Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 31, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-9924 | ||
Entity Registrant Name | Citigroup Inc | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 52-1568099 | ||
Entity Address, Address Line One | 388 Greenwich Street, | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10013 | ||
City Area Code | 212 | ||
Local Phone Number | 559-1000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 158 | ||
Entity Common Stock, Shares Outstanding | 2,106,486,793 | ||
Documents Incorporated by Reference | Portions of the registrant’s proxy statement for the annual meeting of stockholders scheduled to be held on April 21, 2020 are incorporated by reference in this Form 10-K in response to Items 10, 11, 12, 13 and 14 of Part III. | ||
Entity Central Index Key | 0000831001 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Common Stock, par value $.01 per share | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | C | ||
Security Exchange Name | NYSE | ||
Depositary Shares, each representing 1/1,000th interest in a share of 7.125% Fixed/Floating Rate Noncumulative Preferred Stock, Series J | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Dep Shs, represent 1/1,000th interest in a share of 7.125% Fix/Float Rate Noncum Pref Stk, Ser J | ||
Trading Symbol | C Pr J | ||
Security Exchange Name | NYSE | ||
Depositary Shares, each representing 1/1,000th interest in a share of 6.875% Fixed/Floating Rate Noncumulative Preferred Stock, Series K | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Dep Shs, represent 1/1,000th interest in a share of 6.875% Fix/Float Rate Noncum Pref Stk, Ser K | ||
Trading Symbol | C Pr K | ||
Security Exchange Name | NYSE | ||
Depositary Shares, each representing 1/1,000th interest in a share of 6.300% Noncumulative Preferred Stock, Series S | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, represent 1/1,000th interest in a share of 6.300% Noncum Pref Stock, Ser S | ||
Trading Symbol | C Pr S | ||
Security Exchange Name | NYSE | ||
7.625% Trust Preferred Securities of Citigroup Capital III (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 7.625% TRUPs of Cap III (and registrant’s guaranty) | ||
Trading Symbol | C/36Y | ||
Security Exchange Name | NYSE | ||
7.875% Fixed Rate / Floating Rate Trust Preferred Securities (TruPS®) of Citigroup Capital XIII (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 7.875% FXD / FRN TruPS of Cap XIII (and registrant’s guaranty) | ||
Trading Symbol | C N | ||
Security Exchange Name | NYSE | ||
6.829% Fixed Rate / Floating Rate Enhanced Trust Preferred Securities (Enhanced TruPS®) of Citigroup Capital XVIII (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 6.829% FXD / FRN Enhanced TruPS of Cap XVIII (and registrant’s guaranty) | ||
Trading Symbol | C/67BP | ||
Security Exchange Name | NYSE | ||
C-Tracks Exchange-Traded Notes Based on the Performance of the Miller/Howard MLP Fundamental Index Due September 28, 2023 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | C-Tracks ETN Miller/Howard MLP Fundamental Index due Sept 2023 | ||
Trading Symbol | MLPC | ||
Security Exchange Name | NYSEArca | ||
C-Tracks Exchange-Traded Notes Miller/Howard Strategic Dividend Reinvestor Due September 16, 2024 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | C-Tracks ETN Miller/Howard Strategic Dividend Reinvestor due Sept 2024 | ||
Trading Symbol | DIVC | ||
Security Exchange Name | NYSEArca | ||
C-Tracks Exchange-Traded Notes on the Miller/Howard MLP Fundamental Index, Series B, Due July 13, 2026 of Citigroup Global Markets Holdings Inc. (“CGMHI”) (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | C-Tracks ETN Miller/Howard Fund, Ser B, due July 2026 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | MLPE | ||
Security Exchange Name | NYSEArca | ||
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long USD vs. JPY Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs JPY Ind due Dec 2032 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | DJPY | ||
Security Exchange Name | NYSEArca | ||
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long USD vs. GBP Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs GBP Ind due Dec 2032 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | DGBP | ||
Security Exchange Name | NYSEArca | ||
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long USD vs. EUR Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs EUR Ind due Dec 2032 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | DEUR | ||
Security Exchange Name | NYSEArca | ||
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long USD vs. CHF Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs CHF Ind due Dec 2032 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | DCHF | ||
Security Exchange Name | NYSEArca | ||
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long USD vs. AUD Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | ETN VelocityShares Daily 4X Long USD vs AUD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | DAUD | ||
Security Exchange Name | NYSEArca | ||
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long JPY vs. USD Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | ETN VelocityShares Daily 4X Long JPY vs USD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | UJPY | ||
Security Exchange Name | NYSEArca | ||
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long EUR vs. USD Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | ETN VelocityShares Daily 4X Long EUR vs USD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | UEUR | ||
Security Exchange Name | NYSEArca | ||
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long GBP vs. USD Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | ETN VelocityShares Daily 4X Long GBP vs USD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | UGBP | ||
Security Exchange Name | NYSEArca | ||
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long CHF vs. USD Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | ETN VelocityShares Daily 4X Long CHF vs USD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | UCHF | ||
Security Exchange Name | NYSEArca | ||
Exchange-Traded Notes Based on the Performance of the VelocityShares® Daily 4X Long AUD vs. USD Index due December 15, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | ETN VelocityShares Daily 4X Long AUD vs USD Ind due Dec 2032 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | UAUD | ||
Security Exchange Name | NYSEArca | ||
VelocityShares® Long LIBOR ETNs due August 16, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | VelocityShares Long LIBOR ETNs due Aug 2032 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | ULBR | ||
Security Exchange Name | NYSEArca | ||
VelocityShares® Short LIBOR ETNs due August 16, 2032 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | VelocityShares Short LIBOR ETNs due Aug 2032 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | DLBR | ||
Security Exchange Name | NYSEArca | ||
VelocityShares® 3x Long Crude Oil ETNs linked to the S&P GSCI® Crude Oil Index ER due December 15, 2031 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | VelocityShares 3x Long Crude ETNs due Dec 2031 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | UWT | ||
Security Exchange Name | NYSEArca | ||
VelocityShares® 3x Inverse Crude Oil ETNs linked to the S&P GSCI® Crude Oil Index ER due December 15, 2031 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | VelocityShares 3x Inverse Crude due Dec 2031 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | DWT | ||
Security Exchange Name | NYSEArca | ||
Medium-Term Senior Notes, Series N, Callable Step-Up Coupon Notes Due March 31, 2036 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | MTN, Series N, Callable Step-Up Coupon Notes due Mar 2036 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | C/36A | ||
Security Exchange Name | NYSE | ||
Medium-Term Senior Notes, Series G, Callable Fixed Rate Notes Due January 13, 2027 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | MTN, Series G, Callable Fixed Rate Notes due Jan 2027 | ||
Trading Symbol | C27C | ||
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenues | ||||
Interest revenue | $ 76,510 | $ 70,828 | $ 61,579 | |
Interest expense | 29,163 | 24,266 | 16,518 | |
Net interest revenue | 47,347 | 46,562 | 45,061 | |
Commissions and fees | 11,746 | 11,857 | 12,707 | |
Principal transactions | 8,892 | 8,905 | 8,940 | |
Administration and other fiduciary fees | 3,411 | 3,580 | 3,584 | |
Realized gains on sales of investments, net | 1,474 | 421 | 778 | |
Net impairment losses recognized in earnings | (32) | (132) | (63) | |
Other revenue | 1,448 | 1,661 | 1,437 | |
Total non-interest revenues | 26,939 | 26,292 | 27,383 | |
Total revenues, net of interest expense | 74,286 | 72,854 | 72,444 | |
Provisions for credit losses and for benefits and claims | ||||
Provision for loan losses | 8,218 | 7,354 | 7,503 | |
Policyholder benefits and claims | 73 | 101 | 109 | |
Provision (release) for unfunded lending commitments | 92 | 113 | (161) | |
Total provisions for credit losses and for benefits and claims | 8,383 | 7,568 | 7,451 | |
Operating expenses | ||||
Compensation and benefits | 21,433 | 21,154 | 21,181 | |
Premises and equipment | 2,328 | 2,324 | 2,453 | |
Technology/communication | 7,077 | 7,193 | 6,909 | |
Advertising and marketing | 1,516 | 1,545 | 1,608 | |
Other operating | 9,648 | 9,625 | 10,081 | |
Total operating expenses | 42,002 | 41,841 | 42,232 | |
Income (loss) from continuing operations before income taxes | 23,901 | 23,445 | 22,761 | |
Provision for income taxes | 4,430 | 5,357 | 29,388 | |
Income (loss) from continuing operations | 19,471 | 18,088 | (6,627) | |
Discontinued operations | ||||
Loss from discontinued operations | (31) | (26) | (104) | |
Provision (benefit) for income taxes | (27) | (18) | 7 | |
Loss from discontinued operations, net of taxes | (4) | (8) | (111) | |
Net income (loss) before attribution of noncontrolling interests | 19,467 | 18,080 | (6,738) | |
Noncontrolling interests | 66 | 35 | 60 | |
Citigroup’s net income (loss) | $ 19,401 | $ 18,045 | $ (6,798) | |
Basic earnings per share | ||||
Income (loss) from continuing operations (in dollars per share) | [1] | $ 8.08 | $ 6.69 | $ (2.94) |
Loss from discontinued operations, net of taxes (in dollars per share) | [1] | 0 | 0 | (0.04) |
Net income (loss) (in dollars per share) | [1] | $ 8.08 | $ 6.69 | $ (2.98) |
Weighted average common shares outstanding (in shares) | 2,249.2 | 2,493.3 | 2,698.5 | |
Diluted earnings per share | ||||
Income (loss) from continuing operations (in dollars per share) | $ 8.04 | $ 6.69 | $ (2.94) | |
Income (loss) from discontinued operations, net of taxes (in dollars per share) | 0 | 0 | (0.04) | |
Net income (loss) (in dollars per share) | $ 8.04 | $ 6.68 | $ (2.98) | |
Adjusted weighted average common shares outstanding (in shares) | 2,265.3 | 2,494.8 | 2,698.5 | |
[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 - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement of Comprehensive Income [Abstract] | ||||
Citigroup’s net income (loss) | $ 19,401 | $ 18,045 | $ (6,798) | |
Add: Citigroup’s other comprehensive income (loss) | ||||
Net change in unrealized gains and losses on investment securities, net of taxes | [1],[2] | 1,985 | (1,089) | (863) |
Net change in debt valuation adjustment (DVA), net of taxes | [2] | (1,136) | 1,113 | (569) |
Net change in cash flow hedges, net of taxes | 851 | (30) | (138) | |
Benefit plans liability adjustment, net of taxes | [3] | (552) | (74) | (1,019) |
Net change in foreign currency translation adjustment, net of taxes and hedges | (321) | (2,362) | (202) | |
Net change in excluded component of fair value hedges, net of taxes | 25 | (57) | 0 | |
Citigroup’s total other comprehensive income (loss) | [4] | 852 | (2,499) | (2,791) |
Citigroup’s total comprehensive income (loss) | 20,253 | 15,546 | (9,589) | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | (43) | 114 | |
Add: Net income attributable to noncontrolling interests | 66 | 35 | 60 | |
Total comprehensive income (loss) | $ 20,319 | $ 15,538 | $ (9,415) | |
[1] | For the years ended December 31, 2019 and 2018, amounts represent the net change in unrealized gains and losses on available-for-sale (AFS) debt securities. Effective January 1, 2018, the AFS category was eliminated for equity securities under ASU 2016-01. | |||
[2] | See Note 1 to the Consolidated Financial Statements. | |||
[3] | See Note 8 to the Consolidated Financial Statements. | |||
[4] | Includes the impact of ASU 2018-02, adopted in 2017. See Note 1 to the Consolidated Financial Statements. |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | $ 23,967 | $ 23,645 |
Deposits with banks | 169,952 | 164,460 |
Securities borrowed and purchased under agreements to resell (including $153,193 and $147,701 as of December 31, 2019 and 2018, respectively, at fair value) | 251,322 | 270,684 |
Brokerage receivables | 39,857 | 35,450 |
Trading account assets (including $120,236 and $112,932 pledged to creditors at December 31, 2019 and 2018, respectively) | 276,140 | 256,117 |
Investments: | ||
Available-for-sale debt securities (including $8,721 and $9,284 pledged to creditors as of December 31, 2019 and 2018, respectively) | 280,265 | 288,038 |
Held-to-maturity debt securities (including $1,923 and $971 pledged to creditors as of December 31, 2019 and 2018, respectively) | 80,775 | 63,357 |
Equity securities (including $1,162 and $1,109 as of December 31, 2019 and 2018, respectively, at fair value) | 7,523 | 7,212 |
Total investments | 368,563 | 358,607 |
Loans: | ||
Loans, net of unearned income | 699,483 | 684,196 |
Allowance for loan losses | (12,783) | (12,315) |
Total loans, net | 686,700 | 671,881 |
Goodwill | 22,126 | 22,046 |
Intangible assets (including MSRs of $495 and $584 as of December 31, 2019 and 2018, respectively, at fair value) | 4,822 | 5,220 |
Other assets | 107,709 | 109,273 |
Total assets | 1,951,158 | 1,917,383 |
Liabilities | ||
Non-interest-bearing deposits in U.S. offices | 98,811 | 105,836 |
Interest-bearing deposits in U.S. offices (including $1,624 and $717 as of December 31, 2019 and 2018, respectively, at fair value) | 401,418 | 361,573 |
Non-interest-bearing deposits in offices outside the U.S. | 85,692 | 80,648 |
Interest-bearing deposits in offices outside the U.S. (including $695 and $758 as of December 31, 2019 and 2018, respectively, at fair value) | 484,669 | 465,113 |
Total deposits | 1,070,590 | 1,013,170 |
Securities loaned and sold under agreements to repurchase (including $40,651 and $44,510 as of December 31, 2019 and 2018, respectively, at fair value) | 166,339 | 177,768 |
Brokerage payables | 48,601 | 64,571 |
Trading account liabilities | 119,894 | 144,305 |
Short-term borrowings (including $4,946 and $4,483 as of December 31, 2019 and 2018, respectively, at fair value) | 45,049 | 32,346 |
Long-term debt (including $55,783 and $38,229 as of December 31, 2019 and 2018, respectively, at fair value) | 248,760 | 231,999 |
Other liabilities (including $6,343 and $15,906 as of December 31, 2019 and 2018, respectively, at fair value) | 57,979 | 56,150 |
Total liabilities | 1,757,212 | 1,720,309 |
Stockholders’ equity | ||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: 719,200 as of December 31, 2019 and 738,400 as of December 31, 2018, at aggregate liquidation value | 17,980 | 18,460 |
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: 3,099,602,856 as of December 31, 2019 and 3,099,567,177 as of December 31, 2018 | 31 | 31 |
Additional paid-in capital | 107,840 | 107,922 |
Retained earnings | 165,369 | 151,347 |
Treasury stock, at cost: 985,479,501 shares as of December 31, 2019 and 731,099,833 shares as of December 31, 2018 | (61,660) | (44,370) |
Accumulated other comprehensive income (loss) (AOCI) | (36,318) | (37,170) |
Total Citigroup stockholders’ equity | 193,242 | 196,220 |
Noncontrolling interest | 704 | 854 |
Total equity | 193,946 | 197,074 |
Total liabilities and equity | 1,951,158 | 1,917,383 |
Consumer | ||
Loans: | ||
Loans, net of unearned income | 309,548 | 302,360 |
Corporate | ||
Loans: | ||
Loans, net of unearned income | 389,935 | 381,836 |
Consolidated VIEs | ||
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | 108 | 270 |
Trading account assets (including $120,236 and $112,932 pledged to creditors at December 31, 2019 and 2018, respectively) | 6,719 | 917 |
Investments: | ||
Total investments | 1,295 | 1,796 |
Loans: | ||
Loans, net of unearned income | 63,152 | 68,662 |
Allowance for loan losses | (1,841) | (1,852) |
Total loans, net | 61,311 | 66,810 |
Other assets | 73 | 151 |
Total assets | 69,506 | 69,944 |
Liabilities | ||
Short-term borrowings (including $4,946 and $4,483 as of December 31, 2019 and 2018, respectively, at fair value) | 10,031 | 13,134 |
Long-term debt (including $55,783 and $38,229 as of December 31, 2019 and 2018, respectively, at fair value) | 25,582 | 28,514 |
Other liabilities (including $6,343 and $15,906 as of December 31, 2019 and 2018, respectively, at fair value) | 917 | 697 |
Total liabilities | 36,530 | 42,345 |
Consolidated VIEs | Consumer | ||
Loans: | ||
Loans, net of unearned income | 46,977 | 49,403 |
Consolidated VIEs | Corporate | ||
Loans: | ||
Loans, net of unearned income | $ 16,175 | $ 19,259 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Securities borrowed and purchased under resale agreements | $ 251,322 | $ 270,684 |
Trading account assets, pledged to creditors | 120,236 | 112,932 |
AFS securities, pledged to creditors | 8,721 | 9,284 |
HTM securities, pledged to creditors | 1,923 | 971 |
Equity securities | 1,162 | 1,109 |
Loans, net of unearned income | 699,483 | 684,196 |
MSRs | 495 | 584 |
Other assets | 107,709 | 109,273 |
U.S. Interest-bearing deposits, at fair value | 401,418 | 361,573 |
Non U.S. Interest-bearing deposits, at fair value | 484,669 | 465,113 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, at fair value | 166,339 | 177,768 |
Short-term borrowings | 45,049 | 32,346 |
Long-term debt | 248,760 | 231,999 |
Other liabilities, at fair value | $ 57,979 | $ 56,150 |
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) | 719,200 | 738,400 |
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) | 3,099,602,856 | 3,099,567,177 |
Treasury stock (in shares) | 985,479,501 | 731,099,833 |
Consumer | ||
Loans, net of unearned income | $ 309,548 | $ 302,360 |
Corporate | ||
Loans, net of unearned income | 389,935 | 381,836 |
Fair value | ||
Securities borrowed and purchased under resale agreements | 153,193 | 147,701 |
Other assets | 12,830 | 20,788 |
U.S. Interest-bearing deposits, at fair value | 1,624 | 717 |
Non U.S. Interest-bearing deposits, at fair value | 695 | 758 |
Federal funds purchased and securities loaned or sold under agreements to repurchase, at fair value | 40,651 | 44,510 |
Short-term borrowings | 4,946 | 4,483 |
Long-term debt | 55,783 | 38,229 |
Other liabilities, at fair value | 6,343 | 15,906 |
Fair value | Consumer | ||
Loans, net of unearned income | 18 | 20 |
Fair value | Corporate | ||
Loans, net of unearned income | $ 4,067 | $ 3,203 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ 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 | ||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Adjusted balance | $ 145,817 | $ (31,877) | |||||||||||
Balance, beginning of year at Dec. 31, 2016 | $ 19,253 | $ 108,073 | 146,477 | $ (16,302) | (32,381) | $ 1,023 | |||||||
Balance, beginning of year (in shares) at Dec. 31, 2016 | 770 | 3,099,482 | 327,090 | ||||||||||
Adjustment to opening balance, net of taxes at Dec. 31, 2016 | [1] | (660) | 504 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Citigroup’s net income (loss) | $ (6,798) | (6,798) | |||||||||||
Employee benefit plans | $ (27) | $ 531 | [2] | ||||||||||
Employee benefit plans (in shares) | 41 | 11,651 | [2] | ||||||||||
Other | $ (7) | (90) | [3] | (72) | |||||||||
Net income attributable to noncontrolling-interest shareholders | (6,738) | 60 | |||||||||||
Common dividends | [4] | (2,595) | |||||||||||
Preferred dividends | (1,213) | (1,213) | |||||||||||
Impact of Tax Reform | 3,304 | [5] | (3,304) | ||||||||||
Transactions between noncontrolling-interest shareholders and the related consolidated subsidiary | (28) | ||||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (121) | ||||||||||||
Treasury stock acquired | [6] | $ (14,538) | |||||||||||
Treasure stock acquired (in shares) | [6] | (214,176) | |||||||||||
Distributions paid to noncontrolling-interest shareholders | (44) | ||||||||||||
Other comprehensive income (loss) | (2,791) | (2,791) | [5] | 114 | |||||||||
Net change in noncontrolling interests | (91) | ||||||||||||
Balance, end of year at Dec. 31, 2017 | 201,672 | $ 200,740 | $ 19,253 | $ 181,487 | $ 108,039 | 138,425 | $ (30,309) | (34,668) | 932 | ||||
Balance, end of year (in shares) at Dec. 31, 2017 | 770 | 2,569,908 | 3,099,523 | 529,615 | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Adjusted balance | 138,341 | (34,671) | |||||||||||
Adjustment to opening balance, net of taxes at Dec. 31, 2017 | [1] | (84) | (3) | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Citigroup’s net income (loss) | 18,045 | 18,045 | |||||||||||
Redemption of preferred stock | $ (793) | ||||||||||||
Redemption of preferred stock (in shares) | (32) | ||||||||||||
Employee benefit plans | $ (94) | $ 484 | [2] | ||||||||||
Employee benefit plans (in shares) | 44 | 10,557 | [2] | ||||||||||
Other | $ 8 | 18 | |||||||||||
Net income attributable to noncontrolling-interest shareholders | 18,080 | 35 | |||||||||||
Common dividends | [4] | (3,865) | |||||||||||
Preferred dividends | (1,174) | (1,174) | |||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (50) | ||||||||||||
Treasury stock acquired | [6] | $ (14,545) | |||||||||||
Treasure stock acquired (in shares) | [6] | (212,042) | |||||||||||
Distributions paid to noncontrolling-interest shareholders | (38) | ||||||||||||
Other comprehensive income (loss) | (2,499) | (2,499) | [5] | (43) | |||||||||
Net change in noncontrolling interests | (78) | ||||||||||||
Balance, end of year at Dec. 31, 2018 | 197,074 | 196,220 | $ 18,460 | $ 177,760 | $ 107,953 | 151,347 | $ (44,370) | (37,170) | 854 | ||||
Balance, end of year (in shares) at Dec. 31, 2018 | 738 | 2,368,467 | 3,099,567 | 731,100 | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Adjusted balance | 151,498 | (37,170) | |||||||||||
Adjustment to opening balance, net of taxes at Dec. 31, 2018 | [1] | 151 | 0 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Citigroup’s net income (loss) | 19,401 | 19,401 | |||||||||||
Issuance of new preferred stock | $ 1,500 | ||||||||||||
Issuance of new preferred stock (in shares) | 60 | ||||||||||||
Redemption of preferred stock | $ (1,980) | ||||||||||||
Redemption of preferred stock (in shares) | (79) | ||||||||||||
Employee benefit plans | $ (112) | $ 585 | [2] | ||||||||||
Employee benefit plans (in shares) | 36 | 9,872 | [2] | ||||||||||
Preferred stock issuance expense | $ (4) | ||||||||||||
Other | 34 | (18) | [3] | (7) | |||||||||
Net income attributable to noncontrolling-interest shareholders | 19,467 | 66 | |||||||||||
Common dividends | [4] | (4,403) | |||||||||||
Preferred dividends | (1,109) | (1,109) | |||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (169) | ||||||||||||
Treasury stock acquired | [6] | $ (17,875) | |||||||||||
Treasure stock acquired (in shares) | [6] | (264,252) | |||||||||||
Distributions paid to noncontrolling-interest shareholders | (40) | ||||||||||||
Other comprehensive income (loss) | 852 | 852 | [5] | 0 | |||||||||
Net change in noncontrolling interests | (150) | ||||||||||||
Balance, end of year at Dec. 31, 2019 | $ 193,946 | $ 193,242 | $ 17,980 | $ 175,262 | $ 107,871 | $ 165,369 | $ (61,660) | $ (36,318) | $ 704 | ||||
Balance, end of year (in shares) at Dec. 31, 2019 | 719 | 2,114,123 | 3,099,603 | 985,480 | |||||||||
[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] | 2017 includes the impact of ASU No. 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 $0.45 per share in the first and second quarters of 2019 and $0.51 per share in the third and fourth quarters of 2019 ; $0.32 per share in the first and second quarters of 2018 and $0.45 per share in the third and fourth quarters of 2018 ; and $0.16 in the first and second quarters of 2017 and $0.32 per share in the third and fourth quarters of 2017. | ||||||||||||
[5] | Includes the impact of ASU 2018-02, which transferred those amounts from AOCI to 2017 Retained earnings . See Notes 1 and 19 to the Consolidated Financial Statements. | ||||||||||||
[6] | Primarily consists of open market purchases under Citi’s Board of Directors-approved common stock repurchase program. |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||||||||||||
Common dividends declared (in dollars per share) | $ 0.51 | $ 0.51 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.32 | $ 0.32 | $ 0.32 | $ 0.32 | $ 0.16 | $ 0.16 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Cash flows from operating activities of continuing operations | ||||
Net income before attribution of noncontrolling interests | $ 19,467 | $ 18,080 | $ (6,738) | |
Net income attributable to noncontrolling interests | 66 | 35 | 60 | |
Citigroup’s net income (loss) | 19,401 | 18,045 | (6,798) | |
Loss from discontinued operations, net of taxes | (4) | (8) | (111) | |
Income (loss) from continuing operations—excluding noncontrolling interests | 19,405 | 18,053 | (6,687) | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuing operations | ||||
Net gains on significant disposals | [1] | 0 | (247) | (602) |
Depreciation and amortization | 3,905 | 3,754 | 3,659 | |
Deferred income taxes | [2] | (610) | (51) | 24,877 |
Provision for loan losses | 8,218 | 7,354 | 7,503 | |
Realized gains from sales of investments | (1,474) | (421) | (778) | |
Net impairment losses on investments | 32 | 132 | 91 | |
Change in trading account assets | (20,124) | (3,469) | (7,038) | |
Change in trading account liabilities | (24,411) | 19,135 | (15,375) | |
Change in brokerage receivables net of brokerage payables | (20,377) | 6,163 | (5,307) | |
Change in loans HFS | (909) | 770 | 247 | |
Change in other assets | 4,724 | (5,791) | (3,364) | |
Change in other liabilities | 1,829 | (871) | (3,044) | |
Other, net | 16,955 | (7,559) | (2,956) | |
Total adjustments | (32,242) | 18,899 | (2,087) | |
Net cash provided by (used in) operating activities of continuing operations | (12,837) | 36,952 | (8,774) | |
Cash flows from investing activities of continuing operations | ||||
Change in securities borrowed and purchased under agreements to resell | 19,362 | (38,206) | 4,335 | |
Change in loans | (22,466) | (29,002) | (58,062) | |
Proceeds from sales and securitizations of loans | 2,878 | 4,549 | 8,365 | |
Purchases of investments | (274,491) | (152,487) | (185,740) | |
Proceeds from sales of investments | 137,173 | 61,491 | 107,368 | |
Proceeds from maturities of investments | 119,051 | 83,604 | 84,369 | |
Proceeds from significant disposals | [1] | 0 | 314 | 3,411 |
Capital expenditures on premises and equipment and capitalized software | (5,336) | (3,774) | (3,361) | |
Proceeds from sales of premises and equipment, subsidiaries and affiliates and repossessed assets | 259 | 212 | 377 | |
Other, net | 196 | 181 | 187 | |
Net cash used in investing activities of continuing operations | (23,374) | (73,118) | (38,751) | |
Cash flows from financing activities of continuing operations | ||||
Dividends paid | (5,447) | (5,020) | (3,797) | |
Issuance of preferred stock | 1,496 | 0 | 0 | |
Redemption of preferred stock | (1,980) | (793) | 0 | |
Treasury stock acquired | (17,571) | (14,433) | (14,541) | |
Stock tendered for payment of withholding taxes | (364) | (482) | (405) | |
Change in securities loaned and sold under agreements to repurchase | (11,429) | 21,491 | 14,456 | |
Issuance of long-term debt | 59,134 | 60,655 | 67,960 | |
Payments and redemptions of long-term debt | (51,029) | (58,132) | (40,986) | |
Change in deposits | 57,420 | 53,348 | 30,416 | |
Change in short-term borrowings | (12,106) | |||
Change in short-term borrowings | 12,703 | 13,751 | ||
Net cash provided by financing activities of continuing operations | 42,933 | 44,528 | 66,854 | |
Effect of exchange rate changes on cash and cash equivalents | (908) | (773) | 693 | |
Change in cash and due from banks and deposits with banks | 5,814 | 7,589 | 20,022 | |
Cash, due from banks and deposits with banks at beginning of period | [3] | 188,105 | 180,516 | 160,494 |
Cash, due from banks and deposits with banks at end of period | [3] | 193,919 | 188,105 | 180,516 |
Cash, due from banks and deposits with banks at end of period | [3] | 193,919 | 180,516 | 160,494 |
Supplemental disclosure of cash flow information for continuing operations | ||||
Cash paid during the year for income taxes | 4,888 | 4,313 | 2,083 | |
Cash paid during the year for interest | 28,682 | 22,963 | 15,675 | |
Non-cash investing activities | ||||
Transfers to loans HFS (Other assets) from loans | [4] | $ 5,500 | $ 4,200 | $ 5,900 |
[1] | See Note 2 to the Consolidated Financial Statements for further information on significant disposals. | |||
[2] | Includes the full impact of the $22.6 billion non-cash charge related to the Tax Cuts and Jobs Act (Tax Reform) in 2017. See Notes 1 and 9 to the Consolidated Financial Statements for further information. | |||
[3] | Includes the impact of ASU 2016-18, Restricted Cash . See Notes 1 and 26 to the Consolidated Financial Statements. | |||
[4] | Operating and finance lease right-of-use assets and lease liabilities represent non-cash investing and financing activities, respectively, and are not included in the non-cash investing activities presented here. See Note 26 to the Consolidated Financial Statements for more information and balances as of December 31, 2019. |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Statement of Cash Flows [Abstract] | ||
Impact of non-cash charge related to Tax Reform | $ 22,600 | $ 22,594 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. Principles of Consolidation The Consolidated Financial Statements include the accounts of Citigroup and its subsidiaries prepared in accordance with U.S. generally accepted accounting principles (GAAP). The Company consolidates subsidiaries in which it holds, directly or indirectly, more than 50% of the voting rights or where it exercises control. Entities where the Company holds 20% to 50% of the voting rights and/or has the ability to exercise significant influence, other than investments of designated venture capital subsidiaries or investments accounted for at fair value under the fair value option, are accounted for under the equity method, and the pro rata share of their income (loss) is included in Other revenue . Income from investments in less-than- 20% -owned companies is recognized when dividends are received. As discussed in more detail in Note 21 to the Consolidated Financial Statements, Citigroup also consolidates entities deemed to be variable interest entities when Citigroup is determined to be the primary beneficiary. Gains and losses on the disposition of branches, subsidiaries, affiliates, buildings and other investments are included in Other revenue . Citibank Citibank, N.A. (Citibank) is a commercial bank and wholly owned subsidiary of Citigroup. Citibank’s principal offerings include consumer finance, mortgage lending and retail banking (including commercial banking) products and services; investment banking, cash management and trade finance; and private banking products and services. Variable Interest Entities (VIEs) An entity is a variable interest entity (VIE) if it meets either of the criteria outlined in Accounting Standards Codification (ASC) Topic 810, Consolidation , which are (i) the entity has equity that is insufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (ii) the entity has equity investors that cannot make significant decisions about the entity’s operations or that do not absorb their proportionate share of the entity’s expected losses or expected returns. The Company consolidates a VIE when it has both the power to direct the activities that most significantly impact the VIE’s economic performance and a right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE (that is, Citi is the primary beneficiary). In addition to variable interests held in consolidated VIEs, the Company has variable interests in other VIEs that are not consolidated because the Company is not the primary beneficiary. All unconsolidated VIEs are monitored by the Company to assess whether any events have occurred to cause its primary beneficiary status to change. All entities not deemed to be VIEs with which the Company has involvement are evaluated for consolidation under other subtopics of ASC 810. See Note 21 to the Consolidated Financial Statements for more detailed information. Foreign Currency Translation Assets and liabilities of Citi’s foreign operations are translated from their respective functional currencies into U.S. dollars using period-end spot foreign exchange rates. The effects of those translation adjustments are reported in Accumulated other comprehensive income (loss) , a component of stockholders’ equity, net of any related hedge and tax effects, until realized upon sale or substantial liquidation of the foreign operation, at which point such amounts related to the foreign entity are reclassified into earnings. Revenues and expenses of Citi’s foreign operations are translated monthly from their respective functional currencies into U.S. dollars at amounts that approximate weighted average exchange rates. For transactions that are denominated in a currency other than the functional currency, including transactions denominated in the local currencies of foreign operations that use the U.S. dollar as their functional currency, the effects of changes in exchange rates are primarily included in Principal transactions , along with the related effects of any economic hedges. Instruments used to hedge foreign currency exposures include foreign currency forward, option and swap contracts and, in certain instances, designated issues of non-U.S. dollar debt. Foreign operations in countries with highly inflationary economies designate the U.S. dollar as their functional currency, with the effects of changes in exchange rates primarily included in Other revenue . Investment Securities Investments include debt and equity securities. Debt securities include bonds, notes and redeemable preferred stocks, as well as certain loan-backed and structured securities that are subject to prepayment risk. Equity securities include common and nonredeemable preferred stock. Debt Securities • Debt securities classified as “held-to-maturity” are securities that the Company has both the ability and the intent to hold until maturity and are carried at amortized cost. Interest income on such securities is included in Interest revenue . • Debt securities classified as “available-for-sale” are carried at fair value with changes in fair value reported in Accumulated other comprehensive income (loss) , a component of stockholders’ equity, net of applicable income taxes and hedges. Interest income on such securities is included in Interest revenue . Equity Securities • Marketable equity securities are measured at fair value with changes in fair value recognized in earnings. • Non-marketable equity securities are 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. Non-marketable equity securities under the measurement alternative are carried at cost plus or minus changes resulting from observed prices for orderly transactions for the identical or a similar investment of the same issuer. • Certain investments that would otherwise have been accounted for using the equity method are carried at fair value with changes in fair value recognized in earnings, since the Company elected to apply fair value accounting. For investments in debt securities classified as HTM or AFS, the accrual of interest income is suspended for investments that are in default or for which it is likely that future interest payments will not be made as scheduled. Debt securities not measured at fair value through earnings, such as securities held in HTM or AFS, and equity securities under the measurement alternative, are subject to evaluation for impairment as described in Note 13 to the Consolidated Financial Statements. Realized gains and losses on sales of investments are included in earnings, primarily on a specific identification basis. The Company uses a number of valuation techniques for investments carried at fair value, which are described in Note 24 to the Consolidated Financial Statements. Trading Account Assets and Liabilities Trading account assets include debt and marketable equity securities, derivatives in a receivable position, residual interests in securitizations and physical commodities inventory. In addition, as described in Note 25 to the Consolidated Financial Statements, certain assets that Citigroup has elected to carry at fair value under the fair value option, such as loans and purchased guarantees, are also included in Trading account assets . Trading account liabilities include securities sold, not yet purchased (short positions) and derivatives in a net payable position, as well as certain liabilities that Citigroup has elected to carry at fair value (as described in Note 25 to the Consolidated Financial Statements). Other than physical commodities inventory, all trading account assets and liabilities are carried at fair value. Revenues generated from trading assets and trading liabilities are generally reported in Principal transactions and include realized gains and losses as well as unrealized gains and losses resulting from changes in the fair value of such instruments. Interest income on trading assets is recorded in Interest revenue reduced by interest expense on trading liabilities. Physical commodities inventory is carried at the lower of cost or market with related losses reported in Principal transactions . Realized gains and losses on sales of commodities inventory are included in Principal transactions . Investments in unallocated precious metals accounts (gold, silver, platinum and palladium) are accounted for as hybrid instruments containing a debt host contract and an embedded non-financial derivative instrument indexed to the price of the relevant precious metal. The embedded derivative instrument is separated from the debt host contract and accounted for at fair value. The debt host contract is carried at fair value under the fair value option, as described in Note 25 to the Consolidated Financial Statements. Derivatives used for trading purposes include interest rate, currency, equity, credit and commodity swap agreements, options, caps and floors, warrants, and financial and commodity futures and forward contracts. Derivative asset and liability positions are presented net by counterparty on the Consolidated Balance Sheet when a valid master netting agreement exists and the other conditions set out in ASC Topic 210-20, Balance Sheet—Offsetting , are met. See Note 22 to the Consolidated Financial Statements. The Company uses a number of techniques to determine the fair value of trading assets and liabilities, which are described in Note 24 to the Consolidated Financial Statements. Securities Borrowed and Securities Loaned Securities borrowing and lending transactions do not constitute a sale of the underlying securities for accounting purposes and are treated as collateralized financing transactions. Such transactions are recorded at the amount of proceeds advanced or received plus accrued interest. As described in Note 25 to the Consolidated Financial Statements, the Company has elected to apply fair value accounting to a number of securities borrowing and lending transactions. Fees paid or received for all securities lending and borrowing transactions are recorded in Interest expense or Interest revenue at the contractually specified rate. The Company monitors the fair value of securities borrowed or loaned on a daily basis and obtains or posts additional collateral in order to maintain contractual margin protection. As described in Note 24 to the Consolidated Financial Statements, the Company uses a discounted cash flow technique to determine the fair value of securities lending and borrowing transactions. Repurchase and Resale Agreements Securities sold under agreements to repurchase (repos) and securities purchased under agreements to resell (reverse repos) do not constitute a sale (or purchase) of the underlying securities for accounting purposes and are treated as collateralized financing transactions. As described in Note 25 to the Consolidated Financial Statements, the Company has elected to apply fair value accounting to certain of such transactions, with changes in fair value reported in earnings. Any transactions for which fair value accounting has not been elected are recorded at the amount of cash advanced or received plus accrued interest. Irrespective of whether the Company has elected fair value accounting, interest paid or received on all repo and reverse repo transactions is recorded in Interest expense or Interest revenue at the contractually specified rate. Where the conditions of ASC 210-20-45-11, Balance Sheet—Offsetting: Repurchase and Reverse Repurchase Agreements , are met, repos and reverse repos are presented net on the Consolidated Balance Sheet. The Company’s policy is to take possession of securities purchased under reverse repurchase agreements. The Company monitors the fair value of securities subject to repurchase or resale on a daily basis and obtains or posts additional collateral in order to maintain contractual margin protection. As described in Note 24 to the Consolidated Financial Statements, the Company uses a discounted cash flow technique to determine the fair value of repo and reverse repo transactions. Loans Loans are reported at their outstanding principal balances net of any unearned income and unamortized deferred fees and costs, except for credit card receivable balances, which include accrued interest and fees. Loan origination fees and certain direct origination costs are generally deferred and recognized as adjustments to income over the lives of the related loans. As described in Note 25 to the Consolidated Financial Statements, Citi has elected fair value accounting for certain loans. Such loans are carried at fair value with changes in fair value reported in earnings. Interest income on such loans is recorded in Interest revenue at the contractually specified rate. Loans that are held-for-investment are classified as Loans, net of unearned income on the Consolidated Balance Sheet, and the related cash flows are included within the cash flows from investing activities category in the Consolidated Statement of Cash Flows on the line Change in loans . However, when the initial intent for holding a loan has changed from held-for-investment to held-for-sale (HFS), the loan is reclassified to HFS, but the related cash flows continue to be reported in cash flows from investing activities in the Consolidated Statement of Cash Flows on the line Proceeds from sales and securitizations of loans . Consumer Loans Consumer loans represent loans and leases managed primarily by the Global Consumer Banking (GCB) businesses and Corporate/Other . Consumer Non-accrual and Re-aging Policies As a general rule, interest accrual ceases for installment and real estate (both open- and closed-end) loans when payments are 90 days contractually past due. For credit cards and other unsecured revolving loans, however, Citi generally accrues interest until payments are 180 days past due. As a result of OCC guidance, home equity loans in regulated bank entities are classified as non-accrual if the related residential first mortgage is 90 days or more past due. Also as a result of OCC guidance, mortgage loans in regulated bank entities are classified as non-accrual within 60 days of notification that the borrower has filed for bankruptcy, other than Federal Housing Administration (FHA)-insured loans. Loans that have been modified to grant a concession to a borrower in financial difficulty may not be accruing interest at the time of the modification. The policy for returning such modified loans to accrual status varies by product and/or region. In most cases, a minimum number of payments (ranging from one to six ) is required, while in other cases the loan is never returned to accrual status. For regulated bank entities, such modified loans are returned to accrual status if a credit evaluation at the time of, or subsequent to, the modification indicates the borrower is able to meet the restructured terms, and the borrower is current and has demonstrated a reasonable period of sustained payment performance (minimum six months of consecutive payments). For U.S. consumer loans, generally one of the conditions to qualify for modification is that a minimum number of payments (typically ranging from one to three ) must be made. Upon modification, the loan is re-aged to current status. However, re-aging practices for certain open-ended consumer loans, such as credit cards, are governed by Federal Financial Institutions Examination Council (FFIEC) guidelines. For open-ended consumer loans subject to FFIEC guidelines, one of the conditions for the loan to be re-aged to current status is that at least three consecutive minimum monthly payments, or the equivalent amount, must be received. In addition, under FFIEC guidelines, the number of times that such a loan can be re-aged is subject to limitations (generally once in 12 months and twice in five years). Furthermore, FHA and Department of Veterans Affairs (VA) loans may only be modified under those respective agencies’ guidelines, and payments are not always required in order to re-age a modified loan to current. Consumer Charge-Off Policies Citi’s charge-off policies follow the general guidelines below: • Unsecured installment loans are charged off at 120 days contractually past due. • Unsecured revolving loans and credit card loans are charged off at 180 days contractually past due. • Loans secured with non-real estate collateral are written down to the estimated value of the collateral, less costs to sell, at 120 days contractually past due. • Real estate-secured loans are written down to the estimated value of the property, less costs to sell, at 180 days contractually past due. • Real estate-secured loans are charged off no later than 180 days contractually past due if a decision has been made not to foreclose on the loans. • Unsecured loans in bankruptcy are charged off within 60 days of notification of filing by the bankruptcy court or in accordance with Citi’s charge-off policy, whichever occurs earlier. • Real estate-secured loans in bankruptcy, other than FHA-insured loans, are written down to the estimated value of the property, less costs to sell, within 60 days of notification that the borrower has filed for bankruptcy or in accordance with Citi’s charge-off policy, whichever is earlier. • Commercial banking loans are written down to the extent that principal is judged to be uncollectable. Corporate Loans Corporate loans represent loans and leases managed by Institutional Clients Group ( ICG ). Corporate loans are identified as impaired and placed on a cash (non-accrual) basis when it is determined, 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 or when interest or principal is 90 days past due, except when the loan is well collateralized and in the process of collection. Any interest accrued on impaired corporate loans and leases is reversed at 90 days past due and charged against current earnings, and interest is thereafter included in earnings only to the extent actually received in cash. When there is doubt regarding the ultimate collectability of principal, all cash receipts are thereafter applied to reduce the recorded investment in the loan. Impaired corporate loans and leases are written down to the extent that principal is deemed to be uncollectable. Impaired collateral-dependent loans and leases, where repayment is expected to be provided solely by the sale of the underlying collateral and there are no other available and reliable sources of repayment, are written down to the lower of carrying value or collateral value. Cash-basis loans are returned to accrual status when all contractual principal and interest amounts are reasonably assured of repayment and there is a sustained period of repayment performance in accordance with the contractual terms. Loans Held-for-Sale Corporate and consumer loans that have been identified for sale are classified as loans HFS and included in Other assets . The practice of Citi’s U.S. prime mortgage business has been to sell substantially all of its conforming loans. As such, U.S. prime mortgage conforming loans are classified as HFS and the fair value option is elected at origination, with changes in fair value recorded in Other revenue . With the exception of those loans for which the fair value option has been elected, HFS loans are accounted for at the lower of cost or market value, with any write-downs or subsequent recoveries charged to Other revenue . The related cash flows are classified in the Consolidated Statement of Cash Flows in the cash flows from operating activities category on the line Change in loans held-for-sale . Allowance for Loan Losses Allowance for loan losses represents management’s best estimate of probable losses inherent in the portfolio, including probable losses related to large individually evaluated impaired loans and troubled debt restructurings. Attribution of the allowance is made for analytical purposes only, and the entire allowance is available to absorb probable loan losses inherent in the overall portfolio. Additions to the allowance are made through the Provision for loan losses . Loan losses are deducted from the allowance and subsequent recoveries are added. Assets received in exchange for loan claims in a restructuring are initially recorded at fair value, with any gain or loss reflected as a recovery or charge-off in the provision. Consumer Loans For consumer loans, each portfolio of non-modified smaller-balance homogeneous loans is independently evaluated for impairment by product type (e.g., residential mortgage, credit card, etc.) in accordance with ASC 450, Contingencies . The allowance for loan losses attributed to these loans is established via a process that estimates the probable losses inherent in the specific portfolio. This process includes migration analysis, in which historical delinquency and credit loss experience is applied to the current aging of the portfolio, together with analyses that reflect current and anticipated economic conditions, including changes in housing prices and unemployment trends. Citi’s allowance for loan losses under ASC 450 only considers contractual principal amounts due, except for credit card loans, where estimated loss amounts related to accrued interest receivable are also included. Management also considers overall portfolio indicators, including historical credit losses; delinquent, non-performing and classified loans; trends in volumes and terms of loans; an evaluation of overall credit quality; the credit process, including lending policies and procedures; and economic, geographical, product and other environmental factors. Separate valuation allowances are determined for impaired smaller-balance homogeneous loans whose terms have been modified in a troubled debt restructuring (TDR). Long-term modification programs, and short-term (less than 12 months) modifications that provide concessions (such as interest rate reductions) to borrowers in financial difficulty, are reported as TDRs. In addition, loan modifications that involve a trial period are reported as TDRs at the start of the trial period. The allowance for loan losses for TDRs is determined in accordance with ASC 310-10-35, Receivables—Subsequent Measurement , considering all available evidence, including, as appropriate, the present value of the expected future cash flows discounted at the loan’s original contractual effective rate, the secondary market value of the loan and the fair value of collateral less disposal costs. These expected cash flows incorporate modification program default rate assumptions. The original contractual effective rate for credit card loans is the pre-modification rate, which may include interest rate increases under the original contractual agreement with the borrower. Corporate Loans In the corporate portfolios, the Allowance for loan losses includes an asset-specific component and a statistically based component. The asset-specific component is calculated under ASC 310-10-35 for larger-balance, non-homogeneous loans that are considered impaired. An asset-specific allowance is established when the discounted cash flows, collateral value (less disposal costs) or observable market price of the impaired loan are lower than its carrying value. This allowance considers the borrower’s overall financial condition, resources and payment record, the prospects for support from any financially responsible guarantors (discussed further below) and, if appropriate, the realizable value of any collateral. The asset-specific component of the allowance for smaller-balance impaired loans is calculated on a pool basis considering historical loss experience. The allowance for the remainder of the loan portfolio is determined under ASC 450 using a statistical methodology, supplemented by management judgment. The statistical analysis considers the portfolio’s size, remaining tenor and credit quality as measured by internal risk ratings assigned to individual credit facilities, which reflect probability of default and loss given default. The statistical analysis considers historical default rates and historical loss severity in the event of default, including historical average levels and historical variability. The result is an estimated range for inherent losses. The best estimate within the range is then determined by management’s quantitative and qualitative assessment of current conditions, including general economic conditions, specific industry and geographic trends and internal factors including portfolio concentrations, trends in internal credit quality indicators and current and past underwriting standards. For both the asset-specific and the statistically based components of the Allowance for loan losses , management may incorporate guarantor support. The financial wherewithal of the guarantor is evaluated, as applicable, based on net worth, cash flow statements and personal or company financial statements, which are updated and reviewed at least annually. Citi seeks performance on guarantee arrangements in the normal course of business. Seeking performance entails obtaining satisfactory cooperation from the guarantor or borrower in the specific situation. This regular cooperation is indicative of pursuit and successful enforcement of the guarantee; the exposure is reduced without the expense and burden of pursuing a legal remedy. A guarantor’s reputation and willingness to work with Citigroup are evaluated based on the historical experience with the guarantor and knowledge of the marketplace. In the rare event that the guarantor is unwilling or unable to perform or facilitate borrower cooperation, Citi pursues a legal remedy; however, enforcing a guarantee via legal action against the guarantor is not the primary means of resolving a troubled loan situation and rarely occurs. If Citi does not pursue a legal remedy, it is because Citi does not believe that the guarantor has the financial wherewithal to perform regardless of legal action or because there are legal limitations on simultaneously pursuing guarantors and foreclosure. A guarantor’s reputation does not impact Citi’s decision or ability to seek performance under the guarantee. In cases where a guarantee is a factor in the assessment of loan losses, it is included via adjustment to the loan’s internal risk rating, which in turn is the basis for the adjustment to the statistically based component of the Allowance for loan losses . To date, it is only in rare circumstances that an impaired commercial loan or commercial real estate loan is carried at a value in excess of the appraised value due to a guarantee. When Citi’s monitoring of the loan indicates that the guarantor’s wherewithal to pay is uncertain or has deteriorated, there is either no change in the risk rating, because the guarantor’s credit support was never initially factored in, or the risk rating is adjusted to reflect that uncertainty or deterioration. Accordingly, a guarantor’s ultimate failure to perform or a lack of legal enforcement of the guarantee does not materially impact the allowance for loan losses, as there is typically no further significant adjustment of the loan’s risk rating at that time. Where Citi is not seeking performance under the guarantee contract, it provides for loan losses as if the loans were non-performing and not guaranteed. Reserve Estimates and Policies Management provides reserves for an estimate of probable losses inherent in the funded loan portfolio on the Consolidated Balance Sheet in the form of an allowance for loan losses. These reserves are established in accordance with Citigroup’s credit reserve policies, as approved by the Audit Committee of the Citigroup Board of Directors. Citi’s Chief Risk Officer and Chief Financial Officer review the adequacy of the credit loss reserves each quarter with representatives from the risk management and finance staffs for each applicable business area. Applicable business areas include those having classifiably managed portfolios, where internal credit-risk ratings are assigned (primarily ICG and GCB ) or modified consumer loans, where concessions were granted due to the borrowers’ financial difficulties. The aforementioned representatives for these business areas present recommended reserve balances for their funded and unfunded lending portfolios along with supporting quantitative and qualitative data discussed below: Estimated probable losses for non-performing, non-homogeneous exposures within a business line’s classifiably managed portfolio and impaired smaller-balance homogeneous loans whose terms have been modified due to the borrowers’ financial difficulties, where it was determined that a concession was granted to the borrower. Consideration may be given to the following, as appropriate, when determining this estimate: (i) the present value of expected future cash flows discounted at the loan’s original effective rate, (ii) the borrower’s overall financial condition, resources and payment record and (iii) the prospects for support from financially responsible guarantors or the realizable value of any collateral. In the determination of the allowance for loan losses for TDRs, management considers a combination of historical re-default rates, the current economic environment and the nature of the modification program when forecasting expected cash flows. When impairment is measured based on the present value of expected future cash flows, the entire change in present value is recorded in Provision for loan losses . Statistically calculated losses inherent in the classifiably managed portfolio for performing and de minimis non-performing exposures. The calculation is based on (i) Citi’s internal system of credit-risk ratings, which are analogous to the risk ratings of the major rating agencies, and (ii) historical default and loss data, including rating agency information regarding default rates from 1983 to 2017 and internal data dating to the early 1970s on severity of losses in the event of default. Adjustments may be made to this data. Such adjustments include (i) statistically calculated estimates to cover the historical fluctuation of the default rates over the credit cycle, the historical variability of loss severity among defaulted loans and the degree to which there are large obligor concentrations in the global portfolio and (ii) adjustments made for specific known items, such as current environmental factors and credit trends. In addition, representatives from each of the risk management and finance staffs who cover business areas with delinquency-managed portfolios containing smaller-balance homogeneous loans present their recommended reserve balances based on leading credit indicators, including loan delinquencies and changes in portfolio size as well as economic trends, including current and future housing prices, unemployment, length of time in foreclosure, costs to sell and GDP. This methodology is applied separately for each individual product within each geographic region in which these portfolios exist. This evaluation process is subject to numerous estimates and judgments. The frequency of default, risk ratings, loss recovery rates, the size and diversity of individual large credits and the ability of borrowers with foreign currency obligations to obtain the foreign currency necessary for orderly debt servicing, among other things, are all taken into account during this review. Changes in these estimates could have a direct impact on the credit costs in any period and could result in a change in the allowance. Allowance for Unfunded Lending Commitments A similar approach to the allowance for loan losses is used for calculating a reserve for the expected losses related to unfunded lending commitments and standby letters of credit. This reserve is classified on the Consolidated Balance Sheet in Other liabilities . Changes to the allowance for unfunded lending commitments are recorded in Provision for unfunded lending commitments . Mortgage Servicin |
DISCONTINUED OPERATIONS AND SIG
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS | DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS Summary of Discontinued Operations The Company’s Discontinued operations consisted of residual activities related to the sales of the Brazil Credit Card business in 2013, the Egg Banking plc Credit Card business in 2011, and the German Retail Banking business in 2008. All Discontinued operations results are recorded within Corporate/Other. The following summarizes financial information for all Discontinued operations : In millions of dollars 2019 2018 2017 Total revenues, net of interest expense $ — $ — $ — Loss from discontinued operations $ (31 ) $ (26 ) $ (104 ) Provision (benefit) for income taxes (27 ) (18 ) 7 Loss from discontinued operations, net of taxes $ (4 ) $ (8 ) $ (111 ) Cash flows from Discontinued operations were not material for all periods presented. Significant Disposals There were no significant disposals during 2019. The transactions described below were identified as significant disposals during 2018 and 2017. Sale of Mexico Asset Management Business On September 21, 2018, Citi completed the sale of its Mexico asset management business, which was part of Latin America GCB . As part of the sale, Citi derecognized total assets of $137 million and total liabilities of $41 million . The transaction resulted in a pretax gain on sale of approximately $250 million (approximately $150 million after-tax) recorded in Other revenue in 2018. Further, Citi and the buyer entered into a 10 -year services framework agreement, with Citi acting as the distributor in exchange for an ongoing fee. Income before taxes for the divested business, excluding the pretax gain on sale, was as follows: In millions of dollars 2019 2018 2017 Income before taxes $ — $ 123 $ 164 Sale of Fixed Income Analytics and Index Business On August 31, 2017, Citi completed the sale of a fixed income analytics business and a fixed income index business that were part of Markets and securities services within Institutional Clients Group (ICG). As part of the sale, Citi derecognized Total assets of $112 million , including goodwill of $72 million , while the derecognized liabilities were $18 million . The transaction resulted in a pretax gain on sale of approximately $580 million ( $355 million after-tax) recorded in Other revenue in ICG during 2017. Income before taxes for the divested businesses, excluding the pretax gain on sale, was immaterial. Exit of U.S. Mortgage Service Operations Citigroup executed agreements during the first quarter of 2017 to effectively exit its direct U.S. mortgage servicing operations, which included the sale of mortgage servicing rights and execution of a subservicing agreement for the remaining Citi-owned loans and certain other mortgage servicing rights. As part of this transaction, Citi also transferred certain employees. This transaction, which was part of Corporate/Other , resulted in a pretax loss of $331 million ( $207 million after-tax) recorded in Other revenue during 2017. The loss on sale did not include certain other costs and charges related to the disposed operation recorded primarily in Operating expenses during 2017, resulting in a total pretax loss of $382 million . As part of the sale, Citi derecognized a total of $1,162 million of servicing-related assets, including $1,046 million of Mortgage servicing rights , related to approximately 750,000 Fannie Mae and Freddie Mac held loans with outstanding balances of approximately $93 billion . Excluding the loss on sale and the additional charges, income before taxes for the disposed operation was immaterial. Sale of CitiFinancial Canada Consumer Finance Business On March 31, 2017, Citi completed the sale of CitiFinancial Canada (CitiFinancial), which was part of Corporate/Other and included 220 retail branches and approximately 1,400 employees. As part of the sale, Citi derecognized Total assets of approximately $1.9 billion , including $1.7 billion consumer loans (net of allowance), and Total liabilities of approximately $1.5 billion related to intercompany borrowings, which were settled at closing of the transaction. The sale of CitiFinancial generated a pretax gain on sale of approximately $350 million recorded in Other revenue ( $178 million after-tax) during 2017. Income before taxes for the divested business, excluding the pretax gain on sale, was as follows: In millions of dollars 2019 2018 2017 Income before taxes $ — $ — $ 41 |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | BUSINESS SEGMENTS Citigroup’s activities are conducted through the following business segments: Global Consumer Banking (GCB) and Institutional Clients Group (ICG) . In addition, Corporate/Other includes activities not assigned to a specific business segment, as well as certain North America loan portfolios, discontinued operations and other legacy assets. The business segments are determined based on products and services provided or type of customers served, of which those identified as non-core are recorded in Corporate/Other and are reflective of how management currently evaluates financial information to make business decisions. GCB includes a global, full-service consumer franchise delivering a wide array of banking, credit card lending and investment services through a network of local branches, offices and electronic delivery systems and consists of three GCB businesses: North America , Latin America and Asia (including consumer banking activities in certain EMEA countries). ICG consists of Banking and Markets and securities services and provides corporate, institutional, public sector and high-net-worth clients in 98 countries and jurisdictions with a broad range of banking and financial products and services. Corporate/Other includes certain unallocated costs of global functions, other corporate expenses and net treasury results, unallocated corporate expenses, offsets to certain line-item reclassifications and eliminations, the results of certain North America legacy loan portfolios, discontinued operations and unallocated taxes. The accounting policies of these reportable segments are the same as those disclosed in Note 1 to the Consolidated Financial Statements. The prior-period balances reflect reclassifications to conform the presentation for all periods to the current period’s presentation. During 2019, financial data was reclassified to reflect: • Citi’s commercial banking businesses previously reported as part of GCB in North America , Latin America and Asia , including approximately $28 billion in end-of-period loans and approximately $37 billion in end-of-period deposits, are reported in ICG for all periods presented; • the re-attribution of certain costs between Corporate/Other and GCB and ICG ; and • certain other immaterial reclassifications. Citi’s consolidated Net income (loss) reported in its 2018 Annual Report on Form 10-K remains unchanged for all periods presented as a result of the changes and reclassifications discussed above. The following table presents certain information regarding the Company’s continuing operations by segment: Revenues, (1) Provision (benefits) (2) Income (loss) from (2)(3) Identifiable assets In millions of dollars, except identifiable assets in billions 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 Global Consumer Banking $ 32,971 $ 32,339 $ 31,445 $ 1,746 $ 1,689 $ 3,067 $ 5,702 $ 5,309 $ 3,542 $ 407 $ 388 Institutional Clients Group 39,301 38,325 37,822 3,570 3,756 7,241 12,944 12,574 9,375 1,447 1,438 Corporate/Other 2,014 2,190 3,177 (886 ) (88 ) 19,080 825 205 (19,544 ) 97 91 Total $ 74,286 $ 72,854 $ 72,444 $ 4,430 $ 5,357 $ 29,388 $ 19,471 $ 18,088 $ (6,627 ) $ 1,951 $ 1,917 (1) Includes total revenues, net of interest expense (excluding Corporate/Other ), in North America of $33.9 billion , $33.4 billion and $34.1 billion ; in EMEA of $12.0 billion , $11.8 billion and $10.9 billion ; in Latin America of $10.4 billion , $10.3 billion and $9.6 billion ; and in Asia of $16.0 billion , $15.3 billion and $14.6 billion in 2019, 2018 and 2017, respectively. These regional numbers exclude Corporate/Other , which largely operates within the U.S. (2) Corporate/Other , GCB and ICG 2017 results include the one-time impact of Tax Reform. (3) Includes pretax provisions for credit losses and for benefits and claims in the GCB results of $7.9 billion , $7.6 billion and $7.6 billion ; in the ICG results of $563 million , $215 million and $19 million ; and in the Corporate/Other results of $(75) million , $(202) million and $(175) million in 2019, 2018 and 2017, respectively. |
INTEREST REVENUE AND EXPENSE
INTEREST REVENUE AND EXPENSE | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift, Interest [Abstract] | |
INTEREST REVENUE AND EXPENSE | INTEREST REVENUE AND EXPENSE Interest revenue and Interest expense consisted of the following: In millions of dollars 2019 2018 2017 Interest revenue Loan interest, including fees $ 47,751 $ 45,682 $ 41,736 Deposits with banks 2,682 2,203 1,635 Securities borrowed and purchased under agreements to resell 6,872 5,492 3,249 Investments, including dividends 9,860 9,494 8,295 Trading account assets (1) 7,672 6,284 5,501 Other interest 1,673 1,673 1,163 Total interest revenue $ 76,510 $ 70,828 $ 61,579 Interest expense Deposits (2) $ 12,633 $ 9,616 $ 6,587 Securities loaned and sold under agreements to repurchase 6,263 4,889 2,661 Trading account liabilities (1) 1,308 1,001 638 Short-term borrowings 2,465 2,209 1,059 Long-term debt 6,494 6,551 5,573 Total interest expense $ 29,163 $ 24,266 $ 16,518 Net interest revenue $ 47,347 $ 46,562 $ 45,061 Provision for loan losses 8,218 7,354 7,503 Net interest revenue after provision for loan losses $ 39,129 $ 39,208 $ 37,558 (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 $781 million , $1,182 million and $1,249 million for 2019 , 2018 and 2017 , respectively. |
COMMISSIONS AND FEES; ADMINISTR
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES | COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES Commissions and Fees The primary components of Commissions and fees revenue are investment banking fees, brokerage commissions, credit card 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. For the periods presented, the contract liability amount 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 the 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 $485 million , $521 million and $416 million of revenue related to such variable consideration for the years ended December 31, 2019 , 2018 and 2017, respectively. These amounts primarily relate to performance obligations satisfied in prior periods. Credit card 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 card 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 $322 million , $386 million and $440 million of revenue related to such variable consideration for the years ended December 31, 2019 , 2018 and 2017, respectively. These amounts primarily relate to performance obligations satisfied in prior periods. Insurance premiums consist of premium income from insurance policies that Citi has underwritten and sold to policyholders. The following table presents Commissions and fees revenue: 2019 2018 2017 In millions of dollars ICG GCB Corp/Other Total ICG GCB Corp/Other Total ICG GCB Corp/Other Total Investment banking $ 3,767 $ — $ — $ 3,767 $ 3,568 $ — $ — $ 3,568 $ 3,817 $ — $ — $ 3,817 Brokerage commissions 1,771 841 — 2,612 1,977 815 — 2,792 1,889 826 3 2,718 Credit card and bank card income Interchange fees 1,222 8,621 — 9,843 1,077 8,112 11 9,200 953 7,523 99 8,575 Card-related loan fees 60 718 — 778 63 627 12 702 53 693 48 794 Card rewards and partner payments (691 ) (8,883 ) — (9,574 ) (504 ) (8,253 ) (12 ) (8,769 ) (426 ) (7,242 ) (57 ) (7,725 ) Deposit-related fees (1) 1,048 470 — 1,518 1,031 572 1 1,604 1,031 642 14 1,687 Transactional service fees 824 123 — 947 733 83 4 820 751 78 49 878 Corporate finance (2) 616 — — 616 734 — — 734 766 — — 766 Insurance distribution revenue 12 524 — 536 14 565 11 590 12 562 68 642 Insurance premiums — 186 — 186 — 119 — 119 — 122 — 122 Loan servicing 78 55 21 154 100 91 37 228 117 71 95 283 Other 99 261 3 363 116 139 14 269 30 90 30 150 Total commissions and fees (3) $ 8,806 $ 2,916 $ 24 $ 11,746 $ 8,909 $ 2,870 $ 78 $ 11,857 $ 8,993 $ 3,365 $ 349 $ 12,707 (1) Includes overdraft fees of $127 million , $128 million and $135 million for the years ended December 31, 2019, 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) Commissions and fees includes $(7,695) million , $(6,853) million and $(5,627) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the years ended December 31, 2019, 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 revenue is 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 or 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 with 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 revenue: 2019 2018 2017 In millions of dollars ICG GCB Corp/Other Total ICG GCB Corp/Other Total ICG GCB Corp/Other Total Custody fees $ 1,453 $ 16 $ 73 $ 1,542 $ 1,497 $ 133 $ 65 $ 1,695 $ 1,508 $ 164 $ 56 $ 1,728 Fiduciary fees 647 621 28 1,296 645 597 43 1,285 593 575 91 1,259 Guarantee fees 558 8 7 573 584 9 7 600 584 5 8 597 Total administration and other fiduciary fees (1) $ 2,658 $ 645 $ 108 $ 3,411 $ 2,726 $ 739 $ 115 $ 3,580 $ 2,685 $ 744 $ 155 $ 3,584 (1) Administration and other fiduciary fees includes $573 million , $600 million and $597 million for the years ended December 31, 2019, 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 | 12 Months Ended |
Dec. 31, 2019 | |
Principal Transactions Revenue, Net [Abstract] | |
PRINCIPAL TRANSACTIONS | PRINCIPAL TRANSACTIONS Citi’s 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 that 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) and FVA (funding valuation adjustments) on over-the-counter derivatives, and gains (losses) on certain economic hedges on loans in ICG . These adjustments are discussed further in Note 24 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: In millions of dollars 2019 2018 2017 Interest rate risks (1) $ 5,990 $ 5,178 $ 5,304 Foreign exchange risks (2) 1,650 1,398 2,435 Equity risks (3) 872 1,336 525 Commodity and other risks (4) 516 669 425 Credit products and risks (5) (136 ) 324 251 Total $ 8,892 $ 8,905 $ 8,940 (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 | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
INCENTIVE PLANS | INCENTIVE PLANS Discretionary Annual Incentive Awards Citigroup grants immediate cash bonus payments and various forms of immediate and deferred awards as part of its discretionary annual incentive award program involving a large segment of Citigroup’s employees worldwide. Most of the shares of common stock issued by Citigroup as part of its equity compensation programs are issued to settle the vesting of the stock components of these awards. Discretionary annual incentive awards are generally awarded in the first quarter of the year based on the previous year’s performance. Awards valued at less than U.S. $100,000 (or the local currency equivalent) are generally paid entirely in the form of an immediate cash bonus. Pursuant to Citigroup policy and/or regulatory requirements, certain employees and officers are subject to mandatory deferrals of incentive pay and generally receive 25% – 60% of their awards in a combination of restricted or deferred stock, deferred cash stock units or deferred cash. Discretionary annual incentive awards to many employees in the EU are subject to deferral requirements regardless of the total award value, with at least 50% of the immediate incentive delivered in the form of a stock payment award subject to a restriction on sale or transfer (generally, for 12 months). Deferred annual incentive awards may be delivered in the form of one or more award types: a restricted or deferred stock award under Citi’s Capital Accumulation Program (CAP), or a deferred cash stock unit award and/or a deferred cash award under Citi’s Deferred Cash Award Plan. The applicable mix of awards may vary based on the employee’s minimum deferral requirement and the country of employment. Subject to certain exceptions (principally, for retirement-eligible employees), continuous employment within Citigroup is required to vest in CAP, deferred cash stock unit and deferred cash awards. Post employment vesting by retirement-eligible employees and participants who meet other conditions is generally conditioned upon their refraining from competition with Citigroup during the remaining vesting period, unless the employment relationship has been terminated by Citigroup under certain conditions. Generally, the deferred awards vest in equal annual installments over three - or four -year periods. Vested CAP awards are delivered in shares of common stock. Deferred cash awards are payable in cash and, except as prohibited by applicable regulatory guidance, earn a fixed notional rate of interest that is paid only if and when the underlying principal award amount vests. Deferred cash stock unit awards are payable in cash at the vesting value of the underlying stock. Generally, in the EU, vested CAP shares are subject to a restriction on sale or transfer after vesting, and vested deferred cash awards and deferred cash stock units are subject to hold back (generally, for 6 or 12 months based on the award type). Unvested CAP, deferred cash stock units and deferred cash awards are subject to one or more clawback provisions that apply in certain circumstances, including gross misconduct. CAP and deferred cash stock unit awards, made to certain employees, are subject to a formulaic performance-based vesting condition pursuant to which amounts otherwise scheduled to vest will be reduced based on the amount of any pretax loss in the participant’s business in the calendar year preceding the scheduled vesting date. A minimum reduction of 20% applies for the first dollar of loss for CAP and deferred cash stock unit awards. In addition, deferred cash awards are subject to a discretionary performance-based vesting condition under which an amount otherwise scheduled to vest may be reduced in the event of a “material adverse outcome” for which a participant has “significant responsibility.” These awards are also subject to an additional clawback provision pursuant to which unvested awards may be canceled if the employee engaged in misconduct or exercised materially imprudent judgment, or failed to supervise or escalate the behavior of other employees who did. Sign-on and Long-Term Retention Awards Stock awards and deferred cash awards may be made at various times during the year as sign-on awards to induce new hires to join Citi or to high-potential employees as long-term retention awards. Vesting periods and other terms and conditions pertaining to these awards tend to vary by grant. Generally, recipients must remain employed through the vesting dates to vest in the awards, except in cases of death, disability or involuntary termination other than for gross misconduct. These awards do not usually provide for post employment vesting by retirement-eligible participants. Outstanding (Unvested) Stock Awards A summary of the status of unvested stock awards granted as discretionary annual incentive or sign-on and long-term retention awards is presented below: Unvested stock awards Shares Weighted- average grant date fair value per share Unvested at December 31, 2018 31,728,596 $ 57.30 Granted (1) 14,920,917 61.78 Canceled (1,104,448 ) 60.45 Vested (2) (15,350,350 ) 53.58 Unvested at December 31, 2019 30,194,715 $ 61.30 (1) The weighted-average fair value of the shares granted during 2018 and 2017 was $73.87 and $59.12 , respectively. (2) The weighted-average fair value of the shares vesting during 2019 was approximately $63.38 per share. Total unrecognized compensation cost related to unvested stock awards was $538 million at December 31, 2019. The cost is expected to be recognized over a weighted-average period of 1.6 years . Performance Share Units Certain executive officers were awarded a target number of performance share units (PSUs) each February from 2016 to 2019, for performance in the year prior to the award date. The PSUs granted in February 2016 were earned over a three -year performance period based on Citigroup’s relative total shareholder return as compared to peers. The PSUs granted in February 2017, 2018 and 2019 are earned over a three -year performance period, based half on return on tangible common equity performance in the last year of the three-year performance period and the remaining half on cumulative earnings per share over the three-year performance period. For all award years, if the total shareholder return is negative over the three -year performance period, executives may earn no more than 100% of the target PSUs, regardless of the extent to which Citigroup outperforms peer firms. The number of PSUs ultimately earned could vary from zero , if performance goals are not met, to as much as 150% of target, if performance goals are meaningfully exceeded. For all award years, the value of each PSU is equal to the value of one share of Citi common stock. Dividend equivalents will be accrued and paid on the number of earned PSUs after the end of the performance period. PSUs are subject to variable accounting, pursuant to which the associated value of the award will fluctuate with changes in Citigroup’s stock price and the attainment of the specified performance goals for each award, until the award is settled solely in cash after the end of the performance period. The value of the award, subject to the performance goals, is estimated using a simulation model that incorporates multiple valuation assumptions, including the probability of achieving the specified performance goals of each award. The risk-free rate used in the model is based on the applicable U.S. Treasury yield curve. Other significant assumptions for the awards are as follows: Valuation assumptions 2019 2018 2017 Expected volatility 25.33 % 24.93 % 25.79 % Expected dividend yield 2.67 1.75 1.30 A summary of the performance share unit activity for 2019 is presented below: Performance share units Units Weighted- average grant date fair value per unit Outstanding, beginning of period 1,768,362 $ 51.88 Granted (1) 560,031 72.83 Canceled (194,782 ) 42.24 Payments (641,611 ) 27.03 Outstanding, end of period 1,492,000 $ 71.69 (1) The weighted-average grant date fair value per unit awarded in 2018 and 2017 was $83.24 and $59.22 , respectively. PSUs granted in 2017 were equitably adjusted after the enactment of Tax Reform, as required under the terms of those awards. The adjustments were intended to reproduce the expected value of the awards immediately prior to the passage of Tax Reform. The PSUs granted in 2016 were not impacted by Tax Reform. Stock Option Programs All outstanding stock options are fully vested, with the related expense recognized as a charge to income in prior periods. The following table presents information with respect to stock option activity under Citigroup’s stock option programs: 2019 2018 2017 Options Weighted- average exercise price Intrinsic value per share Options Weighted- average exercise price Intrinsic value per share Options Weighted- average exercise price Intrinsic value per share Outstanding, beginning of period 762,225 $ 101.84 $ — 1,138,813 $ 161.96 $ — 1,527,396 $ 131.78 $ — Canceled (11,365 ) 40.80 — — — — — — — Expired (449,916 ) 142.30 — (376,588 ) 283.63 — — — — Exercised (134,294 ) 39.00 23.50 — — — (388,583 ) 43.35 15.67 Outstanding, end of period 166,650 $ 47.42 $ 32.47 762,225 $ 101.84 $ — 1,138,813 $ 161.96 $ — Exercisable, end of period 166,650 762,225 1,138,813 The following table summarizes information about stock options outstanding under Citigroup’s stock option programs at December 31, 2019: Options outstanding Options exercisable Range of exercise prices Number outstanding Weighted-average contractual life remaining Weighted-average exercise price Number exercisable Weighted-average exercise price $41.54–$60.00 166,650 1.4 years $ 47.42 166,650 $ 47.42 Total at December 31, 2019 166,650 1.4 years $ 47.42 166,650 $ 47.42 Other Variable Incentive Compensation Citigroup has various incentive plans globally that are used to motivate and reward performance primarily in the areas of sales, operational excellence and customer satisfaction. Participation in these plans is generally limited to employees who are not eligible for discretionary annual incentive awards. Other forms of variable compensation include monthly commissions paid to financial advisors and mortgage loan officers. Summary Except for awards subject to variable accounting, the total expense recognized for stock awards represents the grant date fair value of such awards, which is generally recognized as a charge to income ratably over the vesting period, other than for awards to retirement-eligible employees and immediately vested awards. Whenever awards are made or are expected to be made to retirement-eligible employees, the charge to income is accelerated based on when the applicable conditions to retirement eligibility were or will be met. If the employee is retirement eligible on the grant date, or the award is vested at the grant date, the entire expense is recognized in the year prior to grant. Recipients of Citigroup stock awards generally do not have any stockholder rights until shares are delivered upon vesting or exercise, or after the expiration of applicable required holding periods. Recipients of restricted or deferred stock awards and deferred cash stock unit awards, however, may, except as prohibited by applicable regulatory guidance, be entitled to receive or accrue dividends or dividend-equivalent payments during the vesting period. Recipients of restricted stock awards generally are entitled to vote the shares in their award during the vesting period. Once a stock award vests, the shares delivered to the participant are freely transferable, unless they are subject to a restriction on sale or transfer for a specified period. All equity awards granted since April 19, 2005 have been made pursuant to stockholder-approved stock incentive plans that are administered by the Personnel and Compensation Committee of the Citigroup Board of Directors, which is composed entirely of independent non-employee directors. At December 31, 2019 , approximately 29.7 million shares of Citigroup common stock were authorized and available for grant under Citigroup’s 2019 Stock Incentive Plan, the only plan from which equity awards are currently granted. The 2019 Stock Incentive Plan and predecessor plans permit the use of treasury stock or newly issued shares in connection with awards granted under the plans. Treasury shares were used to settle vestings from 2016 to 2019, and for the first quarter of 2020, except where local laws favor newly issued shares. The use of treasury stock or newly issued shares to settle stock awards does not affect the compensation expense recorded in the Consolidated Statement of Income for equity awards. Incentive Compensation Cost The following table shows components of compensation expense, relating to certain of the incentive compensation programs described above: In millions of dollars 2019 2018 2017 Charges for estimated awards to retirement-eligible employees $ 683 $ 669 $ 659 Amortization of deferred cash awards, deferred cash stock units and performance stock units 355 202 354 Immediately vested stock award expense (1) 82 75 70 Amortization of restricted and deferred stock awards (2) 404 435 474 Other variable incentive compensation 666 640 694 Total $ 2,190 $ 2,021 $ 2,251 (1) Represents expense for immediately vested stock awards that generally were stock payments in lieu of cash compensation. The expense is generally accrued as cash incentive compensation in the year prior to grant. (2) |
RETIREMENT BENEFITS
RETIREMENT BENEFITS | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
RETIREMENT BENEFITS | RETIREMENT BENEFITS Pension and Postretirement Plans The Company has several non-contributory defined benefit pension plans covering certain U.S. employees and has various defined benefit pension and termination indemnity plans covering employees outside the U.S. The U.S. qualified defined benefit plan was frozen effective January 1, 2008 for most employees. Accordingly, no additional compensation-based contributions have been credited to the cash balance portion of the plan for existing plan participants after 2007. However, certain employees covered under the prior final pay plan formula continue to accrue benefits. The Company also offers postretirement health care and life insurance benefits to certain eligible U.S. retired employees, as well as to certain eligible employees outside the U.S. The Company also sponsors a number of non-contributory, nonqualified pension plans. These plans, which are unfunded, provide supplemental defined pension benefits to certain U.S. employees. With the exception of certain employees covered under the prior final pay plan formula, the benefits under these plans were frozen in prior years. The plan obligations, plan assets and periodic plan expense for the Company’s most significant pension and postretirement benefit plans (Significant Plans) are measured and disclosed quarterly, instead of annually. The Significant Plans captured approximately 90% of the Company’s global pension and postretirement plan obligations as of December 31, 2019 . All other plans (All Other Plans) are measured annually with a December 31 measurement date. 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: Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Benefits earned during the year $ 1 $ 1 $ 3 $ 146 $ 146 $ 153 $ — $ — $ — $ 8 $ 9 $ 9 Interest cost on benefit obligation 469 514 533 287 292 295 24 26 26 104 102 101 Expected return on plan assets (821 ) (844 ) (865 ) (281 ) (291 ) (299 ) (18 ) (14 ) (6 ) (84 ) (88 ) (89 ) Amortization of unrecognized: Prior service cost (benefit) 2 2 2 (4 ) (4 ) (3 ) — — — (10 ) (10 ) (10 ) Net actuarial loss 200 165 173 61 53 61 — (1 ) — 23 29 35 Curtailment loss (gain) (1) 1 1 6 (6 ) (1 ) — — — — — — — Settlement loss (1) — — — 6 7 12 — — — — — — Total net (benefit) expense $ (148 ) $ (161 ) $ (148 ) $ 209 $ 202 $ 219 $ 6 $ 11 $ 20 $ 41 $ 42 $ 46 (1) Curtailment and settlement relate to repositioning and divestiture actions. Contributions The Company’s funding practice for U.S. and non-U.S. pension and postretirement plans is generally to fund to minimum funding requirements in accordance with applicable local laws and regulations. The Company may increase its contributions above the minimum required contribution, if appropriate. In addition, management has the ability to change its funding practices. For the U.S. pension plans, there were no required minimum cash contributions for 2019 or 2018. The following table summarizes the actual Company contributions for the years ended December 31, 2019 and 2018 , as well as estimated expected Company contributions for 2020. Expected contributions are subject to change, since contribution decisions are affected by various factors, such as market performance, tax considerations and regulatory requirements. Pension plans (1) Postretirement benefit plans (1) U.S. plans (2) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2020 2019 2018 2020 2019 2018 2020 2019 2018 2020 2019 2018 Contributions made by the Company $ — $ 425 $ — $ 111 $ 111 $ 140 $ — $ — $ 145 $ 4 $ 221 $ 3 Benefits paid directly by the Company 58 56 55 53 39 42 6 4 5 6 4 6 (1) Amounts reported for 2020 are expected amounts. (2) The U.S. pension plans include benefits paid directly by the Company for the nonqualified pension plans. Funded Status and Accumulated Other Comprehensive Income (AOCI) The following table summarizes the funded status and amounts recognized in the Consolidated Balance Sheet for the Company’s pension and postretirement plans: Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2019 2018 2019 2018 2019 2018 2019 2018 Change in projected benefit obligation Projected benefit obligation at beginning of year $ 12,655 $ 14,040 $ 7,149 $ 7,433 $ 662 $ 699 $ 1,159 $ 1,261 Benefits earned during the year 1 1 146 146 — — 8 9 Interest cost on benefit obligation 469 514 287 292 24 26 104 102 Plan amendments — — 7 7 — — — — Actuarial loss (gain) ( 1) 1,263 (1,056 ) 861 (99 ) 46 (1 ) 140 (123 ) Benefits paid, net of participants’ contributions and government subsidy (2) (936 ) (845 ) (304 ) (293 ) (40 ) (62 ) (72 ) (68 ) Settlement gain (3) — (84 ) (121 ) — — — — Curtailment loss (gain) (3) 1 1 (4 ) (1 ) — — — — Foreign exchange impact and other — — 47 (215 ) — — 45 (22 ) Projected benefit obligation at year end $ 13,453 $ 12,655 $ 8,105 $ 7,149 $ 692 $ 662 $ 1,384 $ 1,159 Change in plan assets Plan assets at fair value at beginning of year $ 11,490 $ 12,725 $ 6,699 $ 7,128 $ 345 $ 262 $ 1,036 $ 1,119 Actual return on plan assets (1) 1,682 (445 ) 781 (11 ) 36 (5 ) 138 (26 ) Company contributions 481 55 150 182 4 150 225 9 Benefits paid, net of participants’ contributions and government subsidy (2) (936 ) (845 ) (304 ) (293 ) (40 ) (62 ) (72 ) (68 ) Settlement gain (3) — — (84 ) (121 ) — — — — Foreign exchange impact and other — — 314 (186 ) — — (200 ) 2 Plan assets at fair value at year end $ 12,717 $ 11,490 $ 7,556 $ 6,699 $ 345 $ 345 $ 1,127 $ 1,036 Funded status of the plans Qualified plans (4) $ (23 ) $ (483 ) $ (549 ) $ (450 ) $ (347 ) $ (317 ) $ (257 ) $ (123 ) Nonqualified plans (5) (713 ) (682 ) — — — — — — Funded status of the plans at year end $ (736 ) $ (1,165 ) $ (549 ) $ (450 ) $ (347 ) $ (317 ) $ (257 ) $ (123 ) Net amount recognized Qualified plans Benefit asset $ — $ — $ 808 $ 806 $ — $ — $ 57 $ 175 Benefit liability (23 ) (483 ) (1,357 ) (1,256 ) (347 ) (317 ) (314 ) (298 ) Qualified plans $ (23 ) $ (483 ) $ (549 ) $ (450 ) $ (347 ) $ (317 ) $ (257 ) $ (123 ) Nonqualified plans (713 ) (682 ) — — — — — — Net amount recognized on the balance sheet $ (736 ) $ (1,165 ) $ (549 ) $ (450 ) $ (347 ) $ (317 ) $ (257 ) $ (123 ) Amounts recognized in AOCI Net transition obligation $ — $ — $ — $ (1 ) $ — $ — $ — $ — Prior service (cost) benefit (12 ) (13 ) 1 12 — — 76 83 Net actuarial (loss) gain (7,092 ) (6,892 ) (1,735 ) (1,420 ) 24 53 (416 ) (340 ) Net amount recognized in equity (pretax) $ (7,104 ) $ (6,905 ) $ (1,734 ) $ (1,409 ) $ 24 $ 53 $ (340 ) $ (257 ) Accumulated benefit obligation at year end $ 13,447 $ 12,646 $ 7,618 $ 6,720 $ 692 $ 662 $ 1,384 $ 1,159 (1) During 2019, the actuarial loss is primarily due to the decline in global discount rates and actual return on plan assets due to favorable asset returns. (2) U.S. postretirement benefit plans were net of Employer Group Waiver Plan subsidy of $22 million and $15 million in 2019 and 2018, respectively. (3) Curtailment and settlement (gains) losses relate to repositioning and divestiture activities. (4) The U.S. qualified pension plan is fully funded under specified Employee Retirement Income Security Act (ERISA) funding rules as of January 1, 2020 and no minimum required funding is expected for 2020. (5) The nonqualified plans of the Company are unfunded. The following table shows the change in AOCI related to the Company’s pension, postretirement and post employment plans: In millions of dollars 2019 2018 2017 Beginning of year balance, net of tax (1)(2) $ (6,257 ) $ (6,183 ) $ (5,164 ) Actuarial assumptions changes and plan experience (2,300 ) 1,288 (760 ) Net asset gain (loss) due to difference between actual and expected returns 1,427 (1,732 ) 625 Net amortization 274 214 229 Prior service (cost) credit (7 ) (7 ) (4 ) Curtailment/settlement gain (3) 1 7 17 Foreign exchange impact and other (66 ) 136 (93 ) Impact of Tax Reform (4) — — (1,020 ) Change in deferred taxes, net 119 20 (13 ) Change, net of tax $ (552 ) $ (74 ) $ (1,019 ) End of year balance, net of tax (1)(2) $ (6,809 ) $ (6,257 ) $ (6,183 ) (1) See Note 19 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) Curtailment and settlement relate to repositioning and divestiture activities. (4) In the fourth quarter of 2017, Citi adopted ASU 2018-02, which transferred these amounts from AOCI to Retained earnings . See Note 1 to the Consolidated Financial Statements. At December 31, 2019 and 2018, the aggregate projected benefit obligation (PBO), the aggregate accumulated benefit obligation (ABO) and the aggregate fair value of plan assets are presented for all defined benefit pension plans with a PBO in excess of plan assets and for all defined benefit pension plans with an ABO in excess of plan assets as follows: PBO exceeds fair value of plan assets ABO exceeds fair value of plan assets U.S. plans (1) Non-U.S. plans U.S. plans (1) Non-U.S. plans In millions of dollars 2019 2018 2019 2018 2019 2018 2019 2018 Projected benefit obligation $ 13,453 $ 12,655 $ 4,445 $ 3,904 $ 13,453 $ 12,655 $ 2,748 $ 3,718 Accumulated benefit obligation 13,447 12,646 4,041 3,528 13,447 12,646 2,435 3,387 Fair value of plan assets 12,717 11,490 3,089 2,648 12,717 11,490 1,429 2,478 (1) At December 31, 2019 and 2018, for both the U.S. qualified plan and nonqualified plans, the aggregate PBO and the aggregate ABO exceeded plan assets. Plan Assumptions The Company utilizes a number of assumptions to determine plan obligations and expenses. Changes in one or a combination of these assumptions will have an impact on the Company’s pension and postretirement PBO, funded status and (benefit) expense. Changes in the plans’ funded status resulting from changes in the PBO and fair value of plan assets will have a corresponding impact on Accumulated other comprehensive income (loss) . The actuarial assumptions at the respective years ended December 31 in the table below are used to measure the year-end PBO and the net periodic (benefit) expense for the subsequent year (period). Since Citi’s Significant Plans are measured on a quarterly basis, the year-end rates for those plans are used to calculate the net periodic (benefit) expense for the subsequent year’s first quarter. As a result of the quarterly measurement process, the net periodic (benefit) expense for the Significant Plans is calculated at each respective quarter end based on the preceding quarter-end rates (as shown below for the U.S. and non-U.S. pension and postretirement plans). The actuarial assumptions for All Other Plans are measured annually. Certain assumptions used in determining pension and postretirement benefit obligations and net benefit expense for the Company’s plans are shown in the following table: At year end 2019 2018 Discount rate U.S. plans Qualified pension 3.25% 4.25% Nonqualified pension 3.25 4.25 Postretirement 3.15 4.20 Non-U.S. pension plans Range (1) -0.10 to 11.30 0.25 to 12.00 Weighted average 3.65 4.47 Non-U.S. postretirement plans Range 0.90 to 9.10 1.75 to 10.75 Weighted average 7.76 9.05 Future compensation increase rate (2) Non-U.S. pension plans Range 1.50 to 11.50 1.30 to 13.67 Weighted average 3.17 3.16 Expected return on assets U.S. plans Qualified pension 6.70 6.70 Postretirement (3) 6.70/3.00 6.70/3.00 Non-U.S. pension plans Range 0.00 to 11.50 1.00 to 11.50 Weighted average 3.95 4.30 Non-U.S. postretirement plans Range 6.20 to 8.00 8.00 to 9.20 Weighted average 7.99 8.01 (1) Due to substantial downward movement in yields, there were negative discount rates for plans with relatively short duration in major markets, such as the Eurozone and Switzerland. (2) Not material for U.S. plans. (3) In 2019 and 2018, the expected rate of return for the VEBA Trust was 3.00% . During the year 2019 2018 2017 Discount rate U.S. plans Qualified pension 4.25%/3.85%/ 3.45%/3.10% 3.60%/3.95%/ 4.25%/4.30% 4.10%/4.05%/ 3.80%/3.75% Nonqualified pension 4.25/3.90/ 3.50/3.10 3.60/3.95/ 4.25/4.30 4.00/3.95/ 3.75/3.65 Postretirement 4.20/3.80/ 3.35/3.00 3.50/3.90/ 4.20/4.20 3.90/3.85/ 3.60/3.55 Non-U.S. pension plans (1) Range (2) -0.05 to 12.00 0.00 to 10.75 0.25 to 72.50 Weighted average 4.47 4.17 4.40 Non-U.S. postretirement plans (1) Range 1.75 to 10.75 1.75 to 10.10 1.75 to 11.05 Weighted average 9.05 8.10 8.27 Future compensation increase rate (3) Non-U.S. pension plans (1) Range 1.30 to 13.67 1.17 to 13.67 1.25 to 70.00 Weighted average 3.16 3.08 3.21 Expected return on assets U.S. plans Qualified pension (4) 6.70 6.80/6.70 6.80 Postretirement (4)(5) 6.70/3.00 6.80/6.70/3.00 6.80 Non-U.S. pension plans (1) Range 1.00 to 11.50 0.00 to 11.60 1.00 to 11.50 Weighted average 4.30 4.52 4.55 Non-U.S. postretirement plans (1) Range 8.00 to 9.20 8.00 to 9.80 8.00 to 10.30 Weighted average 8.01 8.01 8.02 (1) Reflects rates utilized to determine the quarterly expense for Significant non-U.S. pension and postretirement plans. (2) Due to substantial downward movement in yields, there were negative discount rates for plans with relatively short duration in major markets, such as the Eurozone and Switzerland. (3) Not material for U.S. plans. (4) The expected rate of return for the U.S. pension and postretirement plans was lowered from 6.80% to 6.70% effective in the second quarter of 2018 to reflect a change in target asset allocation. (5) In 2017, the VEBA Trust was funded with an expected rate of return on assets of 3.00% . Discount Rate The discount rates for the U.S. pension and postretirement plans were selected by reference to a Citigroup-specific analysis using each plan’s specific cash flows and compared with high-quality corporate bond indices for reasonableness. The discount rates for the non-U.S. pension and postretirement plans are selected by reference to high-quality corporate bond rates in countries that have developed corporate bond markets. However, where developed corporate bond markets do not exist, the discount rates are selected by reference to local government bond rates with a premium added to reflect the additional risk for corporate bonds in certain countries. Effective December 31, 2019, the established rounding convention is to the nearest 5 bps for all countries. Expected Rate of Return The Company determines its assumptions for the expected rate of return on plan assets for its U.S. pension and postretirement plans using a “building block” approach, which focuses on ranges of anticipated rates of return for each asset class. A weighted average range of nominal rates is then determined based on target allocations to each asset class. Market performance over a number of earlier years is evaluated covering a wide range of economic conditions to determine whether there are sound reasons for projecting any past trends. The Company considers the expected rate of return to be a long-term assessment of return expectations and does not anticipate changing this assumption unless there are significant changes in investment strategy or economic conditions. This contrasts with the selection of the discount rate and certain other assumptions, which are reconsidered annually (or quarterly for the Significant Plans) in accordance with GAAP. The expected rate of return for the U.S. pension and postretirement plans was 6.70% at December 31, 2019 and 2018 and 6.80% at December 31, 2017. The expected return on assets reflects the expected annual appreciation of the plan assets and reduces the Company’s annual pension expense. The expected return on assets is deducted from the sum of service cost, interest cost and other components of pension expense to arrive at the net pension (benefit) expense. The following table shows the expected rates of return used in determining the Company’s pension expense compared to the actual rate of return on plan assets during 2019, 2018 and 2017 for the U.S. pension and postretirement plans: U.S. plans 2019 2018 2017 Expected rate of return U.S. pension and postretirement trust 6.70% 6.80%/6.70% 6.80% VEBA trust (1) 3.00 3.00 3.00 Actual rate of return (2) U.S. pension and postretirement trust 15.20 -3.40 10.90 VEBA trust (1) 1.91 to 2.76 0.43 to 1.41 — (1) In December 2017, the VEBA Trust was funded for postretirement benefits with an expected rate of return on assets of 3.00% . (2) Actual rates of return are presented net of fees. For the non-U.S. pension plans, pension expense for 2019 was reduced by the expected return of $281 million , compared with the actual return of $781 million . Pension expense for 2018 and 2017 was reduced by expected returns of $291 million and $299 million , respectively. Mortality Tables At December 31, 2019, the Company adopted the Private Retirement Plans (PRI-2012) mortality table and the Mortality Projection 2019 (MP-2019) projection table for the U.S. plans. U.S. plans 2019 (1) 2018 (2) Mortality Pension PRI-2012/MP-2019 RP-2014/MP-2018 Postretirement PRI-2012/MP-2019 RP-2014/MP-2018 (1) The PRI-2012 table is the white-collar PRI-2012 table. The MP-2019 projection scale is projected from 2012, with convergence to 0.75% ultimate rate of annual improvement by 2035. (2) The RP-2014 table is the white-collar RP-2014 table. The MP-2018 projection scale is projected from 2006, with convergence to 0.75% ultimate rate of annual improvement by 2034. Sensitivities of Certain Key Assumptions The following tables summarize the effect on pension expense: Discount rate One-percentage-point increase In millions of dollars 2019 2018 2017 U.S. plans $ 28 $ 25 $ 29 Non-U.S. plans (19 ) (22 ) (27 ) One-percentage-point decrease In millions of dollars 2019 2018 2017 U.S. plans $ (44 ) $ (37 ) $ (44 ) Non-U.S. plans 32 32 41 The U.S. Qualified Pension Plan was frozen in 2008, and as a result, most service cost has been eliminated. The pension expense for the U.S. Qualified Pension Plan is driven primarily by interest cost rather than by service cost. An increase in the discount rate generally increases pension expense. For Non-U.S. Pension Plans that are not frozen (in countries such as Mexico, the U.K. and South Korea), there is more service cost. The pension expense for the Non-U.S. Plans is driven by both service cost and interest cost. An increase in the discount rate generally decreases pension expense due to the greater impact on service cost compared to interest cost. Since the U.S. Qualified Pension Plan was frozen, most of the prospective service cost has been eliminated and the gain/loss amortization period was changed to the life expectancy for inactive participants. As a result, pension expense for the U.S. Qualified Pension Plan is driven more by interest costs than service costs, and an increase in the discount rate would increase pension expense, while a decrease in the discount rate would decrease pension expense. The following tables summarize the effect on pension expense: Expected rate of return One-percentage-point increase In millions of dollars 2019 2018 2017 U.S. plans $ (123 ) $ (126 ) $ (127 ) Non-U.S. plans (64 ) (64 ) (64 ) One-percentage-point decrease In millions of dollars 2019 2018 2017 U.S. plans $ 123 $ 126 $ 127 Non-U.S. plans 64 64 64 Health Care Cost Trend Rate Assumed health care cost trend rates were as follows: 2019 2018 Health care cost increase rate for U.S. plans Following year 6.75% 7.00% Ultimate rate to which cost increase is assumed to decline 5.00 5.00 Year in which the ultimate rate is 2027 2027 Health care cost increase rate for Non-U.S. plans (weighted average) Following year 6.85% 6.90% Ultimate rate to which cost increase is assumed to decline 6.85 6.90 Year in which the ultimate rate is reached 2020 2019 Interest Crediting Rate The Company has cash balance plans and other plans with promised interest crediting rates. For these plans, the interest crediting rates are set in line with plan rules or country legislation and do not change with market conditions. Weighted average interest crediting rate At year end 2019 2018 2017 U.S. plans 2.25% 3.25% 2.60% Non-U.S. plans 1.61 1.68 1.74 Plan Assets Citigroup’s pension and postretirement plans’ asset allocations for the U.S. plans and the target allocations by asset category based on asset fair values, are as follows: Target asset allocation U.S. pension assets at December 31, U.S. postretirement assets at December 31, Asset category (1) 2020 2019 2018 2019 2018 Equity securities (2) 0–26% 17 % 15 % 17 % 15 % Debt securities (3) 35–82 58 57 58 57 Real estate 0–7 4 5 4 5 Private equity 0–10 3 3 3 3 Other investments 0–30 18 20 18 20 Total 100 % 100 % 100 % 100 % (1) Asset allocations for the U.S. plans are set by investment strategy, not by investment product. For example, private equities with an underlying investment in real estate are classified in the real estate asset category, not private equity. (2) Equity securities in the U.S. pension and postretirement plans do not include any Citigroup common stock at the end of 2019 and 2018. (3) The VEBA Trust for postretirement benefits are primarily invested in cash equivalents and debt securities in 2019 and 2018, respectively, and are not reflected in the table above. Third-party investment managers and advisors provide their services to Citigroup’s U.S. pension and postretirement plans. Assets are rebalanced as the Company’s Pension Plan Investment Committee deems appropriate. Citigroup’s investment strategy, with respect to its assets, is to maintain a globally diversified investment portfolio across several asset classes that, when combined with Citigroup’s contributions to the plans, will maintain the plans’ ability to meet all required benefit obligations. Citigroup’s pension and postretirement plans’ weighted-average asset allocations for the non-U.S. plans and the actual ranges, and the weighted-average target allocations by asset category based on asset fair values, are as follows: Non-U.S. pension plans Target asset allocation Actual range at December 31, Weighted-average at December 31, Asset category (1) 2020 2019 2018 2019 2018 Equity securities 0–100% 0–100% 0–66% 13 % 13 % Debt securities 0–100 0–100 0–100 80 80 Real estate 0–15 0–15 0–12 1 1 Other investments 0–100 0–100 0–100 6 6 Total 100 % 100 % (1) Similar to the U.S. plans, asset allocations for certain non-U.S. plans are set by investment strategy, not by investment product. Non-U.S. postretirement plans Target asset allocation Actual range at December 31, Weighted-average at December 31, Asset category (1) 2020 2019 2018 2019 2018 Equity securities 0–38% 0–31% 0–35% 27 % 35 % Debt securities 56–100 66–100 62–100 71 62 Other investments 0–6 0–3 0–3 2 3 Total 100 % 100 % (1) Similar to the U.S. plans, asset allocations for certain non-U.S. plans are set by investment strategy, not by investment product. Fair Value Disclosure For information on fair value measurements, including descriptions of Levels 1, 2 and 3 of the fair value hierarchy and the valuation methodology utilized by the Company, see Notes 1 and 24 to the Consolidated Financial Statements. ASU 2015-07 removed the requirement to categorize within the fair value hierarchy investments for which fair value is measured using the NAV per share practical expedient. Certain investments may transfer between the fair value hierarchy classifications during the year due to changes in valuation methodology and pricing sources. Plan assets by detailed asset categories and the fair value hierarchy are as follows: U.S. pension and postretirement benefit plans (1) In millions of dollars Fair value measurement at December 31, 2019 Asset categories Level 1 Level 2 Level 3 Total U.S. equities $ 739 $ — $ — $ 739 Non-U.S. equities 553 — — 553 Mutual funds and other registered investment companies 280 — — 280 Commingled funds — 1,410 — 1,410 Debt securities 1,534 4,046 — 5,580 Annuity contracts — — 1 1 Derivatives 10 245 — 255 Other investments — — 75 75 Total investments $ 3,116 $ 5,701 $ 76 $ 8,893 Cash and short-term investments $ 93 $ 1,080 $ — $ 1,173 Other investment liabilities (87 ) (249 ) — (336 ) Net investments at fair value $ 3,122 $ 6,532 $ 76 $ 9,730 Other investment receivables redeemed at NAV $ 22 Securities valued at NAV 3,310 Total net assets $ 13,062 (1) The investments of the U.S. pension and postretirement plans are commingled in one trust. At December 31, 2019, the allocable interests of the U.S. pension and postretirement plans were 98.0% and 2.0% , respectively. The investments of the VEBA Trust for postretirement benefits are reflected in the above table. U.S. pension and postretirement benefit plans (1) In millions of dollars Fair value measurement at December 31, 2018 Asset categories Level 1 Level 2 Level 3 Total U.S. equities $ 625 $ — $ — $ 625 Non-U.S. equities 481 — — 481 Mutual funds and other registered investment companies 215 — — 215 Commingled funds — 1,344 — 1,344 Debt securities 1,346 3,443 — 4,789 Annuity contracts — — 1 1 Derivatives 16 252 — 268 Other investments — — 127 127 Total investments $ 2,683 $ 5,039 $ 128 $ 7,850 Cash and short-term investments $ 93 $ 897 $ — $ 990 Other investment liabilities (100 ) (254 ) — (354 ) Net investments at fair value $ 2,676 $ 5,682 $ 128 $ 8,486 Other investment receivables redeemed at NAV $ 80 Securities valued at NAV 3,269 Total net assets $ 11,835 (1) The investments of the U.S. pension and postretirement plans are commingled in one trust. At December 31, 2018, the allocable interests of the U.S. pension and postretirement plans were 98.0% and 2.0% , respectively. The investments of the VEBA Trust for postretirement benefits are reflected in the above table. Non-U.S. pension and postretirement benefit plans In millions of dollars Fair value measurement at December 31, 2019 Asset categories Level 1 Level 2 Level 3 Total U.S. equities $ 4 $ 12 $ — $ 16 Non-U.S. equities 127 262 — 389 Mutual funds and other registered investment companies 3,223 63 — 3,286 Commingled funds 23 — — 23 Debt securities 4,307 1,615 10 5,932 Real estate — 3 1 4 Annuity contracts — — 5 5 Derivatives — 1,590 — 1,590 Other investments 1 — 274 275 Total investments $ 7,685 $ 3,545 $ 290 $ 11,520 Cash and short-term investments $ 86 $ 3 $ — $ 89 Other investment liabilities (3 ) (2,938 ) — (2,941 ) Net investments at fair value $ 7,768 $ 610 $ 290 $ 8,668 Securities valued at NAV $ 15 Total net assets $ 8,683 Non-U.S. pension and postretirement benefit plans In millions of dollars Fair value measurement at December 31, 2018 Asset categories Level 1 Level 2 Level 3 Total U.S. equities $ 4 $ 9 $ — $ 13 Non-U.S. equities 100 100 — 200 Mutual funds and other registered investment companies 2,887 63 — 2,950 Commingled funds 21 — — 21 Debt securities 5,145 1,500 9 6,654 Real estate — 3 1 4 Annuity contracts — 1 10 11 Derivatives — 156 — 156 Other investments 1 — 210 211 Total investments $ 8,158 $ 1,832 $ 230 $ 10,220 Cash and short-term investments $ 91 $ 3 $ — $ 94 Other investment liabilities (1 ) (2,589 ) — (2,590 ) Net investments at fair value $ 8,248 $ (754 ) $ 230 $ 7,724 Securities valued at NAV $ 11 Total net assets $ 7,735 Level 3 Rollforward The reconciliations of the beginning and ending balances during the year for Level 3 assets are as follows: In millions of dollars U.S. pension and postretirement benefit plans Asset categories Beginning Level 3 fair value at Dec. 31, 2018 Realized (losses) Unrealized gains Purchases, sales and issuances Transfers in and/or out of Level 3 Ending Level 3 fair value at Dec. 31, 2019 Annuity contracts $ 1 $ — $ — $ — $ — $ 1 Other investments 127 (7 ) 12 (57 ) — 75 Total investments $ 128 $ (7 ) $ 12 $ (57 ) $ — $ 76 In millions of dollars U.S. pension and postretirement benefit plans Asset categories Beginning Level 3 fair value at Dec. 31, 2017 Realized (losses) Unrealized (losses) Purchases, sales and issuances Transfers in and/or out of Level 3 Ending Level 3 fair value at Dec. 31, 2018 Annuity contracts $ 1 $ — $ — $ — $ — $ 1 Other investments 148 (2 ) (18 ) (1 ) — 127 Total investments $ 149 $ (2 ) $ (18 ) $ (1 ) $ — $ 128 In millions of dollars Non-U.S. pension and postretirement benefit plans Asset categories Beginning Level 3 fair value at Dec. 31, 2018 Unrealized gains Purchases, sales and issuances Transfers in and/or out of Level 3 Ending Level 3 fair value at Dec. 31, 2019 Debt securities $ 9 $ 1 $ — $ — $ 10 Real estate 1 — — — 1 Annuity contracts 10 — (5 ) — 5 Other investments 210 7 57 — 274 Total investments $ 230 $ 8 $ 52 $ — $ 290 In millions of dollars Non-U.S. pension and postretirement benefit plans Asset categories Beginning Level 3 fair value at Unrealized (losses) Purchases, sales and issuances Transfers in and/or out of Level 3 Ending Level 3 fair value at Dec. 31, 2018 Non-U.S. equities $ 1 $ — $ — $ (1 ) $ — Debt securities 7 (1 ) 3 — 9 Real estate 1 — — — 1 Annuity contracts 9 (1 ) 1 1 10 Other investments 214 (3 ) (1 ) — 210 Total investments $ 232 $ (5 ) $ 3 $ — $ 230 Investment Strategy The Company’s global pension and postretirement funds’ investment strategy is to invest in a prudent manner for the exclusive purpose of providing benefits to participants. The investment strategies are targeted to produce a total return that, when combined with the Company’s contributions to the funds, will maintain the funds’ ability to meet all required benefit obligations. Risk is controlled through diversification of asset types and investments in domestic and international equities, fixed income securities and cash and short-term investments. The target asset allocation in most locations outside the U.S. is primarily in equity and debt securities. These allocations may vary by geographic region and country depending on the nature of applicable obligations and various other regional considerations. The wide variation in the actual range of plan asset allocations for the funded non-U.S. plans is a result of differing local statutory requirements and economic conditions. For example, in certain countries local law requires that all pension plan assets must be invested in fixed income investments, government funds or local-country securities. Significant Concentrations of Risk in Plan Assets The assets of the Company’s pension plans are diversified to limit the impact of any individual investment. The U.S. qualified pension plan is diversified across multiple asset classes, with publicly traded fixed income, hedge funds, publicly traded equity and real estate representing the most significant asset allocations. Investments in these four asset classes are further diversified across funds, managers, strategies, vintages, sectors and geographies, depending on the specific characteristics of each asset class. The pension assets for the Company’s non-U.S. Significant Plans are primarily invested in publicly traded fixed income and publicly traded equity securities. Oversight and Risk Management Practices The framework for the Company’s pension oversight process includes monitoring of retirement plans by plan fiduciaries and/or management at the global, regional or country level, as appropriate. Independent Risk Management contributes to the risk oversight and monitoring for the Company’s U.S. qualified pension plan and non-U.S. Significant Pension Plans. Although the specific components of the oversight process are tailored to the requirements of each region, country and plan, the following elements are common to the Company’s monitoring and risk management process: • periodic asset/liability management studies and strategic asset allocation reviews; • periodic monitoring of funding levels and funding ratios; • periodic monitoring of compliance with asset allocation guidelines; • periodic monitoring of asset class and/or investment manager performance against benchmarks; and • periodic risk capital analysis and stress testing. Estimated Future Benefit Payments The Company expects to pay the following estimated benefit payments in future years: Pension plans Postretirement benefit plans In millions of dollars U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans 2020 $ 821 $ 476 $ 64 $ 75 2021 840 434 63 80 2022 851 464 61 85 2023 866 480 59 91 2024 873 495 57 97 2025–2029 4,282 2,651 244 567 Post Employment Plans The Company sponsors U.S. post employment plans that provide income continuation and health and welfare benefits to certain eligible U.S. employees on long-term disability. As |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income Tax Provision Details of the Company’s income tax provision are presented below: In millions of dollars 2019 2018 2017 Current Federal $ 365 $ 834 $ 332 Non-U.S. 4,352 4,290 3,910 State 323 284 269 Total current income taxes $ 5,040 $ 5,408 $ 4,511 Deferred Federal $ (907 ) $ (620 ) $ 24,902 Non-U.S. 10 371 (377 ) State 287 198 352 Total deferred income taxes $ (610 ) $ (51 ) $ 24,877 Provision for income tax on continuing operations before noncontrolling interests (1) $ 4,430 $ 5,357 $ 29,388 Provision (benefit) for income taxes on discontinued operations (27 ) (18 ) 7 Income tax expense (benefit) reported in stockholders’ equity related to: FX translation (11 ) (263 ) 188 Investment securities 648 (346 ) (149 ) Employee stock plans (16 ) (2 ) (4 ) Cash flow hedges 269 (8 ) (12 ) Benefit plans (119 ) (20 ) 13 FVO DVA (337 ) 302 (250 ) Excluded fair value hedges 8 (17 ) — Retained earnings (2) 46 (305 ) (295 ) Income taxes before noncontrolling interests $ 4,891 $ 4,680 $ 28,886 (1) Includes the tax on realized investment gains and other-than-temporary-impairment losses resulting in a provision (benefit) of $373 million and $(9) million in 2019, $104 million and $(32) million in 2018 and $272 million and $(22) million in 2017, respectively. (2) 2019 reflects the tax effect of the accounting change for ASU 2016-02. 2018 reflects the tax effect of the accounting change for ASU 2016-16 and the tax effect of the accounting change for ASU 2018-03, to report the net unrealized gains on former AFS equity securities. 2017 reflects the tax effect of the accounting change for ASU 2017-08. See Note 1 to the Consolidated Financial Statements. Tax Rate The reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate applicable to income from continuing operations (before noncontrolling interests and the cumulative effect of accounting changes) for each of the periods indicated is as follows: 2019 2018 2017 Federal statutory rate 21.0 % 21.0 % 35.0 % State income taxes, net of federal benefit 1.9 1.8 1.1 Non-U.S. income tax rate differential 1.3 5.3 (1.6 ) Effect of tax law changes (1) (0.5 ) (0.6 ) 99.7 Basis difference in affiliates (0.1 ) (2.4 ) (2.1 ) Tax advantaged investments (2.3 ) (2.0 ) (2.2 ) Valuation allowance releases (2) (3.0 ) — — Other, net 0.2 (0.3 ) (0.8 ) Effective income tax rate 18.5 % 22.8 % 129.1 % (1) 2018 includes one-time Tax Reform benefits of $94 million for amounts that were considered provisional pursuant to SAB 118. 2017 includes the one-time $22,594 million charge for Tax Reform. (2) See the Deferred Tax Assets section below for a description of the components. As set forth in the table above, Citi’s effective tax rate for 2019 was 18.5% . The rate is lower than the 22.8% reported in 2018, primarily due to the general basket FTC valuation allowance release. Deferred Income Taxes Deferred income taxes at December 31 related to the following: In millions of dollars 2019 2018 Deferred tax assets Credit loss deduction $ 3,809 $ 3,419 Deferred compensation and employee benefits 2,224 1,975 Repositioning and settlement reserves 345 428 U.S. tax on non-U.S. earnings 1,030 2,080 Investment and loan basis differences 2,727 4,891 Tax credit and net operating loss carry-forwards 19,711 20,759 Fixed assets and leases 2,607 1,006 Other deferred tax assets 2,996 2,385 Gross deferred tax assets $ 35,449 $ 36,943 Valuation allowance $ 6,476 $ 9,258 Deferred tax assets after valuation allowance $ 28,973 $ 27,685 Deferred tax liabilities Intangibles and leases $ (2,640 ) $ (1,284 ) Debt issuances (201 ) (530 ) Non-U.S. withholding taxes (974 ) (1,040 ) Interest-related items (587 ) (594 ) Other deferred tax liabilities (1,477 ) (1,334 ) Gross deferred tax liabilities $ (5,879 ) $ (4,782 ) Net deferred tax assets $ 23,094 $ 22,903 Unrecognized Tax Benefits The following is a rollforward of the Company’s unrecognized tax benefits: In millions of dollars 2019 2018 2017 Total unrecognized tax benefits at January 1 $ 607 $ 1,013 $ 1,092 Net amount of increases for current year’s tax positions 50 40 43 Gross amount of increases for prior years’ tax positions 151 46 324 Gross amount of decreases for prior years’ tax positions (44 ) (174 ) (246 ) Amounts of decreases relating to settlements (21 ) (283 ) (199 ) Reductions due to lapse of statutes of limitation (23 ) (23 ) (11 ) Foreign exchange, acquisitions and dispositions 1 (12 ) 10 Total unrecognized tax benefits at December 31 $ 721 $ 607 $ 1,013 The total amounts of unrecognized tax benefits at December 31, 2019, 2018 and 2017 that, if recognized, would affect Citi’s tax expense are $0.6 billion , $0.4 billion and $0.8 billion , respectively. The remaining uncertain tax positions have offsetting amounts in other jurisdictions or are temporary differences. Interest and penalties (not included in “unrecognized tax benefits” above) are a component of Provision for income taxes . 2019 2018 2017 In millions of dollars Pretax Net of tax Pretax Net of tax Pretax Net of tax Total interest and penalties on the Consolidated Balance Sheet at January 1 $ 103 $ 85 $ 121 $ 101 $ 260 $ 164 Total interest and penalties in the Consolidated Statement of Income (4 ) (4 ) 6 6 5 21 Total interest and penalties on the Consolidated Balance Sheet at December 31 (1) 100 82 103 85 121 101 (1) Includes $3 million , $2 million and $3 million for non-U.S. penalties in 2019, 2018 and 2017. Also includes $1 million , $1 million and $3 million for state penalties in 2019, 2018 and 2017. As of December 31, 2019, Citi was under audit by the Internal Revenue Service and other major taxing jurisdictions around the world. It is thus reasonably possible that significant changes in the gross balance of unrecognized tax benefits may occur within the next 12 months, although Citi does not expect such audits to result in amounts that would cause a significant change to its effective tax rate. The following are the major tax jurisdictions in which the Company and its affiliates operate and the earliest tax year subject to examination: Jurisdiction Tax year United States 2016 Mexico 2014 New York State and City 2009 United Kingdom 2015 India 2016 Singapore 2011 Hong Kong 2013 Ireland 2015 Non-U.S. Earnings Non-U.S. pretax earnings approximated $16.7 billion in 2019, $16.1 billion in 2018 and $13.7 billion in 2017. As a U.S. corporation, Citigroup and its U.S. subsidiaries are currently subject to U.S. taxation on all non-U.S. pretax earnings of non-U.S. branches. Beginning in 2018, there is a separate foreign tax credit (FTC) basket for branches. Also, dividends from a non-U.S. subsidiary or affiliate are effectively exempt from U.S. taxation. The Company provides income taxes on the book over tax basis differences of non-U.S. subsidiaries except to the extent that such differences are indefinitely reinvested outside the U.S. At December 31, 2019, $10.9 billion of basis differences of non-U.S. entities was indefinitely invested compared to $15.5 billion at December 31, 2018. At the existing tax rates, additional taxes (net of U.S. FTCs) of $4.1 billion would have to be provided if such assertions were reversed. The decrease of $4.6 billion in basis differences from the prior year end was primarily due to a tax election to treat a contiguous country affiliate as a branch rather than a subsidiary. Income taxes are not provided for the Company’s “savings bank base year bad debt reserves” that arose before 1988, because under current U.S. tax rules, such taxes will become payable only to the extent that such amounts are distributed in excess of limits prescribed by federal law. At December 31, 2019, the amount of the base year reserves totaled approximately $358 million (subject to a tax of $75 million ). Deferred Tax Assets As of December 31, 2019, Citi had a valuation allowance of $6.5 billion , composed of valuation allowances of $4.6 billion on its FTC carry-forwards, $0.8 billion on its U.S. residual DTA related to its non-U.S. branches, $1.0 billion on local non-U.S. DTAs and $0.1 billion on state net operating loss carry-forwards. The valuation allowance against FTCs results from the impact of the lower tax rate and the new separate FTC basket for non-U.S. branches. The absolute amount of Citi’s post-Tax Reform-related valuation allowances may change in future years. First, the separate FTC basket for non-U.S. branches may result in additional DTAs (for FTCs) requiring a valuation allowance, given that the local tax rate for these branches exceeds on average the U.S. tax rate of 21%, offset by expirations of carry-forwards. The valuation allowance for the branch basket FTCs was reduced from $4.4 billion to $3.5 billion , primarily as a result of the expiration of the 2009 FTC carry-forward. Second, in Citi’s general basket for FTCs, changes in the forecasted amount of income in U.S. locations derived from sources outside the U.S., as well as actions that Citi may be able to take to enhance such income, in addition to tax examination changes from prior years, could alter the amount of valuation allowance that is needed against such FTCs. The valuation allowance for the general basket decreased from $1.6 billion to $1.1 billion . The decrease consists of the following items. Citi committed to a plan to move a financing business involving non-U.S. clients and its associated funding to the U.S. The incremental foreign source income generated by this action over time will more-likely-than-not enable usage of FTC carry-forwards of $0.2 billion . In addition, Citi committed to a plan as part of the Company’s liquidity management program, to increase its ownership of certain types of non-U.S. securities and to hold such securities in its U.S. operations. The incremental foreign source income generated by this action will more-likely-than-not enable the usage of FTC carry-forwards of another $0.2 billion . The remainder of the decrease in the valuation allowance in the general basket was the result of other increases in foreign source income of $0.3 billion (of which $0.2 billion is considered discrete and $0.1 billion is related to changes in 2019 foreign source income), partially offset by an increase of $0.2 billion relating to prior years’ tax return adjustments that increased FTCs and the corresponding valuation allowance. The valuation allowance for U.S. residual DTA related to its non-U.S. branches decreased from $1.7 billion to $0.8 billion primarily due to a tax election to convert a contiguous country subsidiary into a branch, which resulted in $0.9 billion of U.S. DTLs offsetting non-U.S local DTAs. In addition, the non-U.S. local valuation allowance was reduced from $1.5 billion to $1.0 billion , primarily due to an expiration of NOL carry-forwards in a non-U.S. jurisdiction. The following table summarizes Citi’s DTAs: In billions of dollars Jurisdiction/component (1) DTAs balance December 31, 2019 DTAs balance December 31, 2018 U.S. federal (2) Net operating losses (NOLs) (3) $ 2.8 $ 2.6 Foreign tax credits (FTCs) 6.3 6.8 General business credits (GBCs) 2.5 1.0 Future tax deductions and credits 6.2 6.7 Total U.S. federal $ 17.8 $ 17.1 State and local New York NOLs $ 1.7 $ 2.0 Other state NOLs 0.2 0.2 Future tax deductions 1.3 1.4 Total state and local $ 3.2 $ 3.6 Non-U.S. NOLs $ 0.5 $ 0.6 Future tax deductions 1.6 1.6 Total non-U.S. $ 2.1 $ 2.2 Total $ 23.1 $ 22.9 (1) All amounts are net of valuation allowances. (2) Included in the net U.S. federal DTAs of $17.8 billion as of December 31, 2019 were deferred tax liabilities of $3.4 billion that will reverse in the relevant carry-forward period and may be used to support the DTAs. (3) Consists of non-consolidated tax return NOL carry-forwards that are eventually expected to be utilized in Citigroup’s consolidated tax return. The following table summarizes the amounts of tax carry-forwards and their expiration dates: In billions of dollars Year of expiration December 31, 2019 December 31, 2018 U.S. tax return general basket foreign tax credit carry-forwards (1) 2020 $ 0.9 $ 2.0 2021 1.1 1.1 2022 2.4 2.4 2023 0.4 0.4 2025 1.4 1.4 2027 1.2 1.1 Total U.S. tax return general basket foreign tax credit carry-forwards $ 7.4 $ 8.4 U.S. tax return branch basket foreign tax credit carry-forwards (1) 2019 $ — $ 0.9 2020 0.7 0.6 2021 0.6 0.7 2022 1.0 0.9 2028 0.9 1.3 2029 0.3 — Total U.S. tax return branch basket foreign tax credit carry-forwards $ 3.5 $ 4.4 U.S. tax return general business credit carry-forwards 2033 $ 0.3 $ — 2034 0.2 — 2035 0.2 — 2036 0.1 0.1 2037 0.5 0.4 2038 0.5 0.5 2039 0.7 — Total U.S. tax return general business credit carry-forwards $ 2.5 $ 1.0 U.S. subsidiary separate federal NOL carry-forwards 2027 $ 0.1 $ 0.2 2028 0.1 0.1 2030 0.3 0.3 2032 — 0.1 2033 1.6 1.6 2034 2.0 2.1 2035 3.3 3.3 2036 2.1 2.1 2037 1.0 1.0 Unlimited carry-forward period 3.0 1.7 Total U.S. subsidiary separate federal NOL carry-forwards (2) $ 13.5 $ 12.5 New York State NOL carry-forwards (2) 2034 $ 9.9 $ 11.7 New York City NOL carry-forwards (2) 2034 $ 10.0 $ 11.5 Non-U.S. NOL carry-forwards (1) Various $ 1.5 $ 2.0 (1) Before valuation allowance. (2) Pretax. The time remaining for utilization of the FTC component has shortened, given the passage of time. Although realization is not assured, Citi believes that the realization of the recognized net DTAs of $23.1 billion at December 31, 2019 is more-likely-than-not, based upon expectations as to future taxable income in the jurisdictions in which the DTAs arise and consideration of available tax planning strategies (as defined in ASC 740, Income Taxes ). Citi believes the U.S. federal and New York State and City NOL carry-forward period of 20 years provides enough time to fully utilize the DTAs pertaining to the existing NOL carry-forwards. This is due to Citi’s forecast of sufficient U.S. taxable income and the fact that New York State and City continue to tax Citi’s non-U.S. income. With respect to the FTCs component of the DTAs, the carry-forward period is 10 years. Utilization of FTCs in any year is generally limited to 21% of foreign source taxable income in that year. However, overall domestic losses that Citi has incurred of approximately $39 billion as of December 31, 2019 are allowed to be reclassified as foreign source income to the extent of 50 %– 100% (at taxpayer’s election) of domestic source income produced in subsequent years. Such resulting foreign source income would substantially cover the FTC carry-forwards after valuation allowance. As noted in the tables above, Citi’s FTC carry-forwards were $6.3 billion ( $10.9 billion before valuation allowance) as of December 31, 2019, compared to $6.8 billion as of December 31, 2018. Citi believes that it will generate sufficient U.S. taxable income within the 10-year carry-forward period to be able to utilize the net FTCs after the valuation allowance, after considering any FTCs produced in the tax return for such period, which must be used prior to any carry-forward utilization. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
