
Consumer | In offices outside North America | Residential first mortgages | ||
Non-Accrual Details | ||
Loans, current | 35,789 | 37,062 |
Loans, net of unearned income | 36,134 | 37,419 |
Total non-accrual | 382 | 400 |
90 days past due and accruing | 0 | 0 |
Consumer | In offices outside North America | Residential first mortgages | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Residential first mortgages | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 205 | 209 |
Consumer | In offices outside North America | Residential first mortgages | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 140 | 148 |
Consumer | In offices outside North America | Credit cards | ||
Non-Accrual Details | ||
Loans, current | 23,389 | 24,934 |
Loans, net of unearned income | 24,157 | 25,727 |
Total non-accrual | 312 | 323 |
90 days past due and accruing | 227 | 259 |
Consumer | In offices outside North America | Credit cards | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Credit cards | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 416 | 427 |
Consumer | In offices outside North America | Credit cards | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 352 | 366 |
Consumer | In offices outside North America | Installment and other revolving | ||
Non-Accrual Details | ||
Loans, current | 24,772 | 25,634 |
Loans, net of unearned income | 25,124 | 26,032 |
Total non-accrual | 144 | 157 |
90 days past due and accruing | 0 | 0 |
Consumer | In offices outside North America | Installment and other revolving | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Installment and other revolving | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 243 | 275 |
Consumer | In offices outside North America | Installment and other revolving | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | 109 | 123 |
Consumer | In offices outside North America | Commercial banking loans | ||
Non-Accrual Details | ||
Loans, current | 28,027 | 27,449 |
Loans, net of unearned income | 28,153 | 27,578 |
Total non-accrual | 172 | 160 |
90 days past due and accruing | 0 | 0 |
Consumer | In offices outside North America | Commercial banking loans | Government-guaranteed | ||
Non-Accrual Details | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Commercial banking loans | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Loans, past due | 54 | 57 |
Consumer | In offices outside North America | Commercial banking loans | Equal to greater than 90 days past due | ||
Non-Accrual Details | ||
Loans, past due | $ 72 | $ 72 |
LOANS - Impaired Consumer Loans
LOANS - Impaired Consumer Loans (Details) - Consumer $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018USD ($)Q | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)Q | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($)Q | |
Financing receivable impaired | |||||
Recorded investment | $ 6,580 | ||||
Unpaid principal balance | $ 6,468 | $ 6,468 | 7,531 | ||
Related specific allowance | 1,185 | 1,185 | 1,334 | ||
Average carrying value | 6,334 | $ 6,983 | |||
Interest income recognized | $ 59 | $ 88 | $ 125 | $ 183 | |
Number of quarters used to calculate the average recorded investment balance | Q | 4 | 4 | 4 | ||
Residential first mortgages | |||||
Financing receivable impaired | |||||
Recorded investment | $ 2,489 | $ 2,489 | $ 2,877 | ||
Unpaid principal balance | 2,674 | 2,674 | 3,121 | ||
Related specific allowance | 233 | 233 | 278 | ||
Average carrying value | 2,831 | 3,155 | |||
Interest income recognized | 21 | 32 | 42 | 68 | |
Impaired financing receivable without specific allowance | 521 | 521 | 607 | ||
Home equity loans | |||||
Financing receivable impaired | |||||
Recorded investment | 730 | 730 | 1,151 | ||
Unpaid principal balance | 1,073 | 1,073 | 1,590 | ||
Related specific allowance | 136 | 136 | 216 | ||
Average carrying value | 931 | 1,181 | |||
Interest income recognized | 2 | 7 | 8 | 15 | |
Impaired financing receivable without specific allowance | 295 | 295 | 370 | ||
Credit cards | |||||
Financing receivable impaired | |||||
Recorded investment | 1,794 | 1,794 | 1,787 | ||
Unpaid principal balance | 1,824 | 1,824 | 1,819 | ||
Related specific allowance | 621 | 621 | 614 | ||
Average carrying value | 1,812 | 1,803 | |||
Interest income recognized | 25 | 36 | 55 | 73 | |
Individual installment and other | |||||
Financing receivable impaired | |||||
Recorded investment | 405 | 405 | 431 | ||
Unpaid principal balance | 434 | 434 | 460 | ||
Related specific allowance | 166 | 166 | 175 | ||
Average carrying value | 427 | 415 | |||
Interest income recognized | 6 | 5 | 12 | 13 | |
Commercial banking loans | |||||
Financing receivable impaired | |||||
Recorded investment | 307 | 307 | 334 | ||
Unpaid principal balance | 463 | 463 | 541 | ||
Related specific allowance | 29 | 29 | 51 | ||
Average carrying value | 333 | 429 | |||
Interest income recognized | 5 | $ 8 | 8 | $ 14 | |
Impaired financing receivable without specific allowance | $ 14 | $ 14 | $ 10 |
LOANS - Consumer Troubled Debt
LOANS - Consumer Troubled Debt Restructurings (Details) - Consumer $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018USD ($)loan | Jun. 30, 2017USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2017USD ($)loan | Dec. 31, 2017 | |
Loans receivable | |||||
Period within which default occurred post-modification | 1 year | ||||
Number of days past due, non-accrual status | 60 days | ||||
Residential first mortgages | |||||
Loans receivable | |||||
Number of days past due, non-accrual status | 90 days | 90 days | |||
Commercial banking | |||||
Loans receivable | |||||
Number of days past due, non-accrual status | 90 days | ||||
In North America offices | |||||
Loans receivable | |||||
Number of loans modified | loan | 56,643 | 54,843 | 121,241 | 116,072 | |
Post-modification recorded investment | $ 337 | $ 422 | $ 715 | $ 845 | |
TDR in payment default | $ 107 | $ 115 | $ 228 | $ 228 | |
In North America offices | Residential first mortgages | |||||
Loans receivable | |||||
Number of loans modified | loan | 495 | 806 | 1,083 | 1,772 | |
Post-modification recorded investment | $ 77 | $ 116 | $ 166 | $ 246 | |
Average interest rate reduction | 0.00% | 1.00% | 0.00% | 1.00% | |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 8 | $ 15 | $ 19 | $ 30 | |
TDR in payment default | 30 | 48 | 74 | 99 | |
In North America offices | Residential first mortgages | New OCC guidance | |||||
Loans receivable | |||||
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 5 | $ 11 | $ 13 | $ 21 | |
In North America offices | Home equity loans | |||||
Loans receivable | |||||
Number of loans modified | loan | 380 | 677 | 836 | 1,356 | |
Post-modification recorded investment | $ 37 | $ 58 | $ 78 | $ 114 | |
Average interest rate reduction | 1.00% | 2.00% | 1.00% | 1.00% | |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 3 | $ 5 | $ 7 | $ 11 | |
TDR in payment default | 6 | 8 | 16 | 17 | |
In North America offices | Home equity loans | New OCC guidance | |||||
Loans receivable | |||||
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 3 | $ 4 | $ 6 | $ 10 | |
In North America offices | Credit cards | |||||
Loans receivable | |||||
Number of loans modified | loan | 55,459 | 53,080 | 118,662 | 112,417 | |
Post-modification recorded investment | $ 220 | $ 203 | $ 464 | $ 433 | |
Average interest rate reduction | 17.00% | 17.00% | 17.00% | 17.00% | |
TDR in payment default | $ 57 | $ 57 | $ 116 | $ 109 | |
In North America offices | Installment and other revolving | |||||
Loans receivable | |||||
Number of loans modified | loan | 292 | 250 | 634 | 471 | |
Post-modification recorded investment | $ 2 | $ 2 | $ 5 | $ 4 | |
Average interest rate reduction | 5.00% | 5.00% | 5.00% | 5.00% | |
TDR in payment default | $ 1 | $ 1 | $ 1 | $ 1 | |
In North America offices | Commercial banking | |||||
Loans receivable | |||||
Number of loans modified | loan | 17 | 30 | 26 | 56 | |
Post-modification recorded investment | $ 1 | $ 43 | $ 2 | $ 48 | |
Average interest rate reduction | 0.00% | 0.00% | 0.00% | 0.00% | |
TDR in payment default | $ 13 | $ 1 | $ 21 | $ 2 | |
In offices outside the U.S. | |||||
Loans receivable | |||||
Number of loans modified | loan | 25,735 | 40,981 | 59,148 | 78,170 | |
Post-modification recorded investment | $ 165 | $ 196 | $ 366 | $ 380 | |
TDR in payment default | $ 86 | $ 72 | $ 166 | $ 139 | |
In offices outside the U.S. | Residential first mortgages | |||||
Loans receivable | |||||
Number of loans modified | loan | 624 | 755 | 1,173 | 1,368 | |
Post-modification recorded investment | $ 22 | $ 28 | $ 41 | $ 54 | |
Average interest rate reduction | 0.00% | 0.00% | 0.00% | 0.00% | |
TDR in payment default | $ 2 | $ 3 | $ 4 | $ 5 | |
In offices outside the U.S. | Credit cards | |||||
Loans receivable | |||||
Number of loans modified | loan | 17,782 | 28,551 | 41,176 | 53,788 | |
Post-modification recorded investment | $ 78 | $ 98 | $ 173 | $ 183 | |
Average interest rate reduction | 16.00% | 12.00% | 16.00% | 13.00% | |
TDR in payment default | $ 55 | $ 46 | $ 108 | $ 88 | |
In offices outside the U.S. | Installment and other revolving | |||||
Loans receivable | |||||
Number of loans modified | loan | 7,172 | 11,622 | 16,497 | 22,929 | |
Post-modification recorded investment | $ 43 | $ 64 | $ 102 | $ 124 | |
Average interest rate reduction | 11.00% | 9.00% | 10.00% | 7.00% | |
TDR in payment default | $ 20 | $ 23 | $ 44 | $ 46 | |
In offices outside the U.S. | Commercial banking | |||||
Loans receivable | |||||
Number of loans modified | loan | 157 | 53 | 302 | 85 | |
Post-modification recorded investment | $ 22 | $ 6 | $ 50 | $ 19 | |
Average interest rate reduction | 0.00% | 0.00% | (1.00%) | (1.00%) | |
TDR in payment default | $ 9 | $ 0 | $ 10 | $ 0 | |
Deferred principal | In North America offices | |||||
Loans receivable | |||||
Post-modification recorded investment | 2 | 6 | 4 | 12 | |
Deferred principal | In North America offices | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 1 | 1 | 1 | 4 | |
Deferred principal | In North America offices | Home equity loans | |||||
Loans receivable | |||||
Post-modification recorded investment | 1 | 5 | 3 | 8 | |
Deferred principal | In North America offices | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In North America offices | Installment and other revolving | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In North America offices | Commercial banking | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside the U.S. | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside the U.S. | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside the U.S. | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside the U.S. | Installment and other revolving | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Deferred principal | In offices outside the U.S. | Commercial banking | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Home equity loans | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Installment and other revolving | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In North America offices | Commercial banking | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside the U.S. | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside the U.S. | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside the U.S. | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside the U.S. | Installment and other revolving | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Contingent principal forgiveness | In offices outside the U.S. | Commercial banking | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 1 | 0 | 1 | |
Principal forgiveness | In North America offices | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 1 | 0 | 1 | |
Principal forgiveness | In North America offices | Home equity loans | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | Installment and other revolving | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In North America offices | Commercial banking | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In offices outside the U.S. | |||||
Loans receivable | |||||
Post-modification recorded investment | 4 | 4 | 9 | 10 | |
Principal forgiveness | In offices outside the U.S. | Residential first mortgages | |||||
Loans receivable | |||||
Post-modification recorded investment | 0 | 0 | 0 | 0 | |
Principal forgiveness | In offices outside the U.S. | Credit cards | |||||
Loans receivable | |||||
Post-modification recorded investment | 2 | 2 | 5 | 4 | |
Principal forgiveness | In offices outside the U.S. | Installment and other revolving | |||||
Loans receivable | |||||
Post-modification recorded investment | 2 | 2 | 4 | 6 | |
Principal forgiveness | In offices outside the U.S. | Commercial banking | |||||
Loans receivable | |||||
Post-modification recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS - Corporate Loans (Detail
LOANS - Corporate Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Loans | |||||
Loans, net of unearned income | $ 671,180 | $ 671,180 | $ 667,034 | ||
Corporate | |||||
Loans | |||||
Total loans | 348,350 | 348,350 | 334,141 | ||
Net unearned income | (802) | (802) | (763) | ||
Loans, net of unearned income | 347,548 | 347,548 | 333,378 | ||
Loans sold and/or reclassified to held-for-sale | 400 | $ 0 | 500 | $ 500 | |
Corporate | Commercial and industrial | |||||
Loans | |||||
Loans, net of unearned income | 148,947 | 148,947 | 141,322 | ||
Corporate | Financial institutions | |||||
Loans | |||||
Loans, net of unearned income | 80,547 | 80,547 | 73,757 | ||
Corporate | Mortgage and real estate | |||||
Loans | |||||
Loans, net of unearned income | 53,551 | 53,551 | 51,964 | ||
Corporate | Lease financing | |||||
Loans | |||||
Loans, net of unearned income | 1,585 | 1,585 | 1,655 | ||
Corporate | In U.S. offices | |||||
Loans | |||||
Total loans | 176,545 | 176,545 | 169,781 | ||
Corporate | In U.S. offices | Commercial and industrial | |||||
Loans | |||||
Total loans | 53,260 | 53,260 | 51,319 | ||
Corporate | In U.S. offices | Financial institutions | |||||
Loans | |||||
Total loans | 42,867 | 42,867 | 39,128 | ||
Corporate | In U.S. offices | Mortgage and real estate | |||||
Loans | |||||
Total loans | 46,310 | 46,310 | 44,683 | ||
Corporate | In U.S. offices | Installment, revolving credit and other | |||||
Loans | |||||
Total loans | 32,663 | 32,663 | 33,181 | ||
Corporate | In U.S. offices | Lease financing | |||||
Loans | |||||
Total loans | 1,445 | 1,445 | 1,470 | ||
Corporate | In offices outside the U.S. | |||||
Loans | |||||
Total loans | 171,805 | 171,805 | 164,360 | ||
Corporate | In offices outside the U.S. | Commercial and industrial | |||||
Loans | |||||
Total loans | 98,068 | 98,068 | 93,750 | ||
Corporate | In offices outside the U.S. | Financial institutions | |||||
Loans | |||||
Total loans | 38,312 | 38,312 | 35,273 | ||
Corporate | In offices outside the U.S. | Mortgage and real estate | |||||
Loans | |||||
Total loans | 7,261 | 7,261 | 7,309 | ||
Corporate | In offices outside the U.S. | Installment, revolving credit and other | |||||
Loans | |||||
Total loans | 22,755 | 22,755 | 22,638 | ||
Corporate | In offices outside the U.S. | Lease financing | |||||
Loans | |||||
Total loans | 139 | 139 | 190 | ||
Corporate | In offices outside the U.S. | Government and official institutions | |||||
Loans | |||||
Total loans | $ 5,270 | $ 5,270 | $ 5,200 |
LOANS - Corporate Loan Delinque
LOANS - Corporate Loan Delinquency (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Non-Accrual Details | ||
Loans, net of unearned income | $ 671,180 | $ 667,034 |
Loans at fair value | 3,000 | 4,374 |
Corporate | ||
Non-Accrual Details | ||
Past due and accruing | 1,118 | 735 |
Total non-accrual | 1,623 | 1,942 |
Total current | 341,829 | 326,352 |
Loans, net of unearned income | 347,548 | 333,378 |
Loans at fair value | $ 2,978 | 4,349 |
Number of days past due, non-accrual status | 90 days | |
Loans less than this number of days past due are considered current | 30 days | |
Corporate | Commercial and industrial | ||
Non-Accrual Details | ||
Past due and accruing | $ 657 | 262 |
Total non-accrual | 1,095 | 1,506 |
Total current | 147,195 | 139,554 |
Loans, net of unearned income | 148,947 | 141,322 |
Corporate | Financial institutions | ||
Non-Accrual Details | ||
Past due and accruing | 231 | 108 |
Total non-accrual | 134 | 92 |
Total current | 80,182 | 73,557 |
Loans, net of unearned income | 80,547 | 73,757 |
Corporate | Mortgage and real estate | ||
Non-Accrual Details | ||
Past due and accruing | 149 | 206 |
Total non-accrual | 267 | 195 |
Total current | 53,135 | 51,563 |
Loans, net of unearned income | 53,551 | 51,964 |
Corporate | Leases | ||
Non-Accrual Details | ||
Past due and accruing | 3 | 76 |
Total non-accrual | 41 | 46 |
Total current | 1,541 | 1,533 |
Loans, net of unearned income | 1,585 | 1,655 |
Corporate | Other | ||
Non-Accrual Details | ||
Past due and accruing | 78 | 83 |
Total non-accrual | 86 | 103 |
Total current | 59,776 | 60,145 |
Loans, net of unearned income | 59,940 | 60,331 |
Corporate | 30 to 89 Days Past Due | ||
Non-Accrual Details | ||
Past due and accruing | 997 | 627 |
Corporate | 30 to 89 Days Past Due | Commercial and industrial | ||
Non-Accrual Details | ||
Past due and accruing | 618 | 249 |
Corporate | 30 to 89 Days Past Due | Financial institutions | ||
Non-Accrual Details | ||
Past due and accruing | 177 | 93 |
Corporate | 30 to 89 Days Past Due | Mortgage and real estate | ||
Non-Accrual Details | ||
Past due and accruing | 140 | 147 |
Corporate | 30 to 89 Days Past Due | Leases | ||
Non-Accrual Details | ||
Past due and accruing | 3 | 68 |
Corporate | 30 to 89 Days Past Due | Other | ||
Non-Accrual Details | ||
Past due and accruing | 59 | 70 |
Corporate | Equal to greater than 90 days past due and accruing | ||
Non-Accrual Details | ||
Past due and accruing | 121 | 108 |
Corporate | Equal to greater than 90 days past due and accruing | Commercial and industrial | ||
Non-Accrual Details | ||
Past due and accruing | 39 | 13 |
Corporate | Equal to greater than 90 days past due and accruing | Financial institutions | ||
Non-Accrual Details | ||
Past due and accruing | 54 | 15 |
Corporate | Equal to greater than 90 days past due and accruing | Mortgage and real estate | ||
Non-Accrual Details | ||
Past due and accruing | 9 | 59 |
Corporate | Equal to greater than 90 days past due and accruing | Leases | ||
Non-Accrual Details | ||
Past due and accruing | 0 | 8 |
Corporate | Equal to greater than 90 days past due and accruing | Other | ||
Non-Accrual Details | ||
Past due and accruing | $ 19 | $ 13 |
LOANS - Corporate Loans Credit
LOANS - Corporate Loans Credit Quality Indicators (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Loans receivable | ||
Loans, net of unearned income | $ 671,180 | $ 667,034 |
Loans at fair value | 3,000 | 4,374 |
Corporate | ||
Loans receivable | ||
Loans, net of unearned income | 347,548 | 333,378 |
Total non-accrual | 1,623 | 1,942 |
Loans at fair value | 2,978 | 4,349 |
Corporate | Commercial and industrial | ||
Loans receivable | ||
Loans, net of unearned income | 148,947 | 141,322 |
Total non-accrual | 1,095 | 1,506 |
Corporate | Financial institutions | ||
Loans receivable | ||
Loans, net of unearned income | 80,547 | 73,757 |
Total non-accrual | 134 | 92 |
Corporate | Mortgage and real estate | ||
Loans receivable | ||
Loans, net of unearned income | 53,551 | 51,964 |
Total non-accrual | 267 | 195 |
Corporate | Lease financing | ||
Loans receivable | ||
Loans, net of unearned income | 1,585 | 1,655 |
Total non-accrual | 41 | 46 |
Corporate | Other | ||
Loans receivable | ||
Loans, net of unearned income | 59,940 | 60,331 |
Total non-accrual | 86 | 103 |
Corporate | Private bank loans managed on a delinquency basis | ||
Loans receivable | ||
Loans, net of unearned income | 26,440 | 25,674 |
Corporate | Investment grade | ||
Loans receivable | ||
Loans, net of unearned income | 255,119 | 242,326 |
Corporate | Investment grade | Commercial and industrial | ||
Loans receivable | ||
Loans, net of unearned income | 106,631 | 101,313 |
Corporate | Investment grade | Financial institutions | ||
Loans receivable | ||
Loans, net of unearned income | 68,604 | 60,404 |
Corporate | Investment grade | Mortgage and real estate | ||
Loans receivable | ||
Loans, net of unearned income | 23,633 | 23,213 |
Corporate | Investment grade | Lease financing | ||
Loans receivable | ||
Loans, net of unearned income | 1,055 | 1,090 |
Corporate | Investment grade | Other | ||
Loans receivable | ||
Loans, net of unearned income | 55,196 | 56,306 |
Corporate | Non-investment grade | ||
Loans receivable | ||
Loans, net of unearned income | 63,011 | 61,029 |
Corporate | Non-investment grade | Commercial and industrial | ||
Loans receivable | ||
Loans, net of unearned income | 41,221 | 38,503 |
Total non-accrual | 1,095 | 1,506 |
Corporate | Non-investment grade | Financial institutions | ||
Loans receivable | ||
Loans, net of unearned income | 11,808 | 13,261 |
Total non-accrual | 134 | 92 |
Corporate | Non-investment grade | Mortgage and real estate | ||
Loans receivable | ||
Loans, net of unearned income | 3,211 | 2,881 |
Total non-accrual | 267 | 195 |
Corporate | Non-investment grade | Lease financing | ||
Loans receivable | ||
Loans, net of unearned income | 490 | 518 |
Total non-accrual | 41 | 46 |
Corporate | Non-investment grade | Other | ||
Loans receivable | ||
Loans, net of unearned income | 4,658 | 3,924 |
Total non-accrual | $ 86 | $ 103 |
LOANS - Non-accrual Corporate L
LOANS - Non-accrual Corporate Loans (Details) - Corporate - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Financing receivable impaired | |||||
Recorded investment | $ 1,623 | $ 1,623 | $ 1,942 | ||
Unpaid principal balance | 2,050 | 2,050 | 2,459 | ||
Related specific allowance | 332 | 332 | 426 | ||
Average carrying value | 1,822 | 2,109 | |||
Impaired financing receivable with specific allowance | 892 | 892 | 1,215 | ||
Impaired financing receivable without specific allowance | 731 | 731 | 727 | ||
Interest income recognized | 13 | $ 17 | 17 | $ 19 | |
Commercial and industrial | |||||
Financing receivable impaired | |||||
Recorded investment | 1,095 | 1,095 | 1,506 | ||
Unpaid principal balance | 1,246 | 1,246 | 1,775 | ||
Related specific allowance | 248 | 248 | 368 | ||
Average carrying value | 1,332 | 1,547 | |||
Impaired financing receivable with specific allowance | 660 | 660 | 1,017 | ||
Impaired financing receivable without specific allowance | 435 | 435 | 489 | ||
Interest income recognized | 13 | 16 | |||
Financial institutions | |||||
Financing receivable impaired | |||||
Recorded investment | 134 | 134 | 92 | ||
Unpaid principal balance | 149 | 149 | 102 | ||
Related specific allowance | 53 | 53 | 41 | ||
Average carrying value | 134 | 212 | |||
Impaired financing receivable with specific allowance | 98 | 98 | 88 | ||
Impaired financing receivable without specific allowance | 36 | 36 | 4 | ||
Interest income recognized | 0 | 0 | |||
Mortgage and real estate | |||||
Financing receivable impaired | |||||
Recorded investment | 267 | 267 | 195 | ||
Unpaid principal balance | 420 | 420 | 324 | ||
Related specific allowance | 29 | 29 | 11 | ||
Average carrying value | 206 | 183 | |||
Impaired financing receivable with specific allowance | 124 | 124 | 51 | ||
Impaired financing receivable without specific allowance | 143 | 143 | 144 | ||
Interest income recognized | 0 | 1 | |||
Lease financing | |||||
Financing receivable impaired | |||||
Recorded investment | 41 | 41 | 46 | ||
Unpaid principal balance | 41 | 41 | 46 | ||
Related specific allowance | 0 | 0 | 4 | ||
Average carrying value | 48 | 59 | |||
Impaired financing receivable with specific allowance | 0 | 0 | 46 | ||
Impaired financing receivable without specific allowance | 41 | 41 | 0 | ||
Interest income recognized | 0 | 0 | |||
Other | |||||
Financing receivable impaired | |||||
Recorded investment | 86 | 86 | 103 | ||
Unpaid principal balance | 194 | 194 | 212 | ||
Related specific allowance | 2 | 2 | 2 | ||
Average carrying value | 102 | 108 | |||
Impaired financing receivable with specific allowance | 10 | 10 | 13 | ||
Impaired financing receivable without specific allowance | 76 | 76 | $ 90 | ||
Interest income recognized | $ 0 | $ 0 |
LOANS - Corporate Troubled Debt
LOANS - Corporate Troubled Debt Restructurings (Details) - Corporate - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing receivable impaired | ||||
Carrying Value | $ 41 | $ 236 | $ 44 | $ 307 |
Period within which default occurred post-modification | 1 year | |||
Number of days past due, default status | 60 days | |||
Carrying Value | 598 | 855 | $ 598 | 855 |
TDR in payment default | 11 | 3 | 70 | 15 |
Commercial and industrial | ||||
Financing receivable impaired | ||||
Carrying Value | 39 | 233 | 41 | 288 |
Carrying Value | 440 | 591 | 440 | 591 |
TDR in payment default | 11 | 3 | 70 | 12 |
Financial institutions | ||||
Financing receivable impaired | ||||
Carrying Value | 34 | 24 | 34 | 24 |
TDR in payment default | 0 | 0 | 0 | 3 |
Mortgage and real estate | ||||
Financing receivable impaired | ||||
Carrying Value | 2 | 3 | 3 | 15 |
Carrying Value | 87 | 74 | 87 | 74 |
TDR in payment default | 0 | 0 | 0 | 0 |
Other | ||||
Financing receivable impaired | ||||
Carrying Value | 4 | |||
Carrying Value | 37 | 166 | 37 | 166 |
TDR in payment default | 0 | 0 | $ 0 | 0 |
Commercial banking loans | ||||
Financing receivable impaired | ||||
Number of days past due, default status | 90 days | |||
TDRs involving changes in the amount and/or timing of principal payments | ||||
Financing receivable impaired | ||||
Carrying Value | 3 | 32 | $ 3 | 32 |
TDRs involving changes in the amount and/or timing of principal payments | Commercial and industrial | ||||
Financing receivable impaired | ||||
Carrying Value | 3 | 32 | 3 | 32 |
TDRs involving changes in the amount and/or timing of principal payments | Mortgage and real estate | ||||
Financing receivable impaired | ||||
Carrying Value | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of principal payments | Other | ||||
Financing receivable impaired | ||||
Carrying Value | 0 | |||
TDRs involving changes in the amount and/or timing of interest payments | ||||
Financing receivable impaired | ||||
Carrying Value | 4 | 0 | 4 | 0 |
TDRs involving changes in the amount and/or timing of interest payments | Commercial and industrial | ||||
Financing receivable impaired | ||||
Carrying Value | 4 | 0 | 4 | 0 |
TDRs involving changes in the amount and/or timing of interest payments | Mortgage and real estate | ||||
Financing receivable impaired | ||||
Carrying Value | 0 | 0 | 0 | 0 |
TDRs involving changes in the amount and/or timing of interest payments | Other | ||||
Financing receivable impaired | ||||
Carrying Value | 0 | |||
TDRs involving changes in the amount and/or timing of both principal and interest payments | ||||
Financing receivable impaired | ||||
Carrying Value | 34 | 204 | 37 | 275 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | Commercial and industrial | ||||
Financing receivable impaired | ||||
Carrying Value | 32 | 201 | 34 | 256 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | Mortgage and real estate | ||||
Financing receivable impaired | ||||
Carrying Value | $ 2 | $ 3 | $ 3 | 15 |
TDRs involving changes in the amount and/or timing of both principal and interest payments | Other | ||||
Financing receivable impaired | ||||
Carrying Value | $ 4 |
ALLOWANCE FOR CREDIT LOSSES - A
ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Allowance for credit losses | ||||
Allowance for loan losses at beginning of period | $ 12,354 | $ 12,030 | $ 12,355 | $ 12,060 |
Gross credit losses | (2,109) | (2,130) | (4,405) | (4,274) |
Gross recoveries | 405 | 420 | 834 | 855 |
Net credit losses (NCLs) | (1,704) | (1,710) | (3,571) | (3,419) |
Replenishment of net charge-offs | 1,704 | 1,710 | 3,571 | 3,419 |
Net reserve builds (releases) | 31 | 67 | 133 | 47 |
Net specific reserve releases | 60 | (111) | (106) | (125) |
Total provision for loan losses | 1,795 | 1,666 | 3,598 | 3,341 |
Other, net | (319) | 39 | (256) | 43 |
Allowance for loan losses at end of period | 12,126 | 12,025 | 12,126 | 12,025 |
Allowance for credit losses on unfunded lending commitments | ||||
Allowance for credit losses on unfunded lending commitments at beginning of period | 1,290 | 1,377 | 1,258 | 1,418 |
Provision (release) for unfunded lending commitments | (4) | 28 | 24 | (15) |
Other, net | (8) | 1 | (4) | 3 |
Allowance for credit losses on unfunded lending commitments at end of period | 1,278 | 1,406 | 1,278 | 1,406 |
