Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2022 | ||
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 | Yes | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 88.9 | ||
Entity Common Stock, Shares Outstanding | 1,943,712,436 | ||
Documents Incorporated by Reference | Portions of the registrant’s proxy statement for the annual meeting of stockholders scheduled to be held on April 25, 2023 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 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
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 | ||
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 | ||
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 N, Callable Step-Up Coupon Notes due February 26, 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 Feb 2036 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | C/36 | ||
Security Exchange Name | NYSE | ||
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due December 18, 2035 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | MTN, Series N, Callable Fixed Rate Notes Due Dec 2035 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | C/35 | ||
Security Exchange Name | NYSE | ||
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due April 26, 2028 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | MTN, Series N, Callable Fixed Rate Notes Due Apr 2028 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | C/28 | ||
Security Exchange Name | NYSE | ||
Medium-Term Senior Notes, Series N, Floating Rate Notes Due September 17, 2026 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | MTN, Series N, Floating Rate Notes Due Sept 2026 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | C/26 | ||
Security Exchange Name | NYSE | ||
Medium-Term Senior Notes, Series N, Floating Rate Notes Due September 15, 2028 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | MTN, Series N, Floating Rate Notes Due Sept 2028 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | C/28A | ||
Security Exchange Name | NYSE | ||
Medium-Term Senior Notes, Series N, Floating Rate Notes Due October 6, 2028 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | MTN, Series N, Floating Rate Notes Due Oct 2028 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | C/28B | ||
Security Exchange Name | NYSE | ||
Medium-Term Senior Notes, Series N, Floating Rate Notes Due March 21, 2029 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | MTN, Series N, Floating Rate Notes Due Mar 2029 of CGMHI (and registrant’s guaranty) | ||
Trading Symbol | C/29A | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 185 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Revenues | ||||
Interest revenue | $ 74,408 | $ 50,475 | $ 58,089 | |
Interest expense | 25,740 | 7,981 | 13,338 | |
Net interest income | 48,668 | 42,494 | 44,751 | |
Commissions and fees | 9,175 | 13,672 | 11,385 | |
Principal transactions | 14,159 | 10,154 | 13,885 | |
Administration and other fiduciary fees | 3,784 | 3,943 | 3,472 | |
Realized gains on sales of investments, net | 67 | 665 | 1,756 | |
Impairment losses on investments: | ||||
Impairment losses on investments and other assets | (499) | (206) | (165) | |
Provision for credit losses on AFS debt securities | [1] | 5 | (3) | (3) |
Net impairment losses recognized in earnings | (494) | (209) | (168) | |
Other revenue | (21) | 1,165 | 420 | |
Total non-interest revenues | 26,670 | 29,390 | 30,750 | |
Total revenues, net of interest expense | 75,338 | 71,884 | 75,501 | |
Provisions for credit losses and for benefits and claims | ||||
Provision for credit losses on loans | 4,745 | (3,103) | 15,922 | |
Provision for credit losses on held-to-maturity (HTM) debt securities | 33 | (3) | 7 | |
Provision for credit losses on other assets | 76 | 0 | 7 | |
Policyholder benefits and claims | 94 | 116 | 113 | |
Provision for credit losses on unfunded lending commitments | 291 | (788) | 1,446 | |
Total provisions for credit losses and for benefits and claims | [2] | 5,239 | (3,778) | 17,495 |
Operating expenses | ||||
Compensation and benefits | 26,655 | 25,134 | 22,214 | |
Premises and equipment | 2,320 | 2,314 | 2,333 | |
Technology/communication | 8,587 | 7,828 | 7,383 | |
Advertising and marketing | 1,556 | 1,490 | 1,217 | |
Other operating | 12,174 | 11,427 | 11,227 | |
Total operating expenses | 51,292 | 48,193 | 44,374 | |
Income from continuing operations before income taxes | 18,807 | 27,469 | 13,632 | |
Provision for income taxes | 3,642 | 5,451 | 2,525 | |
Income from continuing operations | 15,165 | 22,018 | 11,107 | |
Discontinued operations | ||||
Income (loss) from discontinued operations | (272) | 7 | (20) | |
Benefit for income taxes | (41) | 0 | 0 | |
Income (loss) from discontinued operations, net of taxes | (231) | 7 | (20) | |
Net income before attribution of noncontrolling interests | 14,934 | 22,025 | 11,087 | |
Noncontrolling interests | 89 | 73 | 40 | |
Citigroup’s net income | $ 14,845 | $ 21,952 | $ 11,047 | |
Basic earnings per share | ||||
Income from continuing operations (in dollars per share) | [3] | $ 7.16 | $ 10.21 | $ 4.75 |
Loss from discontinued operations, net of taxes (in dollars per share) | [3] | (0.12) | 0 | (0.01) |
Net income (in dollars per share) | [3] | $ 7.04 | $ 10.21 | $ 4.74 |
Weighted average common shares outstanding (in shares) | 1,946.7 | 2,033 | 2,085.8 | |
Diluted earnings per share | ||||
Income from continuing operations (in dollars per share) | [3] | $ 7.11 | $ 10.14 | $ 4.73 |
Loss from discontinued operations, net of taxes (in dollars per share) | [3] | (0.12) | 0 | (0.01) |
Net income (in dollars per share) | [3] | $ 7 | $ 10.14 | $ 4.72 |
Adjusted weighted average common shares outstanding (in shares) | 1,964.3 | 2,049.4 | 2,099 | |
[1]n accordance with ASC 326, which requires the provision for credit losses on AFS securities to be included in revenue.[2]This total excludes the provision for credit losses on AFS securities, which is disclosed separately above.[3]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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement of Comprehensive Income [Abstract] | ||||
Citigroup’s net income | $ 14,845 | $ 21,952 | $ 11,047 | |
Add: Citigroup’s other comprehensive income (loss)(1) | ||||
Net change in unrealized gains and losses on investment securities, net of taxes | [1] | (5,384) | (3,934) | 3,585 |
Net change in debt valuation adjustment (DVA), net of taxes | [1] | 2,029 | 232 | (475) |
Net change in cash flow hedges, net of taxes | (2,623) | (1,492) | 1,470 | |
Benefit plans liability adjustment, net of taxes | [2] | 97 | 1,012 | (55) |
Net change in CTA, net of taxes and hedges | (2,471) | (2,525) | (250) | |
Net change in excluded component of fair value hedges, net of taxes | 55 | 0 | (15) | |
Citigroup’s total other comprehensive income (loss) | (8,297) | (6,707) | 4,260 | |
Citigroup’s total comprehensive income | 6,548 | 15,245 | 15,307 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | (58) | (99) | 26 | |
Add: Net income attributable to noncontrolling interests | 89 | 73 | 40 | |
Total comprehensive income | $ 6,579 | $ 15,219 | $ 15,373 | |
[1]See Note 1. (3) See Note 25.[2]See Note 8. |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks (including segregated cash and other deposits) | $ 30,577 | $ 27,515 |
Deposits with banks, net of allowance | 311,448 | 234,518 |
Securities borrowed and purchased under agreements to resell (including $239,527 and $216,466 as of December 31, 2022 and 2021, respectively, at fair value), net of allowance | 365,401 | 327,288 |
Brokerage receivables, net of allowance | 54,192 | 54,340 |
Trading account assets (including $133,535 and $133,828 pledged to creditors at December 31, 2022 and 2021, respectively) | 334,114 | 331,945 |
Investments: | ||
Available-for-sale debt securities (including $10,933 and $9,226 pledged to creditors as of December 31, 2022 and 2021, respectively), net of allowance | 249,679 | 288,522 |
Held-to-maturity debt securities (fair value of which is $243,648 and $216,038 as of December 31, 2022 and 2021, respectively) (includes $— and $1,460 pledged to creditors as of December 31, 2022 and 2021, respectively), net of allowance | 268,863 | 216,963 |
Equity securities (including $895 and $1,032 as of December 31, 2022 and 2021, respectively, at fair value) | 8,040 | 7,337 |
Total investments | 526,582 | 512,822 |
Loans: | ||
Loans, net of unearned income | 657,221 | 667,767 |
Allowance for credit losses on loans (ACLL) | (16,974) | (16,455) |
Total loans, net | 640,247 | 651,312 |
Goodwill | 19,691 | 21,299 |
Intangible assets (including MSRs of $665 and $404 as of December 31, 2022 and 2021, respectively, at fair value) | 4,428 | 4,495 |
Premises and equipment, net of depreciation and amortization | 26,253 | 24,328 |
Other assets (including $10,658 and $12,342 as of December 31, 2022 and 2021, respectively, at fair value), net of allowance | 103,743 | 101,551 |
Total assets | 2,416,676 | 2,291,413 |
Liabilities | ||
Deposits (including $1,875 and $1,666 as of December 31, 2022 and 2021, respectively, at fair value) | 1,365,954 | 1,317,230 |
Securities loaned and sold under agreements to repurchase (including $70,886 and $56,694 as of December 31, 2022 and 2021, respectively, at fair value) | 202,444 | 191,285 |
Brokerage payables (including $4,439 and $3,575 as of December 31, 2022 and 2021, respectively, at fair value) | 69,218 | 61,430 |
Trading account liabilities | 170,647 | 161,529 |
Short-term borrowings (including $6,222 and $7,358 as of December 31, 2022 and 2021, respectively, at fair value) | 47,096 | 27,973 |
Long-term debt (including $105,995 and $82,609 as of December 31, 2022 and 2021, respectively, at fair value) | 271,606 | 254,374 |
Other liabilities | 87,873 | 74,920 |
Total liabilities | 2,214,838 | 2,088,741 |
Stockholders’ equity | ||
Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: 759,800 as of December 31, 2022 and 759,800 as of December 31, 2021, at aggregate liquidation value | 18,995 | 18,995 |
Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: 3,099,669,424 as of December 31, 2022 and 3,099,651,835 as of December 31, 2021 | 31 | 31 |
Additional paid-in capital | 108,458 | 108,003 |
Retained earnings | 194,734 | 184,948 |
Treasury stock, at cost: 1,162,682,999 shares as of December 31, 2022 and 1,115,296,641 shares as of December 31, 2021 | (73,967) | (71,240) |
Accumulated other comprehensive income (loss) (AOCI) | (47,062) | (38,765) |
Total Citigroup stockholders’ equity | 201,189 | 201,972 |
Noncontrolling interests | 649 | 700 |
Total equity | 201,838 | 202,672 |
Total liabilities and equity | 2,416,676 | 2,291,413 |
Consumer | ||
Loans: | ||
Loans, net of unearned income | 368,067 | 376,534 |
Allowance for credit losses on loans (ACLL) | (14,119) | (14,040) |
Corporate | ||
Loans: | ||
Loans, net of unearned income | 289,154 | 291,233 |
Allowance for credit losses on loans (ACLL) | $ (2,855) | $ (2,415) |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Securities borrowed and purchased under resale agreements | $ 365,401 | $ 327,288 |
Trading account assets, pledged to creditors | 133,535 | 133,828 |
AFS securities, pledged to creditors | 10,933 | 9,226 |
Held-to-maturity debt securities | 268,863 | 216,963 |
HTM securities, pledged to creditors | 0 | 1,460 |
Equity securities | 895 | 1,032 |
Loans, net of unearned income | 657,221 | 667,767 |
MSRs | 665 | 404 |
Brokerage payable, at fair value | 69,218 | 61,430 |
Short-term borrowings | 47,096 | 27,973 |
Long-term debt | $ 271,606 | $ 254,374 |
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) | 759,800 | 759,800 |
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) | 3,099,669,424 | 3,099,651,835 |
Treasury stock (in shares) | 1,162,682,999 | 1,115,296,641 |
Recurring | ||
Interest-bearing deposits | $ 1,875 | $ 1,666 |
Securities loaned and sold under agreements to repurchase | 70,886 | 56,694 |
Non-trading derivatives and other financial assets | Recurring | ||
Other assets | 10,658 | 12,342 |
Consumer | ||
Loans, net of unearned income | 368,067 | 376,534 |
Corporate | ||
Loans, net of unearned income | 289,154 | 291,233 |
Fair value | ||
Securities borrowed and purchased under resale agreements | 239,527 | 216,466 |
Held-to-maturity debt securities | 243,648 | 216,038 |
Securities loaned and sold under agreements to repurchase | 131,600 | 134,600 |
Brokerage payable, at fair value | 4,439 | 3,575 |
Short-term borrowings | 6,222 | 7,358 |
Long-term debt | 105,995 | 82,609 |
Fair value | Consumer | ||
Loans, net of unearned income | 237 | 12 |
Fair value | Corporate | ||
Loans, net of unearned income | $ 5,123 | $ 6,070 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Millions | Total | Variable post-charge-off third-party collection costs | Citigroup stockholders' equity | Preferred stock at aggregate liquidation value | Total Citigroup common stockholders’ equity | Common stock and additional paid-in capital (APIC) | Retained earnings | Retained earnings Variable post-charge-off third-party collection costs | Retained earnings Cumulative effect of adoption | Retained earnings Adjusted balance | Treasury stock, at cost | Citigroup's accumulated other comprehensive income (loss) | Noncontrolling interests | ||
Beginning of year balance, net of tax at Dec. 31, 2019 | $ 17,980 | $ 107,871 | $ 165,369 | $ 330 | $ (3,076) | $ 162,623 | $ (61,660) | $ (36,318) | $ 704 | ||||||
Preferred stock, beginning of year (in shares) at Dec. 31, 2019 | 719,000 | ||||||||||||||
Common stock, beginning of year (in shares) at Dec. 31, 2019 | 3,099,603,000 | ||||||||||||||
Treasury stock, beginning of year (in shares) at Dec. 31, 2019 | (985,480,000) | ||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 | ||||||||||||||
Change in Accounting Principle, Type [Extensible Enumeration] | Change in Accounting Principle, Other [Member] | ||||||||||||||
Issuance of new preferred stock | $ 3,000 | ||||||||||||||
Issuance of new preferred stock (in shares) | 120,000 | ||||||||||||||
Redemption of preferred stock | $ (1,500) | ||||||||||||||
Redemption of preferred stock (in shares) | (60,000) | ||||||||||||||
Employee benefit plans | $ 5 | $ 456 | [1] | ||||||||||||
Employee benefit plans (in shares) | 30,000 | 8,676,000 | [1] | ||||||||||||
Preferred stock issuance costs (new issuances, net of reclassifications to retained earnings for redemptions) | $ (4) | ||||||||||||||
Other | 5 | (4) | (6) | ||||||||||||
Citigroup’s net income | $ 11,047 | $ (330) | 11,047 | ||||||||||||
Common dividends | [2] | (4,299) | |||||||||||||
Preferred dividends | (1,095) | (1,095) | |||||||||||||
Treasury stock acquired | [3] | $ (2,925) | |||||||||||||
Treasure stock acquired (in shares) | [3] | (40,740,000) | |||||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (4) | ||||||||||||||
Net income attributable to noncontrolling-interest shareholders | 11,087 | 40 | |||||||||||||
Distributions paid to noncontrolling-interest shareholders | (2) | ||||||||||||||
Other comprehensive income (loss) | 4,260 | 26 | |||||||||||||
Net change in noncontrolling interests | 54 | ||||||||||||||
End of year balance, net of tax at Dec. 31, 2020 | 200,200 | $ 199,442 | $ 19,480 | $ 179,962 | $ 107,877 | 168,272 | $ 168,272 | $ (64,129) | (32,058) | 758 | |||||
Preferred stock, end of year (in shares) at Dec. 31, 2020 | 779,000 | ||||||||||||||
Common stock, end of year (in shares) at Dec. 31, 2020 | 3,099,633,000 | ||||||||||||||
Treasury stock, end of year (in shares) at Dec. 31, 2020 | (1,017,544,000) | ||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Total (in shares) | 2,082,089,000 | ||||||||||||||
Issuance of new preferred stock | $ 3,300 | ||||||||||||||
Issuance of new preferred stock (in shares) | 132,000 | ||||||||||||||
Redemption of preferred stock | $ (3,785) | ||||||||||||||
Redemption of preferred stock (in shares) | (151,000) | ||||||||||||||
Employee benefit plans | $ 85 | $ 489 | [1] | ||||||||||||
Employee benefit plans (in shares) | 19,000 | 7,745,000 | [1] | ||||||||||||
Preferred stock issuance costs (new issuances, net of reclassifications to retained earnings for redemptions) | $ 25 | ||||||||||||||
Other | 47 | (40) | (12) | ||||||||||||
Citigroup’s net income | 21,952 | 21,952 | |||||||||||||
Common dividends | [2] | (4,196) | |||||||||||||
Preferred dividends | (1,040) | (1,040) | |||||||||||||
Treasury stock acquired | [3] | $ (7,600) | |||||||||||||
Treasure stock acquired (in shares) | [3] | (105,498,000) | |||||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (10) | ||||||||||||||
Net income attributable to noncontrolling-interest shareholders | 22,025 | 73 | |||||||||||||
Distributions paid to noncontrolling-interest shareholders | (10) | ||||||||||||||
Other comprehensive income (loss) | (6,707) | (99) | |||||||||||||
Net change in noncontrolling interests | (58) | ||||||||||||||
End of year balance, net of tax at Dec. 31, 2021 | $ 202,672 | 201,972 | $ 18,995 | $ 182,977 | $ 108,034 | 184,948 | $ (71,240) | (38,765) | 700 | ||||||
Preferred stock, end of year (in shares) at Dec. 31, 2021 | 760,000 | ||||||||||||||
Common stock, end of year (in shares) at Dec. 31, 2021 | 3,099,652,000 | ||||||||||||||
Treasury stock, end of year (in shares) at Dec. 31, 2021 | (1,115,296,641) | (1,115,297,000) | |||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Total (in shares) | 1,984,355,000 | ||||||||||||||
Issuance of new preferred stock | $ 0 | ||||||||||||||
Issuance of new preferred stock (in shares) | 0 | ||||||||||||||
Redemption of preferred stock | $ 0 | ||||||||||||||
Redemption of preferred stock (in shares) | 0 | ||||||||||||||
Employee benefit plans | $ 455 | $ 523 | [1] | ||||||||||||
Employee benefit plans (in shares) | 17,000 | 8,190,000 | [1] | ||||||||||||
Preferred stock issuance costs (new issuances, net of reclassifications to retained earnings for redemptions) | $ 0 | ||||||||||||||
Other | 0 | 1 | 3 | ||||||||||||
Citigroup’s net income | $ 14,845 | 14,845 | |||||||||||||
Common dividends | [2] | (4,028) | |||||||||||||
Preferred dividends | (1,032) | (1,032) | |||||||||||||
Treasury stock acquired | [3] | $ (3,250) | |||||||||||||
Treasure stock acquired (in shares) | [3] | (55,576,000) | |||||||||||||
Transactions between Citigroup and the noncontrolling-interest shareholders | (34) | ||||||||||||||
Net income attributable to noncontrolling-interest shareholders | 14,934 | 89 | |||||||||||||
Distributions paid to noncontrolling-interest shareholders | (51) | ||||||||||||||
Other comprehensive income (loss) | (8,297) | (58) | |||||||||||||
Net change in noncontrolling interests | (51) | ||||||||||||||
End of year balance, net of tax at Dec. 31, 2022 | $ 201,838 | $ 201,189 | $ 18,995 | $ 182,194 | $ 108,489 | $ 194,734 | $ (73,967) | $ (47,062) | $ 649 | ||||||
Preferred stock, end of year (in shares) at Dec. 31, 2022 | 760,000 | ||||||||||||||
Common stock, end of year (in shares) at Dec. 31, 2022 | 3,099,669,000 | ||||||||||||||
Treasury stock, end of year (in shares) at Dec. 31, 2022 | (1,162,682,999) | (1,162,683,000) | |||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Total (in shares) | 1,936,986,000 | ||||||||||||||
[1]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.[2]Common dividends declared were $0.51 per share in the first, second, third and fourth quarters of 2022, 2021 and 2020.[3]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, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||||
Common dividends declared (in dollars per share) | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash flows from operating activities of continuing operations | ||||
Net income before attribution of noncontrolling interests | $ 14,934 | $ 22,025 | $ 11,087 | |
Net income attributable to noncontrolling interests | 89 | 73 | 40 | |
Citigroup’s net income | 14,845 | 21,952 | 11,047 | |
Income (loss) from discontinued operations, net of taxes | (231) | 7 | (20) | |
Income from continuing operations—excluding noncontrolling interests | 15,076 | 21,945 | 11,067 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuing operations | ||||
Net loss (gain) on sale of significant disposals | [1] | (762) | 700 | 0 |
Depreciation and amortization | 4,262 | 3,964 | 3,937 | |
Deferred income taxes | (1,141) | 1,413 | (2,333) | |
Provisions for credit losses on loans and unfunded lending commitments | 5,036 | (3,891) | 17,368 | |
Realized gains from sales of investments | (67) | (665) | (1,756) | |
Impairment losses on investments and other assets | 499 | 206 | 165 | |
Goodwill impairment | 535 | 0 | 0 | |
Change in trading account assets | (2,273) | 43,059 | (98,997) | |
Change in trading account liabilities | 9,118 | (6,498) | 48,133 | |
Change in brokerage receivables net of brokerage payables | 7,936 | 1,412 | (3,066) | |
Change in loans held-for-sale (HFS) | 4,421 | (3,809) | 1,202 | |
Change in other assets | (4,992) | (2,139) | (1,012) | |
Change in other liabilities | 5,343 | 6,839 | 558 | |
Other, net | [2] | (17,922) | (15,446) | 1,246 |
Total adjustments | 9,993 | 25,145 | (34,555) | |
Net cash provided by (used in) operating activities of continuing operations( | [2] | 25,069 | 47,090 | (23,488) |
Cash flows from investing activities of continuing operations | ||||
Change in securities borrowed and purchased under agreements to resell | (38,113) | (32,576) | (43,390) | |
Change in loans | (16,591) | (1,173) | 14,249 | |
Proceeds from sales and securitizations of loans | 4,709 | 2,918 | 1,495 | |
Proceeds from divestitures | [1] | 5,741 | 0 | 0 |
Available-for-sale debt securities | ||||
Purchases of investments | [2],[3] | (218,747) | (205,980) | (306,801) |
Proceeds from sales of investments | [3] | 79,687 | 125,895 | 144,035 |
Proceeds from maturities of investments | [3] | 140,934 | 120,936 | 110,941 |
Held-to-maturity debt securities | ||||
Purchases of investments | [3] | (42,903) | (136,450) | (25,586) |
Proceeds from maturities of investments | [3] | 12,188 | 21,164 | 15,215 |
Capital expenditures on premises and equipment and capitalized software | (5,632) | (4,119) | (3,446) | |
Proceeds from sales of premises and equipment, subsidiaries and affiliates and repossessed assets | 63 | 190 | 50 | |
Other, net | [2] | (791) | (1,551) | 793 |
Net cash used in investing activities of continuing operations | [2] | (79,455) | (110,746) | (92,445) |
Cash flows from financing activities of continuing operations | ||||
Dividends paid | (5,003) | (5,198) | (5,352) | |
Issuance of preferred stock | 0 | 3,300 | 2,995 | |
Redemption of preferred stock | 0 | (3,785) | (1,500) | |
Treasury stock acquired | (3,250) | (7,601) | (2,925) | |
Stock tendered for payment of withholding taxes | (344) | (337) | (411) | |
Change in securities loaned and sold under agreements to repurchase | 11,159 | (8,240) | 33,186 | |
Issuance of long-term debt | 104,748 | 70,658 | 76,458 | |
Payments and redemptions of long-term debt | (57,085) | (74,950) | (63,402) | |
Change in deposits | 68,415 | 44,966 | 210,081 | |
Change in short-term borrowings | 19,123 | (1,541) | (15,535) | |
Net cash provided by financing activities of continuing operations | 137,763 | 17,272 | 233,595 | |
Effect of exchange rate changes on cash and due from banks | (3,385) | (1,198) | (1,966) | |
Change in cash, due from banks and deposits with banks | 79,992 | (47,582) | 115,696 | |
Cash, due from banks and deposits with banks at beginning of year | 262,033 | 309,615 | 193,919 | |
Cash, due from banks and deposits with banks at end of year | 342,025 | 262,033 | 309,615 | |
Cash and due from banks (including segregated cash and other deposits) | 30,577 | 27,515 | 26,349 | |
Deposits with banks, net of allowance | 311,448 | 234,518 | 283,266 | |
Cash, due from banks and deposits with banks at end of period | 342,025 | 262,033 | 309,615 | |
Supplemental disclosure of cash flow information for continuing operations | ||||
Cash paid during the year for income taxes | 3,733 | 4,028 | 4,797 | |
Cash paid during the year for interest | 22,615 | 7,143 | 12,094 | |
Non-cash investing and financing activities | ||||
Transfer of investment securities from AFS to HTM | [1],[4] | 21,688 | 0 | 0 |
Decrease in net loans associated with divestitures reclassified to HFS | [1],[4] | 16,956 | 9,945 | 0 |
Decrease in goodwill associated with divestitures reclassified to HFS | [1],[4] | 876 | 0 | 0 |
Transfers to loans HFS (Other assets) from loans | [1],[4] | 5,582 | 7,414 | 2,614 |
Decrease in long-term debt associated with divestitures reclassified to HFS | [1] | 0 | 479 | 0 |
Decrease in deposits associated with divestitures reclassified to HFS | [1] | $ 19,691 | $ 8,407 | $ 0 |
[1]See Note 2 for further information on significant disposals.[2]See “Statement of Cash Flows” in Note 1.[3]Citi has revised the Consolidated Statement of Cash Flows to present purchases of investments, sales of investments and proceeds from maturities of investments separately between AFS debt securities and HTM debt securities. Citi had no sales of HTM debt securities during the periods presented.[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 28 for more information and balances as of December 31, 2022 and 2021, respectively. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
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 and updates 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 in which 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 22, 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 indirect wholly owned subsidiary of Citigroup. Citibank’s principal offerings include investment banking, commercial banking, cash management, trade finance and e-commerce; private banking products and services; consumer finance, credit cards, and mortgage lending; and retail 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 22 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) (AOCI) , a component of stockholders’ equity, net of any related hedge and tax effects, until realized upon sale or substantial liquidation of the foreign entity, at which point such amounts 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” (HTM) 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” (AFS) 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 . 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. Investment securities not measured at fair value through earnings include (i) debt securities held in HTM or AFS, (ii) equity securities accounted for under the Measurement Alternative or equity method, (iii) Federal Reserve Bank and Federal Home Loan Bank stock and (iv) certain exchange memberships. These securities are subject to evaluation for impairment as described in Note 15 for HTM securities and in Note 13 for AFS, Measurement Alternative and equity method investments. 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 25. 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 less impairment (if any), 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. 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 26, 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 26). 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 , except when included in a hedging relationship. 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 and debt host contract are carried at fair value under the fair value option, as described in Note 26. 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 23. The Company uses a number of techniques to determine the fair value of trading assets and liabilities, which are described in Note 25. 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 26, the Company has elected to apply fair value accounting to a number of securities borrowing and lending transactions. Fees received or paid for all securities borrowing and lending transactions are recorded in Interest revenue or Interest expense at the contractually specified rate. Where the conditions of ASC 210-20-45-1, Balance Sheet—Offsetting: Right of Setoff Conditions , are met, securities borrowing and lending transactions are presented net on the Consolidated Balance Sheet. 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 25, 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 26, the Company has elected to apply fair value accounting to certain portions 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 25, 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 26, 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 the 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 Personal Banking and Wealth Management and Legacy Franchises businesses (except Mexico SBMM loans). 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, with the exception of 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 (other than for loan modifications made through the CARES Act relief provisions or banking agency guidance for pandemic-related issues) 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. Corporate Loans Corporate loans represent loans and leases managed by Institutional Clients Group (ICG) and the Mexico SBMM component of Legacy Franchises . 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 uncollectible. 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 carried at the lower of amortized cost 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 HFS . Gains and losses on loans HFS are generally presented in Other revenue . Gains on sales of fully or partially charged-off loans are presented as gross credit recoveries in the Provision for credit losses up to the amount of prior charge-offs. Allowances for Credit Losses (ACL) Commencing January 1, 2020, Citi adopted ASC 326, Financial Instruments—Credit Losses , using the methodologies described below. The current expected credit losses (CECL) methodology is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable (R&S) forecasts that affect the collectability of the reported financial asset balances. If the asset’s life extends beyond the R&S forecast period, then historical experience is considered over the remaining life of the assets in the ACL. The resulting ACL is adjusted in each subsequent reporting period through Provisions for credit losses in the Consolidated Statement of Income to reflect changes in history, current conditions and forecasts as well as changes in asset positions and portfolios. ASC 326 defines the ACL as a valuation account that is deducted from the amortized cost of a financial asset to present the net amount that management expects to collect on the financial asset over its expected life. All financial assets carried at amortized cost are in the scope of ASC 326, while assets measured at fair value are excluded. See Note 13 for a discussion of impairment on available-for-sale (AFS) securities. Increases and decreases to the allowances are recorded in Provisions for credit losses . The CECL methodology utilizes a lifetime expected credit loss (ECL) measurement objective for the recognition of credit losses for held-for-investment (HFI) loans, held-to-maturity (HTM) debt securities, receivables and other financial assets measured at amortized cost at the time the financial asset is originated or acquired. Within the life of a loan or other financial asset, the methodology generally results in the earlier recognition of the provision for credit losses and the related ACL than under the prior probable incurred loss model. Estimation of ECLs requires Citi to make assumptions regarding the likelihood and severity of credit loss events and their impact on expected cash flows, which drive the probability of default (PD), loss given default (LGD) and exposure at default (EAD) models and, where Citi discounts the ECL, using discounting techniques for certain products. Citi considers a multitude of global macroeconomic variables for the base, upside and downside probability-weighted macroeconomic scenario forecasts it uses to estimate the ACL. Citi’s forecasts of the U.S. unemployment rate and U.S. real GDP growth rate represent the key macroeconomic variables that most significantly affect its estimate of the ACL. Under the base macroeconomic forecast as of 4Q22, U.S. real GDP growth is expected to decline during 2023, and the unemployment rate is expected to increase modestly over the forecast horizon, broadly returning to pre-pandemic levels. The macroeconomic scenario weights are estimated using a statistical model, which, among other factors, takes into consideration key macroeconomic drivers of the ACL, severity of the scenario and other macroeconomic uncertainties and risks. Citi evaluates scenario weights on a quarterly basis. Citi’s downside scenario incorporates more adverse macroeconomic assumptions than the base scenario. For example, compared to the base scenario, Citi’s downside scenario reflects a more severe recession, including an elevated average U.S. unemployment rate of 6.9% over the eight-quarter R&S period, with a peak difference of 2.9% in the second quarter of 2024. The downside scenario also reflects a year-over-year U.S. real GDP contraction in 2023 of 2.4%, with a peak quarter-over-quarter difference of 3.3% in the second quarter of 2023. The following are the main factors and interpretations that Citi considers when estimating the ACL under the CECL methodology: • CECL reserves are estimated over the contractual term of the financial asset, which is adjusted for expected prepayments. Expected extensions are generally not considered unless the option to extend the loan cannot be canceled unilaterally by Citi. Modifications are also not considered, unless Citi has a reasonable expectation that it will execute a troubled debt restructuring (TDR). • Credit enhancements that are not freestanding (such as those that are included in the original terms of the contract or those executed in conjunction with the lending transaction) are considered loss mitigants for purposes of CECL reserve estimation. • For unconditionally cancelable accounts (generally credit cards), reserves are based on the expected life of the balance as of the evaluation date (assuming no further charges) and do not include any undrawn commitments that are unconditionally cancelable. Reserves are included for undrawn commitments for accounts that are not unconditionally cancelable (such as letters of credit and corporate loan commitments, home equity lines of credit (HELOCs), undrawn mortgage loan commitments and financial guarantees). • CECL models are designed to be economically sensitive. They utilize the macroeconomic forecasts provided by Citi’s enterprise scenario group that are approved by senior management. Analysis is performed and documented to determine the necessary qualitative management adjustment (QMA) to capture idiosyncratic events and model uncertainty. • The portion of the forecast that reflects the enterprise scenario group’s R&S period indicates the maximum length of time its models can produce a R&S macroeconomic forecast, after which mean reversion reflecting historical loss experience is used for the remaining life of the loan to estimate expected credit losses. For the loss forecast, businesses consume the macroeconomic forecast as determined to be appropriate and justifiable. Citi’s ability to forecast credit losses over the R&S period is based on the ability to forecast economic activity over a reasonable and supportable time window. The R&S period reflects the overall ability to have a reasonable and supportable forecast of credit loss based on economic forecasts. • The loss models consume all or a portion of the R&S economic forecast and then revert to historical loss experience. The R&S forecast period for consumer and corporate loans is eight quarters. • The ACL incorporates provisions for accrued interest on products that are not subject to a non-accrual and timely write-off policy (e.g., credit cards, etc.). • The reserves for TDRs are calculated using a method that considers discounted cash flows and appropriate macroeconomic forecast data for the exposure type. For TDR loans that are collateral dependent, the ACL is based on the fair value of the collateral. • Citi uses the most recent available information to inform its macroeconomic forecasts, allowing sufficient time for analysis of the results and corresponding approvals. Key variables are reviewed for significant changes through year end and changes to portfolio positions are reflected in the ACL. • Reserves are calculated at an appropriately granular level and on a pooled basis where financial assets share risk characteristics. At a minimum, reserves are calculated at a portfolio level (product and country). Where a financial asset does not share risk characteristics with any of the pools, it is evaluated for credit losses individually. Quantitative and Qualitative Components of the ACL The loss likelihood and severity models use both internal and external information and are sensitive to forecasts of different macroeconomic conditions. For the quantitative component, Citi uses multiple macroeconomic scenarios and associated probabilities to estimate the ECL. Estimates of these ECLs are based upon (i) Citigroup’s internal system of credit risk ratings, (ii) historical default and loss data, including comprehensive internal history and rating agency information regarding default rates and internal data on the severity of losses in the event of default, and (iii) a R&S forecast of future macroeconomic conditions. ECL is determined primarily by utilizing models for the borrowers’ PD, LGD and EAD. Adjustments may be made to this data, including (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 specifically known items, such as current environmental factors and credit trends. Any adjustments needed to the modeled expected losses in the quantitative calculations are addressed through a qualitative adjustment. The qualitative adjustment considers, among other things: certain portfolio characteristics and concentrations; collateral coverage; model limitations; idiosyncratic events; and other relevant criteria under banking supervisory guidance for the ACL. The qualitative adjustment also reflects the estimated impact of the pandemic on the economic forecasts and the impact on credit loss estimates. The total ACL is composed of the quantitative and qualitative components. Citi's qualitative component declined year-over-year, primarily driven by the incorporation of multiple macroeconomic scenarios in the quantitative component and releases of COVID-19–related uncertainty reserves as the portfolio continues to normalize toward pre-pandemic levels and as these risks are captured in the quantitative component of the ACL. See “Accounting Changes” below for information about how the calculation of the quantitative component of the ACL changed in 2022. Consumer Loans For consumer loans, most portfolios including North America cards, mortgages and personal installment loans (PILs) are covered by the PD, LGD and EAD loss forecasting models. Some smaller international portfolios are covered by econometric models where the gross credit loss (GCL) rate is forecasted. The modeling of all retail products is performed by examining risk drivers for a given portfolio; these drivers relate to exposures with similar credit risk characteristics and consider past events, current conditions and R&S forecasts. Under the PD x LGD x EAD approach, GCLs and recoveries are captured on an undiscounted basis. Citi incorporates expected recoveries on loans into its reserve estimate, including expected recoveries on assets previously written off. CECL defines the exposure’s expected life as the remaining contractual maturity including any expected prepayments. Subsequent changes to the contractual terms that are the result of a re-underwriting are not included in the loan’s expected CECL life. Citi does not establish reserves for the uncollectible accrued interest on non-revolving consumer products, such as mortgages and installment loans, which are subject to a non-accrual and timely write-off policy at 90 days past due. As such, only the principal balance is subject to the CECL reserve methodology and interest does not attract a further reserve. Deferred origination costs and fees related to new credit card account originations are amortized within a 12-month period, and an ACL is provided for components in the scope of the ASC. Separate valuation allowances are determined for impaired smaller-balance homogeneous loans whose terms have been modified in a 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 ACL for TDRs is determined using a discounted cash flow (DCF) approach. When a DCF approach is used, the initial allowance for ECLs is calculated as the expected contractual cash flows discounted at the loan’s original effective interest rate. DCF techniques are applied for consumer loans only if they are classified as TDR loan exposures. For credit cards, Citi uses the payment rate approach, which leverages payment rate curves, to determine the payments that should be applied to liquidate the end-of-period balanc |
DISCONTINUED OPERATIONS, SIGNIF
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS | DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS Summary of Discontinued Operations The Company’s results from Discontinued operations consisted of residual activities related to the sales of 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 table summarizes financial information for all Discontinued operations : In millions of dollars 2022 2021 2020 Total revenues, net of interest expense $ (260) $ — $ — Income (loss) from discontinued operations $ (272) $ 7 $ (20) Benefit for income taxes (41) — — Income (loss) from discontinued operations, net of taxes $ (231) $ 7 $ (20) During 2022, the Company settled certain liabilities related to its legacy consumer operation in the U.K. (the legacy operation), including an indemnification liability related to its sale of the Egg Banking business in 2011, which led to the substantial liquidation of the legacy operation. As a result, a CTA loss (net of hedges) in AOCI of approximately $400 million pretax ($345 million after-tax) related to the legacy operation was released to earnings in 2022. Out of the total CTA release, a $260 million pretax loss ($221 million after-tax loss) was attributable to the Egg Banking business noted above, reported in Discontinued operations and, therefore, the corresponding CTA release was also reported in Discontinued operations during 2022. The remaining CTA release of a $140 million pretax loss ($124 million after-tax loss) related to Legacy Holdings Assets was reported as part of Continuing operations within Legacy Franchises . While the legacy operation was divested in multiple sales over the years, each transaction did not result in substantial liquidation given that Citi retained certain liabilities noted above, which were gradually settled over time until reaching the point of substantial liquidation during 2022, triggering the release of the CTA loss to earnings. Cash flows from Discontinued operations were not material for any period presented. Significant Disposals As of December 31, 2022, Citi had entered into sale agreements for nine consumer banking businesses within Legacy Franchises . Australia closed in the second quarter of 2022, the Philippines closed in the third quarter of 2022, and Bahrain, Malaysia and Thailand each closed in the fourth quarter of 2022. Entry of sale agreements for the other four consumer banking businesses has resulted in the reclassification to HFS on the Consolidated Balance Sheet of approximately $20 billion in assets within Other assets , including approximately $12 billion of loans (net of allowance of $164 million), and approximately $17 billion in liabilities within Other liabilities , including approximately $16 billion in deposits. Of the nine sale agreements, the five below were identified as significant disposals as of December 31, 2022. The Taiwan and India sales have yet to close and are subject to regulatory approvals and other closing conditions, as are the potential sales of the Poland and Mexico consumer banking businesses. December 31, 2022 In millions of dollars Assets Liabilities Consumer banking business in Sale agreement date Expected close Cash and deposits with banks Loans (1) Goodwill Other assets, advances to/from subsidiaries Other assets Total assets Deposits Long-term debt Other liabilities Total liabilities Australia (2) 8/9/21 closed 6/1/2022 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Philippines (3) 12/23/21 closed 8/1/2022 — — — — — — — — — — Thailand (4) 1/14/22 closed 11/1/2022 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Taiwan (5) 1/28/22 second half 2023 123 7,865 202 4,758 198 13,146 10,049 — 237 10,286 India (5) 3/30/22 first half 2023 25 3,423 329 1,924 114 5,815 5,266 — 204 5,470 Income (loss) before taxes (6) In millions of dollars 2022 2021 2020 Australia (2) $ 193 $ 306 $ 181 Philippines (3) 72 145 42 Thailand (4) 122 139 93 Taiwan 140 282 311 India 194 213 117 (1) Loans, net of allowance as of December 31, 2022 includes $64 million and $37 million for Taiwan and India, respectively. (2) On June 1, 2022, Citi completed the sale of its Australia consumer banking business, which was part of Legacy Franchises . The business had approximately $9.4 billion in assets, including $9.3 billion of loans (net of allowance of $140 million) and excluding goodwill. The total amount of liabilities was $7.3 billion including $6.8 billion in deposits. The transaction generated a pretax loss on sale of approximately $760 million ($640 million after-tax), subject to closing adjustments, recorded in Other revenue . The loss on sale primarily reflected the impact of an approximate pretax $620 million CTA loss (net of hedges) ($470 million after-tax) already reflected in the AOCI component of equity. The sale closed on June 1, 2022, and the CTA-related balance was removed from AOCI , resulting in a neutral CTA impact to Citi’s CET1 Capital. The income before taxes shown in the above table for Australia reflects Citi’s ownership through June 1, 2022. (3) On August 1, 2022, Citi completed the sale of its Philippines consumer banking business, which was part of Legacy Franchises . The business had approximately $1.8 billion in assets, including $1.2 billion of loans (net of allowance of $80 million) and excluding goodwill. The total amount of liabilities was $1.3 billion, including $1.2 billion in deposits. The sale resulted in a pretax gain on sale of approximately $618 million ($290 million after-tax), subject to closing adjustments, recorded in Other revenue . The income before taxes shown in the above table for the Philippines reflects Citi’s ownership through August 1, 2022. (4) On November 1, 2022, Citi completed the sale of its Thailand consumer banking business, which was part of Legacy Franchises . The business had approximately $2.7 billion in assets, including $2.4 billion of loans (net of allowance of $67 million) and excluding goodwill. The total amount of liabilities was $1.0 billion, including $0.8 billion in deposits. The sale resulted in a pretax gain on sale of approximately $209 million ($115 million after-tax), subject to closing adjustments, recorded in Other revenue . The income before taxes shown in the above table for Thailand reflects Citi’s ownership through November 1, 2022. (5) These sales are expected to result in an after-tax gain upon closing. (6) Income before taxes for the period in which the individually significant component was classified as HFS for all prior periods presented. For Australia, excludes the pretax loss on sale. For the Philippines and Thailand, excludes the pretax gain on sale. Citi did not have any other significant disposals as of December 31, 2022. For a description of the Company’s significant disposal transactions in prior periods and financial impact, see Note 2 to the Consolidated Financial Statements in Citi’s 2021 Form 10-K. Other Business Exits Wind-Down of Korea Consumer Banking Business On October 25, 2021, Citi disclosed its decision to wind down and close its Korea consumer banking business, which is reported in the Legacy Franchises operating segment. In connection with the announcement, Citibank Korea Inc. (CKI) commenced a voluntary early termination program (Korea VERP). Due to the voluntary nature of this termination program, no liabilities for termination benefits are recorded until CKI makes formal offers to employees that are then irrevocably accepted by those employees. Related charges are recorded as Compensation and benefits . During the first quarter of 2022, Citi recorded an additional pretax charge of $31 million, composed of gross charges connected to the Korea VERP. The following table summarizes the reserve charges related to the Korea VERP and other initiatives reported in the Legacy Franchises operating segment and Corporate/Other : In millions of dollars Employee termination costs Total Citigroup (pretax) Original charges in fourth quarter 2021 $ 1,052 Utilization (1) Foreign exchange 3 Balance at December 31, 2021 $ 1,054 Additional charges in first quarter 2022 $ 31 Utilization (347) Foreign exchange (24) Balance at March 31, 2022 $ 714 Additional charges (releases) $ (3) Utilization (670) Foreign exchange (41) Balance at June 30, 2022 $ — Additional charges (releases) $ — Utilization — Foreign exchange — Balance at September 30, 2022 $ — The total estimated cash charges for the wind-down are $1.1 billion, most of which were recognized in 2021. See Note 8 for details on the pension impact of the Korea wind-down. Wind-Down of Russia Consumer and Institutional Banking Businesses On August 25, 2022, Citi announced its decision to wind down its consumer banking and local commercial banking operations in Russia. As part of the wind-down, Citi is also actively pursuing sales of certain Russian consumer banking portfolios. On October 14, 2022, Citi disclosed that it will be ending nearly all of the institutional banking services it offers in Russia by the end of the first quarter of 2023. Going forward, Citi’s only operations in Russia will be those necessary to fulfill its remaining legal and regulatory obligations. On December 12, 2022, Citi completed the sale of a portfolio of ruble-denominated personal installment loans, totaling approximately $240 million in outstanding loan balances, to Uralsib, a Russian commercial bank, resulting in a pretax net loss of approximately $12 million. The net loss on sale of the loan portfolio included a $32 million adjustment to record the loans at lower of cost or fair value recognized in Other revenue. In addition, the sale of the loans resulted in a release in the allowance for credit losses on loans of approximately $20 million recognized in the Provision for credit losses on loans . In connection with the portfolio sale, Citi also entered into a referral agreement to transfer to Uralsib a portfolio of ruble-denominated credit card loans, subject to customer consents. The outstanding card loans balance was approximately $219 million as of the fourth quarter of 2022. Citi will refer credit card customers, who at the customers’ sole discretion will be eligible to refinance their outstanding card loan balances with Uralsib. During 2022, Citi recorded a pretax charge of approximately $28 million as Compensation and benefits composed of severance costs reported in the Legacy Franchises operating segment and Institutional Clients Group . In connection with the wind-down plans of the Russia consumer and institutional banking businesses, Citi expects to incur approximately $190 million in costs, primarily through 2024, largely driven by restructuring, vendor termination fees and other related charges. These costs do not include the impact of any potential portfolio sales. |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENTS | OPERATING SEGMENTS Effective January 1, 2022, Citi changed its management structure resulting in changes in its operating segments and reporting units to reflect how the CEO, who is the chief operating decision maker, manages the Company, including allocating resources and measuring performance. Citi reorganized its reporting into three operating segments: Institutional Clients Group (ICG) , Personal Banking and Wealth Management (PBWM) and Legacy Franchises , with Corporate/Other including activities not assigned to a specific operating segment, as well as discontinued operations. The prior-period balances reflect reclassifications to conform the presentation in those periods to the current operating segment structure. Citi’s consolidated results were not impacted by the changes discussed above and remain unchanged for all periods presented. ICG consists of Services, Markets and Banking, providing corporate, institutional and public sector clients around the world with a full range of wholesale banking products and services. PBWM consists of U.S. Personal Banking and Global Wealth Management (Global Wealth), providing traditional banking services and credit cards to retail and small business customers in the U.S., and financial services to clients from affluent to ultra-high-net-worth through banking, lending, mortgages, investment, custody and trust product offerings in 20 countries, including the U.S., Mexico and the four wealth management centers: Singapore, Hong Kong, the UAE and London. Legacy Franchises consists of Asia Consumer and Mexico Consumer/SBMM businesses that Citi intends to exit, and its remaining Legacy Holdings Assets . Corporate/Other includes activities not assigned to the operating segments, including certain unallocated costs of global functions, other corporate expenses and net treasury results, offsets to certain line-item reclassifications and eliminations, and unallocated taxes, as well as discontinued operations. Revenues and expenses directly associated with each respective business segment or component are included in determining respective operating results. Other revenues and expenses that are not directly attributable to a particular business segment or component are generally allocated from Corporate/Other based on respective net revenues, non-interest expenses or other relevant measures. As a result of revenues and expenses from transactions with other operating segments or component being treated as transactions with external parties for purposes of segment disclosures, the Company includes intersegment eliminations within Corporate/Other to reconcile the business segment results to Citi’s consolidated results. The accounting policies of these operating segments are the same as those disclosed in Note 1. The following table presents certain information regarding the Company’s continuing operations by operating segment and Corporate/Other : In millions of dollars, except identifiable assets, average loans and average deposits in billions ICG PBWM Legacy Franchises Corporate/Other Total Citi 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 Net interest income $ 17,911 $ 14,999 $ 15,750 $ 22,656 $ 20,646 $ 22,326 $ 5,691 $ 6,250 $ 6,973 $ 2,410 $ 599 $ (298) $ 48,668 $ 42,494 $ 44,751 Non-interest revenue 23,295 24,837 25,343 1,561 2,681 2,814 2,781 2,001 2,481 (967) (129) 112 26,670 29,390 30,750 Total revenues, net of interest expense (1) $ 41,206 $ 39,836 $ 41,093 $ 24,217 $ 23,327 $ 25,140 $ 8,472 $ 8,251 $ 9,454 $ 1,443 $ 470 $ (186) $ 75,338 $ 71,884 $ 75,501 Operating expense 26,299 23,949 22,336 16,258 14,610 13,599 7,782 8,259 6,890 953 1,375 1,549 51,292 48,193 44,374 Provisions for credit losses 911 (2,490) 4,869 3,754 (1,224) 9,885 571 (62) 2,739 3 (2) 2 5,239 (3,778) 17,495 Income (loss) from continuing operations before taxes $ 13,996 $ 18,377 $ 13,888 $ 4,205 $ 9,941 $ 1,656 $ 119 $ 54 $ (175) $ 487 $ (903) $ (1,737) $ 18,807 $ 27,469 $ 13,632 Provision (benefits) for income taxes 3,258 4,069 3,077 886 2,207 334 128 63 (33) (630) (888) (853) 3,642 5,451 2,525 Income (loss) from continuing operations $ 10,738 $ 14,308 $ 10,811 $ 3,319 $ 7,734 $ 1,322 $ (9) $ (9) $ (142) $ 1,117 $ (15) $ (884) $ 15,165 $ 22,018 $ 11,107 Identifiable assets at December 31 (2) $ 1,730 $ 1,613 $ 1,592 $ 494 $ 464 $ 453 $ 97 $ 125 $ 131 $ 96 $ 89 $ 84 $ 2,417 $ 2,291 $ 2,260 Average loans 291 287 298 321 307 304 41 74 83 — — — 653 668 685 Average deposits 830 828 780 435 417 358 52 82 81 16 8 11 1,333 1,335 1,230 (1) Includes total Citi revenues, net of interest expense (excluding Corporate/Other ), in North America of $34.4 billion, $34.4 billion and $37.1 billion; in EMEA of $14.9 billion, $13.4 billion and $13.4 billion; in Latin America of $9.9 billion, $9.2 billion and $9.4 billion; and in Asia of $14.7 billion, $14.4 billion and $15.8 billion in 2022, 2021 and 2020, respectively. These regional numbers exclude Corporate/Other , which largely reflects U.S. activities. (2) Includes total Citi identifiable assets (excluding Corporate/Other ), in North America of $776 billion, $709 billion and $741 billion; in EMEA of $773 billion, $742 billion and $684 billion; in Latin America of $184 billion, $179 billion and $180 billion; and in Asia of $588 billion, $572 billion and $572 billion in 2022, 2021 and 2020, respectively. These regional numbers exclude Corporate/Other , which largely reflects U.S. activities. The Company’s long-lived assets for the periods presented are not considered to be significant in relation to its total assets. The majority of Citi’s long-lived assets are located in the U.S. |
INTEREST REVENUE AND EXPENSE
INTEREST REVENUE AND EXPENSE | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 2020 Interest revenue Consumer loans $ 28,391 $ 26,408 $ 27,763 Corporate loans 12,851 9,032 12,422 Loan interest, including fees $ 41,242 $ 35,440 $ 40,185 Deposits with banks 4,515 577 928 Securities borrowed and purchased under agreements to resell 7,154 1,052 2,283 Investments, including dividends 11,214 7,388 7,989 Trading account assets (1) 7,418 5,365 6,125 Other interest-bearing assets (2) 2,865 653 579 Total interest revenue $ 74,408 $ 50,475 $ 58,089 Interest expense Deposits $ 11,559 $ 2,896 $ 5,334 Securities loaned and sold under agreements to repurchase 4,455 1,012 2,077 Trading account liabilities (1) 1,437 482 628 Short-term borrowings and other interest-bearing liabilities (3) 2,488 121 630 Long-term debt 5,801 3,470 4,669 Total interest expense $ 25,740 $ 7,981 $ 13,338 Net interest income $ 48,668 $ 42,494 $ 44,751 Provision (benefit) for credit losses on loans 4,745 (3,103) 15,922 Net interest income after provision for credit losses on loans $ 43,923 $ 45,597 $ 28,829 (1) Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue. Interest revenue and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities , respectively. (2) Includes assets from businesses held-for-sale (see Note 2) and Brokerage receivables . (3) Includes liabilities from businesses held-for-sale (see Note 2) and Brokerage payables . |
COMMISSIONS AND FEES; ADMINISTR
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [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. 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 and determinable. The Company recognized $538 million, $639 million and $495 million of revenue related to such variable consideration for the years ended December 31, 2022, 2021 and 2020, 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. Citi’s credit card programs have certain partner sharing agreements that vary by partner. These partner sharing agreements are subject to contractually based performance thresholds that, if met, would require Citi to make ongoing payments to the partner. The threshold is based on the profitability of a program and is generally calculated based on predefined program revenues less predefined program expenses. In most of Citi’s partner sharing agreements, program expenses include net credit losses, which, to the extent that the increase in net credit losses reduces Citi’s liability for the partners’ share for a given program year, would generally result in lower payments to partners in total for that year and vice versa. Further, in some instances, other partner payments are based on program sales and new account acquisitions. 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 fixed and determinable. The Company recognized $201 million, $260 million and $290 million of revenue related to such variable consideration for the years ended December 31, 2022, 2021 and 2020, 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: 2022 2021 2020 In millions of dollars ICG PBWM LF Total ICG PBWM LF Total ICG PBWM LF Total Investment banking $ 3,084 $ — $ — $ 3,084 $ 6,007 $ — $ — $ 6,007 $ 4,483 $ — $ — $ 4,483 Brokerage commissions 1,570 767 209 2,546 1,770 1,035 431 3,236 1,700 874 386 2,960 Credit and bank card income Interchange fees 1,207 9,452 846 11,505 817 8,119 885 9,821 704 6,526 774 8,004 Card-related 44 256 289 589 27 292 376 695 22 241 386 649 Card rewards and partner payments (1) (625) (11,133) (578) (12,336) (405) (9,296) (534) (10,235) (380) (7,688) (605) (8,673) Deposit-related fees (2) 1,061 157 56 1,274 1,034 196 101 1,331 936 255 143 1,334 Transactional service fees 1,057 17 95 1,169 968 22 108 1,098 857 20 97 974 Corporate finance (3) 454 4 — 458 705 4 — 709 453 4 — 457 Insurance distribution revenue — 217 129 346 — 309 164 473 — 318 185 503 Insurance premiums — 4 87 91 — 10 84 94 — 6 119 125 Loan servicing 39 48 16 103 43 38 17 98 80 28 29 137 Other 20 185 141 346 20 186 139 345 15 300 117 432 Total commissions and fees (4) $ 7,911 $ (26) $ 1,290 $ 9,175 $ 10,986 $ 915 $ 1,771 $ 13,672 $ 8,870 $ 884 $ 1,631 $ 11,385 (1) Citi’s consumer credit card programs have certain partner sharing agreements that vary by partner. These agreements are subject to contractually based performance thresholds that, if met, would require Citi to make ongoing payments to the partner. The threshold is based on the profitability of a program and is generally calculated based on predefined program revenues less predefined program expenses. In most of Citi’s partner sharing agreements, program expenses include net credit losses and, to the extent that an increase in net credit losses reduces Citi’s liability for the partners’ share for a given program year, would generally result in lower payments to partners in total for that year and vice versa. Further, in some instances, other partner payments are based on program sales and new account acquisitions. (2) Includes overdraft fees of $59 million (prior to the elimination of overdraft fees in June 2022), $107 million and $100 million for the years ended December 31, 2022, 2021 and 2020, respectively. Overdraft fees are accounted for under ASC 310. Citi eliminated overdraft fees, returned item fees and overdraft protection fees beginning in June 2022. (3) Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity. This activity is accounted for under ASC 310. (4) Commissions and fees include $(11,008) million, $(8,516) million and $(7,160) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the years ended December 31, 2022, 2021 and 2020, 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. LF Legacy Franchises 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, safekeeps, 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 assets 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: 2022 2021 2020 In millions of dollars ICG PBWM LF Total ICG PBWM LF Total ICG PBWM LF Total Custody fees (1) $ 1,781 $ 87 $ 9 $ 1,877 $ 1,793 $ 91 $ 14 $ 1,898 $ 1,557 $ 80 $ 20 $ 1,657 Fiduciary fees 284 752 314 1,350 250 778 436 1,464 234 623 417 1,274 Guarantee fees 508 43 6 557 528 45 8 581 495 38 8 541 Total administration and other fiduciary fees (2) $ 2,573 $ 882 $ 329 $ 3,784 $ 2,571 $ 914 $ 458 $ 3,943 $ 2,286 $ 741 $ 445 $ 3,472 (1) ICG in 2020 includes $38 million related to Corporate/Other. (2) Administration and other fiduciary fees include $557 million, $581 million and $541 million for the years ended December 31, 2022, 2021 and 2020, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These generally include guarantee fees. LF Legacy Franchises |
PRINCIPAL TRANSACTIONS
PRINCIPAL TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Principal Transactions Revenue, Net [Abstract] | |
PRINCIPAL TRANSACTIONS | PRINCIPAL TRANSACTIONS Principal transactions revenue consists of realized and unrealized gains and losses from trading activities. Trading activities include revenues from fixed income, equities, credit and commodities products and foreign exchange transactions that are managed on a portfolio basis and characterized below based on the primary risk managed by each trading desk (as such, the trading desks can be periodically reorganized and thus the risk categories). Not included in the table below is the impact of net interest income related to trading activities, which is an integral part of trading activities’ profitability (see Note 4 for information about net interest income 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 25. 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 2022 2021 2020 Interest rate risks (1) $ 3,940 $ 1,993 $ 4,668 Foreign exchange risks (2) 6,593 4,668 4,923 Equity risks (3) 1,858 2,197 1,431 Commodity and other risks (4) 1,801 1,123 1,140 Credit products and risks (5) (33) 173 1,723 Total $ 14,159 $ 10,154 $ 13,885 (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, 2022 | |
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. 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. $75,000 (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 are subject to mandatory deferrals of incentive pay and generally receive 15%–60% of their awards in the form of deferred stock or deferred cash stock units. Discretionary annual incentive awards to certain 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). For incentive awards granted in 2022, Citigroup changed the annual deferred compensation structure from granting deferred cash awards for certain regulated employees to deferred stock awards. Certain employees located in countries that have regulations or tax advantages for offering deferred cash or deferred cash stock units received those types of awards as a part of their annual incentive compensation rather than deferred stock. Subject to certain exceptions (principally, for retirement-eligible employees), continuous employment within Citigroup is required to vest in deferred annual incentive awards. Post employment vesting by retirement-eligible employees and participants who meet other conditions is generally conditioned upon their compliance with certain restrictions during the remaining vesting period. Generally, the deferred awards vest in equal annual installments over three Stock awards, deferred cash stock units and deferred cash awards are subject to one or more cancellation and clawback provisions that apply in certain circumstances, including gross misconduct. Outstanding (Unvested) Stock Awards A summary of the status of unvested stock awards granted as discretionary annual incentive or sign-on and replacement awards is presented below: Unvested stock awards Shares Weighted- Unvested at December 31, 2021 31,644,684 $ 66.22 Granted (1) 25,729,643 65.07 Canceled (2,007,260) 65.94 Vested (2) (13,458,860) 67.17 Unvested at December 31, 2022 41,908,207 $ 65.23 (1) The weighted-average fair value of the shares granted during 2021 and 2020 was $62.10 and $76.68, respectively. (2) The weighted-average fair value of the shares vesting during 2022 was approximately $64.13 per share on the vesting date, compared to $67.17 on the grant date. Total unrecognized compensation cost related to unvested stock awards was $862 million at December 31, 2022. The cost is expected to be recognized over a weighted-average period of 1.7 years. Performance Share Units Executive officers were awarded performance share units (PSUs) every February from 2019 to 2022, for performance in the year prior to the award date based on two performance metrics. For PSUs awarded in 2019 and 2020, those metrics were return on tangible common equity and earnings per share. For PSUs awards in 2021 and 2022, the metrics were return on tangible common equity and tangible book value per share. In each year, the metrics were equally weighted. 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 against performance goals and/or 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. The reported financial metrics during the performance period are adjusted to reflect an equitable adjustment as required under the applicable award agreements for unusual and non-recurring items, including divestitures, as well as accounting rule and tax law changes. For all award years, the value of each PSU is equal to the value of one share of Citi common stock. Dividend equivalents are 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. The award is settled solely in cash after the end of each performance period. The value of the award, subject to the performance goals and taking into account any mandatory equitable adjustments as per the terms of the award agreement, 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 2022 2021 2020 Expected volatility 37.01 % 40.88 % 22.26 % Expected dividend yield 2.96 4.21 2.82 A summary of the performance share unit activity for 2022 is presented below: Performance share units Units Weighted- Outstanding, beginning of year 1,274,273 $ 77.67 Granted (1) 531,824 71.04 Canceled (62,875) 72.83 Payments (2) (461,087) 72.83 Outstanding, end of year 1,282,135 $ 76.90 (1) The weighted-average grant date fair value per unit awarded in 2021 and 2020 was $78.55 and $83.45, respectively. (2) The value of the payments was approximately $32 million. Transformation Program In order to provide an incentive for select employees to effectively execute Citi’s transformation program, in August 2021 the Personnel and Compensation (P&C) Committee of Citigroup’s Board of Directors, the predecessor of the Compensation, Performance Management and Culture (CPC) Committee of Citigroup’s Board of Directors, approved a program for them to earn additional compensation based on the achievement of Citi’s transformation goals from August 2021 through December 2024 and satisfaction of other conditions. Performance under the program is divided into three consecutive periods, ending on December 31, 2022, 2023 and 2024. The awards are subject to variable accounting, pursuant to which the associated value of the award will fluctuate with the attainment of the performance conditions for each tranche and changes to Citigroup’s stock price for the third tranche. Payment for each period will be in cash, in a lump sum, with the third payment indexed to changes in the value of Citi’s common stock from the service inception date through the payment date. Earnings generally will be based on collective performance with respect to Citi’s transformation goals and will be evaluated and approved by the CPC Committee on an annual basis. Payments in the event of any category of employment termination or change in job title or employment status are subject to Citi’s discretion. Cancellation and clawback are provided for in the event of misconduct and certain other circumstances. The program applies to senior leaders, other than the CEO, critical to helping deliver a successful transformation with the value varying based on individual compensation levels. Stock Option Program All outstanding options were fully vested at December 31, 2020 and exercised during 2021, with none outstanding at December 31, 2022 and 2021. 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 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 granted or are expected to be granted to retirement-eligible employees, the charge to income is accelerated based on when the applicable conditions for 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, Citi recognizes the expense each year equal to the grant date fair value of the awards that it estimates will be granted in the following year. Recipients of Citigroup stock awards generally do not have any stockholder rights until shares are delivered upon vesting or exercise. Recipients of deferred stock awards and deferred cash stock unit awards, however, may, except as prohibited by applicable regulatory guidance, be entitled to receive or accrue dividend-equivalent payments during the vesting period. Recipients of stock payment awards and other stock awards subject to a sale-restriction period are generally entitled to vote the shares in their award and receive dividends on such shares during the sale-restriction 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 CPC Committee (or its predecessor), which is composed entirely of independent non-employee directors. On December 31, 2022, approximately 48.0 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 2018 to 2021, and for the first quarter of 2022, 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 2022 2021 2020 Charges for estimated awards to retirement-eligible employees $ 742 $ 807 $ 748 Amortization of deferred cash awards, deferred cash stock units and performance stock units 463 384 201 Immediately vested stock award expense (1) 101 99 95 Amortization of restricted and deferred stock awards (2) 533 395 420 Other variable incentive compensation 304 435 627 Total $ 2,143 $ 2,120 $ 2,091 (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. |