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: In millions of dollars, except per share amounts 2019 2018 2017 Earnings per common share Income from continuing operations before attribution of noncontrolling interests $ 19,471 $ 18,088 $ (6,627 ) Less: Noncontrolling interests from continuing operations 66 35 60 Net income from continuing operations (for EPS purposes) $ 19,405 $ 18,053 $ (6,687 ) Loss from discontinued operations, net of taxes (4 ) (8 ) (111 ) Citigroup's net income $ 19,401 $ 18,045 $ (6,798 ) Less: Preferred dividends (1) 1,109 1,174 1,213 Net income available to common shareholders $ 18,292 $ 16,871 $ (8,011 ) Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares 121 200 37 Net income allocated to common shareholders for basic EPS $ 18,171 $ 16,671 $ (8,048 ) Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,249.2 2,493.3 2,698.5 Basic earnings per share (2) Income from continuing operations $ 8.08 $ 6.69 $ (2.94 ) Discontinued operations — — (0.04 ) Net income per share—basic $ 8.08 $ 6.69 $ (2.98 ) Diluted earnings per share Net income allocated to common shareholders for basic EPS $ 18,171 $ 16,671 $ (8,048 ) Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends 33 — — Net income allocated to common shareholders for diluted EPS $ 18,204 $ 16,671 $ (8,048 ) Weighted-average common shares outstanding applicable to basic EPS (in millions) $ 2,249.2 $ 2,493.3 $ 2,698.5 Effect of dilutive securities Options (3) 0.1 0.1 — Other employee plans 16.0 1.4 — Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) (4) 2,265.3 2,494.8 2,698.5 Diluted earnings per share (2) Income from continuing operations $ 8.04 $ 6.69 $ (2.94 ) Discontinued operations — — (0.04 ) Net income per share—diluted $ 8.04 $ 6.68 $ (2.98 ) (1) See Note 20 to the Consolidated Financial Statements for the potential future impact of preferred stock dividends. (2) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. (3) During 2019 , no significant options to purchase shares of common stock were outstanding. During 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 $145.69 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. |
SECURITIES BORROWED, LOANED AND
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS | SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS Securities borrowed and purchased under agreements to resell , at their respective carrying values, consisted of the following: December 31, December 31, In millions of dollars 2019 2018 Securities purchased under agreements to resell $ 169,874 $ 159,364 Deposits paid for securities borrowed 81,448 111,320 Total (1) $ 251,322 $ 270,684 Securities loaned and sold under agreements to repurchase , at their respective carrying values, consisted of the following: December 31, December 31, In millions of dollars 2019 2018 Securities sold under agreements to repurchase $ 155,164 $ 166,090 Deposits received for securities loaned 11,175 11,678 Total (1) $ 166,339 $ 177,768 (1) The above tables do not include securities-for-securities lending transactions of $6.3 billion and $15.9 billion at December 31, 2019 and 2018, 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 . The resale and repurchase agreements represent collateralized financing transactions. Citi executes these transactions primarily through its broker-dealer subsidiaries to facilitate customer matched-book activity and to efficiently fund a portion of Citi’s trading inventory. Transactions executed by Citi’s bank subsidiaries primarily facilitate customer financing activity. To maintain reliable funding under a wide range of market conditions, including under periods of stress, Citi manages these activities by taking into consideration the quality of the underlying collateral and stipulating financing tenor. Citi manages the risks in its collateralized financing transactions by conducting daily stress tests to account for changes in capacity, tenors, haircut, collateral profile and client actions. In addition, Citi maintains counterparty diversification by establishing concentration triggers and assessing counterparty reliability and stability under stress. 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. Collateral typically consists of government and government-agency securities, corporate and municipal bonds, equities and mortgage- and other asset-backed securities. The resale and repurchase agreements are generally documented under industry standard agreements that allow the prompt close-out of all transactions (including the liquidation of securities held) and the offsetting of obligations to return cash or securities by the non-defaulting party, following a payment default or other type of default under the relevant master agreement. Events of default generally include (i) failure to deliver cash or securities as required under the transaction, (ii) failure to provide or return cash or securities as used for margining purposes, (iii) breach of representation, (iv) cross-default to another transaction entered into among the parties, or, in some cases, their affiliates and (v) a repudiation of obligations under the agreement. The counterparty that receives the securities in these transactions is generally unrestricted in its use of the securities, with the exception of transactions executed on a tri-party basis, where the collateral is maintained by a custodian and operational limitations may restrict its use of the securities. A substantial portion of the resale and repurchase agreements is recorded at fair value, as described in Notes 24 and 25 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. The securities borrowing and lending agreements also represent collateralized financing transactions similar to the resale and repurchase agreements. Collateral typically consists of government and government-agency securities and corporate debt and equity securities. Similar to the resale and repurchase agreements, securities borrowing and lending agreements are generally documented under industry standard agreements that allow the prompt close-out of all transactions (including the liquidation of securities held) and the offsetting of obligations to return cash or securities by the non-defaulting party, following a payment default or other default by the other party under the relevant master agreement. Events of default and rights to use securities under the securities borrowing and lending agreements are similar to the resale and repurchase agreements referenced above. 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 25 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 enforceability of offsetting rights incorporated in the master netting agreements for resale and repurchase agreements, and securities borrowing and lending agreements, is evidenced to the extent that (i) a supportive legal opinion has been obtained from counsel of recognized standing that provides the requisite level of certainty regarding the enforceability of these agreements and (ii) the exercise of rights by the non-defaulting party to terminate and close out transactions on a net basis under these agreements will not be stayed or avoided under applicable law upon an event of default including bankruptcy, insolvency or similar proceeding. A legal opinion may not have been sought or obtained for certain jurisdictions where local law is silent or sufficiently ambiguous to determine the enforceability of offsetting rights or where adverse case law or conflicting regulation may cast doubt on the enforceability of such rights. In some jurisdictions and for some counterparty types, the insolvency law for a particular counterparty type may be nonexistent or unclear as overlapping regimes may exist. For example, this may be the case for certain sovereigns, municipalities, central banks and U.S. pension plans. The following tables present the gross and net resale and repurchase agreements and securities borrowing and lending agreements and the related offsetting amounts 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 has 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 December 31, 2019 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 281,274 $ 111,400 $ 169,874 $ 134,150 $ 35,724 Deposits paid for securities borrowed 90,047 8,599 81,448 27,067 54,381 Total $ 371,321 $ 119,999 $ 251,322 $ 161,217 $ 90,105 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 266,564 $ 111,400 $ 155,164 $ 91,034 $ 64,130 Deposits received for securities loaned 19,774 8,599 11,175 3,138 8,037 Total $ 286,338 $ 119,999 $ 166,339 $ 94,172 $ 72,167 As of December 31, 2018 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 246,788 $ 87,424 $ 159,364 $ 124,557 $ 34,807 Deposits paid for securities borrowed 111,320 — 111,320 35,766 75,554 Total $ 358,108 $ 87,424 $ 270,684 $ 160,323 $ 110,361 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 253,514 $ 87,424 $ 166,090 $ 82,823 $ 83,267 Deposits received for securities loaned 11,678 — 11,678 3,415 8,263 Total $ 265,192 $ 87,424 $ 177,768 $ 86,238 $ 91,530 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) 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. (3) 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 amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity: As of December 31, 2019 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 $ 108,534 $ 82,749 $ 35,108 $ 40,173 $ 266,564 Deposits received for securities loaned 15,758 208 1,789 2,019 19,774 Total $ 124,292 $ 82,957 $ 36,897 $ 42,192 $ 286,338 As of December 31, 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 $ 108,405 $ 70,850 $ 29,898 $ 44,361 $ 253,514 Deposits received for securities loaned 6,296 774 2,626 1,982 11,678 Total $ 114,701 $ 71,624 $ 32,524 $ 46,343 $ 265,192 The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral: As of December 31, 2019 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 100,781 $ 27 $ 100,808 State and municipal securities 1,938 5 1,943 Foreign government securities 95,880 272 96,152 Corporate bonds 18,761 249 19,010 Equity securities 12,010 19,069 31,079 Mortgage-backed securities 28,458 — 28,458 Asset-backed securities 4,873 — 4,873 Other 3,863 152 4,015 Total $ 266,564 $ 19,774 $ 286,338 As of December 31, 2018 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 86,785 $ 41 $ 86,826 State and municipal securities 2,605 — 2,605 Foreign government securities 99,131 179 99,310 Corporate bonds 21,719 749 22,468 Equity securities 12,920 10,664 23,584 Mortgage-backed securities 19,421 — 19,421 Asset-backed securities 6,207 — 6,207 Other 4,726 45 4,771 Total $ 253,514 $ 11,678 $ 265,192 |
BROKERAGE RECEIVABLES AND BROKE
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | 12 Months Ended |
Dec. 31, 2019 | |
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. Citi is exposed to risk of loss from the inability of brokers, dealers or customers to pay for purchases or to deliver the financial instruments sold, in which case Citi would have to sell or purchase the financial instruments at prevailing market prices. Credit risk is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transaction and replaces the broker, dealer or customer in question. Citi seeks to protect itself from the risks associated with customer activities by requiring customers to maintain margin collateral in compliance with regulatory and internal guidelines. Margin levels are monitored daily, and customers deposit additional collateral as required. Where customers cannot meet collateral requirements, Citi may liquidate sufficient underlying financial instruments to bring the customer into compliance with the required margin level. Exposure to credit risk is impacted by market volatility, which may impair the ability of clients to satisfy their obligations to Citi. Credit limits are established and closely monitored for customers and for brokers and dealers engaged in forwards, futures and other transactions deemed to be credit sensitive. Brokerage receivables and Brokerage payables consisted of the following: December 31, In millions of dollars 2019 2018 Receivables from customers $ 15,912 $ 14,415 Receivables from brokers, dealers and clearing organizations 23,945 21,035 Total brokerage receivables (1) $ 39,857 $ 35,450 Payables to customers $ 37,613 $ 40,273 Payables to brokers, dealers and clearing organizations 10,988 24,298 Total brokerage payables (1) $ 48,601 $ 64,571 (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 | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS The following table presents Citi’s investments by category: December 31, In millions of dollars 2019 2018 Debt securities AFS $ 280,265 $ 288,038 Debt securities HTM (1) 80,775 63,357 Marketable equity securities carried at fair value (2) 458 220 Non-marketable equity securities carried at fair value (2) 704 889 Non-marketable equity securities measured using the measurement alternative (3) 700 538 Non-marketable equity securities carried at cost (4) 5,661 5,565 Total investments $ 368,563 $ 358,607 (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) Primarily consists of 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: In millions of dollars 2019 2018 2017 Taxable interest $ 9,269 $ 8,704 $ 7,538 Interest exempt from U.S. federal income tax 404 521 535 Dividend income 187 269 222 Total interest and dividend income $ 9,860 $ 9,494 $ 8,295 The following table presents realized gains and losses on the sales of investments, which exclude OTTI losses: In millions of dollars 2019 2018 2017 Gross realized investment gains $ 1,599 $ 682 $ 1,039 Gross realized investment losses (125 ) (261 ) (261 ) Net realized gains on sale of investments $ 1,474 $ 421 $ 778 The Company from time to time may sell certain debt securities that were classified as HTM. These sales were in response to significant deterioration in the creditworthiness of the issuers or securities or because the Company has collected a substantial portion (at least 85% ) of the principal outstanding at acquisition of the security. In addition, certain other debt securities were reclassified to AFS investments in response to significant credit deterioration. Because the Company generally intends to sell these reclassified debt securities, Citi recorded OTTI on the securities. The following table presents, for the periods indicated, the carrying value of HTM debt securities sold and reclassified to AFS, as well as the related gain (loss) or the OTTI losses recorded on these securities: In millions of dollars 2019 2018 2017 Carrying value of HTM debt securities sold $ — $ 61 $ 81 Net realized gain (loss) on sale of HTM debt securities — — 13 Carrying value of debt securities reclassified to AFS — 8 74 OTTI losses on debt securities reclassified to AFS — — — Debt Securities Available-for-Sale The amortized cost and fair value of AFS debt securities were as follows: 2019 2018 In millions of dollars Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Debt securities AFS Mortgage-backed securities (1) U.S. government agency guaranteed $ 34,963 $ 547 $ 280 $ 35,230 $ 43,504 $ 241 $ 725 $ 43,020 Non-U.S. residential 789 3 — 792 1,310 4 2 1,312 Commercial 75 — — 75 174 1 2 173 Total mortgage-backed securities $ 35,827 $ 550 $ 280 $ 36,097 $ 44,988 $ 246 $ 729 $ 44,505 U.S. Treasury and federal agency securities U.S. Treasury $ 106,429 $ 50 $ 380 $ 106,099 $ 109,376 $ 33 $ 1,339 $ 108,070 Agency obligations 5,336 3 20 5,319 9,283 1 132 9,152 Total U.S. Treasury and federal agency securities $ 111,765 $ 53 $ 400 $ 111,418 $ 118,659 $ 34 $ 1,471 $ 117,222 State and municipal $ 5,024 $ 43 $ 89 $ 4,978 $ 9,372 $ 96 $ 262 $ 9,206 Foreign government 110,958 586 241 111,303 100,872 415 596 100,691 Corporate 11,266 52 101 11,217 11,714 42 157 11,599 Asset-backed securities (1) 524 — 2 522 845 2 4 843 Other debt securities 4,729 1 — 4,730 3,973 — 1 3,972 Total debt securities AFS $ 280,093 $ 1,285 $ 1,113 $ 280,265 $ 290,423 $ 835 $ 3,220 $ 288,038 (1) The Company invests in mortgage- and asset-backed securities. These securitization entities 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- and asset-backed securitizations in which the Company has other involvement, see Note 21 to the Consolidated Financial Statements. At December 31, 2019 , the amortized cost of fixed income securities exceeded their fair value by $1,113 million . Of the $1,113 million , $802 million represented unrealized losses on fixed income investments that have been in a gross-unrealized-loss position for less than a year and, of these, 93% were rated investment grade; and $311 million represented unrealized losses on fixed income investments that have been in a gross-unrealized-loss position for a year or more and, of these, 92% were rated investment grade. Of the $311 million mentioned above, $132 million represents U.S. Treasury securities. The following table shows the fair value of AFS debt 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 December 31, 2019 Debt securities AFS Mortgage-backed securities U.S. government agency guaranteed $ 9,780 $ 242 $ 1,877 $ 38 $ 11,657 $ 280 Non-U.S. residential 208 — 1 — 209 — Commercial 16 — 27 — 43 — Total mortgage-backed securities $ 10,004 $ 242 $ 1,905 $ 38 $ 11,909 $ 280 U.S. Treasury and federal agency securities U.S. Treasury $ 45,484 $ 248 $ 26,907 $ 132 $ 72,391 $ 380 Agency obligations 781 2 3,897 18 4,678 20 Total U.S. Treasury and federal agency securities $ 46,265 $ 250 $ 30,804 $ 150 $ 77,069 $ 400 State and municipal $ 362 $ 62 $ 266 $ 27 $ 628 $ 89 Foreign government 35,485 149 8,170 92 43,655 241 Corporate 2,916 98 123 3 3,039 101 Asset-backed securities 112 1 166 1 278 2 Other debt securities 1,307 — — — 1,307 — Total debt securities AFS $ 96,451 $ 802 $ 41,434 $ 311 $ 137,885 $ 1,113 December 31, 2018 Debt securities AFS Mortgage-backed securities U.S. government agency guaranteed $ 11,160 $ 286 $ 13,143 $ 439 $ 24,303 $ 725 Non-U.S. residential 284 2 2 — 286 2 Commercial 79 1 82 1 161 2 Total mortgage-backed securities $ 11,523 $ 289 $ 13,227 $ 440 $ 24,750 $ 729 U.S. Treasury and federal agency securities U.S. Treasury $ 8,389 $ 42 $ 77,883 $ 1,297 $ 86,272 $ 1,339 Agency obligations 277 2 8,660 130 8,937 132 Total U.S. Treasury and federal agency securities $ 8,666 $ 44 $ 86,543 $ 1,427 $ 95,209 $ 1,471 State and municipal $ 1,614 $ 34 $ 1,303 $ 228 $ 2,917 $ 262 Foreign government 40,655 265 15,053 331 55,708 596 Corporate 4,547 115 2,077 42 6,624 157 Asset-backed securities 441 4 55 — 496 4 Other debt securities 1,790 1 — — 1,790 1 Total debt securities AFS $ 69,236 $ 752 $ 118,258 $ 2,468 $ 187,494 $ 3,220 The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: December 31, 2019 2018 In millions of dollars Amortized cost Fair value Amortized cost Fair value Mortgage-backed securities (1) Due within 1 year $ 20 $ 20 $ 14 $ 14 After 1 but within 5 years 573 574 662 661 After 5 but within 10 years 594 626 2,779 2,828 After 10 years (2) 34,640 34,877 41,533 41,002 Total $ 35,827 $ 36,097 $ 44,988 $ 44,505 U.S. Treasury and federal agency securities Due within 1 year $ 40,757 $ 40,688 $ 41,941 $ 41,867 After 1 but within 5 years 70,128 69,850 76,139 74,800 After 5 but within 10 years 854 851 489 462 After 10 years (2) 26 29 90 93 Total $ 111,765 $ 111,418 $ 118,659 $ 117,222 State and municipal Due within 1 year $ 932 $ 932 $ 2,586 $ 2,586 After 1 but within 5 years 714 723 1,676 1,675 After 5 but within 10 years 195 215 585 602 After 10 years (2) 3,183 3,108 4,525 4,343 Total $ 5,024 $ 4,978 $ 9,372 $ 9,206 Foreign government Due within 1 year $ 42,611 $ 42,666 $ 39,078 $ 39,028 After 1 but within 5 years 58,820 59,071 50,125 49,962 After 5 but within 10 years 8,192 8,198 10,153 10,149 After 10 years (2) 1,335 1,368 1,516 1,552 Total $ 110,958 $ 111,303 $ 100,872 $ 100,691 All other (3) Due within 1 year $ 7,306 $ 7,311 $ 6,166 $ 6,166 After 1 but within 5 years 8,279 8,275 8,459 8,416 After 5 but within 10 years 818 797 1,474 1,427 After 10 years (2) 116 86 433 405 Total $ 16,519 $ 16,469 $ 16,532 $ 16,414 Total debt securities AFS $ 280,093 $ 280,265 $ 290,423 $ 288,038 (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 December 31, 2019 Debt securities HTM Mortgage-backed securities (1)(2) U.S. government agency guaranteed $ 46,637 $ 1,047 $ 21 $ 47,663 Non-U.S. residential 1,039 5 — 1,044 Commercial 582 1 — 583 Total mortgage-backed securities $ 48,258 $ 1,053 $ 21 $ 49,290 State and municipal (3) $ 9,104 $ 455 $ 28 $ 9,531 Foreign government 1,934 37 1 1,970 Asset-backed securities (1) 21,479 12 59 21,432 Total debt securities HTM $ 80,775 $ 1,557 $ 109 $ 82,223 December 31, 2018 Debt securities HTM Mortgage-backed securities (1)(4) U.S. government agency guaranteed $ 34,239 $ 199 $ 578 $ 33,860 Non-U.S. residential 1,339 12 1 1,350 Commercial 368 — — 368 Total mortgage-backed securities $ 35,946 $ 211 $ 579 $ 35,578 State and municipal $ 7,628 $ 167 $ 138 $ 7,657 Foreign government 1,027 — 24 1,003 Asset-backed securities (1) 18,756 8 112 18,652 Total debt securities HTM $ 63,357 $ 386 $ 853 $ 62,890 (1) The Company invests in mortgage- and asset-backed securities. These securitization entities 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- and asset-backed securitizations in which the Company has other involvement, see Note 21 to the Consolidated Financial Statements. (2) In March 2019, Citibank transferred $5 billion of agency residential mortgage-backed securities (RMBS) from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities were in an unrealized loss position of $56 million . The loss amounts will remain in AOCI and be amortized over the remaining life of the securities. (3) In December 2019, Citibank transferred $173 million of state and municipal bonds from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the bonds were in an unrealized gain position of $5 million . The gain amounts will remain in AOCI and be amortized over the remaining life of the securities. (4) In November 2018, Citibank transferred $10 billion of agency residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities were in an unrealized loss position of $598 million . This amount will remain in AOCI and be amortized over the remaining life of the securities. The Company has the positive intent and ability to hold these securities to maturity or, where applicable, to exercise any issuer call options, absent any unforeseen significant changes in circumstances, including deterioration in credit or changes in regulatory capital requirements. The net unrealized losses classified in AOCI for HTM securities primarily relate to debt securities previously classified as AFS that were transferred to HTM, and include any cumulative fair value hedge adjustments. The net unrealized loss amount also includes any non-credit-related changes in fair value of HTM debt securities that have suffered credit impairment recorded in earnings. The AOCI balance related to HTM debt securities is amortized as an adjustment of yield, in a manner consistent with the accretion of any difference between the carrying value at the transfer date and par value of the same debt securities. 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 December 31, 2019 Debt securities HTM Mortgage-backed securities $ 3,590 $ 10 $ 1,116 $ 11 $ 4,706 $ 21 State and municipal 34 1 1,125 27 1,159 28 Foreign government 1,970 1 — — 1,970 1 Asset-backed securities 7,972 11 765 48 8,737 59 Total debt securities HTM $ 13,566 $ 23 $ 3,006 $ 86 $ 16,572 $ 109 December 31, 2018 Debt securities HTM Mortgage-backed securities $ 2,822 $ 20 $ 18,086 $ 559 $ 20,908 $ 579 State and municipal 981 34 1,242 104 2,223 138 Foreign government 1,003 24 — — 1,003 24 Asset-backed securities 13,008 112 — — 13,008 112 Total debt securities HTM $ 17,814 $ 190 $ 19,328 $ 663 $ 37,142 $ 853 Note: Excluded from the gross unrecognized losses presented in the above table are $(582) million and $(653) million of net unrealized losses recorded in AOCI as of December 31, 2019 and 2018, 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 December 31, 2019 and 2018. The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: December 31, 2019 2018 In millions of dollars Carrying value Fair value Carrying value Fair value Mortgage-backed securities Due within 1 year $ 17 $ 17 $ 3 $ 3 After 1 but within 5 years 458 463 539 540 After 5 but within 10 years 1,662 1,729 997 1,011 After 10 years (1) 46,121 47,081 34,407 34,024 Total $ 48,258 $ 49,290 $ 35,946 $ 35,578 State and municipal Due within 1 year $ 2 $ 26 $ 37 $ 37 After 1 but within 5 years 123 160 168 174 After 5 but within 10 years 597 590 540 544 After 10 years (1) 8,382 8,755 6,883 6,902 Total $ 9,104 $ 9,531 $ 7,628 $ 7,657 Foreign government Due within 1 year $ 650 $ 652 $ 60 $ 36 After 1 but within 5 years 1,284 1,318 967 967 After 5 but within 10 years — — — — After 10 years (1) — — — — Total $ 1,934 $ 1,970 $ 1,027 $ 1,003 All other (2) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years — — — — After 5 but within 10 years 8,545 8,543 2,535 2,539 After 10 years (1) 12,934 12,889 16,221 16,113 Total $ 21,479 $ 21,432 $ 18,756 $ 18,652 Total debt securities HTM $ 80,775 $ 82,223 $ 63,357 $ 62,890 (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 (OTTI) Debt Securities Overview The Company conducts periodic reviews of all debt securities with unrealized losses to evaluate whether the impairment is other-than-temporary. This review applies to all debt 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. An unrealized loss exists when the current fair value of an individual debt security is lower than its adjusted amortized cost basis. Unrealized losses that are determined to be temporary in nature are recorded, net of tax, in AOCI for AFS debt 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 debt 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 positions that have fair values lower than amortized cost, including consideration of the length of time the position 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 positions 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. 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 debt 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. The sections below describe the Company’s process for identifying credit-related impairments for debt security types that have the most significant unrealized losses as of December 31, 2019 . 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. Equity Method Investments Management assesses equity method investments that have fair values that are lower 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 24 to the Consolidated Financial Statements). For impaired equity method investments that Citi plans to sell prior to recovery of value or would more-likely-than-not 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 more-likely-than-not 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. Recognition and Measurement of OTTI The following tables present total OTTI on Investments recognized in earnings: Year ended In millions of dollars AFS HTM Other assets 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 $ 1 $ — $ 1 $ 2 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 $ 1 $ — $ 1 $ 2 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 20 — 1 21 Total OTTI losses recognized in earnings $ 21 $ — $ 2 $ 23 Year ended In millions of dollars AFS (1) HTM Other 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 125 — — 125 Total OTTI losses recognized in earnings $ 125 $ — $ — $ 125 (1) For the year ended December 31, 2018, amounts represent AFS debt securities. Year ended December 31, 2017 In millions of dollars AFS (1) HTM Other 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 $ 2 $ — $ — $ 2 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 $ 2 $ — $ — $ 2 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 59 2 — 61 Total OTTI losses recognized in earnings $ 61 $ 2 $ — $ 63 (1) Includes OTTI on non-marketable equity securities. The following are 12-month rollforwards of the credit-related impairments recognized in earnings for AFS and HTM debt securities 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 Dec. 31, 2018 balance Credit Credit that have been previously Changes due to (1) Dec. 31, 2019 balance AFS debt securities Mortgage-backed securities (1) $ 1 $ — $ — $ — $ 1 State and municipal — — 4 — 4 Corporate 4 — — — 4 All other debt securities — 1 — — 1 Total OTTI credit losses recognized for AFS debt securities $ 5 $ 1 $ 4 $ — $ 10 HTM debt securities State and municipal 3 — — — 3 Total OTTI credit losses recognized for HTM debt securities $ 3 $ — $ — $ — $ 3 Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars Dec. 31, 2017 balance Credit Credit that have Changes due to (3) Dec. 31, 2018 balance AFS debt securities Mortgage-backed securities (1) $ 38 $ — $ — $ (37 ) $ 1 State and municipal 4 — — (4 ) — Corporate 4 — — — 4 All other debt securities 2 — — (2 ) — Total OTTI credit losses recognized for AFS debt securities $ 48 $ — $ — $ (43 ) $ 5 HTM debt securities Mortgage-backed securities (2) $ 54 $ — $ — $ (54 ) $ — State and municipal 3 — — — 3 Total OTTI credit losses recognized for HTM debt securities $ 57 $ — $ — $ (54 ) $ 3 (1) Primarily consists of Prime securities. (2) Primarily consists of Alt-A securities. (3) 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 Hedging 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. Non-Marketable Equity Securities Not Carried at Fair Value 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. 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. Equity securities under the measurement alternative are also assessed for impairment. 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, with the full difference between the fair value of the investment and its carrying amount recognized in earnings. Below is the carrying value of non-marketable equity securities measured using the measurement alternative at December 31, 2019 and 2018: In millions of dollars December 31, 2019 December 31, 2018 Measurement alternative: Carrying value $ 700 $ 538 Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative: Years Ended December 31, In millions of dollars 2019 2018 Measurement alternative: Impairment losses (1) $ 9 $ 7 Downward changes for observable prices (1) 16 18 Upward changes for observable prices (1) 123 219 (1) See Note 24 to the Consolidated Financial Statements for additional information on these nonrecurring fair value measurements. Life-to-date amounts on securities still held In millions of dollars December 31, 2019 Measurement alternative: Impairment losses $ 16 Downward changes for observable prices 34 Upward changes for observable prices 342 A similar impairment analysis is performed for non-marketable equity securities carried at cost. For the years ended December 31, 2019 and 2018, there was no impairment loss recognized in earnings for non-marketable equity securities carried at cost. Investments in Alternative Investment Funds That Calculate Net Asset Value The Company holds investments in certain alternative investment funds that calculate net asset value (NAV), or its equivalent, including private equity funds, funds of funds and real estate funds, as provided by third-party asset managers. Investments in such funds are generally classified as non-marketable equity securities carried at fair value. The fair values of these investments are estimated using the NAV of the Company’s ownership interest in the funds. Some of these investments are in “covered funds” for purposes of the Volcker Rule, which prohibits certain proprietary investment activities and limits the ownership of, and relationships with, covered funds. On April |
LOANS
LOANS | 12 Months Ended |
Dec. 31, 2019 | |
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. Consumer Loans Consumer loans represent loans and leases managed primarily by GCB and Corporate/Other. Citigroup has established a risk management process to monitor, evaluate and manage the principal risks associated with its consumer loan portfolio. Credit quality indicators that are actively monitored include delinquency status, consumer credit scores under Fair Isaac Corporation (FICO) and loan to value (LTV) ratios, each as discussed in more detail below. Included in the loan table above are lending products whose terms may give rise to greater credit issues. Credit cards with below-market introductory interest rates and interest-only loans are examples of such products. These products are closely managed using credit techniques that are intended to mitigate their higher inherent risk. Delinquency Status Delinquency status is monitored and considered a key indicator of credit quality of consumer loans. Principally, the U.S. residential first mortgage loans use the Mortgage Bankers Association (MBA) method of reporting delinquencies, which considers a loan delinquent if a monthly payment has not been received by the end of the day immediately preceding the loan’s next due date. All other loans use a method of reporting delinquencies that considers a loan delinquent if a monthly payment has not been received by the close of business on the loan’s next due date. As a general policy, residential first mortgages, home equity loans and installment loans are classified as non-accrual when loan payments are 90 days contractually past due. Credit cards and unsecured revolving loans generally accrue interest until payments are 180 days past due. Home equity loans in regulated bank entities are classified as non-accrual if the related residential first mortgage is 90 days or more past due. Mortgage loans, other than Federal Housing Administration (FHA)-insured loans, are classified as non-accrual within 60 days of notification that the borrower has filed for bankruptcy. The policy for re-aging modified U.S. consumer loans to current status varies by product. Generally, one of the conditions to qualify for these modifications is that a minimum number of payments (typically ranging from one to three ) be made. Upon modification, the loan is re-aged to current status. However, re-aging practices for certain open-ended consumer loans, such as credit cards, are governed by Federal Financial Institutions Examination Council (FFIEC) guidelines. For open-ended consumer loans subject to FFIEC guidelines, one of the conditions for a loan to be re-aged to current status is that at least three consecutive minimum monthly payments, or the equivalent amount, must be received. In addition, under FFIEC guidelines, the number of times that such a loan can be re-aged is subject to limitations (generally once in 12 months and twice in five years). Furthermore, FHA and Department of Veterans Affairs (VA) loans are modified under those respective agencies’ guidelines and payments are not always required in order to re-age a modified loan to current. The following table provides Citi’s consumer loans by type: Consumer Loan Delinquencies and Non-Accrual Details at December 31, 2019 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 (5) Residential first mortgages (6) $ 45,942 $ 411 $ 221 $ 434 $ 47,008 $ 479 $ 288 Home equity loans (7)(8) 8,860 174 189 — 9,223 405 — Credit cards 145,477 1,759 1,927 — 149,163 — 1,927 Personal, small business and other 3,641 44 14 — 3,699 21 — Total $ 203,920 $ 2,388 $ 2,351 $ 434 $ 209,093 $ 905 $ 2,215 In offices outside North America (5) Residential first mortgages (6) $ 37,316 $ 210 $ 160 $ — $ 37,686 $ 421 $ — Credit cards 25,111 426 372 — 25,909 310 242 Personal, small business and other 36,456 272 132 — 36,860 180 — Total $ 98,883 $ 908 $ 664 $ — $ 100,455 $ 911 $ 242 Total Citigroup (9) $ 302,803 $ 3,296 $ 3,015 $ 434 $ 309,548 $ 1,816 $ 2,457 Consumer Loan Delinquencies and Non-Accrual Details at December 31, 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 (5) Residential first mortgages (6) $ 45,953 $ 420 $ 253 $ 786 $ 47,412 $ 583 $ 549 Home equity loans (7)(8) 11,135 161 247 — 11,543 527 — Credit cards 141,091 1,687 1,764 — 144,542 — 1,764 Personal, small business and other 3,983 46 17 — 4,046 28 — Total $ 202,162 $ 2,314 $ 2,281 $ 786 $ 207,543 $ 1,138 $ 2,313 In offices outside North America (5) Residential first mortgages (6) $ 35,624 $ 203 $ 145 $ — $ 35,972 $ 383 $ — Credit cards 24,156 425 370 — 24,951 312 235 Personal, small business and other 33,474 284 136 — 33,894 193 — Total $ 93,254 $ 912 $ 651 $ — $ 94,817 $ 888 $ 235 Total Citigroup (9) $ 295,416 $ 3,226 $ 2,932 $ 786 $ 302,360 $ 2,026 $ 2,548 (1) Loans less than 30 days past due are presented as current. (2) Includes $18 million and $20 million at December 31, 2019 and 2018, respectively, of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and $0.2 billion and 90 days or more past due of $0.3 billion and $0.6 billion at December 31, 2019 and 2018, respectively. (5) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (6) Includes approximately $0.1 billion and $0.1 billion at December 31, 2019 and 2018, respectively, of residential first mortgage loans in process of foreclosure. (7) Includes approximately $0.1 billion and $0.1 billion at December 31, 2019 and 2018, respectively, of home equity loans in process of foreclosure. (8) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (9) Consumer loans are net of unearned income of $783 million and $742 million at December 31, 2019 and 2018, respectively. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. During the years ended December 31, 2019 and 2018 , the Company sold and/or reclassified to HFS $2.9 billion and $3.2 billion , respectively, of consumer loans. Consumer Credit Scores (FICO) In the U.S., independent credit agencies rate an individual’s risk for assuming debt based on the individual’s credit history and assign every consumer a FICO credit score. These scores are continually updated by the agencies based upon an individual’s credit actions (e.g., taking out a loan or missed or late payments). The following tables provide details on the FICO scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables. 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)(3) December 31, 2019 In millions of dollars Less than 680 680 to 760 Greater Residential first mortgages $ 3,602 $ 13,178 $ 28,235 Home equity loans 1,881 3,475 3,630 Credit cards 33,290 59,536 52,935 Personal, small business and other 564 907 1,473 Total $ 39,337 $ 77,096 $ 86,273 FICO score distribution in U.S. portfolio (1)(2)(3) December 31, 2018 In millions of dollars Less than 680 680 to 760 Greater Residential first mortgages $ 4,530 $ 13,848 $ 26,546 Home equity loans 2,438 4,296 4,471 Credit cards 32,686 58,722 51,299 Personal, small business and other 625 1,097 1,121 Total $ 40,279 $ 77,963 $ 83,437 (1) The FICO bands in the tables are consistent with general industry peer presentations. (2) Excludes loans guaranteed by U.S. government-sponsored agencies, loans subject to long-term standby commitments (LTSC) with U.S. government-sponsored agencies and loans recorded at fair value. (3) Excludes balances where FICO was not available. Such amounts are not material. Loan to Value (LTV) Ratios LTV ratios (loan balance divided by appraised value) are calculated at origination and updated by applying market price data. 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) December 31, 2019 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 41,705 $ 3,302 $ 98 Home equity loans 7,934 819 235 Total $ 49,639 $ 4,121 $ 333 LTV distribution in U.S. portfolio (1)(2) December 31, 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 $ 42,379 $ 2,474 $ 197 Home equity loans 9,465 1,287 390 Total $ 51,844 $ 3,761 $ 587 (1) Excludes loans guaranteed by U.S. government-sponsored agencies, loans subject to LTSCs with U.S. government-sponsored agencies and loans recorded at fair value. (2) Excludes balances where LTV was not available. Such amounts are not material. Impaired Consumer Loans A loan is considered impaired when Citi believes it is probable that all amounts due according to the original contractual terms of the loan will not be collected. Impaired consumer loans include non-accrual loans, as well as smaller-balance homogeneous loans whose terms have been modified due to the borrower’s financial difficulties and where Citi has granted a concession to the borrower. These modifications may include interest rate reductions and/or principal forgiveness. Impaired consumer loans exclude smaller-balance homogeneous loans that have not been modified and are carried on a non-accrual basis. The following tables present information about impaired consumer loans and interest income recognized on impaired consumer loans: At and for the year ended December 31, 2019 In millions of dollars Recorded investment (1)(2) Unpaid principal balance Related specific allowance (3) Average carrying value (4) Interest income recognized (5) Mortgage and real estate Residential first mortgages $ 1,666 $ 1,838 $ 161 $ 1,925 $ 60 Home equity loans 592 824 123 637 9 Credit cards 1,931 2,288 771 1,890 103 Installment and other Personal, small business and other 703 738 135 754 55 Total $ 4,892 $ 5,688 $ 1,190 $ 5,206 $ 227 (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) $405 million of residential first mortgages, and $212 million of home equity 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. At and for the year ended December 31, 2018 In millions of dollars Recorded investment (1)(2) Unpaid principal balance Related specific allowance (3) Average carrying value (4) Interest income (5)(6) Mortgage and real estate Residential first mortgages $ 2,130 $ 2,329 $ 178 $ 2,483 $ 81 Home equity loans 684 946 122 698 12 Credit cards 1,818 1,842 677 1,815 105 Installment and other Personal, small business and other 452 666 139 500 22 Total $ 5,084 $ 5,783 $ 1,116 $ 5,496 $ 220 (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) $484 million of residential first mortgages and $263 million of home equity 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. (6) Interest income recognized for the year ended December 31, 2017 was $342 million . Consumer Troubled Debt Restructurings For the year ended December 31, 2019 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 1,122 $ 172 $ — $ — $ — — % Home equity loans 717 79 3 — — 1 Credit cards 268,778 1,165 — — — 17 Personal, small business and other 1,719 15 — — — 5 Total (6) 272,336 $ 1,431 $ 3 $ — $ — International Residential first mortgages 2,448 $ 74 $ — $ — $ — — % Credit cards 72,325 288 — — 10 17 Personal, small business and other 29,192 204 — — 6 9 Total (6) 103,965 $ 566 $ — $ — $ 16 For the year ended December 31, 2018 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 2,019 $ 300 $ 2 $ — $ — — % Home equity loans 1,381 130 5 — — 1 Credit cards 243,253 978 — — — 18 Personal, small business and other 1,349 12 — — — 4 Total (6) 248,002 $ 1,420 $ 7 $ — $ — International Residential first mortgages 2,572 $ 85 $ — $ — $ — — % Credit cards 77,823 323 — — 9 16 Personal, small business and other 30,849 216 — — 7 9 Total (6) 111,244 $ 624 $ — $ — $ 16 (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 year ended December 31, 2019. These amounts include $11 million of residential first mortgages and $6 million of home equity loans that were newly classified as TDRs during 2019, 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) The above tables reflect activity for restructured loans that were considered TDRs during the year. (7) Post-modification balances in North America include $38 million of residential first mortgages and $12 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the year ended December 31, 2018 . These amounts include $27 million of residential first mortgages and $10 million of home equity loans that were newly classified as TDRs during 2018, based on previously received OCC guidance. 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. Years ended December 31, In millions of dollars 2019 2018 North America Residential first mortgages $ 85 $ 136 Home equity loans 15 23 Credit cards 301 241 Personal, small business and other 4 4 Total $ 405 $ 404 International Residential first mortgages $ 13 $ 9 Credit cards 142 198 Personal, small business and other 74 80 Total $ 229 $ 287 Corporate Loans Corporate loans represent loans and leases managed by ICG . The following table presents information by corporate loan type: In millions of dollars December 31, December 31, In North America offices (1) Commercial and industrial $ 55,929 $ 60,861 Financial institutions 53,922 48,447 Mortgage and real estate (2) 53,371 50,124 Installment, revolving credit and other 31,238 32,425 Lease financing 1,290 1,429 Total $ 195,750 $ 193,286 In offices outside (1) Commercial and industrial $ 112,668 $ 114,029 Financial institutions 40,211 36,837 Mortgage and real estate (2) 9,780 7,376 Installment, revolving credit and other 27,303 25,685 Lease financing 95 103 Governments and official institutions 4,128 4,520 Total $ 194,185 $ 188,550 Corporate loans, net of unearned income (3) $ 389,935 $ 381,836 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. The classification between offices in North America and outside North America is based on the domicile of the booking unit. The difference between the domicile of the booking unit and the domicile of the managing unit is not material. (2) Loans secured primarily by real estate. (3) Corporate loans are net of unearned income of ($814) million and ($855) million at December 31, 2019 and 2018, respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis. The Company sold and/or reclassified to held-for-sale $2.6 billion and $1.0 billion of corporate loans during the years ended December 31, 2019 and 2018 , respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the years ended December 31, 2019 or 2018 . Lease financing Citi is a lessor in the power, railcars, shipping and aircraft sectors, where the Company has executed operating, direct financing and leveraged leases. Citi’s $1.4 billion of lease financing receivables, as of December 31, 2019, is composed of approximately equal balances of direct financing lease receivables and net investments in leveraged leases. Citi uses the interest rate implicit in the lease to determine the present value of its lease financing receivables. Interest income on direct financing and leveraged leases during the year ended December 31, 2019 was not material. The Company’s leases have an average remaining maturity of approximately three and a half years. In certain cases, Citi obtains residual value insurance from third parties and/or the lessee to manage the risk associated with the residual value of the leased assets. The receivable related to the residual value of the leased assets is $0.9 billion as of December 31, 2019, while the amount covered by residual value guarantees is $0.3 billion . The Company’s operating leases, where Citi is a lessor, are not significant to the Consolidated Financial Statements. Delinquency Status Citi generally does not manage corporate loans on a delinquency basis. Corporate loans are identified as impaired and placed on a cash (non-accrual) basis when it is determined, 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 or when interest or principal is 90 days past due, except when the loan is well collateralized and in the process of collection. Any interest accrued on impaired corporate loans and leases is reversed at 90 days and charged against current earnings, and interest is thereafter included in earnings only to the extent actually received in cash. When there is doubt regarding the ultimate collectability of principal, all cash receipts are thereafter applied to reduce the recorded investment in the loan. While corporate loans are generally managed based on their internally assigned risk rating (see further discussion below), the following tables present delinquency information by corporate loan type. Corporate Loan Delinquencies and Non-Accrual Details at December 31, 2019 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 $ 676 $ 93 $ 769 $ 1,828 $ 164,249 $ 166,846 Financial institutions 791 3 794 50 91,008 91,852 Mortgage and real estate 534 4 538 188 62,425 63,151 Lease financing 58 9 67 41 1,277 1,385 Other 190 22 212 81 62,341 62,634 Loans at fair value 4,067 Total $ 2,249 $ 131 $ 2,380 $ 2,188 $ 381,300 $ 389,935 Corporate Loan Delinquencies and Non-Accrual Details at December 31, 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 $ 403 $ 111 $ 514 $ 1,119 $ 173,257 $ 174,890 Financial institutions 87 7 94 102 85,088 85,284 Mortgage and real estate 128 5 133 215 57,152 57,500 Lease financing 5 10 15 — 1,517 1,532 Other 151 52 203 75 59,149 59,427 Loans at fair value 3,203 Total $ 774 $ 185 $ 959 $ 1,511 $ 376,163 $ 381,836 (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 or more 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. Citigroup has a risk management process to monitor, evaluate and manage the principal risks associated with its corporate loan portfolio. As part of its risk management process, Citi assigns numeric risk ratings to its corporate loan facilities based on quantitative and qualitative assessments of the obligor and facility. These risk ratings are reviewed at least annually or more often if material events related to the obligor or facility warrant. Factors considered in assigning the risk ratings include financial condition of the obligor, qualitative assessment of management and strategy, amount and sources of repayment, amount and type of collateral and guarantee arrangements, amount and type of any contingencies associated with the obligor and the obligor’s industry and geography. The obligor risk ratings are defined by ranges of default probabilities. The facility risk ratings are defined by ranges of loss norms, which are the product of the probability of default and the loss given default. The investment grade rating categories are similar to the category BBB-/Baa3 and above as defined by S&P and Moody’s. Loans classified according to the bank regulatory definitions as special mention, substandard and doubtful will have risk ratings within the non-investment-grade categories. Corporate Loans Credit Quality Indicators Recorded investment in loans (1) In millions of dollars December 31, 2019 December 31, Investment grade (2) Commercial and industrial $ 110,797 $ 113,925 Financial institutions 80,533 73,533 Mortgage and real estate 27,571 26,799 Lease financing 816 1,035 Other 57,339 58,916 Total investment grade $ 277,056 $ 274,208 Non-investment grade (2) Accrual Commercial and industrial $ 54,220 $ 53,942 Financial institutions 11,269 10,866 Mortgage and real estate 3,811 4,200 Lease financing 528 497 Other 5,206 5,753 Non-accrual Commercial and industrial 1,828 1,119 Financial institutions 50 102 Mortgage and real estate 188 215 Lease financing 41 — Other 81 75 Total non-investment grade $ 77,222 $ 76,769 Non-rated private bank loans managed on a delinquency basis (2) $ 31,590 $ 27,656 Loans at fair value 4,067 3,203 Corporate loans, net of unearned income $ 389,935 $ 381,836 (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. Impaired collateral-dependent loans and leases, where repayment is expected to be provided solely by the sale of the underlying collateral and there are no other available and reliable sources of repayment, are written down to the lower of carrying value or collateral value, less cost to sell. Cash-basis loans are returned to an accrual status when all contractual principal and interest amounts are reasonably assured of repayment and there is a sustained period of repayment performance, generally six months , in accordance with the contractual terms of the loan. 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: At and for the year ended December 31, 2019 In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Interest income recognized (3) Non-accrual corporate loans Commercial and industrial $ 1,828 $ 1,942 $ 283 $ 1,449 $ 33 Financial institutions 50 120 2 63 — Mortgage and real estate 188 362 10 192 — Lease financing 41 41 — 8 — Other 81 202 4 76 9 Total non-accrual corporate loans $ 2,188 $ 2,667 $ 299 $ 1,788 $ 42 At and for the year ended December 31, 2018 In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Interest income recognized (3) Non-accrual corporate loans Commercial and industrial $ 1,119 $ 1,270 $ 245 $ 1,299 $ 49 Financial institutions 102 123 35 99 — Mortgage and real estate 215 323 39 233 1 Lease financing — 28 — 21 — Other 75 165 6 83 6 Total non-accrual corporate loans $ 1,511 $ 1,909 $ 325 $ 1,735 $ 56 December 31, 2019 December 31, 2018 In millions of dollars Recorded investment (1) Related specific allowance Recorded investment (1) Related specific allowance Non-accrual corporate loans with specific allowance Commercial and industrial $ 714 $ 283 $ 801 $ 245 Financial institutions 40 2 76 35 Mortgage and real estate 48 10 100 39 Lease financing — — — — Other 7 4 24 6 Total non-accrual corporate loans with specific allowance $ 809 $ 299 $ 1,001 $ 325 Non-accrual corporate loans without specific allowance Commercial and industrial $ 1,114 $ 318 Financial institutions 10 26 Mortgage and real estate 140 115 Lease financing 41 — Other 74 51 Total non-accrual corporate loans without specific allowance $ 1,379 N/A $ 510 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 year ended December 31, 2017 was $35 million . N/A Not applicable Corporate Troubled Debt Restructurings For the year ended December 31, 2019 : In millions of dollars Carrying value of TDRs modified during the period 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 $ 283 $ 19 $ — $ 264 Mortgage and real estate 16 — — 16 Other 6 6 — — Total $ 305 $ 25 $ — $ 280 For the year ended December 31, 2018 : In millions of dollars Carrying value of TDRs modified during the period 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 $ 159 $ 5 $ 8 $ 146 Mortgage and real estate 60 3 — 57 Total $ 219 $ 8 $ 8 $ 203 (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 December 31, 2019 TDR loans in payment default during the year ended December 31, 2019 TDR balances at December 31, 2018 TDR loans in payment default during the year ended December 31, 2018 Commercial and industrial $ 603 $ 35 $ 568 $ 111 Financial institutions — — 25 — Mortgage and real estate 79 — 123 — Lease financing — — — — Other 44 — 2 — Total (1) $ 726 $ 35 $ 718 $ 111 (1) The above table reflects activity for loans outstanding that were considered TDRs as of the end of the reporting period. |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES In millions of dollars 2019 2018 2017 Allowance for loan losses at beginning of period $ 12,315 $ 12,355 $ 12,060 Gross credit losses (9,341 ) (8,665 ) (8,673 ) Gross recoveries (1) 1,573 1,552 1,597 Net credit losses (NCLs) $ (7,768 ) $ (7,113 ) $ (7,076 ) NCLs $ 7,768 $ 7,113 $ 7,076 Net reserve builds (releases) 364 394 544 Net specific reserve builds (releases) 86 (153 ) (117 ) Total provision for loan losses $ 8,218 $ 7,354 $ 7,503 Other, net (see table below) 18 (281 ) (132 ) Allowance for loan losses at end of period $ 12,783 $ 12,315 $ 12,355 Allowance for credit losses on unfunded lending commitments at beginning of period $ 1,367 $ 1,258 $ 1,418 Provision (release) for unfunded lending commitments 92 113 (161 ) Other, net (3 ) (4 ) 1 Allowance for credit losses on unfunded lending commitments at end of period (2) $ 1,456 $ 1,367 $ 1,258 Total allowance for loans, leases and unfunded lending commitments $ 14,239 $ 13,682 $ 13,613 (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 In millions of dollars 2019 2018 2017 Sales or transfers of various consumer loan portfolios to HFS Transfer of real estate loan portfolios $ (42 ) $ (91 ) $ (106 ) Transfer of other loan portfolios — (110 ) (155 ) Sales or transfers of various consumer loan portfolios to HFS $ (42 ) $ (201 ) $ (261 ) FX translation, primarily consumer 60 (60 ) 115 Other — (20 ) 14 Other, net $ 18 $ (281 ) $ (132 ) Allowance for Credit Losses and End-of-Period Loans at December 31, 2019 In millions of dollars Corporate Consumer Total Allowance for loan losses at beginning of year $ 2,811 $ 9,504 $ 12,315 Charge-offs (487 ) (8,854 ) (9,341 ) Recoveries 95 1,478 1,573 Replenishment of net charge-offs 392 7,376 7,768 Net reserve builds (releases) 96 268 364 Net specific reserve builds (releases) (21 ) 107 86 Other — 18 18 Ending balance $ 2,886 $ 9,897 $ 12,783 Allowance for loan losses Collectively evaluated in accordance with ASC 450 $ 2,587 $ 8,706 $ 11,293 Individually evaluated in accordance with ASC 310-10-35 299 1,190 1,489 Purchased credit impaired in accordance with ASC 310-30 — 1 1 Total allowance for loan losses $ 2,886 $ 9,897 $ 12,783 Loans, net of unearned income Collectively evaluated in accordance with ASC 450 $ 383,828 $ 304,510 $ 688,338 Individually evaluated in accordance with ASC 310-10-35 2,040 4,892 6,932 Purchased credit impaired in accordance with ASC 310-30 — 128 128 Held at fair value 4,067 18 4,085 Total loans, net of unearned income $ 389,935 $ 309,548 $ 699,483 Allowance for Credit Losses and End-of-Period Loans at December 31, 2018 In millions of dollars Corporate Consumer Total Allowance for loan losses at beginning of year $ 2,943 $ 9,412 $ 12,355 Charge-offs (343 ) (8,322 ) (8,665 ) Recoveries 138 1,414 1,552 Replenishment of net charge-offs 205 6,908 7,113 Net reserve builds (releases) 42 352 394 Net specific reserve builds (releases) (151 ) (2 ) (153 ) Other (23 ) (258 ) (281 ) Ending balance $ 2,811 $ 9,504 $ 12,315 Allowance for loan losses Collectively evaluated in accordance with ASC 450 $ 2,486 $ 8,386 $ 10,872 Individually evaluated in accordance with ASC 310-10-35 325 1,116 1,441 Purchased credit impaired in accordance with ASC 310-30 — 2 2 Total allowance for loan losses $ 2,811 $ 9,504 $ 12,315 Loans, net of unearned income Collectively evaluated in accordance with ASC 450 $ 377,186 $ 297,128 $ 674,314 Individually evaluated in accordance with ASC 310-10-35 1,447 5,084 6,531 Purchased credit impaired in accordance with ASC 310-30 — 128 128 Held at fair value 3,203 20 3,223 Total loans, net of unearned income $ 381,836 $ 302,360 $ 684,196 Allowance for Credit Losses at December 31, 2017 In millions of dollars Corporate Consumer Total Allowance for loan losses at beginning of year $ 3,218 $ 8,842 $ 12,060 Charge-offs (632 ) (8,041 ) (8,673 ) Recoveries 153 1,444 1,597 Replenishment of net charge-offs 479 6,597 7,076 Net reserve builds (releases) (274 ) 818 544 Net specific reserve builds (releases) (31 ) (86 ) (117 ) Other 30 (162 ) (132 ) Ending balance $ 2,943 $ 9,412 $ 12,355 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill The changes in Goodwill by segment were as follows: In millions of dollars Global Consumer Banking Institutional Clients Group Corporate/Other Total Balance at December 31, 2016 (1) $ 11,874 $ 9,741 $ 44 $ 21,659 Foreign exchange translation $ 286 $ 443 $ — $ 729 Divestitures (2) (32 ) (72 ) — (104 ) Impairment of goodwill (3) — — (28 ) (28 ) Balance at December 31, 2017 $ 12,128 $ 10,112 $ 16 $ 22,256 Foreign exchange translation $ (41 ) $ (153 ) $ — $ (194 ) Divestitures (4) — — (16 ) (16 ) Balance at December 31, 2018 $ 12,087 $ 9,959 $ — $ 22,046 Foreign exchange translation $ 15 $ 65 $ — $ 80 Balance at December 31, 2019 $ 12,102 $ 10,024 $ — $ 22,126 (1) December 31, 2016 has been revised to reflect intersegment goodwill allocations that resulted from the 2019 reorganization of the Citi commercial banking business from GCB to ICG . See Note 3 to the Consolidated Financial Statements. (2) Primarily related to the sale of a fixed income analytics business and a fixed income index business completed in 2017 and agreement to sell a Mexico asset management business as of December 31, 2017. See Note 2 to the Consolidated Financial Statements. (3) Related to the transfer of the mortgage servicing business from North America GCB to Corporate/Other effective January 1, 2017. (4) Primarily related to the sale of consumer operations in Colombia in 2018. 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. The Company performed its annual goodwill impairment test as of July 1, 2019. The fair values of the Company’s reporting units exceeded their carrying values by approximately 33% to 134% and no reporting unit is at risk of impairment. Effective in the fourth quarter of 2019, the Citi commercial banking business, previously included in North America GCB , Latin America GCB and Asia GCB, was reorganized and is now part of ICG . Goodwill was allocated to the transferred business based on relative fair value to the legacy reporting units. An interim goodwill impairment test was performed under both the legacy and current reporting unit structures, which resulted in no impairment. No additional triggering events were identified and no goodwill was impaired during the year. Intangible Assets The components of intangible assets were as follows: December 31, 2019 December 31, 2018 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 5,676 $ 4,059 $ 1,617 $ 5,733 $ 3,936 $ 1,797 Credit card contract-related intangibles (1) 5,393 3,069 2,324 5,225 2,791 2,434 Core deposit intangibles 434 433 1 419 415 4 Other customer relationships 424 275 149 470 299 171 Present value of future profits 34 31 3 32 29 3 Indefinite-lived intangible assets 228 — 228 218 — 218 Other 82 77 5 84 75 9 Intangible assets (excluding MSRs) $ 12,271 $ 7,944 $ 4,327 $ 12,181 $ 7,545 $ 4,636 Mortgage servicing rights (MSRs) (2) 495 — 495 584 — 584 Total intangible assets $ 12,766 $ 7,944 $ 4,822 $ 12,765 $ 7,545 $ 5,220 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount as of December 31, 2019. (2) For additional information on Citi’s MSRs, see Note 21 to the Consolidated Financial Statements. Intangible assets amortization expense was $564 million , $557 million and $603 million for 2019, 2018 and 2017, respectively. Intangible assets amortization expense is estimated to be $424 million in 2020, $399 million in 2021, $1,025 million in 2022, $226 million in 2023 and $219 million in 2024. The changes in intangible assets were as follows: Net carrying Net carrying amount at In millions of dollars December 31, 2018 Acquisitions/ divestitures Amortization Impairments FX translation and other December 31, Purchased credit card relationships (1) $ 1,797 $ 9 $ (189 ) $ — $ — $ 1,617 Credit card contract-related intangibles (2) 2,434 73 (336 ) — 153 2,324 Core deposit intangibles 4 — (4 ) — 1 1 Other customer relationships 171 — (24 ) — 2 149 Present value of future profits 3 — — — — 3 Indefinite-lived intangible assets 218 4 — — 6 228 Other 9 6 (11 ) — 1 5 Intangible assets (excluding MSRs) $ 4,636 $ 92 $ (564 ) $ — $ 163 $ 4,327 Mortgage servicing rights (MSRs) (3) 584 495 Total intangible assets $ 5,220 $ 4,822 (1) Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract-related intangibles and include credit card accounts primarily in the Costco, Macy’s and Sears portfolios. (2) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represent 96% of the aggregate net carrying amount at December 31, 2019 and 2018. (3) For additional information on Citi’s MSRs, including the rollforward from 2018 to 2019, see Note 21 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Short-Term Borrowings December 31, 2019 2018 In millions of dollars Balance Weighted average coupon Balance Weighted average coupon Commercial paper Bank (1) $ 10,155 $ 13,238 Broker-dealer and other (2) 6,321 — Total commercial paper $ 16,476 1.98 % $ 13,238 1.95 % Other borrowings (3) 28,573 2.57 19,108 2.99 Total $ 45,049 $ 32,346 (1) Represents Citibank entities as well as other bank entities. (2) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. (3) Includes borrowings from the Federal Home Loan Banks and other market participants. At December 31, 2019 and 2018, collateralized short-term advances from the Federal Home Loan Banks were $17.6 billion and $9.5 billion , respectively. Borrowings under bank lines of credit may be at interest rates based on LIBOR, CD rates, the prime rate or bids submitted by the banks. Citigroup pays commitment fees for its lines of credit. Some of Citigroup’s non-bank subsidiaries have credit facilities with Citigroup’s subsidiary depository institutions, including Citibank. Borrowings under these facilities are secured in accordance with Section 23A of the Federal Reserve Act. Citigroup Global Markets Holdings Inc. (CGMHI) has borrowing agreements consisting of facilities that CGMHI has been advised are available, but where no contractual lending obligation exists. These arrangements are reviewed on an ongoing basis to ensure flexibility in meeting CGMHI’s short-term requirements. Long-Term Debt Balances at December 31, In millions of dollars Weighted (1) Maturities 2019 2018 Citigroup Inc. (2) Senior debt 3.11 % 2020-2098 $ 123,292 $ 117,511 Subordinated debt (3) 5.59 2022-2046 25,463 24,545 Trust preferred securities 8.15 2036-2067 1,722 1,711 Bank (4) Senior debt 2.51 2020-2038 53,340 61,237 Broker-dealer (5) Senior debt 2.43 2020-2098 44,817 26,947 Subordinated debt (3) 2.37 2022-2046 126 48 Total 3.28 % $ 248,760 $ 231,999 Senior debt $ 221,449 $ 205,695 Subordinated debt (3) 25,589 24,593 Trust preferred securities 1,722 1,711 Total $ 248,760 $ 231,999 (1) The weighted average coupon excludes structured notes accounted for at fair value. (2) Represents the parent holding company. (3) Includes notes that are subordinated within certain countries, regions or subsidiaries. (4) Represents Citibank entities as well as other bank entities. At December 31, 2019 and 2018, collateralized long-term advances from the Federal Home Loan Banks were $5.5 billion and $10.5 billion , respectively. (5) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. The Company issues both fixed- and variable-rate debt in a range of currencies. It uses derivative contracts, primarily interest rate swaps, to effectively convert a portion of its fixed-rate debt to variable-rate debt. The maturity structure of the derivatives generally corresponds to the maturity structure of the debt being hedged. In addition, the Company uses other derivative contracts to manage the foreign exchange impact of certain debt issuances. At December 31, 2019 , the Company’s overall weighted average interest rate for long-term debt, excluding structured notes accounted for at fair value, was 3.28% on a contractual basis and 3.54% including the effects of derivative contracts. Aggregate annual maturities of long-term debt obligations (based on final maturity dates) including trust preferred securities are as follows: In millions of dollars 2020 2021 2022 2023 2024 Thereafter Total Citigroup Inc. $ 7,033 $ 15,208 $ 13,061 $ 14,202 $ 8,247 $ 92,726 $ 150,477 Bank 20,654 14,023 8,471 2,634 4,417 3,141 53,340 Broker-dealer 9,570 8,852 5,558 3,292 3,359 14,312 44,943 Total $ 37,257 $ 38,083 $ 27,090 $ 20,128 $ 16,023 $ 110,179 $ 248,760 The following table summarizes Citi’s outstanding trust preferred securities at December 31, 2019 : 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 securities and 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 outside investors from the trusts at the time of issuance. This differs from Citi’s balance sheet carrying value due primarily to unamortized discount and issuance costs. (2) |
REGULATORY CAPITAL
REGULATORY CAPITAL | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
REGULATORY CAPITAL | REGULATORY CAPITAL Citigroup is subject to risk-based capital and leverage standards issued by the Federal Reserve Board, which constitute the U.S. Basel III rules. Citi’s U.S.-insured depository institution subsidiaries, including Citibank, are subject to similar standards issued by their respective primary federal bank regulatory agencies. These standards are used to evaluate capital adequacy and include the required minimums shown in the following table. The regulatory agencies are required by law to take specific, prompt corrective actions with respect to institutions that do not meet minimum capital standards. The following table sets forth for Citigroup and Citibank the regulatory capital tiers, total risk-weighted assets, quarterly adjusted average total assets, Total Leverage Exposure, risk-based capital ratios and leverage ratios: In millions of dollars, except ratios Stated minimum Citigroup Citibank Well- capitalized minimum December 31, 2019 December 31, 2018 Well- capitalized minimum December 31, 2019 December 31, 2018 Common Equity Tier 1 Capital $ 137,798 $ 139,252 $ 130,791 $ 129,091 Tier 1 Capital 155,805 158,122 132,918 131,215 Total Capital (Tier 1 Capital + Tier 2 Capital)—Standardized Approach 193,682 195,440 157,324 155,154 Total Capital (Tier 1 Capital + Tier 2 Capital)—Advanced Approaches 181,337 183,144 145,989 144,358 Total risk-weighted assets—Standardized Approach 1,166,523 1,174,448 1,019,916 1,032,809 Total risk-weighted assets—Advanced Approaches 1,135,553 1,131,933 932,432 926,229 Quarterly adjusted average total assets (1) 1,957,039 1,896,959 1,459,851 1,398,875 Total Leverage Exposure (2) 2,507,891 2,465,641 1,951,701 1,914,663 Common Equity Tier 1 Capital ratio (3) 4.5 % N/A 11.81 % 11.86 % 6.5 % 12.82 % 12.50 % Tier 1 Capital ratio (3) 6.0 6.0 % 13.36 13.46 8.0 13.03 12.70 Total Capital ratio (3) 8.0 10.0 15.97 16.18 10.0 15.43 15.02 Tier 1 Leverage ratio 4.0 N/A 7.96 8.34 5.0 9.10 9.38 Supplementary Leverage ratio 3.0 N/A 6.21 6.41 6.0 6.81 6.85 (1) Tier 1 Leverage ratio denominator. (2) Supplementary Leverage ratio denominator. (3) As of December 31, 2019 and 2018, Citigroup’s reportable Common Equity Tier 1 Capital and Tier 1 Capital ratios were the lower derived under the Basel III Standardized Approach, whereas the reportable Total Capital ratios were the lower derived under the Basel III Advanced Approaches framework. As of December 31, 2019 and 2018, Citibank’s reportable Common Equity Tier 1 Capital, Tier 1 Capital and Total Capital ratios were the lower derived under the Basel III Standardized Approach. N/A Not applicable As indicated in the table above, Citigroup and Citibank were “well capitalized” under the current federal bank regulatory agency definitions as of December 31, 2019 and 2018. Banking Subsidiaries—Constraints on Dividends There are various legal limitations on the ability of Citigroup’s subsidiary depository institutions to extend credit, pay dividends or otherwise supply funds to Citigroup and its non-bank subsidiaries. The approval of the Office of the Comptroller of the Currency is required if total dividends declared in any calendar year were to exceed amounts specified by the agency’s regulations. In determining the dividends, each subsidiary depository institution must also consider its effect on applicable risk-based capital and leverage ratio requirements, as well as policy statements of the federal bank regulatory agencies that indicate that banking organizations should generally pay dividends out of current operating earnings. Citigroup received $17.3 billion and $8.3 billion in dividends from Citibank during 2019 and 2018 , respectively. |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) | 12 Months Ended |
Dec. 31, 2019 | |
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: In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign (4) Excluded component of fair value hedges (5) 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 ) Impact of Tax Reform (7) $ (223 ) $ (139 ) $ (113 ) $ (1,020 ) $ (1,809 ) $ — $ (3,304 ) Other comprehensive income before reclassifications (186 ) (426 ) (111 ) (158 ) 1,607 — 726 Increase (decrease) due to amounts reclassified from AOCI (454 ) (4 ) 86 159 — — (213 ) Change, net of taxes $ (863 ) $ (569 ) $ (138 ) $ (1,019 ) $ (202 ) $ — $ (2,791 ) Balance, December 31, 2017 $ (1,158 ) $ (921 ) $ (698 ) $ (6,183 ) $ (25,708 ) $ — $ (34,668 ) Adjustment to opening balance, net of taxes (8) $ (3 ) $ — $ — $ — $ — $ — $ (3 ) Adjusted balance, beginning of period $ (1,161 ) $ (921 ) $ (698 ) $ (6,183 ) $ (25,708 ) $ — $ (34,671 ) Other comprehensive income before reclassifications (866 ) 1,081 (135 ) (240 ) (2,607 ) (57 ) (2,824 ) Increase (decrease) due to amounts reclassified from AOCI (9) (223 ) 32 105 166 245 — 325 Change, net of taxes $ (1,089 ) $ 1,113 $ (30 ) $ (74 ) $ (2,362 ) $ (57 ) $ (2,499 ) Balance at December 31, 2018 $ (2,250 ) $ 192 $ (728 ) $ (6,257 ) $ (28,070 ) $ (57 ) $ (37,170 ) Other comprehensive income before reclassifications 3,065 (1,151 ) 549 (758 ) (647 ) 25 1,083 Increase (decrease) due to amounts reclassified from AOCI (1,080 ) 15 302 206 326 — (231 ) Change, net of taxes $ 1,985 $ (1,136 ) $ 851 $ (552 ) $ (321 ) $ 25 $ 852 Balance at December 31, 2019 $ (265 ) $ (944 ) $ 123 $ (6,809 ) $ (28,391 ) $ (32 ) $ (36,318 ) (1) Changes in DVA are reflected as a component of AOCI , pursuant to the adoption of ASU 2016-01 relating to the presentation of DVA on fair value option liabilities. (2) Primarily driven by Citi’s pay fixed/receive floating interest rate swap programs that hedge the floating rates on liabilities. (3) 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. (4) Primarily reflects the movements in (by order of impact) the Indian rupee, Brazilian real, Chilean peso, and Euro against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2019. Primarily reflects the movements in (by order of impact) the Brazilian real, Indian rupee, Mexican peso, and Australian dollar against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2018. Primarily reflects the movements in (by order of impact) the Euro, Mexican peso, Polish zloty and South Korean won against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 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. (5) 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 2017-12, Targeted Improvements to Accounting for Hedging Activities . See Note 1 of the Consolidated Financial Statements for further information regarding this change. (6) 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. (7) In the fourth quarter of 2017, Citi adopted ASU 2018-02, which transferred these amounts from AOCI to Retained earnings . See Note 1 to the Consolidated Financial Statements. (8) 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. (9) Includes the impact of the release of foreign currency translation adjustment, net of hedges, upon meeting the accounting trigger for substantial liquidation of Citi’s Japan Consumer Finance business during the fourth quarter of 2018. 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: In millions of dollars Pretax Tax effect (1) After-tax Balance, December 31, 2016 $ (42,035 ) $ 9,654 $ (32,381 ) Adjustment to opening balance (2) 803 (299 ) 504 Adjusted balance, beginning of period $ (41,232 ) $ 9,355 $ (31,877 ) Change in net unrealized gains (losses) on investment securities (1,088 ) 225 (863 ) Debt valuation adjustment (DVA) (680 ) 111 (569 ) Cash flow hedges (37 ) (101 ) (138 ) Benefit plans 14 (1,033 ) (1,019 ) Foreign currency translation adjustment 1,795 (1,997 ) (202 ) Change $ 4 $ (2,795 ) $ (2,791 ) Balance, December 31, 2017 $ (41,228 ) $ 6,560 $ (34,668 ) Adjustment to opening balance (3) (4 ) 1 (3 ) Adjusted balance, beginning of period $ (41,232 ) $ 6,561 $ (34,671 ) Change in net unrealized gains (losses) on investment securities (1,435 ) 346 (1,089 ) Debt valuation adjustment (DVA) 1,415 (302 ) 1,113 Cash flow hedges (38 ) 8 (30 ) Benefit plans (94 ) 20 (74 ) Foreign currency translation adjustment (2,624 ) 262 (2,362 ) Excluded component of fair value hedges (74 ) 17 (57 ) Change $ (2,850 ) $ 351 $ (2,499 ) Balance, December 31, 2018 $ (44,082 ) $ 6,912 $ (37,170 ) Change in net unrealized gains (losses) on AFS debt securities 2,633 (648 ) 1,985 Debt valuation adjustment (DVA) (1,473 ) 337 (1,136 ) Cash flow hedges 1,120 (269 ) 851 Benefit plans (671 ) 119 (552 ) Foreign currency translation adjustment (332 ) 11 (321 ) Excluded component of fair value hedges 33 (8 ) 25 Change $ 1,310 $ (458 ) $ 852 Balance, December 31, 2019 $ (42,772 ) $ 6,454 $ (36,318 ) (1) Includes the impact of ASU 2018-02, which transferred amounts from AOCI to Retained earnings . See Note 1 to the Consolidated Financial Statements. (2) 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. (3) 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. 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 Year ended December 31, In millions of dollars 2019 2018 2017 Realized (gains) losses on sales of investments $ (1,474 ) $ (421 ) $ (778 ) Gross impairment losses 23 125 63 Subtotal, pretax $ (1,451 ) $ (296 ) $ (715 ) Tax effect 371 73 261 Net realized (gains) losses on investments, after-tax (1) $ (1,080 ) $ (223 ) $ (454 ) Realized DVA (gains) losses on fair value option liabilities, pretax $ 20 $ 41 $ (7 ) Tax effect (5 ) (9 ) 3 Net realized DVA, after-tax $ 15 $ 32 $ (4 ) Interest rate contracts $ 384 $ 301 $ 126 Foreign exchange contracts 7 17 10 Subtotal, pretax $ 391 $ 318 $ 136 Tax effect (89 ) (213 ) (50 ) Amortization of cash flow hedges, after-tax (2) $ 302 $ 105 $ 86 Amortization of unrecognized Prior service cost (benefit) $ (12 ) $ (34 ) $ (42 ) Net actuarial loss 286 248 271 Curtailment/settlement impact (3) 1 6 17 Subtotal, pretax $ 275 $ 220 $ 246 Tax effect (69 ) (54 ) (87 ) Amortization of benefit plans, after-tax (3) $ 206 $ 166 $ 159 Foreign currency translation adjustment $ — $ 34 $ — Tax effect 326 211 — Foreign currency translation adjustment $ 326 $ 245 $ — Total amounts reclassified out of AOCI , pretax $ (765 ) $ 317 $ (340 ) Total tax effect 534 8 127 Total amounts reclassified out of AOCI , after-tax $ (231 ) $ 325 $ (213 ) (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 13 to the Consolidated Financial Statements for additional details. (2) See Note 22 to the Consolidated Financial Statements for additional details. (3) See Note 8 to the Consolidated Financial Statements for additional details. |
PREFERRED STOCK
PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
PREFERRED STOCK | PREFERRED STOCK The following table summarizes the Company’s preferred stock outstanding: Redemption Carrying value in millions of dollars Issuance date Redeemable by issuer beginning Dividend Number December 31, December 31, Series A (1) October 29, 2012 January 30, 2023 5.950 % $ 1,000 1,500,000 $ 1,500 $ 1,500 Series B (2) December 13, 2012 February 15, 2023 5.900 1,000 750,000 750 750 Series D (3) April 30, 2013 May 15, 2023 5.350 1,000 1,250,000 1,250 1,250 Series J (4) September 19, 2013 September 30, 2023 7.125 25 38,000,000 950 950 Series K (5) October 31, 2013 November 15, 2023 6.875 25 59,800,000 1,495 1,495 Series L (6) February 12, 2014 February 12, 2019 6.875 25 19,200,000 — 480 Series M (7) April 30, 2014 May 15, 2024 6.300 1,000 1,750,000 1,750 1,750 Series N (8) October 29, 2014 November 15, 2019 5.800 1,000 1,500,000 — 1,500 Series O (9) March 20, 2015 March 27, 2020 5.875 1,000 1,500,000 1,500 1,500 Series P (10) April 24, 2015 May 15, 2025 5.950 1,000 2,000,000 2,000 2,000 Series Q (11) August 12, 2015 August 15, 2020 5.950 1,000 1,250,000 1,250 1,250 Series R (12) November 13, 2015 November 15, 2020 6.125 1,000 1,500,000 1,500 1,500 Series S (13) February 2, 2016 February 12, 2021 6.300 25 41,400,000 1,035 1,035 Series T (14) April 25, 2016 August 15, 2026 6.250 1,000 1,500,000 1,500 1,500 Series U (15) September 12, 2019 September 12, 2024 5.000 1,000 1,500,000 1,500 — $ 17,980 $ 18,460 (1) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on January 30 and July 30 at a fixed rate until January 30, 2023, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (2) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on February 15 and August 15 at a fixed rate until February 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (3) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until May 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (4) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 30, June 30, September 30 and December 30 at a fixed rate until September 30, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (5) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until November 15, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (6) The Series L preferred stock was redeemed in full on February 12, 2019. (7) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until May 15, 2024, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (8) The Series N preferred stock was redeemed in full on November 15, 2019. (9) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on March 27 and September 27 at a fixed rate until, but excluding, March 27, 2020, and thereafter payable quarterly on March 27, June 27, September 27 and December 27 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (10) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, May 15, 2025, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (11) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on February 15 and August 15 at a fixed rate until, but excluding, August 15, 2020, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (12) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, November 15, 2020, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (13) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 12, May 12, August 12 and November 12 at a fixed rate, in each case when, as and if declared by the Citi Board of Directors. (14) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on February 15 and August 15 at a fixed rate until, but excluding, August 15, 2026, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (15) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on March 12 and September 12 at a fixed rate until, but excluding, September 12, 2024, thereafter payable quarterly on March 12, June 12, September 12 and December 12 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. During 2019 , Citi distributed $1,109 million in dividends on its outstanding preferred stock. On January 15, 2020, Citi declared preferred dividends of approximately $291 million for the first quarter of 2020. During the first quarter of 2020, Citi issued 1.5 million Series V preferred shares for $1.5 billion . Semi-annual dividends on Series V, assuming such dividends are declared by the Citi Board of Directors, will be distributed beginning in the third quarter of 2020. As of February 21, 2020, Citi estimates it will distribute preferred dividends of approximately $253 million , $328 million and $253 million |
SECURITIZATIONS AND VARIABLE IN
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2019 | |
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | |
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | SECURITIZATIONS AND VARIABLE INTEREST ENTITIES Uses of Special Purpose Entities A special purpose entity (SPE) is an entity designed to fulfill a specific limited need of the company that organized it. The principal uses of SPEs by Citi are to obtain liquidity and favorable capital treatment by securitizing certain financial assets, to assist clients in securitizing their financial assets and to create investment products for clients. SPEs may be organized in various legal forms, including trusts, partnerships or corporations. In a securitization, through the SPE’s issuance of debt and equity instruments, certificates, commercial paper or other notes of indebtedness, the company transferring assets to the SPE converts all (or a portion) of those assets into cash before they would have been realized in the normal course of business. These issuances are recorded on the balance sheet of the SPE, which may or may not be consolidated onto the balance sheet of the company that organized the SPE. Investors usually have recourse only to the assets in the SPE, but may also benefit from other credit enhancements, such as a collateral account, a line of credit or a liquidity facility, such as a liquidity put option or asset purchase agreement. Because of these enhancements, the SPE issuances typically obtain a more favorable credit rating than the transferor could obtain for its own debt issuances. This results in less expensive financing costs than unsecured debt. The SPE may also enter into derivative contracts in order to convert the yield or currency of the underlying assets to match the needs of the SPE investors or to limit or change the credit risk of the SPE. Citigroup may be the provider of certain credit enhancements as well as the counterparty to any related derivative contracts. Most of Citigroup’s SPEs are variable interest entities (VIEs), as described below. Variable Interest Entities VIEs are entities that have either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest (i.e., ability to make significant decisions through voting rights or similar rights and a right to receive the expected residual returns of the entity or an obligation to absorb the expected losses of the entity). Investors that finance the VIE through debt or equity interests or other counterparties providing other forms of support, such as guarantees, certain fee arrangements or certain types of derivative contracts, are variable interest holders in the entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary and must consolidate the VIE. Citigroup would be deemed to have a controlling financial interest and be the primary beneficiary if it has both of the following characteristics: • power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and • an obligation to absorb losses of the entity that could potentially be significant to the VIE, or a right to receive benefits from the entity that could potentially be significant to the VIE. The Company must evaluate each VIE to understand the purpose and design of the entity, the role the Company had in the entity’s design and its involvement in the VIE’s ongoing activities. The Company then must evaluate which activities most significantly impact the economic performance of the VIE and who has the power to direct such activities. For those VIEs where the Company determines that it has the power to direct the activities that most significantly impact the VIE’s economic performance, the Company must then evaluate its economic interests, if any, and determine whether it could absorb losses or receive benefits that could potentially be significant to the VIE. When evaluating whether the Company has an obligation to absorb losses that could potentially be significant, it considers the maximum exposure to such loss without consideration of probability. Such obligations could be in various forms, including, but not limited to, debt and equity investments, guarantees, liquidity agreements and certain derivative contracts. In various other transactions, the Company may (i) act as a derivative counterparty (for example, interest rate swap, cross-currency swap or 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), (ii) act as underwriter or placement agent, (iii) provide administrative, trustee or other services or (iv) make a market in debt securities or other instruments issued by VIEs. The Company generally considers such involvement, by itself, not to be variable interests and thus not an indicator of power or potentially significant benefits or losses. 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 December 31, 2019 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 $ 43,534 $ 43,534 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 117,374 — 117,374 2,671 — — 72 2,743 Non-agency-sponsored 39,608 1,187 38,421 876 — — 1 877 Citi-administered asset-backed commercial paper conduits 15,622 15,622 — — — — — — Collateralized loan obligations (CLOs) 17,395 — 17,395 4,199 — — — 4,199 Asset-based financing 196,728 6,139 190,589 23,756 1,151 9,524 — 34,431 Municipal securities tender option bond trusts (TOBs) 6,950 1,458 5,492 4 — 3,544 — 3,548 Municipal investments 20,312 — 20,312 2,636 4,274 3,034 — 9,944 Client intermediation 1,455 1,391 64 4 — — — 4 Investment funds 827 174 653 5 — 16 1 22 Other 352 1 351 169 — 39 — 208 Total $ 460,157 $ 69,506 $ 390,651 $ 34,320 $ 5,425 $ 16,157 $ 74 $ 55,976 As of December 31, 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 $ 46,232 $ 46,232 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 116,563 — 116,563 3,038 — — 60 3,098 Non-agency-sponsored 30,886 1,498 29,388 431 — — 1 432 Citi-administered asset-backed commercial paper conduits 18,750 18,750 — — — — — — Collateralized loan obligations (CLOs) 21,837 — 21,837 5,891 — — 9 5,900 Asset-based financing 99,433 628 98,805 21,640 715 9,757 — 32,112 Municipal securities tender option bond trusts (TOBs) 7,998 1,776 6,222 9 — 4,262 — 4,271 Municipal investments 18,044 3 18,041 2,813 3,922 2,738 — 9,473 Client intermediation 858 614 244 172 — — 2 174 Investment funds 1,272 440 832 12 — 1 1 14 Other 63 3 60 37 — 23 — 60 Total $ 361,936 $ 69,944 $ 291,992 $ 34,043 $ 4,637 $ 16,781 $ 73 $ 55,534 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s December 31, 2019 and 2018 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 third-party sponsored private equity funds to which the Company provides secured credit facilities. The Company has no decision-making power and does not consolidate these funds, some of which may meet the definition of a VIE. The Company’s maximum exposure to loss is generally limited to a loan or lending-related commitment (for more information on these positions, see Notes 14 and 26 to the Consolidated Financial Statements); • 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- 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 13 and 24 to the Consolidated Financial Statements); • certain representations and warranties exposures in legacy ICG -sponsored mortgage- 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 $6 billion and $7 billion at December 31, 2019 and 2018 , respectively; • certain representations and warranties exposures in Citigroup residential mortgage securitizations in which 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: December 31, 2019 December 31, 2018 In millions of dollars Liquidity facilities Loan/equity commitments Liquidity facilities Loan/equity commitments Asset-based financing $ — $ 9,524 $ — $ 9,757 Municipal securities tender option bond trusts (TOBs) 3,544 — 4,262 — Municipal investments — 3,034 — 2,738 Investment funds — 16 — 1 Other — 39 — 23 Total funding commitments $ 3,544 $ 12,613 $ 4,262 $ 12,519 Consolidated VIEs The Company engages in on-balance sheet securitizations, which are securitizations that do not qualify for sales treatment; thus, the assets remain on Citi’s Consolidated Balance Sheet, and any proceeds received are recognized as secured liabilities. The consolidated VIEs represent more than a hundred separate entities with which the Company is involved. In general, the third-party investors in the obligations of consolidated VIEs have legal recourse only to the assets of the respective VIEs and do not have such recourse to the Company, except where Citi has provided a guarantee to the investors or is the counterparty to certain derivative transactions involving the VIE. Thus, Citigroup’s maximum legal exposure to loss related to consolidated VIEs is significantly less than the carrying value of the consolidated VIE assets due to outstanding third-party financing. Intercompany assets and liabilities are excluded from Citi’s Consolidated Balance Sheet. All VIE assets are restricted from being sold or pledged as collateral. The cash flows from these assets are the only source used to pay down the associated liabilities, which are non-recourse to Citi’s general assets. See the Consolidated Balance Sheet for more information about these Consolidated VIE assets and liabilities. 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 December 31, 2019 December 31, 2018 Cash $ — $ — Trading account assets 2.6 3.0 Investments 9.9 10.7 Total loans, net of allowance 26.7 24.5 Other 0.5 0.5 Total assets $ 39.7 $ 38.7 Credit Card Securitizations The Company securitizes credit card receivables through trusts established to purchase the receivables. Citigroup transfers receivables into the trusts on a non-recourse basis. Credit card securitizations are revolving securitizations: as customers pay their credit card balances, the cash proceeds are used to purchase new receivables and replenish the receivables in the trust. 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 because, as servicer, Citigroup has the power to direct the activities that most significantly impact the economic performance of the trusts. Citigroup holds a seller’s interest and certain securities issued by the trusts, which could result in exposure to potentially significant losses or benefits from the trusts. Accordingly, the transferred credit card receivables remain on Citi’s Consolidated Balance Sheet with no gain or loss recognized. The debt issued by the trusts to third parties is included on Citi’s Consolidated Balance Sheet. Citi utilizes securitizations as one of the sources of funding for its business in North America . The following table reflects amounts related to the Company’s securitized credit card receivables: In billions of dollars December 31, 2019 December 31, 2018 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 19.7 $ 27.3 Retained by Citigroup as trust-issued securities 6.2 7.6 Retained by Citigroup via non-certificated interests 17.8 11.3 Total $ 43.7 $ 46.2 The following table summarizes selected cash flow information related to Citigroup’s credit card securitizations: In billions of dollars 2019 2018 2017 Proceeds from new securitizations $ — $ 6.8 $ 11.1 Pay down of maturing notes (7.6 ) (8.3 ) (5.0 ) Managed Loans After securitization of credit card receivables, the Company continues to maintain credit card customer account relationships and provides servicing for receivables transferred to the trusts. As a result, the Company considers the securitized credit card receivables to be part of the business it manages. As Citigroup consolidates the credit card trusts, all managed securitized card receivables are on-balance sheet. Funding, Liquidity Facilities and Subordinated Interests As noted above, Citigroup securitizes credit card receivables through two securitization trusts—Master Trust and Omni Trust. The liabilities of the trusts are included on the Consolidated Balance Sheet, excluding those retained by Citigroup. Master Trust Liabilities (at Par Value) The Master Trust issues fixed- and floating-rate term notes. Some of the term notes may be issued to multi-seller commercial paper conduits. The weighted average maturity of the third-party term notes issued by the Master Trust was 3.1 years as of December 31, 2019 and 3.0 years as of December 31, 2018 . In billions of dollars Dec. 31, 2019 Dec. 31, 2018 Term notes issued to third parties $ 18.2 $ 25.8 Term notes retained by Citigroup affiliates 4.3 5.7 Total Master Trust liabilities $ 22.5 $ 31.5 Omni Trust Liabilities (at Par Value) The Omni Trust issues fixed- and floating-rate term notes, some of which are purchased by multi-seller commercial paper conduits. The weighted average maturity of the third-party term notes issued by the Omni Trust was 1.6 years as of December 31, 2019 and 2.7 years as of December 31, 2018 . In billions of dollars Dec. 31, 2019 Dec. 31, 2018 Term notes issued to third parties $ 1.5 $ 1.5 Term notes retained by Citigroup affiliates 1.9 1.9 Total Omni Trust liabilities $ 3.4 $ 3.4 Mortgage Securitizations Citigroup provides a wide range of mortgage loan products to a diverse customer base. Once originated, the Company often securitizes these loans through the use of VIEs. These VIEs are funded through the issuance of trust certificates backed solely by the transferred assets. These certificates have the same life as the transferred assets. In addition to providing a source of liquidity and less expensive funding, securitizing these assets also reduces Citi’s credit exposure to the borrowers. These mortgage loan securitizations are primarily non-recourse, thereby effectively transferring the risk of future credit losses to the purchasers of the securities issued by the trust. Citi’s U.S. consumer mortgage business generally retains the servicing rights and in certain instances retains investment securities, interest-only strips and residual interests in future cash flows from the trusts and also provides servicing for a limited number of ICG securitizations. Citi’s ICG business may hold investment securities pursuant to credit risk retention rules or in connection with secondary market-making activities. The Company securitizes mortgage loans generally through either a U.S. government-sponsored agency, such as Ginnie Mae, Fannie Mae or Freddie Mac (U.S. agency-sponsored mortgages), or private label (non-agency-sponsored mortgages) securitization. Citi is not the primary beneficiary of its U.S. agency-sponsored mortgage securitization entities because Citigroup does not have the power to direct the activities of the VIEs that most significantly impact the entities’ economic performance. Therefore, Citi does not consolidate these U.S. agency-sponsored mortgage securitization entities. Substantially all of the consumer loans sold or securitized through non-consolidated trusts by Citigroup are U.S. prime residential mortgage loans. Retained interests in non-consolidated agency-sponsored mortgage securitization trusts are classified as Trading account assets , except for MSRs, which are included in Other assets on Citigroup’s Consolidated Balance Sheet. Citigroup does not consolidate certain non-agency-sponsored mortgage securitization entities because Citi is either not the servicer with the power to direct the significant activities of the entity or Citi is the servicer, but the servicing relationship is deemed to be a fiduciary relationship; therefore, Citi is not deemed to be the primary beneficiary of the entity. In certain instances, the Company has (i) the power to direct the activities and (ii) the obligation to either absorb losses or the right to receive benefits that could be potentially significant to its non-agency-sponsored mortgage securitization entities and, therefore, is the primary beneficiary and, thus, consolidates the VIE. The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: 2019 2018 2017 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 5.3 $ 18.9 $ 4.0 $ 5.6 $ 7.8 $ 7.3 Proceeds from new securitizations (1) 5.5 18.9 4.2 7.1 8.1 7.3 Contractual servicing fees received 0.1 — 0.1 — 0.2 — Purchases of previously transferred financial assets 0.2 — 0.2 — 0.4 — Note: Excludes re-securitization transactions. (1) The proceeds from new securitizations in 2019 include $0.2 billion related to personal loan securitizations. For non-consolidated mortgage securitization entities where the transfer of loans to the VIE meets the conditions for sale accounting, Citi recognizes a gain or loss based on the difference between the carrying value of the transferred assets and the proceeds received (generally cash but may be beneficial interests or servicing rights). Agency and non-agency securitization gains for the year ended December 31, 2019 were $16 million and $99 million , respectively. Agency and non-agency securitization gains for the year ended December 31, 2018 were $17 million and $36 million , respectively, and $28 million and $70 million , respectively, for the year ended December 31, 2017 . 2019 2018 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior Subordinated (3) U.S. agency- Senior Subordinated Carrying value of retained interests (2) $ 491 $ 748 $ 102 $ 564 $ 300 $ 51 (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) Retained interests consist of Level 2 or Level 3 assets depending on the observability of significant inputs. See Note 24 to the Consolidated Financial Statements for more information about fair value measurements. (3) Senior interests in non-agency-sponsored mortgages include $150 million related to personal loan securitizations at December 31, 2019. Key assumptions used in measuring the fair value of retained interests at the date of sale or securitization of mortgage receivables were as follows: December 31, 2019 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 9.3 % 3.6 % 4.6 % Weighted average constant prepayment rate 12.9 % 10.5 % 7.6 % Weighted average anticipated net credit losses (2) NM 3.9 % 2.8 % Weighted average life 6.6 years 3 years 11.4 years December 31, 2018 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 9.6 % 2.8 % 4.4 % Weighted average constant prepayment rate 5.8 % 8.0 % 9.1 % Weighted average anticipated net credit losses (2) NM 4.4 % 3.4 % Weighted average life 7.5 years 5.5 years 6.7 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. Key assumptions used in measuring the fair value of retained interests at period end or securitization of mortgage receivables were as follows: December 31, 2019 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 9.8 % 7.6 % 4.2 % Weighted average constant prepayment rate 10.1 % 3.6 % 6.1 % Weighted average anticipated net credit losses (2) NM 5.2 % 2.7 % Weighted average life 6.6 years 5.9 years 29.3 years December 31, 2018 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 7.8 % 9.3 % — Weighted average constant prepayment rate 9.1 % 8.0 % — Weighted average anticipated net credit losses (2) NM 40.0 % — Weighted average life 6.4 years 6.6 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. The sensitivity of the fair value to adverse changes of 10% and 20% in each of the key assumptions are presented 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. December 31, 2019 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate Adverse change of 10% $ (18 ) $ — $ (1 ) Adverse change of 20% (35 ) (1 ) (1 ) Constant prepayment rate Adverse change of 10% (18 ) — — Adverse change of 20% (35 ) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — December 31, 2018 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate Adverse change of 10% $ (16 ) $ — $ — Adverse change of 20% (32 ) — — Constant prepayment rate Adverse change of 10% (21 ) — — Adverse change of 20% (41 ) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. The following table includes information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities: Securitized assets 90 days past due Liquidation losses In billions of dollars, except liquidation losses in millions 2019 2018 2019 2018 2019 2018 Securitized assets Residential mortgages $ 11.7 $ 5.2 $ 0.4 $ 0.4 $ 49.0 $ 54.0 Commercial and other 22.3 13.1 — — — — Total $ 34.0 $ 18.3 $ 0.4 $ 0.4 $ 49.0 $ 54.0 Mortgage Servicing Rights (MSRs) In connection with the securitization of mortgage loans, Citi’s U.S. consumer mortgage business generally retains the servicing rights, which entitle the Company to a future stream of cash flows based on the outstanding principal balances of the loans and the contractual servicing fee. Failure to service the loans in accordance with contractual requirements may lead to a termination of the servicing rights and the loss of future servicing fees. These transactions create intangible assets referred to as MSRs, which are recorded at fair value on Citi’s Consolidated Balance Sheet. The fair value of Citi’s capitalized MSRs was $495 million and $584 million at December 31, 2019 and 2018 , respectively. The MSRs correspond to principal loan balances of $58 billion and $62 billion as of December 31, 2019 and 2018 , respectively. The following table summarizes the changes in capitalized MSRs: In millions of dollars 2019 2018 Balance, beginning of year $ 584 $ 558 Originations 70 58 Changes in fair value of MSRs due to changes in inputs and assumptions (84 ) 54 Other changes (1) (75 ) (68 ) Sale of MSRs — (18 ) Balance, as of December 31 $ 495 $ 584 (1) Represents changes due to customer payments and passage of time. The fair value of the MSRs is primarily affected by changes in prepayments of mortgages that result from shifts in mortgage interest rates. Specifically, higher interest rates tend to lead to declining prepayments, which causes the fair value of the MSRs to increase. In managing this risk, Citigroup economically hedges a significant portion of the value of its MSRs through the use of interest rate derivative contracts, forward purchase and sale commitments of mortgage-backed securities and purchased securities, all classified as Trading account assets . The Company receives fees during the course of servicing previously securitized mortgages. The amounts of these fees were as follows: In millions of dollars 2019 2018 2017 Servicing fees $ 148 $ 172 $ 276 Late fees 8 4 10 Ancillary fees 1 8 13 Total MSR fees $ 157 $ 184 $ 299 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 years ended December 31, 2019 and 2018 . These securities are backed by either residential or commercial mortgages and are often structured on behalf of clients. As of December 31, 2019, Citi held no retained interests in private label re-securitization transactions structured by Citi. As of December 31, 2018 , the fair value of Citi-retained interests in private label re-securitization transactions structured by Citi totaled approximately $16 million (all related to re-securitization transactions executed prior to 2016). Of this amount, all was related to subordinated beneficial interests. The original par value of private label re-securitization transactions in which Citi held a retained interest as of December 31, 2018 was approximately $271 million . The Company also re-securitizes U.S. government-agency guaranteed mortgage-backed (agency) securities. During the years ended December 31, 2019 and 2018 , Citi transferred agency securities with a fair value of approximately $31.9 billion and $26.3 billion , respectively, to re-securitization entities. As of December 31, 2019 , the fair value of Citi-retained interests in agency re-securitization transactions structured by Citi totaled approximately $2.2 billion (including $1.3 billion related to re-securitization transactions executed in 2019 ) compared to $2.5 billion as of December 31, 2018 (including $1.4 billion related to re-securitization transactions executed in 2018 ), 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 December 31, 2019 and 2018 was approximately $73.5 billion and $70.9 billion , respectively. As of December 31, 2019 and 2018 , the Company did not consolidate any private label or agency re-securitization entities. Citi-Administered Asset-Backed Commercial Paper Conduits The Company is active in the asset-backed commercial paper conduit business as administrator of several multi-seller commercial paper conduits and also as a service provider to single-seller and other commercial paper conduits sponsored by third parties. Citi’s multi-seller commercial paper conduits are designed to provide the Company’s clients access to low-co |
DERIVATIVES ACTIVITIES