Total allowance for loans, leases and unfunded lending commitments | 13,404 | 13,431 | 13,404 | 13,431 |
Sales or transfers of various consumer loan portfolios to HFS | ||||
Other, net | (319) | 39 | (256) | 43 |
Consumer | ||||
Allowance for credit losses | ||||
Allowance for loan losses at beginning of period | 10,039 | 9,495 | 9,869 | 9,358 |
Gross credit losses | (2,089) | (2,034) | (4,246) | (4,075) |
Gross recoveries | 383 | 401 | 769 | 770 |
Net credit losses (NCLs) | (1,706) | (1,633) | (3,477) | (3,305) |
Replenishment of net charge-offs | 1,706 | 1,633 | 3,477 | 3,305 |
Net reserve builds (releases) | 61 | 71 | 182 | 217 |
Net specific reserve releases | (3) | (84) | (14) | (86) |
Other, net | (301) | 33 | (241) | 26 |
Allowance for loan losses at end of period | 9,796 | 9,515 | 9,796 | 9,515 |
Sales or transfers of various consumer loan portfolios to HFS | ||||
Transfer of real estate loan portfolios | (33) | (19) | (86) | (56) |
Transfer of other loan portfolios | (104) | 0 | (106) | (124) |
Sales or transfers of various consumer loan portfolios to HFS | (137) | (19) | (192) | (180) |
FX translation, consumer | (164) | 50 | (46) | 214 |
Other, net | (301) | 33 | (241) | 26 |
Corporate | ||||
Allowance for credit losses | ||||
Allowance for loan losses at beginning of period | 2,315 | 2,535 | 2,486 | 2,702 |
Gross credit losses | (20) | (96) | (159) | (199) |
Gross recoveries | 22 | 19 | 65 | 85 |
Net credit losses (NCLs) | 2 | (77) | (94) | (114) |
Replenishment of net charge-offs | (2) | 77 | 94 | 114 |
Net reserve builds (releases) | (30) | (4) | (49) | (170) |
Net specific reserve releases | 63 | (27) | (92) | (39) |
Other, net | (18) | 6 | (15) | 17 |
Allowance for loan losses at end of period | 2,330 | 2,510 | 2,330 | 2,510 |
Sales or transfers of various consumer loan portfolios to HFS | ||||
Other | (18) | 8 | (18) | 9 |
Other, net | $ (18) | $ 6 | $ (15) | $ 17 |
ALLOWANCE FOR CREDIT LOSSES -95
ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses Roll Forward by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | |
Allowance for credit losses | ||||||
Allowance for loan losses at beginning of period | $ 12,354 | $ 12,030 | $ 12,355 | $ 12,060 | ||
Charge-offs | (2,109) | (2,130) | (4,405) | (4,274) | ||
Recoveries | 405 | 420 | 834 | 855 | ||
Replenishment of net charge-offs | 1,704 | 1,710 | 3,571 | 3,419 | ||
Net reserve builds (releases) | 31 | 67 | 133 | 47 | ||
Net specific reserve builds (releases) | 60 | (111) | (106) | (125) | ||
Other | (319) | 39 | (256) | 43 | ||
Allowance for loan losses at end of period | 12,126 | 12,025 | 12,126 | 12,025 | ||
Allowance for loan losses | ||||||
Collectively evaluated in accordance with ASC 450 | $ 10,606 | $ 10,591 | ||||
Individually evaluated in accordance with ASC 310-10-35 | 1,517 | 1,760 | ||||
Purchased credit-impaired in accordance with ASC 310-30 | 3 | 4 | ||||
Total allowance for loan losses | 12,354 | 12,030 | 12,355 | 12,060 | 12,126 | 12,355 |
Loans, net of unearned income | ||||||
Collectively evaluated in accordance with ASC 450 | 660,736 | 654,026 | ||||
Individually evaluated in accordance with ASC 310-10-35 | 7,295 | 8,467 | ||||
Held at fair value | 3,000 | 4,374 | ||||
Loans, net of unearned income | 671,180 | 667,034 | ||||
Receivables Acquired with Deteriorated Credit Quality | ||||||
Loans, net of unearned income | ||||||
Purchased credit-impaired in accordance with ASC 310-30 | 149 | 167 | ||||
Corporate | ||||||
Allowance for credit losses | ||||||
Allowance for loan losses at beginning of period | 2,315 | 2,535 | 2,486 | 2,702 | ||
Charge-offs | (20) | (96) | (159) | (199) | ||
Recoveries | 22 | 19 | 65 | 85 | ||
Replenishment of net charge-offs | (2) | 77 | 94 | 114 | ||
Net reserve builds (releases) | (30) | (4) | (49) | (170) | ||
Net specific reserve builds (releases) | 63 | (27) | (92) | (39) | ||
Other | (18) | 6 | (15) | 17 | ||
Allowance for loan losses at end of period | 2,330 | 2,510 | 2,330 | 2,510 | ||
Allowance for loan losses | ||||||
Collectively evaluated in accordance with ASC 450 | 1,998 | 2,060 | ||||
Individually evaluated in accordance with ASC 310-10-35 | 332 | 426 | ||||
Purchased credit-impaired in accordance with ASC 310-30 | 0 | 0 | ||||
Total allowance for loan losses | 2,315 | 2,535 | 2,486 | 2,702 | 2,330 | 2,486 |
Loans, net of unearned income | ||||||
Collectively evaluated in accordance with ASC 450 | 343,000 | 327,142 | ||||
Individually evaluated in accordance with ASC 310-10-35 | 1,570 | 1,887 | ||||
Held at fair value | 2,978 | 4,349 | ||||
Loans, net of unearned income | 347,548 | 333,378 | ||||
Corporate | Receivables Acquired with Deteriorated Credit Quality | ||||||
Loans, net of unearned income | ||||||
Purchased credit-impaired in accordance with ASC 310-30 | 0 | 0 | ||||
Consumer | ||||||
Allowance for credit losses | ||||||
Allowance for loan losses at beginning of period | 10,039 | 9,495 | 9,869 | 9,358 | ||
Charge-offs | (2,089) | (2,034) | (4,246) | (4,075) | ||
Recoveries | 383 | 401 | 769 | 770 | ||
Replenishment of net charge-offs | 1,706 | 1,633 | 3,477 | 3,305 | ||
Net reserve builds (releases) | 61 | 71 | 182 | 217 | ||
Net specific reserve builds (releases) | (3) | (84) | (14) | (86) | ||
Other | (301) | 33 | (241) | 26 | ||
Allowance for loan losses at end of period | 9,796 | 9,515 | 9,796 | 9,515 | ||
Allowance for loan losses | ||||||
Collectively evaluated in accordance with ASC 450 | 8,608 | 8,531 | ||||
Individually evaluated in accordance with ASC 310-10-35 | 1,185 | 1,334 | ||||
Purchased credit-impaired in accordance with ASC 310-30 | 3 | 4 | ||||
Total allowance for loan losses | $ 10,039 | $ 9,495 | $ 9,869 | $ 9,358 | 9,796 | 9,869 |
Loans, net of unearned income | ||||||
Collectively evaluated in accordance with ASC 450 | 317,736 | 326,884 | ||||
Individually evaluated in accordance with ASC 310-10-35 | 5,725 | 6,580 | ||||
Held at fair value | 22 | 25 | ||||
Loans, net of unearned income | 323,632 | 333,656 | ||||
Consumer | Receivables Acquired with Deteriorated Credit Quality | ||||||
Loans, net of unearned income | ||||||
Purchased credit-impaired in accordance with ASC 310-30 | $ 149 | $ 167 |
GOODWILL AND INTANGIBLE ASSET96
GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | |
Goodwill | ||
Balance of goodwill at beginning of period | $ 22,659 | $ 22,256 |
Foreign exchange translation and other | (601) | 419 |
Divestiture | 0 | (16) |
Balance of goodwill at end of period | 22,058 | 22,659 |
Global Consumer Banking | ||
Goodwill | ||
Balance of goodwill at beginning of period | 12,968 | 12,784 |
Foreign exchange translation and other | (226) | 184 |
Divestiture | 0 | 0 |
Balance of goodwill at end of period | 12,742 | 12,968 |
Institutional Clients Group | ||
Goodwill | ||
Balance of goodwill at beginning of period | 9,691 | 9,456 |
Foreign exchange translation and other | (375) | 235 |
Divestiture | 0 | 0 |
Balance of goodwill at end of period | 9,316 | 9,691 |
Corporate/Other | ||
Goodwill | ||
Balance of goodwill at beginning of period | 0 | 16 |
Foreign exchange translation and other | 0 | 0 |
Divestiture | 0 | (16) |
Balance of goodwill at end of period | $ 0 | $ 0 |
GOODWILL AND INTANGIBLE ASSET97
GOODWILL AND INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | $ 12,003 | $ 11,894 |
Accumulated amortization of Intangible assets (excluding MSRs) | 7,274 | 7,306 |
Net carrying amount of Intangible assets (excluding MSRs) | 4,729 | 4,588 |
Gross carrying amount, Mortgage servicing rights (MSRs) | 596 | 558 |
Mortgage servicing rights (MSRs) | 596 | 558 |
Gross carrying amount of Intangible assets | 12,599 | 12,452 |
Accumulated amortization of Intangible assets | 7,274 | 7,306 |
Total intangible assets | 5,325 | 5,146 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 216 | 244 |
Accumulated amortization of Intangible assets (excluding MSRs) | 0 | 0 |
Net carrying amount of Intangible assets (excluding MSRs) | 216 | 244 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,726 | 5,375 |
Accumulated amortization of Intangible assets (excluding MSRs) | 3,838 | 3,836 |
Net carrying amount of Intangible assets (excluding MSRs) | 1,888 | 1,539 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,043 | 5,045 |
Accumulated amortization of Intangible assets (excluding MSRs) | 2,624 | 2,456 |
Net carrying amount of Intangible assets (excluding MSRs) | 2,419 | 2,589 |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 419 | 639 |
Accumulated amortization of Intangible assets (excluding MSRs) | 412 | 628 |
Net carrying amount of Intangible assets (excluding MSRs) | 7 | 11 |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 472 | 459 |
Accumulated amortization of Intangible assets (excluding MSRs) | 287 | 272 |
Net carrying amount of Intangible assets (excluding MSRs) | 185 | 187 |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 32 | 32 |
Accumulated amortization of Intangible assets (excluding MSRs) | 28 | 28 |
Net carrying amount of Intangible assets (excluding MSRs) | 4 | 4 |
Other | ||
Finite and Indefinite-lived Intangible Assets | ||
Gross carrying amount of Intangible assets (excluding MSRs) | 95 | 100 |
Accumulated amortization of Intangible assets (excluding MSRs) | 85 | 86 |
Net carrying amount of Intangible assets (excluding MSRs) | $ 10 | $ 14 |
GOODWILL AND INTANGIBLE ASSET98
GOODWILL AND INTANGIBLE ASSETS - Changes in Intangible Assets (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2017, Intangible assets (excluding MSRs) | $ 4,588 | |
Acquisitions/ divestitures | 427 | |
Amortization | (268) | |
FX translation and other | (18) | |
Net carrying amount at June 30, 2018, Intangible assets (excluding MSRs) | 4,729 | $ 4,588 |
Mortgage servicing rights (MSRs) | 596 | 558 |
Total intangible assets | 5,325 | 5,146 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2017, Intangible assets (excluding MSRs) | 244 | |
Acquisitions/ divestitures | 0 | |
Amortization | 0 | |
FX translation and other | (28) | |
Net carrying amount at June 30, 2018, Intangible assets (excluding MSRs) | 216 | 244 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2017, Intangible assets (excluding MSRs) | 1,539 | |
Acquisitions/ divestitures | 425 | |
Amortization | (74) | |
FX translation and other | (2) | |
Net carrying amount at June 30, 2018, Intangible assets (excluding MSRs) | 1,888 | 1,539 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2017, Intangible assets (excluding MSRs) | 2,589 | |
Acquisitions/ divestitures | 2 | |
Amortization | (171) | |
FX translation and other | (1) | |
Net carrying amount at June 30, 2018, Intangible assets (excluding MSRs) | 2,419 | 2,589 |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2017, Intangible assets (excluding MSRs) | 11 | |
Acquisitions/ divestitures | 0 | |
Amortization | (4) | |
FX translation and other | 0 | |
Net carrying amount at June 30, 2018, Intangible assets (excluding MSRs) | 7 | 11 |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2017, Intangible assets (excluding MSRs) | 187 | |
Acquisitions/ divestitures | 0 | |
Amortization | (12) | |
FX translation and other | 10 | |
Net carrying amount at June 30, 2018, Intangible assets (excluding MSRs) | 185 | 187 |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2017, Intangible assets (excluding MSRs) | 4 | |
Acquisitions/ divestitures | 0 | |
Amortization | 0 | |
FX translation and other | 0 | |
Net carrying amount at June 30, 2018, Intangible assets (excluding MSRs) | 4 | 4 |
Other | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount at December 31, 2017, Intangible assets (excluding MSRs) | 14 | |
Acquisitions/ divestitures | 0 | |
Amortization | (7) | |
FX translation and other | 3 | |
Net carrying amount at June 30, 2018, Intangible assets (excluding MSRs) | $ 10 | $ 14 |
American Airlines, Sears, The Home Depot, Costco and AT&T | Customer Concentration Risk | Intangible Assets, Excluding Mortgage Servicing Rights | Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Concentration risk, percentage | 97.00% | 97.00% |
DEBT - Short-Term Borrowings (D
DEBT - Short-Term Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Commercial paper | $ 12,034 | $ 9,940 |
Other borrowings | 25,199 | 34,512 |
Total short-term borrowings | 37,233 | 44,452 |
Collateralized short-term advances from Federal Home Loan Bank | $ 15,300 | $ 23,800 |
DEBT - Long-Term Debt (Details)
DEBT - Long-Term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Instrument | ||
Long-term debt, at fair value | $ 236,822 | $ 236,709 |
Citigroup Inc. | ||
Debt Instrument | ||
Long-term debt, at fair value | 148,601 | 152,163 |
Bank | ||
Debt Instrument | ||
Long-term debt, at fair value | 63,951 | 65,856 |
Bank | Senior notes | ||
Debt Instrument | ||
Collateralized long-term advances from Federal Home Loan Bank | 13,700 | 19,300 |
Broker-dealer | ||
Debt Instrument | ||
Long-term debt, at fair value | $ 24,270 | $ 18,690 |
DEBT - Trust Preferred Securiti
DEBT - Trust Preferred Securities (Details) $ in Millions | Jun. 30, 2018USD ($)shares | Dec. 31, 2017USD ($) |
Trust Preferred Securities | ||
Trust preferred securities | $ 1,700 | $ 1,700 |
Liquidation value | 2,572 | |
Junior subordinated debentures owned by the Trust, amount | $ 2,578 | |
Citigroup Capital III | ||
Trust Preferred Securities | ||
Securities issued (in shares) | shares | 194,053 | |
Liquidation value | $ 194 | |
Coupon rate | 7.625% | |
Common shares issued to parent (in shares) | shares | 6,003 | |
Junior subordinated debentures owned by the Trust, amount | $ 200 | |
Citigroup Capital XIII | ||
Trust Preferred Securities | ||
Securities issued (in shares) | shares | 89,840,000 | |
Liquidation value | $ 2,246 | |
Common shares issued to parent (in shares) | shares | 1,000 | |
Junior subordinated debentures owned by the Trust, amount | $ 2,246 | |
Citigroup Capital XVIII | ||
Trust Preferred Securities | ||
Securities issued (in shares) | shares | 99,901 | |
Liquidation value | $ 132 | |
Common shares issued to parent (in shares) | shares | 50 | |
Junior subordinated debentures owned by the Trust, amount | $ 132 | |
LIBOR | Citigroup Capital XIII | ||
Trust Preferred Securities | ||
Coupon rate - basis spread on variable rate | 0.0637 | |
LIBOR | Citigroup Capital XVIII | ||
Trust Preferred Securities | ||
Coupon rate - basis spread on variable rate | 0.008875 |
CHANGES IN ACCUMULATED OTHER102
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Change in Each Component of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Change in accumulated other comprehensive income (loss) | |||||||
Balance, beginning of period | $ 201,672 | ||||||
Balance, end of period | $ 200,968 | $ 231,107 | 200,968 | $ 231,107 | |||
Net unrealized gains (losses) on investment securities | |||||||
Change in accumulated other comprehensive income (loss) | |||||||
Balance, beginning of period | (2,219) | (75) | (1,158) | (799) | |||
Adjustment to opening balance, net of taxes | $ (3) | $ 504 | |||||
Adjusted balance, beginning of period | (1,161) | (295) | |||||
Other comprehensive income before reclassifications | (433) | 101 | (1,383) | 435 | |||
Increase (decrease) due to amounts reclassified from AOCI | (65) | (128) | (173) | (242) | |||
Total other comprehensive income | (498) | (27) | (1,556) | 193 | |||
Balance, end of period | (2,717) | (102) | (2,717) | (102) | |||
Debt valuation adjustment (DVA) | |||||||
Change in accumulated other comprehensive income (loss) | |||||||
Balance, beginning of period | (793) | (412) | (921) | (352) | |||
Adjustment to opening balance, net of taxes | 0 | 0 | |||||
Adjusted balance, beginning of period | (921) | (352) | |||||
Other comprehensive income before reclassifications | 316 | (79) | 417 | (134) | |||
Increase (decrease) due to amounts reclassified from AOCI | 2 | (5) | 29 | (10) | |||
Total other comprehensive income | 318 | (84) | 446 | (144) | |||
Balance, end of period | (475) | (496) | (475) | (496) | |||
Cash flow hedges | |||||||
Change in accumulated other comprehensive income (loss) | |||||||
Balance, beginning of period | (920) | (562) | (698) | (560) | |||
Adjustment to opening balance, net of taxes | 0 | 0 | |||||
Adjusted balance, beginning of period | (698) | (560) | |||||
Other comprehensive income before reclassifications | (36) | 62 | (279) | 86 | |||
Increase (decrease) due to amounts reclassified from AOCI | (65) | 55 | (44) | 29 | |||
Total other comprehensive income | (101) | 117 | (323) | 115 | |||
Balance, end of period | (1,021) | (445) | (1,021) | (445) | |||
Benefit plans | |||||||
Change in accumulated other comprehensive income (loss) | |||||||
Balance, beginning of period | (6,095) | (5,176) | (6,183) | (5,164) | |||
Adjustment to opening balance, net of taxes | 0 | 0 | |||||
Adjusted balance, beginning of period | (6,183) | (5,164) | |||||
Other comprehensive income before reclassifications | 261 | (173) | 302 | (222) | |||
Increase (decrease) due to amounts reclassified from AOCI | 40 | 38 | 87 | 75 | |||
Total other comprehensive income | 301 | (135) | 389 | (147) | |||
Balance, end of period | (5,794) | (5,311) | (5,794) | (5,311) | |||
Foreign currency translation adjustment (CTA), net of hedges | |||||||
Change in accumulated other comprehensive income (loss) | |||||||
Balance, beginning of period | (24,588) | (24,188) | (25,708) | (25,506) | |||
Adjustment to opening balance, net of taxes | 0 | 0 | |||||
Adjusted balance, beginning of period | (25,708) | (25,506) | |||||
Other comprehensive income before reclassifications | (2,867) | 643 | (1,747) | 2,108 | |||
Increase (decrease) due to amounts reclassified from AOCI | 0 | 0 | 0 | (147) | |||
Total other comprehensive income | (2,867) | 643 | (1,747) | 1,961 | |||
Balance, end of period | (27,455) | (23,545) | (27,455) | (23,545) | |||
Excluded component of fair value hedges | |||||||
Change in accumulated other comprehensive income (loss) | |||||||
Balance, beginning of period | (4) | 0 | 0 | 0 | |||
Adjustment to opening balance, net of taxes | 0 | 0 | |||||
Adjusted balance, beginning of period | 0 | 0 | |||||
Other comprehensive income before reclassifications | (28) | 0 | (32) | 0 | |||
Increase (decrease) due to amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |||
Total other comprehensive income | (28) | 0 | (32) | 0 | |||
Balance, end of period | (32) | 0 | (32) | 0 | |||
Accumulated other comprehensive income (loss) | |||||||
Change in accumulated other comprehensive income (loss) | |||||||
Balance, beginning of period | (34,619) | (30,413) | (34,668) | (32,381) | |||
Adjustment to opening balance, net of taxes | [1] | (3) | 504 | ||||
Adjusted balance, beginning of period | $ (34,671) | $ (31,877) | |||||
Other comprehensive income before reclassifications | (2,787) | 554 | (2,722) | 2,273 | |||
Increase (decrease) due to amounts reclassified from AOCI | (88) | (40) | (101) | (295) | |||
Total other comprehensive income | (2,875) | 514 | (2,823) | 1,978 | |||
Balance, end of period | $ (37,494) | $ (29,899) | $ (37,494) | $ (29,899) | |||
[1] | See Note 1 to the Consolidated Financial Statements for additional details. |
CHANGES IN ACCUMULATED OTHER103
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Schedule of Pre-Tax and After-Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Change in accumulated other comprehensive income (loss), after-tax | |||||||
Balance, beginning of period | $ 201,672 | ||||||
Balance, end of period | $ 200,968 | $ 231,107 | 200,968 | $ 231,107 | |||
Net unrealized gains (losses) on investment securities | |||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||
Other comprehensive income (loss), pretax | (671) | (45) | (2,051) | 301 | |||
Change in accumulated other comprehensive income (loss), tax effect | |||||||
Other comprehensive income (loss), tax effect | 173 | 18 | 495 | (108) | |||
Change in accumulated other comprehensive income (loss), after-tax | |||||||
Balance, beginning of period | (2,219) | (75) | (1,158) | (799) | |||
Adjustment to opening balance | $ (3) | $ 504 | |||||
Adjusted balance, beginning of period | (1,161) | (295) | |||||
Total other comprehensive income | (498) | (27) | (1,556) | 193 | |||
Balance, end of period | (2,717) | (102) | (2,717) | (102) | |||
Debt valuation adjustment (DVA) | |||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||
Other comprehensive income (loss), pretax | 418 | (132) | 585 | (227) | |||
Change in accumulated other comprehensive income (loss), tax effect | |||||||
Other comprehensive income (loss), tax effect | (100) | 48 | (139) | 83 | |||
Change in accumulated other comprehensive income (loss), after-tax | |||||||
Balance, beginning of period | (793) | (412) | (921) | (352) | |||
Adjustment to opening balance | 0 | 0 | |||||
Adjusted balance, beginning of period | (921) | (352) | |||||
Total other comprehensive income | 318 | (84) | 446 | (144) | |||
Balance, end of period | (475) | (496) | (475) | (496) | |||
Benefit plans | |||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||
Other comprehensive income (loss), pretax | 403 | (219) | 494 | (221) | |||
Change in accumulated other comprehensive income (loss), tax effect | |||||||
Other comprehensive income (loss), tax effect | (102) | 84 | (105) | 74 | |||
Change in accumulated other comprehensive income (loss), after-tax | |||||||
Balance, beginning of period | (6,095) | (5,176) | (6,183) | (5,164) | |||
Adjustment to opening balance | 0 | 0 | |||||
Adjusted balance, beginning of period | (6,183) | (5,164) | |||||
Total other comprehensive income | 301 | (135) | 389 | (147) | |||
Balance, end of period | (5,794) | (5,311) | (5,794) | (5,311) | |||
Foreign currency translation adjustment | |||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||
Other comprehensive income (loss), pretax | (2,869) | 619 | (1,739) | 2,087 | |||
Change in accumulated other comprehensive income (loss), tax effect | |||||||
Other comprehensive income (loss), tax effect | 2 | 24 | (8) | (126) | |||
Change in accumulated other comprehensive income (loss), after-tax | |||||||
Balance, beginning of period | (24,588) | (24,188) | (25,708) | (25,506) | |||
Adjustment to opening balance | 0 | 0 | |||||
Adjusted balance, beginning of period | (25,708) | (25,506) | |||||
Total other comprehensive income | (2,867) | 643 | (1,747) | 1,961 | |||
Balance, end of period | (27,455) | (23,545) | (27,455) | (23,545) | |||
Excluded component of fair value hedges | |||||||
Change in accumulated other comprehensive income (loss), after-tax | |||||||
Balance, beginning of period | (4) | 0 | 0 | 0 | |||
Adjustment to opening balance | 0 | 0 | |||||
Adjusted balance, beginning of period | 0 | 0 | |||||
Total other comprehensive income | (28) | 0 | (32) | 0 | |||
Balance, end of period | (32) | 0 | (32) | 0 | |||
Citigroup's accumulated other comprehensive income (loss) | |||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||
Balance, beginning of period, pretax | (41,519) | (39,514) | (41,228) | (42,035) | |||
Adjustment to opening balance, pretax | (4) | 803 | |||||
Adjusted balance, beginning of period, pretax | (41,232) | (41,232) | |||||
Other comprehensive income (loss), pretax | (2,888) | 408 | (3,175) | 2,126 | |||
Balance, end of period, pretax | (44,407) | (39,106) | (44,407) | (39,106) | |||
Change in accumulated other comprehensive income (loss), tax effect | |||||||
Balance, beginning of period, tax effect | 6,900 | 9,101 | 6,560 | 9,654 | |||
Adjustment to opening balance, tax effect | 1 | (299) | |||||
Adjusted balance, beginning of period, tax effect | 6,561 | 9,355 | |||||
Other comprehensive income (loss), tax effect | 13 | 106 | 352 | (148) | |||
Balance, end of period, tax effect | 6,913 | 9,207 | 6,913 | 9,207 | |||
Change in accumulated other comprehensive income (loss), after-tax | |||||||
Balance, beginning of period | (34,619) | (30,413) | (34,668) | (32,381) | |||
Adjustment to opening balance | [1] | (3) | 504 | ||||
Adjusted balance, beginning of period | $ (34,671) | $ (31,877) | |||||
Total other comprehensive income | (2,875) | 514 | (2,823) | 1,978 | |||
Balance, end of period | (37,494) | (29,899) | (37,494) | (29,899) | |||
Cash flow hedges | Excluded component of fair value hedges | |||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||
Other comprehensive income (loss), pretax | (132) | 185 | (422) | 186 | |||
Change in accumulated other comprehensive income (loss), tax effect | |||||||
Other comprehensive income (loss), tax effect | 31 | (68) | 99 | (71) | |||
Change in accumulated other comprehensive income (loss), after-tax | |||||||
Total other comprehensive income | (101) | 117 | (323) | 115 | |||
Fair value hedges | Excluded component of fair value hedges | |||||||
Change in accumulated other comprehensive income (loss), pretax | |||||||
Other comprehensive income (loss), pretax | (37) | 0 | (42) | 0 | |||
Change in accumulated other comprehensive income (loss), tax effect | |||||||
Other comprehensive income (loss), tax effect | 9 | 0 | 10 | 0 | |||
Change in accumulated other comprehensive income (loss), after-tax | |||||||
Total other comprehensive income | $ (28) | $ 0 | $ (32) | $ 0 | |||
[1] | See Note 1 to the Consolidated Financial Statements for additional details. |
CHANGES IN ACCUMULATED OTHER104
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Reclassification out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Realized (gains) losses on sales of investments | $ (102) | $ (221) | $ (272) | $ (413) |
Income from continuing operations before income taxes | (5,945) | (5,678) | (12,035) | (11,659) |
Provision (benefits) for income taxes | 1,444 | 1,795 | 2,885 | 3,658 |
Income (loss) from continuing operations | (4,501) | (3,883) | (9,150) | (8,001) |
Realized gains (losses) on investment securities | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | (65) | (128) | (173) | (242) |
Realized gains (losses) on investment securities | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Realized (gains) losses on sales of investments | (102) | (221) | (272) | (413) |
Gross impairment losses | 15 | 20 | 43 | 32 |
Income from continuing operations before income taxes | (87) | (201) | (229) | (381) |
Provision (benefits) for income taxes | 22 | 73 | 56 | 139 |
Income (loss) from continuing operations | (65) | (128) | (173) | (242) |
Debt valuation adjustment (DVA) | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | 2 | (5) | 29 | (10) |
Debt valuation adjustment (DVA) | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Realized (gains) losses on sales of investments | 2 | (8) | 37 | (16) |
Income from continuing operations before income taxes | 2 | (8) | 37 | (16) |
Provision (benefits) for income taxes | 0 | 3 | (8) | 6 |
Income (loss) from continuing operations | 2 | (5) | 29 | (10) |
Excluded component of fair value hedges | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | 0 | 0 | 0 | 0 |
Excluded component of fair value hedges | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | (86) | 88 | (57) | 47 |
Provision (benefits) for income taxes | 21 | (33) | 13 | (18) |
Income (loss) from continuing operations | (65) | 55 | (44) | 29 |
Excluded component of fair value hedges | (Gain) loss reclassified from AOCI | Interest rate contracts | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | (82) | 90 | (51) | 46 |
Excluded component of fair value hedges | (Gain) loss reclassified from AOCI | Foreign exchange contracts | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | (4) | (2) | (6) | 1 |
Pension liability adjustments | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 55 | 61 | 117 | 118 |
Total tax effect | (15) | (23) | (30) | (43) |
Total amounts reclassified out of AOCI, after-tax | 40 | 38 | 87 | 75 |
Prior service cost (benefit) | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | (11) | (12) | (22) | (22) |
Net actuarial loss | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 64 | 66 | 133 | 133 |
Curtailment/settlement impact | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | 2 | 7 | 6 | 7 |
Foreign currency translation adjustment | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, after-tax | 0 | 0 | 0 | (147) |
Foreign currency translation adjustment | (Gain) loss reclassified from AOCI | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Income from continuing operations before income taxes | 0 | 0 | 0 | 232 |
Provision (benefits) for income taxes | 0 | 0 | 0 | 85 |
Income (loss) from continuing operations | 0 | 0 | 0 | (147) |
Citigroup's accumulated other comprehensive income (loss) | ||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | ||||
Total amounts reclassified out of AOCI, pretax | (116) | (60) | (132) | (464) |
Total tax effect | 28 | 20 | 31 | 169 |