RETIREMENT BENEFITS
RETIREMENT BENEFITS | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022. 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. Benefits earned during the year are reported in Compensation and benefits expenses and all other components of the net annual benefit cost are reported in Other operating expenses in the Consolidated Statement of Income: Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 Service cost $ — $ — $ — $ 116 $ 149 $ 147 $ — $ — $ — $ 2 $ 6 $ 7 Interest cost on benefit obligation 442 351 378 329 268 246 16 13 17 90 96 93 Expected return on assets (612) (683) (824) (263) (253) (245) (11) (13) (17) (69) (84) (77) Amortization of unrecognized: Prior service cost (benefit) 2 2 2 (7) (6) 5 (9) (9) (2) (8) (9) (9) Net actuarial loss (gain) 162 228 233 58 62 70 (9) (3) — 6 13 20 Curtailment loss (gain) (1) — — — (22) 1 (8) — — — — — — Settlement loss (gain) (1) — — — (15) 10 (1) — — — — — — Total net (benefit) expense $ (6) $ (102) $ (211) $ 196 $ 231 $ 214 $ (13) $ (12) $ (2) $ 21 $ 22 $ 34 (1) Curtailment and settlement relate to divestiture activities. Total net expense for non-U.S. plans includes a $36 million net benefit related to the wind-down of Citi’s consumer banking business in Korea. 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 2022 or 2021. The following table summarizes the Company’s actual contributions for the years ended December 31, 2022 and 2021, as well as expected Company contributions for 2023. 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 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Contributions made by the Company $ — $ — $ — $ 71 $ 158 $ 104 $ — $ — $ — $ 4 $ 4 $ 3 Benefits paid directly by (reimbursements to) the Company (3) 57 55 56 39 336 51 5 14 22 5 5 5 (1) Amounts reported for 2023 are expected amounts. (2) The U.S. pension plans include benefits paid directly by the Company for the nonqualified pension plans. (3) 2022 benefit payments have increased due to the wind-down of Citi’s consumer banking business in Korea. See Note 2 for additional information. Funded Status and Accumulated Other Comprehensive Income (AOCI) The following table summarizes the funded status and amounts recognized on 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 2022 2021 2022 2021 2022 2021 2022 2021 Change in benefit obligation Benefit obligation at beginning of year $ 12,766 $ 13,815 $ 8,001 $ 8,629 $ 501 $ 559 $ 1,169 $ 1,390 Service cost — — 116 149 — — 2 6 Interest cost on benefit obligation 442 351 329 268 16 13 90 96 Plan amendments — — — 6 — — — — Actuarial (gain) (2) (2,522) (447) (1,168) (344) (95) (28) (100) (110) Benefits paid, net of participants’ contributions (945) (953) (397) (345) (47) (43) (72) (78) Divestitures — — (22) — — — — — Settlement (4) — — (364) (124) — — — — Curtailment (4) — — (35) (30) — — — — Foreign exchange impact and other — — (85) (208) — — (76) (135) Benefit obligation at year end $ 9,741 $ 12,766 $ 6,375 $ 8,001 $ 375 $ 501 $ 1,013 $ 1,169 Change in plan assets Plan assets at fair value at beginning of year $ 12,977 $ 13,309 $ 7,614 $ 7,831 $ 319 $ 331 $ 1,043 $ 1,146 Actual return on assets (2) (1,942) 565 (1,212) 217 (33) 9 (75) 97 Company contributions, net of reimbursements 55 56 495 155 14 22 9 8 Benefits paid, net of participants’ contributions (945) (953) (397) (345) (47) (43) (72) (78) Divestitures — — (11) — — — — — Settlement (4) — — (364) (124) — — — — Foreign exchange impact and other — — (39) (120) — — (50) (130) Plan assets at fair value at year end $ 10,145 $ 12,977 $ 6,086 $ 7,614 $ 253 $ 319 $ 855 $ 1,043 Funded status of the plans Qualified plans (5) $ 949 $ 894 $ (289) $ (387) $ (122) $ (182) $ (158) $ (126) Nonqualified plans (3) (545) (683) — — — — — — Funded status of the plans at year end $ 404 $ 211 $ (289) $ (387) $ (122) $ (182) $ (158) $ (126) Net amount recognized at year end Qualified plans Benefit asset $ 949 $ 894 $ 799 $ 963 $ — $ — $ 28 $ 165 Benefit liability — — (1,088) (1,350) (122) (182) (186) (291) Qualified plans $ 949 $ 894 $ (289) $ (387) $ (122) $ (182) $ (158) $ (126) Nonqualified plans (545) (683) — — — — — — Net amount recognized on the balance sheet $ 404 $ 211 $ (289) $ (387) $ (122) $ (182) $ (158) $ (126) Amounts recognized in AOCI at year end (1) Net transition obligation $ — $ — $ — $ — $ — $ — $ — $ — Prior service (cost) benefit (6) (8) 7 5 82 92 36 47 Net actuarial (loss) gain (6,445) (6,575) (1,671) (1,400) 120 77 (206) (182) Net amount recognized in equity (pretax) $ (6,451) $ (6,583) $ (1,664) $ (1,395) $ 202 $ 169 $ (170) $ (135) Accumulated benefit obligation at year end $ 9,740 $ 12,765 $ 6,051 $ 7,559 $ 375 $ 501 $ 1,013 $ 1,169 (1) The framework for the Company’s pension oversight process includes monitoring of potential settlement charges for all plans. Settlement accounting is triggered when either the sum of all settlements (including lump sum payments) for the year is greater than service plus interest costs or if more than 10% of the plan’s projected benefit obligation will be settled. Because some of Citi’s Significant Plans are frozen and have no material service cost, settlement accounting may apply in the future. (2) Actuarial gain was primarily due to the increase in global discount rates partially offset by lower than expected asset returns. (3) The nonqualified plans of the Company are unfunded. (4) Curtailment and settlement relate to divestiture activities. (5) The U.S. qualified plan was fully funded as of January 1, 2022 and no minimum funding was required for 2022. The plan is also expected to be fully funded as of January 1, 2023 with no expected minimum funding requirement for 2023. The following table shows the change in AOCI related to the Company’s pension, postretirement and post employment plans: In millions of dollars 2022 2021 2020 Beginning of year balance, net of tax (1)(2) $ (5,852) $ (6,864) $ (6,809) Actuarial assumptions changes and plan experience 3,923 963 (1,464) Net asset gain (loss) due to difference between actual and expected returns (4,225) (148) 1,076 Net amortization 198 280 318 Prior service credit (cost) — (7) 108 Curtailment/settlement gain (loss) (3) (37) 11 (8) Foreign exchange impact and other 172 153 (108) Change in deferred taxes, net 66 (240) 23 Change, net of tax $ 97 $ 1,012 $ (55) End of year balance, net of tax (1)(2) $ (5,755) $ (5,852) $ (6,864) (1) See Note 20 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 divestiture activities. At December 31, 2022 and 2021, 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 2022 2021 2022 2021 2022 2021 2022 2021 Projected benefit obligation $ 545 $ 683 $ 3,463 $ 3,966 $ 545 $ 683 $ 3,315 $ 3,809 Accumulated benefit obligation 545 683 3,179 3,574 545 682 3,088 3,477 Fair value of plan assets — — 2,374 2,616 — — 2,252 2,486 (1) As of December 31, 2022 and 2021, only the nonqualified plans’ PBO and 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 2022 2021 Discount rate U.S. plans Qualified pension 5.50% 2.80% Nonqualified pension 5.55 2.80 Postretirement 5.60 2.75 Non-U.S. pension plans Range (1) 1.75 to 25.20 -0.10 to 11.95 Weighted average 6.66 3.96 Non-U.S. postretirement plans Range 3.25 to 10.60 1.05 to 10.00 Weighted average 9.80 8.28 Future compensation increase rate (2) Non-U.S. pension plans Range 1.30 to 23.11 1.30 to 11.25 Weighted average 3.76 3.10 Expected return on assets U.S. plans Qualified pension 5.70 5.00 Postretirement (3) 5.70/3.00 5.00/1.50 Non-U.S. pension plans Range 1.00 to 11.50 0.00 to 11.50 Weighted average 6.05 3.69 Non-U.S. postretirement plans Range 8.70 to 9.10 6.00 to 8.00 Weighted average 8.70 7.99 (1) In 2021, due to historically low global interest rates, there were negative discount rates for plans with relatively short duration in certain major markets, such as the Eurozone and Switzerland. (2) Not material for U.S. plans. (3) For the years ended 2022 and 2021, the expected return on assets for the VEBA Trust was 3.00% and 1.50%, respectively. During the year 2022 2021 2020 Discount rate U.S. plans Qualified pension 2.80%/3.80%/ 4.80%/5.65% 2.45%/3.10%/ 2.75%/2.80% 3.25%/3.20%/ 2.60%/2.55% Nonqualified pension 2.80/3.85/ 4.80/5.60 2.35/3.00/ 2.70/2.75 3.25/3.25/ 2.55/2.50 Postretirement 2.75/3.85/ 4.75/5.65 2.20/2.85/ 2.60/2.65 3.15/3.20/ 2.45/2.35 Non-U.S. pension plans (1) Range (2) -0.10 to 11.95 -0.25 to 11.15 -0.10 to 11.30 Weighted average 3.96 3.14 3.65 Non-U.S. postretirement plans (1) Range 1.05 to 11.25 0.80 to 9.80 0.90 to 9.75 Weighted average 8.28 7.42 7.76 Future compensation increase rate (3) Non-U.S. pension plans (1) Range 1.30 to 11.25 1.20 to 11.25 1.50 to 11.50 Weighted average 3.10 3.10 3.17 Expected return on assets U.S. plans Qualified pension (4) 5.00 5.80/5.60/ 5.60/5.00 6.70 Postretirement (4) 5.00/1.50 5.80/5.60/ 5.00/1.50 6.70/3.00 Non-U.S. pension plans (1) Range 0.00 to 11.50 0.00 to 11.50 0.00 to 11.50 Weighted average 3.69 3.39 3.95 Non-U.S. postretirement plans (1) Range 6.00 to 8.00 5.95 to 8.00 6.20 to 8.00 Weighted average 7.99 7.99 7.99 ( 1) Reflects rates utilized to determine the quarterly expense for Significant non-U.S. pension and postretirement plans. (2) In 2021, due to historically low global interest rates, there were negative discount rates for plans with relatively short duration in certain major markets, such as the Eurozone and Switzerland. (3) Not material for U.S. plans. (4) The expected return on assets for the U.S. pension and postretirement plans was adjusted from 5.00% to 5.70% effective January 1, 2023 to reflect a significant change in economic market conditions. The expected return on assets for the U.S. pension and postretirement plans changed from 6.70% to 5.80% effective as of January 1, 2021, reduced to 5.60% effective April 1, 2021 and further reduced to 5.00% effective October 1, 2021. 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 a hypothetical bond portfolio of U.S. high-quality corporate bonds that match each plan’s projected cash flows. The discount rates for the non-U.S. pension and postretirement plans are selected by reference to each plan’s specific cash flows and a market-based yield curve developed from the available local high-quality corporate bonds. However, where developed corporate bond markets do not exist, the discount rates are selected by reference to local government bonds with an estimated premium added to reflect the additional risk for corporate bonds in certain countries. Where available, the resulting plan yields by jurisdiction are compared with published, high-quality corporate bond indices for reasonableness. Expected Return on Assets The Company determines its assumptions for the expected return on 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 return on assets 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 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 return on assets used in determining the Company’s pension expense compared to the actual return on assets during 2022, 2021 and 2020 for the U.S. pension and postretirement plans: U.S. plans (During the year) 2022 2021 2020 Expected return on assets U.S. pension and postretirement trust 5.00% 5.80%/5.60%/5.60%/5.00% 6.70% VEBA Trust (2) 1.50 1.50 3.00 Actual return on assets (1) U.S. pension and postretirement trust (15.52) 5.14 12.84 VEBA Trust 1.40 1.52 2.11 (1) Actual return on assets is presented net of fees. (2) The expected return on assets for the VEBA Trust was adjusted from 1.50% to 3.00% effective January 1, 2023 to reflect significant change in economic condition. Sensitivities of Certain Key Assumptions The following tables summarize the effect on pension expense: Discount rate One-percentage-point increase In millions of dollars 2022 2021 2020 U.S. plans $ 27 $ 35 $ 34 Non-U.S. plans (5) (4) (16) One-percentage-point decrease In millions of dollars 2022 2021 2020 U.S. plans $ (34) $ (49) $ (52) Non-U.S. plans 15 25 25 The U.S. Qualified Pension Plan was frozen in 2008, and as a result, most of the prospective service costs have 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 discount rate would decrease 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. The following tables summarize the effect on pension expense: Expected return on assets One-percentage-point increase In millions of dollars 2022 2021 2020 U.S. plans $ (123) $ (124) $ (123) Non-U.S. plans (60) (70) (66) One-percentage-point decrease In millions of dollars 2022 2021 2020 U.S. plans $ 123 $ 124 $ 123 Non-U.S. plans 60 70 66 Health Care Cost Trend Rate Assumed health care cost trend rates were as follows: 2022 2021 Health care cost increase rate for Following year 7.00% 6.25% Ultimate rate to which cost increase is assumed to decline 5.00 5.00 Year in which the ultimate rate is 2031 2027 Health care cost increase rate for Following year 7.05% 6.92% Ultimate rate to which cost increase is 7.05 6.92 Year in which the ultimate rate 2023 2022 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 2022 2021 2020 U.S. plans 4.50% 1.80% 1.45% Non-U.S. plans 1.73 1.61 1.60 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 U.S. pension assets U.S. postretirement assets Asset category (1) 2023 2022 2021 2022 2021 Equity securities (2) 0–22% 7 % 7 % 7 % 7 % Debt securities (3) 55–114 71 72 71 72 Real estate 0–4 3 2 3 2 Private equity 0–5 7 6 7 6 Other investments 0–23 12 13 12 13 Total 100 % 100 % 100 % 100 % (1) Target asset allocations are set by investment strategy, whereas pension and postretirement assets as of December 31, 2022 and 2021 are based on the underlying investment product. For example, the private equity investment strategy may include underlying investments in real estate within the target asset allocation; however, within pension and postretirement assets, the underlying investment in real estate is reflected in the real estate category and 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 2022 and 2021. (3) The VEBA Trust for postretirement benefits is primarily invested in cash equivalents and debt securities in 2022 and 2021 and is 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 Actual range Weighted-average Asset category (1) 2023 2022 2021 2022 2021 Equity securities 0–100% 0–63% 0–100% 19 % 16 % Debt securities 0–100 0–100 0–100 73 76 Real estate 0–15 0–15 0–14 1 1 Other investments 0–100 0–100 0–100 7 7 Total 100 % 100 % Non-U.S. postretirement plans Target asset Actual range Weighted-average Asset category (1) 2023 2022 2021 2022 2021 Equity securities 0–46% 0–48% 0–42% 47 % 41 % Debt securities 50–100 45–100 53–100 49 53 Other investments 0–4 0–7 0–6 4 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. 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 25. Investments measured using the NAV per share practical expedient are excluded from Level 1, Level 2 and Level 3 in the tables below. 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, 2022 Asset categories Level 1 Level 2 Level 3 Total U.S. equities $ 233 $ — $ — $ 233 Non-U.S. equities 346 — — 346 Mutual funds and other registered investment companies 243 — — 243 Commingled funds — 818 — 818 Debt securities 929 4,638 5,567 Annuity contracts — — 3 3 Derivatives 2 34 — 36 Other investments — — 4 4 Total investments $ 1,753 $ 5,490 $ 7 $ 7,250 Cash and short-term investments $ 39 $ 563 $ — $ 602 Other investment liabilities (10) (45) — (55) Net investments at fair value $ 1,782 $ 6,008 $ 7 $ 7,797 Other investment receivables redeemed at NAV $ 21 Securities valued at NAV 2,580 Total net assets $ 10,398 (1) The investments of the U.S. pension and postretirement plans are commingled in one trust. At December 31, 2022, 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, 2021 Asset categories Level 1 Level 2 Level 3 Total U.S. equities $ 358 $ — $ — $ 358 Non-U.S. equities 460 — — 460 Mutual funds and other registered investment companies 297 — — 297 Commingled funds — 1,143 — 1,143 Debt securities 1,657 5,770 — 7,427 Annuity contracts — — 4 4 Derivatives 2 17 — 19 Other investments 13 — 25 38 Total investments $ 2,787 $ 6,930 $ 29 $ 9,746 Cash and short-term investments $ 25 $ 627 $ — $ 652 Other investment liabilities (7) (17) — (24) Net investments at fair value $ 2,805 $ 7,540 $ 29 $ 10,374 Other investment liabilities redeemed at NAV $ (29) Securities valued at NAV 2,951 Total net assets $ 13,296 (1) The investments of the U.S. pension and postretirement plans are commingled in one trust. At December 31, 2021, 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, 2022 Asset categories Level 1 Level 2 Level 3 Total U.S. equities $ 121 $ 10 $ — $ 131 Non-U.S. equities 718 19 — 737 Mutual funds and other registered investment companies 2,416 296 — 2,712 Commingled funds 13 — — 13 Debt securities 2,959 980 — 3,939 Real estate — 2 2 4 Annuity contracts — — 2 2 Derivatives — 1,490 — 1,490 Other investments — — 258 258 Total investments $ 6,227 $ 2,797 $ 262 $ 9,286 Cash and short-term investments $ 69 $ 6 $ — $ 75 Other investment liabilities — (2,436) — (2,436) Net investments at fair value $ 6,296 $ 367 $ 262 $ 6,925 Securities valued at NAV $ 16 Total net assets $ 6,941 Non-U.S. pension and postretirement benefit plans In millions of dollars Fair value measurement at December 31, 2021 Asset categories Level 1 Level 2 Level 3 Total U.S. equities $ 127 $ 19 $ — $ 146 Non-U.S. equities 713 92 — 805 Mutual funds and other registered investment companies 2,888 66 — 2,954 Commingled funds 21 — — 21 Debt securities 4,263 1,341 — 5,604 Real estate — 3 2 5 Annuity contracts — — 2 2 Derivatives — 239 — 239 Other investments — — 318 318 Total investments $ 8,012 $ 1,760 $ 322 $ 10,094 Cash and short-term investments $ 117 $ 5 $ — $ 122 Other investment liabilities — (1,578) — (1,578) Net investments at fair value $ 8,129 $ 187 $ 322 $ 8,638 Securities valued at NAV $ 19 Total net assets $ 8,657 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 Realized (losses) Unrealized gains Purchases, sales and issuances Transfers in and/or out of Level 3 Ending Level 3 fair value at Annuity contracts $ 4 $ — $ — $ (1) $ — $ 3 Other investments 25 (3) 2 (20) — 4 Total investments $ 29 $ (3) $ 2 $ (21) $ — $ 7 In millions of dollars U.S. pension and postretirement benefit plans Asset categories Beginning Level 3 fair value at Realized (losses) Unrealized gains Purchases, sales and Transfers in and/or out of Level 3 Ending Level 3 fair value at Annuity contracts $ 1 $ — $ — $ 3 $ — $ 4 Other investments 57 (6) 2 (28) — 25 Total investments $ 58 $ (6) $ 2 $ (25) $ — $ 29 In millions of dollars Non-U.S. pension and postretirement benefit plans Asset categories Beginning Level 3 fair value at Unrealized gains Purchases, sales and issuances Transfers in and/or out of Level 3 Ending Level 3 Real estate $ 2 $ — $ — $ — $ 2 Annuity contracts 2 — — — 2 Other investments 318 — (60) — 258 Total investments $ 322 $ — $ (60) $ — $ 262 In millions of dollars Non-U.S. pension and postretirement benefit plans Asset categories Beginning Level 3 fair value at Unrealized gains Purchases, sales and issuances Transfers in and/or out of Level 3 Ending Level 3 Real estate $ 2 $ — $ — $ — $ 2 Annuity contracts 5 — (3) — 2 Other investments 312 4 2 — 318 Total investments $ 319 $ 4 $ (1) $ — $ 322 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, publicly traded equity, hedge funds 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 2023 $ 964 $ 536 $ 55 $ 72 2024 964 518 46 76 2025 969 489 43 79 2026 942 499 40 83 2027 921 508 38 87 2028–2032 4,038 2,623 150 494 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. The following table summarizes the funded status and amounts recognized on the Company’s Consolidated Balance Sheet: In millions of dollars 2022 2021 Funded status of the plan at year end $ (48) $ (41) Net amount recognized in AOCI (pretax) $ (16) $ (15) The following table summarizes the net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans: In millions of dollars 2022 2021 2020 Net expense $ 11 $ 10 $ 9 Defined Contribution Plans The Company sponsors defined contribution plans in the U.S. and in certain non-U.S. locations, all of which are administered in accordance with local laws. The most significant defined contribution plan is the Citi Retirement Savings Plan sponsored by the Company in the U.S. Under the Citi Retirement Savings Plan, eligible U.S. employees received matching contributions of up to 6% of their eligible compensation for 2022 and 2021, subject to statutory limits. In addition, for eligible employees whose eligible compensation is $100,000 or less, a fixed contribution of up to 2% of eligible compensation is provided. All Company contributions are invested according to participants’ individual elections. The following tables su |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 2020 Current Federal $ 407 $ 522 $ 305 Non-U.S. 4,106 3,288 4,113 State 270 228 440 Total current income taxes $ 4,783 $ 4,038 $ 4,858 Deferred Federal $ (807) $ 1,059 $ (1,430) Non-U.S. 353 8 (690) State (687) 346 (213) Total deferred income taxes $ (1,141) $ 1,413 $ (2,333) Provision for income tax on continuing operations before noncontrolling interests (1) $ 3,642 $ 5,451 $ 2,525 Provision (benefit) for income taxes on: Discontinued operations $ (41) $ — $ — Gains (losses) included in AOCI , but excluded from net income (1,573) (1,684) 1,520 Employee stock plans (8) (6) (4) Opening adjustment to Retained earnings (2) — — (911) (1) Includes the tax on realized investment gains and impairment losses resulting in a provision (benefit) of $14 million and $(137) million in 2022, $169 million and $(57) million in 2021 and $454 million and $(14) million in 2020, respectively. (2) 2020 reflects the tax effect of ASU 2016-13 for current expected credit losses (CECL). 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: 2022 2021 2020 Federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 2.0 2.1 1.3 Non-U.S. income tax rate differential 4.3 1.6 3.5 Tax audit resolutions (3.2) (0.4) 0.3 Nondeductible FDIC premiums 1.0 0.6 1.3 Tax advantaged investments (3.0) (2.3) (4.4) Valuation allowance releases (1) (2.3) (1.7) (4.4) Other, net (0.4) (1.1) (0.1) Effective income tax rate 19.4 % 19.8 % 18.5 % (1) See “Deferred Tax Assets” below for a description of the components. As presented in the table above, Citi’s effective tax rate for 2022 was 19.4%, compared to 19.8% in 2021. Deferred Income Taxes Deferred income taxes at December 31 related to the following: In millions of dollars 2022 2021 Deferred tax assets Credit loss deduction $ 5,162 $ 5,330 Deferred compensation and employee benefits 2,059 2,335 U.S. tax on non-U.S. earnings 1,191 1,138 Investment and loan basis differences 5,149 2,970 Tax credit and net operating loss carry-forwards 14,623 15,620 Fixed assets and leases 3,551 3,064 Other deferred tax assets 4,055 3,549 Gross deferred tax assets $ 35,790 $ 34,006 Valuation allowance $ 2,438 $ 4,194 Deferred tax assets after valuation allowance $ 33,352 $ 29,812 Deferred tax liabilities Intangibles and leases $ (2,271) $ (2,446) Non-U.S. withholding taxes (1,142) (987) Debt issuances (595) (126) Other deferred tax liabilities (1,672) (1,464) Gross deferred tax liabilities $ (5,680) $ (5,023) Net deferred tax assets $ 27,672 $ 24,789 Unrecognized Tax Benefits The following is a rollforward of the Company’s unrecognized tax benefits: In millions of dollars 2022 2021 2020 Total unrecognized tax benefits at January 1 $ 1,296 $ 861 $ 721 Increases for current year’s tax positions 55 97 51 Increases for prior years’ tax positions 168 515 217 Decreases for prior years’ tax positions (119) (107) (74) Amounts of decreases relating to settlements (50) (64) (40) Reductions due to lapse of statutes of limitation (26) (2) (13) Foreign exchange, acquisitions and dispositions (13) (4) (1) Total unrecognized tax benefits at December 31 $ 1,311 $ 1,296 $ 861 The portions of the total unrecognized tax benefits at December 31, 2022, 2021 and 2020 that, if recognized, would affect Citi’s tax expense are $1.0 billion, $1.0 billion and $0.7 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 . 2022 2021 2020 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 $ 214 $ 164 $ 118 $ 96 $ 100 $ 82 Total interest and penalties in the Consolidated Statement of Income 27 16 32 24 14 10 Total interest and penalties on the Consolidated Balance Sheet at December 31 (1) 234 176 214 164 118 96 (1) Includes $3 million, $3 million and $4 million for non-U.S. penalties in 2022, 2021 and 2020, respectively. Also includes $0 million, $0 million and $1 million for state penalties in 2022, 2021 and 2020, respectively. As of December 31, 2022, 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. The potential range of amounts that could affect Citi’s effective tax rate is between $0 and $500 million. 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 2017 New York State and City 2009 United Kingdom 2016 India 2021 Singapore 2021 Hong Kong 2016 Ireland 2018 Non-U.S. Earnings Non-U.S. pretax earnings approximated $16.2 billion in 2022, $12.9 billion in 2021 and $13.8 billion in 2020. 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, 2022, $5.9 billion of basis differences of non-U.S. entities was indefinitely invested. At the existing tax rates (including withholding taxes), additional taxes (net of U.S. FTCs and valuation allowances) of $2.4 billion would have to be provided if such assertions were reversed. Deferred Tax Assets As of December 31, 2022, Citi had a valuation allowance of $2.4 billion, composed of valuation allowances of $0.9 billion on its branch basket FTC carry-forwards, $1.0 billion on its U.S. residual DTA related to its non-U.S. branches, $0.4 billion on local non-U.S. DTAs and $0.1 billion on state net operating loss carry-forwards. There was a decrease of $1.8 billion from the December 31, 2021 balance of $4.2 billion. The amount of Citi’s valuation allowances (VA) may change in future years. In 2022, Citi’s VA for carry-forward FTCs in its branch basket decreased by $0.8 billion, primarily due to carry-forward expirations. The level of branch pretax income, the local branch tax rate and the allocations of overall domestic losses (ODL) and expenses for U.S. tax purposes to the branch basket are the main factors in determining the branch VA. There was no branch basket VA release in 2022. 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., in addition to tax examination changes from prior years, could alter the amount of VA that is needed against such FTCs. The remaining VA for the general basket of $0.8 billion was released, primarily due to increases in interest rates and prior-year audit adjustments. The non-U.S. local VA decreased by $0.2 billion. The following table summarizes Citi’s DTAs: In billions of dollars Jurisdiction/component (1) DTAs balance December 31, 2022 DTAs balance December 31, 2021 U.S. federal (2) Net operating losses (NOLs) (3) $ 3.3 $ 3.2 Foreign tax credits (FTCs) 1.9 2.8 General business credits (GBCs) 5.2 4.5 Future tax deductions and credits 10.1 8.4 Total U.S. federal $ 20.5 $ 18.9 State and local New York NOLs $ 1.9 $ 1.2 Other state NOLs 0.2 0.2 Future tax deductions 2.2 1.8 Total state and local $ 4.3 $ 3.2 Non-U.S. NOLs $ 0.7 $ 0.5 Future tax deductions 2.2 2.2 Total non-U.S. $ 2.9 $ 2.7 Total $ 27.7 $ 24.8 (1) All amounts are net of valuation allowances. (2) Included in the net U.S. federal DTAs of $20.5 billion as of December 31, 2022 were deferred tax liabilities of $3.3 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, 2022 December 31, 2021 U.S. tax return general basket foreign tax credit carry-forwards (1) 2022 $ — $ 0.5 2023 — 0.4 2025 0.8 1.5 2027 1.1 1.1 Total U.S. tax return general basket foreign tax credit carry-forwards $ 1.9 $ 3.5 U.S. tax return branch basket foreign tax credit carry-forwards (1) 2022 $ — $ 1.0 2028 0.7 0.6 2029 0.2 0.2 Total U.S. tax return branch basket foreign tax credit carry-forwards $ 0.9 $ 1.8 U.S. tax return general business credit carry-forwards 2032 $ 0.4 $ 0.4 2033 0.3 0.3 2034 0.2 0.2 2035 0.2 0.2 2036 0.2 0.2 2037 0.5 0.5 2038 0.5 0.5 2039 0.7 0.7 2040 0.7 0.7 2041 0.8 0.8 2042 0.7 — Total U.S. tax return general business credit carry-forwards $ 5.2 $ 4.5 U.S. subsidiary separate federal NOL carry-forwards 2027 $ 0.1 $ 0.1 2028 0.1 0.1 2030 0.3 0.3 2033 1.6 1.6 2034 2.0 2.0 2035 3.3 3.3 2036 2.1 2.1 2037 1.0 1.0 Unlimited carry-forward period 5.3 4.6 Total U.S. subsidiary separate federal NOL carry-forwards (2) $ 15.8 $ 15.1 New York State NOL carry-forwards (2) 2034 $ 11.5 $ 6.6 New York City NOL carry-forwards (2) 2034 $ 10.3 $ 7.2 Non-U.S. NOL carry-forwards (1) Various $ 1.1 $ 1.1 (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 $27.7 billion at December 31, 2022 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 ). The majority of Citi’s U.S. federal net operating loss carry-forward and all of its New York State and City net operating loss carry-forwards are subject to a carry-forward period of 20 years. This provides enough time to fully utilize the DTAs pertaining to these existing NOL carry-forwards. This is due to Citi’s forecast of sufficient U.S. taxable income and because New York State and City continue to tax Citi’s non-U.S. income. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 2020 Earnings per common share Income from continuing operations before attribution of noncontrolling interests $ 15,165 $ 22,018 $ 11,107 Less: Noncontrolling interests from continuing operations 89 73 40 Net income from continuing operations (for EPS purposes) $ 15,076 $ 21,945 $ 11,067 Loss from discontinued operations, net of taxes (231) 7 (20) Citigroup’s net income $ 14,845 $ 21,952 $ 11,047 Less: Preferred dividends (1) 1,032 1,040 1,095 Net income available to common shareholders $ 13,813 $ 20,912 $ 9,952 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS 113 154 73 Net income allocated to common shareholders for basic EPS $ 13,700 $ 20,758 $ 9,879 Weighted-average common shares outstanding applicable to basic EPS (in millions) 1,946.7 2,033.0 2,085.8 Basic earnings per share (2) Income from continuing operations $ 7.16 $ 10.21 $ 4.75 Discontinued operations (0.12) — (0.01) Net income per share—basic $ 7.04 $ 10.21 $ 4.74 Diluted earnings per share Net income allocated to common shareholders for basic EPS $ 13,700 $ 20,758 $ 9,879 Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends 41 31 30 Net income allocated to common shareholders for diluted EPS $ 13,741 $ 20,789 $ 9,909 Weighted-average common shares outstanding applicable to basic EPS (in millions) $ 1,946.7 $ 2,033.0 $ 2,085.8 Effect of dilutive securities Options (3) — — 0.1 Other employee plans 17.6 16.4 13.1 Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) (4) 1,964.3 2,049.4 2,099.0 Diluted earnings per share (2) Income from continuing operations $ 7.11 $ 10.14 $ 4.73 Discontinued operations (0.12) — (0.01) Net income per share—diluted $ 7.00 $ 10.14 $ 4.72 (1) See Note 21 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 2022 and 2021, there were no weighted-average options outstanding. During 2020, weighted-average options to purchase 0.1 million shares of common stock were outstanding but not included in the computation of earnings per share because the weighted-average exercise price of $56.25 per share was anti-dilutive. (4) Due to rounding, weighted-average common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to weighted-average common shares outstanding applicable to diluted EPS. |
SECURITIES BORROWED, LOANED AND
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS | 12 Months Ended |
Dec. 31, 2022 | |
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, In millions of dollars 2022 2021 Securities purchased under agreements to resell $ 291,272 $ 236,252 Deposits paid for securities borrowed 74,165 91,042 Total, net (1) $ 365,437 $ 327,294 Allowance for credit losses on securities purchased and borrowed (2) (36) (6) Total, net of allowance $ 365,401 $ 327,288 Securities loaned and sold under agreements to repurchase , at their respective carrying values, consisted of the following: December 31, In millions of dollars 2022 2021 Securities sold under agreements to repurchase $ 183,827 $ 174,255 Deposits received for securities loaned 18,617 17,030 Total, net (1) $ 202,444 $ 191,285 (1) The above tables do not include securities-for-securities lending transactions of $4.4 billion and $3.6 billion at December 31, 2022 and 2021, 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 . (2) See Note 15 for further information. 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 the Company elected the fair value option, as described in Notes 25 and 26. 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 26. 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 posts or obtains 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, 2022 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 403,663 $ 112,391 $ 291,272 $ 204,077 $ 87,195 Deposits paid for securities borrowed 88,817 14,652 74,165 13,844 60,321 Total $ 492,480 $ 127,043 $ 365,437 $ 217,921 $ 147,516 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 296,218 $ 112,391 $ 183,827 $ 71,635 $ 112,192 Deposits received for securities loaned 33,269 14,652 18,617 2,542 16,075 Total $ 329,487 $ 127,043 $ 202,444 $ 74,177 $ 128,267 As of December 31, 2021 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 367,594 $ 131,342 $ 236,252 $ 205,349 $ 30,903 Deposits paid for securities borrowed 107,041 15,999 91,042 17,326 73,716 Total $ 474,635 $ 147,341 $ 327,294 $ 222,675 $ 104,619 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 305,597 $ 131,342 $ 174,255 $ 85,184 $ 89,071 Deposits received for securities loaned 33,029 15,999 17,030 2,868 14,162 Total $ 338,626 $ 147,341 $ 191,285 $ 88,052 $ 103,233 (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, 2022 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 $ 138,710 $ 86,819 $ 25,119 $ 45,570 $ 296,218 Deposits received for securities loaned 25,388 267 2,121 5,493 33,269 Total $ 164,098 $ 87,086 $ 27,240 $ 51,063 $ 329,487 As of December 31, 2021 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 $ 127,679 $ 93,257 $ 32,908 $ 51,753 $ 305,597 Deposits received for securities loaned 23,387 6 1,392 8,244 33,029 Total $ 151,066 $ 93,263 $ 34,300 $ 59,997 $ 338,626 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, 2022 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 99,979 $ 106 $ 100,085 State and municipal securities 1,911 — 1,911 Foreign government securities 123,826 13 123,839 Corporate bonds 14,308 45 14,353 Equity securities 9,749 33,096 42,845 Mortgage-backed securities 36,225 — 36,225 Asset-backed securities 1,755 — 1,755 Other 8,465 9 8,474 Total $ 296,218 $ 33,269 $ 329,487 As of December 31, 2021 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 85,861 $ 90 $ 85,951 State and municipal securities 1,053 — 1,053 Foreign government securities 133,352 212 133,564 Corporate bonds 20,398 152 20,550 Equity securities 25,653 32,517 58,170 Mortgage-backed securities 33,573 — 33,573 Asset-backed securities 1,681 — 1,681 Other 4,026 58 4,084 Total $ 305,597 $ 33,029 $ 338,626 |
BROKERAGE RECEIVABLES AND BROKE
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES | 12 Months Ended |
Dec. 31, 2022 | |
Broker-Dealer [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 2022 2021 Receivables from customers $ 15,462 $ 26,403 Receivables from brokers, dealers and clearing organizations 38,730 27,937 Total brokerage receivables (1) $ 54,192 $ 54,340 Payables to customers $ 55,747 $ 52,158 Payables to brokers, dealers and clearing organizations 13,471 9,272 Total brokerage payables (1) $ 69,218 $ 61,430 (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, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS The following table presents Citi’s investments by category: December 31, In millions of dollars 2022 2021 Debt securities available-for-sale (AFS) $ 249,679 $ 288,522 Debt securities held-to-maturity (HTM) (1) 268,863 216,963 Marketable equity securities carried at fair value (2) 429 543 Non-marketable equity securities carried at fair value (2)(5) 466 489 Non-marketable equity securities measured using the measurement alternative (3) 1,676 1,413 Non-marketable equity securities carried at cost (4) 5,469 4,892 Total investments (6) $ 526,582 $ 512,822 (1) Carried at adjusted amortized cost basis, net of any ACL. (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. See “Non-Marketable Equity Securities Not Carried at Fair Value” below. (4) Represents shares issued by the Federal Reserve Bank, Federal Home Loan Banks and certain exchanges of which Citigroup is a member. (5) Includes $27 million and $145 million of investments in funds for which the fair values are estimated using the net asset value of the Company’s ownership interest in the funds at December 31, 2022 and 2021, respectively. (6) Not included in the balances above is approximately $2 billion of accrued interest receivable at December 31, 2022, which is included in Other assets on the Consolidated Balance Sheet. The Company does not recognize an allowance for credit losses on accrued interest receivable for AFS and HTM debt securities, consistent with its non-accrual policy, which results in timely write-off of accrued interest. The Company did not reverse through interest income any accrued interest receivables for the years ended December 31, 2022 and 2021. The following table presents interest and dividend income on investments: In millions of dollars 2022 2021 2020 Taxable interest $ 10,643 $ 6,975 $ 7,554 Interest exempt from U.S. federal income tax 348 279 301 Dividend income 223 134 134 Total interest and dividend income on investments $ 11,214 $ 7,388 $ 7,989 The following table presents realized gains and losses on the sales of investments, which exclude impairment losses: In millions of dollars 2022 2021 2020 Gross realized investment gains $ 323 $ 860 $ 1,895 Gross realized investment losses (256) (195) (139) Net realized gains on sales of investments $ 67 $ 665 $ 1,756 Debt Securities Available-for-Sale The amortized cost and fair value of AFS debt securities were as follows: December 31, 2022 December 31, 2021 In millions of dollars Amortized Gross Gross Allowance for credit losses Fair Amortized Gross Gross Allowance for credit losses Fair Debt securities AFS Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed (2) $ 12,009 $ 8 $ 755 $ — $ 11,262 $ 33,064 $ 453 $ 301 $ — $ 33,216 Residential 488 — 3 — 485 380 1 1 — 380 Commercial 2 — — — 2 25 — — — 25 Total mortgage-backed securities $ 12,499 $ 8 $ 758 $ — $ 11,749 $ 33,469 $ 454 $ 302 $ — $ 33,621 U.S. Treasury and federal agency securities U.S. Treasury $ 94,732 $ 50 $ 2,492 $ — $ 92,290 $ 122,669 $ 615 $ 844 $ — $ 122,440 Agency obligations — — — — — — — — — — Total U.S. Treasury $ 94,732 $ 50 $ 2,492 $ — $ 92,290 $ 122,669 $ 615 $ 844 $ — $ 122,440 State and municipal (2) $ 2,363 $ 19 $ 159 $ — $ 2,223 $ 2,643 $ 79 $ 101 $ — $ 2,621 Foreign government 135,648 569 2,940 — 133,277 119,426 337 1,023 — 118,740 Corporate 5,146 19 246 3 4,916 5,972 33 77 8 5,920 Asset-backed securities (1) 1,022 12 4 — 1,030 304 — 1 — 303 Other debt securities 4,198 1 5 — 4,194 4,880 1 4 — 4,877 Total debt securities AFS $ 255,608 $ 678 $ 6,604 $ 3 $ 249,679 $ 289,363 $ 1,519 $ 2,352 $ 8 $ 288,522 (1) The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. 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. See Note 22 for mortgage- and asset-backed securitizations in which the Company has other involvement. (2) In 2022, Citibank transferred $21.5 billion of agency residential mortgage-backed securities and $165 million of municipal bonds from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities and bonds were in an unrealized loss position of $2.3 billion and $12 million, respectively. The loss amounts will remain in AOCI and will be amortized over the remaining life of the securities and bonds. At December 31, 2022, the amortized cost of AFS fixed income securities for those in a loss position exceeded their fair value by $6,604 million. Of the $6,604 million, $3,997 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, 73% were rated investment grade; and $2,607 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, 99% were rated investment grade. Of the $2,607 million, $1,491 million represents U.S. Treasury and federal agency 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 Gross Fair Gross Fair Gross December 31, 2022 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 7,908 $ 412 $ 3,290 $ 343 $ 11,198 $ 755 Residential 158 3 1 — 159 3 Commercial 1 — 1 — 2 — Total mortgage-backed securities $ 8,067 $ 415 $ 3,292 $ 343 $ 11,359 $ 758 U.S. Treasury and federal agency securities U.S. Treasury $ 40,701 $ 1,001 $ 34,692 $ 1,491 $ 75,393 $ 2,492 Agency obligations — — — — — — Total U.S. Treasury and federal agency securities $ 40,701 $ 1,001 $ 34,692 $ 1,491 $ 75,393 $ 2,492 State and municipal $ 896 $ 31 $ 707 $ 128 $ 1,603 $ 159 Foreign government 82,900 2,332 14,220 608 97,120 2,940 Corporate 3,082 209 784 37 3,866 246 Asset-backed securities 708 4 — — 708 4 Other debt securities 2,213 5 — — 2,213 5 Total debt securities AFS $ 138,567 $ 3,997 $ 53,695 $ 2,607 $ 192,262 $ 6,604 December 31, 2021 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 17,039 $ 270 $ 698 $ 31 $ 17,737 $ 301 Residential 96 1 1 — 97 1 Commercial — — — — — — Total mortgage-backed securities $ 17,135 $ 271 $ 699 $ 31 $ 17,834 $ 302 U.S. Treasury and federal agency securities U.S. Treasury $ 56,448 $ 713 $ 6,310 $ 131 $ 62,758 $ 844 Agency obligations — — — — — — Total U.S. Treasury and federal agency securities $ 56,448 $ 713 $ 6,310 $ 131 $ 62,758 $ 844 State and municipal $ 229 $ 3 $ 874 $ 98 $ 1,103 $ 101 Foreign government 64,319 826 9,924 197 74,243 1,023 Corporate 2,655 77 22 — 2,677 77 Asset-backed securities 108 1 — — 108 1 Other debt securities 3,439 4 — — 3,439 4 Total debt securities AFS $ 144,333 $ 1,895 $ 17,829 $ 457 $ 162,162 $ 2,352 The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: December 31, 2022 2021 In millions of dollars Amortized Fair Weighted average yield (1) Amortized Fair Weighted average yield (1) Mortgage-backed securities (2) Due within 1 year $ 42 $ 44 2.02 % $ 188 $ 189 0.79 % After 1 but within 5 years 523 513 2.31 211 211 1.07 After 5 but within 10 years 468 440 3.46 523 559 3.41 After 10 years 11,466 10,752 3.46 32,547 32,662 2.73 Total $ 12,499 $ 11,749 3.41 % $ 33,469 $ 33,621 2.72 % U.S. Treasury and federal agency securities Due within 1 year $ 25,935 $ 25,829 2.81 % $ 34,321 $ 34,448 1.05 % After 1 but within 5 years 68,455 66,166 1.17 87,987 87,633 0.81 After 5 but within 10 years 342 295 2.53 361 359 1.42 After 10 years — — — — — — Total $ 94,732 $ 92,290 1.62 % $ 122,669 $ 122,440 0.87 % State and municipal Due within 1 year $ 19 $ 18 1.79 % $ 40 $ 40 2.09 % After 1 but within 5 years 94 92 3.07 121 124 3.16 After 5 but within 10 years 305 302 3.55 156 161 3.18 After 10 years 1,945 1,811 3.51 2,326 2,296 3.15 Total $ 2,363 $ 2,223 3.49 % $ 2,643 $ 2,621 3.14 % Foreign government Due within 1 year $ 64,795 $ 64,479 4.25 % $ 49,263 $ 49,223 2.53 % After 1 but within 5 years 67,935 66,150 4.80 64,555 63,961 3.14 After 5 but within 10 years 2,491 2,250 2.86 3,736 3,656 1.72 After 10 years 427 398 3.80 1,872 1,900 1.52 Total $ 135,648 $ 133,277 4.50 % $ 119,426 $ 118,740 2.82 % All other (3) Due within 1 year $ 4,452 $ 4,441 1.52 % $ 5,175 $ 5,180 0.94 % After 1 but within 5 years 5,162 4,988 4.82 5,177 5,149 1.91 After 5 but within 10 years 695 693 11.35 750 750 2.08 After 10 years 57 18 3.81 54 21 4.28 Total $ 10,366 $ 10,140 3.83 % $ 11,156 $ 11,100 1.48 % Total debt securities AFS $ 255,608 $ 249,679 3.34 % $ 289,363 $ 288,522 1.94 % (1) Weighted average yields are weighted based on the amortized cost of each security. The average yield considers the contractual coupon, amortization of premiums and accretion of discounts and excludes the effects of any related hedging derivatives. (2) Includes mortgage-backed securities of U.S. government-sponsored agencies. The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. (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 Amortized cost, net (1) Gross Gross Fair December 31, 2022 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed (3) $ 90,063 $ 58 $ 10,033 $ 80,088 Non-U.S. residential 445 — — 445 Commercial 1,114 5 1 1,118 Total mortgage-backed securities $ 91,622 $ 63 $ 10,034 $ 81,651 U.S. Treasury securities $ 134,961 $ — $ 13,722 $ 121,239 State and municipal (4) 9,237 34 764 8,507 Foreign government 2,075 — 93 1,982 Asset-backed securities (2) 30,968 4 703 30,269 Total debt securities HTM, net $ 268,863 $ 101 $ 25,316 $ 243,648 December 31, 2021 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed $ 63,885 $ 1,076 $ 925 $ 64,036 Non-U.S. residential 736 3 — 739 Commercial 1,070 4 2 1,072 Total mortgage-backed securities $ 65,691 $ 1,083 $ 927 $ 65,847 U.S. Treasury securities $ 111,819 $ 30 $ 1,632 $ 110,217 State and municipal 8,923 589 12 9,500 Foreign government 1,651 4 36 1,619 Asset-backed securities (2) 28,879 8 32 28,855 Total debt securities HTM, net $ 216,963 $ 1,714 $ 2,639 $ 216,038 (1) Amortized cost is reported net of ACL of $120 million and $87 million at December 31, 2022 and December 31, 2021, respectively. (2) The Company invests in mortgage- and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. See Note 22 for mortgage- and asset-backed securitizations in which the Company has other involvement. (3) In 2022, Citibank transferred $21.5 billion of agency residential mortgage-backed securities and $165 million of municipal bonds from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities and bonds were in an unrealized loss position of $2.3 billion and $12 million, respectively. The loss amounts will remain in AOCI and will be amortized over the remaining life of the securities and bonds. The Company has the positive intent and ability to hold these securities to maturity or, where applicable, until the exercise of any issuer call option, 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 debt 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 following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: December 31, 2022 2021 In millions of dollars Amortized cost (1) Fair value Weighted average yield (2) Amortized cost (1) Fair value Weighted average yield (2) Mortgage-backed securities Due within 1 year $ 27 $ 27 2.93 % $ 152 $ 151 1.70 % After 1 but within 5 years 520 505 3.84 684 725 3.01 After 5 but within 10 years 1,496 1,374 2.74 1,655 1,739 2.74 After 10 years 89,579 79,745 2.89 63,200 63,232 2.55 Total $ 91,622 $ 81,651 2.90 % $ 65,691 $ 65,847 2.56 % U.S. Treasury securities Due within 1 year $ 3,148 $ 3,017 0.18 % $ — $ — — % After 1 but within 5 years 86,617 79,104 1.04 65,498 64,516 0.69 After 5 but within 10 years 45,196 39,118 1.16 46,321 45,701 1.15 After 10 years — — — — — — Total $ 134,961 $ 121,239 1.06 % $ 111,819 $ 110,217 0.88 % State and municipal Due within 1 year $ 22 $ 21 2.73 % $ 51 $ 50 3.82 % After 1 but within 5 years 102 100 2.99 166 170 2.82 After 5 but within 10 years 1,002 967 3.16 908 951 3.23 After 10 years 8,111 7,419 3.32 7,798 8,329 2.65 Total $ 9,237 $ 8,507 3.30 % $ 8,923 $ 9,500 2.72 % Foreign government Due within 1 year $ 143 $ 139 10.83 % $ 292 $ 291 7.86 % After 1 but within 5 years 1,932 1,843 9.94 1,359 1,328 6.30 After 5 but within 10 years — — — — — — After 10 years — — — — — — Total $ 2,075 $ 1,982 10.00 % $ 1,651 $ 1,619 6.58 % All other (3) Due within 1 year $ — $ — — % $ — $ — — % After 1 but within 5 years — — — — — — After 5 but within 10 years 11,751 11,583 2.81 11,520 11,515 2.78 After 10 years 19,217 18,686 1.53 17,359 17,340 1.34 Total $ 30,968 $ 30,269 2.02 % $ 28,879 $ 28,855 1.92 % Total debt securities HTM $ 268,863 $ 243,648 1.94 % $ 216,963 $ 216,038 1.65 % (1) Amortized cost is reported net of ACL of $120 million and $87 million at December 31, 2022 and 2021, respectively. (2) Weighted average yields are weighted based on the amortized cost of each security. The average yield considers the contractual coupon, amortization of premiums and accretion of discounts and excludes the effects of any related hedging derivatives. (3) Includes corporate and asset-backed securities. HTM Debt Securities Delinquency and Non-Accrual Details Citi did no t have any HTM debt securities that were delinquent or on non-accrual status at December 31, 2022 and 2021. There were no purchased credit-deteriorated HTM debt securities held by the Company as of December 31, 2022 and 2021. Evaluating Investments for Impairment AFS Debt Securities Overview—AFS Debt Securities The Company conducts periodic reviews of all AFS debt securities with unrealized losses to evaluate whether the impairment resulted from expected credit losses or from other factors and to evaluate the Company’s intent to sell such securities. An AFS debt security is impaired when the current fair value of an individual AFS debt security is less than its amortized cost basis. The Company recognizes the entire difference between amortized cost basis and fair value in earnings for impaired AFS debt securities that Citi has an intent to sell or for which Citi believes it will more-likely-than-not be required to sell prior to recovery of the amortized cost basis. However, for those AFS 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 by recording an allowance for credit losses. Any remaining fair value decline for such securities is recorded in AOCI . The Company does not consider the length of time that the fair value of a security is below its amortized cost when determining if a credit loss exists. For AFS debt securities, credit losses exist where Citi does not expect to receive contractual principal and interest cash flows sufficient to recover the entire amortized cost basis of a security. The allowance for credit losses is limited to the amount by which the AFS debt security’s amortized cost basis exceeds its fair value. The allowance is increased or decreased if credit conditions subsequently worsen or improve. Reversals of credit losses are recognized in earnings. The Company’s review for impairment of AFS debt securities generally entails: • identification and evaluation of impaired investments; • consideration of evidential matter, including an evaluation of factors or triggers that could cause individual positions to qualify as credit impaired and those that would not support credit impairment; and • documentation of the results of these analyses, as required under business policies. The sections below describe the Company’s process for identifying expected credit impairments for debt security types that have the most significant unrealized losses as of December 31, 2022. Agency Mortgage-Backed Securities Citi records no allowances for credit losses on U.S. government-agency-guaranteed mortgage-backed securities, because the Company expects to incur no credit losses in the event of default due to a history of incurring no credit losses and due to the nature of the counterparties. State and Municipal Securities The process for estimating credit losses in Citigroup’s AFS state and municipal bonds is primarily based on a credit analysis that incorporates third-party credit ratings. Citi monitors the bond issuers and any insurers providing default protection in the form of financial guarantee insurance. The average external credit rating, disregarding any insurance, is Aa2/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 AFS state and municipal bonds with unrealized losses that Citi plans to sell or would more-likely-than-not be required to sell prior to recovery of value, the full impairment is recognized in earnings. For AFS state and municipal bonds where Citi has no intent to sell and it is not more-likely-than-not that the Company will be required to sell, Citi records an allowance for expected credit losses for the amount it expects not to collect, capped at the difference between the bond’s amortized cost basis and fair value. Equity Method Investments Management assesses equity method investments that have fair values that are less than their respective carrying values for other-than-temporary impairment (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 25). 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 as OTTI in Other revenue 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 Impairment The following table presents total impairment on AFS investments recognized in earnings: Year ended In millions of dollars 2022 2021 2020 Impairment losses related to debt securities that the Company does not intend to sell nor will likely be required to sell: Total impairment 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 $ — $ — $ — Impairment losses recognized in earnings for debt securities that the Company intends to sell, would more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise 360 181 109 Total impairment losses recognized in earnings $ 360 $ 181 $ 109 The following presents the credit-related impairments recognized in earnings for AFS securities held that the Company does not intend to sell nor will likely be required to sell at December 31, 2022 and 2021: Allowance for Credit Losses on AFS Debt Securities Year ended December 31, 2022 In millions of dollars Mortgage-backed U.S. Treasury and federal agency State and municipal Foreign government Corporate Total AFS Allowance for credit losses at beginning of year $ — $ — $ — $ — $ 8 $ 8 Gross write-offs — — — — — — Gross recoveries — — — — 5 5 Net credit losses (NCLs) $ — $ — $ — $ — $ 5 $ 5 NCLs $ — $ — $ — $ — $ (5) $ (5) Credit losses on securities without previous credit losses — — — — 2 2 Net reserve builds (releases) on securities with previous credit losses — — — — (2) (2) Total provision for credit losses $ — $ — $ — $ — $ (5) $ (5) Initial allowance on newly purchased credit-deteriorated securities during the year — — — — — — Allowance for credit losses at end of year $ — $ — $ — $ — $ 3 $ 3 Year ended December 31, 2021 In millions of dollars Mortgage-backed U.S. Treasury and federal agency State and municipal Foreign government Corporate Total AFS Allowance for credit losses at beginning of year $ — $ — $ — $ — $ 5 $ 5 Gross write-offs — — — — — — Gross recoveries — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — NCLs $ — $ — $ — $ — $ — $ — Credit losses on securities without previous credit losses — — — — 3 3 Net reserve builds (releases) on securities with previous credit losses — — — — — — Total provision for credit losses $ — $ — $ — $ — $ 3 $ 3 Initial allowance on newly purchased credit-deteriorated securities during the year — — — — — — Allowance for credit losses at end of year $ — $ — $ — $ — $ 8 $ 8 Year ended December 31, 2020 In millions of dollars Mortgage-backed U.S. Treasury and federal agency State and municipal Foreign government Corporate Total AFS Allowance for credit losses at beginning of year $ — $ — $ — $ — $ — $ — Gross write-offs — — — — — — Gross recoveries — — — — 2 2 Net credit losses (NCLs) $ — $ — $ — $ — $ 2 $ 2 NCLs $ — $ — $ — $ — $ (2) $ (2) Credit losses on securities without previous credit losses — — — 3 5 8 Net reserve builds (releases) on securities with previous credit losses — — — (3) — (3) Total provision for credit losses $ — $ — $ — $ — $ 3 $ 3 Initial allowance on newly purchased credit-deteriorated securities during the year — — — — — — Allowance for credit losses at end of year $ — $ — $ — $ — $ 5 $ 5 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. 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, 2022 and 2021: In millions of dollars December 31, 2022 December 31, 2021 Measurement alternative: Carrying value $ 1,676 $ 1,413 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 2022 2021 Measurement alternative (1) : Impairment losses $ 139 $ 25 Downward changes for observable prices 3 — Upward changes for observable prices 177 406 (1) See Note 25 for additional information on these nonrecurring fair value measurements. Life-to-date amounts on securities still held In millions of dollars December 31, 2022 Measurement alternative: Impairment losses $ 219 Downward changes for observable prices 6 Upward changes for observable prices 867 A similar impairment analysis is performed for non-marketable equity securities carried at cost. For the years ended December 31, 2022 and 2021 , there was no i mpairment loss recognized in earnings for non-marketable equity securities carried at cost. |
LOANS
LOANS | 12 Months Ended |
Dec. 31, 2022 | |
Loans and Leases Receivable Disclosure [Abstract] | |