DERIVATIVES ACTIVITIES | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES ACTIVITIES | DERIVATIVES In the ordinary course of business, Citigroup enters into various types of derivative transactions, which include: • Futures and forward contracts , which are commitments to buy or sell at a future date a financial instrument, commodity or currency at a contracted price that may be settled in cash or through delivery of an item readily convertible to cash. • Swap contracts , which are commitments to settle in cash at a future date or dates that may range from a few days to a number of years, based on differentials between specified indices or financial instruments, as applied to a notional principal amount. • Option contracts , which give the purchaser, for a premium, the right, but not the obligation, to buy or sell within a specified time a financial instrument, commodity or currency at a contracted price that may also be settled in cash, based on differentials between specified indices or prices. Swaps, forwards and some option contracts are over-the-counter (OTC) derivatives that are bilaterally negotiated with counterparties and settled with those counterparties, except for swap contracts that are novated and "cleared" through central counterparties (CCPs). Futures contracts and other option contracts are standardized contracts that are traded on an exchange with a CCP as the counterparty from the inception of the transaction. Citigroup enters into derivative contracts relating to interest rate, foreign currency, commodity and other market/credit risks for the following reasons: • Trading Purposes : Citigroup trades derivatives as an active market maker. Citigroup offers its customers derivatives in connection with their risk management actions to transfer, modify or reduce their interest rate, foreign exchange and other market/credit risks or for their own trading purposes. Citigroup also manages its derivative risk positions through offsetting trade activities, controls focused on price verification and daily reporting of positions to senior managers. • Hedging : Citigroup uses derivatives in connection with its own risk management activities to hedge certain risks or reposition the risk profile of the Company. Hedging may be accomplished by applying hedge accounting in accordance with ASC 815, Derivatives and Hedging , or by an economic hedge. For example, Citigroup issues fixed-rate long-term debt and then enters into a receive-fixed, pay-variable-rate interest rate swap with the same tenor and notional amount to synthetically convert the interest payments to a net variable-rate basis. This strategy is the most common form of an interest rate hedge, as it minimizes net interest cost in certain yield curve environments. Derivatives are also used to manage market risks inherent in specific groups of on-balance sheet assets and liabilities, including AFS securities, commodities and borrowings, as well as other interest-sensitive assets and liabilities. In addition, foreign exchange contracts are used to hedge non-U.S.-dollar- denominated debt, foreign currency-denominated AFS securities and net investment exposures. Derivatives may expose Citigroup to market, credit or liquidity risks in excess of the amounts recorded on the Consolidated Balance Sheet. Market risk on a derivative product is the exposure created by potential fluctuations in interest rates, market prices, foreign exchange rates and other factors and is a function of the type of product, the volume of transactions, the tenor and terms of the agreement and the underlying volatility. Credit risk is the exposure to loss in the event of nonperformance by the other party to satisfy a derivative liability where the value of any collateral held by Citi is not adequate to cover such losses. The recognition in earnings of unrealized gains on derivative transactions is subject to management’s assessment of the probability of counterparty default. Liquidity risk is the potential exposure that arises when the size of a derivative position may affect the ability to monetize the position in a reasonable period of time and at a reasonable cost in periods of high volatility and financial stress. Derivative transactions are customarily documented under industry standard master netting agreements, which provide that following an event of default, the non-defaulting party may promptly terminate all transactions between the parties and determine the net amount due to be paid to, or by, the defaulting party. Events of default include (i) failure to make a payment on a derivative transaction that remains uncured following applicable notice and grace periods, (ii) breach of agreement that remains uncured after applicable notice and grace periods, (iii) breach of a representation, (iv) cross default, either to third-party debt or to other derivative transactions entered into between the parties, or, in some cases, their affiliates, (v) the occurrence of a merger or consolidation that results in a party’s becoming a materially weaker credit and (vi) the cessation or repudiation of any applicable guarantee or other credit support document. Obligations under master netting agreements are often secured by collateral posted under an industry standard credit support annex to the master netting agreement. An event of default may also occur under a credit support annex if a party fails to make a collateral delivery that remains uncured following applicable notice and grace periods. The netting and collateral rights incorporated in the master netting agreements are considered to be legally enforceable if a supportive legal opinion has been obtained from counsel of recognized standing that provides (i) the requisite level of certainty regarding enforceability and (ii) that the exercise of rights by the non-defaulting party to terminate and close-out transactions on a net basis under these agreements will not be stayed or avoided under applicable law upon an event of default, including bankruptcy, insolvency or similar proceeding. A legal opinion may not be sought for certain jurisdictions where local law is silent or unclear as to the enforceability of such rights or where adverse case law or conflicting regulation may cast doubt on the enforceability of such rights. In some jurisdictions and for some counterparty types, the insolvency law may not provide the requisite level of certainty. For example, this may be the case for certain sovereigns, municipalities, central banks and U.S. pension plans. Exposure to credit risk on derivatives is affected by market volatility, which may impair the ability of counterparties to satisfy their obligations to the Company. Credit limits are established and closely monitored for customers engaged in derivatives transactions. Citi considers the level of legal certainty regarding enforceability of its offsetting rights under master netting agreements and credit support annexes to be an important factor in its risk management process. Specifically, Citi generally transacts much lower volumes of derivatives under master netting agreements where Citi does not have the requisite level of legal certainty regarding enforceability, because such derivatives consume greater amounts of single counterparty credit limits than those executed under enforceable master netting agreements. Cash collateral and security collateral in the form of G10 government debt securities are often posted by a party to a master netting agreement to secure the net open exposure of the other party; the receiving party is free to commingle/rehypothecate such collateral in the ordinary course of its business. Nonstandard collateral such as corporate bonds, municipal bonds, U.S. agency securities and/or MBS may also be pledged as collateral for derivative transactions. Security collateral posted to open and maintain a master netting agreement with a counterparty, in the form of cash and/or securities, may from time to time be segregated in an account at a third-party custodian pursuant to a tri-party account control agreement. 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. 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. 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. All derivatives are recorded in Trading account assets/Trading account liabilities on the Consolidated Balance Sheet. Derivative Notionals Hedging instruments under Trading derivative instruments In millions of dollars December 31, December 31, December 31, December 31, Interest rate contracts Swaps $ 318,089 $ 273,636 $ 17,063,272 $ 18,138,686 Futures and forwards — — 3,636,658 4,632,257 Written options — — 2,114,511 3,018,469 Purchased options — — 1,857,770 2,532,479 Total interest rate contracts $ 318,089 $ 273,636 $ 24,672,211 $ 28,321,891 Foreign exchange contracts Swaps $ 63,104 $ 57,153 $ 6,063,853 $ 6,738,158 Futures, forwards and spot 38,275 41,410 3,979,188 5,115,504 Written options 80 1,726 908,061 1,566,717 Purchased options 80 2,104 959,149 1,543,516 Total foreign exchange contracts $ 101,539 $ 102,393 $ 11,910,251 $ 14,963,895 Equity contracts Swaps $ — $ — $ 197,893 $ 217,580 Futures and forwards — — 66,705 52,053 Written options — — 560,571 454,675 Purchased options — — 422,393 341,018 Total equity contracts $ — $ — $ 1,247,562 $ 1,065,326 Commodity and other contracts Swaps $ — $ — $ 69,445 $ 79,133 Futures and forwards 1,195 802 137,192 146,647 Written options — — 91,587 62,629 Purchased options — — 86,631 61,298 Total commodity and other contracts $ 1,195 $ 802 $ 384,855 $ 349,707 Credit derivatives (1) Protection sold $ — $ — $ 603,387 $ 724,939 Protection purchased — — 703,926 795,649 Total credit derivatives $ — $ — $ 1,307,313 $ 1,520,588 Total derivative notionals $ 420,823 $ 376,831 $ 39,522,192 $ 46,221,407 (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 December 31, 2019 and 2018. 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 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 also record a related collateral payable or receivable. As a result, the tables reflect a reduction of approximately $180 billion and $100 billion as of December 31, 2019 and 2018, respectively, of derivative assets and derivative liabilities that previously would have been reported on a gross basis, but are now legally 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 has 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 December 31, 2019 Derivatives classified (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,682 $ 143 Cleared 41 111 Interest rate contracts $ 1,723 $ 254 Over-the-counter $ 1,304 $ 908 Cleared — 2 Foreign exchange contracts $ 1,304 $ 910 Total derivatives instruments designated as ASC 815 hedges $ 3,027 $ 1,164 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 189,892 $ 169,749 Cleared 5,896 7,472 Exchange traded 157 180 Interest rate contracts $ 195,945 $ 177,401 Over-the-counter $ 105,401 $ 108,807 Cleared 862 1,015 Exchange traded 3 — Foreign exchange contracts $ 106,266 $ 109,822 Over-the-counter $ 21,311 $ 22,411 Exchange traded 7,160 8,075 Equity contracts $ 28,471 $ 30,486 Over-the-counter $ 13,582 $ 16,773 Exchange traded 630 542 Commodity and other contracts $ 14,212 $ 17,315 Over-the-counter $ 8,896 $ 8,975 Cleared 1,513 1,763 Credit derivatives $ 10,409 $ 10,738 Total derivatives instruments not designated as ASC 815 hedges $ 355,303 $ 345,762 Total derivatives $ 358,330 $ 346,926 Cash collateral paid/received (3) $ 17,926 $ 14,391 Less: Netting agreements (4) (274,970 ) (274,970 ) Less: Netting cash collateral received/paid (5) (44,353 ) (38,919 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 56,933 $ 47,428 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (861 ) $ (128 ) Less: Non-cash collateral received/paid (13,143 ) (7,308 ) Total net receivables/payables (6) $ 42,929 $ 39,992 (1) The derivatives fair values are presented in Note 24 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 $56,845 million and $58,744 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $38,919 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $44,353 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 $262 billion , $6 billion and $7 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 counterparties 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 $6 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. In millions of dollars at December 31, 2018 Derivatives classified (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,631 $ 172 Cleared 238 53 Interest rate contracts $ 1,869 $ 225 Over-the-counter $ 1,402 $ 736 Cleared — 4 Foreign exchange contracts $ 1,402 $ 740 Total derivatives instruments designated as ASC 815 hedges $ 3,271 $ 965 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 161,183 $ 146,909 Cleared 8,489 7,594 Exchange traded 91 99 Interest rate contracts $ 169,763 $ 154,602 Over-the-counter $ 159,099 $ 156,904 Cleared 1,900 1,671 Exchange traded 53 40 Foreign exchange contracts $ 161,052 $ 158,615 Over-the-counter $ 18,253 $ 21,527 Cleared 17 32 Exchange traded 11,623 12,249 Equity contracts $ 29,893 $ 33,808 Over-the-counter $ 16,661 $ 19,894 Exchange traded 894 795 Commodity and other contracts $ 17,555 $ 20,689 Over-the-counter $ 6,967 $ 6,155 Cleared 3,798 4,196 Credit derivatives $ 10,765 $ 10,351 Total derivatives instruments not designated as ASC 815 hedges $ 389,028 $ 378,065 Total derivatives $ 392,299 $ 379,030 Cash collateral paid/received (3) $ 11,518 $ 13,906 Less: Netting agreements (4) (311,089 ) (311,089 ) Less: Netting cash collateral received/paid (5) (38,608 ) (29,911 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 54,120 $ 51,936 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (767 ) $ (164 ) Less: Non-cash collateral received/paid (13,509 ) (13,354 ) Total net receivables/payables (6) $ 39,844 $ 38,418 (1) The derivatives fair values are presented in Note 24 to the Consolidated Financial Statements. (2) Over-the-counter (OTC) derivatives include 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 $41,429 million and $52,514 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $29,911 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $38,608 million was used to offset trading derivative assets. (4) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $296 billion , $4 billion and $11 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 counterparties under enforceable credit support agreements. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively. (6) The net receivables/payables include approximately $5 billion of derivative asset and $7 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. For the years ended December 31, 2019 , 2018 and 2017, the amounts recognized in Principal transactions in the Consolidated Statement of Income include certain derivatives not designated in a qualifying hedging relationship. 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. See Note 6 to the Consolidated Financial Statements for further information. 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 that such amounts are also recorded in Other revenue . Gains (losses) included in Other revenue Year ended December 31, In millions of dollars 2019 2018 2017 Interest rate contracts $ 57 $ (25 ) $ (73 ) Foreign exchange (29 ) (197 ) 2,062 Total $ 28 $ (222 ) $ 1,989 Accounting for Derivative Hedging Citigroup accounts for its hedging activities in accordance with ASC 815, Derivatives and Hedging . As a general rule, hedge accounting is permitted where the Company is exposed to a particular risk, such as interest rate or foreign exchange risk, that causes changes in the fair value of an asset or liability or variability in the expected future cash flows of an existing asset, liability or a forecasted transaction that may affect earnings. Derivative contracts hedging the risks associated with changes in fair value are referred to as fair value hedges, while contracts hedging the variability of expected future cash flows are cash flow hedges. Hedges that utilize derivatives or debt instruments to manage the foreign exchange risk associated with equity investments in non-U.S.-dollar-functional-currency foreign subsidiaries (net investment in a foreign operation) are net investment hedges. To qualify as an accounting hedge under the hedge accounting rules (versus an economic hedge where hedge accounting is not applied), a hedging relationship must be highly effective in offsetting the risk designated as being hedged. The hedging relationship must be formally documented at inception, detailing the particular risk management objective and strategy for the hedge. This includes the item and risk(s) being hedged, the hedging instrument being used and how effectiveness will be assessed. The effectiveness of these hedging relationships is evaluated at hedge inception and on an ongoing basis both on a retrospective and prospective basis, typically using quantitative measures of correlation, with hedge ineffectiveness measured and recorded in current earnings. Hedge effectiveness assessment methodologies are performed in a similar manner for similar hedges, and are used consistently throughout the hedging relationships. The assessment of effectiveness may exclude changes in the value of the hedged item that are unrelated to the risks being hedged and the changes in fair value of the derivative associated with time value. Prior to January 1, 2018, these excluded items were recognized in current earnings for the hedging derivative, while changes in the value of a hedged item that were not related to the hedged risk were not recorded. Upon adoption of ASC 2017-12, Citi excludes changes in the cross-currency basis associated with cross-currency swaps from the assessment of hedge effectiveness and records it in Other comprehensive income . Discontinued Hedge Accounting A hedging instrument must be highly effective in accomplishing the hedge objective of offsetting either changes in the fair value or cash flows of the hedged item for the risk being hedged. Management may voluntarily de-designate an accounting hedge at any time, but if a hedging relationship is not highly effective, it no longer qualifies for hedge accounting and must be de-designated. Subsequent changes in the fair value of the derivative are recognized in Other revenue or Principal transactions , similar to trading derivatives, with no offset recorded related to the hedged item. For fair value hedges, any changes in the fair value of the hedged item remain as part of the basis of the asset or liability and are ultimately realized as an element of the yield on the item. For cash flow hedges, changes in fair value of the end-user derivative remain in Accumulated other comprehensive income (loss) (AOCI) and are included in the earnings of future periods when the forecasted hedged cash flows impact earnings. However, if it becomes probable that some or all of the hedged forecasted transactions will not occur, any amounts that remain in AOCI related to these transactions must be immediately reflected in Other revenue . The foregoing criteria are applied on a decentralized basis, consistent with the level at which market risk is managed, but are subject to various limits and controls. The underlying asset, liability or forecasted transaction may be an individual item or a portfolio of similar items. Fair Value Hedges 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 are presented within Interest revenue or Interest expense based on whether the hedged item is an asset or a liability. In the first quarter of 2019, Citigroup executed a last-of-layer hedge, which permits an entity to hedge the interest rate risk of a stated portion of a closed portfolio of prepayable financial assets that are expected to remain outstanding for the designated tenor of the hedge. In accordance with ASC 815, an entity may exclude prepayment risk when measuring the change in fair value of the hedged item attributable to interest rate risk under the last-of-layer approach. Similar to other fair value hedges, where the hedged item is an asset, the fair value of the hedged item attributable to interest rate risk will be presented in Interest revenue along with the change in the fair value of the hedging instrument. 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. The hedging instrument is generally 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 is generally reflected directly in earnings over the life of the hedge. Citi also 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 reflects it directly in 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) Year Ended December 31, 2019 2018 2017 (2) In millions of dollars Other revenue Net interest revenue Other revenue Net interest revenue Other revenue Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ 2,273 $ — $ 794 $ (891 ) Foreign exchange hedges 337 — (2,064 ) — (824 ) Commodity hedges (33 ) — (123 ) — (17 ) Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ 304 $ 2,273 $ (2,187 ) $ 794 $ (1,732 ) Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ (2,085 ) $ — $ (747 ) $ 853 Foreign exchange hedges (337 ) — 2,064 — 969 Commodity hedges 33 — 124 — 18 Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ (304 ) $ (2,085 ) $ 2,188 $ (747 ) $ 1,840 Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ 3 $ — $ (5 ) $ (7 ) Foreign exchange hedges (3) (109 ) — (4 ) — 96 Commodity hedges 41 — (19 ) — 1 Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges $ (68 ) $ 3 $ (23 ) $ (5 ) $ 90 (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) Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges for the year ended December 31, 2017 was $(31) million for interest rate hedges and $49 million for foreign exchange hedges, for a total of $18 million . (3) Amounts relate to the premium associated with forward contracts (differential between spot and contractual forward rates) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings. After January 1, 2018, amounts related to cross-currency basis, which are recognized in AOCI , are not reflected in the table above. The amount of cross-currency basis that was included in AOCI was $33 million and $(74) million for the years ended December 31, 2019 and 2018, respectively. 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 changes in the hedged risk. The hedge basis adjustment, whether from an active or de-designated hedge relationship, remains with the hedged item until the hedged item is derecognized from the balance sheet. The table below presents the carrying amount of Citi’s hedged assets and liabilities under qualifying fair value hedges at December 31, 2019 and 2018, along with the cumulative hedge basis adjustments included in the carrying value of those hedged assets and liabilities, that would reverse through earnings in future periods. In millions of dollars 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 As of December 31, 2019 Debt securities AFS (1)(2) $ 94,659 $ (114 ) $ 743 Long-term debt 157,387 2,334 3,445 As of December 31, 2018 Debt securities AFS (2) $ 81,632 $ (196 ) $ 295 Long-term debt $ 149,054 $ 1,211 $ 869 (1) These amounts include a cumulative basis adjustment of $(8) million for active hedges and $157 million for de-designated hedges as of December 31, 2019 related to certain prepayable financial assets designated as the hedged item in a fair value hedge using the last-of-layer approach. The Company designated approximately $605 million as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $20 billion as of December 31, 2019) in a last-of-layer hedging relationship, which commenced in the first quarter of |
CONCENTRATIONS OF CREDIT RISK
CONCENTRATIONS OF CREDIT RISK | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF CREDIT RISK | CONCENTRATIONS OF CREDIT RISK Concentrations of credit risk exist when changes in economic, industry or geographic factors similarly affect groups of counterparties whose aggregate credit exposure is material in relation to Citigroup’s total credit exposure. Although Citigroup’s portfolio of financial instruments is broadly diversified along industry, product and geographic lines, material transactions are completed with other financial institutions, particularly in the securities trading, derivatives and foreign exchange businesses. In connection with the Company’s efforts to maintain a diversified portfolio, the Company limits its exposure to any one geographic region, country or individual creditor and monitors this exposure on a continuous basis. At December 31, 2019 , Citigroup’s most significant concentration of credit risk was with the U.S. government and its agencies. The Company’s exposure, which primarily results from trading assets and investments issued by the U.S. government and its agencies, amounted to $250.9 billion and $250.0 billion at December 31, 2019 and 2018 , respectively. The Japanese and German governments and their agencies, which are rated investment grade by both Moody’s and S&P, were the next largest exposures. The Company’s exposure to Japan amounted to $33.3 billion and $28.8 billion at December 31, 2019 and 2018 , respectively, and was composed of investment securities, loans and trading assets. The Company’s exposure to Germany amounted to $29.8 billion and $45.6 billion at December 31, 2019 and 2018 , respectively, and was composed of investment securities, loans and trading assets. The Company’s exposure to states and municipalities amounted to $23.8 billion and $27.9 billion at December 31, 2019 and 2018 , respectively, and was composed of trading assets, investment securities, derivatives and lending activities. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT ASC 820-10, Fair Value Measurement , defines fair value, establishes a consistent framework for measuring fair value and requires disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, and therefore represents an exit price. Among other things, the standard requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Under ASC 820-10, the probability of default of a counterparty is factored into the valuation of derivative and other positions as well as the impact of Citigroup’s own credit risk on derivatives and other liabilities measured at fair value. Fair Value Hierarchy ASC 820-10 specifies a hierarchy of inputs based on whether the inputs are observable or unobservable. Observable inputs are developed using market data and reflect market participant assumptions, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair value hierarchy: • Level 1: Quoted prices for identical instruments in active markets. • Level 2: Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable . As required under the fair value hierarchy, the Company considers relevant and observable market inputs in its valuations where possible. The frequency of transactions, the size of the bid-ask spread and the amount of adjustment necessary when comparing similar transactions are all factors in determining the relevance of observed prices in those markets. Determination of Fair Value For assets and liabilities carried at fair value, the Company measures fair value using the procedures set out below, irrespective of whether the assets and liabilities are measured at fair value as a result of an election or whether they are required to be measured at fair value. When available, the Company uses quoted market prices to determine fair value and classifies such items as Level 1. In some specific cases where a market price is available, the Company will make use of acceptable practical expedients (such as matrix pricing) to calculate fair value, in which case the items are classified as Level 2. The Company may also apply a price-based methodology, which utilizes, where available, quoted prices or other market information obtained from recent trading activity in positions with the same or similar characteristics to the position being valued. The frequency and size of transactions are among the factors that are driven by the liquidity of markets and determine the relevance of observed prices in those markets. If relevant and observable prices are available, those valuations may be classified as Level 2. When that is not the case, and there are one or more significant unobservable “price” inputs, then those valuations will be classified as Level 3. Furthermore, when less liquidity exists for a security or loan, a quoted price is stale, a significant adjustment to the price of a similar security is necessary to reflect differences in the terms of the actual security or loan being valued, or prices from independent sources are insufficient to corroborate the valuation, the “price” inputs are considered unobservable and the fair value measurements are classified as Level 3. If quoted market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based parameters, such as interest rates, currency rates and option volatilities. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified as Level 3 even though there may be some significant inputs that are readily observable. Fair value estimates from internal valuation techniques are verified, where possible, to prices obtained from independent vendors or brokers. Vendors’ and brokers’ valuations may be based on a variety of inputs ranging from observed prices to proprietary valuation models, and the Company assesses the quality and relevance of this information in determining the estimate of fair value. The following section describes the valuation methodologies used by the Company to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Where appropriate, the description includes details of the valuation models, the key inputs to those models and any significant assumptions. Market Valuation Adjustments Generally, the unit of account for a financial instrument is the individual financial instrument. The Company applies market valuation adjustments that are consistent with the unit of account, which does not include adjustment due to the size of the Company’s position, except as follows. ASC 820-10 permits an exception, through an accounting policy election, to measure the fair value of a portfolio of financial assets and financial liabilities on the basis of the net open risk position when certain criteria are met. Citi has elected to measure certain portfolios of financial instruments that meet those criteria, such as derivatives, on the basis of the net open risk position. The Company applies market valuation adjustments, including adjustments to account for the size of the net open risk position, consistent with market participant assumptions. Valuation adjustments are applied to items classified as Level 2 or Level 3 in the fair value hierarchy to ensure that the fair value reflects the price at which the net open risk position could be exited. These valuation adjustments are based on the bid/offer spread for an instrument in the market. When Citi has elected to measure certain portfolios of financial investments, such as derivatives, on the basis of the net open risk position, the valuation adjustment may take into account the size of the position. Credit valuation adjustments (CVA) and funding valuation adjustments (FVA) are applied to the relevant population of over-the-counter (OTC) derivative instruments where adjustments to reflect counterparty credit risk, own credit risk and term funding risk are required to estimate fair value. This principally includes derivatives with a base valuation (e.g., discounted using overnight indexed swap (OIS)) requiring adjustment for these effects, such as uncollateralized interest rate swaps. The CVA represents a portfolio-level adjustment to reflect the risk premium associated with the counterparty’s (assets) or Citi’s (liabilities) non-performance risk. FVA reflect a market funding risk premium inherent in the uncollateralized portion of a derivative portfolio and in certain collateralized derivative portfolios that do not include standard credit support annexes (CSAs), such as where the CSA does not permit the reuse of collateral received. Citi’s FVA methodology leverages the existing CVA methodology to estimate a funding exposure profile. The calculation of this exposure profile considers collateral agreements in which the terms do not permit the Company to reuse the collateral received, including where counterparties post collateral to third-party custodians. Citi’s CVA and FVA methodology consists of two steps: • First, the exposure profile for each counterparty is determined using the terms of all individual derivative positions and a Monte Carlo simulation or other quantitative analysis to generate a series of expected cash flows at future points in time. The calculation of this exposure profile considers the effect of credit risk mitigants and sources of funding, including pledged cash or other collateral and any legal right of offset that exists with a counterparty through arrangements such as netting agreements. Individual derivative contracts that are subject to an enforceable master netting agreement with a counterparty are aggregated as a netting set for this purpose, since it is those aggregate net cash flows that are subject to nonperformance risk. This process identifies specific, point-in-time future cash flows that are subject to nonperformance risk and unsecured funding, rather than using the current recognized net asset or liability as a basis to measure the CVA and FVA. • Second, for CVA, market-based views of default probabilities derived from observed credit spreads in the credit default swap (CDS) market are applied to the expected future cash flows determined in step one. Citi’s own-credit CVA is determined using Citi-specific CDS spreads for the relevant tenor. Generally, counterparty CVA is determined using CDS spread indices for each credit rating and tenor. For certain identified netting sets where individual analysis is practicable (e.g., exposures to counterparties with liquid CDSs), counterparty-specific CDS spreads are used. For FVA, a term structure of future liquidity spreads is applied to the expected future funding requirement. The CVA and FVA are designed to incorporate a market view of the credit and funding risk, respectively, inherent in the derivative portfolio. However, most unsecured derivative instruments are negotiated bilateral contracts and are not commonly transferred to third parties. Derivative instruments are normally settled contractually or, if terminated early, are terminated at a value negotiated bilaterally between the counterparties. Thus, the CVA and FVA may not be realized upon a settlement or termination in the normal course of business. In addition, all or a portion of these adjustments may be reversed or otherwise adjusted in future periods in the event of changes in the credit or funding risk associated with the derivative instruments. The table below summarizes the CVA and FVA applied to the fair value of derivative instruments at December 31, 2019 and 2018: Credit and funding valuation adjustments contra-liability (contra-asset) In millions of dollars December 31, December 31, Counterparty CVA $ (705 ) $ (1,085 ) Asset FVA (530 ) (544 ) Citigroup (own-credit) CVA 341 482 Liability FVA 72 135 Total CVA—derivative instruments (1) $ (822 ) $ (1,012 ) (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 years indicated: Credit/funding/debt valuation adjustments gain (loss) In millions of dollars 2019 2018 2017 Counterparty CVA $ 149 $ (109 ) $ 276 Asset FVA 13 46 90 Own-credit CVA (131 ) 178 (153 ) Liability FVA (63 ) 56 (15 ) Total CVA—derivative instruments $ (32 ) $ 171 $ 198 DVA related to own FVO liabilities (1) $ (1,473 ) $ 1,415 $ (680 ) Total CVA and DVA (2) $ (1,505 ) $ 1,586 $ (482 ) (1) See Notes 1, 17 and 19 to the Consolidated Financial Statements. (2) FVA is included with CVA for presentation purposes. Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase No quoted prices exist for these instruments, so fair value is determined using a discounted cash flow technique. Cash flows are estimated based on the terms of the contract, taking into account any embedded derivative or other features. These cash flows are discounted using interest rates appropriate to the maturity of the instrument as well as the nature of the underlying collateral. Generally, when such instruments are recorded at fair value, they are classified within Level 2 of the fair value hierarchy, as the inputs used in the valuation are readily observable. However, certain long-dated positions are classified within Level 3 of the fair value hierarchy. Trading Account Assets and Liabilities—Trading Securities and Trading Loans When available, the Company uses quoted market prices in active markets to determine the fair value of trading securities; such items are classified as Level 1 of the fair value hierarchy. Examples include government securities and exchange-traded equity securities. For bonds and secondary market loans traded over the counter, the Company generally determines fair value utilizing valuation techniques, including discounted cash flows, price-based and internal models. Fair value estimates from these internal valuation techniques are verified, where possible, to prices obtained from independent sources, including third-party vendors. Vendors compile prices from various sources and may apply matrix pricing for similar bonds or loans where no price is observable. A price-based methodology utilizes, where available, quoted prices or other market information obtained from recent trading activity of assets with similar characteristics to the bond or loan being valued. The yields used in discounted cash flow models are derived from the same price information. Trading securities and loans priced using such methods are generally classified as Level 2. However, when less liquidity exists for a security or loan, a quoted price is stale, a significant adjustment to the price of a similar security or loan is necessary to reflect differences in the terms of the actual security or loan being valued, or prices from independent sources are insufficient to corroborate valuation, a loan or security is generally classified as Level 3. The price input used in a price-based methodology may be zero for a security, such as a subprime CDO, that is not receiving any principal or interest and is currently written down to zero. When the Company’s principal market for a portfolio of loans is the securitization market, the Company uses the securitization price to determine the fair value of the portfolio. The securitization price is determined from the assumed proceeds of a hypothetical securitization in the current market, adjusted for transformation costs (i.e., direct costs other than transaction costs) and securitization uncertainties such as market conditions and liquidity. As a result of the severe reduction in the level of activity in certain securitization markets since the second half of 2007, observable securitization prices for certain directly comparable portfolios of loans have not been readily available. Therefore, such portfolios of loans are generally classified as Level 3 of the fair value hierarchy. However, for other loan securitization markets, such as commercial real estate loans, price verification of the hypothetical securitizations has been possible, since these markets have remained active. Accordingly, this loan portfolio is classified as Level 2 of the fair value hierarchy. For most of the lending and structured direct subprime exposures, fair value is determined utilizing observable transactions where available, other market data for similar assets in markets that are not active and other internal valuation techniques. The valuation of certain asset-backed security (ABS) CDO positions utilizes prices based on the underlying assets of the ABS CDO. Trading Account Assets and Liabilities—Derivatives Exchange-traded derivatives, measured at fair value using quoted (i.e., exchange) prices in active markets, where available, are classified as Level 1 of the fair value hierarchy. Derivatives without a quoted price in an active market and derivatives executed over the counter are valued using internal valuation techniques. These derivative instruments are classified as either Level 2 or Level 3 depending on the observability of the significant inputs to the model. The valuation techniques depend on the type of derivative and the nature of the underlying instrument. The principal techniques used to value these instruments are discounted cash flows and internal models, such as derivative pricing models (e.g., Black-Scholes and Monte Carlo simulations). The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest rate yield curves, foreign exchange rates, volatilities and correlation. The Company typically uses OIS curves as fair value measurement inputs for the valuation of certain derivatives. Investments The investments category includes available-for-sale debt and marketable equity securities whose fair values are generally determined by utilizing similar procedures described for trading securities above or, in some cases, using vendor pricing as the primary source. Also included in investments are nonpublic investments in private equity and real estate entities. Determining the fair value of nonpublic securities involves a significant degree of management judgment, as no quoted prices exist and such securities are generally thinly traded. In addition, there may be transfer restrictions on private equity securities. The Company’s process for determining the fair value of such securities utilizes commonly accepted valuation techniques, including comparables analysis. In determining the fair value of nonpublic securities, the Company also considers events such as a proposed sale of the investee company, initial public offerings, equity issuances or other observable transactions. Private equity securities are generally classified as Level 3 of the fair value hierarchy. In addition, the Company holds investments in certain alternative investment funds that calculate NAV per share, including hedge funds, private equity funds and real estate funds. Investments in funds are generally classified as non-marketable equity securities carried at fair value. The fair values of these investments are estimated using the NAV per share of the Company’s ownership interest in the funds where it is not probable that the investment will be realized at a price other than the NAV. Consistent with the provisions of ASU 2015-07, these investments have not been categorized within the fair value hierarchy and are not included in the tables below. See Note 13 to the Consolidated Financial Statements for additional information. Short-Term Borrowings and Long-Term Debt Where fair value accounting has been elected, the fair value of non-structured liabilities is determined by utilizing internal models using the appropriate discount rate for the applicable maturity. Such instruments are generally classified as Level 2 of the fair value hierarchy when all significant inputs are readily observable. The Company determines the fair value of hybrid financial instruments, including structured liabilities, using the appropriate derivative valuation methodology (described above in “Trading Account Assets and Liabilities—Derivatives”) given the nature of the embedded risk profile. Such instruments are classified as Level 2 or Level 3 depending on the observability of significant inputs to the model. 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 December 31, 2019 and 2018. 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 December 31, 2019 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 254,253 $ 303 $ 254,556 $ (101,363 ) $ 153,193 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 27,661 10 27,671 — 27,671 Residential — 573 123 696 — 696 Commercial — 1,632 61 1,693 — 1,693 Total trading mortgage-backed securities $ — $ 29,866 $ 194 $ 30,060 $ — $ 30,060 U.S. Treasury and federal agency securities $ 26,159 $ 3,736 $ — $ 29,895 $ — $ 29,895 State and municipal — 2,573 64 2,637 — 2,637 Foreign government 50,948 20,326 52 71,326 — 71,326 Corporate 1,332 17,246 313 18,891 — 18,891 Equity securities 41,663 9,878 100 51,641 — 51,641 Asset-backed securities — 1,539 1,177 2,716 — 2,716 Other trading assets (2) 74 11,412 555 12,041 — 12,041 Total trading non-derivative assets $ 120,176 $ 96,576 $ 2,455 $ 219,207 $ — $ 219,207 Trading derivatives Interest rate contracts $ 7 $ 196,493 $ 1,168 $ 197,668 Foreign exchange contracts 1 107,022 547 107,570 Equity contracts 83 28,148 240 28,471 Commodity contracts — 13,498 714 14,212 Credit derivatives — 9,960 449 10,409 Total trading derivatives $ 91 $ 355,121 $ 3,118 $ 358,330 Cash collateral paid (3) $ 17,926 Netting agreements $ (274,970 ) Netting of cash collateral received (44,353 ) Total trading derivatives $ 91 $ 355,121 $ 3,118 $ 376,256 $ (319,323 ) $ 56,933 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 35,198 $ 32 $ 35,230 $ — $ 35,230 Residential — 793 — 793 — 793 Commercial — 74 — 74 — 74 Total investment mortgage-backed securities $ — $ 36,065 $ 32 $ 36,097 $ — $ 36,097 U.S. Treasury and federal agency securities $ 106,103 $ 5,315 $ — $ 111,418 $ — $ 111,418 State and municipal — 4,355 623 4,978 — 4,978 Foreign government 69,957 41,196 96 111,249 — 111,249 Corporate 5,150 6,076 45 11,271 — 11,271 Marketable equity securities 87 371 — 458 — 458 Asset-backed securities — 500 22 522 — 522 Other debt securities — 4,730 — 4,730 — 4,730 Non-marketable equity securities (4) — 93 441 534 — 534 Total investments $ 181,297 $ 98,701 $ 1,259 $ 281,257 $ — $ 281,257 Table continues on the next page. In millions of dollars at December 31, 2019 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 3,683 $ 402 $ 4,085 $ — $ 4,085 Mortgage servicing rights — — 495 495 — 495 Non-trading derivatives and other financial assets measured on a recurring basis $ 5,628 $ 7,201 $ 1 $ 12,830 $ — $ 12,830 Total assets $ 307,192 $ 815,535 $ 8,033 $ 1,148,686 $ (420,686 ) $ 728,000 Total as a percentage of gross assets (5) 27.2 % 72.1 % 0.7 % Liabilities Interest-bearing deposits $ — $ 2,104 $ 215 $ 2,319 $ — $ 2,319 Securities loaned and sold under agreements to repurchase — 111,567 757 112,324 (71,673 ) 40,651 Trading account liabilities Securities sold, not yet purchased 60,429 11,965 48 72,442 — 72,442 Other trading liabilities — 24 — 24 — 24 Total trading liabilities $ 60,429 $ 11,989 $ 48 $ 72,466 $ — $ 72,466 Trading derivatives Interest rate contracts $ 8 $ 176,480 $ 1,167 $ 177,655 Foreign exchange contracts — 110,180 552 110,732 Equity contracts 144 28,506 1,836 30,486 Commodity contracts — 16,542 773 17,315 Credit derivatives — 10,233 505 10,738 Total trading derivatives $ 152 $ 341,941 $ 4,833 $ 346,926 Cash collateral received (6) $ 14,391 Netting agreements $ (274,970 ) Netting of cash collateral paid (38,919 ) Total trading derivatives $ 152 $ 341,941 $ 4,833 $ 361,317 $ (313,889 ) $ 47,428 Short-term borrowings $ — $ 4,933 $ 13 $ 4,946 $ — $ 4,946 Long-term debt — 38,614 17,169 55,783 — 55,783 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 6,280 $ 63 $ — $ 6,343 $ — $ 6,343 Total liabilities $ 66,861 $ 511,211 $ 23,035 $ 615,498 $ (385,562 ) $ 229,936 Total as a percentage of gross liabilities (5) 11.1 % 85.0 % 3.8 % (1) 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. (2) Includes positions related to investments in unallocated precious metals, as discussed in Note 25 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) Reflects the net amount of $56,845 million of gross cash collateral paid, of which $38,919 million was used to offset trading derivative liabilities. (4) Amounts exclude $0.2 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). (5) 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. (6) Reflects the net amount of $58,744 million of gross cash collateral received, of which $44,353 million was used to offset trading derivative assets. Fair Value Levels In millions of dollars at December 31, 2018 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 214,570 $ 115 $ 214,685 $ (66,984 ) $ 147,701 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 24,090 156 24,246 — 24,246 Residential — 709 268 977 — 977 Commercial — 1,323 77 1,400 — 1,400 Total trading mortgage-backed securities $ — $ 26,122 $ 501 $ 26,623 $ — $ 26,623 U.S. Treasury and federal agency securities $ 26,439 $ 4,802 $ 1 $ 31,242 $ — $ 31,242 State and municipal — 3,782 200 3,982 — 3,982 Foreign government 43,309 21,179 31 64,519 — 64,519 Corporate 1,026 14,510 360 15,896 — 15,896 Equity securities 36,342 7,308 153 43,803 — 43,803 Asset-backed securities — 1,429 1,484 2,913 — 2,913 Other trading assets (2) 3 12,198 818 13,019 — 13,019 Total trading non-derivative assets $ 107,119 $ 91,330 $ 3,548 $ 201,997 $ — $ 201,997 Trading derivatives Interest rate contracts $ 101 $ 169,860 $ 1,671 $ 171,632 Foreign exchange contracts — 162,108 346 162,454 Equity contracts 647 28,903 343 29,893 Commodity contracts — 16,788 767 17,555 Credit derivatives — 9,839 926 10,765 Total trading derivatives $ 748 $ 387,498 $ 4,053 $ 392,299 Cash collateral paid (3) $ 11,518 Netting agreements $ (311,089 ) Netting of cash collateral received (38,608 ) Total trading derivatives $ 748 $ 387,498 $ 4,053 $ 403,817 $ (349,697 ) $ 54,120 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 42,988 $ 32 $ 43,020 $ — $ 43,020 Residential — 1,313 — 1,313 — 1,313 Commercial — 172 — 172 — 172 Total investment mortgage-backed securities $ — $ 44,473 $ 32 $ 44,505 $ — $ 44,505 U.S. Treasury and federal agency securities $ 107,577 $ 9,645 $ — $ 117,222 $ — $ 117,222 State and municipal — 8,498 708 9,206 — 9,206 Foreign government 58,252 42,371 68 100,691 — 100,691 Corporate 4,410 7,033 156 11,599 — 11,599 Marketable equity securities 206 14 — 220 — 220 Asset-backed securities — 656 187 843 — 843 Other debt securities — 3,972 — 3,972 — 3,972 Non-marketable equity securities (4) — 96 586 682 — 682 Total investments $ 170,445 $ 116,758 $ 1,737 $ 288,940 $ — $ 288,940 Table continues on the next page. In millions of dollars at December 31, 2018 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 2,946 $ 277 $ 3,223 $ — $ 3,223 Mortgage servicing rights — — 584 584 — 584 Non-trading derivatives and other financial assets measured on a recurring basis $ 15,839 $ 4,949 $ — $ 20,788 $ — $ 20,788 Total assets $ 294,151 $ 818,051 $ 10,314 $ 1,134,034 $ (416,681 ) $ 717,353 Total as a percentage of gross assets (5) 26.2 % 72.9 % 0.9 % Liabilities Interest-bearing deposits $ — $ 980 $ 495 $ 1,475 $ — $ 1,475 Securities loaned and sold under agreements to repurchase — 110,511 983 111,494 (66,984 ) 44,510 Trading account liabilities Securities sold, not yet purchased 78,872 11,364 586 90,822 — 90,822 Other trading liabilities — 1,547 — 1,547 — 1,547 Total trading liabilities $ 78,872 $ 12,911 $ 586 $ 92,369 $ — $ 92,369 Trading account derivatives Interest rate contracts $ 71 $ 152,931 $ 1,825 $ 154,827 Foreign exchange contracts — 159,003 352 159,355 Equity contracts 351 32,330 1,127 33,808 Commodity contracts — 19,904 785 20,689 Credit derivatives — 9,486 865 10,351 Total trading derivatives $ 422 $ 373,654 $ 4,954 $ 379,030 Cash collateral received (6) $ 13,906 Netting agreements $ (311,089 ) Netting of cash collateral paid (29,911 ) Total trading derivatives $ 422 $ 373,654 $ 4,954 $ 392,936 $ (341,000 ) $ 51,936 Short-term borrowings $ — $ 4,446 $ 37 $ 4,483 $ — $ 4,483 Long-term debt — 25,659 12,570 38,229 — 38,229 Non-trading derivatives and other financial liabilities measured on a recurring basis $ 15,839 $ 67 $ — $ 15,906 $ — $ 15,906 Total liabilities $ 95,133 $ 528,228 $ 19,625 $ 656,892 $ (407,984 ) $ 248,908 Total as a percentage of gross liabilities (5) 14.8 % 82.1 % 3.1 % (1) 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. (2) Includes positions related to investments in unallocated precious metals, as discussed in Note 25 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) Reflects the net amount of $41,429 million of gross cash collateral paid, of which $29,911 million was used to offset trading derivative liabilities. (4) Amounts exclude $0.2 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). (5) 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. (6) Reflects the net amount of $52,514 million of gross cash collateral received, of which $38,608 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 years ended December 31, 2019 and 2018 . 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 and 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 Dec. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Dec. 31, 2019 Assets Securities borrowed and purchased under agreements to resell $ 115 $ (5 ) $ — $ 191 $ (4 ) $ 195 $ — $ — $ (189 ) $ 303 $ 3 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 156 — — 54 (72 ) 160 (1 ) (287 ) — 10 1 Residential 268 15 — 86 (80 ) 227 — (393 ) — 123 10 Commercial 77 14 — 150 (105 ) 136 — (211 ) — 61 (4 ) Total trading mortgage-backed securities $ 501 $ 29 $ — $ 290 $ (257 ) $ 523 $ (1 ) $ (891 ) $ — $ 194 $ 7 U.S. Treasury and federal agency securities $ 1 $ (9 ) $ — $ — $ — $ 20 $ — $ (11 ) $ (1 ) $ — $ — State and municipal 200 (2 ) — 1 (19 ) 2 — (118 ) — 64 (2 ) Foreign government 31 28 — 12 (7 ) 88 — (100 ) — 52 1 Corporate 360 284 — 213 (86 ) 323 (29 ) (742 ) (10 ) 313 (11 ) Marketable equity securities 153 (21 ) — 13 (19 ) 117 — (143 ) — 100 (51 ) Asset-backed securities 1,484 (65 ) — 51 (127 ) 738 — (904 ) — 1,177 29 Other trading assets 818 (52 ) — 97 (283 ) 598 36 (630 ) (29 ) 555 (257 ) Total trading non-derivative assets $ 3,548 $ 192 $ — $ 677 $ ( |
FAIR VALUE ELECTIONS
FAIR VALUE ELECTIONS | 12 Months Ended |
Dec. 31, 2019 | |
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 otherwise be revoked once an election is made. The changes in fair value are recorded in current earnings, other than DVA, which is reported in AOCI . Additional discussion regarding the applicable areas in which fair value elections were made is presented in Note 24 to the Consolidated Financial Statements. The Company has elected fair value accounting for its mortgage servicing rights (MSRs). See Note 21 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 for the years ended December 31, In millions of dollars 2019 2018 Assets Securities borrowed and purchased under agreements to resell $ 6 $ (6 ) Trading account assets 77 (337 ) Investments — — Loans Certain corporate loans (222 ) (116 ) Certain consumer loans — — Total loans $ (222 ) $ (116 ) Other assets MSRs $ (84 ) $ 54 Certain mortgage loans HFS (1) 91 38 Total other assets $ 7 $ 92 Total assets $ (132 ) $ (367 ) Liabilities Interest-bearing deposits $ (205 ) $ 20 Securities loaned and sold under agreements to repurchase 386 (118 ) Trading account liabilities 27 (13 ) Short-term borrowings (78 ) 150 Long-term debt (2) (5,174 ) 3,048 Total liabilities $ (5,044 ) $ 3,087 (1) Includes gains (losses) associated with interest rate lock commitments for those loans that have been originated and elected under the fair value option. (2) Includes DVA that is included in AOCI . See Notes 19 and 24 to the Consolidated Financial Statements. 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. 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 . 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 debt and similar liabilities) is impacted by the narrowing or widening of the Company’s credit spreads. The estimated changes in the fair value of these non-derivative liabilities due to such changes in the Company’s own credit spread (or instrument-specific credit risk) were a loss of $1,473 million and a gain of $1,415 million for the years ended December 31, 2019 and 2018 , 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 uncollateralized short-term borrowings held primarily by broker-dealer entities in the United States, the 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: December 31, 2019 December 31, 2018 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 8,320 $ 4,086 $ 10,108 $ 3,224 Aggregate unpaid principal balance in excess of (less than) fair value 410 315 435 741 Balance of non-accrual loans or loans more than 90 days past due — 1 — 1 Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due — — — — In addition to the amounts reported above, $ 1,062 million and $ 1,137 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of December 31, 2019 and 2018 , 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 years ended December 31, 2019 and 2018 due to instrument-specific credit risk totaled to a gain of $95 million and a loss of $27 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 $0.2 billion and $0.4 billion at December 31, 2019 and 2018 , 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 December 31, 2019 , there were approximately $7.4 billion and $6.8 billion in notional amounts of such forward purchase and forward sale derivative contracts outstanding, respectively. Certain Investments in Private Equity and Real Estate Ventures 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. 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 December 31, December 31, 2018 Carrying amount reported on the Consolidated Balance Sheet $ 1,254 $ 556 Aggregate fair value in excess of (less than) unpaid principal balance (31 ) 21 Balance of non-accrual loans or loans more than 90 days past due 1 — 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 years ended December 31, 2019 and 2018 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 December 31, 2019 December 31, 2018 Interest rate linked $ 22.9 $ 17.3 Foreign exchange linked 0.9 0.5 Equity linked 21.7 14.8 Commodity linked 1.8 1.2 Credit linked 2.4 1.9 Total $ 49.7 $ 35.7 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 are 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. 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 are 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 December 31, 2019 December 31, 2018 Carrying amount reported on the Consolidated Balance Sheet $ 55,783 $ 38,229 Aggregate unpaid principal balance in excess of (less than) fair value (2,967 ) 3,814 The following table provides information about short-term borrowings carried at fair value: In millions of dollars December 31, 2019 December 31, 2018 Carrying amount reported on the Consolidated Balance Sheet $ 4,946 $ 4,483 Aggregate unpaid principal balance in excess of (less than) fair value 1,411 861 |
PLEDGED ASSETS, COLLATERAL, GUA
PLEDGED ASSETS, COLLATERAL, GUARANTEES AND COMMITMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Pledged Assets, Collateral, Guarantees and Commitments [Abstract] | |
PLEDGED ASSETS, COLLATERAL, GUARANTEES AND COMMITMENTS | PLEDGED ASSETS, COLLATERAL, GUARANTEES AND COMMITMENTS Pledged Assets In connection with Citi’s financing and trading activities, Citi has pledged assets to collateralize its obligations under repurchase agreements, secured financing agreements, secured liabilities of consolidated VIEs and other borrowings. The approximate carrying values of the significant components of pledged assets recognized on Citi’s Consolidated Balance Sheet included the following: In millions of dollars December 31, 2019 December 31, Investment securities $ 152,352 $ 148,756 Loans 236,033 227,840 Trading account assets 132,332 120,292 Total $ 520,717 $ 496,888 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 United States Securities and Exchange Commission (SEC), 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 December 31, December 31, 2018 Cash and due from banks $ 3,758 $ 4,000 Deposits with banks 26,493 27,208 Total $ 30,251 $ 31,208 In addition, included in Cash and due from banks and Deposits with banks at December 31, 2019 and 2018 were $8.5 billion and $8.3 billion , respectively, of cash segregated under federal and other brokerage regulations or deposited with clearing organizations. Collateral At December 31, 2019 and 2018 , the approximate fair value of collateral received by Citi that may be resold or repledged, excluding the impact of allowable netting, was $569.8 billion and $526.0 billion , respectively. This collateral was received in connection with resale agreements, securities borrowings and loans, securities for securities lending transactions, derivative transactions and margined broker loans. At December 31, 2019 and 2018 , a substantial portion of the collateral received by Citi had been sold or repledged in connection with repurchase agreements, securities sold, not yet purchased, securities borrowings and loans, pledges to clearing organizations, segregation requirements under securities laws and regulations, derivative transactions and bank loans. In addition, at December 31, 2019 and 2018 , Citi had pledged $389.8 billion and $373.7 billion , respectively, of collateral that may not be sold or repledged by the secured parties. Leases The Company’s operating leases, where Citi is a lessee, include real estate, such as office space and branches, and various types of equipment. These leases have a weighted-average remaining lease term of approximately six years as of December 31, 2019 . The operating lease ROU asset and lease liability were $3.1 billion and $3.3 billion , respectively, as of December 31, 2019 . The Company recognizes fixed lease costs on a straight-line basis throughout the lease term in the Consolidated Statement of Income. In addition, variable lease costs are recognized in the period in which the obligation for those payments is incurred. The total operating lease expense (principally for offices, branches and equipment), net of $56 million of sublease income, was $1,084 million for the year ended December 31, 2019 . The decrease in the lease liability (and related operating lease financial information) from January 1, 2019 is primarily related to the purchase of a previously leased property in London during the second quarter of 2019. See Note 1 for additional lease liability details and balances at January 1, 2019. The purchased property is included in Other assets on the Consolidated Balance Sheet at December 31, 2019 . While Citi has certain finance leases as a lessee, such leases are not material to the Company's Consolidated Financial Statements. Citi’s lease arrangements that have not yet commenced as of December 31, 2019 and the Company’s short-term lease, variable lease and finance lease costs, for the year ended December 31, 2019 , are not material to the Consolidated Financial Statements. Citi’s cash outflows related to operating leases were $942 million for the year ended December 31, 2019 , while the future lease payments are as follows: In millions of dollars 2020 $ 801 2021 695 2022 572 2023 425 2024 314 Thereafter 935 Total future lease payments $ 3,742 Less imputed interest (based on weighted-average discount rate of 3.6%) $ (402 ) Lease liability $ 3,340 The minimum annual rent commitments under non-cancelable leases, net of sublease income, as of December 31, 2018 prior to the adoption of ASU 2016-02, were as follows: In millions of dollars 2019 $ 925 2020 748 2021 657 2022 525 2023 394 Thereafter 1,890 Total lease commitments $ 5,139 Operating lease expenses were $1.0 billion and $1.1 billion for the years ended December 31, 2018 and 2017, respectively. Guarantees 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. The following tables present information about Citi’s guarantees: Maximum potential amount of future payments In billions of dollars at December 31, 2019 Expire within 1 year Expire after 1 year Total amount outstanding Carrying value (in millions of dollars) Financial standby letters of credit $ 31.9 $ 62.4 $ 94.3 $ 140 Performance guarantees 6.9 5.5 12.4 21 Derivative instruments considered to be guarantees 37.5 60.1 97.6 289 Loans sold with recourse — 1.2 1.2 7 Securities lending indemnifications (1) 87.8 — 87.8 — Credit card merchant processing (1)(2) 91.6 — 91.6 — Credit card arrangements with partners 0.2 0.4 0.6 23 Custody indemnifications and other — 33.7 33.7 41 Total $ 255.9 $ 163.3 $ 419.2 $ 521 Maximum potential amount of future payments In billions of dollars at December 31, 2018 Expire within Expire after Total amount Carrying value (in millions of dollars) Financial standby letters of credit $ 32.1 $ 67.5 $ 99.6 $ 131 Performance guarantees 7.7 4.2 11.9 29 Derivative instruments considered to be guarantees 23.5 87.4 110.9 567 Loans sold with recourse — 1.2 1.2 9 Securities lending indemnifications (1) 98.3 — 98.3 — Credit card merchant processing (1)(2) 94.7 — 94.7 — Credit card arrangements with partners 0.3 0.8 1.1 162 Custody indemnifications and other — 35.4 35.4 41 Total $ 256.6 $ 196.5 $ 453.1 $ 939 (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 December 31, 2019 and 2018, this maximum potential exposure was estimated to be $92 billion and $95 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. Financial Standby Letters of Credit Citi issues standby letters of credit, which substitute its own credit for that of the borrower. If a letter of credit is drawn down, the borrower is obligated to repay Citi. Standby letters of credit protect a third party from defaults on contractual obligations. Financial standby letters of credit include (i) guarantees of payment of insurance premiums and reinsurance risks that support industrial revenue bond underwriting, (ii) settlement of payment obligations to clearing houses, including futures and over-the-counter derivatives clearing (see further discussion below), (iii) support options and purchases of securities in lieu of escrow deposit accounts and (iv) letters of credit that backstop loans, credit facilities, promissory notes and trade acceptances. Performance Guarantees Performance guarantees and letters of credit are issued to guarantee a customer’s tender bid on a construction or systems-installation project or to guarantee completion of such projects in accordance with contract terms. They are also issued to support a customer’s obligation to supply specified products, commodities or maintenance or warranty services to a third party. Derivative Instruments Considered to Be Guarantees Derivatives are financial instruments whose cash flows are based on a notional amount and an underlying instrument, reference credit or index, where there is little or no initial investment, and whose terms require or permit net settlement. For a discussion of Citi’s derivatives activities, see Note 22 to the Consolidated Financial Statements. Derivative instruments considered to be guarantees include only those instruments that require Citi to make payments to the counterparty based on changes in an underlying instrument that is related to an asset, a liability or an equity security held by the guaranteed party. More specifically, derivative instruments considered to be guarantees include certain over-the-counter written put options where the counterparty is not a bank, hedge fund or broker-dealer (such counterparties are considered to be dealers in these markets and may, therefore, not hold the underlying instruments). Credit derivatives sold by Citi are excluded from the tables above as they are disclosed separately in Note 22 to the Consolidated Financial Statements. In instances where Citi’s maximum potential future payment is unlimited, the notional amount of the contract is disclosed. 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 agencies and, to a lesser extent, private investors. The repurchase reserve was approximately $37 million and $49 million at December 31, 2019 and 2018 , respectively, and these amounts are included in Other liabilities on the Consolidated Balance Sheet. Securities Lending Indemnifications Owners of securities frequently lend those securities for a fee to other parties who may sell them short or deliver them to another party to satisfy some other obligation. Banks may administer such securities lending programs for their clients. Securities lending indemnifications are issued by the bank to guarantee that a securities lending customer will be made whole in the event that the security borrower does not return the security subject to the lending agreement and collateral held is insufficient to cover the market value of the security. Credit Card Merchant Processing Credit card merchant processing guarantees represent the Company’s indirect obligations in connection with (i) providing transaction processing services to various merchants with respect to its private label cards and (ii) potential liability for bank card transaction processing services. The nature of the liability in either case arises as a result of a billing dispute between a merchant and a cardholder that is ultimately resolved in the cardholder’s favor. The merchant is liable to refund the amount to the cardholder. In general, if the credit card processing company is unable to collect this amount from the merchant, the credit card processing company bears the loss for the amount of the credit or refund paid to the cardholder. With regard to (i) above, Citi has the primary contingent liability with respect to its portfolio of private label merchants. The risk of loss is mitigated as the cash flows between Citi and the merchant are settled on a net basis, and Citi has the right to offset any payments with cash flows otherwise due to the merchant. To further mitigate this risk, Citi may delay settlement, require a merchant to make an escrow deposit, include event triggers to provide Citi with more financial and operational control in the event of the financial deterioration of the merchant or require various credit enhancements (including letters of credit and bank guarantees). In the unlikely event that a private label merchant is unable to deliver products, services or a refund to its private label cardholders, Citi is contingently liable to credit or refund cardholders. With regard to (ii) above, Citi has a potential liability for bank card transactions where Citi provides the transaction processing services as well as those where a third party provides the services and Citi acts as a secondary guarantor, should that processor fail to perform. Citi’s maximum potential contingent liability related to both bank card and private label merchant processing services is estimated to be the total volume of credit card transactions that meet the requirements to be valid charge-back transactions at any given time. At December 31, 2019 and 2018 , this maximum potential exposure was estimated to be $91.6 billion and $94.7 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. Citi assesses the probability and amount of its contingent liability related to merchant processing based on the financial strength of the primary guarantor, the extent and nature of unresolved charge-backs and its historical loss experience. At December 31, 2019 and 2018 , the losses incurred and the carrying amounts of Citi’s contingent obligations related to merchant processing activities were immaterial. 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 that 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. Custody Indemnifications Custody indemnifications are issued to guarantee that custody clients will be made whole in the event that a third-party subcustodian or depository institution fails to safeguard clients’ assets. 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 December 31, 2019 and 2018, the actual and estimated losses incurred and the carrying value of Citi’s obligations related to these programs were immaterial. Other Representation and Warranty Indemnifications In the normal course of business, Citi provides standard representations and warranties to counterparties in contracts in connection with numerous transactions and also provides indemnifications, including indemnifications that protect the counterparties to the contracts in the event that additional taxes are owed, due either to a change in the tax law or an adverse interpretation of the tax law. Counterparties to these transactions provide Citi with comparable indemnifications. While such representations, warranties and indemnifications are essential components of many contractual relationships, they do not represent the underlying business purpose for the transactions. The indemnification clauses are often standard contractual terms related to Citi’s own performance under the terms of a contract and are entered into in the normal course of business based on an assessment that the risk of loss is remote. Often these clauses are intended to ensure that terms of a contract are met at inception. No compensation is received for these standard representations and warranties, and it is not possible to determine their fair value because they rarely, if ever, result in a payment. In many cases, there are no stated or notional amounts included in the indemnification clauses, and the contingencies potentially triggering the obligation to indemnify have not occurred and are not expected to occur. As a result, these indemnifications are not included in the tables above. Value-Transfer Networks (Including Exchanges and Clearing Houses) (VTNs) 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 certain narrow cases, to the full pro rata share. The maximum exposure is difficult to estimate as this would require an assessment of claims that have not yet occurred; however, 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 December 31, 2019 or 2018 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 GE’s 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 was approximately $8.6 billion as of December 31, 2019, compared to approximately $7.5 billion at December 31, 2018. 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 by Genworth 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 its insolvency or the failure of UFLIC to perform under its reinsurance contract or GE to perform under the capital maintenance agreement, 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 December 31, 2019 and 2018 related to this indemnification. However, if both events become reasonably possible (meaning more than remote but less than probable), Citi will be required to estimate and disclose a reasonably possible loss or range of loss to the extent that such an estimate could be made. In addition, if both events become probable, Citi will be required to accrue for such liability in accordance with applicable accounting principles. Citi continues to closely monitor its potential exposure under the Brighthouse indemnification obligation, given GE’s 2018 LTC and other charges and the September 2019 AM Best credit ratings downgrade for the two Genworth insurance subsidiaries. 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 (CCPs) for clients that need to clear exchange-traded and over-the-counter (OTC) derivatives 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 22 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 derivatives 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 $13.3 billion and $13.8 billion as of December 31, 2019 and 2018 , 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 that 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 December 31, 2019 and 2018 , the total carrying amounts of the liabilities related to the guarantees and indemnifications included in the tables above amounted to approximately $0.5 billion and $0.9 billion , respectively. 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 $46.7 billion and $38.0 billion at December 31, 2019 and 2018 , respectively. Securities and other marketable assets held as collateral amounted to $45.8 billion and $54.7 billion at December 31, 2019 and 2018 , respectively. The majority of collateral is held to reimburse losses realized under securities lending indemnifications. In addition, letters of credit in favor of Citi held as collateral amounted to $4.4 billion and $4.1 billion at December 31, 2019 and 2018 , 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 Citi evaluates the performance risk of its guarantees based on the assigned referenced counterparty internal or external ratings. Where external ratings are used, investment-grade ratings are considered to be Baa/BBB and above, while anything below is considered non-investment grade. Citi’s internal ratings are in line with the related external rating system. On certain underlying referenced assets or entities, ratings are not available. Such referenced assets are included in the “not rated” category. The maximum potential amount of the future payments related to the outstanding guarantees is determined to be the notional amount of these contracts, which is the par amount of the assets guaranteed. 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 December 31, 2019 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 66.4 $ 12.5 $ 15.4 $ 94.3 Performance guarantees 9.7 2.3 0.4 12.4 Derivative instruments deemed to be guarantees — — 97.6 97.6 Loans sold with recourse — — 1.2 1.2 Securities lending indemnifications — — 87.8 87.8 Credit card merchant processing — — 91.6 91.6 Credit card arrangements with partners — — 0.6 0.6 Custody indemnifications and other 21.3 12.4 — 33.7 Total $ 97.4 $ 27.2 $ 294.6 $ 419.2 Maximum potential amount of future payments In billions of dollars at December 31, 2018 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 71.3 $ 11.9 $ 16.4 $ 99.6 Performance guarantees 9.2 2.1 0.6 11.9 Derivative instruments deemed to be guarantees — — 110.9 110.9 Loans sold with recourse — — 1.2 1.2 Securities lending indemnifications — — 98.3 98.3 Credit card merchant processing — — 94.7 94.7 Credit card arrangements with partners — — 1.1 1.1 Custody indemnifications and other 22.2 13.2 — 35.4 Total $ 102.7 $ 27.2 $ 323.2 $ 453.1 Credit Commitments and Lines of Credit The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. December 31, December 31, 2018 Commercial and similar letters of credit $ 746 $ 3,787 $ 4,533 $ 5,461 One- to four-family residential mortgages 2,088 1,633 3,721 2,671 Revolving open-end loans secured by one- to four-family residential properties 9,511 1,288 10,799 11,374 Commercial real estate, construction and land development 10,623 2,358 12,981 11,293 Credit card lines 609,866 98,157 708,023 696,007 Commercial and other consumer loan commitments 212,569 111,790 324,359 300,115 Other commitments and contingencies 1,852 96 1,948 3,321 Total $ 847,255 $ 219,109 $ 1,066,364 $ 1,030,242 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. Commercial and Similar Letters of Credit A commercial letter of credit is an instrument by which Citigroup substitutes its credit for that of a customer to enable the customer to finance the purchase of goods or to incur other commitments. Citigroup issues a letter on behalf of its client to a supplier and agrees to |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES Accounting and Disclosure Framework ASC 450 governs the disclosure and recognition of loss contingencies, including potential losses from litigation, regulatory, tax and other matters. ASC 450 defines a “loss contingency” as “an existing condition, situation, or set of circumstances involving uncertainty as to possible loss to an entity that will ultimately be resolved when one or more future events occur or fail to occur.” It imposes different requirements for the recognition and disclosure of loss contingencies based on the likelihood of occurrence of the contingent future event or events. It distinguishes among degrees of likelihood using the following three terms: “probable,” meaning that “the future event or events are likely to occur”; “remote,” meaning that “the chance of the future event or events occurring is slight”; and “reasonably possible,” meaning that “the chance of the future event or events occurring is more than remote but less than likely.” These three terms are used below as defined in ASC 450. Accruals . ASC 450 requires accrual for a loss contingency when it is “probable that one or more future events will occur confirming the fact of loss” and “the amount of the loss can be reasonably estimated.” In accordance with ASC 450, Citigroup establishes accruals for contingencies, including the litigation, regulatory and tax 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. When the reasonable estimate of the loss is within a range of amounts, the minimum amount of the range is accrued, unless some higher amount within the range is a better estimate than any other amount within the range. 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. Disclosure . ASC 450 requires disclosure of a loss contingency if “there is at least a reasonable possibility that a loss or an additional loss may have been incurred” and there is no accrual for the loss because the conditions described above are not met or an exposure to loss exists in excess of the amount accrued. In accordance with ASC 450, if Citigroup has not accrued for a matter because Citigroup believes that a loss is reasonably possible but not probable, or that a loss is probable but not reasonably estimable, and the reasonably possible loss is material, it discloses the loss contingency. In addition, Citigroup discloses matters for which it has accrued if it believes a reasonably possible exposure to material loss exists in excess of the amount accrued. In accordance with ASC 450, Citigroup’s disclosure includes an estimate of the reasonably possible loss or range of loss for those matters as to which an estimate can be made. ASC 450 does not require disclosure of an estimate of the reasonably possible loss or range of loss where an estimate cannot be made. Neither accrual nor disclosure is required for losses that are deemed remote. Litigation, Regulatory and Other Contingencies Overview. In addition to the matters described below, in the ordinary course of business, Citigroup, its affiliates and subsidiaries, and current and former officers, directors and employees (for purposes of this section, sometimes collectively referred to as Citigroup and Related Parties) routinely are named as defendants in, or as parties to, various legal actions and proceedings. Certain of these actions and proceedings assert claims or seek relief in connection with alleged violations of consumer protection, fair lending, securities, banking, antifraud, antitrust, anti-money laundering, employment and other statutory and common laws. Certain of these actual or threatened legal actions and proceedings include claims for substantial or indeterminate compensatory or punitive damages, or for injunctive relief, and in some instances seek recovery on a class-wide basis. In the ordinary course of business, Citigroup and Related Parties also are subject to governmental and regulatory examinations, information-gathering requests, investigations and proceedings (both formal and informal), certain of which may result in adverse judgments, settlements, fines, penalties, restitution, disgorgement, injunctions or other relief. In addition, certain affiliates and subsidiaries of Citigroup are banks, registered broker-dealers, futures commission merchants, investment advisors or other regulated entities and, in those capacities, are subject to regulation by various U.S., state and foreign securities, banking, commodity futures, consumer protection and other regulators. In connection with formal and informal inquiries by these regulators, Citigroup and such affiliates and subsidiaries receive numerous requests, subpoenas and orders seeking documents, testimony and other information in connection with various aspects of their regulated activities. From time to time Citigroup and Related Parties also receive grand jury subpoenas and other requests for information or assistance, formal or informal, from federal or state law enforcement agencies including, among others, various United States Attorneys’ Offices, the Asset Forfeiture and Money Laundering Section and other divisions of the Department of Justice, the Financial Crimes Enforcement Network of the United States Department of the Treasury, and the Federal Bureau of Investigation relating to Citigroup and its customers. Because of the global scope of Citigroup’s operations, and its presence in countries around the world, Citigroup and Related Parties are subject to litigation and governmental and regulatory examinations, information-gathering requests, investigations and proceedings (both formal and informal) in multiple jurisdictions with legal, regulatory and tax regimes that may differ substantially, and present substantially different risks, from those Citigroup and Related Parties are subject to in the United States. In some instances, Citigroup and Related Parties may be involved in proceedings involving the same subject matter in multiple jurisdictions, which may result in overlapping, cumulative or inconsistent outcomes. Citigroup seeks to resolve all litigation, regulatory, tax and other matters in the manner management believes is in the best interests of Citigroup and its shareholders, and contests liability, allegations of wrongdoing and, where applicable, the amount of damages or scope of any penalties or other relief sought as appropriate in each pending matter. Inherent Uncertainty of the Matters Disclosed. Certain of the matters disclosed below involve claims for substantial or indeterminate damages. The claims asserted in these matters typically are broad, often spanning a multi-year period and sometimes a wide range of business activities, and the plaintiffs’ or claimants’ alleged damages frequently are not quantified or factually supported in the complaint or statement of claim. Other matters relate to regulatory investigations or proceedings, as to which there may be no objective basis for quantifying the range of potential fine, penalty or other remedy. As a result, Citigroup is often unable to estimate the loss in such matters, even if it believes that a loss is probable or reasonably possible, until developments in the case, proceeding or investigation have yielded additional information sufficient to support a quantitative assessment of the range of reasonably possible loss. Such developments may include, among other things, discovery from adverse parties or third parties, rulings by the court on key issues, analysis by retained experts and engagement in settlement negotiations. Depending on a range of factors, such as the complexity of the facts, the novelty of the legal theories, the pace of discovery, the court’s scheduling order, the timing of court decisions and the adverse party’s, regulator’s or other authority’s willingness to negotiate in good faith toward a resolution, it may be months or years after the filing of a case or commencement of a proceeding or an investigation before an estimate of the range of reasonably possible loss can be made. Matters as to Which an Estimate Can Be Made . For some of the matters disclosed below, Citigroup is currently able to estimate a reasonably possible loss or range of loss in excess of amounts accrued (if any). For some of the matters included within this estimation, an accrual has been made because a loss is believed to be both probable and reasonably estimable, but an exposure to loss exists in excess of the amount accrued. In these cases, the estimate reflects the reasonably possible range of loss in excess of the accrued amount. For other matters included within this estimation, no accrual has been made because a loss, although estimable, is believed to be reasonably possible, but not probable; in these cases, the estimate reflects the reasonably possible loss or range of loss. As of December 31, 2019, Citigroup estimates that the reasonably possible unaccrued loss for these matters ranges up to approximately $1.3 billion in the aggregate. These estimates are based on currently available information. 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, (i) Citigroup may have only preliminary, incomplete, or inaccurate information about the facts underlying the claim, (ii) its assumptions about the future rulings of the court, other tribunal or authority on significant issues, or the behavior and incentives of adverse parties, regulators or other authorities, may prove to be wrong and (iii) 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 estimate because it had deemed such an outcome to be remote. For all of 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. Matters as to Which an Estimate Cannot Be Made . For other matters disclosed below, Citigroup is not currently able to estimate the reasonably possible loss or range of loss. Many of these matters remain in very preliminary stages (even in some cases where a substantial period of time has passed since the commencement of the matter), with few or no substantive legal decisions by the court, tribunal or other authority defining the scope of the claims, the class (if any) or the potentially available damages or other exposure, and fact discovery is still in progress or has not yet begun. In many of these matters, Citigroup has not yet answered the complaint or statement of claim or asserted its defenses, nor has it engaged in any negotiations with the adverse party (whether a regulator, taxing authority or a private party). For all these reasons, Citigroup cannot at this time estimate the reasonably possible loss or range of loss, if any, for these matters. Opinion of Management as to Eventual Outcome. Subject to the foregoing, it is the opinion of Citigroup’s management, based on current knowledge and after taking into account its current legal or other 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. ANZ Underwriting Matter In June 2018, the Australian Commonwealth Director of Public Prosecutions (CDPP) filed charges 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 also charged other banks and individuals, including current and former Citi employees. Separately, the Australian Securities and Investments Commission is conducting an investigation, and CGMA is cooperating with the investigation. Charges relating to CGMA are captioned R v. CITIGROUP GLOBAL MARKETS AUSTRALIA PTY LIMITED. The matter is before the Downing Centre Local Court in Sydney, Australia. Additional information concerning this action is publicly available in court filings under the docket number 2018/00175168. Foreign Exchange Matters Regulatory Actions : Government and regulatory agencies in the U.S. and in other jurisdictions are conducting investigations or making inquiries regarding Citigroup’s foreign exchange business. Citigroup is cooperating with these and related investigations and inquiries. Antitrust and Other Litigation : In 2018, a number of institutional investors who opted out of the previously disclosed August 2018 final settlement filed an action against Citigroup, Citibank, CGMI and other defendants, captioned ALLIANZ GLOBAL INVESTORS, ET AL. v. BANK OF AMERICA CORP., ET AL., in the United States District Court for the Southern District of New York. Plaintiffs allege that defendants manipulated, and colluded to manipulate, the foreign exchange markets. Plaintiffs assert claims under the Sherman Act and unjust enrichment claims, and seek consequential and punitive damages and other forms of relief. In July 2019, defendants moved to dismiss plaintiffs’ second amended complaint. Additional information concerning this action is publicly available in court filings under the docket number 18 Civ. 10364 (S.D.N.Y.) (Schofield, J.). In December 2018, a group of institutional investors issued a claim against Citibank, Citigroup and other defendants, captioned ALLIANZ GLOBAL INVESTORS GMBH AND OTHERS v. BARCLAYS BANK PLC AND OTHERS, in the High Court in London. Claimants allege that defendants manipulated, and colluded to manipulate, the foreign exchange market in violation of EU and U.K. competition laws. In July 2019, defendants responded to plaintiffs’ claims, and in September 2019, claimants filed their reply. Additional information concerning this action is publicly available in court filings under the docket number CL-2018-000840. In 2015, a putative class of consumers and businesses in the United States who directly purchased supracompetitive foreign currency at benchmark exchange rates filed an action against Citigroup and other defendants, captioned NYPL v. JPMORGAN CHASE & CO., ET AL., in the United States District Court for the Northern District of California. Subsequently, plaintiffs filed a third amended class action complaint, naming Citigroup, Citibank and Citicorp as defendants. Plaintiffs allege that they suffered losses as a result of defendants’ alleged manipulation of, and collusion with respect to, the foreign exchange market. Plaintiffs assert claims under federal and California antitrust and consumer protection laws, and seek compensatory damages, treble damages and declaratory and injunctive relief. 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.). In 2017, putative classes of indirect purchasers of certain foreign exchange instruments filed an action against Citigroup, Citibank, Citicorp, CGMI and other defendants, captioned CONTANT, ET AL. v. BANK OF AMERICA CORP., ET AL., in the United States District Court for the Southern District of New York. Plaintiffs allege that defendants engaged in a conspiracy to fix currency prices. Plaintiffs assert claims under the Sherman Act and various state antitrust laws, and seek compensatory damages and treble damages. In July 2019, the court granted preliminary approval of a settlement between plaintiffs and Citigroup, Citibank, Citicorp and CGMI. Additional information concerning this action is publicly available in court filings under the docket number 17 Civ. 3139 (S.D.N.Y.) (Schofield, J.). On May 27, 2019, a putative class action was filed against Citibank and other defendants, captioned J WISBEY & ASSOCIATES PTY LTD v. UBS AG & ORS, in the Federal Court of Australia. Plaintiffs allege that defendants manipulated the foreign exchange markets. Plaintiffs assert claims under antitrust laws, and seek compensatory damages and declaratory and injunctive relief. Additional information concerning this action is publicly available in court filings under the docket number VID567/2019. On July 29, 2019, an application, captioned MICHAEL O’HIGGINS FX CLASS REPRESENTATIVE LIMITED v. BARCLAYS BANK PLC AND OTHERS, was made to the U.K.’s Competition Appeal Tribunal requesting permission to commence collective proceedings against Citibank, Citigroup and other defendants. The application seeks compensatory damages for losses alleged to have arisen from the actions at issue in the European Commission’s foreign exchange spot trading infringement decision (European Commission Decision of May 16, 2019 in Case AT.40135-FOREX (Three Way Banana Split) C(2019) 3631 final). Additional information concerning this action is publicly available in court filings under the docket number 1329/7/7/19. On December 20, 2019, an application, captioned PHILLIP EVANS v. BARCLAYS BANK PLC AND OTHERS, was made to the U.K.’s Competition Appeal Tribunal requesting permission to commence collective proceedings against Citibank, Citigroup and other defendants. The application seeks compensatory damages similar to those in the Michael O’Higgins FX Class Representative Limited application. Additional information concerning this action is publicly available in court filings under the docket number 1336/7/7/19. In September 2019, two motions for certification of class actions filed against Citibank, Citigroup and Citicorp and other defendants were consolidated, under the caption GERTLER, ET AL. v. DEUTSCHE BANK AG, in the Tel Aviv Central District Court in Israel. Plaintiffs allege that defendants manipulated the foreign exchange markets. The amended motion for certification has not yet been served on Citigroup or Citicorp. Additional information concerning this action is publicly available in court filings under the docket number CA 29013-09-18. Interbank Offered Rates-Related Litigation and Other Matters Antitrust and Other Litigation : In 2016, a putative class action was filed against Citibank, Citigroup and other defendants, now captioned FUND LIQUIDATION HOLDINGS LLC, AS ASSIGNOR AND SUCCESSOR-IN-INTEREST TO FRONTPOINT ASIAN EVENT DRIVEN FUND L.P., ET AL. v. CITIBANK, N.A., ET AL., in the United States District Court for the Southern District of New York. Plaintiffs allege that defendants manipulated the Singapore Interbank Offered Rate and Singapore Swap Offer Rate. Plaintiffs assert claims under the Sherman Act, the Clayton Act, the RICO Act and state law. In May 2018, plaintiffs entered into a settlement with Citibank and Citigroup, under which Citibank and Citigroup agreed to pay approximately $10 million . In July 2019, the court found that it lacked subject-matter jurisdiction over the non-settling defendants and dismissed the case. The court also found that it lacked jurisdiction to approve the settlement and denied plaintiffs’ motion for preliminary approval of the settlement. In August 2019, plaintiffs filed a notice of appeal with the United States Court of Appeals for the Second Circuit. Additional information concerning this action is publicly available in court filings under the docket numbers 16 Civ. 5263 (S.D.N.Y.) (Hellerstein, J.) and 19-2719 (2d Cir.). In 2016, Banque Delubac filed an action against Citigroup, Citigroup Global Markets Limited (CGML) and Citigroup Europe Plc, captioned SCS BANQUE DELUBAC & CIE v. CITIGROUP INC., ET AL., in the Commercial Court of Aubenas in France. Plaintiff alleges that defendants suppressed LIBOR submissions between 2005 and 2012 and that Banque Delubac’s EURIBOR-linked lending activity was negatively impacted as a result. Plaintiff asserts a claim under tort law, and seeks compensatory damages and consequential damages. In November 2018, the Commercial Court of Aubenas referred the case to the Commercial Court of Marseille. In March 2019, the Court of Appeal of Nîmes held that neither the Commercial Court of Aubenas nor any other court of France has territorial jurisdiction over Banque Delubac’s claims. In May 2019, plaintiff filed an appeal before the Cour de cassation of France challenging the Court of Appeal of Nîmes’s decision. Additional information concerning this action is publicly available in court filings under docket numbers RG no. 2018F02750 in the Commercial Court of Marseille and 19-16.931 in the Cour de cassation . In May 2019, three putative class actions filed against Citigroup, Citibank, CGMI and other defendants were consolidated, under the caption IN RE ICE LIBOR ANTITRUST LITIGATION, in the United States District Court of the Southern District of New York. In July 2019, Plaintiffs filed a consolidated amended complaint. Plaintiffs allege that defendants suppressed ICE LIBOR. Plaintiffs assert claims under the Sherman Act, the Clayton Act and unjust enrichment, and seek compensatory damages, disgorgement and treble damages. In August 2019, defendants moved to dismiss the action. Additional information concerning this action is publicly available in court filings under the docket number 19 Civ. 439 (S.D.N.Y.) (Daniels, J.). Interchange Fee Litigation Beginning in 2005, several putative class actions were filed against Citigroup, Citibank and Citicorp, together with Visa, MasterCard and other banks and their affiliates, in various federal district courts and consolidated with other related individual cases in a multi-district litigation proceeding in the United States District Court for the Eastern District of New York. This proceeding is captioned IN RE PAYMENT CARD INTERCHANGE FEE AND MERCHANT DISCOUNT ANTITRUST LITIGATION. The plaintiffs, merchants that accept Visa and MasterCard branded payment cards as well as various membership associations that claim to represent certain groups of merchants, allege, among other things, that defendants have engaged in conspiracies to set the price of interchange and merchant discount fees on credit and debit card transactions and to restrain trade unreasonably through various Visa and MasterCard rules governing merchant conduct, all in violation of Section 1 of the Sherman Act and certain California statutes. Plaintiffs further alleged violations of Section 2 of the Sherman Act. Supplemental complaints also were filed against defendants in the putative class actions alleging that Visa’s and MasterCard’s respective initial public offerings were anticompetitive and violated Section 7 of the Clayton Act, and that MasterCard’s initial public offering constituted a fraudulent conveyance. In 2014, the district court entered a final judgment approving the terms of a class settlement providing for, among other things, cash payment to the class of $6.05 billion ; a rebate to merchants participating in the damages class settlement of 10 bps on interchange collected for a period of eight months by the Visa and MasterCard networks; and changes to certain network rules. Various objectors appealed from the final class settlement approval order to the United States Court of Appeals for the Second Circuit. In 2016, the Court of Appeals reversed the district court’s approval of the class settlement and remanded for further proceedings. The district court thereafter appointed separate interim counsel for a putative class seeking damages and a putative class seeking injunctive relief. Amended or new complaints on behalf of the putative classes and various individual merchants were subsequently filed, including a further amended complaint on behalf of a putative damages class and a new complaint on behalf of a putative injunctive class, both of which named Citigroup and Related Parties. In addition, numerous merchants have filed amended or new complaints against Visa, MasterCard, and in some instances one or more issuing banks. Three of these suits—7-ELEVEN, INC., ET AL. v. VISA INC., ET AL.; ROUNDY’S SUPERMARKETS, INC. v. VISA INC. ET AL.; and LUBY’S FUDDRUCKERS RESTAURANTS, LLC, v. VISA INC., ET AL—brought on behalf of numerous individual merchants, name Citigroup and affiliates as defendants. On December 13, 2019, the district court granted the damages class plaintiffs’ motion for final approval of a new settlement with the defendants. The settlement involves the damages class only and does not settle the claims of the injunctive relief class or any actions brought on a non-class basis by individual merchants. The settlement provides for a cash payment to the damages class of $6.24 billion , though that amount has been reduced by $700 million based on the transaction volume of class members that opted-out from the settlement. Several merchants and merchant groups have appealed the final approval order. Additional information concerning these consolidated actions is publicly available in court filings under the docket number MDL 05-1720 (E.D.N.Y.) (Brodie, J.). Interest Rate and Credit Default Swap Matters Regulatory Actions : The Commodity Futures Trading Commission (CFTC) is conducting an investigation into alleged anticompetitive conduct in the trading and clearing of interest rate swaps (IRS) by investment banks. Citigroup is cooperating with the investigation. Antitrust and Other Litigation : Beginning in 2015, Citigroup, Citibank, CGMI, CGML, and numerous other parties were named as defendants in a number of industry-wide putative class actions related to IRS trading. These actions have been consolidated in the United States District Court for the Southern District of New York under the caption IN RE INTEREST RATE SWAPS ANTITRUST LITIGATION. The complaints allege that defendants colluded to prevent the development of exchange-like trading for IRS and assert federal and state antitrust claims and claims for unjust enrichment. Also consolidated under the same caption are individual actions filed by swap execution facilities, asserting federal and state antitrust claims, as well as claims for unjust enrichment and tortious interference with business relations. Plaintiffs in all of these actions seek treble damages, fees, costs, and injunctive relief. Lead plaintiffs in the class action moved for class certification in February 2019, and subsequently filed a fourth amended complaint. Additional information concerning these actions is publicly available in court filings under the docket numbers 18-CV-5361 (S.D.N.Y.) (Oetken, J.) and 16-MD-2704 (S.D.N.Y.) (Oetken, J.). In 2017, Citigroup, Citibank, CGMI, CGML and numerous other parties were named as defendants in an action filed in the United States District Court for the Southern District of New York under the caption TERA GROUP, INC., ET AL. v. CITIGROUP, INC., ET AL. The complaint alleges that defendants colluded to prevent the development of exchange-like trading for credit default swaps and asserts federal and state antitrust claims and state law tort claims. In January 2020, plaintiffs filed an amended complaint. Additional information concerning this action is publicly available in court filings under the docket number 17-CV-4302 (S.D.N.Y.) (Sullivan, J.). Parmalat Litigation In 2004, an Italian commissioner appointed to oversee the administration of various Parmalat companies filed a complaint against Citigroup and Related Parties alleging that the defendants facilitated a number of frauds by Parmalat insiders. In 2008, a jury rendered a verdict in Citigroup’s favor and awarded Citi $431 million . Citigroup has taken steps to enforce the judgment in Italian court. In April 2019, the Italian Supreme Court affirmed the decision in the full amount of $431 million . Additional information concerning this action is publicly available in court filings under the docket numbers 27618/2014 and 10540/2019. In 2015, Parmalat filed a claim in an Italian civil court in Milan claiming damages of €1.8 billion against Citigroup and Related Parties. The Milan court dismissed Parmalat’s claim on grounds that it was duplicative of Parmalat’s previously unsuccessful claims. In May 2019, the Milan Court of Appeal rejected Parmalat’s appeal against the decision of the Milan court. In June 2019, Parmalat filed a further appeal with the Italian Supreme Court. Additional information concerning this action is publicly available in court filings under the docket number 20598/2019. On January 29, 2020, Parmalat, its three directors and its sole shareholder, Sofil S.a.s., as co-plaintiffs, filed a claim before the Italian civil court in Milan seeking a declaratory judgment that they do not owe compensatory damages of €990 million to Citibank. Payment Protection Insurance Regulators and courts in the U.K. have scrutinized the selling of payment protection insurance (PPI) by financial institutions for several years. Citibank continues to review customer claims relating to the sale of PPI in the U.K., to grant redress in accordance with the requirements of the Financial Conduct Authority and to defend claims filed in U.K. courts. Sovereign Securities Matters Regulatory Actions : Government and regulatory agencies in the U.S. 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 cooperating with these investigations and inquiries. Antitrust and Other Litigation : In 2015, putative class actions filed against CGMI and other defendants were consolidated, under the caption IN RE TREASURY SECURITIES AUCTION ANTITRUST LITIGATION, in the United States District Court for the Southern District of New York. In December 2017, a consolidated amended complaint was filed, alleging that defendants colluded to fix Treasury auction bids by sharing competitively sensitive information ahead of the auctions, and that defendants colluded to boycott and prevent the emergence of an anonymous, all-to-all electronic trading platform in the Treasuries secondary market. The complaint asserts claims under antitrust laws, and seeks damages, including treble damages where authorized by statute, and injunctive relief. In February 2018, defendants moved to dismiss the complaint. Additional information concerning this action is publicly available in court filings under the docket number 15-MD-2673 (S.D.N.Y.) (Gardephe, J.). In 2016 and 2017, class actions by direct purchasers of supranational, sub-sovereign and agency (SSA) bonds filed against Citigroup, Citibank, CGMI, CGML and other defendants were consolidated, under the caption IN RE SSA BONDS ANTITRUST LITIGATION, in the United States District Court for the Southern District of New York. In November 2018, a second amended consolidated complaint was filed, alleging that defendants, as market makers and traders of SSA bonds, colluded to fix the price at which they bought and sold SSA bonds in the secondary market. The complaint asserts claims under the antitrust laws and unjust enrichment, and seeks damages, including treble damages where authorized by statute, and disgorgement. In September 2019, the court granted defendants’ motion to dismiss certain defendants, including CGML. Additional information concerning this action is publicly available in court filings under the docket number 16 Civ. 3711 (S.D.N.Y.) (Ramos, J.). On February 7, 2019, a putative class action, captioned STACHON v. BANK OF AMERICA N.A., ET AL., was filed against Citigroup, |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
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 years ended December 31, 2019 , 2018 and 2017 , Condensed Consolidating Balance Sheet as of December 31, 2019 and 2018 and Condensed Consolidating Statement of Cash Flows for the years ended December 31, 2019 , 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 schedules 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 Year ended December 31, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 23,347 $ — $ — $ (23,347 ) $ — Interest revenue — 10,661 65,849 — 76,510 Interest revenue—intercompany 5,091 1,942 (7,033 ) — — Interest expense 4,949 7,010 17,204 — 29,163 Interest expense—intercompany 1,038 4,243 (5,281 ) — — Net interest revenue $ (896 ) $ 1,350 $ 46,893 $ — $ 47,347 Commissions and fees $ — $ 5,265 $ 6,481 $ — $ 11,746 Commissions and fees—intercompany (21 ) 354 (333 ) — — Principal transactions (2,537 ) 277 11,152 — 8,892 Principal transactions—intercompany 1,252 2,464 (3,716 ) — — Other income 767 832 4,702 — 6,301 Other income—intercompany (55 ) 102 (47 ) — — Total non-interest revenues $ (594 ) $ 9,294 $ 18,239 $ — $ 26,939 Total revenues, net of interest expense $ 21,857 $ 10,644 $ 65,132 $ (23,347 ) $ 74,286 Provisions for credit losses and for benefits and claims $ — $ — $ 8,383 $ — $ 8,383 Operating expenses Compensation and benefits $ 32 $ 4,680 $ 16,721 $ — $ 21,433 Compensation and benefits—intercompany 134 — (134 ) — — Other operating (16 ) 2,326 18,259 — 20,569 Other operating—intercompany 20 2,410 (2,430 ) — — Total operating expenses $ 170 $ 9,416 $ 32,416 $ — $ 42,002 Equity in undistributed income of subsidiaries $ (3,620 ) $ — $ — $ 3,620 $ — Income (loss) from continuing operations before income taxes $ 18,067 $ 1,228 $ 24,333 $ (19,727 ) $ 23,901 Provision (benefit) for income taxes (1,334 ) 176 5,588 — 4,430 Income (loss) from continuing operations $ 19,401 $ 1,052 $ 18,745 $ (19,727 ) $ 19,471 Income (loss) from discontinued operations, net of taxes — — (4 ) — (4 ) Net income before attribution of noncontrolling interests $ 19,401 $ 1,052 $ 18,741 $ (19,727 ) $ 19,467 Noncontrolling interests — — 66 — 66 Net income (loss) $ 19,401 $ 1,052 $ 18,675 $ (19,727 ) $ 19,401 Comprehensive income Add: Other comprehensive income (loss) $ 852 $ (651 ) $ 1,600 $ (949 ) $ 852 Total Citigroup comprehensive income (loss) $ 20,253 $ 401 $ 20,275 $ (20,676 ) $ 20,253 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ — $ — $ — Add: Net income attributable to noncontrolling interests — — 66 — 66 Total comprehensive income (loss) $ 20,253 $ 401 $ 20,341 $ (20,676 ) $ 20,319 Condensed Consolidating Statements of Income and Comprehensive Income Year ended December 31, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 22,854 $ — $ — $ (22,854 ) $ — Interest revenue 67 8,732 62,029 — 70,828 Interest revenue—intercompany 4,933 1,659 (6,592 ) — — Interest expense 4,783 5,430 14,053 — 24,266 Interest expense—intercompany 1,198 3,539 (4,737 ) — — Net interest revenue $ (981 ) $ 1,422 $ 46,121 $ — $ 46,562 Commissions and fees $ — $ 5,146 $ 6,711 $ — $ 11,857 Commissions and fees—intercompany (2 ) 237 (235 ) — — Principal transactions (1,310 ) 1,599 8,616 — 8,905 Principal transactions—intercompany (929 ) 1,328 (399 ) — — Other income 1,373 710 3,447 — 5,530 Other income—intercompany (107 ) 143 (36 ) — — Total non-interest revenues $ (975 ) $ 9,163 $ 18,104 $ — $ 26,292 Total revenues, net of interest expense $ 20,898 $ 10,585 $ 64,225 $ (22,854 ) $ 72,854 Provisions for credit losses and for benefits and claims $ — $ (22 ) $ 7,590 $ — $ 7,568 Operating expenses Compensation and benefits $ 4 $ 4,484 $ 16,666 $ — $ 21,154 Compensation and benefits—intercompany 115 — (115 ) — — Other operating (192 ) 2,224 18,655 — 20,687 Other operating—intercompany 49 2,312 (2,361 ) — — Total operating expenses $ (24 ) $ 9,020 $ 32,845 $ — $ 41,841 Equity in undistributed income of subsidiaries $ (2,163 ) $ — $ — $ 2,163 $ — Income (loss) from continuing operations before income taxes $ 18,759 $ 1,587 $ 23,790 $ (20,691 ) $ 23,445 Provision (benefit) for income taxes 714 1,123 3,520 — 5,357 Income (loss) from continuing operations $ 18,045 $ 464 $ 20,270 $ (20,691 ) $ 18,088 Income (loss) from discontinued operations, net of taxes — — (8 ) — (8 ) Net income (loss) before attribution of noncontrolling interests $ 18,045 $ 464 $ 20,262 $ (20,691 ) $ 18,080 Noncontrolling interests — — 35 — 35 Net income (loss) $ 18,045 $ 464 $ 20,227 $ (20,691 ) $ 18,045 Comprehensive income $ — Add: Other comprehensive income (loss) $ (2,499 ) $ 257 $ 3,500 $ (3,757 ) $ (2,499 ) Total Citigroup comprehensive income (loss) $ 15,546 $ 721 $ 23,727 $ (24,448 ) $ 15,546 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (43 ) $ — $ (43 ) Add: Net income attributable to noncontrolling interests — — 35 — 35 Total comprehensive income (loss) $ 15,546 $ 721 $ 23,719 $ (24,448 ) $ 15,538 Condensed Consolidating Statements of Income and Comprehensive Income Year ended December 31, 2017 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 22,499 $ — $ — $ (22,499 ) $ — Interest revenue 1 5,279 56,299 — 61,579 Interest revenue—intercompany 3,972 1,178 (5,150 ) — — Interest expense 4,766 2,340 9,412 — 16,518 Interest expense—intercompany 829 2,297 (3,126 ) — — Net interest revenue $ (1,622 ) $ 1,820 $ 44,863 $ — $ 45,061 Commissions and fees $ — $ 5,366 $ 7,341 $ — $ 12,707 Commissions and fees—intercompany (2 ) 182 (180 ) — — Principal transactions 1,654 1,183 6,103 — 8,940 Principal transactions—intercompany 934 1,200 (2,134 ) — — Other income (2,581 ) 867 7,450 — 5,736 Other income—intercompany 5 170 (175 ) — — Total non-interest revenues $ 10 $ 8,968 $ 18,405 $ — $ 27,383 Total revenues, net of interest expense $ 20,887 $ 10,788 $ 63,268 $ (22,499 ) $ 72,444 Provisions for credit losses and for benefits and claims $ — $ — $ 7,451 $ — $ 7,451 Operating expenses Compensation and benefits $ (107 ) $ 4,403 $ 16,885 $ — $ 21,181 Compensation and benefits—intercompany 120 — (120 ) — — Other operating (318 ) 2,184 19,185 — 21,051 Other operating—intercompany (35 ) 2,231 (2,196 ) — — Total operating expenses $ (340 ) $ 8,818 $ 33,754 $ — $ 42,232 Equity in undistributed income of subsidiaries $ (19,088 ) $ — $ — $ 19,088 $ — Income (loss) from continuing operations before income taxes $ 2,139 $ 1,970 $ 22,063 $ (3,411 ) $ 22,761 Provision (benefit) for income taxes 8,937 873 19,578 — 29,388 Income (loss) from continuing operations $ (6,798 ) $ 1,097 $ 2,485 $ (3,411 ) $ (6,627 ) Income (loss) from discontinued operations, net of taxes — — (111 ) — (111 ) Net income before attribution of noncontrolling interests $ (6,798 ) $ 1,097 $ 2,374 $ (3,411 ) $ (6,738 ) Noncontrolling interests — (1 ) 61 — 60 Net income (loss) $ (6,798 ) $ 1,098 $ 2,313 $ (3,411 ) $ (6,798 ) Comprehensive income $ — Add: Other comprehensive income (loss) $ (2,791 ) $ (117 ) $ (4,160 ) $ 4,277 $ (2,791 ) Total Citigroup comprehensive income (loss) $ (9,589 ) $ 981 $ (1,847 ) $ 866 $ (9,589 ) Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 114 $ — $ 114 Add: Net income attributable to noncontrolling interests — (1 ) 61 — 60 Total comprehensive income (loss) $ (9,589 ) $ 980 $ (1,672 ) $ 866 $ (9,415 ) Condensed Consolidating Balance Sheet December 31, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 586 $ 23,381 $ — $ 23,967 Cash and due from banks—intercompany 21 5,095 (5,116 ) — — Deposits with banks — 4,050 165,902 — 169,952 Deposits with banks—intercompany 3,000 6,710 (9,710 ) — — Securities borrowed and purchased under resale agreements — 195,537 55,785 — 251,322 Securities borrowed and purchased under resale agreements—intercompany — 21,446 (21,446 ) — — Trading account assets 286 152,115 123,739 — 276,140 Trading account assets—intercompany 426 5,858 (6,284 ) — — Investments 1 541 368,021 — 368,563 Loans, net of unearned income — 2,497 696,986 — 699,483 Loans, net of unearned income—intercompany — — — — — Allowance for loan losses — — (12,783 ) — (12,783 ) Total loans, net $ — $ 2,497 $ 684,203 $ — $ 686,700 Advances to subsidiaries $ 144,587 $ — $ (144,587 ) $ — $ — Investments in subsidiaries 202,116 — — (202,116 ) — Other assets (1) 12,377 54,784 107,353 — 174,514 Other assets—intercompany 2,799 45,588 (48,387 ) — — Total assets $ 365,613 $ 494,807 $ 1,292,854 $ (202,116 ) $ 1,951,158 Liabilities and equity Deposits $ — $ — $ 1,070,590 $ — $ 1,070,590 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 145,473 20,866 — 166,339 Securities loaned and sold under repurchase agreements—intercompany — 36,581 (36,581 ) — — Trading account liabilities 1 80,100 39,793 — 119,894 Trading account liabilities—intercompany 379 5,109 (5,488 ) — — Short-term borrowings 66 11,096 33,887 — 45,049 Short-term borrowings—intercompany — 17,129 (17,129 ) — — Long-term debt 150,477 39,578 58,705 — 248,760 Long-term debt—intercompany — 66,791 (66,791 ) — — Advances from subsidiaries 20,503 — (20,503 ) — — Other liabilities 937 51,777 53,866 — 106,580 Other liabilities—intercompany 8 8,414 (8,422 ) — — Stockholders’ equity 193,242 32,759 170,061 (202,116 ) 193,946 Total liabilities and equity $ 365,613 $ 494,807 $ 1,292,854 $ (202,116 ) $ 1,951,158 (1) Other assets for Citigroup parent company at December 31, 2019 included $35.1 billion of placements to Citibank and its branches, of which $24.9 billion had a remaining term of less than 30 days. Condensed Consolidating Balance Sheet December 31, 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 $ 689 $ 22,955 $ — $ 23,645 Cash and due from banks—intercompany 19 3,545 (3,564 ) — — Deposits with banks — 4,915 159,545 — 164,460 Deposits with banks—intercompany 3,000 6,528 (9,528 ) — — Securities borrowed and purchased under resale agreements — 212,720 57,964 — 270,684 Securities borrowed and purchased under resale agreements—intercompany — 20,074 (20,074 ) — — Trading account assets 302 146,233 109,582 — 256,117 Trading account assets—intercompany 627 1,728 (2,355 ) — — Investments 7 224 358,376 — 358,607 Loans, net of unearned income — 1,292 682,904 — 684,196 Loans, net of unearned income—intercompany — — — — — Allowance for loan losses — — (12,315 ) — (12,315 ) Total loans, net $ — $ 1,292 $ 670,589 $ — $ 671,881 Advances to subsidiaries $ 143,119 $ — $ (143,119 ) $ — $ — Investments in subsidiaries 205,337 — — (205,337 ) — Other assets (1) 9,861 59,734 102,394 — 171,989 Other assets—intercompany 3,037 44,255 (47,292 ) — — Total assets $ 365,310 $ 501,937 $ 1,255,473 $ (205,337 ) $ 1,917,383 Liabilities and equity Deposits $ — $ — $ 1,013,170 $ — $ 1,013,170 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 155,830 21,938 — 177,768 Securities loaned and sold under repurchase agreements—intercompany — 21,109 (21,109 ) — — Trading account liabilities 1 95,571 48,733 — 144,305 Trading account liabilities—intercompany 410 1,398 (1,808 ) — — Short-term borrowings 207 3,656 28,483 — 32,346 Short-term borrowings—intercompany — 11,343 (11,343 ) — — Long-term debt 143,767 25,986 62,246 — 231,999 Long-term debt—intercompany — 73,884 (73,884 ) — — Advances from subsidiaries 21,471 — (21,471 ) — — Other liabilities 3,011 66,732 50,978 — 120,721 Other liabilities—intercompany 223 13,763 (13,986 ) — — Stockholders’ equity 196,220 32,665 173,526 (205,337 ) 197,074 Total liabilities and equity $ 365,310 $ 501,937 $ 1,255,473 $ (205,337 ) $ 1,917,383 (1) Other assets for Citigroup parent company at December 31, 2018 included $34.7 billion of placements to Citibank and its branches, of which $22.4 billion had a remaining term of less than 30 days. Condensed Consolidating Statement of Cash Flows Year ended December 31, 2019 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 $ 25,011 $ (35,396 ) $ (2,452 ) $ — $ (12,837 ) Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (274,491 ) $ — $ (274,491 ) Proceeds from sales of investments 5 — 137,168 — 137,173 Proceeds from maturities of investments — — 119,051 — 119,051 Change in loans — — (22,466 ) — (22,466 ) Proceeds from sales and securitizations of loans — — 2,878 — 2,878 Change in securities borrowed and purchased under agreements to resell — 15,811 3,551 — 19,362 Changes in investments and advances—intercompany (1,847 ) (870 ) 2,717 — — Other investing activities — (64 ) (4,817 ) — (4,881 ) Net cash provided by (used in) investing activities of continuing operations $ (1,842 ) $ 14,877 $ (36,409 ) $ — $ (23,374 ) Cash flows from financing activities of continuing operations Dividends paid $ (5,447 ) $ — $ — $ — $ (5,447 ) Issuance of preferred stock 1,496 — — — 1,496 Redemption of preferred stock (1,980 ) — — — (1,980 ) Treasury stock acquired (17,571 ) — — — (17,571 ) Proceeds (repayments) from issuance of long-term debt, net 1,666 10,389 (3,950 ) — 8,105 Proceeds (repayments) from issuance of long-term debt—intercompany, net — (7,177 ) 7,177 — — Change in deposits — — 57,420 — 57,420 Change in securities loaned and sold under agreements to repurchase — 5,115 (16,544 ) — (11,429 ) Change in short-term borrowings — 7,440 5,263 — 12,703 Net change in short-term borrowings and other advances—intercompany (968 ) 5,843 (4,875 ) — — Capital contributions from (to) parent — (74 ) 74 — — Other financing activities (364 ) (253 ) 253 — (364 ) Net cash provided by (used in) financing activities of continuing operations $ (23,168 ) $ 21,283 $ 44,818 $ — $ 42,933 Effect of exchange rate changes on cash and due from banks $ — $ — $ (908 ) $ — $ (908 ) Change in cash and due from banks and deposits with banks $ 1 $ 764 $ 5,049 $ — $ 5,814 Cash and due from banks and deposits with banks at beginning of period 3,020 15,677 169,408 — 188,105 Cash and due from banks and deposits with banks at end of period $ 3,021 $ 16,441 $ 174,457 $ — $ 193,919 Cash and due from banks $ 21 $ 5,681 $ 18,265 $ — $ 23,967 Deposits with banks 3,000 10,760 156,192 — 169,952 Cash and due from banks and deposits with banks at end of period $ 3,021 $ 16,441 $ 174,457 $ — $ 193,919 Supplemental disclosure of cash flow information for continuing operations Cash paid during the year for income taxes $ (393 ) $ 418 $ 4,863 $ — $ 4,888 Cash paid during the year for interest 3,820 12,664 12,198 — 28,682 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 5,500 $ — $ 5,500 Condensed Consolidating Statement of Cash Flows Year ended December 31, 2018 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 $ 21,314 $ 13,287 $ 2,351 $ — $ 36,952 Cash flows from investing activities of continuing operations Purchases of investments $ (7,955 ) $ (18 ) $ (144,514 ) $ — $ (152,487 ) Proceeds from sales of investments 7,634 3 53,854 — 61,491 Proceeds from maturities of investments — — 83,604 — 83,604 Change in loans — — (29,002 ) — (29,002 ) Proceeds from sales and securitizations of loans — — 4,549 — 4,549 Proceeds from significant disposals — — 314 — 314 Change in securities borrowed and purchased under agreements to resell — (34,018 ) (4,188 ) — (38,206 ) Changes in investments and advances—intercompany (5,566 ) (832 ) 6,398 — — Other investing activities 556 (59 ) (3,878 ) — (3,381 ) Net cash provided by (used in) investing activities of continuing operations $ (5,331 ) $ (34,924 ) $ (32,863 ) $ — $ (73,118 ) Cash flows from financing activities of continuing operations Dividends paid $ (5,020 ) $ — $ — $ — $ (5,020 ) Redemption of preferred stock (793 ) — — — (793 ) Treasury stock acquired (14,433 ) — — — (14,433 ) Proceeds from issuance of long-term debt, net (5,099 ) 10,278 (2,656 ) — 2,523 Proceeds (repayments) from issuance of long-term debt—intercompany, net — 10,708 (10,708 ) — — Change in deposits — — 53,348 — 53,348 Change in securities loaned and sold under agreements to repurchase — 23,454 (1,963 ) — 21,491 Change in short-term borrowings 32 88 (12,226 ) — (12,106 ) Net change in short-term borrowings and other advances—intercompany 1,819 (19,111 ) 17,292 — — Capital contributions from parent — (798 ) 798 — — Other financing activities (482 ) — — — (482 ) Net cash provided by (used in) financing activities of continuing operations $ (23,976 ) $ 24,619 $ 43,885 $ — $ 44,528 Effect of exchange rate changes on cash and due from banks $ — $ — $ (773 ) $ — $ (773 ) Change in cash and due from banks and deposits with banks $ (7,993 ) $ 2,982 $ 12,600 $ — $ 7,589 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 $ 3,020 $ 15,677 $ 169,408 $ — $ 188,105 Cash and due from banks $ 20 $ 4,234 $ 19,391 $ — $ 23,645 Deposits with banks 3,000 11,443 150,017 — 164,460 Cash and due from banks and deposits with banks at end of period $ 3,020 $ 15,677 $ 169,408 $ — $ 188,105 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the year for income taxes $ (783 ) $ 458 $ 4,638 $ — $ 4,313 Cash paid during the year for interest 3,854 8,671 10,438 — 22,963 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 4,200 $ — $ 4,200 Condensed Consolidating Statements of Cash Flows Year ended December 31, 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 $ 25,270 $ (33,365 ) $ (679 ) $ — $ (8,774 ) Cash flows from investing activities of continuing operations Purchases of investments $ — $ (14 ) $ (185,726 ) $ — $ (185,740 ) Proceeds from sales of investments 132 18 107,218 — 107,368 Proceeds from maturities of investments — — 84,369 — 84,369 Change in loans — — (58,062 ) — (58,062 ) Proceeds from sales and securitizations of loans — — 8,365 — 8,365 Proceeds from significant disposals — — 3,411 — 3,411 Change in securities borrowed and purchased under agreements to resell — 9,731 (5,396 ) — 4,335 Changes in investments and advances—intercompany (899 ) 9,755 (8,856 ) — — Other investing activities — (24 ) (2,773 ) — (2,797 ) Net cash provided by (used in) investing activities of continuing operations $ (767 ) $ 19,466 $ (57,450 ) $ — $ (38,751 ) Cash flows from financing activities of continuing operations Dividends paid $ (3,797 ) $ — $ — $ — $ (3,797 ) Issuance of preferred stock — — — — — Treasury stock acquired (14,541 ) — — — (14,541 ) Proceeds (repayments) from issuance of long-term debt, net 6,544 4,909 15,521 — 26,974 Proceeds (repayments) from issuance of long-term debt—intercompany, net — (2,031 ) 2,031 — — Change in deposits — — 30,416 — 30,416 Change in securities loaned and sold under agreements to repurchase — 5,748 8,708 — 14,456 Change in short-term borrowings 49 2,212 11,490 — 13,751 Net change in short-term borrowings and other advances—intercompany (22,152 ) (8,615 ) 30,767 — — Capital contributions from parent — (748 ) 748 — — Other financing activities (405 ) — — — (405 ) Net cash provided by financing activities of continuing operations $ (34,302 ) $ 1,475 $ 99,681 $ — $ 66,854 Effect of exchange rate changes on cash and due from banks $ — $ — $ 693 $ — $ 693 Change in cash and due from banks and deposits with banks $ (9,799 ) $ (12,424 ) $ 42,245 $ — $ 20,022 Cash and due from banks and deposits with banks at beginning of period 20,812 25,119 114,563 — 160,494 Cash and due from banks and deposits with banks at end of period $ 11,013 $ 12,695 $ 156,808 $ — $ 180,516 Cash and due from banks $ 13 $ 4,128 $ 19,634 $ — $ 23,775 Deposits with banks 11,000 8,567 137,174 — 156,741 Cash and due from banks and deposits with banks at end of period $ 11,013 $ 12,695 $ 156,808 $ — $ 180,516 Supplemental disclosure of cash flow information for continuing operations Cash paid during the year for income taxes $ (3,730 ) $ 678 $ 5,135 $ — $ 2,083 Cash paid during the year for interest 4,151 4,513 7,011 — 15,675 Non-cash investing activities Transfers to loans held-for-sale from loans $ — $ — $ 5,900 $ — $ 5,900 |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) 2019 2018 In millions of dollars, except per share amounts Fourth Third Second First Fourth Third Second First Revenues, net of interest expense $ 18,378 $ 18,574 $ 18,758 $ 18,576 $ 17,124 $ 18,389 $ 18,469 $ 18,872 Operating expenses 10,454 10,464 10,500 10,584 9,893 10,311 10,712 10,925 Provisions for credit losses and for benefits and claims 2,222 2,088 2,093 1,980 1,925 1,974 1,812 1,857 Income from continuing operations before income taxes $ 5,702 $ 6,022 $ 6,165 $ 6,012 $ 5,306 $ 6,104 $ 5,945 $ 6,090 Income taxes (1) 703 1,079 1,373 1,275 1,001 1,471 1,444 1,441 Income from continuing operations $ 4,999 $ 4,943 $ 4,792 $ 4,737 $ 4,305 $ 4,633 $ 4,501 $ 4,649 Income (loss) from discontinued operations, net of taxes (4 ) (15 ) 17 (2 ) (8 ) (8 ) 15 (7 ) Net income before attribution of noncontrolling interests $ 4,995 $ 4,928 $ 4,809 $ 4,735 $ 4,297 $ 4,625 $ 4,516 $ 4,642 Noncontrolling interests 16 15 10 25 (16 ) 3 26 22 Citigroup’s net income $ 4,979 $ 4,913 $ 4,799 $ 4,710 $ 4,313 $ 4,622 $ 4,490 $ 4,620 Earnings per share (2) Basic Income from continuing operations $ 2.16 $ 2.09 $ 1.94 $ 1.88 $ 1.65 $ 1.74 $ 1.62 $ 1.68 Net income 2.16 2.09 1.95 1.88 1.65 1.73 1.63 1.68 Diluted Income from continuing operations 2.15 2.08 1.94 1.87 1.65 1.74 1.62 1.68 Net income 2.15 2.07 1.95 1.87 1.64 1.73 1.63 1.68 This Note to the Consolidated Financial Statements is unaudited due to the Company’s individual quarterly results not being subject to an audit. (1) The fourth quarter of 2019 includes discrete tax items of roughly $540 million including an approximate $430 million benefit of a reduction in Citi’s valuation allowance related to its DTAs. The third quarter of 2019 includes discrete tax items of roughly $230 million , including an approximate $180 million benefit of a reduction in Citi’s valuation allowance related to its DTAs. (2) Due to averaging of shares, quarterly earnings per share may not sum to the totals reported for the full year. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of Citigroup and its subsidiaries prepared in accordance with U.S. generally accepted accounting principles (GAAP). The Company consolidates subsidiaries in which it holds, directly or indirectly, more than 50% of the voting rights or where it exercises control. Entities where the Company holds 20% to 50% of the voting rights and/or has the ability to exercise significant influence, other than investments of designated venture capital subsidiaries or investments accounted for at fair value under the fair value option, are accounted for under the equity method, and the pro rata share of their income (loss) is included in Other revenue . Income from investments in less-than- 20% -owned companies is recognized when dividends are received. As discussed in more detail in Note 21 to the Consolidated Financial Statements, Citigroup also consolidates entities deemed to be variable interest entities when Citigroup is determined to be the primary beneficiary. Gains and losses on the disposition of branches, subsidiaries, affiliates, buildings and other investments are included in Other revenue . Citibank Citibank, N.A. (Citibank) is a commercial bank and wholly owned subsidiary of Citigroup. Citibank’s principal offerings include consumer finance, mortgage lending and retail banking (including commercial banking) products and services; investment banking, cash management and trade finance; and private banking products and services. |