Total amounts reclassified out of AOCI, after-tax | $ (88) | $ (40) | $ (101) | $ (295) |
SECURITIZATIONS AND VARIABLE105
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Variable Interest Entity | ||
Total involvement with SPE assets | $ 309,520 | $ 319,569 |
Consolidated VIE/SPE assets | 70,638 | 76,394 |
Significant unconsolidated VIE assets | 238,882 | 243,175 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 30,723 | 31,331 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 4,350 | 4,239 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 13,269 | 11,304 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 161 | 140 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 48,503 | 47,014 |
Credit card securitizations | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 46,520 | 50,795 |
Consolidated VIE/SPE assets | 46,520 | 50,795 |
Significant unconsolidated VIE assets | 0 | 0 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 0 | 0 |
Mortgage-backed securities - U.S. agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 110,826 | 116,610 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 110,826 | 116,610 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 3,014 | 2,647 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 97 | 74 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 3,111 | 2,721 |
Mortgage securitizations - Non-agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 22,812 | 22,251 |
Consolidated VIE/SPE assets | 1,724 | 2,035 |
Significant unconsolidated VIE assets | 21,088 | 20,216 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 422 | 330 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 1 | 1 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 423 | 331 |
Citi-administered asset-backed commercial paper conduits (ABCP) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 18,548 | 19,282 |
Consolidated VIE/SPE assets | 18,548 | 19,282 |
Significant unconsolidated VIE assets | 0 | 0 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 0 | 0 |
Collateralized loan obligations (CLOs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 16,687 | 20,588 |
Consolidated VIE/SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 16,687 | 20,588 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 5,148 | 5,956 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 9 | 9 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 5,157 | 5,965 |
Asset-based financing | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 64,970 | 60,472 |
Consolidated VIE/SPE assets | 627 | 633 |
Significant unconsolidated VIE assets | 64,343 | 59,839 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 19,360 | 19,478 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 568 | 583 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 7,249 | 5,878 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 27,177 | 25,939 |
Municipal securities tender option bond trusts (TOBs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 7,671 | 6,925 |
Consolidated VIE/SPE assets | 2,158 | 2,166 |
Significant unconsolidated VIE assets | 5,513 | 4,759 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 0 | 138 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 3,752 | 3,035 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 3,752 | 3,173 |
Municipal investments | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 18,321 | 19,119 |
Consolidated VIE/SPE assets | 3 | 7 |
Significant unconsolidated VIE assets | 18,318 | 19,112 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,609 | 2,709 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 3,767 | 3,640 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 2,237 | 2,344 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 8,613 | 8,693 |
Client intermediation | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 667 | 958 |
Consolidated VIE/SPE assets | 442 | 824 |
Significant unconsolidated VIE assets | 225 | 134 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 124 | 32 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 0 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 6 | 9 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 130 | 41 |
Investment funds | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 1,836 | 1,892 |
Consolidated VIE/SPE assets | 581 | 616 |
Significant unconsolidated VIE assets | 1,255 | 1,276 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 8 | 14 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 7 | 7 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 7 | 13 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 2 | 0 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 24 | 34 |
Other | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 662 | 677 |
Consolidated VIE/SPE assets | 35 | 36 |
Significant unconsolidated VIE assets | 627 | 641 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 38 | 27 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 8 | 9 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 24 | 34 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 46 | 47 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 116 | 117 |
Mortgage-backed securities | ||
Funded and Unfunded Exposure | ||
Outstanding balance of mortgage loans securitized | $ 8,000 | $ 9,000 |
SECURITIZATIONS AND VARIABLE106
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding Commitments (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 13,269 | $ 11,304 |
Liquidity facilities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 3,752 | 3,035 |
Liquidity facilities | Asset-based financing | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Liquidity facilities | Municipal securities tender option bond trusts (TOBs) | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 3,752 | 3,035 |
Liquidity facilities | Municipal investments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Liquidity facilities | Investment funds | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Liquidity facilities | Other | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Loan / equity commitments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 9,517 | 8,269 |
Loan / equity commitments | Asset-based financing | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 7,249 | 5,878 |
Loan / equity commitments | Municipal securities tender option bond trusts (TOBs) | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Loan / equity commitments | Municipal investments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 2,237 | 2,344 |
Loan / equity commitments | Investment funds | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 7 | 13 |
Loan / equity commitments | Other | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 24 | $ 34 |
SECURITIZATIONS AND VARIABLE107
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Carrying Amounts and Classifications of Consolidated Assets (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Variable Interest Entity | |||
Cash | $ 21,077 | $ 23,775 | $ 20,940 |
Trading account assets | 262,949 | 252,790 | |
Investments | 349,716 | 352,290 | |
Total loans, net of allowance | 659,054 | 654,679 | |
Other | 109,827 | 103,926 | |
Total assets | 1,912,334 | 1,842,465 | |
Significant unconsolidated VIE assets | |||
Variable Interest Entity | |||
Cash | 0 | 0 | |
Trading account assets | 8,000 | 8,500 | |
Investments | 4,600 | 4,400 | |
Total loans, net of allowance | 22,000 | 22,200 | |
Other | 500 | 500 | |
Total assets | $ 35,100 | $ 35,600 |
SECURITIZATIONS AND VARIABLE108
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Credit Card Securitizations (Details) $ in Billions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)trust | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Securitized credit card receivables | |||||
Number of trusts to hold securitized credit card receivables | trust | 2 | ||||
Ownership interests in principal amount of trust credit card receivables | |||||
Sold to investors via trust-issued securities | $ 27.3 | $ 27.3 | $ 28.8 | ||
Retained by Citigroup as trust-issued securities | 7.6 | 7.6 | 7.6 | ||
Retained by Citigroup via non-certificated interests | 11.7 | 11.7 | 14.4 | ||
Total ownership interests in principal amount of trust credit card receivables | 46.6 | 46.6 | $ 50.8 | ||
Credit card securitizations | |||||
Cash Flows Between Transferor and Transferee | |||||
Proceeds from new securitizations | 1.1 | $ 5.1 | 3.9 | $ 7.6 | |
Pay down of maturing notes | $ (2.6) | $ (0.8) | $ (5.4) | $ (2.8) |
SECURITIZATIONS AND VARIABLE109
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding, Liquidity Facilities and Subordinated Interests (Details) - USD ($) $ in Billions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Citibank Credit Card Master Trust (Master Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 2 years 9 months 30 days | 2 years 6 months 25 days |
Term notes issued to third parties | $ 26.3 | $ 27.8 |
Term notes retained by Citigroup affiliates | 5.7 | 5.7 |
Total Master Trust liabilities | $ 32 | $ 33.5 |
Citibank OMNI Master Trust (Omni Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 1 year 5 months | 1 year 11 months |
Term notes issued to third parties | $ 1 | $ 1 |
Term notes retained by Citigroup affiliates | 1.9 | 1.9 |
Total Master Trust liabilities | $ 2.9 | $ 2.9 |
SECURITIZATIONS AND VARIABLE110
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Securitizations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Mortgage securitizations - U.S. agency sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Proceeds from new securitizations | $ 7,700 | $ 7,300 | $ 15,800 | $ 14,500 | |
Contractual servicing fees received | 0 | $ 100 | 100 | $ 100 | |
Carrying value of retained interests | 2,152 | 2,152 | $ 1,634 | ||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||||
Carrying value of retained interests, impact of 10% adverse change in discount rate | (61) | (61) | (44) | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | (119) | (119) | (85) | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | (34) | (34) | (41) | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | $ (68) | $ (68) | $ (84) | ||
Mortgage securitizations - U.S. agency sponsored | Low end of range | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Discount rate (as a percent) | 3.10% | 2.50% | 3.00% | 2.40% | |
Constant prepayment rate (as a percent) | 3.50% | 6.50% | 3.50% | 3.80% | |
Weighted average life (in years) | 5 years | 4 years 10 months 24 days | 5 years | 4 years 10 months 24 days | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 2.40% | 1.80% | |||
Constant prepayment rate (as a percent) | 3.30% | 6.90% | |||
Weighted average life (in years) | 6 months | 1 month 6 days | |||
Mortgage securitizations - U.S. agency sponsored | High end of range | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Discount rate (as a percent) | 9.50% | 14.00% | 11.40% | 19.90% | |
Constant prepayment rate (as a percent) | 12.90% | 16.10% | 16.00% | 16.10% | |
Weighted average life (in years) | 18 years 10 months 24 days | 14 years 6 months | 18 years 10 months 24 days | 14 years 6 months | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 48.60% | 84.20% | |||
Constant prepayment rate (as a percent) | 21.20% | 27.80% | |||
Weighted average life (in years) | 27 years 3 months 18 days | 27 years 9 months 18 days | |||
Mortgage securitizations - U.S. agency sponsored | Weighted Average | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Discount rate (as a percent) | 5.70% | 7.60% | 6.00% | 9.50% | |
Constant prepayment rate (as a percent) | 8.00% | 10.60% | 8.20% | 9.10% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 5.70% | 7.10% | |||
Constant prepayment rate (as a percent) | 9.20% | 11.60% | |||
Mortgage securitizations - Non-agency-sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Proceeds from new securitizations | $ 2,800 | $ 1,400 | $ 6,100 | $ 2,800 | |
Contractual servicing fees received | 0 | $ 0 | 0 | $ 0 | |
Senior interests | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | $ 277 | $ 277 | $ 214 | ||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Constant prepayment rate (as a percent) | 8.00% | 0.00% | 0.00% | ||
Anticipated net credit losses (as a percent) | 4.60% | 0.00% | 0.00% | ||
Weighted average life (in years) | 3 years 4 months 24 days | ||||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 9.50% | ||||
Constant prepayment rate (as a percent) | 5.00% | ||||
Anticipated net credit losses (as a percent) | 41.00% | ||||
Weighted average life (in years) | 6 years 10 months 30 days | ||||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||||
Carrying value of retained interests, impact of 10% adverse change in discount rate | $ 0 | $ 0 | (2) | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | 0 | 0 | (4) | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | 0 | 0 | (1) | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | 0 | 0 | (1) | ||
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | 0 | 0 | (3) | ||
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | $ 0 | $ 0 | $ (7) | ||
Senior interests | Low end of range | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Discount rate (as a percent) | 1.60% | 2.00% | 1.60% | 2.00% | |
Constant prepayment rate (as a percent) | 8.00% | ||||
Anticipated net credit losses (as a percent) | 2.00% | ||||
Weighted average life (in years) | 3 years 4 months 24 days | 4 years 10 months 24 days | 2 years 6 months | 4 years 10 months 24 days | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 5.80% | ||||
Constant prepayment rate (as a percent) | 8.90% | ||||
Anticipated net credit losses (as a percent) | 0.40% | ||||
Weighted average life (in years) | 4 years 9 months 18 days | ||||
Senior interests | High end of range | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Discount rate (as a percent) | 4.20% | 3.30% | 4.50% | 3.30% | |
Constant prepayment rate (as a percent) | 12.00% | ||||
Anticipated net credit losses (as a percent) | 6.70% | ||||
Weighted average life (in years) | 9 years 10 months 24 days | 10 years | 9 years 10 months 24 days | 10 years | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 100.00% | ||||
Constant prepayment rate (as a percent) | 15.50% | ||||
Anticipated net credit losses (as a percent) | 46.90% | ||||
Weighted average life (in years) | 5 years 3 months 18 days | ||||
Senior interests | Weighted Average | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Discount rate (as a percent) | 3.40% | 2.70% | 3.40% | 2.70% | |
Constant prepayment rate (as a percent) | 8.00% | 0.00% | 9.80% | 0.00% | |
Anticipated net credit losses (as a percent) | 4.60% | 0.00% | 4.90% | 0.00% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 9.50% | 5.80% | |||
Constant prepayment rate (as a percent) | 5.00% | 8.90% | |||
Anticipated net credit losses (as a percent) | 41.00% | 46.90% | |||
Subordinated interests | |||||
Cash Flows Between Transferor and Transferee | |||||
Carrying value of retained interests | $ 109 | $ 109 | $ 139 | ||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Discount rate (as a percent) | 3.50% | ||||
Constant prepayment rate (as a percent) | 8.00% | 0.00% | 0.00% | ||
Anticipated net credit losses (as a percent) | 4.60% | ||||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||||
Carrying value of retained interests, impact of 10% adverse change in discount rate | $ (1) | (1) | (3) | ||
Carrying value of retained interests, impact of 20% adverse change in discount rate | (2) | (2) | (5) | ||
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | (1) | (1) | (1) | ||
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | (1) | (1) | (2) | ||
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | 0 | 0 | 0 | ||
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | $ 0 | $ 0 | $ 0 | ||
Subordinated interests | Low end of range | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Discount rate (as a percent) | 3.50% | 3.00% | 3.50% | ||
Constant prepayment rate (as a percent) | 8.00% | ||||
Anticipated net credit losses (as a percent) | 69.00% | 2.00% | 67.30% | ||
Weighted average life (in years) | 8 years 7 months 6 days | 2 years 6 months | 8 years 7 months 6 days | ||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 3.90% | 2.80% | |||
Constant prepayment rate (as a percent) | 7.50% | 8.60% | |||
Anticipated net credit losses (as a percent) | 28.00% | 35.10% | |||
Weighted average life (in years) | 1 year 10 months 24 days | 2 months 12 days | |||
Subordinated interests | High end of range | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Discount rate (as a percent) | 19.10% | 3.50% | 19.10% | ||
Constant prepayment rate (as a percent) | 12.00% | ||||
Anticipated net credit losses (as a percent) | 69.10% | 4.60% | 69.10% | ||
Weighted average life (in years) | 10 years | 3 years 4 months 24 days | 10 years | ||
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 8.50% | 35.10% | |||
Constant prepayment rate (as a percent) | 9.50% | 13.10% | |||
Anticipated net credit losses (as a percent) | 56.30% | 52.10% | |||
Weighted average life (in years) | 10 years 3 months 18 days | 18 years 7 months 6 days | |||
Subordinated interests | Weighted Average | |||||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||||
Discount rate (as a percent) | 3.50% | 4.30% | 3.20% | 4.30% | |
Constant prepayment rate (as a percent) | 8.00% | 0.00% | 9.90% | 0.00% | |
Anticipated net credit losses (as a percent) | 4.60% | 69.10% | 3.30% | 68.50% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||||
Discount rate (as a percent) | 7.20% | 9.00% | |||
Constant prepayment rate (as a percent) | 8.50% | 10.60% | |||
Anticipated net credit losses (as a percent) | 41.10% | 44.90% | |||
Citicorp | Mortgage securitizations - U.S. agency sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Gains recognized on the securitization | $ 7 | $ 18 | $ 12 | $ 47 | |
Citicorp | Mortgage securitizations - Non-agency-sponsored | |||||
Cash Flows Between Transferor and Transferee | |||||
Gains recognized on the securitization | $ 17 | $ 26 | $ 35 | $ 46 |
SECURITIZATIONS AND VARIABLE111
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Servicing Rights (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Capitalized MSRs | |||||
Balance, at beginning of period | $ 558 | ||||
Balance, as of June 30 | $ 596 | 596 | |||
Mortgage servicing rights | |||||
Classification of Securitizations | |||||
Fair value of capitalized mortgage servicing rights | 596 | $ 560 | 596 | $ 560 | |
Principal amount of loans and other financial instruments | 63,000 | 71,000 | 63,000 | 71,000 | |
Capitalized MSRs | |||||
Balance, at beginning of period | 587 | 567 | 558 | 1,564 | |
Originations | 15 | 21 | 32 | 56 | |
Changes in fair value of MSRs due to changes in inputs and assumptions | 11 | (11) | 57 | 56 | |
Other changes | (16) | (17) | (33) | (70) | |
Sale of MSRs | (1) | 0 | (18) | (1,046) | |
Balance, as of June 30 | 596 | 560 | 596 | 560 | |
MSR fees | |||||
Servicing fees | 43 | 65 | 89 | 171 | |
Late fees | 1 | 3 | 2 | 6 | |
Ancillary fees | 3 | 4 | 6 | 8 | |
Total MSR fees | 47 | 72 | 97 | 185 | |
Mortgage securitizations - Non-agency-sponsored | |||||
Re-securitizations | |||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 90 | 90 | $ 79 | ||
Original par value of re-securitizations deals in which the entity holds a retained interest | 548 | 548 | 887 | ||
Senior interests | |||||
Re-securitizations | |||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 33 | 33 | |||
Subordinated interests | |||||
Re-securitizations | |||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 57 | 57 | |||
U.S. government-sponsored agency guaranteed | |||||
Re-securitizations | |||||
Fair value of re-securitizations deals in which the entity holds a retained interest | 2,500 | 2,500 | 2,100 | ||
Securities transferred to re-securitization entities | 6,600 | $ 5,600 | 13,600 | $ 10,100 | |
Market value of retained interest related to re-securitization transaction | 1,200 | 1,200 | 854 | ||
Original fair value of re-securitizations deals in which the entity holds a retained interest | $ 64,200 | $ 64,200 | $ 68,300 |
SECURITIZATIONS AND VARIABLE112
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset-Backed Commercial Paper Conduits (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Classification of Other Securitization Details | ||
Commercial paper | $ 12,034,000,000 | $ 9,940,000,000 |
Citi-administered asset-backed commercial paper conduits (ABCP) | ||
Classification of Other Securitization Details | ||
Purchased assets outstanding under conduits | 18,500,000,000 | 19,300,000,000 |
Incremental funding commitments with clients | $ 15,800,000,000 | $ 14,500,000,000 |
Weighted average life of commercial paper issued by conduits | 47 days | 51 days |
Citi-administered asset-backed commercial paper conduits (ABCP) | Minimum | ||
Classification of Other Securitization Details | ||
Letters of credit as percentage of conduit assets | 8.00% | |
Floor price of conduit's assets | $ 200,000,000 | |
Citi-administered asset-backed commercial paper conduits (ABCP) | Maximum | ||
Classification of Other Securitization Details | ||
Letters of credit as percentage of conduit assets | 10.00% | |
Citi-administered asset-backed consolidated commercial paper conduits (ABCP) | ||
Classification of Other Securitization Details | ||
Letters of credit provided to conduits | $ 1,700,000,000 | $ 1,700,000,000 |
Commercial paper | $ 6,500,000,000 | $ 9,300,000,000 |
SECURITIZATIONS AND VARIABLE113
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Collateralized Debt and Loan Obligations (Details) - Collateralized loan obligations (CLOs) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Variable Interest Entity | |||||
Proceeds from new securitizations | $ 2,200 | $ 1,100 | $ 3,600 | $ 1,400 | |
Carrying value of retained interests | $ 3,461 | $ 3,461 | $ 4,079 |
SECURITIZATIONS AND VARIABLE114
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset Based Financing (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Variable Interest Entity | ||
Total unconsolidated VIE assets | $ 238,882 | $ 243,175 |
Maximum exposure to unconsolidated VIEs | 48,503 | 47,014 |
Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 64,343 | 59,839 |
Maximum exposure to unconsolidated VIEs | 27,177 | 25,939 |
Commercial and other real estate | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 15,795 | 15,370 |
Maximum exposure to unconsolidated VIEs | 5,177 | 5,445 |
Corporate loans | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 8,567 | 4,725 |
Maximum exposure to unconsolidated VIEs | 6,748 | 3,587 |
Hedge funds and equities | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 469 | 542 |
Maximum exposure to unconsolidated VIEs | 55 | 58 |
Airplanes, ships and other assets | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 39,512 | 39,202 |
Maximum exposure to unconsolidated VIEs | $ 15,197 | $ 16,849 |
SECURITIZATIONS AND VARIABLE115
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Municipal Securities Tender Option Bond Trusts (Details) - USD ($) $ in Billions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Client intermediation | |||||
Variable Interest Entity | |||||
Proceeds from new securitizations | $ 0.3 | $ 0.2 | $ 0.5 | $ 0.7 | |
Municipal securities tender option bond trusts (TOBs) | |||||
Variable Interest Entity | |||||
Liquidity agreements, customer TOB trust | 3.8 | 3.8 | $ 3.2 | ||
Notional amount of offsetting reimbursement agreements | 1.9 | 1.9 | 2 | ||
Liquidity agreements, other trusts | $ 6.3 | $ 6.3 | $ 6.1 | ||
Municipal securities tender option bond trusts (TOBs) | Maximum | |||||
Variable Interest Entity | |||||
The threshold ownership percentage on Residual value of customers TOBs for which the reimbursement agreement applied | 25.00% |
DERIVATIVES ACTIVITIES - Deriva
DERIVATIVES ACTIVITIES - Derivative Notionals (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Net Investment Hedging | ||
Derivatives | ||
Derivative notionals | $ 2,000,000 | |
Hedging instruments under ASC 815 | ||
Derivatives | ||
Derivative notionals | $ 322,463,000,000 | 270,445,000,000 |
Hedging instruments under ASC 815 | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 222,057,000,000 | 189,779,000,000 |
Hedging instruments under ASC 815 | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 222,057,000,000 | 189,779,000,000 |
Hedging instruments under ASC 815 | Interest rate futures and forwards | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Interest rate contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 100,293,000,000 | 80,643,000,000 |
Hedging instruments under ASC 815 | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 56,971,000,000 | 37,162,000,000 |
Hedging instruments under ASC 815 | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 37,911,000,000 | 33,103,000,000 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 2,503,000,000 | 3,951,000,000 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 2,908,000,000 | 6,427,000,000 |
Hedging instruments under ASC 815 | Equity contracts | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Equity swaps | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Equity futures and forwards | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Equity contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 113,000,000 | 23,000,000 |
Hedging instruments under ASC 815 | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 113,000,000 | 23,000,000 |
Hedging instruments under ASC 815 | Commodity and other contracts | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Commodity and other contracts | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Credit derivatives | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Other derivative instruments, Trading derivatives | ||
Derivatives | ||
Derivative notionals | 55,853,435,000,000 | 45,792,663,000,000 |
Other derivative instruments, Trading derivatives | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 37,043,611,000,000 | 31,964,914,000,000 |
Other derivative instruments, Trading derivatives | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 20,721,169,000,000 | 18,754,219,000,000 |
Other derivative instruments, Trading derivatives | Interest rate futures and forwards | ||
Derivatives | ||
Derivative notionals | 8,073,755,000,000 | 6,460,539,000,000 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 4,391,594,000,000 | 3,516,131,000,000 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 3,857,093,000,000 | 3,234,025,000,000 |
Other derivative instruments, Trading derivatives | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 15,903,616,000,000 | 10,950,471,000,000 |
Other derivative instruments, Trading derivatives | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 7,020,783,000,000 | 5,576,357,000,000 |
Other derivative instruments, Trading derivatives | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 5,424,415,000,000 | 3,097,700,000,000 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 1,738,131,000,000 | 1,127,728,000,000 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 1,720,287,000,000 | 1,148,686,000,000 |
Other derivative instruments, Trading derivatives | Equity contracts | ||
Derivatives | ||
Derivative notionals | 1,038,776,000,000 | 1,006,565,000,000 |
Other derivative instruments, Trading derivatives | Equity swaps | ||
Derivatives | ||
Derivative notionals | 253,135,000,000 | 215,834,000,000 |
Other derivative instruments, Trading derivatives | Equity futures and forwards | ||
Derivatives | ||
Derivative notionals | 56,968,000,000 | 72,616,000,000 |
Other derivative instruments, Trading derivatives | Equity contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 410,955,000,000 | 389,961,000,000 |
Other derivative instruments, Trading derivatives | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 317,718,000,000 | 328,154,000,000 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 413,966,000,000 | 357,858,000,000 |
Other derivative instruments, Trading derivatives | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 106,646,000,000 | 82,039,000,000 |
Other derivative instruments, Trading derivatives | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 163,593,000,000 | 153,248,000,000 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Written or Sold | ||
Derivatives | ||
Derivative notionals | 72,359,000,000 | 62,045,000,000 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | Purchased | ||
Derivatives | ||
Derivative notionals | 71,368,000,000 | 60,526,000,000 |