LOANS | LOANSCitigroup loans are reported in two categories: corporate and consumer. These categories are classified primarily according to the operating segment and component that manage the loans in addition to the nature of the obligor, with corporate loans generally made for corporate institutional and public sector clients around the world and consumer loans to retail and small business customers. Corporate Loans Corporate loans represent loans and leases managed by ICG and the Mexico SBMM component of Legacy Franchises. 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 $ 56,176 $ 48,364 Financial institutions 43,399 49,804 Mortgage and real estate (2) 17,829 15,965 Installment and other 23,767 20,143 Lease financing 308 415 Total $ 141,479 $ 134,691 In offices outside North America (1) Commercial and industrial $ 93,967 $ 102,735 Financial institutions 21,931 22,158 Mortgage and real estate (2) 4,179 4,374 Installment and other 23,347 22,812 Lease financing 46 40 Governments and official institutions 4,205 4,423 Total $ 147,675 $ 156,542 Corporate loans, net of unearned income (3)(4)(5) $ 289,154 $ 291,233 (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 $($797) million and ($770) million at December 31, 2022 and 2021, respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis. (4) Not included in the balances above is approximately $2 billion of accrued interest receivable at December 31, 2022, which is included in Other assets on the Consolidated Balance Sheet. (5) Accrued interest receivable considered to be uncollectible is reversed through interest income. Amounts reversed were not material for the years ended December 31, 2022 and 2021, respectively. The Company sold and/or reclassified to held-for-sale $5.0 billion and $5.9 billion of corporate loans during the years ended December 31, 2022 and 2021, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the years ended December 31, 2022 or 2021. 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 $0.4 billion of lease financing receivables, as of December 31, 2022, 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, 2022 was not material. 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 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 collectibility 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, 2022 In millions of dollars 30–89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 763 $ 594 $ 1,357 $ 860 $ 145,586 $ 147,803 Financial institutions 233 102 335 152 64,420 64,907 Mortgage and real estate 30 12 42 33 21,874 21,949 Lease financing — 1 1 10 343 354 Other 145 18 163 67 48,788 49,018 Loans at fair value 5,123 Total $ 1,171 $ 727 $ 1,898 $ 1,122 $ 281,011 $ 289,154 Corporate Loan Delinquencies and Non-Accrual Details at December 31, 2021 In millions of dollars 30–89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 1,072 $ 239 $ 1,311 $ 1,263 $ 144,430 $ 147,004 Financial institutions 320 166 486 2 71,279 71,767 Mortgage and real estate 1 1 2 136 20,153 20,291 Lease financing — — — 14 441 455 Other 77 19 96 138 45,412 45,646 Loans at fair value 6,070 Total $ 1,470 $ 425 $ 1,895 $ 1,553 $ 281,715 $ 291,233 (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 and/or principal is doubtful. (3) Loans less than 30 days past due are presented as current. (4) The Total loans column includes loans at fair value, which are not included in the various delinquency columns, and therefore the tables’ total rows will not cross-foot. 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, doubtful and loss will have risk ratings within the non-investment-grade categories. Corporate Loans Credit Quality Indicators Recorded investment in loans (1) Term loans by year of origination Revolving line of credit arrangements (2) December 31, In millions of dollars 2022 2021 2020 2019 2018 Prior Investment grade (3) Commercial and industrial (4) $ 50,086 $ 5,716 $ 2,454 $ 2,348 $ 1,129 $ 1,776 $ 38,359 $ 101,868 Financial institutions (4) 13,547 3,174 813 593 284 713 37,463 56,587 Mortgage and real estate 7,321 3,876 3,379 1,205 577 775 152 17,285 Other (5) 12,257 1,171 494 148 688 3,496 26,807 45,061 Total investment grade $ 83,211 $ 13,937 $ 7,140 $ 4,294 $ 2,678 $ 6,760 $ 102,781 $ 220,801 Non-investment grade (3) Accrual Commercial and industrial (4) $ 21,877 $ 3,114 $ 1,371 $ 800 $ 661 $ 402 $ 16,850 $ 45,075 Financial institutions (4) 5,110 626 247 65 36 11 2,073 8,168 Mortgage and real estate 1,081 989 470 556 562 501 472 4,631 Other (5) 1,938 360 466 107 7 64 1,292 4,234 Non-accrual Commercial and industrial (4) 80 31 90 53 44 83 479 860 Financial institutions 41 35 — — — — 76 152 Mortgage and real estate 2 11 — — 2 18 — 33 Other (5) 7 26 1 8 10 9 16 77 Total non-investment grade $ 30,136 $ 5,192 $ 2,645 $ 1,589 $ 1,322 $ 1,088 $ 21,258 $ 63,230 Loans at fair value (6) $ 5,123 Corporate loans, net of unearned income $ 113,347 $ 19,129 $ 9,785 $ 5,883 $ 4,000 $ 7,848 $ 124,039 $ 289,154 Recorded investment in loans (1) Term loans by year of origination Revolving line of credit arrangements (2) December 31, 2021 In millions of dollars 2021 2020 2019 2018 2017 Prior Investment grade (3) Commercial and industrial (4) $ 42,422 $ 5,529 $ 4,642 $ 3,757 $ 2,911 $ 8,392 $ 30,588 $ 98,241 Financial institutions (4) 12,862 1,678 1,183 1,038 419 1,354 43,630 62,164 Mortgage and real estate 2,423 3,660 3,332 2,015 1,212 1,288 141 14,071 Other (5) 9,037 3,099 1,160 2,789 330 4,601 18,727 39,743 Total investment grade $ 66,744 $ 13,966 $ 10,317 $ 9,599 $ 4,872 $ 15,635 $ 93,086 $ 214,219 Non-investment grade (3) Accrual Commercial and industrial (4) $ 16,783 $ 2,281 $ 2,343 $ 2,024 $ 1,412 $ 3,981 $ 18,676 $ 47,500 Financial institutions (4) 4,325 347 567 101 71 511 3,679 9,601 Mortgage and real estate 1,275 869 1,228 1,018 493 586 615 6,084 Other (5) 1,339 349 554 364 119 245 3,236 6,206 Non-accrual Commercial and industrial (4) 53 119 64 104 94 117 712 1,263 Financial institutions — — — — — — 2 2 Mortgage and real estate 11 8 2 49 10 25 31 136 Other (5) 19 5 19 19 — 90 — 152 Total non-investment grade $ 23,805 $ 3,978 $ 4,777 $ 3,679 $ 2,199 $ 5,555 $ 26,951 $ 70,944 Loans at fair value (6) 6,070 Corporate loans, net of unearned income $ 90,549 $ 17,944 $ 15,094 $ 13,278 $ 7,071 $ 21,190 $ 120,037 $ 291,233 (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. (2) There were no significant revolving line of credit arrangements that converted to term loans during the year. (3) Held-for-investment loans are accounted for on an amortized cost basis. (4) Includes certain short-term loans with less than one year in tenor. (5) Other includes installment and other, lease financing and loans to government and official institutions. (6) Loans at fair value include loans to commercial and industrial, financial institutions, mortgage and real estate and other. Collateral-dependent loans and leases, where repayment is expected to be provided solely by the sale of the underlying collateral with 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, 2022 In millions of dollars Recorded investment (1) Unpaid Related specific Average carrying value (2) Interest income recognized (3) Non-accrual corporate loans Commercial and industrial $ 860 $ 1,440 $ 268 $ 1,210 $ 56 Financial institutions 152 205 51 115 — Mortgage and real estate 33 33 4 85 4 Lease financing 10 10 — 12 — Other 67 89 — 111 6 Total non-accrual corporate loans $ 1,122 $ 1,777 $ 323 $ 1,533 $ 66 At and for the year ended December 31, 2021 In millions of dollars Recorded investment (1) Unpaid Related specific Average carrying value (2) Interest income recognized (3) Non-accrual corporate loans Commercial and industrial $ 1,263 $ 1,858 $ 198 $ 1,839 $ 37 Financial institutions 2 55 — 4 — Mortgage and real estate 136 285 10 163 — Lease financing 14 14 — 21 — Other 138 165 4 134 17 Total non-accrual corporate loans $ 1,553 $ 2,377 $ 212 $ 2,161 $ 54 December 31, 2022 December 31, 2021 In millions of dollars Recorded investment (1) Related specific Recorded investment (1) Related specific Non-accrual corporate loans with specific allowances Commercial and industrial $ 583 $ 268 $ 637 $ 198 Financial institutions 149 51 — — Mortgage and real estate 33 4 29 10 Other — — 37 4 Total non-accrual corporate loans with specific allowances $ 765 $ 323 $ 703 $ 212 Non-accrual corporate loans without specific allowances Commercial and industrial $ 277 $ 626 Financial institutions 3 2 Mortgage and real estate — 107 Lease financing 10 14 Other 67 101 Total non-accrual corporate loans without specific allowances $ 357 N/A $ 850 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 allowances. (3) Interest income recognized for the year ended December 31, 2020 was $35 million. N/A Not applicable Corporate Troubled Debt Restructurings For the year ended December 31, 2022 In millions of dollars Carrying value of TDRs modified TDRs involving changes in the amount and/or timing of principal payments (2) TDRs involving changes in the amount and/or timing of interest payments (3) TDRs Commercial and industrial $ 61 $ — $ — $ 61 Mortgage and real estate 2 1 — 1 Other 30 — 30 Total $ 93 $ 1 $ — $ 92 For the year ended December 31, 2021 (1) In millions of dollars Carrying value of TDRs modified during the year TDRs involving changes in the amount and/or timing of principal payments (2) TDRs involving changes in the amount and/or timing of interest payments (3) TDRs Commercial and industrial $ 82 $ — $ — $ 82 Mortgage and real estate 4 — — 4 Other 6 — 6 Total $ 92 $ — $ — $ 92 (1) The 2021 table does not include loan modifications that meet the TDR relief criteria in the CARES Act or the interagency guidance. (2) 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 uncollectible 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. (3) 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, 2022 TDR loans that re-defaulted in 2022 within one year of modification TDR balances at December 31, 2021 TDR loans that re-defaulted in 2020 within one year of modification Commercial and industrial $ 85 $ — $ 236 $ — Mortgage and real estate 13 — 20 — Other 12 — 28 — Total (1) $ 110 $ — $ 284 $ — (1) The above table reflects activity for loans outstanding that were considered TDRs as of the end of the reporting period. Consumer Loans Consumer loans represent loans and leases managed primarily by PBWM and Legacy Franchises (except Mexico SBMM) . 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. 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 tables below present details about these loans, including the following loan categories: • Residential first mortgages and Home equity loans in North America offices primarily represent secured mortgage lending to customers of Retail banking and Global Wealth (primarily Private bank and Citigold). • Credit cards in North America offices primarily represent unsecured credit card lending to customers of Branded cards and Retail services. • Personal, small business and other loans in North America are primarily composed of classifiably managed loans to customers of Global Wealth (mostly within the Private bank) who are typically high credit quality borrowers that historically experienced minimal delinquencies and credit losses. Loans to these borrowers are generally well collateralized in the form of liquid securities and other forms of collateral. • Residential mortgage loans in offices outside North America primarily represent secured mortgage lending to customers of Global Wealth (primarily Private bank and Citigold) as well as customers of Legacy Franchises . • Credit cards in offices outside North America primarily represent unsecured credit card lending to customers of Legacy Franchises , primarily in Asia and Mexico. • Personal, small business and other loans in offices outside North America are primarily composed of secured and unsecured loans to customers of PBWM and Legacy Franchises . A significant portion of PBWM loans is classifiably managed and represents loans to high credit quality Private bank customers who historically experienced minimal delinquencies and credit losses. Loans to these borrowers are generally well collateralized in the form of liquid securities and other forms of collateral. The following tables provide Citi’s consumer loans by type: Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 2022 In millions of dollars Total current (1)(2) 30–89 days past due (3) ≥ 90 days past due (3) Past due government guaranteed (6) Total Non-accrual loans for which there is no ACLL Non-accrual loans for which there is an ACLL Total 90 days In North America offices (7) Residential first mortgages (8) $ 95,023 $ 421 $ 316 $ 279 $ 96,039 $ 86 $ 434 $ 520 $ 163 Home equity loans (9)(10) 4,407 38 135 — 4,580 51 151 202 — Credit cards 147,717 1,511 1,415 — 150,643 — — — 1,415 Personal, small business and other (11) 37,635 88 22 7 37,752 3 23 26 11 Total $ 284,782 $ 2,058 $ 1,888 $ 286 $ 289,014 $ 140 $ 608 $ 748 $ 1,589 In offices outside North America (7) Residential mortgages (8) $ 27,946 $ 62 $ 106 $ — $ 28,114 $ — $ 305 $ 305 $ 13 Credit cards 12,659 147 149 — 12,955 — 127 127 56 Personal, small business and other (11) 37,869 105 10 — 37,984 — 137 137 — Total $ 78,474 $ 314 $ 265 $ — $ 79,053 $ — $ 569 $ 569 $ 69 Total Citigroup (12)(13) $ 363,256 $ 2,372 $ 2,153 $ 286 $ 368,067 $ 140 $ 1,177 $ 1,317 $ 1,658 Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 2021 In millions of dollars Total current (1)(2) 30–89 days past due (3)(4)(5) ≥ 90 days past due (3)(4)(5) Past due government guaranteed (5)(6) Total Non-accrual loans for which there is no ACLL Non-accrual loans for which there is an ACLL Total 90 days In North America offices (7) Residential first mortgages (8) $ 82,087 $ 381 $ 499 $ 394 $ 83,361 $ 134 $ 559 $ 693 $ 282 Home equity loans (9)(10) 5,546 43 156 — 5,745 64 221 285 — Credit cards 132,050 947 871 — 133,868 — — — 871 Personal, small business and other (14) 40,533 126 16 38 40,713 2 70 72 30 Total $ 260,216 $ 1,497 $ 1,542 $ 432 $ 263,687 $ 200 $ 850 $ 1,050 $ 1,183 In offices outside North America (7) Residential mortgages (8) $ 37,566 $ 165 $ 158 $ — $ 37,889 $ — $ 409 $ 409 $ 10 Credit cards 17,428 192 188 — 17,808 — 140 140 133 Personal, small business and other (14) 56,930 145 75 — 57,150 — 227 227 — Total $ 111,924 $ 502 $ 421 $ — $ 112,847 $ — $ 776 $ 776 $ 143 Total Citigroup (13) $ 372,140 $ 1,999 $ 1,963 $ 432 $ 376,534 $ 200 $ 1,626 $ 1,826 $ 1,326 (1) Loans less than 30 days past due are presented as current. (2) Includes $237 million and $12 million at December 31, 2022 and 2021, respectively, of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes $31.5 billion and $17.8 billion of classifiably managed Private bank loans in North America and outside North America, respectively, at December 31, 2022. Excludes $35.3 billion and $24.5 billion of classifiably managed Private bank loans in North America and outside North America, respectively, at December 31, 2021. (4) Loans modified under Citi’s consumer relief programs continue to be reported in the same delinquency bucket they were in at the time of modification. Most modified loans in North America would not be reported as 30–89 or 90+ days past due for the duration of the programs (which have various durations, and certain of which may be renewed). (5) Conformed to be consistent with the current period’s delineation between delinquency-managed and classifiably managed loans. (6) Consists of loans that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and $0.1 billion and 90 days or more past due of $0.2 billion and $0.3 billion at December 31, 2022 and 2021, respectively. (7) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (8) Includes approximately $0.1 billion and $0.0 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $19.8 billion of residential mortgages outside North America related to the Global Wealth business at December 31, 2022. Includes approximately $0.1 billion and $0.1 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $19.8 billion of residential mortgages outside North America related to the Global Wealth business at December 31, 2021. (9) Includes approximately $0.1 billion and $0.1 billion at December 31, 2022 and 2021, respectively, of home equity loans in process of foreclosure in North America. (10) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (11) Includes loans related to the Global Wealth business: $34.0 billion in North America, approximately $31.5 billion of which are classifiably managed, and as of December 31, 2022 approximately 98% were rated investment grade; and $26.6 billion outside North America, approximately $17.8 billion of which are classifiably managed, and as of December 31, 2022 approximately 94% were rated investment grade. The classifiably managed portion of these loans is shown as “current” because the delinquency status is not applicable, since these loans are primarily evaluated for credit risk based on their internal risk classification. (12) Not included in the balances above is approximately $1 billion of accrued interest receivable at December 31, 2022, which is included in Other assets on the Consolidated Balance Sheet, except for credit card loans (which include accrued interest and fees). When a loan becomes non-accrual or, if not subject to a non-accrual policy, is charged-off per the Company’s charge-off policy, any accrued interest receivable is also reversed against the interest income. During the years ended December 31, 2022 and 2021, the Company reversed accrued interest of approximately $0.6 billion and $0.8 billion, respectively, primarily related to credit card loans. (13) Consumer loans were net of unearned income of $712 million and $629 million at December 31, 2022 and 2021, respectively. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. (14) Includes loans related to the Global Wealth business: $37.9 billion in North America, approximately $35.3 billion of which are classifiably managed, and as of December 31, 2021 approximately 95% were rated investment grade; and $34.6 billion outside North America, approximately $24.5 billion of which are classifiably managed, and as of December 31, 2021 approximately 94% were rated investment grade. The classifiably managed portion of these loans is shown as “current” because the delinquency status is not applicable, since these loans are primarily evaluated for credit risk based on their internal risk classification. Interest Income Recognized for Non-Accrual Consumer Loans For the years ended December 31, In millions of dollars 2022 2021 In North America offices (1) Residential first mortgages $ 12 $ 13 Home equity loans 5 7 Credit cards — — Personal, small business and other 2 — Total $ 19 $ 20 In offices outside North America (1) Residential mortgages $ 4 $ 1 Credit cards — — Personal, small business and other 4 — Total $ 8 $ 1 Total Citigroup $ 27 $ 21 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. During the years ended December 31, 2022 and 2021, the Company sold and/or reclassified to HFS $582 million and $1,473 million of consumer loans, respectively. Loans held by a business for sale are not included in the above. The Company did not have significant purchases of consumer loans classified as held-for-investment during the years ended December 31, 2022 and 2021. See Note 2 for additional information regarding Citigroup’s businesses for sale. 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 Fair Isaac Corporation (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 by year of origination. FICO scores are updated monthly for substantially all of the portfolio or, otherwise, on a quarterly basis for the remaining portfolio. For Citi’s $80.5 billion and $114.3 billion in the consumer loan portfolio outside of the U.S. as of December 31, 2022 and 2021, respectively, various country-specific or regional credit risk metrics and acquisition and behavior scoring models are leveraged as one of the factors to evaluate the credit quality of customers (for additional information on loans outside of the U.S., see “Consumer Loans and Ratios Outside of North America” below). As a result, details of relevant credit quality indicators for those loans are not comparable to the below FICO score distribution for the U.S. portfolio. FICO score distribution—U.S. portfolio (1)(2) December 31, 2022 In millions of dollars Less than 680 Greater Classifiably managed (3) FICO not available (4) Total Residential first mortgages 2022 $ 691 $ 7,530 $ 12,928 2021 639 5,933 12,672 2020 431 4,621 10,936 2019 321 2,505 5,445 2018 302 1,072 1,899 Prior 2,020 6,551 12,649 Total residential first mortgages $ 4,404 $ 28,212 $ 56,529 $ 6,894 $ 96,039 Home equity line of credit (pre-reset) $ 552 $ 1,536 $ 1,876 Home equity line of credit (post-reset) 62 65 40 Home equity term loans 106 151 117 2022 — — — 2021 — 1 1 2020 1 2 2 2019 1 2 2 2018 1 2 1 Prior 103 144 111 Total home equity loans $ 720 $ 1,752 $ 2,033 $ 75 $ 4,580 Credit cards $ 27,901 $ 58,213 $ 60,896 Revolving loans converted to term loans (5) 766 354 54 Total credit cards (6) $ 28,667 $ 58,567 $ 60,950 $ 1,914 $ 150,098 Personal, small business and other 2022 $ 247 $ 546 $ 800 2021 96 170 210 2020 15 20 30 2019 21 23 28 2018 10 10 9 Prior 126 190 144 Total personal, small business and other (7)(8) $ 515 $ 959 $ 1,221 $ 31,478 2,639 $ 36,812 Total $ 34,306 $ 89,490 $ 120,733 $ 31,478 $ 11,522 $ 287,529 FICO score distribution—U.S. portfolio (1)(2) December 31, 2021 In millions of dollars Less than 680 Greater Classifiably managed (3) FICO not available (4) Total Residential first mortgages 2021 $ 626 $ 6,729 $ 12,349 2020 508 5,102 12,153 2019 373 3,074 6,167 2018 394 1,180 2,216 2017 343 1,455 2,568 Prior 2,053 6,540 12,586 Total residential first mortgages $ 4,297 $ 24,080 $ 48,039 $ 6,945 $ 83,361 Home equity line of credit (pre-reset) $ 659 $ 1,795 $ 2,506 Home equity line of credit (post-reset) 75 72 37 Home equity term loans 168 210 156 2021 — 1 1 2020 — 3 2 2019 1 2 2 2018 1 2 1 2017 1 2 2 Prior 165 201 149 Total home equity loans $ 902 $ 2,077 $ 2,699 $ 67 $ 5,745 Credit cards $ 22,342 $ 52,481 $ 55,076 Revolving loans converted to term loans (5) 773 426 61 Total credit cards (6) $ 23,115 $ 52,907 $ 55,137 $ 2,192 $ 133,351 Personal, small business and other 2021 $ 59 $ 201 $ 319 2020 22 41 64 2019 42 53 68 2018 34 35 37 2017 7 8 9 Prior 120 179 143 Total personal, small business and other (7)(8) $ 284 $ 517 $ 640 $ 35,324 $ 3,041 $ 39,806 Total $ 28,598 $ 79,581 $ 106,515 $ 35,324 $ 12,245 $ 262,263 (1) The FICO bands in the tables are consistent with general industry peer presentations. (2) FICO scores are updated on either a monthly or quarterly basis. For updates that are made only quarterly, certain current-period loans by year of origination are greater than those disclosed in the prior periods. Loans that did not have FICO scores as of the prior period have been updated with FICO scores as they become available. (3) These personal, small business and other loans without a FICO score available include $31.5 billion and $35.3 billion of Private bank loans as of December 31, 2022 and 2021, respectively, which are classifiably managed within Global Wealth and are primarily evaluated for credit risk based on their internal risk ratings. As of December 31, 2022 and 2021, approximately 98% and 95% of these loans, respectively, were rated investment grade. (4) FICO scores not available related to loans guaranteed by government-sponsored enterprises for which FICO sc |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 12 Months Ended |
Dec. 31, 2022 | |
Loans and Leases Receivable Disclosure [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES In millions of dollars 2022 2021 2020 Allowance for credit losses on loans (ACLL) at beginning of year $ 16,455 $ 24,956 $ 12,783 Adjustments to opening balance (1) : Financial instruments—credit losses (CECL) adoption — — 4,201 Variable post-charge-off third-party collection costs — — (443) Adjusted ACLL at beginning of year $ 16,455 $ 24,956 $ 16,541 Gross credit losses on loans $ (5,156) $ (6,720) $ (9,263) Gross recoveries on loans 1,367 1,825 1,652 Net credit losses on loans (NCLs) $ (3,789) $ (4,895) $ (7,611) Replenishment of NCLs $ 3,789 $ 4,895 $ 7,611 Net reserve builds (releases) for loans 937 (7,283) 7,635 Net specific reserve builds (releases) for loans 19 (715) 676 Total provision for credit losses on loans (PCLL) $ 4,745 $ (3,103) $ 15,922 Initial allowance for credit losses on newly purchased credit-deteriorated assets — — 4 Other, net (see table below) (437) (503) 100 ACLL at end of year $ 16,974 $ 16,455 $ 24,956 Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of year (2) $ 1,871 $ 2,655 $ 1,456 Adjustment to opening balance for CECL adoption (1) — — (194) Provision (release) for credit losses on unfunded lending commitments 291 (788) 1,446 Other, net (3) (11) 4 (53) ACLUC at end of year (2) $ 2,151 $ 1,871 $ 2,655 Total allowance for credit losses on loans, leases and unfunded lending commitments $ 19,125 $ 18,326 $ 27,611 Other, net details In millions of dollars 2022 2021 2020 Sales or transfers of various consumer loan portfolios to HFS (4) Reclass of Thailand, India, Malaysia, Taiwan, Indonesia, Bahrain and Vietnam consumer ACLL to HFS $ (350) $ — $ — Reclass of Australia consumer ACLL to HFS — (280) — Reclass of the Philippines consumer ACLL to HFS — (90) — Transfer of real estate loan portfolios — — (4) Reclasses of consumer ACLL to HFS (4) $ (350) $ (370) $ (4) FX translation and other (87) (133) 104 Other, net $ (437) $ (503) $ 100 (1) See “Accounting Changes” in Note 1. (2) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. (3) See below for ACL on HTM debt securities and Other assets . 2020 includes a non-provision transfer of $68 million, representing reserves on performance guarantees. The reserves on these contracts have been reclassified out of the allowance for credit losses on unfunded lending commitments and into Other liabilities on the Consolidated Balance Sheet beginning in 2020. (4) See Note 2. Allowance for Credit Losses on Loans and End-of-Period Loans at December 31, 2022 In millions of dollars Corporate Consumer Total ACLL at beginning of year $ 2,415 $ 14,040 $ 16,455 Gross credit losses on loans (278) (4,878) (5,156) Gross recoveries on loans 100 1,267 1,367 Replenishment of NCLs 178 3,611 3,789 Net reserve builds (releases) 374 563 937 Net specific reserve builds (releases) 65 (46) 19 Initial allowance for credit losses on newly purchased credit-deteriorated assets — — — Other 1 (438) (437) Ending balance $ 2,855 $ 14,119 $ 16,974 ACLL Collectively evaluated $ 2,532 $ 13,521 $ 16,053 Individually evaluated 323 596 919 Purchased credit deteriorated — 2 2 Total ACLL $ 2,855 $ 14,119 $ 16,974 Loans, net of unearned income Collectively evaluated $ 282,909 $ 364,795 $ 647,704 Individually evaluated 1,122 2,921 4,043 Purchased credit deteriorated — 114 114 Held at fair value 5,123 237 5,360 Total loans, net of unearned income $ 289,154 $ 368,067 $ 657,221 2022 Changes in the ACL The total allowance for credit losses on loans, leases and unfunded lending commitments as of December 31, 2022 was $19,125 million, an increase from $18,326 million at December 31, 2021. The increase in the allowance for credit losses on loans, leases and unfunded lending commitments was primarily driven by U.S. Cards loan growth and a deterioration in macroeconomic assumptions. Consumer ACLL Citi’s total consumer allowance for credit losses on loans (ACLL) as of December 31, 2022 was $14,119 million, an increase from $14,040 million at December 31, 2021. The increase in the ACLL balance was primarily driven by U.S. Cards loan growth and a deterioration in macroeconomic assumptions, partially offset by the reduction in reserves related to COVID-19 uncertainty. Corporate ACLL Citi’s total corporate ACLL as of December 31, 2022 was $2,855 million, an increase from $2,415 million at December 31, 2021. The increase in the ACLL balance was primarily driven by a deterioration in macroeconomic assumptions, partially offset by the release of a COVID-19–related uncertainty reserve. ACLUC As of December 31, 2022, Citi’s total allowance for credit losses on unfunded lending commitments (ACLUC), included in Other liabilities , was $2,151 million, an increase from $1,871 million at December 31, 2021. The increase in the ACLUC balance was primarily driven by a deterioration in macroeconomic assumptions. Allowance for Credit Losses on Loans and End-of-Period Loans at December 31, 2021 In millions of dollars Corporate Consumer Total ACLL at beginning of year $ 4,776 $ 20,180 $ 24,956 Gross credit losses on loans (500) (6,220) (6,720) Gross recoveries on loans 114 1,711 1,825 Replenishment of NCLs 386 4,509 4,895 Net reserve builds (releases) (2,075) (5,208) (7,283) Net specific reserve builds (releases) (255) (460) (715) Initial allowance for credit losses on newly purchased credit-deteriorated assets — — — Other (31) (472) (503) Ending balance $ 2,415 $ 14,040 $ 16,455 ACLL Collectively evaluated $ 2,203 $ 13,227 $ 15,430 Individually evaluated 212 813 1,025 Purchased credit deteriorated — — — Total ACLL $ 2,415 $ 14,040 $ 16,455 Loans, net of unearned income Collectively evaluated $ 283,610 $ 372,655 $ 656,265 Individually evaluated 1,553 3,748 5,301 Purchased credit deteriorated — 119 119 Held at fair value 6,070 12 6,082 Total loans, net of unearned income $ 291,233 $ 376,534 $ 667,767 Allowance for Credit Losses on Loans at December 31, 2020 In millions of dollars Corporate Consumer Total ACLL at beginning of year $ 2,727 $ 10,056 $ 12,783 Adjustments to opening balance: Financial instruments—credit losses (CECL) (1) (816) 5,017 4,201 Variable post-charge-off third-party collection costs (1) — (443) (443) Adjusted ACLL at beginning of year 1,911 14,630 16,541 Gross credit losses on loans (976) (8,287) (9,263) Gross recoveries on loans 76 1,576 1,652 Replenishment of NCLs 900 6,711 7,611 Net reserve builds (releases) 2,551 5,084 7,635 Net specific reserve builds (releases) 249 427 676 Initial allowance for credit losses on newly purchased credit-deteriorated assets — 4 4 Other 65 35 100 Ending balance $ 4,776 $ 20,180 $ 24,956 (1) See “Accounting Changes” in Note 1 for additional details. Allowance for Credit Losses on HTM Debt Securities Year ended December 31, 2022 In millions of dollars Mortgage-backed State and municipal Foreign government Asset-backed All other debt securities Total HTM Allowance for credit losses on HTM debt securities at beginning of year $ 6 $ 75 $ 4 $ 2 $ — $ 87 Gross credit losses — — — — — — Gross recoveries — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) (5) 37 — 1 — 33 Net specific reserve builds (releases) — — — — — — Total provision for credit losses on HTM debt securities $ (5) $ 37 $ — $ 1 $ — $ 33 Other, net $ — $ 1 $ (1) $ — $ — $ — Allowance for credit losses on HTM debt securities at end of year $ 1 $ 113 $ 3 $ 3 $ — $ 120 Year ended December 31, 2021 In millions of dollars Mortgage-backed State and municipal Foreign government Asset- All other debt securities Total HTM Allowance for credit losses on HTM debt securities at beginning of year $ 3 $ 74 $ 6 $ 3 $ — $ 86 Gross credit losses — — — — — — Gross recoveries 3 — — — — 3 Net credit losses (NCLs) $ 3 $ — $ — $ — $ — $ 3 Replenishment of NCLs $ (3) $ — $ — $ — $ — $ (3) Net reserve builds (releases) 7 1 (2) (2) — 4 Net specific reserve builds (releases) (4) — — — — (4) Total provision for credit losses on HTM debt securities $ — $ 1 $ (2) $ (2) $ — $ (3) Other, net $ — $ — $ — $ 1 $ — $ 1 Allowance for credit losses on HTM debt securities at $ 6 $ 75 $ 4 $ 2 $ — $ 87 Year ended December 31, 2020 In millions of dollars Mortgage-backed State and municipal Foreign government Asset- All other debt securities Total HTM Allowance for credit losses on HTM debt securities at beginning of year $ — $ — $ — $ — $ — $ — Adjustment to opening balance for CECL adoption — 61 4 5 — 70 Gross credit losses — — — — — — Gross recoveries — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) (2) 10 (2) 1 — 7 Net specific reserve builds (releases) — — — — — — Total provision for credit losses on HTM debt securities $ (2) $ 10 $ (2) $ 1 $ — $ 7 Other, net $ 5 $ 3 $ 4 $ (3) $ — $ 9 Allowance for credit losses on HTM debt securities at $ 3 $ 74 $ 6 $ 3 $ — $ 86 Allowance for Credit Losses on Other Assets Year ended December 31, 2022 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets at beginning of year $ 21 $ 6 $ — $ 26 $ 53 Gross credit losses — — — (24) (24) Gross recoveries — — — 3 3 Net credit losses (NCLs) $ — $ — $ — $ (21) $ (21) Replenishment of NCLs $ — $ — $ — $ 21 $ 21 Net reserve builds (releases) 30 14 — 11 55 Total provision for credit losses $ 30 $ 14 $ — $ 32 $ 76 Other, net (2) $ — $ 16 $ — $ (1) $ 15 Allowance for credit losses on other assets at end of year $ 51 $ 36 $ — $ 36 $ 123 (1) Primarily accounts receivable. (2) Includes $30 million of ACL transferred from ICG loans ACL during the second quarter of 2022 for securities borrowed and purchased under agreements to resell. Year ended December 31, 2021 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets at beginning of year $ 20 $ 10 $ — $ 25 $ 55 Gross credit losses — — — (2) (2) Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ (2) $ (2) Replenishment of NCLs $ — $ — $ — $ 2 $ 2 Net reserve builds (releases) 2 (4) — — (2) Total provision for credit losses $ 2 $ (4) $ — $ 2 $ — Other, net $ (1) $ — $ — $ 1 $ — Allowance for credit losses on other assets at end of year $ 21 $ 6 $ — $ 26 $ 53 (1) Primarily accounts receivable. Year ended December 31, 2020 In millions of dollars Cash and Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets at beginning of year $ — $ — $ — $ — $ — $ — Adjustment to opening balance for CECL adoption 6 14 2 1 3 26 Gross credit losses — — — — — — Gross recoveries — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) (6) 5 8 (1) 1 7 Total provision for credit losses $ (6) $ 5 $ 8 $ (1) $ 1 $ 7 Other, net $ — $ 1 $ — $ — $ 21 $ 22 Allowance for credit losses on other assets at end of year $ — $ 20 $ 10 $ — $ 25 $ 55 (1) Primarily accounts receivable. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill The changes in Goodwill were as follows: In millions of dollars Institutional Clients Group Personal Banking and Wealth Management Legacy Franchises Total Balance at December 31, 2019 $ 9,482 $ 10,015 $ 2,629 $ 22,126 Foreign exchange translation (1) 7 30 36 Balance at December 31, 2020 $ 9,481 $ 10,022 $ 2,659 $ 22,162 Foreign exchange translation (266) (296) 179 (383) Divestitures (1) — (9) (471) (480) Balance at December 31, 2021 $ 9,215 $ 9,717 $ 2,367 $ 21,299 Foreign exchange translation (229) 24 5 (200) Divestitures (1) — — (873) (873) Impairment of goodwill (2) — — (535) (535) Balance at December 31, 2022 $ 8,986 $ 9,741 $ 964 $ 19,691 (1) Represents goodwill allocated to the Asia Consumer banking exit markets upon the signing of the respective sales agreements: in 2021, related to the Australia and Philippines consumer banking businesses, which were reclassified as HFS during 2021; in 2022, related to the India, Taiwan, Thailand, Malaysia, Indonesia, Bahrain and Vietnam consumer banking businesses, which were reclassified as HFS during 2022. See Note 2. (2) Goodwill impairment of $535 million (approximately $489 million after-tax) was incurred in the Asia Consumer reporting unit of Legacy Franchises in the first quarter of 2022, due to the re-segmentation and change of reporting units as well as the sequence of the signing of sale agreements. As discussed in Note 3, effective January 1, 2022, as part of its strategic refresh, Citi made changes to its management structure, which resulted in changes in its operating segments and reporting units to reflect how the CEO, who is the chief operating decision maker, manages the Company, including allocating resources and measuring performance. Goodwill balances were reallocated across the new reporting units based on their relative fair values using the valuation performed as of the effective date of the reorganization. Further, the goodwill balances associated with certain Asia Consumer businesses within the Legacy Franchises operating segment were reclassified to HFS as of March 31, 2022 upon the signing of the respective sale agreements. See Note 2 for a discussion of Citi’s divestiture activities. The reorganization of Citi’s reporting structure and the announced sales of businesses within a reporting unit were identified as triggering events for purposes of goodwill impairment testing. Consistent with the requirements of ASC 350, interim goodwill impairment tests were performed that resulted in an impairment of $535 million to the Asia Consumer reporting unit within the Legacy Franchises operating segment, due to the implementation of Citi’s revised operating segments and reporting units, as well as the timing of mutual execution of sale agreements for Asia consumer banking businesses. This impairment was recorded in the first quarter of 2022 as an operating expense. There were no additional impairment charges incurred as a result of any of the other interim goodwill impairment tests performed during 2022. For the interim impairment tests performed in the first quarter of 2022, the valuation of reporting units used either the market approach, income approach, or a combination of both. Under the market approach, Citi estimated fair value by comparing the business to similar businesses or guideline companies whose securities are actively traded in public markets. Under the income approach, Citi used a discounted cash flow (DCF) model in which cash flows anticipated over several periods, plus a terminal value at the end of that time horizon, are discounted to their present value using an appropriate rate that is commensurate with the risk inherent within the reporting unit. The key assumptions used to determine the fair value of Citi’s reporting units consisted primarily of significant unobservable inputs (Level 3 fair value inputs), including discount rates, estimated cash flows, growth rates, earnings multiples and/or transaction multiples of similar businesses or guideline public companies, and bids from buyers. The DCF method employs a capital asset pricing model in estimating the discount rate based on several factors, including market interest rates, and includes adjustments for market risk and company-specific risk. Estimated cash flows are based on internally developed estimates and the growth rates are based on industry knowledge and historical performance. Citi had historically performed its annual goodwill impairment test as of July 1 each year. During the quarter ended September 30, 2022, the Company voluntarily changed its annual impairment assessment date from July 1 to October 1. Based on interim impairment tests performed within the period between the previous annual test on July 1, 2021 and the annual test to be performed on October 1, 2022, no more than 12 months have elapsed between goodwill impairment tests of any of Citi’s reporting units. The change in measurement date represents a change in method of applying an accounting principle. This change is preferable because it better aligns the Company’s goodwill impairment testing procedures with its annual planning process and with its fiscal year-end. Citi continues to monitor each reporting unit for triggering events for purposes of goodwill impairment testing. The change in accounting principle did not result in any delay, acceleration or avoidance of an impairment charge. Citi performed its annual goodwill impairment test as of October 1, 2022, which resulted in no impairment of any of Citi’s reporting units. While the inherent risk of uncertainty is embedded in the key assumptions used in the valuations, the economic and business environments continue to evolve as management implements its strategic refresh. If management’s future estimate of key economic and market assumptions were to differ from its current assumptions, Citi could potentially experience material goodwill impairment charges in the future. For additional information regarding Citi’s goodwill impairment testing process, see the following Notes to the Consolidated Financial Statements: Note 1 for Citi’s accounting policy for goodwill and Note 3 for a description of Citi’s operating segments. Intangible Assets The components of intangible assets were as follows: December 31, 2022 December 31, 2021 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships $ 5,513 $ 4,426 $ 1,087 $ 5,579 $ 4,348 $ 1,231 Credit card contract-related intangibles (1) 3,903 1,518 2,385 3,912 1,372 2,540 Core deposit intangibles 37 37 — 39 39 — Other customer relationships 373 283 90 429 305 124 Present value of future profits 32 31 1 31 29 2 Indefinite-lived intangible assets 192 — 192 183 — 183 Other 28 20 8 37 26 11 Intangible assets (excluding MSRs) $ 10,078 $ 6,315 $ 3,763 $ 10,210 $ 6,119 $ 4,091 Mortgage servicing rights (MSRs) (2) 665 — 665 404 — 404 Total intangible assets $ 10,743 $ 6,315 $ 4,428 $ 10,614 $ 6,119 $ 4,495 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount as of December 31, 2022. (2) See Note 22 for additional information on Citi’s MSRs. Intangible assets amortization expense was $352 million, $360 million and $419 million for 2022, 2021 and 2020, respectively. Intangible assets amortization expense is estimated to be $373 million in 2023, $381 million in 2024, $388 million in 2025, $348 million in 2026 and $341 million in 2027. The changes in intangible assets were as follows: Net carrying Acquisitions/renewals/divestitures Net carrying In millions of dollars December 31, 2021 Amortization Impairments FX translation and other December 31, Purchased credit card relationships (1) $ 1,231 $ 3 $ (140) $ — $ (7) $ 1,087 Credit card contract-related intangibles (2) 2,540 — (154) — (1) 2,385 Core deposit intangibles — — — — — — Other customer relationships 124 10 (24) — (20) 90 Present value of future profits 2 — (1) — — 1 Indefinite-lived intangible assets 183 — — — 9 192 Other 11 33 (33) — (3) 8 Intangible assets (excluding MSRs) $ 4,091 $ 46 $ (352) $ — $ (22) $ 3,763 Mortgage servicing rights (MSRs) (3) 404 665 Total intangible assets $ 4,495 $ 4,428 (1) Reflects intangibles for the value of purchased cardholder relationships, which are discrete from partner contract-related intangibles, and includes credit card accounts primarily in the Costco, Macy’s and Sears portfolios. (2) Primarily reflects contract-related intangibles associated with the extension or renewal of existing credit card program agreements with American Airlines, The Home Depot, Costco and AT&T, which represent 97% and 97% of the aggregate net carrying amount at December 31, 2022 and 2021, respectively. |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2022 | |
Banking and Thrift, Interest [Abstract] | |
DEPOSITS | DEPOSITS December 31, In millions of dollars 2022 2021 Non-interest-bearing deposits in U.S. offices $ 122,655 $ 158,552 Interest-bearing deposits in U.S. offices (including $903 and $879 as of December 31, 2022 and 2021, respectively, at fair value) 607,470 543,283 Total deposits in U.S. offices $ 730,125 $ 701,835 Non-interest-bearing deposits in offices outside the U.S. $ 95,182 $ 97,270 Interest-bearing deposits in offices outside the U.S. (including $972 and $787 as of December 31, 2022 and 2021, respectively, at fair value) 540,647 518,125 Total deposits in offices outside the U.S. $ 635,829 $ 615,395 Total deposits $ 1,365,954 $ 1,317,230 At December 31, 2022 and 2021, time deposits in denominations that met or exceeded the insured limit were as follows: December 31, In millions of dollars 2022 2021 U.S. offices (1) $ 63,420 $ 9,153 Offices outside the U.S. (2) 150,921 77,698 Total $ 214,341 $ 86,851 (1) Represents time deposits in U.S. offices in denominations that met or exceeded $250,000. (2) Represents all time deposits outside U.S. offices as these deposits typically exceed the insured limit. At December 31, 2022, the maturities of time deposits were as follows: In millions of dollars U.S. Outside U.S. Total 2023 $ 84,321 $ 149,604 $ 233,925 2024 5,751 1,018 6,769 2025 300 264 564 2026 386 26 412 2027 122 6 128 After 5 years 439 3 442 Total $ 91,319 $ 150,921 $ 242,240 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Short-Term Borrowings December 31, 2022 2021 In millions of dollars Balance Weighted average coupon Balance Weighted average coupon Commercial paper Bank (1) $ 11,185 $ 9,026 Broker-dealer and other (2) 14,345 6,992 Total commercial paper $ 25,530 4.29 % $ 16,018 0.22 % Other borrowings (3) 21,566 4.23 11,955 0.91 Total $ 47,096 $ 27,973 (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 Federal Home Loan Banks and other market participants. At December 31, 2022 and 2021, collateralized short-term advances from Federal Home Loan Banks were $12.0 billion and $0.0 billion, respectively. Some of Citigroup’s non-bank subsidiaries have credit facilities with Citigroup’s subsidiary depository institutions, including Citibank. Borrowings under these facilities are secured in accordance with Section 23A of the Federal Reserve Act. 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 In millions of dollars Weighted (1) Maturities 2022 2021 Citigroup Inc. (2) Senior debt 3.38 % 2023 – 2098 $ 141,893 $ 137,651 Subordinated debt (3) 4.77 2023 – 2046 22,758 25,560 Trust preferred securities 10.53 2036 – 2040 1,606 1,734 Bank (4) Senior debt 3.98 2023 – 2039 21,113 23,567 Broker-dealer (5) Senior debt 3.95 2023 – 2070 84,236 65,862 Total 3.72 % $ 271,606 $ 254,374 Senior debt $ 247,242 $ 227,080 Subordinated debt (3) 22,758 25,560 Trust preferred securities 1,606 1,734 Total $ 271,606 $ 254,374 (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, 2022 and 2021, collateralized long-term advances from Federal Home Loan Banks were $7.3 billion and $5.3 billion, respectively. (5) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. Certain Citigroup consolidated hedging activities are also included in this line. Balances primarily relates to senior debt. The Company issues both fixed- and variable-rate debt in a range of currencies. It uses derivative contracts, primarily interest rate swaps, to effectively convert a portion of its fixed-rate debt to variable-rate debt. 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, 2022, the Company’s overall weighted average interest rate for long-term debt, excluding structured notes accounted for at fair value, was 3.72% on a contractual basis and 4.10% 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 2023 2024 2025 2026 2027 Thereafter Total Citigroup Inc. $ 6,887 $ 12,321 $ 19,124 $ 27,913 $ 12,601 $ 87,411 $ 166,257 Bank 7,029 8,152 1,867 197 788 3,080 21,113 Broker-dealer 18,543 20,043 11,758 4,680 7,383 21,829 84,236 Total $ 32,459 $ 40,516 $ 32,749 $ 32,790 $ 20,772 $ 112,320 $ 271,606 The following table summarizes Citi’s outstanding trust preferred securities at December 31, 2022: Junior subordinated debentures owned by trust Trust Issuance Securities Liquidation value (1) Coupon rate (2) Common Notional amount Maturity Redeemable 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 Oct. 2010 89,840,000 2,246 3 mo LIBOR + 637 bps 1,000 2,246 Oct. 30, 2040 Oct. 30, 2015 Total obligated $ 2,440 $ 2,446 Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and quarterly for Citigroup Capital XIII. (1) Represents the notional value received by outside investors from the trusts at the time of issuance. This differs from Citi’s balance sheet carrying value due primarily to unamortized discount and issuance costs. |
REGULATORY CAPITAL
REGULATORY CAPITAL | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Capital [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 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 presents 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 Citigroup Citibank Well- December 31, 2022 December 31, 2021 Well- December 31, 2022 December 31, 2021 CET1 Capital $ 148,930 $ 149,305 $ 149,593 $ 148,548 Tier 1 Capital 169,145 169,568 151,720 150,679 Total Capital (Tier 1 Capital + Tier 2 Capital)—Standardized Approach 197,543 203,838 172,647 175,427 Total Capital (Tier 1 Capital + Tier 2 Capital)—Advanced Approaches 188,839 194,006 165,131 166,921 Total risk-weighted assets—Standardized Approach 1,142,985 1,219,175 982,914 1,066,015 Total risk-weighted assets—Advanced Approaches 1,221,538 1,209,374 1,003,747 1,017,774 Quarterly adjusted average total assets (1) 2,395,863 2,351,434 1,738,744 1,716,596 Total Leverage Exposure (2) 2,906,773 2,957,764 2,189,541 2,236,839 CET1 Capital ratio (3) 4.5 % N/A 13.03 % 12.25 % 6.5 % 14.90 % 13.93 % Tier 1 Capital ratio (3) 6.0 6.0 % 14.80 13.91 8.0 15.12 14.13 Total Capital ratio (3) 8.0 10.0 15.46 16.04 10.0 16.45 16.40 Tier 1 Leverage ratio 4.0 N/A 7.06 7.21 5.0 8.73 8.78 Supplementary Leverage ratio 3.0 N/A 5.82 5.73 6.0 6.93 6.74 (1) Tier 1 Leverage ratio denominator. (2) Supplementary Leverage ratio denominator. (3) Citi’s binding CET1 Capital and Tier 1 Capital ratios were derived under the Basel III Standardized Approach as of December 31, 2022 and 2021, whereas Citi’s binding Total Capital ratio was derived under the Basel III Advanced Approaches framework for both periods presented. Citibank’s binding CET1 Capital and Tier 1 Capital ratios were derived under the Basel III Advanced Approaches framework as of December 31, 2022, and were derived under the Basel III Standardized Approach as of December 31, 2021. Citibank’s binding Total Capital ratio was derived under the Basel III Advanced Approaches framework for both periods presented. N/A Not applicable As indicated in the table above, Citigroup and Citibank were “well capitalized” under the current federal bank regulatory agencies definitions as of December 31, 2022 and 2021. 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 $8.5 billion and $6.2 billion in dividends indirectly from Citibank through its holding company during 2022 and 2021, respectively. |
CHANGES IN ACCUMULATED OTHER CO
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) | 12 Months Ended |
Dec. 31, 2022 | |
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) CTA, net of hedges (4)(5) Excluded component of fair value hedges Accumulated Balance, December 31, 2019 $ (265) $ (944) $ 123 $ (6,809) $ (28,391) $ (32) $ (36,318) Other comprehensive income before reclassifications 4,837 (490) 2,027 (287) (250) (15) 5,822 Increase (decrease) due to amounts reclassified from AOCI (1,252) 15 (557) 232 — — (1,562) Change, net of taxes $ 3,585 $ (475) $ 1,470 $ (55) $ (250) $ (15) $ 4,260 Balance, December 31, 2020 $ 3,320 $ (1,419) $ 1,593 $ (6,864) $ (28,641) $ (47) $ (32,058) Other comprehensive income before reclassifications (3,556) 121 (679) 797 (2,537) (11) (5,865) Increase (decrease) due to amounts reclassified from AOCI (378) 111 (813) 215 12 11 (842) Change, net of taxes $ (3,934) $ 232 $ (1,492) $ 1,012 $ (2,525) $ — $ (6,707) Balance, December 31, 2021 $ (614) $ (1,187) $ 101 $ (5,852) $ (31,166) $ (47) $ (38,765) Other comprehensive income before reclassifications (5,599) 2,047 (2,718) (19) (2,855) 49 (9,095) Increase (decrease) due to amounts reclassified from AOCI 215 (18) 95 116 384 6 798 Change, net of taxes $ (5,384) $ 2,029 $ (2,623) $ 97 $ (2,471) $ 55 $ (8,297) Balance, December 31, 2022 $ (5,998) $ 842 $ (2,522) $ (5,755) $ (33,637) $ 8 $ (47,062) (1) Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 25. (2) Primarily driven by Citi’s pay floating/receive fixed interest rate swap programs that hedge certain floating rates on assets. (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, South Korean won, Euro, Chinese yuan, Russian ruble, Japanese yen and British pound sterling against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2022. Primarily reflects the movements in (by order of impact) the Mexican peso, Euro, South Korean won, Chilean peso and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2021. Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, South Korean won and Euro against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2020. 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) December 31, 2022 reflects a reduction from an approximate $470 million (after-tax) ($620 million pretax) CTA loss (net of hedges) recorded in June 2022, associated with the closing of Citi’s sale of its consumer banking business in Australia (see Note 2). The reduction from AOCI had a neutral impact on Citi’s CET1 Capital. 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, 2019 $ (42,772) $ 6,454 $ (36,318) Change in net unrealized gains (losses) on debt securities 4,799 (1,214) 3,585 Debt valuation adjustment (DVA) (616) 141 (475) Cash flow hedges 1,925 (455) 1,470 Benefit plans (78) 23 (55) CTA (227) (23) (250) Excluded component of fair value hedges (23) 8 (15) Change $ 5,780 $ (1,520) $ 4,260 Balance, December 31, 2020 $ (36,992) $ 4,934 $ (32,058) Change in net unrealized gains (losses) on debt securities (5,301) 1,367 (3,934) Debt valuation adjustment (DVA) 296 (64) 232 Cash flow hedges (1,969) 477 (1,492) Benefit plans 1,252 (240) 1,012 CTA (2,671) 146 (2,525) Excluded component of fair value hedges 2 (2) — Change $ (8,391) $ 1,684 $ (6,707) Balance, December 31, 2021 $ (45,383) $ 6,618 $ (38,765) Change in net unrealized gains (losses) on debt securities (7,178) 1,794 (5,384) Debt valuation adjustment (DVA) 2,685 (656) 2,029 Cash flow hedges (3,477) 854 (2,623) Benefit plans 31 66 97 CTA (2,004) (467) (2,471) Excluded component of fair value hedges 73 (18) 55 Change $ (9,870) $ 1,573 $ (8,297) Balance, December 31, 2022 $ (55,253) $ 8,191 $ (47,062) (1) Income tax effects of these items are released from AOCI contemporaneously with the related gross pretax amount. 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 2022 2021 2020 Realized (gains) losses on sales of investments $ (67) $ (665) $ (1,756) Gross impairment losses 360 181 109 Subtotal, pretax $ 293 $ (484) $ (1,647) Tax effect (78) 106 395 Net realized (gains) losses on investments, after-tax (1) $ 215 $ (378) $ (1,252) Realized DVA (gains) losses on fair value option liabilities, pretax $ (25) $ 144 $ 20 Tax effect 7 (33) (5) Net realized DVA, after-tax $ (18) $ 111 $ 15 Interest rate contracts $ 125 $ (1,075) $ (734) Foreign exchange contracts 4 4 4 Subtotal, pretax $ 129 $ (1,071) $ (730) Tax effect (34) 258 173 Amortization of cash flow hedges, after-tax (2) $ 95 $ (813) $ (557) Amortization of unrecognized: Prior service cost (benefit) $ (23) $ (23) $ (5) Net actuarial loss 221 302 322 Curtailment/settlement impact (3) (37) 11 (8) Subtotal, pretax $ 161 $ 290 $ 309 Tax effect (45) (75) (77) Amortization of benefit plans, after-tax (3) $ 116 $ 215 $ 232 Excluded component of fair value hedges, pretax $ 9 $ 15 $ — Tax effect (3) (4) — Excluded component of fair value hedges, after-tax $ 6 $ 11 $ — CTA, pretax $ 438 $ 19 $ — Tax effect (54) (7) — CTA, after-tax (4) $ 384 $ 12 $ — Total amounts reclassified out of AOCI , pretax $ 1,005 $ (1,087) $ (2,048) Total tax effect (207) 245 486 Total amounts reclassified out of AOCI , after-tax $ 798 $ (842) $ (1,562) (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 for additional details. (2) See Note 23 for additional details. (3) See Note 8 for additional details. (4) The pretax amount is reclassified to Discontinued operations and Other revenue in the Consolidated Statement of Income, and results primarily from the substantial liquidation of a legacy U.K. consumer operation and divestitures of certain legacy foreign operations. See Note 2 for additional details. |
PREFERRED STOCK
PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2022 | |
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 M (6) April 30, 2014 May 15, 2024 6.300 1,000 1,750,000 1,750 1,750 Series P (7) April 24, 2015 May 15, 2025 5.950 1,000 2,000,000 2,000 2,000 Series T (8) April 25, 2016 August 15, 2026 6.250 1,000 1,500,000 1,500 1,500 Series U (9) September 12, 2019 September 12, 2024 5.000 1,000 1,500,000 1,500 1,500 Series V (10) January 23, 2020 January 30, 2025 4.700 1,000 1,500,000 1,500 1,500 Series W (11) December 10, 2020 December 10, 2025 4.000 1,000 1,500,000 1,500 1,500 Series X (12) February 18, 2021 February 18, 2026 3.875 1,000 2,300,000 2,300 2,300 Series Y (13) October 20, 2021 October 20, 2026 4.150 1,000 1,000,000 1,000 1,000 $ 18,995 $ 18,995 (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, but excluding, 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, but excluding, 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, but excluding, 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, but excluding, 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, but excluding, 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) 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, 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. (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, 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. (8) 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. (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 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. (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 January 30 and July 30 at a fixed rate until, but excluding, January 30, 2025, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (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 quarterly on March 10, June 10, September 10 and December 10 at a fixed rate until, but excluding, December 10, 2025, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (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 quarterly on February 18, May 18, August 18 and November 18 at a fixed rate until, but excluding, February 18, 2026, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (13) Issued as depositary shares, each representing a 1/25 th |
SECURITIZATIONS AND VARIABLE IN
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2022 | |
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 assist clients in securitizing their financial assets and create investment products for clients and to obtain liquidity and optimize capital efficiency by securitizing certain of Citi’s financial assets. 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). Variable Interest Entities VIEs are described in Note 1. 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. 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 (e.g., 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, 2022 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total Consolidated Significant unconsolidated VIE assets (3) Debt Equity Funding Guarantees Total Credit card securitizations $ 32,021 $ 32,021 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 117,358 — 117,358 2,052 — — 48 2,100 Non-agency-sponsored 67,704 — 67,704 3,294 — — — 3,294 Citi-administered asset-backed commercial paper conduits 19,621 19,621 — — — — — — Collateralized loan obligations (CLOs) 7,600 — 7,600 2,601 — — — 2,601 Asset-based financing (5) 242,348 9,672 232,676 40,121 1,022 10,726 — 51,869 Municipal securities tender option bond trusts (TOBs) 2,155 672 1,483 2 — 1,108 — 1,110 Municipal investments 22,167 3 22,164 2,731 3,143 3,420 — 9,294 Client intermediation 482 121 361 58 — — 13 71 Investment funds 534 91 443 2 5 68 — 75 Other — — — — — — — — Total $ 511,990 $ 62,201 $ 449,789 $ 50,861 $ 4,170 $ 15,322 $ 61 $ 70,414 As of December 31, 2021 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total Consolidated Significant unconsolidated VIE assets (3) Debt Equity Funding Guarantees Total Credit card securitizations $ 31,518 $ 31,518 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 113,641 — 113,641 1,582 — — 43 1,625 Non-agency-sponsored 60,851 632 60,219 2,479 — 5 — 2,484 Citi-administered asset-backed commercial paper conduits 14,018 14,018 — — — — — — Collateralized loan obligations (CLOs) 8,302 — 8,302 2,636 — — — 2,636 Asset-based financing (5) 246,632 11,085 235,547 32,242 1,139 12,189 — 45,570 Municipal securities tender option bond trusts (TOBs) 3,251 905 2,346 2 — 1,498 — 1,500 Municipal investments 20,597 3 20,594 2,512 3,617 3,562 — 9,691 Client intermediation 904 297 607 75 — — 224 299 Investment funds 498 179 319 — — 12 1 13 Other — — — — — — — — Total $ 500,212 $ 58,637 $ 441,575 $ 41,528 $ 4,756 $ 17,266 $ 268 $ 63,818 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s December 31, 2022 and 2021 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. (5) Included within this line are loans to third-party-sponsored private equity funds, which represent $69 billion and $100 billion in unconsolidated VIE assets and $498 million and $497 million in maximum exposure to loss as of December 31, 2022 and 2021, respectively. The previous tables do not include: • 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. As of December 31, 2022 and 2021, the Company’s maximum exposure to loss related to these transactions was $33.6 billion and $55.6 billion, respectively (see Notes 14 and 26 for more information on these positions); • 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 (see Notes 13 and 25 for more information on these positions); • 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 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 classification of the asset (e.g., loan or security) and the associated accounting model ascribed to that classification. 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. The following tables present certain assets and liabilities of consolidated variable interest entities (VIEs), which are included on Citi’s Consolidated Balance Sheet. The assets in the table below include those assets that can only be used to settle obligations of consolidated VIEs, presented on the following page, and are in excess of those obligations. In addition, the assets in the table below include third-party assets of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities in the table below include third-party liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts where creditors or beneficial interest holders have recourse to the general credit of Citigroup. December 31, In millions of dollars 2022 2021 Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs Cash and due from banks $ 61 $ 260 Trading account assets 9,153 10,038 Investments 594 844 Loans, net of unearned income Consumer 35,026 34,677 Corporate 19,782 14,312 Loans, net of unearned income $ 54,808 $ 48,989 Allowance for credit losses on loans (ACLL) (2,520) (2,668) Total loans, net $ 52,288 $ 46,321 Other assets 105 1,174 Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs $ 62,201 $ 58,637 December 31, In millions of dollars 2022 2021 Liabilities of consolidated VIEs for which creditors or beneficial interest holders Short-term borrowings $ 9,807 $ 8,376 Long-term debt 10,324 12,579 Other liabilities 622 694 Total liabilities of consolidated VIEs for which creditors or beneficial interest holders $ 20,753 $ 21,649 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, 2022 December 31, 2021 In millions of dollars Liquidity Loan/equity Liquidity Loan/equity Non-agency-sponsored mortgage securitizations $ — $ — $ — $ 5 Asset-based financing — 10,726 — 12,189 Municipal securities tender option bond trusts (TOBs) 1,108 — 1,498 — Municipal investments — 3,420 — 3,562 Investment funds — 68 — 12 Other — — — — Total funding commitments $ 1,108 $ 14,214 $ 1,498 $ 15,768 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. 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, 2022 December 31, 2021 Cash $ — $ — Trading account assets 1.6 1.4 Investments 8.6 8.8 Total loans, net of allowance 44.2 35.4 Other 0.6 0.8 Total assets $ 55.0 $ 46.4 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 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, 2022 December 31, 2021 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 7.9 $ 9.7 Retained by Citigroup as trust-issued securities 6.4 7.2 Retained by Citigroup via non-certificated interests 19.5 16.1 Total $ 33.8 $ 33.0 The following table summarizes selected cash flow information related to Citigroup’s credit card securitizations: In billions of dollars 2022 2021 2020 Proceeds from new securitizations $ 0.3 $ — $ 0.3 Pay down of maturing notes (2.1) (6.0) (4.3) 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 3.5 years as of December 31, 2022 and 3.6 years as of December 31, 2021. In billions of dollars Dec. 31, 2022 Dec. 31, 2021 Term notes issued to third parties $ 6.3 $ 8.4 Term notes retained by Citigroup affiliates 1.6 2.2 Total Master Trust liabilities $ 7.9 $ 10.6 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 2.2 years as of December 31, 2022 and 1.6 years as of December 31, 2021. In billions of dollars Dec. 31, 2022 Dec. 31, 2021 Term notes issued to third parties $ 1.6 $ 1.3 Term notes retained by Citigroup affiliates 4.8 5.0 Total Omni Trust liabilities $ 6.4 $ 6.3 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 that most significantly impact the entities’ economic performance 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: 2022 2021 2020 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 6.9 $ 13.9 $ 6.1 $ 25.2 $ 9.4 $ 11.3 Proceeds from new securitizations 6.7 13.4 6.4 25.4 10.0 11.4 Contractual servicing fees received 0.1 — 0.1 — 0.1 — Cash flows received on retained interests and other net cash flows — 0.2 — 0.1 — — Purchases of previously transferred financial assets 0.1 — 0.2 — 0.4 — Note: Excludes re-securitization transactions. 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, 2022 were $1.3 million and $154.8 million, respectively. Agency and non-agency securitization gains for the year ended December 31, 2021 were $3.9 million and $493.4 million, respectively, and $88.4 million and $139.4 million, respectively, for the year ended December 31, 2020. 2022 2021 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior interests (2) Subordinated U.S. agency- Senior Subordinated Carrying value of retained interests (3) $ 659 $ 1,119 $ 943 $ 374 $ 1,452 $ 955 (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) Senior interests in non-agency-sponsored mortgages include $28 million related to personal loan securitizations at December 31, 2022. (3) Retained interests consist of Level 2 and Level 3 assets depending on the observability of significant inputs. See Note 25 for more information about fair value measurements. 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, 2022 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 8.8 % 3.2 % 4.1 % Weighted average constant prepayment rate 2.7 % 6.0 % 11.4 % Weighted average anticipated net credit losses (2) NM 2.0 % 0.4 % Weighted average life 9.0 years 5.5 years 5.6 years December 31, 2021 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 8.7 % 2.2 % 2.8 % Weighted average constant prepayment rate 5.5 % 6.3 % 11.0 % Weighted average anticipated net credit losses (2) NM 1.8 % 1.0 % Weighted average life 7.4 years 3.9 years 5.4 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 in securitizations of mortgage receivables at period end were as follows: December 31, 2022 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 5.3 % 13.8 % NM Weighted average constant prepayment rate 5.8 % 4.0 % NM Weighted average anticipated net credit losses (2) NM 1.0 % NM Weighted average life 7.7 years 10.3 years NM December 31, 2021 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 3.7 % 16.2 % 4.0 % Weighted average constant prepayment rate 14.5 % 6.8 % 9.0 % Weighted average anticipated net credit losses (2) NM 1.0 % 2.0 % Weighted average life 5.1 years 8.8 years 18.0 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. The sensitivity of the fair value to adverse changes of 10% and 20% in each of the key assumptions is 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, 2022 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate Adverse change of 10% $ (19) $ — $ — Adverse change of 20% (37) — — Constant prepayment rate Adverse change of 10% (15) — — Adverse change of 20% (30) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — December 31, 2021 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate Adverse change of 10% $ (6) $ (1) $ — Adverse change of 20% (11) (1) — Constant prepayment rate Adverse change of 10% (19) — — Adverse change of 20% (37) — — 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 at December 31: Securitized assets 90 days past due Liquidation losses In billions of dollars, except liquidation losses in millions 2022 2021 2022 2021 2022 2021 Securitized assets Residential mortgages (1) $ 30.8 $ 29.2 $ 0.5 $ 0.4 $ 2.9 $ 10.6 Commercial and other 28.8 26.2 — — — — Total $ 59.6 $ 55.4 $ 0.5 $ 0.4 $ 2.9 $ 10.6 (1) Securitized assets include $0.1 billion of personal loan securitizations as of December 31, 2022. 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 $665 million and $404 million at December 31, 2022 and 2021, respectively. The MSRs correspond to principal loan balances of $51 billion and $47 billion as of December 31, 2022 and 2021, respectively. The following table summarizes the changes in capitalized MSRs: In millions of dollars 2022 2021 Balance, beginning of year $ 404 $ 336 Originations 120 92 Changes in fair value of MSRs due to changes in inputs and assumptions 201 43 Other changes (1) (60) (67) Sales of MSRs — — Balance, as of December 31 $ 665 $ 404 (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 2022 2021 2020 Servicing fees $ 122 $ 131 $ 142 Late fees 4 3 5 Total MSR fees $ 126 $ 134 $ 147 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, 2022 and 2021. These securities are backed by either residential or commercial mortgages and are often structured on behalf of clients. As of December 31, 2022 and 2021, Citi held no retained interests in private label re-securitization transactions structured by Citi. The Company also re-securitizes U.S. government-agency-guaranteed mortgage-backed (agency) securities. During the years ended December 31, 2022 and 2021, Citi transferred agency securities with a fair value of approximately $24.1 billion and $46.6 billion, respectively, to re-securitization entities. As of December 31, 2022, the fair value of Citi-retained interests in agency re-securitization transactions structured by Citi totaled approximately $1.4 billion (including $802 million related to re-securitization transactions executed in 2022) compared to $1.2 billion as of December 31, 2021 (including $641 million related to re-securitization transactions executed in 2021), which is recorded in Trading account assets . The original fair values of agency re-securitization transactions in which Citi holds a retained interest as of December 31, 2022 and 2021 were approximately $79.4 billion and $78.4 billion, respectively. As of December 31, 2022 and 2021, 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-cost funding in the commercial paper markets. The conduits purchase assets from or provide financing facilities to clients and are funded by issuing commercial paper to third-party investors. The conduits generally do not purchase assets originat |
DERIVATIVES
DERIVATIVES | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | 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 . 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 the creditworthiness of a party becoming materially weaker 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. Information pertaining to Citigroup’s derivatives 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 $ 255,280 $ 267,035 $ 23,780,711 $ 21,873,538 Futures and forwards — — 2,966,025 2,383,702 Written options — — 1,937,025 1,584,451 Purchased options — — 1,881,291 1,428,376 Total interest rate contracts $ 255,280 $ 267,035 $ 30,565,052 $ 27,270,067 Foreign exchange contracts Swaps $ 48,678 $ 47,298 $ 6,746,070 $ 6,288,193 Futures, forwards and spot 43,666 50,926 3,350,341 4,316,242 Written options — — 789,077 664,942 Purchased options — — 783,591 651,958 Total foreign exchange contracts $ 92,344 $ 98,224 $ 11,669,079 $ 11,921,335 Equity contracts Swaps $ — $ — $ 266,115 $ 269,062 Futures and forwards — — 76,935 71,363 Written options — — 482,266 492,433 Purchased options — — 387,766 398,129 Total equity contracts $ — $ — $ 1,213,082 $ 1,230,987 Commodity and other contracts Swaps $ — $ — $ 90,884 $ 91,962 Futures and forwards 1,571 2,096 165,314 157,195 Written options — — 45,862 51,224 Purchased options — — 48,197 47,868 Total commodity and other contracts $ 1,571 $ 2,096 $ 350,257 $ 348,249 Credit derivatives (1) Protection sold $ — $ — $ 593,136 $ 572,486 Protection purchased — — 641,639 645,996 Total credit derivatives $ — $ — $ 1,234,775 $ 1,218,482 Total derivative notionals $ 349,195 $ 367,355 $ 45,032,245 $ 41,989,120 (1) Credit derivatives are arrangements designed to allow one party (protection purchaser) 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, 2022 and 2021. Gross positive fair values are offset against gross negative fair values by counterparty, pursuant to enforceable master netting agreements. Under ASC 815-10-45, payables and receivables in respect of cash collateral received from or paid to a given counterparty pursuant to a credit support annex are included in the offsetting amount if a legal opinion supporting the enforceability of netting and collateral rights has been obtained. GAAP does not permit similar offsetting for security collateral. In addition, the following tables reflect rule changes adopted by clearing organizations that require or allow entities to treat certain derivative assets, liabilities and the related variation margin as settlement of the related derivative fair values for legal and accounting purposes, as opposed to presenting gross derivative assets and liabilities that are subject to collateral, whereby the counterparties would also record a related collateral payable or receivable. 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, 2022 Derivatives classified in Trading account assets/liabilities (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 468 $ 1 Cleared 129 101 Interest rate contracts $ 597 $ 102 Over-the-counter $ 2,288 $ 1,766 Cleared 3 3 Foreign exchange contracts $ 2,291 $ 1,769 Total derivatives instruments designated as ASC 815 hedges $ 2,888 $ 1,871 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 126,844 $ 119,854 Cleared 50,515 52,566 Exchange traded 248 98 Interest rate contracts $ 177,607 $ 172,518 Over-the-counter $ 184,869 $ 183,578 Cleared 502 643 Exchange traded 1 5 Foreign exchange contracts $ 185,372 $ 184,226 Over-the-counter $ 19,674 $ 21,871 Cleared 1 4 Exchange traded 22,732 21,908 Equity contracts $ 42,407 $ 43,783 Over-the-counter $ 27,285 $ 24,912 Exchange traded 1,039 1,406 Commodity and other contracts $ 28,324 $ 26,318 Over-the-counter $ 6,836 $ 5,807 Cleared 1,553 1,970 Credit derivatives $ 8,389 $ 7,777 Total derivatives instruments not designated as ASC 815 hedges $ 442,099 $ 434,622 Total derivatives $ 444,987 $ 436,493 Less: Netting agreements (3) $ (346,545) $ (346,545) Less: Netting cash collateral received/paid (4) (23,136) (30,032) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 75,306 $ 59,916 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (1,455) $ (2,272) Less: Non-cash collateral received/paid (5,923) (13,475) Total net receivables/payables (5) $ 67,928 $ 44,169 (1) The derivatives fair values are also presented in Note 25. (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) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $276 billion, $49 billion and $22 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (4) 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. (5) The net receivables/payables include approximately $14 billion of derivative asset and $11 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. In millions of dollars at December 31, 2021 Derivatives classified in Trading account assets/liabilities (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,167 $ 6 Cleared 122 89 Interest rate contracts $ 1,289 $ 95 Over-the-counter $ 1,338 $ 1,472 Cleared 6 — Foreign exchange contracts $ 1,344 $ 1,472 Total derivatives instruments designated as ASC 815 hedges $ 2,633 $ 1,567 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 152,524 $ 138,114 Cleared 11,579 11,821 Exchange traded 96 44 Interest rate contracts $ 164,199 $ 149,979 Over-the-counter $ 133,357 $ 133,548 Cleared 848 278 Foreign exchange contracts $ 134,205 $ 133,826 Over-the-counter $ 23,452 $ 28,352 Cleared 19 — Exchange traded 21,781 21,332 Equity contracts $ 45,252 $ 49,684 Over-the-counter $ 29,279 $ 29,833 Exchange traded 1,065 1,546 Commodity and other contracts $ 30,344 $ 31,379 Over-the-counter $ 6,896 $ 6,959 Cleared 3,322 4,056 Credit derivatives $ 10,218 $ 11,015 Total derivatives instruments not designated as ASC 815 hedges $ 384,218 $ 375,883 Total derivatives $ 386,851 $ 377,450 Less: Netting agreements (3) $ (292,628) $ (292,628) Less: Netting cash collateral received/paid (4) (24,447) (29,306) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 69,776 $ 55,516 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (907) $ (538) Less: Non-cash collateral received/paid (5,777) (13,607) Total net receivables/payables (5) $ 63,092 $ 41,371 (1) The derivative fair values are also presented in Note 25. (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) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $259 billion, $14 billion and $20 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (4) 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. (5) The net receivables/payables include approximately $10 billion of derivative asset and $11 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. For the years ended December 31, 2022, 2021 and 2020, 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 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 Year ended December 31, In millions of dollars 2022 2021 2020 Interest rate contracts $ 141 $ (70) $ 63 Foreign exchange (56) (102) (57) Total $ 85 $ (172) $ 6 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 (i.e., 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. 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 carrying 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, which include hedges of closed pools of assets, 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. 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. Changes in the fair value of the forward points (i.e., the spot-forward difference) of forward contracts are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings over the life of the hedge. Citi also excludes changes in the fair value of cross-currency basis associated with cross-currency swaps from the assessment of hedge effectiveness and records them in Other comprehensive income. Hedging of Commodity Price Risk Citigroup hedges the change in fair value attributable to spot price movements in physical commodities inventories. The hedging instrument is a futures contract to sell the underlying commodity. In this hedge, the change in the carrying 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 entire change in the fair value of the hedging instrument is recorded in earnings, under certain hedge programs, Citigroup excludes changes in the fair value of the forward points (i.e., spot-forward difference) of the futures contract from the assessment of hedge effectiveness, and they are generally reflected directly in earnings over the life of the hedge. Under other hedge programs, Citi excludes changes in the fair value of forward points from the assessment of hedge effectiveness and records them in Other comprehensive income . 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, 2022 2021 2020 In millions of dollars Other revenue Net interest income Other Net interest income Other Net interest income Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ (8,322) $ — $ (5,425) $ — $ 4,189 Foreign exchange hedges (1,375) — (627) — 1,442 — Commodity hedges (1,870) — (3,983) — (164) — Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ (3,245) $ (8,322) $ (4,610) $ (5,425) $ 1,278 $ 4,189 Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ 8,087 $ — $ 5,043 $ — $ (4,537) Foreign exchange hedges 1,372 — 628 — (1,442) — Commodity hedges 1,870 — 3,973 — 164 — Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ 3,242 $ 8,087 $ 4,601 $ 5,043 $ (1,278) $ (4,537) Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ — $ — $ (9) $ — $ (23) Foreign exchange hedges (2) 171 — 79 — (73) — Commodity hedges (3) 94 — 5 — 131 — Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges $ 265 $ — $ 84 $ (9) $ 58 $ (23) (1) Gain (loss) amounts for interest rate risk hedges are included in Interest revenue/Interest expense. The accrued interest income on fair value hedges is recorded in Net interest income and is excluded from this table. (2) Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings under the mark-to-market approach. Amounts related to cross-currency basis, which are recognized in AOCI , are not reflected in the table above. The amount of cross-currency basis included in AOCI was $73 million and $2 million for the years ended December 31, 2022 and 2021, respectively. (3) Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness reflected directly in earnings under the mark-to-market approach or recorded in AOCI under the amortization approach. The year ended December 31, 2022 includes gain (loss) of approximately $86 million and $8 million under the mark-to-market approach and amortization approach, 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. This cumulative basis adjustment becomes part of the carrying amount of 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, 2022 and 2021, along with the cumulative 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 basis adjustment increasing (decreasing) the carrying amount Active De-designated As of December 31, 2022 Debt securities AFS (1)(3) $ 98,837 $ (2,976) $ (333) Long-term debt 144,549 (5,040) (3,399) As of December 31, 2021 Debt securities AFS (2)(3) $ 62,733 $ 149 $ 212 Long-term debt 149,305 623 3,936 (1) These amounts include a cumulative basis adjustment of $(91) million for active hedges and $(309) million for de-designated hedges as of December 31, 2022, related to certain prepayable financial assets previously designated as the hedged item in a fair value hedge using the last-of-layer approach. The Company designated approximately $3 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $11 billion as of December 31, 2022) in a last-of-layer hedging relationship. (2) These amounts include a cumulative basis adjustment of $24 million for active hedges and $(92) million for de-designated hedges as of December 31, 2021, related to certain prepayable financial assets previously designated as the hedged item in a fair value hedge using the last-of-layer approach. The Company designated approximately $6 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $25 billion as of December 31, 2021) in a last-of-layer hedging relationship. (3) Carrying amount represents the amortized cost. Cash Flow Hedges Citigroup hedges the variability of forecasted cash flows due to changes in contractually specified interest rates associated with floating-rate assets/liabilities and other forecasted transactions. Variable cash flows from those liabilities are synthetically converted to fixed-rate cash flows by entering into receive-variable, pay-fixed interest rate swaps and receive-variable, pay-fixed forward-starting interest rate swaps. Variable cash flows associated with certain assets are synthetically converted to fixed-rate cash flows by entering into receive-fixed, pay-variable interest rate swaps. These cash flow hedging relationships use either regression analysis or dollar-offset ratio analysis to assess whether the hedging relationships are highly effective at inception and on an ongoing basis. For cash flow hedges, the entire change in the fair value of the hedging derivative is recognized in AOCI and then reclassified to earnings in the same period that the forecasted hedged cash flows impact earnings. The pretax change in AOCI from cash flow hedges is presented below: In millions of dollars 2022 2021 2020 Amount of gain (loss) recognized in AOCI on derivatives Interest rate contracts $ (3,640) $ (847) $ 2,670 Foreign exchange contracts 34 (51) (15) Total gain (loss) recognized in AOCI $ (3,606) $ (898) $ 2,655 Other revenue Net interest income Other Net interest Other Net interest Amount of gain (loss) reclassified from AOCI to earnings (1) Interest rate contracts $ — $ (125) $ — $ 1,075 $ — $ 734 Foreign exchange contracts (4) — (4) — (4) — Total gain (loss) reclassified from AOCI into earnings $ (4) $ (125) $ (4) $ 1,075 $ (4) $ 734 Net pretax change in cash flow hedges included within AOCI $ (3,477) $ (1,969) $ 1,925 (1) All amounts reclassif |