Variable Interest Entities | Variable Interest Entities (VIEs) An entity is a variable interest entity (VIE) if it meets either of the criteria outlined in Accounting Standards Codification (ASC) Topic 810, Consolidation , which are (i) the entity has equity that is insufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (ii) the entity has equity investors that cannot make significant decisions about the entity’s operations or that do not absorb their proportionate share of the entity’s expected losses or expected returns. The Company consolidates a VIE when it has both the power to direct the activities that most significantly impact the VIE’s economic performance and a right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE (that is, Citi is the primary beneficiary). In addition to variable interests held in consolidated VIEs, the Company has variable interests in other VIEs that are not consolidated because the Company is not the primary beneficiary. All unconsolidated VIEs are monitored by the Company to assess whether any events have occurred to cause its primary beneficiary status to change. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of Citi’s foreign operations are translated from their respective functional currencies into U.S. dollars using period-end spot foreign exchange rates. The effects of those translation adjustments are reported in Accumulated other comprehensive income (loss) , a component of stockholders’ equity, net of any related hedge and tax effects, until realized upon sale or substantial liquidation of the foreign operation, at which point such amounts related to the foreign entity are reclassified into earnings. Revenues and expenses of Citi’s foreign operations are translated monthly from their respective functional currencies into U.S. dollars at amounts that approximate weighted average exchange rates. For transactions that are denominated in a currency other than the functional currency, including transactions denominated in the local currencies of foreign operations that use the U.S. dollar as their functional currency, the effects of changes in exchange rates are primarily included in Principal transactions , along with the related effects of any economic hedges. Instruments used to hedge foreign currency exposures include foreign currency forward, option and swap contracts and, in certain instances, designated issues of non-U.S. dollar debt. Foreign operations in countries with highly inflationary economies designate the U.S. dollar as their functional currency, with the effects of changes in exchange rates primarily included in Other revenue . |
Investment Securities | Investment Securities Investments include debt and equity securities. Debt securities include bonds, notes and redeemable preferred stocks, as well as certain loan-backed and structured securities that are subject to prepayment risk. Equity securities include common and nonredeemable preferred stock. Debt Securities • Debt securities classified as “held-to-maturity” are securities that the Company has both the ability and the intent to hold until maturity and are carried at amortized cost. Interest income on such securities is included in Interest revenue . • Debt securities classified as “available-for-sale” are carried at fair value with changes in fair value reported in Accumulated other comprehensive income (loss) , a component of stockholders’ equity, net of applicable income taxes and hedges. Interest income on such securities is included in Interest revenue . Equity Securities • Marketable equity securities are measured at fair value with changes in fair value recognized in earnings. • Non-marketable equity securities are 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. Non-marketable equity securities under the measurement alternative are carried at cost plus or minus changes resulting from observed prices for orderly transactions for the identical or a similar investment of the same issuer. • Certain investments that would otherwise have been accounted for using the equity method are carried at fair value with changes in fair value recognized in earnings, since the Company elected to apply fair value accounting. For investments in debt securities classified as HTM or AFS, the accrual of interest income is suspended for investments that are in default or for which it is likely that future interest payments will not be made as scheduled. Debt securities not measured at fair value through earnings, such as securities held in HTM or AFS, and equity securities under the measurement alternative, are subject to evaluation for impairment as described in Note 13 to the Consolidated Financial Statements. Realized gains and losses on sales of investments are included in earnings, primarily on a specific identification basis. The Company uses a number of valuation techniques for investments carried at fair value, which are described in Note 24 to the Consolidated Financial Statements. |
Trading Account Assets and Liabilities | Trading Account Assets and Liabilities Trading account assets include debt and marketable equity securities, derivatives in a receivable position, residual interests in securitizations and physical commodities inventory. In addition, as described in Note 25 to the Consolidated Financial Statements, certain assets that Citigroup has elected to carry at fair value under the fair value option, such as loans and purchased guarantees, are also included in Trading account assets . Trading account liabilities include securities sold, not yet purchased (short positions) and derivatives in a net payable position, as well as certain liabilities that Citigroup has elected to carry at fair value (as described in Note 25 to the Consolidated Financial Statements). Other than physical commodities inventory, all trading account assets and liabilities are carried at fair value. Revenues generated from trading assets and trading liabilities are generally reported in Principal transactions and include realized gains and losses as well as unrealized gains and losses resulting from changes in the fair value of such instruments. Interest income on trading assets is recorded in Interest revenue reduced by interest expense on trading liabilities. Physical commodities inventory is carried at the lower of cost or market with related losses reported in Principal transactions . Realized gains and losses on sales of commodities inventory are included in Principal transactions . Investments in unallocated precious metals accounts (gold, silver, platinum and palladium) are accounted for as hybrid instruments containing a debt host contract and an embedded non-financial derivative instrument indexed to the price of the relevant precious metal. The embedded derivative instrument is separated from the debt host contract and accounted for at fair value. The debt host contract is carried at fair value under the fair value option, as described in Note 25 to the Consolidated Financial Statements. Derivatives used for trading purposes include interest rate, currency, equity, credit and commodity swap agreements, options, caps and floors, warrants, and financial and commodity futures and forward contracts. Derivative asset and liability positions are presented net by counterparty on the Consolidated Balance Sheet when a valid master netting agreement exists and the other conditions set out in ASC Topic 210-20, Balance Sheet—Offsetting , are met. See Note 22 to the Consolidated Financial Statements. The Company uses a number of techniques to determine the fair value of trading assets and liabilities, which are described in Note 24 to the Consolidated Financial Statements. |
Securities Borrowed and Securities Loaned | Securities Borrowed and Securities Loaned Securities borrowing and lending transactions do not constitute a sale of the underlying securities for accounting purposes and are treated as collateralized financing transactions. Such transactions are recorded at the amount of proceeds advanced or received plus accrued interest. As described in Note 25 to the Consolidated Financial Statements, the Company has elected to apply fair value accounting to a number of securities borrowing and lending transactions. Fees paid or received for all securities lending and borrowing transactions are recorded in Interest expense or Interest revenue at the contractually specified rate. The Company monitors the fair value of securities borrowed or loaned on a daily basis and obtains or posts additional collateral in order to maintain contractual margin protection. As described in Note 24 to the Consolidated Financial Statements, the Company uses a discounted cash flow technique to determine the fair value of securities lending and borrowing transactions. |
Repurchase and Resale Agreements | Repurchase and Resale Agreements Securities sold under agreements to repurchase (repos) and securities purchased under agreements to resell (reverse repos) do not constitute a sale (or purchase) of the underlying securities for accounting purposes and are treated as collateralized financing transactions. As described in Note 25 to the Consolidated Financial Statements, the Company has elected to apply fair value accounting to certain of such transactions, with changes in fair value reported in earnings. Any transactions for which fair value accounting has not been elected are recorded at the amount of cash advanced or received plus accrued interest. Irrespective of whether the Company has elected fair value accounting, interest paid or received on all repo and reverse repo transactions is recorded in Interest expense or Interest revenue at the contractually specified rate. Where the conditions of ASC 210-20-45-11, Balance Sheet—Offsetting: Repurchase and Reverse Repurchase Agreements , are met, repos and reverse repos are presented net on the Consolidated Balance Sheet. The Company’s policy is to take possession of securities purchased under reverse repurchase agreements. The Company monitors the fair value of securities subject to repurchase or resale on a daily basis and obtains or posts additional collateral in order to maintain contractual margin protection. As described in Note 24 to the Consolidated Financial Statements, the Company uses a discounted cash flow technique to determine the fair value of repo and reverse repo transactions. |
Loans | Loans Loans are reported at their outstanding principal balances net of any unearned income and unamortized deferred fees and costs, except for credit card receivable balances, which include accrued interest and fees. Loan origination fees and certain direct origination costs are generally deferred and recognized as adjustments to income over the lives of the related loans. As described in Note 25 to the Consolidated Financial Statements, Citi has elected fair value accounting for certain loans. Such loans are carried at fair value with changes in fair value reported in earnings. Interest income on such loans is recorded in Interest revenue at the contractually specified rate. Loans that are held-for-investment are classified as Loans, net of unearned income on the Consolidated Balance Sheet, and the related cash flows are included within the cash flows from investing activities category in the Consolidated Statement of Cash Flows on the line Change in loans . However, when the initial intent for holding a loan has changed from held-for-investment to held-for-sale (HFS), the loan is reclassified to HFS, but the related cash flows continue to be reported in cash flows from investing activities in the Consolidated Statement of Cash Flows on the line Proceeds from sales and securitizations of loans . Consumer Loans Consumer loans represent loans and leases managed primarily by the Global Consumer Banking (GCB) businesses and Corporate/Other . Consumer Non-accrual and Re-aging Policies As a general rule, interest accrual ceases for installment and real estate (both open- and closed-end) loans when payments are 90 days contractually past due. For credit cards and other unsecured revolving loans, however, Citi generally accrues interest until payments are 180 days past due. As a result of OCC guidance, home equity loans in regulated bank entities are classified as non-accrual if the related residential first mortgage is 90 days or more past due. Also as a result of OCC guidance, mortgage loans in regulated bank entities are classified as non-accrual within 60 days of notification that the borrower has filed for bankruptcy, other than Federal Housing Administration (FHA)-insured loans. Loans that have been modified to grant a concession to a borrower in financial difficulty may not be accruing interest at the time of the modification. The policy for returning such modified loans to accrual status varies by product and/or region. In most cases, a minimum number of payments (ranging from one to six ) is required, while in other cases the loan is never returned to accrual status. For regulated bank entities, such modified loans are returned to accrual status if a credit evaluation at the time of, or subsequent to, the modification indicates the borrower is able to meet the restructured terms, and the borrower is current and has demonstrated a reasonable period of sustained payment performance (minimum six months of consecutive payments). For U.S. consumer loans, generally one of the conditions to qualify for modification is that a minimum number of payments (typically ranging from one to three ) must be made. Upon modification, the loan is re-aged to current status. However, re-aging practices for certain open-ended consumer loans, such as credit cards, are governed by Federal Financial Institutions Examination Council (FFIEC) guidelines. For open-ended consumer loans subject to FFIEC guidelines, one of the conditions for the loan to be re-aged to current status is that at least three consecutive minimum monthly payments, or the equivalent amount, must be received. In addition, under FFIEC guidelines, the number of times that such a loan can be re-aged is subject to limitations (generally once in 12 months and twice in five years). Furthermore, FHA and Department of Veterans Affairs (VA) loans may only be modified under those respective agencies’ guidelines, and payments are not always required in order to re-age a modified loan to current. Consumer Charge-Off Policies Citi’s charge-off policies follow the general guidelines below: • Unsecured installment loans are charged off at 120 days contractually past due. • Unsecured revolving loans and credit card loans are charged off at 180 days contractually past due. • Loans secured with non-real estate collateral are written down to the estimated value of the collateral, less costs to sell, at 120 days contractually past due. • Real estate-secured loans are written down to the estimated value of the property, less costs to sell, at 180 days contractually past due. • Real estate-secured loans are charged off no later than 180 days contractually past due if a decision has been made not to foreclose on the loans. • Unsecured loans in bankruptcy are charged off within 60 days of notification of filing by the bankruptcy court or in accordance with Citi’s charge-off policy, whichever occurs earlier. • Real estate-secured loans in bankruptcy, other than FHA-insured loans, are written down to the estimated value of the property, less costs to sell, within 60 days of notification that the borrower has filed for bankruptcy or in accordance with Citi’s charge-off policy, whichever is earlier. • Commercial banking loans are written down to the extent that principal is judged to be uncollectable. Corporate Loans Corporate loans represent loans and leases managed by Institutional Clients Group ( ICG ). Corporate loans are identified as impaired and placed on a cash (non-accrual) basis when it is determined, 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 or when interest or principal is 90 days past due, except when the loan is well collateralized and in the process of collection. Any interest accrued on impaired corporate loans and leases is reversed at 90 days past due and charged against current earnings, and interest is thereafter included in earnings only to the extent actually received in cash. When there is doubt regarding the ultimate collectability of principal, all cash receipts are thereafter applied to reduce the recorded investment in the loan. Impaired corporate loans and leases are written down to the extent that principal is deemed to be uncollectable. Impaired collateral-dependent loans and leases, where repayment is expected to be provided solely by the sale of the underlying collateral and there are no other available and reliable sources of repayment, are written down to the lower of carrying value or collateral value. Cash-basis loans are returned to accrual status when all contractual principal and interest amounts are reasonably assured of repayment and there is a sustained period of repayment performance in accordance with the contractual terms. |
Loans Held-for-Sale | Loans Held-for-Sale Corporate and consumer loans that have been identified for sale are classified as loans HFS and included in Other assets . The practice of Citi’s U.S. prime mortgage business has been to sell substantially all of its conforming loans. As such, U.S. prime mortgage conforming loans are classified as HFS and the fair value option is elected at origination, with changes in fair value recorded in Other revenue . With the exception of those loans for which the fair value option has been elected, HFS loans are accounted for at the lower of cost or market value, with any write-downs or subsequent recoveries charged to Other revenue . The related cash flows are classified in the Consolidated Statement of Cash Flows in the cash flows from operating activities category on the line Change in loans held-for-sale . |
Allowance for Loan Losses | Allowance for Loan Losses Allowance for loan losses represents management’s best estimate of probable losses inherent in the portfolio, including probable losses related to large individually evaluated impaired loans and troubled debt restructurings. Attribution of the allowance is made for analytical purposes only, and the entire allowance is available to absorb probable loan losses inherent in the overall portfolio. Additions to the allowance are made through the Provision for loan losses . Loan losses are deducted from the allowance and subsequent recoveries are added. Assets received in exchange for loan claims in a restructuring are initially recorded at fair value, with any gain or loss reflected as a recovery or charge-off in the provision. Consumer Loans For consumer loans, each portfolio of non-modified smaller-balance homogeneous loans is independently evaluated for impairment by product type (e.g., residential mortgage, credit card, etc.) in accordance with ASC 450, Contingencies . The allowance for loan losses attributed to these loans is established via a process that estimates the probable losses inherent in the specific portfolio. This process includes migration analysis, in which historical delinquency and credit loss experience is applied to the current aging of the portfolio, together with analyses that reflect current and anticipated economic conditions, including changes in housing prices and unemployment trends. Citi’s allowance for loan losses under ASC 450 only considers contractual principal amounts due, except for credit card loans, where estimated loss amounts related to accrued interest receivable are also included. Management also considers overall portfolio indicators, including historical credit losses; delinquent, non-performing and classified loans; trends in volumes and terms of loans; an evaluation of overall credit quality; the credit process, including lending policies and procedures; and economic, geographical, product and other environmental factors. Separate valuation allowances are determined for impaired smaller-balance homogeneous loans whose terms have been modified in a troubled debt restructuring (TDR). Long-term modification programs, and short-term (less than 12 months) modifications that provide concessions (such as interest rate reductions) to borrowers in financial difficulty, are reported as TDRs. In addition, loan modifications that involve a trial period are reported as TDRs at the start of the trial period. The allowance for loan losses for TDRs is determined in accordance with ASC 310-10-35, Receivables—Subsequent Measurement , considering all available evidence, including, as appropriate, the present value of the expected future cash flows discounted at the loan’s original contractual effective rate, the secondary market value of the loan and the fair value of collateral less disposal costs. These expected cash flows incorporate modification program default rate assumptions. The original contractual effective rate for credit card loans is the pre-modification rate, which may include interest rate increases under the original contractual agreement with the borrower. Corporate Loans In the corporate portfolios, the Allowance for loan losses includes an asset-specific component and a statistically based component. The asset-specific component is calculated under ASC 310-10-35 for larger-balance, non-homogeneous loans that are considered impaired. An asset-specific allowance is established when the discounted cash flows, collateral value (less disposal costs) or observable market price of the impaired loan are lower than its carrying value. This allowance considers the borrower’s overall financial condition, resources and payment record, the prospects for support from any financially responsible guarantors (discussed further below) and, if appropriate, the realizable value of any collateral. The asset-specific component of the allowance for smaller-balance impaired loans is calculated on a pool basis considering historical loss experience. The allowance for the remainder of the loan portfolio is determined under ASC 450 using a statistical methodology, supplemented by management judgment. The statistical analysis considers the portfolio’s size, remaining tenor and credit quality as measured by internal risk ratings assigned to individual credit facilities, which reflect probability of default and loss given default. The statistical analysis considers historical default rates and historical loss severity in the event of default, including historical average levels and historical variability. The result is an estimated range for inherent losses. The best estimate within the range is then determined by management’s quantitative and qualitative assessment of current conditions, including general economic conditions, specific industry and geographic trends and internal factors including portfolio concentrations, trends in internal credit quality indicators and current and past underwriting standards. For both the asset-specific and the statistically based components of the Allowance for loan losses , management may incorporate guarantor support. The financial wherewithal of the guarantor is evaluated, as applicable, based on net worth, cash flow statements and personal or company financial statements, which are updated and reviewed at least annually. Citi seeks performance on guarantee arrangements in the normal course of business. Seeking performance entails obtaining satisfactory cooperation from the guarantor or borrower in the specific situation. This regular cooperation is indicative of pursuit and successful enforcement of the guarantee; the exposure is reduced without the expense and burden of pursuing a legal remedy. A guarantor’s reputation and willingness to work with Citigroup are evaluated based on the historical experience with the guarantor and knowledge of the marketplace. In the rare event that the guarantor is unwilling or unable to perform or facilitate borrower cooperation, Citi pursues a legal remedy; however, enforcing a guarantee via legal action against the guarantor is not the primary means of resolving a troubled loan situation and rarely occurs. If Citi does not pursue a legal remedy, it is because Citi does not believe that the guarantor has the financial wherewithal to perform regardless of legal action or because there are legal limitations on simultaneously pursuing guarantors and foreclosure. A guarantor’s reputation does not impact Citi’s decision or ability to seek performance under the guarantee. In cases where a guarantee is a factor in the assessment of loan losses, it is included via adjustment to the loan’s internal risk rating, which in turn is the basis for the adjustment to the statistically based component of the Allowance for loan losses . To date, it is only in rare circumstances that an impaired commercial loan or commercial real estate loan is carried at a value in excess of the appraised value due to a guarantee. When Citi’s monitoring of the loan indicates that the guarantor’s wherewithal to pay is uncertain or has deteriorated, there is either no change in the risk rating, because the guarantor’s credit support was never initially factored in, or the risk rating is adjusted to reflect that uncertainty or deterioration. Accordingly, a guarantor’s ultimate failure to perform or a lack of legal enforcement of the guarantee does not materially impact the allowance for loan losses, as there is typically no further significant adjustment of the loan’s risk rating at that time. Where Citi is not seeking performance under the guarantee contract, it provides for loan losses as if the loans were non-performing and not guaranteed. Reserve Estimates and Policies Management provides reserves for an estimate of probable losses inherent in the funded loan portfolio on the Consolidated Balance Sheet in the form of an allowance for loan losses. These reserves are established in accordance with Citigroup’s credit reserve policies, as approved by the Audit Committee of the Citigroup Board of Directors. Citi’s Chief Risk Officer and Chief Financial Officer review the adequacy of the credit loss reserves each quarter with representatives from the risk management and finance staffs for each applicable business area. Applicable business areas include those having classifiably managed portfolios, where internal credit-risk ratings are assigned (primarily ICG and GCB ) or modified consumer loans, where concessions were granted due to the borrowers’ financial difficulties. The aforementioned representatives for these business areas present recommended reserve balances for their funded and unfunded lending portfolios along with supporting quantitative and qualitative data discussed below: Estimated probable losses for non-performing, non-homogeneous exposures within a business line’s classifiably managed portfolio and impaired smaller-balance homogeneous loans whose terms have been modified due to the borrowers’ financial difficulties, where it was determined that a concession was granted to the borrower. Consideration may be given to the following, as appropriate, when determining this estimate: (i) the present value of expected future cash flows discounted at the loan’s original effective rate, (ii) the borrower’s overall financial condition, resources and payment record and (iii) the prospects for support from financially responsible guarantors or the realizable value of any collateral. In the determination of the allowance for loan losses for TDRs, management considers a combination of historical re-default rates, the current economic environment and the nature of the modification program when forecasting expected cash flows. When impairment is measured based on the present value of expected future cash flows, the entire change in present value is recorded in Provision for loan losses . Statistically calculated losses inherent in the classifiably managed portfolio for performing and de minimis non-performing exposures. The calculation is based on (i) Citi’s internal system of credit-risk ratings, which are analogous to the risk ratings of the major rating agencies, and (ii) historical default and loss data, including rating agency information regarding default rates from 1983 to 2017 and internal data dating to the early 1970s on severity of losses in the event of default. Adjustments may be made to this data. Such adjustments include (i) statistically calculated estimates to cover the historical fluctuation of the default rates over the credit cycle, the historical variability of loss severity among defaulted loans and the degree to which there are large obligor concentrations in the global portfolio and (ii) adjustments made for specific known items, such as current environmental factors and credit trends. In addition, representatives from each of the risk management and finance staffs who cover business areas with delinquency-managed portfolios containing smaller-balance homogeneous loans present their recommended reserve balances based on leading credit indicators, including loan delinquencies and changes in portfolio size as well as economic trends, including current and future housing prices, unemployment, length of time in foreclosure, costs to sell and GDP. This methodology is applied separately for each individual product within each geographic region in which these portfolios exist. This evaluation process is subject to numerous estimates and judgments. The frequency of default, risk ratings, loss recovery rates, the size and diversity of individual large credits and the ability of borrowers with foreign currency obligations to obtain the foreign currency necessary for orderly debt servicing, among other things, are all taken into account during this review. Changes in these estimates could have a direct impact on the credit costs in any period and could result in a change in the allowance. Allowance for Unfunded Lending Commitments A similar approach to the allowance for loan losses is used for calculating a reserve for the expected losses related to unfunded lending commitments and standby letters of credit. This reserve is classified on the Consolidated Balance Sheet in Other liabilities . Changes to the allowance for unfunded lending commitments are recorded in Provision for unfunded lending commitments . |
Mortgage Servicing Rights | Mortgage Servicing Rights (MSRs) Mortgage servicing rights (MSRs) are recognized as intangible assets when purchased or when the Company sells or securitizes loans acquired through purchase or origination and retains the right to service the loans. Mortgage servicing rights are accounted for at fair value, with changes in value recorded in Other revenue in the Company’s Consolidated Statement of Income. |
Goodwill | Goodwill Goodwill represents the excess of acquisition cost over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is subject to annual impairment testing and interim assessments between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. Under ASC Topic 350, Intangibles—Goodwill and Other , the Company has an option to assess qualitative factors to determine if it is necessary to perform the goodwill impairment test. If, after assessing the totality of events or circumstances, the Company determines that it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, no further testing is necessary. If, however, the Company determines that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, then the Company must perform the first step of the two-step goodwill impairment test. The Company has an unconditional option to bypass the qualitative assessment for any reporting unit in any reporting period and proceed directly to the first step of the goodwill impairment test. The first step requires a comparison of the fair value of the individual reporting unit to its carrying value, including goodwill. If the fair value of the reporting unit is in excess of the carrying value, the related goodwill is considered not impaired and no further analysis is necessary. If the carrying value of the reporting unit exceeds the fair value, this is an indication of potential impairment and the second step of testing is performed to measure the amount of impairment, if any, for that reporting unit. If required, the second step involves calculating the implied fair value of goodwill for each of the affected reporting units. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination, which is the excess of the fair value of the reporting unit determined in step one over the fair value of the net assets and identifiable intangibles as if the reporting unit were being acquired. If the amount of the goodwill allocated to the reporting unit exceeds the implied fair value of the goodwill in the pro forma purchase price allocation, an impairment charge is recorded for the excess. A recognized impairment charge cannot exceed the amount of goodwill allocated to a reporting unit and cannot subsequently be reversed even if the fair value of the reporting unit recovers. Upon any business disposition, goodwill is allocated to, and derecognized with, the disposed business based on the ratio of the fair value of the disposed business to the fair value of the reporting unit. |
Intangible Assets | Intangible Assets Intangible assets— including core deposit intangibles, present value of future profits, purchased credit card relationships, credit card contract related intangibles, other customer relationships and other intangible assets, but excluding MSRs — are amortized over their estimated useful lives. Intangible assets that are deemed to have indefinite useful lives, primarily trade names, are not amortized and are subject to annual impairment tests. An impairment exists if the carrying value of the indefinite-lived intangible asset exceeds its fair value. For other intangible assets subject to amortization, an impairment is recognized if the carrying amount is not recoverable and exceeds the fair value of the intangible asset. |
Other Assets and Other Liabilities | Other Assets and Other Liabilities Other assets include, among other items, loans HFS, deferred tax assets, equity method investments, interest and fees receivable, lease right-of-use assets, premises and equipment (including purchased and developed software), repossessed assets and other receivables. Other liabilities include, among other items, accrued expenses and other payables, lease liabilities, deferred tax liabilities and reserves for legal claims, taxes, unfunded lending commitments, repositioning reserves and other matters. |
Other Real Estate Owned and Repossessed Assets | Other Real Estate Owned and Repossessed Assets Real estate or other assets received through foreclosure or repossession are generally reported in Other assets , net of a valuation allowance for selling costs and subsequent declines in fair value. |
Securitizations | Securitizations There are two key accounting determinations that must be made relating to securitizations. Citi first makes a determination as to whether the securitization entity must be consolidated. Second, it determines whether the transfer of financial assets to the entity is considered a sale under GAAP. If the securitization entity is a VIE, the Company consolidates the VIE if it is the primary beneficiary (as discussed in “Variable Interest Entities” above). For all other securitization entities determined not to be VIEs in which Citigroup participates, consolidation is based on which party has voting control of the entity, giving consideration to removal and liquidation rights in certain partnership structures. Only securitization entities controlled by Citigroup are consolidated. Interests in the securitized and sold assets may be retained in the form of subordinated or senior interest-only strips, subordinated tranches, spread accounts and servicing rights. In credit card securitizations, the Company retains a seller’s interest in the credit card receivables transferred to the trusts, which is not in securitized form. In the case of consolidated securitization entities, including the credit card trusts, these retained interests are not reported on Citi’s Consolidated Balance Sheet. The securitized loans remain on the balance sheet. Substantially all of the consumer loans sold or securitized through non-consolidated trusts by Citigroup are U.S. prime residential mortgage loans. Retained interests in non-consolidated mortgage securitization trusts are classified as Trading account assets , except for MSRs, which are included in Intangible assets on Citigroup’s Consolidated Balance Sheet. |
Debt | Debt Short-term borrowings and Long-term debt are accounted for at amortized cost, except where the Company has elected to report the debt instruments, including certain structured notes at fair value, or the debt is in a fair value hedging relationship. |
Transfers of Financial Assets | Transfers of Financial Assets For a transfer of financial assets to be considered a sale: (i) the assets must be legally isolated from the Company, even in bankruptcy or other receivership, (ii) the purchaser must have the right to pledge or sell the assets transferred (or, if the purchaser is an entity whose sole purpose is to engage in securitization and asset-backed financing activities through the issuance of beneficial interests and that entity is constrained from pledging the assets it receives, each beneficial interest holder must have the right to sell or pledge their beneficial interests) and (iii) the Company may not have an option or obligation to reacquire the assets. If these sale requirements are met, the assets are removed from the Company’s Consolidated Balance Sheet. If the conditions for sale are not met, the transfer is considered to be a secured borrowing, the assets remain on the Consolidated Balance Sheet and the sale proceeds are recognized as the Company’s liability. A legal opinion on a sale generally is obtained for complex transactions or where the Company has continuing involvement with assets transferred or with the securitization entity. For a transfer to be eligible for sale accounting, that opinion must state that the asset transfer would be considered a sale and that the assets transferred would not be consolidated with the Company’s other assets in the event of the Company’s insolvency. For a transfer of a portion of a financial asset to be considered a sale, the portion transferred must meet the definition of a participating interest. A participating interest must represent a pro rata ownership in an entire financial asset; all cash flows must be divided proportionately, with the same priority of payment; no participating interest in the transferred asset may be subordinated to the interest of another participating interest holder; and no party may have the right to pledge or exchange the entire financial asset unless all participating interest holders agree. Otherwise, the transfer is accounted for as a secured borrowing. |
Risk Management Activities-Derivatives Used for Hedging Purposes | Risk Management Activities—Derivatives Used for Hedging Purposes The Company manages its exposures to market movements outside of its trading activities by modifying the asset and liability mix, either directly or through the use of derivative financial products, including interest rate swaps, futures, forwards and purchased options, as well as foreign-exchange contracts. These end-user derivatives are carried at fair value in Trading account assets and Trading account liabilities . |
Instrument-specific Credit Risk | Instrument-specific Credit Risk Citi presents 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. Accordingly, the change in fair value of liabilities for which the fair value option was elected, related to changes in Citigroup’s own credit spreads, is presented in AOCI . |
Employee Benefits Expense | Employee Benefits Expense Employee benefits expense includes current service costs of pension and other postretirement benefit plans (which are accrued on a current basis), contributions and unrestricted awards under other employee plans, the amortization of restricted stock awards and costs of other employee benefits. For its most significant pension and postretirement benefit plans (Significant Plans), Citigroup measures and discloses plan obligations, plan assets and periodic plan expense quarterly, instead of annually. The effect of remeasuring the Significant Plan obligations and assets by updating plan actuarial assumptions on a quarterly basis is reflected in Accumulated other comprehensive income (loss) |
Stock-Based Compensation | Stock-Based Compensation |
Income Taxes | Income Taxes The Company is subject to the income tax laws of the U.S. and its states and municipalities, as well as the non-U.S. jurisdictions in which it operates. These tax laws are complex and may be subject to different interpretations by the taxpayer and the relevant governmental taxing authorities. In establishing a provision for income tax expense, the Company must make judgments and interpretations about these tax laws. The Company must also make estimates about when in the future certain items will affect taxable income in the various tax jurisdictions, both domestic and foreign. Disputes over interpretations of the tax laws may be subject to review and adjudication by the court systems of the various tax jurisdictions, or may be settled with the taxing authority upon examination or audit. The Company treats interest and penalties on income taxes as a component of Income tax expense . Deferred taxes are recorded for the future consequences of events that have been recognized in financial statements or tax returns, based upon enacted tax laws and rates. Deferred tax assets are recognized subject to management’s judgment about whether realization is more-likely-than-not. ASC 740, Income Taxes , sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. This interpretation uses a two-step approach wherein a tax benefit is recognized if a position is more-likely-than-not to be sustained. The amount of the benefit is then measured to be the highest tax benefit that is more than 50% likely to be realized. ASC 740 also sets out disclosure requirements to enhance transparency of an entity’s tax reserves. |
Commissions, Underwriting and Principal Transactions | Commissions, Underwriting and Principal Transactions Commissions and fees revenues are recognized in income when earned. Underwriting revenues are recognized in income typically at the closing of the transaction. Principal transactions |
Earnings per Share | Earnings per Share Earnings per share (EPS) is computed after deducting preferred stock dividends. The Company has granted restricted and deferred share awards with dividend rights that are considered to be participating securities, which are akin to a second class of common stock. Accordingly, a portion of Citigroup’s earnings is allocated to those participating securities in the EPS calculation. Basic earnings per share is computed by dividing income available to common stockholders after the allocation of dividends and undistributed earnings to the participating securities by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. It is computed after giving consideration to the weighted average dilutive effect of the Company’s stock options and warrants and convertible securities and after the allocation of earnings to the participating securities. Anti-dilutive options and warrants are disregarded in the EPS calculations. |
Use of Estimates | Use of Estimates Management must make estimates and assumptions that affect the Consolidated Financial Statements and the related Notes to the Consolidated Financial Statements. Such estimates are used in connection with certain fair value measurements. See Note 24 to the Consolidated Financial Statements for further discussions on estimates used in the determination of fair value. Moreover, estimates are significant in determining the amounts of other-than-temporary impairments, impairments of goodwill and other intangible assets, provisions for probable losses that may arise from credit-related exposures and probable and estimable losses related to litigation and regulatory proceedings, and income taxes. While management makes its best judgment, actual amounts or results could differ from those estimates. |
Cash Flows | Cash Flows Cash equivalents are defined as those amounts included in Cash and due from banks and predominately all of Deposits with banks . Cash flows from risk management activities are classified in the same category as the related assets and liabilities. |
Related Party Transactions | Related Party Transactions The Company has related party transactions with certain of its subsidiaries and affiliates. These transactions, which are primarily short-term in nature, include cash accounts, collateralized financing transactions, margin accounts, derivative transactions, charges for operational support and the borrowing and lending of funds, and are entered into in the ordinary course of business. |
Accounting Changes | ACCOUNTING CHANGES Lease Accounting In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which increases the transparency and comparability of accounting for lease transactions. The ASU requires lessees to recognize liabilities for operating leases and corresponding right-of-use (ROU) assets on the balance sheet. The ASU also requires quantitative and qualitative disclosures regarding key information about leasing arrangements. Lessee accounting for finance leases, as well as lessor accounting, are largely unchanged. Effective January 1, 2019, the Company prospectively adopted the provisions of the ASU. At adoption, Citi recognized a lease liability and a corresponding ROU asset of approximately $4.4 billion on the Consolidated Balance Sheet related to its future lease payments as a lessee under operating leases. In addition, the Company recorded a $151 million increase in Retained earnings for the cumulative effect of recognizing previously deferred gains on sale/leaseback transactions. Adoption of the ASU did not have a material impact on the Consolidated Statement of Income. See Notes 14 and 26 for additional details. The Company has elected not to separate lease and non-lease components in its lease contracts and accounts for them as a single lease component. Citi has also elected not to record an ROU asset for short-term leases that have a term of 12 months or less and do not contain purchase options that Citi is reasonably certain to exercise. The cost of short-term leases is recognized in the Consolidated Statement of Income on a straight-line basis over the lease term. In addition, Citi applies the portfolio approach to account for certain equipment leases with nearly identical contractual terms. Lessee accounting Operating lease ROU assets and lease liabilities are included in Other assets and Other liabilities , respectively, on the Consolidated Balance Sheet. Finance lease assets and liabilities are included in Other assets and Long-term debt , respectively, on the Consolidated Balance Sheet. The Company uses its incremental borrowing rate, factoring in the lease term, to determine the lease liability, which is measured at the present value of future lease payments. The ROU asset is initially measured at the amount of the lease liability plus any prepaid rent and remaining initial direct costs, less any remaining lease incentives and accrued rent. The ROU asset is subject to impairment, during the lease term, in a manner consistent with the impairment of long-lived assets. The lease terms include periods covered by options to extend or terminate the lease depending on whether Citi is reasonably certain to exercise such options. Lessor accounting Lessor accounting is largely unchanged under the ASU. Citi acts as a lessor for power, railcar, shipping and aircraft assets, where the Company has executed operating, direct financing and leveraged leasing arrangements. In a direct financing or a leveraged lease, Citi derecognizes the leased asset and records a lease financing receivable at lease commencement in Loans . Upon lease termination, Citi may obtain control of the asset, which is then recorded in Other assets on the Consolidated Balance Sheet and any remaining receivable for the asset’s residual value is derecognized. Under the ASU, leveraged lease accounting is grandfathered and may continue to be applied until the leveraged lease is terminated or modified. Upon modification, the lease must be classified as an operating, direct finance or sales-type lease in accordance with the ASU. Separately, as part of managing its real estate footprint, Citi subleases excess real estate space via operating lease arrangements. SEC Staff Accounting Bulletin 118 On December 22, 2017, the SEC issued Staff Accounting Bulletin (SAB) 118, which set forth the accounting for the changes in tax law caused by the enactment of the Tax Cuts and Jobs Act (Tax Reform). SAB 118 provided guidance where the accounting under ASC 740 was incomplete for certain income tax effects of Tax Reform, at the time of the issuance of an entity’s financial statements for the period in which Tax Reform was enacted (provisional items). Citi disclosed several provisional items recorded as part of its $22.6 billion fourth quarter 2017 charge related to Tax Reform. Citi completed its accounting for Tax Reform under SAB 118 during the fourth quarter of 2018 and recorded a one-time, non-cash tax benefit of $94 million in Corporate/Other related to amounts that were considered provisional pursuant to SAB 118. The adjustments for the provisional amounts consisted of a $1.2 billion benefit relating to a reduction of the valuation allowance against Citi’s FTC carry-forwards and its U.S. residual DTAs related to its non-U.S. branches, offset by additional charges of $0.2 billion related to the impact of a change to a “quasi-territorial tax system” and $0.9 billion related to the impact of deemed repatriation of undistributed earnings of non-U.S. subsidiaries. Also, Citi has made a policy election to account for taxes on Global Intangible Low Taxed Income (GILTI) as incurred. Revenue Recognition In May 2014, the FASB issued ASU No. 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 $1 billion for each of the years ended December 31, 2019 and 2018 with similar amounts for prior years. Prior to adoption, these expense amounts were reported as contra revenue primarily within Commissions and fees and Administration and other fiduciary fees revenues. 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 clarified 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. Citi adopted the ASU upon its effective date on January 1, 2018, prospectively. 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. There was no impact during 2018 from the adoption of this ASU. 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 expenses . 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 was applied prospectively. The components of the net benefit expense are disclosed in Note 8 to the Consolidated Financial Statements. The 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. 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 Consolidated 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 Consolidated Statement of Cash Flows for the year ended December 31, 2017 increased by $19.3 billion . Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income On February 14, 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The ASU allows a reclassification from AOCI to Retained earnings for the deferred taxes previously recorded in AOCI that exceed the current federal tax rate of 21%, resulting from the newly enacted corporate tax rate in Tax Reform, and other stranded tax amounts related to the application of Tax Reform that Citi elects to reclassify. The ASU allows adjustments to reclassification amounts in subsequent periods as a result of changes to the amounts recorded under SAB 118. Citi elected to early adopt the ASU effective December 31, 2017, which applied only to the period in which the effects related to the one-time Tax Reform charge were recognized. In addition to the reclassification of deferred taxes recorded in AOCI that exceed the current federal tax rate, Citi also reclassified amounts recorded in AOCI related to the effects of the shift to a territorial system related to the application of Tax Reform using the portfolio method. The effect of adopting the ASU resulted in an increase of $3.3 billion to Retained earnings at December 31, 2017 due to the reclassification of AOCI to Retained earnings . Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued 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. Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The amendments modify certain disclosure requirements for fair value measurements and were effective January 1, 2020, with early adoption permitted. The Company early adopted this ASU as of December 31, 2019 in its entirety, with no material impact on the Company. FUTURE ACCOUNTING CHANGES Accounting for Financial Instruments—Credit Losses Overview In June 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326). The ASU introduces a new credit loss methodology, the Current Expected Credit Losses (CECL) methodology, which requires earlier recognition of credit losses while also providing additional transparency about credit risk. Citi adopted the ASU as of January 1, 2020, which, as discussed below, resulted in an increase in Citi’s Allowance for credit losses and a decrease to opening Retained earnings , net of deferred income taxes, at January 1, 2020. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity debt securities, receivables and other financial assets measured at amortized cost at the time the financial asset is originated or acquired. The allowance for credit losses is adjusted each period for changes in expected lifetime credit losses. The CECL methodology represents a significant change from prior U.S. GAAP and replaced the prior multiple existing impairment methods, which generally required that a loss be incurred before it was recognized. Within the life cycle of a loan or other financial asset, the methodology generally results in the earlier recognition of the provision for credit losses and the related allowance for credit losses than prior U.S. GAAP. For available-for-sale debt securities where fair value is less than cost, that Citi intends to hold or more-likely-than-not will not be required to sell, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk. January 1, 2020 CECL Transition (Day 1) Impact The CECL methodology’s impact on expected credit losses, among other things, reflects Citi’s view of the current state of the economy, forecasted macroeconomic conditions and Citi’s portfolios. At the January 1, 2020 date of adoption, based on forecasts of macroeconomic conditions and exposures at that time, the aggregate impact to Citi was an approximate $4.1 billion , or an approximate 29% , pretax increase in the Allowance for credit losses , along with a $3.1 billion after-tax decrease in Retained earnings and a deferred tax asset increase of $1.0 billion . This transition impact reflects (i) a $4.9 billion build to the Allowance for credit losses for Citi’s consumer exposures, primarily driven by the impact on credit card receivables of longer estimated tenors under the CECL lifetime expected credit loss methodology (loss coverage of approximately 23 months ) compared to shorter estimated tenors under the probable loss methodology under prior U.S. GAAP (loss coverage of approximately 14 months ), net of recoveries; and (ii) a release of $0.8 billion of reserves primarily related to Citi’s corporate net loan loss exposures, largely due to more precise contractual maturities that result in shorter remaining tenors, incorporation of recoveries and use of more specific historical loss data based on an increase in portfolio segmentation across industries and geographies. Under the CECL methodology, the Allowance for credit losses consists of quantitative and qualitative components. Citi’s quantitative component of the Allowance for credit losses is model based and utilizes a single forward-looking macroeconomic forecast, complemented by the qualitative component described below, in estimating expected credit losses and discounts inputs for the corporate classifiably managed portfolios. Reasonable and supportable forecast periods vary by product. For example, Citi’s consumer cards models use a 13-quarter reasonable and supportable period and revert to historical loss experience thereafter, while its corporate loan models use a nine-quarter reasonable and supportable period followed by a three-quarter graduated transition to historical loss experience. Citi’s qualitative component of the Allowance for credit losses considers (i) the uncertainty of forward-looking scenarios based on the likelihood and severity of a possible recession as another possible scenario; (ii) certain portfolio characteristics, such as portfolio concentration and collateral coverage; and (iii) model limitations as well as idiosyncratic events. Subsequent Measurement of Goodwill In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The ASU simplifies the subsequent measurement of goodwill impairment by eliminating the requirement to calculate the implied fair value of goodwill (i.e., the current step 2 of the goodwill impairment test) to measure a goodwill impairment charge. Under the ASU, the impairment test is the comparison of the fair value of a reporting unit with its carrying amount (the current step 1), with the impairment charge being the deficit in fair value but not exceeding the total amount of goodwill allocated to that reporting unit. The simplified one-step impairment test applies to all reporting units (including those with zero or negative carrying amounts). The ASU was adopted by Citi as of January 1, 2020 with prospective application. The impact of the ASU will depend upon the performance of Citi’s reporting units and the market conditions impacting the fair value of each reporting unit going forward. |
DISCONTINUED OPERATIONS AND S_2
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summarized financial information disposal groups including discontinued operations | Income before taxes for the divested business, excluding the pretax gain on sale, was as follows: In millions of dollars 2019 2018 2017 Income before taxes $ — $ — $ 41 The following summarizes financial information for all Discontinued operations : In millions of dollars 2019 2018 2017 Total revenues, net of interest expense $ — $ — $ — Loss from discontinued operations $ (31 ) $ (26 ) $ (104 ) Provision (benefit) for income taxes (27 ) (18 ) 7 Loss from discontinued operations, net of taxes $ (4 ) $ (8 ) $ (111 ) Income before taxes for the divested business, excluding the pretax gain on sale, was as follows: In millions of dollars 2019 2018 2017 Income before taxes $ — $ 123 $ 164 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: Revenues, (1) Provision (benefits) (2) Income (loss) from (2)(3) Identifiable assets In millions of dollars, except identifiable assets in billions 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 Global Consumer Banking $ 32,971 $ 32,339 $ 31,445 $ 1,746 $ 1,689 $ 3,067 $ 5,702 $ 5,309 $ 3,542 $ 407 $ 388 Institutional Clients Group 39,301 38,325 37,822 3,570 3,756 7,241 12,944 12,574 9,375 1,447 1,438 Corporate/Other 2,014 2,190 3,177 (886 ) (88 ) 19,080 825 205 (19,544 ) 97 91 Total $ 74,286 $ 72,854 $ 72,444 $ 4,430 $ 5,357 $ 29,388 $ 19,471 $ 18,088 $ (6,627 ) $ 1,951 $ 1,917 (1) Includes total revenues, net of interest expense (excluding Corporate/Other ), in North America of $33.9 billion , $33.4 billion and $34.1 billion ; in EMEA of $12.0 billion , $11.8 billion and $10.9 billion ; in Latin America of $10.4 billion , $10.3 billion and $9.6 billion ; and in Asia of $16.0 billion , $15.3 billion and $14.6 billion in 2019, 2018 and 2017, respectively. These regional numbers exclude Corporate/Other , which largely operates within the U.S. (2) Corporate/Other , GCB and ICG 2017 results include the one-time impact of Tax Reform. (3) Includes pretax provisions for credit losses and for benefits and claims in the GCB results of $7.9 billion , $7.6 billion and $7.6 billion ; in the ICG results of $563 million , $215 million and $19 million ; and in the Corporate/Other results of $(75) million , $(202) million and $(175) million in 2019, 2018 and 2017, respectively. |
INTEREST REVENUE AND EXPENSE (T
INTEREST REVENUE AND EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift, Interest [Abstract] | |
Interest revenue and expense | Interest revenue and Interest expense consisted of the following: In millions of dollars 2019 2018 2017 Interest revenue Loan interest, including fees $ 47,751 $ 45,682 $ 41,736 Deposits with banks 2,682 2,203 1,635 Securities borrowed and purchased under agreements to resell 6,872 5,492 3,249 Investments, including dividends 9,860 9,494 8,295 Trading account assets (1) 7,672 6,284 5,501 Other interest 1,673 1,673 1,163 Total interest revenue $ 76,510 $ 70,828 $ 61,579 Interest expense Deposits (2) $ 12,633 $ 9,616 $ 6,587 Securities loaned and sold under agreements to repurchase 6,263 4,889 2,661 Trading account liabilities (1) 1,308 1,001 638 Short-term borrowings 2,465 2,209 1,059 Long-term debt 6,494 6,551 5,573 Total interest expense $ 29,163 $ 24,266 $ 16,518 Net interest revenue $ 47,347 $ 46,562 $ 45,061 Provision for loan losses 8,218 7,354 7,503 Net interest revenue after provision for loan losses $ 39,129 $ 39,208 $ 37,558 (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 $781 million , $1,182 million and $1,249 million for 2019 , 2018 and 2017 , respectively. |
COMMISSIONS AND FEES; ADMINIS_2
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Commissions and fees revenues | The following table presents Commissions and fees revenue: 2019 2018 2017 In millions of dollars ICG GCB Corp/Other Total ICG GCB Corp/Other Total ICG GCB Corp/Other Total Investment banking $ 3,767 $ — $ — $ 3,767 $ 3,568 $ — $ — $ 3,568 $ 3,817 $ — $ — $ 3,817 Brokerage commissions 1,771 841 — 2,612 1,977 815 — 2,792 1,889 826 3 2,718 Credit card and bank card income Interchange fees 1,222 8,621 — 9,843 1,077 8,112 11 9,200 953 7,523 99 8,575 Card-related loan fees 60 718 — 778 63 627 12 702 53 693 48 794 Card rewards and partner payments (691 ) (8,883 ) — (9,574 ) (504 ) (8,253 ) (12 ) (8,769 ) (426 ) (7,242 ) (57 ) (7,725 ) Deposit-related fees (1) 1,048 470 — 1,518 1,031 572 1 1,604 1,031 642 14 1,687 Transactional service fees 824 123 — 947 733 83 4 820 751 78 49 878 Corporate finance (2) 616 — — 616 734 — — 734 766 — — 766 Insurance distribution revenue 12 524 — 536 14 565 11 590 12 562 68 642 Insurance premiums — 186 — 186 — 119 — 119 — 122 — 122 Loan servicing 78 55 21 154 100 91 37 228 117 71 95 283 Other 99 261 3 363 116 139 14 269 30 90 30 150 Total commissions and fees (3) $ 8,806 $ 2,916 $ 24 $ 11,746 $ 8,909 $ 2,870 $ 78 $ 11,857 $ 8,993 $ 3,365 $ 349 $ 12,707 (1) Includes overdraft fees of $127 million , $128 million and $135 million for the years ended December 31, 2019, 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) Commissions and fees includes $(7,695) million , $(6,853) million and $(5,627) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the years ended December 31, 2019, 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 revenue: 2019 2018 2017 In millions of dollars ICG GCB Corp/Other Total ICG GCB Corp/Other Total ICG GCB Corp/Other Total Custody fees $ 1,453 $ 16 $ 73 $ 1,542 $ 1,497 $ 133 $ 65 $ 1,695 $ 1,508 $ 164 $ 56 $ 1,728 Fiduciary fees 647 621 28 1,296 645 597 43 1,285 593 575 91 1,259 Guarantee fees 558 8 7 573 584 9 7 600 584 5 8 597 Total administration and other fiduciary fees (1) $ 2,658 $ 645 $ 108 $ 3,411 $ 2,726 $ 739 $ 115 $ 3,580 $ 2,685 $ 744 $ 155 $ 3,584 (1) Administration and other fiduciary fees includes $573 million , $600 million and $597 million for the years ended December 31, 2019, 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) | 12 Months Ended |
Dec. 31, 2019 | |
Principal Transactions Revenue, Net [Abstract] | |
Principal transactions revenue | The following table presents Principal transactions revenue: In millions of dollars 2019 2018 2017 Interest rate risks (1) $ 5,990 $ 5,178 $ 5,304 Foreign exchange risks (2) 1,650 1,398 2,435 Equity risks (3) 872 1,336 525 Commodity and other risks (4) 516 669 425 Credit products and risks (5) (136 ) 324 251 Total $ 8,892 $ 8,905 $ 8,940 (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 (Tables)
INCENTIVE PLANS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of the status of unvested stock awards | A summary of the performance share unit activity for 2019 is presented below: Performance share units Units Weighted- average grant date fair value per unit Outstanding, beginning of period 1,768,362 $ 51.88 Granted (1) 560,031 72.83 Canceled (194,782 ) 42.24 Payments (641,611 ) 27.03 Outstanding, end of period 1,492,000 $ 71.69 (1) The weighted-average grant date fair value per unit awarded in 2018 and 2017 was $83.24 and $59.22 , respectively. A summary of the status of unvested stock awards granted as discretionary annual incentive or sign-on and long-term retention awards is presented below: Unvested stock awards Shares Weighted- average grant date fair value per share Unvested at December 31, 2018 31,728,596 $ 57.30 Granted (1) 14,920,917 61.78 Canceled (1,104,448 ) 60.45 Vested (2) (15,350,350 ) 53.58 Unvested at December 31, 2019 30,194,715 $ 61.30 (1) The weighted-average fair value of the shares granted during 2018 and 2017 was $73.87 and $59.12 , respectively. (2) The weighted-average fair value of the shares vesting during 2019 was approximately $63.38 per share. |
Schedule of assumptions used | Other significant assumptions for the awards are as follows: Valuation assumptions 2019 2018 2017 Expected volatility 25.33 % 24.93 % 25.79 % Expected dividend yield 2.67 1.75 1.30 Citigroup’s pension and postretirement plans’ weighted-average asset allocations for the non-U.S. plans and the actual ranges, and the weighted-average target allocations by asset category based on asset fair values, are as follows: Non-U.S. pension plans Target asset allocation Actual range at December 31, Weighted-average at December 31, Asset category (1) 2020 2019 2018 2019 2018 Equity securities 0–100% 0–100% 0–66% 13 % 13 % Debt securities 0–100 0–100 0–100 80 80 Real estate 0–15 0–15 0–12 1 1 Other investments 0–100 0–100 0–100 6 6 Total 100 % 100 % (1) Similar to the U.S. plans, asset allocations for certain non-U.S. plans are set by investment strategy, not by investment product. Non-U.S. postretirement plans Target asset allocation Actual range at December 31, Weighted-average at December 31, Asset category (1) 2020 2019 2018 2019 2018 Equity securities 0–38% 0–31% 0–35% 27 % 35 % Debt securities 56–100 66–100 62–100 71 62 Other investments 0–6 0–3 0–3 2 3 Total 100 % 100 % (1) Similar to the U.S. plans, asset allocations for certain non-U.S. plans are set by investment strategy, not by investment product. Certain assumptions used in determining pension and postretirement benefit obligations and net benefit expense for the Company’s plans are shown in the following table: At year end 2019 2018 Discount rate U.S. plans Qualified pension 3.25% 4.25% Nonqualified pension 3.25 4.25 Postretirement 3.15 4.20 Non-U.S. pension plans Range (1) -0.10 to 11.30 0.25 to 12.00 Weighted average 3.65 4.47 Non-U.S. postretirement plans Range 0.90 to 9.10 1.75 to 10.75 Weighted average 7.76 9.05 Future compensation increase rate (2) Non-U.S. pension plans Range 1.50 to 11.50 1.30 to 13.67 Weighted average 3.17 3.16 Expected return on assets U.S. plans Qualified pension 6.70 6.70 Postretirement (3) 6.70/3.00 6.70/3.00 Non-U.S. pension plans Range 0.00 to 11.50 1.00 to 11.50 Weighted average 3.95 4.30 Non-U.S. postretirement plans Range 6.20 to 8.00 8.00 to 9.20 Weighted average 7.99 8.01 (1) Due to substantial downward movement in yields, there were negative discount rates for plans with relatively short duration in major markets, such as the Eurozone and Switzerland. (2) Not material for U.S. plans. (3) In 2019 and 2018, the expected rate of return for the VEBA Trust was 3.00% . During the year 2019 2018 2017 Discount rate U.S. plans Qualified pension 4.25%/3.85%/ 3.45%/3.10% 3.60%/3.95%/ 4.25%/4.30% 4.10%/4.05%/ 3.80%/3.75% Nonqualified pension 4.25/3.90/ 3.50/3.10 3.60/3.95/ 4.25/4.30 4.00/3.95/ 3.75/3.65 Postretirement 4.20/3.80/ 3.35/3.00 3.50/3.90/ 4.20/4.20 3.90/3.85/ 3.60/3.55 Non-U.S. pension plans (1) Range (2) -0.05 to 12.00 0.00 to 10.75 0.25 to 72.50 Weighted average 4.47 4.17 4.40 Non-U.S. postretirement plans (1) Range 1.75 to 10.75 1.75 to 10.10 1.75 to 11.05 Weighted average 9.05 8.10 8.27 Future compensation increase rate (3) Non-U.S. pension plans (1) Range 1.30 to 13.67 1.17 to 13.67 1.25 to 70.00 Weighted average 3.16 3.08 3.21 Expected return on assets U.S. plans Qualified pension (4) 6.70 6.80/6.70 6.80 Postretirement (4)(5) 6.70/3.00 6.80/6.70/3.00 6.80 Non-U.S. pension plans (1) Range 1.00 to 11.50 0.00 to 11.60 1.00 to 11.50 Weighted average 4.30 4.52 4.55 Non-U.S. postretirement plans (1) Range 8.00 to 9.20 8.00 to 9.80 8.00 to 10.30 Weighted average 8.01 8.01 8.02 (1) Reflects rates utilized to determine the quarterly expense for Significant non-U.S. pension and postretirement plans. (2) Due to substantial downward movement in yields, there were negative discount rates for plans with relatively short duration in major markets, such as the Eurozone and Switzerland. (3) Not material for U.S. plans. (4) The expected rate of return for the U.S. pension and postretirement plans was lowered from 6.80% to 6.70% effective in the second quarter of 2018 to reflect a change in target asset allocation. (5) In 2017, the VEBA Trust was funded with an expected rate of return on assets of 3.00% . Citigroup’s pension and postretirement plans’ asset allocations for the U.S. plans and the target allocations by asset category based on asset fair values, are as follows: Target asset allocation U.S. pension assets at December 31, U.S. postretirement assets at December 31, Asset category (1) 2020 2019 2018 2019 2018 Equity securities (2) 0–26% 17 % 15 % 17 % 15 % Debt securities (3) 35–82 58 57 58 57 Real estate 0–7 4 5 4 5 Private equity 0–10 3 3 3 3 Other investments 0–30 18 20 18 20 Total 100 % 100 % 100 % 100 % (1) Asset allocations for the U.S. plans are set by investment strategy, not by investment product. For example, private equities with an underlying investment in real estate are classified in the real estate asset category, not private equity. (2) Equity securities in the U.S. pension and postretirement plans do not include any Citigroup common stock at the end of 2019 and 2018. (3) The VEBA Trust for postretirement benefits are primarily invested in cash equivalents and debt securities in 2019 and 2018, respectively, and are not reflected in the table above. The following table summarizes certain assumptions used in determining the post employment benefit obligations and net benefit expense for the Company’s U.S. post employment plans: 2019 2018 Discount rate 2.90% 3.95% Expected return on assets 3.00 3.00 Health care cost increase rate Following year 6.75 7.00 Ultimate rate to which cost increase is assumed to decline 5.00 5.00 Year in which the ultimate rate is reached 2027 2027 |
Information with respect to stock option activity under stock option awards | The following table presents information with respect to stock option activity under Citigroup’s stock option programs: 2019 2018 2017 Options Weighted- average exercise price Intrinsic value per share Options Weighted- average exercise price Intrinsic value per share Options Weighted- average exercise price Intrinsic value per share Outstanding, beginning of period 762,225 $ 101.84 $ — 1,138,813 $ 161.96 $ — 1,527,396 $ 131.78 $ — Canceled (11,365 ) 40.80 — — — — — — — Expired (449,916 ) 142.30 — (376,588 ) 283.63 — — — — Exercised (134,294 ) 39.00 23.50 — — — (388,583 ) 43.35 15.67 Outstanding, end of period 166,650 $ 47.42 $ 32.47 762,225 $ 101.84 $ — 1,138,813 $ 161.96 $ — Exercisable, end of period 166,650 762,225 1,138,813 |
Summary of information about stock options outstanding under stock option programs | The following table summarizes information about stock options outstanding under Citigroup’s stock option programs at December 31, 2019: Options outstanding Options exercisable Range of exercise prices Number outstanding Weighted-average contractual life remaining Weighted-average exercise price Number exercisable Weighted-average exercise price $41.54–$60.00 166,650 1.4 years $ 47.42 166,650 $ 47.42 Total at December 31, 2019 166,650 1.4 years $ 47.42 166,650 $ 47.42 |
Components of compensation expense relating to stock-basked compensation programs and deferred cash award programs | The following table shows components of compensation expense, relating to certain of the incentive compensation programs described above: In millions of dollars 2019 2018 2017 Charges for estimated awards to retirement-eligible employees $ 683 $ 669 $ 659 Amortization of deferred cash awards, deferred cash stock units and performance stock units 355 202 354 Immediately vested stock award expense (1) 82 75 70 Amortization of restricted and deferred stock awards (2) 404 435 474 Other variable incentive compensation 666 640 694 Total $ 2,190 $ 2,021 $ 2,251 (1) Represents expense for immediately vested stock awards that generally were stock payments in lieu of cash compensation. The expense is generally accrued as cash incentive compensation in the year prior to grant. (2) All periods include amortization expense for all unvested awards to non-retirement-eligible employees. |
RETIREMENT BENEFITS (Tables)
RETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: Net expense In millions of dollars 2019 2018 2017 Service-related expense Interest cost on benefit obligation $ 2 $ 2 $ 2 Expected return on plan assets (1 ) (1 ) — Amortization of unrecognized: Prior service cost — (23 ) (31 ) Net actuarial loss 2 2 2 Total service-related (benefit) expense $ 3 $ (20 ) $ (27 ) Non-service-related expense (benefit) $ 6 $ 2 $ 30 Total net expense (benefit) $ 9 $ (18 ) $ 3 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: Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Benefits earned during the year $ 1 $ 1 $ 3 $ 146 $ 146 $ 153 $ — $ — $ — $ 8 $ 9 $ 9 Interest cost on benefit obligation 469 514 533 287 292 295 24 26 26 104 102 101 Expected return on plan assets (821 ) (844 ) (865 ) (281 ) (291 ) (299 ) (18 ) (14 ) (6 ) (84 ) (88 ) (89 ) Amortization of unrecognized: Prior service cost (benefit) 2 2 2 (4 ) (4 ) (3 ) — — — (10 ) (10 ) (10 ) Net actuarial loss 200 165 173 61 53 61 — (1 ) — 23 29 35 Curtailment loss (gain) (1) 1 1 6 (6 ) (1 ) — — — — — — — Settlement loss (1) — — — 6 7 12 — — — — — — Total net (benefit) expense $ (148 ) $ (161 ) $ (148 ) $ 209 $ 202 $ 219 $ 6 $ 11 $ 20 $ 41 $ 42 $ 46 (1) Curtailment and settlement relate to repositioning and divestiture actions. |
Summary of entity's contributions | The following table summarizes the actual Company contributions for the years ended December 31, 2019 and 2018 , as well as estimated expected Company contributions for 2020. Expected contributions are subject to change, since contribution decisions are affected by various factors, such as market performance, tax considerations and regulatory requirements. Pension plans (1) Postretirement benefit plans (1) U.S. plans (2) Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2020 2019 2018 2020 2019 2018 2020 2019 2018 2020 2019 2018 Contributions made by the Company $ — $ 425 $ — $ 111 $ 111 $ 140 $ — $ — $ 145 $ 4 $ 221 $ 3 Benefits paid directly by the Company 58 56 55 53 39 42 6 4 5 6 4 6 (1) Amounts reported for 2020 are expected amounts. (2) The U.S. pension plans include benefits paid directly by the Company for the nonqualified pension plans. |
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 table summarizes the funded status and amounts recognized in the Consolidated Balance Sheet for the Company’s pension and postretirement plans: Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2019 2018 2019 2018 2019 2018 2019 2018 Change in projected benefit obligation Projected benefit obligation at beginning of year $ 12,655 $ 14,040 $ 7,149 $ 7,433 $ 662 $ 699 $ 1,159 $ 1,261 Benefits earned during the year 1 1 146 146 — — 8 9 Interest cost on benefit obligation 469 514 287 292 24 26 104 102 Plan amendments — — 7 7 — — — — Actuarial loss (gain) ( 1) 1,263 (1,056 ) 861 (99 ) 46 (1 ) 140 (123 ) Benefits paid, net of participants’ contributions and government subsidy (2) (936 ) (845 ) (304 ) (293 ) (40 ) (62 ) (72 ) (68 ) Settlement gain (3) — (84 ) (121 ) — — — — Curtailment loss (gain) (3) 1 1 (4 ) (1 ) — — — — Foreign exchange impact and other — — 47 (215 ) — — 45 (22 ) Projected benefit obligation at year end $ 13,453 $ 12,655 $ 8,105 $ 7,149 $ 692 $ 662 $ 1,384 $ 1,159 Change in plan assets Plan assets at fair value at beginning of year $ 11,490 $ 12,725 $ 6,699 $ 7,128 $ 345 $ 262 $ 1,036 $ 1,119 Actual return on plan assets (1) 1,682 (445 ) 781 (11 ) 36 (5 ) 138 (26 ) Company contributions 481 55 150 182 4 150 225 9 Benefits paid, net of participants’ contributions and government subsidy (2) (936 ) (845 ) (304 ) (293 ) (40 ) (62 ) (72 ) (68 ) Settlement gain (3) — — (84 ) (121 ) — — — — Foreign exchange impact and other — — 314 (186 ) — — (200 ) 2 Plan assets at fair value at year end $ 12,717 $ 11,490 $ 7,556 $ 6,699 $ 345 $ 345 $ 1,127 $ 1,036 Funded status of the plans Qualified plans (4) $ (23 ) $ (483 ) $ (549 ) $ (450 ) $ (347 ) $ (317 ) $ (257 ) $ (123 ) Nonqualified plans (5) (713 ) (682 ) — — — — — — Funded status of the plans at year end $ (736 ) $ (1,165 ) $ (549 ) $ (450 ) $ (347 ) $ (317 ) $ (257 ) $ (123 ) Net amount recognized Qualified plans Benefit asset $ — $ — $ 808 $ 806 $ — $ — $ 57 $ 175 Benefit liability (23 ) (483 ) (1,357 ) (1,256 ) (347 ) (317 ) (314 ) (298 ) Qualified plans $ (23 ) $ (483 ) $ (549 ) $ (450 ) $ (347 ) $ (317 ) $ (257 ) $ (123 ) Nonqualified plans (713 ) (682 ) — — — — — — Net amount recognized on the balance sheet $ (736 ) $ (1,165 ) $ (549 ) $ (450 ) $ (347 ) $ (317 ) $ (257 ) $ (123 ) Amounts recognized in AOCI Net transition obligation $ — $ — $ — $ (1 ) $ — $ — $ — $ — Prior service (cost) benefit (12 ) (13 ) 1 12 — — 76 83 Net actuarial (loss) gain (7,092 ) (6,892 ) (1,735 ) (1,420 ) 24 53 (416 ) (340 ) Net amount recognized in equity (pretax) $ (7,104 ) $ (6,905 ) $ (1,734 ) $ (1,409 ) $ 24 $ 53 $ (340 ) $ (257 ) Accumulated benefit obligation at year end $ 13,447 $ 12,646 $ 7,618 $ 6,720 $ 692 $ 662 $ 1,384 $ 1,159 (1) During 2019, the actuarial loss is primarily due to the decline in global discount rates and actual return on plan assets due to favorable asset returns. (2) U.S. postretirement benefit plans were net of Employer Group Waiver Plan subsidy of $22 million and $15 million in 2019 and 2018, respectively. (3) Curtailment and settlement (gains) losses relate to repositioning and divestiture activities. (4) The U.S. qualified pension plan is fully funded under specified Employee Retirement Income Security Act (ERISA) funding rules as of January 1, 2020 and no minimum required funding is expected for 2020. (5) The nonqualified plans of the Company are unfunded. |
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 2019 2018 2017 Beginning of year balance, net of tax (1)(2) $ (6,257 ) $ (6,183 ) $ (5,164 ) Actuarial assumptions changes and plan experience (2,300 ) 1,288 (760 ) Net asset gain (loss) due to difference between actual and expected returns 1,427 (1,732 ) 625 Net amortization 274 214 229 Prior service (cost) credit (7 ) (7 ) (4 ) Curtailment/settlement gain (3) 1 7 17 Foreign exchange impact and other (66 ) 136 (93 ) Impact of Tax Reform (4) — — (1,020 ) Change in deferred taxes, net 119 20 (13 ) Change, net of tax $ (552 ) $ (74 ) $ (1,019 ) End of year balance, net of tax (1)(2) $ (6,809 ) $ (6,257 ) $ (6,183 ) (1) See Note 19 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) Curtailment and settlement relate to repositioning and divestiture activities. (4) In the fourth quarter of 2017, Citi adopted ASU 2018-02, which transferred these amounts from AOCI to Retained earnings . See Note 1 to the Consolidated Financial Statements. |
Aggregate projected benefit obligation (PBO), accumulated benefit obligation (ABO), and fair value of plan assets for pension plans with a PBO or ABO that exceeds the fair value of plan assets | At December 31, 2019 and 2018, the aggregate projected benefit obligation (PBO), the aggregate accumulated benefit obligation (ABO) and the aggregate fair value of plan assets are presented for all defined benefit pension plans with a PBO in excess of plan assets and for all defined benefit pension plans with an ABO in excess of plan assets as follows: PBO exceeds fair value of plan assets ABO exceeds fair value of plan assets U.S. plans (1) Non-U.S. plans U.S. plans (1) Non-U.S. plans In millions of dollars 2019 2018 2019 2018 2019 2018 2019 2018 Projected benefit obligation $ 13,453 $ 12,655 $ 4,445 $ 3,904 $ 13,453 $ 12,655 $ 2,748 $ 3,718 Accumulated benefit obligation 13,447 12,646 4,041 3,528 13,447 12,646 2,435 3,387 Fair value of plan assets 12,717 11,490 3,089 2,648 12,717 11,490 1,429 2,478 (1) At December 31, 2019 and 2018, for both the U.S. qualified plan and nonqualified plans, the aggregate PBO and the aggregate ABO exceeded plan assets. |
Assumptions used in determining benefit obligations and net benefit expense | Other significant assumptions for the awards are as follows: Valuation assumptions 2019 2018 2017 Expected volatility 25.33 % 24.93 % 25.79 % Expected dividend yield 2.67 1.75 1.30 Citigroup’s pension and postretirement plans’ weighted-average asset allocations for the non-U.S. plans and the actual ranges, and the weighted-average target allocations by asset category based on asset fair values, are as follows: Non-U.S. pension plans Target asset allocation Actual range at December 31, Weighted-average at December 31, Asset category (1) 2020 2019 2018 2019 2018 Equity securities 0–100% 0–100% 0–66% 13 % 13 % Debt securities 0–100 0–100 0–100 80 80 Real estate 0–15 0–15 0–12 1 1 Other investments 0–100 0–100 0–100 6 6 Total 100 % 100 % (1) Similar to the U.S. plans, asset allocations for certain non-U.S. plans are set by investment strategy, not by investment product. Non-U.S. postretirement plans Target asset allocation Actual range at December 31, Weighted-average at December 31, Asset category (1) 2020 2019 2018 2019 2018 Equity securities 0–38% 0–31% 0–35% 27 % 35 % Debt securities 56–100 66–100 62–100 71 62 Other investments 0–6 0–3 0–3 2 3 Total 100 % 100 % (1) Similar to the U.S. plans, asset allocations for certain non-U.S. plans are set by investment strategy, not by investment product. Certain assumptions used in determining pension and postretirement benefit obligations and net benefit expense for the Company’s plans are shown in the following table: At year end 2019 2018 Discount rate U.S. plans Qualified pension 3.25% 4.25% Nonqualified pension 3.25 4.25 Postretirement 3.15 4.20 Non-U.S. pension plans Range (1) -0.10 to 11.30 0.25 to 12.00 Weighted average 3.65 4.47 Non-U.S. postretirement plans Range 0.90 to 9.10 1.75 to 10.75 Weighted average 7.76 9.05 Future compensation increase rate (2) Non-U.S. pension plans Range 1.50 to 11.50 1.30 to 13.67 Weighted average 3.17 3.16 Expected return on assets U.S. plans Qualified pension 6.70 6.70 Postretirement (3) 6.70/3.00 6.70/3.00 Non-U.S. pension plans Range 0.00 to 11.50 1.00 to 11.50 Weighted average 3.95 4.30 Non-U.S. postretirement plans Range 6.20 to 8.00 8.00 to 9.20 Weighted average 7.99 8.01 (1) Due to substantial downward movement in yields, there were negative discount rates for plans with relatively short duration in major markets, such as the Eurozone and Switzerland. (2) Not material for U.S. plans. (3) In 2019 and 2018, the expected rate of return for the VEBA Trust was 3.00% . During the year 2019 2018 2017 Discount rate U.S. plans Qualified pension 4.25%/3.85%/ 3.45%/3.10% 3.60%/3.95%/ 4.25%/4.30% 4.10%/4.05%/ 3.80%/3.75% Nonqualified pension 4.25/3.90/ 3.50/3.10 3.60/3.95/ 4.25/4.30 4.00/3.95/ 3.75/3.65 Postretirement 4.20/3.80/ 3.35/3.00 3.50/3.90/ 4.20/4.20 3.90/3.85/ 3.60/3.55 Non-U.S. pension plans (1) Range (2) -0.05 to 12.00 0.00 to 10.75 0.25 to 72.50 Weighted average 4.47 4.17 4.40 Non-U.S. postretirement plans (1) Range 1.75 to 10.75 1.75 to 10.10 1.75 to 11.05 Weighted average 9.05 8.10 8.27 Future compensation increase rate (3) Non-U.S. pension plans (1) Range 1.30 to 13.67 1.17 to 13.67 1.25 to 70.00 Weighted average 3.16 3.08 3.21 Expected return on assets U.S. plans Qualified pension (4) 6.70 6.80/6.70 6.80 Postretirement (4)(5) 6.70/3.00 6.80/6.70/3.00 6.80 Non-U.S. pension plans (1) Range 1.00 to 11.50 0.00 to 11.60 1.00 to 11.50 Weighted average 4.30 4.52 4.55 Non-U.S. postretirement plans (1) Range 8.00 to 9.20 8.00 to 9.80 8.00 to 10.30 Weighted average 8.01 8.01 8.02 (1) Reflects rates utilized to determine the quarterly expense for Significant non-U.S. pension and postretirement plans. (2) Due to substantial downward movement in yields, there were negative discount rates for plans with relatively short duration in major markets, such as the Eurozone and Switzerland. (3) Not material for U.S. plans. (4) The expected rate of return for the U.S. pension and postretirement plans was lowered from 6.80% to 6.70% effective in the second quarter of 2018 to reflect a change in target asset allocation. (5) In 2017, the VEBA Trust was funded with an expected rate of return on assets of 3.00% . Citigroup’s pension and postretirement plans’ asset allocations for the U.S. plans and the target allocations by asset category based on asset fair values, are as follows: Target asset allocation U.S. pension assets at December 31, U.S. postretirement assets at December 31, Asset category (1) 2020 2019 2018 2019 2018 Equity securities (2) 0–26% 17 % 15 % 17 % 15 % Debt securities (3) 35–82 58 57 58 57 Real estate 0–7 4 5 4 5 Private equity 0–10 3 3 3 3 Other investments 0–30 18 20 18 20 Total 100 % 100 % 100 % 100 % (1) Asset allocations for the U.S. plans are set by investment strategy, not by investment product. For example, private equities with an underlying investment in real estate are classified in the real estate asset category, not private equity. (2) Equity securities in the U.S. pension and postretirement plans do not include any Citigroup common stock at the end of 2019 and 2018. (3) The VEBA Trust for postretirement benefits are primarily invested in cash equivalents and debt securities in 2019 and 2018, respectively, and are not reflected in the table above. The following table summarizes certain assumptions used in determining the post employment benefit obligations and net benefit expense for the Company’s U.S. post employment plans: 2019 2018 Discount rate 2.90% 3.95% Expected return on assets 3.00 3.00 Health care cost increase rate Following year 6.75 7.00 Ultimate rate to which cost increase is assumed to decline 5.00 5.00 Year in which the ultimate rate is reached 2027 2027 |
Schedule of expected long term rates of return on assets | The following table shows the expected rates of return used in determining the Company’s pension expense compared to the actual rate of return on plan assets during 2019, 2018 and 2017 for the U.S. pension and postretirement plans: U.S. plans 2019 2018 2017 Expected rate of return U.S. pension and postretirement trust 6.70% 6.80%/6.70% 6.80% VEBA trust (1) 3.00 3.00 3.00 Actual rate of return (2) U.S. pension and postretirement trust 15.20 -3.40 10.90 VEBA trust (1) 1.91 to 2.76 0.43 to 1.41 — (1) In December 2017, the VEBA Trust was funded for postretirement benefits with an expected rate of return on assets of 3.00% . (2) Actual rates of return are presented net of fees. |
Retirement plan and mortality projections | At December 31, 2019, the Company adopted the Private Retirement Plans (PRI-2012) mortality table and the Mortality Projection 2019 (MP-2019) projection table for the U.S. plans. U.S. plans 2019 (1) 2018 (2) Mortality Pension PRI-2012/MP-2019 RP-2014/MP-2018 Postretirement PRI-2012/MP-2019 RP-2014/MP-2018 (1) The PRI-2012 table is the white-collar PRI-2012 table. The MP-2019 projection scale is projected from 2012, with convergence to 0.75% ultimate rate of annual improvement by 2035. (2) The RP-2014 table is the white-collar RP-2014 table. The MP-2018 projection scale is projected from 2006, with convergence to 0.75% ultimate rate of annual improvement by 2034. |
Effect of one-percentage-point change in the discount rates on pension expense | The following tables summarize the effect on pension expense: Discount rate One-percentage-point increase In millions of dollars 2019 2018 2017 U.S. plans $ 28 $ 25 $ 29 Non-U.S. plans (19 ) (22 ) (27 ) One-percentage-point decrease In millions of dollars 2019 2018 2017 U.S. plans $ (44 ) $ (37 ) $ (44 ) Non-U.S. plans 32 32 41 |
Schedule of effect of one percentage point change in expected rates of return | The following tables summarize the effect on pension expense: Expected rate of return One-percentage-point increase In millions of dollars 2019 2018 2017 U.S. plans $ (123 ) $ (126 ) $ (127 ) Non-U.S. plans (64 ) (64 ) (64 ) One-percentage-point decrease In millions of dollars 2019 2018 2017 U.S. plans $ 123 $ 126 $ 127 Non-U.S. plans 64 64 64 |
Schedule of health care cost trend rates | Assumed health care cost trend rates were as follows: 2019 2018 Health care cost increase rate for U.S. plans Following year 6.75% 7.00% Ultimate rate to which cost increase is assumed to decline 5.00 5.00 Year in which the ultimate rate is 2027 2027 Health care cost increase rate for Non-U.S. plans (weighted average) Following year 6.85% 6.90% Ultimate rate to which cost increase is assumed to decline 6.85 6.90 Year in which the ultimate rate is reached 2020 2019 |
Schedule of interest crediting rate for cash balance and other plans | Weighted average interest crediting rate At year end 2019 2018 2017 U.S. plans 2.25% 3.25% 2.60% Non-U.S. plans 1.61 1.68 1.74 |
Schedule of fair value of plan assets by measurement levels | Plan assets by detailed asset categories and the fair value hierarchy are as follows: U.S. pension and postretirement benefit plans (1) In millions of dollars Fair value measurement at December 31, 2019 Asset categories Level 1 Level 2 Level 3 Total U.S. equities $ 739 $ — $ — $ 739 Non-U.S. equities 553 — — 553 Mutual funds and other registered investment companies 280 — — 280 Commingled funds — 1,410 — 1,410 Debt securities 1,534 4,046 — 5,580 Annuity contracts — — 1 1 Derivatives 10 245 — 255 Other investments — — 75 75 Total investments $ 3,116 $ 5,701 $ 76 $ 8,893 Cash and short-term investments $ 93 $ 1,080 $ — $ 1,173 Other investment liabilities (87 ) (249 ) — (336 ) Net investments at fair value $ 3,122 $ 6,532 $ 76 $ 9,730 Other investment receivables redeemed at NAV $ 22 Securities valued at NAV 3,310 Total net assets $ 13,062 (1) The investments of the U.S. pension and postretirement plans are commingled in one trust. At December 31, 2019, the allocable interests of the U.S. pension and postretirement plans were 98.0% and 2.0% , respectively. The investments of the VEBA Trust for postretirement benefits are reflected in the above table. U.S. pension and postretirement benefit plans (1) In millions of dollars Fair value measurement at December 31, 2018 Asset categories Level 1 Level 2 Level 3 Total U.S. equities $ 625 $ — $ — $ 625 Non-U.S. equities 481 — — 481 Mutual funds and other registered investment companies 215 — — 215 Commingled funds — 1,344 — 1,344 Debt securities 1,346 3,443 — 4,789 Annuity contracts — — 1 1 Derivatives 16 252 — 268 Other investments — — 127 127 Total investments $ 2,683 $ 5,039 $ 128 $ 7,850 Cash and short-term investments $ 93 $ 897 $ — $ 990 Other investment liabilities (100 ) (254 ) — (354 ) Net investments at fair value $ 2,676 $ 5,682 $ 128 $ 8,486 Other investment receivables redeemed at NAV $ 80 Securities valued at NAV 3,269 Total net assets $ 11,835 (1) The investments of the U.S. pension and postretirement plans are commingled in one trust. At December 31, 2018, the allocable interests of the U.S. pension and postretirement plans were 98.0% and 2.0% , respectively. The investments of the VEBA Trust for postretirement benefits are reflected in the above table. Non-U.S. pension and postretirement benefit plans In millions of dollars Fair value measurement at December 31, 2019 Asset categories Level 1 Level 2 Level 3 Total U.S. equities $ 4 $ 12 $ — $ 16 Non-U.S. equities 127 262 — 389 Mutual funds and other registered investment companies 3,223 63 — 3,286 Commingled funds 23 — — 23 Debt securities 4,307 1,615 10 5,932 Real estate — 3 1 4 Annuity contracts — — 5 5 Derivatives — 1,590 — 1,590 Other investments 1 — 274 275 Total investments $ 7,685 $ 3,545 $ 290 $ 11,520 Cash and short-term investments $ 86 $ 3 $ — $ 89 Other investment liabilities (3 ) (2,938 ) — (2,941 ) Net investments at fair value $ 7,768 $ 610 $ 290 $ 8,668 Securities valued at NAV $ 15 Total net assets $ 8,683 Non-U.S. pension and postretirement benefit plans In millions of dollars Fair value measurement at December 31, 2018 Asset categories Level 1 Level 2 Level 3 Total U.S. equities $ 4 $ 9 $ — $ 13 Non-U.S. equities 100 100 — 200 Mutual funds and other registered investment companies 2,887 63 — 2,950 Commingled funds 21 — — 21 Debt securities 5,145 1,500 9 6,654 Real estate — 3 1 4 Annuity contracts — 1 10 11 Derivatives — 156 — 156 Other investments 1 — 210 211 Total investments $ 8,158 $ 1,832 $ 230 $ 10,220 Cash and short-term investments $ 91 $ 3 $ — $ 94 Other investment liabilities (1 ) (2,589 ) — (2,590 ) Net investments at fair value $ 8,248 $ (754 ) $ 230 $ 7,724 Securities valued at NAV $ 11 Total net assets $ 7,735 |
Schedule of effect of significant unobservable inputs, changes in plan assets | The reconciliations of the beginning and ending balances during the year for Level 3 assets are as follows: In millions of dollars U.S. pension and postretirement benefit plans Asset categories Beginning Level 3 fair value at Dec. 31, 2018 Realized (losses) Unrealized gains Purchases, sales and issuances Transfers in and/or out of Level 3 Ending Level 3 fair value at Dec. 31, 2019 Annuity contracts $ 1 $ — $ — $ — $ — $ 1 Other investments 127 (7 ) 12 (57 ) — 75 Total investments $ 128 $ (7 ) $ 12 $ (57 ) $ — $ 76 In millions of dollars U.S. pension and postretirement benefit plans Asset categories Beginning Level 3 fair value at Dec. 31, 2017 Realized (losses) Unrealized (losses) Purchases, sales and issuances Transfers in and/or out of Level 3 Ending Level 3 fair value at Dec. 31, 2018 Annuity contracts $ 1 $ — $ — $ — $ — $ 1 Other investments 148 (2 ) (18 ) (1 ) — 127 Total investments $ 149 $ (2 ) $ (18 ) $ (1 ) $ — $ 128 In millions of dollars Non-U.S. pension and postretirement benefit plans Asset categories Beginning Level 3 fair value at Dec. 31, 2018 Unrealized gains Purchases, sales and issuances Transfers in and/or out of Level 3 Ending Level 3 fair value at Dec. 31, 2019 Debt securities $ 9 $ 1 $ — $ — $ 10 Real estate 1 — — — 1 Annuity contracts 10 — (5 ) — 5 Other investments 210 7 57 — 274 Total investments $ 230 $ 8 $ 52 $ — $ 290 In millions of dollars Non-U.S. pension and postretirement benefit plans Asset categories Beginning Level 3 fair value at Unrealized (losses) Purchases, sales and issuances Transfers in and/or out of Level 3 Ending Level 3 fair value at Dec. 31, 2018 Non-U.S. equities $ 1 $ — $ — $ (1 ) $ — Debt securities 7 (1 ) 3 — 9 Real estate 1 — — — 1 Annuity contracts 9 (1 ) 1 1 10 Other investments 214 (3 ) (1 ) — 210 Total investments $ 232 $ (5 ) $ 3 $ — $ 230 |
Schedule of expected benefit payments | The Company expects to pay the following estimated benefit payments in future years: Pension plans Postretirement benefit plans In millions of dollars U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans 2020 $ 821 $ 476 $ 64 $ 75 2021 840 434 63 80 2022 851 464 61 85 2023 866 480 59 91 2024 873 495 57 97 2025–2029 4,282 2,651 244 567 |
Defined contribution plans | The following tables summarize the Company contributions for the defined contribution plans: U.S. plans In millions of dollars 2019 2018 2017 Company contributions $ 404 $ 396 $ 383 Non-U.S. plans In millions of dollars 2019 2018 2017 Company contributions $ 281 $ 283 $ 270 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income tax provision | Details of the Company’s income tax provision are presented below: In millions of dollars 2019 2018 2017 Current Federal $ 365 $ 834 $ 332 Non-U.S. 4,352 4,290 3,910 State 323 284 269 Total current income taxes $ 5,040 $ 5,408 $ 4,511 Deferred Federal $ (907 ) $ (620 ) $ 24,902 Non-U.S. 10 371 (377 ) State 287 198 352 Total deferred income taxes $ (610 ) $ (51 ) $ 24,877 Provision for income tax on continuing operations before noncontrolling interests (1) $ 4,430 $ 5,357 $ 29,388 Provision (benefit) for income taxes on discontinued operations (27 ) (18 ) 7 Income tax expense (benefit) reported in stockholders’ equity related to: FX translation (11 ) (263 ) 188 Investment securities 648 (346 ) (149 ) Employee stock plans (16 ) (2 ) (4 ) Cash flow hedges 269 (8 ) (12 ) Benefit plans (119 ) (20 ) 13 FVO DVA (337 ) 302 (250 ) Excluded fair value hedges 8 (17 ) — Retained earnings (2) 46 (305 ) (295 ) Income taxes before noncontrolling interests $ 4,891 $ 4,680 $ 28,886 (1) Includes the tax on realized investment gains and other-than-temporary-impairment losses resulting in a provision (benefit) of $373 million and $(9) million in 2019, $104 million and $(32) million in 2018 and $272 million and $(22) million in 2017, respectively. (2) 2019 reflects the tax effect of the accounting change for ASU 2016-02. 2018 reflects the tax effect of the accounting change for ASU 2016-16 and the tax effect of the accounting change for ASU 2018-03, to report the net unrealized gains on former AFS equity securities. 2017 reflects the tax effect of the accounting change for ASU 2017-08. See Note 1 to the Consolidated Financial Statements. |
Schedule of effective income tax rate reconciliation | The reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate applicable to income from continuing operations (before noncontrolling interests and the cumulative effect of accounting changes) for each of the periods indicated is as follows: 2019 2018 2017 Federal statutory rate 21.0 % 21.0 % 35.0 % State income taxes, net of federal benefit 1.9 1.8 1.1 Non-U.S. income tax rate differential 1.3 5.3 (1.6 ) Effect of tax law changes (1) (0.5 ) (0.6 ) 99.7 Basis difference in affiliates (0.1 ) (2.4 ) (2.1 ) Tax advantaged investments (2.3 ) (2.0 ) (2.2 ) Valuation allowance releases (2) (3.0 ) — — Other, net 0.2 (0.3 ) (0.8 ) Effective income tax rate 18.5 % 22.8 % 129.1 % (1) 2018 includes one-time Tax Reform benefits of $94 million for amounts that were considered provisional pursuant to SAB 118. 2017 includes the one-time $22,594 million charge for Tax Reform. (2) See the Deferred Tax Assets section below for a description of the components. |
Schedule of deferred tax assets and liabilities | Deferred income taxes at December 31 related to the following: In millions of dollars 2019 2018 Deferred tax assets Credit loss deduction $ 3,809 $ 3,419 Deferred compensation and employee benefits 2,224 1,975 Repositioning and settlement reserves 345 428 U.S. tax on non-U.S. earnings 1,030 2,080 Investment and loan basis differences 2,727 4,891 Tax credit and net operating loss carry-forwards 19,711 20,759 Fixed assets and leases 2,607 1,006 Other deferred tax assets 2,996 2,385 Gross deferred tax assets $ 35,449 $ 36,943 Valuation allowance $ 6,476 $ 9,258 Deferred tax assets after valuation allowance $ 28,973 $ 27,685 Deferred tax liabilities Intangibles and leases $ (2,640 ) $ (1,284 ) Debt issuances (201 ) (530 ) Non-U.S. withholding taxes (974 ) (1,040 ) Interest-related items (587 ) (594 ) Other deferred tax liabilities (1,477 ) (1,334 ) Gross deferred tax liabilities $ (5,879 ) $ (4,782 ) Net deferred tax assets $ 23,094 $ 22,903 |
Summary of unrecognized tax benefits | The following is a rollforward of the Company’s unrecognized tax benefits: In millions of dollars 2019 2018 2017 Total unrecognized tax benefits at January 1 $ 607 $ 1,013 $ 1,092 Net amount of increases for current year’s tax positions 50 40 43 Gross amount of increases for prior years’ tax positions 151 46 324 Gross amount of decreases for prior years’ tax positions (44 ) (174 ) (246 ) Amounts of decreases relating to settlements (21 ) (283 ) (199 ) Reductions due to lapse of statutes of limitation (23 ) (23 ) (11 ) Foreign exchange, acquisitions and dispositions 1 (12 ) 10 Total unrecognized tax benefits at December 31 $ 721 $ 607 $ 1,013 |
Schedule of income tax penalties and interest accrued | Interest and penalties (not included in “unrecognized tax benefits” above) are a component of Provision for income taxes . 2019 2018 2017 In millions of dollars Pretax Net of tax Pretax Net of tax Pretax Net of tax Total interest and penalties on the Consolidated Balance Sheet at January 1 $ 103 $ 85 $ 121 $ 101 $ 260 $ 164 Total interest and penalties in the Consolidated Statement of Income (4 ) (4 ) 6 6 5 21 Total interest and penalties on the Consolidated Balance Sheet at December 31 (1) 100 82 103 85 121 101 (1) Includes $3 million , $2 million and $3 million for non-U.S. penalties in 2019, 2018 and 2017. Also includes $1 million , $1 million and $3 million for state penalties in 2019, 2018 and 2017. |
Schedule of major jurisdictions and earliest tax year subject to examination | The following are the major tax jurisdictions in which the Company and its affiliates operate and the earliest tax year subject to examination: Jurisdiction Tax year United States 2016 Mexico 2014 New York State and City 2009 United Kingdom 2015 India 2016 Singapore 2011 Hong Kong 2013 Ireland 2015 |
Schedule of deferred tax assets and liabilities by jurisdiction | The following table summarizes Citi’s DTAs: In billions of dollars Jurisdiction/component (1) DTAs balance December 31, 2019 DTAs balance December 31, 2018 U.S. federal (2) Net operating losses (NOLs) (3) $ 2.8 $ 2.6 Foreign tax credits (FTCs) 6.3 6.8 General business credits (GBCs) 2.5 1.0 Future tax deductions and credits 6.2 6.7 Total U.S. federal $ 17.8 $ 17.1 State and local New York NOLs $ 1.7 $ 2.0 Other state NOLs 0.2 0.2 Future tax deductions 1.3 1.4 Total state and local $ 3.2 $ 3.6 Non-U.S. NOLs $ 0.5 $ 0.6 Future tax deductions 1.6 1.6 Total non-U.S. $ 2.1 $ 2.2 Total $ 23.1 $ 22.9 (1) All amounts are net of valuation allowances. (2) Included in the net U.S. federal DTAs of $17.8 billion as of December 31, 2019 were deferred tax liabilities of $3.4 billion that will reverse in the relevant carry-forward period and may be used to support the DTAs. (3) Consists of non-consolidated tax return NOL carry-forwards that are eventually expected to be utilized in Citigroup’s consolidated tax return. |
Summary of tax carryforwards | The following table summarizes the amounts of tax carry-forwards and their expiration dates: In billions of dollars Year of expiration December 31, 2019 December 31, 2018 U.S. tax return general basket foreign tax credit carry-forwards (1) 2020 $ 0.9 $ 2.0 2021 1.1 1.1 2022 2.4 2.4 2023 0.4 0.4 2025 1.4 1.4 2027 1.2 1.1 Total U.S. tax return general basket foreign tax credit carry-forwards $ 7.4 $ 8.4 U.S. tax return branch basket foreign tax credit carry-forwards (1) 2019 $ — $ 0.9 2020 0.7 0.6 2021 0.6 0.7 2022 1.0 0.9 2028 0.9 1.3 2029 0.3 — Total U.S. tax return branch basket foreign tax credit carry-forwards $ 3.5 $ 4.4 U.S. tax return general business credit carry-forwards 2033 $ 0.3 $ — 2034 0.2 — 2035 0.2 — 2036 0.1 0.1 2037 0.5 0.4 2038 0.5 0.5 2039 0.7 — Total U.S. tax return general business credit carry-forwards $ 2.5 $ 1.0 U.S. subsidiary separate federal NOL carry-forwards 2027 $ 0.1 $ 0.2 2028 0.1 0.1 2030 0.3 0.3 2032 — 0.1 2033 1.6 1.6 2034 2.0 2.1 2035 3.3 3.3 2036 2.1 2.1 2037 1.0 1.0 Unlimited carry-forward period 3.0 1.7 Total U.S. subsidiary separate federal NOL carry-forwards (2) $ 13.5 $ 12.5 New York State NOL carry-forwards (2) 2034 $ 9.9 $ 11.7 New York City NOL carry-forwards (2) 2034 $ 10.0 $ 11.5 Non-U.S. NOL carry-forwards (1) Various $ 1.5 $ 2.0 (1) Before valuation allowance. (2) Pretax. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: In millions of dollars, except per share amounts 2019 2018 2017 Earnings per common share Income from continuing operations before attribution of noncontrolling interests $ 19,471 $ 18,088 $ (6,627 ) Less: Noncontrolling interests from continuing operations 66 35 60 Net income from continuing operations (for EPS purposes) $ 19,405 $ 18,053 $ (6,687 ) Loss from discontinued operations, net of taxes (4 ) (8 ) (111 ) Citigroup's net income $ 19,401 $ 18,045 $ (6,798 ) Less: Preferred dividends (1) 1,109 1,174 1,213 Net income available to common shareholders $ 18,292 $ 16,871 $ (8,011 ) Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares 121 200 37 Net income allocated to common shareholders for basic EPS $ 18,171 $ 16,671 $ (8,048 ) Weighted-average common shares outstanding applicable to basic EPS (in millions) 2,249.2 2,493.3 2,698.5 Basic earnings per share (2) Income from continuing operations $ 8.08 $ 6.69 $ (2.94 ) Discontinued operations — — (0.04 ) Net income per share—basic $ 8.08 $ 6.69 $ (2.98 ) Diluted earnings per share Net income allocated to common shareholders for basic EPS $ 18,171 $ 16,671 $ (8,048 ) Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends 33 — — Net income allocated to common shareholders for diluted EPS $ 18,204 $ 16,671 $ (8,048 ) Weighted-average common shares outstanding applicable to basic EPS (in millions) $ 2,249.2 $ 2,493.3 $ 2,698.5 Effect of dilutive securities Options (3) 0.1 0.1 — Other employee plans 16.0 1.4 — Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) (4) 2,265.3 2,494.8 2,698.5 Diluted earnings per share (2) Income from continuing operations $ 8.04 $ 6.69 $ (2.94 ) Discontinued operations — — (0.04 ) Net income per share—diluted $ 8.04 $ 6.68 $ (2.98 ) (1) See Note 20 to the Consolidated Financial Statements for the potential future impact of preferred stock dividends. (2) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. (3) During 2019 , no significant options to purchase shares of common stock were outstanding. During 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 $145.69 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. |
SECURITIES BORROWED, LOANED A_2
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | |
Federal funds sold and securities borrowed or purchased under agreements to resell | Securities borrowed and purchased under agreements to resell , at their respective carrying values, consisted of the following: December 31, December 31, In millions of dollars 2019 2018 Securities purchased under agreements to resell $ 169,874 $ 159,364 Deposits paid for securities borrowed 81,448 111,320 Total (1) $ 251,322 $ 270,684 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | Securities loaned and sold under agreements to repurchase , at their respective carrying values, consisted of the following: December 31, December 31, In millions of dollars 2019 2018 Securities sold under agreements to repurchase $ 155,164 $ 166,090 Deposits received for securities loaned 11,175 11,678 Total (1) $ 166,339 $ 177,768 (1) The above tables do not include securities-for-securities lending transactions of $6.3 billion and $15.9 billion at December 31, 2019 and 2018, 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 amounts 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 has 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 December 31, 2019 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 281,274 $ 111,400 $ 169,874 $ 134,150 $ 35,724 Deposits paid for securities borrowed 90,047 8,599 81,448 27,067 54,381 Total $ 371,321 $ 119,999 $ 251,322 $ 161,217 $ 90,105 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 266,564 $ 111,400 $ 155,164 $ 91,034 $ 64,130 Deposits received for securities loaned 19,774 8,599 11,175 3,138 8,037 Total $ 286,338 $ 119,999 $ 166,339 $ 94,172 $ 72,167 As of December 31, 2018 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 246,788 $ 87,424 $ 159,364 $ 124,557 $ 34,807 Deposits paid for securities borrowed 111,320 — 111,320 35,766 75,554 Total $ 358,108 $ 87,424 $ 270,684 $ 160,323 $ 110,361 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 253,514 $ 87,424 $ 166,090 $ 82,823 $ 83,267 Deposits received for securities loaned 11,678 — 11,678 3,415 8,263 Total $ 265,192 $ 87,424 $ 177,768 $ 86,238 $ 91,530 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) 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. (3) 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 amounts 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 has 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 December 31, 2019 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 281,274 $ 111,400 $ 169,874 $ 134,150 $ 35,724 Deposits paid for securities borrowed 90,047 8,599 81,448 27,067 54,381 Total $ 371,321 $ 119,999 $ 251,322 $ 161,217 $ 90,105 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 266,564 $ 111,400 $ 155,164 $ 91,034 $ 64,130 Deposits received for securities loaned 19,774 8,599 11,175 3,138 8,037 Total $ 286,338 $ 119,999 $ 166,339 $ 94,172 $ 72,167 As of December 31, 2018 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 246,788 $ 87,424 $ 159,364 $ 124,557 $ 34,807 Deposits paid for securities borrowed 111,320 — 111,320 35,766 75,554 Total $ 358,108 $ 87,424 $ 270,684 $ 160,323 $ 110,361 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 253,514 $ 87,424 $ 166,090 $ 82,823 $ 83,267 Deposits received for securities loaned 11,678 — 11,678 3,415 8,263 Total $ 265,192 $ 87,424 $ 177,768 $ 86,238 $ 91,530 (1) Includes financial instruments subject to enforceable master netting agreements that are permitted to be offset under ASC 210-20-45. (2) 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. (3) 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 amounts of liabilities associated with repurchase agreements and securities lending agreements by remaining contractual maturity: As of December 31, 2019 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 $ 108,534 $ 82,749 $ 35,108 $ 40,173 $ 266,564 Deposits received for securities loaned 15,758 208 1,789 2,019 19,774 Total $ 124,292 $ 82,957 $ 36,897 $ 42,192 $ 286,338 As of December 31, 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 $ 108,405 $ 70,850 $ 29,898 $ 44,361 $ 253,514 Deposits received for securities loaned 6,296 774 2,626 1,982 11,678 Total $ 114,701 $ 71,624 $ 32,524 $ 46,343 $ 265,192 The following tables present the gross amounts of liabilities associated with repurchase agreements and securities lending agreements by class of underlying collateral: As of December 31, 2019 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 100,781 $ 27 $ 100,808 State and municipal securities 1,938 5 1,943 Foreign government securities 95,880 272 96,152 Corporate bonds 18,761 249 19,010 Equity securities 12,010 19,069 31,079 Mortgage-backed securities 28,458 — 28,458 Asset-backed securities 4,873 — 4,873 Other 3,863 152 4,015 Total $ 266,564 $ 19,774 $ 286,338 As of December 31, 2018 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 86,785 $ 41 $ 86,826 State and municipal securities 2,605 — 2,605 Foreign government securities 99,131 179 99,310 Corporate bonds 21,719 749 22,468 Equity securities 12,920 10,664 23,584 Mortgage-backed securities 19,421 — 19,421 Asset-backed securities 6,207 — 6,207 Other 4,726 45 4,771 Total $ 253,514 $ 11,678 $ 265,192 |
BROKERAGE RECEIVABLES AND BRO_2
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Brokers and Dealers [Abstract] | |
Brokerage receivables and Brokerage payables | Brokerage receivables and Brokerage payables consisted of the following: December 31, In millions of dollars 2019 2018 Receivables from customers $ 15,912 $ 14,415 Receivables from brokers, dealers and clearing organizations 23,945 21,035 Total brokerage receivables (1) $ 39,857 $ 35,450 Payables to customers $ 37,613 $ 40,273 Payables to brokers, dealers and clearing organizations 10,988 24,298 Total brokerage payables (1) $ 48,601 $ 64,571 (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) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments | The following table presents Citi’s investments by category: December 31, In millions of dollars 2019 2018 Debt securities AFS $ 280,265 $ 288,038 Debt securities HTM (1) 80,775 63,357 Marketable equity securities carried at fair value (2) 458 220 Non-marketable equity securities carried at fair value (2) 704 889 Non-marketable equity securities measured using the measurement alternative (3) 700 538 Non-marketable equity securities carried at cost (4) 5,661 5,565 Total investments $ 368,563 $ 358,607 (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) Primarily consists of 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: In millions of dollars 2019 2018 2017 Taxable interest $ 9,269 $ 8,704 $ 7,538 Interest exempt from U.S. federal income tax 404 521 535 Dividend income 187 269 222 Total interest and dividend income $ 9,860 $ 9,494 $ 8,295 |
Realized gains and losses on investments | The following table presents realized gains and losses on the sales of investments, which exclude OTTI losses: In millions of dollars 2019 2018 2017 Gross realized investment gains $ 1,599 $ 682 $ 1,039 Gross realized investment losses (125 ) (261 ) (261 ) Net realized gains on sale of investments $ 1,474 $ 421 $ 778 |
Schedule of gain (loss) on HTM securities sold, securities reclassified to AFS and OTTI recorded on AFS securities reclassified | The following table presents, for the periods indicated, the carrying value of HTM debt securities sold and reclassified to AFS, as well as the related gain (loss) or the OTTI losses recorded on these securities: In millions of dollars 2019 2018 2017 Carrying value of HTM debt securities sold $ — $ 61 $ 81 Net realized gain (loss) on sale of HTM debt securities — — 13 Carrying value of debt securities reclassified to AFS — 8 74 OTTI losses on debt securities reclassified to AFS — — — |
Amortized cost and fair value of AFS securities | The amortized cost and fair value of AFS debt securities were as follows: 2019 2018 In millions of dollars Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Debt securities AFS Mortgage-backed securities (1) U.S. government agency guaranteed $ 34,963 $ 547 $ 280 $ 35,230 $ 43,504 $ 241 $ 725 $ 43,020 Non-U.S. residential 789 3 — 792 1,310 4 2 1,312 Commercial 75 — — 75 174 1 2 173 Total mortgage-backed securities $ 35,827 $ 550 $ 280 $ 36,097 $ 44,988 $ 246 $ 729 $ 44,505 U.S. Treasury and federal agency securities U.S. Treasury $ 106,429 $ 50 $ 380 $ 106,099 $ 109,376 $ 33 $ 1,339 $ 108,070 Agency obligations 5,336 3 20 5,319 9,283 1 132 9,152 Total U.S. Treasury and federal agency securities $ 111,765 $ 53 $ 400 $ 111,418 $ 118,659 $ 34 $ 1,471 $ 117,222 State and municipal $ 5,024 $ 43 $ 89 $ 4,978 $ 9,372 $ 96 $ 262 $ 9,206 Foreign government 110,958 586 241 111,303 100,872 415 596 100,691 Corporate 11,266 52 101 11,217 11,714 42 157 11,599 Asset-backed securities (1) 524 — 2 522 845 2 4 843 Other debt securities 4,729 1 — 4,730 3,973 — 1 3,972 Total debt securities AFS $ 280,093 $ 1,285 $ 1,113 $ 280,265 $ 290,423 $ 835 $ 3,220 $ 288,038 (1) The Company invests in mortgage- and asset-backed securities. These securitization entities 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- and asset-backed securitizations in which the Company has other involvement, see Note 21 to the Consolidated Financial Statements. |
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 December 31, 2019 Debt securities HTM Mortgage-backed securities $ 3,590 $ 10 $ 1,116 $ 11 $ 4,706 $ 21 State and municipal 34 1 1,125 27 1,159 28 Foreign government 1,970 1 — — 1,970 1 Asset-backed securities 7,972 11 765 48 8,737 59 Total debt securities HTM $ 13,566 $ 23 $ 3,006 $ 86 $ 16,572 $ 109 December 31, 2018 Debt securities HTM Mortgage-backed securities $ 2,822 $ 20 $ 18,086 $ 559 $ 20,908 $ 579 State and municipal 981 34 1,242 104 2,223 138 Foreign government 1,003 24 — — 1,003 24 Asset-backed securities 13,008 112 — — 13,008 112 Total debt securities HTM $ 17,814 $ 190 $ 19,328 $ 663 $ 37,142 $ 853 Note: Excluded from the gross unrecognized losses presented in the above table are $(582) million and $(653) million of net unrealized losses recorded in AOCI as of December 31, 2019 and 2018, 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 December 31, 2019 and 2018. The following table shows the fair value of AFS debt 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 December 31, 2019 Debt securities AFS Mortgage-backed securities U.S. government agency guaranteed $ 9,780 $ 242 $ 1,877 $ 38 $ 11,657 $ 280 Non-U.S. residential 208 — 1 — 209 — Commercial 16 — 27 — 43 — Total mortgage-backed securities $ 10,004 $ 242 $ 1,905 $ 38 $ 11,909 $ 280 U.S. Treasury and federal agency securities U.S. Treasury $ 45,484 $ 248 $ 26,907 $ 132 $ 72,391 $ 380 Agency obligations 781 2 3,897 18 4,678 20 Total U.S. Treasury and federal agency securities $ 46,265 $ 250 $ 30,804 $ 150 $ 77,069 $ 400 State and municipal $ 362 $ 62 $ 266 $ 27 $ 628 $ 89 Foreign government 35,485 149 8,170 92 43,655 241 Corporate 2,916 98 123 3 3,039 101 Asset-backed securities 112 1 166 1 278 2 Other debt securities 1,307 — — — 1,307 — Total debt securities AFS $ 96,451 $ 802 $ 41,434 $ 311 $ 137,885 $ 1,113 December 31, 2018 Debt securities AFS Mortgage-backed securities U.S. government agency guaranteed $ 11,160 $ 286 $ 13,143 $ 439 $ 24,303 $ 725 Non-U.S. residential 284 2 2 — 286 2 Commercial 79 1 82 1 161 2 Total mortgage-backed securities $ 11,523 $ 289 $ 13,227 $ 440 $ 24,750 $ 729 U.S. Treasury and federal agency securities U.S. Treasury $ 8,389 $ 42 $ 77,883 $ 1,297 $ 86,272 $ 1,339 Agency obligations 277 2 8,660 130 8,937 132 Total U.S. Treasury and federal agency securities $ 8,666 $ 44 $ 86,543 $ 1,427 $ 95,209 $ 1,471 State and municipal $ 1,614 $ 34 $ 1,303 $ 228 $ 2,917 $ 262 Foreign government 40,655 265 15,053 331 55,708 596 Corporate 4,547 115 2,077 42 6,624 157 Asset-backed securities 441 4 55 — 496 4 Other debt securities 1,790 1 — — 1,790 1 Total debt securities AFS $ 69,236 $ 752 $ 118,258 $ 2,468 $ 187,494 $ 3,220 |
Amortized cost and fair value of debt securities by contractual maturity dates | The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: December 31, 2019 2018 In millions of dollars Carrying value Fair value Carrying value Fair value Mortgage-backed securities Due within 1 year $ 17 $ 17 $ 3 $ 3 After 1 but within 5 years 458 463 539 540 After 5 but within 10 years 1,662 1,729 997 1,011 After 10 years (1) 46,121 47,081 34,407 34,024 Total $ 48,258 $ 49,290 $ 35,946 $ 35,578 State and municipal Due within 1 year $ 2 $ 26 $ 37 $ 37 After 1 but within 5 years 123 160 168 174 After 5 but within 10 years 597 590 540 544 After 10 years (1) 8,382 8,755 6,883 6,902 Total $ 9,104 $ 9,531 $ 7,628 $ 7,657 Foreign government Due within 1 year $ 650 $ 652 $ 60 $ 36 After 1 but within 5 years 1,284 1,318 967 967 After 5 but within 10 years — — — — After 10 years (1) — — — — Total $ 1,934 $ 1,970 $ 1,027 $ 1,003 All other (2) Due within 1 year $ — $ — $ — $ — After 1 but within 5 years — — — — After 5 but within 10 years 8,545 8,543 2,535 2,539 After 10 years (1) 12,934 12,889 16,221 16,113 Total $ 21,479 $ 21,432 $ 18,756 $ 18,652 Total debt securities HTM $ 80,775 $ 82,223 $ 63,357 $ 62,890 (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. The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: December 31, 2019 2018 In millions of dollars Amortized cost Fair value Amortized cost Fair value Mortgage-backed securities (1) Due within 1 year $ 20 $ 20 $ 14 $ 14 After 1 but within 5 years 573 574 662 661 After 5 but within 10 years 594 626 2,779 2,828 After 10 years (2) 34,640 34,877 41,533 41,002 Total $ 35,827 $ 36,097 $ 44,988 $ 44,505 U.S. Treasury and federal agency securities Due within 1 year $ 40,757 $ 40,688 $ 41,941 $ 41,867 After 1 but within 5 years 70,128 69,850 76,139 74,800 After 5 but within 10 years 854 851 489 462 After 10 years (2) 26 29 90 93 Total $ 111,765 $ 111,418 $ 118,659 $ 117,222 State and municipal Due within 1 year $ 932 $ 932 $ 2,586 $ 2,586 After 1 but within 5 years 714 723 1,676 1,675 After 5 but within 10 years 195 215 585 602 After 10 years (2) 3,183 3,108 4,525 4,343 Total $ 5,024 $ 4,978 $ 9,372 $ 9,206 Foreign government Due within 1 year $ 42,611 $ 42,666 $ 39,078 $ 39,028 After 1 but within 5 years 58,820 59,071 50,125 49,962 After 5 but within 10 years 8,192 8,198 10,153 10,149 After 10 years (2) 1,335 1,368 1,516 1,552 Total $ 110,958 $ 111,303 $ 100,872 $ 100,691 All other (3) Due within 1 year $ 7,306 $ 7,311 $ 6,166 $ 6,166 After 1 but within 5 years 8,279 8,275 8,459 8,416 After 5 but within 10 years 818 797 1,474 1,427 After 10 years (2) 116 86 433 405 Total $ 16,519 $ 16,469 $ 16,532 $ 16,414 Total debt securities AFS $ 280,093 $ 280,265 $ 290,423 $ 288,038 (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. |
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 December 31, 2019 Debt securities HTM Mortgage-backed securities (1)(2) U.S. government agency guaranteed $ 46,637 $ 1,047 $ 21 $ 47,663 Non-U.S. residential 1,039 5 — 1,044 Commercial 582 1 — 583 Total mortgage-backed securities $ 48,258 $ 1,053 $ 21 $ 49,290 State and municipal (3) $ 9,104 $ 455 $ 28 $ 9,531 Foreign government 1,934 37 1 1,970 Asset-backed securities (1) 21,479 12 59 21,432 Total debt securities HTM $ 80,775 $ 1,557 $ 109 $ 82,223 December 31, 2018 Debt securities HTM Mortgage-backed securities (1)(4) U.S. government agency guaranteed $ 34,239 $ 199 $ 578 $ 33,860 Non-U.S. residential 1,339 12 1 1,350 Commercial 368 — — 368 Total mortgage-backed securities $ 35,946 $ 211 $ 579 $ 35,578 State and municipal $ 7,628 $ 167 $ 138 $ 7,657 Foreign government 1,027 — 24 1,003 Asset-backed securities (1) 18,756 8 112 18,652 Total debt securities HTM $ 63,357 $ 386 $ 853 $ 62,890 (1) The Company invests in mortgage- and asset-backed securities. These securitization entities 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- and asset-backed securitizations in which the Company has other involvement, see Note 21 to the Consolidated Financial Statements. (2) In March 2019, Citibank transferred $5 billion of agency residential mortgage-backed securities (RMBS) from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities were in an unrealized loss position of $56 million . The loss amounts will remain in AOCI and be amortized over the remaining life of the securities. (3) In December 2019, Citibank transferred $173 million of state and municipal bonds from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the bonds were in an unrealized gain position of $5 million . The gain amounts will remain in AOCI and be amortized over the remaining life of the securities. (4) In November 2018, Citibank transferred $10 billion of agency residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities were in an unrealized loss position of $598 million . This amount will remain in AOCI and be amortized over the remaining life of the securities. |