Other derivative instruments, Trading derivatives | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 1,453,466,000,000 | 1,512,855,000,000 |
Other derivative instruments, Trading derivatives | Credit derivatives | Written or Sold | ||
Derivatives | ||
Derivative notionals | 703,904,000,000 | 735,142,000,000 |
Other derivative instruments, Trading derivatives | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | $ 749,562,000,000 | $ 777,713,000,000 |
DERIVATIVES ACTIVITIES - Der117
DERIVATIVES ACTIVITIES - Derivative Mark-to-Market (MTM) Receivables/Payables Narrative (Details) - Rule Changes Adopted by Clearing Organizations - USD ($) $ in Billions | Jun. 30, 2018 | Dec. 31, 2017 |
Derivatives | ||
Reduction of derivative assets | $ 110 | $ 100 |
Reduction of derivative liabilities | $ 110 | $ 100 |
DERIVATIVES ACTIVITIES - Der118
DERIVATIVES ACTIVITIES - Derivative Mark-to-Market (MTM) Receivables/Payables (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting of cash collateral received | $ (39,595) | $ (38,532) |
Less: Netting of cash collateral paid | (30,377) | (35,666) |
Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 416,052 | 388,561 |
Cash collateral paid, net of amount used to offset derivative liabilities | 11,894 | 7,541 |
Less: Netting agreements to assets | (332,207) | (306,401) |
Less: Netting of cash collateral received | (39,595) | (38,532) |
Total trading account derivatives, assets | 56,144 | 51,169 |
Less: Cash collateral received | (763) | (872) |
Less: Non-cash collateral received | (13,820) | (12,739) |
Total Net receivables | 41,561 | 37,558 |
Cash collateral paid, gross | 42,271 | 43,207 |
Does not meet applicable offsetting guidance, assets | 7,000 | 6,000 |
Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (311,000) | (283,000) |
Less: Netting agreements to liabilities | (283,000) | |
Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (12,000) | (14,000) |
Less: Netting agreements to liabilities | (14,000) | |
Trading account assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (9,000) | (9,000) |
Less: Netting agreements to liabilities | (9,000) | |
Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 400,363 | 375,344 |
Cash collateral received, net of amount used to offset derivative assets | 15,634 | 14,308 |
Less: Netting agreements to liabilities | (332,207) | (306,401) |
Less: Netting of cash collateral paid | (30,377) | (35,666) |
Total derivative liabilities | 53,413 | 47,585 |
Less: Cash collateral paid | (128) | (121) |
Less: Non-cash collateral paid | (7,880) | (6,929) |
Total Net payables | 45,405 | 40,535 |
Cash collateral received, gross | 55,229 | 52,840 |
Does not meet applicable offsetting guidance, liabilities | 8,000 | 8,000 |
Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (311,000) | |
Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (12,000) | |
Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (9,000) | |
Derivative instruments designated as ASC 815 hedges | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 3,919 | 3,222 |
Derivative instruments designated as ASC 815 hedges | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,625 | 1,376 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,875 | 2,079 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,537 | 1,969 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 338 | 110 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 328 | 226 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 204 | 134 |
Derivative instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 124 | 92 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 2,044 | 1,143 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 2,044 | 1,143 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,297 | 1,150 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,297 | 1,150 |
Derivative instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | |
Derivatives instruments not designated as ASC 815 hedges | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 412,133 | 385,339 |
Derivatives instruments not designated as ASC 815 hedges | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 398,738 | 373,968 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 175,413 | 202,908 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 170,608 | 195,677 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 4,580 | 7,129 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading account assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 225 | 102 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 157,661 | 184,413 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 147,232 | 173,937 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 10,206 | 10,381 |
Derivatives instruments not designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 223 | 95 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 175,588 | 120,816 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 170,158 | 119,092 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 5,349 | 1,690 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading account assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 81 | 34 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 171,555 | 119,622 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 165,898 | 117,473 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 5,394 | 2,028 |
Derivatives instruments not designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 263 | 121 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 27,249 | 26,978 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 17,898 | 17,221 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 28 | 21 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading account assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 9,323 | 9,736 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 31,900 | 31,373 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 22,444 | 21,201 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 18 | 25 |
Derivatives instruments not designated as ASC 815 hedges | Equity contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 9,438 | 10,147 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 17,582 | 14,103 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 16,907 | 13,499 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading account assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 675 | 604 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 21,063 | 17,027 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 20,340 | 16,362 |
Derivatives instruments not designated as ASC 815 hedges | Commodity and other contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 723 | 665 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading account assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 16,301 | 20,534 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading account assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 10,353 | 12,972 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading account assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 5,948 | 7,562 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 16,559 | 21,533 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 10,504 | 12,958 |
Derivatives instruments not designated as ASC 815 hedges | Credit derivatives | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | $ 6,055 | $ 8,575 |
DERIVATIVES ACTIVITIES - Gains
DERIVATIVES ACTIVITIES - Gains (Losses) Included in Other Revenue (Details) - Other revenue - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ (557) | $ 998 | $ (127) | $ 858 |
Interest rate contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | (15) | (14) | (43) | (67) |
Foreign exchange contracts | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | (517) | 1,109 | (13) | 1,301 |
Credit derivatives | ||||
Derivative gain (losses) | ||||
Gains (losses) recognized in Other revenue related to derivatives not designated in a qualifying hedging relationship | $ (25) | $ (97) | $ (71) | $ (376) |
DERIVATIVES ACTIVITIES - Fair V
DERIVATIVES ACTIVITIES - Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Gain (loss) on fair value hedges | ||||
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | $ (29) | $ 23 | ||
Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | $ 322 | (637) | $ 499 | (1,022) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (347) | 628 | (595) | 1,119 |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 34 | 20 | 58 | 74 |
Net interest revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | (518) | 360 | ||
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 520 | (346) | ||
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | (5) | (5) | ||
Interest rate contracts | ||||
Gain (loss) on fair value hedges | ||||
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | (16) | (26) | ||
Interest rate contracts | Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | 0 | (71) | 0 | (376) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 47 | 0 | 343 |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 0 | (8) | 0 | (7) |
Interest rate contracts | Net interest revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | (518) | 360 | ||
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 520 | (346) | ||
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | (5) | (5) | ||
Foreign exchange contracts | ||||
Gain (loss) on fair value hedges | ||||
Amount of cross currency basis included in AOCI | 37 | 42 | ||
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | (13) | 49 | ||
Foreign exchange contracts | Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | 320 | (555) | 499 | (637) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (347) | 570 | (596) | 766 |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 33 | 28 | 56 | 80 |
Foreign exchange contracts | Net interest revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | 0 | 0 | ||
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 | ||
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 0 | 0 | ||
Commodity and other contracts | Other revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | 2 | (11) | 0 | (9) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 11 | 1 | 10 |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 1 | $ 0 | 2 | $ 1 |
Commodity and other contracts | Net interest revenue | ||||
Gain (loss) on fair value hedges | ||||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | 0 | 0 | ||
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 | ||
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | $ 0 | $ 0 |
DERIVATIVES ACTIVITIES - Cumula
DERIVATIVES ACTIVITIES - Cumulative Basis Adjustment (Details) $ in Millions | Jun. 30, 2018USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Long-term debt, carrying amount of hedged asset (liability) | $ 81,735 |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, active | (73) |
Long-term debt, cumulative fair value hedging adjustment included in the carrying amount, de-designated | (320) |
Debt securities AFS, carrying amount of hedged asset (liability) | 153,857 |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, active | (347) |
Debt securities AFS, cumulative fair value hedging adjustment included in the carrying amount, de-designated | $ 1,614 |
DERIVATIVES ACTIVITIES - Cash F
DERIVATIVES ACTIVITIES - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Pretax change in accumulated other comprehensive income (loss) | ||||
Total gain (loss) recognized in AOCI | $ (217) | $ 97 | $ (545) | $ 139 |
Other revenue | 521 | (112) | 855 | 136 |
Net interest revenue | 11,665 | 11,258 | 22,837 | 22,213 |
Revenue | 18,469 | 18,155 | 37,341 | 36,521 |
Cash flow hedge gain expected to be reclassified from AOCI within 12 months | $ 410 | |||
Maximum length of time hedged in cash flow hedge | 10 years | |||
Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Total gain (loss) recognized in AOCI | (222) | 97 | $ (544) | 139 |
Foreign exchange contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Total gain (loss) recognized in AOCI | 5 | 0 | (1) | 0 |
Cash flow hedges | (Gain) loss reclassified from AOCI | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Other revenue | (6) | (4) | ||
Net interest revenue | (88) | (119) | ||
Revenue | (88) | (47) | ||
Cash flow hedges | (Gain) loss reclassified from AOCI | Interest rate contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Other revenue | 0 | 0 | ||
Net interest revenue | (88) | (119) | ||
Revenue | (90) | (46) | ||
Cash flow hedges | (Gain) loss reclassified from AOCI | Foreign exchange contracts | ||||
Pretax change in accumulated other comprehensive income (loss) | ||||
Other revenue | (6) | (4) | ||
Net interest revenue | $ 0 | $ 0 | ||
Revenue | $ 2 | $ (1) |
DERIVATIVES ACTIVITIES - Net In
DERIVATIVES ACTIVITIES - Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net Investment Hedging | ||||
Derivative gain (losses) | ||||
Gain (loss) recognized in OCI, effective portion, net | $ 1,633 | $ (32) | $ 1,143 | $ (1,748) |
DERIVATIVES ACTIVITIES - Credit
DERIVATIVES ACTIVITIES - Credit Derivatives (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2018USD ($)agency | Dec. 31, 2017USD ($) | |
Credit Risk Derivatives | ||
Fair values, Receivable | $ 16,301 | $ 20,534 |
Fair values, Payable | 16,559 | 21,533 |
Notionals, Protection purchased | 749,562 | 777,713 |
Notionals, Protection sold | 703,904 | 735,142 |
Fair value of derivative in liability position | 30,000 | 29,000 |
Fair value of collateral already posted | $ 27,000 | 28,000 |
Number of rating agencies | agency | 3 | |
Additional collateral to be posted | $ 1,000 | |
Collateral to be segregated | 200 | |
Aggregate cash obligations and collateral requirements | 1,200 | |
Purchased | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 3,848 | 3,195 |
Fair values, Payable | 13,014 | 3,147 |
Sold | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 12,453 | 17,339 |
Fair values, Payable | 3,545 | 18,386 |
Within 1 year | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 2,249 | 2,477 |
Fair values, Payable | 2,055 | 2,914 |
Notionals, Protection purchased | 228,075 | 231,878 |
Notionals, Protection sold | 215,284 | 218,097 |
From 1 to 5 years | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 12,235 | 16,098 |
Fair values, Payable | 12,644 | 16,435 |
Notionals, Protection purchased | 472,038 | 498,606 |
Notionals, Protection sold | 447,616 | 476,345 |
After 5 years | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 1,817 | 1,959 |
Fair values, Payable | 1,860 | 2,184 |
Notionals, Protection purchased | 49,449 | 47,229 |
Notionals, Protection sold | 41,004 | 40,700 |
Investment grade | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 7,836 | 10,473 |
Fair values, Payable | 7,748 | 10,616 |
Notionals, Protection purchased | 580,678 | 588,324 |
Notionals, Protection sold | 537,864 | 557,987 |
Non-investment grade | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 8,465 | 10,061 |
Fair values, Payable | 8,811 | 10,917 |
Notionals, Protection purchased | 168,884 | 189,389 |
Notionals, Protection sold | 166,040 | 177,155 |
Credit default swaps and options | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 15,777 | 20,251 |
Fair values, Payable | 15,905 | 20,554 |
Notionals, Protection purchased | 725,671 | 754,114 |
Notionals, Protection sold | 691,039 | 724,228 |
Total return swaps and other | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 524 | 283 |
Fair values, Payable | 654 | 979 |
Notionals, Protection purchased | 23,891 | 23,599 |
Notionals, Protection sold | 12,865 | 10,914 |
Banks | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 5,441 | 7,471 |
Fair values, Payable | 4,970 | 6,669 |
Notionals, Protection purchased | 233,888 | 264,414 |
Notionals, Protection sold | 252,428 | 273,711 |
Broker-dealers | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 1,765 | 2,325 |
Fair values, Payable | 1,595 | 2,285 |
Notionals, Protection purchased | 62,868 | 73,273 |
Notionals, Protection sold | 70,253 | 83,229 |
Non-financial | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 75 | 70 |
Fair values, Payable | 117 | 91 |
Notionals, Protection purchased | 2,077 | 1,288 |
Notionals, Protection sold | 2,349 | 1,140 |
Insurance and other financial institutions | ||
Credit Risk Derivatives | ||
Fair values, Receivable | 9,020 | 10,668 |
Fair values, Payable | 9,877 | 12,488 |
Notionals, Protection purchased | 450,729 | 438,738 |
Notionals, Protection sold | 378,874 | 377,062 |
Interest rate swaps | ||
Credit Risk Derivatives | ||
Cash proceeds received for assets derecognized | 2,900 | 3,000 |
Fair value of derecognized assets | 2,900 | 3,100 |
Fair value gross derivative assets | 51 | 89 |
Trading derivatives, liability | $ 20 | $ 15 |
FAIR VALUE MEASUREMENT - Market
FAIR VALUE MEASUREMENT - Market Valuation Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Credit and funding valuation adjustments contra-liability (contra-asset) | |||||
Counterparty CVA | $ (1,023) | $ (1,023) | $ (970) | ||
Asset FVA | (398) | (398) | (447) | ||
Citigroup (own-credit) CVA | 384 | 384 | 287 | ||
Liability FVA | 62 | 62 | 47 | ||
Total CVA—derivative instruments | (975) | (975) | $ (1,083) | ||
Credit, Funding and Debt Valuation Adjustments Gain (Loss) [Abstract] | |||||
Counterparty CVA | 0 | $ 80 | 23 | $ 170 | |
Asset FVA | 40 | (13) | 49 | 79 | |
Own-credit CVA | 24 | (53) | 99 | (125) | |
Liability FVA | 22 | 16 | 15 | 6 | |
Total CVA—derivative instruments | 86 | 30 | 186 | 130 | |
DVA related to own FVO liabilities | 418 | (132) | 585 | (227) | |
Total CVA and DVA | $ 504 | $ (102) | $ 771 | $ (97) |
FAIR VALUE MEASUREMENT - Items
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Assets, Fair Value Disclosure [Abstract] | |||
Federal funds sold and securities borrowed or purchased under agreements to resell, Netting | $ (80,843) | $ (80,843) | $ (73,476) |
Trading account assets | 262,949 | 262,949 | 252,790 |
Netting of cash collateral received | (39,595) | (39,595) | (38,532) |
Investments | 349,716 | 349,716 | 352,290 |
Loans at fair value | 3,000 | 3,000 | 4,374 |
Mortgage servicing rights | 596 | 596 | 558 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Federal funds purchased and securities loaned or sold under agreements to repurchase, Netting | (80,843) | (80,843) | (73,476) |
Netting of cash collateral paid | (30,377) | (30,377) | (35,666) |
Assets transferred from Level 1 to Level 2 | 900 | 1,600 | 4,800 |
Assets transferred from Level 2 to Level 1 | 1,300 | 5,300 | 4,000 |
Liabilities transferred from Level 1 to Level 2 | 100 | 200 | 400 |
Liabilities transferred from Level 2 to Level 1 | 300 | 500 | 300 |
Fair value | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Investments measured at net asset value excluded from Level 3 | 410 | 410 | 404 |
Fair value | Accounting Standards Update 2015-07 | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Investments measured at net asset value excluded from Level 3 | 400 | 400 | 400 |
Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 221,423 | 221,423 | 188,587 |
Federal funds sold and securities borrowed or purchased under agreements to resell, Netting | (52,310) | (52,310) | (55,638) |
Federal funds sold and securities borrowed or purchased under agreements to resell | 169,113 | 169,113 | 132,949 |
Investments | 290,053 | 290,053 | 291,716 |
Loans at fair value | 3,000 | 3,000 | 4,374 |
Mortgage servicing rights | 596 | 596 | 558 |
Assets before netting | 1,171,526 | 1,171,526 | 1,101,517 |
Netting, Assets, total of netting agreements and cash collateral received | (424,112) | (424,112) | (400,571) |
Total assets | 747,414 | 747,414 | 700,946 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Interest-bearing deposits | 1,628 | 1,628 | 1,465 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, Gross | 101,556 | 101,556 | 96,276 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, Netting | (52,310) | (52,310) | (55,638) |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 49,246 | 49,246 | 40,638 |
Securities sold, not yet purchased | 85,868 | 85,868 | 76,171 |
Trading liabilities | 87,332 | 87,332 | 77,585 |
Short-term borrowings | 4,093 | 4,093 | 4,627 |
Long-term debt | 35,462 | 35,462 | 31,392 |
Total liabilities, Gross | 663,887 | 663,887 | 614,958 |
Total liabilities, Netting | (414,894) | (414,894) | (397,705) |
Total liabilities | 248,993 | 248,993 | 217,253 |
Recurring | Trading account liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 400,363 | 400,363 | 375,344 |
Cash collateral received | 15,634 | 15,634 | 14,308 |
Total trading derivatives and cash collateral, liability | 415,997 | 415,997 | 389,652 |
Netting agreements | (332,207) | (332,207) | (306,401) |
Netting of cash collateral paid | (30,377) | (30,377) | (35,666) |
Netting, Liabilities, total of netting agreements and cash collateral received | (362,584) | (362,584) | (342,067) |
Total derivative liabilities | 53,413 | 53,413 | 47,585 |
Cash collateral received, gross | 55,229 | 55,229 | 52,840 |
Recurring | Trading account liabilities | Interest rate contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 157,989 | 157,989 | 184,639 |
Recurring | Trading account liabilities | Foreign exchange contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 172,852 | 172,852 | 120,772 |
Recurring | Trading account liabilities | Equity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 31,900 | 31,900 | 31,373 |
Recurring | Trading account liabilities | Commodity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 21,063 | 21,063 | 17,027 |
Recurring | Trading account liabilities | Credit derivatives | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 16,559 | 16,559 | 21,533 |
Recurring | Non-trading derivatives and other financial liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Netting of cash collateral paid | 0 | ||
Netting, Liabilities, total of netting agreements and cash collateral received | 0 | 0 | |
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | 17,819 | 17,819 | 13,961 |
Total other assets and cash collateral, gross | 17,819 | 17,819 | 13,961 |
Recurring | Trading account liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading liabilities | 1,464 | 1,464 | 1,414 |
Recurring | Mortgage-backed securities - U.S. agency-sponsored | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 24,349 | 24,349 | 22,964 |
Investments | 42,972 | 42,972 | 41,741 |
Recurring | Mortgage-backed securities - Residential | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 825 | 825 | 813 |
Investments | 1,858 | 1,858 | 2,884 |
Recurring | Mortgage-backed securities - Commercial | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 1,471 | 1,471 | 1,366 |
Investments | 279 | 279 | 332 |
Recurring | Mortgage-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 26,645 | 26,645 | 25,143 |
Investments | 45,109 | 45,109 | 44,957 |
Recurring | U.S. Treasury and federal agency securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 26,931 | 26,931 | 21,137 |
Investments | 118,271 | 118,271 | 118,146 |
Recurring | State and municipal securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 3,372 | 3,372 | 4,700 |
Investments | 9,764 | 9,764 | 8,765 |
Recurring | Foreign government | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 68,509 | 68,509 | 60,206 |
Investments | 97,825 | 97,825 | 100,533 |
Recurring | Corporate | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 14,334 | 14,334 | 15,705 |
Investments | 12,601 | 12,601 | 14,109 |
Recurring | Equity securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 51,581 | 51,581 | 60,219 |
Investments | 204 | 204 | 189 |
Recurring | Asset-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 3,384 | 3,384 | 2,788 |
Investments | 1,870 | 1,870 | 3,918 |
Recurring | Other debt securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 12,049 | 12,049 | 11,723 |
Investments | 3,591 | 3,591 | 297 |
Recurring | Non-marketable equity investments measured using the measurement alternative | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investments | 818 | 818 | 802 |
Recurring | Trading securities (excluding trading account derivatives) | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 206,805 | 206,805 | 201,621 |
Recurring | Trading account assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 416,052 | 416,052 | 388,561 |
Cash collateral paid | 11,894 | 11,894 | 7,541 |
Trading derivative, asset, gross net cash collateral paid | 427,946 | 427,946 | 396,102 |
Netting agreements | (332,207) | (332,207) | (306,401) |
Netting of cash collateral received | (39,595) | (39,595) | (38,532) |
Total trading derivatives, netting | (371,802) | (371,802) | (344,933) |
Trading derivatives | 56,144 | 56,144 | 51,169 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Cash collateral paid, gross | 42,271 | 42,271 | 43,207 |
Recurring | Trading account assets | Interest rate contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 177,288 | 177,288 | 204,987 |
Recurring | Trading account assets | Foreign exchange contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 177,632 | 177,632 | 121,959 |
Recurring | Trading account assets | Equity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 27,249 | 27,249 | 26,978 |
Recurring | Trading account assets | Commodity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 17,582 | 17,582 | 14,103 |
Recurring | Trading account assets | Credit derivatives | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 16,301 | 16,301 | 20,534 |
Recurring | Non-trading derivatives and other financial assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Total trading derivatives, netting | 0 | 0 | 0 |
Total other assets and cash collateral, gross | 21,703 | 21,703 | 18,559 |
Other assets | 21,703 | 21,703 | 18,559 |
Recurring | Level 1 | |||
Assets, Fair Value Disclosure [Abstract] | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | 0 |
Investments | 169,898 | 169,898 | 165,507 |
Loans at fair value | 0 | 0 | 0 |
Mortgage servicing rights | 0 | 0 | 0 |
Assets before netting | $ 305,170 | $ 305,170 | $ 292,700 |
Total as a percentage of gross assets | 26.30% | 26.30% | 26.80% |
Liabilities, Fair Value Disclosure [Abstract] | |||
Interest-bearing deposits | $ 0 | $ 0 | $ 0 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, Gross | 0 | 0 | 0 |
Securities sold, not yet purchased | 75,843 | 75,843 | 65,843 |
Trading liabilities | 75,843 | 75,843 | 65,843 |
Short-term borrowings | 0 | 0 | 0 |
Long-term debt | 0 | 0 | 0 |
Total liabilities, Gross | $ 96,102 | $ 96,102 | $ 82,437 |
Total as a percentage of gross liabilities | 14.80% | 14.80% | 13.70% |
Recurring | Level 1 | Trading account liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | $ 2,602 | $ 2,602 | $ 2,691 |
Recurring | Level 1 | Trading account liabilities | Interest rate contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 256 | 256 | 137 |
Recurring | Level 1 | Trading account liabilities | Foreign exchange contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 6 | 6 | 9 |
Recurring | Level 1 | Trading account liabilities | Equity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 2,334 | 2,334 | 2,430 |
Recurring | Level 1 | Trading account liabilities | Commodity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 6 | 6 | 115 |
Recurring | Level 1 | Trading account liabilities | Credit derivatives | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 0 | 0 | 0 |
Recurring | Level 1 | Non-trading derivatives and other financial liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Other liabilities, gross | 17,657 | 17,657 | 13,903 |
Recurring | Level 1 | Trading account liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading liabilities | 0 | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities - U.S. agency-sponsored | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities - Residential | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities - Commercial | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | U.S. Treasury and federal agency securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 22,866 | 22,866 | 17,524 |
Investments | 106,316 | 106,316 | 106,964 |
Recurring | Level 1 | State and municipal securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Foreign government | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 48,875 | 48,875 | 39,347 |
Investments | 59,220 | 59,220 | 56,456 |
Recurring | Level 1 | Corporate | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 318 | 318 | 301 |