CONCENTRATIONS OF CREDIT RISK
CONCENTRATIONS OF CREDIT RISK | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 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 $431.6 billion and $414.5 billion at December 31, 2022 and 2021, respectively. The German, Japanese and United Kingdom 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 Germany amounted to $48.3 billion and $48.9 billion at December 31, 2022 and 2021, respectively. The Company’s exposure to Japan amounted to $40.0 billion and $30.1 billion at December 31, 2022 and 2021, respectively. The Company’s exposure to the United Kingdom amounted to $31.7 billion and $31.1 billion at December 31, 2022 and 2021, respectively. The foreign government exposures are composed of investment securities, loans and trading assets. The Company’s exposure to states and municipalities amounted to $20.1 billion and $22.0 billion at December 31, 2022 and 2021, respectively, and was composed of trading assets, investment securities, derivatives and lending activities. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended |
Dec. 31, 2022 | |
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 counterparty default is factored into the valuation of derivative and other positions, and the impact of Citigroup’s own credit risk is also factored into the valuation of derivatives and other liabilities that are 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 the market. • 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 fair value hierarchy classification approach typically utilizes rules-based and data-driven selection criteria to determine whether an instrument is classified as Level 1, Level 2 or Level 3: • The determination of whether an instrument is quoted in an active market and therefore considered a Level 1 instrument is based upon the frequency of observed transactions and the quality of independent market data available on the measurement date. • A Level 2 classification is assigned where there is observability of prices/market inputs to models, or where any unobservable inputs are not significant to the valuation. The determination of whether an input is considered observable is based on the availability of independent market data and its corroboration, for example through observed transactions in the market. • Otherwise, an instrument is classified as Level 3. 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, a non-recurring lower-of-cost-or-market (LOCOM) adjustment, or because they are required to be measured at fair value. When available, the Company uses quoted market prices from active markets to determine fair value and classifies such items as Level 1. In some specific cases where a market price is available, the Company will apply practical expedients (such as matrix pricing) to calculate fair value, in which case the items may be classified as Level 2. The Company may also apply a price-based methodology that 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. If relevant and observable prices are available, those valuations may be classified as Level 2. However, when there are one or more significant unobservable “price” inputs, those valuations will be classified as Level 3. Furthermore, when a quoted price is considered stale, a significant adjustment to the price of a similar security may be necessary to reflect differences in the terms of the actual security or loan being valued, or alternatively, when prices from independent sources may be insufficient to corroborate a 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. 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. The FVA represents 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 methodologies consist 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 and term funding risk, 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 spreads is applied to the expected funding exposures (e.g., the market liquidity spread used to represent the term funding premium associated with certain OTC derivatives). 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, 2022 and 2021: Credit and funding valuation adjustments In millions of dollars December 31, December 31, Counterparty CVA $ (816) $ (705) Asset FVA (622) (433) Citigroup (own credit) CVA 607 379 Liability FVA 263 110 Total CVA and FVA—derivative instruments $ (568) $ (649) 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 In millions of dollars 2022 2021 2020 Counterparty CVA $ (227) $ 79 $ (101) Asset FVA (102) 96 (95) Own credit CVA 157 (33) 133 Liability FVA 155 (22) (6) Total CVA and FVA—derivative instruments $ (17) $ 120 $ (69) DVA related to own FVO liabilities (1) $ 2,685 $ 296 $ (616) Total CVA, DVA and FVA $ 2,668 $ 416 $ (685) (1) See Note 20. Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase No quoted prices exist for these instruments, since 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 derivatives 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 various 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. 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 the primary inputs to the valuation are unobservable, or prices from independent sources are insufficient to corroborate valuation, a loan or security is generally classified as Level 3. Fair value estimates from these internal valuation techniques are verified, where possible, to prices obtained from independent sources, including third-party vendors. When the Company’s principal exit market for a portfolio of loans is through securitization, the Company uses the securitization price as a key input into the fair value of the loan portfolio. The securitization price is determined from the assumed proceeds of a hypothetical securitization within the current market environment. Where such a price verification is possible, loan portfolios are typically classified as Level 2 in the fair value hierarchy. For most of the subprime mortgage backed security (MBS) exposures, fair value is determined utilizing observable transactions where available, or other valuation techniques such as discounted cash flow analysis utilizing valuation assumptions derived from similar, more observable securities as market proxies. The valuation of certain asset-backed security (ABS) CDO positions is inferred through the net asset value of 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. 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 not generally 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 guideline public company analysis and comparable transactions. 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 are categorized within the fair value hierarchy and are not included in the tables below. See Note 13 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 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, 2022 and 2021. 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. The effects of these hedges are presented gross in the following tables: Fair Value Levels In millions of dollars at December 31, 2022 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 350,145 $ 149 $ 350,294 $ (110,767) $ 239,527 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 34,878 600 35,478 — 35,478 Residential 1 1,821 166 1,988 — 1,988 Commercial — 798 145 943 — 943 Total trading mortgage-backed securities $ 1 $ 37,497 $ 911 $ 38,409 $ — $ 38,409 U.S. Treasury and federal agency securities $ 63,067 $ 4,513 $ 1 $ 67,581 $ — $ 67,581 State and municipal — 2,256 7 2,263 — 2,263 Foreign government 38,383 25,850 119 64,352 — 64,352 Corporate 1,593 11,955 394 13,942 — 13,942 Equity securities 43,990 10,179 192 54,361 — 54,361 Asset-backed securities — 1,597 668 2,265 — 2,265 Other trading assets (2) 24 14,963 648 15,635 — 15,635 Total trading non-derivative assets $ 147,058 $ 108,810 $ 2,940 $ 258,808 $ — $ 258,808 Trading derivatives Interest rate contracts $ 297 $ 174,156 $ 3,751 $ 178,204 Foreign exchange contracts — 186,897 766 187,663 Equity contracts 20 40,683 1,704 42,407 Commodity contracts — 26,823 1,501 28,324 Credit derivatives — 7,484 905 8,389 Total trading derivatives—before netting and collateral $ 317 $ 436,043 $ 8,627 $ 444,987 Netting agreements $ (346,545) Netting of cash collateral received (23,136) Total trading derivatives—after netting and collateral $ 317 $ 436,043 $ 8,627 $ 444,987 $ (369,681) $ 75,306 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 11,232 $ 30 $ 11,262 $ — $ 11,262 Residential — 444 41 485 — 485 Commercial — 2 — 2 — 2 Total investment mortgage-backed securities $ — $ 11,678 $ 71 $ 11,749 $ — $ 11,749 U.S. Treasury and federal agency securities $ 91,851 $ 439 $ — $ 92,290 $ — $ 92,290 State and municipal — 1,637 586 2,223 — 2,223 Foreign government 58,419 74,250 608 133,277 — 133,277 Corporate 2,230 2,343 343 4,916 — 4,916 Marketable equity securities 254 165 10 429 — 429 Asset-backed securities — 1,029 1 1,030 — 1,030 Other debt securities — 4,194 — 4,194 — 4,194 Non-marketable equity securities (3) — 9 430 439 — 439 Total investments $ 152,754 $ 95,744 $ 2,049 $ 250,547 $ — $ 250,547 Table continues on the next page. In millions of dollars at December 31, 2022 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 3,999 $ 1,361 $ 5,360 $ — $ 5,360 Mortgage servicing rights — — 665 665 — 665 Non-trading derivatives and other financial assets measured on a recurring basis $ 4,310 $ 6,291 $ 57 $ 10,658 $ — $ 10,658 Total assets $ 304,439 $ 1,001,032 $ 15,848 $ 1,321,319 $ (480,448) $ 840,871 Total as a percentage of gross assets (4) 23.0 % 75.8 % 1.2 % Liabilities Interest-bearing deposits $ — $ 1,860 $ 15 $ 1,875 $ — $ 1,875 Securities loaned and sold under agreements to repurchase — 155,822 1,031 156,853 (85,967) 70,886 Trading account liabilities Securities sold, not yet purchased 97,559 13,111 50 110,720 — 110,720 Other trading liabilities — 8 3 11 — 11 Total trading liabilities $ 97,559 $ 13,119 $ 53 $ 110,731 $ — $ 110,731 Trading derivatives Interest rate contracts $ 175 $ 169,049 $ 3,396 $ 172,620 Foreign exchange contracts — 185,279 716 185,995 Equity contracts 70 40,905 2,808 43,783 Commodity contracts 2 25,093 1,223 26,318 Credit derivatives — 6,715 1,062 7,777 Total trading derivatives—before netting and collateral $ 247 $ 427,041 $ 9,205 $ 436,493 Netting agreements $ (346,545) Netting of cash collateral paid (30,032) Total trading derivatives—after netting and collateral $ 247 $ 427,041 $ 9,205 $ 436,493 $ (376,577) $ 59,916 Short-term borrowings $ — $ 6,184 $ 38 $ 6,222 $ — $ 6,222 Long-term debt — 69,878 36,117 105,995 — 105,995 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 4,197 $ 240 $ 2 $ 4,439 $ — $ 4,439 Total liabilities $ 102,003 $ 674,144 $ 46,461 $ 822,608 $ (462,544) $ 360,064 Total as a percentage of gross liabilities (4) 12.4 % 82.0 % 5.6 % (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 26. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) Amounts exclude $27 million 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). (4) 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. Fair Value Levels In millions of dollars at December 31, 2021 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 342,030 $ 231 $ 342,261 $ (125,795) $ 216,466 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 34,534 496 35,030 — 35,030 Residential 1 643 104 748 — 748 Commercial — 778 81 859 — 859 Total trading mortgage-backed securities $ 1 $ 35,955 $ 681 $ 36,637 $ — $ 36,637 U.S. Treasury and federal agency securities $ 44,900 $ 3,230 $ 4 $ 48,134 $ — $ 48,134 State and municipal — 1,995 37 2,032 — 2,032 Foreign government 39,176 31,485 23 70,684 — 70,684 Corporate 1,544 16,156 412 18,112 — 18,112 Equity securities 53,833 10,047 174 64,054 — 64,054 Asset-backed securities — 981 613 1,594 — 1,594 Other trading assets (2) — 20,346 576 20,922 — 20,922 Total trading non-derivative assets $ 139,454 $ 120,195 $ 2,520 $ 262,169 $ — $ 262,169 Trading derivatives Interest rate contracts $ 90 $ 161,500 $ 3,898 $ 165,488 Foreign exchange contracts — 134,912 637 135,549 Equity contracts 41 43,904 1,307 45,252 Commodity contracts — 28,547 1,797 30,344 Credit derivatives — 9,299 919 10,218 Total trading derivatives—before netting and collateral $ 131 $ 378,162 $ 8,558 $ 386,851 Netting agreements $ (292,628) Netting of cash collateral received (3) (24,447) Total trading derivatives—after netting and collateral $ 131 $ 378,162 $ 8,558 $ 386,851 $ (317,075) $ 69,776 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 33,165 $ 51 $ 33,216 $ — $ 33,216 Residential — 286 94 380 — 380 Commercial — 25 — 25 — 25 Total investment mortgage-backed securities $ — $ 33,476 $ 145 $ 33,621 $ — $ 33,621 U.S. Treasury and federal agency securities $ 122,271 $ 168 $ 1 $ 122,440 $ — $ 122,440 State and municipal — 1,849 772 2,621 — 2,621 Foreign government 56,842 61,112 786 118,740 — 118,740 Corporate 2,861 2,871 188 5,920 — 5,920 Marketable equity securities 350 177 16 543 — 543 Asset-backed securities — 300 3 303 — 303 Other debt securities — 4,877 — 4,877 — 4,877 Non-marketable equity securities (4) — 28 316 344 — 344 Total investments $ 182,324 $ 104,858 $ 2,227 $ 289,409 $ — $ 289,409 Table continues on the next page. In millions of dollars at December 31, 2021 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 5,371 $ 711 $ 6,082 $ — $ 6,082 Mortgage servicing rights — — 404 404 — 404 Non-trading derivatives and other financial assets measured on a recurring basis $ 4,075 $ 8,194 $ 73 $ 12,342 $ — $ 12,342 Total assets $ 325,984 $ 958,810 $ 14,724 $ 1,299,518 $ (442,870) $ 856,648 Total as a percentage of gross assets (5) 29.0 % 69.9 % 1.1 % Liabilities Interest-bearing deposits $ — $ 1,483 $ 183 $ 1,666 $ — $ 1,666 Securities loaned and sold under agreements to repurchase — 174,318 643 174,961 (118,267) 56,694 Trading account liabilities Securities sold, not yet purchased 82,675 23,268 65 106,008 — 106,008 Other trading liabilities — 5 — 5 — 5 Total trading account liabilities $ 82,675 $ 23,273 $ 65 $ 106,013 $ — $ 106,013 Trading derivatives Interest rate contracts $ 56 $ 147,846 $ 2,172 $ 150,074 Foreign exchange contracts — 134,572 726 135,298 Equity contracts 60 46,177 3,447 49,684 Commodity contracts — 30,004 1,375 31,379 Credit derivatives — 10,065 950 11,015 Total trading derivatives—before netting and collateral $ 116 $ 368,664 $ 8,670 $ 377,450 Netting agreements $ (292,628) Netting of cash collateral paid (3) (29,306) Total trading derivatives—after netting and collateral $ 116 $ 368,664 $ 8,670 $ 377,450 $ (321,934) $ 55,516 Short-term borrowings $ — $ 7,253 $ 105 $ 7,358 $ — $ 7,358 Long-term debt — 57,100 25,509 82,609 — 82,609 Non-trading derivatives and other financial liabilities measured on a recurring basis $ 3,574 $ — $ 1 $ 3,575 $ — $ 3,575 Total liabilities $ 86,365 $ 632,091 $ 35,176 $ 753,632 $ (440,201) $ 313,431 Total as a percentage of gross liabilities (5) 11.5 % 83.9 % 4.7 % (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 26. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) 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. (4) Amounts exclude $145 million of investments measured at 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. 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, 2022 and 2021. 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 gains (losses) included in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Dec. 31, 2022 Assets Securities borrowed and purchased under agreements to resell $ 231 $ 12 $ — $ 3 $ — $ 252 $ — $ — $ (349) $ 149 $ 18 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 496 (81) — 244 (475) 969 — (553) — 600 (59) Residential 104 (5) — 112 (87) 187 — (145) — 166 (1) Commercial 81 (13) — 167 (78) 37 — (49) — 145 (3) Total trading mortgage-backed securities $ 681 $ (99) $ — $ 523 $ (640) $ 1,193 $ — $ (747) $ — $ 911 $ (63) U.S. Treasury and federal agency securities $ 4 $ (4) $ — $ 2 $ (1) $ 1 $ — $ — $ (1) $ 1 $ (1) State and municipal 37 9 — 77 (35) 16 — (97) — 7 — Foreign government 23 (41) — 308 (326) 248 — (93) — 119 (22) Corporate 412 101 — 499 (451) 1,068 — (1,235) — 394 (136) Marketable equity securities 174 45 — 161 (105) 155 — (238) — 192 (42) Asset-backed securities 613 (41) — 243 (239) 835 — (743) — 668 (36) Other trading assets 576 249 — 407 (594) 774 27 (779) (12) 648 (122) Total trading non-derivative assets $ 2,520 $ 219 $ — $ 2,220 $ (2,391) $ 4,290 $ 27 $ (3,932) $ (13) $ 2,940 $ (422) Trading derivatives, net (4) Interest rate contracts $ 1,726 $ 176 $ — $ 33 $ (792) $ (163) $ 7 $ 79 $ (711) $ 355 $ (588) Foreign exchange contracts (89) 734 — (422) (22) 124 20 (459) 164 50 (81) Equity contracts (2,140) 1,604 — (572) 673 176 — (370) (475) (1,104) 1,057 Commodity contracts 422 822 — 194 (716) 100 — (211) (333) 278 413 Credit derivatives (31) (266) — (7) 131 (36) — — 52 (157) (198) Total trading derivatives, net (4) $ (112) $ 3,070 $ — $ (774) $ (726) $ 201 $ 27 $ (961) $ (1,303) $ (578) $ 603 Table continues on the next page. Net realized/unrealized gains (losses) included in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Dec. 31, 2022 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 51 $ — $ (7) $ 1 $ (10) $ 7 $ — $ (12) $ — $ 30 $ (24) Residential 94 — (5) — (42) 3 — (9) — 41 (5) Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 145 $ — $ (12) $ 1 $ (52) $ 10 $ — $ (21) $ — $ |
FAIR VALUE ELECTIONS
FAIR VALUE ELECTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value, Option, Aggregate Differences [Abstract] | |
FAIR VALUE ELECTIONS | FAIR VALUE ELECTIONSThe 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. Movements in DVA are reported as a component of AOCI . Additional discussion regarding the applicable areas in which fair value elections were made is presented in Note 25. The Company has elected fair value accounting for its mortgage servicing rights (MSRs). See Note 22 for additional details on Citi’s MSRs. The following table presents the changes in fair value of those items for which the fair value option has been elected: Changes in fair value — gains (losses) for the years ended December 31, In millions of dollars 2022 2021 Assets Securities borrowed and purchased under agreements to resell $ (109) $ (87) Trading account assets (296) 59 Investments — — Loans Certain corporate loans (1,763) (171) Certain consumer loans (1) — Total loans $ (1,764) $ (171) Other assets MSRs $ 201 $ 43 Certain mortgage loans HFS (1) (455) 70 Total other assets $ (254) $ 113 Total assets $ (2,423) $ (86) Liabilities Interest-bearing deposits $ 42 $ (118) Securities loaned and sold under agreements to repurchase 110 66 Trading account liabilities (239) 17 Short-term borrowings (2) 1,424 675 Long-term debt (2) 15,589 386 Total liabilities $ 16,926 $ 1,026 (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 20 and 25. 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 20 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 gain of $2,685 million and $296 million for the years ended December 31, 2022 and 2021, 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 Uncollateralized 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, 2022 December 31, 2021 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 6,011 $ 5,360 $ 9,530 $ 6,082 Aggregate unpaid principal balance in excess of (less than) fair value 167 51 (100) 226 Balance of non-accrual loans or loans more than 90 days past due — 2 — 1 Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due — 1 — — In addition to the amounts reported above, $729 million and $719 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of December 31, 2022 and 2021, 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, 2022 and 2021 due to instrument-specific credit risk totaled to losses of $155 million and $21 million, respectively. Changes in fair value due to instrument-specific credit risk are estimated based on changes in borrower-specific credit spreads and recovery assumptions. Certain Investments in Unallocated Precious Metals Citigroup invests in unallocated precious metals accounts (e.g., 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 $0.3 billion and $0.3 billion at December 31, 2022 and 2021, 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, 2022, there were approximately $18.6 billion and $10.8 billion of 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, 2021 Carrying amount reported on the Consolidated Balance Sheet $ 793 $ 3,035 Aggregate fair value in excess of (less than) unpaid principal balance (10) 70 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, 2022 and 2021 due to instrument-specific credit risk. Changes in fair value due to instrument-specific credit risk are estimated based on changes in the borrower default, prepayment and recovery forecasts in addition to instrument-specific credit spread. 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 Debt Liabilities The Company has elected the fair value option for certain debt liabilities, because these exposures are considered to be trading-related positions and, therefore, are managed on a fair value basis. These positions are classified as Long-term debt on the Company’s Consolidated Balance Sheet. The following table provides information about the carrying value of notes carried at fair value, disaggregated by type of risk: In billions of dollars December 31, 2022 December 31, 2021 Interest rate linked $ 53.4 $ 38.9 Foreign exchange linked 0.1 — Equity linked 42.5 36.1 Commodity linked 5.0 3.9 Credit linked 5.0 3.7 Total $ 106.0 $ 82.6 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 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 (i.e., 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, 2022 December 31, 2021 Carrying amount reported on the Consolidated Balance Sheet $ 105,995 $ 82,609 Aggregate unpaid principal balance in excess of (less than) fair value (2,944) (2,459) The following table provides information about short-term borrowings carried at fair value: In millions of dollars December 31, 2022 December 31, 2021 Carrying amount reported on the Consolidated Balance Sheet $ 6,222 $ 7,358 Aggregate unpaid principal balance in excess of (less than) fair value (9) (644) |
PLEDGED ASSETS, RESTRICTED CASH
PLEDGED ASSETS, RESTRICTED CASH, COLLATERAL, GUARANTEES AND COMMITMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Pledged Assets, Collateral, Guarantees and Commitments [Abstract] | |
PLEDGED ASSETS, RESTRICTED CASH, COLLATERAL, GUARANTEES AND COMMITMENTS | PLEDGED ASSETS, RESTRICTED CASH, 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, 2022 December 31, Investment securities $ 246,252 $ 252,192 Loans 261,450 232,319 Trading account assets 135,978 140,980 Total $ 643,680 $ 625,491 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 may include minimum reserve requirements at certain central banks and cash segregated to satisfy rules regarding the protection of customer assets as required by Citigroup broker-dealers’ primary regulators, including the SEC, the Commodity 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, Cash and due from banks $ 4,820 $ 2,786 Deposits with banks, net of allowance 12,156 10,636 Total $ 16,976 $ 13,422 In addition to the restricted cash amounts shown above, approximately $1.8 billion held at the Russia National Settlements Depository is subject to restrictions imposed by the Russian government. This restricted amount is reported within Other assets on the Consolidated Balance Sheet. Collateral At December 31, 2022 and 2021, the approximate fair value of securities collateral received by Citi that may be resold or repledged, excluding the impact of allowable netting, was $725.5 billion and $650.8 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, 2022 and 2021, 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 lendings, pledges to clearing organizations, segregation requirements under securities laws and regulations, derivative transactions and bank loans. In addition, at December 31, 2022 and 2021, Citi had pledged $502.0 billion and $481.0 billion, respectively, of collateral that may not be sold or repledged by the secured parties. Guarantees Citi provides a variety of guarantees and indemnifications to its customers to enhance their credit standing and enable them to complete a wide range 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, 2022 Expire within Expire after Total amount Carrying value (in millions of dollars) Financial standby letters of credit $ 31.3 $ 58.3 $ 89.6 $ 905 Performance guarantees 6.1 5.6 11.7 65 Derivative instruments considered to be guarantees 18.5 30.0 48.5 353 Loans sold with recourse — 1.7 1.7 13 Securities lending indemnifications (1) 95.9 — 95.9 — Credit card merchant processing (2) 129.6 — 129.6 1 Credit card arrangements with partners — 0.6 0.6 7 Other 0.1 8.4 8.5 32 Total $ 281.5 $ 104.6 $ 386.1 $ 1,376 Maximum potential amount of future payments In billions of dollars at December 31, 2021 Expire within Expire after Total amount Carrying value (in millions of dollars) Financial standby letters of credit $ 34.3 $ 58.4 $ 92.7 $ 791 Performance guarantees 6.6 6.4 13.0 47 Derivative instruments considered to be guarantees 14.6 48.9 63.5 514 Loans sold with recourse — 1.7 1.7 15 Securities lending indemnifications (1) 121.9 — 121.9 — Credit card merchant processing (2) 119.4 — 119.4 1 Credit card arrangements with partners — 0.8 0.8 7 Other 2.0 12.0 14.0 34 Total $ 298.8 $ 128.2 $ 427.0 $ 1,409 (1) The carrying values of securities lending indemnifications were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal. (2) At December 31, 2022 and 2021, this maximum potential exposure was estimated to be approximately $130 billion and $119 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. See Note 23 for a discussion of Citi’s derivatives activities. 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 23. 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 sellers 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 $10 million and $19 million at December 31, 2022 and 2021, 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, 2022 and 2021, this maximum potential exposure was estimated to be $129.6 billion and $119.4 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, 2022 and 2021, 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 one 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. 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, 2022 and 2021, 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, 2022 or 2021 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 Genworth Trusts are designed to provide collateral to Brighthouse in an amount equal to the statutory liabilities of Brighthouse in respect of the Travelers LTC policies. The assets in the Genworth Trusts are evaluated and adjusted periodically to ensure that the fair value of the assets continues to provide collateral in an amount equal to these estimated statutory liabilities, as the liabilities change over time. If both (i) Genworth fails to perform under the original Travelers/GE Life reinsurance agreement for any reason, including 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, 2022 and 2021 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. Futures and Over-the-Counter Derivatives Clearing Citi provides clearing services on central clearing parties (CCP) for clients that need to clear exchange-traded and over-the-counter (OTC) 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 23 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 $18.0 billion and $18.7 billion as of December 31, 2022 and 2021, 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, 2022 and 2021, the total carrying amounts of the liabilities related to the guarantees and indemnifications included in the tables above amounted to approximately $1.4 billion and $1.4 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 $51.8 billion and $56.5 billion at December 31, 2022 and 2021, respectively. Securities and other marketable assets held as collateral amounted to $63.7 billion and $84.2 billion at December 31, 2022 and 2021, 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 $3.7 billion and $4.1 billion at December 31, 2022 and 2021, 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 on 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, 2022 Investment Non-investment Not Total Financial standby letters of credit $ 77.9 $ 10.4 $ 1.3 $ 89.6 Performance guarantees 9.3 2.4 — 11.7 Derivative instruments deemed to be guarantees — — 48.5 48.5 Loans sold with recourse — — 1.7 1.7 Securities lending indemnifications — — 95.9 95.9 Credit card merchant processing — — 129.6 129.6 Credit card arrangements with partners — — 0.6 0.6 Other — 8.5 — 8.5 Total $ 87.2 $ 21.3 $ 277.6 $ 386.1 Maximum potential amount of future payments In billions of dollars at December 31, 2021 Investment Non-investment Not Total Financial standby letters of credit $ 81.4 $ 11.3 $ — $ 92.7 Performance guarantees 10.5 2.5 — 13.0 Derivative instruments deemed to be guarantees — — 63.5 63.5 Loans sold with recourse — — 1.7 1.7 Securities lending indemnifications — — 121.9 121.9 Credit card merchant processing — — 119.4 119.4 Credit card arrangements with partners — — 0.8 0.8 Other — 12.0 2.0 14.0 Total $ 91.9 $ 25.8 $ 309.3 $ 427.0 Credit Commitments and Lines of Credit The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. (1) December 31, December 31, 2021 Commercial and similar letters of credit $ 650 $ 4,666 $ 5,316 $ 5,910 One- to four-family residential mortgages 906 1,488 2,394 4,351 Revolving open-end loans secured by one- to four-family residential properties 5,719 661 6,380 7,913 Commercial real estate, construction and land development 13,275 1,895 15,170 17,843 Credit card lines 603,975 79,257 683,232 700,559 Commercial and other consumer loan commitments 191,318 106,081 297,399 320,556 Other commitments and contingencies 5,469 204 5,673 5,649 Total $ 821,312 $ 194,252 $ 1,015,564 $ 1,062,781 (1) Consumer commitments related to the business HFS countries under sales agreements are reflected in their original categories until the respective sales are completed. 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 pay the supplier upon presentation of documentary evidence that the supplier has performed in accordance with the terms of the letter of credit. When a letter of credit is drawn, the customer is then required to reimburse Citigroup. One- to Four-Family Residential Mortgages A one- to four-family residential mortgage commitment is a written confirmation from Citigroup to a seller of a property that the bank will advance the specified sums enabling the buyer to complete the purchase. Revolving Open-End Loans Secured by One- to Four-Family Residential Properties Revolving open-end loans secured by one- to four-family residential properties are essentially home equity lines of credit. A home equity line of credit is a loan secured by a primary residence or second home to the extent of the excess of fair market value over the debt outstanding for the first mortgage. Commercial Real Estate, Construction and Land Development Commercial real estate, construction and land development include unused portions of commitments to extend credit for the purpose of financing commercial and multifamily residential properties as well as land development projects. Both secured-by-real-estate and unsecured commitments are included in this line, as well as undistributed loan proceeds, where there is an obligation to advance for construction progress payments. However, this line only includes those extensions of credit that, once funded, will be classified as Total loans, net on the Consolidated Balance Sheet. Credit Card Lines Citigroup provides credit to customers by issuing credit cards. The credit card lines are cancelable by providing notice to the cardholder or without such notice as permitted by local law. Commercial and Other Consumer Loan Commitments Commercial and other consumer loan commitments include overdraft and liquidity facilities as well as commercial commitments to make or purchase loans, purchase third-party receivables, provide note issuance or revolving underwriting facilities and invest in the form of equity. Other Commitments and Contingencies Other commitments and contingencies include all other transactions related to commitments and contingencies not reported on the lines above. Unsettled Reverse Repurchase and Securities Borrowing Agreements and Unsettled Repurchase and Securities Lending Agreements In addition, in the normal course of business, Citigroup enters into reverse repurchase and securities borrowing agreements, as well as repurchase and securities lending agreements, which settle at a future date. At December 31, 2022 and 2021, Citigroup had approximately $111.6 billion and $126.6 billion of unsettled reverse repurchase and securities borrowing agreements, and approximately $37.3 billion and $41.1 billion of unsettled repurchase and securities lending agreements, respectively. See Note 11 for a further discussion of securities purchased under agreements to resell and securities borrowed, and securities sold under agreements to repurchase and securities loaned, including the Company’s policy for offsetting repurchase and reverse repurchase agreements. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
LEASES | 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 may contain renewal and extension options and early termination features; however, these options do not impact the lease term unless the Company is reasonably certain that it will exercise options. These leases have a weighted-average remaining lease term of approximately six years as of December 31, 2022 and 2021. For additional information regarding Citi’s leases, see Note 1. The following table presents information on the right-of-use (ROU) asset and lease liabilities included in Premises and equipment and Other liabilities , respectively: In millions of dollars December 31, December 31, ROU asset $ 2,892 $ 2,914 Lease liability 3,076 3,116 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 following table presents the total operating lease expense (principally for offices, branches and equipment) included in the Consolidated Statement of Income: In millions of dollars Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 Operating lease expense (1) $ 1,048 $ 1,061 $ 1,054 (1) Balances presented net of $3 million, $12 million and $27 million of sublease income for the years ended December 31, 2022, 2021 and 2020, respectively. The table below provides the Cash Flow Statement Supplemental Information: In m illions o f dollars December 31, December 31, Cash paid for amounts included in the measurement of lease liabilities $ 725 $ 806 ROU assets obtained in exchange for new operating lease liabilities (1)(2) 775 845 (1) Represents non-cash activity and, accordingly, is not reflected in the Consolidated Statement of Cash Flows. (2) Excludes the decrease in the ROU assets related to the purchase of a previously leased property. Citi’s future lease payments are as follows: In millions of dollars 2023 $ 704 2024 635 2025 541 2026 437 2027 319 Thereafter 769 Total future lease payments $ 3,405 Less imputed interest (based on weighted-average discount rate of 3.1%) $ (329) Lease liability $ 3,076 |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
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 any litigation, regulatory or 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 Money Laundering and Asset Recovery 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 multiyear 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 a reasonably possible 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, 2022, Citigroup estimates that the reasonably possible unaccrued loss for these matters ranges up to approximately $1.2 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, regulatory and tax 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 amounts accrued in relation to matters for 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 accruals, that the eventual outcome of all matters described in this Note would not likely 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. Foreign Exchange Matters Regulatory Actions : Government and regulatory agencies in the U.S. and 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, Citigroup Global Markets Inc. (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 2020, plaintiffs filed a third amended complaint. Additional information concerning this action is publicly available in court filings under the docket number 18-CV-10364 (S.D.N.Y.) (Schofield, J.). In 2018, a group of institutional investors issued a claim against Citigroup, Citibank and other defendants, captioned ALLIANZ GLOBAL INVESTORS GMBH AND OTHERS v. BARCLAYS BANK PLC AND OTHERS, in the High Court of Justice 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 December 2021, the High Court ordered that the case be transferred to the U.K.’s Competition Appeal Tribunal. Additional information concerning this action is publicly available in court filings under the case number CL-2018-000840 in the High Court and under the case number 1430/5/7/22 (T) in the Competition Appeal Tribunal. In 2015, a putative class of consumers and businesses in the U.S. 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 (later transferred to the United States District Court for the Southern District of New York). Subsequently, plaintiffs filed an amended class action complaint against 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. On March 8, 2022, the court denied plaintiffs’ motion for class certification. On August 22, 2022, the United States Court of Appeals for the Second Circuit denied plaintiffs’ application seeking appellate review of the decision denying class certification. Additional information concerning this action is publicly available in court filings under the docket numbers 15-CV-2290 (N.D. Cal.) (Chhabria, J.), 15-CV-9300 (S.D.N.Y.) (Schofield, J.) and 22-698 (2d Cir.). In 2019, two applications, captioned MICHAEL O’ HIGGINS FX CLASS REPRESENTATIVE LIMITED v. BARCLAYS BANK PLC AND OTHERS and PHILLIP EVANS v. BARCLAYS BANK PLC AND OTHERS, were made to the U.K.’s Competition Appeal Tribunal requesting permission to commence collective proceedings against Citigroup, Citibank and other defendants. The applications seek 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). On March 31, 2022, the U.K.’s Competition Appeal Tribunal issued its judgment on certification, and on October 4, 2022, the U.K.’s Competition Appeal Tribunal granted both claimants permission to appeal the certification judgment. Additional information concerning these actions is publicly available in court filings under the case numbers 1329/7/7/19 and 1336/7/7/19. In 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. In 2019, two motions for certification of class actions filed against Citigroup, Citibank 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. In April 2021, Citibank’s motion to dismiss plaintiffs’ petition for certification was denied. On April 6, 2022, the Supreme Court of Israel denied Citibank’s motion for leave to appeal the Central District Court’s denial of its motion to dismiss. Additional information concerning this action is publicly available in court filings under the docket number CA 29013-09-18. Hong Kong Private Bank Litigation In 2007, a claim was filed in the High Court of Hong Kong claiming damages of over $51 million against Citibank. The case, captioned PT ASURANSI TUGU PRATAMA INDONESIA TBK v. CITIBANK N.A., was dismissed in 2018 by the Hong Kong Court of First Instance on grounds that the claim was time-barred. On April 12, 2022, the Court of Appeal upheld the dismissal of the claim. The plaintiff appealed, and on February 6, 2023, the Court of Final Appeal rendered a judgment in the plaintiff’s favor. Additional information concerning this action is publicly available in court filings under the docket number FACV 11/2022. Interbank Offered Rates-Related Litigation and Other Matters In August 2020, individual borrowers and consumers of loans and credit cards filed an action against Citigroup, Citibank, CGMI and other defendants, captioned MCCARTHY, ET AL. v. INTERCONTINENTAL EXCHANGE, INC., ET AL., in the United States District Court for the Northern District of California. Plaintiffs allege that defendants conspired to fix ICE LIBOR, assert claims under the Sherman Act and the Clayton Act, and seek declaratory relief, injunctive relief, and treble damages. On October 4, 2022, plaintiffs filed an amended complaint, and on November 4, 2022, defendants moved to dismiss the amended complaint. Additional information concerning this action is publicly available in court filings under the docket number 20-CV-5832 (N.D. Cal.) (Donato, 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. 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, including Citigroup and affiliates. In 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, later 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. On September 27, 2021, the court granted the injunctive relief class plaintiffs’ motion to certify a non-opt-out class. On October 7 and 9, 2022, the court issued rulings on several pretrial motions. 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 actions 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 these actions seek treble damages, fees, costs and injunctive relief. Lead plaintiffs in the class action moved for class certification in 2019 and subsequently filed an 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, which defendants later moved to dismiss. Additional information concerning this action is publicly available in court filings under the docket number 17-CV-4302 (S.D.N.Y.) (Sullivan, J.). Madoff-Related Litigation In 2008, a Securities Investor Protection Act (SIPA) trustee was appointed for the SIPA liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), in the United States Bankruptcy Court for the Southern District of New York. Beginning in 2010, the SIPA trustee commenced actions against multiple Citi entities, including Citibank, Citicorp North America, Inc., CGML and Citibank (Switzerland) AG, captioned PICARD v. CITIBANK, N.A., ET AL. and PICARD v. Citibank (Switzerland) Ltd., seeking recovery of monies that originated at BLMIS and were allegedly received by the Citi entities as subsequent transferees. On February 11, 2022, the SIPA trustee filed an amended complaint against Citibank, Citicorp North America, Inc. and CGML, and subsequently voluntarily dismissed the case against Citibank (Switzerland) AG. On April 22, 2022, these remaining Citi entities moved to dismiss the amended complaint, which the bankruptcy court denied. On November 2, 2022, the remaining Citi entities moved to file an interlocutory appeal of the bankruptcy court’s decision. On November 10, 2022, the remaining Citi entities answered the amended complaint. Additional information concerning these actions is publicly available in court filings under the docket numbers 10-5345, 12-1700 (Bankr. S.D.N.Y.) (Morris, J.); and 22-9597 (S.D.N.Y.) (Gardephe, J.). Beginning in 2010, the British Virgin Islands liquidators of Fairfield Sentry Limited, whose assets were invested with BLMIS, commenced multiple actions against CGML, Citibank (Switzerland) AG, Citibank, NA London, Citivic Nominees Ltd., Cititrust Bahamas Ltd., and Citibank Korea Inc., captioned FAIRFIELD SENTRY LTD., ET AL. v. CITIGROUP GLOBAL MARKETS LTD., ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. CITIBANK (SWITZERLAND) AG, ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. ZURICH CAPITAL MARKETS COMPANY, ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. CITIBANK NA LONDON, ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. CITIVIC NOMINEES LTD., ET AL.; FAIRFIELD SENTRY LTD., ET AL. v. DON CHIMANGO SA, ET AL.; and FAIRFIELD SENTRY LTD., ET AL. v. CITIBANK KOREA INC. ET AL., in the United States Bankruptcy Court for the Southern District of New York. The actions seek recovery of monies that were allegedly received directly or indirectly from Fairfield Sentry. In October 2021, Citi (Switzerland) AG and Citivic Nominees Ltd. filed a motion to dismiss for lack of personal jurisdiction, which remains pending. On August 24, 2022, the United States District Court for the Southern District of New York affirmed various decisions of the bankruptcy court, which dismissed claims against CGML, Citibank (Switzerland) AG, Citibank, NA London, Citivic Nominees Ltd., Cititrust Bahamas Ltd., and Citibank Korea Inc., and permitted a single claim against Citibank, NA London, CGML, Citivic Nominees Ltd., and Citibank (Switzerland) AG to proceed. In late September 2022, the liquidators appealed the district court’s decision dismissing the liquidators’ claims. On September 30, 2022, CGML, Citibank (Switzerland) AG, Citibank, NA London, and Citivic Nominees Ltd. moved for leave to appeal the district court’s decision permitting the single claim to proceed against them. Additional information is publicly available in court filings under the docket numbers 10-13164, 10-3496, 10-3622, 10-3634, 10-4100, 10-3640, 11-2770, 12-1142, 12-1298 (Bankr. S.D.N.Y.) (Morris, J.); 19-3911, 19-4267, 19-4396, 19-4484, 19-5106, 19-5135, 19-5109, 21-2997, 21-3243, 21-3526, 21-3529, 21-3530, 21-3998, 21-4307, 21-4498, 21-4496 (S.D.N.Y.) (Broderick, J.); and 22-2101 (consolidated lead appeal), 22-2557, 22-2122, 22-2562, 22-2216, 22-2545, 22-2308, 22-2591, 22-2502, 22-2553, 22-2398, 22-2582 (2d Cir.). Parmalat Litigation In 2004, an Italian commissioner appointed to oversee the administration of various Parmalat companies filed a complaint against Citigroup, Citibank, 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. In 2019, the Italian Supreme Court affirmed the decision in the full amount of $431 million. Citigroup has taken steps to enforce the judgment in Italian and Belgian courts. Additional information concerning these actions is publicly available in court filings under the docket numbers 27618/2014, 4133/2019, and 22098/2019 (Italy), and 20/3617/A and 20/4007/A (Brussels). In 2015, Parmalat filed a claim in an Italian civil court in Milan claiming damages of €1.8 billion against Citigroup, Citibank, and related parties, which the court dismissed on grounds that it was duplicative of Parmalat’s previously unsuccessful claims. In 2019, the Milan Court of Appeal rejected Parmalat’s appeal of the Milan court’s dismissal, which Parmalat appealed with the Italian Supreme Court. Additional information concerning this action is publicly available in court filings under the docket numbers 1009/2018 and 20598/2019. In January 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. In November 2020, Citibank joined the proceedings, seeking dismissal of the declaratory judgment application and filing a counterclaim. Additional information concerning this action is publicly available in court filings under the docket number 8611/2020. Shareholder Derivative and Securities Litigation Beginning in October 2020, four derivative actions were filed in the United States District Court for the Southern District of New York, purportedly on behalf of Citigroup (as nominal defendant) against certain of Citigroup’s current and former directors. The actions were later consolidated under the case name IN RE CITIGROUP INC. SHAREHOLDER DERIVATIVE LITIGATION. The consolidated complaint asserts claims for breach of fiduciary duty, unjust enrichment, and contribution and indemnification in connection with defendants’ alleged failures to implement adequate internal controls. In addition, the consolidated complaint asserts derivative claims for violations of Sections 10(b) and 14(a) of the Securities Exchange Act of 1934 in connection with statements in Citigroup’s 2019 and 2020 annual meeting proxy statements. In February 2021, the court stayed the action pending resolution of defendants’ motion to dismiss in IN RE CITIGROUP SECURITIES LITIGATION. Additional information concerning this action is publicly available in court filings under the docket number 1:20-CV-09438 (S.D.N.Y.) (Preska, J.). Beginning in December 2020, two derivative actions were filed in the Supreme Court of the State of New York, purportedly on behalf of Citigroup (as nominal defendant) against certain of Citigroup’s current and former directors, and certain current and former officers. The actions were later consolidated under the case name IN RE CITIGROUP INC. DERIVATIVE LITIGATION, and the court stayed the action pending resolution of defendants’ motion to dismiss in IN RE CITIGROUP SECURITIES LITIGATION. Additional information concerning this action is publicly available in court filings under the docket number 656759/2020 (N.Y. Sup. Ct.) (Schecter, J.). On June 23, 2022, a third derivative action was filed in the Supreme Court of the State of New York, also purportedly on behalf of Citigroup (as nominal defendant) against certain of Citigroup’s current and former directors, and certain current and former officers. A stipulation to stay and consolidate this action with the Supreme Court of the State of New York action captioned IN RE CITIGROUP INC. DERIVATIVE LITIGATION is pending. Additional information concerning this action is publicly available in court filings under the dock |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS Citigroup’s Registration Statement on Form S-3 on file with the SEC includes 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, 2022, 2021 and 2020, Condensed Consolidating Balance Sheet as of December 31, 2022 and 2021 and Condensed Consolidating Statement of Cash Flows for the years ended December 31, 2022, 2021 and 2020 for Citigroup Inc., the parent holding company (Citigroup parent company), CGMHI, other Citigroup subsidiaries and eliminations, and total consolidating adjustments. “Other Citigroup subsidiaries and eliminations” includes all other subsidiaries of Citigroup, intercompany eliminations and income (loss) from discontinued operations. “Consolidating adjustments” includes Citigroup parent company elimination of distributed and undistributed income of subsidiaries and investment in subsidiaries. These Condensed Consolidating Financial Statements have been prepared and presented in accordance with SEC Regulation S-X Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” These Condensed Consolidating Financial Statements are presented for purposes of additional analysis, but should be considered in relation to the Consolidated Financial Statements of Citigroup taken as a whole. Condensed Consolidating Statements of Income and Comprehensive Income Year ended December 31, 2022 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 8,992 $ — $ (8,992) $ — Interest revenue — 10,021 64,387 — 74,408 Interest revenue—intercompany 4,628 2,324 (6,952) — — Interest expense 5,250 5,938 14,552 — 25,740 Interest expense—intercompany 715 4,358 (5,073) — — Net interest income $ (1,337) $ 2,049 $ 47,956 $ — $ 48,668 Commissions and fees $ — $ 4,617 $ 4,558 $ — $ 9,175 Commissions and fees—intercompany (1) 127 (126) — — Principal transactions 5,147 13,895 (4,883) — 14,159 Principal transactions—intercompany (5,686) (10,532) 16,218 — — Other revenue 210 493 2,633 — 3,336 Other revenue—intercompany (220) (58) 278 — — Total non-interest revenues $ (550) $ 8,542 $ 18,678 $ — $ 26,670 Total revenues, net of interest expense $ 7,105 $ 10,591 $ 66,634 $ (8,992) $ 75,338 Provisions for credit losses and for benefits and claims $ — $ 10 $ 5,229 $ — $ 5,239 Operating expenses Compensation and benefits $ 9 $ 5,450 $ 21,196 $ — $ 26,655 Compensation and benefits—intercompany 12 — (12) — — Other operating 85 2,962 21,590 — 24,637 Other operating—intercompany 15 2,705 (2,720) — — Total operating expenses $ 121 $ 11,117 $ 40,054 $ — $ 51,292 Equity in undistributed income of subsidiaries $ 6,173 $ — $ — $ (6,173) $ — Income from continuing operations before income taxes $ 13,157 $ (536) $ 21,351 $ (15,165) $ 18,807 Provision (benefit) for income taxes (1,688) (290) 5,620 — 3,642 Income from continuing operations $ 14,845 $ (246) $ 15,731 $ (15,165) $ 15,165 Income (loss) from discontinued operations, net of taxes — — (231) — (231) Net income before attribution of noncontrolling interests $ 14,845 $ (246) $ 15,500 $ (15,165) $ 14,934 Noncontrolling interests — — 89 — 89 Net income $ 14,845 $ (246) $ 15,411 $ (15,165) $ 14,845 Comprehensive income Add: Other comprehensive income (loss) $ (8,297) $ 946 $ (5,120) $ 4,174 $ (8,297) Total Citigroup comprehensive income $ 6,548 $ 700 $ 10,291 $ (10,991) $ 6,548 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (58) $ — $ (58) Add: Net income attributable to noncontrolling interests — — 89 — 89 Total comprehensive income $ 6,548 $ 700 $ 10,322 $ (10,991) $ 6,579 Condensed Consolidating Statements of Income and Comprehensive Income Year ended December 31, 2021 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 6,482 $ — $ — $ (6,482) $ — Interest revenue — 3,566 46,909 — 50,475 Interest revenue—intercompany 3,757 531 (4,288) — — Interest expense 4,791 778 2,412 — 7,981 Interest expense—intercompany 294 1,320 (1,614) — — Net interest income $ (1,328) $ 1,999 $ 41,823 $ — $ 42,494 Commissions and fees $ — $ 7,770 $ 5,902 $ — $ 13,672 Commissions and fees—intercompany (36) 407 (371) — — Principal transactions 976 10,140 (962) — 10,154 Principal transactions—intercompany (1,375) (6,721) 8,096 — — Other revenue (64) 576 5,052 — 5,564 Other revenue—intercompany (133) (60) 193 — — Total non-interest revenues $ (632) $ 12,112 $ 17,910 $ — $ 29,390 Total revenues, net of interest expense $ 4,522 $ 14,111 $ 59,733 $ (6,482) $ 71,884 Provisions for credit losses and for benefits and claims $ — $ 6 $ (3,784) $ — $ (3,778) Operating expenses Compensation and benefits $ 10 $ 5,251 $ 19,873 $ — $ 25,134 Compensation and benefits—intercompany 69 — (69) — — Other operating 83 2,868 20,108 — 23,059 Other operating—intercompany 11 2,826 (2,837) — — Total operating expenses $ 173 $ 10,945 $ 37,075 $ — $ 48,193 Equity in undistributed income of subsidiaries $ 16,596 $ — $ — $ (16,596) $ — Income from continuing operations before income taxes $ 20,945 $ 3,160 $ 26,442 $ (23,078) $ 27,469 Provision (benefit) for income taxes (1,007) 625 5,833 — 5,451 Income from continuing operations $ 21,952 $ 2,535 $ 20,609 $ (23,078) $ 22,018 Income (loss) from discontinued operations, net of taxes — — 7 — 7 Net income (loss) before attribution of noncontrolling interests $ 21,952 $ 2,535 $ 20,616 $ (23,078) $ 22,025 Noncontrolling interests — — 73 — 73 Net income $ 21,952 $ 2,535 $ 20,543 $ (23,078) $ 21,952 Comprehensive income Add: Other comprehensive income (loss) $ (6,707) $ (76) $ (450) $ 526 $ (6,707) Total Citigroup comprehensive income $ 15,245 $ 2,459 $ 20,093 $ (22,552) $ 15,245 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (99) $ — $ (99) Add: Net income attributable to noncontrolling interests — — 73 — 73 Total comprehensive income $ 15,245 $ 2,459 $ 20,067 $ (22,552) $ 15,219 Condensed Consolidating Statements of Income and Comprehensive Income Year ended December 31, 2020 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 2,355 $ — $ — $ (2,355) $ — Interest revenue — 5,364 52,725 — 58,089 Interest revenue—intercompany 4,162 920 (5,082) — — Interest expense 4,992 1,989 6,357 — 13,338 Interest expense—intercompany 502 2,170 (2,672) — — Net interest income $ (1,332) $ 2,125 $ 43,958 $ — $ 44,751 Commissions and fees $ — $ 6,216 $ 5,169 $ — $ 11,385 Commissions and fees—intercompany (36) 290 (254) — — Principal transactions (1,254) (4,252) 19,391 — 13,885 Principal transactions—intercompany 693 9,064 (9,757) — — Other revenue (127) 706 4,901 — 5,480 Other revenue—intercompany 111 23 (134) — — Total non-interest revenues $ (613) $ 12,047 $ 19,316 $ — $ 30,750 Total revenues, net of interest expense $ 410 $ 14,172 $ 63,274 $ (2,355) $ 75,501 Provisions for credit losses and for benefits and claims $ — $ (1) $ 17,496 $ — $ 17,495 Operating expenses Compensation and benefits $ (5) $ 4,941 $ 17,278 $ — $ 22,214 Compensation and benefits—intercompany 191 — (191) — — Other operating 37 2,393 19,730 — 22,160 Other operating—intercompany 15 2,317 (2,332) — — Total operating expenses $ 238 $ 9,651 $ 34,485 $ — $ 44,374 Equity in undistributed income of subsidiaries $ 9,894 $ — $ — $ (9,894) $ — Income from continuing operations before income taxes $ 10,066 $ 4,522 $ 11,293 $ (12,249) $ 13,632 Provision (benefit) for income taxes (981) 1,249 2,257 — 2,525 Income from continuing operations $ 11,047 $ 3,273 $ 9,036 $ (12,249) $ 11,107 Income (loss) from discontinued operations, net of taxes — — (20) — (20) Net income before attribution of noncontrolling interests $ 11,047 $ 3,273 $ 9,016 $ (12,249) $ 11,087 Noncontrolling interests — — 40 — 40 Net income $ 11,047 $ 3,273 $ 8,976 $ (12,249) $ 11,047 Comprehensive income Add: Other comprehensive income (loss) $ 4,260 $ (223) $ 4,244 $ (4,021) $ 4,260 Total Citigroup comprehensive income $ 15,307 $ 3,050 $ 13,220 $ (16,270) $ 15,307 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 26 $ — $ 26 Add: Net income attributable to noncontrolling interests — — 40 — 40 Total comprehensive income $ 15,307 $ 3,050 $ 13,286 $ (16,270) $ 15,373 Condensed Consolidating Balance Sheet December 31, 2022 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 955 $ 29,622 $ — $ 30,577 Cash and due from banks—intercompany 15 7,448 (7,463) — — Deposits with banks, net of allowance — 7,902 303,546 — 311,448 Deposits with banks—intercompany 3,000 10,816 (13,816) — — Securities borrowed and purchased under resale agreements — 286,724 78,677 — 365,401 Securities borrowed and purchased under resale agreements—intercompany — 19,549 (19,549) — — Trading account assets 130 202,678 131,306 — 334,114 Trading account assets—intercompany 176 7,279 (7,455) — — Investments, net of allowance 1 265 526,316 — 526,582 Loans, net of unearned income — 1,749 655,472 — 657,221 Loans, net of unearned income—intercompany — 337 (337) — — Allowance for credit losses on loans (ACLL) — — (16,974) — (16,974) Total loans, net $ — $ 2,086 $ 638,161 $ — $ 640,247 Advances to subsidiaries $ 146,843 $ — $ (146,843) $ — $ — Investments in subsidiary bank holding company 172,721 — — (172,721) — Investments in non-bank subsidiaries 48,295 — — (48,295) — Other assets, net of allowance (1) 10,441 66,753 131,113 — 208,307 Other assets—intercompany 3,346 94,716 (98,062) — — Total assets $ 384,968 $ 707,171 $ 1,545,553 $ (221,016) $ 2,416,676 Liabilities and equity Deposits $ — $ — $ 1,365,954 $ — $ 1,365,954 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 181,765 20,679 — 202,444 Securities loaned and sold under repurchase agreements—intercompany — 64,151 (64,151) — — Trading account liabilities 23 108,940 61,684 — 170,647 Trading account liabilities—intercompany 581 6,989 (7,570) — — Short-term borrowings — 20,382 26,714 — 47,096 Short-term borrowings—intercompany — 23,468 (23,468) — — Long-term debt 166,257 88,844 16,505 — 271,606 Long-term debt—intercompany — 83,224 (83,224) — — Advances from subsidiary bank holding company 6,629 — (6,629) — — Advances from non-bank subsidiaries 7,933 — (7,933) — — Other liabilities 2,321 75,040 79,730 — 157,091 Other liabilities—intercompany 35 15,530 (15,565) — — Stockholders’ equity 201,189 38,838 182,827 (221,016) 201,838 Total liabilities and equity $ 384,968 $ 707,171 $ 1,545,553 $ (221,016) $ 2,416,676 (1) Citigroup parent company and Other Citigroup subsidiaries at December 31, 2022 included $40.2 billion of placements to Citibank and its branches, of which $29.2 billion had a remaining term of less than 30 days. Condensed Consolidating Balance Sheet December 31, 2021 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 834 $ 26,681 $ — $ 27,515 Cash and due from banks—intercompany 17 6,890 (6,907) — — Deposits with banks, net of allowance — 7,936 226,582 — 234,518 Deposits with banks—intercompany 3,500 11,005 (14,505) — — Securities borrowed and purchased under resale agreements — 269,608 57,680 — 327,288 Securities borrowed and purchased under resale agreements—intercompany — 23,362 (23,362) — — Trading account assets 248 189,841 141,856 — 331,945 Trading account assets—intercompany 1,215 1,438 (2,653) — — Investments, net of allowance 1 224 512,597 — 512,822 Loans, net of unearned income — 2,293 665,474 — 667,767 Loans, net of unearned income—intercompany — — — — — Allowance for credit losses on loans (ACLL) — — (16,455) — (16,455) Total loans, net $ — $ 2,293 $ 649,019 $ — $ 651,312 Advances to subsidiaries $ 142,144 $ — $ (142,144) $ — $ — Investments in subsidiary bank holding company 175,849 — — (175,849) — Investments in non-bank subsidiaries 47,454 — — (47,454) — Other assets, net of allowance (1) 10,589 69,312 126,112 — 206,013 Other assets—intercompany 2,737 60,567 (63,304) — — Total assets $ 383,754 $ 643,310 $ 1,487,652 $ (223,303) $ 2,291,413 Liabilities and equity Deposits $ — $ — $ 1,317,230 $ — $ 1,317,230 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 171,818 19,467 — 191,285 Securities loaned and sold under repurchase agreements—intercompany — 62,197 (62,197) — — Trading account liabilities 17 122,383 39,129 — 161,529 Trading account liabilities—intercompany 777 500 (1,277) — — Short-term borrowings — 13,425 14,548 — 27,973 Short-term borrowings—intercompany — 17,230 (17,230) — — Long-term debt 164,945 61,416 28,013 — 254,374 Long-term debt—intercompany — 76,335 (76,335) — — Advances from subsidiary bank holding company 5,426 — (5,426) — — Advances from non-bank subsidiaries 8,043 — (8,043) — — Other liabilities 2,574 68,206 65,570 — 136,350 Other liabilities—intercompany — 11,774 (11,774) — — Stockholders’ equity 201,972 38,026 185,977 (223,303) 202,672 Total liabilities and equity $ 383,754 $ 643,310 $ 1,487,652 $ (223,303) $ 2,291,413 (1) Citigroup parent company and Other Citigroup subsidiaries at December 31, 2021 included $30.5 billion of placements to Citibank and its branches, of which $19.5 billion had a remaining term of less than 30 days. Condensed Consolidating Statement of Cash Flows Year ended December 31, 2022 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 $ 156 $ (18,505) $ 43,418 $ — $ 25,069 Cash flows from investing activities of continuing operations Available-for-sale debt securities: Purchases of investments $ — $ — $ (218,747) $ — $ (218,747) Proceeds from sales of investments — — 79,687 — 79,687 Proceeds from maturities of investments — — 140,934 — 140,934 Held-to-maturity debt securities: Purchases of investments — — (42,903) — (42,903) Proceeds from maturities of investments — — 12,188 — 12,188 Change in loans — — (16,591) — (16,591) Proceeds from sales and securitizations of loans — — 4,709 — 4,709 Proceeds from divestitures — — 5,741 — 5,741 Change in securities borrowed and purchased under agreements to resell — (13,303) (24,810) — (38,113) Changes in investments and advances—intercompany (7,815) (33,929) 41,744 — — Other investing activities — (65) (6,295) — (6,360) Net cash used in investing activities of continuing operations $ (7,815) $ (47,297) $ (24,343) $ — $ (79,455) Cash flows from financing activities of continuing operations Dividends paid $ (5,003) $ (281) $ 281 $ — $ (5,003) Issuance of preferred stock — — — — — Redemption of preferred stock — — — — — Treasury stock acquired (3,250) — — — (3,250) Proceeds (repayments) from issuance of long-term debt, net 14,661 34,162 (1,160) — 47,663 Proceeds (repayments) from issuance of long-term debt—intercompany, net — 11,089 (11,089) — — Change in deposits — — 68,415 — 68,415 Change in securities loaned and sold under agreements to repurchase — 11,901 (742) — 11,159 Change in short-term borrowings — 6,957 12,166 — 19,123 Net change in short-term borrowings and other advances—intercompany 1,093 2,038 (3,131) — — Capital contributions from (to) parent — 380 (380) — — Other financing activities (344) 12 (12) — (344) Net cash provided by financing activities of continuing operations $ 7,157 $ 66,258 $ 64,348 $ — $ 137,763 Effect of exchange rate changes on cash and due from banks $ — $ — $ (3,385) $ — $ (3,385) Change in cash and due from banks and deposits with banks $ (502) $ 456 $ 80,038 $ — $ 79,992 Cash and due from banks and deposits with banks at 3,517 26,665 231,851 — 262,033 Cash and due from banks and deposits with banks at end of year $ 3,015 $ 27,121 $ 311,889 $ — $ 342,025 Cash and due from banks (including segregated cash and other deposits) $ 15 $ 8,403 $ 22,159 $ — $ 30,577 Deposits with banks, net of allowance 3,000 18,718 289,730 — 311,448 Cash and due from banks and deposits with banks at end of year $ 3,015 $ 27,121 $ 311,889 $ — $ 342,025 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the year for income taxes $ (1,269) $ 363 $ 4,639 $ — $ 3,733 Cash paid during the year for interest 1,309 9,936 11,370 — 22,615 Non-cash investing activities Transfer of investment securities from AFS to HTM $ — $ — $ 21,688 $ — $ 21,688 Decrease in net loans associated with divestitures reclassified to HFS — — 16,956 — 16,956 Decrease in goodwill associated with divestitures reclassified to HFS — — 876 — 876 Transfers to loans HFS ( Other assets ) from loans — — 5,582 — 5,582 Non-cash financing activities Decrease in deposits associated with significant disposals reclassified to HFS $ — $ — $ 19,691 $ — $ 19,691 Condensed Consolidating Statement of Cash Flows Year ended December 31, 2021 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 $ 3,947 $ 43,227 $ (84) $ — $ 47,090 Cash flows from investing activities of continuing operations Available-for-sale debt securities: Purchases of investments $ — $ — $ (205,980) $ — $ (205,980) Proceeds from sales of investments — — 125,895 — 125,895 Proceeds from maturities of investments — — 120,936 — 120,936 Held-to-maturity debt securities: Purchases of investments — — (136,450) — (136,450) Proceeds from maturities of investments — — 21,164 — 21,164 Change in loans — — (1,173) — (1,173) Proceeds from sales and securitizations of loans — — 2,918 — 2,918 Change in securities borrowed and purchased under agreements to resell — (29,944) (2,632) — (32,576) Changes in investments and advances—intercompany 8,260 (9,040) 780 — — Other investing activities — (2) (5,478) — (5,480) Net cash provided by (used in) investing activities of continuing operations $ 8,260 $ (38,986) $ (80,020) $ — $ (110,746) Cash flows from financing activities of continuing operations Dividends paid $ (5,198) $ (196) $ 196 $ — $ (5,198) Issuance of preferred stock 3,300 — — — 3,300 Redemption of preferred stock (3,785) — — — (3,785) Treasury stock acquired (7,601) — — — (7,601) Proceeds from issuance of long-term debt, net (86) 15,071 (19,277) — (4,292) Proceeds (repayments) from issuance of long-term debt—intercompany, net — 14,410 (14,410) — — Change in deposits — — 44,966 — 44,966 Change in securities loaned and sold under agreements to repurchase — (27,241) 19,001 — (8,240) Change in short-term borrowings — 1,102 (2,643) — (1,541) Net change in short-term borrowings and other advances—intercompany 501 (917) 416 — — Capital contributions from (to) parent — 71 (71) — — Other financing activities (337) 12 (12) — (337) Net cash provided by (used in) financing activities of continuing operations $ (13,206) $ 2,312 $ 28,166 $ — $ 17,272 Effect of exchange rate changes on cash and due from banks $ — $ — $ (1,198) $ — $ (1,198) Change in cash and due from banks and deposits with banks $ (999) $ 6,553 $ (53,136) $ — $ (47,582) Cash and due from banks and deposits with banks at 4,516 20,112 284,987 — 309,615 Cash and due from banks and deposits with banks at end of year $ 3,517 $ 26,665 $ 231,851 $ — $ 262,033 Cash and due from banks (including segregated cash and other deposits) $ 17 $ 7,724 $ 19,774 $ — $ 27,515 Deposits with banks, net of allowance 3,500 18,941 212,077 — 234,518 Cash and due from banks and deposits with banks at end of year $ 3,517 $ 26,665 $ 231,851 $ — $ 262,033 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the year for income taxes $ (2,406) $ 919 $ 5,515 $ — $ 4,028 Cash paid during the year for interest 3,101 2,210 1,832 — 7,143 Non-cash investing activities Decrease in net loans associated with divestitures reclassified to HFS $ — $ — $ 9,945 $ — $ 9,945 Transfers to loans HFS ( Other assets ) from loans — — 7,414 — 7,414 Non-cash financing activities Decrease in long-term debt associated with divestitures reclassified to HFS $ — $ — $ 479 $ — $ 479 Decrease in deposits associated with divestitures reclassified to HFS — — 8,407 — 8,407 Condensed Consolidating Statements of Cash Flows Year ended December 31, 2020 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 $ 5,002 $ (26,195) $ (2,295) $ — $ (23,488) Cash flows from investing activities of continuing operations Available-for-sale debt securities: Purchases of investments $ — $ — $ (306,801) $ — $ (306,801) Proceeds from sales of investments — — 144,035 — 144,035 Proceeds from maturities of investments — — 110,941 — 110,941 Held-to-maturity debt securities: Purchases of investments — — (25,586) — (25,586) Proceeds from maturities of investments — — 15,215 — 15,215 Change in loans — — 14,249 — 14,249 Proceeds from sales and securitizations of loans — — 1,495 — 1,495 Change in securities borrowed and purchased under agreements to resell — (46,044) 2,654 — (43,390) Changes in investments and advances—intercompany (5,584) (6,917) 12,501 — — Other investing activities — (54) (2,549) — (2,603) Net cash provided by (used in) investing activities of continuing operations $ (5,584) $ (53,015) $ (33,846) $ — $ (92,445) Cash flows from financing activities of continuing operations Dividends paid $ (5,352) $ (172) $ 172 $ — $ (5,352) Issuance of preferred stock 2,995 — — — 2,995 Redemption of preferred stock (1,500) — — — (1,500) Treasury stock acquired (2,925) — — — (2,925) Proceeds (repayments) from issuance of long-term debt, net 16,798 6,349 (10,091) — 13,056 Proceeds (repayments) from issuance of long-term debt—intercompany, net — 3,960 (3,960) — — Change in deposits — — 210,081 — 210,081 Change in securities loaned and sold under agreements to repurchase — 79,322 (46,136) — 33,186 Change in short-term borrowings — 1,228 (16,763) — (15,535) Net change in short-term borrowings and other advances—intercompany (7,528) (7,806) 15,334 — — Other financing activities (411) — — — (411) Net cash provided by financing activities of continuing operations $ 2,077 $ 82,881 $ 148,637 $ — $ 233,595 Effect of exchange rate changes on cash and due from banks $ — $ — $ (1,966) $ — $ (1,966) Change in cash and due from banks and deposits with banks $ 1,495 $ 3,671 $ 110,530 $ — $ 115,696 Cash and due from banks and deposits with banks at 3,021 16,441 174,457 — 193,919 Cash and due from banks and deposits with banks at end of year $ 4,516 $ 20,112 $ 284,987 $ — $ 309,615 Cash and due from banks (including segregated cash and other deposits) $ 16 $ 6,709 $ 19,624 $ — $ 26,349 Deposits with banks, net of allowance 4,500 13,403 265,363 — 283,266 Cash and due from banks and deposits with banks at end of year $ 4,516 $ 20,112 $ 284,987 $ — $ 309,615 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the year for income taxes $ (1,883) $ 1,138 $ 5,542 $ — $ 4,797 Cash paid during the year for interest 2,681 4,516 4,897 — 12,094 Non-cash investing activities Transfers to loans HFS ( Other assets ) from loans $ — $ — $ 2,614 $ — $ 2,614 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 in which 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 22, 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 |