Total other-than-temporary impairments recognized | The following tables present total OTTI on Investments recognized in earnings: Year ended In millions of dollars AFS HTM Other assets 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 $ 1 $ — $ 1 $ 2 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 $ 1 $ — $ 1 $ 2 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 20 — 1 21 Total OTTI losses recognized in earnings $ 21 $ — $ 2 $ 23 Year ended In millions of dollars AFS (1) HTM Other 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 125 — — 125 Total OTTI losses recognized in earnings $ 125 $ — $ — $ 125 (1) For the year ended December 31, 2018, amounts represent AFS debt securities. Year ended December 31, 2017 In millions of dollars AFS (1) HTM Other 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 $ 2 $ — $ — $ 2 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 $ 2 $ — $ — $ 2 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 59 2 — 61 Total OTTI losses recognized in earnings $ 61 $ 2 $ — $ 63 (1) Includes OTTI on non-marketable equity securities. |
Cumulative other-than-temporary impairment credit losses recognized in earnings | The following are 12-month rollforwards of the credit-related impairments recognized in earnings for AFS and HTM debt securities 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 Dec. 31, 2018 balance Credit Credit that have been previously Changes due to (1) Dec. 31, 2019 balance AFS debt securities Mortgage-backed securities (1) $ 1 $ — $ — $ — $ 1 State and municipal — — 4 — 4 Corporate 4 — — — 4 All other debt securities — 1 — — 1 Total OTTI credit losses recognized for AFS debt securities $ 5 $ 1 $ 4 $ — $ 10 HTM debt securities State and municipal 3 — — — 3 Total OTTI credit losses recognized for HTM debt securities $ 3 $ — $ — $ — $ 3 Cumulative OTTI credit losses recognized in earnings on debt securities still held In millions of dollars Dec. 31, 2017 balance Credit Credit that have Changes due to (3) Dec. 31, 2018 balance AFS debt securities Mortgage-backed securities (1) $ 38 $ — $ — $ (37 ) $ 1 State and municipal 4 — — (4 ) — Corporate 4 — — — 4 All other debt securities 2 — — (2 ) — Total OTTI credit losses recognized for AFS debt securities $ 48 $ — $ — $ (43 ) $ 5 HTM debt securities Mortgage-backed securities (2) $ 54 $ — $ — $ (54 ) $ — State and municipal 3 — — — 3 Total OTTI credit losses recognized for HTM debt securities $ 57 $ — $ — $ (54 ) $ 3 (1) Primarily consists of Prime securities. (2) Primarily consists of Alt-A securities. (3) 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 Hedging 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. |
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 December 31, 2019 and 2018: In millions of dollars December 31, 2019 December 31, 2018 Measurement alternative: Carrying value $ 700 $ 538 Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative: Years Ended December 31, In millions of dollars 2019 2018 Measurement alternative: Impairment losses (1) $ 9 $ 7 Downward changes for observable prices (1) 16 18 Upward changes for observable prices (1) 123 219 (1) See Note 24 to the Consolidated Financial Statements for additional information on these nonrecurring fair value measurements. Life-to-date amounts on securities still held In millions of dollars December 31, 2019 Measurement alternative: Impairment losses $ 16 Downward changes for observable prices 34 Upward changes for observable prices 342 |
Investments in alternative investment funds | Fair value Unfunded Redemption frequency (if currently eligible) monthly, quarterly, annually Redemption notice period In millions of dollars December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Private equity funds (1)(2) $ 134 $ 168 $ 62 $ 62 — — Real estate funds (2)(3) 10 14 18 19 — — Mutual/collective investment funds 26 25 — — Total $ 170 $ 207 $ 80 $ 81 — — (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) | 12 Months Ended |
Dec. 31, 2019 | |
Consumer | |
Loans receivable | |
Schedule of loan delinquency and non-accrual details | Consumer Loan Delinquencies and Non-Accrual Details at December 31, 2019 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 (5) Residential first mortgages (6) $ 45,942 $ 411 $ 221 $ 434 $ 47,008 $ 479 $ 288 Home equity loans (7)(8) 8,860 174 189 — 9,223 405 — Credit cards 145,477 1,759 1,927 — 149,163 — 1,927 Personal, small business and other 3,641 44 14 — 3,699 21 — Total $ 203,920 $ 2,388 $ 2,351 $ 434 $ 209,093 $ 905 $ 2,215 In offices outside North America (5) Residential first mortgages (6) $ 37,316 $ 210 $ 160 $ — $ 37,686 $ 421 $ — Credit cards 25,111 426 372 — 25,909 310 242 Personal, small business and other 36,456 272 132 — 36,860 180 — Total $ 98,883 $ 908 $ 664 $ — $ 100,455 $ 911 $ 242 Total Citigroup (9) $ 302,803 $ 3,296 $ 3,015 $ 434 $ 309,548 $ 1,816 $ 2,457 Consumer Loan Delinquencies and Non-Accrual Details at December 31, 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 (5) Residential first mortgages (6) $ 45,953 $ 420 $ 253 $ 786 $ 47,412 $ 583 $ 549 Home equity loans (7)(8) 11,135 161 247 — 11,543 527 — Credit cards 141,091 1,687 1,764 — 144,542 — 1,764 Personal, small business and other 3,983 46 17 — 4,046 28 — Total $ 202,162 $ 2,314 $ 2,281 $ 786 $ 207,543 $ 1,138 $ 2,313 In offices outside North America (5) Residential first mortgages (6) $ 35,624 $ 203 $ 145 $ — $ 35,972 $ 383 $ — Credit cards 24,156 425 370 — 24,951 312 235 Personal, small business and other 33,474 284 136 — 33,894 193 — Total $ 93,254 $ 912 $ 651 $ — $ 94,817 $ 888 $ 235 Total Citigroup (9) $ 295,416 $ 3,226 $ 2,932 $ 786 $ 302,360 $ 2,026 $ 2,548 (1) Loans less than 30 days past due are presented as current. (2) Includes $18 million and $20 million at December 31, 2019 and 2018, respectively, of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. (4) Consists of residential first mortgages that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and $0.2 billion and 90 days or more past due of $0.3 billion and $0.6 billion at December 31, 2019 and 2018, respectively. (5) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (6) Includes approximately $0.1 billion and $0.1 billion at December 31, 2019 and 2018, respectively, of residential first mortgage loans in process of foreclosure. (7) Includes approximately $0.1 billion and $0.1 billion at December 31, 2019 and 2018, respectively, of home equity loans in process of foreclosure. (8) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (9) Consumer loans are net of unearned income of $783 million and $742 million at December 31, 2019 and 2018, respectively. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. |
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. 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)(3) December 31, 2019 In millions of dollars Less than 680 680 to 760 Greater Residential first mortgages $ 3,602 $ 13,178 $ 28,235 Home equity loans 1,881 3,475 3,630 Credit cards 33,290 59,536 52,935 Personal, small business and other 564 907 1,473 Total $ 39,337 $ 77,096 $ 86,273 FICO score distribution in U.S. portfolio (1)(2)(3) December 31, 2018 In millions of dollars Less than 680 680 to 760 Greater Residential first mortgages $ 4,530 $ 13,848 $ 26,546 Home equity loans 2,438 4,296 4,471 Credit cards 32,686 58,722 51,299 Personal, small business and other 625 1,097 1,121 Total $ 40,279 $ 77,963 $ 83,437 (1) The FICO bands in the tables are consistent with general industry peer presentations. (2) Excludes loans guaranteed by U.S. government-sponsored agencies, loans subject to long-term standby commitments (LTSC) with U.S. government-sponsored agencies and loans recorded at fair value. (3) 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) December 31, 2019 In millions of dollars Less than or equal to 80% > 80% but less than or equal to 100% Greater than 100% Residential first mortgages $ 41,705 $ 3,302 $ 98 Home equity loans 7,934 819 235 Total $ 49,639 $ 4,121 $ 333 LTV distribution in U.S. portfolio (1)(2) December 31, 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 $ 42,379 $ 2,474 $ 197 Home equity loans 9,465 1,287 390 Total $ 51,844 $ 3,761 $ 587 (1) Excludes loans guaranteed by U.S. government-sponsored agencies, loans subject to LTSCs with U.S. government-sponsored agencies 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: At and for the year ended December 31, 2019 In millions of dollars Recorded investment (1)(2) Unpaid principal balance Related specific allowance (3) Average carrying value (4) Interest income recognized (5) Mortgage and real estate Residential first mortgages $ 1,666 $ 1,838 $ 161 $ 1,925 $ 60 Home equity loans 592 824 123 637 9 Credit cards 1,931 2,288 771 1,890 103 Installment and other Personal, small business and other 703 738 135 754 55 Total $ 4,892 $ 5,688 $ 1,190 $ 5,206 $ 227 (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) $405 million of residential first mortgages, and $212 million of home equity 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. At and for the year ended December 31, 2018 In millions of dollars Recorded investment (1)(2) Unpaid principal balance Related specific allowance (3) Average carrying value (4) Interest income (5)(6) Mortgage and real estate Residential first mortgages $ 2,130 $ 2,329 $ 178 $ 2,483 $ 81 Home equity loans 684 946 122 698 12 Credit cards 1,818 1,842 677 1,815 105 Installment and other Personal, small business and other 452 666 139 500 22 Total $ 5,084 $ 5,783 $ 1,116 $ 5,496 $ 220 (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) $484 million of residential first mortgages and $263 million of home equity 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. (6) Interest income recognized for the year ended December 31, 2017 was $342 million . |
Schedule of troubled debt restructurings | For the year ended December 31, 2019 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 1,122 $ 172 $ — $ — $ — — % Home equity loans 717 79 3 — — 1 Credit cards 268,778 1,165 — — — 17 Personal, small business and other 1,719 15 — — — 5 Total (6) 272,336 $ 1,431 $ 3 $ — $ — International Residential first mortgages 2,448 $ 74 $ — $ — $ — — % Credit cards 72,325 288 — — 10 17 Personal, small business and other 29,192 204 — — 6 9 Total (6) 103,965 $ 566 $ — $ — $ 16 For the year ended December 31, 2018 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 2,019 $ 300 $ 2 $ — $ — — % Home equity loans 1,381 130 5 — — 1 Credit cards 243,253 978 — — — 18 Personal, small business and other 1,349 12 — — — 4 Total (6) 248,002 $ 1,420 $ 7 $ — $ — International Residential first mortgages 2,572 $ 85 $ — $ — $ — — % Credit cards 77,823 323 — — 9 16 Personal, small business and other 30,849 216 — — 7 9 Total (6) 111,244 $ 624 $ — $ — $ 16 (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 year ended December 31, 2019. These amounts include $11 million of residential first mortgages and $6 million of home equity loans that were newly classified as TDRs during 2019, 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) The above tables reflect activity for restructured loans that were considered TDRs during the year. (7) Post-modification balances in North America include $38 million of residential first mortgages and $12 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the year ended December 31, 2018 . These amounts include $27 million of residential first mortgages and $10 million of home equity loans that were newly classified as TDRs during 2018, based on previously received OCC guidance. |
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. Years ended December 31, In millions of dollars 2019 2018 North America Residential first mortgages $ 85 $ 136 Home equity loans 15 23 Credit cards 301 241 Personal, small business and other 4 4 Total $ 405 $ 404 International Residential first mortgages $ 13 $ 9 Credit cards 142 198 Personal, small business and other 74 80 Total $ 229 $ 287 |
Corporate | |
Loans receivable | |
Schedule of loans | The following table presents information by corporate loan type: In millions of dollars December 31, December 31, In North America offices (1) Commercial and industrial $ 55,929 $ 60,861 Financial institutions 53,922 48,447 Mortgage and real estate (2) 53,371 50,124 Installment, revolving credit and other 31,238 32,425 Lease financing 1,290 1,429 Total $ 195,750 $ 193,286 In offices outside (1) Commercial and industrial $ 112,668 $ 114,029 Financial institutions 40,211 36,837 Mortgage and real estate (2) 9,780 7,376 Installment, revolving credit and other 27,303 25,685 Lease financing 95 103 Governments and official institutions 4,128 4,520 Total $ 194,185 $ 188,550 Corporate loans, net of unearned income (3) $ 389,935 $ 381,836 |
Schedule of loan delinquency and non-accrual details | Corporate Loan Delinquencies and Non-Accrual Details at December 31, 2019 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 $ 676 $ 93 $ 769 $ 1,828 $ 164,249 $ 166,846 Financial institutions 791 3 794 50 91,008 91,852 Mortgage and real estate 534 4 538 188 62,425 63,151 Lease financing 58 9 67 41 1,277 1,385 Other 190 22 212 81 62,341 62,634 Loans at fair value 4,067 Total $ 2,249 $ 131 $ 2,380 $ 2,188 $ 381,300 $ 389,935 Corporate Loan Delinquencies and Non-Accrual Details at December 31, 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 $ 403 $ 111 $ 514 $ 1,119 $ 173,257 $ 174,890 Financial institutions 87 7 94 102 85,088 85,284 Mortgage and real estate 128 5 133 215 57,152 57,500 Lease financing 5 10 15 — 1,517 1,532 Other 151 52 203 75 59,149 59,427 Loans at fair value 3,203 Total $ 774 $ 185 $ 959 $ 1,511 $ 376,163 $ 381,836 (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 or more 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 December 31, 2019 December 31, Investment grade (2) Commercial and industrial $ 110,797 $ 113,925 Financial institutions 80,533 73,533 Mortgage and real estate 27,571 26,799 Lease financing 816 1,035 Other 57,339 58,916 Total investment grade $ 277,056 $ 274,208 Non-investment grade (2) Accrual Commercial and industrial $ 54,220 $ 53,942 Financial institutions 11,269 10,866 Mortgage and real estate 3,811 4,200 Lease financing 528 497 Other 5,206 5,753 Non-accrual Commercial and industrial 1,828 1,119 Financial institutions 50 102 Mortgage and real estate 188 215 Lease financing 41 — Other 81 75 Total non-investment grade $ 77,222 $ 76,769 Non-rated private bank loans managed on a delinquency basis (2) $ 31,590 $ 27,656 Loans at fair value 4,067 3,203 Corporate loans, net of unearned income $ 389,935 $ 381,836 (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: At and for the year ended December 31, 2019 In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Interest income recognized (3) Non-accrual corporate loans Commercial and industrial $ 1,828 $ 1,942 $ 283 $ 1,449 $ 33 Financial institutions 50 120 2 63 — Mortgage and real estate 188 362 10 192 — Lease financing 41 41 — 8 — Other 81 202 4 76 9 Total non-accrual corporate loans $ 2,188 $ 2,667 $ 299 $ 1,788 $ 42 At and for the year ended December 31, 2018 In millions of dollars Recorded investment (1) Unpaid principal balance Related specific allowance Average carrying value (2) Interest income recognized (3) Non-accrual corporate loans Commercial and industrial $ 1,119 $ 1,270 $ 245 $ 1,299 $ 49 Financial institutions 102 123 35 99 — Mortgage and real estate 215 323 39 233 1 Lease financing — 28 — 21 — Other 75 165 6 83 6 Total non-accrual corporate loans $ 1,511 $ 1,909 $ 325 $ 1,735 $ 56 December 31, 2019 December 31, 2018 In millions of dollars Recorded investment (1) Related specific allowance Recorded investment (1) Related specific allowance Non-accrual corporate loans with specific allowance Commercial and industrial $ 714 $ 283 $ 801 $ 245 Financial institutions 40 2 76 35 Mortgage and real estate 48 10 100 39 Lease financing — — — — Other 7 4 24 6 Total non-accrual corporate loans with specific allowance $ 809 $ 299 $ 1,001 $ 325 Non-accrual corporate loans without specific allowance Commercial and industrial $ 1,114 $ 318 Financial institutions 10 26 Mortgage and real estate 140 115 Lease financing 41 — Other 74 51 Total non-accrual corporate loans without specific allowance $ 1,379 N/A $ 510 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 year ended December 31, 2017 was $35 million . N/A Not applicable |
Schedule of troubled debt restructurings | Corporate Troubled Debt Restructurings For the year ended December 31, 2019 : In millions of dollars Carrying value of TDRs modified during the period 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 $ 283 $ 19 $ — $ 264 Mortgage and real estate 16 — — 16 Other 6 6 — — Total $ 305 $ 25 $ — $ 280 For the year ended December 31, 2018 : In millions of dollars Carrying value of TDRs modified during the period 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 $ 159 $ 5 $ 8 $ 146 Mortgage and real estate 60 3 — 57 Total $ 219 $ 8 $ 8 $ 203 (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 December 31, 2019 TDR loans in payment default during the year ended December 31, 2019 TDR balances at December 31, 2018 TDR loans in payment default during the year ended December 31, 2018 Commercial and industrial $ 603 $ 35 $ 568 $ 111 Financial institutions — — 25 — Mortgage and real estate 79 — 123 — Lease financing — — — — Other 44 — 2 — Total (1) $ 726 $ 35 $ 718 $ 111 (1) The above table reflects activity for loans outstanding that were considered TDRs as of the end of the reporting period. |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of allowance for credit losses and investment in loans by portfolio segment | In millions of dollars 2019 2018 2017 Allowance for loan losses at beginning of period $ 12,315 $ 12,355 $ 12,060 Gross credit losses (9,341 ) (8,665 ) (8,673 ) Gross recoveries (1) 1,573 1,552 1,597 Net credit losses (NCLs) $ (7,768 ) $ (7,113 ) $ (7,076 ) NCLs $ 7,768 $ 7,113 $ 7,076 Net reserve builds (releases) 364 394 544 Net specific reserve builds (releases) 86 (153 ) (117 ) Total provision for loan losses $ 8,218 $ 7,354 $ 7,503 Other, net (see table below) 18 (281 ) (132 ) Allowance for loan losses at end of period $ 12,783 $ 12,315 $ 12,355 Allowance for credit losses on unfunded lending commitments at beginning of period $ 1,367 $ 1,258 $ 1,418 Provision (release) for unfunded lending commitments 92 113 (161 ) Other, net (3 ) (4 ) 1 Allowance for credit losses on unfunded lending commitments at end of period (2) $ 1,456 $ 1,367 $ 1,258 Total allowance for loans, leases and unfunded lending commitments $ 14,239 $ 13,682 $ 13,613 (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 In millions of dollars 2019 2018 2017 Sales or transfers of various consumer loan portfolios to HFS Transfer of real estate loan portfolios $ (42 ) $ (91 ) $ (106 ) Transfer of other loan portfolios — (110 ) (155 ) Sales or transfers of various consumer loan portfolios to HFS $ (42 ) $ (201 ) $ (261 ) FX translation, primarily consumer 60 (60 ) 115 Other — (20 ) 14 Other, net $ 18 $ (281 ) $ (132 ) Allowance for Credit Losses and End-of-Period Loans at December 31, 2019 In millions of dollars Corporate Consumer Total Allowance for loan losses at beginning of year $ 2,811 $ 9,504 $ 12,315 Charge-offs (487 ) (8,854 ) (9,341 ) Recoveries 95 1,478 1,573 Replenishment of net charge-offs 392 7,376 7,768 Net reserve builds (releases) 96 268 364 Net specific reserve builds (releases) (21 ) 107 86 Other — 18 18 Ending balance $ 2,886 $ 9,897 $ 12,783 Allowance for loan losses Collectively evaluated in accordance with ASC 450 $ 2,587 $ 8,706 $ 11,293 Individually evaluated in accordance with ASC 310-10-35 299 1,190 1,489 Purchased credit impaired in accordance with ASC 310-30 — 1 1 Total allowance for loan losses $ 2,886 $ 9,897 $ 12,783 Loans, net of unearned income Collectively evaluated in accordance with ASC 450 $ 383,828 $ 304,510 $ 688,338 Individually evaluated in accordance with ASC 310-10-35 2,040 4,892 6,932 Purchased credit impaired in accordance with ASC 310-30 — 128 128 Held at fair value 4,067 18 4,085 Total loans, net of unearned income $ 389,935 $ 309,548 $ 699,483 Allowance for Credit Losses and End-of-Period Loans at December 31, 2018 In millions of dollars Corporate Consumer Total Allowance for loan losses at beginning of year $ 2,943 $ 9,412 $ 12,355 Charge-offs (343 ) (8,322 ) (8,665 ) Recoveries 138 1,414 1,552 Replenishment of net charge-offs 205 6,908 7,113 Net reserve builds (releases) 42 352 394 Net specific reserve builds (releases) (151 ) (2 ) (153 ) Other (23 ) (258 ) (281 ) Ending balance $ 2,811 $ 9,504 $ 12,315 Allowance for loan losses Collectively evaluated in accordance with ASC 450 $ 2,486 $ 8,386 $ 10,872 Individually evaluated in accordance with ASC 310-10-35 325 1,116 1,441 Purchased credit impaired in accordance with ASC 310-30 — 2 2 Total allowance for loan losses $ 2,811 $ 9,504 $ 12,315 Loans, net of unearned income Collectively evaluated in accordance with ASC 450 $ 377,186 $ 297,128 $ 674,314 Individually evaluated in accordance with ASC 310-10-35 1,447 5,084 6,531 Purchased credit impaired in accordance with ASC 310-30 — 128 128 Held at fair value 3,203 20 3,223 Total loans, net of unearned income $ 381,836 $ 302,360 $ 684,196 Allowance for Credit Losses at December 31, 2017 In millions of dollars Corporate Consumer Total Allowance for loan losses at beginning of year $ 3,218 $ 8,842 $ 12,060 Charge-offs (632 ) (8,041 ) (8,673 ) Recoveries 153 1,444 1,597 Replenishment of net charge-offs 479 6,597 7,076 Net reserve builds (releases) (274 ) 818 544 Net specific reserve builds (releases) (31 ) (86 ) (117 ) Other 30 (162 ) (132 ) Ending balance $ 2,943 $ 9,412 $ 12,355 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in Goodwill by segment were as follows: In millions of dollars Global Consumer Banking Institutional Clients Group Corporate/Other Total Balance at December 31, 2016 (1) $ 11,874 $ 9,741 $ 44 $ 21,659 Foreign exchange translation $ 286 $ 443 $ — $ 729 Divestitures (2) (32 ) (72 ) — (104 ) Impairment of goodwill (3) — — (28 ) (28 ) Balance at December 31, 2017 $ 12,128 $ 10,112 $ 16 $ 22,256 Foreign exchange translation $ (41 ) $ (153 ) $ — $ (194 ) Divestitures (4) — — (16 ) (16 ) Balance at December 31, 2018 $ 12,087 $ 9,959 $ — $ 22,046 Foreign exchange translation $ 15 $ 65 $ — $ 80 Balance at December 31, 2019 $ 12,102 $ 10,024 $ — $ 22,126 (1) December 31, 2016 has been revised to reflect intersegment goodwill allocations that resulted from the 2019 reorganization of the Citi commercial banking business from GCB to ICG . See Note 3 to the Consolidated Financial Statements. (2) Primarily related to the sale of a fixed income analytics business and a fixed income index business completed in 2017 and agreement to sell a Mexico asset management business as of December 31, 2017. See Note 2 to the Consolidated Financial Statements. (3) Related to the transfer of the mortgage servicing business from North America GCB to Corporate/Other effective January 1, 2017. (4) Primarily related to the sale of consumer operations in Colombia in 2018. |
Components of intangible assets, finite-lived | The components of intangible assets were as follows: December 31, 2019 December 31, 2018 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 5,676 $ 4,059 $ 1,617 $ 5,733 $ 3,936 $ 1,797 Credit card contract-related intangibles (1) 5,393 3,069 2,324 5,225 2,791 2,434 Core deposit intangibles 434 433 1 419 415 4 Other customer relationships 424 275 149 470 299 171 Present value of future profits 34 31 3 32 29 3 Indefinite-lived intangible assets 228 — 228 218 — 218 Other 82 77 5 84 75 9 Intangible assets (excluding MSRs) $ 12,271 $ 7,944 $ 4,327 $ 12,181 $ 7,545 $ 4,636 Mortgage servicing rights (MSRs) (2) 495 — 495 584 — 584 Total intangible assets $ 12,766 $ 7,944 $ 4,822 $ 12,765 $ 7,545 $ 5,220 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount as of December 31, 2019. (2) For additional information on Citi’s MSRs, see Note 21 to the Consolidated Financial Statements. |
Components of intangible assets, indefinite-lived | The components of intangible assets were as follows: December 31, 2019 December 31, 2018 In millions of dollars Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Purchased credit card relationships $ 5,676 $ 4,059 $ 1,617 $ 5,733 $ 3,936 $ 1,797 Credit card contract-related intangibles (1) 5,393 3,069 2,324 5,225 2,791 2,434 Core deposit intangibles 434 433 1 419 415 4 Other customer relationships 424 275 149 470 299 171 Present value of future profits 34 31 3 32 29 3 Indefinite-lived intangible assets 228 — 228 218 — 218 Other 82 77 5 84 75 9 Intangible assets (excluding MSRs) $ 12,271 $ 7,944 $ 4,327 $ 12,181 $ 7,545 $ 4,636 Mortgage servicing rights (MSRs) (2) 495 — 495 584 — 584 Total intangible assets $ 12,766 $ 7,944 $ 4,822 $ 12,765 $ 7,545 $ 5,220 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 96% of the aggregate net carrying amount as of December 31, 2019. (2) For additional information on Citi’s MSRs, see Note 21 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, 2018 Acquisitions/ divestitures Amortization Impairments FX translation and other December 31, Purchased credit card relationships (1) $ 1,797 $ 9 $ (189 ) $ — $ — $ 1,617 Credit card contract-related intangibles (2) 2,434 73 (336 ) — 153 2,324 Core deposit intangibles 4 — (4 ) — 1 1 Other customer relationships 171 — (24 ) — 2 149 Present value of future profits 3 — — — — 3 Indefinite-lived intangible assets 218 4 — — 6 228 Other 9 6 (11 ) — 1 5 Intangible assets (excluding MSRs) $ 4,636 $ 92 $ (564 ) $ — $ 163 $ 4,327 Mortgage servicing rights (MSRs) (3) 584 495 Total intangible assets $ 5,220 $ 4,822 (1) Reflects intangibles for the value of cardholder relationships, which are discrete from partner contract-related intangibles and include credit card accounts primarily in the Costco, Macy’s and Sears portfolios. (2) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represent 96% of the aggregate net carrying amount at December 31, 2019 and 2018. (3) For additional information on Citi’s MSRs, including the rollforward from 2018 to 2019, see Note 21 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings | Short-Term Borrowings December 31, 2019 2018 In millions of dollars Balance Weighted average coupon Balance Weighted average coupon Commercial paper Bank (1) $ 10,155 $ 13,238 Broker-dealer and other (2) 6,321 — Total commercial paper $ 16,476 1.98 % $ 13,238 1.95 % Other borrowings (3) 28,573 2.57 19,108 2.99 Total $ 45,049 $ 32,346 (1) Represents Citibank entities as well as other bank entities. (2) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. (3) Includes borrowings from the Federal Home Loan Banks and other market participants. At December 31, 2019 and 2018, collateralized short-term advances from the Federal Home Loan Banks were $17.6 billion and $9.5 billion , respectively. |
Schedule of long-term debt | Long-Term Debt Balances at December 31, In millions of dollars Weighted (1) Maturities 2019 2018 Citigroup Inc. (2) Senior debt 3.11 % 2020-2098 $ 123,292 $ 117,511 Subordinated debt (3) 5.59 2022-2046 25,463 24,545 Trust preferred securities 8.15 2036-2067 1,722 1,711 Bank (4) Senior debt 2.51 2020-2038 53,340 61,237 Broker-dealer (5) Senior debt 2.43 2020-2098 44,817 26,947 Subordinated debt (3) 2.37 2022-2046 126 48 Total 3.28 % $ 248,760 $ 231,999 Senior debt $ 221,449 $ 205,695 Subordinated debt (3) 25,589 24,593 Trust preferred securities 1,722 1,711 Total $ 248,760 $ 231,999 (1) The weighted average coupon excludes structured notes accounted for at fair value. (2) Represents the parent holding company. (3) Includes notes that are subordinated within certain countries, regions or subsidiaries. (4) Represents Citibank entities as well as other bank entities. At December 31, 2019 and 2018, collateralized long-term advances from the Federal Home Loan Banks were $5.5 billion and $10.5 billion , respectively. (5) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. |
Aggregate annual maturities of long-term debt obligations | Aggregate annual maturities of long-term debt obligations (based on final maturity dates) including trust preferred securities are as follows: In millions of dollars 2020 2021 2022 2023 2024 Thereafter Total Citigroup Inc. $ 7,033 $ 15,208 $ 13,061 $ 14,202 $ 8,247 $ 92,726 $ 150,477 Bank 20,654 14,023 8,471 2,634 4,417 3,141 53,340 Broker-dealer 9,570 8,852 5,558 3,292 3,359 14,312 44,943 Total $ 37,257 $ 38,083 $ 27,090 $ 20,128 $ 16,023 $ 110,179 $ 248,760 |
Summary of outstanding trust preferred securities | The following table summarizes Citi’s outstanding trust preferred securities at December 31, 2019 : 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 securities and 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 outside investors from the trusts at the time of issuance. This differs from Citi’s balance sheet carrying value due primarily to unamortized discount and issuance costs. (2) |
REGULATORY CAPITAL (Tables)
REGULATORY CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Schedule of compliance with regulatory capital requirements under banking regulations | The following table sets forth for Citigroup and Citibank the regulatory capital tiers, total risk-weighted assets, quarterly adjusted average total assets, Total Leverage Exposure, risk-based capital ratios and leverage ratios: In millions of dollars, except ratios Stated minimum Citigroup Citibank Well- capitalized minimum December 31, 2019 December 31, 2018 Well- capitalized minimum December 31, 2019 December 31, 2018 Common Equity Tier 1 Capital $ 137,798 $ 139,252 $ 130,791 $ 129,091 Tier 1 Capital 155,805 158,122 132,918 131,215 Total Capital (Tier 1 Capital + Tier 2 Capital)—Standardized Approach 193,682 195,440 157,324 155,154 Total Capital (Tier 1 Capital + Tier 2 Capital)—Advanced Approaches 181,337 183,144 145,989 144,358 Total risk-weighted assets—Standardized Approach 1,166,523 1,174,448 1,019,916 1,032,809 Total risk-weighted assets—Advanced Approaches 1,135,553 1,131,933 932,432 926,229 Quarterly adjusted average total assets (1) 1,957,039 1,896,959 1,459,851 1,398,875 Total Leverage Exposure (2) 2,507,891 2,465,641 1,951,701 1,914,663 Common Equity Tier 1 Capital ratio (3) 4.5 % N/A 11.81 % 11.86 % 6.5 % 12.82 % 12.50 % Tier 1 Capital ratio (3) 6.0 6.0 % 13.36 13.46 8.0 13.03 12.70 Total Capital ratio (3) 8.0 10.0 15.97 16.18 10.0 15.43 15.02 Tier 1 Leverage ratio 4.0 N/A 7.96 8.34 5.0 9.10 9.38 Supplementary Leverage ratio 3.0 N/A 6.21 6.41 6.0 6.81 6.85 (1) Tier 1 Leverage ratio denominator. (2) Supplementary Leverage ratio denominator. (3) As of December 31, 2019 and 2018, Citigroup’s reportable Common Equity Tier 1 Capital and Tier 1 Capital ratios were the lower derived under the Basel III Standardized Approach, whereas the reportable Total Capital ratios were the lower derived under the Basel III Advanced Approaches framework. As of December 31, 2019 and 2018, Citibank’s reportable Common Equity Tier 1 Capital, Tier 1 Capital and Total Capital ratios were the lower derived under the Basel III Standardized Approach. N/A Not applicable |
CHANGES IN ACCUMULATED OTHER _2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: In millions of dollars Net Debt valuation adjustment (DVA) (1) Cash flow hedges (2) Benefit plans (3) Foreign (4) Excluded component of fair value hedges (5) 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 ) Impact of Tax Reform (7) $ (223 ) $ (139 ) $ (113 ) $ (1,020 ) $ (1,809 ) $ — $ (3,304 ) Other comprehensive income before reclassifications (186 ) (426 ) (111 ) (158 ) 1,607 — 726 Increase (decrease) due to amounts reclassified from AOCI (454 ) (4 ) 86 159 — — (213 ) Change, net of taxes $ (863 ) $ (569 ) $ (138 ) $ (1,019 ) $ (202 ) $ — $ (2,791 ) Balance, December 31, 2017 $ (1,158 ) $ (921 ) $ (698 ) $ (6,183 ) $ (25,708 ) $ — $ (34,668 ) Adjustment to opening balance, net of taxes (8) $ (3 ) $ — $ — $ — $ — $ — $ (3 ) Adjusted balance, beginning of period $ (1,161 ) $ (921 ) $ (698 ) $ (6,183 ) $ (25,708 ) $ — $ (34,671 ) Other comprehensive income before reclassifications (866 ) 1,081 (135 ) (240 ) (2,607 ) (57 ) (2,824 ) Increase (decrease) due to amounts reclassified from AOCI (9) (223 ) 32 105 166 245 — 325 Change, net of taxes $ (1,089 ) $ 1,113 $ (30 ) $ (74 ) $ (2,362 ) $ (57 ) $ (2,499 ) Balance at December 31, 2018 $ (2,250 ) $ 192 $ (728 ) $ (6,257 ) $ (28,070 ) $ (57 ) $ (37,170 ) Other comprehensive income before reclassifications 3,065 (1,151 ) 549 (758 ) (647 ) 25 1,083 Increase (decrease) due to amounts reclassified from AOCI (1,080 ) 15 302 206 326 — (231 ) Change, net of taxes $ 1,985 $ (1,136 ) $ 851 $ (552 ) $ (321 ) $ 25 $ 852 Balance at December 31, 2019 $ (265 ) $ (944 ) $ 123 $ (6,809 ) $ (28,391 ) $ (32 ) $ (36,318 ) (1) Changes in DVA are reflected as a component of AOCI , pursuant to the adoption of ASU 2016-01 relating to the presentation of DVA on fair value option liabilities. (2) Primarily driven by Citi’s pay fixed/receive floating interest rate swap programs that hedge the floating rates on liabilities. (3) 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. (4) Primarily reflects the movements in (by order of impact) the Indian rupee, Brazilian real, Chilean peso, and Euro against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2019. Primarily reflects the movements in (by order of impact) the Brazilian real, Indian rupee, Mexican peso, and Australian dollar against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2018. Primarily reflects the movements in (by order of impact) the Euro, Mexican peso, Polish zloty and South Korean won against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 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. (5) 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 2017-12, Targeted Improvements to Accounting for Hedging Activities . See Note 1 of the Consolidated Financial Statements for further information regarding this change. (6) 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. (7) In the fourth quarter of 2017, Citi adopted ASU 2018-02, which transferred these amounts from AOCI to Retained earnings . See Note 1 to the Consolidated Financial Statements. (8) 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. (9) Includes the impact of the release of foreign currency translation adjustment, net of hedges, upon meeting the accounting trigger for substantial liquidation of Citi’s Japan Consumer Finance business during the fourth quarter of 2018. 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: In millions of dollars Pretax Tax effect (1) After-tax Balance, December 31, 2016 $ (42,035 ) $ 9,654 $ (32,381 ) Adjustment to opening balance (2) 803 (299 ) 504 Adjusted balance, beginning of period $ (41,232 ) $ 9,355 $ (31,877 ) Change in net unrealized gains (losses) on investment securities (1,088 ) 225 (863 ) Debt valuation adjustment (DVA) (680 ) 111 (569 ) Cash flow hedges (37 ) (101 ) (138 ) Benefit plans 14 (1,033 ) (1,019 ) Foreign currency translation adjustment 1,795 (1,997 ) (202 ) Change $ 4 $ (2,795 ) $ (2,791 ) Balance, December 31, 2017 $ (41,228 ) $ 6,560 $ (34,668 ) Adjustment to opening balance (3) (4 ) 1 (3 ) Adjusted balance, beginning of period $ (41,232 ) $ 6,561 $ (34,671 ) Change in net unrealized gains (losses) on investment securities (1,435 ) 346 (1,089 ) Debt valuation adjustment (DVA) 1,415 (302 ) 1,113 Cash flow hedges (38 ) 8 (30 ) Benefit plans (94 ) 20 (74 ) Foreign currency translation adjustment (2,624 ) 262 (2,362 ) Excluded component of fair value hedges (74 ) 17 (57 ) Change $ (2,850 ) $ 351 $ (2,499 ) Balance, December 31, 2018 $ (44,082 ) $ 6,912 $ (37,170 ) Change in net unrealized gains (losses) on AFS debt securities 2,633 (648 ) 1,985 Debt valuation adjustment (DVA) (1,473 ) 337 (1,136 ) Cash flow hedges 1,120 (269 ) 851 Benefit plans (671 ) 119 (552 ) Foreign currency translation adjustment (332 ) 11 (321 ) Excluded component of fair value hedges 33 (8 ) 25 Change $ 1,310 $ (458 ) $ 852 Balance, December 31, 2019 $ (42,772 ) $ 6,454 $ (36,318 ) (1) Includes the impact of ASU 2018-02, which transferred amounts from AOCI to Retained earnings . See Note 1 to the Consolidated Financial Statements. (2) 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. (3) 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. |
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 Year ended December 31, In millions of dollars 2019 2018 2017 Realized (gains) losses on sales of investments $ (1,474 ) $ (421 ) $ (778 ) Gross impairment losses 23 125 63 Subtotal, pretax $ (1,451 ) $ (296 ) $ (715 ) Tax effect 371 73 261 Net realized (gains) losses on investments, after-tax (1) $ (1,080 ) $ (223 ) $ (454 ) Realized DVA (gains) losses on fair value option liabilities, pretax $ 20 $ 41 $ (7 ) Tax effect (5 ) (9 ) 3 Net realized DVA, after-tax $ 15 $ 32 $ (4 ) Interest rate contracts $ 384 $ 301 $ 126 Foreign exchange contracts 7 17 10 Subtotal, pretax $ 391 $ 318 $ 136 Tax effect (89 ) (213 ) (50 ) Amortization of cash flow hedges, after-tax (2) $ 302 $ 105 $ 86 Amortization of unrecognized Prior service cost (benefit) $ (12 ) $ (34 ) $ (42 ) Net actuarial loss 286 248 271 Curtailment/settlement impact (3) 1 6 17 Subtotal, pretax $ 275 $ 220 $ 246 Tax effect (69 ) (54 ) (87 ) Amortization of benefit plans, after-tax (3) $ 206 $ 166 $ 159 Foreign currency translation adjustment $ — $ 34 $ — Tax effect 326 211 — Foreign currency translation adjustment $ 326 $ 245 $ — Total amounts reclassified out of AOCI , pretax $ (765 ) $ 317 $ (340 ) Total tax effect 534 8 127 Total amounts reclassified out of AOCI , after-tax $ (231 ) $ 325 $ (213 ) (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 13 to the Consolidated Financial Statements for additional details. (2) See Note 22 to the Consolidated Financial Statements for additional details. (3) See Note 8 to the Consolidated Financial Statements for additional details. |
PREFERRED STOCK (Tables)
PREFERRED STOCK (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Summary of preferred stock outstanding | The following table summarizes the Company’s preferred stock outstanding: Redemption Carrying value in millions of dollars Issuance date Redeemable by issuer beginning Dividend Number December 31, December 31, Series A (1) October 29, 2012 January 30, 2023 5.950 % $ 1,000 1,500,000 $ 1,500 $ 1,500 Series B (2) December 13, 2012 February 15, 2023 5.900 1,000 750,000 750 750 Series D (3) April 30, 2013 May 15, 2023 5.350 1,000 1,250,000 1,250 1,250 Series J (4) September 19, 2013 September 30, 2023 7.125 25 38,000,000 950 950 Series K (5) October 31, 2013 November 15, 2023 6.875 25 59,800,000 1,495 1,495 Series L (6) February 12, 2014 February 12, 2019 6.875 25 19,200,000 — 480 Series M (7) April 30, 2014 May 15, 2024 6.300 1,000 1,750,000 1,750 1,750 Series N (8) October 29, 2014 November 15, 2019 5.800 1,000 1,500,000 — 1,500 Series O (9) March 20, 2015 March 27, 2020 5.875 1,000 1,500,000 1,500 1,500 Series P (10) April 24, 2015 May 15, 2025 5.950 1,000 2,000,000 2,000 2,000 Series Q (11) August 12, 2015 August 15, 2020 5.950 1,000 1,250,000 1,250 1,250 Series R (12) November 13, 2015 November 15, 2020 6.125 1,000 1,500,000 1,500 1,500 Series S (13) February 2, 2016 February 12, 2021 6.300 25 41,400,000 1,035 1,035 Series T (14) April 25, 2016 August 15, 2026 6.250 1,000 1,500,000 1,500 1,500 Series U (15) September 12, 2019 September 12, 2024 5.000 1,000 1,500,000 1,500 — $ 17,980 $ 18,460 (1) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on January 30 and July 30 at a fixed rate until January 30, 2023, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (2) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on February 15 and August 15 at a fixed rate until February 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (3) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until May 15, 2023, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (4) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on March 30, June 30, September 30 and December 30 at a fixed rate until September 30, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (5) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 15, May 15, August 15 and November 15 at a fixed rate until November 15, 2023, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (6) The Series L preferred stock was redeemed in full on February 12, 2019. (7) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until May 15, 2024, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (8) The Series N preferred stock was redeemed in full on November 15, 2019. (9) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on March 27 and September 27 at a fixed rate until, but excluding, March 27, 2020, and thereafter payable quarterly on March 27, June 27, September 27 and December 27 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (10) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, May 15, 2025, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (11) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on February 15 and August 15 at a fixed rate until, but excluding, August 15, 2020, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (12) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on May 15 and November 15 at a fixed rate until, but excluding, November 15, 2020, and thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (13) Issued as depositary shares, each representing a 1/1,000 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable quarterly on February 12, May 12, August 12 and November 12 at a fixed rate, in each case when, as and if declared by the Citi Board of Directors. (14) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on February 15 and August 15 at a fixed rate until, but excluding, August 15, 2026, thereafter payable quarterly on February 15, May 15, August 15 and November 15 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (15) Issued as depositary shares, each representing a 1/25 th interest in a share of the corresponding series of non-cumulative perpetual preferred stock. Dividends are payable semiannually on March 12 and September 12 at a fixed rate until, but excluding, September 12, 2024, thereafter payable quarterly on March 12, June 12, September 12 and December 12 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. |
SECURITIZATIONS AND VARIABLE _2
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | |
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 December 31, 2019 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 $ 43,534 $ 43,534 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 117,374 — 117,374 2,671 — — 72 2,743 Non-agency-sponsored 39,608 1,187 38,421 876 — — 1 877 Citi-administered asset-backed commercial paper conduits 15,622 15,622 — — — — — — Collateralized loan obligations (CLOs) 17,395 — 17,395 4,199 — — — 4,199 Asset-based financing 196,728 6,139 190,589 23,756 1,151 9,524 — 34,431 Municipal securities tender option bond trusts (TOBs) 6,950 1,458 5,492 4 — 3,544 — 3,548 Municipal investments 20,312 — 20,312 2,636 4,274 3,034 — 9,944 Client intermediation 1,455 1,391 64 4 — — — 4 Investment funds 827 174 653 5 — 16 1 22 Other 352 1 351 169 — 39 — 208 Total $ 460,157 $ 69,506 $ 390,651 $ 34,320 $ 5,425 $ 16,157 $ 74 $ 55,976 As of December 31, 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 $ 46,232 $ 46,232 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 116,563 — 116,563 3,038 — — 60 3,098 Non-agency-sponsored 30,886 1,498 29,388 431 — — 1 432 Citi-administered asset-backed commercial paper conduits 18,750 18,750 — — — — — — Collateralized loan obligations (CLOs) 21,837 — 21,837 5,891 — — 9 5,900 Asset-based financing 99,433 628 98,805 21,640 715 9,757 — 32,112 Municipal securities tender option bond trusts (TOBs) 7,998 1,776 6,222 9 — 4,262 — 4,271 Municipal investments 18,044 3 18,041 2,813 3,922 2,738 — 9,473 Client intermediation 858 614 244 172 — — 2 174 Investment funds 1,272 440 832 12 — 1 1 14 Other 63 3 60 37 — 23 — 60 Total $ 361,936 $ 69,944 $ 291,992 $ 34,043 $ 4,637 $ 16,781 $ 73 $ 55,534 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s December 31, 2019 and 2018 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: December 31, 2019 December 31, 2018 In millions of dollars Liquidity facilities Loan/equity commitments Liquidity facilities Loan/equity commitments Asset-based financing $ — $ 9,524 $ — $ 9,757 Municipal securities tender option bond trusts (TOBs) 3,544 — 4,262 — Municipal investments — 3,034 — 2,738 Investment funds — 16 — 1 Other — 39 — 23 Total funding commitments $ 3,544 $ 12,613 $ 4,262 $ 12,519 |
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 December 31, 2019 December 31, 2018 Cash $ — $ — Trading account assets 2.6 3.0 Investments 9.9 10.7 Total loans, net of allowance 26.7 24.5 Other 0.5 0.5 Total assets $ 39.7 $ 38.7 |
Schedule of securitized credit card receivables | The following table summarizes selected cash flow information related to Citigroup’s credit card securitizations: In billions of dollars 2019 2018 2017 Proceeds from new securitizations $ — $ 6.8 $ 11.1 Pay down of maturing notes (7.6 ) (8.3 ) (5.0 ) In billions of dollars December 31, 2019 December 31, 2018 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 19.7 $ 27.3 Retained by Citigroup as trust-issued securities 6.2 7.6 Retained by Citigroup via non-certificated interests 17.8 11.3 Total $ 43.7 $ 46.2 |
Schedule of Master Trust liabilities (at par value) | In billions of dollars Dec. 31, 2019 Dec. 31, 2018 Term notes issued to third parties $ 18.2 $ 25.8 Term notes retained by Citigroup affiliates 4.3 5.7 Total Master Trust liabilities $ 22.5 $ 31.5 |
Schedule of Omni Trust liabilities (at par value) | In billions of dollars Dec. 31, 2019 Dec. 31, 2018 Term notes issued to third parties $ 1.5 $ 1.5 Term notes retained by Citigroup affiliates 1.9 1.9 Total Omni Trust liabilities $ 3.4 $ 3.4 |
Schedule of cash flow information, mortgage securitizations | The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: 2019 2018 2017 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 5.3 $ 18.9 $ 4.0 $ 5.6 $ 7.8 $ 7.3 Proceeds from new securitizations (1) 5.5 18.9 4.2 7.1 8.1 7.3 Contractual servicing fees received 0.1 — 0.1 — 0.2 — Purchases of previously transferred financial assets 0.2 — 0.2 — 0.4 — Note: Excludes re-securitization transactions. (1) The proceeds from new securitizations in 2019 include $0.2 billion related to personal loan securitizations. |
Schedule of carrying value of retained interests | 2019 2018 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior Subordinated (3) U.S. agency- Senior Subordinated Carrying value of retained interests (2) $ 491 $ 748 $ 102 $ 564 $ 300 $ 51 (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) Retained interests consist of Level 2 or Level 3 assets depending on the observability of significant inputs. See Note 24 to the Consolidated Financial Statements for more information about fair value measurements. (3) Senior interests in non-agency-sponsored mortgages include $150 million related to personal loan securitizations at December 31, 2019. |
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: December 31, 2019 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 9.3 % 3.6 % 4.6 % Weighted average constant prepayment rate 12.9 % 10.5 % 7.6 % Weighted average anticipated net credit losses (2) NM 3.9 % 2.8 % Weighted average life 6.6 years 3 years 11.4 years December 31, 2018 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 9.6 % 2.8 % 4.4 % Weighted average constant prepayment rate 5.8 % 8.0 % 9.1 % Weighted average anticipated net credit losses (2) NM 4.4 % 3.4 % Weighted average life 7.5 years 5.5 years 6.7 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 | Key assumptions used in measuring the fair value of retained interests at period end or securitization of mortgage receivables were as follows: December 31, 2019 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 9.8 % 7.6 % 4.2 % Weighted average constant prepayment rate 10.1 % 3.6 % 6.1 % Weighted average anticipated net credit losses (2) NM 5.2 % 2.7 % Weighted average life 6.6 years 5.9 years 29.3 years December 31, 2018 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 7.8 % 9.3 % — Weighted average constant prepayment rate 9.1 % 8.0 % — Weighted average anticipated net credit losses (2) NM 40.0 % — Weighted average life 6.4 years 6.6 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. The sensitivity of the fair value to adverse changes of 10% and 20% in each of the key assumptions are presented 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. December 31, 2019 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate Adverse change of 10% $ (18 ) $ — $ (1 ) Adverse change of 20% (35 ) (1 ) (1 ) Constant prepayment rate Adverse change of 10% (18 ) — — Adverse change of 20% (35 ) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — December 31, 2018 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate Adverse change of 10% $ (16 ) $ — $ — Adverse change of 20% (32 ) — — Constant prepayment rate Adverse change of 10% (21 ) — — Adverse change of 20% (41 ) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. |
Schedule of loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency sponsored securitization entities | The following table includes information about loan delinquencies and liquidation losses for assets held in non-consolidated, non-agency-sponsored securitization entities: Securitized assets 90 days past due Liquidation losses In billions of dollars, except liquidation losses in millions 2019 2018 2019 2018 2019 2018 Securitized assets Residential mortgages $ 11.7 $ 5.2 $ 0.4 $ 0.4 $ 49.0 $ 54.0 Commercial and other 22.3 13.1 — — — — Total $ 34.0 $ 18.3 $ 0.4 $ 0.4 $ 49.0 $ 54.0 |
Schedule of changes in capitalized MSRs | The following table summarizes the changes in capitalized MSRs: In millions of dollars 2019 2018 Balance, beginning of year $ 584 $ 558 Originations 70 58 Changes in fair value of MSRs due to changes in inputs and assumptions (84 ) 54 Other changes (1) (75 ) (68 ) Sale of MSRs — (18 ) Balance, as of December 31 $ 495 $ 584 (1) Represents changes due to customer payments and passage of time. |
Schedule of fees received on servicing previously securitized mortgages | The Company receives fees during the course of servicing previously securitized mortgages. The amounts of these fees were as follows: In millions of dollars 2019 2018 2017 Servicing fees $ 148 $ 172 $ 276 Late fees 8 4 10 Ancillary fees 1 8 13 Total MSR fees $ 157 $ 184 $ 299 |
Schedule of cash flow information and retained interests related to Citigroup CLOs | The following tables summarize selected cash flow information and retained interests related to Citigroup CLOs: In millions of dollars 2019 2018 2017 Principal securitized $ — $ — $ 133 Proceeds from new securitizations — — 133 Cash flows received on retained interests and other net cash flows 72 127 107 |
Schedule of sensitivity of adverse changes of 10% and 20% to discount rate, CDOs and CLOs | In millions of dollars Dec. 31, 2019 Dec. 31, 2018 Dec. 31, 2017 Carrying value of retained interests $ 1,404 $ 3,142 $ 4,079 |
Schedule of 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. December 31, 2019 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 31,377 $ 7,489 Corporate loans 7,088 5,802 Other (including investment funds, airlines and shipping) 152,124 21,140 Total $ 190,589 $ 34,431 December 31, 2018 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 23,918 $ 6,928 Corporate loans 6,973 5,744 Other (including investment funds, airlines and shipping) 67,914 19,440 Total $ 98,805 $ 32,112 |
DERIVATIVES ACTIVITIES (Tables)
DERIVATIVES ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative notionals | Derivative Notionals Hedging instruments under Trading derivative instruments In millions of dollars December 31, December 31, December 31, December 31, Interest rate contracts Swaps $ 318,089 $ 273,636 $ 17,063,272 $ 18,138,686 Futures and forwards — — 3,636,658 4,632,257 Written options — — 2,114,511 3,018,469 Purchased options — — 1,857,770 2,532,479 Total interest rate contracts $ 318,089 $ 273,636 $ 24,672,211 $ 28,321,891 Foreign exchange contracts Swaps $ 63,104 $ 57,153 $ 6,063,853 $ 6,738,158 Futures, forwards and spot 38,275 41,410 3,979,188 5,115,504 Written options 80 1,726 908,061 1,566,717 Purchased options 80 2,104 959,149 1,543,516 Total foreign exchange contracts $ 101,539 $ 102,393 $ 11,910,251 $ 14,963,895 Equity contracts Swaps $ — $ — $ 197,893 $ 217,580 Futures and forwards — — 66,705 52,053 Written options — — 560,571 454,675 Purchased options — — 422,393 341,018 Total equity contracts $ — $ — $ 1,247,562 $ 1,065,326 Commodity and other contracts Swaps $ — $ — $ 69,445 $ 79,133 Futures and forwards 1,195 802 137,192 146,647 Written options — — 91,587 62,629 Purchased options — — 86,631 61,298 Total commodity and other contracts $ 1,195 $ 802 $ 384,855 $ 349,707 Credit derivatives (1) Protection sold $ — $ — $ 603,387 $ 724,939 Protection purchased — — 703,926 795,649 Total credit derivatives $ — $ — $ 1,307,313 $ 1,520,588 Total derivative notionals $ 420,823 $ 376,831 $ 39,522,192 $ 46,221,407 (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 | Derivative Mark-to-Market (MTM) Receivables/Payables In millions of dollars at December 31, 2019 Derivatives classified (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,682 $ 143 Cleared 41 111 Interest rate contracts $ 1,723 $ 254 Over-the-counter $ 1,304 $ 908 Cleared — 2 Foreign exchange contracts $ 1,304 $ 910 Total derivatives instruments designated as ASC 815 hedges $ 3,027 $ 1,164 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 189,892 $ 169,749 Cleared 5,896 7,472 Exchange traded 157 180 Interest rate contracts $ 195,945 $ 177,401 Over-the-counter $ 105,401 $ 108,807 Cleared 862 1,015 Exchange traded 3 — Foreign exchange contracts $ 106,266 $ 109,822 Over-the-counter $ 21,311 $ 22,411 Exchange traded 7,160 8,075 Equity contracts $ 28,471 $ 30,486 Over-the-counter $ 13,582 $ 16,773 Exchange traded 630 542 Commodity and other contracts $ 14,212 $ 17,315 Over-the-counter $ 8,896 $ 8,975 Cleared 1,513 1,763 Credit derivatives $ 10,409 $ 10,738 Total derivatives instruments not designated as ASC 815 hedges $ 355,303 $ 345,762 Total derivatives $ 358,330 $ 346,926 Cash collateral paid/received (3) $ 17,926 $ 14,391 Less: Netting agreements (4) (274,970 ) (274,970 ) Less: Netting cash collateral received/paid (5) (44,353 ) (38,919 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 56,933 $ 47,428 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (861 ) $ (128 ) Less: Non-cash collateral received/paid (13,143 ) (7,308 ) Total net receivables/payables (6) $ 42,929 $ 39,992 (1) The derivatives fair values are presented in Note 24 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 $56,845 million and $58,744 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $38,919 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $44,353 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 $262 billion , $6 billion and $7 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 counterparties 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 $6 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. In millions of dollars at December 31, 2018 Derivatives classified (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,631 $ 172 Cleared 238 53 Interest rate contracts $ 1,869 $ 225 Over-the-counter $ 1,402 $ 736 Cleared — 4 Foreign exchange contracts $ 1,402 $ 740 Total derivatives instruments designated as ASC 815 hedges $ 3,271 $ 965 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 161,183 $ 146,909 Cleared 8,489 7,594 Exchange traded 91 99 Interest rate contracts $ 169,763 $ 154,602 Over-the-counter $ 159,099 $ 156,904 Cleared 1,900 1,671 Exchange traded 53 40 Foreign exchange contracts $ 161,052 $ 158,615 Over-the-counter $ 18,253 $ 21,527 Cleared 17 32 Exchange traded 11,623 12,249 Equity contracts $ 29,893 $ 33,808 Over-the-counter $ 16,661 $ 19,894 Exchange traded 894 795 Commodity and other contracts $ 17,555 $ 20,689 Over-the-counter $ 6,967 $ 6,155 Cleared 3,798 4,196 Credit derivatives $ 10,765 $ 10,351 Total derivatives instruments not designated as ASC 815 hedges $ 389,028 $ 378,065 Total derivatives $ 392,299 $ 379,030 Cash collateral paid/received (3) $ 11,518 $ 13,906 Less: Netting agreements (4) (311,089 ) (311,089 ) Less: Netting cash collateral received/paid (5) (38,608 ) (29,911 ) Net receivables/payables included on the Consolidated Balance Sheet (6) $ 54,120 $ 51,936 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (767 ) $ (164 ) Less: Non-cash collateral received/paid (13,509 ) (13,354 ) Total net receivables/payables (6) $ 39,844 $ 38,418 (1) The derivatives fair values are presented in Note 24 to the Consolidated Financial Statements. (2) Over-the-counter (OTC) derivatives include 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 $41,429 million and $52,514 million of gross cash collateral paid and received, respectively. Of the gross cash collateral paid, $29,911 million was used to offset trading derivative liabilities and, of the gross cash collateral received, $38,608 million was used to offset trading derivative assets. (4) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $296 billion , $4 billion and $11 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 counterparties under enforceable credit support agreements. Substantially all netting of cash collateral received and paid is against OTC derivative assets and liabilities, respectively. (6) The net receivables/payables include approximately $5 billion of derivative asset and $7 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) Year Ended December 31, 2019 2018 2017 (2) In millions of dollars Other revenue Net interest revenue Other revenue Net interest revenue Other revenue Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ 2,273 $ — $ 794 $ (891 ) Foreign exchange hedges 337 — (2,064 ) — (824 ) Commodity hedges (33 ) — (123 ) — (17 ) Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ 304 $ 2,273 $ (2,187 ) $ 794 $ (1,732 ) Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ (2,085 ) $ — $ (747 ) $ 853 Foreign exchange hedges (337 ) — 2,064 — 969 Commodity hedges 33 — 124 — 18 Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ (304 ) $ (2,085 ) $ 2,188 $ (747 ) $ 1,840 Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ 3 $ — $ (5 ) $ (7 ) Foreign exchange hedges (3) (109 ) — (4 ) — 96 Commodity hedges 41 — (19 ) — 1 Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges $ (68 ) $ 3 $ (23 ) $ (5 ) $ 90 (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) Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges for the year ended December 31, 2017 was $(31) million for interest rate hedges and $49 million for foreign exchange hedges, for a total of $18 million . (3) Amounts relate to the premium associated with forward contracts (differential between spot and contractual forward rates) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings. After January 1, 2018, amounts related to cross-currency basis, which are recognized in AOCI , are not reflected in the table above. The amount of cross-currency basis that was included in AOCI was $33 million and $(74) million for the years ended December 31, 2019 and 2018, respectively. Other revenue . Gains (losses) included in Other revenue Year ended December 31, In millions of dollars 2019 2018 2017 Interest rate contracts $ 57 $ (25 ) $ (73 ) Foreign exchange (29 ) (197 ) 2,062 Total $ 28 $ (222 ) $ 1,989 |
Schedule of fair value hedging instruments, statements of financial performance and financial position | In millions of dollars 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 As of December 31, 2019 Debt securities AFS (1)(2) $ 94,659 $ (114 ) $ 743 Long-term debt 157,387 2,334 3,445 As of December 31, 2018 Debt securities AFS (2) $ 81,632 $ (196 ) $ 295 Long-term debt $ 149,054 $ 1,211 $ 869 (1) These amounts include a cumulative basis adjustment of $(8) million for active hedges and $157 million for de-designated hedges as of December 31, 2019 related to certain prepayable financial assets designated as the hedged item in a fair value hedge using the last-of-layer approach. The Company designated approximately $605 million as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $20 billion as of December 31, 2019) in a last-of-layer hedging relationship, which commenced in the first quarter of 2019. (2) Carrying amount represents the amortized cost. |
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: In millions of dollars 2019 2018 2017 Amount of gain (loss) recognized in AOCI on derivatives Interest rate contracts $ 746 $ (361 ) $ (165 ) Foreign exchange contracts (17 ) 5 (8 ) Total gain (loss) recognized in AOCI $ 729 $ (356 ) $ (173 ) Amount of gain (loss) reclassified from AOCI to earnings (1) Other revenue Net Interest revenue Other revenue Net interest revenue Other revenue Interest rate contracts $ — $ (384 ) $ — $ (301 ) $ (126 ) Foreign exchange contracts (7 ) — (17 ) — (10 ) Total gain (loss) reclassified from AOCI into earnings $ (7 ) $ (384 ) $ (17 ) $ (301 ) $ (136 ) Net pretax change in cash flow hedges included within AOCI $ 1,120 $ (38 ) $ (37 ) (1) All amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest revenue) . For all other hedges, the amounts reclassified to earnings are included primarily in Other revenue and Net interest revenue in the Consolidated Statement of Income. |
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 December 31, 2019 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 4,017 $ 4,102 $ 172,461 $ 169,546 Broker-dealers 1,724 1,528 54,843 53,846 Non-financial 92 76 2,601 1,968 Insurance and other financial institutions 4,576 5,032 474,021 378,027 Total by industry of counterparty $ 10,409 $ 10,738 $ 703,926 $ 603,387 By instrument Credit default swaps and options $ 9,759 $ 9,791 $ 685,643 $ 593,850 Total return swaps and other 650 947 18,283 9,537 Total by instrument $ 10,409 $ 10,738 $ 703,926 $ 603,387 By rating of reference entity Investment grade $ 4,579 $ 4,578 $ 560,806 $ 470,778 Non-investment grade 5,830 6,160 143,120 132,609 Total by rating of reference entity $ 10,409 $ 10,738 $ 703,926 $ 603,387 By maturity Within 1 year $ 1,806 $ 2,181 $ 231,135 $ 176,188 From 1 to 5 years 7,275 7,265 414,237 379,915 After 5 years 1,328 1,292 58,554 47,284 Total by maturity $ 10,409 $ 10,738 $ 703,926 $ 603,387 (1) The fair value amount receivable is composed of $3,415 million under protection purchased and $6,994 million under protection sold. (2) The fair value amount payable is composed of $7,793 million under protection purchased and $2,945 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2018 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 4,785 $ 4,432 $ 214,842 $ 218,273 Broker-dealers 1,706 1,612 62,904 63,014 Non-financial 64 87 2,687 1,192 Insurance and other financial institutions 4,210 4,220 515,216 442,460 Total by industry of counterparty $ 10,765 $ 10,351 $ 795,649 $ 724,939 By instrument Credit default swaps and options $ 10,030 $ 9,755 $ 771,865 $ 712,623 Total return swaps and other 735 596 23,784 12,316 Total by instrument $ 10,765 $ 10,351 $ 795,649 $ 724,939 By rating of reference entity Investment grade $ 4,725 $ 4,544 $ 637,790 $ 568,849 Non-investment grade 6,040 5,807 157,859 156,090 Total by rating of reference entity $ 10,765 $ 10,351 $ 795,649 $ 724,939 By maturity Within 1 year $ 2,037 $ 2,063 $ 251,994 $ 225,597 From 1 to 5 years 6,720 6,414 493,096 456,409 After 5 years 2,008 1,874 50,559 42,933 Total by maturity $ 10,765 $ 10,351 $ 795,649 $ 724,939 (1) The fair value amount receivable is composed of $5,126 million under protection purchased and $5,639 million under protection sold. (2) The fair value amount payable is composed of $5,882 million under protection purchased and $4,469 million under protection sold. |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of CVA and FVA applied to fair value of derivative instruments | The table below summarizes the CVA and FVA applied to the fair value of derivative instruments at December 31, 2019 and 2018: Credit and funding valuation adjustments contra-liability (contra-asset) In millions of dollars December 31, December 31, Counterparty CVA $ (705 ) $ (1,085 ) Asset FVA (530 ) (544 ) Citigroup (own-credit) CVA 341 482 Liability FVA 72 135 Total CVA—derivative instruments (1) $ (822 ) $ (1,012 ) (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 years indicated: Credit/funding/debt valuation adjustments gain (loss) In millions of dollars 2019 2018 2017 Counterparty CVA $ 149 $ (109 ) $ 276 Asset FVA 13 46 90 Own-credit CVA (131 ) 178 (153 ) Liability FVA (63 ) 56 (15 ) Total CVA—derivative instruments $ (32 ) $ 171 $ 198 DVA related to own FVO liabilities (1) $ (1,473 ) $ 1,415 $ (680 ) Total CVA and DVA (2) $ (1,505 ) $ 1,586 $ (482 ) (1) See Notes 1, 17 and 19 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 December 31, 2019 and 2018. 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 December 31, 2019 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 254,253 $ 303 $ 254,556 $ (101,363 ) $ 153,193 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 27,661 10 27,671 — 27,671 Residential — 573 123 696 — 696 Commercial — 1,632 61 1,693 — 1,693 Total trading mortgage-backed securities $ — $ 29,866 $ 194 $ 30,060 $ — $ 30,060 U.S. Treasury and federal agency securities $ 26,159 $ 3,736 $ — $ 29,895 $ — $ 29,895 State and municipal — 2,573 64 2,637 — 2,637 Foreign government 50,948 20,326 52 71,326 — 71,326 Corporate 1,332 17,246 313 18,891 — 18,891 Equity securities 41,663 9,878 100 51,641 — 51,641 Asset-backed securities — 1,539 1,177 2,716 — 2,716 Other trading assets (2) 74 11,412 555 12,041 — 12,041 Total trading non-derivative assets $ 120,176 $ 96,576 $ 2,455 $ 219,207 $ — $ 219,207 Trading derivatives Interest rate contracts $ 7 $ 196,493 $ 1,168 $ 197,668 Foreign exchange contracts 1 107,022 547 107,570 Equity contracts 83 28,148 240 28,471 Commodity contracts — 13,498 714 14,212 Credit derivatives — 9,960 449 10,409 Total trading derivatives $ 91 $ 355,121 $ 3,118 $ 358,330 Cash collateral paid (3) $ 17,926 Netting agreements $ (274,970 ) Netting of cash collateral received (44,353 ) Total trading derivatives $ 91 $ 355,121 $ 3,118 $ 376,256 $ (319,323 ) $ 56,933 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 35,198 $ 32 $ 35,230 $ — $ 35,230 Residential — 793 — 793 — 793 Commercial — 74 — 74 — 74 Total investment mortgage-backed securities $ — $ 36,065 $ 32 $ 36,097 $ — $ 36,097 U.S. Treasury and federal agency securities $ 106,103 $ 5,315 $ — $ 111,418 $ — $ 111,418 State and municipal — 4,355 623 4,978 — 4,978 Foreign government 69,957 41,196 96 111,249 — 111,249 Corporate 5,150 6,076 45 11,271 — 11,271 Marketable equity securities 87 371 — 458 — 458 Asset-backed securities — 500 22 522 — 522 Other debt securities — 4,730 — 4,730 — 4,730 Non-marketable equity securities (4) — 93 441 534 — 534 Total investments $ 181,297 $ 98,701 $ 1,259 $ 281,257 $ — $ 281,257 Table continues on the next page. In millions of dollars at December 31, 2019 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 3,683 $ 402 $ 4,085 $ — $ 4,085 Mortgage servicing rights — — 495 495 — 495 Non-trading derivatives and other financial assets measured on a recurring basis $ 5,628 $ 7,201 $ 1 $ 12,830 $ — $ 12,830 Total assets $ 307,192 $ 815,535 $ 8,033 $ 1,148,686 $ (420,686 ) $ 728,000 Total as a percentage of gross assets (5) 27.2 % 72.1 % 0.7 % Liabilities Interest-bearing deposits $ — $ 2,104 $ 215 $ 2,319 $ — $ 2,319 Securities loaned and sold under agreements to repurchase — 111,567 757 112,324 (71,673 ) 40,651 Trading account liabilities Securities sold, not yet purchased 60,429 11,965 48 72,442 — 72,442 Other trading liabilities — 24 — 24 — 24 Total trading liabilities $ 60,429 $ 11,989 $ 48 $ 72,466 $ — $ 72,466 Trading derivatives Interest rate contracts $ 8 $ 176,480 $ 1,167 $ 177,655 Foreign exchange contracts — 110,180 552 110,732 Equity contracts 144 28,506 1,836 30,486 Commodity contracts — 16,542 773 17,315 Credit derivatives — 10,233 505 10,738 Total trading derivatives $ 152 $ 341,941 $ 4,833 $ 346,926 Cash collateral received (6) $ 14,391 Netting agreements $ (274,970 ) Netting of cash collateral paid (38,919 ) Total trading derivatives $ 152 $ 341,941 $ 4,833 $ 361,317 $ (313,889 ) $ 47,428 Short-term borrowings $ — $ 4,933 $ 13 $ 4,946 $ — $ 4,946 Long-term debt — 38,614 17,169 55,783 — 55,783 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 6,280 $ 63 $ — $ 6,343 $ — $ 6,343 Total liabilities $ 66,861 $ 511,211 $ 23,035 $ 615,498 $ (385,562 ) $ 229,936 Total as a percentage of gross liabilities (5) 11.1 % 85.0 % 3.8 % (1) 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. (2) Includes positions related to investments in unallocated precious metals, as discussed in Note 25 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) Reflects the net amount of $56,845 million of gross cash collateral paid, of which $38,919 million was used to offset trading derivative liabilities. (4) Amounts exclude $0.2 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). (5) 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. (6) Reflects the net amount of $58,744 million of gross cash collateral received, of which $44,353 million was used to offset trading derivative assets. Fair Value Levels In millions of dollars at December 31, 2018 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 214,570 $ 115 $ 214,685 $ (66,984 ) $ 147,701 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 24,090 156 24,246 — 24,246 Residential — 709 268 977 — 977 Commercial — 1,323 77 1,400 — 1,400 Total trading mortgage-backed securities $ — $ 26,122 $ 501 $ 26,623 $ — $ 26,623 U.S. Treasury and federal agency securities $ 26,439 $ 4,802 $ 1 $ 31,242 $ — $ 31,242 State and municipal — 3,782 200 3,982 — 3,982 Foreign government 43,309 21,179 31 64,519 — 64,519 Corporate 1,026 14,510 360 15,896 — 15,896 Equity securities 36,342 7,308 153 43,803 — 43,803 Asset-backed securities — 1,429 1,484 2,913 — 2,913 Other trading assets (2) 3 12,198 818 13,019 — 13,019 Total trading non-derivative assets $ 107,119 $ 91,330 $ 3,548 $ 201,997 $ — $ 201,997 Trading derivatives Interest rate contracts $ 101 $ 169,860 $ 1,671 $ 171,632 Foreign exchange contracts — 162,108 346 162,454 Equity contracts 647 28,903 343 29,893 Commodity contracts — 16,788 767 17,555 Credit derivatives — 9,839 926 10,765 Total trading derivatives $ 748 $ 387,498 $ 4,053 $ 392,299 Cash collateral paid (3) $ 11,518 Netting agreements $ (311,089 ) Netting of cash collateral received (38,608 ) Total trading derivatives $ 748 $ 387,498 $ 4,053 $ 403,817 $ (349,697 ) $ 54,120 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 42,988 $ 32 $ 43,020 $ — $ 43,020 Residential — 1,313 — 1,313 — 1,313 Commercial — 172 — 172 — 172 Total investment mortgage-backed securities $ — $ 44,473 $ 32 $ 44,505 $ — $ 44,505 U.S. Treasury and federal agency securities $ 107,577 $ 9,645 $ — $ 117,222 $ — $ 117,222 State and municipal — 8,498 708 9,206 — 9,206 Foreign government 58,252 42,371 68 100,691 — 100,691 Corporate 4,410 7,033 156 11,599 — 11,599 Marketable equity securities 206 14 — 220 — 220 Asset-backed securities — 656 187 843 — 843 Other debt securities — 3,972 — 3,972 — 3,972 Non-marketable equity securities (4) — 96 586 682 — 682 Total investments $ 170,445 $ 116,758 $ 1,737 $ 288,940 $ — $ 288,940 Table continues on the next page. In millions of dollars at December 31, 2018 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 2,946 $ 277 $ 3,223 $ — $ 3,223 Mortgage servicing rights — — 584 584 — 584 Non-trading derivatives and other financial assets measured on a recurring basis $ 15,839 $ 4,949 $ — $ 20,788 $ — $ 20,788 Total assets $ 294,151 $ 818,051 $ 10,314 $ 1,134,034 $ (416,681 ) $ 717,353 Total as a percentage of gross assets (5) 26.2 % 72.9 % 0.9 % Liabilities Interest-bearing deposits $ — $ 980 $ 495 $ 1,475 $ — $ 1,475 Securities loaned and sold under agreements to repurchase — 110,511 983 111,494 (66,984 ) 44,510 Trading account liabilities Securities sold, not yet purchased 78,872 11,364 586 90,822 — 90,822 Other trading liabilities — 1,547 — 1,547 — 1,547 Total trading liabilities $ 78,872 $ 12,911 $ 586 $ 92,369 $ — $ 92,369 Trading account derivatives Interest rate contracts $ 71 $ 152,931 $ 1,825 $ 154,827 Foreign exchange contracts — 159,003 352 159,355 Equity contracts 351 32,330 1,127 33,808 Commodity contracts — 19,904 785 20,689 Credit derivatives — 9,486 865 10,351 Total trading derivatives $ 422 $ 373,654 $ 4,954 $ 379,030 Cash collateral received (6) $ 13,906 Netting agreements $ (311,089 ) Netting of cash collateral paid (29,911 ) Total trading derivatives $ 422 $ 373,654 $ 4,954 $ 392,936 $ (341,000 ) $ 51,936 Short-term borrowings $ — $ 4,446 $ 37 $ 4,483 $ — $ 4,483 Long-term debt — 25,659 12,570 38,229 — 38,229 Non-trading derivatives and other financial liabilities measured on a recurring basis $ 15,839 $ 67 $ — $ 15,906 $ — $ 15,906 Total liabilities $ 95,133 $ 528,228 $ 19,625 $ 656,892 $ (407,984 ) $ 248,908 Total as a percentage of gross liabilities (5) 14.8 % 82.1 % 3.1 % (1) 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. (2) Includes positions related to investments in unallocated precious metals, as discussed in Note 25 to the Consolidated Financial Statements. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) Reflects the net amount of $41,429 million of gross cash collateral paid, of which $29,911 million was used to offset trading derivative liabilities. (4) Amounts exclude $0.2 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). (5) 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. (6) Reflects the net amount of $52,514 million of gross cash collateral received, of which $38,608 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 Dec. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Dec. 31, 2019 Assets Securities borrowed and purchased under agreements to resell $ 115 $ (5 ) $ — $ 191 $ (4 ) $ 195 $ — $ — $ (189 ) $ 303 $ 3 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 156 — — 54 (72 ) 160 (1 ) (287 ) — 10 1 Residential 268 15 — 86 (80 ) 227 — (393 ) — 123 10 Commercial 77 14 — 150 (105 ) 136 — (211 ) — 61 (4 ) Total trading mortgage-backed securities $ 501 $ 29 $ — $ 290 $ (257 ) $ 523 $ (1 ) $ (891 ) $ — $ 194 $ 7 U.S. Treasury and federal agency securities $ 1 $ (9 ) $ — $ — $ — $ 20 $ — $ (11 ) $ (1 ) $ — $ — State and municipal 200 (2 ) — 1 (19 ) 2 — (118 ) — 64 (2 ) Foreign government 31 28 — 12 (7 ) 88 — (100 ) — 52 1 Corporate 360 284 — 213 (86 ) 323 (29 ) (742 ) (10 ) 313 (11 ) Marketable equity securities 153 (21 ) — 13 (19 ) 117 — (143 ) — 100 (51 ) Asset-backed securities 1,484 (65 ) — 51 (127 ) 738 — (904 ) — 1,177 29 Other trading assets 818 (52 ) — 97 (283 ) 598 36 (630 ) (29 ) 555 (257 ) Total trading non-derivative assets $ 3,548 $ 192 $ — $ 677 $ (798 ) $ 2,409 $ 6 $ (3,539 ) $ (40 ) $ 2,455 $ (284 ) Trading derivatives, net (4) Interest rate contracts $ (154 ) $ 116 $ — $ (129 ) $ 172 $ 154 $ 45 $ (1 ) $ (202 ) $ 1 $ 2,194 Foreign exchange contracts (6 ) (73 ) — 152 (97 ) 113 — (114 ) 20 (5 ) (134 ) Equity contracts (784 ) (425 ) — (213 ) 274 (111 ) (147 ) (8 ) (182 ) (1,596 ) (422 ) Commodity contracts (18 ) (121 ) — (15 ) (15 ) 252 — (133 ) (9 ) (59 ) (33 ) Credit derivatives 61 (412 ) — (114 ) 204 — — 14 191 (56 ) (289 ) Total trading derivatives, net (4) $ (901 ) $ (915 ) $ — $ (319 ) $ 538 $ 408 $ (102 ) $ (242 ) $ (182 ) $ (1,715 ) $ 1,316 Table continues on the next page. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2018 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Dec. 31, 2019 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 32 $ — $ — $ — $ — $ — $ — $ — $ — $ 32 $ (1 ) Residential — — — — — — — — — — — Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 32 $ — $ — $ — $ — $ — $ — $ — $ — $ 32 $ (1 ) U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 708 — 86 14 (318 ) 430 — (297 ) — 623 82 Foreign government 68 — 2 — — 145 — (119 ) — 96 2 Corporate 156 — (14 ) 3 (94 ) — — (6 ) — 45 — Marketable equity securities — — — — — — — — — — — Asset-backed securities 187 — (11 ) 122 (612 ) 550 — (214 ) — 22 13 Other debt securities — — — — — — — — — — — Non-marketable equity securities 586 — (11 ) 39 (1 ) 11 — (151 ) (32 ) 441 16 Total investments $ 1,737 $ — $ 52 $ 178 $ (1,025 ) $ 1,136 $ — $ (787 ) $ (32 ) $ 1,259 $ 112 Loans $ 277 $ — $ 192 $ 148 $ (189 ) $ 16 $ — $ (40 ) $ (2 ) $ 402 $ 186 Mortgage servicing rights 584 — (84 ) — — — 70 — (75 ) 495 (68 ) Other financial assets measured on a recurring basis — — 96 6 (2 ) 2 32 (21 ) (112 ) 1 18 Liabilities Interest-bearing deposits $ 495 $ — $ (16 ) $ 10 $ (783 ) $ — $ 843 $ — $ (366 ) $ 215 $ (25 ) Securities loaned and sold under agreements to repurchase 983 121 — 1 4 — — (168 ) 58 757 (26 ) Trading account liabilities Securities sold, not yet purchased 586 122 — 68 (443 ) 19 — (12 ) (48 ) 48 3 Other trading liabilities — — — — — — — — — — — Short-term borrowings 37 32 — 13 (42 ) — 168 — (131 ) 13 (1 ) Long-term debt 12,570 (2,140 ) — 3,892 (5,188 ) 23 8,262 (5 ) (4,525 ) 17,169 (3,300 ) Other financial liabilities measured on a recurring basis — — 4 5 — — 4 — (5 ) — — (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 in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in 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 December 31, 2019 . (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 Dec. 31, 2018 Assets Securities borrowed and purchased under agreements to resell $ 16 $ 17 $ — $ 50 $ — $ 95 $ — $ 16 $ (79 ) $ 115 $ 9 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 163 5 — 92 (107 ) 281 — (278 ) — 156 186 Residential 164 112 — 124 (133 ) 154 — (153 ) — 268 4 Commercial 57 (7 ) — 24 (49 ) 110 — (58 ) — 77 — Total trading mortgage-backed securities $ 384 $ 110 $ — $ 240 $ (289 ) $ 545 $ — $ (489 ) $ — $ 501 $ 190 U.S. Treasury and federal agency securities $ — $ — $ — $ 6 $ (4 ) $ 1 $ — $ — $ (2 ) $ 1 $ — State and municipal 274 22 — — (96 ) 45 — (45 ) — 200 9 Foreign government 16 (2 ) — 5 (13 ) 75 — (50 ) — 31 (28 ) Corporate 275 (72 ) — 138 (122 ) 596 (40 ) (415 ) — 360 (32 ) Marketable equity securities 120 2 — 25 (62 ) 290 — (222 ) — 153 (56 ) Asset-backed securities 1,590 28 — 77 (90 ) 1,238 — (1,359 ) — 1,484 (21 ) Other trading assets 615 276 — 197 (82 ) 598 8 (777 ) (17 ) 818 91 Total trading non-derivative assets $ 3,274 $ 364 $ — $ 688 $ (758 ) $ 3,388 $ (32 ) $ (3,357 ) $ (19 ) $ 3,548 $ 153 Trading derivatives, net (4) Interest rate contracts $ (422 ) $ 414 $ — $ (6 ) $ (193 ) $ 8 $ 17 $ (32 ) $ 60 $ (154 ) $ 336 Foreign exchange contracts 130 (99 ) — (29 ) 77 11 — (89 ) (7 ) (6 ) (72 ) Equity contracts (2,027 ) 479 — (131 ) 1,114 25 (44 ) (17 ) (183 ) (784 ) 52 Commodity contracts (1,861 ) (505 ) — (32 ) 2,180 62 — (19 ) 157 (18 ) (171 ) Credit derivatives (799 ) 261 — (7 ) 391 2 — 1 212 61 87 Total trading derivatives, net (4) $ (4,979 ) $ 550 $ — $ (205 ) $ 3,569 $ 108 $ (27 ) $ (156 ) $ 239 $ (901 ) $ 232 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 24 $ — $ 10 $ — $ — $ — $ — $ (2 ) $ — $ 32 $ 14 Residential — — — — — — — — — — — Commercial 3 — 2 1 (1 ) — — (5 ) — — — Total investment mortgage-backed securities $ 27 $ — $ 12 $ 1 $ (1 ) $ — $ — $ (7 ) $ — $ 32 $ 14 U.S. Treasury and federal agency securities $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 737 — (20 ) — (18 ) 211 — (202 ) — 708 (29 ) Foreign government 92 — (3 ) 3 (4 ) 141 — (161 ) — 68 4 Corporate 71 — (1 ) 61 (66 ) 101 — (10 ) — 156 — Marketable equity securities 2 — 1 — — — — (2 ) (1 ) — — Asset-backed securities 827 — (21 ) 10 (524 ) 63 — (168 ) — 187 — Other debt securities — — — — — — — — — — — Non-marketable equity securities 681 — (95 ) 193 — 91 — (234 ) (50 ) 586 55 Total investments $ 2,437 $ — $ (127 ) $ 268 $ (613 ) $ 607 $ — $ (784 ) $ (51 ) $ 1,737 $ 44 Table continues on the next page. Net realized/unrealized Transfers Unrealized (3) In millions of dollars Dec. 31, 2017 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Dec. 31, 2018 Loans $ 550 $ — $ (319 ) $ — $ 13 $ 140 $ — $ (103 ) $ (4 ) $ 277 $ 236 Mortgage servicing rights 558 — 54 — — — 58 (18 ) (68 ) 584 59 Other financial assets measured on a recurring basis 16 — 51 — (11 ) 4 12 (12 ) (60 ) — 63 Liabilities Interest-bearing deposits $ 286 $ — $ 14 $ 13 $ (1 ) $ — $ 215 $ — $ (4 ) $ 495 $ (355 ) Securities loaned and sold under agreements to repurchase 726 (8 ) — 1 — — 243 (31 ) 36 983 24 Trading account liabilities Securities sold, not yet purchased 22 (454 ) — 187 (172 ) 7 226 (39 ) (99 ) 586 (238 ) Other trading liabilities 5 5 — — — — — — — — — Short-term borrowings 18 53 — 72 (46 ) — 86 — (40 ) 37 25 Long-term debt 13,082 (182 ) — 2,850 (3,514 ) 36 (18 ) (45 ) (3 ) 12,570 (2,871 ) Other financial liabilities measured on a recurring basis 8 — (2 ) 1 (10 ) — 2 — (3 ) — (8 ) (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 in the Consolidated Statement of Income. (2) Unrealized gains (losses) on MSRs are recorded in Other revenue in 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, 2018 . (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 | Valuation Techniques and Inputs for Level 3 Fair Value Measurements The Company’s Level 3 inventory consists of both cash instruments and derivatives of varying complexity. The valuation methodologies used to measure the fair value of these positions include discounted cash flow analysis, internal models and comparative analysis. A position is classified within Level 3 of the fair value hierarchy when at least one input is unobservable and is considered significant to its valuation. The specific reason an input is deemed unobservable varies; for example, at least one significant input to the pricing model is not observable in the market, at least one significant input has been adjusted to make it more representative of the position being valued or the price quote available does not reflect sufficient trading activities. 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 December 31, 2019 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Assets Securities borrowed and purchased under agreements to resell $ 303 Model-based Credit spread 15 bps 15 bps 15 bps Interest rate 1.59 % 3.67 % 2.72 % Mortgage-backed securities $ 196 Price-based Price $ 36 $ 505 $ 97 22 Model-based State and municipal, foreign government, corporate and other debt securities $ 880 Model-based Price $ — $ 1,238 $ 90 677 Price-based Credit spread 35 bps 295 bps 209 bps Marketable equity securities (5) $ 70 Price-based Price $ — $ 38,500 $ 2,979 30 Model-based WAL 1.48 years 1.48 years 1.48 years Recovery (in millions) $ 5,450 $ 5,450 $ 5,450 Asset-backed securities $ 812 Price-based Price $ 4 $ 103 $ 60 $ 368 Yield analysis Yield 0.61 % 23.38 % 8.88 % Non-marketable equities $ 316 Comparables analysis EBITDA multiples 7.00x 17.95x 10.34x \ 97 Price-based Appraised value (in thousands) $ 397 $ 33,246 $ 8,446 Price $ 3 $ 2,019 $ 1,020 PE ratio 14.70x 28.70x 20.54x Price to book ratio 1.50x 3.00x 1.88x Discount to price — % 10.00 % 2.32 % Derivatives—gross (6) Interest rate contracts (gross) $ 2,196 Model-based Inflation volatility 0.21 % 2.74 % 0.79 % Mean reversion 1.00 % 20.00 % 10.50 % IR normal volatility 0.09 % 0.66 % 0.53 % Foreign exchange contracts (gross) $ 1,099 Model-based FX volatility 1.27 % 12.16 % 9.17 % IR normal volatility 0.27 % 0.66 % 0.58 % FX rate 37.39 % 586.84 % 80.64 % Interest rate 2.72 % 56.14 % 13.11 % IR-IR correlation (51.00 )% 40.00 % 32.00 % IR-FX correlation 40.00 % 60.00 % 50.00 % Equity contracts (gross) (7) $ 2,076 Model-based Equity volatility 3.16 % 52.80 % 28.43 % Forward price 62.60 % 112.69 % 98.46 % WAL 1.48 years 1.48 years 1.48 years Recovery (in millions) $ 5,450 $ 5,450 $ 5,450 As of December 31, 2019 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Commodity and other contracts (gross) $ 1,487 Model-based Forward price 37.62 % 362.57 % 119.32 % Commodity volatility 5.25 % 93.63 % 23.55 % Commodity correlation (39.65 )% 87.81 % 41.80 % Credit derivatives (gross) $ 613 Model-based Credit spread 8 bps 283 bps 80 bps 341 Price-based Upfront points 2.59 % 99.94 % 59.41 % Price $ 12 $ 100 $ 87 Credit 25.00 % 87.00 % 48.57 % Recovery rate 20.00 % 65.00 % 48.00 % Loans and leases $ 378 Model-based Credit spread 9 bps 52 bps 48 bps Equity volatility 32.00 % 32.00 % 32.00 % Mortgage servicing rights $ 418 Cash flow Yield 1.78 % 12.00 % 9.49 % 77 Model-based WAL 4.07 years 8.13 years 6.61 years Liabilities Interest-bearing deposits $ 215 Model-based Mean reversion 1.00 % 20.00 % 10.50 % Forward price 97.59 % 111.06 % 102.96 % Securities loaned and sold under agreements to repurchase $ 757 Model-based Interest rate 1.59 % 2.38 % 1.95 % Trading account liabilities Securities sold, not yet purchased $ 46 Price-based Price $ — $ 866 $ 96 Short-term borrowings and long-term debt $ 17,182 Model-based Mean reversion 1.00 % 20.00 % 10.50 % IR normal volatility 0.09 % 0.66 % 0.46 % Forward price 37.62 % 362.57 % 97.52 % Equity-IR Correlation 15.00 % 44.00 % 32.66 % As of December 31, 2018 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Assets Securities borrowed and purchased under agreements to resell $ 115 Model-based Interest rate 2.52 % 7.43 % 5.08 % Mortgage-backed securities $ 313 Price-based Price $ 11 $ 110 $ 90 198 Yield analysis Yield 2.27 % 8.70 % 3.74 % State and municipal, foreign government, corporate and other debt securities $ 1,212 Price-based Price $ — $ 104 $ 91 938 Model-based Credit spread 35 bps 446 bps 238 bps Marketable equity securities(5) $ 108 Price-based Price $ — $ 20,255 $ 1,248 45 Model-based WAL 1.47 years 1.47 years 1.47 years Asset-backed securities $ 1,608 Price-based Price $ 3 $ 101 $ 66 Non-marketable equities $ 293 Comparables analysis Discount to price — % 100.00 % 0.66 % 255 Price-based EBITDA multiples 5.00x 34.00x 9.73x Net operating income multiple 24.70x 24.70x 24.70x Price $ 2 $ 1,074 $ 420 Revenue multiple 2.25x 16.50x 7.06x Derivatives—gross(6) As of December 31, 2018 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Interest rate contracts (gross) $ 3,467 Model-based Mean reversion 1.00 % 20.00 % 10.50 % Inflation volatility 0.22 % 2.65 % 0.77 % IR normal volatility 0.16 % 0.86 % 0.56 % Foreign exchange contracts (gross) $ 626 Model-based Foreign exchange (FX) volatility 3.15 % 17.35 % 11.37 % 73 Cash flow IR-IR correlation (51.00 )% 40.00 % 32.69 % IR-FX correlation 40.00 % 60.00 % 50.00 % Credit spread 39 bps 676 bps 423 bps IR basis (0.65 )% 0.11 % (0.17 )% Yield 6.98 % 7.48 % 7.23 % Equity contracts (gross)(7) $ 1,467 Model-based Equity volatility 3.00 % 78.39 % 37.53 % Forward price 64.66 % 144.45 % 98.55 % Equity-Equity correlation (81.39 )% 100.00 % 35.49 % Equity-FX correlation (86.27 )% 70.00 % (1.20 )% WAL 1.47 years 1.47 years 1.47 years Commodity and other contracts (gross) $ 1,552 Model-based Forward price 15.30 % 585.07 % 145.08 % Commodity volatility 8.92 % 59.86 % 20.34 % Commodity correlation (51.90 )% 92.11 % 40.71 % Credit derivatives (gross) $ 1,089 Model-based Credit correlation 5.00 % 85.00 % 41.06 % 701 Price-based Upfront points 7.41 % 99.04 % 58.95 % Credit spread 2 bps 1,127 bps 87 bps Recovery rate 5.00 % 65.00 % 46.40 % Price $ 17 $ 98 $ 81 Loans and leases $ 248 Model-based Credit spread 138 bps 255 bps 147 bps 29 Price-based Yield 0.30 % 0.47 % 0.32 % Price $ 56 $ 110 $ 92 Mortgage servicing rights $ 501 Cash flow Yield 4.60 % 12.00 % 7.79 % 84 Model-based WAL 3.55 years 7.45 years 6.39 years Liabilities Interest-bearing deposits $ 495 Model-based Mean reversion 1.00 % 20.00 % 10.50 % Forward price 64.66 % 144.45 % 98.55 % Equity volatility 3.00 % 78.39 % 43.49 % Securities loaned and sold under agreements to repurchase $ 983 Model-based Interest rate 2.52 % 3.21 % 2.87 % Trading account liabilities Securities sold, not yet purchased $ 509 Model-based Forward price 15.30 % 585.07 % 105.69 % 77 Price-based Equity volatility 3.00 % 78.39 % 43.49 % Equity-Equity correlation (81.39 )% 100.00 % 34.04 % Equity-FX correlation (86.27 )% 70.00 % (1.20 )% Commodity volatility 8.92 % 59.86 % 20.34 % Commodity correlation (51.90 )% 92.11 % 40.71 % Equity-IR correlation (40.00 )% 70.37 % 30.80 % Short-term borrowings and long-term debt $ 12,289 Model-based Mean reversion 1.00 % 20.00 % 10.50 % Forward price 64.66 % 144.45 % 98.58 % Equity volatility 3.00 % 78.39 % 43.24 % (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 tables present 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 December 31, 2019 Loans HFS (1) $ 4,579 $ 3,249 $ 1,330 Other real estate owned 20 6 14 Loans (2) 344 93 251 Non-marketable equity securities measured using the measurement alternative 249 249 — Total assets at fair value on a nonrecurring basis $ 5,192 $ 3,597 $ 1,595 In millions of dollars Fair value Level 2 Level 3 December 31, 2018 Loans HFS (1) $ 5,055 $ 3,261 $ 1,794 Other real estate owned 78 62 16 Loans (2) 390 139 251 Non-marketable equity securities measured using the measurement alternative 261 192 69 Total assets at fair value on a nonrecurring basis $ 5,784 $ 3,654 $ 2,130 (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 tables present 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 December 31, 2019 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans HFS $ 1,320 Price-based Price $ 86 $ 100 $ 99 Other real estate owned $ 11 Price-based Appraised value (4) $ 2,297,358 $ 8,394,102 $ 5,615,884 $ 5 Recovery analysis Loans (6) $ 100 Recovery analysis Recovery rate 0.57 % 100.00 % 64.78 % 54 Cash flow Price $ 2 $ 54 $ 27 47 Price-based Cost of capital 0.10 % 100.00 % 54.84 % 29 Price-based Appraised value (4) $ 17,521,218 $ 43,646,426 $ 30,583,822 As of December 31, 2018 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans HFS $ 1,729 Price-based Price $ 81 $ 100 $ 98 Other real estate owned $ 15 Price-based Appraised value (4) $ 8,394,102 $ 8,394,102 $ 8,394,102 2 Recovery analysis Discount to price 13.00 % 13.00 % 13.00 % Price $ 56 $ 83 $ 58 Loans (6) $ 251 Recovery analysis Recovery rate 30.60 % 100.00 % 50.51 % Price $ 3 $ 85 $ 28 Non-marketable equity securities measured using the measurement alternative $ 66 Price-based Price $ 46 $ 1,514 $ 570 (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) Includes estimated costs to sell. (6) Represents impaired loans held for investment whose carrying amounts are based on the fair value of the underlying collateral, primarily real estate secured loans. |
Changes in total nonrecurring fair value measurements | The following tables present 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: Year ended December 31, In millions of dollars 2019 Loans HFS $ — Other real estate owned (1 ) Loans (1) (56 ) Non-marketable equity securities measured using the measurement alternative 99 Total nonrecurring fair value gains (losses) $ 42 Year ended December 31, In millions of dollars 2018 Loans HFS $ (13 ) Other real estate owned (2 ) Loans (1) (22 ) Non-marketable equity securities measured using the measurement alternative 194 Total nonrecurring fair value gains (losses) $ 157 (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 tables present the carrying value and fair value of Citigroup’s financial instruments that are not carried at fair value. The tables below therefore exclude items measured at fair value on a recurring basis presented in the tables above. The disclosure also excludes leases, affiliate investments, pension and benefit obligations, certain insurance contracts and tax-related items. Also, as required, the disclosure excludes the effect of taxes, any premium or discount that could result from offering for sale at one time the entire holdings of a particular instrument, excess fair value associated with deposits with no fixed maturity and other expenses that would be incurred in a market transaction. In addition, the tables exclude the values of non-financial assets and liabilities, as well as a wide range of franchise, relationship and intangible values, which are integral to a full assessment of Citigroup’s financial position and the value of its net assets. Fair values vary from period to period based on changes in a wide range of factors, including interest rates, credit quality and market perceptions of value, and as existing assets and liabilities run off and new transactions are entered into. December 31, 2019 Estimated fair value Carrying value Estimated fair value In billions of dollars Level 1 Level 2 Level 3 Assets Investments $ 86.4 $ 87.8 $ 1.9 $ 83.8 $ 2.1 Securities borrowed and purchased under agreements to resell 98.1 98.1 — 98.1 — Loans (1)(2) 681.2 677.7 — 4.7 673.0 Other financial assets (2)(3) 262.4 262.4 177.6 16.3 68.5 Liabilities Deposits $ 1,068.3 $ 1,066.7 $ — $ 875.5 $ 191.2 Securities loaned and sold under agreements to repurchase 125.7 125.7 — 125.7 — Long-term debt (4) 193.0 203.8 — 187.3 16.5 Other financial liabilities (5) 110.2 110.2 — 37.5 72.7 December 31, 2018 Estimated fair value Carrying value Estimated fair value In billions of dollars Level 1 Level 2 Level 3 Assets Investments $ 68.9 $ 68.5 $ 1.0 $ 65.4 $ 2.1 Securities borrowed and purchased under agreements to resell 123.0 123.0 — 121.6 1.4 Loans (1)(2) 667.1 666.9 — 5.6 661.3 Other financial assets (2)(3) 249.7 250.1 172.3 15.8 62.0 Liabilities Deposits $ 1,011.7 $ 1,009.5 $ — $ 847.1 $ 162.4 Securities loaned and sold under agreements to repurchase 133.3 133.3 — 133.3 — Long-term debt (4) 193.8 193.7 — 178.4 15.3 Other financial liabilities (5) 103.8 103.8 — 17.2 86.6 (1) The carrying value of loans is net of the Allowance for loan losses of $12.8 billion for December 31, 2019 and $12.3 billion for December 31, 2018 . In addition, the carrying values exclude $1.4 billion and $1.6 billion of lease finance receivables at December 31, 2019 and 2018, 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) | 12 Months Ended |
Dec. 31, 2019 | |
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 for the years ended December 31, In millions of dollars 2019 2018 Assets Securities borrowed and purchased under agreements to resell $ 6 $ (6 ) Trading account assets 77 (337 ) Investments — — Loans Certain corporate loans (222 ) (116 ) Certain consumer loans — — Total loans $ (222 ) $ (116 ) Other assets MSRs $ (84 ) $ 54 Certain mortgage loans HFS (1) 91 38 Total other assets $ 7 $ 92 Total assets $ (132 ) $ (367 ) Liabilities Interest-bearing deposits $ (205 ) $ 20 Securities loaned and sold under agreements to repurchase 386 (118 ) Trading account liabilities 27 (13 ) Short-term borrowings (78 ) 150 Long-term debt (2) (5,174 ) 3,048 Total liabilities $ (5,044 ) $ 3,087 (1) Includes gains (losses) associated with interest rate lock commitments for those loans that have been originated and elected under the fair value option. (2) Includes DVA that is included in AOCI . See Notes 19 and 24 to the Consolidated Financial Statements. |
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: December 31, 2019 December 31, 2018 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 8,320 $ 4,086 $ 10,108 $ 3,224 Aggregate unpaid principal balance in excess of (less than) fair value 410 315 435 741 Balance of non-accrual loans or loans more than 90 days past due — 1 — 1 Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due — — — — |
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 December 31, December 31, 2018 Carrying amount reported on the Consolidated Balance Sheet $ 1,254 $ 556 Aggregate fair value in excess of (less than) unpaid principal balance (31 ) 21 Balance of non-accrual loans or loans more than 90 days past due 1 — 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 December 31, 2019 December 31, 2018 Interest rate linked $ 22.9 $ 17.3 Foreign exchange linked 0.9 0.5 Equity linked 21.7 14.8 Commodity linked 1.8 1.2 Credit linked 2.4 1.9 Total $ 49.7 $ 35.7 |
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 December 31, 2019 December 31, 2018 Carrying amount reported on the Consolidated Balance Sheet $ 55,783 $ 38,229 Aggregate unpaid principal balance in excess of (less than) fair value (2,967 ) 3,814 |
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 December 31, 2019 December 31, 2018 Carrying amount reported on the Consolidated Balance Sheet $ 4,946 $ 4,483 Aggregate unpaid principal balance in excess of (less than) fair value 1,411 861 |
PLEDGED ASSETS, COLLATERAL, G_2
PLEDGED ASSETS, COLLATERAL, GUARANTEES AND COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Pledged Assets, Collateral, Guarantees and Commitments [Abstract] | |
Schedule of carrying value of assets pledged | The approximate carrying values of the significant components of pledged assets recognized on Citi’s Consolidated Balance Sheet included the following: In millions of dollars December 31, 2019 December 31, Investment securities $ 152,352 $ 148,756 Loans 236,033 227,840 Trading account assets 132,332 120,292 Total $ 520,717 $ 496,888 |
Summary of restricted cash | Restricted cash is included on the Consolidated Balance Sheet within the following balance sheet lines: In millions of dollars December 31, December 31, 2018 Cash and due from banks $ 3,758 $ 4,000 Deposits with banks 26,493 27,208 Total $ 30,251 $ 31,208 |
Schedule of future minimum rental payments for operating leases after adoption | Citi’s cash outflows related to operating leases were $942 million for the year ended December 31, 2019 , while the future lease payments are as follows: In millions of dollars 2020 $ 801 2021 695 2022 572 2023 425 2024 314 Thereafter 935 Total future lease payments $ 3,742 Less imputed interest (based on weighted-average discount rate of 3.6%) $ (402 ) Lease liability $ 3,340 |
Schedule of future minimum rental payments for operating leases before adoption | The minimum annual rent commitments under non-cancelable leases, net of sublease income, as of December 31, 2018 prior to the adoption of ASU 2016-02, were as follows: In millions of dollars 2019 $ 925 2020 748 2021 657 2022 525 2023 394 Thereafter 1,890 Total lease commitments $ 5,139 |
Schedule of guarantor obligations | The following tables present information about Citi’s guarantees: Maximum potential amount of future payments In billions of dollars at December 31, 2019 Expire within 1 year Expire after 1 year Total amount outstanding Carrying value (in millions of dollars) Financial standby letters of credit $ 31.9 $ 62.4 $ 94.3 $ 140 Performance guarantees 6.9 5.5 12.4 21 Derivative instruments considered to be guarantees 37.5 60.1 97.6 289 Loans sold with recourse — 1.2 1.2 7 Securities lending indemnifications (1) 87.8 — 87.8 — Credit card merchant processing (1)(2) 91.6 — 91.6 — Credit card arrangements with partners 0.2 0.4 0.6 23 Custody indemnifications and other — 33.7 33.7 41 Total $ 255.9 $ 163.3 $ 419.2 $ 521 Maximum potential amount of future payments In billions of dollars at December 31, 2018 Expire within Expire after Total amount Carrying value (in millions of dollars) Financial standby letters of credit $ 32.1 $ 67.5 $ 99.6 $ 131 Performance guarantees 7.7 4.2 11.9 29 Derivative instruments considered to be guarantees 23.5 87.4 110.9 567 Loans sold with recourse — 1.2 1.2 9 Securities lending indemnifications (1) 98.3 — 98.3 — Credit card merchant processing (1)(2) 94.7 — 94.7 — Credit card arrangements with partners 0.3 0.8 1.1 162 Custody indemnifications and other — 35.4 35.4 41 Total $ 256.6 $ 196.5 $ 453.1 $ 939 (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 December 31, 2019 and 2018, this maximum potential exposure was estimated to be $92 billion and $95 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 December 31, 2019 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 66.4 $ 12.5 $ 15.4 $ 94.3 Performance guarantees 9.7 2.3 0.4 12.4 Derivative instruments deemed to be guarantees — — 97.6 97.6 Loans sold with recourse — — 1.2 1.2 Securities lending indemnifications — — 87.8 87.8 Credit card merchant processing — — 91.6 91.6 Credit card arrangements with partners — — 0.6 0.6 Custody indemnifications and other 21.3 12.4 — 33.7 Total $ 97.4 $ 27.2 $ 294.6 $ 419.2 Maximum potential amount of future payments In billions of dollars at December 31, 2018 Investment grade Non-investment grade Not rated Total Financial standby letters of credit $ 71.3 $ 11.9 $ 16.4 $ 99.6 Performance guarantees 9.2 2.1 0.6 11.9 Derivative instruments deemed to be guarantees — — 110.9 110.9 Loans sold with recourse — — 1.2 1.2 Securities lending indemnifications — — 98.3 98.3 Credit card merchant processing — — 94.7 94.7 Credit card arrangements with partners — — 1.1 1.1 Custody indemnifications and other 22.2 13.2 — 35.4 Total $ 102.7 $ 27.2 $ 323.2 $ 453.1 |
Schedule of credit commitments | The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. December 31, December 31, 2018 Commercial and similar letters of credit $ 746 $ 3,787 $ 4,533 $ 5,461 One- to four-family residential mortgages 2,088 1,633 3,721 2,671 Revolving open-end loans secured by one- to four-family residential properties 9,511 1,288 10,799 11,374 Commercial real estate, construction and land development 10,623 2,358 12,981 11,293 Credit card lines 609,866 98,157 708,023 696,007 Commercial and other consumer loan commitments 212,569 111,790 324,359 300,115 Other commitments and contingencies 1,852 96 1,948 3,321 Total $ 847,255 $ 219,109 $ 1,066,364 $ 1,030,242 |
CONDENSED CONSOLIDATING FINAN_2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed income statement and condensed statement of comprehensive income | Year ended December 31, 2018 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 22,854 $ — $ — $ (22,854 ) $ — Interest revenue 67 8,732 62,029 — 70,828 Interest revenue—intercompany 4,933 1,659 (6,592 ) — — Interest expense 4,783 5,430 14,053 — 24,266 Interest expense—intercompany 1,198 3,539 (4,737 ) — — Net interest revenue $ (981 ) $ 1,422 $ 46,121 $ — $ 46,562 Commissions and fees $ — $ 5,146 $ 6,711 $ — $ 11,857 Commissions and fees—intercompany (2 ) 237 (235 ) — — Principal transactions (1,310 ) 1,599 8,616 — 8,905 Principal transactions—intercompany (929 ) 1,328 (399 ) — — Other income 1,373 710 3,447 — 5,530 Other income—intercompany (107 ) 143 (36 ) — — Total non-interest revenues $ (975 ) $ 9,163 $ 18,104 $ — $ 26,292 Total revenues, net of interest expense $ 20,898 $ 10,585 $ 64,225 $ (22,854 ) $ 72,854 Provisions for credit losses and for benefits and claims $ — $ (22 ) $ 7,590 $ — $ 7,568 Operating expenses Compensation and benefits $ 4 $ 4,484 $ 16,666 $ — $ 21,154 Compensation and benefits—intercompany 115 — (115 ) — — Other operating (192 ) 2,224 18,655 — 20,687 Other operating—intercompany 49 2,312 (2,361 ) — — Total operating expenses $ (24 ) $ 9,020 $ 32,845 $ — $ 41,841 Equity in undistributed income of subsidiaries $ (2,163 ) $ — $ — $ 2,163 $ — Income (loss) from continuing operations before income taxes $ 18,759 $ 1,587 $ 23,790 $ (20,691 ) $ 23,445 Provision (benefit) for income taxes 714 1,123 3,520 — 5,357 Income (loss) from continuing operations $ 18,045 $ 464 $ 20,270 $ (20,691 ) $ 18,088 Income (loss) from discontinued operations, net of taxes — — (8 ) — (8 ) Net income (loss) before attribution of noncontrolling interests $ 18,045 $ 464 $ 20,262 $ (20,691 ) $ 18,080 Noncontrolling interests — — 35 — 35 Net income (loss) $ 18,045 $ 464 $ 20,227 $ (20,691 ) $ 18,045 Comprehensive income $ — Add: Other comprehensive income (loss) $ (2,499 ) $ 257 $ 3,500 $ (3,757 ) $ (2,499 ) Total Citigroup comprehensive income (loss) $ 15,546 $ 721 $ 23,727 $ (24,448 ) $ 15,546 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (43 ) $ — $ (43 ) Add: Net income attributable to noncontrolling interests — — 35 — 35 Total comprehensive income (loss) $ 15,546 $ 721 $ 23,719 $ (24,448 ) $ 15,538 Year ended December 31, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 23,347 $ — $ — $ (23,347 ) $ — Interest revenue — 10,661 65,849 — 76,510 Interest revenue—intercompany 5,091 1,942 (7,033 ) — — Interest expense 4,949 7,010 17,204 — 29,163 Interest expense—intercompany 1,038 4,243 (5,281 ) — — Net interest revenue $ (896 ) $ 1,350 $ 46,893 $ — $ 47,347 Commissions and fees $ — $ 5,265 $ 6,481 $ — $ 11,746 Commissions and fees—intercompany (21 ) 354 (333 ) — — Principal transactions (2,537 ) 277 11,152 — 8,892 Principal transactions—intercompany 1,252 2,464 (3,716 ) — — Other income 767 832 4,702 — 6,301 Other income—intercompany (55 ) 102 (47 ) — — Total non-interest revenues $ (594 ) $ 9,294 $ 18,239 $ — $ 26,939 Total revenues, net of interest expense $ 21,857 $ 10,644 $ 65,132 $ (23,347 ) $ 74,286 Provisions for credit losses and for benefits and claims $ — $ — $ 8,383 $ — $ 8,383 Operating expenses Compensation and benefits $ 32 $ 4,680 $ 16,721 $ — $ 21,433 Compensation and benefits—intercompany 134 — (134 ) — — Other operating (16 ) 2,326 18,259 — 20,569 Other operating—intercompany 20 2,410 (2,430 ) — — Total operating expenses $ 170 $ 9,416 $ 32,416 $ — $ 42,002 Equity in undistributed income of subsidiaries $ (3,620 ) $ — $ — $ 3,620 $ — Income (loss) from continuing operations before income taxes $ 18,067 $ 1,228 $ 24,333 $ (19,727 ) $ 23,901 Provision (benefit) for income taxes (1,334 ) 176 5,588 — 4,430 Income (loss) from continuing operations $ 19,401 $ 1,052 $ 18,745 $ (19,727 ) $ 19,471 Income (loss) from discontinued operations, net of taxes — — (4 ) — (4 ) Net income before attribution of noncontrolling interests $ 19,401 $ 1,052 $ 18,741 $ (19,727 ) $ 19,467 Noncontrolling interests — — 66 — 66 Net income (loss) $ 19,401 $ 1,052 $ 18,675 $ (19,727 ) $ 19,401 Comprehensive income Add: Other comprehensive income (loss) $ 852 $ (651 ) $ 1,600 $ (949 ) $ 852 Total Citigroup comprehensive income (loss) $ 20,253 $ 401 $ 20,275 $ (20,676 ) $ 20,253 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ — $ — $ — Add: Net income attributable to noncontrolling interests — — 66 — 66 Total comprehensive income (loss) $ 20,253 $ 401 $ 20,341 $ (20,676 ) $ 20,319 Year ended December 31, 2017 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 22,499 $ — $ — $ (22,499 ) $ — Interest revenue 1 5,279 56,299 — 61,579 Interest revenue—intercompany 3,972 1,178 (5,150 ) — — Interest expense 4,766 2,340 9,412 — 16,518 Interest expense—intercompany 829 2,297 (3,126 ) — — Net interest revenue $ (1,622 ) $ 1,820 $ 44,863 $ — $ 45,061 Commissions and fees $ — $ 5,366 $ 7,341 $ — $ 12,707 Commissions and fees—intercompany (2 ) 182 (180 ) — — Principal transactions 1,654 1,183 6,103 — 8,940 Principal transactions—intercompany 934 1,200 (2,134 ) — — Other income (2,581 ) 867 7,450 — 5,736 Other income—intercompany 5 170 (175 ) — — Total non-interest revenues $ 10 $ 8,968 $ 18,405 $ — $ 27,383 Total revenues, net of interest expense $ 20,887 $ 10,788 $ 63,268 $ (22,499 ) $ 72,444 Provisions for credit losses and for benefits and claims $ — $ — $ 7,451 $ — $ 7,451 Operating expenses Compensation and benefits $ (107 ) $ 4,403 $ 16,885 $ — $ 21,181 Compensation and benefits—intercompany 120 — (120 ) — — Other operating (318 ) 2,184 19,185 — 21,051 Other operating—intercompany (35 ) 2,231 (2,196 ) — — Total operating expenses $ (340 ) $ 8,818 $ 33,754 $ — $ 42,232 Equity in undistributed income of subsidiaries $ (19,088 ) $ — $ — $ 19,088 $ — Income (loss) from continuing operations before income taxes $ 2,139 $ 1,970 $ 22,063 $ (3,411 ) $ 22,761 Provision (benefit) for income taxes 8,937 873 19,578 — 29,388 Income (loss) from continuing operations $ (6,798 ) $ 1,097 $ 2,485 $ (3,411 ) $ (6,627 ) Income (loss) from discontinued operations, net of taxes — — (111 ) — (111 ) Net income before attribution of noncontrolling interests $ (6,798 ) $ 1,097 $ 2,374 $ (3,411 ) $ (6,738 ) Noncontrolling interests — (1 ) 61 — 60 Net income (loss) $ (6,798 ) $ 1,098 $ 2,313 $ (3,411 ) $ (6,798 ) Comprehensive income $ — Add: Other comprehensive income (loss) $ (2,791 ) $ (117 ) $ (4,160 ) $ 4,277 $ (2,791 ) Total Citigroup comprehensive income (loss) $ (9,589 ) $ 981 $ (1,847 ) $ 866 $ (9,589 ) Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 114 $ — $ 114 Add: Net income attributable to noncontrolling interests — (1 ) 61 — 60 Total comprehensive income (loss) $ (9,589 ) $ 980 $ (1,672 ) $ 866 $ (9,415 ) |
Condensed balance sheet | December 31, 2019 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 586 $ 23,381 $ — $ 23,967 Cash and due from banks—intercompany 21 5,095 (5,116 ) — — Deposits with banks — 4,050 165,902 — 169,952 Deposits with banks—intercompany 3,000 6,710 (9,710 ) — — Securities borrowed and purchased under resale agreements — 195,537 55,785 — 251,322 Securities borrowed and purchased under resale agreements—intercompany — 21,446 (21,446 ) — — Trading account assets 286 152,115 123,739 — 276,140 Trading account assets—intercompany 426 5,858 (6,284 ) — — Investments 1 541 368,021 — 368,563 Loans, net of unearned income — 2,497 696,986 — 699,483 Loans, net of unearned income—intercompany — — — — — Allowance for loan losses — — (12,783 ) — (12,783 ) Total loans, net $ — $ 2,497 $ 684,203 $ — $ 686,700 Advances to subsidiaries $ 144,587 $ — $ (144,587 ) $ — $ — Investments in subsidiaries 202,116 — — (202,116 ) — Other assets (1) 12,377 54,784 107,353 — 174,514 Other assets—intercompany 2,799 45,588 (48,387 ) — — Total assets $ 365,613 $ 494,807 $ 1,292,854 $ (202,116 ) $ 1,951,158 Liabilities and equity Deposits $ — $ — $ 1,070,590 $ — $ 1,070,590 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 145,473 20,866 — 166,339 Securities loaned and sold under repurchase agreements—intercompany — 36,581 (36,581 ) — — Trading account liabilities 1 80,100 39,793 — 119,894 Trading account liabilities—intercompany 379 5,109 (5,488 ) — — Short-term borrowings 66 11,096 33,887 — 45,049 Short-term borrowings—intercompany — 17,129 (17,129 ) — — Long-term debt 150,477 39,578 58,705 — 248,760 Long-term debt—intercompany — 66,791 (66,791 ) — — Advances from subsidiaries 20,503 — (20,503 ) — — Other liabilities 937 51,777 53,866 — 106,580 Other liabilities—intercompany 8 8,414 (8,422 ) — — Stockholders’ equity 193,242 32,759 170,061 (202,116 ) 193,946 Total liabilities and equity $ 365,613 $ 494,807 $ 1,292,854 $ (202,116 ) $ 1,951,158 (1) Other assets for Citigroup parent company at December 31, 2019 included $35.1 billion of placements to Citibank and its branches, of which $24.9 billion had a remaining term of less than 30 days. December 31, 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 $ 689 $ 22,955 $ — $ 23,645 Cash and due from banks—intercompany 19 3,545 (3,564 ) — — Deposits with banks — 4,915 159,545 — 164,460 Deposits with banks—intercompany 3,000 6,528 (9,528 ) — — Securities borrowed and purchased under resale agreements — 212,720 57,964 — 270,684 Securities borrowed and purchased under resale agreements—intercompany — 20,074 (20,074 ) — — Trading account assets 302 146,233 109,582 — 256,117 Trading account assets—intercompany 627 1,728 (2,355 ) — — Investments 7 224 358,376 — 358,607 Loans, net of unearned income — 1,292 682,904 — 684,196 Loans, net of unearned income—intercompany — — — — — Allowance for loan losses — — (12,315 ) — (12,315 ) Total loans, net $ — $ 1,292 $ 670,589 $ — $ 671,881 Advances to subsidiaries $ 143,119 $ — $ (143,119 ) $ — $ — Investments in subsidiaries 205,337 — — (205,337 ) — Other assets (1) 9,861 59,734 102,394 — 171,989 Other assets—intercompany 3,037 44,255 (47,292 ) — — Total assets $ 365,310 $ 501,937 $ 1,255,473 $ (205,337 ) $ 1,917,383 Liabilities and equity Deposits $ — $ — $ 1,013,170 $ — $ 1,013,170 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 155,830 21,938 — 177,768 Securities loaned and sold under repurchase agreements—intercompany — 21,109 (21,109 ) — — Trading account liabilities 1 95,571 48,733 — 144,305 Trading account liabilities—intercompany 410 1,398 (1,808 ) — — Short-term borrowings 207 3,656 28,483 — 32,346 Short-term borrowings—intercompany — 11,343 (11,343 ) — — Long-term debt 143,767 25,986 62,246 — 231,999 Long-term debt—intercompany — 73,884 (73,884 ) — — Advances from subsidiaries 21,471 — (21,471 ) — — Other liabilities 3,011 66,732 50,978 — 120,721 Other liabilities—intercompany 223 13,763 (13,986 ) — — Stockholders’ equity 196,220 32,665 173,526 (205,337 ) 197,074 Total liabilities and equity $ 365,310 $ 501,937 $ 1,255,473 $ (205,337 ) $ 1,917,383 (1) Other assets for Citigroup parent company at December 31, 2018 included $34.7 billion of placements to Citibank and its branches, of which $22.4 billion had a remaining term of less than 30 days. |
Condensed cash flow statement | Year ended December 31, 2019 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 $ 25,011 $ (35,396 ) $ (2,452 ) $ — $ (12,837 ) Cash flows from investing activities of continuing operations Purchases of investments $ — $ — $ (274,491 ) $ — $ (274,491 ) Proceeds from sales of investments 5 — 137,168 — 137,173 Proceeds from maturities of investments — — 119,051 — 119,051 Change in loans — — (22,466 ) — (22,466 ) Proceeds from sales and securitizations of loans — — 2,878 — 2,878 Change in securities borrowed and purchased under agreements to resell — 15,811 3,551 — 19,362 Changes in investments and advances—intercompany (1,847 ) (870 ) 2,717 — — Other investing activities — (64 ) (4,817 ) — (4,881 ) Net cash provided by (used in) investing activities of continuing operations $ (1,842 ) $ 14,877 $ (36,409 ) $ — $ (23,374 ) Cash flows from financing activities of continuing operations Dividends paid $ (5,447 ) $ — $ — $ — $ (5,447 ) Issuance of preferred stock 1,496 — — — 1,496 Redemption of preferred stock (1,980 ) — — — (1,980 ) Treasury stock acquired (17,571 ) — — — (17,571 ) Proceeds (repayments) from issuance of long-term debt, net 1,666 10,389 (3,950 ) — 8,105 Proceeds (repayments) from issuance of long-term debt—intercompany, net — (7,177 ) 7,177 — — Change in deposits — — 57,420 — 57,420 Change in securities loaned and sold under agreements to repurchase — 5,115 (16,544 ) — (11,429 ) Change in short-term borrowings — 7,440 5,263 — 12,703 Net change in short-term borrowings and other advances—intercompany (968 ) 5,843 (4,875 ) — — Capital contributions from (to) parent — (74 ) 74 — — Other financing activities (364 ) (253 ) 253 — (364 ) Net cash provided by (used in) financing activities of continuing operations $ (23,168 ) $ 21,283 $ 44,818 $ — $ 42,933 Effect of exchange rate changes on cash and due from banks $ — $ — $ (908 ) $ — $ (908 ) Change in cash and due from banks and deposits with banks $ 1 $ 764 $ 5,049 $ — $ 5,814 Cash and due from banks and deposits with banks at beginning of period 3,020 15,677 169,408 — 188,105 Cash and due from banks and deposits with banks at end of period $ 3,021 $ 16,441 $ 174,457 $ — $ 193,919 Cash and due from banks $ 21 $ 5,681 $ 18,265 $ — $ 23,967 Deposits with banks 3,000 10,760 156,192 — 169,952 Cash and due from banks and deposits with banks at end of period $ 3,021 $ 16,441 $ 174,457 $ — $ 193,919 Supplemental disclosure of cash flow information for continuing operations Cash paid during the year for income taxes $ (393 ) $ 418 $ 4,863 $ — $ 4,888 Cash paid during the year for interest 3,820 12,664 12,198 — 28,682 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 5,500 $ — $ 5,500 Year ended December 31, 2018 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 $ 21,314 $ 13,287 $ 2,351 $ — $ 36,952 Cash flows from investing activities of continuing operations Purchases of investments $ (7,955 ) $ (18 ) $ (144,514 ) $ — $ (152,487 ) Proceeds from sales of investments 7,634 3 53,854 — 61,491 Proceeds from maturities of investments — — 83,604 — 83,604 Change in loans — — (29,002 ) — (29,002 ) Proceeds from sales and securitizations of loans — — 4,549 — 4,549 Proceeds from significant disposals — — 314 — 314 Change in securities borrowed and purchased under agreements to resell — (34,018 ) (4,188 ) — (38,206 ) Changes in investments and advances—intercompany (5,566 ) (832 ) 6,398 — — Other investing activities 556 (59 ) (3,878 ) — (3,381 ) Net cash provided by (used in) investing activities of continuing operations $ (5,331 ) $ (34,924 ) $ (32,863 ) $ — $ (73,118 ) Cash flows from financing activities of continuing operations Dividends paid $ (5,020 ) $ — $ — $ — $ (5,020 ) Redemption of preferred stock (793 ) — — — (793 ) Treasury stock acquired (14,433 ) — — — (14,433 ) Proceeds from issuance of long-term debt, net (5,099 ) 10,278 (2,656 ) — 2,523 Proceeds (repayments) from issuance of long-term debt—intercompany, net — 10,708 (10,708 ) — — Change in deposits — — 53,348 — 53,348 Change in securities loaned and sold under agreements to repurchase — 23,454 (1,963 ) — 21,491 Change in short-term borrowings 32 88 (12,226 ) — (12,106 ) Net change in short-term borrowings and other advances—intercompany 1,819 (19,111 ) 17,292 — — Capital contributions from parent — (798 ) 798 — — Other financing activities (482 ) — — — (482 ) Net cash provided by (used in) financing activities of continuing operations $ (23,976 ) $ 24,619 $ 43,885 $ — $ 44,528 Effect of exchange rate changes on cash and due from banks $ — $ — $ (773 ) $ — $ (773 ) Change in cash and due from banks and deposits with banks $ (7,993 ) $ 2,982 $ 12,600 $ — $ 7,589 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 $ 3,020 $ 15,677 $ 169,408 $ — $ 188,105 Cash and due from banks $ 20 $ 4,234 $ 19,391 $ — $ 23,645 Deposits with banks 3,000 11,443 150,017 — 164,460 Cash and due from banks and deposits with banks at end of period $ 3,020 $ 15,677 $ 169,408 $ — $ 188,105 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the year for income taxes $ (783 ) $ 458 $ 4,638 $ — $ 4,313 Cash paid during the year for interest 3,854 8,671 10,438 — 22,963 Non-cash investing activities Transfers to loans HFS from loans $ — $ — $ 4,200 $ — $ 4,200 Year ended December 31, 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 $ 25,270 $ (33,365 ) $ (679 ) $ — $ (8,774 ) Cash flows from investing activities of continuing operations Purchases of investments $ — $ (14 ) $ (185,726 ) $ — $ (185,740 ) Proceeds from sales of investments 132 18 107,218 — 107,368 Proceeds from maturities of investments — — 84,369 — 84,369 Change in loans — — (58,062 ) — (58,062 ) Proceeds from sales and securitizations of loans — — 8,365 — 8,365 Proceeds from significant disposals — — 3,411 — 3,411 Change in securities borrowed and purchased under agreements to resell — 9,731 (5,396 ) — 4,335 Changes in investments and advances—intercompany (899 ) 9,755 (8,856 ) — — Other investing activities — (24 ) (2,773 ) — (2,797 ) Net cash provided by (used in) investing activities of continuing operations $ (767 ) $ 19,466 $ (57,450 ) $ — $ (38,751 ) Cash flows from financing activities of continuing operations Dividends paid $ (3,797 ) $ — $ — $ — $ (3,797 ) Issuance of preferred stock — — — — — Treasury stock acquired (14,541 ) — — — (14,541 ) Proceeds (repayments) from issuance of long-term debt, net 6,544 4,909 15,521 — 26,974 Proceeds (repayments) from issuance of long-term debt—intercompany, net — (2,031 ) 2,031 — — Change in deposits — — 30,416 — 30,416 Change in securities loaned and sold under agreements to repurchase — 5,748 8,708 — 14,456 Change in short-term borrowings 49 2,212 11,490 — 13,751 Net change in short-term borrowings and other advances—intercompany (22,152 ) (8,615 ) 30,767 — — Capital contributions from parent — (748 ) 748 — — Other financing activities (405 ) — — — (405 ) Net cash provided by financing activities of continuing operations $ (34,302 ) $ 1,475 $ 99,681 $ — $ 66,854 Effect of exchange rate changes on cash and due from banks $ — $ — $ 693 $ — $ 693 Change in cash and due from banks and deposits with banks $ (9,799 ) $ (12,424 ) $ 42,245 $ — $ 20,022 Cash and due from banks and deposits with banks at beginning of period 20,812 25,119 114,563 — 160,494 Cash and due from banks and deposits with banks at end of period $ 11,013 $ 12,695 $ 156,808 $ — $ 180,516 Cash and due from banks $ 13 $ 4,128 $ 19,634 $ — $ 23,775 Deposits with banks 11,000 8,567 137,174 — 156,741 Cash and due from banks and deposits with banks at end of period $ 11,013 $ 12,695 $ 156,808 $ — $ 180,516 Supplemental disclosure of cash flow information for continuing operations Cash paid during the year for income taxes $ (3,730 ) $ 678 $ 5,135 $ — $ 2,083 Cash paid during the year for interest 4,151 4,513 7,011 — 15,675 Non-cash investing activities Transfers to loans held-for-sale from loans $ — $ — $ 5,900 $ — $ 5,900 |
SELECTED QUARTERLY FINANCIAL _2
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | 2019 2018 In millions of dollars, except per share amounts Fourth Third Second First Fourth Third Second First Revenues, net of interest expense $ 18,378 $ 18,574 $ 18,758 $ 18,576 $ 17,124 $ 18,389 $ 18,469 $ 18,872 Operating expenses 10,454 10,464 10,500 10,584 9,893 10,311 10,712 10,925 Provisions for credit losses and for benefits and claims 2,222 2,088 2,093 1,980 1,925 1,974 1,812 1,857 Income from continuing operations before income taxes $ 5,702 $ 6,022 $ 6,165 $ 6,012 $ 5,306 $ 6,104 $ 5,945 $ 6,090 Income taxes (1) 703 1,079 1,373 1,275 1,001 1,471 1,444 1,441 Income from continuing operations $ 4,999 $ 4,943 $ 4,792 $ 4,737 $ 4,305 $ 4,633 $ 4,501 $ 4,649 Income (loss) from discontinued operations, net of taxes (4 ) (15 ) 17 (2 ) (8 ) (8 ) 15 (7 ) Net income before attribution of noncontrolling interests $ 4,995 $ 4,928 $ 4,809 $ 4,735 $ 4,297 $ 4,625 $ 4,516 $ 4,642 Noncontrolling interests 16 15 10 25 (16 ) 3 26 22 Citigroup’s net income $ 4,979 $ 4,913 $ 4,799 $ 4,710 $ 4,313 $ 4,622 $ 4,490 $ 4,620 Earnings per share (2) Basic Income from continuing operations $ 2.16 $ 2.09 $ 1.94 $ 1.88 $ 1.65 $ 1.74 $ 1.62 $ 1.68 Net income 2.16 2.09 1.95 1.88 1.65 1.73 1.63 1.68 Diluted Income from continuing operations 2.15 2.08 1.94 1.87 1.65 1.74 1.62 1.68 Net income 2.15 2.07 1.95 1.87 1.64 1.73 1.63 1.68 This Note to the Consolidated Financial Statements is unaudited due to the Company’s individual quarterly results not being subject to an audit. (1) The fourth quarter of 2019 includes discrete tax items of roughly $540 million including an approximate $430 million benefit of a reduction in Citi’s valuation allowance related to its DTAs. The third quarter of 2019 includes discrete tax items of roughly $230 million , including an approximate $180 million benefit of a reduction in Citi’s valuation allowance related to its DTAs. (2) Due to averaging of shares, quarterly earnings per share may not sum to the totals reported for the full year. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019paymentre-aging | |
Accounting Policies [Abstract] | |
Ownership percentage, if less than this amount then income from investments is recognized when dividends are received | 20.00% |
Loans charge off and interest accrual period | |
Age modifications limitations in twelve months | re-aging | 1 |
Age modifications limitations in five years | re-aging | 2 |
Minimum | |
Loans charge off and interest accrual period | |
Minimum number of payments on a modified loan to return to accrual status | 1 |
Number of months in sustained period of repayment performance for cash-basis loans to return to an accrual status | 6 months |
Maximum | |
Loans charge off and interest accrual period | |
Minimum number of payments on a modified loan to return to accrual status | 6 |
Installment and real estate loans | |
Loans charge off and interest accrual period | |
Past due period for consumer loans when interest accrual ceases | 90 days |
Credit cards and unsecured revolving loans | |
Loans charge off and interest accrual period | |
Past due period for consumer loans when interest accrual ceases | 180 days |
Period for consumer loans charged-off | 180 days |
Home equity loans | New OCC guidance | |
Loans charge off and interest accrual period | |
Number of days past due, non-accrual status | 90 days |
Consumer | Minimum | |
Loans charge off and interest accrual period | |
Minimum number of payments required for modification of loans | 1 |
Consumer | Maximum | |
Loans charge off and interest accrual period | |
Minimum number of payments required for modification of loans | 3 |
Open-ended consumer loans | |
Loans charge off and interest accrual period | |
Minimum number of payments required for modification of loans | 3 |
Unsecured installment loans | |
Loans charge off and interest accrual period | |
Period for consumer loans charged-off | 120 days |
Mortgage and real estate | |
Loans charge off and interest accrual period | |
Period for consumer loans charged-off | 180 days |
Real estate-secured loans | |
Loans charge off and interest accrual period | |