Investments | 4,172 | 4,172 | 1,911 |
Recurring | Level 1 | Equity securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 44,031 | 44,031 | 53,305 |
Investments | 190 | 190 | 176 |
Recurring | Level 1 | Asset-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 0 | 0 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Other debt securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 5 | 5 | 3 |
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Non-marketable equity investments measured using the measurement alternative | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investments | 0 | 0 | 0 |
Recurring | Level 1 | Trading securities (excluding trading account derivatives) | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 116,095 | 116,095 | 110,480 |
Recurring | Level 1 | Trading account assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 2,398 | 2,398 | 2,810 |
Recurring | Level 1 | Trading account assets | Interest rate contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 266 | 266 | 145 |
Recurring | Level 1 | Trading account assets | Foreign exchange contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 3 | 3 | 19 |
Recurring | Level 1 | Trading account assets | Equity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 2,109 | 2,109 | 2,364 |
Recurring | Level 1 | Trading account assets | Commodity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 20 | 20 | 282 |
Recurring | Level 1 | Trading account assets | Credit derivatives | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 0 | 0 | 0 |
Recurring | Level 1 | Non-trading derivatives and other financial assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Other assets, gross | 16,779 | 16,779 | 13,903 |
Recurring | Level 2 | |||
Assets, Fair Value Disclosure [Abstract] | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 221,357 | 221,357 | 188,571 |
Investments | 118,163 | 118,163 | 123,772 |
Loans at fair value | 2,619 | 2,619 | 3,824 |
Mortgage servicing rights | 0 | 0 | 0 |
Assets before netting | $ 843,165 | $ 843,165 | $ 790,217 |
Total as a percentage of gross assets | 72.70% | 72.70% | 72.20% |
Liabilities, Fair Value Disclosure [Abstract] | |||
Interest-bearing deposits | $ 1,308 | $ 1,308 | $ 1,179 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, Gross | 100,590 | 100,590 | 95,550 |
Securities sold, not yet purchased | 9,836 | 9,836 | 10,306 |
Trading liabilities | 11,300 | 11,300 | 11,715 |
Short-term borrowings | 4,003 | 4,003 | 4,609 |
Long-term debt | 21,681 | 21,681 | 18,310 |
Total liabilities, Gross | $ 528,262 | $ 528,262 | $ 494,879 |
Total as a percentage of gross liabilities | 81.50% | 81.50% | 82.40% |
Recurring | Level 2 | Trading account liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | $ 389,218 | $ 389,218 | $ 363,466 |
Recurring | Level 2 | Trading account liabilities | Interest rate contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 155,568 | 155,568 | 182,372 |
Recurring | Level 2 | Trading account liabilities | Foreign exchange contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 172,473 | 172,473 | 120,316 |
Recurring | Level 2 | Trading account liabilities | Equity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 27,822 | 27,822 | 26,472 |
Recurring | Level 2 | Trading account liabilities | Commodity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 18,500 | 18,500 | 14,482 |
Recurring | Level 2 | Trading account liabilities | Credit derivatives | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 14,855 | 14,855 | 19,824 |
Recurring | Level 2 | Non-trading derivatives and other financial liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Other liabilities, gross | 162 | 162 | 50 |
Recurring | Level 2 | Trading account liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading liabilities | 1,464 | 1,464 | 1,409 |
Recurring | Level 2 | Mortgage-backed securities - U.S. agency-sponsored | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 24,250 | 24,250 | 22,801 |
Investments | 42,938 | 42,938 | 41,717 |
Recurring | Level 2 | Mortgage-backed securities - Residential | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 693 | 693 | 649 |
Investments | 1,858 | 1,858 | 2,884 |
Recurring | Level 2 | Mortgage-backed securities - Commercial | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 1,420 | 1,420 | 1,309 |
Investments | 273 | 273 | 329 |
Recurring | Level 2 | Mortgage-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 26,363 | 26,363 | 24,759 |
Investments | 45,069 | 45,069 | 44,930 |
Recurring | Level 2 | U.S. Treasury and federal agency securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 4,058 | 4,058 | 3,613 |
Investments | 11,955 | 11,955 | 11,182 |
Recurring | Level 2 | State and municipal securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 3,146 | 3,146 | 4,426 |
Investments | 9,002 | 9,002 | 8,028 |
Recurring | Level 2 | Foreign government | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 19,598 | 19,598 | 20,843 |
Investments | 38,551 | 38,551 | 43,985 |
Recurring | Level 2 | Corporate | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 13,496 | 13,496 | 15,129 |
Investments | 8,361 | 8,361 | 12,127 |
Recurring | Level 2 | Equity securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 7,257 | 7,257 | 6,794 |
Investments | 13 | 13 | 11 |
Recurring | Level 2 | Asset-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 1,696 | 1,696 | 1,198 |
Investments | 1,414 | 1,414 | 3,091 |
Recurring | Level 2 | Other debt securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 11,502 | 11,502 | 11,105 |
Investments | 3,591 | 3,591 | 297 |
Recurring | Level 2 | Non-marketable equity investments measured using the measurement alternative | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investments | 207 | 207 | 121 |
Recurring | Level 2 | Trading securities (excluding trading account derivatives) | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 87,116 | 87,116 | 87,867 |
Recurring | Level 2 | Trading account assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 408,986 | 408,986 | 381,543 |
Recurring | Level 2 | Trading account assets | Interest rate contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 174,771 | 174,771 | 203,134 |
Recurring | Level 2 | Trading account assets | Foreign exchange contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 177,017 | 177,017 | 121,363 |
Recurring | Level 2 | Trading account assets | Equity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 24,842 | 24,842 | 24,170 |
Recurring | Level 2 | Trading account assets | Commodity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 16,911 | 16,911 | 13,252 |
Recurring | Level 2 | Trading account assets | Credit derivatives | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 15,445 | 15,445 | 19,624 |
Recurring | Level 2 | Non-trading derivatives and other financial assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Other assets, gross | 4,924 | 4,924 | 4,640 |
Recurring | Level 3 | |||
Assets, Fair Value Disclosure [Abstract] | |||
Federal funds sold and securities borrowed or purchased under agreements to resell | 66 | 66 | 16 |
Investments | 1,992 | 1,992 | 2,437 |
Loans at fair value | 381 | 381 | 550 |
Mortgage servicing rights | 596 | 596 | 558 |
Assets before netting | $ 11,297 | $ 11,297 | $ 11,059 |
Total as a percentage of gross assets | 1.00% | 1.00% | 1.00% |
Liabilities, Fair Value Disclosure [Abstract] | |||
Interest-bearing deposits | $ 320 | $ 320 | $ 286 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, Gross | 966 | 966 | 726 |
Securities sold, not yet purchased | 189 | 189 | 22 |
Trading liabilities | 189 | 189 | 27 |
Short-term borrowings | 90 | 90 | 18 |
Long-term debt | 13,781 | 13,781 | 13,082 |
Total liabilities, Gross | $ 23,889 | $ 23,889 | $ 23,334 |
Total as a percentage of gross liabilities | 3.70% | 3.70% | 3.90% |
Recurring | Level 3 | Trading account liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | $ 8,543 | $ 8,543 | $ 9,187 |
Recurring | Level 3 | Trading account liabilities | Interest rate contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 2,165 | 2,165 | 2,130 |
Recurring | Level 3 | Trading account liabilities | Foreign exchange contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 373 | 373 | 447 |
Recurring | Level 3 | Trading account liabilities | Equity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 1,744 | 1,744 | 2,471 |
Recurring | Level 3 | Trading account liabilities | Commodity contracts | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 2,557 | 2,557 | 2,430 |
Recurring | Level 3 | Trading account liabilities | Credit derivatives | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading derivatives, liability | 1,704 | 1,704 | 1,709 |
Recurring | Level 3 | Non-trading derivatives and other financial liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Other liabilities, gross | 0 | 0 | 8 |
Recurring | Level 3 | Trading account liabilities | |||
Liabilities, Fair Value Disclosure [Abstract] | |||
Trading liabilities | 0 | 0 | 5 |
Recurring | Level 3 | Mortgage-backed securities - U.S. agency-sponsored | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 99 | 99 | 163 |
Investments | 34 | 34 | 24 |
Recurring | Level 3 | Mortgage-backed securities - Residential | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 132 | 132 | 164 |
Investments | 0 | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities - Commercial | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 51 | 51 | 57 |
Investments | 6 | 6 | 3 |
Recurring | Level 3 | Mortgage-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 282 | 282 | 384 |
Investments | 40 | 40 | 27 |
Recurring | Level 3 | U.S. Treasury and federal agency securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 7 | 7 | 0 |
Investments | 0 | 0 | 0 |
Recurring | Level 3 | State and municipal securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 226 | 226 | 274 |
Investments | 762 | 762 | 737 |
Recurring | Level 3 | Foreign government | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 36 | 36 | 16 |
Investments | 54 | 54 | 92 |
Recurring | Level 3 | Corporate | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 520 | 520 | 275 |
Investments | 68 | 68 | 71 |
Recurring | Level 3 | Equity securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 293 | 293 | 120 |
Investments | 1 | 1 | 2 |
Recurring | Level 3 | Asset-backed securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 1,688 | 1,688 | 1,590 |
Investments | 456 | 456 | 827 |
Recurring | Level 3 | Other debt securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 542 | 542 | 615 |
Investments | 0 | 0 | 0 |
Recurring | Level 3 | Non-marketable equity investments measured using the measurement alternative | |||
Assets, Fair Value Disclosure [Abstract] | |||
Investments | 611 | 611 | 681 |
Recurring | Level 3 | Trading securities (excluding trading account derivatives) | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading account assets | 3,594 | 3,594 | 3,274 |
Recurring | Level 3 | Trading account assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 4,668 | 4,668 | 4,208 |
Recurring | Level 3 | Trading account assets | Interest rate contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 2,251 | 2,251 | 1,708 |
Recurring | Level 3 | Trading account assets | Foreign exchange contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 612 | 612 | 577 |
Recurring | Level 3 | Trading account assets | Equity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 298 | 298 | 444 |
Recurring | Level 3 | Trading account assets | Commodity contracts | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 651 | 651 | 569 |
Recurring | Level 3 | Trading account assets | Credit derivatives | |||
Assets, Fair Value Disclosure [Abstract] | |||
Trading derivatives, asset, Gross | 856 | 856 | 910 |
Recurring | Level 3 | Non-trading derivatives and other financial assets | |||
Assets, Fair Value Disclosure [Abstract] | |||
Other assets, gross | $ 0 | $ 0 | $ 16 |
FAIR VALUE MEASUREMENT - Level
FAIR VALUE MEASUREMENT - Level 3 Fair Value Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Trading account assets and liabilities | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset (liability), net | $ (4,427) | $ (5,446) | $ (4,979) | $ (4,753) |
Net realized/unrealized gains (losses) included in principal transactions | 230 | (609) | 318 | (1,305) |
Transfers into Level 3 | (34) | (6) | (133) | 33 |
Transfers out of Level 3 | 269 | 670 | 792 | 643 |
Purchases | 18 | 125 | 61 | 250 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (9) | (205) | (31) | (374) |
Settlements | 78 | 357 | 97 | 392 |
Balance at end of period, asset (liability), net | (3,875) | (5,114) | (3,875) | (5,114) |
Unrealized gains (losses) still held | 738 | (607) | 508 | (1,211) |
Trading account assets and liabilities | Interest rate contracts | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset (liability), net | (6) | (773) | (422) | (663) |
Net realized/unrealized gains (losses) included in principal transactions | 206 | (155) | 587 | (192) |
Transfers into Level 3 | 0 | 10 | 5 | (28) |
Transfers out of Level 3 | (109) | 632 | (72) | 651 |
Purchases | 1 | 59 | 8 | 65 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | (92) | (16) | (205) |
Settlements | (6) | 31 | (4) | 84 |
Balance at end of period, asset (liability), net | 86 | (288) | 86 | (288) |
Unrealized gains (losses) still held | 270 | (60) | 529 | (12) |
Trading account assets and liabilities | Foreign exchange contracts | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset (liability), net | 88 | 48 | 130 | 413 |
Net realized/unrealized gains (losses) included in principal transactions | 167 | 93 | 105 | (297) |
Transfers into Level 3 | (12) | (2) | (13) | 53 |
Transfers out of Level 3 | (5) | (39) | 3 | (59) |
Purchases | 6 | 4 | 7 | 38 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (5) | (2) | (5) | (34) |
Settlements | 0 | 82 | 12 | 70 |
Balance at end of period, asset (liability), net | 239 | 184 | 239 | 184 |
Unrealized gains (losses) still held | 146 | 88 | 27 | 43 |
Trading account assets and liabilities | Equity contracts | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset (liability), net | (1,741) | (1,524) | (2,027) | (1,557) |
Net realized/unrealized gains (losses) included in principal transactions | 34 | (101) | (102) | (103) |
Transfers into Level 3 | (16) | 18 | (73) | 18 |
Transfers out of Level 3 | 279 | 42 | 751 | 26 |
Purchases | 4 | 64 | 17 | 149 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (4) | (113) | (11) | (137) |
Settlements | (2) | (33) | (1) | (43) |
Balance at end of period, asset (liability), net | (1,446) | (1,647) | (1,446) | (1,647) |
Unrealized gains (losses) still held | 469 | (158) | 203 | (139) |
Trading account assets and liabilities | Commodity contracts | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset (liability), net | (1,909) | (2,074) | (1,861) | (1,945) |
Net realized/unrealized gains (losses) included in principal transactions | (141) | (153) | (174) | (328) |
Transfers into Level 3 | 4 | 12 | (43) | 58 |
Transfers out of Level 3 | 90 | 51 | 98 | 49 |
Purchases | 7 | 0 | 27 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 43 | 140 | 47 | 142 |
Balance at end of period, asset (liability), net | (1,906) | (2,024) | (1,906) | (2,024) |
Unrealized gains (losses) still held | (118) | (152) | (32) | (358) |
Trading account assets and liabilities | Credit derivatives | ||||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset (liability), net | (859) | (1,123) | (799) | (1,001) |
Net realized/unrealized gains (losses) included in principal transactions | (36) | (293) | (98) | (385) |
Transfers into Level 3 | (10) | (44) | (9) | (68) |
Transfers out of Level 3 | 14 | (16) | 12 | (24) |
Purchases | 0 | (2) | 2 | (2) |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 2 | 1 | 2 |
Settlements | 43 | 137 | 43 | 139 |
Balance at end of period, asset (liability), net | (848) | (1,339) | (848) | (1,339) |
Unrealized gains (losses) still held | (29) | (325) | (219) | (745) |
Interest-bearing deposits | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 292 | 302 | 286 | 293 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | (3) | 0 | 23 | 11 |
Transfers into Level 3, liabilities | 0 | 20 | 12 | 40 |
Transfers out of Level 3, liabilities | 0 | 0 | 0 | 0 |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 25 | 0 | 45 | 0 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | 0 | (22) | 0 | (22) |
Balance at end of period, liability | 320 | 300 | 320 | 300 |
Unrealized gains (losses) still held, liabilities | (6) | 5 | (60) | 31 |
Federal funds purchased and securities loaned or sold under agreement to repurchase | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 857 | 809 | 726 | 849 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 25 | 2 | 39 | 8 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 0 | 0 | 0 | 0 |
Transfers out of Level 3, liabilities | 0 | 0 | 0 | 0 |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 96 | 0 | 243 | 0 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | 38 | 0 | 36 | (34) |
Balance at end of period, liability | 966 | 807 | 966 | 807 |
Unrealized gains (losses) still held, liabilities | 16 | 2 | 29 | 8 |
Trading account liabilities | Securities sold, not yet purchased | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 48 | 1,151 | 22 | 1,177 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (142) | (60) | (247) | (6) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 4 | 2 | 7 | 13 |
Transfers out of Level 3, liabilities | (12) | (29) | (31) | (43) |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 0 | 0 | 0 | 0 |
Sales, liability | 6 | 76 | 9 | 177 |
Settlements, liability | 1 | (117) | (65) | (187) |
Balance at end of period, liability | 189 | 1,143 | 189 | 1,143 |
Unrealized gains (losses) still held, liabilities | (50) | 5 | (46) | (3) |
Trading account liabilities | Other trading liabilities | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 0 | 5 | ||
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 5 | ||
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | ||
Transfers into Level 3, liabilities | 0 | 0 | ||
Transfers out of Level 3, liabilities | 0 | 0 | ||
Purchases, liability | 0 | 0 | ||
Issuance, liability | 0 | 0 | ||
Sales, liability | 0 | 0 | ||
Settlements, liability | 0 | 0 | ||
Balance at end of period, liability | 0 | 0 | ||
Unrealized gains (losses) still held, liabilities | 0 | 0 | ||
Short-term borrowings | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 81 | 60 | 18 | 42 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (6) | 40 | 1 | 31 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 3 | 1 | 48 | 1 |
Transfers out of Level 3, liabilities | (21) | 0 | (21) | 0 |
Purchases, liability | 0 | 0 | 0 | 0 |
Issuance, liability | 24 | 8 | 49 | 19 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (3) | 0 | (3) | (2) |
Balance at end of period, liability | 90 | 29 | 90 | 29 |
Unrealized gains (losses) still held, liabilities | 10 | 11 | (9) | 5 |
Long-term debt | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 13,484 | 10,176 | 13,082 | 9,744 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | (7) | (618) | (243) | (601) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | 0 | 0 | 0 | 0 |
Transfers into Level 3, liabilities | 815 | 321 | 1,755 | 521 |
Transfers out of Level 3, liabilities | (540) | (558) | (1,304) | (967) |
Purchases, liability | 0 | 0 | 36 | 0 |
Issuance, liability | 4 | 1,353 | 7 | 2,282 |
Sales, liability | 0 | 0 | (44) | 0 |
Settlements, liability | 11 | (79) | 6 | (350) |
Balance at end of period, liability | 13,781 | 11,831 | 13,781 | 11,831 |
Unrealized gains (losses) still held, liabilities | 92 | (73) | (735) | (747) |
Other financial liabilities | ||||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, liability | 3 | 4 | 8 | 8 |
Net realized/unrealized gains (losses) included in principal transactions, liabilities | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, liabilities | (2) | 2 | (2) | 0 |
Transfers into Level 3, liabilities | 1 | 0 | 1 | 0 |
Transfers out of Level 3, liabilities | (5) | 0 | (10) | 0 |
Purchases, liability | 0 | 0 | 0 | (1) |
Issuance, liability | 0 | 1 | 2 | 2 |
Sales, liability | 0 | 0 | 0 | 0 |
Settlements, liability | (1) | (1) | (3) | (7) |
Balance at end of period, liability | 0 | 2 | 0 | 2 |
Unrealized gains (losses) still held, liabilities | (3) | 2 | (4) | 0 |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 16 | 1,187 | 16 | 1,496 |
Net realized/unrealized gains (losses) included in principal transactions | 1 | 54 | 19 | (2) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 49 | 0 | 49 | 0 |
Transfers out of Level 3, assets | 0 | (239) | 0 | (491) |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | (18) | (1) |
Balance at end of period, asset | 66 | 1,002 | 66 | 1,002 |
Unrealized gains (losses) still held, assets | 0 | 0 | 10 | 0 |
Trading non-derivative assets | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 3,418 | 5,537 | 3,274 | 6,251 |
Net realized/unrealized gains (losses) included in principal transactions | 9 | 104 | 350 | 381 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 121 | 558 | 374 | 981 |
Transfers out of Level 3, assets | (147) | (492) | (464) | (1,222) |
Purchases, assets | 888 | 1,292 | 1,709 | 2,621 |
Issuance, assets | 0 | 0 | 5 | 1 |
Sales, assets | (691) | (1,740) | (1,645) | (3,743) |
Settlements, assets | (4) | (4) | (9) | (15) |
Balance at end of period, asset | 3,594 | 5,255 | 3,594 | 5,255 |
Unrealized gains (losses) still held, assets | 238 | 125 | 305 | 242 |
Trading non-derivative assets | U.S. government-sponsored agency guaranteed | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 206 | 271 | 163 | 176 |
Net realized/unrealized gains (losses) included in principal transactions | 1 | (1) | 2 | 4 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 3 | 29 | 89 | 79 |
Transfers out of Level 3, assets | (41) | (48) | (90) | (65) |
Purchases, assets | 37 | 103 | 153 | 264 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (107) | (150) | (218) | (254) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 99 | 204 | 99 | 204 |
Unrealized gains (losses) still held, assets | 1 | 0 | 1 | 1 |
Trading non-derivative assets | Mortgage-backed securities - Residential | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 143 | 368 | 164 | 399 |
Net realized/unrealized gains (losses) included in principal transactions | (17) | 22 | 5 | 37 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 23 | 30 | 58 | 47 |
Transfers out of Level 3, assets | (11) | (20) | (88) | (49) |
Purchases, assets | 45 | 16 | 91 | 66 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (51) | (89) | (98) | (173) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 132 | 327 | 132 | 327 |
Unrealized gains (losses) still held, assets | (4) | 19 | (4) | 29 |
Trading non-derivative assets | Mortgage-backed securities - Commercial | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 35 | 266 | 57 | 206 |
Net realized/unrealized gains (losses) included in principal transactions | (2) | 5 | (1) | (3) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 7 | 27 | 11 | 44 |
Transfers out of Level 3, assets | (2) | (16) | (37) | (29) |
Purchases, assets | 23 | 244 | 38 | 434 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (10) | (208) | (17) | (334) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 51 | 318 | 51 | 318 |
Unrealized gains (losses) still held, assets | (1) | (3) | 3 | (10) |
Trading non-derivative assets | Mortgage-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 384 | 905 | 384 | 781 |
Net realized/unrealized gains (losses) included in principal transactions | (18) | 26 | 6 | 38 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 33 | 86 | 158 | 170 |
Transfers out of Level 3, assets | (54) | (84) | (215) | (143) |
Purchases, assets | 105 | 363 | 282 | 764 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (168) | (447) | (333) | (761) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 282 | 849 | 282 | 849 |
Unrealized gains (losses) still held, assets | (4) | 16 | 0 | 20 |
Trading non-derivative assets | U.S. Treasury and federal agency securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 1 | 0 | 1 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 6 | 0 | 6 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 1 | 0 | 1 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | (1) | 0 | (1) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 7 | 0 | 7 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Trading non-derivative assets | State and municipal securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 211 | 270 | 274 | 296 |
Net realized/unrealized gains (losses) included in principal transactions | 4 | 3 | 10 | 5 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 22 | 0 | 24 |
Transfers out of Level 3, assets | 0 | (1) | (44) | (48) |
Purchases, assets | 13 | 7 | 13 | 88 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (2) | (17) | (27) | (81) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 226 | 284 | 226 | 284 |
Unrealized gains (losses) still held, assets | 2 | (1) | 1 | 2 |
Trading non-derivative assets | Foreign government | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 21 | 126 | 16 | 40 |
Net realized/unrealized gains (losses) included in principal transactions | (1) | 3 | (1) | 7 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 6 | 2 | 84 |
Transfers out of Level 3, assets | (5) | (77) | (5) | (90) |
Purchases, assets | 32 | 83 | 46 | 127 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (11) | (33) | (22) | (60) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 36 | 108 | 36 | 108 |
Unrealized gains (losses) still held, assets | (1) | 1 | (1) | 8 |
Trading non-derivative assets | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 252 | 296 | 275 | 324 |
Net realized/unrealized gains (losses) included in principal transactions | 52 | 124 | 95 | 215 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 12 | 89 | 61 | 116 |
Transfers out of Level 3, assets | (19) | (21) | (91) | (73) |
Purchases, assets | 245 | 158 | 279 | 276 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (22) | (245) | (99) | (457) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 520 | 401 | 520 | 401 |
Unrealized gains (losses) still held, assets | 248 | 132 | 251 | 177 |
Trading non-derivative assets | Equity securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 237 | 110 | 120 | 127 |
Net realized/unrealized gains (losses) included in principal transactions | 7 | 14 | 82 | 29 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 16 | 130 | 17 | 132 |
Transfers out of Level 3, assets | (5) | (1) | (20) | (13) |
Purchases, assets | 74 | 2 | 242 | 9 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (36) | (15) | (148) | (44) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 293 | 240 | 293 | 240 |
Unrealized gains (losses) still held, assets | 30 | 13 | 26 | 21 |
Trading non-derivative assets | Asset-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1,597 | 1,941 | 1,590 | 1,868 |
Net realized/unrealized gains (losses) included in principal transactions | 17 | (23) | 75 | 137 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 27 | 3 | 45 | 23 |
Transfers out of Level 3, assets | (32) | (65) | (47) | (81) |
Purchases, assets | 373 | 313 | 689 | 704 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (294) | (599) | (664) | (1,081) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 1,688 | 1,570 | 1,688 | 1,570 |
Unrealized gains (losses) still held, assets | (16) | (19) | 39 | 52 |
Trading non-derivative assets | Other | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 716 | 1,888 | 615 | 2,814 |
Net realized/unrealized gains (losses) included in principal transactions | (52) | (43) | 83 | (50) |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 27 | 222 | 85 | 432 |
Transfers out of Level 3, assets | (32) | (243) | (42) | (774) |
Purchases, assets | 45 | 366 | 157 | 653 |
Issuance, assets | 0 | 0 | 5 | 1 |
Sales, assets | (158) | (383) | (352) | (1,258) |
Settlements, assets | (4) | (4) | (9) | (15) |
Balance at end of period, asset | 542 | 1,803 | 542 | 1,803 |
Unrealized gains (losses) still held, assets | (21) | (17) | (11) | (38) |
Investments | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 2,088 | 3,666 | 2,437 | 3,861 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (68) | 105 | (51) | 39 |