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) (AOCI) , a component of stockholders’ equity, net of any related hedge and tax effects, until realized upon sale or substantial liquidation of the foreign entity, at which point such amounts 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” (HTM) 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” (AFS) 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 . 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. Investment securities not measured at fair value through earnings include (i) debt securities held in HTM or AFS, (ii) equity securities accounted for under the Measurement Alternative or equity method, (iii) Federal Reserve Bank and Federal Home Loan Bank stock and (iv) certain exchange memberships. These securities are subject to evaluation for impairment as described in Note 15 for HTM securities and in Note 13 for AFS, Measurement Alternative and equity method investments. 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 25. 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 less impairment (if any), 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. |
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 26, 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 26). 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 , except when included in a hedging relationship. 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 and debt host contract are carried at fair value under the fair value option, as described in Note 26. 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 23. The Company uses a number of techniques to determine the fair value of trading assets and liabilities, which are described in Note 25. |
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 26, the Company has elected to apply fair value accounting to a number of securities borrowing and lending transactions. Fees received or paid for all securities borrowing and lending transactions are recorded in Interest revenue or Interest expense at the contractually specified rate. Where the conditions of ASC 210-20-45-1, Balance Sheet—Offsetting: Right of Setoff Conditions , are met, securities borrowing and lending transactions are presented net on the Consolidated Balance Sheet. 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 25, 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 26, the Company has elected to apply fair value accounting to certain portions 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 25, 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 26, 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 the 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 Personal Banking and Wealth Management and Legacy Franchises businesses (except Mexico SBMM loans). 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, with the exception of 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 (other than for loan modifications made through the CARES Act relief provisions or banking agency guidance for pandemic-related issues) 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. Corporate Loans Corporate loans represent loans and leases managed by Institutional Clients Group (ICG) and the Mexico SBMM component of Legacy Franchises . 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 uncollectible. 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 carried at the lower of amortized cost 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 HFS . Gains and losses on loans HFS are generally presented in Other revenue . Gains on sales of fully or partially charged-off loans are presented as gross credit recoveries in the Provision for credit losses up to the amount of prior charge-offs. |
Allowance for Credit Losses (ACL) | Allowances for Credit Losses (ACL) Commencing January 1, 2020, Citi adopted ASC 326, Financial Instruments—Credit Losses , using the methodologies described below. The current expected credit losses (CECL) methodology is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable (R&S) forecasts that affect the collectability of the reported financial asset balances. If the asset’s life extends beyond the R&S forecast period, then historical experience is considered over the remaining life of the assets in the ACL. The resulting ACL is adjusted in each subsequent reporting period through Provisions for credit losses in the Consolidated Statement of Income to reflect changes in history, current conditions and forecasts as well as changes in asset positions and portfolios. ASC 326 defines the ACL as a valuation account that is deducted from the amortized cost of a financial asset to present the net amount that management expects to collect on the financial asset over its expected life. All financial assets carried at amortized cost are in the scope of ASC 326, while assets measured at fair value are excluded. See Note 13 for a discussion of impairment on available-for-sale (AFS) securities. Increases and decreases to the allowances are recorded in Provisions for credit losses . The CECL methodology utilizes a lifetime expected credit loss (ECL) measurement objective for the recognition of credit losses for held-for-investment (HFI) loans, held-to-maturity (HTM) debt securities, receivables and other financial assets measured at amortized cost at the time the financial asset is originated or acquired. Within the life of a loan or other financial asset, the methodology generally results in the earlier recognition of the provision for credit losses and the related ACL than under the prior probable incurred loss model. Estimation of ECLs requires Citi to make assumptions regarding the likelihood and severity of credit loss events and their impact on expected cash flows, which drive the probability of default (PD), loss given default (LGD) and exposure at default (EAD) models and, where Citi discounts the ECL, using discounting techniques for certain products. Citi considers a multitude of global macroeconomic variables for the base, upside and downside probability-weighted macroeconomic scenario forecasts it uses to estimate the ACL. Citi’s forecasts of the U.S. unemployment rate and U.S. real GDP growth rate represent the key macroeconomic variables that most significantly affect its estimate of the ACL. Under the base macroeconomic forecast as of 4Q22, U.S. real GDP growth is expected to decline during 2023, and the unemployment rate is expected to increase modestly over the forecast horizon, broadly returning to pre-pandemic levels. The macroeconomic scenario weights are estimated using a statistical model, which, among other factors, takes into consideration key macroeconomic drivers of the ACL, severity of the scenario and other macroeconomic uncertainties and risks. Citi evaluates scenario weights on a quarterly basis. Citi’s downside scenario incorporates more adverse macroeconomic assumptions than the base scenario. For example, compared to the base scenario, Citi’s downside scenario reflects a more severe recession, including an elevated average U.S. unemployment rate of 6.9% over the eight-quarter R&S period, with a peak difference of 2.9% in the second quarter of 2024. The downside scenario also reflects a year-over-year U.S. real GDP contraction in 2023 of 2.4%, with a peak quarter-over-quarter difference of 3.3% in the second quarter of 2023. The following are the main factors and interpretations that Citi considers when estimating the ACL under the CECL methodology: • CECL reserves are estimated over the contractual term of the financial asset, which is adjusted for expected prepayments. Expected extensions are generally not considered unless the option to extend the loan cannot be canceled unilaterally by Citi. Modifications are also not considered, unless Citi has a reasonable expectation that it will execute a troubled debt restructuring (TDR). • Credit enhancements that are not freestanding (such as those that are included in the original terms of the contract or those executed in conjunction with the lending transaction) are considered loss mitigants for purposes of CECL reserve estimation. • For unconditionally cancelable accounts (generally credit cards), reserves are based on the expected life of the balance as of the evaluation date (assuming no further charges) and do not include any undrawn commitments that are unconditionally cancelable. Reserves are included for undrawn commitments for accounts that are not unconditionally cancelable (such as letters of credit and corporate loan commitments, home equity lines of credit (HELOCs), undrawn mortgage loan commitments and financial guarantees). • CECL models are designed to be economically sensitive. They utilize the macroeconomic forecasts provided by Citi’s enterprise scenario group that are approved by senior management. Analysis is performed and documented to determine the necessary qualitative management adjustment (QMA) to capture idiosyncratic events and model uncertainty. • The portion of the forecast that reflects the enterprise scenario group’s R&S period indicates the maximum length of time its models can produce a R&S macroeconomic forecast, after which mean reversion reflecting historical loss experience is used for the remaining life of the loan to estimate expected credit losses. For the loss forecast, businesses consume the macroeconomic forecast as determined to be appropriate and justifiable. Citi’s ability to forecast credit losses over the R&S period is based on the ability to forecast economic activity over a reasonable and supportable time window. The R&S period reflects the overall ability to have a reasonable and supportable forecast of credit loss based on economic forecasts. • The loss models consume all or a portion of the R&S economic forecast and then revert to historical loss experience. The R&S forecast period for consumer and corporate loans is eight quarters. • The ACL incorporates provisions for accrued interest on products that are not subject to a non-accrual and timely write-off policy (e.g., credit cards, etc.). • The reserves for TDRs are calculated using a method that considers discounted cash flows and appropriate macroeconomic forecast data for the exposure type. For TDR loans that are collateral dependent, the ACL is based on the fair value of the collateral. • Citi uses the most recent available information to inform its macroeconomic forecasts, allowing sufficient time for analysis of the results and corresponding approvals. Key variables are reviewed for significant changes through year end and changes to portfolio positions are reflected in the ACL. • Reserves are calculated at an appropriately granular level and on a pooled basis where financial assets share risk characteristics. At a minimum, reserves are calculated at a portfolio level (product and country). Where a financial asset does not share risk characteristics with any of the pools, it is evaluated for credit losses individually. Quantitative and Qualitative Components of the ACL The loss likelihood and severity models use both internal and external information and are sensitive to forecasts of different macroeconomic conditions. For the quantitative component, Citi uses multiple macroeconomic scenarios and associated probabilities to estimate the ECL. Estimates of these ECLs are based upon (i) Citigroup’s internal system of credit risk ratings, (ii) historical default and loss data, including comprehensive internal history and rating agency information regarding default rates and internal data on the severity of losses in the event of default, and (iii) a R&S forecast of future macroeconomic conditions. ECL is determined primarily by utilizing models for the borrowers’ PD, LGD and EAD. Adjustments may be made to this data, including (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 specifically known items, such as current environmental factors and credit trends. Any adjustments needed to the modeled expected losses in the quantitative calculations are addressed through a qualitative adjustment. The qualitative adjustment considers, among other things: certain portfolio characteristics and concentrations; collateral coverage; model limitations; idiosyncratic events; and other relevant criteria under banking supervisory guidance for the ACL. The qualitative adjustment also reflects the estimated impact of the pandemic on the economic forecasts and the impact on credit loss estimates. The total ACL is composed of the quantitative and qualitative components. Citi's qualitative component declined year-over-year, primarily driven by the incorporation of multiple macroeconomic scenarios in the quantitative component and releases of COVID-19–related uncertainty reserves as the portfolio continues to normalize toward pre-pandemic levels and as these risks are captured in the quantitative component of the ACL. See “Accounting Changes” below for information about how the calculation of the quantitative component of the ACL changed in 2022. Consumer Loans For consumer loans, most portfolios including North America cards, mortgages and personal installment loans (PILs) are covered by the PD, LGD and EAD loss forecasting models. Some smaller international portfolios are covered by econometric models where the gross credit loss (GCL) rate is forecasted. The modeling of all retail products is performed by examining risk drivers for a given portfolio; these drivers relate to exposures with similar credit risk characteristics and consider past events, current conditions and R&S forecasts. Under the PD x LGD x EAD approach, GCLs and recoveries are captured on an undiscounted basis. Citi incorporates expected recoveries on loans into its reserve estimate, including expected recoveries on assets previously written off. CECL defines the exposure’s expected life as the remaining contractual maturity including any expected prepayments. Subsequent changes to the contractual terms that are the result of a re-underwriting are not included in the loan’s expected CECL life. Citi does not establish reserves for the uncollectible accrued interest on non-revolving consumer products, such as mortgages and installment loans, which are subject to a non-accrual and timely write-off policy at 90 days past due. As such, only the principal balance is subject to the CECL reserve methodology and interest does not attract a further reserve. Deferred origination costs and fees related to new credit card account originations are amortized within a 12-month period, and an ACL is provided for components in the scope of the ASC. Separate valuation allowances are determined for impaired smaller-balance homogeneous loans whose terms have been modified in a 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 ACL for TDRs is determined using a discounted cash flow (DCF) approach. When a DCF approach is used, the initial allowance for ECLs is calculated as the expected contractual cash flows discounted at the loan’s original effective interest rate. DCF techniques are applied for consumer loans only if they are classified as TDR loan exposures. For credit cards, Citi uses the payment rate approach, which leverages payment rate curves, to determine the payments that should be applied to liquidate the end-of-period balance (CECL balance) in the estimation of EAD. The payment rate approach uses customer payment behavior (payment rate) to establish the portion of the CECL balance that will be paid each month. These payment rates are defined as the percentage of principal payments received in the respective month divided by the prior month’s billed principal balance. The liquidation (CECL payment) amount for each forecast period is determined by multiplying the CECL balance by that period’s forecasted payment rate. The cumulative sum of these payments less the CECL balance produces the balance liquidation curve. Citi does not apply a non-accrual policy to credit card receivables; rather, they are subject to full charge-off at 180 days past due or bankruptcy. As such, the entire customer balance up until write-off, including accrued interest and fees, is subject to the CECL reserve methodology. Corporate Loans, HTM Securities and Other assets Citi records allowances for credit losses on all financial assets carried at amortized cost that are in the scope of CECL, including corporate loans classified as HFI, HTM debt securities and Other assets . Discounting techniques are applied for corporate loans classified as HFI and HTM securities and non-accrual/TDR loan exposures. All cash flows are fully discounted to the reporting date. The ACL includes Citi’s estimate of all credit losses expected to be incurred over the estimated full contractual life of the financial asset. The contractual life of the financial asset does not include expected extensions, renewals or modifications, except for instances where the Company reasonably expects to extend the tenor of the financial asset pursuant to a future TDR. Where Citi has an unconditional option to extend the contractual term, Citi does not consider the potential extension in determining the contractual term; however, where the borrower has the sole right to exercise the extension option without Citi’s approval, Citi does consider the potential extension in determining the contractual term. The decrease in credit losses under CECL at the date of adoption on January 1, 2020, compared with the prior incurred loss methodology, was largely due to more precise contractual maturities that resulted in shorter remaining tenors, the incorporation of recoveries and use of more specific historical loss data based on an increase in portfolio segmentation across industries and geographies. The Company primarily bases its ACL on models that assess the likelihood and severity of credit events and their impact on cash flows under R&S forecasted economic scenarios. Allowances consider the probability of the borrower’s default, the loss the Company would incur upon default and the borrower’s exposure at default. Such models discount the present value of all future cash flows, using the asset’s effective interest rate (EIR). Citi applies a more simplified approach based on historical loss rates to certain exposures recorded in Other assets and certain loan exposures in the private bank within Consumer loans . The Company considers the risk of nonpayment to be zero for U.S. Treasuries and U.S. government-sponsored agency guaranteed mortgage-backed securities (MBS) and, as such, Citi does not have an ACL for these securities. For all other HTM debt securities, ECLs are estimated using PD models and discounting techniques, which incorporate assumptions regarding the likelihood and severity of credit losses. For structured securities, specific models use relevant assumptions for the underlying collateral type. A discounting approach is applied to HTM direct obligations of a single issuer, similar to that used for corporate HFI loans. Other Financial Assets with Zero Expected Credit Losses For certain financial assets, zero expected credit losses will be recognized where the expectation of nonpayment of the amortized cost basis is zero, based on there being no history of loss and the nature of the receivables. Secured Financing Transactions Most of Citi’s reverse repurchase agreements, securities borrowing arrangements and margin loans require that the borrower continually adjust the amount of the collateral securing Citi’s interest, primarily resulting from changes in the fair value of such collateral. In such arrangements, ACLs are recorded based only on the amount by which the asset’s amortized cost basis exceeds the fair value of the collateral. No ACLs are recorded where the fair value of the collateral is equal to or exceeds the asset’s amortized cost basis, as Citi does not expect to incur credit losses on such well-collateralized exposures. For certain margin loans presented in Loans on the Consolidated Balance Sheet, ACLL is estimated using the same approach as corporate loans. Accrued Interest CECL permits entities to make an accounting policy election not to reserve for interest, if the entity has a policy in place that will result in timely reversal or write-off of interest. However, when a non-accrual or timely charge-off policy is not applied, an ACL is recognized on accrued interest at 90 days past due. For HTM debt securities, Citi established a non-accrual policy that results in timely write-off of accrued interest. For corporate loans, where a timely charge-off policy is used, Citi has elected to recognize an ACL on accrued interest receivable. The LGD models for corporate loans include an adjustment for estimated accrued interest. Reasonably Expected TDRs For corporate loans, the reasonable expectation of the TDR concept requires that the contractual life over which ECLs are estimated be extended when a TDR that results in a tenor extension is reasonably expected. Reasonably expected TDRs are included in the life of the asset. A discounting technique or collateral-dependent practical expedient is used for non-accrual and TDR loan exposures that do not share risk characteristics with other loans and are individually assessed. Loans modified in accordance with the CARES Act and bank regulatory guidance are not classified as TDRs. Purchased Credit-Deteriorated (PCD) Assets ASC 326 requires entities that have acquired financial assets (such as loans and HTM securities) with an intent to hold, to evaluate whether those assets have experienced a more-than-insignificant deterioration in credit quality since origination. These assets are subject to specialized accounting at initial recognition under CECL. Subsequent measurement of PCD assets will remain consistent with other purchased or originated assets, i.e., non-PCD assets. CECL introduces the notion of PCD assets, which replaces purchased credit impaired (PCI) accounting under prior U.S. GAAP. CECL requires the estimation of credit losses to be performed on a pool basis unless a PCD asset does not share characteristics with any pool. If certain PCD assets do not meet the conditions for aggregation, those PCD assets should be accounted for separately. This determination must be made at the date the PCD asset is purchased. In estimating ECLs from day 2 onward, pools can potentially be reassembled based upon similar risk characteristics. When PCD assets are pooled, Citi determines the amount of the initial ACL at the pool level. The amount of the initial ACL for a PCD asset represents the portion of the total discount at acquisition that relates to credit and is recognized as a “gross-up” of the purchase price to arrive at the PCD asset’s (or pool’s) amortized cost. Any difference between the unpaid principal balance and the amortized cost is considered to be related to non-credit factors and results in a discount or premium, which is amortized to interest income over the life of the individual asset (or pool). Direct expenses incurred related to the acquisition of PCD assets and other assets and liabilities in a business combination are expensed as incurred. Subsequent accounting for acquired PCD assets is the same as the accounting for originated assets; changes in the allowance are recorded in Provisions for credit losses . Consumer Citi does not purchase whole portfolios of PCD assets in its retail businesses. However, there may be a small portion of a purchased portfolio that is identified as PCD at the purchase date. Interest income recognition does not vary between PCD and non-PCD assets. A consumer financial asset is considered to be more-than-insignificantly credit deteriorated if it is more than 30 days past due at the purchase date. Corporate Citi generally classifies wholesale loans and debt securities classified as HTM or AFS as PCD when both of the following criteria are met: (i) the purchase price discount is at least 10% of par and (ii) the purchase date is more than 90 days after the origination or issuance date. Citi classifies HTM beneficial interests rated AA- and lower obtained at origination from certain securitization transactions as PCD when there is a significant difference (i.e., 10% or greater) between contractual cash flows, adjusted for prepayments, and expected cash flows at the date of recognition. Reserve Estimates and Policies Management provides reserves for an estimate of lifetime ECLs in the funded loan portfolio on the Consolidated Balance Sheet in the form of an ACL. 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 risk management and finance representatives for each applicable business area. Applicable business areas include those having classifiably managed portfolios, where internal credit risk ratings are assigned (primarily ICG ) and delinquency-managed portfolios (primarily PBWM ) 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 Credit Losses for Portfolios of Performing Exposures Risk management and finance representatives 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 product within each geographic region in which these portfolios exist. This evaluation process is subject to numerous estimates and judgments. Risk management and finance representatives who cover business areas with classifiably managed portfolios present their recommended reserve balances based on the frequency of default, risk ratings, loss recovery rates, size and diversity of individual large credits, and ability of borrowers with foreign currency obligations to obtain the foreign currency necessary for orderly debt servicing. 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 Credit loss reserves are recognized on all off-balance sheet commitments that are not unconditionally cancelable. Corporate loan EAD models include an incremental usage factor (or credit conversion factor) to estimate ECLs on amounts undrawn at the reporting date. Off-balance sheet commitments include unfunded exposures, revolving facilities, securities underwriting commitments, letters of credit, HELOCs and financial guarantees (excluding performance guarantees). 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 credit losses on 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 and Intangible Assets | 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 and upon the adoption of ASU No. 2017-04 on January 1, 2020, 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 quantitative 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 quantitative test. The quantitative test 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, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. 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. Additional information on Citi’s goodwill impairment testing can be found in Note 16. 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. Credit card contract-related intangibles include fixed and unconditional costs incurred to renew or extend the contract with a card partner. In estimating the useful life of a credit card contract-related intangible, the Company considers the probability of contract renewal or extension to determine the period that the asset is expected to contribute future cash flows. 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. |
Premises and Equipment | Premises and EquipmentPremises and equipment includes lease right-of-use assets, property and equipment (including purchased and developed software), net of depreciation and amortization. Substantially all lease right-of-use assets are amortized on a straight-line basis over the lease term, and substantially all property and equipment is depreciated or amortized on a straight-line basis over the useful life of the 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, repossessed assets, other receivables, and assets from businesses classified as HFS that are reclassified from other balance sheet line items. Other liabilities include, among other items, accrued expenses, lease liabilities, deferred tax liabilities, reserves for legal claims and legal fee accruals, |
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 debt that is in a fair value hedging relationship. Premiums, discounts and issuance costs on long-term debt accounted for at amortized cost are amortized over the contractual term using the effective interest method. |
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, purchased options and commodities, 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) and periodic plan expense. All other plans (All Other Plans) are remeasured annually. Benefits earned during the year are reported in Compensation and benefits expenses and all other components of the net annual benefit cost are reported in Other operating expenses |
Stock-Based Compensation | Stock-Based CompensationThe Company recognizes compensation expense related to stock awards over the requisite service period, generally based on the instruments’ grant-date fair value, reduced by actual forfeitures as they occur. Compensation cost related to awards granted to employees who meet certain age plus years-of-service requirements (retirement-eligible employees) is accrued in the year prior to the grant date, in the same manner as the accrual for cash incentive compensation. Certain stock awards with performance conditions or certain clawback provisions are subject to variable accounting, pursuant to which the associated compensation expense fluctuates with changes in Citigroup’s common stock price. |
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 calculated using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock and participating securities. Undistributed earnings are calculated after deducting preferred stock dividends, any issuance cost incurred at the time of issuance of redeemed preferred stock and dividends paid and accrued to common stocks and RSU/DSA share awards. Citi grants restricted and deferred share awards under its shares-based compensation programs, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to dividends paid to holders of the Company’s common stock. These unvested awards meet the definition of participating securities based on their respective rights to receive nonforfeitable dividends, and they are treated as a separate class of securities and are not included in computing basic EPS. Diluted EPS incorporates the potential impact of contingently issuable shares, stock options and awards which require future service as a condition of delivery of the underlying common stock. Anti-dilutive options and warrants are disregarded in the EPS calculations. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. Participating securities are not included as incremental shares in computing diluted EPS. |
Use of Estimates | Use of EstimatesManagement must make estimates and assumptions that affect the Consolidated Financial Statements and the related Notes. Such estimates are used in connection with certain fair value measurements. See Note 25 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, 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 Equivalents and Restricted Cash Flows | Cash Equivalents and Restricted Cash Flows Cash equivalents are defined as those amounts included in Cash and due from banks and Deposits with banks |
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 Reference Rate Reform On December 21, 2022, the Financial Accounting Standards Board (FASB) issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which extends the period of time preparers can utilize the reference rate reform relief guidance. In 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. In 2021, the U.K. Financial Conduct Authority (FCA) delayed the intended cessation date of certain tenors of USD LIBOR to June 30, 2023. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, the ASU defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The extension allows Citi to transition its remaining contracts and maintain hedge accounting. The ASU was adopted by Citi upon issuance and did not impact financial results in 2022. Voluntary Change in Goodwill Impairment Assessment Date During 2022, the Company voluntarily changed its annual goodwill impairment assessment date from July 1 to October 1. See Note 16 for additional information. Multiple Macroeconomic Scenarios-Based ACL Approach During the second quarter of 2022, Citi refined its ACL methodology to utilize multiple macroeconomic scenarios to estimate its allowance for credit losses. The ACL was previously estimated using a combination of a single base-case forecast scenario as part of its quantitative component and a component of its qualitative management adjustment that reflects economic uncertainty from downside macroeconomic scenarios. As a result of this change, Citi now explicitly incorporates multiple macroeconomic scenarios—base, upside, and downside—and associated probabilities in the quantitative component when estimating its ACL, while still retaining certain of its qualitative management adjustments. This refinement represents a “change in accounting estimate” under ASC Topic 250, Accounting Changes and Error Corrections , with prospective application beginning in the period of change. This change in accounting estimate resulted in a decrease of approximately $0.3 billion in the allowance for credit losses in the second quarter of 2022, partially offsetting an increase of $0.8 billion in the allowance for credit losses due to the increased macroeconomic uncertainty and other factors in the second quarter of 2022. Accounting for Deposit Insurance Expenses During the fourth quarter of 2021, Citi changed its presentation of the deposit insurance costs paid to the Federal Deposit Insurance Corporation (FDIC) and similar foreign regulators. These costs were previously presented within Interest expense and, as a result of this change, are now presented within Other operating expenses . Citi concluded that this presentation was preferable in Citi’s circumstances, as it better reflected the nature of these deposit insurance costs in that these costs do not directly represent interest payments to creditors, but are similar in nature to other payments to regulatory agencies that are accounted for as operating expenses. This change in income statement presentation represents a “change in accounting principle” under ASC Topic 250, Accounting Changes and Error Corrections , with retrospective application to the earliest period presented. This change in accounting principle resulted in a reclassification of $1,207 million, $1,203 million and $781 million of deposit insurance expenses from Interest expense to Other operating expenses , for the years ended December 31, 2021, 2020 and 2019, respectively. This change had no impact on Citi’s net income or the total deposit insurance expense incurred by Citi. Accounting for Financial Instruments — Credit Losses Overview In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326). The ASU introduced a new credit loss methodology, the CECL methodology, which requires earlier recognition of credit losses while also providing additional disclosure 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, HTM debt securities, receivables and other financial assets measured at amortized cost at the time the financial asset is originated or acquired. The ACL is adjusted each period for changes in lifetime expected 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 ACL 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 ACL 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 quality of 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. Accounting for Variable Post-Charge-Off Third-Party Collection Costs During the second quarter of 2020, Citi changed its accounting for variable post-charge-off third-party collection costs, whereby these costs were accounted for as an increase in expenses as incurred rather than a reduction in expected credit recoveries. Citi concluded that such a change in the method of accounting is preferable in Citi’s circumstances as it better reflects the nature of these collection costs. That is, these costs do not represent reduced payments from borrowers and are similar to Citi’s other executory third-party vendor contracts that are accounted for as operating expenses as incurred. As a result of this change, Citi had a consumer ACL release of $426 million in the second quarter of 2020 for its U.S. cards portfolios and $122 million in the third quarter of 2020 for its international portfolios. In the fourth quarter of 2020, Citi revised the second quarter of 2020 accounting conclusion from a “change in accounting estimate effected by a change in accounting principle” to a “change in accounting principle,” which required an adjustment to opening retained earnings rather than net income, with retrospective application to the earliest period presented. Citi considered the guidance in ASC Topic 250, Accounting Changes and Error Corrections ; ASC Topic 270, Interim Reporting ; ASC Topic 250-S99-1, Assessing Materiality ; and ASC Topic 250-S99-23, Accounting Changes Not Retroactively Applied Due to Immateriality, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements . Citi believes that the effects of the revisions were not material to any previously reported quarterly or annual period. As a result, Citi’s full-year and quarterly results were revised to reflect this change as if it were effective as of January 1, 2020 (impacts to 2018 and 2019 were de minimis). Accordingly, Citi recorded an increase to its beginning retained earnings on January 1, 2020 of $330 million and a decrease of $443 million to its ACL. Further, Citi recorded a decrease of $18 million to its provisions for credit losses on loans in the first quarter of 2020 and an increase of $339 million and $122 million to its provisions for credit losses on loans in the second and third quarters of 2020, respectively. In addition, Citi’s operating expenses increased by $49 million and $45 million, with a corresponding decrease in net credit losses, in the first and second quarters of 2020, respectively. As a result of these changes, Citi’s net income for the year ended December 31, 2020 was $330 million lower, or $0.16 per share lower, than under the previous presentation as a change in accounting estimate effected by a change in accounting principle. Statement of Cash Flows In the fourth quarter of 2022, Citi identified that certain 2021 and 2020 cash flows related to purchases of short-term negotiable certificates of deposit (NCD) and maturities of long-term NCDs were misclassified between purchases and maturities of AFS securities within investing activities and cash flows from operating activities, based on its accounting policy during those periods. As such, Citi revised its 2021 and 2020 cash flows within its 2022 Consolidated Statement of Cash Flows, as follows: 2021 2020 In millions of dollars As reported Revision As revised As reported Revision As revised Other, net $ (1,287) $ (16,115) $ (17,402) $ 4,113 $ (2,897) $ 1,216 Impact to cash from (used in) operating activities (16,115) (2,897) AFS purchases (222,095) 16,115 (205,980) (307,771) 970 (306,801) AFS maturities 120,936 — 120,936 109,014 1,927 110,941 Impact to cash from (used in) investing activities 16,115 2,897 After the revision, there were ($2) billion and ($30) million of net NCD cash flows presented within operating activities for 2021 and 2020, respectively. Citi evaluated the effect of the revision, both qualitatively and quantitatively, and concluded that the impact of the revision was not material. Subsequently, in the fourth quarter of 2022, Citi voluntarily changed its policy to instead present all short-term NCD cash flows in cash flows from investing activities within Other, net . Although immaterial, Citi has adjusted both 2021 and 2020 cash flows within the 2022 Consolidated Statement of Cash Flows in accordance with this change in presentation. After considering the impact of the revision described above, the impact of the change in presentation resulted in immaterial increases in cash flows from operating activities and corresponding decreases in cash flows from investing activities of $2 billion and $30 million in 2021 and 2020, respectively. FUTURE ACCOUNTING CHANGES TDRs and Vintage Disclosures In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . Citi adopted the ASU on January 1, 2023. The ASU eliminates the accounting and disclosure requirements for TDRs, including the requirement to measure the ACLL for TDRs using a discounted cash flow (DCF) approach. Citi adopted the guidance on the recognition and measurement of TDRs under the modified retrospective approach. Upon adoption, Citi discontinued the use of a DCF approach for consumer loans formerly considered TDRs. Beginning January 1, 2023, Citi measured the ACLL for all consumer loans under approaches that do not incorporate discounting, primarily utilizing models that consider the borrowers’ probability of default, loss given default and exposure at default. This change resulted in a decrease to the ACLL and deferred tax assets of approximately $350 million and $100 million, respectively, and an increase to retained earnings and other assets of approximately $300 million and $50 million, respectively, on January 1, 2023. The ACLL for corporate loans was unaffected because the measurement approach used for corporate loans is not in the scope of this ASU. The ASU also requires disclosure of modifications of loans to borrowers experiencing financial difficulty if the modification involves principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, a term extension or a combination of those types of modifications. In addition, the ASU requires the disclosure of current-period gross write-offs by year of loan origination (vintage). The amendments related to disclosures are required to be applied prospectively beginning as of the date of adoption. Citi will present the new disclosures for periods beginning on and after January 1, 2023. Fair Value Hedging—Portfolio Layer Method In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method , intended to better align hedge accounting with an organization’s risk management strategies. Specifically, the guidance expands the current single-layer method to allow multiple hedge layers of a single closed portfolio of qualifying assets, which include both prepayable and non-prepayable assets. Upon the adoption of the guidance, entities may elect to reclassify securities held-to-maturity to the available-for-sale category provided that the reclassified securities are designated in a portfolio hedge. Coincident with the adoption of this ASU, on January 1, 2023, Citi transferred HTM mortgage-backed securities with an amortized cost and fair value of approximately $3.3 billion and $3.4 billion, respectively, into AFS as permitted under the guidance, and hedged them under the portfolio layer method. Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, the FASB issued ASU No. 2022-3, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The ASU was issued to address diversity in practice whereby certain entities included the impact of contractual restrictions when valuing equity securities, and it clarifies that a contractual restriction on the sale of an equity security should not be considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU also includes requirements for entities to disclose the fair value of equity securities subject to contractual sale restrictions, the nature and remaining duration of the restrictions and the circumstances that could cause a lapse in the restrictions. The ASU is to be adopted on a prospective basis and will be effective for Citi on January 1, 2024, although early adoption is permitted. Adoption of the accounting standard is not expected to have an impact on Citi’s operating results or financial position, as the Company excludes such restrictions when valuing equity securities. Long-Duration Insurance Contracts In August 2018, the FASB issued ASU No. 2018-12, Financial Services—Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts , which changes the existing recognition, measurement, presentation and disclosures for long-duration contracts issued by an insurance entity. Specifically, the guidance (i) improves the timeliness of recognizing changes in the liability for future policy benefits and prescribes the rate used to discount future cash flows for long-duration insurance contracts, (ii) simplifies and improves the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, (iii) simplifies the amortization of deferred acquisition costs and (iv) introduces additional quantitative and qualitative disclosures. Citi has certain insurance subsidiaries, primarily in Mexico, that issue long-duration insurance contracts such as traditional life insurance policies and life-contingent annuity contracts that are impacted by the requirements of ASU 2018-12. The effective date of ASU 2018-12 was deferred for all insurance entities by ASU 2019-09, Finance Services—Insurance: Effective Date (issued in October 2019) and by ASU 2020-11, Financial Services—Insurance: Effective Date and Early Application |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Revision of cash flows | Citi revised its 2021 and 2020 cash flows within its 2022 Consolidated Statement of Cash Flows, as follows: 2021 2020 In millions of dollars As reported Revision As revised As reported Revision As revised Other, net $ (1,287) $ (16,115) $ (17,402) $ 4,113 $ (2,897) $ 1,216 Impact to cash from (used in) operating activities (16,115) (2,897) AFS purchases (222,095) 16,115 (205,980) (307,771) 970 (306,801) AFS maturities 120,936 — 120,936 109,014 1,927 110,941 Impact to cash from (used in) investing activities 16,115 2,897 |
DISCONTINUED OPERATIONS, SIGN_2
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summarized financial information disposal groups including discontinued operations | The following table summarizes financial information for all Discontinued operations : In millions of dollars 2022 2021 2020 Total revenues, net of interest expense $ (260) $ — $ — Income (loss) from discontinued operations $ (272) $ 7 $ (20) Benefit for income taxes (41) — — Income (loss) from discontinued operations, net of taxes $ (231) $ 7 $ (20) December 31, 2022 In millions of dollars Assets Liabilities Consumer banking business in Sale agreement date Expected close Cash and deposits with banks Loans (1) Goodwill Other assets, advances to/from subsidiaries Other assets Total assets Deposits Long-term debt Other liabilities Total liabilities Australia (2) 8/9/21 closed 6/1/2022 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Philippines (3) 12/23/21 closed 8/1/2022 — — — — — — — — — — Thailand (4) 1/14/22 closed 11/1/2022 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Taiwan (5) 1/28/22 second half 2023 123 7,865 202 4,758 198 13,146 10,049 — 237 10,286 India (5) 3/30/22 first half 2023 25 3,423 329 1,924 114 5,815 5,266 — 204 5,470 Income (loss) before taxes (6) In millions of dollars 2022 2021 2020 Australia (2) $ 193 $ 306 $ 181 Philippines (3) 72 145 42 Thailand (4) 122 139 93 Taiwan 140 282 311 India 194 213 117 (1) Loans, net of allowance as of December 31, 2022 includes $64 million and $37 million for Taiwan and India, respectively. (2) On June 1, 2022, Citi completed the sale of its Australia consumer banking business, which was part of Legacy Franchises . The business had approximately $9.4 billion in assets, including $9.3 billion of loans (net of allowance of $140 million) and excluding goodwill. The total amount of liabilities was $7.3 billion including $6.8 billion in deposits. The transaction generated a pretax loss on sale of approximately $760 million ($640 million after-tax), subject to closing adjustments, recorded in Other revenue . The loss on sale primarily reflected the impact of an approximate pretax $620 million CTA loss (net of hedges) ($470 million after-tax) already reflected in the AOCI component of equity. The sale closed on June 1, 2022, and the CTA-related balance was removed from AOCI , resulting in a neutral CTA impact to Citi’s CET1 Capital. The income before taxes shown in the above table for Australia reflects Citi’s ownership through June 1, 2022. (3) On August 1, 2022, Citi completed the sale of its Philippines consumer banking business, which was part of Legacy Franchises . The business had approximately $1.8 billion in assets, including $1.2 billion of loans (net of allowance of $80 million) and excluding goodwill. The total amount of liabilities was $1.3 billion, including $1.2 billion in deposits. The sale resulted in a pretax gain on sale of approximately $618 million ($290 million after-tax), subject to closing adjustments, recorded in Other revenue . The income before taxes shown in the above table for the Philippines reflects Citi’s ownership through August 1, 2022. (4) On November 1, 2022, Citi completed the sale of its Thailand consumer banking business, which was part of Legacy Franchises . The business had approximately $2.7 billion in assets, including $2.4 billion of loans (net of allowance of $67 million) and excluding goodwill. The total amount of liabilities was $1.0 billion, including $0.8 billion in deposits. The sale resulted in a pretax gain on sale of approximately $209 million ($115 million after-tax), subject to closing adjustments, recorded in Other revenue . The income before taxes shown in the above table for Thailand reflects Citi’s ownership through November 1, 2022. (5) These sales are expected to result in an after-tax gain upon closing. (6) Income before taxes for the period in which the individually significant component was classified as HFS for all prior periods presented. For Australia, excludes the pretax loss on sale. For the Philippines and Thailand, excludes the pretax gain on sale. |
Summarized reserve charges | The following table summarizes the reserve charges related to the Korea VERP and other initiatives reported in the Legacy Franchises operating segment and Corporate/Other : In millions of dollars Employee termination costs Total Citigroup (pretax) Original charges in fourth quarter 2021 $ 1,052 Utilization (1) Foreign exchange 3 Balance at December 31, 2021 $ 1,054 Additional charges in first quarter 2022 $ 31 Utilization (347) Foreign exchange (24) Balance at March 31, 2022 $ 714 Additional charges (releases) $ (3) Utilization (670) Foreign exchange (41) Balance at June 30, 2022 $ — Additional charges (releases) $ — Utilization — Foreign exchange — Balance at September 30, 2022 $ — |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Information regarding the Company's operations by segment | The following table presents certain information regarding the Company’s continuing operations by operating segment and Corporate/Other : In millions of dollars, except identifiable assets, average loans and average deposits in billions ICG PBWM Legacy Franchises Corporate/Other Total Citi 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 Net interest income $ 17,911 $ 14,999 $ 15,750 $ 22,656 $ 20,646 $ 22,326 $ 5,691 $ 6,250 $ 6,973 $ 2,410 $ 599 $ (298) $ 48,668 $ 42,494 $ 44,751 Non-interest revenue 23,295 24,837 25,343 1,561 2,681 2,814 2,781 2,001 2,481 (967) (129) 112 26,670 29,390 30,750 Total revenues, net of interest expense (1) $ 41,206 $ 39,836 $ 41,093 $ 24,217 $ 23,327 $ 25,140 $ 8,472 $ 8,251 $ 9,454 $ 1,443 $ 470 $ (186) $ 75,338 $ 71,884 $ 75,501 Operating expense 26,299 23,949 22,336 16,258 14,610 13,599 7,782 8,259 6,890 953 1,375 1,549 51,292 48,193 44,374 Provisions for credit losses 911 (2,490) 4,869 3,754 (1,224) 9,885 571 (62) 2,739 3 (2) 2 5,239 (3,778) 17,495 Income (loss) from continuing operations before taxes $ 13,996 $ 18,377 $ 13,888 $ 4,205 $ 9,941 $ 1,656 $ 119 $ 54 $ (175) $ 487 $ (903) $ (1,737) $ 18,807 $ 27,469 $ 13,632 Provision (benefits) for income taxes 3,258 4,069 3,077 886 2,207 334 128 63 (33) (630) (888) (853) 3,642 5,451 2,525 Income (loss) from continuing operations $ 10,738 $ 14,308 $ 10,811 $ 3,319 $ 7,734 $ 1,322 $ (9) $ (9) $ (142) $ 1,117 $ (15) $ (884) $ 15,165 $ 22,018 $ 11,107 Identifiable assets at December 31 (2) $ 1,730 $ 1,613 $ 1,592 $ 494 $ 464 $ 453 $ 97 $ 125 $ 131 $ 96 $ 89 $ 84 $ 2,417 $ 2,291 $ 2,260 Average loans 291 287 298 321 307 304 41 74 83 — — — 653 668 685 Average deposits 830 828 780 435 417 358 52 82 81 16 8 11 1,333 1,335 1,230 (1) Includes total Citi revenues, net of interest expense (excluding Corporate/Other ), in North America of $34.4 billion, $34.4 billion and $37.1 billion; in EMEA of $14.9 billion, $13.4 billion and $13.4 billion; in Latin America of $9.9 billion, $9.2 billion and $9.4 billion; and in Asia of $14.7 billion, $14.4 billion and $15.8 billion in 2022, 2021 and 2020, respectively. These regional numbers exclude Corporate/Other , which largely reflects U.S. activities. (2) Includes total Citi identifiable assets (excluding Corporate/Other ), in North America of $776 billion, $709 billion and $741 billion; in EMEA of $773 billion, $742 billion and $684 billion; in Latin America of $184 billion, $179 billion and $180 billion; and in Asia of $588 billion, $572 billion and $572 billion in 2022, 2021 and 2020, respectively. These regional numbers exclude Corporate/Other , which largely reflects U.S. activities. The Company’s long-lived assets for the periods presented are not considered to be significant in relation to its total assets. The majority of Citi’s long-lived assets are located in the U.S. |
INTEREST REVENUE AND EXPENSE (T
INTEREST REVENUE AND EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Banking and Thrift, Interest [Abstract] | |
Interest revenue and expense | Interest revenue and Interest expense consisted of the following: In millions of dollars 2022 2021 2020 Interest revenue Consumer loans $ 28,391 $ 26,408 $ 27,763 Corporate loans 12,851 9,032 12,422 Loan interest, including fees $ 41,242 $ 35,440 $ 40,185 Deposits with banks 4,515 577 928 Securities borrowed and purchased under agreements to resell 7,154 1,052 2,283 Investments, including dividends 11,214 7,388 7,989 Trading account assets (1) 7,418 5,365 6,125 Other interest-bearing assets (2) 2,865 653 579 Total interest revenue $ 74,408 $ 50,475 $ 58,089 Interest expense Deposits $ 11,559 $ 2,896 $ 5,334 Securities loaned and sold under agreements to repurchase 4,455 1,012 2,077 Trading account liabilities (1) 1,437 482 628 Short-term borrowings and other interest-bearing liabilities (3) 2,488 121 630 Long-term debt 5,801 3,470 4,669 Total interest expense $ 25,740 $ 7,981 $ 13,338 Net interest income $ 48,668 $ 42,494 $ 44,751 Provision (benefit) for credit losses on loans 4,745 (3,103) 15,922 Net interest income after provision for credit losses on loans $ 43,923 $ 45,597 $ 28,829 (1) Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue. Interest revenue and Interest expense on cash collateral positions are reported in interest on Trading account assets and Trading account liabilities , respectively. (2) Includes assets from businesses held-for-sale (see Note 2) and Brokerage receivables . (3) Includes liabilities from businesses held-for-sale (see Note 2) and Brokerage payables . |
COMMISSIONS AND FEES; ADMINIS_2
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Commissions and fees revenues | The following table presents Commissions and fees revenue: 2022 2021 2020 In millions of dollars ICG PBWM LF Total ICG PBWM LF Total ICG PBWM LF Total Investment banking $ 3,084 $ — $ — $ 3,084 $ 6,007 $ — $ — $ 6,007 $ 4,483 $ — $ — $ 4,483 Brokerage commissions 1,570 767 209 2,546 1,770 1,035 431 3,236 1,700 874 386 2,960 Credit and bank card income Interchange fees 1,207 9,452 846 11,505 817 8,119 885 9,821 704 6,526 774 8,004 Card-related 44 256 289 589 27 292 376 695 22 241 386 649 Card rewards and partner payments (1) (625) (11,133) (578) (12,336) (405) (9,296) (534) (10,235) (380) (7,688) (605) (8,673) Deposit-related fees (2) 1,061 157 56 1,274 1,034 196 101 1,331 936 255 143 1,334 Transactional service fees 1,057 17 95 1,169 968 22 108 1,098 857 20 97 974 Corporate finance (3) 454 4 — 458 705 4 — 709 453 4 — 457 Insurance distribution revenue — 217 129 346 — 309 164 473 — 318 185 503 Insurance premiums — 4 87 91 — 10 84 94 — 6 119 125 Loan servicing 39 48 16 103 43 38 17 98 80 28 29 137 Other 20 185 141 346 20 186 139 345 15 300 117 432 Total commissions and fees (4) $ 7,911 $ (26) $ 1,290 $ 9,175 $ 10,986 $ 915 $ 1,771 $ 13,672 $ 8,870 $ 884 $ 1,631 $ 11,385 (1) Citi’s consumer credit card programs have certain partner sharing agreements that vary by partner. These agreements are subject to contractually based performance thresholds that, if met, would require Citi to make ongoing payments to the partner. The threshold is based on the profitability of a program and is generally calculated based on predefined program revenues less predefined program expenses. In most of Citi’s partner sharing agreements, program expenses include net credit losses and, to the extent that an increase in net credit losses reduces Citi’s liability for the partners’ share for a given program year, would generally result in lower payments to partners in total for that year and vice versa. Further, in some instances, other partner payments are based on program sales and new account acquisitions. (2) Includes overdraft fees of $59 million (prior to the elimination of overdraft fees in June 2022), $107 million and $100 million for the years ended December 31, 2022, 2021 and 2020, respectively. Overdraft fees are accounted for under ASC 310. Citi eliminated overdraft fees, returned item fees and overdraft protection fees beginning in June 2022. (3) Consists primarily of fees earned from structuring and underwriting loan syndications or related financing activity. This activity is accounted for under ASC 310. (4) Commissions and fees include $(11,008) million, $(8,516) million and $(7,160) million not accounted for under ASC 606, Revenue from Contracts with Customers , for the years ended December 31, 2022, 2021 and 2020, 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. LF Legacy Franchises The following table presents Administration and other fiduciary fees revenue: 2022 2021 2020 In millions of dollars ICG PBWM LF Total ICG PBWM LF Total ICG PBWM LF Total Custody fees (1) $ 1,781 $ 87 $ 9 $ 1,877 $ 1,793 $ 91 $ 14 $ 1,898 $ 1,557 $ 80 $ 20 $ 1,657 Fiduciary fees 284 752 314 1,350 250 778 436 1,464 234 623 417 1,274 Guarantee fees 508 43 6 557 528 45 8 581 495 38 8 541 Total administration and other fiduciary fees (2) $ 2,573 $ 882 $ 329 $ 3,784 $ 2,571 $ 914 $ 458 $ 3,943 $ 2,286 $ 741 $ 445 $ 3,472 (1) ICG in 2020 includes $38 million related to Corporate/Other. (2) Administration and other fiduciary fees include $557 million, $581 million and $541 million for the years ended December 31, 2022, 2021 and 2020, respectively, that are not accounted for under ASC 606, Revenue from Contracts with Customers. These generally include guarantee fees. LF Legacy Franchises |
PRINCIPAL TRANSACTIONS (Tables)
PRINCIPAL TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Principal Transactions Revenue, Net [Abstract] | |
Principal transactions revenue | The following table presents Principal transactions revenue: In millions of dollars 2022 2021 2020 Interest rate risks (1) $ 3,940 $ 1,993 $ 4,668 Foreign exchange risks (2) 6,593 4,668 4,923 Equity risks (3) 1,858 2,197 1,431 Commodity and other risks (4) 1,801 1,123 1,140 Credit products and risks (5) (33) 173 1,723 Total $ 14,159 $ 10,154 $ 13,885 (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, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of the status of unvested stock awards | A summary of the status of unvested stock awards granted as discretionary annual incentive or sign-on and replacement awards is presented below: Unvested stock awards Shares Weighted- Unvested at December 31, 2021 31,644,684 $ 66.22 Granted (1) 25,729,643 65.07 Canceled (2,007,260) 65.94 Vested (2) (13,458,860) 67.17 Unvested at December 31, 2022 41,908,207 $ 65.23 (1) The weighted-average fair value of the shares granted during 2021 and 2020 was $62.10 and $76.68, respectively. (2) The weighted-average fair value of the shares vesting during 2022 was approximately $64.13 per share on the vesting date, compared to $67.17 on the grant date. A summary of the performance share unit activity for 2022 is presented below: Performance share units Units Weighted- Outstanding, beginning of year 1,274,273 $ 77.67 Granted (1) 531,824 71.04 Canceled (62,875) 72.83 Payments (2) (461,087) 72.83 Outstanding, end of year 1,282,135 $ 76.90 (1) The weighted-average grant date fair value per unit awarded in 2021 and 2020 was $78.55 and $83.45, respectively. (2) The value of the payments was approximately $32 million. |