Past due period of contractual payments to charge-off, if no payments in six months and if a decision has been made not to foreclose on the loans | 180 days |
Unsecured loans in bankruptcy | |
Loans charge off and interest accrual period | |
Maximum period from receiving bankruptcy court filing notification to charge-off | 60 days |
Real estate-secured loans in bankruptcy | |
Loans charge off and interest accrual period | |
Maximum past due period of contractual payments to write down secured loans to net collateral values | 60 days |
Corporate | |
Loans charge off and interest accrual period | |
Period for past due interest or principal payment of corporate loans to be considered doubtful | 90 days |
Time period for reversing accrued interest on impaired corporate loans | 90 days |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounting Changes (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2017 | Dec. 31, 2016 | Jan. 01, 2016 | ||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||||||||||||||
Operating lease liability | $ 3,340 | $ 3,300 | $ 3,340 | $ 3,300 | ||||||||||||||||||||
Operating lease, right-of-use asset | 3,100 | 3,100 | ||||||||||||||||||||||
Impact of non-cash charge related to Tax Reform | $ 22,600 | $ 22,594 | ||||||||||||||||||||||
Tax Reform benefit | 94 | 94 | ||||||||||||||||||||||
Benefit relating to reduction in valuation allowance against FTC carry-forwards and U.S. residual DTAs | 1,200 | |||||||||||||||||||||||
Charge for quasi-territorial tax system | 200 | |||||||||||||||||||||||
Charge related to impact of deemed repatriation of undistributed earnings | 900 | |||||||||||||||||||||||
Revenues, net of interest expense | 18,378 | $ 18,574 | $ 18,758 | $ 18,576 | 17,124 | $ 18,389 | $ 18,469 | $ 18,872 | 74,286 | 72,854 | 72,444 | |||||||||||||
Operating expenses | 10,454 | $ 10,464 | $ 10,500 | $ 10,584 | 9,893 | $ 10,311 | $ 10,712 | $ 10,925 | 42,002 | 41,841 | 42,232 | |||||||||||||
Increase (decrease) in retained earnings | 165,369 | 151,347 | 165,369 | 151,347 | ||||||||||||||||||||
Fair value | 280,265 | 288,038 | 280,265 | 288,038 | ||||||||||||||||||||
Net cash used in investing activities of continuing operations | (23,374) | (73,118) | (38,751) | |||||||||||||||||||||
Stockholders’ equity | (193,946) | (197,074) | (201,672) | (193,946) | (197,074) | (201,672) | ||||||||||||||||||
Net deferred tax assets | 23,094 | 22,903 | 23,094 | 22,903 | ||||||||||||||||||||
Increase (decrease) in allowance for loan losses | 12,783 | 12,315 | 12,355 | 12,783 | 12,315 | 12,355 | $ 12,060 | |||||||||||||||||
Accounting Standards Update 2016-02 | ||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||||||||||||||
Operating lease liability | $ 4,400 | |||||||||||||||||||||||
Operating lease, right-of-use asset | 4,400 | |||||||||||||||||||||||
Accounting Standards Update 2016-16 | ||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||||||||||||||
Increase in deferred income tax assets | $ 300 | |||||||||||||||||||||||
Increase (decrease) in retained earnings | (80) | |||||||||||||||||||||||
Prepaid tax | 380 | |||||||||||||||||||||||
Accounting Standards Update 2017-12 | ||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||||||||||||||
Fair value | $ 4,000 | |||||||||||||||||||||||
Accounting Standards Update 2018-02 | ||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||||||||||||||
Increase (decrease) in retained earnings | 3,300 | 3,300 | ||||||||||||||||||||||
Accounting Standards Update 2017-08 | New Accounting Pronouncement, Early Adoption, Effect | ||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||||||||||||||
Stockholders’ equity | $ 156 | |||||||||||||||||||||||
Accounting Standards Update 2016-18 | ||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||||||||||||||
Net cash used in investing activities of continuing operations | 19,300 | |||||||||||||||||||||||
Retained earnings | ||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||||||||||||||
Cumulative effect of new accounting principle | [1] | 151 | (84) | 151 | (84) | (660) | ||||||||||||||||||
Stockholders’ equity | (165,369) | (151,347) | (138,425) | (165,369) | (151,347) | (138,425) | (146,477) | |||||||||||||||||
Retained earnings | Accounting Standards Update 2016-02 | ||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||||||||||||||
Cumulative effect of new accounting principle | $ 151 | |||||||||||||||||||||||
Retained earnings | Accounting Standards Update 2017-08 | New Accounting Pronouncement, Early Adoption, Effect | ||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||||||||||||||
Cumulative effect of new accounting principle | (660) | |||||||||||||||||||||||
Accumulated other comprehensive income (loss) | ||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||||||||||||||
Cumulative effect of new accounting principle | 0 | [1] | (3) | [1] | 0 | [1] | (3) | [1] | (3) | 504 | [1] | $ 504 | ||||||||||||
Stockholders’ equity | $ 36,318 | $ 37,170 | $ 34,668 | 36,318 | 37,170 | $ 34,668 | $ 32,381 | |||||||||||||||||
Accumulated other comprehensive income (loss) | Accounting Standards Update 2017-08 | New Accounting Pronouncement, Early Adoption, Effect | ||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||||||||||||||
Cumulative effect of new accounting principle | $ 504 | |||||||||||||||||||||||
Restatement | Accounting Standards Update 2014-09 | ||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||||||||||||||
Revenues, net of interest expense | 1,000 | 1,000 | ||||||||||||||||||||||
Operating expenses | $ 1,000 | $ 1,000 | ||||||||||||||||||||||
Forecast | Accounting Standards Update 2016-13 | ||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||||||||||||||
Increase (decrease) in retained earnings | $ (3,100) | |||||||||||||||||||||||
Net deferred tax assets | 1,000 | |||||||||||||||||||||||
Increase (decrease) in allowance for loan losses | $ 4,100 | |||||||||||||||||||||||
Pretax percentage increase allowance for credit losses | 29.00% | |||||||||||||||||||||||
Build to allowance for credit losses | $ 4,900 | |||||||||||||||||||||||
Loss coverage period | 23 months | |||||||||||||||||||||||
Releases from allowance for credit losses | $ (800) | |||||||||||||||||||||||
Forecast | Accounting Guidance Prior to Adoption of ASU 2016-13 | ||||||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||||||||||||||
Loss coverage period | 14 months | |||||||||||||||||||||||
[1] | See Note 1 to the Consolidated Financial Statements for additional details. |
DISCONTINUED OPERATIONS AND S_3
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS - Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Results of Discontinued Operations | |||||||||||
Total revenues, net of interest expense | $ 0 | $ 0 | $ 0 | ||||||||
Loss from discontinued operations | (31) | (26) | (104) | ||||||||
Provision (benefit) for income taxes | (27) | (18) | 7 | ||||||||
Loss from discontinued operations, net of taxes | $ (4) | $ (15) | $ 17 | $ (2) | $ (8) | $ (8) | $ 15 | $ (7) | $ (4) | $ (8) | $ (111) |
DISCONTINUED OPERATIONS AND S_4
DISCONTINUED OPERATIONS AND SIGNIFICANT DISPOSALS - Significant Disposals (Details) loan in Thousands, $ in Millions | Sep. 21, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)loan | Aug. 31, 2017USD ($) | Mar. 31, 2017USD ($)employeebranch | |
Discontinued operations | |||||||
Pre-tax gain (loss) on sale | [1] | $ 0 | $ 247 | $ 602 | |||
Mexico Asset Management Business | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||
Discontinued operations | |||||||
Assets | $ 137 | ||||||
Liabilities | $ 41 | ||||||
Pre-tax gain (loss) on sale | 250 | ||||||
After tax gain (loss) on sale of disposal | 150 | ||||||
Term of services framework agreement | 10 years | ||||||
Income before taxes | 0 | 123 | 164 | ||||
Fixed Income Analytics and Index Businesses | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||
Discontinued operations | |||||||
Assets | $ 112 | ||||||
Liabilities | 18 | ||||||
Pre-tax gain (loss) on sale | 580 | ||||||
After tax gain (loss) on sale of disposal | 355 | ||||||
Goodwill | $ 72 | ||||||
US Mortgage Servicing Operations | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||
Discontinued operations | |||||||
Pre-tax gain (loss) on sale | (331) | ||||||
After tax gain (loss) on sale of disposal | (207) | ||||||
Loss on disposal | 382 | ||||||
Derecognition of servicing-related assets | 1,162 | ||||||
Derecognition of mortgage servicing rights | $ 1,046 | ||||||
Number of loans to be disposed of | loan | 750 | ||||||
Loans, net | $ 93,000 | ||||||
CitiFinancial Canada | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||
Discontinued operations | |||||||
Assets | $ 1,900 | ||||||
Liabilities | 1,500 | ||||||
Pre-tax gain (loss) on sale | 350 | ||||||
After tax gain (loss) on sale of disposal | 178 | ||||||
Income before taxes | $ 0 | $ 0 | $ 41 | ||||
Loans, net | $ 1,700 | ||||||
Number of branches | branch | 220 | ||||||
Number of employees | employee | 1,400 | ||||||
[1] | See Note 2 to the Consolidated Financial Statements for further information on significant disposals. |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($)country | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)country | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment reporting information | |||||||||||
Increase (decrease) in end-of-period loans | $ 699,483 | $ 684,196 | $ 699,483 | $ 684,196 | |||||||
Increase (decrease) in end-of-period deposits | 1,070,590 | 1,013,170 | 1,070,590 | 1,013,170 | |||||||
Revenues, net of interest expense | 18,378 | $ 18,574 | $ 18,758 | $ 18,576 | 17,124 | $ 18,389 | $ 18,469 | $ 18,872 | 74,286 | 72,854 | $ 72,444 |
Provision (benefits) for income taxes | 703 | 1,079 | 1,373 | 1,275 | 1,001 | 1,471 | 1,444 | 1,441 | 4,430 | 5,357 | 29,388 |
Income (loss) from continuing operations | 4,999 | $ 4,943 | $ 4,792 | $ 4,737 | 4,305 | $ 4,633 | $ 4,501 | $ 4,649 | 19,471 | 18,088 | (6,627) |
Identifiable assets | 1,951,158 | 1,917,383 | 1,951,158 | 1,917,383 | |||||||
Operating Segments | Citicorp | North America | |||||||||||
Segment reporting information | |||||||||||
Revenues, net of interest expense | 33,900 | 33,400 | 34,100 | ||||||||
Operating Segments | Citicorp | EMEA | |||||||||||
Segment reporting information | |||||||||||
Revenues, net of interest expense | 12,000 | 11,800 | 10,900 | ||||||||
Operating Segments | Citicorp | Latin America | |||||||||||
Segment reporting information | |||||||||||
Revenues, net of interest expense | 10,400 | 10,300 | 9,600 | ||||||||
Operating Segments | Citicorp | Asia | |||||||||||
Segment reporting information | |||||||||||
Revenues, net of interest expense | 16,000 | 15,300 | 14,600 | ||||||||
Operating Segments | Global Consumer Banking | |||||||||||
Segment reporting information | |||||||||||
Revenues, net of interest expense | 32,971 | 32,339 | 31,445 | ||||||||
Provision (benefits) for income taxes | 1,746 | 1,689 | 3,067 | ||||||||
Income (loss) from continuing operations | 5,702 | 5,309 | 3,542 | ||||||||
Identifiable assets | $ 407,000 | 388,000 | 407,000 | 388,000 | |||||||
Provision for credit losses | $ 7,900 | 7,600 | 7,600 | ||||||||
Operating Segments | Institutional Clients Group | |||||||||||
Segment reporting information | |||||||||||
Number of countries where the entity provides a broad range of banking and financial products and services (over) | country | 98 | 98 | |||||||||
Revenues, net of interest expense | $ 39,301 | 38,325 | 37,822 | ||||||||
Provision (benefits) for income taxes | 3,570 | 3,756 | 7,241 | ||||||||
Income (loss) from continuing operations | 12,944 | 12,574 | 9,375 | ||||||||
Identifiable assets | $ 1,447,000 | 1,438,000 | 1,447,000 | 1,438,000 | |||||||
Provision for credit losses | 563 | 215 | 19 | ||||||||
Corporate/Other | |||||||||||
Segment reporting information | |||||||||||
Revenues, net of interest expense | 2,014 | 2,190 | 3,177 | ||||||||
Provision (benefits) for income taxes | (886) | (88) | 19,080 | ||||||||
Income (loss) from continuing operations | 825 | 205 | (19,544) | ||||||||
Identifiable assets | 97,000 | 91,000 | 97,000 | 91,000 | |||||||
Provision for credit losses | (75) | (202) | (175) | ||||||||
Reclassification Adjustment | Operating Segments | Global Consumer Banking | |||||||||||
Segment reporting information | |||||||||||
Increase (decrease) in end-of-period loans | (28,000) | (28,000) | (28,000) | (28,000) | (28,000) | ||||||
Increase (decrease) in end-of-period deposits | (40,000) | (40,000) | (40,000) | (40,000) | (40,000) | ||||||
Reclassification Adjustment | Operating Segments | Institutional Clients Group | |||||||||||
Segment reporting information | |||||||||||
Increase (decrease) in end-of-period loans | 28,000 | 28,000 | 28,000 | 28,000 | 28,000 | ||||||
Increase (decrease) in end-of-period deposits | $ 37,000 | $ 40,000 | $ 37,000 | $ 40,000 | $ 40,000 |
INTEREST REVENUE AND EXPENSE (D
INTEREST REVENUE AND EXPENSE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest revenue | |||
Loan interest, including fees | $ 47,751 | $ 45,682 | $ 41,736 |
Deposits with banks | 2,682 | 2,203 | 1,635 |
Securities borrowed and purchased under agreements to resell | 6,872 | 5,492 | 3,249 |
Investments, including dividends | 9,860 | 9,494 | 8,295 |
Trading account assets | 7,672 | 6,284 | 5,501 |
Other interest | 1,673 | 1,673 | 1,163 |
Total interest revenue | 76,510 | 70,828 | 61,579 |
Interest expense | |||
Deposits | 12,633 | 9,616 | 6,587 |
Securities loaned and sold under agreements to repurchase | 6,263 | 4,889 | 2,661 |
Trading account liabilities | 1,308 | 1,001 | 638 |
Short-term borrowings | 2,465 | 2,209 | 1,059 |
Long-term debt | 6,494 | 6,551 | 5,573 |
Total interest expense | 29,163 | 24,266 | 16,518 |
Net interest revenue | 47,347 | 46,562 | 45,061 |
Provision for loan losses | 8,218 | 7,354 | 7,503 |
Net interest revenue after provision for loan losses | 39,129 | 39,208 | 37,558 |
Insurance fees and charges | $ 781 | $ 1,182 | $ 1,249 |
COMMISSIONS AND FEES; ADMINIS_3
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Brokerage commissions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue recognized | $ 485 | $ 521 | $ 416 |
Insurance distribution revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue recognized | $ 322 | $ 386 | $ 440 |
COMMISSIONS AND FEES; ADMINIS_4
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Commissions and Fees Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Commissions and fees | |||
Commissions and fees revenue | $ 11,746 | $ 11,857 | $ 12,707 |
Investment banking | |||
Commissions and fees | |||
Commissions and fees revenue | 3,767 | 3,568 | 3,817 |
Brokerage commissions | |||
Commissions and fees | |||
Commissions and fees revenue | 2,612 | 2,792 | 2,718 |
Credit- and bank-card income, interchange fees | |||
Commissions and fees | |||
Commissions and fees revenue | 9,843 | 9,200 | 8,575 |
Credit- and bank-card income, card-related loan fees | |||
Commissions and fees | |||
Commissions and fees revenue | 778 | 702 | 794 |
Credit- and bank-card income, card rewards and partner payments | |||
Commissions and fees | |||
Commissions and fees revenue | (9,574) | (8,769) | (7,725) |
Deposit-related fees | |||
Commissions and fees | |||
Commissions and fees revenue | 1,518 | 1,604 | 1,687 |
Transactional service fees | |||
Commissions and fees | |||
Commissions and fees revenue | 947 | 820 | 878 |
Corporate finance | |||
Commissions and fees | |||
Commissions and fees revenue | 616 | 734 | 766 |
Insurance distribution revenue | |||
Commissions and fees | |||
Commissions and fees revenue | 536 | 590 | 642 |
Insurance premiums | |||
Commissions and fees | |||
Commissions and fees revenue | 186 | 119 | 122 |
Loan servicing | |||
Commissions and fees | |||
Commissions and fees revenue | 154 | 228 | 283 |
Other | |||
Commissions and fees | |||
Commissions and fees revenue | 363 | 269 | 150 |
Overdraft fees | |||
Commissions and fees | |||
Commissions and fees revenue | 127 | 128 | 135 |
Commissions and fees | |||
Commissions and fees | |||
Revenue not accounted for under ASC 606 | (7,695) | (6,853) | (5,627) |
ICG | |||
Commissions and fees | |||
Commissions and fees revenue | 8,806 | 8,909 | 8,993 |
ICG | Investment banking | |||
Commissions and fees | |||
Commissions and fees revenue | 3,767 | 3,568 | 3,817 |
ICG | Brokerage commissions | |||
Commissions and fees | |||
Commissions and fees revenue | 1,771 | 1,977 | 1,889 |
ICG | Credit- and bank-card income, interchange fees | |||
Commissions and fees | |||
Commissions and fees revenue | 1,222 | 1,077 | 953 |
ICG | Credit- and bank-card income, card-related loan fees | |||
Commissions and fees | |||
Commissions and fees revenue | 60 | 63 | 53 |
ICG | Credit- and bank-card income, card rewards and partner payments | |||
Commissions and fees | |||
Commissions and fees revenue | (691) | (504) | (426) |
ICG | Deposit-related fees | |||
Commissions and fees | |||
Commissions and fees revenue | 1,048 | 1,031 | 1,031 |
ICG | Transactional service fees | |||
Commissions and fees | |||
Commissions and fees revenue | 824 | 733 | 751 |
ICG | Corporate finance | |||
Commissions and fees | |||
Commissions and fees revenue | 616 | 734 | 766 |
ICG | Insurance distribution revenue | |||
Commissions and fees | |||
Commissions and fees revenue | 12 | 14 | 12 |
ICG | Insurance premiums | |||
Commissions and fees | |||
Commissions and fees revenue | 0 | 0 | 0 |
ICG | Loan servicing | |||
Commissions and fees | |||
Commissions and fees revenue | 78 | 100 | 117 |
ICG | Other | |||
Commissions and fees | |||
Commissions and fees revenue | 99 | 116 | 30 |
GCB | |||
Commissions and fees | |||
Commissions and fees revenue | 2,916 | 2,870 | 3,365 |
GCB | Investment banking | |||
Commissions and fees | |||
Commissions and fees revenue | 0 | 0 | 0 |
GCB | Brokerage commissions | |||
Commissions and fees | |||
Commissions and fees revenue | 841 | 815 | 826 |
GCB | Credit- and bank-card income, interchange fees | |||
Commissions and fees | |||
Commissions and fees revenue | 8,621 | 8,112 | 7,523 |
GCB | Credit- and bank-card income, card-related loan fees | |||
Commissions and fees | |||
Commissions and fees revenue | 718 | 627 | 693 |
GCB | Credit- and bank-card income, card rewards and partner payments | |||
Commissions and fees | |||
Commissions and fees revenue | (8,883) | (8,253) | (7,242) |
GCB | Deposit-related fees | |||
Commissions and fees | |||
Commissions and fees revenue | 470 | 572 | 642 |
GCB | Transactional service fees | |||
Commissions and fees | |||
Commissions and fees revenue | 123 | 83 | 78 |
GCB | Corporate finance | |||
Commissions and fees | |||
Commissions and fees revenue | 0 | 0 | 0 |
GCB | Insurance distribution revenue | |||
Commissions and fees | |||
Commissions and fees revenue | 524 | 565 | 562 |
GCB | Insurance premiums | |||
Commissions and fees | |||
Commissions and fees revenue | 186 | 119 | 122 |
GCB | Loan servicing | |||
Commissions and fees | |||
Commissions and fees revenue | 55 | 91 | 71 |
GCB | Other | |||
Commissions and fees | |||
Commissions and fees revenue | 261 | 139 | 90 |
Corporate/Other | |||
Commissions and fees | |||
Commissions and fees revenue | 24 | 78 | 349 |
Corporate/Other | Investment banking | |||
Commissions and fees | |||
Commissions and fees revenue | 0 | 0 | 0 |
Corporate/Other | Brokerage commissions | |||
Commissions and fees | |||
Commissions and fees revenue | 0 | 0 | 3 |
Corporate/Other | Credit- and bank-card income, interchange fees | |||
Commissions and fees | |||
Commissions and fees revenue | 0 | 11 | 99 |
Corporate/Other | Credit- and bank-card income, card-related loan fees | |||
Commissions and fees | |||
Commissions and fees revenue | 0 | 12 | 48 |
Corporate/Other | Credit- and bank-card income, card rewards and partner payments | |||
Commissions and fees | |||
Commissions and fees revenue | 0 | (12) | (57) |
Corporate/Other | Deposit-related fees | |||
Commissions and fees | |||
Commissions and fees revenue | 0 | 1 | 14 |
Corporate/Other | Transactional service fees | |||
Commissions and fees | |||
Commissions and fees revenue | 0 | 4 | 49 |
Corporate/Other | Corporate finance | |||
Commissions and fees | |||
Commissions and fees revenue | 0 | 0 | 0 |
Corporate/Other | Insurance distribution revenue | |||
Commissions and fees | |||
Commissions and fees revenue | 0 | 11 | 68 |
Corporate/Other | Insurance premiums | |||
Commissions and fees | |||
Commissions and fees revenue | 0 | 0 | 0 |
Corporate/Other | Loan servicing | |||
Commissions and fees | |||
Commissions and fees revenue | 21 | 37 | 95 |
Corporate/Other | Other | |||
Commissions and fees | |||
Commissions and fees revenue | $ 3 | $ 14 | $ 30 |
COMMISSIONS AND FEES; ADMINIS_5
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Administration and Other Fiduciary Fees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Commissions and fees | |||
Administration and other fiduciary fees | $ 3,411 | $ 3,580 | $ 3,584 |
Custody fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 1,542 | 1,695 | 1,728 |
Fiduciary fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 1,296 | 1,285 | 1,259 |
Guarantee fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 573 | 600 | 597 |
Administration and other fiduciary fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 3,411 | 3,580 | 3,584 |
Revenue not accounted for under ASC 606 | 573 | 600 | 597 |
ICG | Custody fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 1,453 | 1,497 | 1,508 |
ICG | Fiduciary fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 647 | 645 | 593 |
ICG | Guarantee fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 558 | 584 | 584 |
ICG | Administration and other fiduciary fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 2,658 | 2,726 | 2,685 |
GCB | Custody fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 16 | 133 | 164 |
GCB | Fiduciary fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 621 | 597 | 575 |
GCB | Guarantee fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 8 | 9 | 5 |
GCB | Administration and other fiduciary fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 645 | 739 | 744 |
Corporate/Other | Custody fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 73 | 65 | 56 |
Corporate/Other | Fiduciary fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 28 | 43 | 91 |
Corporate/Other | Guarantee fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 7 | 7 | 8 |
Corporate/Other | Administration and other fiduciary fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | $ 108 | $ 115 | $ 155 |
PRINCIPAL TRANSACTIONS (Details
PRINCIPAL TRANSACTIONS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Principal transactions revenue | |||
Principal transactions revenue | $ 8,892 | $ 8,905 | $ 8,940 |
Interest rate risks | |||
Principal transactions revenue | |||
Principal transactions revenue | 5,990 | 5,178 | 5,304 |
Foreign exchange risks | |||
Principal transactions revenue | |||
Principal transactions revenue | 1,650 | 1,398 | 2,435 |
Equity risks | |||
Principal transactions revenue | |||
Principal transactions revenue | 872 | 1,336 | 525 |
Commodity and other risks | |||
Principal transactions revenue | |||
Principal transactions revenue | 516 | 669 | 425 |
Credit products and risks | |||
Principal transactions revenue | |||
Principal transactions revenue | $ (136) | $ 324 | $ 251 |
INCENTIVE PLANS - Annual Incent
INCENTIVE PLANS - Annual Incentive Awards and Compensation Allowances (Details) - Annual Incentive Awards | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Threshold value for awards paid entirely as immediate cash bonus (less than $100,000) | $ 100,000 |
Capital Accumulation Program Awards (CAP) | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period for CAP and deferred cash awards | 3 years |
Capital Accumulation Program Awards (CAP) | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period for CAP and deferred cash awards | 4 years |
Capital Accumulation Program Awards (CAP) | Granted February 2013 and later | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of reduction applicable in case of pretax loss | 20.00% |
Highly compensated employees | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of incentive pay required to be deferred | 25.00% |
Highly compensated employees | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of incentive pay required to be deferred | 60.00% |
Identified staff in the European Union (EU) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of immediate incentive delivered in the form of a stock payment | 50.00% |
Period of sale or transfer restriction on stock payment | 12 months |
Identified staff in the European Union (EU) | Deferred cash awards | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Holdback period on vested awards | 6 months |
Identified staff in the European Union (EU) | Deferred cash awards | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Holdback period on vested awards | 12 months |
INCENTIVE PLANS - Unvested Stoc
INCENTIVE PLANS - Unvested Stock Awards (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted- average grant date fair value per share (in dollars per share): | |||
Weighted-average market value (in dollars per share) | $ 63.38 | $ 73.87 | $ 59.12 |
Unrecognized compensation cost of unvested stock awards | $ 538 | ||
Weighted-average period of recognition of unrecognized compensation cost of unvested stock awards (in years) | 1 year 7 months 6 days | ||
Unvested Stock Awards | |||
Unvested stock awards (in shares): | |||
Beginning of period (in shares) | 31,728,596 | ||
Granted (in shares) | 14,920,917 | ||
Canceled (in shares) | (1,104,448) | ||
Vested (in shares) | (15,350,350) | ||
End of period (in shares) | 30,194,715 | 31,728,596 | |
Weighted- average grant date fair value per share (in dollars per share): | |||
Beginning of period (in dollars per share) | $ 57.30 | ||
Granted (in dollars per share) | 61.78 | ||
Canceled (in dollars per share) | 60.45 | ||
Vested (in dollars per share) | 53.58 | ||
End of period (in dollars per share) | $ 61.30 | $ 57.30 |
INCENTIVE PLANS - Performance S
INCENTIVE PLANS - Performance Share Units (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted- average grant date fair value per share (in dollars per share): | |||
Weighted-average market value (in dollars per share) | $ 63.38 | $ 73.87 | $ 59.12 |
Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period used for calculation of performance goals | 3 years | ||
Vesting period | 3 years | ||
Percentage of target shares earned | 100.00% | ||
Number of shares of common stock equivalent to each target share | 1 | ||
Valuation Assumptions | |||
Expected volatility | 25.33% | 24.93% | 25.79% |
Expected dividend yield | 2.67% | 1.75% | 1.30% |
Unvested stock awards (in shares): | |||
Beginning of period (in shares) | 1,768,362 | ||
Granted (in shares) | 560,031 | ||
Canceled (in shares) | (194,782) | ||
Payments (in shares) | (641,611) | ||
End of period (in shares) | 1,492,000 | 1,768,362 | |
Weighted- average grant date fair value per share (in dollars per share): | |||
Beginning of period (in dollars per share) | $ 51.88 | ||
Granted (in dollars per share) | 72.83 | ||
Canceled (in dollars per share) | 42.24 | ||
Payments (in dollars per share) | 27.03 | ||
End of period (in dollars per share) | $ 71.69 | $ 51.88 | |
Weighted-average market value (in dollars per share) | $ 83.24 | $ 59.22 | |
Minimum | Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of target shares earned | 0.00% | ||
Maximum | Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of target shares earned | 150.00% |
INCENTIVE PLANS - Stock Option
INCENTIVE PLANS - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Options (in shares): | ||||
Outstanding, beginning of period (in shares) | 762,225 | 1,138,813 | 1,527,396 | |
Canceled (in shares) | (11,365) | 0 | 0 | |
Expired (in shares) | (449,916) | (376,588) | 0 | |
Exercised (in shares) | (134,294) | 0 | (388,583) | |
Outstanding, end of period (in shares) | 166,650 | 762,225 | 1,138,813 | |
Exercisable, end of period (in shares) | 166,650 | 762,225 | 1,138,813 | |
Weighted- average exercise price (in dollars per share): | ||||
Outstanding, beginning of period (in dollars per share) | $ 101.84 | $ 161.96 | $ 131.78 | |
Canceled (in dollars per share) | 40.80 | 0 | 0 | |
Expired (in dollars per share) | 142.30 | 283.63 | 0 | |
Exercised (in dollars per share) | 39 | 0 | 43.35 | |
Outstanding, end of period (in dollars per share) | 47.42 | 101.84 | 161.96 | |
Intrinsic value per share (in dollars per share): | ||||
Outstanding (in dollars per share) | 32.47 | 0 | 0 | $ 0 |
Exercised (in dollars per share) | $ 23.50 | $ 0 | $ 15.67 |
INCENTIVE PLANS - Stock Options
INCENTIVE PLANS - Stock Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number outstanding (in shares) | shares | 166,650 |
Options outstanding, Weighted-average contractual life remaining | 1 year 4 months 24 days |
Options outstanding, Weighted-average exercise price (in dollars per share) | $ 47.42 |
Options exercisable, Number exercisable (in shares) | shares | 166,650 |
Options exercisable, Weighted-average exercise price (in dollars per share) | $ 47.42 |
$41.54–$60.00 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price, low end of the range (in dollars per share) | 41.54 |
Exercise price, high end of the range (in dollars per share) | $ 60 |
Number outstanding (in shares) | shares | 166,650 |
Options outstanding, Weighted-average contractual life remaining | 1 year 4 months 24 days |
Options outstanding, Weighted-average exercise price (in dollars per share) | $ 47.42 |
Options exercisable, Number exercisable (in shares) | shares | 166,650 |
Options exercisable, Weighted-average exercise price (in dollars per share) | $ 47.42 |
INCENTIVE PLANS - Incentive Com
INCENTIVE PLANS - Incentive Compensation Cost (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Incentive compensation cost | $ 2,190 | $ 2,021 | $ 2,251 |
Immediately Vested Stock Award | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Incentive compensation cost | 82 | 75 | 70 |
Retirement Eligible Employees | Restricted and Deferred Stock Awards | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Incentive compensation cost | 683 | 669 | 659 |
Nonretirement Eligible Employees | Restricted and Deferred Stock Awards | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Incentive compensation cost | 404 | 435 | 474 |
Deferred Cash Awards and Performance Share Units | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Incentive compensation cost | 355 | 202 | 354 |
Variable Incentive Compensation | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Incentive compensation cost | $ 666 | $ 640 | $ 694 |
2014 Stock Incentive Plan | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Number of shares available for grant | 29.7 |
RETIREMENT BENEFITS - Net (Bene
RETIREMENT BENEFITS - Net (Benefit) Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure | |||
Percentage of the significant plans over global pension and postretirement liabilities, which utilize quarterly measurement policy | 90.00% | ||
Defined Benefit Plan, Net Periodic Benefit Cost | |||
Interest cost on benefit obligation | $ 2 | $ 2 | $ 2 |
Expected return on plan assets | (1) | (1) | 0 |
Amortization of unrecognized | |||
Prior service cost (benefit) | 0 | (23) | (31) |
Total net expense | 9 | (18) | 3 |
U.S. | Pension Plans | |||
Defined Benefit Plan, Net Periodic Benefit Cost | |||
Benefits earned during the year | 1 | 1 | 3 |
Interest cost on benefit obligation | 469 | 514 | 533 |
Expected return on plan assets | (821) | (844) | (865) |
Amortization of unrecognized | |||
Prior service cost (benefit) | 2 | 2 | 2 |
Net actuarial loss | 200 | 165 | 173 |
Curtailment loss (gain) | 1 | 1 | 6 |
Settlement loss | 0 | 0 | 0 |
Total net expense | (148) | (161) | (148) |
U.S. | Postretirement Benefit Plans | |||
Defined Benefit Plan, Net Periodic Benefit Cost | |||
Benefits earned during the year | 0 | 0 | 0 |
Interest cost on benefit obligation | 24 | 26 | 26 |
Expected return on plan assets | (18) | (14) | (6) |
Amortization of unrecognized | |||
Prior service cost (benefit) | 0 | 0 | 0 |
Net actuarial loss | 0 | (1) | 0 |
Curtailment loss (gain) | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 |
Total net expense | 6 | 11 | 20 |
Non-U.S. | Pension Plans | |||
Defined Benefit Plan, Net Periodic Benefit Cost | |||
Benefits earned during the year | 146 | 146 | 153 |
Interest cost on benefit obligation | 287 | 292 | 295 |
Expected return on plan assets | (281) | (291) | (299) |
Amortization of unrecognized | |||
Prior service cost (benefit) | (4) | (4) | (3) |
Net actuarial loss | 61 | 53 | 61 |
Curtailment loss (gain) | (6) | (1) | 0 |
Settlement loss | 6 | 7 | 12 |
Total net expense | 209 | 202 | 219 |
Non-U.S. | Postretirement Benefit Plans | |||
Defined Benefit Plan, Net Periodic Benefit Cost | |||
Benefits earned during the year | 8 | 9 | 9 |
Interest cost on benefit obligation | 104 | 102 | 101 |
Expected return on plan assets | (84) | (88) | (89) |
Amortization of unrecognized | |||
Prior service cost (benefit) | (10) | (10) | (10) |
Net actuarial loss | 23 | 29 | 35 |
Curtailment loss (gain) | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 |
Total net expense | $ 41 | $ 42 | $ 46 |
RETIREMENT BENEFITS - Contribut
RETIREMENT BENEFITS - Contributions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. | Pension Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Estimated future cash contributions | $ 0 | |
Cash contributions paid by the Company | 425 | $ 0 |
Estimated benefits paid directly by Company | 58 | |
Benefits paid directly by the Company | 56 | 55 |
U.S. | Postretirement Benefit Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Estimated future cash contributions | 0 | |
Cash contributions paid by the Company | 0 | 145 |
Estimated benefits paid directly by Company | 6 | |
Benefits paid directly by the Company | 4 | 5 |
Non-U.S. | Pension Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Estimated future cash contributions | 111 | |
Cash contributions paid by the Company | 111 | 140 |
Estimated benefits paid directly by Company | 53 | |
Benefits paid directly by the Company | 39 | 42 |
Non-U.S. | Postretirement Benefit Plans | ||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | ||
Estimated future cash contributions | 4 | |
Cash contributions paid by the Company | 221 | 3 |
Estimated benefits paid directly by Company | 6 | |
Benefits paid directly by the Company | $ 4 | $ 6 |
RETIREMENT BENEFITS - Funded St
RETIREMENT BENEFITS - Funded Status and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in projected benefit obligation | |||
Interest cost on benefit obligation | $ 2 | $ 2 | $ 2 |
Actuarial loss (gain) | 2 | 2 | 2 |
Amounts recognized in AOCI | |||
Net amount recognized in equity-pretax | 15 | 15 | |
Subsidy received under the EGWP | 22 | 15 | |
U.S. | |||
Change in plan assets | |||
Plan assets at fair value at beginning of year | 11,835 | ||
Plan assets at fair value at year end | 13,062 | 11,835 | |
U.S. | Pension Plans | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 12,655 | 14,040 | |
Benefits earned during the year | 1 | 1 | 3 |
Interest cost on benefit obligation | 469 | 514 | 533 |
Plan amendments | 0 | 0 | |
Actuarial loss (gain) | 1,263 | (1,056) | |
Benefits paid, net of participants’ contributions and government subsidy | (936) | (845) | |
Settlement gain | 0 | ||
Curtailment loss (gain) | 1 | 1 | |
Foreign exchange impact and other | 0 | 0 | |
Projected benefit obligation at period end | 13,453 | 12,655 | 14,040 |
Change in plan assets | |||
Plan assets at fair value at beginning of year | 11,490 | 12,725 | |
Actual return on plan assets | 1,682 | (445) | |
Company contributions | 481 | 55 | |
Benefits paid, net of participants’ contributions and government subsidy | (936) | (845) | |
Settlement | 0 | 0 | |
Foreign exchange impact and other | 0 | 0 | |
Plan assets at fair value at year end | 12,717 | 11,490 | 12,725 |
Funded status of the plans | (736) | (1,165) | |
Net amount recognized | |||
Net amount recognized on the balance sheet | (736) | (1,165) | |
Amounts recognized in AOCI | |||
Net transition obligation | 0 | 0 | |
Prior service (cost) benefit | (12) | (13) | |
Net actuarial (loss) gain | (7,092) | (6,892) | |
Net amount recognized in equity-pretax | (7,104) | (6,905) | |
Accumulated benefit obligation at period end | 13,447 | 12,646 | |
U.S. | Postretirement Benefit Plans | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 662 | 699 | |
Benefits earned during the year | 0 | 0 | 0 |
Interest cost on benefit obligation | 24 | 26 | 26 |
Plan amendments | 0 | 0 | |
Actuarial loss (gain) | 46 | (1) | |
Benefits paid, net of participants’ contributions and government subsidy | (40) | (62) | |
Settlement gain | 0 | 0 | |
Curtailment loss (gain) | 0 | 0 | |
Foreign exchange impact and other | 0 | 0 | |
Projected benefit obligation at period end | 692 | 662 | 699 |
Change in plan assets | |||
Plan assets at fair value at beginning of year | 345 | 262 | |
Actual return on plan assets | 36 | (5) | |
Company contributions | 4 | 150 | |
Benefits paid, net of participants’ contributions and government subsidy | (40) | (62) | |
Settlement | 0 | 0 | |
Foreign exchange impact and other | 0 | 0 | |
Plan assets at fair value at year end | 345 | 345 | 262 |
Funded status of the plans | (347) | (317) | |
Net amount recognized | |||
Net amount recognized on the balance sheet | (347) | (317) | |
Amounts recognized in AOCI | |||
Net transition obligation | 0 | 0 | |
Prior service (cost) benefit | 0 | 0 | |
Net actuarial (loss) gain | 24 | 53 | |
Net amount recognized in equity-pretax | 24 | 53 | |
Accumulated benefit obligation at period end | 692 | 662 | |
Non-U.S. | |||
Change in plan assets | |||
Plan assets at fair value at beginning of year | 7,735 | ||
Plan assets at fair value at year end | 8,683 | 7,735 | |
Non-U.S. | Pension Plans | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 7,149 | 7,433 | |
Benefits earned during the year | 146 | 146 | 153 |
Interest cost on benefit obligation | 287 | 292 | 295 |
Plan amendments | 7 | 7 | |
Actuarial loss (gain) | 861 | (99) | |
Benefits paid, net of participants’ contributions and government subsidy | (304) | (293) | |
Settlement gain | (84) | (121) | |
Curtailment loss (gain) | (4) | (1) | |
Foreign exchange impact and other | 47 | (215) | |
Projected benefit obligation at period end | 8,105 | 7,149 | 7,433 |
Change in plan assets | |||
Plan assets at fair value at beginning of year | 6,699 | 7,128 | |
Actual return on plan assets | 781 | (11) | |
Company contributions | 150 | 182 | |
Benefits paid, net of participants’ contributions and government subsidy | (304) | (293) | |
Settlement | (84) | (121) | |
Foreign exchange impact and other | 314 | (186) | |
Plan assets at fair value at year end | 7,556 | 6,699 | 7,128 |
Funded status of the plans | (549) | (450) | |
Net amount recognized | |||
Net amount recognized on the balance sheet | (549) | (450) | |
Amounts recognized in AOCI | |||
Net transition obligation | 0 | (1) | |
Prior service (cost) benefit | 1 | 12 | |
Net actuarial (loss) gain | (1,735) | (1,420) | |
Net amount recognized in equity-pretax | (1,734) | (1,409) | |
Accumulated benefit obligation at period end | 7,618 | 6,720 | |
Non-U.S. | Postretirement Benefit Plans | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 1,159 | 1,261 | |
Benefits earned during the year | 8 | 9 | 9 |
Interest cost on benefit obligation | 104 | 102 | 101 |
Plan amendments | 0 | 0 | |
Actuarial loss (gain) | 140 | (123) | |
Benefits paid, net of participants’ contributions and government subsidy | (72) | (68) | |
Settlement gain | 0 | 0 | |
Curtailment loss (gain) | 0 | 0 | |
Foreign exchange impact and other | 45 | (22) | |
Projected benefit obligation at period end | 1,384 | 1,159 | 1,261 |
Change in plan assets | |||
Plan assets at fair value at beginning of year | 1,036 | 1,119 | |
Actual return on plan assets | 138 | (26) | |
Company contributions | 225 | 9 | |
Benefits paid, net of participants’ contributions and government subsidy | (72) | (68) | |
Settlement | 0 | 0 | |
Foreign exchange impact and other | (200) | 2 | |
Plan assets at fair value at year end | 1,127 | 1,036 | $ 1,119 |
Funded status of the plans | (257) | (123) | |
Net amount recognized | |||
Net amount recognized on the balance sheet | (257) | (123) | |
Amounts recognized in AOCI | |||
Net transition obligation | 0 | 0 | |
Prior service (cost) benefit | 76 | 83 | |
Net actuarial (loss) gain | (416) | (340) | |
Net amount recognized in equity-pretax | (340) | (257) | |
Accumulated benefit obligation at period end | 1,384 | 1,159 | |
Qualified | U.S. | Pension Plans | |||
Change in plan assets | |||
Funded status of the plans | (23) | (483) | |
Net amount recognized | |||
Benefit asset | 0 | 0 | |
Benefit liability | (23) | (483) | |
Net amount recognized on the balance sheet | (23) | (483) | |
Qualified | U.S. | Postretirement Benefit Plans | |||
Change in plan assets | |||
Funded status of the plans | (347) | (317) | |
Net amount recognized | |||
Benefit asset | 0 | 0 | |
Benefit liability | (347) | (317) | |
Net amount recognized on the balance sheet | (347) | (317) | |
Qualified | Non-U.S. | Pension Plans | |||
Change in plan assets | |||
Funded status of the plans | (549) | (450) | |
Net amount recognized | |||
Benefit asset | 808 | 806 | |
Benefit liability | (1,357) | (1,256) | |
Net amount recognized on the balance sheet | (549) | (450) | |
Qualified | Non-U.S. | Postretirement Benefit Plans | |||
Change in plan assets | |||
Funded status of the plans | (257) | (123) | |
Net amount recognized | |||
Benefit asset | 57 | 175 | |
Benefit liability | (314) | (298) | |
Net amount recognized on the balance sheet | (257) | (123) | |
Nonqualified | U.S. | Pension Plans | |||
Change in plan assets | |||
Funded status of the plans | (713) | (682) | |
Net amount recognized | |||
Net amount recognized on the balance sheet | (713) | (682) | |
Nonqualified | U.S. | Postretirement Benefit Plans | |||
Change in plan assets | |||
Funded status of the plans | 0 | 0 | |
Net amount recognized | |||
Net amount recognized on the balance sheet | 0 | 0 | |
Nonqualified | Non-U.S. | Pension Plans | |||
Change in plan assets | |||
Funded status of the plans | 0 | 0 | |
Net amount recognized | |||
Net amount recognized on the balance sheet | 0 | 0 | |
Nonqualified | Non-U.S. | Postretirement Benefit Plans | |||
Change in plan assets | |||
Funded status of the plans | 0 | 0 | |
Net amount recognized | |||
Net amount recognized on the balance sheet | $ 0 | $ 0 |
RETIREMENT BENEFITS - Accumulat
RETIREMENT BENEFITS - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of year | $ 197,074 | $ 201,672 | ||
Change in deferred taxes, net | 119 | 20 | $ (13) | |
Change, net of tax | [1] | 552 | 74 | 1,019 |
Balance, end of year | 193,946 | 197,074 | 201,672 | |
Benefit plans | ||||
Change in accumulated other comprehensive income (loss) | ||||
Balance, beginning of year | (6,257) | (6,183) | (5,164) | |
Actuarial assumptions changes and plan experience | (2,300) | 1,288 | (760) | |
Net asset gain (loss) due to difference between actual and expected returns | 1,427 | (1,732) | 625 | |
Net amortization | 274 | 214 | 229 | |
Prior service (cost) credit | (7) | (7) | (4) | |
Curtailment/settlement gain | 1 | 7 | 17 | |
Foreign exchange impact and other | (66) | 136 | (93) | |
Impact of Tax Reform | 0 | 0 | (1,020) | |
Change in deferred taxes, net | 119 | 20 | (13) | |
Change, net of tax | 552 | 74 | 1,019 | |
Balance, end of year | $ (6,809) | $ (6,257) | $ (6,183) | |
[1] | See Note 8 to the Consolidated Financial Statements. |
RETIREMENT BENEFITS - PBO and A
RETIREMENT BENEFITS - PBO and ABO Exceed Fair Value of Plan Assets (Details) - Pension Plans - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. | ||
PBO exceeds fair value of plan assets | ||
Projected benefit obligation | $ 13,453 | $ 12,655 |
Accumulated benefit obligation | 13,447 | 12,646 |
Fair value of plan assets | 12,717 | 11,490 |
ABO exceeds fair value of plan assets | ||
Projected benefit obligation | 13,453 | 12,655 |
Accumulated benefit obligation | 13,447 | 12,646 |
Fair value of plan assets | 12,717 | 11,490 |
Non-U.S. | ||
PBO exceeds fair value of plan assets | ||
Projected benefit obligation | 4,445 | 3,904 |
Accumulated benefit obligation | 4,041 | 3,528 |
Fair value of plan assets | 3,089 | 2,648 |
ABO exceeds fair value of plan assets | ||
Projected benefit obligation | 2,748 | 3,718 |
Accumulated benefit obligation | 2,435 | 3,387 |
Fair value of plan assets | $ 1,429 | $ 2,478 |
RETIREMENT BENEFITS - Assumptio
RETIREMENT BENEFITS - Assumptions Used (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Plan Assumptions - At year end | |||||||||||||||||
Discount rate (as a percent) | 2.90% | 3.95% | 3.95% | 2.90% | 3.95% | ||||||||||||
VEBA Trust | |||||||||||||||||
Plan Assumptions - During the year | |||||||||||||||||
Expected return on assets (as a percent) | 3.00% | 3.00% | 3.00% | 3.00% | |||||||||||||
U.S. | Postretirement Benefit Plans | |||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||
Discount rate (as a percent) | 3.15% | 4.20% | 4.20% | 3.15% | 4.20% | ||||||||||||
Expected return on assets (as a percent) | 6.70% | 6.70% | 6.70% | 6.70% | 6.70% | ||||||||||||
Plan Assumptions - During the year | |||||||||||||||||
Discount rate (as a percent) | 3.00% | 3.35% | 3.80% | 4.20% | 4.20% | 4.20% | 3.90% | 3.50% | 3.55% | 3.60% | 3.85% | 3.90% | |||||
Expected return on assets (as a percent) | 6.80% | ||||||||||||||||
U.S. | Postretirement Benefit Plans | Minimum | |||||||||||||||||
Plan Assumptions - During the year | |||||||||||||||||
Expected return on assets (as a percent) | 6.80% | ||||||||||||||||
U.S. | Postretirement Benefit Plans | Maximum | |||||||||||||||||
Plan Assumptions - During the year | |||||||||||||||||
Expected return on assets (as a percent) | 6.70% | 6.70% | |||||||||||||||
U.S. | VEBA Trust | |||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||
Expected return on assets (as a percent) | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | ||||||||||||
Non-U.S. | Pension Plans | Weighted Average | |||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||
Discount rate (as a percent) | 3.65% | 4.47% | 4.47% | 3.65% | 4.47% | ||||||||||||
Future compensation increase rate (as a percent) | 3.17% | 3.16% | 3.16% | 3.17% | 3.16% | ||||||||||||
Expected return on assets (as a percent) | 3.95% | 4.30% | 4.30% | 3.95% | 4.30% | ||||||||||||
Plan Assumptions - During the year | |||||||||||||||||
Discount rate (as a percent) | 4.47% | 4.17% | 4.40% | ||||||||||||||
Future compensation increase rate (as a percent) | 3.16% | 3.08% | 3.21% | ||||||||||||||
Expected return on assets (as a percent) | 4.30% | 4.52% | 4.55% | ||||||||||||||
Non-U.S. | Pension Plans | Minimum | |||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||
Discount rate (as a percent) | (0.10%) | 0.25% | 0.25% | (0.10%) | 0.25% | ||||||||||||
Future compensation increase rate (as a percent) | 1.50% | 1.30% | 1.30% | 1.50% | 1.30% | ||||||||||||
Expected return on assets (as a percent) | 0.00% | 1.00% | 1.00% | 0.00% | 1.00% | ||||||||||||
Plan Assumptions - During the year | |||||||||||||||||
Discount rate (as a percent) | (0.05%) | 0.00% | 0.25% | ||||||||||||||
Future compensation increase rate (as a percent) | 1.30% | 1.17% | 1.25% | ||||||||||||||
Expected return on assets (as a percent) | 1.00% | 0.00% | 1.00% | ||||||||||||||
Non-U.S. | Pension Plans | Maximum | |||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||
Discount rate (as a percent) | 11.30% | 12.00% | 12.00% | 11.30% | 12.00% | ||||||||||||
Future compensation increase rate (as a percent) | 11.50% | 13.67% | 13.67% | 11.50% | 13.67% | ||||||||||||
Expected return on assets (as a percent) | 11.50% | 11.50% | 11.50% | 11.50% | 11.50% | ||||||||||||
Plan Assumptions - During the year | |||||||||||||||||
Discount rate (as a percent) | 12.00% | 10.75% | 72.50% | ||||||||||||||
Future compensation increase rate (as a percent) | 13.67% | 13.67% | 70.00% | ||||||||||||||
Expected return on assets (as a percent) | 11.50% | 11.60% | 11.50% | ||||||||||||||
Non-U.S. | Postretirement Benefit Plans | Weighted Average | |||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||
Discount rate (as a percent) | 7.76% | 9.05% | 9.05% | 7.76% | 9.05% | ||||||||||||
Expected return on assets (as a percent) | 7.99% | 8.01% | 8.01% | 7.99% | 8.01% | ||||||||||||
Plan Assumptions - During the year | |||||||||||||||||
Discount rate (as a percent) | 9.05% | 8.10% | 8.27% | ||||||||||||||
Expected return on assets (as a percent) | 8.01% | 8.01% | 8.02% | ||||||||||||||
Non-U.S. | Postretirement Benefit Plans | Minimum | |||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||
Discount rate (as a percent) | 0.90% | 1.75% | 1.75% | 0.90% | 1.75% | ||||||||||||
Expected return on assets (as a percent) | 6.20% | 8.00% | 8.00% | 6.20% | 8.00% | ||||||||||||
Plan Assumptions - During the year | |||||||||||||||||
Discount rate (as a percent) | 1.75% | 1.75% | 1.75% | ||||||||||||||
Expected return on assets (as a percent) | 8.00% | 8.00% | 8.00% | ||||||||||||||
Non-U.S. | Postretirement Benefit Plans | Maximum | |||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||
Discount rate (as a percent) | 9.10% | 10.75% | 10.75% | 9.10% | 10.75% | ||||||||||||
Expected return on assets (as a percent) | 8.00% | 9.20% | 9.20% | 8.00% | 9.20% | ||||||||||||
Plan Assumptions - During the year | |||||||||||||||||
Discount rate (as a percent) | 10.75% | 10.10% | 11.05% | ||||||||||||||
Expected return on assets (as a percent) | 9.20% | 9.80% | 10.30% | ||||||||||||||
Qualified | U.S. | Pension Plans | |||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||
Discount rate (as a percent) | 3.25% | 4.25% | 4.25% | 3.25% | 4.25% | ||||||||||||
Expected return on assets (as a percent) | 6.70% | 6.70% | 6.70% | 6.70% | 6.70% | ||||||||||||
Plan Assumptions - During the year | |||||||||||||||||
Discount rate (as a percent) | 3.10% | 3.45% | 3.85% | 4.25% | 4.30% | 4.25% | 3.95% | 3.60% | 3.75% | 3.80% | 4.05% | 4.10% | |||||
Expected return on assets (as a percent) | 6.80% | 6.70% | 6.70% | 6.80% | |||||||||||||
Nonqualified | U.S. | Pension Plans | |||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||
Discount rate (as a percent) | 3.25% | 4.25% | 4.25% | 3.25% | 4.25% | ||||||||||||
Plan Assumptions - During the year | |||||||||||||||||
Discount rate (as a percent) | 3.10% | 3.50% | 3.90% | 4.25% | 4.30% | 4.25% | 3.95% | 3.60% | 3.65% | 3.75% | 3.95% | 4.00% |
RETIREMENT BENEFITS - Discount
RETIREMENT BENEFITS - Discount Rate and Expected Rate of Return (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Discount rate established rounding convention | 0.0005 | |||
Expected return on plan assets | $ 1 | $ 1 | $ 0 | |
Pension and Postretirement Plan | U.S. | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Expected return on assets (as a percent) | 6.70% | 6.70% | 6.80% | |
Actual rate of return (as a percent) | 15.20% | (3.40%) | 10.90% | |
Pension Plans | U.S. | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Expected return on plan assets | $ 821 | $ 844 | $ 865 | |
Pension Plans | Non-U.S. | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Expected return on plan assets | 281 | $ 291 | $ 299 | |
Actual return on plan assets | $ 781 | |||
VEBA Trust | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Expected return on assets (as a percent) | 3.00% | 3.00% | 3.00% | 3.00% |
Actual rate of return (as a percent) | 0.00% | |||
VEBA Trust | U.S. | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Expected return on assets (as a percent) | 3.00% | 3.00% | ||
Minimum | Pension Plans | Non-U.S. | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Expected return on assets (as a percent) | 0.00% | 1.00% | ||
Expected return on assets (as a percent) | 1.00% | 0.00% | 1.00% | |
Minimum | VEBA Trust | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Actual rate of return (as a percent) | 1.91% | 0.43% | ||
Maximum | Pension Plans | Non-U.S. | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Expected return on assets (as a percent) | 11.50% | 11.50% | ||
Expected return on assets (as a percent) | 11.50% | 11.60% | 11.50% | |
Maximum | VEBA Trust | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||
Actual rate of return (as a percent) | 2.76% | 1.41% |
RETIREMENT BENEFITS - Mortality
RETIREMENT BENEFITS - Mortality Table (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Retirement Benefits [Abstract] | ||
Mortality projection, ultimate rate of annual improvement | 0.75% | 0.75% |
RETIREMENT BENEFITS - Sensitivi
RETIREMENT BENEFITS - Sensitivities of Certain Key Assumptions (Details) - Pension Plans - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Effect of one-percentage-point increase in discount rates | $ 28 | $ 25 | $ 29 |
Effect of one-percentage-point decrease in discount rates | (44) | (37) | (44) |
Effect of one-percentage-point increase on benefits earned and interest cost for U.S. postretirement plans | (123) | (126) | (127) |
Effect of one-percentage-point decrease on benefits earned and interest cost for U.S. postretirement plans | 123 | 126 | 127 |
Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Effect of one-percentage-point increase in discount rates | (19) | (22) | (27) |
Effect of one-percentage-point decrease in discount rates | 32 | 32 | 41 |
Effect of one-percentage-point increase on benefits earned and interest cost for U.S. postretirement plans | (64) | (64) | (64) |
Effect of one-percentage-point decrease on benefits earned and interest cost for U.S. postretirement plans | $ 64 | $ 64 | $ 64 |
RETIREMENT BENEFITS - Health Ca
RETIREMENT BENEFITS - Health Care Cost-Trend Rate (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Health care cost increase following year (as a percent) | 6.75% | 7.00% |
Ultimate rate to which cost increase is assumed to decline (as a percent) | 5.00% | 5.00% |
Year in which the ultimate rate is reached | 2027 | 2027 |
U.S. | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Health care cost increase following year (as a percent) | 6.75% | 7.00% |
Ultimate rate to which cost increase is assumed to decline (as a percent) | 5.00% | 5.00% |
Year in which the ultimate rate is reached | 2027 | 2027 |
Non-U.S. | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Health care cost increase following year (as a percent) | 6.85% | 6.90% |
Ultimate rate to which cost increase is assumed to decline (as a percent) | 6.85% | 6.90% |
Year in which the ultimate rate is reached | 2020 | 2019 |
RETIREMENT BENEFITS - Interest
RETIREMENT BENEFITS - Interest Crediting Rate (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Weighted average interest crediting rate | 2.25% | 3.25% | 2.60% |
Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Weighted average interest crediting rate | 1.61% | 1.68% | 1.74% |
RETIREMENT BENEFITS - Plan Asse
RETIREMENT BENEFITS - Plan Assets (Details) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 100.00% | 100.00% | |
U.S. | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 100.00% | 100.00% | |
U.S. | Equity securities | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 17.00% | 15.00% | |
U.S. | Equity securities | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 17.00% | 15.00% | |
U.S. | Equity securities | Forecast | Minimum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0.00% | ||
U.S. | Equity securities | Forecast | Maximum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 26.00% | ||
U.S. | Debt securities | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 58.00% | 57.00% | |
U.S. | Debt securities | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 58.00% | 57.00% | |
U.S. | Debt securities | Forecast | Minimum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 35.00% | ||
U.S. | Debt securities | Forecast | Maximum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 82.00% | ||
U.S. | Real estate | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 4.00% | 5.00% | |
U.S. | Real estate | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 4.00% | 5.00% | |
U.S. | Real estate | Forecast | Minimum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0.00% | ||
U.S. | Real estate | Forecast | Maximum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 7.00% | ||
U.S. | Private equity | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 3.00% | 3.00% | |
U.S. | Private equity | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 3.00% | 3.00% | |
U.S. | Private equity | Forecast | Minimum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0.00% | ||
U.S. | Private equity | Forecast | Maximum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 10.00% | ||
U.S. | Other investments | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 18.00% | 20.00% | |
U.S. | Other investments | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 18.00% | 20.00% | |
U.S. | Other investments | Forecast | Minimum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0.00% | ||
U.S. | Other investments | Forecast | Maximum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 30.00% | ||
Non-U.S. | Weighted Average | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 100.00% | 100.00% | |
Non-U.S. | Weighted Average | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 100.00% | 100.00% | |
Non-U.S. | Equity securities | Minimum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0.00% | 0.00% | |
Non-U.S. | Equity securities | Minimum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0.00% | 0.00% | |
Non-U.S. | Equity securities | Maximum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 100.00% | 66.00% | |
Non-U.S. | Equity securities | Maximum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 38.00% | 41.00% | |
Non-U.S. | Equity securities | Weighted Average | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 13.00% | 13.00% | |
Non-U.S. | Equity securities | Weighted Average | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 27.00% | 35.00% | |
Non-U.S. | Equity securities | Forecast | Minimum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0.00% | ||
Non-U.S. | Equity securities | Forecast | Minimum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0.00% | ||
Non-U.S. | Equity securities | Forecast | Maximum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 100.00% | ||
Non-U.S. | Equity securities | Forecast | Maximum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 38.00% | ||
Non-U.S. | Debt securities | Minimum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0.00% | 0.00% | |
Non-U.S. | Debt securities | Minimum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 57.00% | 56.00% | |
Non-U.S. | Debt securities | Maximum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 100.00% | 100.00% | |
Non-U.S. | Debt securities | Maximum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 100.00% | 100.00% | |
Non-U.S. | Debt securities | Weighted Average | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 80.00% | 80.00% | |
Non-U.S. | Debt securities | Weighted Average | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 71.00% | 62.00% | |
Non-U.S. | Debt securities | Forecast | Minimum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0.00% | ||
Non-U.S. | Debt securities | Forecast | Minimum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 56.00% | ||
Non-U.S. | Debt securities | Forecast | Maximum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 100.00% | ||
Non-U.S. | Debt securities | Forecast | Maximum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 100.00% | ||
Non-U.S. | Real estate | Minimum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0.00% | 0.00% | |
Non-U.S. | Real estate | Maximum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 15.00% | 12.00% | |
Non-U.S. | Real estate | Weighted Average | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 1.00% | 1.00% | |
Non-U.S. | Real estate | Forecast | Minimum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0.00% | ||
Non-U.S. | Real estate | Forecast | Maximum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 15.00% | ||
Non-U.S. | Other investments | Minimum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0.00% | 0.00% | |
Non-U.S. | Other investments | Minimum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0.00% | 0.00% | |
Non-U.S. | Other investments | Maximum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 100.00% | 100.00% | |
Non-U.S. | Other investments | Maximum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 4.00% | 3.00% | |
Non-U.S. | Other investments | Weighted Average | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 6.00% | 6.00% | |
Non-U.S. | Other investments | Weighted Average | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 2.00% | 3.00% | |
Non-U.S. | Other investments | Forecast | Minimum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0.00% | ||
Non-U.S. | Other investments | Forecast | Minimum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0.00% | ||
Non-U.S. | Other investments | Forecast | Maximum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 100.00% | ||
Non-U.S. | Other investments | Forecast | Maximum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 6.00% |
RETIREMENT BENEFITS - Fair Valu
RETIREMENT BENEFITS - Fair Value Disclosure (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. | |||
Defined Benefit Plan Disclosure | |||
Other investment liabilities | $ (336) | $ (354) | |
Total net assets | 13,062 | 11,835 | |
U.S. | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Other investment liabilities | (87) | (100) | |
U.S. | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Other investment liabilities | (249) | (254) | |
U.S. | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Other investment liabilities | 0 | 0 | |
U.S. | U.S. equity | |||
Defined Benefit Plan Disclosure | |||
Total assets | 739 | 625 | |
U.S. | U.S. equity | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 739 | 625 | |
U.S. | U.S. equity | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
U.S. | U.S. equity | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
U.S. | Non-U.S. equities | |||
Defined Benefit Plan Disclosure | |||
Total assets | 553 | 481 | |
U.S. | Non-U.S. equities | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 553 | 481 | |
U.S. | Non-U.S. equities | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
U.S. | Non-U.S. equities | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
U.S. | Mutual funds and other registered investment companies | |||
Defined Benefit Plan Disclosure | |||
Total assets | 280 | 215 | |
U.S. | Mutual funds and other registered investment companies | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 280 | 215 | |
U.S. | Mutual funds and other registered investment companies | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
U.S. | Mutual funds and other registered investment companies | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
U.S. | Commingled funds | |||
Defined Benefit Plan Disclosure | |||
Total assets | 1,410 | 1,344 | |
U.S. | Commingled funds | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
U.S. | Commingled funds | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 1,410 | 1,344 | |
U.S. | Commingled funds | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
U.S. | Debt securities | |||
Defined Benefit Plan Disclosure | |||
Total assets | 5,580 | 4,789 | |
U.S. | Debt securities | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 1,534 | 1,346 | |
U.S. | Debt securities | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 4,046 | 3,443 | |
U.S. | Debt securities | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
U.S. | Annuity contracts | |||
Defined Benefit Plan Disclosure | |||
Total assets | 1 | 1 | |
U.S. | Annuity contracts | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
U.S. | Annuity contracts | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
U.S. | Annuity contracts | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 1 | 1 | $ 1 |
U.S. | Derivatives | |||
Defined Benefit Plan Disclosure | |||
Total assets | 255 | 268 | |
U.S. | Derivatives | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 10 | 16 | |
U.S. | Derivatives | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 245 | 252 | |
U.S. | Derivatives | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
U.S. | Other investments | |||
Defined Benefit Plan Disclosure | |||
Total assets | 75 | 127 | |
U.S. | Other investments | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
U.S. | Other investments | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
U.S. | Other investments | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 75 | 127 | 148 |
U.S. | Total investments | |||
Defined Benefit Plan Disclosure | |||
Total assets | 8,893 | 7,850 | |
Net investments at fair value | 9,730 | 8,486 | |
U.S. | Total investments | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 3,116 | 2,683 | |
Net investments at fair value | 3,122 | 2,676 | |
U.S. | Total investments | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 5,701 | 5,039 | |
Net investments at fair value | 6,532 | 5,682 | |
U.S. | Total investments | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 76 | 128 | 149 |
Net investments at fair value | 76 | 128 | |
U.S. | Cash and short-term investments | |||
Defined Benefit Plan Disclosure | |||
Total assets | 1,173 | 990 | |
U.S. | Cash and short-term investments | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 93 | 93 | |
U.S. | Cash and short-term investments | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 1,080 | 897 | |
U.S. | Cash and short-term investments | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
U.S. | Other investment receivables | |||
Defined Benefit Plan Disclosure | |||
Plan assets valued at NAV | 22 | 80 | |
U.S. | Securities | |||
Defined Benefit Plan Disclosure | |||
Plan assets valued at NAV | 3,310 | 3,269 | |
Non-U.S. | |||
Defined Benefit Plan Disclosure | |||
Other investment liabilities | (2,941) | (2,590) | |
Total net assets | 8,683 | 7,735 | |
Non-U.S. | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Other investment liabilities | (3) | (1) | |
Non-U.S. | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Other investment liabilities | (2,938) | (2,589) | |
Non-U.S. | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Other investment liabilities | 0 | 0 | |
Non-U.S. | U.S. equity | |||
Defined Benefit Plan Disclosure | |||
Total assets | 16 | 13 | |
Non-U.S. | U.S. equity | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 4 | 4 | |
Non-U.S. | U.S. equity | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 12 | 9 | |
Non-U.S. | U.S. equity | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
Non-U.S. | Non-U.S. equities | |||
Defined Benefit Plan Disclosure | |||
Total assets | 389 | 200 | |
Non-U.S. | Non-U.S. equities | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 127 | 100 | |
Non-U.S. | Non-U.S. equities | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 262 | 100 | |
Non-U.S. | Non-U.S. equities | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | 1 |
Non-U.S. | Mutual funds and other registered investment companies | |||
Defined Benefit Plan Disclosure | |||
Total assets | 3,286 | 2,950 | |
Non-U.S. | Mutual funds and other registered investment companies | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 3,223 | 2,887 | |
Non-U.S. | Mutual funds and other registered investment companies | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 63 | 63 | |
Non-U.S. | Mutual funds and other registered investment companies | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
Non-U.S. | Commingled funds | |||
Defined Benefit Plan Disclosure | |||
Total assets | 23 | 21 | |
Non-U.S. | Commingled funds | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 23 | 21 | |
Non-U.S. | Commingled funds | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
Non-U.S. | Commingled funds | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
Non-U.S. | Debt securities | |||
Defined Benefit Plan Disclosure | |||
Total assets | 5,932 | 6,654 | |
Non-U.S. | Debt securities | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 4,307 | 5,145 | |
Non-U.S. | Debt securities | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 1,615 | 1,500 | |
Non-U.S. | Debt securities | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 10 | 9 | 7 |
Non-U.S. | Real estate | |||
Defined Benefit Plan Disclosure | |||
Total assets | 4 | 4 | |
Non-U.S. | Real estate | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
Non-U.S. | Real estate | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 3 | 3 | |
Non-U.S. | Real estate | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 1 | 1 | 1 |
Non-U.S. | Annuity contracts | |||
Defined Benefit Plan Disclosure | |||
Total assets | 5 | 11 | |
Non-U.S. | Annuity contracts | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
Non-U.S. | Annuity contracts | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 1 | |
Non-U.S. | Annuity contracts | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 5 | 10 | 9 |
Non-U.S. | Derivatives | |||
Defined Benefit Plan Disclosure | |||
Total assets | 1,590 | 156 | |
Non-U.S. | Derivatives | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
Non-U.S. | Derivatives | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 1,590 | 156 | |
Non-U.S. | Derivatives | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
Non-U.S. | Other investments | |||
Defined Benefit Plan Disclosure | |||
Total assets | 275 | 211 | |
Non-U.S. | Other investments | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 1 | 1 | |
Non-U.S. | Other investments | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
Non-U.S. | Other investments | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 274 | 210 | 214 |
Non-U.S. | Total investments | |||
Defined Benefit Plan Disclosure | |||
Total assets | 11,520 | 10,220 | |
Net investments at fair value | 8,668 | 7,724 | |
Non-U.S. | Total investments | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 7,685 | 8,158 | |
Net investments at fair value | 7,768 | 8,248 | |
Non-U.S. | Total investments | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 3,545 | 1,832 | |
Net investments at fair value | 610 | (754) | |
Non-U.S. | Total investments | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 290 | 230 | 232 |
Net investments at fair value | 290 | 230 | |
Non-U.S. | Cash and short-term investments | |||
Defined Benefit Plan Disclosure | |||
Total assets | 89 | 94 | |
Non-U.S. | Cash and short-term investments | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 86 | 91 | |
Non-U.S. | Cash and short-term investments | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 3 | 3 | |
Non-U.S. | Cash and short-term investments | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total assets | 0 | 0 | |
Non-U.S. | Securities | |||
Defined Benefit Plan Disclosure | |||
Plan assets valued at NAV | 15 | 11 | |
Pension Plans | U.S. | |||
Defined Benefit Plan Disclosure | |||
Total net assets | $ 12,717 | $ 11,490 | 12,725 |
Allocable interest (as a percent) | 98.00% | 98.00% | |
Pension Plans | Non-U.S. | |||
Defined Benefit Plan Disclosure | |||
Total net assets | $ 7,556 | $ 6,699 | 7,128 |
Postretirement Benefit Plans | U.S. | |||
Defined Benefit Plan Disclosure | |||
Total net assets | $ 345 | $ 345 | 262 |
Allocable interest (as a percent) | 2.00% | 2.00% | |
Postretirement Benefit Plans | Non-U.S. | |||
Defined Benefit Plan Disclosure | |||
Total net assets | $ 1,127 | $ 1,036 | $ 1,119 |
RETIREMENT BENEFITS - Level 3 R
RETIREMENT BENEFITS - Level 3 Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. | Non-U.S. equities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | $ 481 | |
Plan assets at fair value at end of period | 553 | $ 481 |
U.S. | Non-U.S. equities | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 0 | |
Plan assets at fair value at end of period | 0 | 0 |
U.S. | Debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 4,789 | |
Plan assets at fair value at end of period | 5,580 | 4,789 |
U.S. | Debt securities | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 0 | |
Plan assets at fair value at end of period | 0 | 0 |
U.S. | Annuity contracts | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 1 | |
Plan assets at fair value at end of period | 1 | 1 |
U.S. | Annuity contracts | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 1 | 1 |
Realized gains (losses) | 0 | 0 |
Unrealized gains (losses) | 0 | 0 |
Purchases, sales, and issuances | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Plan assets at fair value at end of period | 1 | 1 |
U.S. | Other investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 127 | |
Plan assets at fair value at end of period | 75 | 127 |
U.S. | Other investments | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 127 | 148 |
Realized gains (losses) | (7) | (2) |
Unrealized gains (losses) | 12 | (18) |
Purchases, sales, and issuances | (57) | (1) |
Transfers in and/or out of Level 3 | 0 | 0 |
Plan assets at fair value at end of period | 75 | 127 |
U.S. | Total investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 7,850 | |
Plan assets at fair value at end of period | 8,893 | 7,850 |
U.S. | Total investments | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 128 | 149 |
Realized gains (losses) | (7) | (2) |
Unrealized gains (losses) | 12 | (18) |
Purchases, sales, and issuances | (57) | (1) |
Transfers in and/or out of Level 3 | 0 | 0 |
Plan assets at fair value at end of period | 76 | 128 |
Non-U.S. | Non-U.S. equities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 200 | |
Plan assets at fair value at end of period | 389 | 200 |
Non-U.S. | Non-U.S. equities | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 0 | 1 |
Unrealized gains (losses) | 0 | |
Purchases, sales, and issuances | 0 | |
Transfers in and/or out of Level 3 | (1) | |
Plan assets at fair value at end of period | 0 | 0 |
Non-U.S. | Debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 6,654 | |
Plan assets at fair value at end of period | 5,932 | 6,654 |
Non-U.S. | Debt securities | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 9 | 7 |
Unrealized gains (losses) | 1 | (1) |
Purchases, sales, and issuances | 0 | 3 |
Transfers in and/or out of Level 3 | 0 | 0 |
Plan assets at fair value at end of period | 10 | 9 |
Non-U.S. | Real estate | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 4 | |
Plan assets at fair value at end of period | 4 | 4 |
Non-U.S. | Real estate | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 1 | 1 |
Unrealized gains (losses) | 0 | 0 |
Purchases, sales, and issuances | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Plan assets at fair value at end of period | 1 | 1 |
Non-U.S. | Annuity contracts | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 11 | |
Plan assets at fair value at end of period | 5 | 11 |
Non-U.S. | Annuity contracts | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 10 | 9 |
Unrealized gains (losses) | 0 | (1) |
Purchases, sales, and issuances | (5) | 1 |
Transfers in and/or out of Level 3 | 0 | 1 |
Plan assets at fair value at end of period | 5 | 10 |
Non-U.S. | Other investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 211 | |
Plan assets at fair value at end of period | 275 | 211 |
Non-U.S. | Other investments | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 210 | 214 |
Unrealized gains (losses) | 7 | (3) |
Purchases, sales, and issuances | 57 | (1) |
Transfers in and/or out of Level 3 | 0 | 0 |
Plan assets at fair value at end of period | 274 | 210 |
Non-U.S. | Total investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 10,220 | |
Plan assets at fair value at end of period | 11,520 | 10,220 |
Non-U.S. | Total investments | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of period | 230 | 232 |
Unrealized gains (losses) | 8 | (5) |
Purchases, sales, and issuances | 52 | 3 |
Transfers in and/or out of Level 3 | 0 | 0 |
Plan assets at fair value at end of period | $ 290 | $ 230 |
RETIREMENT BENEFITS - Estimated
RETIREMENT BENEFITS - Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
U.S. | Pension Plans | |
Defined Benefit Plan, Postretirement Medical Plan with Prescription Drug Benefits [Abstract] | |
2020 | $ 821 |
2021 | 840 |
2022 | 851 |
2023 | 866 |
2024 | 873 |
2025-2029 | 4,282 |
U.S. | Postretirement Benefit Plans | |
Defined Benefit Plan, Postretirement Medical Plan with Prescription Drug Benefits [Abstract] | |
2020 | 64 |
2021 | 63 |
2022 | 61 |
2023 | 59 |
2024 | 57 |
2025-2029 | 244 |
Non-U.S. | Pension Plans | |
Defined Benefit Plan, Postretirement Medical Plan with Prescription Drug Benefits [Abstract] | |
2020 | 476 |
2021 | 434 |
2022 | 464 |
2023 | 480 |
2024 | 495 |
2025-2029 | 2,651 |
Non-U.S. | Postretirement Benefit Plans | |
Defined Benefit Plan, Postretirement Medical Plan with Prescription Drug Benefits [Abstract] | |
2020 | 75 |
2021 | 80 |
2022 | 85 |
2023 | 91 |
2024 | 97 |
2025-2029 | $ 567 |
RETIREMENT BENEFITS - Post Empl
RETIREMENT BENEFITS - Post Employment and Defined Contribution Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure | |||
Funded status | $ (38,000,000) | $ (32,000,000) | |
Amount recognized in accumulated other comprehensive income (loss) | (15,000,000) | (15,000,000) | |
Service-related expense | |||
Interest cost on benefit obligation | 2,000,000 | 2,000,000 | $ 2,000,000 |
Expected return on plan assets | (1,000,000) | (1,000,000) | 0 |
Amortization of unrecognized | |||
Prior service cost (benefit) | 0 | (23,000,000) | (31,000,000) |
Net actuarial loss | 2,000,000 | 2,000,000 | 2,000,000 |
Total service-related benefit | 3,000,000 | (20,000,000) | (27,000,000) |
Non-service-related (benefit) expense | 6,000,000 | 2,000,000 | 30,000,000 |
Total net expense | $ 9,000,000 | $ (18,000,000) | 3,000,000 |
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount rate (as a percent) | 2.90% | 3.95% | |
Expected return on assets (as a percent) | 3.00% | 3.00% | |
Health care cost increase following year (as a percent) | 6.75% | 7.00% | |
Ultimate rate to which cost increase is assumed to decline (as a percent) | 5.00% | 5.00% | |
Year in which the ultimate rate is reached | 2027 | 2027 | |
Defined Contribution Plans | |||
Maximum percentage contribution by employer of employees eligible pay | 6.00% | 6.00% | |
Maximum compensation to be eligible for fixed contribution from employer | $ 100,000 | ||
Percentage of fixed contribution by employer, for eligible employees whose compensation is $100,000 or less | 2.00% | ||
U.S. | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Health care cost increase following year (as a percent) | 6.75% | 7.00% | |
Ultimate rate to which cost increase is assumed to decline (as a percent) | 5.00% | 5.00% | |
Year in which the ultimate rate is reached | 2027 | 2027 | |
Defined Contribution Plans | |||
Company contributions | $ 404,000,000 | $ 396,000,000 | 383,000,000 |
Non-U.S. | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Health care cost increase following year (as a percent) | 6.85% | 6.90% | |
Ultimate rate to which cost increase is assumed to decline (as a percent) | 6.85% | 6.90% | |
Year in which the ultimate rate is reached | 2020 | 2019 | |
Defined Contribution Plans | |||
Company contributions | $ 281,000,000 | $ 283,000,000 | $ 270,000,000 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Provision (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Current | ||||||||||||
Federal | $ 365 | $ 834 | $ 332 | |||||||||
Non-U.S. | 4,352 | 4,290 | 3,910 | |||||||||
State | 323 | 284 | 269 | |||||||||
Total current income taxes | 5,040 | 5,408 | 4,511 | |||||||||
Deferred | ||||||||||||
Federal | (907) | (620) | 24,902 | |||||||||
Non-U.S. | 10 | 371 | (377) | |||||||||
State | 287 | 198 | 352 | |||||||||
Total deferred income taxes | [1] | (610) | (51) | 24,877 | ||||||||
Provision for income tax on continuing operations before non-controlling interests | $ 703 | $ 1,079 | $ 1,373 | $ 1,275 | $ 1,001 | $ 1,471 | $ 1,444 | $ 1,441 | 4,430 | 5,357 | 29,388 | |
Provision (benefit) for income taxes on discontinued operations | (27) | (18) | 7 | |||||||||
Income tax expense (benefit) reported in stockholders’ equity related to: | ||||||||||||
FX translation | (11) | (263) | 188 | |||||||||
Investment securities | 648 | (346) | (149) | |||||||||
Employee stock plans | (16) | (2) | (4) | |||||||||
Cash flow hedges | 269 | (8) | (12) | |||||||||
Benefit plans | (119) | (20) | 13 | |||||||||
FVO DVA | (337) | 302 | (250) | |||||||||
Excluded fair value hedges | 8 | (17) | 0 | |||||||||
Retained earnings | 46 | (305) | (295) | |||||||||
Income taxes before noncontrolling interests | 4,891 | 4,680 | 28,886 | |||||||||
Provision (benefit) for effect of securities transactions | 373 | 104 | 272 | |||||||||
Benefit for effect of other-than-temporary-impairment losses | $ (9) | $ (32) | $ (22) | |||||||||
[1] | Includes the full impact of the $22.6 billion non-cash charge related to the Tax Cuts and Jobs Act (Tax Reform) in 2017. See Notes 1 and 9 to the Consolidated Financial Statements for further information. |
INCOME TAXES - Effective Income
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||||
Federal statutory rate | 21.00% | 21.00% | 35.00% | ||
State income taxes, net of federal benefit | 1.90% | 1.80% | 1.10% | ||
Non-U.S. income tax rate differential | 1.30% | 5.30% | (1.60%) | ||
Effect of tax law changes | (0.50%) | (0.60%) | 99.70% | ||
Basis difference in affiliates | (0.10%) | (2.40%) | (2.10%) | ||
Tax advantaged investments | (2.30%) | (2.00%) | (2.20%) | ||
Valuation allowance releases | (3.00%) | 0.00% | 0.00% | ||
Other, net | 0.20% | (0.30%) | (0.80%) | ||
Effective income tax rate | 18.50% | 22.80% | 129.10% | ||
Tax Reform benefit | $ 94 | $ 94 | |||
Impact of non-cash charge related to Tax Reform | $ 22,600 | $ 22,594 | |||
Effective income tax rate before effect of Tax Cuts and Jobs Act | 18.50% | 22.80% |
INCOME TAXES - Deferred Income
INCOME TAXES - Deferred Income Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets | ||
Credit loss deduction | $ 3,809 | $ 3,419 |
Deferred compensation and employee benefits | 2,224 | 1,975 |
Repositioning and settlement reserves | 345 | 428 |
U.S. tax on non-U.S. earnings | 1,030 | 2,080 |
Investment and loan basis differences | 2,727 | 4,891 |
Tax credit and net operating loss carry-forwards | 19,711 | 20,759 |
Fixed assets and leases | 2,607 | 1,006 |
Other deferred tax assets | 2,996 | 2,385 |
Gross deferred tax assets | 35,449 | 36,943 |
Valuation allowance | 6,476 | 9,258 |
Deferred tax assets after valuation allowance | 28,973 | 27,685 |
Deferred tax liabilities | ||
Intangibles and leases | (2,640) | (1,284) |
Debt issuances | (201) | (530) |
Non-U.S. withholding taxes | (974) | (1,040) |
Interest-related items | (587) | (594) |
Other deferred tax liabilities | (1,477) | (1,334) |
Gross deferred tax liabilities | (5,879) | (4,782) |
Net deferred tax assets | $ 23,094 | $ 22,903 |
INCOME TAXES - Unrecognized Tax
INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Total unrecognized tax benefits at January 1 | $ 607 | $ 1,013 | $ 1,092 |
Net amount of increases for current year’s tax positions | 50 | 40 | 43 |
Gross amount of increases for prior years’ tax positions | 151 | 46 | 324 |
Gross amount of decreases for prior years’ tax positions | (44) | (174) | (246) |
Amounts of decreases relating to settlements | (21) | (283) | (199) |
Reductions due to lapse of statutes of limitation | (23) | (23) | (11) |
Foreign exchange, acquisitions and dispositions | 1 | (12) | 10 |
Total unrecognized tax benefits at December 31 | 721 | 607 | 1,013 |
Amount of unrecognized tax benefit which would impact effective tax rate if recognized | $ 600 | $ 400 | $ 800 |
INCOME TAXES - Interest and Pen
INCOME TAXES - Interest and Penalties (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract] | |||
Total interest and penalties in the Consolidated Balance Sheet at January 1, Pretax | $ 103 | $ 121 | $ 260 |
Total interest and penalties in the Consolidated Statement of Income, Pretax | (4) | 6 | 5 |
Total interest and penalties in the Consolidated Balance Sheet at December 31, Pretax | 100 | 103 | 121 |
Reconciliation of Unrecognized Tax Benefits, Including Amounts Pertaining to Examined Tax Returns, Net of Tax [Roll Forward] | |||
Total interest and penalties in the Consolidated Balance Sheet at January 1, Net of tax | 85 | 101 | 164 |
Total interest and penalties in the Consolidated Statement of Income, Net of tax | (4) | 6 | 21 |
Total interest and penalties in the Consolidated Balance Sheet at December 31, Net of tax | 82 | 85 | 101 |
Foreign penalties included in total interest and penalties in the balance sheet | 3 | 2 | 3 |
State penalties included in total interest and penalties | $ 1 | $ 1 | $ 3 |
INCOME TAXES - Foreign Earnings
INCOME TAXES - Foreign Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Foreign pretax earnings | $ 16,700 | $ 16,100 | $ 13,700 |
Accumulated undistributed profits of non-U.S. subsidiaries considered indefinitely reinvested | 10,900 | $ 15,500 | |
Additional tax liability to be provided should be undistributed earnings of foreign subsidiaries which were indefinitely invested were remitted currently | 4,100 | ||
Decrease in basis differences due to treatment of country affiliate branch rather than subsidiary | 4,600 | ||
Total bad debt reserved not included in deferred tax liabilities calculation | 358 | ||
Deferred tax liabilities not recognized relating to bad debt reserved | $ 75 |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Valuation Allowance [Line Items] | ||
Valuation allowance | $ 6,476 | $ 9,258 |
Decrease in valuation allowance from increases in foreign source income | 300 | |
Decrease in valuation allowance from discrete items | 200 | |
Decrease in valuation allowance from changes in foreign source income | 100 | |
Increase in valuation allowance from prior year tax return adjustments | 200 | |
Deferred tax liability | 5,879 | 4,782 |
Foreign Tax Credit Carryforwards | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 4,600 | |
Foreign tax credit carryforwards more-than-likely not enabled | 200 | |
U.S. Residual Deferred Tax Asset Related to Non-U.S. Branches | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 800 | 1,700 |
Deferred tax liability | 900 | |
Local Non-U.S. Deferred Tax Assets | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 1,000 | 1,500 |
State Net Operating Loss Carryforwards | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 100 | |
Foreign Tax Credit Carryforwards, Branch Basket | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 3,500 | 4,400 |
Foreign Tax Credit Carryforwards, General Basket | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | $ 1,100 | $ 1,600 |
INCOME TAXES - Deferred Tax A_2
INCOME TAXES - Deferred Tax Assets by Jurisdiction (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets by Jurisdiction | ||
Net deferred tax assets | $ 23,094 | $ 22,903 |
U.S. federal | ||
Deferred Tax Assets by Jurisdiction | ||
Net operating losses (NOLs) | 2,800 | 2,600 |
Foreign tax credits (FTCs) | 6,300 | 6,800 |
General business credits (GBCs) | 2,500 | 1,000 |
Future tax deductions and credits | 6,200 | 6,700 |
Net deferred tax assets | 17,800 | 17,100 |
Deferred tax liability to be reversed in carry forward period | 3,400 | |
State and Local | ||
Deferred Tax Assets by Jurisdiction | ||
Future tax deductions and credits | 1,300 | 1,400 |
Net deferred tax assets | 3,200 | 3,600 |
New York | ||
Deferred Tax Assets by Jurisdiction | ||
Net operating losses (NOLs) | 1,700 | 2,000 |
Other state | ||
Deferred Tax Assets by Jurisdiction | ||
Net operating losses (NOLs) | 200 | 200 |
Foreign | ||
Deferred Tax Assets by Jurisdiction | ||
Net operating losses (NOLs) | 500 | 600 |
Future tax deductions and credits | 1,600 | 1,600 |
Net deferred tax assets | $ 2,100 | $ 2,200 |
INCOME TAXES - Tax Credit Carry
INCOME TAXES - Tax Credit Carryforward and Expiration Dates (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss and Tax Carryforwards | ||
Net DFA | $ 23,094 | $ 22,903 |
U.S. Federal and New York State and City NOL carryforward period | 20 years | |
U.S. foreign tax credit carryforward period (in years) | 10 years | |
Limit on utilization of foreign tax credit carryforwards (as percent) | 21.00% | |
Domestic losses allowed to be reclassified as foreign source income | $ 39,000 | |
Foreign | ||
Operating Loss and Tax Carryforwards | ||
Operating loss carryforward | 1,500 | 2,000 |
Net DFA | 2,100 | 2,200 |
U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 2,500 | 1,000 |
Operating loss carryforward | 13,500 | 12,500 |
U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Net DFA | 17,800 | 17,100 |
Foreign tax credits (FTCs) | 6,300 | 6,800 |
Gross foreign tax credits | 10,900 | |
2027 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Operating loss carryforward | 100 | 200 |
2028 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Operating loss carryforward | 100 | 100 |
2030 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Operating loss carryforward | 300 | 300 |
2032 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Operating loss carryforward | 0 | 100 |
2033 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 300 | 0 |
Operating loss carryforward | 1,600 | 1,600 |
2034 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 200 | 0 |
Operating loss carryforward | 2,000 | 2,100 |
2034 | New York State Tax Authority | ||
Operating Loss and Tax Carryforwards | ||
Operating loss carryforward | 9,900 | 11,700 |
2034 | New York City tax authority | ||
Operating Loss and Tax Carryforwards | ||
Operating loss carryforward | 10,000 | 11,500 |
2035 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 200 | 0 |
Operating loss carryforward | 3,300 | 3,300 |
2036 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 100 | 100 |
Operating loss carryforward | 2,100 | 2,100 |
2037 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 500 | 400 |
Operating loss carryforward | 1,000 | 1,000 |
2038 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 500 | 500 |
2039 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 700 | 0 |
Unlimited Carry-Forward Period | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Operating loss carryforward | $ 3,000 | 1,700 |
Minimum | ||
Operating Loss and Tax Carryforwards | ||
Limit on domestic losses to be reclassified as foreign source income (as a percent) | 50.00% | |
Maximum | ||
Operating Loss and Tax Carryforwards | ||
Limit on domestic losses to be reclassified as foreign source income (as a percent) | 100.00% | |
General Basket | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | $ 7,400 | 8,400 |
General Basket | 2020 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 900 | 2,000 |
General Basket | 2021 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 1,100 | 1,100 |
General Basket | 2022 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 2,400 | 2,400 |
General Basket | 2023 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 400 | 400 |
General Basket | 2025 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 1,400 | 1,400 |
General Basket | 2027 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 1,200 | 1,100 |
Branch Basket | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 3,500 | 4,400 |
Branch Basket | 2019 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 0 | 900 |
Branch Basket | 2020 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 700 | 600 |
Branch Basket | 2021 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 600 | 700 |
Branch Basket | 2022 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 1,000 | 900 |
Branch Basket | 2028 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 900 | 1,300 |
Branch Basket | 2029 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | $ 300 | $ 0 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Earnings Per Share [Abstract] | |||||||||||||||
Income from continuing operations before attribution of noncontrolling interests | $ 4,999 | $ 4,943 | $ 4,792 | $ 4,737 | $ 4,305 | $ 4,633 | $ 4,501 | $ 4,649 | $ 19,471 | $ 18,088 | $ (6,627) | ||||
Noncontrolling interests | 16 | 15 | 10 | 25 | (16) | 3 | 26 | 22 | 66 | 35 | 60 | ||||
Net income from continuing operations (for EPS purposes) | 19,405 | 18,053 | (6,687) | ||||||||||||
Loss from discontinued operations, net of taxes | (4) | (15) | 17 | (2) | (8) | (8) | 15 | (7) | (4) | (8) | (111) | ||||
Citigroup’s net income (loss) | $ 4,979 | $ 4,913 | $ 4,799 | $ 4,710 | $ 4,313 | $ 4,622 | $ 4,490 | $ 4,620 | 19,401 | 18,045 | (6,798) | ||||
Less: Preferred dividends | 1,109 | 1,174 | 1,213 | ||||||||||||
Net income available to common shareholders | 18,292 | 16,871 | (8,011) | ||||||||||||
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS | 121 | 200 | 37 | ||||||||||||
Net income allocated to common shareholders for basic EPS | $ 18,171 | $ 16,671 | $ (8,048) | ||||||||||||
Weighted-average common shares outstanding applicable to basic EPS (in shares) | 2,249.2 | 2,493.3 | 2,698.5 | ||||||||||||
Basic earnings per share | |||||||||||||||
Income (loss) from continuing operations (in dollars per share) | $ 2.16 | $ 2.09 | $ 1.94 | $ 1.88 | $ 1.65 | $ 1.74 | $ 1.62 | $ 1.68 | $ 8.08 | [1] | $ 6.69 | [1] | $ (2.94) | [1] | |
Discontinued operations (in dollars per share) | [1] | 0 | 0 | (0.04) | |||||||||||
Net income (loss) (in dollars per share) | 2.16 | 2.09 | 1.95 | 1.88 | 1.65 | 1.73 | 1.63 | 1.68 | $ 8.08 | [1] | $ 6.69 | [1] | $ (2.98) | [1] | |
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable | $ 33 | $ 0 | $ 0 | ||||||||||||
Net income allocated to common shareholders for diluted EPS | $ 18,204 | $ 16,671 | $ (8,048) | ||||||||||||
Effect of dilutive securities | |||||||||||||||
Options (in shares) | 0.1 | 0.1 | 0 | ||||||||||||
Other employee plans (in shares) | 16 | 1.4 | 0 | ||||||||||||
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in shares) | 2,265.3 | 2,494.8 | 2,698.5 | ||||||||||||
Diluted earnings per share | |||||||||||||||
Income (loss) from continuing operations (in dollars per share) | 2.15 | 2.08 | 1.94 | 1.87 | 1.65 | 1.74 | 1.62 | 1.68 | $ 8.04 | $ 6.69 | $ (2.94) | ||||
Discontinued operations (in dollars per share) | 0 | 0 | (0.04) | ||||||||||||
Net income (loss) (in dollars per share) | $ 2.15 | $ 2.07 | $ 1.95 | $ 1.87 | 1.64 | $ 1.73 | $ 1.63 | $ 1.68 | $ 8.04 | $ 6.68 | $ (2.98) | ||||
Weighted-average options to purchase common stock | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||||||||||||
Antidilutive securities excluded from computation of earnings per common share (in shares) | 0.5 | 0.8 | |||||||||||||
Antidilutive securities exercise price (in dollars per share) | $ 145.69 | $ 145.69 | $ 204.80 | ||||||||||||
[1] | Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |
SECURITIES BORROWED, LOANED A_3
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities purchased under agreements to resell | $ 169,874 | $ 159,364 |
Deposits paid for securities borrowed | 81,448 | 111,320 |
Total | 251,322 | 270,684 |
Securities sold under agreements to repurchase | 155,164 | 166,090 |
Deposits received for securities loaned | 11,175 | 11,678 |
Total | 166,339 | 177,768 |
Securities-for-securities lending transactions | $ 6,300 | $ 15,900 |
SECURITIES BORROWED, LOANED A_4
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Offsetting (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Securities purchased under agreements to resell | ||
Gross amounts of recognized assets | $ 281,274 | $ 246,788 |
Gross amounts offset on the Consolidated Balance Sheet | 111,400 | 87,424 |
Net amounts of assets included on the Consolidated Balance Sheet | 169,874 | 159,364 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 134,150 | 124,557 |
Net amounts | 35,724 | 34,807 |
Deposits paid for securities borrowed | ||
Gross amounts of recognized assets | 90,047 | 111,320 |
Gross amounts offset on the Consolidated Balance Sheet | 8,599 | 0 |
Net amounts of assets included on the Consolidated Balance Sheet | 81,448 | 111,320 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 27,067 | 35,766 |
Net amounts | 54,381 | 75,554 |
Total | ||
Total | 371,321 | 358,108 |
Gross amounts offset on the Consolidated Balance Sheet | 119,999 | 87,424 |
Net amounts of assets included on the Consolidated Balance Sheet | 251,322 | 270,684 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 161,217 | 160,323 |
Net amounts | 90,105 | 110,361 |
Securities sold under agreements to repurchase | ||
Gross amounts of recognized liabilities | 266,564 | 253,514 |
Gross amounts offset on the Consolidated Balance Sheet | 111,400 | 87,424 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 155,164 | 166,090 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 91,034 | 82,823 |
Net amounts | 64,130 | 83,267 |
Deposits received for securities loaned | ||
Gross amounts of recognized liabilities | 19,774 | 11,678 |
Gross amounts offset on the Consolidated Balance Sheet | 8,599 | 0 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 11,175 | 11,678 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 3,138 | 3,415 |
Net amounts | 8,037 | 8,263 |
Total | ||
Gross amounts of recognized liabilities | 286,338 | 265,192 |
Gross amounts offset on the Consolidated Balance Sheet | 119,999 | 87,424 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 166,339 | 177,768 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 94,172 | 86,238 |
Net amounts | $ 72,167 | $ 91,530 |
SECURITIES BORROWED, LOANED A_5
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Repurchase Agreements (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | $ 266,564 | $ 253,514 |
Securities lending agreements | 19,774 | 11,678 |
Total | 286,338 | 265,192 |
U.S. Treasury and federal agency securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 100,781 | 86,785 |
Securities lending agreements | 27 | 41 |
Total | 100,808 | 86,826 |
State and municipal securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 1,938 | 2,605 |
Securities lending agreements | 5 | 0 |
Total | 1,943 | 2,605 |
Foreign government | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 95,880 | 99,131 |
Securities lending agreements | 272 | 179 |
Total | 96,152 | 99,310 |
Corporate | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 18,761 | 21,719 |
Securities lending agreements | 249 | 749 |
Total | 19,010 | 22,468 |
Marketable equity securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 12,010 | 12,920 |
Securities lending agreements | 19,069 | 10,664 |
Total | 31,079 | 23,584 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 28,458 | 19,421 |
Securities lending agreements | 0 | 0 |
Total | 28,458 | 19,421 |
Asset-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 4,873 | 6,207 |
Securities lending agreements | 0 | 0 |
Total | 4,873 | 6,207 |
Other debt securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 3,863 | 4,726 |
Securities lending agreements | 152 | 45 |
Total | 4,015 | 4,771 |
Open and overnight | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 108,534 | 108,405 |
Securities lending agreements | 15,758 | 6,296 |
Total | 124,292 | 114,701 |
Up to 30 days | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 82,749 | 70,850 |
Securities lending agreements | 208 | 774 |
Total | 82,957 | 71,624 |
31–90 days | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 35,108 | 29,898 |
Securities lending agreements | 1,789 | 2,626 |
Total | 36,897 | 32,524 |
Greater than 90 days | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 40,173 | 44,361 |
Securities lending agreements | 2,019 | 1,982 |
Total | $ 42,192 | $ 46,343 |
BROKERAGE RECEIVABLES AND BRO_3
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Brokers and Dealers [Abstract] | ||
Receivables from customers | $ 15,912 | $ 14,415 |
Receivables from brokers, dealers and clearing organizations | 23,945 | 21,035 |
Total brokerage receivables | 39,857 | 35,450 |
Payables to customers | 37,613 | 40,273 |
Payables to brokers, dealers and clearing organizations | 10,988 | 24,298 |
Total brokerage payables | $ 48,601 | $ 64,571 |
INVESTMENTS - Overview (Details
INVESTMENTS - Overview (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investment Holdings | |||
Investments | $ 368,563 | $ 358,607 | |
Interest and dividends on investments | |||
Taxable interest | 9,269 | 8,704 | $ 7,538 |
Interest exempt from U.S. federal income tax | 404 | 521 | 535 |
Dividend income | 187 | 269 | 222 |
Total interest and dividend income | 9,860 | 9,494 | 8,295 |
Gross realized investments losses, excluding losses from other-than-temporary impairment | |||
Gross realized investment gains | 1,599 | 682 | 1,039 |
Gross realized investment losses | (125) | (261) | (261) |
Net realized gains on sale of investments | $ 1,474 | 421 | 778 |
HTM securities sold, percent of principal collected, minimum | 85.00% | ||
Available-for-sale Securities transferred from Held-to-maturity | |||
Carrying value of HTM debt securities sold | $ 0 | 61 | 81 |
Net realized gain (loss) on sale of HTM debt securities | 0 | 0 | 13 |
Carrying value of debt securities reclassified to AFS | 0 | 8 | 74 |
OTTI losses on debt securities reclassified to AFS | 0 | 0 | $ 0 |
Securities available-for-sale | |||
Amortized cost | 280,093 | 290,423 | |
Gross unrealized losses | 1,113 | ||
Fair value | 280,265 | 288,038 | |
Less than 12 months | $ 802 | 752 | |
Percentage of investments gross-unrealized loss position for less than a year, rated investment grade | 93.00% | ||
12 months or longer | $ 311 | 2,468 | |
Percentage of gross-unrealized loss position for a year or more rated investment grade | 92.00% | ||
Debt securities available-for-sale (AFS) | |||
Investment Holdings | |||
Investments | $ 280,265 | 288,038 | |
HTM debt securities | |||
Investment Holdings | |||
Investments | 80,775 | 63,357 | |
Marketable equity securities | Fair value | |||
Investment Holdings | |||
Investments | 458 | 220 | |
Non-marketable equity securities | Fair value | |||
Investment Holdings | |||
Investments | 704 | 889 | |
Non-marketable equity securities | Carried at cost | |||
Investment Holdings | |||
Investments | 5,661 | 5,565 | |
Non-marketable equity securities measured using the measurement alternative [Member] | |||
Investment Holdings | |||
Investments | 700 | 538 | |
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | |||
Securities available-for-sale | |||
Amortized cost | 34,963 | 43,504 | |
Gross unrealized gains | 547 | 241 | |
Gross unrealized losses | 280 | 725 | |
Fair value | 35,230 | 43,020 | |
Less than 12 months | 242 | 286 | |
12 months or longer | 38 | 439 | |
Mortgage-backed securities - Non-U.S. residential | |||
Securities available-for-sale | |||
Amortized cost | 789 | 1,310 | |
Gross unrealized gains | 3 | 4 | |
Gross unrealized losses | 0 | 2 | |
Fair value | 792 | 1,312 | |
Less than 12 months | 0 | 2 | |
12 months or longer | 0 | 0 | |
Mortgage-backed securities - Commercial | |||
Securities available-for-sale | |||
Amortized cost | 75 | 174 | |
Gross unrealized gains | 0 | 1 | |
Gross unrealized losses | 0 | 2 | |
Fair value | 75 | 173 | |
Less than 12 months | 0 | 1 | |
12 months or longer | 0 | 1 | |
Mortgage-backed securities | |||
Securities available-for-sale | |||
Amortized cost | 35,827 | 44,988 | |
Gross unrealized gains | 550 | 246 | |
Gross unrealized losses | 280 | 729 | |
Fair value | 36,097 | 44,505 | |
Less than 12 months | 242 | 289 | |
12 months or longer | 38 | 440 | |
U.S. Treasury | |||
Securities available-for-sale | |||
Amortized cost | 106,429 | 109,376 | |
Gross unrealized gains | 50 | 33 | |
Gross unrealized losses | 380 | 1,339 | |
Fair value | 106,099 | 108,070 | |
Less than 12 months | 248 | 42 | |
12 months or longer | 132 | 1,297 | |
Agency obligations | |||
Securities available-for-sale | |||
Amortized cost | 5,336 | 9,283 | |
Gross unrealized gains | 3 | 1 | |
Gross unrealized losses | 20 | 132 | |
Fair value | 5,319 | 9,152 | |
Less than 12 months | 2 | 2 | |
12 months or longer | 18 | 130 | |
U.S. Treasury and federal agency securities | |||
Securities available-for-sale | |||
Amortized cost | 111,765 | 118,659 | |
Gross unrealized gains | 53 | 34 | |
Gross unrealized losses | 400 | 1,471 | |
Fair value | 111,418 | 117,222 | |
Less than 12 months | 250 | 44 | |
12 months or longer | 150 | 1,427 | |
State and municipal securities | |||
Securities available-for-sale | |||
Amortized cost | 5,024 | 9,372 | |
Gross unrealized gains | 43 | 96 | |
Gross unrealized losses | 89 | 262 | |
Fair value | 4,978 | 9,206 | |
Less than 12 months | 62 | 34 | |
12 months or longer | 27 | 228 | |
Foreign government | |||
Securities available-for-sale | |||
Amortized cost | 110,958 | 100,872 | |
Gross unrealized gains | 586 | 415 | |
Gross unrealized losses | 241 | 596 | |
Fair value | 111,303 | 100,691 | |
Less than 12 months | 149 | 265 | |
12 months or longer | 92 | 331 | |
Corporate | |||
Securities available-for-sale | |||
Amortized cost | 11,266 | 11,714 | |
Gross unrealized gains | 52 | 42 | |
Gross unrealized losses | 101 | 157 | |
Fair value | 11,217 | 11,599 | |
Less than 12 months | 98 | 115 | |
12 months or longer | 3 | 42 | |
Asset-backed securities | |||
Securities available-for-sale | |||
Amortized cost | 524 | 845 | |
Gross unrealized gains | 0 | 2 | |
Gross unrealized losses | 2 | 4 | |
Fair value | 522 | 843 | |
Less than 12 months | 1 | 4 | |
12 months or longer | 1 | 0 | |
Other debt securities | |||
Securities available-for-sale | |||
Amortized cost | 4,729 | 3,973 | |
Gross unrealized gains | 1 | 0 | |
Gross unrealized losses | 0 | 1 | |
Fair value | 4,730 | 3,972 | |
Less than 12 months | 0 | 1 | |
12 months or longer | 0 | 0 | |
Debt securities | |||
Securities available-for-sale | |||
Amortized cost | 280,093 | 290,423 | |
Gross unrealized gains | 1,285 | 835 | |
Gross unrealized losses | 1,113 | 3,220 | |
Fair value | $ 280,265 | $ 288,038 |
INVESTMENTS - Fair Value of AFS
INVESTMENTS - Fair Value of AFS Securities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair value | ||
Less than 12 months | $ 96,451 | $ 69,236 |
12 months or longer | 41,434 | 118,258 |
Total | 137,885 | 187,494 |
Gross unrealized losses | ||
Less than 12 months | 802 | 752 |
12 months or longer | 311 | 2,468 |
Total | 1,113 | 3,220 |
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Fair value | ||
Less than 12 months | 9,780 | 11,160 |
12 months or longer | 1,877 | 13,143 |
Total | 11,657 | 24,303 |
Gross unrealized losses | ||
Less than 12 months | 242 | 286 |
12 months or longer | 38 | 439 |
Total | 280 | 725 |
Mortgage-backed securities - Non-U.S. residential | ||
Fair value | ||
Less than 12 months | 208 | 284 |
12 months or longer | 1 | 2 |
Total | 209 | 286 |
Gross unrealized losses | ||
Less than 12 months | 0 | 2 |
12 months or longer | 0 | 0 |
Total | 0 | 2 |
Mortgage-backed securities - Commercial | ||
Fair value | ||
Less than 12 months | 16 | 79 |
12 months or longer | 27 | 82 |
Total | 43 | 161 |
Gross unrealized losses | ||
Less than 12 months | 0 | 1 |
12 months or longer | 0 | 1 |
Total | 0 | 2 |
Mortgage-backed securities | ||
Fair value | ||
Less than 12 months | 10,004 | 11,523 |
12 months or longer | 1,905 | 13,227 |
Total | 11,909 | 24,750 |
Gross unrealized losses | ||
Less than 12 months | 242 | 289 |
12 months or longer | 38 | 440 |
Total | 280 | 729 |
U.S. Treasury | ||
Fair value | ||
Less than 12 months | 45,484 | 8,389 |
12 months or longer | 26,907 | 77,883 |
Total | 72,391 | 86,272 |
Gross unrealized losses | ||
Less than 12 months | 248 | 42 |
12 months or longer | 132 | 1,297 |
Total | 380 | 1,339 |
Agency obligations | ||
Fair value | ||
Less than 12 months | 781 | 277 |
12 months or longer | 3,897 | 8,660 |
Total | 4,678 | 8,937 |
Gross unrealized losses | ||
Less than 12 months | 2 | 2 |
12 months or longer | 18 | 130 |
Total | 20 | 132 |
U.S. Treasury and federal agency securities | ||
Fair value | ||
Less than 12 months | 46,265 | 8,666 |
12 months or longer | 30,804 | 86,543 |
Total | 77,069 | 95,209 |
Gross unrealized losses | ||
Less than 12 months | 250 | 44 |
12 months or longer | 150 | 1,427 |
Total | 400 | 1,471 |
State and municipal securities | ||
Fair value | ||
Less than 12 months | 362 | 1,614 |
12 months or longer | 266 | 1,303 |
Total | 628 | 2,917 |
Gross unrealized losses | ||
Less than 12 months | 62 | 34 |
12 months or longer | 27 | 228 |
Total | 89 | 262 |
Foreign government | ||
Fair value | ||
Less than 12 months | 35,485 | 40,655 |
12 months or longer | 8,170 | 15,053 |
Total | 43,655 | 55,708 |
Gross unrealized losses | ||
Less than 12 months | 149 | 265 |
12 months or longer | 92 | 331 |
Total | 241 | 596 |
Corporate | ||
Fair value | ||
Less than 12 months | 2,916 | 4,547 |
12 months or longer | 123 | 2,077 |
Total | 3,039 | 6,624 |
Gross unrealized losses | ||
Less than 12 months | 98 | 115 |
12 months or longer | 3 | 42 |
Total | 101 | 157 |
Asset-backed securities | ||
Fair value | ||
Less than 12 months | 112 | 441 |
12 months or longer | 166 | 55 |
Total | 278 | 496 |
Gross unrealized losses | ||
Less than 12 months | 1 | 4 |
12 months or longer | 1 | 0 |
Total | 2 | 4 |
Other debt securities | ||
Fair value | ||
Less than 12 months | 1,307 | 1,790 |
12 months or longer | 0 | 0 |
Total | 1,307 | 1,790 |
Gross unrealized losses | ||
Less than 12 months | 0 | 1 |
12 months or longer | 0 | 0 |
Total | $ 0 | $ 1 |
INVESTMENTS - Fair Value of A_2
INVESTMENTS - Fair Value of AFS Debt Securities by Contractual Maturity Date (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 280,093 | $ 290,423 |
Total fair value | 280,265 | 288,038 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Due within 1 year, amortized cost | 20 | 14 |
After 1 but within 5 years, amortized cost | 573 | 662 |
After 5 but within 10 years, amortized cost | 594 | 2,779 |
After 10 years, amortized cost | 34,640 | 41,533 |
Amortized cost | 35,827 | 44,988 |
Due within 1 year, fair value | 20 | 14 |
After 1 but within 5 years, fair value | 574 | 661 |
After 5 but within 10 years, fair value | 626 | 2,828 |
After 10 Years,, fair value | 34,877 | 41,002 |
Total fair value | 36,097 | 44,505 |
U.S. Treasury and federal agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Due within 1 year, amortized cost | 40,757 | 41,941 |
After 1 but within 5 years, amortized cost | 70,128 | 76,139 |
After 5 but within 10 years, amortized cost | 854 | 489 |
After 10 years, amortized cost | 26 | 90 |
Amortized cost | 111,765 | 118,659 |
Due within 1 year, fair value | 40,688 | 41,867 |
After 1 but within 5 years, fair value | 69,850 | 74,800 |
After 5 but within 10 years, fair value | 851 | 462 |
After 10 Years,, fair value | 29 | 93 |
Total fair value | 111,418 | 117,222 |
State and municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Due within 1 year, amortized cost | 932 | 2,586 |
After 1 but within 5 years, amortized cost | 714 | 1,676 |
After 5 but within 10 years, amortized cost | 195 | 585 |
After 10 years, amortized cost | 3,183 | 4,525 |
Amortized cost | 5,024 | 9,372 |
Due within 1 year, fair value | 932 | 2,586 |
After 1 but within 5 years, fair value | 723 | 1,675 |
After 5 but within 10 years, fair value | 215 | 602 |
After 10 Years,, fair value | 3,108 | 4,343 |
Total fair value | 4,978 | 9,206 |
Foreign government | ||
Debt Securities, Available-for-sale [Line Items] | ||
Due within 1 year, amortized cost | 42,611 | 39,078 |
After 1 but within 5 years, amortized cost | 58,820 | 50,125 |
After 5 but within 10 years, amortized cost | 8,192 | 10,153 |
After 10 years, amortized cost | 1,335 | 1,516 |
Amortized cost | 110,958 | 100,872 |
Due within 1 year, fair value | 42,666 | 39,028 |
After 1 but within 5 years, fair value | 59,071 | 49,962 |
After 5 but within 10 years, fair value | 8,198 | 10,149 |
After 10 Years,, fair value | 1,368 | 1,552 |
Total fair value | 111,303 | 100,691 |
All other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Due within 1 year, amortized cost | 7,306 | 6,166 |
After 1 but within 5 years, amortized cost | 8,279 | 8,459 |
After 5 but within 10 years, amortized cost | 818 | 1,474 |
After 10 years, amortized cost | 116 | 433 |
Amortized cost | 16,519 | 16,532 |
Due within 1 year, fair value | 7,311 | 6,166 |
After 1 but within 5 years, fair value | 8,275 | 8,416 |
After 5 but within 10 years, fair value | 797 | 1,427 |
After 10 Years,, fair value | 86 | 405 |
Total fair value | $ 16,469 | $ 16,414 |
INVESTMENTS - Debt Securities H
INVESTMENTS - Debt Securities Held-to-Maturity (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Dec. 31, 2019 | Mar. 31, 2019 | Nov. 30, 2018 | Dec. 31, 2018 | |
Debt Securities Held-to-maturity | ||||
Carrying value | $ 80,775 | $ 63,357 | ||
Gross unrecognized gains | 1,557 | 386 | ||
Gross unrecognized losses | 109 | 853 | ||
Fair value | 82,223 | 62,890 | ||
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||||
Debt Securities Held-to-maturity | ||||
Carrying value | 46,637 | 34,239 | ||
Gross unrecognized gains | 1,047 | 199 | ||
Gross unrecognized losses | 21 | 578 | ||
Fair value | 47,663 | 33,860 | ||
Mortgage-backed securities - Non-U.S. residential | ||||
Debt Securities Held-to-maturity | ||||
Carrying value | 1,039 | 1,339 | ||
Gross unrecognized gains | 5 | 12 | ||
Gross unrecognized losses | 0 | 1 | ||
Fair value | 1,044 | 1,350 | ||
Mortgage-backed securities - Commercial | ||||
Debt Securities Held-to-maturity | ||||
Carrying value | 582 | 368 | ||
Gross unrecognized gains | 1 | 0 | ||
Gross unrecognized losses | 0 | 0 | ||
Fair value | 583 | 368 | ||
Mortgage-backed securities | ||||
Debt Securities Held-to-maturity | ||||
Carrying value | 48,258 | 35,946 | ||
Gross unrecognized gains | 1,053 | 211 | ||
Gross unrecognized losses | 21 | 579 | ||
Fair value | 49,290 | 35,578 | ||
Fair value of securities transferred from AFS to HTM | $ 5,000 | $ 10,000 | ||
Unrealized loss position of securities at time of transfer | $ 56 | $ 598 | ||
State and municipal securities | ||||
Debt Securities Held-to-maturity | ||||
Carrying value | 9,104 | 7,628 | ||
Gross unrecognized gains | 455 | 167 | ||
Gross unrecognized losses | 28 | 138 | ||
Fair value | 9,531 | 7,657 | ||
Fair value of securities transferred from AFS to HTM | 173 | |||
Bonds in unrealized gain position | 5 | |||
Foreign government | ||||
Debt Securities Held-to-maturity | ||||
Carrying value | 1,934 | 1,027 | ||
Gross unrecognized gains | 37 | 0 | ||
Gross unrecognized losses | 1 | 24 | ||
Fair value | 1,970 | 1,003 | ||
Asset-backed securities | ||||
Debt Securities Held-to-maturity | ||||
Carrying value | 21,479 | 18,756 | ||
Gross unrecognized gains | 12 | 8 | ||
Gross unrecognized losses | 59 | 112 | ||
Fair value | $ 21,432 | $ 18,652 |
INVESTMENTS - Debt Securities i
INVESTMENTS - Debt Securities in HTM in Unrecognized Loss Position (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair value | ||
Less than 12 months | $ 13,566 | $ 17,814 |
12 months or longer | 3,006 | 19,328 |
Total | 16,572 | 37,142 |
Gross unrecognized losses | ||
Less than 12 months | 23 | 190 |
12 months or longer | 86 | 663 |
Total | 109 | 853 |
Unrealized loss, other than temporary impairment, not credit loss, recorded in AOCI | (582) | (653) |
Mortgage-backed securities | ||
Fair value | ||
Less than 12 months | 3,590 | 2,822 |
12 months or longer | 1,116 | 18,086 |
Total | 4,706 | 20,908 |
Gross unrecognized losses | ||
Less than 12 months | 10 | 20 |
12 months or longer | 11 | 559 |
Total | 21 | 579 |
State and municipal securities | ||
Fair value | ||
Less than 12 months | 34 | 981 |
12 months or longer | 1,125 | 1,242 |
Total | 1,159 | 2,223 |
Gross unrecognized losses | ||
Less than 12 months | 1 | 34 |
12 months or longer | 27 | 104 |
Total | 28 | 138 |
Foreign government | ||
Fair value | ||
Less than 12 months | 1,970 | 1,003 |
12 months or longer | 0 | 0 |
Total | 1,970 | 1,003 |
Gross unrecognized losses | ||
Less than 12 months | 1 | 24 |
12 months or longer | 0 | 0 |
Total | 1 | 24 |
Asset-backed securities | ||
Fair value | ||
Less than 12 months | 7,972 | 13,008 |
12 months or longer | 765 | 0 |
Total | 8,737 | 13,008 |
Gross unrecognized losses | ||
Less than 12 months | 11 | 112 |
12 months or longer | 48 | 0 |
Total | $ 59 | $ 112 |
INVESTMENTS - Carrying Value an
INVESTMENTS - Carrying Value and Fair Value of HTM Debt Securities by Contractual Maturity Dates (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Carrying value | $ 80,775 | $ 63,357 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Fair value | 82,223 | 62,890 |
Mortgage-backed securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 17 | 3 |
After 1 but within 5 years, carrying value | 458 | 539 |
After 5 but within 10 years, carrying value | 1,662 | 997 |
After 10 years, carrying value | 46,121 | 34,407 |
Carrying value | 48,258 | 35,946 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 17 | 3 |
After 1 but within 5 years, fair value | 463 | 540 |
After 5 but within 10 years, fair value | 1,729 | 1,011 |
After 10 years, fair value | 47,081 | 34,024 |
Fair value | 49,290 | 35,578 |
State and municipal securities | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 2 | 37 |
After 1 but within 5 years, carrying value | 123 | 168 |
After 5 but within 10 years, carrying value | 597 | 540 |
After 10 years, carrying value | 8,382 | 6,883 |
Carrying value | 9,104 | 7,628 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 26 | 37 |
After 1 but within 5 years, fair value | 160 | 174 |
After 5 but within 10 years, fair value | 590 | 544 |
After 10 years, fair value | 8,755 | 6,902 |
Fair value | 9,531 | 7,657 |
Foreign government | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount; | ||
Due within 1 year, carrying value | 650 | 60 |
After 1 but within 5 years, carrying value | 1,284 | 967 |
After 5 but within 10 years, carrying value | 0 | 0 |
After 10 years, carrying value | 0 | 0 |
Carrying value | 1,934 | 1,027 |
Held-to-maturity Securities, Debt Maturities, Fair Value; | ||
Due within 1 year, fair value | 652 | 36 |
After 1 but within 5 years, fair value | 1,318 | 967 |
After 5 but within 10 years, fair value | 0 | 0 |
After 10 years, fair value | 0 | 0 |
Fair value | 1,970 | 1,003 |
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 | 8,545 | 2,535 |
After 10 years, carrying value | 12,934 | 16,221 |
Carrying value | 21,479 | 18,756 |
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 | 8,543 | 2,539 |
After 10 years, fair value | 12,889 | 16,113 |
Fair value | $ 21,432 | $ 18,652 |
INVESTMENTS - Mortgage-backed S
INVESTMENTS - Mortgage-backed Securities (Details) - Default rate | Dec. 31, 2019 |
30-59 day delinquent loans | |
Key assumptions for mortgage-backed securities | |
Mortgage-backed securities | 0.25 |
60-90 day deliquent loans | |
Key assumptions for mortgage-backed securities | |
Mortgage-backed securities | 0.70 |
91+ day deliquent loans | |
Key assumptions for mortgage-backed securities | |
Mortgage-backed securities | 1 |
Current loans | |
Key assumptions for mortgage-backed securities | |
Mortgage-backed securities | 0.10 |
INVESTMENTS - Recognition and M
INVESTMENTS - Recognition and Measurement of OTTI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OTTI on Investments disclosures | |||
Total OTTI losses recognized during the period | $ 2 | $ 0 | $ 2 |
Less: portion of impairment loss recognized in AOCI (before taxes) | 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 | 2 | 0 | 2 |
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 | 21 | 125 | 61 |
Total OTTI losses recognized in earnings | 23 | 125 | 63 |
Debt securities available-for-sale (AFS) | |||
OTTI on Investments disclosures | |||
Total OTTI losses recognized during the period | 1 | 0 | 2 |
Less: portion of impairment loss recognized in AOCI (before taxes) | 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 | 1 | 0 | 2 |
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 | 20 | 125 | 59 |
Total OTTI losses recognized in earnings | 21 | 125 | 61 |
Held-to-maturity Securities | |||
OTTI on Investments disclosures | |||
Total OTTI losses recognized during the period | 0 | 0 | 0 |
Less: portion of impairment loss recognized in AOCI (before taxes) | 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 |
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 | 2 |
Total OTTI losses recognized in earnings | 0 | 0 | 2 |
Other assets | |||
OTTI on Investments disclosures | |||
Total OTTI losses recognized during the period | 1 | 0 | 0 |
Less: portion of impairment loss recognized in AOCI (before taxes) | 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 | 1 | 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 | 1 | 0 | 0 |
Total OTTI losses recognized in earnings | $ 2 | $ 0 | $ 0 |
INVESTMENTS - Cumulative OTTI C
INVESTMENTS - Cumulative OTTI Credit Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | |||
Available-for-sale debt securities | $ 280,265 | $ 288,038 | |
Held-to-maturity securities | (80,775) | (63,357) | |
Mortgage-backed securities | |||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | |||
Cumulative OTTI reclassified from HTM to AFS | 18 | ||
Available-for-sale debt securities | 36,097 | 44,505 | |
Held-to-maturity securities | (48,258) | (35,946) | |
State and municipal securities | |||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | |||
Available-for-sale debt securities | 4,978 | 9,206 | |
Held-to-maturity securities | (9,104) | (7,628) | |
Corporate | |||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | |||
Available-for-sale debt securities | 11,217 | 11,599 | |
Other debt securities | |||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | |||
Available-for-sale debt securities | 4,730 | 3,972 | |
AFS debt securities | |||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | |||
Balance at beginning of period | 5 | 48 | |
Credit impairments recognized in earnings on securities not previously impaired | 1 | 0 | |
Credit impairments recognized in earnings on securities that have been previously impaired | 4 | 0 | |
Reductions due to credit-impaired securities sold, transferred or matured | 0 | (43) | |
Balance at end of period | 10 | 5 | |
AFS debt securities | Mortgage-backed securities | |||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | |||
Balance at beginning of period | 1 | 38 | |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | |
Reductions due to credit-impaired securities sold, transferred or matured | 0 | (37) | |
Balance at end of period | 1 | 1 | |
AFS debt securities | State and municipal securities | |||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | |||
Balance at beginning of period | 0 | 4 | |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | |
Credit impairments recognized in earnings on securities that have been previously impaired | 4 | 0 | |
Reductions due to credit-impaired securities sold, transferred or matured | 0 | (4) | |
Balance at end of period | 4 | 0 | |
AFS debt securities | Corporate | |||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | |||
Balance at beginning of period | 4 | 4 | |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | |
Reductions due to credit-impaired securities sold, transferred or matured | 0 | 0 | |
Balance at end of period | 4 | 4 | |
AFS debt securities | Other debt securities | |||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | |||
Balance at beginning of period | 0 | 2 | |
Credit impairments recognized in earnings on securities not previously impaired | 1 | 0 | |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | |
Reductions due to credit-impaired securities sold, transferred or matured | 0 | (2) | |
Balance at end of period | 1 | 0 | |
HTM debt securities | |||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | |||
Balance at beginning of period | 3 | 57 | |
Credit impairments recognized in earnings on securities not previously impaired | 0 | 0 | |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | |
Reductions due to credit-impaired securities sold, transferred or matured | 0 | (54) | |
Balance at end of period | 3 | 3 | |
HTM debt securities | Mortgage-backed securities | |||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | |||
Balance at beginning of period | 0 | 54 | |
Credit impairments recognized in earnings on securities not previously impaired | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | ||
Reductions due to credit-impaired securities sold, transferred or matured | (54) | ||
Balance at end of period | 0 | ||
HTM debt securities | State and municipal securities | |||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | |||
Balance at beginning of period | 3 | ||