Transfers into Level 3 | 3 | 23 | 38 | 139 |
Transfers out of Level 3, assets | (13) | (23) | (366) | (171) |
Purchases, assets | 127 | 650 | 231 | 990 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (109) | (562) | (245) | (909) |
Settlements, assets | (36) | (23) | (52) | (113) |
Balance at end of period, asset | 1,992 | 3,836 | 1,992 | 3,836 |
Unrealized gains (losses) still held, assets | (36) | 281 | (69) | 303 |
Investments | U.S. government-sponsored agency guaranteed | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 23 | 55 | 24 | 101 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 11 | 1 | 10 | 3 |
Transfers into Level 3 | 0 | 0 | 0 | 1 |
Transfers out of Level 3, assets | 0 | (6) | 0 | (55) |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 34 | 50 | 34 | 50 |
Unrealized gains (losses) still held, assets | 12 | 0 | (12) | 2 |
Investments | Mortgage-backed securities - Residential | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 0 | 0 | 50 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 2 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | (47) |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | (5) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 0 | 0 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Mortgage-backed securities - Commercial | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 5 | 0 | 3 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 2 | 0 |
Transfers into Level 3 | 1 | 0 | 1 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 8 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | (8) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 6 | 0 | 6 | 0 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Mortgage-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 28 | 55 | 27 | 151 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 11 | 1 | 12 | 5 |
Transfers into Level 3 | 1 | 0 | 1 | 1 |
Transfers out of Level 3, assets | 0 | (6) | 0 | (102) |
Purchases, assets | 0 | 0 | 0 | 8 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | (13) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 40 | 50 | 40 | 50 |
Unrealized gains (losses) still held, assets | 12 | 0 | (12) | 2 |
Investments | U.S. Treasury and federal agency securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 1 | 0 | 2 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | (1) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 1 | 0 | 1 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | State and municipal securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 682 | 1,233 | 737 | 1,211 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 3 | 27 | (13) | 39 |
Transfers into Level 3 | 0 | 12 | 0 | 49 |
Transfers out of Level 3, assets | (9) | (3) | (18) | (33) |
Purchases, assets | 111 | 22 | 140 | 76 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (25) | (6) | (84) | (57) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 762 | 1,285 | 762 | 1,285 |
Unrealized gains (losses) still held, assets | 3 | 28 | (22) | 35 |
Investments | Foreign government | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 70 | 235 | 92 | 186 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (3) | 10 | (4) | 11 |
Transfers into Level 3 | 1 | 0 | 1 | 2 |
Transfers out of Level 3, assets | 0 | (1) | (2) | (19) |
Purchases, assets | 5 | 191 | 62 | 333 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (19) | (77) | (95) | (155) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 54 | 358 | 54 | 358 |
Unrealized gains (losses) still held, assets | (3) | 7 | (3) | 7 |
Investments | Corporate | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 76 | 339 | 71 | 311 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | (137) | (1) | (135) |
Transfers into Level 3 | 0 | 5 | 3 | 64 |
Transfers out of Level 3, assets | (2) | 0 | (2) | (4) |
Purchases, assets | 0 | 92 | 3 | 183 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (6) | (143) | (6) | (263) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 68 | 156 | 68 | 156 |
Unrealized gains (losses) still held, assets | 0 | 9 | 0 | 9 |
Investments | Equity securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 1 | 9 | 2 | 9 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | (1) | 0 |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 1 | 9 | 1 | 9 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Asset-backed securities | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 497 | 712 | 827 | 660 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (25) | 173 | (15) | 182 |
Transfers into Level 3 | 1 | 4 | 3 | 21 |
Transfers out of Level 3, assets | (2) | (13) | (344) | (13) |
Purchases, assets | 11 | 334 | 11 | 360 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (26) | (182) | (26) | (182) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 456 | 1,028 | 456 | 1,028 |
Unrealized gains (losses) still held, assets | (25) | 171 | (25) | 171 |
Investments | Other | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 10 | 0 | 21 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | 0 | 0 | 0 | (11) |
Settlements, assets | 0 | 0 | 0 | 0 |
Balance at end of period, asset | 0 | 10 | 0 | 10 |
Unrealized gains (losses) still held, assets | 0 | 0 | 0 | 0 |
Investments | Non-marketable equity investments measured using the measurement alternative | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 734 | 1,082 | 681 | 1,331 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (54) | 31 | (30) | (63) |
Transfers into Level 3 | 0 | 2 | 30 | 2 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 1 | 15 | 9 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (33) | (154) | (33) | (227) |
Settlements, assets | (36) | (23) | (52) | (113) |
Balance at end of period, asset | 611 | 939 | 611 | 939 |
Unrealized gains (losses) still held, assets | (23) | 66 | (7) | 79 |
Loans | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 554 | 580 | 550 | 568 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | (274) | (12) | (255) | (16) |
Transfers into Level 3 | 0 | 15 | 0 | 80 |
Transfers out of Level 3, assets | 60 | 0 | 59 | (16) |
Purchases, assets | 47 | 30 | 51 | 42 |
Issuance, assets | 0 | 0 | 0 | 0 |
Sales, assets | (6) | (33) | (22) | (76) |
Settlements, assets | 0 | (3) | (2) | (5) |
Balance at end of period, asset | 381 | 577 | 381 | 577 |
Unrealized gains (losses) still held, assets | 40 | 42 | 175 | 58 |
Mortgage servicing rights | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 587 | 567 | 558 | 1,564 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 11 | (11) | 57 | 56 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3, assets | 0 | 0 | 0 | 0 |
Purchases, assets | 0 | 0 | 0 | 0 |
Issuance, assets | 15 | 21 | 32 | 56 |
Sales, assets | (1) | 0 | (18) | (1,046) |
Settlements, assets | (16) | (17) | (33) | (70) |
Balance at end of period, asset | 596 | 560 | 596 | 560 |
Unrealized gains (losses) still held, assets | 11 | 3 | 57 | (40) |
Other financial assets measured on a recurring basis | ||||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||||
Balance at beginning of period, asset | 13 | 27 | 16 | 34 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 | 0 | 0 |
Net realized/unrealized gains (losses) included in locations other than principal transactions, assets | 14 | 29 | 22 | (160) |
Transfers into Level 3 | 0 | 0 | 0 | 3 |
Transfers out of Level 3, assets | (11) | (7) | (11) | (8) |
Purchases, assets | 0 | 0 | 4 | 0 |
Issuance, assets | 0 | 27 | 12 | 260 |
Sales, assets | (4) | (4) | (4) | (4) |
Settlements, assets | (12) | (55) | (39) | (108) |
Balance at end of period, asset | 0 | 17 | 0 | 17 |
Unrealized gains (losses) still held, assets | $ 14 | $ 26 | $ 33 | $ (57) |
FAIR VALUE MEASUREMENT - Lev128
FAIR VALUE MEASUREMENT - Level 3 Fair Value Rollforward Narrative (Details) - Long-term debt - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Fair value, assets and liabilities measured on recurring basis, level 3 fair-value category disclosures | ||||
Transfers into Level 3, liabilities | $ 815 | $ 321 | $ 1,755 | $ 521 |
Transfers out of Level 3, liabilities | $ 540 | $ 558 | $ 1,304 | $ 967 |
FAIR VALUE MEASUREMENT - Valuat
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Fair Value Measurements (Details) | Jun. 30, 2018USD ($)year | Dec. 31, 2017USD ($)year |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | $ 7,788,000,000 | |
Loans and leases | $ 148,000,000 | |
Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 66,000,000 | |
Mortgage-backed securities | 39,000,000 | |
State and municipal, foreign government, corporate and other debt securities | 1,103,000,000 | 949,000,000 |
Equity securities | 87,000,000 | 55,000,000 |
Loans and leases | 241,000,000 | 391,000,000 |
Mortgage servicing rights | 87,000,000 | 87,000,000 |
Interest-bearing deposits | 320,000,000 | 286,000,000 |
Federal funds purchased and securities loaned or sold under agreement to repurchase | 966,000,000 | 726,000,000 |
Securities sold, not yet purchased | 165,000,000 | |
Short-term borrowings and long-term debt | 13,928,000,000 | 13,100,000,000 |
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 24,000,000 | |
Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 16,000,000 | |
Price-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 156,000,000 | 214,000,000 |
State and municipal, foreign government, corporate and other debt securities | 895,000,000 | 914,000,000 |
Equity securities | 206,000,000 | 65,000,000 |
Asset-backed securities | 2,058,000,000 | 2,287,000,000 |
Non-marketable equities | 76,000,000 | 223,000,000 |
Loans and leases | 139,000,000 | |
Securities sold, not yet purchased | 23,000,000 | 21,000,000 |
Yield analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 110,000,000 | 184,000,000 |
Comparable analysis | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 505,000,000 | 423,000,000 |
Cash flow | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | $ 508,000,000 | $ 471,000,000 |
Minimum | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.0038 | |
Minimum | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0.0206 | 0.0143 |
Federal funds purchased and securities loaned or sold under agreement to repurchase | 0.0206 | 0.0143 |
Minimum | Model-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities, value | $ 2.34 | $ 0 |
Minimum | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.0143 | 0.0134 |
Minimum | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 0.0393 | |
Loans and leases | 0.0300 | |
Interest-bearing deposits | 0.0393 | |
Short-term borrowings and long-term debt | 0.0326 | |
Minimum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 0.8020 | |
Interest-bearing deposits | 0.8020 | 0.9956 |
Securities sold, not yet purchased | 0.2857 | |
Short-term borrowings and long-term debt | 0.6307 | 0.6974 |
Minimum | Model-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0 | 0.0100 |
Short-term borrowings and long-term debt | 0.0100 | |
Minimum | Model-based | Level 3 | IR normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.0849 | |
Minimum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | year | 2.50 | |
Mortgage servicing rights | year | 4.09 | 3.83 |
Minimum | Model-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.6100 | |
Minimum | Model-based | Level 3 | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.2500 | |
Minimum | Model-based | Level 3 | Redemption rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.1072 | |
Minimum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities, value | $ 0.01 | $ 2.96 |
Equity securities, value | 0 | 0 |
Asset-backed securities | 3 | 4.25 |
Loans and leases, value | 0.76 | |
Securities sold, not yet purchased, value | $ 0 | $ 1 |
Minimum | Price-based | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.0236 | |
Loans and leases | 0.0409 | 0.0309 |
Minimum | Price-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.0035 | 0.0035 |
Minimum | Price-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.0326 | |
Minimum | Price-based | Level 3 | Discount to price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0 | 0 |
Minimum | Price-based | Level 3 | IR normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.1502 | |
Minimum | Price-based | Level 3 | Equity-equity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | (0.8106) | |
Minimum | Price-based | Level 3 | Equity-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | (0.8274) | |
Minimum | Price-based | Level 3 | Price-to-book ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.05 | |
Minimum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 0.0271 | 0.0252 |
Minimum | Comparable analysis | Level 3 | EBITDA multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 7.30 | 6.90 |
Minimum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.0434 | 0.0800 |
Maximum | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.0275 | |
Maximum | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0.0367 | 0.0216 |
Federal funds purchased and securities loaned or sold under agreement to repurchase | 0.0324 | 0.0216 |
Maximum | Model-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities, value | $ 129.50 | $ 184.04 |
Maximum | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.0143 | 0.0500 |
Maximum | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 0.1242 | |
Loans and leases | 0.6893 | |
Interest-bearing deposits | 0.1242 | |
Short-term borrowings and long-term debt | 0.7493 | |
Maximum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 1.2454 | |
Interest-bearing deposits | 1.2454 | 0.9995 |
Securities sold, not yet purchased | 4.5429 | |
Short-term borrowings and long-term debt | 1.9578 | 1.6111 |
Maximum | Model-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.2000 | 0.2000 |
Short-term borrowings and long-term debt | 0.2000 | |
Maximum | Model-based | Level 3 | IR normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.7822 | |
Maximum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | year | 2.50 | |
Mortgage servicing rights | year | 7.74 | 6.89 |
Maximum | Model-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.6100 | |
Maximum | Model-based | Level 3 | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.4000 | |
Maximum | Model-based | Level 3 | Redemption rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.9950 | |
Maximum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities, value | $ 109.48 | $ 101 |
Equity securities, value | 456.89 | 25,450 |
Asset-backed securities | 100.89 | 100.60 |
Loans and leases, value | 238.35 | |
Securities sold, not yet purchased, value | $ 456.89 | $ 287.64 |
Maximum | Price-based | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.1425 | |
Loans and leases | 0.0409 | 0.0440 |
Maximum | Price-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.0500 | 0.0500 |
Maximum | Price-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.7493 | |
Maximum | Price-based | Level 3 | Discount to price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 1 | 1 |
Maximum | Price-based | Level 3 | IR normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.3188 | |
Maximum | Price-based | Level 3 | Equity-equity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 1 | |
Maximum | Price-based | Level 3 | Equity-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.5400 | |
Maximum | Price-based | Level 3 | Price-to-book ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 1 | |
Maximum | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 0.0881 | 0.1406 |
Maximum | Comparable analysis | Level 3 | EBITDA multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 10.40 | 12.80 |
Maximum | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.1214 | 0.1638 |
Weighted Average | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.0127 | |
Weighted Average | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0.0351 | 0.0209 |
Federal funds purchased and securities loaned or sold under agreement to repurchase | 0.0299 | 0.0209 |
Weighted Average | Model-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities, value | $ 92.65 | $ 91.74 |
Weighted Average | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans and leases | 0.0143 | 0.0173 |
Weighted Average | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 0.0920 | |
Loans and leases | 0.2252 | |
Interest-bearing deposits | 0.0920 | |
Short-term borrowings and long-term debt | 0.1205 | |
Weighted Average | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 1.0547 | |
Interest-bearing deposits | 1.0547 | 0.9972 |
Securities sold, not yet purchased | 1.0411 | |
Short-term borrowings and long-term debt | 1.0483 | 1.0070 |
Weighted Average | Model-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Interest-bearing deposits | 0.0785 | 0.1050 |
Short-term borrowings and long-term debt | 0.1050 | |
Weighted Average | Model-based | Level 3 | IR normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short-term borrowings and long-term debt | 0.5193 | |
Weighted Average | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | year | 2.50 | |
Mortgage servicing rights | year | 6.64 | 5.93 |
Weighted Average | Model-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.6100 | |
Weighted Average | Model-based | Level 3 | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.3156 | |
Weighted Average | Model-based | Level 3 | Redemption rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Nontrading derivatives and other financial assets and liabilities measured on a recurring basis (gross)(6) | 0.7424 | |
Weighted Average | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities, value | $ 83.75 | $ 56.52 |
Equity securities, value | 41.58 | 2,526.62 |
Asset-backed securities | 72.24 | 74.57 |
Loans and leases, value | 41.60 | |
Securities sold, not yet purchased, value | $ 93.88 | $ 88.19 |
Weighted Average | Price-based | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.0603 | |
Loans and leases | 0.0409 | 0.0313 |
Weighted Average | Price-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and municipal, foreign government, corporate and other debt securities | 0.0238 | 0.0249 |
Weighted Average | Price-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.1537 | |
Weighted Average | Price-based | Level 3 | Discount to price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.1537 | 0.1183 |
Weighted Average | Price-based | Level 3 | IR normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.1985 | |
Weighted Average | Price-based | Level 3 | Equity-equity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | 0.5540 | |
Weighted Average | Price-based | Level 3 | Equity-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Securities sold, not yet purchased | (0.3734) | |
Weighted Average | Price-based | Level 3 | Price-to-book ratio | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 0.32 | |
Weighted Average | Yield analysis | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage-backed securities | 0.0456 | 0.0597 |
Weighted Average | Comparable analysis | Level 3 | EBITDA multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-marketable equities | 8.88 | 8.66 |
Weighted Average | Cash flow | Level 3 | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | 0.0833 | 0.1147 |
Interest rate contracts | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 4,344,000,000 | $ 3,818,000,000 |
Interest rate contracts | Minimum | Model-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0100 | 0.0100 |
Interest rate contracts | Minimum | Model-based | Level 3 | Inflation volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0021 | |
Interest rate contracts | Minimum | Model-based | Level 3 | IR normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0010 | 0.0940 |
Interest rate contracts | Maximum | Model-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2000 | 0.2000 |
Interest rate contracts | Maximum | Model-based | Level 3 | Inflation volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0263 | |
Interest rate contracts | Maximum | Model-based | Level 3 | IR normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.7822 | 0.7740 |
Interest rate contracts | Weighted Average | Model-based | Level 3 | Mean reversion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1050 | 0.1050 |
Interest rate contracts | Weighted Average | Model-based | Level 3 | Inflation volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0075 | |
Interest rate contracts | Weighted Average | Model-based | Level 3 | IR normal volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5157 | 0.5886 |
Foreign exchange contracts | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 889,000,000 | $ 940,000,000 |
Foreign exchange contracts | Minimum | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0055) | |
Foreign exchange contracts | Minimum | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0034 | 0.0011 |
Foreign exchange contracts | Minimum | Model-based | Level 3 | FX volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0240 | 0.0458 |
Foreign exchange contracts | Minimum | Model-based | Level 3 | IR-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.5100) | (0.5100) |
Foreign exchange contracts | Minimum | Model-based | Level 3 | FX rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, value | $ 0 | |
Foreign exchange contracts | Minimum | Model-based | Level 3 | IR-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4000 | (0.0734) |
Foreign exchange contracts | Minimum | Model-based | Level 3 | IR basis | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0047) | |
Foreign exchange contracts | Maximum | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0028 | |
Foreign exchange contracts | Maximum | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2568 | 0.0717 |
Foreign exchange contracts | Maximum | Model-based | Level 3 | FX volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1805 | 0.1502 |
Foreign exchange contracts | Maximum | Model-based | Level 3 | IR-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4000 | 0.4000 |
Foreign exchange contracts | Maximum | Model-based | Level 3 | FX rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, value | $ 0.04 | |
Foreign exchange contracts | Maximum | Model-based | Level 3 | IR-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6000 | 0.6000 |
Foreign exchange contracts | Maximum | Model-based | Level 3 | IR basis | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0036 | |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | Interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0004 | |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0300 | 0.0173 |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | FX volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1079 | 0.0816 |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | IR-IR correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.3408 | 0.3656 |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | FX rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, value | $ 0.04 | |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | IR-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5000 | 0.4904 |
Foreign exchange contracts | Weighted Average | Model-based | Level 3 | IR basis | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.0019) | |
Equity contracts | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 2,038,000,000 | $ 2,897,000,000 |
Equity contracts | Minimum | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0326 | 0.0300 |
Equity contracts | Minimum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6307 | 0.6974 |
Equity contracts | Minimum | Model-based | Level 3 | Equity-equity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.8106) | |
Equity contracts | Minimum | Model-based | Level 3 | Equity-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.8300) | |
Equity contracts | Minimum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | year | 2 | |
Equity contracts | Maximum | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.7493 | 0.6893 |
Equity contracts | Maximum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.5910 | 1.5419 |
Equity contracts | Maximum | Model-based | Level 3 | Equity-equity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1 | |
Equity contracts | Maximum | Model-based | Level 3 | Equity-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5400 | |
Equity contracts | Maximum | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | year | 4.43 | |
Equity contracts | Weighted Average | Model-based | Level 3 | Equity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2661 | 0.2466 |
Equity contracts | Weighted Average | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.0093 | 0.9280 |
Equity contracts | Weighted Average | Model-based | Level 3 | Equity-equity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5536 | |
Equity contracts | Weighted Average | Model-based | Level 3 | Equity-FX correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.3730) | |
Equity contracts | Weighted Average | Model-based | Level 3 | WAL | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | year | 2.90 | |
Commodity contracts | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 3,095,000,000 | $ 2,937,000,000 |
Commodity contracts | Minimum | Level 3 | Commodity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.3764) | |
Commodity contracts | Minimum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2857 | 0.0366 |
Commodity contracts | Minimum | Model-based | Level 3 | Commodity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0933 | 0.0860 |
Commodity contracts | Minimum | Model-based | Level 3 | Commodity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | (0.5224) | |
Commodity contracts | Maximum | Level 3 | Commodity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9171 | |
Commodity contracts | Maximum | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 4.5429 | 2.9059 |
Commodity contracts | Maximum | Model-based | Level 3 | Commodity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4605 | 0.6673 |
Commodity contracts | Maximum | Model-based | Level 3 | Commodity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9144 | |
Commodity contracts | Weighted Average | Level 3 | Commodity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1521 | |
Commodity contracts | Weighted Average | Model-based | Level 3 | Forward price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 1.0829 | 1.1416 |
Commodity contracts | Weighted Average | Model-based | Level 3 | Commodity volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2151 | 0.2504 |
Commodity contracts | Weighted Average | Model-based | Level 3 | Commodity correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2232 | |
Credit derivatives | Model-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 1,778,000,000 | $ 1,797,000,000 |
Credit derivatives | Price-based | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 781,000,000 | $ 823,000,000 |
Credit derivatives | Minimum | Model-based | Level 3 | Credit correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.2500 | 0.2500 |
Credit derivatives | Minimum | Model-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0603 | |
Credit derivatives | Minimum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, value | $ 10.31 | $ 1 |
Credit derivatives | Minimum | Price-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0004 | 0.0003 |
Credit derivatives | Minimum | Price-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0167 | |
Credit derivatives | Minimum | Price-based | Level 3 | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0500 | |
Credit derivatives | Maximum | Model-based | Level 3 | Credit correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.8000 | 0.9000 |
Credit derivatives | Maximum | Model-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9726 | |
Credit derivatives | Maximum | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, value | $ 225 | $ 100.24 |
Credit derivatives | Maximum | Price-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.1266 | 0.1636 |
Credit derivatives | Maximum | Price-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.9799 | |
Credit derivatives | Maximum | Price-based | Level 3 | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6500 | |
Credit derivatives | Weighted Average | Model-based | Level 3 | Credit correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.4267 | 0.4464 |
Credit derivatives | Weighted Average | Model-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.6288 | |