Schedule of assumptions used | Other significant assumptions for the awards are as follows: Valuation assumptions 2022 2021 2020 Expected volatility 37.01 % 40.88 % 22.26 % Expected dividend yield 2.96 4.21 2.82 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 2022 2021 Discount rate U.S. plans Qualified pension 5.50% 2.80% Nonqualified pension 5.55 2.80 Postretirement 5.60 2.75 Non-U.S. pension plans Range (1) 1.75 to 25.20 -0.10 to 11.95 Weighted average 6.66 3.96 Non-U.S. postretirement plans Range 3.25 to 10.60 1.05 to 10.00 Weighted average 9.80 8.28 Future compensation increase rate (2) Non-U.S. pension plans Range 1.30 to 23.11 1.30 to 11.25 Weighted average 3.76 3.10 Expected return on assets U.S. plans Qualified pension 5.70 5.00 Postretirement (3) 5.70/3.00 5.00/1.50 Non-U.S. pension plans Range 1.00 to 11.50 0.00 to 11.50 Weighted average 6.05 3.69 Non-U.S. postretirement plans Range 8.70 to 9.10 6.00 to 8.00 Weighted average 8.70 7.99 (1) In 2021, due to historically low global interest rates, there were negative discount rates for plans with relatively short duration in certain major markets, such as the Eurozone and Switzerland. (2) Not material for U.S. plans. (3) For the years ended 2022 and 2021, the expected return on assets for the VEBA Trust was 3.00% and 1.50%, respectively. During the year 2022 2021 2020 Discount rate U.S. plans Qualified pension 2.80%/3.80%/ 4.80%/5.65% 2.45%/3.10%/ 2.75%/2.80% 3.25%/3.20%/ 2.60%/2.55% Nonqualified pension 2.80/3.85/ 4.80/5.60 2.35/3.00/ 2.70/2.75 3.25/3.25/ 2.55/2.50 Postretirement 2.75/3.85/ 4.75/5.65 2.20/2.85/ 2.60/2.65 3.15/3.20/ 2.45/2.35 Non-U.S. pension plans (1) Range (2) -0.10 to 11.95 -0.25 to 11.15 -0.10 to 11.30 Weighted average 3.96 3.14 3.65 Non-U.S. postretirement plans (1) Range 1.05 to 11.25 0.80 to 9.80 0.90 to 9.75 Weighted average 8.28 7.42 7.76 Future compensation increase rate (3) Non-U.S. pension plans (1) Range 1.30 to 11.25 1.20 to 11.25 1.50 to 11.50 Weighted average 3.10 3.10 3.17 Expected return on assets U.S. plans Qualified pension (4) 5.00 5.80/5.60/ 5.60/5.00 6.70 Postretirement (4) 5.00/1.50 5.80/5.60/ 5.00/1.50 6.70/3.00 Non-U.S. pension plans (1) Range 0.00 to 11.50 0.00 to 11.50 0.00 to 11.50 Weighted average 3.69 3.39 3.95 Non-U.S. postretirement plans (1) Range 6.00 to 8.00 5.95 to 8.00 6.20 to 8.00 Weighted average 7.99 7.99 7.99 ( 1) Reflects rates utilized to determine the quarterly expense for Significant non-U.S. pension and postretirement plans. (2) In 2021, due to historically low global interest rates, there were negative discount rates for plans with relatively short duration in certain major markets, such as the Eurozone and Switzerland. (3) Not material for U.S. plans. (4) The expected return on assets for the U.S. pension and postretirement plans was adjusted from 5.00% to 5.70% effective January 1, 2023 to reflect a significant change in economic market conditions. The expected return on assets for the U.S. pension and postretirement plans changed from 6.70% to 5.80% effective as of January 1, 2021, reduced to 5.60% effective April 1, 2021 and further reduced to 5.00% effective October 1, 2021. 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 U.S. pension assets U.S. postretirement assets Asset category (1) 2023 2022 2021 2022 2021 Equity securities (2) 0–22% 7 % 7 % 7 % 7 % Debt securities (3) 55–114 71 72 71 72 Real estate 0–4 3 2 3 2 Private equity 0–5 7 6 7 6 Other investments 0–23 12 13 12 13 Total 100 % 100 % 100 % 100 % (1) Target asset allocations are set by investment strategy, whereas pension and postretirement assets as of December 31, 2022 and 2021 are based on the underlying investment product. For example, the private equity investment strategy may include underlying investments in real estate within the target asset allocation; however, within pension and postretirement assets, the underlying investment in real estate is reflected in the real estate category and 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 2022 and 2021. (3) The VEBA Trust for postretirement benefits is primarily invested in cash equivalents and debt securities in 2022 and 2021 and is not reflected in the table above. Non-U.S. pension plans Target asset Actual range Weighted-average Asset category (1) 2023 2022 2021 2022 2021 Equity securities 0–100% 0–63% 0–100% 19 % 16 % Debt securities 0–100 0–100 0–100 73 76 Real estate 0–15 0–15 0–14 1 1 Other investments 0–100 0–100 0–100 7 7 Total 100 % 100 % Non-U.S. postretirement plans Target asset Actual range Weighted-average Asset category (1) 2023 2022 2021 2022 2021 Equity securities 0–46% 0–48% 0–42% 47 % 41 % Debt securities 50–100 45–100 53–100 49 53 Other investments 0–4 0–7 0–6 4 6 Total 100 % 100 % |
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 2022 2021 2020 Charges for estimated awards to retirement-eligible employees $ 742 $ 807 $ 748 Amortization of deferred cash awards, deferred cash stock units and performance stock units 463 384 201 Immediately vested stock award expense (1) 101 99 95 Amortization of restricted and deferred stock awards (2) 533 395 420 Other variable incentive compensation 304 435 627 Total $ 2,143 $ 2,120 $ 2,091 (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. |
RETIREMENT BENEFITS (Tables)
RETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Components of 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. Benefits earned during the year are reported in Compensation and benefits expenses and all other components of the net annual benefit cost are reported in Other operating expenses in the Consolidated Statement of Income: Pension plans Postretirement benefit plans U.S. plans Non-U.S. plans U.S. plans Non-U.S. plans In millions of dollars 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 Service cost $ — $ — $ — $ 116 $ 149 $ 147 $ — $ — $ — $ 2 $ 6 $ 7 Interest cost on benefit obligation 442 351 378 329 268 246 16 13 17 90 96 93 Expected return on assets (612) (683) (824) (263) (253) (245) (11) (13) (17) (69) (84) (77) Amortization of unrecognized: Prior service cost (benefit) 2 2 2 (7) (6) 5 (9) (9) (2) (8) (9) (9) Net actuarial loss (gain) 162 228 233 58 62 70 (9) (3) — 6 13 20 Curtailment loss (gain) (1) — — — (22) 1 (8) — — — — — — Settlement loss (gain) (1) — — — (15) 10 (1) — — — — — — Total net (benefit) expense $ (6) $ (102) $ (211) $ 196 $ 231 $ 214 $ (13) $ (12) $ (2) $ 21 $ 22 $ 34 (1) Curtailment and settlement relate to divestiture activities. Total net expense for non-U.S. plans includes a $36 million net benefit related to the wind-down of Citi’s consumer banking business in Korea. The following table summarizes the net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans: In millions of dollars 2022 2021 2020 Net expense $ 11 $ 10 $ 9 |
Summary of entity's contributions | The following table summarizes the Company’s actual contributions for the years ended December 31, 2022 and 2021, as well as expected Company contributions for 2023. 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 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Contributions made by the Company $ — $ — $ — $ 71 $ 158 $ 104 $ — $ — $ — $ 4 $ 4 $ 3 Benefits paid directly by (reimbursements to) the Company (3) 57 55 56 39 336 51 5 14 22 5 5 5 (1) Amounts reported for 2023 are expected amounts. (2) The U.S. pension plans include benefits paid directly by the Company for the nonqualified pension plans. (3) 2022 benefit payments have increased due to the wind-down of Citi’s consumer banking business in Korea. See Note 2 for additional information. |
Summary of the funded status and amounts recognized in the Consolidated Balance Sheet for the Company's U.S. qualified, non-qualified plans, plans outside the U.S. and postemployment plans | The following table summarizes the funded status and amounts recognized on 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 2022 2021 2022 2021 2022 2021 2022 2021 Change in benefit obligation Benefit obligation at beginning of year $ 12,766 $ 13,815 $ 8,001 $ 8,629 $ 501 $ 559 $ 1,169 $ 1,390 Service cost — — 116 149 — — 2 6 Interest cost on benefit obligation 442 351 329 268 16 13 90 96 Plan amendments — — — 6 — — — — Actuarial (gain) (2) (2,522) (447) (1,168) (344) (95) (28) (100) (110) Benefits paid, net of participants’ contributions (945) (953) (397) (345) (47) (43) (72) (78) Divestitures — — (22) — — — — — Settlement (4) — — (364) (124) — — — — Curtailment (4) — — (35) (30) — — — — Foreign exchange impact and other — — (85) (208) — — (76) (135) Benefit obligation at year end $ 9,741 $ 12,766 $ 6,375 $ 8,001 $ 375 $ 501 $ 1,013 $ 1,169 Change in plan assets Plan assets at fair value at beginning of year $ 12,977 $ 13,309 $ 7,614 $ 7,831 $ 319 $ 331 $ 1,043 $ 1,146 Actual return on assets (2) (1,942) 565 (1,212) 217 (33) 9 (75) 97 Company contributions, net of reimbursements 55 56 495 155 14 22 9 8 Benefits paid, net of participants’ contributions (945) (953) (397) (345) (47) (43) (72) (78) Divestitures — — (11) — — — — — Settlement (4) — — (364) (124) — — — — Foreign exchange impact and other — — (39) (120) — — (50) (130) Plan assets at fair value at year end $ 10,145 $ 12,977 $ 6,086 $ 7,614 $ 253 $ 319 $ 855 $ 1,043 Funded status of the plans Qualified plans (5) $ 949 $ 894 $ (289) $ (387) $ (122) $ (182) $ (158) $ (126) Nonqualified plans (3) (545) (683) — — — — — — Funded status of the plans at year end $ 404 $ 211 $ (289) $ (387) $ (122) $ (182) $ (158) $ (126) Net amount recognized at year end Qualified plans Benefit asset $ 949 $ 894 $ 799 $ 963 $ — $ — $ 28 $ 165 Benefit liability — — (1,088) (1,350) (122) (182) (186) (291) Qualified plans $ 949 $ 894 $ (289) $ (387) $ (122) $ (182) $ (158) $ (126) Nonqualified plans (545) (683) — — — — — — Net amount recognized on the balance sheet $ 404 $ 211 $ (289) $ (387) $ (122) $ (182) $ (158) $ (126) Amounts recognized in AOCI at year end (1) Net transition obligation $ — $ — $ — $ — $ — $ — $ — $ — Prior service (cost) benefit (6) (8) 7 5 82 92 36 47 Net actuarial (loss) gain (6,445) (6,575) (1,671) (1,400) 120 77 (206) (182) Net amount recognized in equity (pretax) $ (6,451) $ (6,583) $ (1,664) $ (1,395) $ 202 $ 169 $ (170) $ (135) Accumulated benefit obligation at year end $ 9,740 $ 12,765 $ 6,051 $ 7,559 $ 375 $ 501 $ 1,013 $ 1,169 (1) The framework for the Company’s pension oversight process includes monitoring of potential settlement charges for all plans. Settlement accounting is triggered when either the sum of all settlements (including lump sum payments) for the year is greater than service plus interest costs or if more than 10% of the plan’s projected benefit obligation will be settled. Because some of Citi’s Significant Plans are frozen and have no material service cost, settlement accounting may apply in the future. (2) Actuarial gain was primarily due to the increase in global discount rates partially offset by lower than expected asset returns. (3) The nonqualified plans of the Company are unfunded. (4) Curtailment and settlement relate to divestiture activities. (5) The U.S. qualified plan was fully funded as of January 1, 2022 and no minimum funding was required for 2022. The plan is also expected to be fully funded as of January 1, 2023 with no expected minimum funding requirement for 2023. The following table summarizes the funded status and amounts recognized on the Company’s Consolidated Balance Sheet: In millions of dollars 2022 2021 Funded status of the plan at year end $ (48) $ (41) Net amount recognized in AOCI (pretax) $ (16) $ (15) |
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 2022 2021 2020 Beginning of year balance, net of tax (1)(2) $ (5,852) $ (6,864) $ (6,809) Actuarial assumptions changes and plan experience 3,923 963 (1,464) Net asset gain (loss) due to difference between actual and expected returns (4,225) (148) 1,076 Net amortization 198 280 318 Prior service credit (cost) — (7) 108 Curtailment/settlement gain (loss) (3) (37) 11 (8) Foreign exchange impact and other 172 153 (108) Change in deferred taxes, net 66 (240) 23 Change, net of tax $ 97 $ 1,012 $ (55) End of year balance, net of tax (1)(2) $ (5,755) $ (5,852) $ (6,864) (1) See Note 20 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 divestiture activities. |
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, 2022 and 2021, 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 2022 2021 2022 2021 2022 2021 2022 2021 Projected benefit obligation $ 545 $ 683 $ 3,463 $ 3,966 $ 545 $ 683 $ 3,315 $ 3,809 Accumulated benefit obligation 545 683 3,179 3,574 545 682 3,088 3,477 Fair value of plan assets — — 2,374 2,616 — — 2,252 2,486 (1) As of December 31, 2022 and 2021, only the nonqualified plans’ PBO and 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 2022 2021 2020 Expected volatility 37.01 % 40.88 % 22.26 % Expected dividend yield 2.96 4.21 2.82 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 2022 2021 Discount rate U.S. plans Qualified pension 5.50% 2.80% Nonqualified pension 5.55 2.80 Postretirement 5.60 2.75 Non-U.S. pension plans Range (1) 1.75 to 25.20 -0.10 to 11.95 Weighted average 6.66 3.96 Non-U.S. postretirement plans Range 3.25 to 10.60 1.05 to 10.00 Weighted average 9.80 8.28 Future compensation increase rate (2) Non-U.S. pension plans Range 1.30 to 23.11 1.30 to 11.25 Weighted average 3.76 3.10 Expected return on assets U.S. plans Qualified pension 5.70 5.00 Postretirement (3) 5.70/3.00 5.00/1.50 Non-U.S. pension plans Range 1.00 to 11.50 0.00 to 11.50 Weighted average 6.05 3.69 Non-U.S. postretirement plans Range 8.70 to 9.10 6.00 to 8.00 Weighted average 8.70 7.99 (1) In 2021, due to historically low global interest rates, there were negative discount rates for plans with relatively short duration in certain major markets, such as the Eurozone and Switzerland. (2) Not material for U.S. plans. (3) For the years ended 2022 and 2021, the expected return on assets for the VEBA Trust was 3.00% and 1.50%, respectively. During the year 2022 2021 2020 Discount rate U.S. plans Qualified pension 2.80%/3.80%/ 4.80%/5.65% 2.45%/3.10%/ 2.75%/2.80% 3.25%/3.20%/ 2.60%/2.55% Nonqualified pension 2.80/3.85/ 4.80/5.60 2.35/3.00/ 2.70/2.75 3.25/3.25/ 2.55/2.50 Postretirement 2.75/3.85/ 4.75/5.65 2.20/2.85/ 2.60/2.65 3.15/3.20/ 2.45/2.35 Non-U.S. pension plans (1) Range (2) -0.10 to 11.95 -0.25 to 11.15 -0.10 to 11.30 Weighted average 3.96 3.14 3.65 Non-U.S. postretirement plans (1) Range 1.05 to 11.25 0.80 to 9.80 0.90 to 9.75 Weighted average 8.28 7.42 7.76 Future compensation increase rate (3) Non-U.S. pension plans (1) Range 1.30 to 11.25 1.20 to 11.25 1.50 to 11.50 Weighted average 3.10 3.10 3.17 Expected return on assets U.S. plans Qualified pension (4) 5.00 5.80/5.60/ 5.60/5.00 6.70 Postretirement (4) 5.00/1.50 5.80/5.60/ 5.00/1.50 6.70/3.00 Non-U.S. pension plans (1) Range 0.00 to 11.50 0.00 to 11.50 0.00 to 11.50 Weighted average 3.69 3.39 3.95 Non-U.S. postretirement plans (1) Range 6.00 to 8.00 5.95 to 8.00 6.20 to 8.00 Weighted average 7.99 7.99 7.99 ( 1) Reflects rates utilized to determine the quarterly expense for Significant non-U.S. pension and postretirement plans. (2) In 2021, due to historically low global interest rates, there were negative discount rates for plans with relatively short duration in certain major markets, such as the Eurozone and Switzerland. (3) Not material for U.S. plans. (4) The expected return on assets for the U.S. pension and postretirement plans was adjusted from 5.00% to 5.70% effective January 1, 2023 to reflect a significant change in economic market conditions. The expected return on assets for the U.S. pension and postretirement plans changed from 6.70% to 5.80% effective as of January 1, 2021, reduced to 5.60% effective April 1, 2021 and further reduced to 5.00% effective October 1, 2021. 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 U.S. pension assets U.S. postretirement assets Asset category (1) 2023 2022 2021 2022 2021 Equity securities (2) 0–22% 7 % 7 % 7 % 7 % Debt securities (3) 55–114 71 72 71 72 Real estate 0–4 3 2 3 2 Private equity 0–5 7 6 7 6 Other investments 0–23 12 13 12 13 Total 100 % 100 % 100 % 100 % (1) Target asset allocations are set by investment strategy, whereas pension and postretirement assets as of December 31, 2022 and 2021 are based on the underlying investment product. For example, the private equity investment strategy may include underlying investments in real estate within the target asset allocation; however, within pension and postretirement assets, the underlying investment in real estate is reflected in the real estate category and 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 2022 and 2021. (3) The VEBA Trust for postretirement benefits is primarily invested in cash equivalents and debt securities in 2022 and 2021 and is not reflected in the table above. Non-U.S. pension plans Target asset Actual range Weighted-average Asset category (1) 2023 2022 2021 2022 2021 Equity securities 0–100% 0–63% 0–100% 19 % 16 % Debt securities 0–100 0–100 0–100 73 76 Real estate 0–15 0–15 0–14 1 1 Other investments 0–100 0–100 0–100 7 7 Total 100 % 100 % Non-U.S. postretirement plans Target asset Actual range Weighted-average Asset category (1) 2023 2022 2021 2022 2021 Equity securities 0–46% 0–48% 0–42% 47 % 41 % Debt securities 50–100 45–100 53–100 49 53 Other investments 0–4 0–7 0–6 4 6 Total 100 % 100 % |
Schedule of expected long term rates of return on assets | The following table shows the expected return on assets used in determining the Company’s pension expense compared to the actual return on assets during 2022, 2021 and 2020 for the U.S. pension and postretirement plans: U.S. plans (During the year) 2022 2021 2020 Expected return on assets U.S. pension and postretirement trust 5.00% 5.80%/5.60%/5.60%/5.00% 6.70% VEBA Trust (2) 1.50 1.50 3.00 Actual return on assets (1) U.S. pension and postretirement trust (15.52) 5.14 12.84 VEBA Trust 1.40 1.52 2.11 (1) Actual return on assets is presented net of fees. |
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 2022 2021 2020 U.S. plans $ 27 $ 35 $ 34 Non-U.S. plans (5) (4) (16) One-percentage-point decrease In millions of dollars 2022 2021 2020 U.S. plans $ (34) $ (49) $ (52) Non-U.S. plans 15 25 25 |
Schedule of effect of one percentage point change in expected rates of return | The following tables summarize the effect on pension expense: Expected return on assets One-percentage-point increase In millions of dollars 2022 2021 2020 U.S. plans $ (123) $ (124) $ (123) Non-U.S. plans (60) (70) (66) One-percentage-point decrease In millions of dollars 2022 2021 2020 U.S. plans $ 123 $ 124 $ 123 Non-U.S. plans 60 70 66 |
Schedule of health care cost trend rates | Assumed health care cost trend rates were as follows: 2022 2021 Health care cost increase rate for Following year 7.00% 6.25% Ultimate rate to which cost increase is assumed to decline 5.00 5.00 Year in which the ultimate rate is 2031 2027 Health care cost increase rate for Following year 7.05% 6.92% Ultimate rate to which cost increase is 7.05 6.92 Year in which the ultimate rate 2023 2022 |
Schedule of interest crediting rate for cash balance and other plans | 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 2022 2021 2020 U.S. plans 4.50% 1.80% 1.45% Non-U.S. plans 1.73 1.61 1.60 |
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, 2022 Asset categories Level 1 Level 2 Level 3 Total U.S. equities $ 233 $ — $ — $ 233 Non-U.S. equities 346 — — 346 Mutual funds and other registered investment companies 243 — — 243 Commingled funds — 818 — 818 Debt securities 929 4,638 5,567 Annuity contracts — — 3 3 Derivatives 2 34 — 36 Other investments — — 4 4 Total investments $ 1,753 $ 5,490 $ 7 $ 7,250 Cash and short-term investments $ 39 $ 563 $ — $ 602 Other investment liabilities (10) (45) — (55) Net investments at fair value $ 1,782 $ 6,008 $ 7 $ 7,797 Other investment receivables redeemed at NAV $ 21 Securities valued at NAV 2,580 Total net assets $ 10,398 (1) The investments of the U.S. pension and postretirement plans are commingled in one trust. At December 31, 2022, 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, 2021 Asset categories Level 1 Level 2 Level 3 Total U.S. equities $ 358 $ — $ — $ 358 Non-U.S. equities 460 — — 460 Mutual funds and other registered investment companies 297 — — 297 Commingled funds — 1,143 — 1,143 Debt securities 1,657 5,770 — 7,427 Annuity contracts — — 4 4 Derivatives 2 17 — 19 Other investments 13 — 25 38 Total investments $ 2,787 $ 6,930 $ 29 $ 9,746 Cash and short-term investments $ 25 $ 627 $ — $ 652 Other investment liabilities (7) (17) — (24) Net investments at fair value $ 2,805 $ 7,540 $ 29 $ 10,374 Other investment liabilities redeemed at NAV $ (29) Securities valued at NAV 2,951 Total net assets $ 13,296 (1) The investments of the U.S. pension and postretirement plans are commingled in one trust. At December 31, 2021, 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, 2022 Asset categories Level 1 Level 2 Level 3 Total U.S. equities $ 121 $ 10 $ — $ 131 Non-U.S. equities 718 19 — 737 Mutual funds and other registered investment companies 2,416 296 — 2,712 Commingled funds 13 — — 13 Debt securities 2,959 980 — 3,939 Real estate — 2 2 4 Annuity contracts — — 2 2 Derivatives — 1,490 — 1,490 Other investments — — 258 258 Total investments $ 6,227 $ 2,797 $ 262 $ 9,286 Cash and short-term investments $ 69 $ 6 $ — $ 75 Other investment liabilities — (2,436) — (2,436) Net investments at fair value $ 6,296 $ 367 $ 262 $ 6,925 Securities valued at NAV $ 16 Total net assets $ 6,941 Non-U.S. pension and postretirement benefit plans In millions of dollars Fair value measurement at December 31, 2021 Asset categories Level 1 Level 2 Level 3 Total U.S. equities $ 127 $ 19 $ — $ 146 Non-U.S. equities 713 92 — 805 Mutual funds and other registered investment companies 2,888 66 — 2,954 Commingled funds 21 — — 21 Debt securities 4,263 1,341 — 5,604 Real estate — 3 2 5 Annuity contracts — — 2 2 Derivatives — 239 — 239 Other investments — — 318 318 Total investments $ 8,012 $ 1,760 $ 322 $ 10,094 Cash and short-term investments $ 117 $ 5 $ — $ 122 Other investment liabilities — (1,578) — (1,578) Net investments at fair value $ 8,129 $ 187 $ 322 $ 8,638 Securities valued at NAV $ 19 Total net assets $ 8,657 |
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 Realized (losses) Unrealized gains Purchases, sales and issuances Transfers in and/or out of Level 3 Ending Level 3 fair value at Annuity contracts $ 4 $ — $ — $ (1) $ — $ 3 Other investments 25 (3) 2 (20) — 4 Total investments $ 29 $ (3) $ 2 $ (21) $ — $ 7 In millions of dollars U.S. pension and postretirement benefit plans Asset categories Beginning Level 3 fair value at Realized (losses) Unrealized gains Purchases, sales and Transfers in and/or out of Level 3 Ending Level 3 fair value at Annuity contracts $ 1 $ — $ — $ 3 $ — $ 4 Other investments 57 (6) 2 (28) — 25 Total investments $ 58 $ (6) $ 2 $ (25) $ — $ 29 In millions of dollars Non-U.S. pension and postretirement benefit plans Asset categories Beginning Level 3 fair value at Unrealized gains Purchases, sales and issuances Transfers in and/or out of Level 3 Ending Level 3 Real estate $ 2 $ — $ — $ — $ 2 Annuity contracts 2 — — — 2 Other investments 318 — (60) — 258 Total investments $ 322 $ — $ (60) $ — $ 262 In millions of dollars Non-U.S. pension and postretirement benefit plans Asset categories Beginning Level 3 fair value at Unrealized gains Purchases, sales and issuances Transfers in and/or out of Level 3 Ending Level 3 Real estate $ 2 $ — $ — $ — $ 2 Annuity contracts 5 — (3) — 2 Other investments 312 4 2 — 318 Total investments $ 319 $ 4 $ (1) $ — $ 322 |
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 2023 $ 964 $ 536 $ 55 $ 72 2024 964 518 46 76 2025 969 489 43 79 2026 942 499 40 83 2027 921 508 38 87 2028–2032 4,038 2,623 150 494 |
Defined contribution plans | The following tables summarize the Company contributions for the defined contribution plans: U.S. plans In millions of dollars 2022 2021 2020 Company contributions $ 471 $ 436 $ 414 Non-U.S. plans In millions of dollars 2022 2021 2020 Company contributions $ 399 $ 364 $ 304 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 2020 Current Federal $ 407 $ 522 $ 305 Non-U.S. 4,106 3,288 4,113 State 270 228 440 Total current income taxes $ 4,783 $ 4,038 $ 4,858 Deferred Federal $ (807) $ 1,059 $ (1,430) Non-U.S. 353 8 (690) State (687) 346 (213) Total deferred income taxes $ (1,141) $ 1,413 $ (2,333) Provision for income tax on continuing operations before noncontrolling interests (1) $ 3,642 $ 5,451 $ 2,525 Provision (benefit) for income taxes on: Discontinued operations $ (41) $ — $ — Gains (losses) included in AOCI , but excluded from net income (1,573) (1,684) 1,520 Employee stock plans (8) (6) (4) Opening adjustment to Retained earnings (2) — — (911) (1) Includes the tax on realized investment gains and impairment losses resulting in a provision (benefit) of $14 million and $(137) million in 2022, $169 million and $(57) million in 2021 and $454 million and $(14) million in 2020, respectively. |
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: 2022 2021 2020 Federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 2.0 2.1 1.3 Non-U.S. income tax rate differential 4.3 1.6 3.5 Tax audit resolutions (3.2) (0.4) 0.3 Nondeductible FDIC premiums 1.0 0.6 1.3 Tax advantaged investments (3.0) (2.3) (4.4) Valuation allowance releases (1) (2.3) (1.7) (4.4) Other, net (0.4) (1.1) (0.1) Effective income tax rate 19.4 % 19.8 % 18.5 % (1) See “Deferred Tax Assets” 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 2022 2021 Deferred tax assets Credit loss deduction $ 5,162 $ 5,330 Deferred compensation and employee benefits 2,059 2,335 U.S. tax on non-U.S. earnings 1,191 1,138 Investment and loan basis differences 5,149 2,970 Tax credit and net operating loss carry-forwards 14,623 15,620 Fixed assets and leases 3,551 3,064 Other deferred tax assets 4,055 3,549 Gross deferred tax assets $ 35,790 $ 34,006 Valuation allowance $ 2,438 $ 4,194 Deferred tax assets after valuation allowance $ 33,352 $ 29,812 Deferred tax liabilities Intangibles and leases $ (2,271) $ (2,446) Non-U.S. withholding taxes (1,142) (987) Debt issuances (595) (126) Other deferred tax liabilities (1,672) (1,464) Gross deferred tax liabilities $ (5,680) $ (5,023) Net deferred tax assets $ 27,672 $ 24,789 |
Summary of unrecognized tax benefits | The following is a rollforward of the Company’s unrecognized tax benefits: In millions of dollars 2022 2021 2020 Total unrecognized tax benefits at January 1 $ 1,296 $ 861 $ 721 Increases for current year’s tax positions 55 97 51 Increases for prior years’ tax positions 168 515 217 Decreases for prior years’ tax positions (119) (107) (74) Amounts of decreases relating to settlements (50) (64) (40) Reductions due to lapse of statutes of limitation (26) (2) (13) Foreign exchange, acquisitions and dispositions (13) (4) (1) Total unrecognized tax benefits at December 31 $ 1,311 $ 1,296 $ 861 |
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 . 2022 2021 2020 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 $ 214 $ 164 $ 118 $ 96 $ 100 $ 82 Total interest and penalties in the Consolidated Statement of Income 27 16 32 24 14 10 Total interest and penalties on the Consolidated Balance Sheet at December 31 (1) 234 176 214 164 118 96 (1) Includes $3 million, $3 million and $4 million for non-U.S. penalties in 2022, 2021 and 2020, respectively. Also includes $0 million, $0 million and $1 million for state penalties in 2022, 2021 and 2020, respectively. |
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 2017 New York State and City 2009 United Kingdom 2016 India 2021 Singapore 2021 Hong Kong 2016 Ireland 2018 |
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, 2022 DTAs balance December 31, 2021 U.S. federal (2) Net operating losses (NOLs) (3) $ 3.3 $ 3.2 Foreign tax credits (FTCs) 1.9 2.8 General business credits (GBCs) 5.2 4.5 Future tax deductions and credits 10.1 8.4 Total U.S. federal $ 20.5 $ 18.9 State and local New York NOLs $ 1.9 $ 1.2 Other state NOLs 0.2 0.2 Future tax deductions 2.2 1.8 Total state and local $ 4.3 $ 3.2 Non-U.S. NOLs $ 0.7 $ 0.5 Future tax deductions 2.2 2.2 Total non-U.S. $ 2.9 $ 2.7 Total $ 27.7 $ 24.8 (1) All amounts are net of valuation allowances. (2) Included in the net U.S. federal DTAs of $20.5 billion as of December 31, 2022 were deferred tax liabilities of $3.3 billion that will reverse in the relevant carry-forward period and may be used to support the DTAs. |
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, 2022 December 31, 2021 U.S. tax return general basket foreign tax credit carry-forwards (1) 2022 $ — $ 0.5 2023 — 0.4 2025 0.8 1.5 2027 1.1 1.1 Total U.S. tax return general basket foreign tax credit carry-forwards $ 1.9 $ 3.5 U.S. tax return branch basket foreign tax credit carry-forwards (1) 2022 $ — $ 1.0 2028 0.7 0.6 2029 0.2 0.2 Total U.S. tax return branch basket foreign tax credit carry-forwards $ 0.9 $ 1.8 U.S. tax return general business credit carry-forwards 2032 $ 0.4 $ 0.4 2033 0.3 0.3 2034 0.2 0.2 2035 0.2 0.2 2036 0.2 0.2 2037 0.5 0.5 2038 0.5 0.5 2039 0.7 0.7 2040 0.7 0.7 2041 0.8 0.8 2042 0.7 — Total U.S. tax return general business credit carry-forwards $ 5.2 $ 4.5 U.S. subsidiary separate federal NOL carry-forwards 2027 $ 0.1 $ 0.1 2028 0.1 0.1 2030 0.3 0.3 2033 1.6 1.6 2034 2.0 2.0 2035 3.3 3.3 2036 2.1 2.1 2037 1.0 1.0 Unlimited carry-forward period 5.3 4.6 Total U.S. subsidiary separate federal NOL carry-forwards (2) $ 15.8 $ 15.1 New York State NOL carry-forwards (2) 2034 $ 11.5 $ 6.6 New York City NOL carry-forwards (2) 2034 $ 10.3 $ 7.2 Non-U.S. NOL carry-forwards (1) Various $ 1.1 $ 1.1 (1) Before valuation allowance. (2) Pretax. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 2020 Earnings per common share Income from continuing operations before attribution of noncontrolling interests $ 15,165 $ 22,018 $ 11,107 Less: Noncontrolling interests from continuing operations 89 73 40 Net income from continuing operations (for EPS purposes) $ 15,076 $ 21,945 $ 11,067 Loss from discontinued operations, net of taxes (231) 7 (20) Citigroup’s net income $ 14,845 $ 21,952 $ 11,047 Less: Preferred dividends (1) 1,032 1,040 1,095 Net income available to common shareholders $ 13,813 $ 20,912 $ 9,952 Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS 113 154 73 Net income allocated to common shareholders for basic EPS $ 13,700 $ 20,758 $ 9,879 Weighted-average common shares outstanding applicable to basic EPS (in millions) 1,946.7 2,033.0 2,085.8 Basic earnings per share (2) Income from continuing operations $ 7.16 $ 10.21 $ 4.75 Discontinued operations (0.12) — (0.01) Net income per share—basic $ 7.04 $ 10.21 $ 4.74 Diluted earnings per share Net income allocated to common shareholders for basic EPS $ 13,700 $ 20,758 $ 9,879 Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends 41 31 30 Net income allocated to common shareholders for diluted EPS $ 13,741 $ 20,789 $ 9,909 Weighted-average common shares outstanding applicable to basic EPS (in millions) $ 1,946.7 $ 2,033.0 $ 2,085.8 Effect of dilutive securities Options (3) — — 0.1 Other employee plans 17.6 16.4 13.1 Adjusted weighted-average common shares outstanding applicable to diluted EPS (in millions) (4) 1,964.3 2,049.4 2,099.0 Diluted earnings per share (2) Income from continuing operations $ 7.11 $ 10.14 $ 4.73 Discontinued operations (0.12) — (0.01) Net income per share—diluted $ 7.00 $ 10.14 $ 4.72 (1) See Note 21 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 2022 and 2021, there were no weighted-average options outstanding. During 2020, weighted-average options to purchase 0.1 million shares of common stock were outstanding but not included in the computation of earnings per share because the weighted-average exercise price of $56.25 per share was anti-dilutive. (4) Due to rounding, weighted-average common shares outstanding applicable to basic EPS and the effect of dilutive securities may not sum to weighted-average 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, 2022 | |
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, In millions of dollars 2022 2021 Securities purchased under agreements to resell $ 291,272 $ 236,252 Deposits paid for securities borrowed 74,165 91,042 Total, net (1) $ 365,437 $ 327,294 Allowance for credit losses on securities purchased and borrowed (2) (36) (6) Total, net of allowance $ 365,401 $ 327,288 |
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, In millions of dollars 2022 2021 Securities sold under agreements to repurchase $ 183,827 $ 174,255 Deposits received for securities loaned 18,617 17,030 Total, net (1) $ 202,444 $ 191,285 (1) The above tables do not include securities-for-securities lending transactions of $4.4 billion and $3.6 billion at December 31, 2022 and 2021, 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 . (2) See Note 15 for further information. |
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, 2022 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 403,663 $ 112,391 $ 291,272 $ 204,077 $ 87,195 Deposits paid for securities borrowed 88,817 14,652 74,165 13,844 60,321 Total $ 492,480 $ 127,043 $ 365,437 $ 217,921 $ 147,516 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 296,218 $ 112,391 $ 183,827 $ 71,635 $ 112,192 Deposits received for securities loaned 33,269 14,652 18,617 2,542 16,075 Total $ 329,487 $ 127,043 $ 202,444 $ 74,177 $ 128,267 As of December 31, 2021 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 367,594 $ 131,342 $ 236,252 $ 205,349 $ 30,903 Deposits paid for securities borrowed 107,041 15,999 91,042 17,326 73,716 Total $ 474,635 $ 147,341 $ 327,294 $ 222,675 $ 104,619 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 305,597 $ 131,342 $ 174,255 $ 85,184 $ 89,071 Deposits received for securities loaned 33,029 15,999 17,030 2,868 14,162 Total $ 338,626 $ 147,341 $ 191,285 $ 88,052 $ 103,233 (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, 2022 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 403,663 $ 112,391 $ 291,272 $ 204,077 $ 87,195 Deposits paid for securities borrowed 88,817 14,652 74,165 13,844 60,321 Total $ 492,480 $ 127,043 $ 365,437 $ 217,921 $ 147,516 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 296,218 $ 112,391 $ 183,827 $ 71,635 $ 112,192 Deposits received for securities loaned 33,269 14,652 18,617 2,542 16,075 Total $ 329,487 $ 127,043 $ 202,444 $ 74,177 $ 128,267 As of December 31, 2021 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities purchased under agreements to resell $ 367,594 $ 131,342 $ 236,252 $ 205,349 $ 30,903 Deposits paid for securities borrowed 107,041 15,999 91,042 17,326 73,716 Total $ 474,635 $ 147,341 $ 327,294 $ 222,675 $ 104,619 In millions of dollars Gross amounts Gross amounts (1) Net amounts of Amounts (2) Net (3) Securities sold under agreements to repurchase $ 305,597 $ 131,342 $ 174,255 $ 85,184 $ 89,071 Deposits received for securities loaned 33,029 15,999 17,030 2,868 14,162 Total $ 338,626 $ 147,341 $ 191,285 $ 88,052 $ 103,233 (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, 2022 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 $ 138,710 $ 86,819 $ 25,119 $ 45,570 $ 296,218 Deposits received for securities loaned 25,388 267 2,121 5,493 33,269 Total $ 164,098 $ 87,086 $ 27,240 $ 51,063 $ 329,487 As of December 31, 2021 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 $ 127,679 $ 93,257 $ 32,908 $ 51,753 $ 305,597 Deposits received for securities loaned 23,387 6 1,392 8,244 33,029 Total $ 151,066 $ 93,263 $ 34,300 $ 59,997 $ 338,626 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, 2022 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 99,979 $ 106 $ 100,085 State and municipal securities 1,911 — 1,911 Foreign government securities 123,826 13 123,839 Corporate bonds 14,308 45 14,353 Equity securities 9,749 33,096 42,845 Mortgage-backed securities 36,225 — 36,225 Asset-backed securities 1,755 — 1,755 Other 8,465 9 8,474 Total $ 296,218 $ 33,269 $ 329,487 As of December 31, 2021 In millions of dollars Repurchase agreements Securities lending agreements Total U.S. Treasury and federal agency securities $ 85,861 $ 90 $ 85,951 State and municipal securities 1,053 — 1,053 Foreign government securities 133,352 212 133,564 Corporate bonds 20,398 152 20,550 Equity securities 25,653 32,517 58,170 Mortgage-backed securities 33,573 — 33,573 Asset-backed securities 1,681 — 1,681 Other 4,026 58 4,084 Total $ 305,597 $ 33,029 $ 338,626 |
BROKERAGE RECEIVABLES AND BRO_2
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Broker-Dealer [Abstract] | |
Brokerage receivables and Brokerage payables | Brokerage receivables and Brokerage payables consisted of the following: December 31, In millions of dollars 2022 2021 Receivables from customers $ 15,462 $ 26,403 Receivables from brokers, dealers and clearing organizations 38,730 27,937 Total brokerage receivables (1) $ 54,192 $ 54,340 Payables to customers $ 55,747 $ 52,158 Payables to brokers, dealers and clearing organizations 13,471 9,272 Total brokerage payables (1) $ 69,218 $ 61,430 (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, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments | The following table presents Citi’s investments by category: December 31, In millions of dollars 2022 2021 Debt securities available-for-sale (AFS) $ 249,679 $ 288,522 Debt securities held-to-maturity (HTM) (1) 268,863 216,963 Marketable equity securities carried at fair value (2) 429 543 Non-marketable equity securities carried at fair value (2)(5) 466 489 Non-marketable equity securities measured using the measurement alternative (3) 1,676 1,413 Non-marketable equity securities carried at cost (4) 5,469 4,892 Total investments (6) $ 526,582 $ 512,822 (1) Carried at adjusted amortized cost basis, net of any ACL. (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. See “Non-Marketable Equity Securities Not Carried at Fair Value” below. (4) Represents shares issued by the Federal Reserve Bank, Federal Home Loan Banks and certain exchanges of which Citigroup is a member. (5) Includes $27 million and $145 million of investments in funds for which the fair values are estimated using the net asset value of the Company’s ownership interest in the funds at December 31, 2022 and 2021, respectively. (6) Not included in the balances above is approximately $2 billion of accrued interest receivable at December 31, 2022, which is included in Other assets on the Consolidated Balance Sheet. The Company does not recognize an allowance for credit losses on accrued interest receivable for AFS and HTM debt securities, consistent with its non-accrual policy, which results in timely write-off of accrued interest. The Company did not reverse through interest income any accrued interest receivables for the years ended December 31, 2022 and 2021. |
Interest and dividends on investments | The following table presents interest and dividend income on investments: In millions of dollars 2022 2021 2020 Taxable interest $ 10,643 $ 6,975 $ 7,554 Interest exempt from U.S. federal income tax 348 279 301 Dividend income 223 134 134 Total interest and dividend income on investments $ 11,214 $ 7,388 $ 7,989 |
Realized gains and losses on investments | The following table presents realized gains and losses on the sales of investments, which exclude impairment losses: In millions of dollars 2022 2021 2020 Gross realized investment gains $ 323 $ 860 $ 1,895 Gross realized investment losses (256) (195) (139) Net realized gains on sales of investments $ 67 $ 665 $ 1,756 |
Amortized cost and fair value of AFS securities | The amortized cost and fair value of AFS debt securities were as follows: December 31, 2022 December 31, 2021 In millions of dollars Amortized Gross Gross Allowance for credit losses Fair Amortized Gross Gross Allowance for credit losses Fair Debt securities AFS Mortgage-backed securities (1) U.S. government-sponsored agency guaranteed (2) $ 12,009 $ 8 $ 755 $ — $ 11,262 $ 33,064 $ 453 $ 301 $ — $ 33,216 Residential 488 — 3 — 485 380 1 1 — 380 Commercial 2 — — — 2 25 — — — 25 Total mortgage-backed securities $ 12,499 $ 8 $ 758 $ — $ 11,749 $ 33,469 $ 454 $ 302 $ — $ 33,621 U.S. Treasury and federal agency securities U.S. Treasury $ 94,732 $ 50 $ 2,492 $ — $ 92,290 $ 122,669 $ 615 $ 844 $ — $ 122,440 Agency obligations — — — — — — — — — — Total U.S. Treasury $ 94,732 $ 50 $ 2,492 $ — $ 92,290 $ 122,669 $ 615 $ 844 $ — $ 122,440 State and municipal (2) $ 2,363 $ 19 $ 159 $ — $ 2,223 $ 2,643 $ 79 $ 101 $ — $ 2,621 Foreign government 135,648 569 2,940 — 133,277 119,426 337 1,023 — 118,740 Corporate 5,146 19 246 3 4,916 5,972 33 77 8 5,920 Asset-backed securities (1) 1,022 12 4 — 1,030 304 — 1 — 303 Other debt securities 4,198 1 5 — 4,194 4,880 1 4 — 4,877 Total debt securities AFS $ 255,608 $ 678 $ 6,604 $ 3 $ 249,679 $ 289,363 $ 1,519 $ 2,352 $ 8 $ 288,522 (1) The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. 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. See Note 22 for mortgage- and asset-backed securitizations in which the Company has other involvement. (2) In 2022, Citibank transferred $21.5 billion of agency residential mortgage-backed securities and $165 million of municipal bonds from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities and bonds were in an unrealized loss position of $2.3 billion and $12 million, respectively. The loss amounts will remain in AOCI and will be amortized over the remaining life of the securities and bonds. |
Fair value of securities in unrealized loss position | 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 Gross Fair Gross Fair Gross December 31, 2022 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 7,908 $ 412 $ 3,290 $ 343 $ 11,198 $ 755 Residential 158 3 1 — 159 3 Commercial 1 — 1 — 2 — Total mortgage-backed securities $ 8,067 $ 415 $ 3,292 $ 343 $ 11,359 $ 758 U.S. Treasury and federal agency securities U.S. Treasury $ 40,701 $ 1,001 $ 34,692 $ 1,491 $ 75,393 $ 2,492 Agency obligations — — — — — — Total U.S. Treasury and federal agency securities $ 40,701 $ 1,001 $ 34,692 $ 1,491 $ 75,393 $ 2,492 State and municipal $ 896 $ 31 $ 707 $ 128 $ 1,603 $ 159 Foreign government 82,900 2,332 14,220 608 97,120 2,940 Corporate 3,082 209 784 37 3,866 246 Asset-backed securities 708 4 — — 708 4 Other debt securities 2,213 5 — — 2,213 5 Total debt securities AFS $ 138,567 $ 3,997 $ 53,695 $ 2,607 $ 192,262 $ 6,604 December 31, 2021 Debt securities AFS Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 17,039 $ 270 $ 698 $ 31 $ 17,737 $ 301 Residential 96 1 1 — 97 1 Commercial — — — — — — Total mortgage-backed securities $ 17,135 $ 271 $ 699 $ 31 $ 17,834 $ 302 U.S. Treasury and federal agency securities U.S. Treasury $ 56,448 $ 713 $ 6,310 $ 131 $ 62,758 $ 844 Agency obligations — — — — — — Total U.S. Treasury and federal agency securities $ 56,448 $ 713 $ 6,310 $ 131 $ 62,758 $ 844 State and municipal $ 229 $ 3 $ 874 $ 98 $ 1,103 $ 101 Foreign government 64,319 826 9,924 197 74,243 1,023 Corporate 2,655 77 22 — 2,677 77 Asset-backed securities 108 1 — — 108 1 Other debt securities 3,439 4 — — 3,439 4 Total debt securities AFS $ 144,333 $ 1,895 $ 17,829 $ 457 $ 162,162 $ 2,352 |
Amortized cost and fair value of debt securities by contractual maturity dates | The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates: December 31, 2022 2021 In millions of dollars Amortized Fair Weighted average yield (1) Amortized Fair Weighted average yield (1) Mortgage-backed securities (2) Due within 1 year $ 42 $ 44 2.02 % $ 188 $ 189 0.79 % After 1 but within 5 years 523 513 2.31 211 211 1.07 After 5 but within 10 years 468 440 3.46 523 559 3.41 After 10 years 11,466 10,752 3.46 32,547 32,662 2.73 Total $ 12,499 $ 11,749 3.41 % $ 33,469 $ 33,621 2.72 % U.S. Treasury and federal agency securities Due within 1 year $ 25,935 $ 25,829 2.81 % $ 34,321 $ 34,448 1.05 % After 1 but within 5 years 68,455 66,166 1.17 87,987 87,633 0.81 After 5 but within 10 years 342 295 2.53 361 359 1.42 After 10 years — — — — — — Total $ 94,732 $ 92,290 1.62 % $ 122,669 $ 122,440 0.87 % State and municipal Due within 1 year $ 19 $ 18 1.79 % $ 40 $ 40 2.09 % After 1 but within 5 years 94 92 3.07 121 124 3.16 After 5 but within 10 years 305 302 3.55 156 161 3.18 After 10 years 1,945 1,811 3.51 2,326 2,296 3.15 Total $ 2,363 $ 2,223 3.49 % $ 2,643 $ 2,621 3.14 % Foreign government Due within 1 year $ 64,795 $ 64,479 4.25 % $ 49,263 $ 49,223 2.53 % After 1 but within 5 years 67,935 66,150 4.80 64,555 63,961 3.14 After 5 but within 10 years 2,491 2,250 2.86 3,736 3,656 1.72 After 10 years 427 398 3.80 1,872 1,900 1.52 Total $ 135,648 $ 133,277 4.50 % $ 119,426 $ 118,740 2.82 % All other (3) Due within 1 year $ 4,452 $ 4,441 1.52 % $ 5,175 $ 5,180 0.94 % After 1 but within 5 years 5,162 4,988 4.82 5,177 5,149 1.91 After 5 but within 10 years 695 693 11.35 750 750 2.08 After 10 years 57 18 3.81 54 21 4.28 Total $ 10,366 $ 10,140 3.83 % $ 11,156 $ 11,100 1.48 % Total debt securities AFS $ 255,608 $ 249,679 3.34 % $ 289,363 $ 288,522 1.94 % (1) Weighted average yields are weighted based on the amortized cost of each security. The average yield considers the contractual coupon, amortization of premiums and accretion of discounts and excludes the effects of any related hedging derivatives. (2) Includes mortgage-backed securities of U.S. government-sponsored agencies. The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. (3) Includes corporate, asset-backed and other debt securities. The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates: December 31, 2022 2021 In millions of dollars Amortized cost (1) Fair value Weighted average yield (2) Amortized cost (1) Fair value Weighted average yield (2) Mortgage-backed securities Due within 1 year $ 27 $ 27 2.93 % $ 152 $ 151 1.70 % After 1 but within 5 years 520 505 3.84 684 725 3.01 After 5 but within 10 years 1,496 1,374 2.74 1,655 1,739 2.74 After 10 years 89,579 79,745 2.89 63,200 63,232 2.55 Total $ 91,622 $ 81,651 2.90 % $ 65,691 $ 65,847 2.56 % U.S. Treasury securities Due within 1 year $ 3,148 $ 3,017 0.18 % $ — $ — — % After 1 but within 5 years 86,617 79,104 1.04 65,498 64,516 0.69 After 5 but within 10 years 45,196 39,118 1.16 46,321 45,701 1.15 After 10 years — — — — — — Total $ 134,961 $ 121,239 1.06 % $ 111,819 $ 110,217 0.88 % State and municipal Due within 1 year $ 22 $ 21 2.73 % $ 51 $ 50 3.82 % After 1 but within 5 years 102 100 2.99 166 170 2.82 After 5 but within 10 years 1,002 967 3.16 908 951 3.23 After 10 years 8,111 7,419 3.32 7,798 8,329 2.65 Total $ 9,237 $ 8,507 3.30 % $ 8,923 $ 9,500 2.72 % Foreign government Due within 1 year $ 143 $ 139 10.83 % $ 292 $ 291 7.86 % After 1 but within 5 years 1,932 1,843 9.94 1,359 1,328 6.30 After 5 but within 10 years — — — — — — After 10 years — — — — — — Total $ 2,075 $ 1,982 10.00 % $ 1,651 $ 1,619 6.58 % All other (3) Due within 1 year $ — $ — — % $ — $ — — % After 1 but within 5 years — — — — — — After 5 but within 10 years 11,751 11,583 2.81 11,520 11,515 2.78 After 10 years 19,217 18,686 1.53 17,359 17,340 1.34 Total $ 30,968 $ 30,269 2.02 % $ 28,879 $ 28,855 1.92 % Total debt securities HTM $ 268,863 $ 243,648 1.94 % $ 216,963 $ 216,038 1.65 % (1) Amortized cost is reported net of ACL of $120 million and $87 million at December 31, 2022 and 2021, respectively. (2) Weighted average yields are weighted based on the amortized cost of each security. The average yield considers the contractual coupon, amortization of premiums and accretion of discounts and excludes the effects of any related hedging derivatives. (3) Includes corporate and asset-backed securities. |
Carrying value and fair value of debt securities HTM | The carrying value and fair value of debt securities HTM were as follows: In millions of dollars Amortized cost, net (1) Gross Gross Fair December 31, 2022 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed (3) $ 90,063 $ 58 $ 10,033 $ 80,088 Non-U.S. residential 445 — — 445 Commercial 1,114 5 1 1,118 Total mortgage-backed securities $ 91,622 $ 63 $ 10,034 $ 81,651 U.S. Treasury securities $ 134,961 $ — $ 13,722 $ 121,239 State and municipal (4) 9,237 34 764 8,507 Foreign government 2,075 — 93 1,982 Asset-backed securities (2) 30,968 4 703 30,269 Total debt securities HTM, net $ 268,863 $ 101 $ 25,316 $ 243,648 December 31, 2021 Debt securities HTM Mortgage-backed securities (2) U.S. government-sponsored agency guaranteed $ 63,885 $ 1,076 $ 925 $ 64,036 Non-U.S. residential 736 3 — 739 Commercial 1,070 4 2 1,072 Total mortgage-backed securities $ 65,691 $ 1,083 $ 927 $ 65,847 U.S. Treasury securities $ 111,819 $ 30 $ 1,632 $ 110,217 State and municipal 8,923 589 12 9,500 Foreign government 1,651 4 36 1,619 Asset-backed securities (2) 28,879 8 32 28,855 Total debt securities HTM, net $ 216,963 $ 1,714 $ 2,639 $ 216,038 (1) Amortized cost is reported net of ACL of $120 million and $87 million at December 31, 2022 and December 31, 2021, respectively. (2) The Company invests in mortgage- and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. See Note 22 for mortgage- and asset-backed securitizations in which the Company has other involvement. (3) In 2022, Citibank transferred $21.5 billion of agency residential mortgage-backed securities and $165 million of municipal bonds from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities and bonds were in an unrealized loss position of $2.3 billion and $12 million, respectively. The loss amounts will remain in AOCI and will be amortized over the remaining life of the securities and bonds. |
Total other-than-temporary impairments recognized | The following table presents total impairment on AFS investments recognized in earnings: Year ended In millions of dollars 2022 2021 2020 Impairment losses related to debt securities that the Company does not intend to sell nor will likely be required to sell: Total impairment 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 $ — $ — $ — Impairment losses recognized in earnings for debt securities that the Company intends to sell, would more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise 360 181 109 Total impairment losses recognized in earnings $ 360 $ 181 $ 109 |
Schedule of allowance for credit losses on available for sale securities | The following presents the credit-related impairments recognized in earnings for AFS securities held that the Company does not intend to sell nor will likely be required to sell at December 31, 2022 and 2021: Allowance for Credit Losses on AFS Debt Securities Year ended December 31, 2022 In millions of dollars Mortgage-backed U.S. Treasury and federal agency State and municipal Foreign government Corporate Total AFS Allowance for credit losses at beginning of year $ — $ — $ — $ — $ 8 $ 8 Gross write-offs — — — — — — Gross recoveries — — — — 5 5 Net credit losses (NCLs) $ — $ — $ — $ — $ 5 $ 5 NCLs $ — $ — $ — $ — $ (5) $ (5) Credit losses on securities without previous credit losses — — — — 2 2 Net reserve builds (releases) on securities with previous credit losses — — — — (2) (2) Total provision for credit losses $ — $ — $ — $ — $ (5) $ (5) Initial allowance on newly purchased credit-deteriorated securities during the year — — — — — — Allowance for credit losses at end of year $ — $ — $ — $ — $ 3 $ 3 Year ended December 31, 2021 In millions of dollars Mortgage-backed U.S. Treasury and federal agency State and municipal Foreign government Corporate Total AFS Allowance for credit losses at beginning of year $ — $ — $ — $ — $ 5 $ 5 Gross write-offs — — — — — — Gross recoveries — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — NCLs $ — $ — $ — $ — $ — $ — Credit losses on securities without previous credit losses — — — — 3 3 Net reserve builds (releases) on securities with previous credit losses — — — — — — Total provision for credit losses $ — $ — $ — $ — $ 3 $ 3 Initial allowance on newly purchased credit-deteriorated securities during the year — — — — — — Allowance for credit losses at end of year $ — $ — $ — $ — $ 8 $ 8 Year ended December 31, 2020 In millions of dollars Mortgage-backed U.S. Treasury and federal agency State and municipal Foreign government Corporate Total AFS Allowance for credit losses at beginning of year $ — $ — $ — $ — $ — $ — Gross write-offs — — — — — — Gross recoveries — — — — 2 2 Net credit losses (NCLs) $ — $ — $ — $ — $ 2 $ 2 NCLs $ — $ — $ — $ — $ (2) $ (2) Credit losses on securities without previous credit losses — — — 3 5 8 Net reserve builds (releases) on securities with previous credit losses — — — (3) — (3) Total provision for credit losses $ — $ — $ — $ — $ 3 $ 3 Initial allowance on newly purchased credit-deteriorated securities during the year — — — — — — Allowance for credit losses at end of year $ — $ — $ — $ — $ 5 $ 5 |
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, 2022 and 2021: In millions of dollars December 31, 2022 December 31, 2021 Measurement alternative: Carrying value $ 1,676 $ 1,413 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 2022 2021 Measurement alternative (1) : Impairment losses $ 139 $ 25 Downward changes for observable prices 3 — Upward changes for observable prices 177 406 (1) See Note 25 for additional information on these nonrecurring fair value measurements. Life-to-date amounts on securities still held In millions of dollars December 31, 2022 Measurement alternative: Impairment losses $ 219 Downward changes for observable prices 6 Upward changes for observable prices 867 |
LOANS (Tables)
LOANS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Consumer | |
Loans receivable | |
Schedule of loan delinquency and non-accrual details | Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 2022 In millions of dollars Total current (1)(2) 30–89 days past due (3) ≥ 90 days past due (3) Past due government guaranteed (6) Total Non-accrual loans for which there is no ACLL Non-accrual loans for which there is an ACLL Total 90 days In North America offices (7) Residential first mortgages (8) $ 95,023 $ 421 $ 316 $ 279 $ 96,039 $ 86 $ 434 $ 520 $ 163 Home equity loans (9)(10) 4,407 38 135 — 4,580 51 151 202 — Credit cards 147,717 1,511 1,415 — 150,643 — — — 1,415 Personal, small business and other (11) 37,635 88 22 7 37,752 3 23 26 11 Total $ 284,782 $ 2,058 $ 1,888 $ 286 $ 289,014 $ 140 $ 608 $ 748 $ 1,589 In offices outside North America (7) Residential mortgages (8) $ 27,946 $ 62 $ 106 $ — $ 28,114 $ — $ 305 $ 305 $ 13 Credit cards 12,659 147 149 — 12,955 — 127 127 56 Personal, small business and other (11) 37,869 105 10 — 37,984 — 137 137 — Total $ 78,474 $ 314 $ 265 $ — $ 79,053 $ — $ 569 $ 569 $ 69 Total Citigroup (12)(13) $ 363,256 $ 2,372 $ 2,153 $ 286 $ 368,067 $ 140 $ 1,177 $ 1,317 $ 1,658 Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 2021 In millions of dollars Total current (1)(2) 30–89 days past due (3)(4)(5) ≥ 90 days past due (3)(4)(5) Past due government guaranteed (5)(6) Total Non-accrual loans for which there is no ACLL Non-accrual loans for which there is an ACLL Total 90 days In North America offices (7) Residential first mortgages (8) $ 82,087 $ 381 $ 499 $ 394 $ 83,361 $ 134 $ 559 $ 693 $ 282 Home equity loans (9)(10) 5,546 43 156 — 5,745 64 221 285 — Credit cards 132,050 947 871 — 133,868 — — — 871 Personal, small business and other (14) 40,533 126 16 38 40,713 2 70 72 30 Total $ 260,216 $ 1,497 $ 1,542 $ 432 $ 263,687 $ 200 $ 850 $ 1,050 $ 1,183 In offices outside North America (7) Residential mortgages (8) $ 37,566 $ 165 $ 158 $ — $ 37,889 $ — $ 409 $ 409 $ 10 Credit cards 17,428 192 188 — 17,808 — 140 140 133 Personal, small business and other (14) 56,930 145 75 — 57,150 — 227 227 — Total $ 111,924 $ 502 $ 421 $ — $ 112,847 $ — $ 776 $ 776 $ 143 Total Citigroup (13) $ 372,140 $ 1,999 $ 1,963 $ 432 $ 376,534 $ 200 $ 1,626 $ 1,826 $ 1,326 (1) Loans less than 30 days past due are presented as current. (2) Includes $237 million and $12 million at December 31, 2022 and 2021, respectively, of residential first mortgages recorded at fair value. (3) Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes $31.5 billion and $17.8 billion of classifiably managed Private bank loans in North America and outside North America, respectively, at December 31, 2022. Excludes $35.3 billion and $24.5 billion of classifiably managed Private bank loans in North America and outside North America, respectively, at December 31, 2021. (4) Loans modified under Citi’s consumer relief programs continue to be reported in the same delinquency bucket they were in at the time of modification. Most modified loans in North America would not be reported as 30–89 or 90+ days past due for the duration of the programs (which have various durations, and certain of which may be renewed). (5) Conformed to be consistent with the current period’s delineation between delinquency-managed and classifiably managed loans. (6) Consists of loans that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and $0.1 billion and 90 days or more past due of $0.2 billion and $0.3 billion at December 31, 2022 and 2021, respectively. (7) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (8) Includes approximately $0.1 billion and $0.0 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $19.8 billion of residential mortgages outside North America related to the Global Wealth business at December 31, 2022. Includes approximately $0.1 billion and $0.1 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $19.8 billion of residential mortgages outside North America related to the Global Wealth business at December 31, 2021. (9) Includes approximately $0.1 billion and $0.1 billion at December 31, 2022 and 2021, respectively, of home equity loans in process of foreclosure in North America. (10) Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions. (11) Includes loans related to the Global Wealth business: $34.0 billion in North America, approximately $31.5 billion of which are classifiably managed, and as of December 31, 2022 approximately 98% were rated investment grade; and $26.6 billion outside North America, approximately $17.8 billion of which are classifiably managed, and as of December 31, 2022 approximately 94% were rated investment grade. The classifiably managed portion of these loans is shown as “current” because the delinquency status is not applicable, since these loans are primarily evaluated for credit risk based on their internal risk classification. (12) Not included in the balances above is approximately $1 billion of accrued interest receivable at December 31, 2022, which is included in Other assets on the Consolidated Balance Sheet, except for credit card loans (which include accrued interest and fees). When a loan becomes non-accrual or, if not subject to a non-accrual policy, is charged-off per the Company’s charge-off policy, any accrued interest receivable is also reversed against the interest income. During the years ended December 31, 2022 and 2021, the Company reversed accrued interest of approximately $0.6 billion and $0.8 billion, respectively, primarily related to credit card loans. (13) Consumer loans were net of unearned income of $712 million and $629 million at December 31, 2022 and 2021, respectively. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts. (14) Includes loans related to the Global Wealth business: $37.9 billion in North America, approximately $35.3 billion of which are classifiably managed, and as of December 31, 2021 approximately 95% were rated investment grade; and $34.6 billion outside North America, approximately $24.5 billion of which are classifiably managed, and as of December 31, 2021 approximately 94% were rated investment grade. The classifiably managed portion of these loans is shown as “current” because the delinquency status is not applicable, since these loans are primarily evaluated for credit risk based on their internal risk classification. Interest Income Recognized for Non-Accrual Consumer Loans For the years ended December 31, In millions of dollars 2022 2021 In North America offices (1) Residential first mortgages $ 12 $ 13 Home equity loans 5 7 Credit cards — — Personal, small business and other 2 — Total $ 19 $ 20 In offices outside North America (1) Residential mortgages $ 4 $ 1 Credit cards — — Personal, small business and other 4 — Total $ 8 $ 1 Total Citigroup $ 27 $ 21 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. |
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 by year of origination. FICO scores are updated monthly for substantially all of the portfolio or, otherwise, on a quarterly basis for the remaining portfolio.For Citi’s $80.5 billion and $114.3 billion in the consumer loan portfolio outside of the U.S. as of December 31, 2022 and 2021, respectively, various country-specific or regional credit risk metrics and acquisition and behavior scoring models are leveraged as one of the factors to evaluate the credit quality of customers (for additional information on loans outside of the U.S., see “Consumer Loans and Ratios Outside of North America” below). As a result, details of relevant credit quality indicators for those loans are not comparable to the below FICO score distribution for the U.S. portfolio. FICO score distribution—U.S. portfolio (1)(2) December 31, 2022 In millions of dollars Less than 680 Greater Classifiably managed (3) FICO not available (4) Total Residential first mortgages 2022 $ 691 $ 7,530 $ 12,928 2021 639 5,933 12,672 2020 431 4,621 10,936 2019 321 2,505 5,445 2018 302 1,072 1,899 Prior 2,020 6,551 12,649 Total residential first mortgages $ 4,404 $ 28,212 $ 56,529 $ 6,894 $ 96,039 Home equity line of credit (pre-reset) $ 552 $ 1,536 $ 1,876 Home equity line of credit (post-reset) 62 65 40 Home equity term loans 106 151 117 2022 — — — 2021 — 1 1 2020 1 2 2 2019 1 2 2 2018 1 2 1 Prior 103 144 111 Total home equity loans $ 720 $ 1,752 $ 2,033 $ 75 $ 4,580 Credit cards $ 27,901 $ 58,213 $ 60,896 Revolving loans converted to term loans (5) 766 354 54 Total credit cards (6) $ 28,667 $ 58,567 $ 60,950 $ 1,914 $ 150,098 Personal, small business and other 2022 $ 247 $ 546 $ 800 2021 96 170 210 2020 15 20 30 2019 21 23 28 2018 10 10 9 Prior 126 190 144 Total personal, small business and other (7)(8) $ 515 $ 959 $ 1,221 $ 31,478 2,639 $ 36,812 Total $ 34,306 $ 89,490 $ 120,733 $ 31,478 $ 11,522 $ 287,529 FICO score distribution—U.S. portfolio (1)(2) December 31, 2021 In millions of dollars Less than 680 Greater Classifiably managed (3) FICO not available (4) Total Residential first mortgages 2021 $ 626 $ 6,729 $ 12,349 2020 508 5,102 12,153 2019 373 3,074 6,167 2018 394 1,180 2,216 2017 343 1,455 2,568 Prior 2,053 6,540 12,586 Total residential first mortgages $ 4,297 $ 24,080 $ 48,039 $ 6,945 $ 83,361 Home equity line of credit (pre-reset) $ 659 $ 1,795 $ 2,506 Home equity line of credit (post-reset) 75 72 37 Home equity term loans 168 210 156 2021 — 1 1 2020 — 3 2 2019 1 2 2 2018 1 2 1 2017 1 2 2 Prior 165 201 149 Total home equity loans $ 902 $ 2,077 $ 2,699 $ 67 $ 5,745 Credit cards $ 22,342 $ 52,481 $ 55,076 Revolving loans converted to term loans (5) 773 426 61 Total credit cards (6) $ 23,115 $ 52,907 $ 55,137 $ 2,192 $ 133,351 Personal, small business and other 2021 $ 59 $ 201 $ 319 2020 22 41 64 2019 42 53 68 2018 34 35 37 2017 7 8 9 Prior 120 179 143 Total personal, small business and other (7)(8) $ 284 $ 517 $ 640 $ 35,324 $ 3,041 $ 39,806 Total $ 28,598 $ 79,581 $ 106,515 $ 35,324 $ 12,245 $ 262,263 (1) The FICO bands in the tables are consistent with general industry peer presentations. (2) FICO scores are updated on either a monthly or quarterly basis. For updates that are made only quarterly, certain current-period loans by year of origination are greater than those disclosed in the prior periods. Loans that did not have FICO scores as of the prior period have been updated with FICO scores as they become available. (3) These personal, small business and other loans without a FICO score available include $31.5 billion and $35.3 billion of Private bank loans as of December 31, 2022 and 2021, respectively, which are classifiably managed within Global Wealth and are primarily evaluated for credit risk based on their internal risk ratings. As of December 31, 2022 and 2021, approximately 98% and 95% of these loans, respectively, were rated investment grade. (4) FICO scores not available related to loans guaranteed by government-sponsored enterprises for which FICO scores are generally not utilized. (5) Not included in the tables above are $75 million and $313 million of revolving credit card loans outside of the U.S. that were converted to term loans as of December 31, 2022 and 2021, respectively. (6) Excludes $545 million and $517 million of balances related to Canada for December 31, 2022 and 2021, respectively. (7) Excludes $940 million and $907 million of balances related to Canada for December 31, 2022 and 2021, respectively. (8) Includes approximately $67 million and $74 million of personal revolving loans that were converted to term loans for December 31, 2022 and 2021, respectively. LTV distribution—U.S. portfolio December 31, 2022 In millions of dollars Less than > 80% but less Greater LTV not available (1) Total Residential first mortgages 2022 $ 15,644 $ 6,497 $ 40 2021 19,104 1,227 33 2020 16,935 267 1 2019 8,789 140 23 2018 3,598 74 9 Prior 22,367 132 74 Total residential first mortgages $ 86,437 $ 8,337 $ 180 $ 1,085 $ 96,039 Home equity loans (pre-reset) $ 3,677 $ 36 $ 56 Home equity loans (post-reset) 627 12 27 Total home equity loans $ 4,304 $ 48 $ 83 $ 145 $ 4,580 Total $ 90,741 $ 8,385 $ 263 $ 1,230 $ 100,619 LTV distribution—U.S. portfolio December 31, 2021 In millions of dollars Less than > 80% but less Greater LTV not available (1) Total Residential first mortgages 2021 $ 18,107 $ 2,723 $ 34 2020 18,715 446 — 2019 10,047 269 29 2018 4,117 136 11 2017 4,804 103 4 Prior 22,161 128 14 Total residential first mortgages $ 77,951 $ 3,805 $ 92 $ 1,513 $ 83,361 Home equity loans (pre-reset) $ 2,637 $ 46 $ 69 Home equity loans (post-reset) 2,751 52 32 Total home equity loans $ 5,388 $ 98 $ 101 $ 158 $ 5,745 Total $ 83,339 $ 3,903 $ 193 $ 1,671 $ 89,106 (1) Residential first mortgages with no LTV information available are primarily due to government-guaranteed loans that do not require LTV information for credit risk assessment and fair value loans. The following tables provide details on the LTV ratios for Citi’s consumer mortgage portfolio outside of the U.S. by year of origination: LTV distribution — outside of U.S. portfolio (1) December 31, 2022 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential mortgages 2022 $ 3,106 $ 975 $ 294 2021 4,144 964 273 2020 3,293 502 25 2019 3,048 92 1 2018 2,074 48 — Prior 9,201 36 7 Total $ 24,866 $ 2,617 $ 600 $ 31 $ 28,114 LTV distribution — outside of U.S. portfolio (1) December 31, 2021 In millions of dollars Less than > 80% but less Greater LTV not available Total Residential mortgages 2021 $ 6,334 $ 989 $ — 2020 5,996 292 — 2019 5,293 116 1 2018 3,729 32 — 2017 2,739 38 — Prior 12,190 102 14 Total $ 36,281 $ 1,569 $ 15 $ 24 $ 37,889 (1) Mortgage portfolios outside of the U.S. are primarily in Global Wealth. As of December 31, 2022 and 2021, mortgage portfolios outside of the U.S. have an average LTV of approximately 51% and 46%, respectively. Consumer Loans and Ratios Outside of North America Delinquency-managed loans and ratios In millions of dollars at December 31, 2022 Total loans outside of North America (1) Classifiably managed loans (2) Delinquency-managed loans 30–89 ≥ 90 days past due ratio 4Q22 NCL ratio Residential mortgages (3) $ 28,114 $ — $ 28,114 0.22 % 0.38 % 0.10 % Credit cards 12,955 — 12,955 1.13 1.15 3.18 Personal, small business and other (4) 37,984 17,762 20,222 0.52 0.05 0.76 Total $ 79,053 $ 17,762 $ 61,291 0.51 % 0.43 % 0.91 % Delinquency-managed loans and ratios In millions of dollars at December 31, 2021 Total loans outside of North America (1) Classifiably managed loans (2) Delinquency-managed loans 30–89 ≥ 90 days past due ratio 4Q21 NCL ratio Residential mortgages (3) $ 37,889 $ — $ 37,889 0.44 % 0.42 % 0.08 % Credit cards 17,808 — 17,808 1.08 1.06 3.06 Personal, small business and other (4) 57,150 24,482 32,668 0.44 0.23 0.72 Total $ 112,847 $ 24,482 $ 88,365 0.57 % 0.48 % 0.88 % (1) Mexico is included in offices outside of North America. (2) Classifiably managed loans are primarily evaluated for credit risk based on their internal risk classification. As of December 31, 2022 and 2021, approximately 94% and 94% of these loans, respectively, were rated investment grade. (3) Includes $19.8 billion and $19.8 billion as of December 31, 2022 and 2021, respectively, of residential mortgages related to the Global Wealth business. (4) Includes $26.6 billion and $34.6 billion as of December 31, 2022 and 2021, respectively, of loans related to the Global Wealth business. |
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, 2022 In millions of dollars Recorded investment (1)(2) Unpaid Related specific allowance (3) Average carrying value (5) Interest income recognized (6) Mortgage and real estate Residential first mortgages $ 1,305 $ 1,430 $ 58 $ 1,283 $ 115 Home equity loans 254 322 — 261 10 Credit cards 1,255 1,256 491 1,246 62 Personal, small business and other 107 108 47 120 18 Total $ 2,921 $ 3,116 $ 596 $ 2,910 $ 205 At and for the year ended December 31, 2021 In millions of dollars Recorded investment (1)(2) Unpaid Related specific allowance (3)(4) Average carrying value (5) Interest income recognized (6) Mortgage and real estate Residential first mortgages $ 1,521 $ 1,595 $ 87 $ 1,564 $ 88 Home equity loans 191 344 (1) 336 9 Credit cards 1,582 1,609 594 1,795 116 Personal, small business and other 454 461 133 505 52 Total $ 3,748 $ 4,009 $ 813 $ 4,200 $ 265 (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) For December 31, 2022, $152 million of residential first mortgages and $73 million of home equity loans do not have a specific allowance. For December 31, 2021, $190 million of residential first mortgages and $94 million of home equity loans do not have a specific allowance because they are accounted for based on collateral value, and that value is in excess of the outstanding loan balance. (3) Included in the Allowance for credit losses on loans . (4) The negative allowance on home equity loans resulted from expected recoveries on previously written-off accounts. (5) Average carrying value represents the average recorded investment ending balance for the last four quarters and does not include the related specific allowance. (6) Includes amounts recognized on both an accrual and cash basis. |
Schedule of troubled debt restructurings | For the year ended December 31, 2022 In millions of dollars, except number of loans modified Number of Post- modification recorded investment (2)(3) Deferred principal (4) Contingent principal forgiveness (5) Principal forgiveness (6) Average In North America offices (7) Residential first mortgages 1,133 $ 263 $ — $ — $ — — % Home equity loans 451 40 — — — — Credit cards 176,252 775 — — — 18 Personal, small business and other 575 7 — — — 5 Total (8) 178,411 $ 1,085 $ — $ — $ — In offices outside North America (7) Residential mortgages 683 $ 21 $ — $ — $ — — % Credit cards 16,006 68 — — 1 25 Personal, small business and other 2,432 29 — — 1 8 Total (8) 19,121 $ 118 $ — $ — $ 2 For the year ended December 31, 2021 (1) In millions of dollars, except number of loans modified Number of Post- modification recorded investment (2)(9) Deferred principal (4) Contingent principal forgiveness (5) Principal forgiveness (6) Average In North America offices (7) Residential first mortgages 1,335 $ 230 $ — $ — $ — 1 % Home equity loans 191 19 — — — — Credit cards 165,098 794 — — — 18 Personal, small business and other 1,000 13 — — — 3 Total (8) 167,624 $ 1,056 $ — $ — $ — In offices outside North America (7) Residential mortgages 1,975 $ 86 $ — $ — $ — — % Credit cards 74,202 339 — — 13 13 Personal, small business and other 28,208 202 — — 7 10 Total (8) 104,385 $ 627 $ — $ — $ 20 (1) The 2021 table does not include loan modifications that meet the TDR relief criteria in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) or the interagency guidance. (2) Post-modification balances include past-due amounts that are capitalized at the modification date. (3) Post-modification balances in North America include $5 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the year ended December 31, 2022. These amounts include $3.8 million of residential first mortgages that were newly classified as TDRs during 2022, based on previously received OCC guidance. The remaining amounts were already classified as TDRs before being discharged in Chapter 7 bankruptcy. (4) Represents the 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. (5) Represents the portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness. (6) Represents the portion of contractual loan principal that was forgiven at the time of permanent modification. (7) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. (8) The above tables reflect activity for restructured loans that were considered TDRs during the year. (9) Post-modification balances in North America include $15 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the year ended December 31, 2021. These amounts include $5 million of residential first mortgages that were newly classified as TDRs during 2021, based on previously received OCC guidance. The remaining amounts were already classified as TDRs before being discharged in Chapter 7 bankruptcy. |