Credit impairments recognized in earnings on securities not previously impaired | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | ||
Reductions due to credit-impaired securities sold, transferred or matured | 0 | ||
Balance at end of period | 3 | 3 | |
HTM debt securities | Corporate | |||
Schedule of other-than-temporary impairment, credit losses recognized in earnings, roll forward | |||
Balance at beginning of period | $ 3 | 3 | |
Credit impairments recognized in earnings on securities not previously impaired | 0 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | ||
Reductions due to credit-impaired securities sold, transferred or matured | 0 | ||
Balance at end of period | $ 3 | ||
ASU 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) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Equity Securities without Readily Determinable Fair Value, Annual Amount [Abstract] | ||
Measurement alternative - carrying value | $ 700,000,000 | $ 538,000,000 |
Measurement alternative - impairment losses | 9,000,000 | 7,000,000 |
Measurement alternative - downward changes for observable prices | 16,000,000 | 18,000,000 |
Measurement alternative - upward changes for observable prices | 123,000,000 | 219,000,000 |
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount [Abstract] | ||
Measurement alternative - impairment losses | 16,000,000 | |
Measurement alternative - downward changes for observable prices | 34,000,000 | |
Measurement alternative - upward changes for observable prices | 342,000,000 | |
Impairment loss recognized in earnings for non-marketable equity securities carried at cost | $ 0 | $ 0 |
INVESTMENTS - Alternative Inves
INVESTMENTS - Alternative Investment Funds (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | $ 80 | $ 81 |
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 | 18 | 19 |
Mutual/collective investment funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, unfunded commitments | 0 | 0 |
Fair Value Measured at Net Asset Value Per Share | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 170 | 207 |
Fair Value Measured at Net Asset Value Per Share | Private equity | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 134 | 168 |
Fair Value Measured at Net Asset Value Per Share | Real estate funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | 10 | 14 |
Fair Value Measured at Net Asset Value Per Share | Mutual/collective investment funds | ||
Investments in Alternative Investment Funds | ||
Alternative investment funds, fair value | $ 26 | $ 25 |
LOANS - Consumer Loan Delinquen
LOANS - Consumer Loan Delinquency and Non-Accruals (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)paymentre-agingcategory | Dec. 31, 2018USD ($) | |
Loans receivable | ||
Number of loan categories | category | 2 | |
Age modifications limitations in twelve months | re-aging | 1 | |
Age modifications limitations in five years | re-aging | 2 | |
Loans, net of unearned income | $ 699,483 | $ 684,196 |
Loans at fair value | $ 4,085 | 3,223 |
Open-ended consumer loans | ||
Loans receivable | ||
Minimum number of payments made consecutively for the loans to be re-aged | payment | 3 | |
Consumer | ||
Loans receivable | ||
Number of days past due, non-accrual status | 60 days | |
Loans, current | $ 302,803 | 295,416 |
Loans, net of unearned income | 309,548 | 302,360 |
Loans, total non-accrual | 1,816 | 2,026 |
Total loans past due and accruing | $ 2,457 | 2,548 |
Loans less than this number of days past due are considered current | 30 days | |
Unearned income related to consumer loans | $ 783 | 742 |
Loans sold and/or reclassified to held-for-sale | $ 2,900 | 3,200 |
Consumer | Minimum | ||
Loans receivable | ||
Minimum number of payments made consecutively for the loans to be re-aged | payment | 1 | |
Consumer | Maximum | ||
Loans receivable | ||
Minimum number of payments made consecutively for the loans to be re-aged | payment | 3 | |
Consumer | Less than or equal to 80% | ||
Loans receivable | ||
Loans | $ 49,639 | 51,844 |
Consumer | Greater than 80% but less than or equal to 100% | ||
Loans receivable | ||
Loans | 4,121 | 3,761 |
Consumer | Greater than 100% | ||
Loans receivable | ||
Loans | 333 | 587 |
Consumer | Less than 680 | ||
Loans receivable | ||
Loans | 39,337 | 40,279 |
Consumer | 680 to 760 | ||
Loans receivable | ||
Loans | 77,096 | 77,963 |
Consumer | Greater than 760 | ||
Loans receivable | ||
Loans | 86,273 | 83,437 |
Consumer | Past due government-guaranteed | ||
Loans receivable | ||
Loans, past due | 434 | 786 |
Consumer | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 3,296 | 3,226 |
Consumer | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | $ 3,015 | 2,932 |
Consumer | Mortgage loans other than federal housing administration-insured loans | ||
Loans receivable | ||
Number of days past due, non-accrual status | 60 days | |
Consumer | Open-ended consumer loans | ||
Loans receivable | ||
Age modifications limitations in twelve months | re-aging | 1 | |
Age modifications limitations in five years | re-aging | 2 | |
Consumer | Residential first mortgages | ||
Loans receivable | ||
Number of days past due, non-accrual status | 90 days | |
Loans at fair value | $ 18 | 20 |
Consumer | Residential first mortgages | Less than or equal to 80% | ||
Loans receivable | ||
Loans | 41,705 | 42,379 |
Consumer | Residential first mortgages | Greater than 80% but less than or equal to 100% | ||
Loans receivable | ||
Loans | 3,302 | 2,474 |
Consumer | Residential first mortgages | Greater than 100% | ||
Loans receivable | ||
Loans | 98 | 197 |
Consumer | Residential first mortgages | Less than 680 | ||
Loans receivable | ||
Loans | 3,602 | 4,530 |
Consumer | Residential first mortgages | 680 to 760 | ||
Loans receivable | ||
Loans | 13,178 | 13,848 |
Consumer | Residential first mortgages | Greater than 760 | ||
Loans receivable | ||
Loans | $ 28,235 | 26,546 |
Consumer | Home equity loans | ||
Loans receivable | ||
Number of days past due, non-accrual status | 90 days | |
Consumer | Home equity loans | Less than or equal to 80% | ||
Loans receivable | ||
Loans | $ 7,934 | 9,465 |
Consumer | Home equity loans | Greater than 80% but less than or equal to 100% | ||
Loans receivable | ||
Loans | 819 | 1,287 |
Consumer | Home equity loans | Greater than 100% | ||
Loans receivable | ||
Loans | 235 | 390 |
Consumer | Home equity loans | Less than 680 | ||
Loans receivable | ||
Loans | 1,881 | 2,438 |
Consumer | Home equity loans | 680 to 760 | ||
Loans receivable | ||
Loans | 3,475 | 4,296 |
Consumer | Home equity loans | Greater than 760 | ||
Loans receivable | ||
Loans | $ 3,630 | 4,471 |
Consumer | Credit cards | ||
Loans receivable | ||
Number of days past due, non-accrual status | 180 days | |
Consumer | Credit cards | Less than 680 | ||
Loans receivable | ||
Loans | $ 33,290 | 32,686 |
Consumer | Credit cards | 680 to 760 | ||
Loans receivable | ||
Loans | 59,536 | 58,722 |
Consumer | Credit cards | Greater than 760 | ||
Loans receivable | ||
Loans | $ 52,935 | 51,299 |
Consumer | Personal, small business and other | ||
Loans receivable | ||
Number of days past due, non-accrual status | 90 days | |
Consumer | Personal, small business and other | Less than 680 | ||
Loans receivable | ||
Loans | $ 564 | 625 |
Consumer | Personal, small business and other | 680 to 760 | ||
Loans receivable | ||
Loans | 907 | 1,097 |
Consumer | Personal, small business and other | Greater than 760 | ||
Loans receivable | ||
Loans | $ 1,473 | 1,121 |
Consumer | Unsecured Revolving Loans | ||
Loans receivable | ||
Number of days past due, non-accrual status | 180 days | |
Consumer | In North America offices | ||
Loans receivable | ||
Loans, current | $ 203,920 | 202,162 |
Loans, net of unearned income | 209,093 | 207,543 |
Loans, total non-accrual | 905 | 1,138 |
Total loans past due and accruing | 2,215 | 2,313 |
Consumer | In North America offices | Past due government-guaranteed | ||
Loans receivable | ||
Loans, past due | 434 | 786 |
Consumer | In North America offices | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 2,388 | 2,314 |
Consumer | In North America offices | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 2,351 | 2,281 |
Consumer | In North America offices | Residential first mortgages | ||
Loans receivable | ||
Loans, current | 45,942 | 45,953 |
Loans, net of unearned income | 47,008 | 47,412 |
Loans, total non-accrual | 479 | 583 |
Total loans past due and accruing | 288 | 549 |
Residential first mortgage loans in process of foreclosure | 100 | 100 |
Consumer | In North America offices | Residential first mortgages | Past due government-guaranteed | ||
Loans receivable | ||
Loans, past due | 434 | 786 |
Consumer | In North America offices | Residential first mortgages | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 411 | 420 |
Consumer | In North America offices | Residential first mortgages | 30 to 89 Days Past Due | Past due government-guaranteed | ||
Loans receivable | ||
Loans, past due | 100 | 200 |
Consumer | In North America offices | Residential first mortgages | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 221 | 253 |
Consumer | In North America offices | Residential first mortgages | Equal to greater than 90 days past due | Past due government-guaranteed | ||
Loans receivable | ||
Loans, past due | 300 | 600 |
Consumer | In North America offices | Home equity loans | ||
Loans receivable | ||
Loans, current | 8,860 | 11,135 |
Loans, net of unearned income | 9,223 | 11,543 |
Loans, total non-accrual | 405 | 527 |
Total loans past due and accruing | 0 | 0 |
Home equity loans in process of foreclosure | 100 | 100 |
Consumer | In North America offices | Home equity loans | Past due government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In North America offices | Home equity loans | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 174 | 161 |
Consumer | In North America offices | Home equity loans | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 189 | 247 |
Consumer | In North America offices | Credit cards | ||
Loans receivable | ||
Loans, current | 145,477 | 141,091 |
Loans, net of unearned income | 149,163 | 144,542 |
Loans, total non-accrual | 0 | 0 |
Total loans past due and accruing | 1,927 | 1,764 |
Consumer | In North America offices | Credit cards | Past due government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In North America offices | Credit cards | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 1,759 | 1,687 |
Consumer | In North America offices | Credit cards | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 1,927 | 1,764 |
Consumer | In North America offices | Personal, small business and other | ||
Loans receivable | ||
Loans, current | 3,641 | 3,983 |
Loans, net of unearned income | 3,699 | 4,046 |
Loans, total non-accrual | 21 | 28 |
Total loans past due and accruing | 0 | 0 |
Consumer | In North America offices | Personal, small business and other | Past due government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In North America offices | Personal, small business and other | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 44 | 46 |
Consumer | In North America offices | Personal, small business and other | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 14 | 17 |
Consumer | In offices outside North America | ||
Loans receivable | ||
Loans, current | 98,883 | 93,254 |
Loans, net of unearned income | 100,455 | 94,817 |
Loans, total non-accrual | 911 | 888 |
Total loans past due and accruing | 242 | 235 |
Consumer | In offices outside North America | Past due government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 908 | 912 |
Consumer | In offices outside North America | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 664 | 651 |
Consumer | In offices outside North America | Residential first mortgages | ||
Loans receivable | ||
Loans, current | 37,316 | 35,624 |
Loans, net of unearned income | 37,686 | 35,972 |
Loans, total non-accrual | 421 | 383 |
Total loans past due and accruing | 0 | 0 |
Consumer | In offices outside North America | Residential first mortgages | Past due government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Residential first mortgages | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 210 | 203 |
Consumer | In offices outside North America | Residential first mortgages | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 160 | 145 |
Consumer | In offices outside North America | Credit cards | ||
Loans receivable | ||
Loans, current | 25,111 | 24,156 |
Loans, net of unearned income | 25,909 | 24,951 |
Loans, total non-accrual | 310 | 312 |
Total loans past due and accruing | 242 | 235 |
Consumer | In offices outside North America | Credit cards | Past due government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Credit cards | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 426 | 425 |
Consumer | In offices outside North America | Credit cards | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | 372 | 370 |
Consumer | In offices outside North America | Personal, small business and other | ||
Loans receivable | ||
Loans, current | 36,456 | 33,474 |
Loans, net of unearned income | 36,860 | 33,894 |
Loans, total non-accrual | 180 | 193 |
Total loans past due and accruing | 0 | 0 |
Consumer | In offices outside North America | Personal, small business and other | Past due government-guaranteed | ||
Loans receivable | ||
Loans, past due | 0 | 0 |
Consumer | In offices outside North America | Personal, small business and other | 30 to 89 Days Past Due | ||
Loans receivable | ||
Loans, past due | 272 | 284 |
Consumer | In offices outside North America | Personal, small business and other | Equal to greater than 90 days past due | ||
Loans receivable | ||
Loans, past due | $ 132 | $ 136 |
LOANS - Impaired Consumer Loans
LOANS - Impaired Consumer Loans (Details) - Consumer $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)Q | Dec. 31, 2018USD ($)Q | Dec. 31, 2017USD ($) | |
Financing receivable impaired | |||
Recorded investment | $ 4,892 | $ 5,084 | |
Unpaid principal balance | 5,688 | 5,783 | |
Related specific allowance | 1,190 | 1,116 | |
Average carrying value | 5,206 | 5,496 | |
Interest income recognized | $ 227 | $ 220 | $ 342 |
Number of quarters used to calculate the average recorded investment balance | Q | 4 | 4 | |
Residential first mortgages | |||
Financing receivable impaired | |||
Recorded investment | $ 1,666 | $ 2,130 | |
Unpaid principal balance | 1,838 | 2,329 | |
Related specific allowance | 161 | 178 | |
Average carrying value | 1,925 | 2,483 | |
Interest income recognized | 60 | 81 | |
Recorded investment, impaired financing receivable without specific allowance | 405 | 484 | |
Home equity loans | |||
Financing receivable impaired | |||
Recorded investment | 592 | 684 | |
Unpaid principal balance | 824 | 946 | |
Related specific allowance | 123 | 122 | |
Average carrying value | 637 | 698 | |
Interest income recognized | 9 | 12 | |
Recorded investment, impaired financing receivable without specific allowance | 212 | 263 | |
Credit cards | |||
Financing receivable impaired | |||
Recorded investment | 1,931 | 1,818 | |
Unpaid principal balance | 2,288 | 1,842 | |
Related specific allowance | 771 | 677 | |
Average carrying value | 1,890 | 1,815 | |
Interest income recognized | 103 | 105 | |
Personal, small business and other | |||
Financing receivable impaired | |||
Recorded investment | 703 | 452 | |
Unpaid principal balance | 738 | 666 | |
Related specific allowance | 135 | 139 | |
Average carrying value | 754 | 500 | |
Interest income recognized | $ 55 | $ 22 |
LOANS - Consumer Troubled Debt
LOANS - Consumer Troubled Debt Restructurings (Details) - Consumer $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
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 | |
Home equity loans | ||
Loans receivable | ||
Number of days past due, non-accrual status | 90 days | |
Credit cards | ||
Loans receivable | ||
Number of days past due, non-accrual status | 180 days | |
Personal, small business and other | ||
Loans receivable | ||
Number of days past due, non-accrual status | 90 days | |
In North America offices | ||
Loans receivable | ||
Number of loans modified | loan | 272,336 | 248,002 |
Post-modification recorded investment | $ 1,431 | $ 1,420 |
Loans in default | $ 405 | $ 404 |
In North America offices | Residential first mortgages | ||
Loans receivable | ||
Number of loans modified | loan | 1,122 | 2,019 |
Post-modification recorded investment | $ 172 | $ 300 |
Average interest rate reduction (as a percent) | 0.00% | 0.00% |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 19 | $ 38 |
Loans in default | 85 | 136 |
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 | $ 11 | $ 27 |
In North America offices | Home equity loans | ||
Loans receivable | ||
Number of loans modified | loan | 717 | 1,381 |
Post-modification recorded investment | $ 79 | $ 130 |
Average interest rate reduction (as a percent) | 1.00% | 1.00% |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 7 | $ 12 |
Loans in default | 15 | 23 |
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 | $ 6 | $ 10 |
In North America offices | Credit cards | ||
Loans receivable | ||
Number of loans modified | loan | 268,778 | 243,253 |
Post-modification recorded investment | $ 1,165 | $ 978 |
Average interest rate reduction (as a percent) | 17.00% | 18.00% |
Loans in default | $ 301 | $ 241 |
In North America offices | Personal, small business and other | ||
Loans receivable | ||
Number of loans modified | loan | 1,719 | 1,349 |
Post-modification recorded investment | $ 15 | $ 12 |
Average interest rate reduction (as a percent) | 5.00% | 4.00% |
Loans in default | $ 4 | $ 4 |
In offices outside the U.S. | ||
Loans receivable | ||
Number of loans modified | loan | 103,965 | 111,244 |
Post-modification recorded investment | $ 566 | $ 624 |
Loans in default | $ 229 | $ 287 |
In offices outside the U.S. | Residential first mortgages | ||
Loans receivable | ||
Number of loans modified | loan | 2,448 | 2,572 |
Post-modification recorded investment | $ 74 | $ 85 |
Average interest rate reduction (as a percent) | 0.00% | 0.00% |
Loans in default | $ 13 | $ 9 |
In offices outside the U.S. | Credit cards | ||
Loans receivable | ||
Number of loans modified | loan | 72,325 | 77,823 |
Post-modification recorded investment | $ 288 | $ 323 |
Average interest rate reduction (as a percent) | 17.00% | 16.00% |
Loans in default | $ 142 | $ 198 |
In offices outside the U.S. | Personal, small business and other | ||
Loans receivable | ||
Number of loans modified | loan | 29,192 | 30,849 |
Post-modification recorded investment | $ 204 | $ 216 |
Average interest rate reduction (as a percent) | 9.00% | 9.00% |
Loans in default | $ 74 | $ 80 |
Deferred principal | In North America offices | ||
Loans receivable | ||
Post-modification recorded investment | 3 | 7 |
Deferred principal | In North America offices | Residential first mortgages | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 2 |
Deferred principal | In North America offices | Home equity loans | ||
Loans receivable | ||
Post-modification recorded investment | 3 | 5 |
Deferred principal | In North America offices | Credit cards | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In North America offices | Personal, small business and other | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In offices outside the U.S. | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In offices outside the U.S. | Residential first mortgages | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In offices outside the U.S. | Credit cards | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In offices outside the U.S. | Personal, small business and other | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In North America offices | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In North America offices | Residential first mortgages | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In North America offices | Home equity loans | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In North America offices | Credit cards | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In North America offices | Personal, small business and other | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In offices outside the U.S. | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In offices outside the U.S. | Residential first mortgages | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In offices outside the U.S. | Credit cards | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Contingent principal forgiveness | In offices outside the U.S. | Personal, small business and other | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In North America offices | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In North America offices | Residential first mortgages | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In North America offices | Home equity loans | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In North America offices | Credit cards | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In North America offices | Personal, small business and other | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In offices outside the U.S. | ||
Loans receivable | ||
Post-modification recorded investment | 16 | 16 |
Principal forgiveness | In offices outside the U.S. | Residential first mortgages | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Principal forgiveness | In offices outside the U.S. | Credit cards | ||
Loans receivable | ||
Post-modification recorded investment | 10 | 9 |
Principal forgiveness | In offices outside the U.S. | Personal, small business and other | ||
Loans receivable | ||
Post-modification recorded investment | $ 6 | $ 7 |
LOANS - Corporate Loans (Detail
LOANS - Corporate Loans (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loans | ||
Loans, net of unearned income | $ 699,483 | $ 684,196 |
Corporate | ||
Loans | ||
Loans, net of unearned income | 389,935 | 381,836 |
Unearned income | (814) | (855) |
Loans sold and/or reclassified to held-for-sale | 2,600 | 1,000 |
Corporate | Commercial and industrial | ||
Loans | ||
Loans, net of unearned income | 166,846 | 174,890 |
Corporate | Financial institutions | ||
Loans | ||
Loans, net of unearned income | 91,852 | 85,284 |
Corporate | Mortgage and real estate | ||
Loans | ||
Loans, net of unearned income | 63,151 | 57,500 |
Corporate | Lease financing | ||
Loans | ||
Loans, net of unearned income | 1,385 | 1,532 |
In U.S. offices | Corporate | ||
Loans | ||
Total loans | 195,750 | 193,286 |
In U.S. offices | Corporate | Commercial and industrial | ||
Loans | ||
Total loans | 55,929 | 60,861 |
In U.S. offices | Corporate | Financial institutions | ||
Loans | ||
Total loans | 53,922 | 48,447 |
In U.S. offices | Corporate | Mortgage and real estate | ||
Loans | ||
Total loans | 53,371 | 50,124 |
In U.S. offices | Corporate | Installment, revolving credit and other | ||
Loans | ||
Total loans | 31,238 | 32,425 |
In U.S. offices | Corporate | Lease financing | ||
Loans | ||
Total loans | 1,290 | 1,429 |
In offices outside the U.S. | Corporate | ||
Loans | ||
Total loans | 194,185 | 188,550 |
In offices outside the U.S. | Corporate | Commercial and industrial | ||
Loans | ||
Total loans | 112,668 | 114,029 |
In offices outside the U.S. | Corporate | Financial institutions | ||
Loans | ||
Total loans | 40,211 | 36,837 |
In offices outside the U.S. | Corporate | Mortgage and real estate | ||
Loans | ||
Total loans | 9,780 | 7,376 |
In offices outside the U.S. | Corporate | Installment, revolving credit and other | ||
Loans | ||
Total loans | 27,303 | 25,685 |
In offices outside the U.S. | Corporate | Lease financing | ||
Loans | ||
Total loans | 95 | 103 |
In offices outside the U.S. | Corporate | Government and official institutions | ||
Loans | ||
Total loans | $ 4,128 | $ 4,520 |
LOANS - Corporate Lease Financi
LOANS - Corporate Lease Financing (Details) - Corporate - USD ($) $ in Billions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2019 | |
Lessor, Lease, Description [Line Items] | ||
Direct financing and leveraged assets, financing receivable | $ 1.4 | |
Direct financing and leveraged assets, weighted average remaining lease term | 3 years 6 months | |
Direct financing and leveraged assets, residual value of leased assets | 0.9 | |
Amount covered by residual value guarantees | $ 0.3 |
LOANS - Corporate Loan Delinque
LOANS - Corporate Loan Delinquency and Non-Accruals (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loans receivable | ||
Loans, net of unearned income | $ 699,483 | $ 684,196 |
Loans at fair value | $ 4,085 | 3,223 |
Corporate | ||
Loans receivable | ||
Number of days past due, non-accrual status | 90 days | |
Number of days past due for reversal of accrued interest and charging to earnings | 90 days | |
Total loans past due and accruing | $ 2,380 | 959 |
Loans, total non-accrual | 2,188 | 1,511 |
Loans, total current | 381,300 | 376,163 |
Loans, net of unearned income | 389,935 | 381,836 |
Loans at fair value | $ 4,067 | 3,203 |
Loans less than this number of days past due are considered current | 30 days | |
Corporate | Commercial and industrial | ||
Loans receivable | ||
Total loans past due and accruing | $ 769 | 514 |
Loans, total non-accrual | 1,828 | 1,119 |
Loans, total current | 164,249 | 173,257 |
Loans, net of unearned income | 166,846 | 174,890 |
Corporate | Financial institutions | ||
Loans receivable | ||
Total loans past due and accruing | 794 | 94 |
Loans, total non-accrual | 50 | 102 |
Loans, total current | 91,008 | 85,088 |
Loans, net of unearned income | 91,852 | 85,284 |
Corporate | Mortgage and real estate | ||
Loans receivable | ||
Total loans past due and accruing | 538 | 133 |
Loans, total non-accrual | 188 | 215 |
Loans, total current | 62,425 | 57,152 |
Loans, net of unearned income | 63,151 | 57,500 |
Corporate | Leases | ||
Loans receivable | ||
Total loans past due and accruing | 67 | 15 |
Loans, total non-accrual | 41 | 0 |
Loans, total current | 1,277 | 1,517 |
Loans, net of unearned income | 1,385 | 1,532 |
Corporate | Other | ||
Loans receivable | ||
Total loans past due and accruing | 212 | 203 |
Loans, total non-accrual | 81 | 75 |
Loans, total current | 62,341 | 59,149 |
Loans, net of unearned income | 62,634 | 59,427 |
30 to 89 Days Past Due | Corporate | ||
Loans receivable | ||
Total loans past due and accruing | 2,249 | 774 |
30 to 89 Days Past Due | Corporate | Commercial and industrial | ||
Loans receivable | ||
Total loans past due and accruing | 676 | 403 |
30 to 89 Days Past Due | Corporate | Financial institutions | ||
Loans receivable | ||
Total loans past due and accruing | 791 | 87 |
30 to 89 Days Past Due | Corporate | Mortgage and real estate | ||
Loans receivable | ||
Total loans past due and accruing | 534 | 128 |
30 to 89 Days Past Due | Corporate | Leases | ||
Loans receivable | ||
Total loans past due and accruing | 58 | 5 |
30 to 89 Days Past Due | Corporate | Other | ||
Loans receivable | ||
Total loans past due and accruing | 190 | 151 |
Equal to greater than 90 days past due | Corporate | ||
Loans receivable | ||
Total loans past due and accruing | 131 | 185 |
Equal to greater than 90 days past due | Corporate | Commercial and industrial | ||
Loans receivable | ||
Total loans past due and accruing | 93 | 111 |
Equal to greater than 90 days past due | Corporate | Financial institutions | ||
Loans receivable | ||
Total loans past due and accruing | 3 | 7 |
Equal to greater than 90 days past due | Corporate | Mortgage and real estate | ||
Loans receivable | ||
Total loans past due and accruing | 4 | 5 |
Equal to greater than 90 days past due | Corporate | Leases | ||
Loans receivable | ||
Total loans past due and accruing | 9 | 10 |
Equal to greater than 90 days past due | Corporate | Other | ||
Loans receivable | ||
Total loans past due and accruing | $ 22 | $ 52 |
LOANS - Corporate Loans Credit
LOANS - Corporate Loans Credit Quality Indicators (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Loans receivable | ||
Loans, net of unearned income | $ 699,483 | $ 684,196 |
Loans at fair value | 4,085 | 3,223 |
Corporate | ||
Loans receivable | ||
Loans, net of unearned income | 389,935 | 381,836 |
Loans, total non-accrual | 2,188 | 1,511 |
Loans at fair value | 4,067 | 3,203 |
Corporate | Commercial and industrial | ||
Loans receivable | ||
Loans, net of unearned income | 166,846 | 174,890 |
Loans, total non-accrual | 1,828 | 1,119 |
Corporate | Financial institutions | ||
Loans receivable | ||
Loans, net of unearned income | 91,852 | 85,284 |
Loans, total non-accrual | 50 | 102 |
Corporate | Mortgage and real estate | ||
Loans receivable | ||
Loans, net of unearned income | 63,151 | 57,500 |
Loans, total non-accrual | 188 | 215 |
Corporate | Lease financing | ||
Loans receivable | ||
Loans, net of unearned income | 1,385 | 1,532 |
Loans, total non-accrual | 41 | 0 |
Corporate | Other | ||
Loans receivable | ||
Loans, net of unearned income | 62,634 | 59,427 |
Loans, total non-accrual | 81 | 75 |
Corporate | Private Banking loans managed on a delinquency basis | ||
Loans receivable | ||
Loans, net of unearned income | 31,590 | 27,656 |
Corporate | Investment Grade | ||
Loans receivable | ||
Loans, net of unearned income | 277,056 | 274,208 |
Corporate | Investment Grade | Commercial and industrial | ||
Loans receivable | ||
Loans, net of unearned income | 110,797 | 113,925 |
Corporate | Investment Grade | Financial institutions | ||
Loans receivable | ||
Loans, net of unearned income | 80,533 | 73,533 |
Corporate | Investment Grade | Mortgage and real estate | ||
Loans receivable | ||
Loans, net of unearned income | 27,571 | 26,799 |
Corporate | Investment Grade | Lease financing | ||
Loans receivable | ||
Loans, net of unearned income | 816 | 1,035 |
Corporate | Investment Grade | Other | ||
Loans receivable | ||
Loans, net of unearned income | 57,339 | 58,916 |
Corporate | Non-Investment Grade | ||
Loans receivable | ||
Loans, net of unearned income | 77,222 | 76,769 |
Corporate | Non-Investment Grade | Commercial and industrial | ||
Loans receivable | ||
Loans, net of unearned income | 54,220 | 53,942 |
Loans, total non-accrual | 1,828 | 1,119 |
Corporate | Non-Investment Grade | Financial institutions | ||
Loans receivable | ||
Loans, net of unearned income | 11,269 | 10,866 |
Loans, total non-accrual | 50 | 102 |
Corporate | Non-Investment Grade | Mortgage and real estate | ||
Loans receivable | ||
Loans, net of unearned income | 3,811 | 4,200 |
Loans, total non-accrual | 188 | 215 |
Corporate | Non-Investment Grade | Lease financing | ||
Loans receivable | ||
Loans, net of unearned income | 528 | 497 |
Loans, total non-accrual | 41 | 0 |
Corporate | Non-Investment Grade | Other | ||
Loans receivable | ||
Loans, net of unearned income | 5,206 | 5,753 |
Loans, total non-accrual | $ 81 | $ 75 |
LOANS - Non-accrual Corporate L
LOANS - Non-accrual Corporate Loans (Details) - Corporate - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing receivable impaired | |||
Number of months in sustained period of repayment performance for cash-basis loans to return to an accrual status | 6 months | ||
Recorded investment | $ 2,188 | $ 1,511 | |
Unpaid principal balance | 2,667 | 1,909 | |
Related specific allowance | 299 | 325 | |
Average carrying value | 1,788 | 1,735 | |
Interest income recognized | 42 | 56 | $ 35 |
Recorded investment, impaired financing receivable with specific allowance | 809 | 1,001 | |
Recorded investment, impaired financing receivable without specific allowance | 1,379 | 510 | |
Commercial and industrial | |||
Financing receivable impaired | |||
Recorded investment | 1,828 | 1,119 | |
Unpaid principal balance | 1,942 | 1,270 | |
Related specific allowance | 283 | 245 | |
Average carrying value | 1,449 | 1,299 | |
Interest income recognized | 33 | 49 | |
Recorded investment, impaired financing receivable with specific allowance | 714 | 801 | |
Recorded investment, impaired financing receivable without specific allowance | 1,114 | 318 | |
Financial institutions | |||
Financing receivable impaired | |||
Recorded investment | 50 | 102 | |
Unpaid principal balance | 120 | 123 | |
Related specific allowance | 2 | 35 | |
Average carrying value | 63 | 99 | |
Interest income recognized | 0 | 0 | |
Recorded investment, impaired financing receivable with specific allowance | 40 | 76 | |
Recorded investment, impaired financing receivable without specific allowance | 10 | 26 | |
Mortgage and real estate | |||
Financing receivable impaired | |||
Recorded investment | 188 | 215 | |
Unpaid principal balance | 362 | 323 | |
Related specific allowance | 10 | 39 | |
Average carrying value | 192 | 233 | |
Interest income recognized | 0 | 1 | |
Recorded investment, impaired financing receivable with specific allowance | 48 | 100 | |
Recorded investment, impaired financing receivable without specific allowance | 140 | 115 | |
Lease financing | |||
Financing receivable impaired | |||
Recorded investment | 41 | 0 | |
Unpaid principal balance | 41 | 28 | |
Related specific allowance | 0 | 0 | |
Average carrying value | 8 | 21 | |
Interest income recognized | 0 | 0 | |
Recorded investment, impaired financing receivable with specific allowance | 0 | 0 | |
Recorded investment, impaired financing receivable without specific allowance | 41 | 0 | |
Other | |||
Financing receivable impaired | |||
Recorded investment | 81 | 75 | |
Unpaid principal balance | 202 | 165 | |
Related specific allowance | 4 | 6 | |
Average carrying value | 76 | 83 | |
Interest income recognized | 9 | 6 | |
Recorded investment, impaired financing receivable with specific allowance | 7 | 24 | |
Recorded investment, impaired financing receivable without specific allowance | $ 74 | $ 51 |
LOANS - Corporate Troubled Debt
LOANS - Corporate Troubled Debt Restructurings (Details) - Corporate - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | $ 305 | $ 219 |
Period within which default occurred post-modification | 1 year | |
Number of days past due, default status | 60 days | |
TDR balances | $ 726 | 718 |
TDR in payment default | $ 35 | 111 |
Commercial banking | ||
Financing receivable impaired | ||
Number of days past due, default status | 90 days | |
Commercial and industrial | ||
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | $ 283 | 159 |
TDR balances | 603 | 568 |
TDR in payment default | 35 | 111 |
Financial institutions | ||
Financing receivable impaired | ||
TDR balances | 0 | 25 |
TDR in payment default | 0 | 0 |
Mortgage and real estate | ||
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | 16 | 60 |
TDR balances | 79 | 123 |
TDR in payment default | 0 | 0 |
Lease financing | ||
Financing receivable impaired | ||
TDR balances | 0 | 0 |
TDR in payment default | 0 | 0 |
Other | ||
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | 6 | |
TDR balances | 44 | 2 |
TDR in payment default | 0 | 0 |
TDRs involving changes in the amount and/or timing of principal payments | ||
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | 25 | 8 |
TDRs involving changes in the amount and/or timing of principal payments | Commercial and industrial | ||
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | 19 | 5 |
TDRs involving changes in the amount and/or timing of principal payments | Mortgage and real estate | ||
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | 0 | 3 |
TDRs involving changes in the amount and/or timing of principal payments | Other | ||
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | 6 | |
TDRs involving vhanges in the amount and/or timing of interest payments | ||
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | 0 | 8 |
TDRs involving vhanges in the amount and/or timing of interest payments | Commercial and industrial | ||
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | 0 | 8 |
TDRs involving vhanges in the amount and/or timing of interest payments | Mortgage and real estate | ||
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | 0 | 0 |
TDRs involving vhanges in the amount and/or timing of interest payments | Other | ||
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | 0 | |
TDRs invovling changes in the amount and/or timing of both principal and interest payments | ||
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | 280 | 203 |
TDRs invovling changes in the amount and/or timing of both principal and interest payments | Commercial and industrial | ||
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | 264 | 146 |
TDRs invovling changes in the amount and/or timing of both principal and interest payments | Mortgage and real estate | ||
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | 16 | $ 57 |
TDRs invovling changes in the amount and/or timing of both principal and interest payments | Other | ||
Financing receivable impaired | ||
Carrying value of TDRs modified during the period | $ 0 |
ALLOWANCE FOR CREDIT LOSSES - A
ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for credit losses | |||
Allowance for loan losses at beginning of period | $ 12,315 | $ 12,355 | $ 12,060 |
Gross credit losses | (9,341) | (8,665) | (8,673) |
Gross recoveries | 1,573 | 1,552 | 1,597 |
Net credit losses (NCLs) | (7,768) | (7,113) | (7,076) |
NCLs | 7,768 | 7,113 | 7,076 |
Net reserve builds (releases) | 364 | 394 | 544 |
Net specific reserve releases | 86 | (153) | (117) |
Total provision for loan losses | 8,218 | 7,354 | 7,503 |
Other, net | 18 | (281) | (132) |
Allowance for loan losses at the end of year | 12,783 | 12,315 | 12,355 |
Allowance for credit losses on unfunded lending commitments | |||
Allowance for credit losses on unfunded lending commitments at beginning of period | 1,367 | 1,258 | 1,418 |
Provision (release) for unfunded lending commitments | 92 | 113 | (161) |
Other, net | (3) | (4) | 1 |
Allowance for credit losses on unfunded lending commitments at end of period | 1,456 | 1,367 | 1,258 |
Total allowance for loans, leases and unfunded lending commitments | 14,239 | 13,682 | 13,613 |
Sales or transfers of various consumer loan portfolios to held-for-sale | |||
Other, net | 18 | (281) | (132) |
Consumer | |||
Sales or transfers of various consumer loan portfolios to held-for-sale | |||
Transfer of real estate loan portfolios | (42) | (91) | (106) |
Transfer of other loan portfolios | 0 | (110) | (155) |
Sales or transfers of various consumer loan portfolios to HFS | (42) | (201) | (261) |
FX translation, primarily consumer | 60 | (60) | 115 |
Corporate | |||
Sales or transfers of various consumer loan portfolios to held-for-sale | |||
Other | $ 0 | $ (20) | $ 14 |
ALLOWANCE FOR CREDIT LOSSES -_2
ALLOWANCE FOR CREDIT LOSSES - Allowance for Loan Losses Roll Forward by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for credit losses | |||||
Allowance for loan losses at beginning of period | $ 12,315 | $ 12,355 | $ 12,060 | ||
Charge-offs | (9,341) | (8,665) | (8,673) | ||
Recoveries | 1,573 | 1,552 | 1,597 | ||
Replenishment of net charge-offs | 7,768 | 7,113 | 7,076 | ||
Net reserve builds (releases) | 364 | 394 | 544 | ||
Net specific reserve releases | 86 | (153) | (117) | ||
Other | 18 | (281) | (132) | ||
Allowance for loan losses at the end of year | 12,783 | 12,315 | 12,355 | ||
Sales or transfers of various consumer loan portfolios to held-for-sale | |||||
Collectively evaluated in accordance with ASC 450 | $ 11,293 | $ 10,872 | |||
Individually evaluated in accordance with ASC 310-10-35 | 1,489 | 1,441 | |||
Allowance for loan losses | 12,783 | 12,355 | 12,060 | 12,783 | 12,315 |
Loans, net of unearned income: | |||||
Collectively evaluated in accordance with ASC 450 | 688,338 | 674,314 | |||
Individually evaluated in accordance with ASC 310-10-35 | 6,932 | 6,531 | |||
Held at fair value | 4,085 | 3,223 | |||
Loans, net of unearned income | 699,483 | 684,196 | |||
Receivables Acquired with Deteriorated Credit Quality | |||||
Sales or transfers of various consumer loan portfolios to held-for-sale | |||||
Purchased credit impaired in accordance with ASC 310-30 | 1 | 2 | |||
Loans, net of unearned income: | |||||
Purchased credit impaired in accordance with ASC 310-30 | 128 | 128 | |||
Corporate | |||||
Allowance for credit losses | |||||
Allowance for loan losses at beginning of period | 2,811 | 2,943 | 3,218 | ||
Charge-offs | (487) | (343) | (632) | ||
Recoveries | 95 | 138 | 153 | ||
Replenishment of net charge-offs | 392 | 205 | 479 | ||
Net reserve builds (releases) | 96 | 42 | (274) | ||
Net specific reserve releases | (21) | (151) | (31) | ||
Other | 0 | (23) | 30 | ||
Allowance for loan losses at the end of year | 2,886 | 2,811 | 2,943 | ||
Sales or transfers of various consumer loan portfolios to held-for-sale | |||||
Collectively evaluated in accordance with ASC 450 | 2,587 | 2,486 | |||
Individually evaluated in accordance with ASC 310-10-35 | 299 | 325 | |||
Allowance for loan losses | 2,811 | 2,943 | 2,943 | 2,886 | 2,811 |
Loans, net of unearned income: | |||||
Collectively evaluated in accordance with ASC 450 | 383,828 | 377,186 | |||
Individually evaluated in accordance with ASC 310-10-35 | 2,040 | 1,447 | |||
Held at fair value | 4,067 | 3,203 | |||
Loans, net of unearned income | 389,935 | 381,836 | |||
Corporate | Receivables Acquired with Deteriorated Credit Quality | |||||
Sales or transfers of various consumer loan portfolios to held-for-sale | |||||
Purchased credit impaired in accordance with ASC 310-30 | 0 | 0 | |||
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 | 9,504 | 9,412 | 8,842 | ||
Charge-offs | (8,854) | (8,322) | (8,041) | ||
Recoveries | 1,478 | 1,414 | 1,444 | ||
Replenishment of net charge-offs | 7,376 | 6,908 | 6,597 | ||
Net reserve builds (releases) | 268 | 352 | 818 | ||
Net specific reserve releases | 107 | (2) | (86) | ||
Other | 18 | (258) | (162) | ||
Allowance for loan losses at the end of year | 9,897 | 9,504 | 9,412 | ||
Sales or transfers of various consumer loan portfolios to held-for-sale | |||||
Collectively evaluated in accordance with ASC 450 | 8,706 | 8,386 | |||
Individually evaluated in accordance with ASC 310-10-35 | 1,190 | 1,116 | |||
Allowance for loan losses | $ 9,504 | $ 9,504 | $ 8,842 | 9,897 | 9,504 |
Loans, net of unearned income: | |||||
Collectively evaluated in accordance with ASC 450 | 304,510 | 297,128 | |||
Individually evaluated in accordance with ASC 310-10-35 | 4,892 | 5,084 | |||
Held at fair value | 18 | 20 | |||
Loans, net of unearned income | 309,548 | 302,360 | |||
Consumer | Receivables Acquired with Deteriorated Credit Quality | |||||
Sales or transfers of various consumer loan portfolios to held-for-sale | |||||
Purchased credit impaired in accordance with ASC 310-30 | 1 | 2 | |||
Loans, net of unearned income: | |||||
Purchased credit impaired in accordance with ASC 310-30 | $ 128 | $ 128 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill by Segment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill | |||
Balance of goodwill at beginning of period | $ 22,046,000,000 | $ 22,256,000,000 | $ 21,659,000,000 |
Foreign exchange translation and other | 80,000,000 | (194,000,000) | 729,000,000 |
Divestitures | (16,000,000) | (104,000,000) | |
Impairment of goodwill | 0 | (28,000,000) | |
Balance of goodwill at end of period | 22,126,000,000 | 22,046,000,000 | 22,256,000,000 |
Global Consumer Banking | |||
Goodwill | |||
Balance of goodwill at beginning of period | 12,087,000,000 | 12,128,000,000 | 11,874,000,000 |
Foreign exchange translation and other | 15,000,000 | (41,000,000) | 286,000,000 |
Divestitures | 0 | (32,000,000) | |
Impairment of goodwill | 0 | ||
Balance of goodwill at end of period | 12,102,000,000 | 12,087,000,000 | 12,128,000,000 |
Institutional Clients Group | |||
Goodwill | |||
Balance of goodwill at beginning of period | 9,959,000,000 | 10,112,000,000 | 9,741,000,000 |
Foreign exchange translation and other | 65,000,000 | (153,000,000) | 443,000,000 |
Divestitures | 0 | (72,000,000) | |
Impairment of goodwill | 0 | ||
Balance of goodwill at end of period | 10,024,000,000 | 9,959,000,000 | 10,112,000,000 |
Corporate/Other | |||
Goodwill | |||
Balance of goodwill at beginning of period | 0 | 16,000,000 | 44,000,000 |
Foreign exchange translation and other | 0 | 0 | 0 |
Divestitures | (16,000,000) | 0 | |
Impairment of goodwill | (28,000,000) | ||
Balance of goodwill at end of period | $ 0 | $ 0 | $ 16,000,000 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Goodwill Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2017 | Jul. 01, 2019 | |
Goodwill: | |||
Impairment of goodwill | $ 0 | $ 28,000,000 | |
Minimum | |||
Goodwill: | |||
Percentage fair value exceed carrying value | 33.00% | ||
Maximum | |||
Goodwill: | |||
Percentage fair value exceed carrying value | 134.00% |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite and Indefinite-lived Intangible Assets | |||
Gross carrying amount of Intangible assets (excluding MSRs) | $ 12,271 | $ 12,181 | |
Accumulated amortization of Intangible assets (excluding MSRs) | 7,944 | 7,545 | |
Net carrying amount of intangible assets (excluding MSRs) | 4,327 | 4,636 | |
Gross carrying amount, Mortgage servicing rights (MSRs) | 495 | 584 | |
Mortgage servicing rights (MSRs) | 495 | 584 | |
Gross carrying amount of Intangible assets | 12,766 | 12,765 | |
Accumulated amortization of intangible assets | 7,944 | 7,545 | |
Net carrying amount of intangible assets, balance at end of period | 4,822 | 5,220 | |
Intangible assets amortization expense | 564 | 557 | $ 603 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2020 | 424 | ||
2021 | 399 | ||
2022 | 1,025 | ||
2023 | 226 | ||
2024 | 219 | ||
Indefinite-lived intangible assets | |||
Finite and Indefinite-lived Intangible Assets | |||
Gross carrying amount of Intangible assets (excluding MSRs) | 228 | 218 | |
Accumulated amortization of Intangible assets (excluding MSRs) | 0 | 0 | |
Net carrying amount of intangible assets (excluding MSRs) | 228 | 218 | |
Purchased credit card relationships | |||
Finite and Indefinite-lived Intangible Assets | |||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,676 | 5,733 | |
Accumulated amortization of Intangible assets (excluding MSRs) | 4,059 | 3,936 | |
Net carrying amount of intangible assets (excluding MSRs) | 1,617 | 1,797 | |
Credit card contract related intangibles | |||
Finite and Indefinite-lived Intangible Assets | |||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,393 | 5,225 | |
Accumulated amortization of Intangible assets (excluding MSRs) | 3,069 | 2,791 | |
Net carrying amount of intangible assets (excluding MSRs) | 2,324 | 2,434 | |
Core deposit intangibles | |||
Finite and Indefinite-lived Intangible Assets | |||
Gross carrying amount of Intangible assets (excluding MSRs) | 434 | 419 | |
Accumulated amortization of Intangible assets (excluding MSRs) | 433 | 415 | |
Net carrying amount of intangible assets (excluding MSRs) | 1 | 4 | |
Other customer relationships | |||
Finite and Indefinite-lived Intangible Assets | |||
Gross carrying amount of Intangible assets (excluding MSRs) | 424 | 470 | |
Accumulated amortization of Intangible assets (excluding MSRs) | 275 | 299 | |
Net carrying amount of intangible assets (excluding MSRs) | 149 | 171 | |
Present value of future profits | |||
Finite and Indefinite-lived Intangible Assets | |||
Gross carrying amount of Intangible assets (excluding MSRs) | 34 | 32 | |
Accumulated amortization of Intangible assets (excluding MSRs) | 31 | 29 | |
Net carrying amount of intangible assets (excluding MSRs) | 3 | 3 | |
Other | |||
Finite and Indefinite-lived Intangible Assets | |||
Gross carrying amount of Intangible assets (excluding MSRs) | 82 | 84 | |
Accumulated amortization of Intangible assets (excluding MSRs) | 77 | 75 | |
Net carrying amount of intangible assets (excluding MSRs) | $ 5 | $ 9 | |
American Airlines, Sears, The Home Depot and Costco | Intangible Assets, Excluding Mortgage Servicing Rights | Customer Concentration Risk | Credit card contract related intangibles | |||
Finite and Indefinite-lived Intangible Assets | |||
Intangible assets, percent | 96.00% | 96.00% |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Changes in Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount of intangible assets (excluding MSRs), beginning balance | $ 4,636 | |
Mortgage servicing rights (MSRs), beginning balance | 584 | |
Net carrying amount of intangible assets, beginning balance | 5,220 | |
Acquisitions/ divestitures | 92 | |
Amortization | (564) | |
Impairments | 0 | |
FX translation and other | 163 | |
Net carrying amount of intangible assets (excluding MSRs), ending balance | 4,327 | $ 4,636 |
Mortgage servicing rights (MSRs), ending balance | 495 | 584 |
Net carrying amount of intangible assets, ending balance | 4,822 | 5,220 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount of intangible assets (excluding MSRs), beginning balance | 1,797 | |
Acquisitions/ divestitures | 9 | |
Amortization | (189) | |
Impairments | 0 | |
FX translation and other | 0 | |
Net carrying amount of intangible assets (excluding MSRs), ending balance | 1,617 | 1,797 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount of intangible assets (excluding MSRs), beginning balance | 2,434 | |
Acquisitions/ divestitures | 73 | |
Amortization | (336) | |
Impairments | 0 | |
FX translation and other | 153 | |
Net carrying amount of intangible assets (excluding MSRs), ending balance | 2,324 | 2,434 |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount of intangible assets (excluding MSRs), beginning balance | 4 | |
Acquisitions/ divestitures | 0 | |
Amortization | (4) | |
Impairments | 0 | |
FX translation and other | 1 | |
Net carrying amount of intangible assets (excluding MSRs), ending balance | 1 | 4 |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount of intangible assets (excluding MSRs), beginning balance | 171 | |
Acquisitions/ divestitures | 0 | |
Amortization | (24) | |
Impairments | 0 | |
FX translation and other | 2 | |
Net carrying amount of intangible assets (excluding MSRs), ending balance | 149 | 171 |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount of intangible assets (excluding MSRs), beginning balance | 3 | |
Acquisitions/ divestitures | 0 | |
Amortization | 0 | |
Impairments | 0 | |
FX translation and other | 0 | |
Net carrying amount of intangible assets (excluding MSRs), ending balance | 3 | 3 |
Other | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount of intangible assets (excluding MSRs), beginning balance | 9 | |
Acquisitions/ divestitures | 6 | |
Amortization | (11) | |
Impairments | 0 | |
FX translation and other | 1 | |
Net carrying amount of intangible assets (excluding MSRs), ending balance | 5 | 9 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Net carrying amount of intangible assets (excluding MSRs), beginning balance | 218 | |
Acquisitions/ divestitures | 4 | |
Amortization | 0 | |
Impairments | 0 | |
FX translation and other | 6 | |
Net carrying amount of intangible assets (excluding MSRs), ending balance | $ 228 | $ 218 |
Intangible Assets, Excluding Mortgage Servicing Rights | Customer Concentration Risk | American Airlines, Sears, The Home Depot and Costco | Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Intangible assets, percent | 96.00% | 96.00% |
DEBT - Short-Term Borrowings (D
DEBT - Short-Term Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Short-Term Borrowings: | ||
Commercial paper | $ 16,476 | $ 13,238 |
Other borrowings | 28,573 | 19,108 |
Total short-term borrowings | 45,049 | 32,346 |
Collateralized short-term advances from Federal Home Loan Bank | $ 17,600 | $ 9,500 |
Commercial paper | ||
Short-Term Borrowings: | ||
Weighted average coupon | 1.98% | 1.95% |
Other borrowings | ||
Short-Term Borrowings: | ||
Weighted average coupon | 2.57% | 2.99% |
Bank | ||
Short-Term Borrowings: | ||
Commercial paper | $ 10,155 | $ 13,238 |
Broker-dealer | ||
Short-Term Borrowings: | ||
Commercial paper | $ 6,321 | $ 0 |
DEBT - Long-Term Debt (Details)
DEBT - Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument | ||
Weighted average interest rate | 3.28% | |
Long-term debt | $ 248,760 | $ 231,999 |
Weighted average interest rate after effect of derivative contract | 3.54% | |
Senior debt | ||
Debt Instrument | ||
Long-term debt | $ 221,449 | 205,695 |
Subordinated debt | ||
Debt Instrument | ||
Long-term debt | 25,589 | 24,593 |
Trust preferred securities | ||
Debt Instrument | ||
Long-term debt | 1,722 | 1,711 |
Citigroup Inc. | ||
Debt Instrument | ||
Long-term debt | $ 150,477 | |
Citigroup Inc. | Senior debt | ||
Debt Instrument | ||
Weighted average interest rate | 3.11% | |
Long-term debt | $ 123,292 | 117,511 |
Citigroup Inc. | Subordinated debt | ||
Debt Instrument | ||
Weighted average interest rate | 5.59% | |
Long-term debt | $ 25,463 | 24,545 |
Citigroup Inc. | Trust preferred securities | ||
Debt Instrument | ||
Weighted average interest rate | 8.15% | |
Long-term debt | $ 1,722 | 1,711 |
Bank | ||
Debt Instrument | ||
Long-term debt | $ 53,340 | |
Bank | Senior debt | ||
Debt Instrument | ||
Weighted average interest rate | 2.51% | |
Long-term debt | $ 53,340 | 61,237 |
Collateralized long-term advances from Federal Home Loan Bank | 5,500 | 10,500 |
Broker-dealer | ||
Debt Instrument | ||
Long-term debt | $ 44,943 | |
Broker-dealer | Senior debt | ||
Debt Instrument | ||
Weighted average interest rate | 2.43% | |
Long-term debt | $ 44,817 | 26,947 |
Broker-dealer | Subordinated debt | ||
Debt Instrument | ||
Weighted average interest rate | 2.37% | |
Long-term debt | $ 126 | $ 48 |
DEBT - Maturities of Long-term
DEBT - Maturities of Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument | ||
2020 | $ 37,257 | |
2021 | 38,083 | |
2022 | 27,090 | |
2023 | 20,128 | |
2024 | 16,023 | |
Thereafter | 110,179 | |
Total | 248,760 | $ 231,999 |
Citigroup Inc. | ||
Debt Instrument | ||
2020 | 7,033 | |
2021 | 15,208 | |
2022 | 13,061 | |
2023 | 14,202 | |
2024 | 8,247 | |
Thereafter | 92,726 | |
Total | 150,477 | |
Bank | ||
Debt Instrument | ||
2020 | 20,654 | |
2021 | 14,023 | |
2022 | 8,471 | |
2023 | 2,634 | |
2024 | 4,417 | |
Thereafter | 3,141 | |
Total | 53,340 | |
Broker-dealer | ||
Debt Instrument | ||
2020 | 9,570 | |
2021 | 8,852 | |
2022 | 5,558 | |
2023 | 3,292 | |
2024 | 3,359 | |
Thereafter | 14,312 | |
Total | $ 44,943 |
DEBT - Trust Preferred Securiti
DEBT - Trust Preferred Securities (Details) $ in Millions | Dec. 31, 2019USD ($)shares |
Trust Preferred Securities | |
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 (as a percent) | 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 XIII | LIBOR | |
Trust Preferred Securities | |
Basis spread on variable rate | 0.0637 |
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 |
Citigroup Capital XVIII | LIBOR | |
Trust Preferred Securities | |
Basis spread on variable rate | 0.008875 |
REGULATORY CAPITAL - Regulatory
REGULATORY CAPITAL - Regulatory Capital Compliance (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier 1 Capital ratio, stated minimum | 4.50% | |
Tier 1 Capital ratio, stated minimum | 6.00% | |
Total Capital ratio, stated minimum | 8.00% | |
Tier 1 Leverage ratio, stated minimum | 4.00% | |
Supplementary leverage ratio, stated minimum | 3.00% | |
Dividends received from Citibank N.A. | $ 17,300 | $ 8,300 |
Citigroup Inc. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier 1 Capital | 137,798 | 139,252 |
Tier 1 Capital | 155,805 | 158,122 |
Quarterly Adjusted Average Total Assets | 1,957,039 | 1,896,959 |
Total Leverage Exposure | $ 2,507,891 | $ 2,465,641 |
Common Equity Tier 1 Capital ratio | 11.81% | 11.86% |
Tier 1 Capital ratio, well capitalized minimum | 6.00% | |
Tier 1 Capital ratio | 13.36% | 13.46% |
Total Capital ratio, well capitalized minimum | 10.00% | |
Total Capital ratio | 15.97% | 16.18% |
Tier 1 Leverage ratio | 7.96% | 8.34% |
Supplementary leverage ratio | 6.21% | 6.41% |
Citibank, N.A. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier 1 Capital | $ 130,791 | $ 129,091 |
Tier 1 Capital | 132,918 | 131,215 |
Quarterly Adjusted Average Total Assets | 1,459,851 | 1,398,875 |
Total Leverage Exposure | $ 1,951,701 | $ 1,914,663 |
Common Equity Tier 1 Capital ratio | 12.82% | 12.50% |
Common Equity Tier 1 Capital ratio, well capitalized minimum | 6.50% | |
Tier 1 Capital ratio, well capitalized minimum | 8.00% | |
Tier 1 Capital ratio | 13.03% | 12.70% |
Total Capital ratio, well capitalized minimum | 10.00% | |
Total Capital ratio | 15.43% | 15.02% |
Tier 1 Leverage ratio | 9.10% | 9.38% |
Tier 1 Leverage ratio, well capitalized minimum | 5.00% | |
Supplementary leverage ratio | 6.81% | 6.85% |
Supplementary leverage ratio, well capitalized minimum | 6.00% | |
Standardized Approach | Citigroup Inc. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (Tier 1 Capital and Tier 2 Capital) | $ 193,682 | $ 195,440 |
Total Risk-Weighted Assets | 1,166,523 | 1,174,448 |
Standardized Approach | Citibank, N.A. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (Tier 1 Capital and Tier 2 Capital) | 157,324 | 155,154 |
Total Risk-Weighted Assets | 1,019,916 | 1,032,809 |
Advanced Approach | Citigroup Inc. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (Tier 1 Capital and Tier 2 Capital) | 181,337 | 183,144 |
Total Risk-Weighted Assets | 1,135,553 | 1,131,933 |
Advanced Approach | Citibank, N.A. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (Tier 1 Capital and Tier 2 Capital) | 145,989 | 144,358 |
Total Risk-Weighted Assets | $ 932,432 | $ 926,229 |
CHANGES IN ACCUMULATED OTHER _3
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Change in Each Component of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2016 | Jan. 01, 2016 | |||||
Change in accumulated other comprehensive income (loss) | ||||||||||
Balance, beginning of year | $ 197,074 | $ 201,672 | ||||||||
Change, net of taxes | 852 | (2,499) | $ (2,791) | |||||||
Balance, end of year | 193,946 | 197,074 | 201,672 | |||||||
Net unrealized gains (losses) on investment securities | ||||||||||
Change in accumulated other comprehensive income (loss) | ||||||||||
Balance, beginning of year | (2,250) | (1,158) | (799) | |||||||
Adjustment to opening balance, net of taxes | $ (3) | $ 504 | ||||||||
Adjusted balance, beginning of period | (1,161) | (295) | ||||||||
Impact of Tax Reform | (223) | |||||||||
Other comprehensive income (losses) before reclassifications | 3,065 | (866) | (186) | |||||||
Increase (decrease) due to amounts reclassified from AOCI | (1,080) | (223) | (454) | |||||||
Change, net of taxes | 1,985 | (1,089) | (863) | |||||||
Balance, end of year | (265) | (2,250) | (1,158) | |||||||
Debt valuation adjustment (DVA) | ||||||||||
Change in accumulated other comprehensive income (loss) | ||||||||||
Balance, beginning of year | 192 | (921) | (352) | |||||||
Adjustment to opening balance, net of taxes | 0 | 0 | ||||||||
Adjusted balance, beginning of period | (921) | (352) | ||||||||
Impact of Tax Reform | (139) | |||||||||
Other comprehensive income (losses) before reclassifications | (1,151) | 1,081 | (426) | |||||||
Increase (decrease) due to amounts reclassified from AOCI | 15 | 32 | (4) | |||||||
Change, net of taxes | (1,136) | 1,113 | (569) | |||||||
Balance, end of year | (944) | 192 | (921) | |||||||
Cash flow hedges | ||||||||||
Change in accumulated other comprehensive income (loss) | ||||||||||
Balance, beginning of year | (728) | (698) | (560) | |||||||
Adjustment to opening balance, net of taxes | 0 | 0 | ||||||||
Adjusted balance, beginning of period | (698) | (560) | ||||||||
Impact of Tax Reform | (113) | |||||||||
Other comprehensive income (losses) before reclassifications | 549 | (135) | (111) | |||||||
Increase (decrease) due to amounts reclassified from AOCI | 302 | 105 | 86 | |||||||
Change, net of taxes | 851 | (30) | (138) | |||||||
Balance, end of year | 123 | (728) | (698) | |||||||
Benefit plans | ||||||||||
Change in accumulated other comprehensive income (loss) | ||||||||||
Balance, beginning of year | (6,257) | (6,183) | (5,164) | |||||||
Adjustment to opening balance, net of taxes | 0 | 0 | ||||||||
Adjusted balance, beginning of period | (6,183) | (5,164) | ||||||||
Impact of Tax Reform | 0 | 0 | (1,020) | |||||||
Other comprehensive income (losses) before reclassifications | (758) | (240) | (158) | |||||||
Increase (decrease) due to amounts reclassified from AOCI | 206 | 166 | 159 | |||||||
Change, net of taxes | (552) | (74) | (1,019) | |||||||
Balance, end of year | (6,809) | (6,257) | (6,183) | |||||||
Foreign currency translation adjustment (CTA), net of hedges | ||||||||||
Change in accumulated other comprehensive income (loss) | ||||||||||
Balance, beginning of year | (28,070) | (25,708) | (25,506) | |||||||
Adjustment to opening balance, net of taxes | 0 | 0 | ||||||||
Adjusted balance, beginning of period | (25,708) | (25,506) | ||||||||
Impact of Tax Reform | (1,809) | |||||||||
Other comprehensive income (losses) before reclassifications | (647) | (2,607) | 1,607 | |||||||
Increase (decrease) due to amounts reclassified from AOCI | 326 | 245 | 0 | |||||||
Change, net of taxes | (321) | (2,362) | (202) | |||||||
Balance, end of year | (28,391) | (28,070) | (25,708) | |||||||
Excluded component of fair value hedges | ||||||||||
Change in accumulated other comprehensive income (loss) | ||||||||||
Balance, beginning of year | (57) | 0 | 0 | |||||||
Adjustment to opening balance, net of taxes | 0 | 0 | ||||||||
Adjusted balance, beginning of period | 0 | 0 | ||||||||
Impact of Tax Reform | 0 | |||||||||
Other comprehensive income (losses) before reclassifications | 25 | (57) | 0 | |||||||
Increase (decrease) due to amounts reclassified from AOCI | 0 | 0 | 0 | |||||||
Change, net of taxes | 25 | (57) | 0 | |||||||
Balance, end of year | (32) | (57) | 0 | |||||||
Accumulated other comprehensive income (loss) | ||||||||||
Change in accumulated other comprehensive income (loss) | ||||||||||
Balance, beginning of year | (37,170) | (34,668) | (32,381) | |||||||
Adjustment to opening balance, net of taxes | 0 | [1] | (3) | [1] | (3) | $ 504 | [1] | 504 | ||
Adjusted balance, beginning of period | (37,170) | (34,671) | $ (34,671) | $ (31,877) | $ (31,877) | |||||
Impact of Tax Reform | (3,304) | |||||||||
Other comprehensive income (losses) before reclassifications | 1,083 | (2,824) | 726 | |||||||
Increase (decrease) due to amounts reclassified from AOCI | (231) | 325 | (213) | |||||||
Change, net of taxes | [2] | 852 | (2,499) | (2,791) | ||||||
Balance, end of year | $ (36,318) | $ (37,170) | $ (34,668) | |||||||
[1] | See Note 1 to the Consolidated Financial Statements for additional details. | |||||||||
[2] | Includes the impact of ASU 2018-02, which transferred those amounts from AOCI to 2017 Retained earnings . See Notes 1 and 19 to the Consolidated Financial Statements. |
CHANGES IN ACCUMULATED OTHER _4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Schedule of Pre-Tax and After-Tax (Details) - USD ($) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2016 | Jan. 01, 2016 | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Total equity | $ 193,946 | $ 197,074 | $ 201,672 | |||||||
OCI, Net of Tax [Abstract] | ||||||||||
Pretax | 1,310 | (2,850) | 4 | |||||||
Tax effect | (458) | 351 | (2,795) | |||||||
Change, net of taxes | 852 | (2,499) | (2,791) | |||||||
Accumulated other comprehensive income (loss) (AOCI) | (36,318) | (37,170) | ||||||||
Net unrealized gains (losses) on investment securities | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Total equity | (265) | (2,250) | (1,158) | $ (799) | ||||||
Adjustment to opening balance, net of taxes | $ (3) | $ 504 | ||||||||
Adjusted balance | (1,161) | (295) | ||||||||
OCI, Net of Tax [Abstract] | ||||||||||
Pretax | 2,633 | (1,435) | (1,088) | |||||||
Impact of Tax Reform | 223 | |||||||||
Tax effect | (648) | 346 | 225 | |||||||
Change, net of taxes | 1,985 | (1,089) | (863) | |||||||
Debt valuation adjustment (DVA) | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Total equity | (944) | 192 | (921) | (352) | ||||||
Adjustment to opening balance, net of taxes | 0 | 0 | ||||||||
Adjusted balance | (921) | (352) | ||||||||
OCI, Net of Tax [Abstract] | ||||||||||
Pretax | (1,473) | 1,415 | (680) | |||||||
Impact of Tax Reform | 139 | |||||||||
Tax effect | 337 | (302) | 111 | |||||||
Change, net of taxes | (1,136) | 1,113 | (569) | |||||||
Cash flow hedges | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Total equity | 123 | (728) | (698) | (560) | ||||||
Adjustment to opening balance, net of taxes | 0 | 0 | ||||||||
Adjusted balance | (698) | (560) | ||||||||
OCI, Net of Tax [Abstract] | ||||||||||
Impact of Tax Reform | 113 | |||||||||
Change, net of taxes | 851 | (30) | (138) | |||||||
Benefit plans | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Total equity | (6,809) | (6,257) | (6,183) | (5,164) | ||||||
Adjustment to opening balance, net of taxes | 0 | 0 | ||||||||
Adjusted balance | (6,183) | (5,164) | ||||||||
OCI, Net of Tax [Abstract] | ||||||||||
Pretax | (671) | (94) | 14 | |||||||
Impact of Tax Reform | 0 | 0 | 1,020 | |||||||
Tax effect | 119 | 20 | (1,033) | |||||||
Change, net of taxes | (552) | (74) | (1,019) | |||||||
Foreign currency translation adjustment | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Total equity | (28,391) | (28,070) | (25,708) | (25,506) | ||||||
Adjustment to opening balance, net of taxes | 0 | 0 | ||||||||
Adjusted balance | (25,708) | (25,506) | ||||||||
OCI, Net of Tax [Abstract] | ||||||||||
Pretax | (332) | (2,624) | 1,795 | |||||||
Impact of Tax Reform | 1,809 | |||||||||
Tax effect | 11 | 262 | (1,997) | |||||||
Change, net of taxes | (321) | (2,362) | (202) | |||||||
Excluded component of fair value hedges | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Total equity | (32) | (57) | 0 | 0 | ||||||
Adjustment to opening balance, net of taxes | 0 | 0 | ||||||||
Adjusted balance | 0 | 0 | ||||||||
OCI, Net of Tax [Abstract] | ||||||||||
Impact of Tax Reform | 0 | |||||||||
Change, net of taxes | 25 | (57) | 0 | |||||||
Accumulated other comprehensive income (loss) | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
AOCI, beginning balance, pretax | (44,082) | (41,228) | (42,035) | |||||||
AOCI, beginning balance, tax effect | 6,912 | 6,560 | 9,654 | |||||||
Total equity | (36,318) | (37,170) | (34,668) | (32,381) | ||||||
Adjustment to opening balance, Pretax | (4) | 803 | ||||||||
Adjustment to opening balance, Tax Effect | 1 | (299) | ||||||||
Adjustment to opening balance, net of taxes | 0 | [1] | (3) | [1] | (3) | 504 | [1] | 504 | ||
Adjusted balance, Pretax | (41,232) | (41,232) | ||||||||
Adjusted Balance, Tax Effect | 6,561 | 9,355 | ||||||||
AOCI, ending balance, pretax | (42,772) | (44,082) | (41,228) | |||||||
AOCI, ending balance, tax effect | 6,454 | 6,912 | 6,560 | |||||||
Adjusted balance | (37,170) | (34,671) | $ (34,671) | $ (31,877) | $ (31,877) | |||||
OCI, Net of Tax [Abstract] | ||||||||||
Impact of Tax Reform | 3,304 | |||||||||
Change, net of taxes | [2] | 852 | (2,499) | (2,791) | ||||||
Cash flow hedges | Cash flow hedges | ||||||||||
OCI, Net of Tax [Abstract] | ||||||||||
Pretax | 1,120 | (38) | (37) | |||||||
Tax effect | (269) | 8 | (101) | |||||||
Change, net of taxes | 851 | (30) | $ (138) | |||||||
Fair value hedges | Excluded component of fair value hedges | ||||||||||
OCI, Net of Tax [Abstract] | ||||||||||
Pretax | 33 | (74) | ||||||||
Tax effect | (8) | 17 | ||||||||
Change, net of taxes | $ 25 | $ (57) | ||||||||
[1] | See Note 1 to the Consolidated Financial Statements for additional details. | |||||||||
[2] | Includes the impact of ASU 2018-02, which transferred those amounts from AOCI to 2017 Retained earnings . See Notes 1 and 19 to the Consolidated Financial Statements. |
CHANGES IN ACCUMULATED OTHER _5
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Reclassification out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||||||||
Realized (gains) losses on sales of investments | $ (1,474) | $ (421) | $ (778) | ||||||||
Income from continuing operations before income taxes | $ (5,702) | $ (6,022) | $ (6,165) | $ (6,012) | $ (5,306) | $ (6,104) | $ (5,945) | $ (6,090) | |||
Tax effect | 703 | 1,079 | 1,373 | 1,275 | 1,001 | 1,471 | 1,444 | 1,441 | 4,430 | 5,357 | 29,388 |
Income from continuing operations | $ (4,999) | $ (4,943) | $ (4,792) | $ (4,737) | $ (4,305) | $ (4,633) | $ (4,501) | $ (4,649) | (19,471) | (18,088) | 6,627 |
Realized gains (losses) on investment securities | |||||||||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||||||||
Reclassification from AOCI, after-tax | (1,080) | (223) | (454) | ||||||||
Debt valuation adjustment (DVA) | |||||||||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||||||||
Reclassification from AOCI, after-tax | 15 | 32 | (4) | ||||||||
Cash flow hedges | |||||||||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||||||||
Reclassification from AOCI, after-tax | 302 | 105 | 86 | ||||||||
Prior service cost (benefit) | |||||||||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||||||||
Reclassification from AOCI, before tax | (12) | (34) | (42) | ||||||||
Net actuarial loss | |||||||||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||||||||
Reclassification from AOCI, before tax | 286 | 248 | 271 | ||||||||
Curtailment/settlement impact | |||||||||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||||||||
Reclassification from AOCI, before tax | 1 | 6 | 17 | ||||||||
Benefit plans | |||||||||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||||||||
Reclassification from AOCI, before tax | 275 | 220 | 246 | ||||||||
Tax effect | (69) | (54) | (87) | ||||||||
Reclassification from AOCI, after-tax | 206 | 166 | 159 | ||||||||
Foreign currency translation adjustment | |||||||||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||||||||
Reclassification from AOCI, after-tax | 326 | 245 | 0 | ||||||||
Accumulated other comprehensive income (loss) | |||||||||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||||||||
Reclassification from AOCI, before tax | (765) | 317 | (340) | ||||||||
Tax effect | 534 | 8 | 127 | ||||||||
Reclassification from AOCI, after-tax | (231) | 325 | (213) | ||||||||
(Gain) loss reclassified from AOCI | Realized gains (losses) on investment securities | |||||||||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||||||||
Realized (gains) losses on sales of investments | (1,474) | (421) | (778) | ||||||||
Gross impairment losses | 23 | 125 | 63 | ||||||||
Income from continuing operations before income taxes | (1,451) | (296) | (715) | ||||||||
Tax effect | 371 | 73 | 261 | ||||||||
Income from continuing operations | (1,080) | (223) | (454) | ||||||||
(Gain) loss reclassified from AOCI | Debt valuation adjustment (DVA) | |||||||||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||||||||
Income from continuing operations before income taxes | 20 | 41 | (7) | ||||||||
Tax effect | (5) | (9) | 3 | ||||||||
Income from continuing operations | 15 | 32 | (4) | ||||||||
(Gain) loss reclassified from AOCI | Cash flow hedges | |||||||||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||||||||
Income from continuing operations before income taxes | 391 | 318 | 136 | ||||||||
Tax effect | (89) | (213) | (50) | ||||||||
Income from continuing operations | 302 | 105 | 86 | ||||||||
(Gain) loss reclassified from AOCI | Cash flow hedges | Interest rate | |||||||||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||||||||
Income from continuing operations before income taxes | 384 | 301 | 126 | ||||||||
(Gain) loss reclassified from AOCI | Cash flow hedges | Foreign exchange contracts | |||||||||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||||||||
Income from continuing operations before income taxes | 7 | 17 | 10 | ||||||||
(Gain) loss reclassified from AOCI | Foreign currency translation adjustment | |||||||||||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||||||||||
Income from continuing operations before income taxes | 0 | 34 | 0 | ||||||||
Tax effect | 326 | 211 | 0 | ||||||||
Income from continuing operations | $ 326 | $ 245 | $ 0 |
PREFERRED STOCK - Schedule of P
PREFERRED STOCK - Schedule of Preferred Stock Outstanding (Details) $ / shares in Units, $ in Millions | Sep. 12, 2019 | Apr. 25, 2016 | Feb. 02, 2016 | Nov. 13, 2015 | Aug. 12, 2015 | Apr. 24, 2015 | Mar. 20, 2015 | Oct. 29, 2014 | Apr. 30, 2014 | Feb. 12, 2014 | Oct. 31, 2013 | Sep. 19, 2013 | Apr. 30, 2013 | Dec. 13, 2012 | Oct. 29, 2012 | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares |
Class of Stock [Line Items] | |||||||||||||||||
Carrying value | $ 17,980 | $ 18,460 | |||||||||||||||
Series A | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend rate (as a percent) | 5.95% | 5.95% | |||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||||||||||||||
Number of depositary shares (in shares) | shares | 1,500,000 | 1,500,000 | |||||||||||||||
Carrying value | $ 1,500 | $ 1,500 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | ||||||||||||||||
Series B | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend rate (as a percent) | 5.90% | 5.90% | |||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||||||||||||||
Number of depositary shares (in shares) | shares | 750,000 | 750,000 | |||||||||||||||
Carrying value | $ 750 | $ 750 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | ||||||||||||||||
Series D | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend rate (as a percent) | 5.35% | 5.35% | |||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||||||||||||||
Number of depositary shares (in shares) | shares | 1,250,000 | 1,250,000 | |||||||||||||||
Carrying value | $ 1,250 | $ 1,250 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | ||||||||||||||||
Series J | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend rate (as a percent) | 7.125% | 7.125% | |||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 25 | $ 25 | |||||||||||||||
Number of depositary shares (in shares) | shares | 38,000,000 | 38,000,000 | |||||||||||||||
Carrying value | $ 950 | $ 950 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.001 | ||||||||||||||||
Series K | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend rate (as a percent) | 6.875% | 6.875% | |||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 25 | $ 25 | |||||||||||||||
Number of depositary shares (in shares) | shares | 59,800,000 | 59,800,000 | |||||||||||||||
Carrying value | $ 1,495 | $ 1,495 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.001 | ||||||||||||||||
Series L | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend rate (as a percent) | 6.875% | 6.875% | |||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 25 | $ 25 | |||||||||||||||
Number of depositary shares (in shares) | shares | 19,200,000 | 19,200,000 | |||||||||||||||
Carrying value | $ 0 | $ 480 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.001 | ||||||||||||||||
Series M | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend rate (as a percent) | 6.30% | 6.30% | |||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||||||||||||||
Number of depositary shares (in shares) | shares | 1,750,000 | 1,750,000 | |||||||||||||||
Carrying value | $ 1,750 | $ 1,750 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | ||||||||||||||||
Series N | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend rate (as a percent) | 5.80% | 5.80% | |||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||||||||||||||
Number of depositary shares (in shares) | shares | 1,500,000 | 1,500,000 | |||||||||||||||
Carrying value | $ 0 | $ 1,500 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | ||||||||||||||||
Series O | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend rate (as a percent) | 5.875% | 5.875% | |||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||||||||||||||
Number of depositary shares (in shares) | shares | 1,500,000 | 1,500,000 | |||||||||||||||
Carrying value | $ 1,500 | $ 1,500 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | ||||||||||||||||
Series P | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend rate (as a percent) | 5.95% | 5.95% | |||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||||||||||||||
Number of depositary shares (in shares) | shares | 2,000,000 | 2,000,000 | |||||||||||||||
Carrying value | $ 2,000 | $ 2,000 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | ||||||||||||||||
Series Q | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend rate (as a percent) | 5.95% | 5.95% | |||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||||||||||||||
Number of depositary shares (in shares) | shares | 1,250,000 | 1,250,000 | |||||||||||||||
Carrying value | $ 1,250 | $ 1,250 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | ||||||||||||||||
Series R | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend rate (as a percent) | 6.125% | 6.125% | |||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||||||||||||||
Number of depositary shares (in shares) | shares | 1,500,000 | 1,500,000 | |||||||||||||||
Carrying value | $ 1,500 | $ 1,500 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | ||||||||||||||||
Series S | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend rate (as a percent) | 6.30% | 6.30% | |||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 25 | $ 25 | |||||||||||||||
Number of depositary shares (in shares) | shares | 41,400,000 | 41,400,000 | |||||||||||||||
Carrying value | $ 1,035 | $ 1,035 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.001 | ||||||||||||||||
Series T | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend rate (as a percent) | 6.25% | 6.25% | |||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||||||||||||||
Number of depositary shares (in shares) | shares | 1,500,000 | 1,500,000 | |||||||||||||||
Carrying value | $ 1,500 | $ 1,500 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 | ||||||||||||||||
Series U | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend rate (as a percent) | 5.00% | 5.00% | |||||||||||||||
Redemption price per depositary share/ preference share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||||||||||||||
Number of depositary shares (in shares) | shares | 1,500,000 | 1,500,000 | |||||||||||||||
Carrying value | $ 1,500 | $ 0 | |||||||||||||||
Depositary shares, interest in corresponding series of preferred stock | 0.04 |
PREFERRED STOCK - Additional In
PREFERRED STOCK - Additional Information (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||||||
Distribution of preferred dividends | $ 1,109 | ||||||
Preferred stock dividends declared | $ 1,109 | $ 1,174 | $ 1,213 | ||||
Subsequent event | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock dividends declared | $ 291 | ||||||
Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Issuance of new preferred stock (in shares) | 60 | ||||||
Issuance of new preferred stock | $ 1,500 | ||||||
Preferred Stock | Subsequent event | Series V | |||||||
Class of Stock [Line Items] | |||||||
Issuance of new preferred stock (in shares) | 1,500 | ||||||
Issuance of new preferred stock | $ 1,500 | ||||||
Forecast | |||||||
Class of Stock [Line Items] | |||||||
Distribution of preferred dividends | $ 253 | $ 328 | $ 253 |
SECURITIZATIONS AND VARIABLE _3
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity | ||
Total involvement with SPE assets | $ 460,157 | $ 361,936 |
Consolidated VIE / SPE assets | 69,506 | 69,944 |
Significant unconsolidated VIE assets | 390,651 | 291,992 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 34,320 | 34,043 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 5,425 | 4,637 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 16,157 | 16,781 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 74 | 73 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 55,976 | 55,534 |
Credit card securitizations | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 43,534 | 46,232 |
Consolidated VIE / SPE assets | 43,534 | 46,232 |
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 | 117,374 | 116,563 |
Consolidated VIE / SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 117,374 | 116,563 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,671 | 3,038 |
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 | 72 | 60 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 2,743 | 3,098 |
Mortgage securitizations - Non-agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 39,608 | 30,886 |
Consolidated VIE / SPE assets | 1,187 | 1,498 |
Significant unconsolidated VIE assets | 38,421 | 29,388 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 876 | 431 |
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 | 877 | 432 |
Citi-administered asset-backed commercial paper conduits (ABCP) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 15,622 | 18,750 |
Consolidated VIE / SPE assets | 15,622 | 18,750 |
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 | 17,395 | 21,837 |
Consolidated VIE / SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 17,395 | 21,837 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 4,199 | 5,891 |
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 | 9 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 4,199 | 5,900 |
Asset-based financing | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 196,728 | 99,433 |
Consolidated VIE / SPE assets | 6,139 | 628 |
Significant unconsolidated VIE assets | 190,589 | 98,805 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 23,756 | 21,640 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 1,151 | 715 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 9,524 | 9,757 |
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 | 34,431 | 32,112 |
Municipal securities tender option bond trusts (TOBs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 6,950 | 7,998 |
Consolidated VIE / SPE assets | 1,458 | 1,776 |
Significant unconsolidated VIE assets | 5,492 | 6,222 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 4 | 9 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 3,544 | 4,262 |
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 | 3,548 | 4,271 |
Municipal investments | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 20,312 | 18,044 |
Consolidated VIE / SPE assets | 0 | 3 |
Significant unconsolidated VIE assets | 20,312 | 18,041 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,636 | 2,813 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 4,274 | 3,922 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 3,034 | 2,738 |
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 | 9,944 | 9,473 |
Client intermediation | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 1,455 | 858 |
Consolidated VIE / SPE assets | 1,391 | 614 |
Significant unconsolidated VIE assets | 64 | 244 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 4 | 172 |
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 | 2 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 4 | 174 |
Investment funds | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 827 | 1,272 |
Consolidated VIE / SPE assets | 174 | 440 |
Significant unconsolidated VIE assets | 653 | 832 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 5 | 12 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 16 | 1 |
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 | 22 | 14 |
Other | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 352 | 63 |
Consolidated VIE / SPE assets | 1 | 3 |
Significant unconsolidated VIE assets | 351 | 60 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 169 | 37 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 39 | 23 |
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 | 208 | 60 |
Mortgage-backed securities | ||
Funded and Unfunded Exposure | ||
Outstanding balance of mortgage loans securitized | $ 6,000 | $ 7,000 |
SECURITIZATIONS AND VARIABLE _4
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 16,157 | $ 16,781 |
Liquidity facilities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 3,544 | 4,262 |
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 | 3,544 | 4,262 |
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 | 12,613 | 12,519 |
Loan / equity commitments | Asset-based financing | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 9,524 | 9,757 |
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 | 3,034 | 2,738 |
Loan / equity commitments | Investment funds | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 16 | 1 |
Loan / equity commitments | Other | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 39 | $ 23 |
SECURITIZATIONS AND VARIABLE _5
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Carrying Amounts and Classifications of Consolidated Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Variable Interest Entity | |||
Cash and due from banks | $ 23,967 | $ 23,645 | $ 23,775 |
Trading account assets | 276,140 | 256,117 | |
Investments | 368,563 | 358,607 | |
Total loans, net of allowance | 686,700 | 671,881 | |
Other assets | 107,709 | 109,273 | |
Total assets | 1,951,158 | 1,917,383 | |
Significant unconsolidated VIE assets | |||
Variable Interest Entity | |||
Cash and due from banks | 0 | 0 | |
Trading account assets | 2,600 | 3,000 | |
Investments | 9,900 | 10,700 | |
Total loans, net of allowance | 26,700 | 24,500 | |
Other assets | 500 | 500 | |
Total assets | $ 39,700 | $ 38,700 |
SECURITIZATIONS AND VARIABLE _6
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Credit Card Securitizations (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)trust | Dec. 31, 2018USD ($) | 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 | $ 19,700,000,000 | $ 27,300,000,000 | |
Retained by Citigroup as trust-issued securities | 6,200,000,000 | 7,600,000,000 | |
Retained by Citigroup via non-certificated interests | 17,800,000,000 | 11,300,000,000 | |
Total ownership interests in principal amount of trust credit card receivables | 43,700,000,000 | 46,200,000,000 | |
Credit card securitizations | |||
Securitized credit card receivables | |||
Gains (losses) recognized on the securitization | 0 | ||
Cash Flows Between Transferor and Transferee | |||
Proceeds from new securitizations | 0 | 6,800,000,000 | $ 11,100,000,000 |
Pay down of maturing notes | $ (7,600,000,000) | $ (8,300,000,000) | $ (5,000,000,000) |
SECURITIZATIONS AND VARIABLE _7
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding, Liquidity Facilities and Subordinated Interests (Details) $ in Billions | 12 Months Ended | |
Dec. 31, 2019USD ($)trust | Dec. 31, 2018USD ($) | |
Funding, Liquidity Facilities and Subordinated Interests | ||
Number of trusts to hold securitized credit card receivables | trust | 2 | |
Citibank Credit Card Master Trust (Master Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 3 years 1 month 6 days | 3 years |
Term notes issued to third parties | $ 18.2 | $ 25.8 |
Term notes retained by Citigroup affiliates | 4.3 | 5.7 |
Total Trust liabilities | $ 22.5 | $ 31.5 |
Citibank OMNI Master Trust (Omni Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 1 year 7 months 6 days | 2 years 8 months 12 days |
Term notes issued to third parties | $ 1.5 | $ 1.5 |
Term notes retained by Citigroup affiliates | 1.9 | 1.9 |
Total Trust liabilities | $ 3.4 | $ 3.4 |
SECURITIZATIONS AND VARIABLE _8
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Securitizations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. government-sponsored agency guaranteed | |||
Cash Flows Between Transferor and Transferee | |||
Principal securitized | $ 5,300 | $ 4,000 | $ 7,800 |
Proceeds from new securitizations | 5,500 | 4,200 | 8,100 |
Contractual servicing fees received | 100 | 100 | 200 |
Purchases of previously transferred financial assets | $ 200 | $ 200 | 400 |
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Weighted average life | 6 years 7 months 6 days | 7 years 6 months | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Weighted average life | 6 years 7 months 6 days | 6 years 4 months 24 days | |
Sensitivity analysis of fair value of interests continued to be held by transferor | |||
Carrying value of retained interests | $ 491 | $ 564 | |
Carrying value of retained interests, impact of 10% adverse change in discount rate | (18) | (16) | |
Carrying value of retained interests, impact of 20% adverse change in discount rate | (35) | (32) | |
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | (18) | (21) | |
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | $ (35) | $ (41) | |
U.S. government-sponsored agency guaranteed | Weighted Average | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Discount rate | 9.30% | 9.60% | |
Constant prepayment rate | 12.90% | 5.80% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Discount rate | 9.80% | 7.80% | |
Constant prepayment rate | 10.10% | 9.10% | |
Mortgage securitizations - Non-agency-sponsored | |||
Cash Flows Between Transferor and Transferee | |||
Principal securitized | $ 18,900 | $ 5,600 | 7,300 |
Proceeds from new securitizations | 18,900 | 7,100 | 7,300 |
Contractual servicing fees received | 0 | 0 | 0 |
Purchases of previously transferred financial assets | $ 0 | $ 0 | 0 |
Senior interests | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Weighted average life | 3 years | 5 years 6 months | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Weighted average life | 5 years 10 months 24 days | 6 years 7 months 6 days | |
Sensitivity analysis of fair value of interests continued to be held by transferor | |||
Carrying value of retained interests | $ 748 | $ 300 | |
Carrying value of retained interests, impact of 10% adverse change in discount rate | 0 | 0 | |
Carrying value of retained interests, impact of 20% adverse change in discount rate | (1) | 0 | |
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | 0 | 0 | |
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | 0 | 0 | |
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | 0 | 0 | |
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | $ 0 | $ 0 | |
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 | 3.60% | 2.80% | |
Constant prepayment rate | 10.50% | 8.00% | |
Anticipated net credit losses | 3.90% | 4.40% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Discount rate | 7.60% | 9.30% | |
Constant prepayment rate | 3.60% | 8.00% | |
Anticipated net credit losses | 5.20% | 40.00% | |
Subordinated interests | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Weighted average life | 11 years 4 months 24 days | 6 years 8 months 12 days | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Weighted average life | 29 years 3 months 18 days | 0 years | |
Sensitivity analysis of fair value of interests continued to be held by transferor | |||
Carrying value of retained interests | $ 102 | $ 51 | |
Carrying value of retained interests, impact of 10% adverse change in discount rate | (1) | 0 | |
Carrying value of retained interests, impact of 20% adverse change in discount rate | (1) | 0 | |
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | 0 | 0 | |
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | 0 | 0 | |
Carrying value of retained interests, impact of 10% adverse change in anticipated net credit losses | 0 | 0 | |
Carrying value of retained interests, impact of 20% adverse change in anticipated net credit losses | $ 0 | $ 0 | |
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 | 4.60% | 4.40% | |
Constant prepayment rate | 7.60% | 9.10% | |
Anticipated net credit losses | 2.80% | 3.40% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Discount rate | 4.20% | 0.00% | |
Constant prepayment rate | 6.10% | 0.00% | |
Anticipated net credit losses | 2.70% | 0.00% | |
Personal loan | |||
Cash Flows Between Transferor and Transferee | |||
Proceeds from new securitizations | $ 200 | ||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||
Carrying value of retained interests | 150 | ||
Citicorp | U.S. government-sponsored agency guaranteed | |||
Cash Flows Between Transferor and Transferee | |||
Gains recognized on the securitization | 16 | $ 17 | 28 |
Citicorp | Mortgage securitizations - Non-agency-sponsored | |||
Cash Flows Between Transferor and Transferee | |||
Gains recognized on the securitization | $ 99 | $ 36 | $ 70 |
SECURITIZATIONS AND VARIABLE _9
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Loan Delinquencies and Liquidation Losses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Mortgage securitizations - Non-agency-sponsored | ||
Variable Interest Entity | ||
Securitized assets past due | $ 34,000 | $ 18,300 |
Securitized assets liquidation losses | 49 | 54 |
Mortgage securitizations - Non-agency-sponsored | 90 days past due | ||
Variable Interest Entity | ||
Securitized assets past due | 400 | 400 |
Mortgage-backed securities - Residential | ||
Variable Interest Entity | ||
Securitized assets past due | 11,700 | 5,200 |
Securitized assets liquidation losses | 49 | 54 |
Mortgage-backed securities - Residential | 90 days past due | ||
Variable Interest Entity | ||
Securitized assets past due | 400 | 400 |
Mortgage-backed securities - Commercial | ||
Variable Interest Entity | ||
Securitized assets past due | 22,300 | 13,100 |
Securitized assets liquidation losses | 0 | 0 |
Mortgage-backed securities - Commercial | 90 days past due | ||
Variable Interest Entity | ||
Securitized assets past due | $ 0 | $ 0 |
SECURITIZATIONS AND VARIABLE_10
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Servicing Rights (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Mortgage servicing rights | |||
Classification of Securitizations | |||
Fair value of capitalized mortgage servicing rights | $ 495 | $ 584 | |
Principal amount of loans and other financial instruments | 58,000 | 62,000 | |
Capitalized MSRs | |||
Balance at beginning of period | 584 | 558 | |
Originations | 70 | 58 | |
Changes in fair value of MSRs due to changes in inputs and assumptions | (84) | 54 | |
Other changes | (75) | (68) | |
Sale of MSRs | 0 | (18) | |
Balance at end of period | 495 | 584 | $ 558 |
MSR fees | |||
Servicing fees | 148 | 172 | 276 |
Late fees | 8 | 4 | 10 |
Ancillary fees | 1 | 8 | 13 |
Total MSR fees | 157 | 184 | $ 299 |
Mortgage securitizations - Non-agency-sponsored | |||
Re-securitizations | |||
Fair value of re-securitizations deals in which the entity holds a retained interest | 16 | ||
Original par value of re-securitizations deals in which the entity holds a retained interest | 271 | ||
Mortgage-backed securities - U.S. agency-sponsored | |||
Re-securitizations | |||
Fair value of re-securitizations deals in which the entity holds a retained interest | 2,200 | 2,500 | |
Securities transferred to re-securitization entities | 31,900 | 26,300 | |
Market value of retained interest related to re-securitization transaction | 1,300 | 1,400 | |
Original fair value of re-securitizations deals in which the entity holds a retained interest | $ 73,500 | $ 70,900 |
SECURITIZATIONS AND VARIABLE_11
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset-Backed Commercial Paper Conduits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Classification of Other Securitization Details | ||
Commercial paper | $ 16,476,000,000 | $ 13,238,000,000 |
Citi-administered asset-backed commercial paper conduits (ABCP) | ||
Classification of Other Securitization Details | ||
Purchased assets outstanding under conduits | 15,600,000,000 | 18,800,000,000 |
Incremental funding commitments with clients | $ 16,300,000,000 | $ 14,000,000,000 |
Weighted average life of commercial paper issued by conduits | 49 days | 53 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 | $ 1,400,000,000 | $ 1,700,000,000 |
Commercial paper | $ 5,500,000,000 | $ 5,500,000,000 |
SECURITIZATIONS AND VARIABLE_12
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Collateralized Debt and Loan Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Variable Interest Entity | |||
Term of collateralized loan obligation | 12 years | ||
Collateralized loan obligations (CLOs) | |||
Variable Interest Entity | |||
Principal securitized | $ 0 | $ 0 | $ 133 |
Proceeds from new securitizations | 0 | 0 | 133 |
Cash flows received on retained interests and other net cash flows | 72 | 127 | 107 |
Carrying value of retained interests | $ 1,404 | $ 3,142 | $ 4,079 |
SECURITIZATIONS AND VARIABLE_13
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset Based Financing (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity | ||
Total unconsolidated VIE assets | $ 390,651 | $ 291,992 |
Maximum exposure to unconsolidated VIEs | 55,976 | 55,534 |
Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 190,589 | 98,805 |
Maximum exposure to unconsolidated VIEs | 34,431 | 32,112 |
Commercial and other real estate | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 31,377 | 23,918 |
Maximum exposure to unconsolidated VIEs | 7,489 | 6,928 |
Corporate loans | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 7,088 | 6,973 |
Maximum exposure to unconsolidated VIEs | 5,802 | 5,744 |
Other (including investment funds, airlines and shipping) | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 152,124 | 67,914 |
Maximum exposure to unconsolidated VIEs | $ 21,140 | $ 19,440 |
SECURITIZATIONS AND VARIABLE_14
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Municipal Securities Tender Option Bond Trusts (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)trust | Dec. 31, 2018USD ($) | |
Variable Interest Entity | ||
Number of TOB trusts | trust | 2 | |
Municipal bonds owned by trusts, that have credit guarantee provided by the Company | $ 0 | $ 0 |
Municipal securities tender option bond trusts (TOBs) | ||
Variable Interest Entity | ||
Liquidity agreements, customer TOB trust | 3,500,000,000 | 4,300,000,000 |
Notional amount of offsetting reimbursement agreements | 1,600,000,000 | 2,300,000,000 |
Liquidity agreements, other trusts | $ 7,000,000,000 | $ 6,100,000,000 |
Maximum | Municipal securities tender option bond trusts (TOBs) | ||
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 ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Hedging instruments under ASC 815 | ||
Derivatives | ||
Derivative notionals | $ 420,823 | $ 376,831 |
Hedging instruments under ASC 815 | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 318,089 | 273,636 |
Hedging instruments under ASC 815 | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 318,089 | 273,636 |
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 | 101,539 | 102,393 |
Hedging instruments under ASC 815 | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 63,104 | 57,153 |
Hedging instruments under ASC 815 | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 38,275 | 41,410 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 80 | 1,726 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 80 | 2,104 |
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 | 1,195 | 802 |
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 | 1,195 | 802 |
Hedging instruments under ASC 815 | Commodity and other contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Commodity and other contract options | 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 | 39,522,192 | 46,221,407 |
Other derivative instruments, Trading derivatives | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 24,672,211 | 28,321,891 |
Other derivative instruments, Trading derivatives | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 17,063,272 | 18,138,686 |
Other derivative instruments, Trading derivatives | Interest rate futures and forwards | ||
Derivatives | ||
Derivative notionals | 3,636,658 | 4,632,257 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 2,114,511 | 3,018,469 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 1,857,770 | 2,532,479 |
Other derivative instruments, Trading derivatives | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 11,910,251 | 14,963,895 |
Other derivative instruments, Trading derivatives | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 6,063,853 | 6,738,158 |
Other derivative instruments, Trading derivatives | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 3,979,188 | 5,115,504 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 908,061 | 1,566,717 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 959,149 | 1,543,516 |
Other derivative instruments, Trading derivatives | Equity contracts | ||
Derivatives | ||
Derivative notionals | 1,247,562 | 1,065,326 |
Other derivative instruments, Trading derivatives | Equity swaps | ||
Derivatives | ||
Derivative notionals | 197,893 | 217,580 |
Other derivative instruments, Trading derivatives | Equity futures and forwards | ||
Derivatives | ||
Derivative notionals | 66,705 | 52,053 |
Other derivative instruments, Trading derivatives | Equity contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 560,571 | 454,675 |
Other derivative instruments, Trading derivatives | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 422,393 | 341,018 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 384,855 | 349,707 |
Other derivative instruments, Trading derivatives | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 69,445 | 79,133 |
Other derivative instruments, Trading derivatives | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 137,192 | 146,647 |
Other derivative instruments, Trading derivatives | Commodity and other contract options | Written or Sold | ||
Derivatives | ||
Derivative notionals | 91,587 | 62,629 |
Other derivative instruments, Trading derivatives | Commodity and other contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 86,631 | 61,298 |
Other derivative instruments, Trading derivatives | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 1,307,313 | 1,520,588 |
Other derivative instruments, Trading derivatives | Credit derivatives | Written or Sold | ||
Derivatives | ||
Derivative notionals | 603,387 | 724,939 |
Other derivative instruments, Trading derivatives | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | 703,926 | 795,649 |
Rule Changes Adopted by Clearing Organizations | ||
Derivatives | ||
Reduction in derivative assets | 180,000 | 100,000 |
Reduction in derivative liabilities | $ 180,000 | $ 100,000 |
DERIVATIVES ACTIVITIES - Deri_2
DERIVATIVES ACTIVITIES - Derivative Mark-to-Market (MTM) Receivables/Payables (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Netting of cash collateral received | $ (44,353) | $ (38,608) |
Netting of cash collateral paid | (38,919) | (29,911) |
Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 358,330 | 392,299 |
Cash collateral paid, net of amount used to offset derivative liabilities | 17,926 | 11,518 |
Less: Netting agreements to assets | (274,970) | (311,089) |
Netting of cash collateral received | (44,353) | (38,608) |
Net receivables included on consolidated balance sheet | 56,933 | 54,120 |
Cash collateral received | (861) | (767) |
Non-cash collateral received | (13,143) | (13,509) |
Total Net receivables | 42,929 | 39,844 |
Cash collateral paid, gross | 56,845 | 41,429 |
Does not meet applicable offsetting guidance, assets | 7,000 | 5,000 |
Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (262,000) | (296,000) |
Less: Netting agreements to liabilities | (296,000) | |
Trading accounts assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (6,000) | (4,000) |
Less: Netting agreements to liabilities | (4,000) | |
Trading accounts assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to assets | (7,000) | (11,000) |
Less: Netting agreements to liabilities | (11,000) | |
Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 346,926 | 379,030 |
Cash collateral received, net of amount used to offset derivative assets | 14,391 | 13,906 |
Less: Netting agreements to liabilities | (274,970) | (311,089) |
Netting of cash collateral paid | (38,919) | (29,911) |
Total derivative liabilities | 47,428 | 51,936 |
Cash collateral paid | (128) | (164) |
Non-cash collateral paid | (7,308) | (13,354) |
Total Net payables | 39,992 | 38,418 |
Cash collateral received, gross | 58,744 | 52,514 |
Does not meet applicable offsetting guidance, liabilities | 6,000 | 7,000 |
Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (262,000) | |
Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (6,000) | |
Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Less: Netting agreements to liabilities | (7,000) | |
Derivatives instruments designated as ASC 815 hedges | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 3,027 | 3,271 |
Derivatives instruments designated as ASC 815 hedges | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,164 | 965 |
Derivatives instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,723 | 1,869 |
Derivatives instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,682 | 1,631 |
Derivatives instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 41 | 238 |
Derivatives instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 254 | 225 |
Derivatives instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 143 | 172 |
Derivatives instruments designated as ASC 815 hedges | Interest rate contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 111 | 53 |
Derivatives instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,304 | 1,402 |
Derivatives instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,304 | 1,402 |
Derivatives instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | |
Derivatives instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 910 | 740 |
Derivatives instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 908 | 736 |
Derivatives instruments designated as ASC 815 hedges | Foreign exchange contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 0 | |
Derivative payables | 2 | 4 |
Derivatives not designated in a qualifying hedging relationship | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 355,303 | 389,028 |
Derivatives not designated in a qualifying hedging relationship | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 345,762 | 378,065 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 195,945 | 169,763 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 189,892 | 161,183 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Trading accounts assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 5,896 | 8,489 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Trading accounts assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 157 | 91 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 177,401 | 154,602 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 169,749 | 146,909 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 7,472 | 7,594 |
Derivatives not designated in a qualifying hedging relationship | Interest rate contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 180 | 99 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 106,266 | 161,052 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 105,401 | 159,099 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Trading accounts assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 862 | 1,900 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Trading accounts assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 3 | 53 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 109,822 | 158,615 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 108,807 | 156,904 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,015 | 1,671 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 0 | 40 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 28,471 | 29,893 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 21,311 | 18,253 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Trading accounts assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 17 | |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Trading accounts assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 7,160 | 11,623 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 30,486 | 33,808 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 22,411 | 21,527 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 32 | |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 8,075 | 12,249 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 14,212 | 17,555 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 13,582 | 16,661 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | Trading accounts assets | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 630 | 894 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 17,315 | 20,689 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 16,773 | 19,894 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | Trading accounts liabilities | Exchange traded | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 542 | 795 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Trading accounts assets | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 10,409 | 10,765 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Trading accounts assets | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 8,896 | 6,967 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Trading accounts assets | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | 1,513 | 3,798 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Trading accounts liabilities | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 10,738 | 10,351 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Trading accounts liabilities | Over-the-counter | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 8,975 | 6,155 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | Trading accounts liabilities | Cleared | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative payables | 1,763 | 4,196 |
Rule Changes Adopted by Clearing Organizations | ||
Derivative Mark-to-Market (MTM) Receivables/Payables | ||
Derivative receivables | (180,000) | (100,000) |
Derivative payables | $ (180,000) | $ (100,000) |
DERIVATIVES ACTIVITIES - Gains
DERIVATIVES ACTIVITIES - Gains (Losses) Included in Other Revenue (Details) - Other revenue - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative gain (losses) | |||
Gains (losses) included in Other revenue | $ 28 | $ (222) | $ 1,989 |
Interest rate contracts | |||
Derivative gain (losses) | |||
Gains (losses) included in Other revenue | 57 | (25) | (73) |
Foreign exchange contracts | |||
Derivative gain (losses) | |||
Gains (losses) included in Other revenue | $ (29) | $ (197) | $ 2,062 |
DERIVATIVES ACTIVITIES - Fair V
DERIVATIVES ACTIVITIES - Fair Value Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gain (loss) on fair value hedges | |||
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | $ 18 | ||
Other revenue | |||
Gain (loss) on fair value hedges | |||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | $ 304 | $ (2,187) | (1,732) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (304) | 2,188 | 1,840 |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | (68) | (23) | 90 |
Net interest revenue | |||
Gain (loss) on fair value hedges | |||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | 2,273 | 794 | |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (2,085) | (747) | |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 3 | (5) | |
Interest rate contracts | |||
Gain (loss) on fair value hedges | |||
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | (31) | ||
Interest rate contracts | Other revenue | |||
Gain (loss) on fair value hedges | |||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | 0 | 0 | (891) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 | 853 |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 0 | 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 | 2,273 | 794 | |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (2,085) | (747) | |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 3 | (5) | |
Foreign exchange contracts | |||
Gain (loss) on fair value hedges | |||
Hedge ineffectiveness recognized in earnings on designated and qualifying fair value hedges | 49 | ||
Cross-currency basis included in accumulated other comprehensive income | 33 | (74) | |
Foreign exchange contracts | Other revenue | |||
Gain (loss) on fair value hedges | |||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | 337 | (2,064) | (824) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | (337) | 2,064 | 969 |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | (109) | (4) | 96 |
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 contract options | Other revenue | |||
Gain (loss) on fair value hedges | |||
Gain (loss) on the derivatives in designated and qualifying fair value hedges | (33) | (123) | (17) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 33 | 124 | 18 |
Net gain (loss) excluded from assessment of the effectiveness of fair value hedges | 41 | (19) | $ 1 |
Commodity and other contract options | 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) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Debt securities AFS, carrying amount of hedged asset | $ 94,659 | $ 81,632 |
Debt securities AFS, cumulative fair value hedging adjustment increasing (decreasing) the carrying amount, active | (114) | (196) |
Debt securities AFS, cumulative fair value hedging adjustment increasing (decreasing) the carrying amount, de-designated | 743 | 295 |
Long-term debt, carrying amount of hedged liability | 157,387 | 149,054 |
Long-term debt, cumulative fair value hedging adjustment increasing (decreasing) the carrying amount, active | 2,334 | 1,211 |
Long-term debt, cumulative fair value hedging adjustment increasing (decreasing) the carrying amount, de-designated | 3,445 | $ 869 |
Cumulative basis adjustment within active hedges | (8) | |
Cumulative basis adjustment within de-designated hedges | 157 | |
Amount of designated hedged items | 605 | |
Carrying value of closed portfolios used in hedging relations | $ 20,000 |
DERIVATIVES ACTIVITIES - Cash F
DERIVATIVES ACTIVITIES - Cash Flow Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pretax change in accumulated other comprehensive income (loss) | |||
Amount of gain (loss) recognized in AOCI on derivative | $ 729 | $ (356) | $ (173) |
Other revenue | 1,448 | 1,661 | 1,437 |
Net interest revenue | 47,347 | 46,562 | 45,061 |
Cash flow hedges expected to be reclassified within 12 months | $ 84 | ||
Maximum length of time hedged in cash flow hedge | 10 years | ||
Interest rate contracts | |||
Pretax change in accumulated other comprehensive income (loss) | |||
Amount of gain (loss) recognized in AOCI on derivative | $ 746 | (361) | (165) |
Foreign exchange contracts | |||
Pretax change in accumulated other comprehensive income (loss) | |||
Amount of gain (loss) recognized in AOCI on derivative | (17) | 5 | (8) |
Cash flow hedges | |||
Pretax change in accumulated other comprehensive income (loss) | |||
Net interest revenue | 1,120 | (38) | (37) |
Amount of gain (loss) reclassified from AOCI to earnings | Cash flow hedges | |||
Pretax change in accumulated other comprehensive income (loss) | |||
Other revenue | (7) | (17) | (136) |
Net interest revenue | (384) | (301) | |
Amount of gain (loss) reclassified from AOCI to earnings | Cash flow hedges | Interest rate contracts | |||
Pretax change in accumulated other comprehensive income (loss) | |||
Other revenue | 0 | 0 | (126) |
Net interest revenue | (384) | (301) | |
Amount of gain (loss) reclassified from AOCI to earnings | Cash flow hedges | Foreign exchange contracts | |||
Pretax change in accumulated other comprehensive income (loss) | |||
Other revenue | (7) | (17) | $ (10) |
Net interest revenue | $ 0 | $ 0 |
DERIVATIVES ACTIVITIES - Net In
DERIVATIVES ACTIVITIES - Net Investment Hedges (Details) - Net Investment Hedging - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative gain (losses) | |||
Net investment hedge ineffectiveness recorded in earnings | $ 0 | ||
Gain (loss) recognized in OCI, effective portion, net | $ (556,000,000) | $ 1,207,000,000 | $ 2,528,000,000 |
DERIVATIVES ACTIVITIES - Credit
DERIVATIVES ACTIVITIES - Credit Derivatives (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)counterpartyagency | Dec. 31, 2018USD ($) | |
Credit Derivative | ||
Percentage of receivables from counterparties with collateral agreements | 98.00% | 98.00% |
Number of top counterparties which are banks, financial institutions, and other dealers | counterparty | 15 | |
Fair value, Receivable | $ 10,409 | $ 10,765 |
Fair Value, Payable | 10,738 | 10,351 |
Notionals, Protection purchased | 703,926 | 795,649 |
Notionals, Protection sold | 603,387 | 724,939 |
Fair value of derivative in liability position | 30,000 | 33,000 |
Fair value of collateral already posted | $ 28,000 | 33,000 |
Number of rating agencies | agency | 3 | |
Additional collateral to be posted | $ 600 | |
Collateral to be segregated | 200 | |
Aggregate cash obligations and collateral requirements | 800 | |
Purchased | ||
Credit Derivative | ||
Fair value, Receivable | 3,415 | 5,126 |
Fair Value, Payable | 7,793 | 5,882 |
Sold | ||
Credit Derivative | ||
Fair value, Receivable | 6,994 | 5,639 |
Fair Value, Payable | 2,945 | 4,469 |
Within 1 year | ||
Credit Derivative | ||
Fair value, Receivable | 1,806 | 2,037 |
Fair Value, Payable | 2,181 | 2,063 |
Notionals, Protection purchased | 231,135 | 251,994 |
Notionals, Protection sold | 176,188 | 225,597 |
From 1 to 5 years | ||
Credit Derivative | ||
Fair value, Receivable | 7,275 | 6,720 |
Fair Value, Payable | 7,265 | 6,414 |
Notionals, Protection purchased | 414,237 | 493,096 |
Notionals, Protection sold | 379,915 | 456,409 |
After 5 years | ||
Credit Derivative | ||
Fair value, Receivable | 1,328 | 2,008 |
Fair Value, Payable | 1,292 | 1,874 |
Notionals, Protection purchased | 58,554 | 50,559 |
Notionals, Protection sold | 47,284 | 42,933 |
Investment Grade | ||
Credit Derivative | ||
Fair value, Receivable | 4,579 | 4,725 |
Fair Value, Payable | 4,578 | 4,544 |
Notionals, Protection purchased | 560,806 | 637,790 |
Notionals, Protection sold | 470,778 | 568,849 |
Non-Investment Grade | ||
Credit Derivative | ||
Fair value, Receivable | 5,830 | 6,040 |
Fair Value, Payable | 6,160 | 5,807 |
Notionals, Protection purchased | 143,120 | 157,859 |
Notionals, Protection sold | 132,609 | 156,090 |
Credit default swaps and options | ||
Credit Derivative | ||
Fair value, Receivable | 9,759 | 10,030 |
Fair Value, Payable | 9,791 | 9,755 |
Notionals, Protection purchased | 685,643 | 771,865 |
Notionals, Protection sold | 593,850 | 712,623 |
Total return swaps and other | ||
Credit Derivative | ||
Fair value, Receivable | 650 | 735 |
Fair Value, Payable | 947 | 596 |
Notionals, Protection purchased | 18,283 | 23,784 |
Notionals, Protection sold | 9,537 | 12,316 |
Banks | ||
Credit Derivative | ||
Fair value, Receivable | 4,017 | 4,785 |
Fair Value, Payable | 4,102 | 4,432 |
Notionals, Protection purchased | 172,461 | 214,842 |
Notionals, Protection sold | 169,546 | 218,273 |
Broker-dealers | ||
Credit Derivative | ||
Fair value, Receivable | 1,724 | 1,706 |
Fair Value, Payable | 1,528 | 1,612 |
Notionals, Protection purchased | 54,843 | 62,904 |
Notionals, Protection sold | 53,846 | 63,014 |
Non-financial | ||
Credit Derivative | ||
Fair value, Receivable | 92 | 64 |
Fair Value, Payable | 76 | 87 |
Notionals, Protection purchased | 2,601 | 2,687 |
Notionals, Protection sold | 1,968 | 1,192 |
Insurance and other financial institutions | ||
Credit Derivative | ||
Fair value, Receivable | 4,576 | 4,210 |
Fair Value, Payable | 5,032 | 4,220 |
Notionals, Protection purchased | 474,021 | 515,216 |
Notionals, Protection sold | 378,027 | 442,460 |
Interest rate swaps | ||
Credit Derivative | ||
Amount derecognized | 3,700 | 4,600 |
Cash proceeds received for assets derecognized | 5,800 | 4,600 |
Fair value of derecognized assets | 5,900 | 4,500 |
Fair value gross derivative assets | 117 | 55 |
Trading derivatives, liability | $ 43 | $ 40 |
CONCENTRATIONS OF CREDIT RISK (
CONCENTRATIONS OF CREDIT RISK (Details) - Total investments - Geographic - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. | ||
Concentration Risk [Line Items] | ||
Credit exposure from investment securities, loans and trading assets | $ 250.9 | $ 250 |
GERMANY | ||
Concentration Risk [Line Items] | ||
Credit exposure from investment securities, loans and trading assets | 29.8 | 45.6 |
JAPAN | ||
Concentration Risk [Line Items] | ||
Credit exposure from investment securities, loans and trading assets | 33.3 | 28.8 |
State and Municipalities | ||
Concentration Risk [Line Items] | ||
Credit exposure from investment securities, loans and trading assets | $ 23.8 | $ 27.9 |
FAIR VALUE MEASUREMENT - Market
FAIR VALUE MEASUREMENT - Market Valuation Adjustments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Credit and funding valuation adjustments contra-liability (contra-asset) | |||
Counterparty CVA | $ (705) | $ (1,085) | |
Asset FVA | (530) | (544) | |
Citigroup (own-credit) CVA | 341 | 482 | |
Liability FVA | 72 | 135 | |
Total CVA—derivative instruments | (822) | (1,012) | |
Credit, Funding and Debt Valuation Adjustments Gain (Loss) [Abstract] | |||
Counterparty CVA | 149 | (109) | $ 276 |
Asset FVA | 13 | 46 | 90 |
Own-credit CVA | (131) | 178 | (153) |
Liability FVA | (63) | 56 | (15) |
Total CVA—derivative instruments | (32) | 171 | 198 |
DVA related to own FVO liabilities | (1,473) | 1,415 | (680) |
Total CVA and DVA | $ (1,505) | $ 1,586 | $ (482) |
FAIR VALUE MEASUREMENT - Items
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets, Fair Value Disclosure [Abstract] | ||
Securities borrowed and purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell, Netting | $ (111,400) | $ (87,424) |
Trading account assets | 276,140 | 256,117 |
Netting of cash collateral received | (44,353) | (38,608) |
Investments | 368,563 | 358,607 |
Loans | 4,085 | 3,223 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Securities loaned and sold under agreements to repurchase, Netting | (111,400) | (87,424) |
Netting of cash collateral paid | (38,919) | (29,911) |
Fair Value Measured at Net Asset Value Per Share | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Alternative investment funds, fair value | 170 | 207 |
Fair Value Measured at Net Asset Value Per Share | Accounting Standards Update 2015-07 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Alternative investment funds, fair value | 200 | 200 |
Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Securities borrowed and purchased under agreements to resell | 254,556 | 214,685 |
Securities borrowed and purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell, Netting | (101,363) | (66,984) |
Securities borrowed and purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell | 153,193 | 147,701 |
Investments | 281,257 | 288,940 |
Loans | 4,085 | 3,223 |
Mortgage servicing rights (MSRs) | 495 | 584 |
Total assets before netting | 1,148,686 | 1,134,034 |
Total assets, Netting | (420,686) | (416,681) |
Total assets | 728,000 | 717,353 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | 2,319 | 1,475 |
Securities loaned and sold under agreements to repurchase, gross | 112,324 | 111,494 |
Securities loaned and sold under agreements to repurchase, Netting | (71,673) | (66,984) |
Securities loaned and sold under agreements to repurchase | 40,651 | 44,510 |
Securities sold, not yet purchased | 72,442 | 90,822 |
Other trading liabilities | 72,466 | 92,369 |
Short-term borrowings | 4,946 | 4,483 |
Long-term debt | 55,783 | 38,229 |
Total liabilities, Gross | 615,498 | 656,892 |
Total liabilities, Netting | (385,562) | (407,984) |
Total liabilities | 229,936 | 248,908 |
Recurring | Trading derivatives liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 346,926 | 379,030 |
Cash collateral received | 14,391 | 13,906 |
Netting agreements | (274,970) | (311,089) |
Netting of cash collateral paid | (38,919) | (29,911) |
Total trading derivatives and cash collateral, liability | 361,317 | 392,936 |
Netting, Liabilities, total of netting agreements and cash collateral received | (313,889) | (341,000) |
Total derivative liabilities | 47,428 | 51,936 |
Gross cash collateral received | 58,744 | 52,514 |
Recurring | Trading derivatives liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 177,655 | 154,827 |
Recurring | Trading derivatives liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 110,732 | 159,355 |
Recurring | Trading derivatives liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 30,486 | 33,808 |
Recurring | Trading derivatives liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 17,315 | 20,689 |
Recurring | Trading derivatives liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 10,738 | 10,351 |
Recurring | Non-trading derivatives and other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
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 | 6,343 | 15,906 |
Total non-trading derivatives and other financial liabilities measured on recurring basis | 6,343 | 15,906 |
Recurring | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other trading liabilities | 24 | 1,547 |
Recurring | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 27,671 | 24,246 |
Investments | 35,230 | 43,020 |