Credit derivatives | Weighted Average | Price-based | Level 3 | Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, value | $ 88.72 | $ 57.63 |
Credit derivatives | Weighted Average | Price-based | Level 3 | Credit spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.0110 | 0.0173 |
Credit derivatives | Weighted Average | Price-based | Level 3 | Upfront points | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5621 | |
Credit derivatives | Weighted Average | Price-based | Level 3 | Recovery rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 0.5048 |
FAIR VALUE MEASUREMENT - Ite130
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Items Measured at Fair Value on a Nonrecurring Basis | ||
Non-marketable equity investments measured using the measurement alternative | $ 8,245 | |
Nonrecurring | Level 2 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | $ 1,703 | 2,066 |
Other real estate owned | 53 | 10 |
Loans | 184 | 216 |
Non-marketable equity investments measured using the measurement alternative | 107 | |
Total assets | 2,047 | 2,292 |
Nonrecurring | Level 3 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 2,582 | 3,609 |
Other real estate owned | 24 | 44 |
Loans | 216 | 414 |
Non-marketable equity investments measured using the measurement alternative | 5 | |
Total assets | 2,827 | 4,067 |
Fair value | Nonrecurring | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 4,285 | 5,675 |
Other real estate owned | 77 | 54 |
Loans | 400 | 630 |
Non-marketable equity investments measured using the measurement alternative | 112 | |
Total assets | $ 4,874 | $ 6,359 |
FAIR VALUE MEASUREMENT - Val131
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements (Details) - Nonrecurring | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | $ (42,000,000) | $ (38,000,000) | $ 62,000,000 | $ (56,000,000) | |
Loans held-for-sale | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | (7,000,000) | (5,000,000) | (8,000,000) | (5,000,000) | |
Other real estate owned | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | (1,000,000) | (3,000,000) | (1,000,000) | (3,000,000) | |
Loans | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | (33,000,000) | (30,000,000) | (33,000,000) | (48,000,000) | |
Non-marketable equity investments measured using the measurement alternative | |||||
Nonrecurring fair value changes included in earnings | |||||
Nonrecurring fair value measurements included in earnings | (1,000,000) | $ 0 | 104,000,000 | $ 0 | |
Level 3 | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 2,582,000,000 | 2,582,000,000 | $ 3,609,000,000 | ||
Level 3 | Price-based | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 2,240,000,000 | 2,240,000,000 | 3,186,000,000 | ||
Other real estate owned | 20,000,000 | 20,000,000 | 42,000,000 | ||
Loans | 75,000,000 | 75,000,000 | 133,000,000 | ||
Level 3 | Cash flow | |||||
Valuation techniques and inputs | |||||
Loans | 22,000,000 | 22,000,000 | 129,000,000 | ||
Level 3 | Recovery analysis | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 3,000,000 | 3,000,000 | |||
Loans | 98,000,000 | 98,000,000 | 127,000,000 | ||
Price | Level 3 | Price-based | Minimum | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 75 | 75 | 77.93 | ||
Other real estate owned | 30 | ||||
Loans | 2.80 | ||||
Price | Level 3 | Price-based | Maximum | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 100 | 100 | 100 | ||
Other real estate owned | 50.36 | ||||
Loans | 100 | ||||
Price | Level 3 | Price-based | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans held-for-sale | 98.63 | 98.63 | 99.26 | ||
Other real estate owned | 49.09 | ||||
Loans | 62.46 | ||||
Price | Level 3 | Recovery analysis | Minimum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 54.93 | 54.93 | |||
Loans | 91.50 | 91.50 | |||
Price | Level 3 | Recovery analysis | Maximum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 54.93 | 54.93 | |||
Loans | 100 | 100 | |||
Price | Level 3 | Recovery analysis | Weighted Average | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 54.93 | 54.93 | |||
Loans | 99.17 | 99.17 | |||
Appraised value | Level 3 | Price-based | Minimum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 470,964 | 470,964 | 20,278 | ||
Loans | 30,653,667 | 30,653,667 | |||
Appraised value | Level 3 | Price-based | Maximum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 8,394,102 | 8,394,102 | 8,091,760 | ||
Loans | 465,594,643 | 465,594,643 | |||
Appraised value | Level 3 | Price-based | Weighted Average | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 6,714,334 | 6,714,334 | 4,016,665 | ||
Loans | $ 126,532,515 | $ 126,532,515 | |||
Appraised value | Level 3 | Recovery analysis | Minimum | |||||
Valuation techniques and inputs | |||||
Loans | 0 | ||||
Appraised value | Level 3 | Recovery analysis | Maximum | |||||
Valuation techniques and inputs | |||||
Loans | 45,500,000 | ||||
Appraised value | Level 3 | Recovery analysis | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans | $ 38,785,667 | ||||
Discount to price | Level 3 | Price-based | Minimum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 0.3400 | ||||
Discount to price | Level 3 | Price-based | Maximum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 0.3400 | ||||
Discount to price | Level 3 | Price-based | Weighted Average | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 0.3400 | ||||
Discount to price | Level 3 | Recovery analysis | Minimum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 0.1300 | 0.1300 | |||
Discount to price | Level 3 | Recovery analysis | Maximum | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 0.1300 | 0.1300 | |||
Discount to price | Level 3 | Recovery analysis | Weighted Average | |||||
Valuation techniques and inputs | |||||
Other real estate owned | 0.1300 | 0.1300 | |||
Recovery rate | Level 3 | Cash flow | Minimum | |||||
Valuation techniques and inputs | |||||
Loans | 0.0900 | 0.0900 | 0.5000 | ||
Recovery rate | Level 3 | Cash flow | Maximum | |||||
Valuation techniques and inputs | |||||
Loans | 0.0900 | 0.0900 | 1 | ||
Recovery rate | Level 3 | Cash flow | Weighted Average | |||||
Valuation techniques and inputs | |||||
Loans | 0.0900 | 0.0900 | 0.6359 |
FAIR VALUE MEASUREMENT - Estima
FAIR VALUE MEASUREMENT - Estimate Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||||||
Loans | $ 3,000 | $ 4,374 | ||||
Liabilities | ||||||
Deposits | 996,730 | 959,822 | ||||
Allowance for loan losses | 12,126 | $ 12,354 | 12,355 | $ 12,025 | $ 12,030 | $ 12,060 |
Lease finance receivables | 1,600 | 1,700 | ||||
Corporate | ||||||
Assets | ||||||
Loans | 2,978 | 4,349 | ||||
Liabilities | ||||||
Allowance for loan losses | 2,330 | $ 2,315 | 2,486 | $ 2,510 | $ 2,535 | $ 2,702 |
Carrying value | ||||||
Assets | ||||||
Investments | 58,800 | 60,200 | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 96,400 | 99,500 | ||||
Loans | 654,400 | 648,600 | ||||
Other financial assets | 265,000 | 242,600 | ||||
Liabilities | ||||||
Deposits | 995,100 | 958,400 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 128,600 | 115,600 | ||||
Long-term debt | 201,400 | 205,300 | ||||
Other financial liabilities | 111,900 | 129,900 | ||||
Fair value | ||||||
Assets | ||||||
Investments | 58,300 | 60,600 | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 96,400 | 99,500 | ||||
Loans | 648,800 | 644,900 | ||||
Other financial assets | 265,400 | 243,000 | ||||
Liabilities | ||||||
Deposits | 992,800 | 955,600 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 128,600 | 115,600 | ||||
Long-term debt | 204,600 | 214,000 | ||||
Other financial liabilities | 111,900 | 129,900 | ||||
Fair value | Level 1 | ||||||
Assets | ||||||
Investments | 1,100 | 500 | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 0 | 0 | ||||
Loans | 0 | 0 | ||||
Other financial assets | 187,300 | 166,400 | ||||
Liabilities | ||||||
Deposits | 3,000 | 0 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Other financial liabilities | 0 | 0 | ||||
Fair value | Level 2 | ||||||
Assets | ||||||
Investments | 55,200 | 57,500 | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 91,800 | 94,400 | ||||
Loans | 5,600 | 6,000 | ||||
Other financial assets | 13,600 | 14,100 | ||||
Liabilities | ||||||
Deposits | 844,400 | 816,100 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 128,500 | 115,600 | ||||
Long-term debt | 186,300 | 187,200 | ||||
Other financial liabilities | 15,700 | 15,500 | ||||
Fair value | Level 3 | ||||||
Assets | ||||||
Investments | 2,000 | 2,600 | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 4,600 | 5,100 | ||||
Loans | 643,200 | 638,900 | ||||
Other financial assets | 64,500 | 62,500 | ||||
Liabilities | ||||||
Deposits | 145,400 | 139,500 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 100 | 0 | ||||
Long-term debt | 18,300 | 26,800 | ||||
Other financial liabilities | 96,200 | 114,400 | ||||
Fair value | Level 3 | Corporate | ||||||
Fair value measurements additional disclosures | ||||||
Unfunded lending commitments | $ 4,200 | $ 3,200 |
FAIR VALUE ELECTIONS - Changes
FAIR VALUE ELECTIONS - Changes in Fair Value Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | $ 19 | $ (58) | $ 3 | $ (91) |
Trading account assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (85) | 232 | (101) | 662 |
Investments | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 0 | (3) | 0 | (3) |
Corporate | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (3) | (5) | (126) | 19 |
Consumer loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 0 | 2 | 0 | 2 |
Loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (3) | (3) | (126) | 21 |
MSRs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 11 | (11) | 57 | 56 |
Certain mortgage loans held for sale | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 10 | 44 | 12 | 81 |
Total other assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 21 | 33 | 69 | 137 |
Total assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (48) | 201 | (155) | 726 |
Interest-bearing deposits | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 10 | (30) | 38 | (44) |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (15) | (527) | (126) | 86 |
Trading account liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (15) | 18 | (21) | 44 |
Short-term borrowings | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | (59) | (99) | 118 | (80) |
Long-term debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | 921 | (132) | 1,539 | (464) |
Total liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||||
Fair value elections, changes in fair value gains (losses) | $ 842 | $ (770) | $ 1,548 | $ (458) |
FAIR VALUE ELECTIONS - Valuatio
FAIR VALUE ELECTIONS - Valuation Adjustments, Fair Value Option for Financial Assets and Financial Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Fair Value Option Quantitative Disclosures | |||||
Gain (loss) on change in estimated fair value of debt liabilities due to change in company's own credit risk | $ 418 | $ (132) | $ 585 | $ (227) | |
Balance of non-accrual loans or loans more than 90 days past due | 0 | 0 | $ 0 | ||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 0 | 0 | 0 | ||
Certain loans and other credit product | |||||
Fair Value Option Quantitative Disclosures | |||||
Changes in fair value due to instrument-specific credit risk gain | (20) | $ 25 | |||
Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 573 | 573 | 623 | ||
Balance of non-accrual loans or loans more than 90 days past due | 0 | 0 | 0 | ||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 0 | 0 | 0 | ||
Certain loans and other credit product | Loans | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 838 | 838 | 682 | ||
Balance of non-accrual loans or loans more than 90 days past due | 1 | 1 | 1 | ||
Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due | 0 | 0 | 1 | ||
Certain debt host contracts across unallocated precious metals accounts | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 400 | 400 | 900 | ||
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Purchased | |||||
Fair Value Option Quantitative Disclosures | |||||
Derivative notionals | 10,800 | 10,800 | |||
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Sold | |||||
Fair Value Option Quantitative Disclosures | |||||
Derivative notionals | 10,000 | 10,000 | |||
Mortgage receivable | |||||
Fair Value Option Quantitative Disclosures | |||||
Aggregate unpaid principal balance in excess of (less than) fair value | 11 | 11 | 14 | ||
Carrying amount | Certain loans and other credit product | Trading assets | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 9,653 | 9,653 | 8,851 | ||
Carrying amount | Certain loans and other credit product | Loans | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 3,000 | 3,000 | 4,374 | ||
Carrying amount | Loans held-for-sale | |||||
Fair Value Option Quantitative Disclosures | |||||
Carrying amount reported on the Consolidated Balance Sheet | 386 | 386 | 426 | ||
Fair value | Certain loans and other credit product | |||||
Fair Value Option Quantitative Disclosures | |||||
Unfunded lending commitments | $ 529 | $ 529 | $ 508 |
FAIR VALUE ELECTIONS - Certain
FAIR VALUE ELECTIONS - Certain Structured and Non-Structured Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 33,000 | $ 29,300 |
Long-term debt | ||
Certain non-structured liabilities | ||
Aggregate unpaid principal balance in excess of (less than) fair value, long-term | 1,548 | (579) |
Long-term debt | Carrying amount | ||
Certain non-structured liabilities | ||
Carrying amount reported on the Consolidated Balance Sheet | 35,462 | 31,392 |
Short-term borrowings | ||
Certain non-structured liabilities | ||
Aggregate unpaid principal balance in excess of (less than) fair value, short-term | 586 | 74 |
Short-term borrowings | Carrying amount | ||
Certain non-structured liabilities | ||
Carrying amount reported on the Consolidated Balance Sheet | 4,093 | 4,627 |
Interest rate linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 16,300 | 13,900 |
Foreign exchange linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 300 | 300 |
Equity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 14,600 | 13,000 |
Commodity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 200 | 200 |
Credit linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 1,600 | $ 1,900 |
GUARANTEES AND COMMITMENTS - Gu
GUARANTEES AND COMMITMENTS - Guarantees (Details) | Jun. 30, 2018USD ($)trust | Dec. 31, 2017USD ($)trust |
Maximum potential amount of future payments | ||
Expire within 1 year | $ 269,100,000,000 | $ 235,600,000,000 |
Expire after 1 year | 191,000,000,000 | 192,200,000,000 |
Total amount outstanding | 460,100,000,000 | 427,800,000,000 |
Carrying value | $ 873,000,000 | $ 809,000,000 |
Number of trusts funded by the reinsurer | trust | 2 | 2 |
Fair value of securities in trusts funded by reinsurer relating to indemnification | $ 7,400,000,000 | $ 7,500,000,000 |
Liability related to long-term care insurance indemnification | 0 | 0 |
Cash collateral available to reimburse losses realized under guarantees and indemnifications | 51,000,000,000 | 46,000,000,000 |
Securities and other marketable assets held as collateral | 85,000,000,000 | 70,000,000,000 |
Letters of credit in favor of the Company held as collateral | 3,800,000,000 | 3,700,000,000 |
Financial standby letters of credit | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 30,100,000,000 | 27,900,000,000 |
Expire after 1 year | 64,200,000,000 | 65,900,000,000 |
Total amount outstanding | 94,300,000,000 | 93,800,000,000 |
Carrying value | 149,000,000 | 93,000,000 |
Performance guarantees | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 7,700,000,000 | 7,200,000,000 |
Expire after 1 year | 4,200,000,000 | 4,100,000,000 |
Total amount outstanding | 11,900,000,000 | 11,300,000,000 |
Carrying value | 29,000,000 | 20,000,000 |
Derivative instruments deemed to be guarantees | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 15,500,000,000 | 11,000,000,000 |
Expire after 1 year | 84,100,000,000 | 84,900,000,000 |
Total amount outstanding | 99,600,000,000 | 95,900,000,000 |
Carrying value | 396,000,000 | 423,000,000 |
Loans sold with recourse | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 0 | 0 |
Expire after 1 year | 300,000,000 | 200,000,000 |
Total amount outstanding | 300,000,000 | 200,000,000 |
Carrying value | 9,000,000 | 9,000,000 |
Repurchase reserve for Consumer mortgages representations and warranties | 56,000,000 | 66,000,000 |
Securities lending indemnifications | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 121,500,000,000 | 103,700,000,000 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 121,500,000,000 | 103,700,000,000 |
Carrying value | 0 | 0 |
Credit card merchant processing | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 94,200,000,000 | 85,500,000,000 |
Expire after 1 year | 0 | 0 |
Total amount outstanding | 94,200,000,000 | 85,500,000,000 |
Carrying value | 0 | 0 |
Credit card arrangements with partners | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 100,000,000 | 300,000,000 |
Expire after 1 year | 1,100,000,000 | 1,100,000,000 |
Total amount outstanding | 1,200,000,000 | 1,400,000,000 |
Carrying value | 162,000,000 | 205,000,000 |
Custody indemnifications and other | ||
Maximum potential amount of future payments | ||
Expire within 1 year | 0 | 0 |
Expire after 1 year | 37,100,000,000 | 36,000,000,000 |
Total amount outstanding | 37,100,000,000 | 36,000,000,000 |
Carrying value | 128,000,000 | 59,000,000 |
Futures and over-the-counter derivatives clearing | ||
Maximum potential amount of future payments | ||
Amount of cash initial margin collected and remitted | $ 12,500,000,000 | $ 10,700,000,000 |
GUARANTEES AND COMMITMENTS - Pe
GUARANTEES AND COMMITMENTS - Performance Risk (Details) - USD ($) $ in Billions | Jun. 30, 2018 | Dec. 31, 2017 |
Guarantor Obligations | ||
Maximum potential amount of future payments | $ 460.1 | $ 427.8 |
Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 97.9 | 99.7 |
Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 27.2 | 25.6 |
Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 335 | 302.5 |
Financial standby letters of credit | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 94.3 | 93.8 |
Financial standby letters of credit | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 64.9 | 68.1 |
Financial standby letters of credit | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 12.3 | 10.9 |
Financial standby letters of credit | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 17.1 | 14.8 |
Performance guarantees | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 11.9 | 11.3 |
Performance guarantees | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 8.7 | 7.9 |
Performance guarantees | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 2.1 | 2.4 |
Performance guarantees | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.1 | 1 |
Derivative instruments deemed to be guarantees | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 99.6 | 95.9 |
Derivative instruments deemed to be guarantees | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Derivative instruments deemed to be guarantees | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Derivative instruments deemed to be guarantees | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 99.6 | 95.9 |
Loans sold with recourse | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0.3 | 0.2 |
Loans sold with recourse | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Loans sold with recourse | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Loans sold with recourse | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0.3 | 0.2 |
Securities lending indemnifications | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 121.5 | 103.7 |
Securities lending indemnifications | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Securities lending indemnifications | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Securities lending indemnifications | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 121.5 | 103.7 |
Credit card merchant processing | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 94.2 | 85.5 |
Credit card merchant processing | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Credit card merchant processing | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Credit card merchant processing | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 94.2 | 85.5 |
Credit card arrangements with partners | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.2 | 1.4 |
Credit card arrangements with partners | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Credit card arrangements with partners | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 0 | 0 |
Credit card arrangements with partners | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 1.2 | 1.4 |
Custody indemnifications and other | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 37.1 | 36 |
Custody indemnifications and other | Investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 24.3 | 23.7 |
Custody indemnifications and other | Non-investment grade | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | 12.8 | 12.3 |
Custody indemnifications and other | Not rated | ||
Guarantor Obligations | ||
Maximum potential amount of future payments | $ 0 | $ 0 |
GUARANTEES AND COMMITMENTS - Cr
GUARANTEES AND COMMITMENTS - Credit Commitments and Lines of Credit (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Guarantor Obligations | ||
Credit commitments | $ 1,031,280 | $ 985,174 |
Unsettled reverse repurchase and securities borrowing agreements | 54,300 | 35,000 |
Unsettled repurchase and securities lending agreements | 42,400 | 19,100 |
Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 5,556 | 5,000 |
One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 3,360 | 2,674 |
Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 11,725 | 12,323 |
Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 13,315 | 11,151 |
Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 693,295 | 678,300 |
Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 301,008 | 272,655 |
Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | 3,021 | $ 3,071 |
U.S. | ||
Guarantor Obligations | ||
Credit commitments | 825,043 | |
U.S. | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 865 | |
U.S. | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 1,561 | |
U.S. | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 10,308 | |
U.S. | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 10,927 | |
U.S. | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 600,259 | |
U.S. | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 198,912 | |
U.S. | Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | 2,211 | |
Outside of U.S. | ||
Guarantor Obligations | ||
Credit commitments | 206,237 | |
Outside of U.S. | Commercial and similar letters of credit | ||
Guarantor Obligations | ||
Credit commitments | 4,691 | |
Outside of U.S. | One- to four-family residential mortgages | ||
Guarantor Obligations | ||
Credit commitments | 1,799 | |
Outside of U.S. | Revolving open-end loans secured by one- to four-family residential properties | ||
Guarantor Obligations | ||
Credit commitments | 1,417 | |
Outside of U.S. | Commercial real estate, construction and land development | ||
Guarantor Obligations | ||
Credit commitments | 2,388 | |
Outside of U.S. | Credit card lines | ||
Guarantor Obligations | ||
Credit commitments | 93,036 | |
Outside of U.S. | Commercial and other consumer loan commitments | ||
Guarantor Obligations | ||
Credit commitments | 102,096 | |
Outside of U.S. | Other commitments and contingencies | ||
Guarantor Obligations | ||
Credit commitments | $ 810 |
GUARANTEES AND COMMITMENTS - Re
GUARANTEES AND COMMITMENTS - Restricted Cash (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 30,479 | $ 30,815 |
Cash and due from banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 2,855 | 3,151 |
Deposits with banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 27,624 | $ 27,664 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) - USD ($) $ in Millions | Jun. 15, 2018 | Jun. 30, 2018 |
Loss Contingencies [Line Items] | ||
Loss contingency, portion not accrued | $ 1,000 | |
LIBOR-based Financial Instruments Antitrust Litigation | ||
Loss Contingencies [Line Items] | ||
Litigation settlement expense | $ 100 |
CONDENSED CONSOLIDATING FINA141
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statements of Income and Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | ||||
Dividends from subsidiaries | $ 0 | $ 0 | $ 0 | $ 0 |
Interest revenue | 17,550 | 15,294 | 33,882 | 29,815 |
Interest revenue—intercompany | 0 | 0 | 0 | 0 |
Interest expense | 5,885 | 4,036 | 11,045 | 7,602 |
Interest expense—intercompany | 0 | 0 | 0 | 0 |
Net interest revenue | 11,665 | 11,258 | 22,837 | 22,213 |
Commissions and fees | 3,111 | 3,256 | 6,141 | 6,311 |
Commissions and fees—intercompany | 0 | 0 | 0 | 0 |
Principal transactions | 2,151 | 2,643 | 5,440 | 5,737 |
Principal transactions—intercompany | 0 | 0 | 0 | 0 |
Other income | 1,542 | 998 | 2,923 | 2,260 |
Other income—intercompany | 0 | 0 | 0 | 0 |
Total non-interest revenues | 6,804 | 6,897 | 14,504 | 14,308 |
Revenue | 18,469 | 18,155 | 37,341 | 36,521 |
Provisions for credit losses and for benefits and claims | 1,812 | 1,717 | 3,669 | 3,379 |
Operating expenses | ||||
Compensation and benefits | 5,452 | 5,463 | 11,259 | 10,997 |
Compensation and benefits—intercompany | 0 | 0 | 0 | 0 |
Other operating | 5,260 | 5,297 | 10,378 | 10,486 |
Other operating—intercompany | 0 | 0 | 0 | 0 |
Total operating expenses | 10,712 | 10,760 | 21,637 | 21,483 |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | 5,945 | 5,678 | 12,035 | 11,659 |
Provision for income taxes | 1,444 | 1,795 | 2,885 | 3,658 |
Income from continuing operations | 4,501 | 3,883 | 9,150 | 8,001 |
Income (loss) from discontinued operations, net of taxes | 15 | 21 | 8 | 3 |
Net income before attribution of noncontrolling interests | 4,516 | 3,904 | 9,158 | 8,004 |
Noncontrolling interests | 26 | 32 | 48 | 42 |
Citigroup’s net income | 4,490 | 3,872 | 9,110 | 7,962 |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | (2,875) | 514 | (2,823) | 1,978 |
Citigroup’s total comprehensive income | 1,615 | 4,386 | 6,287 | 9,940 |
Add: Other comprehensive income attributable to noncontrolling interests | (57) | 39 | (43) | 70 |
Add: Net income attributable to noncontrolling interests | 26 | 32 | 48 | 42 |
Total comprehensive income (loss) | 1,584 | 4,457 | 6,292 | 10,052 |
Reportable legal entities | Citigroup parent company | ||||
Revenues | ||||
Dividends from subsidiaries | 3,115 | 2,515 | 8,700 | 6,265 |
Interest revenue | 14 | (1) | 66 | 0 |
Interest revenue—intercompany | 1,225 | 1,076 | 2,355 | 1,869 |
Interest expense | 1,141 | 1,136 | 2,051 | 2,354 |
Interest expense—intercompany | 388 | 263 | 975 | 353 |
Net interest revenue | (290) | (324) | (605) | (838) |
Commissions and fees | 0 | 0 | 0 | 0 |
Commissions and fees—intercompany | (1) | (1) | (1) | (1) |
Principal transactions | (1,206) | 1,122 | (175) | 959 |
Principal transactions—intercompany | (472) | 396 | (858) | 600 |
Other income | 1,479 | (1,601) | 551 | (1,640) |
Other income—intercompany | (120) | 161 | (65) | 38 |
Total non-interest revenues | (320) | 77 | (548) | (44) |
Revenue | 2,505 | 2,268 | 7,547 | 5,383 |
Provisions for credit losses and for benefits and claims | 0 | 0 | 0 | 0 |
Operating expenses | ||||
Compensation and benefits | 1 | (1) | 135 | (15) |
Compensation and benefits—intercompany | 29 | 20 | 63 | 51 |
Other operating | (53) | (344) | (9) | (316) |
Other operating—intercompany | 13 | 10 | 25 | (49) |
Total operating expenses | (10) | (315) | 214 | (329) |
Equity in undistributed income of subsidiaries | 1,483 | 1,183 | 1,038 | 1,770 |
Income (loss) from continuing operations before income taxes | 3,998 | 3,766 | 8,371 | 7,482 |
Provision for income taxes | (492) | (106) | (739) | (480) |
Income from continuing operations | 4,490 | 3,872 | 9,110 | 7,962 |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income before attribution of noncontrolling interests | 4,490 | 3,872 | 9,110 | 7,962 |
Noncontrolling interests | 0 | 0 | 0 | 0 |
Citigroup’s net income | 4,490 | 3,872 | 9,110 | 7,962 |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | (2,875) | 514 | (2,823) | 1,978 |
Citigroup’s total comprehensive income | 1,615 | 4,386 | 6,287 | 9,940 |
Add: Other comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Add: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) | 1,615 | 4,386 | 6,287 | 9,940 |