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 2022 2021 In North America offices (1) Residential first mortgages $ 35 $ 57 Home equity loans 4 8 Credit cards 250 252 Personal, small business and other 1 4 Total $ 290 $ 321 In offices outside North America (1) Residential mortgages $ 10 $ 38 Credit cards 12 152 Personal, small business and other 3 96 Total $ 25 $ 286 (1) North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. Purchased Credit-Deteriorated Assets Years ended December 31, 2022 2021 In millions of dollars Credit Mortgages (1) Installment and other Credit Mortgages (1) Installment and other Purchase price $ — $ 23 $ — $ — $ 23 $ — Allowance for credit losses at acquisition date — — — — — — Discount or premium attributable to non-credit factors — — — — — — Par value (amortized cost basis) $ — $ 23 $ — $ — $ 23 $ — (1) Includes loans sold to agencies that were bought back at par due to repurchase agreements. |
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 $ 56,176 $ 48,364 Financial institutions 43,399 49,804 Mortgage and real estate (2) 17,829 15,965 Installment and other 23,767 20,143 Lease financing 308 415 Total $ 141,479 $ 134,691 In offices outside North America (1) Commercial and industrial $ 93,967 $ 102,735 Financial institutions 21,931 22,158 Mortgage and real estate (2) 4,179 4,374 Installment and other 23,347 22,812 Lease financing 46 40 Governments and official institutions 4,205 4,423 Total $ 147,675 $ 156,542 Corporate loans, net of unearned income (3)(4)(5) $ 289,154 $ 291,233 (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 $($797) million and ($770) million at December 31, 2022 and 2021, respectively. Unearned income on corporate loans primarily represents interest received in advance, but not yet earned, on loans originated on a discounted basis. (4) Not included in the balances above is approximately $2 billion of accrued interest receivable at December 31, 2022, which is included in Other assets on the Consolidated Balance Sheet. |
Schedule of loan delinquency and non-accrual details | Corporate Loan Delinquencies and Non-Accrual Details at December 31, 2022 In millions of dollars 30–89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 763 $ 594 $ 1,357 $ 860 $ 145,586 $ 147,803 Financial institutions 233 102 335 152 64,420 64,907 Mortgage and real estate 30 12 42 33 21,874 21,949 Lease financing — 1 1 10 343 354 Other 145 18 163 67 48,788 49,018 Loans at fair value 5,123 Total $ 1,171 $ 727 $ 1,898 $ 1,122 $ 281,011 $ 289,154 Corporate Loan Delinquencies and Non-Accrual Details at December 31, 2021 In millions of dollars 30–89 days past due and accruing (1) ≥ 90 days past due and accruing (1) Total past due Total non-accrual (2) Total current (3) Total loans (4) Commercial and industrial $ 1,072 $ 239 $ 1,311 $ 1,263 $ 144,430 $ 147,004 Financial institutions 320 166 486 2 71,279 71,767 Mortgage and real estate 1 1 2 136 20,153 20,291 Lease financing — — — 14 441 455 Other 77 19 96 138 45,412 45,646 Loans at fair value 6,070 Total $ 1,470 $ 425 $ 1,895 $ 1,553 $ 281,715 $ 291,233 (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 and/or principal is doubtful. (3) Loans less than 30 days past due are presented as current. |
Schedule of loans credit quality indicators | Corporate Loans Credit Quality Indicators Recorded investment in loans (1) Term loans by year of origination Revolving line of credit arrangements (2) December 31, In millions of dollars 2022 2021 2020 2019 2018 Prior Investment grade (3) Commercial and industrial (4) $ 50,086 $ 5,716 $ 2,454 $ 2,348 $ 1,129 $ 1,776 $ 38,359 $ 101,868 Financial institutions (4) 13,547 3,174 813 593 284 713 37,463 56,587 Mortgage and real estate 7,321 3,876 3,379 1,205 577 775 152 17,285 Other (5) 12,257 1,171 494 148 688 3,496 26,807 45,061 Total investment grade $ 83,211 $ 13,937 $ 7,140 $ 4,294 $ 2,678 $ 6,760 $ 102,781 $ 220,801 Non-investment grade (3) Accrual Commercial and industrial (4) $ 21,877 $ 3,114 $ 1,371 $ 800 $ 661 $ 402 $ 16,850 $ 45,075 Financial institutions (4) 5,110 626 247 65 36 11 2,073 8,168 Mortgage and real estate 1,081 989 470 556 562 501 472 4,631 Other (5) 1,938 360 466 107 7 64 1,292 4,234 Non-accrual Commercial and industrial (4) 80 31 90 53 44 83 479 860 Financial institutions 41 35 — — — — 76 152 Mortgage and real estate 2 11 — — 2 18 — 33 Other (5) 7 26 1 8 10 9 16 77 Total non-investment grade $ 30,136 $ 5,192 $ 2,645 $ 1,589 $ 1,322 $ 1,088 $ 21,258 $ 63,230 Loans at fair value (6) $ 5,123 Corporate loans, net of unearned income $ 113,347 $ 19,129 $ 9,785 $ 5,883 $ 4,000 $ 7,848 $ 124,039 $ 289,154 Recorded investment in loans (1) Term loans by year of origination Revolving line of credit arrangements (2) December 31, 2021 In millions of dollars 2021 2020 2019 2018 2017 Prior Investment grade (3) Commercial and industrial (4) $ 42,422 $ 5,529 $ 4,642 $ 3,757 $ 2,911 $ 8,392 $ 30,588 $ 98,241 Financial institutions (4) 12,862 1,678 1,183 1,038 419 1,354 43,630 62,164 Mortgage and real estate 2,423 3,660 3,332 2,015 1,212 1,288 141 14,071 Other (5) 9,037 3,099 1,160 2,789 330 4,601 18,727 39,743 Total investment grade $ 66,744 $ 13,966 $ 10,317 $ 9,599 $ 4,872 $ 15,635 $ 93,086 $ 214,219 Non-investment grade (3) Accrual Commercial and industrial (4) $ 16,783 $ 2,281 $ 2,343 $ 2,024 $ 1,412 $ 3,981 $ 18,676 $ 47,500 Financial institutions (4) 4,325 347 567 101 71 511 3,679 9,601 Mortgage and real estate 1,275 869 1,228 1,018 493 586 615 6,084 Other (5) 1,339 349 554 364 119 245 3,236 6,206 Non-accrual Commercial and industrial (4) 53 119 64 104 94 117 712 1,263 Financial institutions — — — — — — 2 2 Mortgage and real estate 11 8 2 49 10 25 31 136 Other (5) 19 5 19 19 — 90 — 152 Total non-investment grade $ 23,805 $ 3,978 $ 4,777 $ 3,679 $ 2,199 $ 5,555 $ 26,951 $ 70,944 Loans at fair value (6) 6,070 Corporate loans, net of unearned income $ 90,549 $ 17,944 $ 15,094 $ 13,278 $ 7,071 $ 21,190 $ 120,037 $ 291,233 (1) Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs. (2) There were no significant revolving line of credit arrangements that converted to term loans during the year. (3) Held-for-investment loans are accounted for on an amortized cost basis. (4) Includes certain short-term loans with less than one year in tenor. (5) Other includes installment and other, lease financing and loans to government and official institutions. (6) Loans at fair value include loans to commercial and industrial, financial institutions, mortgage and real estate and other. |
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, 2022 In millions of dollars Recorded investment (1) Unpaid Related specific Average carrying value (2) Interest income recognized (3) Non-accrual corporate loans Commercial and industrial $ 860 $ 1,440 $ 268 $ 1,210 $ 56 Financial institutions 152 205 51 115 — Mortgage and real estate 33 33 4 85 4 Lease financing 10 10 — 12 — Other 67 89 — 111 6 Total non-accrual corporate loans $ 1,122 $ 1,777 $ 323 $ 1,533 $ 66 At and for the year ended December 31, 2021 In millions of dollars Recorded investment (1) Unpaid Related specific Average carrying value (2) Interest income recognized (3) Non-accrual corporate loans Commercial and industrial $ 1,263 $ 1,858 $ 198 $ 1,839 $ 37 Financial institutions 2 55 — 4 — Mortgage and real estate 136 285 10 163 — Lease financing 14 14 — 21 — Other 138 165 4 134 17 Total non-accrual corporate loans $ 1,553 $ 2,377 $ 212 $ 2,161 $ 54 December 31, 2022 December 31, 2021 In millions of dollars Recorded investment (1) Related specific Recorded investment (1) Related specific Non-accrual corporate loans with specific allowances Commercial and industrial $ 583 $ 268 $ 637 $ 198 Financial institutions 149 51 — — Mortgage and real estate 33 4 29 10 Other — — 37 4 Total non-accrual corporate loans with specific allowances $ 765 $ 323 $ 703 $ 212 Non-accrual corporate loans without specific allowances Commercial and industrial $ 277 $ 626 Financial institutions 3 2 Mortgage and real estate — 107 Lease financing 10 14 Other 67 101 Total non-accrual corporate loans without specific allowances $ 357 N/A $ 850 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 allowances. (3) Interest income recognized for the year ended December 31, 2020 was $35 million. N/A Not applicable |
Schedule of troubled debt restructurings | Corporate Troubled Debt Restructurings For the year ended December 31, 2022 In millions of dollars Carrying value of TDRs modified TDRs involving changes in the amount and/or timing of principal payments (2) TDRs involving changes in the amount and/or timing of interest payments (3) TDRs Commercial and industrial $ 61 $ — $ — $ 61 Mortgage and real estate 2 1 — 1 Other 30 — 30 Total $ 93 $ 1 $ — $ 92 For the year ended December 31, 2021 (1) In millions of dollars Carrying value of TDRs modified during the year TDRs involving changes in the amount and/or timing of principal payments (2) TDRs involving changes in the amount and/or timing of interest payments (3) TDRs Commercial and industrial $ 82 $ — $ — $ 82 Mortgage and real estate 4 — — 4 Other 6 — 6 Total $ 92 $ — $ — $ 92 (1) The 2021 table does not include loan modifications that meet the TDR relief criteria in the CARES Act or the interagency guidance. (2) 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 uncollectible 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. (3) 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, 2022 TDR loans that re-defaulted in 2022 within one year of modification TDR balances at December 31, 2021 TDR loans that re-defaulted in 2020 within one year of modification Commercial and industrial $ 85 $ — $ 236 $ — Mortgage and real estate 13 — 20 — Other 12 — 28 — Total (1) $ 110 $ — $ 284 $ — (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, 2022 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of allowance for credit losses and investment in loans by portfolio segment | In millions of dollars 2022 2021 2020 Allowance for credit losses on loans (ACLL) at beginning of year $ 16,455 $ 24,956 $ 12,783 Adjustments to opening balance (1) : Financial instruments—credit losses (CECL) adoption — — 4,201 Variable post-charge-off third-party collection costs — — (443) Adjusted ACLL at beginning of year $ 16,455 $ 24,956 $ 16,541 Gross credit losses on loans $ (5,156) $ (6,720) $ (9,263) Gross recoveries on loans 1,367 1,825 1,652 Net credit losses on loans (NCLs) $ (3,789) $ (4,895) $ (7,611) Replenishment of NCLs $ 3,789 $ 4,895 $ 7,611 Net reserve builds (releases) for loans 937 (7,283) 7,635 Net specific reserve builds (releases) for loans 19 (715) 676 Total provision for credit losses on loans (PCLL) $ 4,745 $ (3,103) $ 15,922 Initial allowance for credit losses on newly purchased credit-deteriorated assets — — 4 Other, net (see table below) (437) (503) 100 ACLL at end of year $ 16,974 $ 16,455 $ 24,956 Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of year (2) $ 1,871 $ 2,655 $ 1,456 Adjustment to opening balance for CECL adoption (1) — — (194) Provision (release) for credit losses on unfunded lending commitments 291 (788) 1,446 Other, net (3) (11) 4 (53) ACLUC at end of year (2) $ 2,151 $ 1,871 $ 2,655 Total allowance for credit losses on loans, leases and unfunded lending commitments $ 19,125 $ 18,326 $ 27,611 Other, net details In millions of dollars 2022 2021 2020 Sales or transfers of various consumer loan portfolios to HFS (4) Reclass of Thailand, India, Malaysia, Taiwan, Indonesia, Bahrain and Vietnam consumer ACLL to HFS $ (350) $ — $ — Reclass of Australia consumer ACLL to HFS — (280) — Reclass of the Philippines consumer ACLL to HFS — (90) — Transfer of real estate loan portfolios — — (4) Reclasses of consumer ACLL to HFS (4) $ (350) $ (370) $ (4) FX translation and other (87) (133) 104 Other, net $ (437) $ (503) $ 100 (1) See “Accounting Changes” in Note 1. (2) Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. (3) See below for ACL on HTM debt securities and Other assets . 2020 includes a non-provision transfer of $68 million, representing reserves on performance guarantees. The reserves on these contracts have been reclassified out of the allowance for credit losses on unfunded lending commitments and into Other liabilities on the Consolidated Balance Sheet beginning in 2020. (4) See Note 2. Allowance for Credit Losses on Loans and End-of-Period Loans at December 31, 2022 In millions of dollars Corporate Consumer Total ACLL at beginning of year $ 2,415 $ 14,040 $ 16,455 Gross credit losses on loans (278) (4,878) (5,156) Gross recoveries on loans 100 1,267 1,367 Replenishment of NCLs 178 3,611 3,789 Net reserve builds (releases) 374 563 937 Net specific reserve builds (releases) 65 (46) 19 Initial allowance for credit losses on newly purchased credit-deteriorated assets — — — Other 1 (438) (437) Ending balance $ 2,855 $ 14,119 $ 16,974 ACLL Collectively evaluated $ 2,532 $ 13,521 $ 16,053 Individually evaluated 323 596 919 Purchased credit deteriorated — 2 2 Total ACLL $ 2,855 $ 14,119 $ 16,974 Loans, net of unearned income Collectively evaluated $ 282,909 $ 364,795 $ 647,704 Individually evaluated 1,122 2,921 4,043 Purchased credit deteriorated — 114 114 Held at fair value 5,123 237 5,360 Total loans, net of unearned income $ 289,154 $ 368,067 $ 657,221 Allowance for Credit Losses on Loans and End-of-Period Loans at December 31, 2021 In millions of dollars Corporate Consumer Total ACLL at beginning of year $ 4,776 $ 20,180 $ 24,956 Gross credit losses on loans (500) (6,220) (6,720) Gross recoveries on loans 114 1,711 1,825 Replenishment of NCLs 386 4,509 4,895 Net reserve builds (releases) (2,075) (5,208) (7,283) Net specific reserve builds (releases) (255) (460) (715) Initial allowance for credit losses on newly purchased credit-deteriorated assets — — — Other (31) (472) (503) Ending balance $ 2,415 $ 14,040 $ 16,455 ACLL Collectively evaluated $ 2,203 $ 13,227 $ 15,430 Individually evaluated 212 813 1,025 Purchased credit deteriorated — — — Total ACLL $ 2,415 $ 14,040 $ 16,455 Loans, net of unearned income Collectively evaluated $ 283,610 $ 372,655 $ 656,265 Individually evaluated 1,553 3,748 5,301 Purchased credit deteriorated — 119 119 Held at fair value 6,070 12 6,082 Total loans, net of unearned income $ 291,233 $ 376,534 $ 667,767 Allowance for Credit Losses on Loans at December 31, 2020 In millions of dollars Corporate Consumer Total ACLL at beginning of year $ 2,727 $ 10,056 $ 12,783 Adjustments to opening balance: Financial instruments—credit losses (CECL) (1) (816) 5,017 4,201 Variable post-charge-off third-party collection costs (1) — (443) (443) Adjusted ACLL at beginning of year 1,911 14,630 16,541 Gross credit losses on loans (976) (8,287) (9,263) Gross recoveries on loans 76 1,576 1,652 Replenishment of NCLs 900 6,711 7,611 Net reserve builds (releases) 2,551 5,084 7,635 Net specific reserve builds (releases) 249 427 676 Initial allowance for credit losses on newly purchased credit-deteriorated assets — 4 4 Other 65 35 100 Ending balance $ 4,776 $ 20,180 $ 24,956 (1) See “Accounting Changes” in Note 1 for additional details. |
Schedule of allowance for credit losses on held-to-maturity securities | Allowance for Credit Losses on HTM Debt Securities Year ended December 31, 2022 In millions of dollars Mortgage-backed State and municipal Foreign government Asset-backed All other debt securities Total HTM Allowance for credit losses on HTM debt securities at beginning of year $ 6 $ 75 $ 4 $ 2 $ — $ 87 Gross credit losses — — — — — — Gross recoveries — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) (5) 37 — 1 — 33 Net specific reserve builds (releases) — — — — — — Total provision for credit losses on HTM debt securities $ (5) $ 37 $ — $ 1 $ — $ 33 Other, net $ — $ 1 $ (1) $ — $ — $ — Allowance for credit losses on HTM debt securities at end of year $ 1 $ 113 $ 3 $ 3 $ — $ 120 Year ended December 31, 2021 In millions of dollars Mortgage-backed State and municipal Foreign government Asset- All other debt securities Total HTM Allowance for credit losses on HTM debt securities at beginning of year $ 3 $ 74 $ 6 $ 3 $ — $ 86 Gross credit losses — — — — — — Gross recoveries 3 — — — — 3 Net credit losses (NCLs) $ 3 $ — $ — $ — $ — $ 3 Replenishment of NCLs $ (3) $ — $ — $ — $ — $ (3) Net reserve builds (releases) 7 1 (2) (2) — 4 Net specific reserve builds (releases) (4) — — — — (4) Total provision for credit losses on HTM debt securities $ — $ 1 $ (2) $ (2) $ — $ (3) Other, net $ — $ — $ — $ 1 $ — $ 1 Allowance for credit losses on HTM debt securities at $ 6 $ 75 $ 4 $ 2 $ — $ 87 Year ended December 31, 2020 In millions of dollars Mortgage-backed State and municipal Foreign government Asset- All other debt securities Total HTM Allowance for credit losses on HTM debt securities at beginning of year $ — $ — $ — $ — $ — $ — Adjustment to opening balance for CECL adoption — 61 4 5 — 70 Gross credit losses — — — — — — Gross recoveries — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) (2) 10 (2) 1 — 7 Net specific reserve builds (releases) — — — — — — Total provision for credit losses on HTM debt securities $ (2) $ 10 $ (2) $ 1 $ — $ 7 Other, net $ 5 $ 3 $ 4 $ (3) $ — $ 9 Allowance for credit losses on HTM debt securities at $ 3 $ 74 $ 6 $ 3 $ — $ 86 |
Schedule of allowance for credit losses on other assets | Allowance for Credit Losses on Other Assets Year ended December 31, 2022 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets at beginning of year $ 21 $ 6 $ — $ 26 $ 53 Gross credit losses — — — (24) (24) Gross recoveries — — — 3 3 Net credit losses (NCLs) $ — $ — $ — $ (21) $ (21) Replenishment of NCLs $ — $ — $ — $ 21 $ 21 Net reserve builds (releases) 30 14 — 11 55 Total provision for credit losses $ 30 $ 14 $ — $ 32 $ 76 Other, net (2) $ — $ 16 $ — $ (1) $ 15 Allowance for credit losses on other assets at end of year $ 51 $ 36 $ — $ 36 $ 123 (1) Primarily accounts receivable. (2) Includes $30 million of ACL transferred from ICG loans ACL during the second quarter of 2022 for securities borrowed and purchased under agreements to resell. Year ended December 31, 2021 In millions of dollars Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets at beginning of year $ 20 $ 10 $ — $ 25 $ 55 Gross credit losses — — — (2) (2) Gross recoveries — — — — — Net credit losses (NCLs) $ — $ — $ — $ (2) $ (2) Replenishment of NCLs $ — $ — $ — $ 2 $ 2 Net reserve builds (releases) 2 (4) — — (2) Total provision for credit losses $ 2 $ (4) $ — $ 2 $ — Other, net $ (1) $ — $ — $ 1 $ — Allowance for credit losses on other assets at end of year $ 21 $ 6 $ — $ 26 $ 53 (1) Primarily accounts receivable. Year ended December 31, 2020 In millions of dollars Cash and Deposits with banks Securities borrowed and purchased under agreements Brokerage receivables All other assets (1) Total Allowance for credit losses on other assets at beginning of year $ — $ — $ — $ — $ — $ — Adjustment to opening balance for CECL adoption 6 14 2 1 3 26 Gross credit losses — — — — — — Gross recoveries — — — — — — Net credit losses (NCLs) $ — $ — $ — $ — $ — $ — Replenishment of NCLs $ — $ — $ — $ — $ — $ — Net reserve builds (releases) (6) 5 8 (1) 1 7 Total provision for credit losses $ (6) $ 5 $ 8 $ (1) $ 1 $ 7 Other, net $ — $ 1 $ — $ — $ 21 $ 22 Allowance for credit losses on other assets at end of year $ — $ 20 $ 10 $ — $ 25 $ 55 (1) Primarily accounts receivable. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The changes in Goodwill were as follows: In millions of dollars Institutional Clients Group Personal Banking and Wealth Management Legacy Franchises Total Balance at December 31, 2019 $ 9,482 $ 10,015 $ 2,629 $ 22,126 Foreign exchange translation (1) 7 30 36 Balance at December 31, 2020 $ 9,481 $ 10,022 $ 2,659 $ 22,162 Foreign exchange translation (266) (296) 179 (383) Divestitures (1) — (9) (471) (480) Balance at December 31, 2021 $ 9,215 $ 9,717 $ 2,367 $ 21,299 Foreign exchange translation (229) 24 5 (200) Divestitures (1) — — (873) (873) Impairment of goodwill (2) — — (535) (535) Balance at December 31, 2022 $ 8,986 $ 9,741 $ 964 $ 19,691 (1) Represents goodwill allocated to the Asia Consumer banking exit markets upon the signing of the respective sales agreements: in 2021, related to the Australia and Philippines consumer banking businesses, which were reclassified as HFS during 2021; in 2022, related to the India, Taiwan, Thailand, Malaysia, Indonesia, Bahrain and Vietnam consumer banking businesses, which were reclassified as HFS during 2022. See Note 2. (2) Goodwill impairment of $535 million (approximately $489 million after-tax) was incurred in the Asia Consumer reporting unit of Legacy Franchises in the first quarter of 2022, due to the re-segmentation and change of reporting units as well as the sequence of the signing of sale agreements. |
Components of intangible assets, finite-lived | The components of intangible assets were as follows: December 31, 2022 December 31, 2021 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships $ 5,513 $ 4,426 $ 1,087 $ 5,579 $ 4,348 $ 1,231 Credit card contract-related intangibles (1) 3,903 1,518 2,385 3,912 1,372 2,540 Core deposit intangibles 37 37 — 39 39 — Other customer relationships 373 283 90 429 305 124 Present value of future profits 32 31 1 31 29 2 Indefinite-lived intangible assets 192 — 192 183 — 183 Other 28 20 8 37 26 11 Intangible assets (excluding MSRs) $ 10,078 $ 6,315 $ 3,763 $ 10,210 $ 6,119 $ 4,091 Mortgage servicing rights (MSRs) (2) 665 — 665 404 — 404 Total intangible assets $ 10,743 $ 6,315 $ 4,428 $ 10,614 $ 6,119 $ 4,495 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount as of December 31, 2022. |
Components of intangible assets, indefinite-lived | The components of intangible assets were as follows: December 31, 2022 December 31, 2021 In millions of dollars Gross Accumulated Net Gross Accumulated Net Purchased credit card relationships $ 5,513 $ 4,426 $ 1,087 $ 5,579 $ 4,348 $ 1,231 Credit card contract-related intangibles (1) 3,903 1,518 2,385 3,912 1,372 2,540 Core deposit intangibles 37 37 — 39 39 — Other customer relationships 373 283 90 429 305 124 Present value of future profits 32 31 1 31 29 2 Indefinite-lived intangible assets 192 — 192 183 — 183 Other 28 20 8 37 26 11 Intangible assets (excluding MSRs) $ 10,078 $ 6,315 $ 3,763 $ 10,210 $ 6,119 $ 4,091 Mortgage servicing rights (MSRs) (2) 665 — 665 404 — 404 Total intangible assets $ 10,743 $ 6,315 $ 4,428 $ 10,614 $ 6,119 $ 4,495 (1) Primarily reflects contract-related intangibles associated with the American Airlines, The Home Depot, Costco and AT&T credit card program agreements, which represented 97% of the aggregate net carrying amount as of December 31, 2022. |
Changes in intangible assets | The changes in intangible assets were as follows: Net carrying Acquisitions/renewals/divestitures Net carrying In millions of dollars December 31, 2021 Amortization Impairments FX translation and other December 31, Purchased credit card relationships (1) $ 1,231 $ 3 $ (140) $ — $ (7) $ 1,087 Credit card contract-related intangibles (2) 2,540 — (154) — (1) 2,385 Core deposit intangibles — — — — — — Other customer relationships 124 10 (24) — (20) 90 Present value of future profits 2 — (1) — — 1 Indefinite-lived intangible assets 183 — — — 9 192 Other 11 33 (33) — (3) 8 Intangible assets (excluding MSRs) $ 4,091 $ 46 $ (352) $ — $ (22) $ 3,763 Mortgage servicing rights (MSRs) (3) 404 665 Total intangible assets $ 4,495 $ 4,428 (1) Reflects intangibles for the value of purchased cardholder relationships, which are discrete from partner contract-related intangibles, and includes credit card accounts primarily in the Costco, Macy’s and Sears portfolios. (2) Primarily reflects contract-related intangibles associated with the extension or renewal of existing credit card program agreements with American Airlines, The Home Depot, Costco and AT&T, which represent 97% and 97% of the aggregate net carrying amount at December 31, 2022 and 2021, respectively. |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Banking and Thrift, Interest [Abstract] | |
Deposits | December 31, In millions of dollars 2022 2021 Non-interest-bearing deposits in U.S. offices $ 122,655 $ 158,552 Interest-bearing deposits in U.S. offices (including $903 and $879 as of December 31, 2022 and 2021, respectively, at fair value) 607,470 543,283 Total deposits in U.S. offices $ 730,125 $ 701,835 Non-interest-bearing deposits in offices outside the U.S. $ 95,182 $ 97,270 Interest-bearing deposits in offices outside the U.S. (including $972 and $787 as of December 31, 2022 and 2021, respectively, at fair value) 540,647 518,125 Total deposits in offices outside the U.S. $ 635,829 $ 615,395 Total deposits $ 1,365,954 $ 1,317,230 At December 31, 2022 and 2021, time deposits in denominations that met or exceeded the insured limit were as follows: December 31, In millions of dollars 2022 2021 U.S. offices (1) $ 63,420 $ 9,153 Offices outside the U.S. (2) 150,921 77,698 Total $ 214,341 $ 86,851 (1) Represents time deposits in U.S. offices in denominations that met or exceeded $250,000. |
Maturities of Time Deposits | At December 31, 2022, the maturities of time deposits were as follows: In millions of dollars U.S. Outside U.S. Total 2023 $ 84,321 $ 149,604 $ 233,925 2024 5,751 1,018 6,769 2025 300 264 564 2026 386 26 412 2027 122 6 128 After 5 years 439 3 442 Total $ 91,319 $ 150,921 $ 242,240 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings | Short-Term Borrowings December 31, 2022 2021 In millions of dollars Balance Weighted average coupon Balance Weighted average coupon Commercial paper Bank (1) $ 11,185 $ 9,026 Broker-dealer and other (2) 14,345 6,992 Total commercial paper $ 25,530 4.29 % $ 16,018 0.22 % Other borrowings (3) 21,566 4.23 11,955 0.91 Total $ 47,096 $ 27,973 (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 Federal Home Loan Banks and other market participants. At December 31, 2022 and 2021, collateralized short-term advances from Federal Home Loan Banks were $12.0 billion and $0.0 billion, respectively. |
Schedule of long-term debt | Long-Term Debt Balances at In millions of dollars Weighted (1) Maturities 2022 2021 Citigroup Inc. (2) Senior debt 3.38 % 2023 – 2098 $ 141,893 $ 137,651 Subordinated debt (3) 4.77 2023 – 2046 22,758 25,560 Trust preferred securities 10.53 2036 – 2040 1,606 1,734 Bank (4) Senior debt 3.98 2023 – 2039 21,113 23,567 Broker-dealer (5) Senior debt 3.95 2023 – 2070 84,236 65,862 Total 3.72 % $ 271,606 $ 254,374 Senior debt $ 247,242 $ 227,080 Subordinated debt (3) 22,758 25,560 Trust preferred securities 1,606 1,734 Total $ 271,606 $ 254,374 (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, 2022 and 2021, collateralized long-term advances from Federal Home Loan Banks were $7.3 billion and $5.3 billion, respectively. (5) Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company. Certain Citigroup consolidated hedging activities are also included in this line. Balances primarily relates to senior debt. |
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 2023 2024 2025 2026 2027 Thereafter Total Citigroup Inc. $ 6,887 $ 12,321 $ 19,124 $ 27,913 $ 12,601 $ 87,411 $ 166,257 Bank 7,029 8,152 1,867 197 788 3,080 21,113 Broker-dealer 18,543 20,043 11,758 4,680 7,383 21,829 84,236 Total $ 32,459 $ 40,516 $ 32,749 $ 32,790 $ 20,772 $ 112,320 $ 271,606 |
Summary of outstanding trust preferred securities | The following table summarizes Citi’s outstanding trust preferred securities at December 31, 2022: Junior subordinated debentures owned by trust Trust Issuance Securities Liquidation value (1) Coupon rate (2) Common Notional amount Maturity Redeemable 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 Oct. 2010 89,840,000 2,246 3 mo LIBOR + 637 bps 1,000 2,246 Oct. 30, 2040 Oct. 30, 2015 Total obligated $ 2,440 $ 2,446 Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and quarterly for Citigroup Capital XIII. (1) Represents the notional value received by outside investors from the trusts at the time of issuance. This differs from Citi’s balance sheet carrying value due primarily to unamortized discount and issuance costs. |
REGULATORY CAPITAL (Tables)
REGULATORY CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Capital [Abstract] | |
Schedule of compliance with regulatory capital requirements under banking regulations | The following table presents 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 Citigroup Citibank Well- December 31, 2022 December 31, 2021 Well- December 31, 2022 December 31, 2021 CET1 Capital $ 148,930 $ 149,305 $ 149,593 $ 148,548 Tier 1 Capital 169,145 169,568 151,720 150,679 Total Capital (Tier 1 Capital + Tier 2 Capital)—Standardized Approach 197,543 203,838 172,647 175,427 Total Capital (Tier 1 Capital + Tier 2 Capital)—Advanced Approaches 188,839 194,006 165,131 166,921 Total risk-weighted assets—Standardized Approach 1,142,985 1,219,175 982,914 1,066,015 Total risk-weighted assets—Advanced Approaches 1,221,538 1,209,374 1,003,747 1,017,774 Quarterly adjusted average total assets (1) 2,395,863 2,351,434 1,738,744 1,716,596 Total Leverage Exposure (2) 2,906,773 2,957,764 2,189,541 2,236,839 CET1 Capital ratio (3) 4.5 % N/A 13.03 % 12.25 % 6.5 % 14.90 % 13.93 % Tier 1 Capital ratio (3) 6.0 6.0 % 14.80 13.91 8.0 15.12 14.13 Total Capital ratio (3) 8.0 10.0 15.46 16.04 10.0 16.45 16.40 Tier 1 Leverage ratio 4.0 N/A 7.06 7.21 5.0 8.73 8.78 Supplementary Leverage ratio 3.0 N/A 5.82 5.73 6.0 6.93 6.74 (1) Tier 1 Leverage ratio denominator. (2) Supplementary Leverage ratio denominator. (3) Citi’s binding CET1 Capital and Tier 1 Capital ratios were derived under the Basel III Standardized Approach as of December 31, 2022 and 2021, whereas Citi’s binding Total Capital ratio was derived under the Basel III Advanced Approaches framework for both periods presented. Citibank’s binding CET1 Capital and Tier 1 Capital ratios were derived under the Basel III Advanced Approaches framework as of December 31, 2022, and were derived under the Basel III Standardized Approach as of December 31, 2021. Citibank’s binding Total Capital ratio was derived under the Basel III Advanced Approaches framework for both periods presented. N/A Not applicable |
CHANGES IN ACCUMULATED OTHER _2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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) CTA, net of hedges (4)(5) Excluded component of fair value hedges Accumulated Balance, December 31, 2019 $ (265) $ (944) $ 123 $ (6,809) $ (28,391) $ (32) $ (36,318) Other comprehensive income before reclassifications 4,837 (490) 2,027 (287) (250) (15) 5,822 Increase (decrease) due to amounts reclassified from AOCI (1,252) 15 (557) 232 — — (1,562) Change, net of taxes $ 3,585 $ (475) $ 1,470 $ (55) $ (250) $ (15) $ 4,260 Balance, December 31, 2020 $ 3,320 $ (1,419) $ 1,593 $ (6,864) $ (28,641) $ (47) $ (32,058) Other comprehensive income before reclassifications (3,556) 121 (679) 797 (2,537) (11) (5,865) Increase (decrease) due to amounts reclassified from AOCI (378) 111 (813) 215 12 11 (842) Change, net of taxes $ (3,934) $ 232 $ (1,492) $ 1,012 $ (2,525) $ — $ (6,707) Balance, December 31, 2021 $ (614) $ (1,187) $ 101 $ (5,852) $ (31,166) $ (47) $ (38,765) Other comprehensive income before reclassifications (5,599) 2,047 (2,718) (19) (2,855) 49 (9,095) Increase (decrease) due to amounts reclassified from AOCI 215 (18) 95 116 384 6 798 Change, net of taxes $ (5,384) $ 2,029 $ (2,623) $ 97 $ (2,471) $ 55 $ (8,297) Balance, December 31, 2022 $ (5,998) $ 842 $ (2,522) $ (5,755) $ (33,637) $ 8 $ (47,062) (1) Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 25. (2) Primarily driven by Citi’s pay floating/receive fixed interest rate swap programs that hedge certain floating rates on assets. (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, South Korean won, Euro, Chinese yuan, Russian ruble, Japanese yen and British pound sterling against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2022. Primarily reflects the movements in (by order of impact) the Mexican peso, Euro, South Korean won, Chilean peso and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2021. Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, South Korean won and Euro against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2020. 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) December 31, 2022 reflects a reduction from an approximate $470 million (after-tax) ($620 million pretax) CTA loss (net of hedges) recorded in June 2022, associated with the closing of Citi’s sale of its consumer banking business in Australia (see Note 2). The reduction from AOCI had a neutral impact on Citi’s CET1 Capital. |
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, 2019 $ (42,772) $ 6,454 $ (36,318) Change in net unrealized gains (losses) on debt securities 4,799 (1,214) 3,585 Debt valuation adjustment (DVA) (616) 141 (475) Cash flow hedges 1,925 (455) 1,470 Benefit plans (78) 23 (55) CTA (227) (23) (250) Excluded component of fair value hedges (23) 8 (15) Change $ 5,780 $ (1,520) $ 4,260 Balance, December 31, 2020 $ (36,992) $ 4,934 $ (32,058) Change in net unrealized gains (losses) on debt securities (5,301) 1,367 (3,934) Debt valuation adjustment (DVA) 296 (64) 232 Cash flow hedges (1,969) 477 (1,492) Benefit plans 1,252 (240) 1,012 CTA (2,671) 146 (2,525) Excluded component of fair value hedges 2 (2) — Change $ (8,391) $ 1,684 $ (6,707) Balance, December 31, 2021 $ (45,383) $ 6,618 $ (38,765) Change in net unrealized gains (losses) on debt securities (7,178) 1,794 (5,384) Debt valuation adjustment (DVA) 2,685 (656) 2,029 Cash flow hedges (3,477) 854 (2,623) Benefit plans 31 66 97 CTA (2,004) (467) (2,471) Excluded component of fair value hedges 73 (18) 55 Change $ (9,870) $ 1,573 $ (8,297) Balance, December 31, 2022 $ (55,253) $ 8,191 $ (47,062) (1) Income tax effects of these items are released from AOCI contemporaneously with the related gross pretax amount. |
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 2022 2021 2020 Realized (gains) losses on sales of investments $ (67) $ (665) $ (1,756) Gross impairment losses 360 181 109 Subtotal, pretax $ 293 $ (484) $ (1,647) Tax effect (78) 106 395 Net realized (gains) losses on investments, after-tax (1) $ 215 $ (378) $ (1,252) Realized DVA (gains) losses on fair value option liabilities, pretax $ (25) $ 144 $ 20 Tax effect 7 (33) (5) Net realized DVA, after-tax $ (18) $ 111 $ 15 Interest rate contracts $ 125 $ (1,075) $ (734) Foreign exchange contracts 4 4 4 Subtotal, pretax $ 129 $ (1,071) $ (730) Tax effect (34) 258 173 Amortization of cash flow hedges, after-tax (2) $ 95 $ (813) $ (557) Amortization of unrecognized: Prior service cost (benefit) $ (23) $ (23) $ (5) Net actuarial loss 221 302 322 Curtailment/settlement impact (3) (37) 11 (8) Subtotal, pretax $ 161 $ 290 $ 309 Tax effect (45) (75) (77) Amortization of benefit plans, after-tax (3) $ 116 $ 215 $ 232 Excluded component of fair value hedges, pretax $ 9 $ 15 $ — Tax effect (3) (4) — Excluded component of fair value hedges, after-tax $ 6 $ 11 $ — CTA, pretax $ 438 $ 19 $ — Tax effect (54) (7) — CTA, after-tax (4) $ 384 $ 12 $ — Total amounts reclassified out of AOCI , pretax $ 1,005 $ (1,087) $ (2,048) Total tax effect (207) 245 486 Total amounts reclassified out of AOCI , after-tax $ 798 $ (842) $ (1,562) (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 for additional details. (2) See Note 23 for additional details. (3) See Note 8 for additional details. (4) The pretax amount is reclassified to Discontinued operations and Other revenue in the Consolidated Statement of Income, and results primarily from the substantial liquidation of a legacy U.K. consumer operation and divestitures of certain legacy foreign operations. See Note 2 for additional details. |
PREFERRED STOCK (Tables)
PREFERRED STOCK (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 M (6) April 30, 2014 May 15, 2024 6.300 1,000 1,750,000 1,750 1,750 Series P (7) April 24, 2015 May 15, 2025 5.950 1,000 2,000,000 2,000 2,000 Series T (8) April 25, 2016 August 15, 2026 6.250 1,000 1,500,000 1,500 1,500 Series U (9) September 12, 2019 September 12, 2024 5.000 1,000 1,500,000 1,500 1,500 Series V (10) January 23, 2020 January 30, 2025 4.700 1,000 1,500,000 1,500 1,500 Series W (11) December 10, 2020 December 10, 2025 4.000 1,000 1,500,000 1,500 1,500 Series X (12) February 18, 2021 February 18, 2026 3.875 1,000 2,300,000 2,300 2,300 Series Y (13) October 20, 2021 October 20, 2026 4.150 1,000 1,000,000 1,000 1,000 $ 18,995 $ 18,995 (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, but excluding, 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, but excluding, 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, but excluding, 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, but excluding, 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, but excluding, 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) 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, 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. (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, 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. (8) 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. (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 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. (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 January 30 and July 30 at a fixed rate until, but excluding, January 30, 2025, thereafter payable quarterly on January 30, April 30, July 30 and October 30 at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (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 quarterly on March 10, June 10, September 10 and December 10 at a fixed rate until, but excluding, December 10, 2025, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (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 quarterly on February 18, May 18, August 18 and November 18 at a fixed rate until, but excluding, February 18, 2026, thereafter payable quarterly on the same dates at a floating rate, in each case when, as and if declared by the Citi Board of Directors. (13) Issued as depositary shares, each representing a 1/25 th |
SECURITIZATIONS AND VARIABLE _2
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total Consolidated Significant unconsolidated VIE assets (3) Debt Equity Funding Guarantees Total Credit card securitizations $ 32,021 $ 32,021 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 117,358 — 117,358 2,052 — — 48 2,100 Non-agency-sponsored 67,704 — 67,704 3,294 — — — 3,294 Citi-administered asset-backed commercial paper conduits 19,621 19,621 — — — — — — Collateralized loan obligations (CLOs) 7,600 — 7,600 2,601 — — — 2,601 Asset-based financing (5) 242,348 9,672 232,676 40,121 1,022 10,726 — 51,869 Municipal securities tender option bond trusts (TOBs) 2,155 672 1,483 2 — 1,108 — 1,110 Municipal investments 22,167 3 22,164 2,731 3,143 3,420 — 9,294 Client intermediation 482 121 361 58 — — 13 71 Investment funds 534 91 443 2 5 68 — 75 Other — — — — — — — — Total $ 511,990 $ 62,201 $ 449,789 $ 50,861 $ 4,170 $ 15,322 $ 61 $ 70,414 As of December 31, 2021 Maximum exposure to loss in significant unconsolidated VIEs (1) Funded exposures (2) Unfunded exposures In millions of dollars Total Consolidated Significant unconsolidated VIE assets (3) Debt Equity Funding Guarantees Total Credit card securitizations $ 31,518 $ 31,518 $ — $ — $ — $ — $ — $ — Mortgage securitizations (4) U.S. agency-sponsored 113,641 — 113,641 1,582 — — 43 1,625 Non-agency-sponsored 60,851 632 60,219 2,479 — 5 — 2,484 Citi-administered asset-backed commercial paper conduits 14,018 14,018 — — — — — — Collateralized loan obligations (CLOs) 8,302 — 8,302 2,636 — — — 2,636 Asset-based financing (5) 246,632 11,085 235,547 32,242 1,139 12,189 — 45,570 Municipal securities tender option bond trusts (TOBs) 3,251 905 2,346 2 — 1,498 — 1,500 Municipal investments 20,597 3 20,594 2,512 3,617 3,562 — 9,691 Client intermediation 904 297 607 75 — — 224 299 Investment funds 498 179 319 — — 12 1 13 Other — — — — — — — — Total $ 500,212 $ 58,637 $ 441,575 $ 41,528 $ 4,756 $ 17,266 $ 268 $ 63,818 (1) The definition of maximum exposure to loss is included in the text that follows this table. (2) Included on Citigroup’s December 31, 2022 and 2021 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. (5) Included within this line are loans to third-party-sponsored private equity funds, which represent $69 billion and $100 billion in unconsolidated VIE assets and $498 million and $497 million in maximum exposure to loss as of December 31, 2022 and 2021, respectively. The following tables present certain assets and liabilities of consolidated variable interest entities (VIEs), which are included on Citi’s Consolidated Balance Sheet. The assets in the table below include those assets that can only be used to settle obligations of consolidated VIEs, presented on the following page, and are in excess of those obligations. In addition, the assets in the table below include third-party assets of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities in the table below include third-party liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts where creditors or beneficial interest holders have recourse to the general credit of Citigroup. December 31, In millions of dollars 2022 2021 Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs Cash and due from banks $ 61 $ 260 Trading account assets 9,153 10,038 Investments 594 844 Loans, net of unearned income Consumer 35,026 34,677 Corporate 19,782 14,312 Loans, net of unearned income $ 54,808 $ 48,989 Allowance for credit losses on loans (ACLL) (2,520) (2,668) Total loans, net $ 52,288 $ 46,321 Other assets 105 1,174 Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs $ 62,201 $ 58,637 December 31, In millions of dollars 2022 2021 Liabilities of consolidated VIEs for which creditors or beneficial interest holders Short-term borrowings $ 9,807 $ 8,376 Long-term debt 10,324 12,579 Other liabilities 622 694 Total liabilities of consolidated VIEs for which creditors or beneficial interest holders $ 20,753 $ 21,649 |
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, 2022 December 31, 2021 In millions of dollars Liquidity Loan/equity Liquidity Loan/equity Non-agency-sponsored mortgage securitizations $ — $ — $ — $ 5 Asset-based financing — 10,726 — 12,189 Municipal securities tender option bond trusts (TOBs) 1,108 — 1,498 — Municipal investments — 3,420 — 3,562 Investment funds — 68 — 12 Other — — — — Total funding commitments $ 1,108 $ 14,214 $ 1,498 $ 15,768 |
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, 2022 December 31, 2021 Cash $ — $ — Trading account assets 1.6 1.4 Investments 8.6 8.8 Total loans, net of allowance 44.2 35.4 Other 0.6 0.8 Total assets $ 55.0 $ 46.4 |
Schedule of securitized credit card receivables | The following table reflects amounts related to the Company’s securitized credit card receivables: In billions of dollars December 31, 2022 December 31, 2021 Ownership interests in principal amount of trust credit card receivables Sold to investors via trust-issued securities $ 7.9 $ 9.7 Retained by Citigroup as trust-issued securities 6.4 7.2 Retained by Citigroup via non-certificated interests 19.5 16.1 Total $ 33.8 $ 33.0 The following table summarizes selected cash flow information related to Citigroup’s credit card securitizations: In billions of dollars 2022 2021 2020 Proceeds from new securitizations $ 0.3 $ — $ 0.3 Pay down of maturing notes (2.1) (6.0) (4.3) |
Schedule of Master Trust liabilities (at par value) | In billions of dollars Dec. 31, 2022 Dec. 31, 2021 Term notes issued to third parties $ 6.3 $ 8.4 Term notes retained by Citigroup affiliates 1.6 2.2 Total Master Trust liabilities $ 7.9 $ 10.6 |
Schedule of Omni Trust liabilities (at par value) | In billions of dollars Dec. 31, 2022 Dec. 31, 2021 Term notes issued to third parties $ 1.6 $ 1.3 Term notes retained by Citigroup affiliates 4.8 5.0 Total Omni Trust liabilities $ 6.4 $ 6.3 |
Schedule of cash flow information, mortgage securitizations | The following tables summarize selected cash flow information and retained interests related to Citigroup mortgage securitizations: 2022 2021 2020 In billions of dollars U.S. agency- Non-agency- U.S. agency- Non-agency- U.S. agency- Non-agency- Principal securitized $ 6.9 $ 13.9 $ 6.1 $ 25.2 $ 9.4 $ 11.3 Proceeds from new securitizations 6.7 13.4 6.4 25.4 10.0 11.4 Contractual servicing fees received 0.1 — 0.1 — 0.1 — Cash flows received on retained interests and other net cash flows — 0.2 — 0.1 — — Purchases of previously transferred financial assets 0.1 — 0.2 — 0.4 — Note: Excludes re-securitization transactions. |
Schedule of carrying value of retained interests | 2022 2021 Non-agency-sponsored mortgages (1) Non-agency-sponsored mortgages (1) In millions of dollars U.S. agency- Senior interests (2) Subordinated U.S. agency- Senior Subordinated Carrying value of retained interests (3) $ 659 $ 1,119 $ 943 $ 374 $ 1,452 $ 955 (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) Senior interests in non-agency-sponsored mortgages include $28 million related to personal loan securitizations at December 31, 2022. (3) Retained interests consist of Level 2 and Level 3 assets depending on the observability of significant inputs. See Note 25 for more information about fair value measurements. |
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, 2022 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 8.8 % 3.2 % 4.1 % Weighted average constant prepayment rate 2.7 % 6.0 % 11.4 % Weighted average anticipated net credit losses (2) NM 2.0 % 0.4 % Weighted average life 9.0 years 5.5 years 5.6 years December 31, 2021 Non-agency-sponsored mortgages (1) U.S. agency- Senior Subordinated Weighted average discount rate 8.7 % 2.2 % 2.8 % Weighted average constant prepayment rate 5.5 % 6.3 % 11.0 % Weighted average anticipated net credit losses (2) NM 1.8 % 1.0 % Weighted average life 7.4 years 3.9 years 5.4 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 in securitizations of mortgage receivables at period end were as follows: December 31, 2022 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 5.3 % 13.8 % NM Weighted average constant prepayment rate 5.8 % 4.0 % NM Weighted average anticipated net credit losses (2) NM 1.0 % NM Weighted average life 7.7 years 10.3 years NM December 31, 2021 Non-agency-sponsored mortgages (1) U.S. agency- sponsored mortgages Senior interests Subordinated interests Weighted average discount rate 3.7 % 16.2 % 4.0 % Weighted average constant prepayment rate 14.5 % 6.8 % 9.0 % Weighted average anticipated net credit losses (2) NM 1.0 % 2.0 % Weighted average life 5.1 years 8.8 years 18.0 years (1) Disclosure of non-agency-sponsored mortgages as senior and subordinated interests is indicative of the interests’ position in the capital structure of the securitization. (2) Anticipated net credit losses represent estimated loss severity associated with defaulted mortgage loans underlying the mortgage securitizations disclosed above. Anticipated net credit losses, in this instance, do not represent total credit losses incurred to date, nor do they represent credit losses expected on retained interests in mortgage securitizations. NM Anticipated net credit losses are not meaningful due to U.S. agency guarantees. The sensitivity of the fair value to adverse changes of 10% and 20% in each of the key assumptions is 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, 2022 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate Adverse change of 10% $ (19) $ — $ — Adverse change of 20% (37) — — Constant prepayment rate Adverse change of 10% (15) — — Adverse change of 20% (30) — — Anticipated net credit losses Adverse change of 10% NM — — Adverse change of 20% NM — — December 31, 2021 Non-agency-sponsored mortgages In millions of dollars U.S. agency- sponsored mortgages Senior interests Subordinated interests Discount rate Adverse change of 10% $ (6) $ (1) $ — Adverse change of 20% (11) (1) — Constant prepayment rate Adverse change of 10% (19) — — Adverse change of 20% (37) — — 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 at December 31: Securitized assets 90 days past due Liquidation losses In billions of dollars, except liquidation losses in millions 2022 2021 2022 2021 2022 2021 Securitized assets Residential mortgages (1) $ 30.8 $ 29.2 $ 0.5 $ 0.4 $ 2.9 $ 10.6 Commercial and other 28.8 26.2 — — — — Total $ 59.6 $ 55.4 $ 0.5 $ 0.4 $ 2.9 $ 10.6 |
Schedule of changes in capitalized MSRs | The following table summarizes the changes in capitalized MSRs: In millions of dollars 2022 2021 Balance, beginning of year $ 404 $ 336 Originations 120 92 Changes in fair value of MSRs due to changes in inputs and assumptions 201 43 Other changes (1) (60) (67) Sales of MSRs — — Balance, as of December 31 $ 665 $ 404 (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 2022 2021 2020 Servicing fees $ 122 $ 131 $ 142 Late fees 4 3 5 Total MSR fees $ 126 $ 134 $ 147 |
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 billions of dollars 2022 2021 2020 Principal securitized $ — $ — $ 0.1 Proceeds from new securitizations — — 0.1 Cash flows received on retained interests and other net cash flows 0.3 1.1 — Purchases of previously transferred financial assets — 0.2 — |
Schedule of sensitivity of adverse changes of 10% and 20% to discount rate, CDOs and CLOs | In millions of dollars Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 Carrying value of retained interests $ 681 $ 921 $ 1,611 |
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, 2022 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 43,236 $ 8,806 Corporate loans 23,120 15,077 Other (including investment funds, airlines and shipping) 166,320 27,986 Total $ 232,676 $ 51,869 December 31, 2021 In millions of dollars Total unconsolidated VIE assets Maximum exposure to unconsolidated VIEs Type Commercial and other real estate $ 32,932 $ 7,461 Corporate loans 18,257 12,581 Other (including investment funds, airlines and shipping) 184,358 25,528 Total $ 235,547 $ 45,570 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 $ 255,280 $ 267,035 $ 23,780,711 $ 21,873,538 Futures and forwards — — 2,966,025 2,383,702 Written options — — 1,937,025 1,584,451 Purchased options — — 1,881,291 1,428,376 Total interest rate contracts $ 255,280 $ 267,035 $ 30,565,052 $ 27,270,067 Foreign exchange contracts Swaps $ 48,678 $ 47,298 $ 6,746,070 $ 6,288,193 Futures, forwards and spot 43,666 50,926 3,350,341 4,316,242 Written options — — 789,077 664,942 Purchased options — — 783,591 651,958 Total foreign exchange contracts $ 92,344 $ 98,224 $ 11,669,079 $ 11,921,335 Equity contracts Swaps $ — $ — $ 266,115 $ 269,062 Futures and forwards — — 76,935 71,363 Written options — — 482,266 492,433 Purchased options — — 387,766 398,129 Total equity contracts $ — $ — $ 1,213,082 $ 1,230,987 Commodity and other contracts Swaps $ — $ — $ 90,884 $ 91,962 Futures and forwards 1,571 2,096 165,314 157,195 Written options — — 45,862 51,224 Purchased options — — 48,197 47,868 Total commodity and other contracts $ 1,571 $ 2,096 $ 350,257 $ 348,249 Credit derivatives (1) Protection sold $ — $ — $ 593,136 $ 572,486 Protection purchased — — 641,639 645,996 Total credit derivatives $ — $ — $ 1,234,775 $ 1,218,482 Total derivative notionals $ 349,195 $ 367,355 $ 45,032,245 $ 41,989,120 (1) Credit derivatives are arrangements designed to allow one party (protection purchaser) 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, 2022 Derivatives classified in Trading account assets/liabilities (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 468 $ 1 Cleared 129 101 Interest rate contracts $ 597 $ 102 Over-the-counter $ 2,288 $ 1,766 Cleared 3 3 Foreign exchange contracts $ 2,291 $ 1,769 Total derivatives instruments designated as ASC 815 hedges $ 2,888 $ 1,871 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 126,844 $ 119,854 Cleared 50,515 52,566 Exchange traded 248 98 Interest rate contracts $ 177,607 $ 172,518 Over-the-counter $ 184,869 $ 183,578 Cleared 502 643 Exchange traded 1 5 Foreign exchange contracts $ 185,372 $ 184,226 Over-the-counter $ 19,674 $ 21,871 Cleared 1 4 Exchange traded 22,732 21,908 Equity contracts $ 42,407 $ 43,783 Over-the-counter $ 27,285 $ 24,912 Exchange traded 1,039 1,406 Commodity and other contracts $ 28,324 $ 26,318 Over-the-counter $ 6,836 $ 5,807 Cleared 1,553 1,970 Credit derivatives $ 8,389 $ 7,777 Total derivatives instruments not designated as ASC 815 hedges $ 442,099 $ 434,622 Total derivatives $ 444,987 $ 436,493 Less: Netting agreements (3) $ (346,545) $ (346,545) Less: Netting cash collateral received/paid (4) (23,136) (30,032) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 75,306 $ 59,916 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (1,455) $ (2,272) Less: Non-cash collateral received/paid (5,923) (13,475) Total net receivables/payables (5) $ 67,928 $ 44,169 (1) The derivatives fair values are also presented in Note 25. (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) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $276 billion, $49 billion and $22 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (4) 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. (5) The net receivables/payables include approximately $14 billion of derivative asset and $11 billion of derivative liability fair values not subject to enforceable master netting agreements, respectively. In millions of dollars at December 31, 2021 Derivatives classified in Trading account assets/liabilities (1)(2) Derivatives instruments designated as ASC 815 hedges Assets Liabilities Over-the-counter $ 1,167 $ 6 Cleared 122 89 Interest rate contracts $ 1,289 $ 95 Over-the-counter $ 1,338 $ 1,472 Cleared 6 — Foreign exchange contracts $ 1,344 $ 1,472 Total derivatives instruments designated as ASC 815 hedges $ 2,633 $ 1,567 Derivatives instruments not designated as ASC 815 hedges Over-the-counter $ 152,524 $ 138,114 Cleared 11,579 11,821 Exchange traded 96 44 Interest rate contracts $ 164,199 $ 149,979 Over-the-counter $ 133,357 $ 133,548 Cleared 848 278 Foreign exchange contracts $ 134,205 $ 133,826 Over-the-counter $ 23,452 $ 28,352 Cleared 19 — Exchange traded 21,781 21,332 Equity contracts $ 45,252 $ 49,684 Over-the-counter $ 29,279 $ 29,833 Exchange traded 1,065 1,546 Commodity and other contracts $ 30,344 $ 31,379 Over-the-counter $ 6,896 $ 6,959 Cleared 3,322 4,056 Credit derivatives $ 10,218 $ 11,015 Total derivatives instruments not designated as ASC 815 hedges $ 384,218 $ 375,883 Total derivatives $ 386,851 $ 377,450 Less: Netting agreements (3) $ (292,628) $ (292,628) Less: Netting cash collateral received/paid (4) (24,447) (29,306) Net receivables/payables included on the Consolidated Balance Sheet (5) $ 69,776 $ 55,516 Additional amounts subject to an enforceable master netting agreement, but not offset on the Consolidated Balance Sheet Less: Cash collateral received/paid $ (907) $ (538) Less: Non-cash collateral received/paid (5,777) (13,607) Total net receivables/payables (5) $ 63,092 $ 41,371 (1) The derivative fair values are also presented in Note 25. (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) Represents the netting of balances with the same counterparty under enforceable netting agreements. Approximately $259 billion, $14 billion and $20 billion of the netting against trading account asset/liability balances is attributable to each of the OTC, cleared and exchange-traded derivatives, respectively. (4) 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. (5) The net receivables/payables include approximately $10 billion of derivative asset and $11 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 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 Year ended December 31, In millions of dollars 2022 2021 2020 Interest rate contracts $ 141 $ (70) $ 63 Foreign exchange (56) (102) (57) Total $ 85 $ (172) $ 6 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, 2022 2021 2020 In millions of dollars Other revenue Net interest income Other Net interest income Other Net interest income Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ (8,322) $ — $ (5,425) $ — $ 4,189 Foreign exchange hedges (1,375) — (627) — 1,442 — Commodity hedges (1,870) — (3,983) — (164) — Total gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges $ (3,245) $ (8,322) $ (4,610) $ (5,425) $ 1,278 $ 4,189 Gain (loss) on the hedged item in designated and qualifying fair value hedges Interest rate hedges $ — $ 8,087 $ — $ 5,043 $ — $ (4,537) Foreign exchange hedges 1,372 — 628 — (1,442) — Commodity hedges 1,870 — 3,973 — 164 — Total gain (loss) on the hedged item in designated and qualifying fair value hedges $ 3,242 $ 8,087 $ 4,601 $ 5,043 $ (1,278) $ (4,537) Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges Interest rate hedges $ — $ — $ — $ (9) $ — $ (23) Foreign exchange hedges (2) 171 — 79 — (73) — Commodity hedges (3) 94 — 5 — 131 — Total net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges $ 265 $ — $ 84 $ (9) $ 58 $ (23) (1) Gain (loss) amounts for interest rate risk hedges are included in Interest revenue/Interest expense. The accrued interest income on fair value hedges is recorded in Net interest income and is excluded from this table. (2) Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness and are generally reflected directly in earnings under the mark-to-market approach. Amounts related to cross-currency basis, which are recognized in AOCI , are not reflected in the table above. The amount of cross-currency basis included in AOCI was $73 million and $2 million for the years ended December 31, 2022 and 2021, respectively. (3) Amounts related to the forward points (i.e., the spot-forward difference) that are excluded from the assessment of hedge effectiveness reflected directly in earnings under the mark-to-market approach or recorded in AOCI under the amortization approach. The year ended December 31, 2022 includes gain (loss) of approximately $86 million and $8 million under the mark-to-market approach and amortization approach, respectively. |
Schedule of fair value hedging instruments, statements of financial performance and financial position | The table below presents the carrying amount of Citi’s hedged assets and liabilities under qualifying fair value hedges at December 31, 2022 and 2021, along with the cumulative 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 basis adjustment increasing (decreasing) the carrying amount Active De-designated As of December 31, 2022 Debt securities AFS (1)(3) $ 98,837 $ (2,976) $ (333) Long-term debt 144,549 (5,040) (3,399) As of December 31, 2021 Debt securities AFS (2)(3) $ 62,733 $ 149 $ 212 Long-term debt 149,305 623 3,936 (1) These amounts include a cumulative basis adjustment of $(91) million for active hedges and $(309) million for de-designated hedges as of December 31, 2022, related to certain prepayable financial assets previously designated as the hedged item in a fair value hedge using the last-of-layer approach. The Company designated approximately $3 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $11 billion as of December 31, 2022) in a last-of-layer hedging relationship. (2) These amounts include a cumulative basis adjustment of $24 million for active hedges and $(92) million for de-designated hedges as of December 31, 2021, related to certain prepayable financial assets previously designated as the hedged item in a fair value hedge using the last-of-layer approach. The Company designated approximately $6 billion as the hedged amount (from a closed portfolio of prepayable financial assets with a carrying value of $25 billion as of December 31, 2021) in a last-of-layer hedging relationship. (3) 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 2022 2021 2020 Amount of gain (loss) recognized in AOCI on derivatives Interest rate contracts $ (3,640) $ (847) $ 2,670 Foreign exchange contracts 34 (51) (15) Total gain (loss) recognized in AOCI $ (3,606) $ (898) $ 2,655 Other revenue Net interest income Other Net interest Other Net interest Amount of gain (loss) reclassified from AOCI to earnings (1) Interest rate contracts $ — $ (125) $ — $ 1,075 $ — $ 734 Foreign exchange contracts (4) — (4) — (4) — Total gain (loss) reclassified from AOCI into earnings $ (4) $ (125) $ (4) $ 1,075 $ (4) $ 734 Net pretax change in cash flow hedges included within AOCI $ (3,477) $ (1,969) $ 1,925 (1) All amounts reclassified into earnings for interest rate contracts are included in Interest income/Interest expense (Net interest income) . For all other hedges, the amounts reclassified to earnings are included primarily in Other revenue and Net interest 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, 2022 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 1,835 $ 2,479 $ 100,628 $ 96,143 Broker-dealers 1,893 1,478 48,760 44,148 Non-financial 47 15 1,562 1,585 Insurance and other financial institutions 4,614 3,805 490,689 451,260 Total by industry of counterparty $ 8,389 $ 7,777 $ 641,639 $ 593,136 By instrument Credit default swaps and options $ 6,867 $ 7,360 $ 623,981 $ 586,504 Total return swaps and other 1,522 417 17,658 6,632 Total by instrument $ 8,389 $ 7,777 $ 641,639 $ 593,136 By rating of reference entity Investment grade $ 3,796 $ 2,970 $ 499,339 $ 462,873 Non-investment grade 4,593 4,807 142,300 130,263 Total by rating of reference entity $ 8,389 $ 7,777 $ 641,639 $ 593,136 By maturity Within 1 year $ 1,753 $ 1,801 $ 147,031 $ 148,721 From 1 to 5 years 4,577 4,134 443,113 407,293 After 5 years 2,059 1,842 51,495 37,122 Total by maturity $ 8,389 $ 7,777 $ 641,639 $ 593,136 (1) The fair value amount receivable is composed of $5,094 million under protection purchased and $3,295 million under protection sold. (2) The fair value amount payable is composed of $3,573 million under protection purchased and $4,204 million under protection sold. Fair values Notionals In millions of dollars at December 31, 2021 Receivable (1) Payable (2) Protection Protection By industry of counterparty Banks $ 2,375 $ 3,031 $ 108,415 $ 103,756 Broker-dealers 1,962 1,139 44,364 40,068 Non-financial 113 306 2,785 2,728 Insurance and other financial institutions 5,768 6,539 490,432 425,934 Total by industry of counterparty $ 10,218 $ 11,015 $ 645,996 $ 572,486 By instrument Credit default swaps and options $ 9,923 $ 10,234 $ 628,136 $ 565,131 Total return swaps and other 295 781 17,860 7,355 Total by instrument $ 10,218 $ 11,015 $ 645,996 $ 572,486 By rating of reference entity Investment grade $ 4,149 $ 4,258 $ 511,652 $ 448,944 Non-investment grade 6,069 6,757 134,344 123,542 Total by rating of reference entity $ 10,218 $ 11,015 $ 645,996 $ 572,486 By maturity Within 1 year $ 878 $ 1,462 $ 133,866 $ 115,603 From 1 to 5 years 6,674 6,638 454,617 413,174 After 5 years 2,666 2,915 57,513 43,709 Total by maturity $ 10,218 $ 11,015 $ 645,996 $ 572,486 (1) The fair value amount receivable is composed of $3,705 million under protection purchased and $6,513 million under protection sold. (2) The fair value amount payable is composed of $7,354 million under protection purchased and $3,661 million under protection sold. |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021: Credit and funding valuation adjustments In millions of dollars December 31, December 31, Counterparty CVA $ (816) $ (705) Asset FVA (622) (433) Citigroup (own credit) CVA 607 379 Liability FVA 263 110 Total CVA and FVA—derivative instruments $ (568) $ (649) |
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 In millions of dollars 2022 2021 2020 Counterparty CVA $ (227) $ 79 $ (101) Asset FVA (102) 96 (95) Own credit CVA 157 (33) 133 Liability FVA 155 (22) (6) Total CVA and FVA—derivative instruments $ (17) $ 120 $ (69) DVA related to own FVO liabilities (1) $ 2,685 $ 296 $ (616) Total CVA, DVA and FVA $ 2,668 $ 416 $ (685) (1) See Note 20. |
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, 2022 and 2021. 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. The effects of these hedges are presented gross in the following tables: Fair Value Levels In millions of dollars at December 31, 2022 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 350,145 $ 149 $ 350,294 $ (110,767) $ 239,527 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 34,878 600 35,478 — 35,478 Residential 1 1,821 166 1,988 — 1,988 Commercial — 798 145 943 — 943 Total trading mortgage-backed securities $ 1 $ 37,497 $ 911 $ 38,409 $ — $ 38,409 U.S. Treasury and federal agency securities $ 63,067 $ 4,513 $ 1 $ 67,581 $ — $ 67,581 State and municipal — 2,256 7 2,263 — 2,263 Foreign government 38,383 25,850 119 64,352 — 64,352 Corporate 1,593 11,955 394 13,942 — 13,942 Equity securities 43,990 10,179 192 54,361 — 54,361 Asset-backed securities — 1,597 668 2,265 — 2,265 Other trading assets (2) 24 14,963 648 15,635 — 15,635 Total trading non-derivative assets $ 147,058 $ 108,810 $ 2,940 $ 258,808 $ — $ 258,808 Trading derivatives Interest rate contracts $ 297 $ 174,156 $ 3,751 $ 178,204 Foreign exchange contracts — 186,897 766 187,663 Equity contracts 20 40,683 1,704 42,407 Commodity contracts — 26,823 1,501 28,324 Credit derivatives — 7,484 905 8,389 Total trading derivatives—before netting and collateral $ 317 $ 436,043 $ 8,627 $ 444,987 Netting agreements $ (346,545) Netting of cash collateral received (23,136) Total trading derivatives—after netting and collateral $ 317 $ 436,043 $ 8,627 $ 444,987 $ (369,681) $ 75,306 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 11,232 $ 30 $ 11,262 $ — $ 11,262 Residential — 444 41 485 — 485 Commercial — 2 — 2 — 2 Total investment mortgage-backed securities $ — $ 11,678 $ 71 $ 11,749 $ — $ 11,749 U.S. Treasury and federal agency securities $ 91,851 $ 439 $ — $ 92,290 $ — $ 92,290 State and municipal — 1,637 586 2,223 — 2,223 Foreign government 58,419 74,250 608 133,277 — 133,277 Corporate 2,230 2,343 343 4,916 — 4,916 Marketable equity securities 254 165 10 429 — 429 Asset-backed securities — 1,029 1 1,030 — 1,030 Other debt securities — 4,194 — 4,194 — 4,194 Non-marketable equity securities (3) — 9 430 439 — 439 Total investments $ 152,754 $ 95,744 $ 2,049 $ 250,547 $ — $ 250,547 Table continues on the next page. In millions of dollars at December 31, 2022 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 3,999 $ 1,361 $ 5,360 $ — $ 5,360 Mortgage servicing rights — — 665 665 — 665 Non-trading derivatives and other financial assets measured on a recurring basis $ 4,310 $ 6,291 $ 57 $ 10,658 $ — $ 10,658 Total assets $ 304,439 $ 1,001,032 $ 15,848 $ 1,321,319 $ (480,448) $ 840,871 Total as a percentage of gross assets (4) 23.0 % 75.8 % 1.2 % Liabilities Interest-bearing deposits $ — $ 1,860 $ 15 $ 1,875 $ — $ 1,875 Securities loaned and sold under agreements to repurchase — 155,822 1,031 156,853 (85,967) 70,886 Trading account liabilities Securities sold, not yet purchased 97,559 13,111 50 110,720 — 110,720 Other trading liabilities — 8 3 11 — 11 Total trading liabilities $ 97,559 $ 13,119 $ 53 $ 110,731 $ — $ 110,731 Trading derivatives Interest rate contracts $ 175 $ 169,049 $ 3,396 $ 172,620 Foreign exchange contracts — 185,279 716 185,995 Equity contracts 70 40,905 2,808 43,783 Commodity contracts 2 25,093 1,223 26,318 Credit derivatives — 6,715 1,062 7,777 Total trading derivatives—before netting and collateral $ 247 $ 427,041 $ 9,205 $ 436,493 Netting agreements $ (346,545) Netting of cash collateral paid (30,032) Total trading derivatives—after netting and collateral $ 247 $ 427,041 $ 9,205 $ 436,493 $ (376,577) $ 59,916 Short-term borrowings $ — $ 6,184 $ 38 $ 6,222 $ — $ 6,222 Long-term debt — 69,878 36,117 105,995 — 105,995 Total non-trading derivatives and other financial liabilities measured on a recurring basis $ 4,197 $ 240 $ 2 $ 4,439 $ — $ 4,439 Total liabilities $ 102,003 $ 674,144 $ 46,461 $ 822,608 $ (462,544) $ 360,064 Total as a percentage of gross liabilities (4) 12.4 % 82.0 % 5.6 % (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 26. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) Amounts exclude $27 million 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). (4) 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. Fair Value Levels In millions of dollars at December 31, 2021 Level 1 Level 2 Level 3 Gross Netting (1) Net Assets Securities borrowed and purchased under agreements to resell $ — $ 342,030 $ 231 $ 342,261 $ (125,795) $ 216,466 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed — 34,534 496 35,030 — 35,030 Residential 1 643 104 748 — 748 Commercial — 778 81 859 — 859 Total trading mortgage-backed securities $ 1 $ 35,955 $ 681 $ 36,637 $ — $ 36,637 U.S. Treasury and federal agency securities $ 44,900 $ 3,230 $ 4 $ 48,134 $ — $ 48,134 State and municipal — 1,995 37 2,032 — 2,032 Foreign government 39,176 31,485 23 70,684 — 70,684 Corporate 1,544 16,156 412 18,112 — 18,112 Equity securities 53,833 10,047 174 64,054 — 64,054 Asset-backed securities — 981 613 1,594 — 1,594 Other trading assets (2) — 20,346 576 20,922 — 20,922 Total trading non-derivative assets $ 139,454 $ 120,195 $ 2,520 $ 262,169 $ — $ 262,169 Trading derivatives Interest rate contracts $ 90 $ 161,500 $ 3,898 $ 165,488 Foreign exchange contracts — 134,912 637 135,549 Equity contracts 41 43,904 1,307 45,252 Commodity contracts — 28,547 1,797 30,344 Credit derivatives — 9,299 919 10,218 Total trading derivatives—before netting and collateral $ 131 $ 378,162 $ 8,558 $ 386,851 Netting agreements $ (292,628) Netting of cash collateral received (3) (24,447) Total trading derivatives—after netting and collateral $ 131 $ 378,162 $ 8,558 $ 386,851 $ (317,075) $ 69,776 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ — $ 33,165 $ 51 $ 33,216 $ — $ 33,216 Residential — 286 94 380 — 380 Commercial — 25 — 25 — 25 Total investment mortgage-backed securities $ — $ 33,476 $ 145 $ 33,621 $ — $ 33,621 U.S. Treasury and federal agency securities $ 122,271 $ 168 $ 1 $ 122,440 $ — $ 122,440 State and municipal — 1,849 772 2,621 — 2,621 Foreign government 56,842 61,112 786 118,740 — 118,740 Corporate 2,861 2,871 188 5,920 — 5,920 Marketable equity securities 350 177 16 543 — 543 Asset-backed securities — 300 3 303 — 303 Other debt securities — 4,877 — 4,877 — 4,877 Non-marketable equity securities (4) — 28 316 344 — 344 Total investments $ 182,324 $ 104,858 $ 2,227 $ 289,409 $ — $ 289,409 Table continues on the next page. In millions of dollars at December 31, 2021 Level 1 Level 2 Level 3 Gross Netting (1) Net Loans $ — $ 5,371 $ 711 $ 6,082 $ — $ 6,082 Mortgage servicing rights — — 404 404 — 404 Non-trading derivatives and other financial assets measured on a recurring basis $ 4,075 $ 8,194 $ 73 $ 12,342 $ — $ 12,342 Total assets $ 325,984 $ 958,810 $ 14,724 $ 1,299,518 $ (442,870) $ 856,648 Total as a percentage of gross assets (5) 29.0 % 69.9 % 1.1 % Liabilities Interest-bearing deposits $ — $ 1,483 $ 183 $ 1,666 $ — $ 1,666 Securities loaned and sold under agreements to repurchase — 174,318 643 174,961 (118,267) 56,694 Trading account liabilities Securities sold, not yet purchased 82,675 23,268 65 106,008 — 106,008 Other trading liabilities — 5 — 5 — 5 Total trading account liabilities $ 82,675 $ 23,273 $ 65 $ 106,013 $ — $ 106,013 Trading derivatives Interest rate contracts $ 56 $ 147,846 $ 2,172 $ 150,074 Foreign exchange contracts — 134,572 726 135,298 Equity contracts 60 46,177 3,447 49,684 Commodity contracts — 30,004 1,375 31,379 Credit derivatives — 10,065 950 11,015 Total trading derivatives—before netting and collateral $ 116 $ 368,664 $ 8,670 $ 377,450 Netting agreements $ (292,628) Netting of cash collateral paid (3) (29,306) Total trading derivatives—after netting and collateral $ 116 $ 368,664 $ 8,670 $ 377,450 $ (321,934) $ 55,516 Short-term borrowings $ — $ 7,253 $ 105 $ 7,358 $ — $ 7,358 Long-term debt — 57,100 25,509 82,609 — 82,609 Non-trading derivatives and other financial liabilities measured on a recurring basis $ 3,574 $ — $ 1 $ 3,575 $ — $ 3,575 Total liabilities $ 86,365 $ 632,091 $ 35,176 $ 753,632 $ (440,201) $ 313,431 Total as a percentage of gross liabilities (5) 11.5 % 83.9 % 4.7 % (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 26. Also includes physical commodities accounted for at the lower of cost or fair value and unfunded credit products. (3) 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. (4) Amounts exclude $145 million of investments measured at 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. |