Recurring | Mortgage-backed securities - Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 696 | 977 |
Investments | 793 | 1,313 |
Recurring | Mortgage-backed securities - Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,693 | 1,400 |
Investments | 74 | 172 |
Recurring | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 30,060 | 26,623 |
Investments | 36,097 | 44,505 |
Recurring | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 29,895 | 31,242 |
Investments | 111,418 | 117,222 |
Recurring | State and municipal securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,637 | 3,982 |
Investments | 4,978 | 9,206 |
Recurring | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 71,326 | 64,519 |
Investments | 111,249 | 100,691 |
Recurring | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 18,891 | 15,896 |
Investments | 11,271 | 11,599 |
Recurring | Marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 51,641 | 43,803 |
Investments | 458 | 220 |
Recurring | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,716 | 2,913 |
Investments | 522 | 843 |
Recurring | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 12,041 | 13,019 |
Investments | 4,730 | 3,972 |
Recurring | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 534 | 682 |
Recurring | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 219,207 | 201,997 |
Recurring | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 358,330 | 392,299 |
Gross cash collateral paid | 17,926 | 11,518 |
Trading derivative, asset, gross net cash collateral paid | 376,256 | 403,817 |
Less: Netting agreements to assets | (274,970) | (311,089) |
Netting of cash collateral received | (44,353) | (38,608) |
Netting, Assets, total of netting agreements and cash collateral received | (319,323) | (349,697) |
Trading derivatives | 56,933 | 54,120 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Gross cash collateral paid | 56,845 | 41,429 |
Recurring | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 197,668 | 171,632 |
Recurring | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 107,570 | 162,454 |
Recurring | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 28,471 | 29,893 |
Recurring | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 14,212 | 17,555 |
Recurring | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 10,409 | 10,765 |
Recurring | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Netting, Assets, total of netting agreements and cash collateral received | 0 | 0 |
Total other assets and cash collateral, gross | 12,830 | 20,788 |
Other assets | 12,830 | 20,788 |
Recurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Securities borrowed and purchased under agreements to resell | 0 | 0 |
Investments | 181,297 | 170,445 |
Loans | 0 | 0 |
Mortgage servicing rights (MSRs) | 0 | 0 |
Total assets before netting | $ 307,192 | $ 294,151 |
Total as a percentage of gross assets | 27.20% | 26.20% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 0 | $ 0 |
Securities loaned and sold under agreements to repurchase, gross | 0 | 0 |
Securities sold, not yet purchased | 60,429 | 78,872 |
Other trading liabilities | 60,429 | 78,872 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Total liabilities, Gross | $ 66,861 | $ 95,133 |
Total as a percentage of gross liabilities | 11.10% | 14.80% |
Recurring | Level 1 | Trading derivatives liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 152 | $ 422 |
Recurring | Level 1 | Trading derivatives liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 8 | 71 |
Recurring | Level 1 | Trading derivatives liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 0 |
Recurring | Level 1 | Trading derivatives liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 144 | 351 |
Recurring | Level 1 | Trading derivatives liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 0 |
Recurring | Level 1 | Trading derivatives liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 0 | 0 |
Recurring | Level 1 | Non-trading derivatives and other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Non-trading derivatives and other financial liabilities measured on recurring basis | 6,280 | 15,839 |
Recurring | Level 1 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other trading liabilities | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities - Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities - Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 26,159 | 26,439 |
Investments | 106,103 | 107,577 |
Recurring | Level 1 | State and municipal securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 50,948 | 43,309 |
Investments | 69,957 | 58,252 |
Recurring | Level 1 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,332 | 1,026 |
Investments | 5,150 | 4,410 |
Recurring | Level 1 | Marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 41,663 | 36,342 |
Investments | 87 | 206 |
Recurring | Level 1 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 74 | 3 |
Investments | 0 | 0 |
Recurring | Level 1 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 0 | 0 |
Recurring | Level 1 | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 120,176 | 107,119 |
Recurring | Level 1 | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 91 | 748 |
Recurring | Level 1 | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 7 | 101 |
Recurring | Level 1 | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1 | 0 |
Recurring | Level 1 | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 83 | 647 |
Recurring | Level 1 | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 0 | 0 |
Recurring | Level 1 | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 0 | 0 |
Recurring | Level 1 | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | 5,628 | 15,839 |
Recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Securities borrowed and purchased under agreements to resell | 254,253 | 214,570 |
Investments | 98,701 | 116,758 |
Loans | 3,683 | 2,946 |
Mortgage servicing rights (MSRs) | 0 | 0 |
Total assets before netting | $ 815,535 | $ 818,051 |
Total as a percentage of gross assets | 72.10% | 72.90% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 2,104 | $ 980 |
Securities loaned and sold under agreements to repurchase, gross | 111,567 | 110,511 |
Securities sold, not yet purchased | 11,965 | 11,364 |
Other trading liabilities | 11,989 | 12,911 |
Short-term borrowings | 4,933 | 4,446 |
Long-term debt | 38,614 | 25,659 |
Total liabilities, Gross | $ 511,211 | $ 528,228 |
Total as a percentage of gross liabilities | 85.00% | 82.10% |
Recurring | Level 2 | Trading derivatives liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 341,941 | $ 373,654 |
Recurring | Level 2 | Trading derivatives liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 176,480 | 152,931 |
Recurring | Level 2 | Trading derivatives liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 110,180 | 159,003 |
Recurring | Level 2 | Trading derivatives liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 28,506 | 32,330 |
Recurring | Level 2 | Trading derivatives liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 16,542 | 19,904 |
Recurring | Level 2 | Trading derivatives liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 10,233 | 9,486 |
Recurring | Level 2 | Non-trading derivatives and other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Non-trading derivatives and other financial liabilities measured on recurring basis | 63 | 67 |
Recurring | Level 2 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other trading liabilities | 24 | 1,547 |
Recurring | Level 2 | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 27,661 | 24,090 |
Investments | 35,198 | 42,988 |
Recurring | Level 2 | Mortgage-backed securities - Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 573 | 709 |
Investments | 793 | 1,313 |
Recurring | Level 2 | Mortgage-backed securities - Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,632 | 1,323 |
Investments | 74 | 172 |
Recurring | Level 2 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 29,866 | 26,122 |
Investments | 36,065 | 44,473 |
Recurring | Level 2 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 3,736 | 4,802 |
Investments | 5,315 | 9,645 |
Recurring | Level 2 | State and municipal securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,573 | 3,782 |
Investments | 4,355 | 8,498 |
Recurring | Level 2 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 20,326 | 21,179 |
Investments | 41,196 | 42,371 |
Recurring | Level 2 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 17,246 | 14,510 |
Investments | 6,076 | 7,033 |
Recurring | Level 2 | Marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 9,878 | 7,308 |
Investments | 371 | 14 |
Recurring | Level 2 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,539 | 1,429 |
Investments | 500 | 656 |
Recurring | Level 2 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 11,412 | 12,198 |
Investments | 4,730 | 3,972 |
Recurring | Level 2 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 93 | 96 |
Recurring | Level 2 | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 96,576 | 91,330 |
Recurring | Level 2 | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 355,121 | 387,498 |
Recurring | Level 2 | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 196,493 | 169,860 |
Recurring | Level 2 | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 107,022 | 162,108 |
Recurring | Level 2 | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 28,148 | 28,903 |
Recurring | Level 2 | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 13,498 | 16,788 |
Recurring | Level 2 | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 9,960 | 9,839 |
Recurring | Level 2 | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | 7,201 | 4,949 |
Recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Securities borrowed and purchased under agreements to resell | 303 | 115 |
Investments | 1,259 | 1,737 |
Loans | 402 | 277 |
Mortgage servicing rights (MSRs) | 495 | 584 |
Total assets before netting | $ 8,033 | $ 10,314 |
Total as a percentage of gross assets | 0.70% | 0.90% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 215 | $ 495 |
Securities loaned and sold under agreements to repurchase, gross | 757 | 983 |
Securities sold, not yet purchased | 48 | 586 |
Other trading liabilities | 48 | 586 |
Short-term borrowings | 13 | 37 |
Long-term debt | 17,169 | 12,570 |
Total liabilities, Gross | $ 23,035 | $ 19,625 |
Total as a percentage of gross liabilities | 3.80% | 3.10% |
Recurring | Level 3 | Trading derivatives liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 4,833 | $ 4,954 |
Recurring | Level 3 | Trading derivatives liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 1,167 | 1,825 |
Recurring | Level 3 | Trading derivatives liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 552 | 352 |
Recurring | Level 3 | Trading derivatives liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 1,836 | 1,127 |
Recurring | Level 3 | Trading derivatives liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 773 | 785 |
Recurring | Level 3 | Trading derivatives liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 505 | 865 |
Recurring | Level 3 | Non-trading derivatives and other financial liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Non-trading derivatives and other financial liabilities measured on recurring basis | 0 | 0 |
Recurring | Level 3 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other trading liabilities | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 10 | 156 |
Investments | 32 | 32 |
Recurring | Level 3 | Mortgage-backed securities - Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 123 | 268 |
Investments | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities - Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 61 | 77 |
Investments | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 194 | 501 |
Investments | 32 | 32 |
Recurring | Level 3 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 0 | 1 |
Investments | 0 | 0 |
Recurring | Level 3 | State and municipal securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 64 | 200 |
Investments | 623 | 708 |
Recurring | Level 3 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 52 | 31 |
Investments | 96 | 68 |
Recurring | Level 3 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 313 | 360 |
Investments | 45 | 156 |
Recurring | Level 3 | Marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 100 | 153 |
Investments | 0 | 0 |
Recurring | Level 3 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,177 | 1,484 |
Investments | 22 | 187 |
Recurring | Level 3 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 555 | 818 |
Investments | 0 | 0 |
Recurring | Level 3 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 441 | 586 |
Recurring | Level 3 | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,455 | 3,548 |
Recurring | Level 3 | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 3,118 | 4,053 |
Recurring | Level 3 | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 1,168 | 1,671 |
Recurring | Level 3 | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 547 | 346 |
Recurring | Level 3 | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 240 | 343 |
Recurring | Level 3 | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 714 | 767 |
Recurring | Level 3 | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, Gross | 449 | 926 |
Recurring | Level 3 | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other assets, gross | $ 1 | $ 0 |
FAIR VALUE MEASUREMENT - Level
FAIR VALUE MEASUREMENT - Level 3 Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ (901) | $ (4,979) |
Net realized/unrealized gains (losses) included in Principal Transactions | (915) | 550 |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | (319) | (205) |
Transfers out of Level 3 | 538 | 3,569 |
Purchases | 408 | 108 |
Issuances | (102) | (27) |
Sales | (242) | (156) |
Settlements | (182) | 239 |
Balance at end of period, asset (liability), net | (1,715) | (901) |
Unrealized gains (losses) still held | 1,316 | 232 |
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 | (154) | (422) |
Net realized/unrealized gains (losses) included in Principal Transactions | 116 | 414 |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | (129) | (6) |
Transfers out of Level 3 | 172 | (193) |
Purchases | 154 | 8 |
Issuances | 45 | 17 |
Sales | (1) | (32) |
Settlements | (202) | 60 |
Balance at end of period, asset (liability), net | 1 | (154) |
Unrealized gains (losses) still held | 2,194 | 336 |
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 | (6) | 130 |
Net realized/unrealized gains (losses) included in Principal Transactions | (73) | (99) |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | 152 | (29) |
Transfers out of Level 3 | (97) | 77 |
Purchases | 113 | 11 |
Issuances | 0 | 0 |
Sales | (114) | (89) |
Settlements | 20 | (7) |
Balance at end of period, asset (liability), net | (5) | (6) |
Unrealized gains (losses) still held | (134) | (72) |
Trading account assets and liabilities | Equity contracts | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Transfers out of Level 3 | (1,100) | |
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset (liability), net | (784) | (2,027) |
Net realized/unrealized gains (losses) included in Principal Transactions | (425) | 479 |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | (213) | (131) |
Transfers out of Level 3 | 274 | 1,114 |
Purchases | (111) | 25 |
Issuances | (147) | (44) |
Sales | (8) | (17) |
Settlements | (182) | (183) |
Balance at end of period, asset (liability), net | (1,596) | (784) |
Unrealized gains (losses) still held | (422) | 52 |
Trading account assets and liabilities | Commodity contracts | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Transfers out of Level 3 | (2,200) | |
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset (liability), net | (18) | (1,861) |
Net realized/unrealized gains (losses) included in Principal Transactions | (121) | (505) |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | (15) | (32) |
Transfers out of Level 3 | (15) | 2,180 |
Purchases | 252 | 62 |
Issuances | 0 | 0 |
Sales | (133) | (19) |
Settlements | (9) | 157 |
Balance at end of period, asset (liability), net | (59) | (18) |
Unrealized gains (losses) still held | (33) | (171) |
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 | 61 | (799) |
Net realized/unrealized gains (losses) included in Principal Transactions | (412) | 261 |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | (114) | (7) |
Transfers out of Level 3 | 204 | 391 |
Purchases | 0 | 2 |
Issuances | 0 | 0 |
Sales | 14 | 1 |
Settlements | 191 | 212 |
Balance at end of period, asset (liability), net | (56) | 61 |
Unrealized gains (losses) still held | (289) | 87 |
Interest-bearing deposits | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 495 | 286 |
Net realized/unrealized gains (losses) included in Principal Transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations Other | (16) | 14 |
Transfers into Level 3 | 10 | 13 |
Transfers out of Level 3 | (783) | (1) |
Purchases | 0 | 0 |
Issuance | 843 | 215 |
Sales | 0 | 0 |
Settlements | (366) | (4) |
Balance at end of period | 215 | 495 |
Unrealized gains (losses) still held | (25) | (355) |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 983 | 726 |
Net realized/unrealized gains (losses) included in Principal Transactions | 121 | (8) |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | 1 | 1 |
Transfers out of Level 3 | 4 | 0 |
Purchases | 0 | 0 |
Issuance | 0 | 243 |
Sales | (168) | (31) |
Settlements | 58 | 36 |
Balance at end of period | 757 | 983 |
Unrealized gains (losses) still held | (26) | 24 |
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 | 586 | 22 |
Net realized/unrealized gains (losses) included in Principal Transactions | 122 | (454) |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | 68 | 187 |
Transfers out of Level 3 | (443) | (172) |
Purchases | 19 | 7 |
Issuance | 0 | 226 |
Sales | (12) | (39) |
Settlements | (48) | (99) |
Balance at end of period | 48 | 586 |
Unrealized gains (losses) still held | 3 | (238) |
Trading account liabilities | Other trading liabilities | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 0 | 5 |
Net realized/unrealized gains (losses) included in Principal Transactions | 0 | 5 |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Purchases | 0 | 0 |
Issuance | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Balance at end of period | 0 | 0 |
Unrealized gains (losses) still held | 0 | 0 |
Short-term borrowings | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 37 | 18 |
Net realized/unrealized gains (losses) included in Principal Transactions | 32 | 53 |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | 13 | 72 |
Transfers out of Level 3 | (42) | (46) |
Purchases | 0 | 0 |
Issuance | 168 | 86 |
Sales | 0 | 0 |
Settlements | (131) | (40) |
Balance at end of period | 13 | 37 |
Unrealized gains (losses) still held | (1) | 25 |
Long-term debt | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 12,570 | 13,082 |
Net realized/unrealized gains (losses) included in Principal Transactions | (2,140) | (182) |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | 3,892 | 2,850 |
Transfers out of Level 3 | (5,188) | (3,514) |
Purchases | 23 | 36 |
Issuance | 8,262 | (18) |
Sales | (5) | (45) |
Settlements | (4,525) | (3) |
Balance at end of period | 17,169 | 12,570 |
Unrealized gains (losses) still held | (3,300) | (2,871) |
Other financial liabilities | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 0 | 8 |
Net realized/unrealized gains (losses) included in Principal Transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations Other | 4 | (2) |
Transfers into Level 3 | 5 | 1 |
Transfers out of Level 3 | 0 | (10) |
Purchases | 0 | 0 |
Issuance | 4 | 2 |
Sales | 0 | 0 |
Settlements | (5) | (3) |
Balance at end of period | 0 | 0 |
Unrealized gains (losses) still held | 0 | (8) |
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 | 115 | 16 |
Net realized/unrealized gains (losses) included in principal transactions | (5) | 17 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 191 | 50 |
Transfers out of Level 3 | (4) | 0 |
Purchases | 195 | 95 |
Issuance | 0 | 0 |
Sales | 0 | 16 |
Settlements | (189) | (79) |
Balance at end of period | 303 | 115 |
Unrealized gains (losses) still held | 3 | 9 |
Trading non-derivative assets | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 3,548 | 3,274 |
Net realized/unrealized gains (losses) included in principal transactions | 192 | 364 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 677 | 688 |
Transfers out of Level 3 | (798) | (758) |
Purchases | 2,409 | 3,388 |
Issuance | 6 | (32) |
Sales | (3,539) | (3,357) |
Settlements | (40) | (19) |
Balance at end of period | 2,455 | 3,548 |
Unrealized gains (losses) still held | (284) | 153 |
Trading non-derivative assets | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 156 | 163 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 5 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 54 | 92 |
Transfers out of Level 3 | (72) | (107) |
Purchases | 160 | 281 |
Issuance | (1) | 0 |
Sales | (287) | (278) |
Settlements | 0 | 0 |
Balance at end of period | 10 | 156 |
Unrealized gains (losses) still held | 1 | 186 |
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 | 268 | 164 |
Net realized/unrealized gains (losses) included in principal transactions | 15 | 112 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 86 | 124 |
Transfers out of Level 3 | (80) | (133) |
Purchases | 227 | 154 |
Issuance | 0 | 0 |
Sales | (393) | (153) |
Settlements | 0 | 0 |
Balance at end of period | 123 | 268 |
Unrealized gains (losses) still held | 10 | 4 |
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 | 77 | 57 |
Net realized/unrealized gains (losses) included in principal transactions | 14 | (7) |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 150 | 24 |
Transfers out of Level 3 | (105) | (49) |
Purchases | 136 | 110 |
Issuance | 0 | 0 |
Sales | (211) | (58) |
Settlements | 0 | 0 |
Balance at end of period | 61 | 77 |
Unrealized gains (losses) still held | (4) | 0 |
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 | 501 | 384 |
Net realized/unrealized gains (losses) included in principal transactions | 29 | 110 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 290 | 240 |
Transfers out of Level 3 | (257) | (289) |
Purchases | 523 | 545 |
Issuance | (1) | 0 |
Sales | (891) | (489) |
Settlements | 0 | 0 |
Balance at end of period | 194 | 501 |
Unrealized gains (losses) still held | 7 | 190 |
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 | 1 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | (9) | 0 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 0 | 6 |
Transfers out of Level 3 | 0 | (4) |
Purchases | 20 | 1 |
Issuance | 0 | 0 |
Sales | (11) | 0 |
Settlements | (1) | (2) |
Balance at end of period | 0 | 1 |
Unrealized gains (losses) still held | 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 | 200 | 274 |
Net realized/unrealized gains (losses) included in principal transactions | (2) | 22 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 1 | 0 |
Transfers out of Level 3 | (19) | (96) |
Purchases | 2 | 45 |
Issuance | 0 | 0 |
Sales | (118) | (45) |
Settlements | 0 | 0 |
Balance at end of period | 64 | 200 |
Unrealized gains (losses) still held | (2) | 9 |
Trading non-derivative assets | Foreign government | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 31 | 16 |
Net realized/unrealized gains (losses) included in principal transactions | 28 | (2) |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 12 | 5 |
Transfers out of Level 3 | (7) | (13) |
Purchases | 88 | 75 |
Issuance | 0 | 0 |
Sales | (100) | (50) |
Settlements | 0 | 0 |
Balance at end of period | 52 | 31 |
Unrealized gains (losses) still held | 1 | (28) |
Trading non-derivative assets | Corporate | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 360 | 275 |
Net realized/unrealized gains (losses) included in principal transactions | 284 | (72) |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 213 | 138 |
Transfers out of Level 3 | (86) | (122) |
Purchases | 323 | 596 |
Issuance | (29) | (40) |
Sales | (742) | (415) |
Settlements | (10) | 0 |
Balance at end of period | 313 | 360 |
Unrealized gains (losses) still held | (11) | (32) |
Trading non-derivative assets | Marketable equity securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 153 | 120 |
Net realized/unrealized gains (losses) included in principal transactions | (21) | 2 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 13 | 25 |
Transfers out of Level 3 | (19) | (62) |
Purchases | 117 | 290 |
Issuance | 0 | 0 |
Sales | (143) | (222) |
Settlements | 0 | 0 |
Balance at end of period | 100 | 153 |
Unrealized gains (losses) still held | (51) | (56) |
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 | 1,484 | 1,590 |
Net realized/unrealized gains (losses) included in principal transactions | (65) | 28 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 51 | 77 |
Transfers out of Level 3 | (127) | (90) |
Purchases | 738 | 1,238 |
Issuance | 0 | 0 |
Sales | (904) | (1,359) |
Settlements | 0 | 0 |
Balance at end of period | 1,177 | 1,484 |
Unrealized gains (losses) still held | 29 | (21) |
Trading non-derivative assets | Other debt securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 818 | 615 |
Net realized/unrealized gains (losses) included in principal transactions | (52) | 276 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 97 | 197 |
Transfers out of Level 3 | (283) | (82) |
Purchases | 598 | 598 |
Issuance | 36 | 8 |
Sales | (630) | (777) |
Settlements | (29) | (17) |
Balance at end of period | 555 | 818 |
Unrealized gains (losses) still held | (257) | 91 |
Investments | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 1,737 | 2,437 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | 52 | (127) |
Transfers into Level 3 | 178 | 268 |
Transfers out of Level 3 | (1,025) | (613) |
Purchases | 1,136 | 607 |
Issuance | 0 | 0 |
Sales | (787) | (784) |
Settlements | (32) | (51) |
Balance at end of period | 1,259 | 1,737 |
Unrealized gains (losses) still held | 112 | 44 |
Investments | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 32 | 24 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | 0 | 10 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Purchases | 0 | 0 |
Issuance | 0 | 0 |
Sales | 0 | (2) |
Settlements | 0 | 0 |
Balance at end of period | 32 | 32 |
Unrealized gains (losses) still held | (1) | 14 |
Investments | Mortgage-backed securities - Residential | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Purchases | 0 | 0 |
Issuance | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Balance at end of period | 0 | 0 |
Unrealized gains (losses) still held | 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 | 0 | 3 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | 0 | 2 |
Transfers into Level 3 | 0 | 1 |
Transfers out of Level 3 | 0 | (1) |
Purchases | 0 | 0 |
Issuance | 0 | 0 |
Sales | 0 | (5) |
Settlements | 0 | 0 |
Balance at end of period | 0 | 0 |
Unrealized gains (losses) still held | 0 | 0 |
Investments | Mortgage-backed securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 32 | 27 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | 0 | 12 |
Transfers into Level 3 | 0 | 1 |
Transfers out of Level 3 | 0 | (1) |
Purchases | 0 | 0 |
Issuance | 0 | 0 |
Sales | 0 | (7) |
Settlements | 0 | 0 |
Balance at end of period | 32 | 32 |
Unrealized gains (losses) still held | (1) | 14 |
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 | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Purchases | 0 | 0 |
Issuance | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Balance at end of period | 0 | 0 |
Unrealized gains (losses) still held | 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 | 708 | 737 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | 86 | (20) |
Transfers into Level 3 | 14 | 0 |
Transfers out of Level 3 | (318) | (18) |
Purchases | 430 | 211 |
Issuance | 0 | 0 |
Sales | (297) | (202) |
Settlements | 0 | 0 |
Balance at end of period | 623 | 708 |
Unrealized gains (losses) still held | 82 | (29) |
Investments | Foreign government | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 68 | 92 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | 2 | (3) |
Transfers into Level 3 | 0 | 3 |
Transfers out of Level 3 | 0 | (4) |
Purchases | 145 | 141 |
Issuance | 0 | 0 |
Sales | (119) | (161) |
Settlements | 0 | 0 |
Balance at end of period | 96 | 68 |
Unrealized gains (losses) still held | 2 | 4 |
Investments | Corporate | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 156 | 71 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | (14) | (1) |
Transfers into Level 3 | 3 | 61 |
Transfers out of Level 3 | (94) | (66) |
Purchases | 0 | 101 |
Issuance | 0 | 0 |
Sales | (6) | (10) |
Settlements | 0 | 0 |
Balance at end of period | 45 | 156 |
Unrealized gains (losses) still held | 0 | 0 |
Investments | Marketable equity securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 0 | 2 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | 0 | 1 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Purchases | 0 | 0 |
Issuance | 0 | 0 |
Sales | 0 | (2) |
Settlements | 0 | (1) |
Balance at end of period | 0 | 0 |
Unrealized gains (losses) still held | 0 | 0 |
Investments | Asset-backed securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 187 | 827 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | (11) | (21) |
Transfers into Level 3 | 122 | 10 |
Transfers out of Level 3 | (612) | (524) |
Purchases | 550 | 63 |
Issuance | 0 | 0 |
Sales | (214) | (168) |
Settlements | 0 | 0 |
Balance at end of period | 22 | 187 |
Unrealized gains (losses) still held | 13 | 0 |
Investments | Other debt securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 0 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Purchases | 0 | 0 |
Issuance | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Balance at end of period | 0 | 0 |
Unrealized gains (losses) still held | 0 | 0 |
Investments | Non-marketable equity securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 586 | 681 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | (11) | (95) |
Transfers into Level 3 | 39 | 193 |
Transfers out of Level 3 | (1) | 0 |
Purchases | 11 | 91 |
Issuance | 0 | 0 |
Sales | (151) | (234) |
Settlements | (32) | (50) |
Balance at end of period | 441 | 586 |
Unrealized gains (losses) still held | 16 | 55 |
Loans | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 277 | 550 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | 192 | (319) |
Transfers into Level 3 | 148 | 0 |
Transfers out of Level 3 | (189) | 13 |
Purchases | 16 | 140 |
Issuance | 0 | 0 |
Sales | (40) | (103) |
Settlements | (2) | (4) |
Balance at end of period | 402 | 277 |
Unrealized gains (losses) still held | 186 | 236 |
Mortgage servicing rights | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 584 | 558 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | (84) | 54 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Purchases | 0 | 0 |
Issuance | 70 | 58 |
Sales | 0 | (18) |
Settlements | (75) | (68) |
Balance at end of period | 495 | 584 |
Unrealized gains (losses) still held | (68) | 59 |
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 | 0 | 16 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | 96 | 51 |
Transfers into Level 3 | 6 | 0 |
Transfers out of Level 3 | (2) | (11) |
Purchases | 2 | 4 |
Issuance | 32 | 12 |
Sales | (21) | (12) |
Settlements | (112) | (60) |
Balance at end of period | 1 | 0 |
Unrealized gains (losses) still held | $ 18 | $ 63 |
FAIR VALUE MEASUREMENT - Leve_2
FAIR VALUE MEASUREMENT - Level 3 Roll Forward Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Federal funds sold and securities borrowed or purchased under agreements to resell | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers out of Level 3, assets | $ 4 | $ 0 |
Transfers into Level 3, assets | 191 | 50 |
Trading non-derivative assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers out of Level 3, assets | 798 | 758 |
Transfers into Level 3, assets | 677 | 688 |
Other debt securities | Trading non-derivative assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers out of Level 3, assets | 283 | 82 |
Transfers into Level 3, assets | 97 | 197 |
Long-term debt | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers into Level 3, liabilities | 3,892 | 2,850 |
Transfers out of Level 3, liabilities | 5,188 | 3,514 |
Trading account assets and liabilities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers out of Level 3, assets | (538) | (3,569) |
Equity contracts | Trading account assets and liabilities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers out of Level 3, assets | (274) | (1,114) |
Transfers out of Level 3, assets | 1,100 | |
Commodity contracts | Trading account assets and liabilities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers out of Level 3, assets | $ 15 | (2,180) |
Transfers out of Level 3, assets | $ 2,200 |
FAIR VALUE MEASUREMENT - Valuat
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Fair Value Measurements (Details) | Dec. 31, 2019USD ($)year | Dec. 31, 2018USD ($)year |
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Marketable equity securities | $ 1,162,000,000 | $ 1,109,000,000 |
Level 3 | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities borrowed and purchased under agreements to resell | 303,000,000 | 115,000,000 |
Mortgage-backed securities | 22,000,000 | |
State and municipal, foreign government, corporate and other debt securities | 880,000,000 | 938,000,000 |
Marketable equity securities | 30,000,000 | 45,000,000 |
Loans and leases | 378,000,000 | 248,000,000 |
Securities sold, not yet purchased | 17,182,000,000 | 12,289,000,000 |
Mortgage servicing rights | 77,000,000 | 84,000,000 |
Interest-bearing deposits | 215,000,000 | 495,000,000 |
Securities loaned and sold under agreements to repurchase | 757,000,000 | 983,000,000 |
Securities sold, not yet purchased | $ 509,000,000 | |
Level 3 | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.0100 | |
Level 3 | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.2000 | |
Level 3 | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.1050 | |
Level 3 | Discounted Cash Flow | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage servicing rights | 418,000,000 | $ 501,000,000 |
Level 3 | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage-backed securities | 196,000,000 | 313,000,000 |
State and municipal, foreign government, corporate and other debt securities | 677,000,000 | 1,212,000,000 |
Marketable equity securities | 70,000,000 | 108,000,000 |
Asset-backed securities | 812,000,000 | 1,608,000,000 |
Non-marketable equities | 97,000,000 | 255,000,000 |
Loans and leases | 29,000,000 | |
Securities sold, not yet purchased | 46,000,000 | 77,000,000 |
Level 3 | Comparables analysis | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 316,000,000 | 293,000,000 |
Level 3 | Yield analysis | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage-backed securities | 198,000,000 | |
Asset-backed securities | 368,000,000 | |
Level 3 | Credit derivatives | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 613,000,000 | 1,089,000,000 |
Level 3 | Credit derivatives | Price-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 341,000,000 | 701,000,000 |
Level 3 | Commodity contracts | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 1,487,000,000 | 1,552,000,000 |
Level 3 | Equity contracts | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 2,076,000,000 | 1,467,000,000 |
Level 3 | Foreign exchange risks | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 1,099,000,000 | 626,000,000 |
Level 3 | Foreign exchange risks | Discounted Cash Flow | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 73,000,000 | |
Level 3 | Interest rate contracts | Model-based | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | $ 2,196,000,000 | $ 3,467,000,000 |
Interest Rate | Level 3 | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities borrowed and purchased under agreements to resell | 0.0159 | 0.0252 |
Securities loaned nad sold under agreements to repurchase | 0.0159 | 0.0252 |
Interest Rate | Level 3 | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities borrowed and purchased under agreements to resell | 0.0367 | 0.0743 |
Securities loaned nad sold under agreements to repurchase | 0.0238 | 0.0321 |
Interest Rate | Level 3 | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities borrowed and purchased under agreements to resell | 0.0272 | 0.0508 |
Securities loaned nad sold under agreements to repurchase | 0.0195 | 0.0287 |
Interest Rate | Level 3 | Foreign exchange risks | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0272 | |
Interest Rate | Level 3 | Foreign exchange risks | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.5614 | |
Interest Rate | Level 3 | Foreign exchange risks | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.1311 | |
Price | Level 3 | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
State and municipal, foreign government, corporate and other debt securities | $ 0 | |
Price | Level 3 | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
State and municipal, foreign government, corporate and other debt securities | 1,238 | |
Price | Level 3 | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
State and municipal, foreign government, corporate and other debt securities | 90 | |
Price | Level 3 | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage-backed securities | 36 | $ 11 |
State and municipal, foreign government, corporate and other debt securities | 0 | |
Marketable equity securities | 0 | 0 |
Asset-backed securities, measurement input, value | $ 4 | 3 |
Non-marketable equities | 3 | |
Non-marketable equities | 2 | |
Loans and leases | 56 | |
Securities sold, not yet purchased | 0 | |
Price | Level 3 | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage-backed securities | $ 505 | 110 |
State and municipal, foreign government, corporate and other debt securities | 104 | |
Marketable equity securities | 38,500 | 20,255 |
Asset-backed securities, measurement input, value | $ 103 | 101 |
Non-marketable equities | 2,019 | |
Non-marketable equities | 1,074 | |
Loans and leases | 110 | |
Securities sold, not yet purchased | 866 | |
Price | Level 3 | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage-backed securities | $ 97 | 90 |
State and municipal, foreign government, corporate and other debt securities | 91 | |
Marketable equity securities | 2,979 | 1,248 |
Asset-backed securities, measurement input, value | $ 60 | 66 |
Non-marketable equities | 1,020 | |
Non-marketable equities | 420 | |
Loans and leases | 92 | |
Securities sold, not yet purchased | 96 | |
Price | Level 3 | Credit derivatives | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | $ 12 | 17 |
Price | Level 3 | Credit derivatives | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 100 | 98 |
Price | Level 3 | Credit derivatives | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | $ 87 | $ 81 |
PE ratio | Level 3 | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 14.70 | |
PE ratio | Level 3 | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 28.70 | |
PE ratio | Level 3 | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 20.54 | |
Price-to-book ratio | Level 3 | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 1.50 | |
Price-to-book ratio | Level 3 | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 3 | |
Price-to-book ratio | Level 3 | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 1.88 | |
Yield | Level 3 | Discounted Cash Flow | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage servicing rights | 0.0178 | 0.0460 |
Yield | Level 3 | Discounted Cash Flow | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage servicing rights | 0.1200 | 0.1200 |
Yield | Level 3 | Discounted Cash Flow | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage servicing rights | 0.0949 | 0.0779 |
Yield | Level 3 | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases | 0.0030 | |
Yield | Level 3 | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases | 0.0047 | |
Yield | Level 3 | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases | 0.0032 | |
Yield | Level 3 | Yield analysis | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage-backed securities | 0.0227 | |
Asset-backed securities, measurement input | 0.0061 | |
Yield | Level 3 | Yield analysis | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage-backed securities | 0.0870 | |
Asset-backed securities, measurement input | 0.2338 | |
Yield | Level 3 | Yield analysis | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage-backed securities | 0.0374 | |
Asset-backed securities, measurement input | 0.0888 | |
Yield | Level 3 | Foreign exchange risks | Discounted Cash Flow | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0698 | |
Yield | Level 3 | Foreign exchange risks | Discounted Cash Flow | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0748 | |
Yield | Level 3 | Foreign exchange risks | Discounted Cash Flow | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0723 | |
Credit spread | Level 3 | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities borrowed and purchased under agreements to resell | 0.0015 | |
State and municipal, foreign government, corporate and other debt securities | 0.0035 | |
Loans and leases | 0.0009 | 0.0138 |
Credit spread | Level 3 | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities borrowed and purchased under agreements to resell | 0.0015 | |
State and municipal, foreign government, corporate and other debt securities | 0.0446 | |
Loans and leases | 0.0052 | 0.0255 |
Credit spread | Level 3 | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities borrowed and purchased under agreements to resell | 0.0015 | |
State and municipal, foreign government, corporate and other debt securities | 0.0238 | |
Loans and leases | 0.0048 | 0.0147 |
Credit spread | Level 3 | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
State and municipal, foreign government, corporate and other debt securities | 0.0035 | |
Credit spread | Level 3 | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
State and municipal, foreign government, corporate and other debt securities | 0.0295 | |
Credit spread | Level 3 | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
State and municipal, foreign government, corporate and other debt securities | 0.0209 | |
Credit spread | Level 3 | Credit derivatives | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0008 | |
Credit spread | Level 3 | Credit derivatives | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0283 | |
Credit spread | Level 3 | Credit derivatives | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.008 | |
Credit spread | Level 3 | Credit derivatives | Discounted Cash Flow | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0002 | |
Credit spread | Level 3 | Credit derivatives | Discounted Cash Flow | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.1127 | |
Credit spread | Level 3 | Credit derivatives | Discounted Cash Flow | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0087 | |
Credit spread | Level 3 | Foreign exchange risks | Discounted Cash Flow | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0039 | |
Credit spread | Level 3 | Foreign exchange risks | Discounted Cash Flow | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0676 | |
Credit spread | Level 3 | Foreign exchange risks | Discounted Cash Flow | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0423 | |
WAL | Level 3 | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Marketable equity securities | year | 1.48 | 1.47 |
Derivatives | year | 1.48 | |
Mortgage servicing rights | year | 4.07 | 3.55 |
WAL | Level 3 | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Marketable equity securities | year | 1.48 | 1.47 |
Derivatives | year | 1.48 | |
Mortgage servicing rights | year | 8.13 | 7.45 |
WAL | Level 3 | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Marketable equity securities | year | 1.48 | 1.47 |
Derivatives | year | 1.48 | |
Mortgage servicing rights | year | 6.61 | 6.39 |
WAL | Level 3 | Equity contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | year | 1.47 | |
WAL | Level 3 | Equity contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | year | 1.47 | |
WAL | Level 3 | Equity contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | year | 1.47 | |
Recovery | Level 3 | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Marketable equity securities | $ 5,450,000,000 | |
Recovery | Level 3 | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Marketable equity securities | 5,450,000,000 | |
Recovery | Level 3 | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Marketable equity securities | 5,450,000,000 | |
Discount To Price | Level 3 | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 0 | |
Discount To Price | Level 3 | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 0.1000 | |
Discount To Price | Level 3 | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | $ 0.0232 | |
Discount To Price | Level 3 | Comparables analysis | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 0 | |
Discount To Price | Level 3 | Comparables analysis | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 1 | |
Discount To Price | Level 3 | Comparables analysis | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 0.0066 | |
EBITDA Multiple | Level 3 | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 5 | |
EBITDA Multiple | Level 3 | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 34 | |
EBITDA Multiple | Level 3 | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 9.73 | |
EBITDA Multiple | Level 3 | Comparables analysis | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 7 | |
EBITDA Multiple | Level 3 | Comparables analysis | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 17.95 | |
EBITDA Multiple | Level 3 | Comparables analysis | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 10.34 | |
Net operating income multiple | Level 3 | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 24.70 | |
Net operating income multiple | Level 3 | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 24.70 | |
Net operating income multiple | Level 3 | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 24.70 | |
Appraised value | Level 3 | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 397,000 | |
Appraised value | Level 3 | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 33,246,000 | |
Appraised value | Level 3 | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 8,446,000 | |
Revenue multiple | Level 3 | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 2.25 | |
Revenue multiple | Level 3 | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 16.50 | |
Revenue multiple | Level 3 | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | 7.06 | |
Mean reversion | Level 3 | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.0100 | |
Interest-bearing deposits | 0.0100 | 0.0100 |
Mean reversion | Level 3 | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.2000 | |
Interest-bearing deposits | 0.2000 | 0.2000 |
Mean reversion | Level 3 | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.1050 | |
Interest-bearing deposits | 0.1050 | 0.1050 |
Mean reversion | Level 3 | Interest rate contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0100 | 0.0100 |
Mean reversion | Level 3 | Interest rate contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.2000 | 0.2000 |
Mean reversion | Level 3 | Interest rate contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.1050 | 0.1050 |
Inflation volatility | Level 3 | Interest rate contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0021 | 0.0022 |
Inflation volatility | Level 3 | Interest rate contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0274 | 0.0265 |
Inflation volatility | Level 3 | Interest rate contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0079 | 0.0077 |
IR normal volatility | Level 3 | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.0009 | |
IR normal volatility | Level 3 | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.0066 | |
IR normal volatility | Level 3 | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.0046 | |
IR normal volatility | Level 3 | Foreign exchange risks | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0027 | |
IR normal volatility | Level 3 | Foreign exchange risks | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0066 | |
IR normal volatility | Level 3 | Foreign exchange risks | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0058 | |
IR normal volatility | Level 3 | Interest rate contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0009 | 0.0016 |
IR normal volatility | Level 3 | Interest rate contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0066 | 0.0086 |
IR normal volatility | Level 3 | Interest rate contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0053 | 0.0056 |
FX rate | Level 3 | Foreign exchange risks | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.3739 | |
FX rate | Level 3 | Foreign exchange risks | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 5.8684 | |
FX rate | Level 3 | Foreign exchange risks | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.8064 | |
FX volatility | Level 3 | Foreign exchange risks | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0127 | 0.0315 |
FX volatility | Level 3 | Foreign exchange risks | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.1216 | 0.1735 |
FX volatility | Level 3 | Foreign exchange risks | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0917 | 0.1137 |
IR-IR correlation | Level 3 | Foreign exchange risks | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | (0.5100) | |
IR-IR correlation | Level 3 | Foreign exchange risks | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.4000 | |
IR-IR correlation | Level 3 | Foreign exchange risks | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.3200 | |
IR-IR correlation | Level 3 | Foreign exchange risks | Discounted Cash Flow | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | (0.5100) | |
IR-IR correlation | Level 3 | Foreign exchange risks | Discounted Cash Flow | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.4000 | |
IR-IR correlation | Level 3 | Foreign exchange risks | Discounted Cash Flow | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.3269 | |
IR-FX correlation | Level 3 | Foreign exchange risks | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.4000 | |
IR-FX correlation | Level 3 | Foreign exchange risks | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.6000 | |
IR-FX correlation | Level 3 | Foreign exchange risks | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.5000 | |
IR-FX correlation | Level 3 | Foreign exchange risks | Discounted Cash Flow | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.4000 | |
IR-FX correlation | Level 3 | Foreign exchange risks | Discounted Cash Flow | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.6000 | |
IR-FX correlation | Level 3 | Foreign exchange risks | Discounted Cash Flow | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.5000 | |
IR basis | Level 3 | Foreign exchange risks | Discounted Cash Flow | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | (0.0065) | |
IR basis | Level 3 | Foreign exchange risks | Discounted Cash Flow | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0011 | |
IR basis | Level 3 | Foreign exchange risks | Discounted Cash Flow | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | (0.0017) | |
Equity volatility | Level 3 | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases | 0.3200 | |
Securities sold, not yet purchased | 0.0300 | |
Interest-bearing deposits | 0.0300 | |
Equity volatility | Level 3 | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases | 0.3200 | |
Securities sold, not yet purchased | 0.7839 | |
Interest-bearing deposits | 0.7839 | |
Equity volatility | Level 3 | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases | 0.3200 | |
Securities sold, not yet purchased | 0.4324 | |
Interest-bearing deposits | 0.4349 | |
Equity volatility | Level 3 | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.0300 | |
Equity volatility | Level 3 | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.7839 | |
Equity volatility | Level 3 | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.4349 | |
Equity volatility | Level 3 | Equity contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0316 | 0.0300 |
Equity volatility | Level 3 | Equity contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.5280 | 0.7839 |
Equity volatility | Level 3 | Equity contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.2843 | 0.3753 |
Forward price | Level 3 | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.3762 | 0.6466 |
Interest-bearing deposits | 0.9759 | 0.6466 |
Securities sold, not yet purchased | 0.1530 | |
Forward price | Level 3 | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 3.6257 | 1.4445 |
Interest-bearing deposits | 1.1106 | 1.4445 |
Securities sold, not yet purchased | 5.8507 | |
Forward price | Level 3 | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.9752 | 0.9858 |
Interest-bearing deposits | 1.0296 | 0.9855 |
Securities sold, not yet purchased | 1.0569 | |
Forward price | Level 3 | Commodity contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.3762 | 0.1530 |
Forward price | Level 3 | Commodity contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 3.6257 | 5.8507 |
Forward price | Level 3 | Commodity contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 1.1932 | 1.4508 |
Forward price | Level 3 | Equity contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.6260 | 0.6466 |
Forward price | Level 3 | Equity contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 1.1269 | 1.4445 |
Forward price | Level 3 | Equity contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.9846 | 0.9855 |
Equity-Equity correlation | Level 3 | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | (0.8139) | |
Equity-Equity correlation | Level 3 | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 1 | |
Equity-Equity correlation | Level 3 | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.3404 | |
Equity-Equity correlation | Level 3 | Equity contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | (0.8139) | |
Equity-Equity correlation | Level 3 | Equity contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 1 | |
Equity-Equity correlation | Level 3 | Equity contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.3549 | |
Equity-FX correlation | Level 3 | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | (0.8627) | |
Equity-FX correlation | Level 3 | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.7000 | |
Equity-FX correlation | Level 3 | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | (0.0120) | |
Equity-FX correlation | Level 3 | Equity contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | (0.8627) | |
Equity-FX correlation | Level 3 | Equity contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.7000 | |
Equity-FX correlation | Level 3 | Equity contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | (0.0120) | |
Commodity volatility | Level 3 | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.0892 | |
Commodity volatility | Level 3 | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.5986 | |
Commodity volatility | Level 3 | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.2034 | |
Commodity volatility | Level 3 | Commodity contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0525 | 0.0892 |
Commodity volatility | Level 3 | Commodity contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.9363 | 0.5986 |
Commodity volatility | Level 3 | Commodity contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.2355 | 0.2034 |
Commodity correlation | Level 3 | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | (0.5190) | |
Commodity correlation | Level 3 | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.9211 | |
Commodity correlation | Level 3 | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.4071 | |
Commodity correlation | Level 3 | Commodity contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | (0.3965) | (0.5190) |
Commodity correlation | Level 3 | Commodity contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.8781 | 0.9211 |
Commodity correlation | Level 3 | Commodity contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.4180 | 0.4071 |
Credit correlation | Level 3 | Credit derivatives | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0500 | |
Credit correlation | Level 3 | Credit derivatives | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.8500 | |
Credit correlation | Level 3 | Credit derivatives | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.4106 | |
Credit correlation | Level 3 | Credit derivatives | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.2500 | |
Credit correlation | Level 3 | Credit derivatives | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.8700 | |
Credit correlation | Level 3 | Credit derivatives | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.4857 | |
Upfront points | Level 3 | Credit derivatives | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.0259 | 0.0741 |
Upfront points | Level 3 | Credit derivatives | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.9994 | 0.9904 |
Upfront points | Level 3 | Credit derivatives | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.5941 | 0.5895 |
Recovery rate | Level 3 | Credit derivatives | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.2000 | 0.0500 |
Recovery rate | Level 3 | Credit derivatives | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.6500 | 0.6500 |
Recovery rate | Level 3 | Credit derivatives | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 0.4800 | 0.4640 |
Recovery rate | Level 3 | Equity contracts | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 5,450,000,000 | |
Recovery rate | Level 3 | Equity contracts | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 5,450,000,000 | |
Recovery rate | Level 3 | Equity contracts | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 5,450,000,000 | |
Equity-IR correlation | Level 3 | Model-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.1500 | |
Equity-IR correlation | Level 3 | Model-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.4400 | |
Equity-IR correlation | Level 3 | Model-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.3266 | |
Equity-IR correlation | Level 3 | Price-based | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | (0.4000) | |
Equity-IR correlation | Level 3 | Price-based | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.7037 | |
Equity-IR correlation | Level 3 | Price-based | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased | 0.3080 |
FAIR VALUE MEASUREMENT - Item_2
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Items Measured at Fair Value on a Nonrecurring Basis | ||
Non-marketable equity securities measured using the measurement alternative | $ 7,523 | $ 7,212 |
Nonrecurring | Level 2 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 3,249 | 3,261 |
Other real estate owned | 6 | 62 |
Loans | 93 | 139 |
Non-marketable equity securities measured using the measurement alternative | 249 | 192 |
Total assets | 3,597 | 3,654 |
Nonrecurring | Level 3 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 1,330 | 1,794 |
Other real estate owned | 14 | 16 |
Loans | 251 | 251 |
Non-marketable equity securities measured using the measurement alternative | 0 | 69 |
Total assets | 1,595 | 2,130 |
Fair value | Nonrecurring | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 4,579 | 5,055 |
Other real estate owned | 20 | 78 |
Loans | 344 | 390 |
Non-marketable equity securities measured using the measurement alternative | 249 | 261 |
Total assets | $ 5,192 | $ 5,784 |
FAIR VALUE MEASUREMENT - Valu_2
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Nonrecurring Fair Value Measurements (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Nonrecurring fair value changes included in earnings | ||
Nonrecurring fair value measurements included in earnings | $ 42,000,000 | $ 157,000,000 |
Loans held-for-sale | ||
Nonrecurring fair value changes included in earnings | ||
Nonrecurring fair value measurements included in earnings | 0 | (13,000,000) |
Other real estate owned | ||
Nonrecurring fair value changes included in earnings | ||
Nonrecurring fair value measurements included in earnings | (1,000,000) | (2,000,000) |
Loans | ||
Nonrecurring fair value changes included in earnings | ||
Nonrecurring fair value measurements included in earnings | (56,000,000) | (22,000,000) |
Non-marketable equity securities | ||
Nonrecurring fair value changes included in earnings | ||
Nonrecurring fair value measurements included in earnings | 99,000,000 | 194,000,000 |
Nonrecurring | Level 3 | ||
Valuation techniques and inputs | ||
Loans held-for-sale | 1,330,000,000 | 1,794,000,000 |
Nonrecurring | Level 3 | Price-based | ||
Valuation techniques and inputs | ||
Loans held-for-sale | 1,320,000,000 | 1,729,000,000 |
Other real estate owned | 11,000,000 | 15,000,000 |
Alternative investment funds, fair value | 66,000,000 | |
Nonrecurring | Level 3 | Discounted Cash Flow | ||
Valuation techniques and inputs | ||
Loans | 54,000,000 | |
Nonrecurring | Level 3 | Recovery Analysis | ||
Valuation techniques and inputs | ||
Other real estate owned | 5,000,000 | 2,000,000 |
Loans | 100,000,000 | 251,000,000 |
Price | Nonrecurring | Level 3 | Price-based | Minimum | ||
Valuation techniques and inputs | ||
Loans held-for-sale, measurement input, value | 86 | 81 |
Alternative investment measurement, value | 46 | |
Price | Nonrecurring | Level 3 | Price-based | Maximum | ||
Valuation techniques and inputs | ||
Loans held-for-sale, measurement input, value | 100 | 100 |
Alternative investment measurement, value | 1,514 | |
Price | Nonrecurring | Level 3 | Price-based | Weighted Average | ||
Valuation techniques and inputs | ||
Loans held-for-sale, measurement input, value | 99 | 98 |
Alternative investment measurement, value | 570 | |
Price | Nonrecurring | Level 3 | Recovery Analysis | Minimum | ||
Valuation techniques and inputs | ||
Other real estate owned, measurement input, value | 56 | |
Loans, measurement input, value | 3 | |
Price | Nonrecurring | Level 3 | Recovery Analysis | Maximum | ||
Valuation techniques and inputs | ||
Other real estate owned, measurement input, value | 83 | |
Loans, measurement input, value | 85 | |
Price | Nonrecurring | Level 3 | Recovery Analysis | Weighted Average | ||
Valuation techniques and inputs | ||
Other real estate owned, measurement input, value | 58 | |
Loans, measurement input, value | 28 | |
Price | Nonrecurring | Level 3 | Loans | Discounted Cash Flow | Minimum | ||
Valuation techniques and inputs | ||
Loans, measurement input, value | 2 | |
Price | Nonrecurring | Level 3 | Loans | Discounted Cash Flow | Maximum | ||
Valuation techniques and inputs | ||
Loans, measurement input, value | 54 | |
Price | Nonrecurring | Level 3 | Loans | Discounted Cash Flow | Weighted Average | ||
Valuation techniques and inputs | ||
Loans, measurement input, value | $ 27 | |
Appraised value | Nonrecurring | Level 3 | Minimum | ||
Valuation techniques and inputs | ||
Loans, measurement input | 17,521,218 | |
Appraised value | Nonrecurring | Level 3 | Maximum | ||
Valuation techniques and inputs | ||
Loans, measurement input | 43,646,426 | |
Appraised value | Nonrecurring | Level 3 | Weighted Average | ||
Valuation techniques and inputs | ||
Loans, measurement input | 30,583,822 | |
Appraised value | Nonrecurring | Level 3 | Price-based | ||
Valuation techniques and inputs | ||
Loans | $ 29,000,000 | |
Appraised value | Nonrecurring | Level 3 | Price-based | Minimum | ||
Valuation techniques and inputs | ||
Other real estate owned, measurement input, value | 2,297,358 | 8,394,102 |
Appraised value | Nonrecurring | Level 3 | Price-based | Maximum | ||
Valuation techniques and inputs | ||
Other real estate owned, measurement input, value | 8,394,102 | 8,394,102 |
Appraised value | Nonrecurring | Level 3 | Price-based | Weighted Average | ||
Valuation techniques and inputs | ||
Other real estate owned, measurement input, value | $ 5,615,884 | $ 8,394,102 |
Discount To Price | Nonrecurring | Level 3 | Recovery Analysis | Minimum | ||
Valuation techniques and inputs | ||
Other real estate owned, measurement input | 0.1300 | |
Discount To Price | Nonrecurring | Level 3 | Recovery Analysis | Maximum | ||
Valuation techniques and inputs | ||
Other real estate owned, measurement input | 0.1300 | |
Discount To Price | Nonrecurring | Level 3 | Recovery Analysis | Weighted Average | ||
Valuation techniques and inputs | ||
Other real estate owned, measurement input | 0.1300 | |
Recovery rate | Nonrecurring | Level 3 | Recovery Analysis | Minimum | ||
Valuation techniques and inputs | ||
Loans, measurement input | 0.0057 | 0.3060 |
Recovery rate | Nonrecurring | Level 3 | Recovery Analysis | Maximum | ||
Valuation techniques and inputs | ||
Loans, measurement input | 1 | 1 |
Recovery rate | Nonrecurring | Level 3 | Recovery Analysis | Weighted Average | ||
Valuation techniques and inputs | ||
Loans, measurement input | 0.6478 | 0.5051 |
Cost of Capital | Nonrecurring | Level 3 | Price-based | ||
Valuation techniques and inputs | ||
Loans | $ 47,000,000 | |
Cost of Capital | Nonrecurring | Level 3 | Price-based | Minimum | ||
Valuation techniques and inputs | ||
Loans, measurement input | 0.0010 | |
Cost of Capital | Nonrecurring | Level 3 | Price-based | Maximum | ||
Valuation techniques and inputs | ||
Loans, measurement input | 1 | |
Cost of Capital | Nonrecurring | Level 3 | Price-based | Weighted Average | ||
Valuation techniques and inputs | ||
Loans, measurement input | 0.5484 |
FAIR VALUE MEASUREMENT - Estima
FAIR VALUE MEASUREMENT - Estimate Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Loans | $ 4,085 | $ 3,223 | ||
Liabilities | ||||
Deposits | 1,070,590 | 1,013,170 | ||
Allowance for loan losses | 12,783 | 12,315 | $ 12,355 | $ 12,060 |
Corporate | ||||
Assets | ||||
Loans | 4,067 | 3,203 | ||
Carrying value | ||||
Assets | ||||
Investments | 86,400 | 68,900 | ||
Securities borrowed and purchased under agreements to resell | 98,100 | 123,000 | ||
Loans | 681,200 | 667,100 | ||
Other financial assets | 262,400 | 249,700 | ||
Liabilities | ||||
Deposits | 1,068,300 | 1,011,700 | ||
Securities loaned and sold under agreements to repurchase | 125,700 | 133,300 | ||
Long-term debt | 193,000 | 193,800 | ||
Other financial liabilities | 110,200 | 103,800 | ||
Fair value | ||||
Assets | ||||
Investments | 87,800 | 68,500 | ||
Securities borrowed and purchased under agreements to resell | 98,100 | 123,000 | ||
Loans | 677,700 | 666,900 | ||
Other financial assets | 262,400 | 250,100 | ||
Liabilities | ||||
Deposits | 1,066,700 | 1,009,500 | ||
Securities loaned and sold under agreements to repurchase | 125,700 | 133,300 | ||
Long-term debt | 203,800 | 193,700 | ||
Other financial liabilities | 110,200 | 103,800 | ||
Fair value | Level 1 | ||||
Assets | ||||
Investments | 1,900 | 1,000 | ||
Securities borrowed and purchased under agreements to resell | 0 | 0 | ||
Loans | 0 | 0 | ||
Other financial assets | 177,600 | 172,300 | ||
Liabilities | ||||
Deposits | 0 | 0 | ||
Securities loaned and sold under agreements to repurchase | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Other financial liabilities | 0 | 0 | ||
Fair value | Level 2 | ||||
Assets | ||||
Investments | 83,800 | 65,400 | ||
Securities borrowed and purchased under agreements to resell | 98,100 | 121,600 | ||
Loans | 4,700 | 5,600 | ||
Other financial assets | 16,300 | 15,800 | ||
Liabilities | ||||
Deposits | 875,500 | 847,100 | ||
Securities loaned and sold under agreements to repurchase | 125,700 | 133,300 | ||
Long-term debt | 187,300 | 178,400 | ||
Other financial liabilities | 37,500 | 17,200 | ||
Fair value | Level 3 | ||||
Assets | ||||
Investments | 2,100 | 2,100 | ||
Securities borrowed and purchased under agreements to resell | 0 | 1,400 | ||
Loans | 673,000 | 661,300 | ||
Other financial assets | 68,500 | 62,000 | ||
Liabilities | ||||
Deposits | 191,200 | 162,400 | ||
Securities loaned and sold under agreements to repurchase | 0 | 0 | ||
Long-term debt | 16,500 | 15,300 | ||
Other financial liabilities | 72,700 | 86,600 | ||
Fair value | Level 3 | Corporate | ||||
Fair value measurements additional disclosures | ||||
Unfunded lending commitments | 5,100 | 7,800 | ||
Lease financing | ||||
Liabilities | ||||
Lease finance receivables | $ 1,400 | $ 1,600 |
FAIR VALUE ELECTIONS - Changes
FAIR VALUE ELECTIONS - Changes in Fair Value Gains (Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Securities borrowed and purchased under agreements to resell | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | $ 6 | $ (6) |
Trading account assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 77 | (337) |
Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 0 | 0 |
Corporate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | (222) | (116) |
Consumer loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 0 | 0 |
Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | (222) | (116) |
Mortgage servicing rights | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | (84) | 54 |
Certain mortgage loans (HFS) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 91 | 38 |
Total other assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 7 | 92 |
Total assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | (132) | (367) |
Interest-bearing deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | (205) | 20 |
Securities loaned and sold under agreements to repurchase | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 386 | (118) |
Trading account liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | 27 | (13) |
Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | (78) | 150 |
Long-term debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | (5,174) | 3,048 |
Total liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Fair value elections, changes in fair value gains (losses) | $ (5,044) | $ 3,087 |
FAIR VALUE ELECTIONS - Valuatio
FAIR VALUE ELECTIONS - Valuation Adjustments, Fair Value Option for Financial Assets and Financial Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ (1,473) | $ 1,415 |
Balance of non-accrual loans or loans more than 90 days past due | 1 | 0 |
Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due | 0 | 0 |
Certain loans and other credit product | ||
Fair Value Option Quantitative Disclosures | ||
Changes in fair value due to instrument-specific credit risk gain (loss) | 95 | (27) |
Certain loans and other credit product | Trading assets | ||
Fair Value Option Quantitative Disclosures | ||
Aggregate unpaid principal balance in excess of (less than) fair value | 410 | 435 |
Balance of non-accrual loans or loans more than 90 days past due | 0 | 0 |
Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due | 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 | 315 | 741 |
Balance of non-accrual loans or loans more than 90 days past due | 1 | 1 |
Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due | 0 | 0 |
Certain debt host contracts across unallocated precious metals accounts | ||
Fair Value Option Quantitative Disclosures | ||
Carrying amount reported on the Consolidated Balance Sheet | 200 | 400 |
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Purchased | ||
Fair Value Option Quantitative Disclosures | ||
Derivative notionals | 7,400 | |
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Sold | ||
Fair Value Option Quantitative Disclosures | ||
Derivative notionals | 6,800 | |
Mortgage loans | ||
Fair Value Option Quantitative Disclosures | ||
Aggregate unpaid principal balance in excess of (less than) fair value | (31) | 21 |
Carrying amount | Certain loans and other credit product | Trading assets | ||
Fair Value Option Quantitative Disclosures | ||
Carrying amount reported on the Consolidated Balance Sheet | 8,320 | 10,108 |
Carrying amount | Certain loans and other credit product | Loans | ||
Fair Value Option Quantitative Disclosures | ||
Carrying amount reported on the Consolidated Balance Sheet | 4,086 | 3,224 |
Carrying amount | Certain mortgage loans (HFS) | ||
Fair Value Option Quantitative Disclosures | ||
Carrying amount reported on the Consolidated Balance Sheet | 1,254 | 556 |
Fair value | Certain loans and other credit product | ||
Fair Value Option Quantitative Disclosures | ||
Unfunded lending commitments | $ 1,062 | $ 1,137 |
FAIR VALUE ELECTIONS - Certain
FAIR VALUE ELECTIONS - Certain Structured and Non-Structured Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 49,700 | $ 35,700 |
Long-term debt | ||
Certain non-structured liabilities | ||
Aggregate unpaid principal balance in excess of (less than) fair value | (2,967) | 3,814 |
Long-term debt | Carrying amount | ||
Certain non-structured liabilities | ||
Carrying amount reported on the Consolidated Balance Sheet | 55,783 | 38,229 |
Short-term borrowings | ||
Certain non-structured liabilities | ||
Aggregate unpaid principal balance in excess of (less than) fair value | 1,411 | 861 |
Short-term borrowings | Carrying amount | ||
Certain non-structured liabilities | ||
Carrying amount reported on the Consolidated Balance Sheet | 4,946 | 4,483 |
Interest Rate Linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 22,900 | 17,300 |
Foreign Exchange Linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 900 | 500 |
Equity Linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 21,700 | 14,800 |
Commodity Linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 1,800 | 1,200 |
Credit Linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 2,400 | $ 1,900 |
PLEDGED ASSETS, COLLATERAL, G_3
PLEDGED ASSETS, COLLATERAL, GUARANTEES AND COMMITMENTS - Pledged Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Carrying Values of Significant Components of Pledged Assets | ||
Investment securities | $ 152,352 | $ 148,756 |
Loans | 236,033 | 227,840 |
Trading account assets | 132,332 | 120,292 |
Total | 520,717 | 496,888 |
Fair value of collateral received that may be resold or repledged | 569,800 | 526,000 |
Pledged collateral that may not be sold or repledged | $ 389,800 | $ 373,700 |
PLEDGED ASSETS, COLLATERAL, G_4
PLEDGED ASSETS, COLLATERAL, GUARANTEES AND COMMITMENTS - Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 30,251 | $ 31,208 |
Cash segregated under federal and other brokerage regulations or deposited with clearing organizations | 8,500 | 8,300 |
Cash and due from banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 3,758 | 4,000 |
Deposits with banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 26,493 | $ 27,208 |
PLEDGED ASSETS, COLLATERAL, G_5
PLEDGED ASSETS, COLLATERAL, GUARANTEES AND COMMITMENTS - Lease Commitments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease, right-of-use asset | $ 3,100 | ||
Operating lease liability | 3,340 | $ 3,300 | |
Sublease income | 56 | ||
Operating lease expense | 1,084 | ||
Operating cash outflows related to operating leases | $ 942 | ||
Operating lease, weighted average discount rate | 3.60% | ||
Future Lease Payments After Adoption | |||
2020 | $ 801 | ||
2021 | 695 | ||
2022 | 572 | ||
2023 | 425 | ||
2024 | 314 | ||
Thereafter | 935 | ||
Lessee, Operating Lease, Liability, Payments, Due | 3,742 | ||
Less imputed interest (based on weighted-average discount rate of 3.6%) | (402) | ||
Lease liability | $ 3,340 | 3,300 | |
Future Minimum Annual Rentals Before Adoption | |||
2019 | 925 | ||
2020 | 748 | ||
2021 | 657 | ||
2022 | 525 | ||
2023 | 394 | ||
Thereafter | 1,890 | ||
Total lease commitments | 5,139 | ||
Operating lease expense | $ 1,000 | $ 1,100 | |
Weighted Average | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease term | 6 years |
PLEDGED ASSETS, COLLATERAL, G_6
PLEDGED ASSETS, COLLATERAL, GUARANTEES AND COMMITMENTS - Guarantees (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)margin | Dec. 31, 2018USD ($) | Dec. 31, 2000trust | |
Maximum potential amount of future payments | |||
Expire Within One Year | $ 255,900,000,000 | $ 256,600,000,000 | |
Expire After One Year | 163,300,000,000 | 196,500,000,000 | |
Total amount outstanding | 419,200,000,000 | 453,100,000,000 | |
Carrying value | 521,000,000 | 939,000,000 | |
Compensation for standard representations and warranties | 0 | ||
Stated or notional amounts included in the indemnification clauses | 0 | ||
Number of trusts funded by the reinsurer | trust | 2 | ||
Fair value of securities in trusts funded by reinsurer relating to indemnification | 8,600,000,000 | 7,500,000,000 | |
Liability related to long-term care insurance indemnification | 0 | 0 | |
Amount of cash initial margin collected and remitted | 13,300,000,000 | 13,800,000,000 | |
Cash collateral available to reimburse losses realized under guarantees and indemnifications | 46,700,000,000 | 38,000,000,000 | |
Available-for-sale securities, pledged to creditors | 45,800,000,000 | 54,700,000,000 | |
Letters of credit in favor of the Company held as collateral | 4,400,000,000 | 4,100,000,000 | |
Financial standby letters of credit | |||
Maximum potential amount of future payments | |||
Expire Within One Year | 31,900,000,000 | 32,100,000,000 | |
Expire After One Year | 62,400,000,000 | 67,500,000,000 | |
Total amount outstanding | 94,300,000,000 | 99,600,000,000 | |
Carrying value | 140,000,000 | 131,000,000 | |
Performance guarantees | |||
Maximum potential amount of future payments | |||
Expire Within One Year | 6,900,000,000 | 7,700,000,000 | |
Expire After One Year | 5,500,000,000 | 4,200,000,000 | |
Total amount outstanding | 12,400,000,000 | 11,900,000,000 | |
Carrying value | 21,000,000 | 29,000,000 | |
Derivative instruments deemed to be guarantees | |||
Maximum potential amount of future payments | |||
Expire Within One Year | 37,500,000,000 | 23,500,000,000 | |
Expire After One Year | 60,100,000,000 | 87,400,000,000 | |
Total amount outstanding | 97,600,000,000 | 110,900,000,000 | |
Carrying value | 289,000,000 | 567,000,000 | |
Loans sold with recourse | |||
Maximum potential amount of future payments | |||
Expire Within One Year | 0 | 0 | |
Expire After One Year | 1,200,000,000 | 1,200,000,000 | |
Total amount outstanding | 1,200,000,000 | 1,200,000,000 | |
Carrying value | 7,000,000 | 9,000,000 | |
Repurchase reserve for Consumer mortgages representations and warranties | 37,000,000 | 49,000,000 | |
Securities lending indemnifications | |||
Maximum potential amount of future payments | |||
Expire Within One Year | 87,800,000,000 | 98,300,000,000 | |
Expire After One Year | 0 | 0 | |
Total amount outstanding | 87,800,000,000 | 98,300,000,000 | |
Carrying value | 0 | 0 | |
Credit card merchant processing | |||
Maximum potential amount of future payments | |||
Expire Within One Year | 91,600,000,000 | 94,700,000,000 | |
Expire After One Year | 0 | 0 | |
Total amount outstanding | 91,600,000,000 | 94,700,000,000 | |
Carrying value | 0 | 0 | |
Credit card arrangements with partners | |||
Maximum potential amount of future payments | |||
Expire Within One Year | 200,000,000 | 300,000,000 | |
Expire After One Year | 400,000,000 | 800,000,000 | |
Total amount outstanding | 600,000,000 | 1,100,000,000 | |
Carrying value | 23,000,000 | 162,000,000 | |
Custody indemnifications and other | |||
Maximum potential amount of future payments | |||
Expire Within One Year | 0 | 0 | |
Expire After One Year | 33,700,000,000 | 35,400,000,000 | |
Total amount outstanding | 33,700,000,000 | 35,400,000,000 | |
Carrying value | $ 41,000,000 | 41,000,000 | |
Futures and over the counter derivatives clearing | |||
Maximum potential amount of future payments | |||
Number of types of margin | margin | 2 | ||
Investment Grade | |||
Maximum potential amount of future payments | |||
Total amount outstanding | $ 97,400,000,000 | 102,700,000,000 | |
Investment Grade | Financial standby letters of credit | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 66,400,000,000 | 71,300,000,000 | |
Investment Grade | Performance guarantees | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 9,700,000,000 | 9,200,000,000 | |
Investment Grade | Derivative instruments deemed to be guarantees | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 0 | 0 | |
Investment Grade | Loans sold with recourse | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 0 | 0 | |
Investment Grade | Securities lending indemnifications | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 0 | 0 | |
Investment Grade | Credit card merchant processing | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 0 | 0 | |
Investment Grade | Credit card arrangements with partners | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 0 | 0 | |
Investment Grade | Custody indemnifications and other | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 21,300,000,000 | 22,200,000,000 | |
Non-Investment Grade | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 27,200,000,000 | 27,200,000,000 | |
Non-Investment Grade | Financial standby letters of credit | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 12,500,000,000 | 11,900,000,000 | |
Non-Investment Grade | Performance guarantees | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 2,300,000,000 | 2,100,000,000 | |
Non-Investment Grade | Derivative instruments deemed to be guarantees | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 0 | 0 | |
Non-Investment Grade | Loans sold with recourse | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 0 | 0 | |
Non-Investment Grade | Securities lending indemnifications | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 0 | 0 | |
Non-Investment Grade | Credit card merchant processing | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 0 | 0 | |
Non-Investment Grade | Credit card arrangements with partners | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 0 | 0 | |
Non-Investment Grade | Custody indemnifications and other | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 12,400,000,000 | 13,200,000,000 | |
Not Rated | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 294,600,000,000 | 323,200,000,000 | |
Not Rated | Financial standby letters of credit | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 15,400,000,000 | 16,400,000,000 | |
Not Rated | Performance guarantees | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 400,000,000 | 600,000,000 | |
Not Rated | Derivative instruments deemed to be guarantees | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 97,600,000,000 | 110,900,000,000 | |
Not Rated | Loans sold with recourse | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 1,200,000,000 | 1,200,000,000 | |
Not Rated | Securities lending indemnifications | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 87,800,000,000 | 98,300,000,000 | |
Not Rated | Credit card merchant processing | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 91,600,000,000 | 94,700,000,000 | |
Not Rated | Credit card arrangements with partners | |||
Maximum potential amount of future payments | |||
Total amount outstanding | 600,000,000 | 1,100,000,000 | |
Not Rated | Custody indemnifications and other | |||
Maximum potential amount of future payments | |||
Total amount outstanding | $ 0 | $ 0 |
PLEDGED ASSETS, COLLATERAL, G_7
PLEDGED ASSETS, COLLATERAL, GUARANTEES AND COMMITMENTS - Credit Commitments and Lines of Credit (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Credit Commitments | ||
Credit commitments | $ 1,066,364 | $ 1,030,242 |
Unsettled reverse repurchase and securities borrowing agreements | 34,000 | 36,100 |
Unsettled repurchase and securities lending agreements | 38,700 | 30,700 |
Commercial and similar letters of credit | ||
Credit Commitments | ||
Credit commitments | 4,533 | 5,461 |
One-to four-family residential mortgages | ||
Credit Commitments | ||
Credit commitments | 3,721 | 2,671 |
Revolving open-end loans secured by one-to four-family residential properties | ||
Credit Commitments | ||
Credit commitments | 10,799 | 11,374 |
Commercial real estate, construction and land development | ||
Credit Commitments | ||
Credit commitments | 12,981 | 11,293 |
Credit card lines | ||
Credit Commitments | ||
Credit commitments | 708,023 | 696,007 |
Commercial and other consumer loan commitments | ||
Credit Commitments | ||
Credit commitments | 324,359 | 300,115 |
Other commitments and contingencies | ||
Credit Commitments | ||
Credit commitments | 1,948 | $ 3,321 |
U.S. | ||
Credit Commitments | ||
Credit commitments | 847,255 | |
U.S. | Commercial and similar letters of credit | ||
Credit Commitments | ||
Credit commitments | 746 | |
U.S. | One-to four-family residential mortgages | ||
Credit Commitments | ||
Credit commitments | 2,088 | |
U.S. | Revolving open-end loans secured by one-to four-family residential properties | ||
Credit Commitments | ||
Credit commitments | 9,511 | |
U.S. | Commercial real estate, construction and land development | ||
Credit Commitments | ||
Credit commitments | 10,623 | |
U.S. | Credit card lines | ||
Credit Commitments | ||
Credit commitments | 609,866 | |
U.S. | Commercial and other consumer loan commitments | ||
Credit Commitments | ||
Credit commitments | 212,569 | |
U.S. | Other commitments and contingencies | ||
Credit Commitments | ||
Credit commitments | 1,852 | |
Outside U.S. | ||
Credit Commitments | ||
Credit commitments | 219,109 | |
Outside U.S. | Commercial and similar letters of credit | ||
Credit Commitments | ||
Credit commitments | 3,787 | |
Outside U.S. | One-to four-family residential mortgages | ||
Credit Commitments | ||
Credit commitments | 1,633 | |
Outside U.S. | Revolving open-end loans secured by one-to four-family residential properties | ||
Credit Commitments | ||
Credit commitments | 1,288 | |
Outside U.S. | Commercial real estate, construction and land development | ||
Credit Commitments | ||
Credit commitments | 2,358 | |
Outside U.S. | Credit card lines | ||
Credit Commitments | ||
Credit commitments | 98,157 | |
Outside U.S. | Commercial and other consumer loan commitments | ||
Credit Commitments | ||
Credit commitments | 111,790 | |
Outside U.S. | Other commitments and contingencies | ||
Credit Commitments | ||
Credit commitments | $ 96 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) € in Millions, $ in Millions | Jan. 29, 2020EUR (€) | Dec. 13, 2019USD ($) | Apr. 30, 2019USD ($) | May 31, 2018USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2008USD ($) | Dec. 31, 2007USD ($) | Dec. 31, 2019USD ($) |
Contingencies | |||||||||
Possible unaccrued loss | $ 1,300 | ||||||||
Tribune Company bankruptcy | |||||||||
Contingencies | |||||||||
Business acquisition price LBO | $ 11,000 | ||||||||
Frontpoint Asian Event Driven Fund v. Citibank | |||||||||
Contingencies | |||||||||
Settlement amount awarded to other party | $ 10 | ||||||||
Interchange Fees Litigation | |||||||||
Contingencies | |||||||||
Settlement amount awarded to other party | $ 6,050 | ||||||||
Period of collecting interchange fees | 8 months | ||||||||
Damages awarded | $ 6,240 | ||||||||
Reduction in settlement amount awarded to other party | $ 700 | ||||||||
Parmalat | |||||||||
Contingencies | |||||||||
Damages awarded | $ 431 | $ 431 | |||||||
Parmalat | Milan Court of Appeal | Citibank, N.A. | |||||||||
Contingencies | |||||||||
Loss contingency damages sought | € | € 1,800 | ||||||||
Subsequent event | Parmalat | Milan Court of Appeal | Citibank, N.A. | |||||||||
Contingencies | |||||||||
Potential reduction in value of damages sought | € | € 990 |
CONDENSED CONSOLIDATING FINAN_3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statements of Income and Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenues | ||||||||||||
Dividends from subsidiaries | $ 0 | $ 0 | $ 0 | |||||||||
Interest revenue | 76,510 | 70,828 | 61,579 | |||||||||
Interest revenue—intercompany | 0 | 0 | 0 | |||||||||
Interest expense | 29,163 | 24,266 | 16,518 | |||||||||
Interest expense—intercompany | 0 | 0 | 0 | |||||||||
Net interest revenue | 47,347 | 46,562 | 45,061 | |||||||||
Commissions and fees | 11,746 | 11,857 | 12,707 | |||||||||
Commissions and fees—intercompany | 0 | 0 | 0 | |||||||||
Principal transactions | 8,892 | 8,905 | 8,940 | |||||||||
Principal transactions—intercompany | 0 | 0 | 0 | |||||||||
Other income | 6,301 | 5,530 | 5,736 | |||||||||
Other income—intercompany | 0 | 0 | 0 | |||||||||
Total non-interest revenues | 26,939 | 26,292 | 27,383 | |||||||||
Total revenues, net of interest expense | $ 18,378 | $ 18,574 | $ 18,758 | $ 18,576 | $ 17,124 | $ 18,389 | $ 18,469 | $ 18,872 | 74,286 | 72,854 | 72,444 | |
Provisions for credit losses and for benefits and claims | 2,222 | 2,088 | 2,093 | 1,980 | 1,925 | 1,974 | 1,812 | 1,857 | 8,383 | 7,568 | 7,451 | |
Operating expenses | ||||||||||||
Compensation and benefits | 21,433 | 21,154 | 21,181 | |||||||||
Compensation and benefits—intercompany | 0 | 0 | 0 | |||||||||
Other operating | 20,569 | 20,687 | 21,051 | |||||||||
Other operating—intercompany | 0 | 0 | 0 | |||||||||
Total operating expenses | 10,454 | 10,464 | 10,500 | 10,584 | 9,893 | 10,311 | 10,712 | 10,925 | 42,002 | 41,841 | 42,232 | |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | |||||||||
Income (loss) from continuing operations before income taxes | 23,901 | 23,445 | 22,761 | |||||||||
Provision for income taxes | 703 | 1,079 | 1,373 | 1,275 | 1,001 | 1,471 | 1,444 | 1,441 | 4,430 | 5,357 | 29,388 | |
Income (loss) from continuing operations | 4,999 | 4,943 | 4,792 | 4,737 | 4,305 | 4,633 | 4,501 | 4,649 | 19,471 | 18,088 | (6,627) | |
Income (loss) from discontinued operations, net of taxes | (4) | (15) | 17 | (2) | (8) | (8) | 15 | (7) | (4) | (8) | (111) | |
Net income (loss) before attribution of noncontrolling interests | 4,995 | 4,928 | 4,809 | 4,735 | 4,297 | 4,625 | 4,516 | 4,642 | 19,467 | 18,080 | (6,738) | |
Noncontrolling interests | 16 | 15 | 10 | 25 | (16) | 3 | 26 | 22 | 66 | 35 | 60 | |
Citigroup’s net income (loss) | 4,979 | 4,913 | 4,799 | 4,710 | 4,313 | 4,622 | 4,490 | 4,620 | 19,401 | 18,045 | (6,798) | |
Comprehensive income | ||||||||||||
Add: Other comprehensive income (loss) | [1] | 852 | (2,499) | (2,791) | ||||||||
Citigroup’s total comprehensive income (loss) | 20,253 | 15,546 | (9,589) | |||||||||
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | (43) | 114 | |||||||||
Noncontrolling interests | $ 16 | $ 15 | $ 10 | $ 25 | $ (16) | $ 3 | $ 26 | $ 22 | 66 | 35 | 60 | |
Total comprehensive income (loss) | 20,319 | 15,538 | (9,415) | |||||||||
Consolidating adjustments | ||||||||||||
Revenues | ||||||||||||
Dividends from subsidiaries | (23,347) | (22,854) | (22,499) | |||||||||
Interest revenue | 0 | 0 | 0 | |||||||||
Interest revenue—intercompany | 0 | 0 | 0 | |||||||||
Interest expense | 0 | 0 | 0 | |||||||||
Interest expense—intercompany | 0 | 0 | 0 | |||||||||
Net interest revenue | 0 | 0 | 0 | |||||||||
Commissions and fees | 0 | 0 | 0 | |||||||||
Commissions and fees—intercompany | 0 | 0 | 0 | |||||||||
Principal transactions | 0 | 0 | 0 | |||||||||
Principal transactions—intercompany | 0 | 0 | 0 | |||||||||
Other income | 0 | 0 | 0 | |||||||||
Other income—intercompany | 0 | 0 | 0 | |||||||||
Total non-interest revenues | 0 | 0 | 0 | |||||||||
Total revenues, net of interest expense | (23,347) | (22,854) | (22,499) | |||||||||
Provisions for credit losses and for benefits and claims | 0 | 0 | 0 | |||||||||
Operating expenses | ||||||||||||
Compensation and benefits | 0 | 0 | 0 | |||||||||
Compensation and benefits—intercompany | 0 | 0 | 0 | |||||||||
Other operating | 0 | 0 | 0 | |||||||||
Other operating—intercompany | 0 | 0 | 0 | |||||||||
Total operating expenses | 0 | 0 | 0 | |||||||||
Equity in undistributed income of subsidiaries | 3,620 | 2,163 | 19,088 | |||||||||
Income (loss) from continuing operations before income taxes | (19,727) | (20,691) | (3,411) | |||||||||
Provision for income taxes | 0 | 0 | 0 | |||||||||
Income (loss) from continuing operations | (19,727) | (20,691) | (3,411) | |||||||||
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | |||||||||
Net income (loss) before attribution of noncontrolling interests | (19,727) | (20,691) | (3,411) | |||||||||
Noncontrolling interests | 0 | 0 | 0 | |||||||||
Citigroup’s net income (loss) | (19,727) | (20,691) | (3,411) | |||||||||
Comprehensive income | ||||||||||||
Add: Other comprehensive income (loss) | (949) | (3,757) | 4,277 | |||||||||
Citigroup’s total comprehensive income (loss) | (20,676) | (24,448) | 866 | |||||||||
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||
Noncontrolling interests | 0 | 0 | 0 | |||||||||
Total comprehensive income (loss) | (20,676) | (24,448) | 866 | |||||||||
Citigroup parent company | Reportable legal entities | ||||||||||||
Revenues | ||||||||||||
Dividends from subsidiaries | 23,347 | 22,854 | 22,499 | |||||||||
Interest revenue | 0 | 67 | 1 | |||||||||
Interest revenue—intercompany | 5,091 | 4,933 | 3,972 | |||||||||
Interest expense | 4,949 | 4,783 | 4,766 | |||||||||
Interest expense—intercompany | 1,038 | 1,198 | 829 | |||||||||
Net interest revenue | (896) | (981) | (1,622) | |||||||||
Commissions and fees | 0 | 0 | 0 | |||||||||
Commissions and fees—intercompany | (21) | (2) | (2) | |||||||||
Principal transactions | (2,537) | (1,310) | 1,654 | |||||||||
Principal transactions—intercompany | 1,252 | (929) | 934 | |||||||||
Other income | 767 | 1,373 | (2,581) | |||||||||
Other income—intercompany | (55) | (107) | 5 | |||||||||
Total non-interest revenues | (594) | (975) | 10 | |||||||||
Total revenues, net of interest expense | 21,857 | 20,898 | 20,887 | |||||||||
Provisions for credit losses and for benefits and claims | 0 | 0 | 0 | |||||||||
Operating expenses | ||||||||||||
Compensation and benefits | 32 | 4 | (107) | |||||||||
Compensation and benefits—intercompany | 134 | 115 | 120 | |||||||||
Other operating | (16) | (192) | (318) | |||||||||
Other operating—intercompany | 20 | 49 | (35) | |||||||||
Total operating expenses | 170 | (24) | (340) | |||||||||
Equity in undistributed income of subsidiaries | (3,620) | (2,163) | (19,088) | |||||||||
Income (loss) from continuing operations before income taxes | 18,067 | 18,759 | 2,139 | |||||||||
Provision for income taxes | (1,334) | 714 | 8,937 | |||||||||
Income (loss) from continuing operations | 19,401 | 18,045 | (6,798) | |||||||||
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | |||||||||
Net income (loss) before attribution of noncontrolling interests | 19,401 | 18,045 | (6,798) | |||||||||
Noncontrolling interests | 0 | 0 | 0 | |||||||||
Citigroup’s net income (loss) | 19,401 | 18,045 | (6,798) | |||||||||
Comprehensive income | ||||||||||||
Add: Other comprehensive income (loss) | 852 | (2,499) | (2,791) | |||||||||
Citigroup’s total comprehensive income (loss) | 20,253 | 15,546 | (9,589) | |||||||||
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||
Noncontrolling interests | 0 | 0 | 0 | |||||||||
Total comprehensive income (loss) | 20,253 | 15,546 | (9,589) | |||||||||
CGMHI | Reportable legal entities | ||||||||||||
Revenues | ||||||||||||
Dividends from subsidiaries | 0 | 0 | 0 | |||||||||
Interest revenue | 10,661 | 8,732 | 5,279 | |||||||||
Interest revenue—intercompany | 1,942 | 1,659 | 1,178 | |||||||||
Interest expense | 7,010 | 5,430 | 2,340 | |||||||||
Interest expense—intercompany | 4,243 | 3,539 | 2,297 | |||||||||
Net interest revenue | 1,350 | 1,422 | 1,820 | |||||||||
Commissions and fees | 5,265 | 5,146 | 5,366 | |||||||||
Commissions and fees—intercompany | 354 | 237 | 182 | |||||||||
Principal transactions | 277 | 1,599 | 1,183 | |||||||||
Principal transactions—intercompany | 2,464 | 1,328 | 1,200 | |||||||||
Other income | 832 | 710 | 867 | |||||||||
Other income—intercompany | 102 | 143 | 170 | |||||||||
Total non-interest revenues | 9,294 | 9,163 | 8,968 | |||||||||
Total revenues, net of interest expense | 10,644 | 10,585 | 10,788 | |||||||||
Provisions for credit losses and for benefits and claims | 0 | (22) | 0 | |||||||||
Operating expenses | ||||||||||||
Compensation and benefits | 4,680 | 4,484 | 4,403 | |||||||||
Compensation and benefits—intercompany | 0 | 0 | 0 | |||||||||
Other operating | 2,326 | 2,224 | 2,184 | |||||||||
Other operating—intercompany | 2,410 | 2,312 | 2,231 | |||||||||
Total operating expenses | 9,416 | 9,020 | 8,818 | |||||||||
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | |||||||||
Income (loss) from continuing operations before income taxes | 1,228 | 1,587 | 1,970 | |||||||||
Provision for income taxes | 176 | 1,123 | 873 | |||||||||
Income (loss) from continuing operations | 1,052 | 464 | 1,097 | |||||||||
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | |||||||||
Net income (loss) before attribution of noncontrolling interests | 1,052 | 464 | 1,097 | |||||||||
Noncontrolling interests | 0 | 0 | (1) | |||||||||
Citigroup’s net income (loss) | 1,052 | 464 | 1,098 | |||||||||
Comprehensive income | ||||||||||||
Add: Other comprehensive income (loss) | (651) | 257 | (117) | |||||||||
Citigroup’s total comprehensive income (loss) | 401 | 721 | 981 | |||||||||
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||
Noncontrolling interests | 0 | 0 | (1) | |||||||||
Total comprehensive income (loss) | 401 | 721 | 980 | |||||||||
Other Citigroup subsidiaries and eliminations | Reportable legal entities | ||||||||||||
Revenues | ||||||||||||
Dividends from subsidiaries | 0 | 0 | 0 | |||||||||
Interest revenue | 65,849 | 62,029 | 56,299 | |||||||||
Interest revenue—intercompany | (7,033) | (6,592) | (5,150) | |||||||||
Interest expense | 17,204 | 14,053 | 9,412 | |||||||||
Interest expense—intercompany | (5,281) | (4,737) | (3,126) | |||||||||
Net interest revenue | 46,893 | 46,121 | 44,863 | |||||||||
Commissions and fees | 6,481 | 6,711 | 7,341 | |||||||||
Commissions and fees—intercompany | (333) | (235) | (180) | |||||||||
Principal transactions | 11,152 | 8,616 | 6,103 | |||||||||
Principal transactions—intercompany | (3,716) | (399) | (2,134) | |||||||||
Other income | 4,702 | 3,447 | 7,450 | |||||||||
Other income—intercompany | (47) | (36) | (175) | |||||||||
Total non-interest revenues | 18,239 | 18,104 | 18,405 | |||||||||
Total revenues, net of interest expense | 65,132 | 64,225 | 63,268 | |||||||||
Provisions for credit losses and for benefits and claims | 8,383 | 7,590 | 7,451 | |||||||||
Operating expenses | ||||||||||||
Compensation and benefits | 16,721 | 16,666 | 16,885 | |||||||||
Compensation and benefits—intercompany | (134) | (115) | (120) | |||||||||
Other operating | 18,259 | 18,655 | 19,185 | |||||||||
Other operating—intercompany | (2,430) | (2,361) | (2,196) | |||||||||
Total operating expenses | 32,416 | 32,845 | 33,754 | |||||||||
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | |||||||||
Income (loss) from continuing operations before income taxes | 24,333 | 23,790 | 22,063 | |||||||||
Provision for income taxes | 5,588 | 3,520 | 19,578 | |||||||||
Income (loss) from continuing operations | 18,745 | 20,270 | 2,485 | |||||||||
Income (loss) from discontinued operations, net of taxes | (4) | (8) | (111) | |||||||||
Net income (loss) before attribution of noncontrolling interests | 18,741 | 20,262 | 2,374 | |||||||||
Noncontrolling interests | 66 | 35 | 61 | |||||||||
Citigroup’s net income (loss) | 18,675 | 20,227 | 2,313 | |||||||||
Comprehensive income | ||||||||||||
Add: Other comprehensive income (loss) | 1,600 | 3,500 | (4,160) | |||||||||
Citigroup’s total comprehensive income (loss) | 20,275 | 23,727 | (1,847) | |||||||||
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | (43) | 114 | |||||||||
Noncontrolling interests | 66 | 35 | 61 | |||||||||
Total comprehensive income (loss) | $ 20,341 | $ 23,719 | $ (1,672) | |||||||||
[1] | Includes the impact of ASU 2018-02, adopted in 2017. See Note 1 to the Consolidated Financial Statements. |
CONDENSED CONSOLIDATING FINAN_4
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Cash and due from banks | $ 23,967 | $ 23,645 | ||
Cash and due from banks—intercompany | 0 | 0 | ||
Deposits with banks | 169,952 | 164,460 | ||
Deposits with banks—intercompany | 0 | 0 | ||
Securities borrowed and purchased under resale agreements | 251,322 | 270,684 | ||
Securities borrowed and purchased under resale agreements—intercompany | 0 | 0 | ||
Trading account assets | 276,140 | 256,117 | ||
Trading account assets—intercompany | 0 | 0 | ||
Investments | 368,563 | 358,607 | ||
Loans, net of unearned income | 699,483 | 684,196 | ||
Loans, net of unearned income—intercompany | 0 | 0 | ||
Allowance for loan losses | (12,783) | (12,315) | $ (12,355) | $ (12,060) |
Total loans, net | 686,700 | 671,881 | ||
Advances to subsidiaries | 0 | 0 | ||
Investments in subsidiaries | 0 | 0 | ||
Other assets | 174,514 | 171,989 | ||
Other assets—intercompany | 0 | 0 | ||
Total assets | 1,951,158 | 1,917,383 | ||
Liabilities and equity | ||||
Deposits | 1,070,590 | 1,013,170 | ||
Deposits—intercompany | 0 | 0 | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase, at fair value | 166,339 | 177,768 | ||
Securities loaned and sold under repurchase agreements—intercompany | 0 | 0 | ||
Trading account liabilities | 119,894 | 144,305 | ||
Trading account liabilities—intercompany | 0 | 0 | ||
Short-term borrowings | 45,049 | 32,346 | ||
Short-term borrowings—intercompany | 0 | 0 | ||
Long-term debt | 248,760 | 231,999 | ||
Long-term debt—intercompany | 0 | 0 | ||
Advances from subsidiaries | 0 | 0 | ||
Other liabilities | 106,580 | 120,721 | ||
Other liabilities—intercompany | 0 | 0 | ||
Stockholders’ equity | 193,946 | 197,074 | $ 201,672 | |
Total liabilities and equity | 1,951,158 | 1,917,383 | ||
Other assets | 107,709 | 109,273 | ||
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 | ||
Securities borrowed and purchased under resale agreements | 0 | 0 | ||
Securities borrowed and purchased under 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 | (202,116) | (205,337) | ||
Other assets | 0 | 0 | ||
Other assets—intercompany | 0 | 0 | ||
Total assets | (202,116) | (205,337) | ||
Liabilities and equity | ||||
Deposits | 0 | 0 | ||
Deposits—intercompany | 0 | 0 | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase, at fair value | 0 | 0 | ||
Securities loaned and sold under repurchase agreements—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 | (202,116) | (205,337) | ||
Total liabilities and equity | (202,116) | (205,337) | ||
Citigroup parent company | ||||
Liabilities and equity | ||||
Long-term debt | 150,477 | |||
Other assets | 35,100 | 34,700 | ||
Citigroup parent company | Reportable legal entities | ||||
Assets | ||||
Cash and due from banks | 0 | 1 | ||
Cash and due from banks—intercompany | 21 | 19 | ||
Deposits with banks | 0 | 0 | ||
Deposits with banks—intercompany | 3,000 | 3,000 | ||
Securities borrowed and purchased under resale agreements | 0 | 0 | ||
Securities borrowed and purchased under resale agreements—intercompany | 0 | 0 | ||
Trading account assets | 286 | 302 | ||
Trading account assets—intercompany | 426 | 627 | ||
Investments | 1 | 7 | ||
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 | 144,587 | 143,119 | ||
Investments in subsidiaries | 202,116 | 205,337 | ||
Other assets | 12,377 | 9,861 | ||
Other assets—intercompany | 2,799 | 3,037 | ||
Total assets | 365,613 | 365,310 | ||
Liabilities and equity | ||||
Deposits | 0 | 0 | ||
Deposits—intercompany | 0 | 0 | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase, at fair value | 0 | 0 | ||
Securities loaned and sold under repurchase agreements—intercompany | 0 | 0 | ||
Trading account liabilities | 1 | 1 | ||
Trading account liabilities—intercompany | 379 | 410 | ||
Short-term borrowings | 66 | 207 | ||
Short-term borrowings—intercompany | 0 | 0 | ||
Long-term debt | 150,477 | 143,767 | ||
Long-term debt—intercompany | 0 | 0 | ||
Advances from subsidiaries | 20,503 | 21,471 | ||
Other liabilities | 937 | 3,011 | ||
Other liabilities—intercompany | 8 | 223 | ||
Stockholders’ equity | 193,242 | 196,220 | ||
Total liabilities and equity | 365,613 | 365,310 | ||
CGMHI | Reportable legal entities | ||||
Assets | ||||
Cash and due from banks | 586 | 689 | ||
Cash and due from banks—intercompany | 5,095 | 3,545 | ||
Deposits with banks | 4,050 | 4,915 | ||
Deposits with banks—intercompany | 6,710 | 6,528 | ||
Securities borrowed and purchased under resale agreements | 195,537 | 212,720 | ||
Securities borrowed and purchased under resale agreements—intercompany | 21,446 | 20,074 | ||
Trading account assets | 152,115 | 146,233 | ||
Trading account assets—intercompany | 5,858 | 1,728 | ||
Investments | 541 | 224 | ||
Loans, net of unearned income | 2,497 | 1,292 | ||
Loans, net of unearned income—intercompany | 0 | 0 | ||
Allowance for loan losses | 0 | 0 | ||
Total loans, net | 2,497 | 1,292 | ||
Advances to subsidiaries | 0 | 0 | ||
Investments in subsidiaries | 0 | 0 | ||
Other assets | 54,784 | 59,734 | ||
Other assets—intercompany | 45,588 | 44,255 | ||
Total assets | 494,807 | 501,937 | ||
Liabilities and equity | ||||
Deposits | 0 | 0 | ||
Deposits—intercompany | 0 | 0 | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase, at fair value | 145,473 | 155,830 | ||
Securities loaned and sold under repurchase agreements—intercompany | 36,581 | 21,109 | ||
Trading account liabilities | 80,100 | 95,571 | ||
Trading account liabilities—intercompany | 5,109 | 1,398 | ||
Short-term borrowings | 11,096 | 3,656 | ||
Short-term borrowings—intercompany | 17,129 | 11,343 | ||
Long-term debt | 39,578 | 25,986 | ||
Long-term debt—intercompany | 66,791 | 73,884 | ||
Advances from subsidiaries | 0 | 0 | ||
Other liabilities | 51,777 | 66,732 | ||
Other liabilities—intercompany | 8,414 | 13,763 | ||
Stockholders’ equity | 32,759 | 32,665 | ||
Total liabilities and equity | 494,807 | 501,937 | ||
Other Citigroup subsidiaries and eliminations | Reportable legal entities | ||||
Assets | ||||
Cash and due from banks | 23,381 | 22,955 | ||
Cash and due from banks—intercompany | (5,116) | (3,564) | ||
Deposits with banks | 165,902 | 159,545 | ||
Deposits with banks—intercompany | (9,710) | (9,528) | ||
Securities borrowed and purchased under resale agreements | 55,785 | 57,964 | ||
Securities borrowed and purchased under resale agreements—intercompany | (21,446) | (20,074) | ||
Trading account assets | 123,739 | 109,582 | ||
Trading account assets—intercompany | (6,284) | (2,355) | ||
Investments | 368,021 | 358,376 | ||
Loans, net of unearned income | 696,986 | 682,904 | ||
Loans, net of unearned income—intercompany | 0 | 0 | ||
Allowance for loan losses | (12,783) | (12,315) | ||
Total loans, net | 684,203 | 670,589 | ||
Advances to subsidiaries | (144,587) | (143,119) | ||
Investments in subsidiaries | 0 | 0 | ||
Other assets | 107,353 | 102,394 | ||
Other assets—intercompany | (48,387) | (47,292) | ||
Total assets | 1,292,854 | 1,255,473 | ||
Liabilities and equity | ||||
Deposits | 1,070,590 | 1,013,170 | ||
Deposits—intercompany | 0 | 0 | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase, at fair value | 20,866 | 21,938 | ||
Securities loaned and sold under repurchase agreements—intercompany | (36,581) | (21,109) | ||
Trading account liabilities | 39,793 | 48,733 | ||
Trading account liabilities—intercompany | (5,488) | (1,808) | ||
Short-term borrowings | 33,887 | 28,483 | ||
Short-term borrowings—intercompany | (17,129) | (11,343) | ||
Long-term debt | 58,705 | 62,246 | ||
Long-term debt—intercompany | (66,791) | (73,884) | ||
Advances from subsidiaries | (20,503) | (21,471) | ||
Other liabilities | 53,866 | 50,978 | ||
Other liabilities—intercompany | (8,422) | (13,986) | ||
Stockholders’ equity | 170,061 | 173,526 | ||
Total liabilities and equity | 1,292,854 | 1,255,473 | ||
Up to 30 days | Citigroup parent company | ||||
Liabilities and equity | ||||
Placements with term of less than 30 days | $ 24,900 | $ 22,400 |
CONDENSED CONSOLIDATING FINAN_5
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||
Net cash provided by operating activities of continuing operations | $ (12,837) | $ 36,952 | $ (8,774) | ||||
Cash flows from investing activities of continuing operations | |||||||
Purchases of investments | (274,491) | (152,487) | (185,740) | ||||
Proceeds from sales of investments | 137,173 | 61,491 | 107,368 | ||||
Proceeds from maturities of investments | 119,051 | 83,604 | 84,369 | ||||
Change in loans | (22,466) | (29,002) | (58,062) | ||||
Proceeds from sales and securitizations of loans | 2,878 | 4,549 | 8,365 | ||||
Proceeds from significant disposals | [1] | 0 | 314 | 3,411 | |||
Change in securities borrowed and purchased under agreements to resell | 19,362 | (38,206) | 4,335 | ||||
Changes in investments and advances—intercompany | 0 | 0 | 0 | ||||
Other investing activities | (4,881) | (3,381) | (2,797) | ||||
Net cash used in investing activities of continuing operations | (23,374) | (73,118) | (38,751) | ||||
Cash flows from financing activities of continuing operations | |||||||
Dividends paid | (5,447) | (5,020) | (3,797) | ||||
Issuance of preferred stock | 1,496 | 0 | 0 | ||||
Redemption of preferred stock | (1,980) | (793) | 0 | ||||
Treasury stock acquired | (17,571) | (14,433) | (14,541) | ||||
Proceeds (repayments) from issuance of long-term debt, net | 8,105 | 2,523 | 26,974 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | 0 | 0 | ||||
Change in deposits | 57,420 | 53,348 | 30,416 | ||||
Change in securities loaned and sold under agreements to repurchase | (11,429) | 21,491 | 14,456 | ||||
Change in short-term borrowings | 12,703 | 13,751 | |||||
Change in short-term borrowings | (12,106) | ||||||
Net change in short-term borrowings and other advances—intercompany | 0 | 0 | 0 | ||||
Capital contributions from (to) parent | 0 | 0 | 0 | ||||
Other financing activities | (364) | (482) | (405) | ||||
Net cash provided by financing activities of continuing operations | 42,933 | 44,528 | 66,854 | ||||
Effect of exchange rate changes on cash and due from banks | (908) | (773) | 693 | ||||
Change in cash and due from banks and deposits with banks | 5,814 | 7,589 | 20,022 | ||||
Cash, due from banks and deposits with banks at beginning of period | [2] | 188,105 | 180,516 | 160,494 | |||
Cash, due from banks and deposits with banks at end of period | [2] | 193,919 | 188,105 | 180,516 | |||
Cash and due from banks | $ 23,967 | $ 23,645 | $ 23,775 | ||||
Deposits with banks | 169,952 | 164,460 | 156,741 | ||||
Cash, due from banks and deposits with banks at end of period | [2] | 193,919 | 180,516 | 160,494 | 193,919 | 188,105 | 180,516 |
Supplemental disclosure of cash flow information for continuing operations | |||||||
Cash paid during the year for income taxes | 4,888 | 4,313 | 2,083 | ||||
Cash paid during the year for interest | 28,682 | 22,963 | 15,675 | ||||
Non-cash investing activities | |||||||
Transfers to loans HFS from loans | [3] | 5,500 | 4,200 | 5,900 | |||
Consolidating adjustments | |||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||
Net cash provided by operating activities of continuing operations | 0 | 0 | 0 | ||||
Cash flows from investing activities of continuing operations | |||||||
Purchases of investments | 0 | 0 | 0 | ||||
Proceeds from sales of investments | 0 | 0 | 0 | ||||
Proceeds from maturities of investments | 0 | 0 | 0 | ||||
Change in loans | 0 | 0 | 0 | ||||
Proceeds from sales and securitizations of loans | 0 | 0 | 0 | ||||
Proceeds from significant disposals | 0 | 0 | |||||
Change in securities borrowed and purchased under agreements to resell | 0 | 0 | 0 | ||||
Changes in investments and advances—intercompany | 0 | 0 | 0 | ||||
Other investing activities | 0 | 0 | 0 | ||||
Net cash used in investing activities of continuing operations | 0 | 0 | 0 | ||||
Cash flows from financing activities of continuing operations | |||||||
Dividends paid | 0 | 0 | 0 | ||||
Issuance of preferred stock | 0 | 0 | |||||
Redemption of preferred stock | 0 | 0 | |||||
Treasury stock acquired | 0 | 0 | 0 | ||||
Proceeds (repayments) from issuance of long-term debt, net | 0 | 0 | 0 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | 0 | 0 | ||||
Change in deposits | 0 | 0 | 0 | ||||
Change in securities loaned and sold under agreements to repurchase | 0 | 0 | 0 | ||||
Change in short-term borrowings | 0 | 0 | 0 | ||||
Net change in short-term borrowings and other advances—intercompany | 0 | 0 | 0 | ||||
Capital contributions from (to) parent | 0 | 0 | 0 | ||||
Other financing activities | 0 | 0 | 0 | ||||
Net cash provided by financing activities of continuing operations | 0 | 0 | 0 | ||||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | 0 | ||||
Change in cash and due from banks and deposits with banks | 0 | 0 | 0 | ||||
Cash, due from banks and deposits with banks at beginning of period | 0 | 0 | 0 | ||||
Cash, due from banks and deposits with banks at end of period | 0 | 0 | 0 | ||||
Cash and due from banks | 0 | 0 | 0 | ||||
Deposits with banks | 0 | 0 | 0 | ||||
Cash, due from banks and deposits with banks at end of period | 0 | 0 | 0 | 0 | 0 | 0 | |
Supplemental disclosure of cash flow information for continuing operations | |||||||
Cash paid during the year for income taxes | 0 | 0 | 0 | ||||
Cash paid during the year for interest | 0 | 0 | 0 | ||||
Non-cash investing activities | |||||||
Transfers to loans HFS from loans | 0 | 0 | 0 | ||||
Citigroup parent company | Reportable legal entities | |||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||
Net cash provided by operating activities of continuing operations | 25,011 | 21,314 | 25,270 | ||||
Cash flows from investing activities of continuing operations | |||||||
Purchases of investments | 0 | (7,955) | 0 | ||||
Proceeds from sales of investments | 5 | 7,634 | 132 | ||||
Proceeds from maturities of investments | 0 | 0 | 0 | ||||
Change in loans | 0 | 0 | 0 | ||||
Proceeds from sales and securitizations of loans | 0 | 0 | 0 | ||||
Proceeds from significant disposals | 0 | 0 | |||||
Change in securities borrowed and purchased under agreements to resell | 0 | 0 | 0 | ||||
Changes in investments and advances—intercompany | (1,847) | (5,566) | (899) | ||||
Other investing activities | 0 | 556 | 0 | ||||
Net cash used in investing activities of continuing operations | (1,842) | (5,331) | (767) | ||||
Cash flows from financing activities of continuing operations | |||||||
Dividends paid | (5,447) | (5,020) | (3,797) | ||||
Issuance of preferred stock | 1,496 | 0 | |||||
Redemption of preferred stock | (1,980) | (793) | |||||
Treasury stock acquired | (17,571) | (14,433) | (14,541) | ||||
Proceeds (repayments) from issuance of long-term debt, net | 1,666 | (5,099) | 6,544 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | 0 | 0 | ||||
Change in deposits | 0 | 0 | 0 | ||||
Change in securities loaned and sold under agreements to repurchase | 0 | 0 | 0 | ||||
Change in short-term borrowings | 0 | 32 | 49 | ||||
Net change in short-term borrowings and other advances—intercompany | (968) | 1,819 | (22,152) | ||||
Capital contributions from (to) parent | 0 | 0 | 0 | ||||
Other financing activities | (364) | (482) | (405) | ||||
Net cash provided by financing activities of continuing operations | (23,168) | (23,976) | (34,302) | ||||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | 0 | ||||
Change in cash and due from banks and deposits with banks | 1 | (7,993) | (9,799) | ||||
Cash, due from banks and deposits with banks at beginning of period | 3,020 | 11,013 | 20,812 | ||||
Cash, due from banks and deposits with banks at end of period | 3,021 | 3,020 | 11,013 | ||||
Cash and due from banks | 21 | 20 | 13 | ||||
Deposits with banks | 3,000 | 3,000 | 11,000 | ||||
Cash, due from banks and deposits with banks at end of period | 3,021 | 11,013 | 20,812 | 3,021 | 3,020 | 11,013 | |
Supplemental disclosure of cash flow information for continuing operations | |||||||
Cash paid during the year for income taxes | (393) | (783) | (3,730) | ||||
Cash paid during the year for interest | 3,820 | 3,854 | 4,151 | ||||
Non-cash investing activities | |||||||
Transfers to loans HFS from loans | 0 | 0 | 0 | ||||
CGMHI | Reportable legal entities | |||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||
Net cash provided by operating activities of continuing operations | (35,396) | 13,287 | (33,365) | ||||
Cash flows from investing activities of continuing operations | |||||||
Purchases of investments | 0 | (18) | (14) | ||||
Proceeds from sales of investments | 0 | 3 | 18 | ||||
Proceeds from maturities of investments | 0 | 0 | 0 | ||||
Change in loans | 0 | 0 | 0 | ||||
Proceeds from sales and securitizations of loans | 0 | 0 | 0 | ||||
Proceeds from significant disposals | 0 | 0 | |||||
Change in securities borrowed and purchased under agreements to resell | 15,811 | (34,018) | 9,731 | ||||
Changes in investments and advances—intercompany | (870) | (832) | 9,755 | ||||
Other investing activities | (64) | (59) | (24) | ||||
Net cash used in investing activities of continuing operations | 14,877 | (34,924) | 19,466 | ||||
Cash flows from financing activities of continuing operations | |||||||
Dividends paid | 0 | 0 | 0 | ||||
Issuance of preferred stock | 0 | 0 | |||||
Redemption of preferred stock | 0 | 0 | |||||
Treasury stock acquired | 0 | 0 | 0 | ||||
Proceeds (repayments) from issuance of long-term debt, net | 10,389 | 10,278 | 4,909 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | (7,177) | 10,708 | (2,031) | ||||
Change in deposits | 0 | 0 | 0 | ||||
Change in securities loaned and sold under agreements to repurchase | 5,115 | 23,454 | 5,748 | ||||
Change in short-term borrowings | 7,440 | 88 | 2,212 | ||||
Net change in short-term borrowings and other advances—intercompany | 5,843 | (19,111) | (8,615) | ||||
Capital contributions from (to) parent | (74) | (798) | (748) | ||||
Other financing activities | (253) | 0 | 0 | ||||
Net cash provided by financing activities of continuing operations | 21,283 | 24,619 | 1,475 | ||||
Effect of exchange rate changes on cash and due from banks | 0 | 0 | 0 | ||||
Change in cash and due from banks and deposits with banks | 764 | 2,982 | (12,424) | ||||
Cash, due from banks and deposits with banks at beginning of period | 15,677 | 12,695 | 25,119 | ||||
Cash, due from banks and deposits with banks at end of period | 16,441 | 15,677 | 12,695 | ||||
Cash and due from banks | 5,681 | 4,234 | 4,128 | ||||
Deposits with banks | 10,760 | 11,443 | 8,567 | ||||
Cash, due from banks and deposits with banks at end of period | 15,677 | 12,695 | 12,695 | 16,441 | 15,677 | 12,695 | |
Supplemental disclosure of cash flow information for continuing operations | |||||||
Cash paid during the year for income taxes | 418 | 458 | 678 | ||||
Cash paid during the year for interest | 12,664 | 8,671 | 4,513 | ||||
Non-cash investing activities | |||||||
Transfers to loans HFS from loans | 0 | 0 | 0 | ||||
Other Citigroup subsidiaries and eliminations | Reportable legal entities | |||||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||||
Net cash provided by operating activities of continuing operations | (2,452) | 2,351 | (679) | ||||
Cash flows from investing activities of continuing operations | |||||||
Purchases of investments | (274,491) | (144,514) | (185,726) | ||||
Proceeds from sales of investments | 137,168 | 53,854 | 107,218 | ||||
Proceeds from maturities of investments | 119,051 | 83,604 | 84,369 | ||||
Change in loans | (22,466) | (29,002) | (58,062) | ||||
Proceeds from sales and securitizations of loans | 2,878 | 4,549 | 8,365 | ||||
Proceeds from significant disposals | 314 | 3,411 | |||||
Change in securities borrowed and purchased under agreements to resell | 3,551 | (4,188) | (5,396) | ||||
Changes in investments and advances—intercompany | 2,717 | 6,398 | (8,856) | ||||
Other investing activities | (4,817) | (3,878) | (2,773) | ||||
Net cash used in investing activities of continuing operations | (36,409) | (32,863) | (57,450) | ||||
Cash flows from financing activities of continuing operations | |||||||
Dividends paid | 0 | 0 | 0 | ||||
Issuance of preferred stock | 0 | 0 | |||||
Redemption of preferred stock | 0 | 0 | |||||
Treasury stock acquired | 0 | 0 | 0 | ||||
Proceeds (repayments) from issuance of long-term debt, net | (3,950) | (2,656) | 15,521 | ||||
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 7,177 | (10,708) | 2,031 | ||||
Change in deposits | 57,420 | 53,348 | 30,416 | ||||
Change in securities loaned and sold under agreements to repurchase | (16,544) | (1,963) | 8,708 | ||||
Change in short-term borrowings | 5,263 | 11,490 | |||||
Change in short-term borrowings | (12,226) | ||||||
Net change in short-term borrowings and other advances—intercompany | (4,875) | 17,292 | 30,767 | ||||
Capital contributions from (to) parent | 74 | 798 | 748 | ||||
Other financing activities | 253 | 0 | 0 | ||||
Net cash provided by financing activities of continuing operations | 44,818 | 43,885 | 99,681 | ||||
Effect of exchange rate changes on cash and due from banks | (908) | (773) | 693 | ||||
Change in cash and due from banks and deposits with banks | 5,049 | 12,600 | 42,245 | ||||
Cash, due from banks and deposits with banks at beginning of period | 169,408 | 156,808 | 114,563 | ||||
Cash, due from banks and deposits with banks at end of period | 174,457 | 169,408 | 156,808 | ||||
Cash and due from banks | 18,265 | 19,391 | 19,634 | ||||
Deposits with banks | 156,192 | 150,017 | 137,174 | ||||
Cash, due from banks and deposits with banks at end of period | 174,457 | 156,808 | 114,563 | $ 174,457 | $ 169,408 | $ 156,808 | |
Supplemental disclosure of cash flow information for continuing operations | |||||||
Cash paid during the year for income taxes | 4,863 | 4,638 | 5,135 | ||||
Cash paid during the year for interest | 12,198 | 10,438 | 7,011 | ||||
Non-cash investing activities | |||||||
Transfers to loans HFS from loans | $ 5,500 | $ 4,200 | $ 5,900 | ||||
[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 26 to the Consolidated Financial Statements. | ||||||
[3] | Operating and finance lease right-of-use assets and lease liabilities represent non-cash investing and financing activities, respectively, and are not included in the non-cash investing activities presented here. See Note 26 to the Consolidated Financial Statements for more information and balances as of December 31, 2019. |
SELECTED QUARTERLY FINANCIAL _3
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Revenues, net of interest expense | $ 18,378 | $ 18,574 | $ 18,758 | $ 18,576 | $ 17,124 | $ 18,389 | $ 18,469 | $ 18,872 | $ 74,286 | $ 72,854 | $ 72,444 | |||
Operating expenses | 10,454 | 10,464 | 10,500 | 10,584 | 9,893 | 10,311 | 10,712 | 10,925 | 42,002 | 41,841 | 42,232 | |||
Provisions for credit losses and for benefits and claims | 2,222 | 2,088 | 2,093 | 1,980 | 1,925 | 1,974 | 1,812 | 1,857 | 8,383 | 7,568 | 7,451 | |||
Income from continuing operations before income taxes | 5,702 | 6,022 | 6,165 | 6,012 | 5,306 | 6,104 | 5,945 | 6,090 | ||||||
Provision for income taxes | 703 | 1,079 | 1,373 | 1,275 | 1,001 | 1,471 | 1,444 | 1,441 | 4,430 | 5,357 | 29,388 | |||
Income (loss) from continuing operations | 4,999 | 4,943 | 4,792 | 4,737 | 4,305 | 4,633 | 4,501 | 4,649 | 19,471 | 18,088 | (6,627) | |||
Income (loss) from discontinued operations, net of taxes | (4) | (15) | 17 | (2) | (8) | (8) | 15 | (7) | (4) | (8) | (111) | |||
Net income (loss) before attribution of noncontrolling interests | 4,995 | 4,928 | 4,809 | 4,735 | 4,297 | 4,625 | 4,516 | 4,642 | 19,467 | 18,080 | (6,738) | |||
Noncontrolling interests | 16 | 15 | 10 | 25 | (16) | 3 | 26 | 22 | 66 | 35 | 60 | |||
Citigroup’s net income (loss) | $ 4,979 | $ 4,913 | $ 4,799 | $ 4,710 | $ 4,313 | $ 4,622 | $ 4,490 | $ 4,620 | $ 19,401 | $ 18,045 | $ (6,798) | |||
Basic | ||||||||||||||
Income from continuing operations (in dollars per share) | $ 2.16 | $ 2.09 | $ 1.94 | $ 1.88 | $ 1.65 | $ 1.74 | $ 1.62 | $ 1.68 | $ 8.08 | [1] | $ 6.69 | [1] | $ (2.94) | [1] |
Net income (in dollars per share) | 2.16 | 2.09 | 1.95 | 1.88 | 1.65 | 1.73 | 1.63 | 1.68 | 8.08 | [1] | 6.69 | [1] | (2.98) | [1] |
Diluted | ||||||||||||||
Income from continuing operations (in dollars per share) | 2.15 | 2.08 | 1.94 | 1.87 | 1.65 | 1.74 | 1.62 | 1.68 | 8.04 | 6.69 | (2.94) | |||
Net income (in dollars per share) | $ 2.15 | $ 2.07 | $ 1.95 | $ 1.87 | $ 1.64 | $ 1.73 | $ 1.63 | $ 1.68 | $ 8.04 | $ 6.68 | $ (2.98) | |||
Income tax benefit from discrete tax items | $ 540 | $ 230 | ||||||||||||
Income tax benefit from reduction in valuation allowance related to deferred tax assets | $ 430 | $ 180 | ||||||||||||
[1] | Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. |