Reportable legal entities | CGMHI | ||||
Revenues | ||||
Dividends from subsidiaries | 0 | 0 | 0 | 0 |
Interest revenue | 2,398 | 1,405 | 4,053 | 2,431 |
Interest revenue—intercompany | 399 | 377 | 782 | 534 |
Interest expense | 1,314 | 541 | 2,327 | 935 |
Interest expense—intercompany | 896 | 658 | 1,668 | 1,086 |
Net interest revenue | 587 | 583 | 840 | 944 |
Commissions and fees | 1,347 | 1,348 | 2,599 | 2,671 |
Commissions and fees—intercompany | 91 | 108 | 91 | 110 |
Principal transactions | (697) | 218 | 224 | 1,876 |
Principal transactions—intercompany | 1,279 | 617 | 1,471 | 194 |
Other income | 188 | 70 | 341 | 139 |
Other income—intercompany | (19) | (3) | 31 | 3 |
Total non-interest revenues | 2,189 | 2,358 | 4,757 | 4,993 |
Revenue | 2,776 | 2,941 | 5,597 | 5,937 |
Provisions for credit losses and for benefits and claims | (24) | 1 | (24) | 1 |
Operating expenses | ||||
Compensation and benefits | 1,282 | 1,212 | 2,547 | 2,474 |
Compensation and benefits—intercompany | 0 | 0 | 0 | 0 |
Other operating | 578 | 532 | 1,126 | 1,045 |
Other operating—intercompany | 693 | 617 | 1,271 | 1,323 |
Total operating expenses | 2,553 | 2,361 | 4,944 | 4,842 |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | 247 | 579 | 677 | 1,094 |
Provision for income taxes | 619 | 261 | 684 | 476 |
Income from continuing operations | (372) | 318 | (7) | 618 |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income before attribution of noncontrolling interests | (372) | 318 | (7) | 618 |
Noncontrolling interests | 0 | 0 | 0 | 0 |
Citigroup’s net income | (372) | 318 | (7) | 618 |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | (72) | (38) | 10 | (58) |
Citigroup’s total comprehensive income | (444) | 280 | 3 | 560 |
Add: Other comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Add: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) | (444) | 280 | 3 | 560 |
Reportable legal entities | Other Citigroup subsidiaries and eliminations | ||||
Revenues | ||||
Dividends from subsidiaries | 0 | 0 | 0 | 0 |
Interest revenue | 15,138 | 13,890 | 29,763 | 27,384 |
Interest revenue—intercompany | (1,624) | (1,453) | (3,137) | (2,403) |
Interest expense | 3,430 | 2,359 | 6,667 | 4,313 |
Interest expense—intercompany | (1,284) | (921) | (2,643) | (1,439) |
Net interest revenue | 11,368 | 10,999 | 22,602 | 22,107 |
Commissions and fees | 1,764 | 1,908 | 3,542 | 3,640 |
Commissions and fees—intercompany | (90) | (107) | (90) | (109) |
Principal transactions | 4,054 | 1,303 | 5,391 | 2,902 |
Principal transactions—intercompany | (807) | (1,013) | (613) | (794) |
Other income | (125) | 2,529 | 2,031 | 3,761 |
Other income—intercompany | 139 | (158) | 34 | (41) |
Total non-interest revenues | 4,935 | 4,462 | 10,295 | 9,359 |
Revenue | 16,303 | 15,461 | 32,897 | 31,466 |
Provisions for credit losses and for benefits and claims | 1,836 | 1,716 | 3,693 | 3,378 |
Operating expenses | ||||
Compensation and benefits | 4,169 | 4,252 | 8,577 | 8,538 |
Compensation and benefits—intercompany | (29) | (20) | (63) | (51) |
Other operating | 4,735 | 5,109 | 9,261 | 9,757 |
Other operating—intercompany | (706) | (627) | (1,296) | (1,274) |
Total operating expenses | 8,169 | 8,714 | 16,479 | 16,970 |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | 6,298 | 5,031 | 12,725 | 11,118 |
Provision for income taxes | 1,317 | 1,640 | 2,940 | 3,662 |
Income from continuing operations | 4,981 | 3,391 | 9,785 | 7,456 |
Income (loss) from discontinued operations, net of taxes | 15 | 21 | 8 | 3 |
Net income before attribution of noncontrolling interests | 4,996 | 3,412 | 9,793 | 7,459 |
Noncontrolling interests | 26 | 32 | 48 | 42 |
Citigroup’s net income | 4,970 | 3,380 | 9,745 | 7,417 |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | 5,401 | (155) | 2,245 | (3,876) |
Citigroup’s total comprehensive income | 10,371 | 3,225 | 11,990 | 3,541 |
Add: Other comprehensive income attributable to noncontrolling interests | (57) | 39 | (43) | 70 |
Add: Net income attributable to noncontrolling interests | 26 | 32 | 48 | 42 |
Total comprehensive income (loss) | 10,340 | 3,296 | 11,995 | 3,653 |
Consolidating adjustments | ||||
Revenues | ||||
Dividends from subsidiaries | (3,115) | (2,515) | (8,700) | (6,265) |
Interest revenue | 0 | 0 | 0 | 0 |
Interest revenue—intercompany | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Interest expense—intercompany | 0 | 0 | 0 | 0 |
Net interest revenue | 0 | 0 | 0 | 0 |
Commissions and fees | 0 | 0 | 0 | 0 |
Commissions and fees—intercompany | 0 | 0 | 0 | 0 |
Principal transactions | 0 | 0 | 0 | 0 |
Principal transactions—intercompany | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | 0 |
Other income—intercompany | 0 | 0 | 0 | 0 |
Total non-interest revenues | 0 | 0 | 0 | 0 |
Revenue | (3,115) | (2,515) | (8,700) | (6,265) |
Provisions for credit losses and for benefits and claims | 0 | 0 | 0 | 0 |
Operating expenses | ||||
Compensation and benefits | 0 | 0 | 0 | 0 |
Compensation and benefits—intercompany | 0 | 0 | 0 | 0 |
Other operating | 0 | 0 | 0 | 0 |
Other operating—intercompany | 0 | 0 | 0 | 0 |
Total operating expenses | 0 | 0 | 0 | 0 |
Equity in undistributed income of subsidiaries | (1,483) | (1,183) | (1,038) | (1,770) |
Income (loss) from continuing operations before income taxes | (4,598) | (3,698) | (9,738) | (8,035) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Income from continuing operations | (4,598) | (3,698) | (9,738) | (8,035) |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income before attribution of noncontrolling interests | (4,598) | (3,698) | (9,738) | (8,035) |
Noncontrolling interests | 0 | 0 | 0 | 0 |
Citigroup’s net income | (4,598) | (3,698) | (9,738) | (8,035) |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | (5,329) | 193 | (2,255) | 3,934 |
Citigroup’s total comprehensive income | (9,927) | (3,505) | (11,993) | (4,101) |
Add: Other comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Add: Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Total comprehensive income (loss) | $ (9,927) | $ (3,505) | $ (11,993) | $ (4,101) |
CONDENSED CONSOLIDATING FINA142
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||||||
Cash and due from banks | $ 21,077 | $ 23,775 | ||||
Cash and due from banks—intercompany | 0 | 0 | ||||
Deposits with banks | 179,825 | 156,741 | ||||
Deposits with banks—intercompany | 0 | 0 | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell (including $169,113 and $132,949 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 265,526 | 232,478 | ||||
Federal funds sold and resale agreements—intercompany | 0 | 0 | ||||
Trading account assets | 262,949 | 252,790 | ||||
Trading account assets—intercompany | 0 | 0 | ||||
Investments | 349,716 | 352,290 | ||||
Loans, net of unearned income | 671,180 | 667,034 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for loan losses | (12,126) | $ (12,354) | (12,355) | $ (12,025) | $ (12,030) | $ (12,060) |
Total loans, net | 659,054 | 654,679 | ||||
Advances to subsidiaries | 0 | 0 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 174,187 | 169,712 | ||||
Other assets—intercompany | 0 | 0 | ||||
Total assets | 1,912,334 | 1,842,465 | ||||
Liabilities and equity | ||||||
Deposits | 996,730 | 959,822 | ||||
Deposits—intercompany | 0 | 0 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $49,246 and $40,638 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 177,828 | 156,277 | ||||
Federal funds purchased and securities loaned or sold—intercompany | 0 | 0 | ||||
Trading account liabilities | 140,745 | 125,170 | ||||
Trading account liabilities—intercompany | 0 | 0 | ||||
Short-term borrowings | 37,233 | 44,452 | ||||
Short-term borrowings—intercompany | 0 | 0 | ||||
Long-term debt | 236,822 | 236,709 | ||||
Long-term debt—intercompany | 0 | 0 | ||||
Advances from subsidiaries | 0 | 0 | ||||
Other liabilities | 122,008 | 118,363 | ||||
Other liabilities—intercompany | 0 | 0 | ||||
Stockholders’ equity | 200,968 | 201,672 | $ 231,107 | |||
Total liabilities and equity | 1,912,334 | 1,842,465 | ||||
Other | 109,827 | 103,926 | ||||
Citigroup parent company | ||||||
Liabilities and equity | ||||||
Long-term debt | 148,601 | 152,163 | ||||
Citibank, N.A. | ||||||
Liabilities and equity | ||||||
Other | 15,700 | 29,700 | ||||
Reportable legal entities | Citigroup parent company | ||||||
Assets | ||||||
Cash and due from banks | 1 | 0 | ||||
Cash and due from banks—intercompany | 30 | 13 | ||||
Deposits with banks | 0 | 0 | ||||
Deposits with banks—intercompany | 3,000 | 11,000 | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell (including $169,113 and $132,949 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 0 | 0 | ||||
Federal funds sold and resale agreements—intercompany | 0 | 0 | ||||
Trading account assets | 276 | 0 | ||||
Trading account assets—intercompany | 741 | 38 | ||||
Investments | 8 | 27 | ||||
Loans, net of unearned income | 0 | 0 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | ||||
Total loans, net | 0 | 0 | ||||
Advances to subsidiaries | 143,693 | 139,722 | ||||
Investments in subsidiaries | 207,960 | 210,537 | ||||
Other assets | 12,467 | 10,844 | ||||
Other assets—intercompany | 3,670 | 3,428 | ||||
Total assets | 371,846 | 375,609 | ||||
Liabilities and equity | ||||||
Deposits | 0 | 0 | ||||
Deposits—intercompany | 0 | 0 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $49,246 and $40,638 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 0 | 0 | ||||
Federal funds purchased and securities loaned or sold—intercompany | 0 | 0 | ||||
Trading account liabilities | 5 | 0 | ||||
Trading account liabilities—intercompany | 341 | 15 | ||||
Short-term borrowings | 276 | 251 | ||||
Short-term borrowings—intercompany | 0 | 0 | ||||
Long-term debt | 148,601 | 152,163 | ||||
Long-term debt—intercompany | 0 | 0 | ||||
Advances from subsidiaries | 19,634 | 19,136 | ||||
Other liabilities | 2,606 | 2,673 | ||||
Other liabilities—intercompany | 289 | 631 | ||||
Stockholders’ equity | 200,094 | 200,740 | ||||
Total liabilities and equity | 371,846 | 375,609 | ||||
Reportable legal entities | CGMHI | ||||||
Assets | ||||||
Cash and due from banks | 521 | 378 | ||||
Cash and due from banks—intercompany | 3,721 | 3,750 | ||||
Deposits with banks | 3,206 | 3,348 | ||||
Deposits with banks—intercompany | 5,954 | 5,219 | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell (including $169,113 and $132,949 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 216,269 | 182,685 | ||||
Federal funds sold and resale agreements—intercompany | 12,838 | 16,091 | ||||
Trading account assets | 152,241 | 139,462 | ||||
Trading account assets—intercompany | 2,125 | 2,711 | ||||
Investments | 243 | 181 | ||||
Loans, net of unearned income | 1,036 | 900 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | ||||
Total loans, net | 1,036 | 900 | ||||
Advances to subsidiaries | 0 | 0 | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 61,339 | 58,299 | ||||
Other assets—intercompany | 45,236 | 43,613 | ||||
Total assets | 504,729 | 456,637 | ||||
Liabilities and equity | ||||||
Deposits | 0 | 0 | ||||
Deposits—intercompany | 0 | 0 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $49,246 and $40,638 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 156,107 | 134,888 | ||||
Federal funds purchased and securities loaned or sold—intercompany | 23,745 | 18,597 | ||||
Trading account liabilities | 93,880 | 80,801 | ||||
Trading account liabilities—intercompany | 2,055 | 2,182 | ||||
Short-term borrowings | 3,109 | 3,568 | ||||
Short-term borrowings—intercompany | 34,575 | 32,871 | ||||
Long-term debt | 22,874 | 18,048 | ||||
Long-term debt—intercompany | 59,737 | 60,765 | ||||
Advances from subsidiaries | 0 | 0 | ||||
Other liabilities | 67,487 | 62,113 | ||||
Other liabilities—intercompany | 8,852 | 9,753 | ||||
Stockholders’ equity | 32,308 | 33,051 | ||||
Total liabilities and equity | 504,729 | 456,637 | ||||
Reportable legal entities | Other Citigroup subsidiaries and eliminations | ||||||
Assets | ||||||
Cash and due from banks | 20,555 | 23,397 | ||||
Cash and due from banks—intercompany | (3,751) | (3,763) | ||||
Deposits with banks | 176,619 | 153,393 | ||||
Deposits with banks—intercompany | (8,954) | (16,219) | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell (including $169,113 and $132,949 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 49,257 | 49,793 | ||||
Federal funds sold and resale agreements—intercompany | (12,838) | (16,091) | ||||
Trading account assets | 110,432 | 113,328 | ||||
Trading account assets—intercompany | (2,866) | (2,749) | ||||
Investments | 349,465 | 352,082 | ||||
Loans, net of unearned income | 670,144 | 666,134 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for loan losses | (12,126) | (12,355) | ||||
Total loans, net | 658,018 | 653,779 | ||||
Advances to subsidiaries | (143,693) | (139,722) | ||||
Investments in subsidiaries | 0 | 0 | ||||
Other assets | 100,381 | 100,569 | ||||
Other assets—intercompany | (48,906) | (47,041) | ||||
Total assets | 1,243,719 | 1,220,756 | ||||
Liabilities and equity | ||||||
Deposits | 996,730 | 959,822 | ||||
Deposits—intercompany | 0 | 0 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $49,246 and $40,638 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 21,721 | 21,389 | ||||
Federal funds purchased and securities loaned or sold—intercompany | (23,745) | (18,597) | ||||
Trading account liabilities | 46,860 | 44,369 | ||||
Trading account liabilities—intercompany | (2,396) | (2,197) | ||||
Short-term borrowings | 33,848 | 40,633 | ||||
Short-term borrowings—intercompany | (34,575) | (32,871) | ||||
Long-term debt | 65,347 | 66,498 | ||||
Long-term debt—intercompany | (59,737) | (60,765) | ||||
Advances from subsidiaries | (19,634) | (19,136) | ||||
Other liabilities | 51,915 | 53,577 | ||||
Other liabilities—intercompany | (9,141) | (10,384) | ||||
Stockholders’ equity | 176,526 | 178,418 | ||||
Total liabilities and equity | 1,243,719 | 1,220,756 | ||||
Consolidating adjustments | ||||||
Assets | ||||||
Cash and due from banks | 0 | 0 | ||||
Cash and due from banks—intercompany | 0 | 0 | ||||
Deposits with banks | 0 | 0 | ||||
Deposits with banks—intercompany | 0 | 0 | ||||
Federal funds sold and securities borrowed or purchased under agreements to resell (including $169,113 and $132,949 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 0 | 0 | ||||
Federal funds sold and resale agreements—intercompany | 0 | 0 | ||||
Trading account assets | 0 | 0 | ||||
Trading account assets—intercompany | 0 | 0 | ||||
Investments | 0 | 0 | ||||
Loans, net of unearned income | 0 | 0 | ||||
Loans, net of unearned income—intercompany | 0 | 0 | ||||
Allowance for loan losses | 0 | 0 | ||||
Total loans, net | 0 | 0 | ||||
Advances to subsidiaries | 0 | 0 | ||||
Investments in subsidiaries | (207,960) | (210,537) | ||||
Other assets | 0 | 0 | ||||
Other assets—intercompany | 0 | 0 | ||||
Total assets | (207,960) | (210,537) | ||||
Liabilities and equity | ||||||
Deposits | 0 | 0 | ||||
Deposits—intercompany | 0 | 0 | ||||
Federal funds purchased and securities loaned or sold under agreements to repurchase (including $49,246 and $40,638 as of June 30, 2018 and December 31, 2017, respectively, at fair value) | 0 | 0 | ||||
Federal funds purchased and securities loaned or sold—intercompany | 0 | 0 | ||||
Trading account liabilities | 0 | 0 | ||||
Trading account liabilities—intercompany | 0 | 0 | ||||
Short-term borrowings | 0 | 0 | ||||
Short-term borrowings—intercompany | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Long-term debt—intercompany | 0 | 0 | ||||
Advances from subsidiaries | 0 | 0 | ||||
Other liabilities | 0 | 0 | ||||
Other liabilities—intercompany | 0 | 0 | ||||
Stockholders’ equity | (207,960) | (210,537) | ||||
Total liabilities and equity | (207,960) | (210,537) | ||||
Up to 30 days | Citibank, N.A. | ||||||
Liabilities and equity | ||||||
Placements with term of less than 30 days | $ 11,400 | $ 18,900 |
CONDENSED CONSOLIDATING FINA143
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions | 6 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities of continuing operations | $ 8,319 | $ (21,613) | ||||
Cash flows from investing activities of continuing operations | ||||||
Purchases of investments | (85,871) | (96,925) | ||||
Proceeds from sales of investments | 41,808 | 56,728 | ||||
Proceeds from maturities of investments | 48,846 | 47,785 | ||||
Change in loans | (10,132) | (29,952) | ||||
Proceeds from sales and securitizations of loans | 3,217 | 6,256 | ||||
Proceeds from significant disposals | [1] | 0 | 2,732 | |||
Change in federal funds sold and resales | (33,048) | 2,748 | ||||
Changes in investments and advances—intercompany | 0 | 0 | ||||
Other investing activities | (1,449) | (1,330) | ||||
Net cash used in investing activities of continuing operations | (36,629) | (11,958) | ||||
Cash flows from financing activities of continuing operations | ||||||
Dividends paid | (2,232) | (1,504) | ||||
Redemption of preferred stock | (218) | 0 | ||||
Treasury stock acquired | (4,686) | (3,635) | ||||
Proceeds (repayments) from issuance of long-term debt, net | 5,670 | 16,362 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | 0 | ||||
Change in deposits | 36,908 | 29,337 | ||||
Change in federal funds purchased and repos | 21,551 | 12,959 | ||||
Change in short-term borrowings | (7,219) | 5,818 | ||||
Net change in short-term borrowings and other advances—intercompany | 0 | 0 | ||||
Capital contributions from (to) parent | 0 | |||||
Other financing activities | (475) | (401) | ||||
Net cash provided by financing activities of continuing operations | 49,299 | 58,936 | ||||
Effect of exchange rate changes on cash and due from banks | (603) | 223 | ||||
Change in cash and due from banks and deposits with banks | [2] | 20,386 | 25,588 | |||
Cash, due from banks and deposits with banks at beginning of period | [2] | 180,516 | 160,494 | |||
Cash, due from banks and deposits with banks at end of period | [2] | 200,902 | 186,082 | |||
Cash and due from banks | $ 21,077 | $ 23,775 | $ 20,940 | |||
Deposits with banks | 179,825 | 156,741 | 165,142 | |||
Cash, due from banks and deposits with banks at end of period | [2] | 180,516 | 160,494 | 200,902 | 180,516 | 186,082 |
Supplemental disclosure of cash flow information for continuing operations | ||||||
Cash paid (received) during the year for income taxes | 2,239 | 1,975 | ||||
Cash paid during the period for interest | 9,957 | 7,329 | ||||
Non-cash investing activities | ||||||
Transfers to loans HFS from loans | 2,900 | 3,300 | ||||
Transfers to OREO and other repossessed assets | 55 | 58 | ||||
Reportable legal entities | Citigroup parent company | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities of continuing operations | 5,156 | 983 | ||||
Cash flows from investing activities of continuing operations | ||||||
Purchases of investments | (7,955) | 0 | ||||
Proceeds from sales of investments | 7,634 | 132 | ||||
Proceeds from maturities of investments | 0 | 0 | ||||
Change in loans | 0 | 0 | ||||
Proceeds from sales and securitizations of loans | 0 | 0 | ||||
Proceeds from significant disposals | 0 | |||||
Change in federal funds sold and resales | 0 | 0 | ||||
Changes in investments and advances—intercompany | (4,780) | 12,132 | ||||
Other investing activities | 212 | 0 | ||||
Net cash used in investing activities of continuing operations | (4,889) | 12,264 | ||||
Cash flows from financing activities of continuing operations | ||||||
Dividends paid | (2,232) | (1,504) | ||||
Redemption of preferred stock | (218) | |||||
Treasury stock acquired | (4,686) | (3,635) | ||||
Proceeds (repayments) from issuance of long-term debt, net | (1,167) | 3,139 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | 0 | ||||
Change in deposits | 0 | 0 | ||||
Change in federal funds purchased and repos | 0 | 0 | ||||
Change in short-term borrowings | 32 | 0 | ||||
Net change in short-term borrowings and other advances—intercompany | 497 | (20,497) | ||||
Capital contributions from (to) parent | 0 | |||||
Other financing activities | (475) | (401) | ||||
Net cash provided by financing activities of continuing operations | (8,249) | (22,898) | ||||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | ||||
Change in cash and due from banks and deposits with banks | (7,982) | (9,651) | ||||
Cash, due from banks and deposits with banks at beginning of period | 11,013 | 20,811 | ||||
Cash, due from banks and deposits with banks at end of period | 3,031 | 11,160 | ||||
Cash and due from banks | 31 | 160 | ||||
Deposits with banks | 3,000 | 11,000 | ||||
Cash, due from banks and deposits with banks at end of period | 11,013 | 20,811 | 3,031 | 11,013 | 11,160 | |
Supplemental disclosure of cash flow information for continuing operations | ||||||
Cash paid (received) during the year for income taxes | 941 | 679 | ||||
Cash paid during the period for interest | 1,729 | 2,212 | ||||
Non-cash investing activities | ||||||
Transfers to loans HFS from loans | 0 | 0 | ||||
Transfers to OREO and other repossessed assets | 0 | 0 | ||||
Reportable legal entities | CGMHI | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities of continuing operations | 1,207 | (18,060) | ||||
Cash flows from investing activities of continuing operations | ||||||
Purchases of investments | 0 | 0 | ||||
Proceeds from sales of investments | 0 | 0 | ||||
Proceeds from maturities of investments | 0 | 0 | ||||
Change in loans | 0 | 0 | ||||
Proceeds from sales and securitizations of loans | 0 | 0 | ||||
Proceeds from significant disposals | 0 | |||||
Change in federal funds sold and resales | (30,331) | 4,649 | ||||
Changes in investments and advances—intercompany | (1,872) | (5,870) | ||||
Other investing activities | (26) | 0 | ||||
Net cash used in investing activities of continuing operations | (32,229) | (1,221) | ||||
Cash flows from financing activities of continuing operations | ||||||
Dividends paid | 0 | 0 | ||||
Redemption of preferred stock | 0 | |||||
Treasury stock acquired | 0 | 0 | ||||
Proceeds (repayments) from issuance of long-term debt, net | 5,805 | 3,887 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | (1,025) | (3,100) | ||||
Change in deposits | 0 | 0 | ||||
Change in federal funds purchased and repos | 26,367 | 4,564 | ||||
Change in short-term borrowings | (459) | 1,861 | ||||
Net change in short-term borrowings and other advances—intercompany | 1,704 | 907 | ||||
Capital contributions from (to) parent | (663) | |||||
Other financing activities | 0 | 0 | ||||
Net cash provided by financing activities of continuing operations | 31,729 | 8,119 | ||||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | ||||
Change in cash and due from banks and deposits with banks | 707 | (11,162) | ||||
Cash, due from banks and deposits with banks at beginning of period | 12,695 | 25,118 | ||||
Cash, due from banks and deposits with banks at end of period | 13,402 | 13,956 | ||||
Cash and due from banks | 4,242 | 3,636 | ||||
Deposits with banks | 9,160 | 10,320 | ||||
Cash, due from banks and deposits with banks at end of period | 12,695 | 25,118 | 13,402 | 12,695 | 13,956 | |
Supplemental disclosure of cash flow information for continuing operations | ||||||
Cash paid (received) during the year for income taxes | 42 | 152 | ||||
Cash paid during the period for interest | 3,676 | 1,924 | ||||
Non-cash investing activities | ||||||
Transfers to loans HFS from loans | 0 | 0 | ||||
Transfers to OREO and other repossessed assets | 0 | 0 | ||||
Reportable legal entities | Other Citigroup subsidiaries and eliminations | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities of continuing operations | 1,956 | (4,536) | ||||
Cash flows from investing activities of continuing operations | ||||||
Purchases of investments | (77,916) | (96,925) | ||||
Proceeds from sales of investments | 34,174 | 56,596 | ||||
Proceeds from maturities of investments | 48,846 | 47,785 | ||||
Change in loans | (10,132) | (29,952) | ||||
Proceeds from sales and securitizations of loans | 3,217 | 6,256 | ||||
Proceeds from significant disposals | 2,732 | |||||
Change in federal funds sold and resales | (2,717) | (1,901) | ||||
Changes in investments and advances—intercompany | 6,652 | (6,262) | ||||
Other investing activities | (1,635) | (1,330) | ||||
Net cash used in investing activities of continuing operations | 489 | (23,001) | ||||
Cash flows from financing activities of continuing operations | ||||||
Dividends paid | 0 | 0 | ||||
Redemption of preferred stock | 0 | |||||
Treasury stock acquired | 0 | 0 | ||||
Proceeds (repayments) from issuance of long-term debt, net | 1,032 | 9,336 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 1,025 | 3,100 | ||||
Change in deposits | 36,908 | 29,337 | ||||
Change in federal funds purchased and repos | (4,816) | 8,395 | ||||
Change in short-term borrowings | (6,792) | 3,957 | ||||
Net change in short-term borrowings and other advances—intercompany | (2,201) | 19,590 | ||||
Capital contributions from (to) parent | 663 | |||||
Other financing activities | 0 | 0 | ||||
Net cash provided by financing activities of continuing operations | 25,819 | 73,715 | ||||
Effect of exchange rate changes on cash and due from banks | (603) | 223 | ||||
Change in cash and due from banks and deposits with banks | 27,661 | 46,401 | ||||
Cash, due from banks and deposits with banks at beginning of period | 156,808 | 114,565 | ||||
Cash, due from banks and deposits with banks at end of period | 184,469 | 160,966 | ||||
Cash and due from banks | 16,804 | 17,144 | ||||
Deposits with banks | 167,665 | 143,822 | ||||
Cash, due from banks and deposits with banks at end of period | 156,808 | 114,565 | 184,469 | 156,808 | 160,966 | |
Supplemental disclosure of cash flow information for continuing operations | ||||||
Cash paid (received) during the year for income taxes | 1,256 | 1,144 | ||||
Cash paid during the period for interest | 4,552 | 3,193 | ||||
Non-cash investing activities | ||||||
Transfers to loans HFS from loans | 2,900 | 3,300 | ||||
Transfers to OREO and other repossessed assets | 55 | 58 | ||||
Consolidating adjustments | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by operating activities of continuing operations | 0 | 0 | ||||
Cash flows from investing activities of continuing operations | ||||||
Purchases of investments | 0 | 0 | ||||
Proceeds from sales of investments | 0 | 0 | ||||
Proceeds from maturities of investments | 0 | 0 | ||||
Change in loans | 0 | 0 | ||||
Proceeds from sales and securitizations of loans | 0 | 0 | ||||
Proceeds from significant disposals | 0 | |||||
Change in federal funds sold and resales | 0 | 0 | ||||
Changes in investments and advances—intercompany | 0 | 0 | ||||
Other investing activities | 0 | 0 | ||||
Net cash used in investing activities of continuing operations | 0 | 0 | ||||
Cash flows from financing activities of continuing operations | ||||||
Dividends paid | 0 | 0 | ||||
Redemption of preferred stock | 0 | |||||
Treasury stock acquired | 0 | 0 | ||||
Proceeds (repayments) from issuance of long-term debt, net | 0 | 0 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | 0 | ||||
Change in deposits | 0 | 0 | ||||
Change in federal funds purchased and repos | 0 | 0 | ||||
Change in short-term borrowings | 0 | 0 | ||||
Net change in short-term borrowings and other advances—intercompany | 0 | 0 | ||||
Capital contributions from (to) parent | 0 | |||||
Other financing activities | 0 | 0 | ||||
Net cash provided by financing activities of continuing operations | 0 | 0 | ||||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | ||||
Change in cash and due from banks and deposits with banks | 0 | 0 | ||||
Cash, due from banks and deposits with banks at beginning of period | 0 | 0 | ||||
Cash, due from banks and deposits with banks at end of period | 0 | 0 | ||||
Cash and due from banks | 0 | 0 | ||||
Deposits with banks | 0 | 0 | ||||
Cash, due from banks and deposits with banks at end of period | 0 | 0 | $ 0 | $ 0 | $ 0 | |
Supplemental disclosure of cash flow information for continuing operations | ||||||
Cash paid (received) during the year for income taxes | 0 | 0 | ||||
Cash paid during the period for interest | 0 | 0 | ||||
Non-cash investing activities | ||||||
Transfers to loans HFS from loans | 0 | 0 | ||||
Transfers to OREO and other repossessed assets | $ 0 | $ 0 | ||||
[1] | See Note 2 to the Consolidated Financial Statements for further information on significant disposals. | |||||
[2] | Includes the impact of ASU 2016-18, Restricted Cash. See Notes 1 and 22 to the Consolidated Financial Statements. |