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 gains (losses) included in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Dec. 31, 2022 Assets Securities borrowed and purchased under agreements to resell $ 231 $ 12 $ — $ 3 $ — $ 252 $ — $ — $ (349) $ 149 $ 18 Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 496 (81) — 244 (475) 969 — (553) — 600 (59) Residential 104 (5) — 112 (87) 187 — (145) — 166 (1) Commercial 81 (13) — 167 (78) 37 — (49) — 145 (3) Total trading mortgage-backed securities $ 681 $ (99) $ — $ 523 $ (640) $ 1,193 $ — $ (747) $ — $ 911 $ (63) U.S. Treasury and federal agency securities $ 4 $ (4) $ — $ 2 $ (1) $ 1 $ — $ — $ (1) $ 1 $ (1) State and municipal 37 9 — 77 (35) 16 — (97) — 7 — Foreign government 23 (41) — 308 (326) 248 — (93) — 119 (22) Corporate 412 101 — 499 (451) 1,068 — (1,235) — 394 (136) Marketable equity securities 174 45 — 161 (105) 155 — (238) — 192 (42) Asset-backed securities 613 (41) — 243 (239) 835 — (743) — 668 (36) Other trading assets 576 249 — 407 (594) 774 27 (779) (12) 648 (122) Total trading non-derivative assets $ 2,520 $ 219 $ — $ 2,220 $ (2,391) $ 4,290 $ 27 $ (3,932) $ (13) $ 2,940 $ (422) Trading derivatives, net (4) Interest rate contracts $ 1,726 $ 176 $ — $ 33 $ (792) $ (163) $ 7 $ 79 $ (711) $ 355 $ (588) Foreign exchange contracts (89) 734 — (422) (22) 124 20 (459) 164 50 (81) Equity contracts (2,140) 1,604 — (572) 673 176 — (370) (475) (1,104) 1,057 Commodity contracts 422 822 — 194 (716) 100 — (211) (333) 278 413 Credit derivatives (31) (266) — (7) 131 (36) — — 52 (157) (198) Total trading derivatives, net (4) $ (112) $ 3,070 $ — $ (774) $ (726) $ 201 $ 27 $ (961) $ (1,303) $ (578) $ 603 Table continues on the next page. Net realized/unrealized gains (losses) included in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2021 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Dec. 31, 2022 Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 51 $ — $ (7) $ 1 $ (10) $ 7 $ — $ (12) $ — $ 30 $ (24) Residential 94 — (5) — (42) 3 — (9) — 41 (5) Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 145 $ — $ (12) $ 1 $ (52) $ 10 $ — $ (21) $ — $ 71 $ (29) U.S. Treasury and federal agency securities $ 1 $ — $ (1) $ — $ — $ — $ — $ — $ — $ — $ — State and municipal 772 — (65) 82 (164) 2 — (41) — 586 (49) Foreign government 786 — (72) 256 (276) 706 — (792) — 608 (23) Corporate 188 — (4) 197 (4) 24 — (58) — 343 (2) Marketable equity securities 16 — (7) — — 1 — — — 10 — Asset-backed securities 3 — 22 41 (1) — — (64) — 1 (5) Other debt securities — — — — — 82 — (82) — — — Non-marketable equity securities 316 — (11) 11 (12) 155 — (29) — 430 4 Total investments $ 2,227 $ — $ (150) $ 588 $ (509) $ 980 $ — $ (1,087) $ — $ 2,049 $ (104) Loans $ 711 $ — $ 15 $ 426 $ (208) $ — $ 569 $ — $ (152) $ 1,361 $ 145 Mortgage servicing rights 404 — 201 — — — 120 — (60) 665 199 Other financial assets measured on a recurring basis 73 — (12) 29 (26) 46 39 (26) (66) 57 — Liabilities Interest-bearing deposits $ 183 $ — $ 6 $ 8 $ (122) $ — $ 20 $ — $ (68) $ 15 $ — Securities loaned and sold under agreements to repurchase 643 86 — 3 (3) 453 196 — (175) 1,031 7 Trading account liabilities Securities sold, not yet purchased 65 2 — 55 (36) 135 — — (167) 50 (65) Other trading liabilities — (3) — — — — — — — 3 — Short-term borrowings 105 109 — 46 (69) — 96 — (31) 38 (14) Long-term debt 25,509 9,796 — 9,873 (7,612) — 18,847 — (704) 36,117 7,805 Other financial liabilities measured on a recurring basis 1 — (6) 5 (5) — 2 — (7) 2 — (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit 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 and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at December 31, 2022. (4) Total Level 3 trading derivative assets and liabilities have been netted in these tables for presentation purposes only. Net realized/unrealized gains (losses) included in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2020 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Dec. 31, 2021 Assets Securities borrowed and purchased under agreements to resell $ 320 $ (36) $ — $ 45 $ (49) $ 362 $ — $ — $ (411) $ 231 $ — Trading non-derivative assets Trading mortgage-backed securities U.S. government-sponsored agency guaranteed 27 8 — 355 (131) 447 — (210) — 496 11 Residential 340 25 — 89 (96) 282 — (536) — 104 13 Commercial 136 23 — 96 (58) 62 — (178) — 81 — Total trading mortgage-backed securities $ 503 $ 56 $ — $ 540 $ (285) $ 791 $ — $ (924) $ — $ 681 $ 24 U.S. Treasury and federal agency securities $ — $ — $ — $ 4 $ — $ — $ — $ — $ — $ 4 $ — State and municipal 94 (4) — 20 (29) 17 — (61) — 37 (6) Foreign government 51 29 — 143 (129) 83 — (154) — 23 (2) Corporate 375 74 — 461 (384) 867 — (981) — 412 (38) Marketable equity securities 73 67 — 156 (52) 118 — (188) — 174 23 Asset-backed securities 1,606 371 — 173 (297) 1,313 — (2,553) — 613 (43) Other trading assets 945 97 — 158 (457) 980 4 (1,147) (4) 576 (37) Total trading non-derivative assets $ 3,647 $ 690 $ — $ 1,655 $ (1,633) $ 4,169 $ 4 $ (6,008) $ (4) $ 2,520 $ (79) Trading derivatives, net (4) Interest rate contracts $ 1,614 $ (376) $ — $ 102 $ 562 $ 27 $ (84) $ — $ (119) $ 1,726 $ 4 Foreign exchange contracts 52 (8) — (57) 104 220 — (326) (74) (89) 7 Equity contracts (3,213) 964 — (1,101) 1,923 364 — (364) (713) (2,140) (729) Commodity contracts 292 474 — 174 (454) 162 — (238) 12 422 261 Credit derivatives 48 (136) — (96) 40 — — — 113 (31) (130) Total trading derivatives, net (4) $ (1,207) $ 918 $ — $ (978) $ 2,175 $ 773 $ (84) $ (928) $ (781) $ (112) $ (587) Investments Mortgage-backed securities U.S. government-sponsored agency guaranteed $ 30 $ — $ 2 $ 42 $ (10) $ 3 $ — $ (16) $ — $ 51 $ 2 Residential — — — 54 (12) 52 — — — 94 (1) Commercial — — — — — — — — — — — Total investment mortgage-backed securities $ 30 $ — $ 2 $ 96 $ (22) $ 55 $ — $ (16) $ — $ 145 $ 1 U.S. Treasury and federal agency securities $ — $ — $ — $ 1 $ — $ — $ — $ — $ — $ 1 $ — State and municipal 834 — (21) 58 (108) 49 — (40) — 772 (12) Foreign government 268 — (49) 512 (565) 871 — (251) — 786 (2) Corporate 60 — (14) 183 (44) 37 — (34) — 188 2 Marketable equity securities — — — 16 — — — — — 16 — Asset-backed securities 1 — (21) 36 — — — (13) — 3 (2) Other debt securities — — — — — — — — — — — Non-marketable equity securities 349 — (27) 2 — — — (8) — 316 (6) Total investments $ 1,542 $ — $ (130) $ 904 $ (739) $ 1,012 $ — $ (362) $ — $ 2,227 $ (19) Table continues on the next page. Net realized/unrealized gains (losses) included in (1) Transfers Unrealized (3) In millions of dollars Dec. 31, 2020 Principal Other (1)(2) into out of Purchases Issuances Sales Settlements Dec. 31, 2021 Loans $ 1,985 $ — $ 90 $ 311 $ (2,071) $ — $ 529 $ — $ (133) $ 711 $ (77) Mortgage servicing rights 336 — 43 — — — 92 — (67) 404 52 Other financial assets measured on a recurring basis — — 6 65 (27) 58 — (26) (3) 73 — Liabilities Interest-bearing deposits $ 206 $ — $ (18) $ — $ (44) $ — $ 38 $ — $ (35) $ 183 $ (19) Securities loaned and sold under agreements to repurchase 631 (9) — 183 (483) 488 — — (185) 643 32 Trading account liabilities Securities sold, not yet purchased 214 48 — 87 (34) 59 — — (213) 65 (4) Other trading liabilities 26 26 — — — — — — — — — Short-term borrowings 219 43 — 137 (57) — 49 — (200) 105 (2) Long-term debt 25,210 2,774 — 8,611 (9,771) — 10,262 — (6,029) 25,509 1,756 Other financial liabilities measured on a recurring basis 1 — (3) — (4) — 14 — (13) 1 — (1) Net realized/unrealized gains (losses) are presented as increase (decrease) to Level 3 assets, and as (increase) decrease to Level 3 liabilities. Changes in fair value of available-for-sale debt securities are recorded in AOCI , unless related to credit 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 and DVA on fair value option liabilities), attributable to the change in fair value relating to assets and liabilities classified as Level 3 that are still held at December 31, 2021. (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 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. Methodologies are applied consistently. Changes in listed inputs period versus period represent variables that become more, or less, significant, hence their addition or removal from the table below. Differences between this table and amounts presented in the Level 3 Fair Value Rollforward table above represent individually immaterial items that have been measured using a variety of valuation techniques other than those listed. As of December 31, 2022 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 $ 146 Model-based Credit spread 15 bps 15 bps 15 bps Interest rate 2.61 % 2.61 % 2.61 % Mortgage-backed securities $ 228 Price-based Price $ 1.04 $ 99.71 $ 51.51 732 Yield analysis Yield 4.41 % 20.30 % 9.74 % State and municipal, foreign government, corporate and other debt securities $ 2,360 Price-based Price $ 0.01 $ 994.68 $ 245.85 Marketable equity securities (5) $ 147 Price-based Price $ — $ 9,087.76 $ 114.29 31 Model-based WAL 2.24 years 2.24 years 2.24 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Asset-backed securities $ 304 Price-based Price $ 10.50 $ 145.00 $ 74.97 308 Yield analysis Yield 5.76 % 18.58 % 9.34 % Non-marketable equities $ 287 Comparables analysis Illiquidity discount 8.60 % 17.00 % 10.16 % 101 Price-based PE ratio 14.00x 15.70x 15.16x Cost of capital 8.10 % 17.50 % 10.44 % Revenue multiple 3.60x 13.90x 12.40x Derivatives—gross (6) Interest rate contracts (gross) $ 7,108 Model-based IR normal volatility 0.33 % 1.82 % 0.96 % Foreign exchange contracts (gross) $ 1,437 Model-based IR normal volatility 0.33 % 1.47 % 0.67 % IR Basis (4.23) % 9.68 % (0.03) % Equity volatility 0.05 % 300.72 % 33.91 % Credit spread 116 bps 626 bps 594 bps Equity contracts (gross) (7) $ 4,430 Model-based Equity volatility 0.05 % 300.72 % 41.47 % Equity forward 68.34 % 271.61 % 103.50 % Equity-FX correlation (95.00) % 50.00 % (16.33) % Equity-Equity correlation (3.98) % 98.68 % 85.63 % WAL 2.24 years 2.24 years 2.24 years Recovery (in millions) $7,148 $7,148 $7,148 Equity-IR correlation (18.83) % 60.00 % 32.37 % Commodity and other contracts (gross) $ 2,724 Model-based Forward price 14.27 % 385.50 % 106.08 % Commodity volatility 10.43 % 151.50 % 33.55 % Commodity correlation (32.00) % 91.94 % 36.70 % Credit derivatives (gross) $ 1,520 Model-based Credit spread 2.50 bps 955.10 bps 101.27 bps 439 Price-based Recovery rate 25.00 % 75.00 % 42.27 % Credit correlation 25.00 % 80.00 % 42.38 % Price $ 31.71 $ 99.00 $ 78.75 As of December 31, 2022 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Credit spread volatility 35.58 % 64.79 % 40.47 % Non-trading derivatives and other financial assets and liabilities measured on a recurring basis (gross) $ 57 Price-based Price $ 80.16 $ 105.32 $ 92.65 Loans and leases $ 1,059 Model-based Equity volatility 0.05 % 300.72 % 42.62 % 304 Price-based Forward price 14.27 % 324.85 % 105.07 % Price $0.01 $100.53 $84.77 Equity forward 68.34 % 271.61 % 103.49 % Mortgage servicing rights $ 580 Cash flow Yield (0.40) % 13.20 % 5.36 % 84 Model-based WAL 3.92 years 9.33 years 7.71 years Liabilities Interest-bearing deposits $ 15 Model-based Forward price 100.00 % 101.30 % 100.07 % Securities loaned and sold under agreements to repurchase $ 970 Model-based Interest rate 4.01 % 4.97 % 4.07 % Trading account liabilities Securities sold, not yet purchased and other trading liabilities $ 47 Price-based Price $ — $ 9,087.76 $ 41.22 6 Model-based FX volatility 2.00 % 40.00 % 12.85 % Short-term borrowings and long-term debt $ 36,155 Model-based IR normal volatility 0.33 % 1.82 % 0.89 % As of December 31, 2021 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 $ 231 Model-based Credit spread 15 bps 15 bps 15 bps Interest rate 0.26 % 0.72 % 0.50 % Mortgage-backed securities $ 279 Price-based Price $ 4 $ 118 $ 79 526 Yield analysis Yield 1.43 % 23.79 % 7.25 % State and municipal, foreign government, corporate and other debt securities $ 2,264 Price-based Price $ — $ 995 $ 193 415 Model-based Equity volatility 0.08 % 290.64 % 53.94 % Marketable equity securities (5) $ 128 Price-based Price $ — $ 73,000 $ 6,477 43 Model-based WAL 1.73 years 1.73 years 1.73 years Recovery (in millions) $ 7,148 $ 7,148 $ 7,148 Asset-backed securities $ 386 Price-based Price $ 5 $ 754 $ 87 208 Yield analysis Yield 2.43 % 19.35 % 8.18 % Non-marketable equities $ 121 Price-based Illiquidity discount 10.00 % 36.00 % 26.43 % 112 Comparables analysis PE ratio 11.00x 29.00x 15.42x 83 Model-based Price $ 3 $ 2,601 $ 2,029 Adjustment factor 0.33x 0.44x 0.34x Revenue multiple 19.80x 30.00x 20.48x Cost of capital 17.50 % 20.00 % 17.57 % Derivatives—gross (6) Interest rate contracts (gross) $ 6,054 Model-based IR normal volatility 0.24 % 0.94 % 0.70 % Foreign exchange contracts (gross) $ 1,364 Model-based IR normal volatility 0.24 % 0.74 % 0.58 % FX volatility 2.13 % 107.42 % 11.21 % As of December 31, 2021 Fair value (1) (in millions) Methodology Input Low (2)(3) High (2)(3) Weighted average (4) Credit spread 140 bps 696 bps 639 bps Equity contracts (gross) (7) $ 4,690 Model-based Equity volatility 0.08 % 290.64 % 47.67 % Equity forward 57.99 % 165.83 % 89.45 % Equity-FX correlation (95.00) % 80.00 % (16.00) % Equity-Equity correlation (6.49) % 99.00 % 85.61 % Commodity and other contracts (gross) $ 3,172 Model-based Forward price 8.00 % 599.44 % 123.22 % Commodity volatility 10.87 % 188.30 % 26.85 % Commodity correlation (50.52) % 89.83 % (7.11) % Credit derivatives (gross) $ 1,480 Model-based Credit spread 1.00 bps 874.72 bps 68.83 bps 427 Price-based Recovery rate 20.00 % 75.00 % 44.72 % Upfront points 2.74 % 99.96 % 59.37 % Price $ 40 $ 103 $ 80 Credit correlation 30.00 % 80.00 % 54.57 % Non-trading derivatives and $ 69 Price-based Price $ 94 $ 2,598 $ 591 Loans and leases $ 691 Model-based Equity volatility 22.48 % 85.44 % 50.56 % Forward price 26.95 % 333.08 % 106.97 % Commodity volatility 10.87 % 188.30 % 26.85 % Commodity correlation (50.52) % 89.83 % (7.11) % Mortgage servicing rights $ 331 Cash flow Yield (1.20) % 12.10 % 4.51 % 73 Model-based WAL 2.75 years 5.86 years 5.14 years Liabilities Interest-bearing deposits $ 183 Model-based IR normal volatility 0.34 % 0.88 % 0.68 % Equity volatility 0.08 % 290.64 % 54.05 % Equity forward 57.99 % 165.83 % 89.39 % Securities loaned and sold under agreements to repurchase $ 643 Model-based Interest rate 0.12 % 1.95 % 1.47 % Trading account liabilities Securities sold, not yet purchased and other trading liabilities $ 63 Price-based Price $ — $ 12,875 $ 1,707 Short-term borrowings and long-term debt $ 25,514 Model-based IR normal volatility 0.07 % 0.88 % 0.60 % Equity volatility 0.08 % 290.64 % 53.21 % Equity-IR correlation (3.53) % 60.00 % 32.12 % Equity-FX correlation (95.00) % 80.00 % (15.98) % FX volatility 0.06 % 41.76 % 9.38 % (1) The tables above include the fair values for the items listed and may not foot to the total population for each category. (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 non-trading 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, 2022 Loans HFS (1) $ 2,336 $ 457 $ 1,879 Other real estate owned 1 — 1 Loans (2) 69 — 69 Non-marketable equity securities measured using the measurement alternative 597 — 597 Total assets at fair value on a nonrecurring basis $ 3,003 $ 457 $ 2,546 In millions of dollars Fair value Level 2 Level 3 December 31, 2021 Loans HFS (1) $ 2,298 $ 986 $ 1,312 Other real estate owned 11 — 11 Loans (2) 144 — 144 Non-marketable equity securities measured using the measurement alternative 655 104 551 Total assets at fair value on a nonrecurring basis $ 3,108 $ 1,090 $ 2,018 (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, 2022 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans held-for-sale $ 1,830 Price-based Price $ 0.88 $ 100.23 $ 65.91 Other real estate owned $ 1 Price-based Appraised value (4) $ 30,000 $ 441,750 $ 310,552 Loans (5) $ 45 Recovery analysis Appraised value (4) $ 12,000 $ 14,022,820 $ 3,714,342 24 Appraised value Non-marketable equity securities measured using the measurement alternative $ 234 Revenue multiple 4.95x 73.10x 19.68x 363 Price $ 0.46 $ 2,416.43 $ 557.86 As of December 31, 2021 Fair value (1) (in millions) Methodology Input Low (2) High Weighted average (3) Loans held-for-sale $ 1,312 Price-based Price $ 89 $ 100 $ 99 Other real estate owned $ 4 Price-based Appraised value (4) $ 14,000 $ 2,392,464 $ 1,660,120 5 Recovery analysis Loans (5) $ 120 Recovery analysis Appraised value (4) $ 10,000 $ 3,900,000 $ 247,018 24 Price-based Price $ 3 $ 75 $ 35 Recovery rate 84.00 % 100.00 % 84.00 % Non-marketable equity securities measured using the measurement alternative $ 551 Price-based Price $ 6 $ 1,339 $ 52 (1) The table above includes the fair values for the items listed and may not foot to the total population for each category. (2) Some inputs are shown as zero due to rounding. (3) Weighted averages are calculated based on the fair values of the instruments. (4) Appraised values are disclosed in whole dollars. (5) Represents impaired loans held for investment whose carrying amount is based on the fair value of the underlying collateral less costs to sell, primarily real estate. |
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 2022 2021 Loans HFS $ (58) $ (31) Other real estate owned — — Loans (1) 13 9 Non-marketable equity securities measured using the measurement alternative 315 468 Total nonrecurring fair value gains (losses) $ 270 $ 446 (1) Represents loans held for investment whose carrying amount is based on the fair value of the underlying collateral less costs to sell, 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, 2022 Estimated fair value Carrying Estimated In billions of dollars Level 1 Level 2 Level 3 Assets Investments, net of allowance $ 274.3 $ 249.2 $ 123.2 $ 123.1 $ 2.9 Securities borrowed and purchased under agreements to resell 125.9 125.9 — 125.9 — Loans (1)(2) 634.5 634.9 — — 634.9 Other financial assets (2)(3) 427.1 427.1 320.0 22.0 85.1 Liabilities Deposits $ 1,364.1 $ 1,345.4 $ — $ 1,159.4 $ 186.0 Securities loaned and sold under agreements to repurchase 131.6 131.6 — 131.6 — Long-term debt (4) 165.6 160.5 — 151.1 9.4 Other financial liabilities (5) 142.4 142.4 — 26.5 115.9 December 31, 2021 Estimated fair value Carrying Estimated In billions of dollars Level 1 Level 2 Level 3 Assets Investments, net of allowance $ 221.9 $ 221.0 $ 111.8 $ 106.4 $ 2.8 Securities borrowed and purchased under agreements to resell 110.8 110.8 — 106.4 4.4 Loans (1)(2) 644.8 659.6 — — 659.6 Other financial assets (2)(3) 351.9 351.9 242.1 19.9 89.9 Liabilities Deposits $ 1,315.6 $ 1,316.2 $ — $ 1,153.9 $ 162.3 Securities loaned and sold under agreements to repurchase 134.6 134.6 — 134.5 0.1 Long-term debt (4) 171.8 184.6 — 171.9 12.7 Other financial liabilities (5) 111.1 111.1 — 17.0 94.1 (1) The carrying value of loans is net of the allowance for credit losses on loans of $17.0 billion for December 31, 2022 and $16.5 billion for December 31, 2021. In addition, the carrying values exclude $0.4 billion and $0.5 billion of lease finance receivables at December 31, 2022 and 2021 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, 2022 | |
Fair Value, Option, Aggregate Differences [Abstract] | |
Schedule of financial instruments selected for changes in fair value gains and losses | The following table presents the changes in fair value of those items for which the fair value option has been elected: Changes in fair value — gains (losses) for the years ended December 31, In millions of dollars 2022 2021 Assets Securities borrowed and purchased under agreements to resell $ (109) $ (87) Trading account assets (296) 59 Investments — — Loans Certain corporate loans (1,763) (171) Certain consumer loans (1) — Total loans $ (1,764) $ (171) Other assets MSRs $ 201 $ 43 Certain mortgage loans HFS (1) (455) 70 Total other assets $ (254) $ 113 Total assets $ (2,423) $ (86) Liabilities Interest-bearing deposits $ 42 $ (118) Securities loaned and sold under agreements to repurchase 110 66 Trading account liabilities (239) 17 Short-term borrowings (2) 1,424 675 Long-term debt (2) 15,589 386 Total liabilities $ 16,926 $ 1,026 (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 |
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, 2022 December 31, 2021 In millions of dollars Trading assets Loans Trading assets Loans Carrying amount reported on the Consolidated Balance Sheet $ 6,011 $ 5,360 $ 9,530 $ 6,082 Aggregate unpaid principal balance in excess of (less than) fair value 167 51 (100) 226 Balance of non-accrual loans or loans more than 90 days past due — 2 — 1 Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due — 1 — — |
Schedule of fair value of loans and other disclosures for certain mortgage loans | The following table provides information about certain mortgage loans HFS carried at fair value: In millions of dollars December 31, December 31, 2021 Carrying amount reported on the Consolidated Balance Sheet $ 793 $ 3,035 Aggregate fair value in excess of (less than) unpaid principal balance (10) 70 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 notes carried at fair value, disaggregated by type of risk: In billions of dollars December 31, 2022 December 31, 2021 Interest rate linked $ 53.4 $ 38.9 Foreign exchange linked 0.1 — Equity linked 42.5 36.1 Commodity linked 5.0 3.9 Credit linked 5.0 3.7 Total $ 106.0 $ 82.6 |
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, 2022 December 31, 2021 Carrying amount reported on the Consolidated Balance Sheet $ 105,995 $ 82,609 Aggregate unpaid principal balance in excess of (less than) fair value (2,944) (2,459) |
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, 2022 December 31, 2021 Carrying amount reported on the Consolidated Balance Sheet $ 6,222 $ 7,358 Aggregate unpaid principal balance in excess of (less than) fair value (9) (644) |
PLEDGED ASSETS, RESTRICTED CA_2
PLEDGED ASSETS, RESTRICTED CASH, COLLATERAL, GUARANTEES AND COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, Investment securities $ 246,252 $ 252,192 Loans 261,450 232,319 Trading account assets 135,978 140,980 Total $ 643,680 $ 625,491 |
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, Cash and due from banks $ 4,820 $ 2,786 Deposits with banks, net of allowance 12,156 10,636 Total $ 16,976 $ 13,422 |
Schedule of future minimum rental payments for operating leases after adoption | Citi’s future lease payments are as follows: In millions of dollars 2023 $ 704 2024 635 2025 541 2026 437 2027 319 Thereafter 769 Total future lease payments $ 3,405 Less imputed interest (based on weighted-average discount rate of 3.1%) $ (329) Lease liability $ 3,076 |
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, 2022 Expire within Expire after Total amount Carrying value (in millions of dollars) Financial standby letters of credit $ 31.3 $ 58.3 $ 89.6 $ 905 Performance guarantees 6.1 5.6 11.7 65 Derivative instruments considered to be guarantees 18.5 30.0 48.5 353 Loans sold with recourse — 1.7 1.7 13 Securities lending indemnifications (1) 95.9 — 95.9 — Credit card merchant processing (2) 129.6 — 129.6 1 Credit card arrangements with partners — 0.6 0.6 7 Other 0.1 8.4 8.5 32 Total $ 281.5 $ 104.6 $ 386.1 $ 1,376 Maximum potential amount of future payments In billions of dollars at December 31, 2021 Expire within Expire after Total amount Carrying value (in millions of dollars) Financial standby letters of credit $ 34.3 $ 58.4 $ 92.7 $ 791 Performance guarantees 6.6 6.4 13.0 47 Derivative instruments considered to be guarantees 14.6 48.9 63.5 514 Loans sold with recourse — 1.7 1.7 15 Securities lending indemnifications (1) 121.9 — 121.9 — Credit card merchant processing (2) 119.4 — 119.4 1 Credit card arrangements with partners — 0.8 0.8 7 Other 2.0 12.0 14.0 34 Total $ 298.8 $ 128.2 $ 427.0 $ 1,409 (1) The carrying values of securities lending indemnifications were not material for either period presented, as the probability of potential liabilities arising from these guarantees is minimal. (2) At December 31, 2022 and 2021, this maximum potential exposure was estimated to be approximately $130 billion and $119 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 on 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, 2022 Investment Non-investment Not Total Financial standby letters of credit $ 77.9 $ 10.4 $ 1.3 $ 89.6 Performance guarantees 9.3 2.4 — 11.7 Derivative instruments deemed to be guarantees — — 48.5 48.5 Loans sold with recourse — — 1.7 1.7 Securities lending indemnifications — — 95.9 95.9 Credit card merchant processing — — 129.6 129.6 Credit card arrangements with partners — — 0.6 0.6 Other — 8.5 — 8.5 Total $ 87.2 $ 21.3 $ 277.6 $ 386.1 Maximum potential amount of future payments In billions of dollars at December 31, 2021 Investment Non-investment Not Total Financial standby letters of credit $ 81.4 $ 11.3 $ — $ 92.7 Performance guarantees 10.5 2.5 — 13.0 Derivative instruments deemed to be guarantees — — 63.5 63.5 Loans sold with recourse — — 1.7 1.7 Securities lending indemnifications — — 121.9 121.9 Credit card merchant processing — — 119.4 119.4 Credit card arrangements with partners — — 0.8 0.8 Other — 12.0 2.0 14.0 Total $ 91.9 $ 25.8 $ 309.3 $ 427.0 |
Schedule of credit commitments | The table below summarizes Citigroup’s credit commitments: In millions of dollars U.S. Outside of U.S. (1) December 31, December 31, 2021 Commercial and similar letters of credit $ 650 $ 4,666 $ 5,316 $ 5,910 One- to four-family residential mortgages 906 1,488 2,394 4,351 Revolving open-end loans secured by one- to four-family residential properties 5,719 661 6,380 7,913 Commercial real estate, construction and land development 13,275 1,895 15,170 17,843 Credit card lines 603,975 79,257 683,232 700,559 Commercial and other consumer loan commitments 191,318 106,081 297,399 320,556 Other commitments and contingencies 5,469 204 5,673 5,649 Total $ 821,312 $ 194,252 $ 1,015,564 $ 1,062,781 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
ROU asset and lease liabilities | The following table presents information on the right-of-use (ROU) asset and lease liabilities included in Premises and equipment and Other liabilities , respectively: In millions of dollars December 31, December 31, ROU asset $ 2,892 $ 2,914 Lease liability 3,076 3,116 |
Operating lease expense | The following table presents the total operating lease expense (principally for offices, branches and equipment) included in the Consolidated Statement of Income: In millions of dollars Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 Operating lease expense (1) $ 1,048 $ 1,061 $ 1,054 (1) Balances presented net of $3 million, $12 million and $27 million of sublease income for the years ended December 31, 2022, 2021 and 2020, respectively. |
Schedule of cash flow supplemental information | The table below provides the Cash Flow Statement Supplemental Information: In m illions o f dollars December 31, December 31, Cash paid for amounts included in the measurement of lease liabilities $ 725 $ 806 ROU assets obtained in exchange for new operating lease liabilities (1)(2) 775 845 (1) Represents non-cash activity and, accordingly, is not reflected in the Consolidated Statement of Cash Flows. (2) Excludes the decrease in the ROU assets related to the purchase of a previously leased property. |
Schedule of future minimum rental payments for operating leases after adoption | Citi’s future lease payments are as follows: In millions of dollars 2023 $ 704 2024 635 2025 541 2026 437 2027 319 Thereafter 769 Total future lease payments $ 3,405 Less imputed interest (based on weighted-average discount rate of 3.1%) $ (329) Lease liability $ 3,076 |
CONDENSED CONSOLIDATING FINAN_2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed consolidating statements of income and comprehensive income | Year ended December 31, 2022 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 8,992 $ — $ (8,992) $ — Interest revenue — 10,021 64,387 — 74,408 Interest revenue—intercompany 4,628 2,324 (6,952) — — Interest expense 5,250 5,938 14,552 — 25,740 Interest expense—intercompany 715 4,358 (5,073) — — Net interest income $ (1,337) $ 2,049 $ 47,956 $ — $ 48,668 Commissions and fees $ — $ 4,617 $ 4,558 $ — $ 9,175 Commissions and fees—intercompany (1) 127 (126) — — Principal transactions 5,147 13,895 (4,883) — 14,159 Principal transactions—intercompany (5,686) (10,532) 16,218 — — Other revenue 210 493 2,633 — 3,336 Other revenue—intercompany (220) (58) 278 — — Total non-interest revenues $ (550) $ 8,542 $ 18,678 $ — $ 26,670 Total revenues, net of interest expense $ 7,105 $ 10,591 $ 66,634 $ (8,992) $ 75,338 Provisions for credit losses and for benefits and claims $ — $ 10 $ 5,229 $ — $ 5,239 Operating expenses Compensation and benefits $ 9 $ 5,450 $ 21,196 $ — $ 26,655 Compensation and benefits—intercompany 12 — (12) — — Other operating 85 2,962 21,590 — 24,637 Other operating—intercompany 15 2,705 (2,720) — — Total operating expenses $ 121 $ 11,117 $ 40,054 $ — $ 51,292 Equity in undistributed income of subsidiaries $ 6,173 $ — $ — $ (6,173) $ — Income from continuing operations before income taxes $ 13,157 $ (536) $ 21,351 $ (15,165) $ 18,807 Provision (benefit) for income taxes (1,688) (290) 5,620 — 3,642 Income from continuing operations $ 14,845 $ (246) $ 15,731 $ (15,165) $ 15,165 Income (loss) from discontinued operations, net of taxes — — (231) — (231) Net income before attribution of noncontrolling interests $ 14,845 $ (246) $ 15,500 $ (15,165) $ 14,934 Noncontrolling interests — — 89 — 89 Net income $ 14,845 $ (246) $ 15,411 $ (15,165) $ 14,845 Comprehensive income Add: Other comprehensive income (loss) $ (8,297) $ 946 $ (5,120) $ 4,174 $ (8,297) Total Citigroup comprehensive income $ 6,548 $ 700 $ 10,291 $ (10,991) $ 6,548 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (58) $ — $ (58) Add: Net income attributable to noncontrolling interests — — 89 — 89 Total comprehensive income $ 6,548 $ 700 $ 10,322 $ (10,991) $ 6,579 Year ended December 31, 2021 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 6,482 $ — $ — $ (6,482) $ — Interest revenue — 3,566 46,909 — 50,475 Interest revenue—intercompany 3,757 531 (4,288) — — Interest expense 4,791 778 2,412 — 7,981 Interest expense—intercompany 294 1,320 (1,614) — — Net interest income $ (1,328) $ 1,999 $ 41,823 $ — $ 42,494 Commissions and fees $ — $ 7,770 $ 5,902 $ — $ 13,672 Commissions and fees—intercompany (36) 407 (371) — — Principal transactions 976 10,140 (962) — 10,154 Principal transactions—intercompany (1,375) (6,721) 8,096 — — Other revenue (64) 576 5,052 — 5,564 Other revenue—intercompany (133) (60) 193 — — Total non-interest revenues $ (632) $ 12,112 $ 17,910 $ — $ 29,390 Total revenues, net of interest expense $ 4,522 $ 14,111 $ 59,733 $ (6,482) $ 71,884 Provisions for credit losses and for benefits and claims $ — $ 6 $ (3,784) $ — $ (3,778) Operating expenses Compensation and benefits $ 10 $ 5,251 $ 19,873 $ — $ 25,134 Compensation and benefits—intercompany 69 — (69) — — Other operating 83 2,868 20,108 — 23,059 Other operating—intercompany 11 2,826 (2,837) — — Total operating expenses $ 173 $ 10,945 $ 37,075 $ — $ 48,193 Equity in undistributed income of subsidiaries $ 16,596 $ — $ — $ (16,596) $ — Income from continuing operations before income taxes $ 20,945 $ 3,160 $ 26,442 $ (23,078) $ 27,469 Provision (benefit) for income taxes (1,007) 625 5,833 — 5,451 Income from continuing operations $ 21,952 $ 2,535 $ 20,609 $ (23,078) $ 22,018 Income (loss) from discontinued operations, net of taxes — — 7 — 7 Net income (loss) before attribution of noncontrolling interests $ 21,952 $ 2,535 $ 20,616 $ (23,078) $ 22,025 Noncontrolling interests — — 73 — 73 Net income $ 21,952 $ 2,535 $ 20,543 $ (23,078) $ 21,952 Comprehensive income Add: Other comprehensive income (loss) $ (6,707) $ (76) $ (450) $ 526 $ (6,707) Total Citigroup comprehensive income $ 15,245 $ 2,459 $ 20,093 $ (22,552) $ 15,245 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ (99) $ — $ (99) Add: Net income attributable to noncontrolling interests — — 73 — 73 Total comprehensive income $ 15,245 $ 2,459 $ 20,067 $ (22,552) $ 15,219 Year ended December 31, 2020 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Revenues Dividends from subsidiaries $ 2,355 $ — $ — $ (2,355) $ — Interest revenue — 5,364 52,725 — 58,089 Interest revenue—intercompany 4,162 920 (5,082) — — Interest expense 4,992 1,989 6,357 — 13,338 Interest expense—intercompany 502 2,170 (2,672) — — Net interest income $ (1,332) $ 2,125 $ 43,958 $ — $ 44,751 Commissions and fees $ — $ 6,216 $ 5,169 $ — $ 11,385 Commissions and fees—intercompany (36) 290 (254) — — Principal transactions (1,254) (4,252) 19,391 — 13,885 Principal transactions—intercompany 693 9,064 (9,757) — — Other revenue (127) 706 4,901 — 5,480 Other revenue—intercompany 111 23 (134) — — Total non-interest revenues $ (613) $ 12,047 $ 19,316 $ — $ 30,750 Total revenues, net of interest expense $ 410 $ 14,172 $ 63,274 $ (2,355) $ 75,501 Provisions for credit losses and for benefits and claims $ — $ (1) $ 17,496 $ — $ 17,495 Operating expenses Compensation and benefits $ (5) $ 4,941 $ 17,278 $ — $ 22,214 Compensation and benefits—intercompany 191 — (191) — — Other operating 37 2,393 19,730 — 22,160 Other operating—intercompany 15 2,317 (2,332) — — Total operating expenses $ 238 $ 9,651 $ 34,485 $ — $ 44,374 Equity in undistributed income of subsidiaries $ 9,894 $ — $ — $ (9,894) $ — Income from continuing operations before income taxes $ 10,066 $ 4,522 $ 11,293 $ (12,249) $ 13,632 Provision (benefit) for income taxes (981) 1,249 2,257 — 2,525 Income from continuing operations $ 11,047 $ 3,273 $ 9,036 $ (12,249) $ 11,107 Income (loss) from discontinued operations, net of taxes — — (20) — (20) Net income before attribution of noncontrolling interests $ 11,047 $ 3,273 $ 9,016 $ (12,249) $ 11,087 Noncontrolling interests — — 40 — 40 Net income $ 11,047 $ 3,273 $ 8,976 $ (12,249) $ 11,047 Comprehensive income Add: Other comprehensive income (loss) $ 4,260 $ (223) $ 4,244 $ (4,021) $ 4,260 Total Citigroup comprehensive income $ 15,307 $ 3,050 $ 13,220 $ (16,270) $ 15,307 Add: Other comprehensive income attributable to noncontrolling interests $ — $ — $ 26 $ — $ 26 Add: Net income attributable to noncontrolling interests — — 40 — 40 Total comprehensive income $ 15,307 $ 3,050 $ 13,286 $ (16,270) $ 15,373 |
Condensed consolidating balance sheet | December 31, 2022 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 955 $ 29,622 $ — $ 30,577 Cash and due from banks—intercompany 15 7,448 (7,463) — — Deposits with banks, net of allowance — 7,902 303,546 — 311,448 Deposits with banks—intercompany 3,000 10,816 (13,816) — — Securities borrowed and purchased under resale agreements — 286,724 78,677 — 365,401 Securities borrowed and purchased under resale agreements—intercompany — 19,549 (19,549) — — Trading account assets 130 202,678 131,306 — 334,114 Trading account assets—intercompany 176 7,279 (7,455) — — Investments, net of allowance 1 265 526,316 — 526,582 Loans, net of unearned income — 1,749 655,472 — 657,221 Loans, net of unearned income—intercompany — 337 (337) — — Allowance for credit losses on loans (ACLL) — — (16,974) — (16,974) Total loans, net $ — $ 2,086 $ 638,161 $ — $ 640,247 Advances to subsidiaries $ 146,843 $ — $ (146,843) $ — $ — Investments in subsidiary bank holding company 172,721 — — (172,721) — Investments in non-bank subsidiaries 48,295 — — (48,295) — Other assets, net of allowance (1) 10,441 66,753 131,113 — 208,307 Other assets—intercompany 3,346 94,716 (98,062) — — Total assets $ 384,968 $ 707,171 $ 1,545,553 $ (221,016) $ 2,416,676 Liabilities and equity Deposits $ — $ — $ 1,365,954 $ — $ 1,365,954 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 181,765 20,679 — 202,444 Securities loaned and sold under repurchase agreements—intercompany — 64,151 (64,151) — — Trading account liabilities 23 108,940 61,684 — 170,647 Trading account liabilities—intercompany 581 6,989 (7,570) — — Short-term borrowings — 20,382 26,714 — 47,096 Short-term borrowings—intercompany — 23,468 (23,468) — — Long-term debt 166,257 88,844 16,505 — 271,606 Long-term debt—intercompany — 83,224 (83,224) — — Advances from subsidiary bank holding company 6,629 — (6,629) — — Advances from non-bank subsidiaries 7,933 — (7,933) — — Other liabilities 2,321 75,040 79,730 — 157,091 Other liabilities—intercompany 35 15,530 (15,565) — — Stockholders’ equity 201,189 38,838 182,827 (221,016) 201,838 Total liabilities and equity $ 384,968 $ 707,171 $ 1,545,553 $ (221,016) $ 2,416,676 (1) Citigroup parent company and Other Citigroup subsidiaries at December 31, 2022 included $40.2 billion of placements to Citibank and its branches, of which $29.2 billion had a remaining term of less than 30 days. December 31, 2021 In millions of dollars Citigroup parent company CGMHI Other Citigroup subsidiaries and eliminations Consolidating adjustments Citigroup consolidated Assets Cash and due from banks $ — $ 834 $ 26,681 $ — $ 27,515 Cash and due from banks—intercompany 17 6,890 (6,907) — — Deposits with banks, net of allowance — 7,936 226,582 — 234,518 Deposits with banks—intercompany 3,500 11,005 (14,505) — — Securities borrowed and purchased under resale agreements — 269,608 57,680 — 327,288 Securities borrowed and purchased under resale agreements—intercompany — 23,362 (23,362) — — Trading account assets 248 189,841 141,856 — 331,945 Trading account assets—intercompany 1,215 1,438 (2,653) — — Investments, net of allowance 1 224 512,597 — 512,822 Loans, net of unearned income — 2,293 665,474 — 667,767 Loans, net of unearned income—intercompany — — — — — Allowance for credit losses on loans (ACLL) — — (16,455) — (16,455) Total loans, net $ — $ 2,293 $ 649,019 $ — $ 651,312 Advances to subsidiaries $ 142,144 $ — $ (142,144) $ — $ — Investments in subsidiary bank holding company 175,849 — — (175,849) — Investments in non-bank subsidiaries 47,454 — — (47,454) — Other assets, net of allowance (1) 10,589 69,312 126,112 — 206,013 Other assets—intercompany 2,737 60,567 (63,304) — — Total assets $ 383,754 $ 643,310 $ 1,487,652 $ (223,303) $ 2,291,413 Liabilities and equity Deposits $ — $ — $ 1,317,230 $ — $ 1,317,230 Deposits—intercompany — — — — — Securities loaned and sold under repurchase agreements — 171,818 19,467 — 191,285 Securities loaned and sold under repurchase agreements—intercompany — 62,197 (62,197) — — Trading account liabilities 17 122,383 39,129 — 161,529 Trading account liabilities—intercompany 777 500 (1,277) — — Short-term borrowings — 13,425 14,548 — 27,973 Short-term borrowings—intercompany — 17,230 (17,230) — — Long-term debt 164,945 61,416 28,013 — 254,374 Long-term debt—intercompany — 76,335 (76,335) — — Advances from subsidiary bank holding company 5,426 — (5,426) — — Advances from non-bank subsidiaries 8,043 — (8,043) — — Other liabilities 2,574 68,206 65,570 — 136,350 Other liabilities—intercompany — 11,774 (11,774) — — Stockholders’ equity 201,972 38,026 185,977 (223,303) 202,672 Total liabilities and equity $ 383,754 $ 643,310 $ 1,487,652 $ (223,303) $ 2,291,413 |
Condensed consolidating statement of cash flows | Condensed Consolidating Statement of Cash Flows Year ended December 31, 2022 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 $ 156 $ (18,505) $ 43,418 $ — $ 25,069 Cash flows from investing activities of continuing operations Available-for-sale debt securities: Purchases of investments $ — $ — $ (218,747) $ — $ (218,747) Proceeds from sales of investments — — 79,687 — 79,687 Proceeds from maturities of investments — — 140,934 — 140,934 Held-to-maturity debt securities: Purchases of investments — — (42,903) — (42,903) Proceeds from maturities of investments — — 12,188 — 12,188 Change in loans — — (16,591) — (16,591) Proceeds from sales and securitizations of loans — — 4,709 — 4,709 Proceeds from divestitures — — 5,741 — 5,741 Change in securities borrowed and purchased under agreements to resell — (13,303) (24,810) — (38,113) Changes in investments and advances—intercompany (7,815) (33,929) 41,744 — — Other investing activities — (65) (6,295) — (6,360) Net cash used in investing activities of continuing operations $ (7,815) $ (47,297) $ (24,343) $ — $ (79,455) Cash flows from financing activities of continuing operations Dividends paid $ (5,003) $ (281) $ 281 $ — $ (5,003) Issuance of preferred stock — — — — — Redemption of preferred stock — — — — — Treasury stock acquired (3,250) — — — (3,250) Proceeds (repayments) from issuance of long-term debt, net 14,661 34,162 (1,160) — 47,663 Proceeds (repayments) from issuance of long-term debt—intercompany, net — 11,089 (11,089) — — Change in deposits — — 68,415 — 68,415 Change in securities loaned and sold under agreements to repurchase — 11,901 (742) — 11,159 Change in short-term borrowings — 6,957 12,166 — 19,123 Net change in short-term borrowings and other advances—intercompany 1,093 2,038 (3,131) — — Capital contributions from (to) parent — 380 (380) — — Other financing activities (344) 12 (12) — (344) Net cash provided by financing activities of continuing operations $ 7,157 $ 66,258 $ 64,348 $ — $ 137,763 Effect of exchange rate changes on cash and due from banks $ — $ — $ (3,385) $ — $ (3,385) Change in cash and due from banks and deposits with banks $ (502) $ 456 $ 80,038 $ — $ 79,992 Cash and due from banks and deposits with banks at 3,517 26,665 231,851 — 262,033 Cash and due from banks and deposits with banks at end of year $ 3,015 $ 27,121 $ 311,889 $ — $ 342,025 Cash and due from banks (including segregated cash and other deposits) $ 15 $ 8,403 $ 22,159 $ — $ 30,577 Deposits with banks, net of allowance 3,000 18,718 289,730 — 311,448 Cash and due from banks and deposits with banks at end of year $ 3,015 $ 27,121 $ 311,889 $ — $ 342,025 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the year for income taxes $ (1,269) $ 363 $ 4,639 $ — $ 3,733 Cash paid during the year for interest 1,309 9,936 11,370 — 22,615 Non-cash investing activities Transfer of investment securities from AFS to HTM $ — $ — $ 21,688 $ — $ 21,688 Decrease in net loans associated with divestitures reclassified to HFS — — 16,956 — 16,956 Decrease in goodwill associated with divestitures reclassified to HFS — — 876 — 876 Transfers to loans HFS ( Other assets ) from loans — — 5,582 — 5,582 Non-cash financing activities Decrease in deposits associated with significant disposals reclassified to HFS $ — $ — $ 19,691 $ — $ 19,691 Condensed Consolidating Statement of Cash Flows Year ended December 31, 2021 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 $ 3,947 $ 43,227 $ (84) $ — $ 47,090 Cash flows from investing activities of continuing operations Available-for-sale debt securities: Purchases of investments $ — $ — $ (205,980) $ — $ (205,980) Proceeds from sales of investments — — 125,895 — 125,895 Proceeds from maturities of investments — — 120,936 — 120,936 Held-to-maturity debt securities: Purchases of investments — — (136,450) — (136,450) Proceeds from maturities of investments — — 21,164 — 21,164 Change in loans — — (1,173) — (1,173) Proceeds from sales and securitizations of loans — — 2,918 — 2,918 Change in securities borrowed and purchased under agreements to resell — (29,944) (2,632) — (32,576) Changes in investments and advances—intercompany 8,260 (9,040) 780 — — Other investing activities — (2) (5,478) — (5,480) Net cash provided by (used in) investing activities of continuing operations $ 8,260 $ (38,986) $ (80,020) $ — $ (110,746) Cash flows from financing activities of continuing operations Dividends paid $ (5,198) $ (196) $ 196 $ — $ (5,198) Issuance of preferred stock 3,300 — — — 3,300 Redemption of preferred stock (3,785) — — — (3,785) Treasury stock acquired (7,601) — — — (7,601) Proceeds from issuance of long-term debt, net (86) 15,071 (19,277) — (4,292) Proceeds (repayments) from issuance of long-term debt—intercompany, net — 14,410 (14,410) — — Change in deposits — — 44,966 — 44,966 Change in securities loaned and sold under agreements to repurchase — (27,241) 19,001 — (8,240) Change in short-term borrowings — 1,102 (2,643) — (1,541) Net change in short-term borrowings and other advances—intercompany 501 (917) 416 — — Capital contributions from (to) parent — 71 (71) — — Other financing activities (337) 12 (12) — (337) Net cash provided by (used in) financing activities of continuing operations $ (13,206) $ 2,312 $ 28,166 $ — $ 17,272 Effect of exchange rate changes on cash and due from banks $ — $ — $ (1,198) $ — $ (1,198) Change in cash and due from banks and deposits with banks $ (999) $ 6,553 $ (53,136) $ — $ (47,582) Cash and due from banks and deposits with banks at 4,516 20,112 284,987 — 309,615 Cash and due from banks and deposits with banks at end of year $ 3,517 $ 26,665 $ 231,851 $ — $ 262,033 Cash and due from banks (including segregated cash and other deposits) $ 17 $ 7,724 $ 19,774 $ — $ 27,515 Deposits with banks, net of allowance 3,500 18,941 212,077 — 234,518 Cash and due from banks and deposits with banks at end of year $ 3,517 $ 26,665 $ 231,851 $ — $ 262,033 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the year for income taxes $ (2,406) $ 919 $ 5,515 $ — $ 4,028 Cash paid during the year for interest 3,101 2,210 1,832 — 7,143 Non-cash investing activities Decrease in net loans associated with divestitures reclassified to HFS $ — $ — $ 9,945 $ — $ 9,945 Transfers to loans HFS ( Other assets ) from loans — — 7,414 — 7,414 Non-cash financing activities Decrease in long-term debt associated with divestitures reclassified to HFS $ — $ — $ 479 $ — $ 479 Decrease in deposits associated with divestitures reclassified to HFS — — 8,407 — 8,407 Condensed Consolidating Statements of Cash Flows Year ended December 31, 2020 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 $ 5,002 $ (26,195) $ (2,295) $ — $ (23,488) Cash flows from investing activities of continuing operations Available-for-sale debt securities: Purchases of investments $ — $ — $ (306,801) $ — $ (306,801) Proceeds from sales of investments — — 144,035 — 144,035 Proceeds from maturities of investments — — 110,941 — 110,941 Held-to-maturity debt securities: Purchases of investments — — (25,586) — (25,586) Proceeds from maturities of investments — — 15,215 — 15,215 Change in loans — — 14,249 — 14,249 Proceeds from sales and securitizations of loans — — 1,495 — 1,495 Change in securities borrowed and purchased under agreements to resell — (46,044) 2,654 — (43,390) Changes in investments and advances—intercompany (5,584) (6,917) 12,501 — — Other investing activities — (54) (2,549) — (2,603) Net cash provided by (used in) investing activities of continuing operations $ (5,584) $ (53,015) $ (33,846) $ — $ (92,445) Cash flows from financing activities of continuing operations Dividends paid $ (5,352) $ (172) $ 172 $ — $ (5,352) Issuance of preferred stock 2,995 — — — 2,995 Redemption of preferred stock (1,500) — — — (1,500) Treasury stock acquired (2,925) — — — (2,925) Proceeds (repayments) from issuance of long-term debt, net 16,798 6,349 (10,091) — 13,056 Proceeds (repayments) from issuance of long-term debt—intercompany, net — 3,960 (3,960) — — Change in deposits — — 210,081 — 210,081 Change in securities loaned and sold under agreements to repurchase — 79,322 (46,136) — 33,186 Change in short-term borrowings — 1,228 (16,763) — (15,535) Net change in short-term borrowings and other advances—intercompany (7,528) (7,806) 15,334 — — Other financing activities (411) — — — (411) Net cash provided by financing activities of continuing operations $ 2,077 $ 82,881 $ 148,637 $ — $ 233,595 Effect of exchange rate changes on cash and due from banks $ — $ — $ (1,966) $ — $ (1,966) Change in cash and due from banks and deposits with banks $ 1,495 $ 3,671 $ 110,530 $ — $ 115,696 Cash and due from banks and deposits with banks at 3,021 16,441 174,457 — 193,919 Cash and due from banks and deposits with banks at end of year $ 4,516 $ 20,112 $ 284,987 $ — $ 309,615 Cash and due from banks (including segregated cash and other deposits) $ 16 $ 6,709 $ 19,624 $ — $ 26,349 Deposits with banks, net of allowance 4,500 13,403 265,363 — 283,266 Cash and due from banks and deposits with banks at end of year $ 4,516 $ 20,112 $ 284,987 $ — $ 309,615 Supplemental disclosure of cash flow information for continuing operations Cash paid (received) during the year for income taxes $ (1,883) $ 1,138 $ 5,542 $ — $ 4,797 Cash paid during the year for interest 2,681 4,516 4,897 — 12,094 Non-cash investing activities Transfers to loans HFS ( Other assets ) from loans $ — $ — $ 2,614 $ — $ 2,614 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 payment | |
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 | |
Maximum past due period of contractual payments to write down secured loans to net collateral values | 60 days |
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_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounting Changes Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 01, 2020 | Jan. 31, 2023 | Jun. 30, 2022 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2023 | Dec. 31, 2019 | ||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Decrease in interest expense | $ (11,559) | $ (2,896) | $ (5,334) | |||||||||
Increase in other operating expenses | 12,174 | 11,427 | 11,227 | |||||||||
Increase (decrease) in allowance for credit losses | 16,974 | 16,455 | 24,956 | $ 16,541 | ||||||||
Pretax percentage increase allowance for credit losses | 29% | |||||||||||
Increase (decrease) in retained earnings | 194,734 | 184,948 | ||||||||||
Increase (decrease) in deferred tax assets | 27,672 | 24,789 | ||||||||||
Build to allowance for credit losses | 937 | (7,283) | 7,635 | |||||||||
Increase (decrease) in provisions for credit losses on loans | 4,745 | (3,103) | 15,922 | |||||||||
Increase in operating expenses | 51,292 | 48,193 | 44,374 | |||||||||
Decrease in net income | $ (14,845) | $ (21,952) | $ (11,047) | |||||||||
Decrease in net income (in dollars per share) | [1] | $ (7.04) | $ (10.21) | $ (4.74) | ||||||||
Increase (decrease) in other assets | $ 103,743 | $ 101,551 | ||||||||||
Purchase of investments, operating activities | (2,000) | $ (30) | ||||||||||
Impact to cash from (used in) operating activities | [2] | 25,069 | 47,090 | (23,488) | ||||||||
Impact to cash from (used in) investing activities | [2] | 79,455 | 110,746 | 92,445 | ||||||||
Macroeconomic Uncertainty | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Decrease in allowance for credit losses | $ (800) | |||||||||||
Change in Accounting Method Accounted for as Change in Estimate | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Decrease in allowance for credit losses | $ 300 | |||||||||||
Subsequent event | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
HTM securities, amortized cost, transferred to AFS | $ 3,300 | |||||||||||
HTM securities, fair value, transferred to AFS | $ 3,400 | |||||||||||
Cumulative effect of adoption | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Increase (decrease) in allowance for credit losses | $ 4,100 | $ (350) | 4,201 | |||||||||
Increase (decrease) in retained earnings | (3,100) | 300 | ||||||||||
Increase (decrease) in deferred tax assets | 1,000 | |||||||||||
Build to allowance for credit losses | 4,900 | |||||||||||
Release of reserves | $ 800 | |||||||||||
Increase (decrease) in deferred income tax assets | (100) | |||||||||||
Increase (decrease) in other assets | $ 50 | |||||||||||
Accounting Standards Update 2016-13 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Loss coverage period | 23 months | |||||||||||
Accounting Guidance Prior to Adoption of ASU 2016-13 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Loss coverage period | 14 months | |||||||||||
Reclassification adjustment | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Decrease in interest expense | 1,207 | 1,203 | 781 | |||||||||
Increase in other operating expenses | $ 1,207 | 1,203 | 781 | |||||||||
Impact to cash from (used in) operating activities | 2,000 | 30 | ||||||||||
Impact to cash from (used in) investing activities | $ 2,000 | 30 | ||||||||||
Variable post-charge-off third-party collection costs | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle | ||||||||||||
Increase (decrease) in allowance for credit losses | $ (443) | $ (122) | $ (426) | $ (443) | ||||||||
Increase (decrease) in retained earnings | $ 330 | |||||||||||
Increase (decrease) in provisions for credit losses on loans | $ 122 | 339 | $ (18) | |||||||||
Increase in operating expenses | $ 45 | $ 49 | ||||||||||
Decrease in net income | $ 330 | |||||||||||
Decrease in net income (in dollars per share) | $ 0.16 | |||||||||||
[1]Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.[2]See “Statement of Cash Flows” in Note 1. |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revision of cash flows (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Other, net | [1] | $ (17,922) | $ (15,446) | $ 1,246 |
Impact to cash from (used in) operating activities | [1] | 25,069 | 47,090 | (23,488) |
AFS purchases | [1],[2] | (218,747) | (205,980) | (306,801) |
AFS maturities | [2] | 140,934 | 120,936 | 110,941 |
Impact to cash from (used in) investing activities | [1] | $ (79,455) | (110,746) | (92,445) |
Cash flows related to negotiable certificates of deposit | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Other, net | (17,402) | 1,216 | ||
AFS purchases | (205,980) | (306,801) | ||
AFS maturities | 120,936 | 110,941 | ||
As reported | Cash flows related to negotiable certificates of deposit | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Other, net | (1,287) | 4,113 | ||
AFS purchases | (222,095) | (307,771) | ||
AFS maturities | 120,936 | 109,014 | ||
Revision | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Impact to cash from (used in) operating activities | 2,000 | 30 | ||
Impact to cash from (used in) investing activities | (2,000) | (30) | ||
Revision | Cash flows related to negotiable certificates of deposit | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Other, net | (16,115) | (2,897) | ||
Impact to cash from (used in) operating activities | (16,115) | (2,897) | ||
AFS purchases | 16,115 | 970 | ||
AFS maturities | 0 | 1,927 | ||
Impact to cash from (used in) investing activities | $ 16,115 | $ 2,897 | ||
[1]See “Statement of Cash Flows” in Note 1.[2]Citi has revised the Consolidated Statement of Cash Flows to present purchases of investments, sales of investments and proceeds from maturities of investments separately between AFS debt securities and HTM debt securities. Citi had no sales of HTM debt securities during the periods presented. |
DISCONTINUED OPERATIONS, SIGN_3
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Schedule of Income before Taxes from Disposals (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Results of Discontinued Operations | |||
Total revenues, net of interest expense | $ (260) | $ 0 | $ 0 |
Income (loss) from discontinued operations | (272) | 7 | (20) |
Benefit for income taxes | (41) | 0 | 0 |
Income (loss) from discontinued operations, net of taxes | $ (231) | $ 7 | $ (20) |
DISCONTINUED OPERATIONS, SIGN_4
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 12, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) consumerBankingBusiness | Aug. 25, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 25, 2021 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Total loans | $ 657,221 | $ 667,767 | ||||
Consumer | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Sales of loans | $ 240 | |||||
Loss on sale of loans | 12 | |||||
Adjustment to record loans at lower of cost or fair value | 32 | |||||
Decrease in allowance for loans sold | $ 20 | |||||
Total loans | 219 | |||||
Employee Severance Costs | Russian Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Pretax charges recorded from other business exits | 28 | |||||
Other Restructuring | Russian Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Expected costs | $ 190 | |||||
Discontinued Operations, Disposed of by Sale | Legacy Franchises | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Loss on sale of business, foreign currency translation adjustments, pretax | 400 | |||||
Loss on sale of business, foreign currency translation adjustments, after-tax | 345 | |||||
Egg Banking Business | Discontinued Operations, Disposed of by Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Loss on sale of business, foreign currency translation adjustments, pretax | 260 | |||||
Loss on sale of business, foreign currency translation adjustments, after-tax | 221 | |||||
Legacy Holdings | Discontinued Operations, Disposed of by Sale | Legacy Franchises | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Loss on sale of business, foreign currency translation adjustments, pretax | 140 | |||||
Loss on sale of business, foreign currency translation adjustments, after-tax | $ 124 | |||||
Consumer Banking Businesses | Discontinued Operations, Held-for-sale or Disposed of by Sale | Legacy Franchises | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of businesses sold | consumerBankingBusiness | 9 | |||||
Consumer Banking Businesses | Discontinued Operations, Disposed of by Sale | Legacy Franchises | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of businesses sold | consumerBankingBusiness | 5 | |||||
Consumer Banking Businesses | Discontinued Operations, Held-for-sale | Legacy Franchises | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Assets | $ 20,000 | |||||
Loans | 12,000 | |||||
Loans, allowance for credit losses | 164 | |||||
Liabilities | 17,000 | |||||
Deposits | $ 16,000 | |||||
Citibank Korea Inc. | Employee Severance Costs | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Pretax charges recorded from other business exits | $ 31 | |||||
Expected costs | $ 1,100 |
DISCONTINUED OPERATIONS, SIGN_5
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Income before Taxes, Assets and Liabilities Held-for-Sale (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Nov. 01, 2022 | Aug. 01, 2022 | Jun. 01, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Australia Consumer Banking Business | |||||||
Results of Discontinued Operations | |||||||
Income before taxes | $ 193 | $ 306 | $ 181 | ||||
Australia Consumer Banking Business | Discontinued Operations, Held-for-sale | |||||||
Assets | |||||||
Cash and deposits with banks | 0 | ||||||
Loans | 0 | ||||||
Goodwill | 0 | ||||||
Other assets, advances to/from subsidiaries | 0 | ||||||
Other assets | 0 | ||||||
Total assets | 0 | ||||||
Liabilities | |||||||
Deposits | 0 | ||||||
Long-term debt | 0 | ||||||
Other liabilities | 0 | ||||||
Total liabilities | 0 | ||||||
Results of Discontinued Operations | |||||||
Loss on sale of business, foreign currency translation adjustments, pretax | $ 620 | ||||||
Loss on sale of business, foreign currency translation adjustments, after-tax | $ 470 | ||||||
Australia Consumer Banking Business | Discontinued Operations, Disposed of by Sale | |||||||
Assets | |||||||
Loans | $ 9,300 | ||||||
Total assets | 9,400 | ||||||
Liabilities | |||||||
Deposits | 6,800 | ||||||
Total liabilities | 7,300 | ||||||
Results of Discontinued Operations | |||||||
Loans, allowance for credit losses | 140 | ||||||
Pretax gain (loss) on sale | (760) | ||||||
Gain (loss) on sale, after-tax | $ (640) | ||||||
Gain (loss) on sale of business, after-tax, location | Other revenue | ||||||
Loss on sale of business, foreign currency translation adjustments, pretax | $ 620 | ||||||
Loss on sale of business, foreign currency translation adjustments, after-tax | $ 470 | ||||||
Philippines Consumer Banking Business | |||||||
Results of Discontinued Operations | |||||||
Income before taxes | 72 | 145 | 42 | ||||
Philippines Consumer Banking Business | Discontinued Operations, Held-for-sale | |||||||
Assets | |||||||
Cash and deposits with banks | 0 | ||||||
Loans | 0 | ||||||
Goodwill | 0 | ||||||
Other assets, advances to/from subsidiaries | 0 | ||||||
Other assets | 0 | ||||||
Total assets | 0 | ||||||
Liabilities | |||||||
Deposits | 0 | ||||||
Long-term debt | 0 | ||||||
Other liabilities | 0 | ||||||
Total liabilities | 0 | ||||||
Philippines Consumer Banking Business | Discontinued Operations, Disposed of by Sale | |||||||
Assets | |||||||
Loans | $ 1,200 | ||||||
Total assets | 1,800 | ||||||
Liabilities | |||||||
Deposits | 1,200 | ||||||
Total liabilities | 1,300 | ||||||
Results of Discontinued Operations | |||||||
Loans, allowance for credit losses | 80 | ||||||
Pretax gain (loss) on sale | 618 | ||||||
Gain (loss) on sale, after-tax | $ 290 | ||||||
Gain (loss) on sale of business, after-tax, location | Other revenue | ||||||
Thailand Consumer Banking Business | |||||||
Results of Discontinued Operations | |||||||
Income before taxes | 122 | 139 | 93 | ||||
Thailand Consumer Banking Business | Discontinued Operations, Held-for-sale | |||||||
Assets | |||||||
Cash and deposits with banks | 0 | ||||||
Loans | 0 | ||||||
Goodwill | 0 | ||||||
Other assets, advances to/from subsidiaries | 0 | ||||||
Other assets | 0 | ||||||
Total assets | 0 | ||||||
Liabilities | |||||||
Deposits | 0 | ||||||
Long-term debt | 0 | ||||||
Other liabilities | 0 | ||||||
Total liabilities | 0 | ||||||
Thailand Consumer Banking Business | Discontinued Operations, Disposed of by Sale | |||||||
Assets | |||||||
Loans | $ 2,400 | ||||||
Total assets | 2,700 | ||||||
Liabilities | |||||||
Deposits | 800 | ||||||
Total liabilities | 1,000 | ||||||
Results of Discontinued Operations | |||||||
Loans, allowance for credit losses | 67 | ||||||
Pretax gain (loss) on sale | 209 | ||||||
Gain (loss) on sale, after-tax | $ 115 | ||||||
Gain (loss) on sale of business, after-tax, location | Other revenue | ||||||
Taiwan Consumer Banking Business | |||||||
Results of Discontinued Operations | |||||||
Income before taxes | 140 | 282 | 311 | ||||
Taiwan Consumer Banking Business | Discontinued Operations, Held-for-sale | |||||||
Assets | |||||||
Cash and deposits with banks | 123 | ||||||
Loans | 7,865 | ||||||
Goodwill | 202 | ||||||
Other assets, advances to/from subsidiaries | 4,758 | ||||||
Other assets | 198 | ||||||
Total assets | 13,146 | ||||||
Liabilities | |||||||
Deposits | 10,049 | ||||||
Long-term debt | 0 | ||||||
Other liabilities | 237 | ||||||
Total liabilities | 10,286 | ||||||
Results of Discontinued Operations | |||||||
Loans, allowance for credit losses | 64 | ||||||
India Consumer Banking Business | |||||||
Results of Discontinued Operations | |||||||
Income before taxes | 194 | $ 213 | $ 117 | ||||
India Consumer Banking Business | Discontinued Operations, Held-for-sale | |||||||
Assets | |||||||
Cash and deposits with banks | 25 | ||||||
Loans | 3,423 | ||||||
Goodwill | 329 | ||||||
Other assets, advances to/from subsidiaries | 1,924 | ||||||
Other assets | 114 | ||||||
Total assets | 5,815 | ||||||
Liabilities | |||||||
Deposits | 5,266 | ||||||
Long-term debt | 0 | ||||||
Other liabilities | 204 | ||||||
Total liabilities | 5,470 | ||||||
Results of Discontinued Operations | |||||||
Loans, allowance for credit losses | $ 37 |
DISCONTINUED OPERATIONS, SIGN_6
DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS - Summarized Reserve Charges (Details) - Citibank Korea Inc. - Employee Severance Costs - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | ||
Dec. 31, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Employee termination costs | ||||
Beginning of period | $ 1,052 | $ 0 | $ 714 | $ 1,054 |
Additional charges (releases) | 0 | (3) | 31 | |
Utilization | (1) | 0 | (670) | (347) |
Foreign exchange | 3 | 0 | (41) | (24) |
End of period | $ 1,054 | $ 0 | $ 0 | $ 714 |
OPERATING SEGMENTS (Details)
OPERATING SEGMENTS (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) country segment wealthManagementCenter | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Segment Reporting [Abstract] | ||||
Number of business segments | segment | 3 | |||
Number of countries containing operations | country | 20 | |||
Number of wealth management centers | wealthManagementCenter | 4 | |||
Segment Reporting Information [Line Items] | ||||
Net interest revenue | $ 48,668 | $ 42,494 | $ 44,751 | |
Non-interest revenue | 26,670 | 29,390 | 30,750 | |
Total revenues, net of interest expense | 75,338 | 71,884 | 75,501 | |
Operating expense | 51,292 | 48,193 | 44,374 | |
Provisions for credit losses and for benefits and claims | [1] | 5,239 | (3,778) | 17,495 |
Income (loss) from continuing operations before taxes | 18,807 | 27,469 | 13,632 | |
Tax effect | 3,642 | 5,451 | 2,525 | |
Income (loss) from continuing operations | 15,165 | 22,018 | 11,107 | |
Identifiable assets | 2,416,676 | 2,291,413 | 2,260,000 | |
Average loans | 653,000 | 668,000 | 685,000 | |
Average deposits | 1,333,000 | 1,335,000 | 1,230,000 | |
Operating Segments | North America | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues, net of interest expense | 34,400 | 34,400 | 37,100 | |
Identifiable assets | 776,000 | 709,000 | 741,000 | |
Operating Segments | EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues, net of interest expense | 14,900 | 13,400 | 13,400 | |
Identifiable assets | 773,000 | 742,000 | 684,000 | |
Operating Segments | Latin America | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues, net of interest expense | 9,900 | 9,200 | 9,400 | |
Identifiable assets | 184,000 | 179,000 | 180,000 | |
Operating Segments | Asia | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues, net of interest expense | 14,700 | 14,400 | 15,800 | |
Identifiable assets | 588,000 | 572,000 | 572,000 | |
Operating Segments | Institutional Clients Group | ||||
Segment Reporting Information [Line Items] | ||||
Net interest revenue | 17,911 | 14,999 | 15,750 | |
Non-interest revenue | 23,295 | 24,837 | 25,343 | |
Total revenues, net of interest expense | 41,206 | 39,836 | 41,093 | |
Operating expense | 26,299 | 23,949 | 22,336 | |
Provisions for credit losses and for benefits and claims | 911 | (2,490) | 4,869 | |
Income (loss) from continuing operations before taxes | 13,996 | 18,377 | 13,888 | |
Tax effect | 3,258 | 4,069 | 3,077 | |
Income (loss) from continuing operations | 10,738 | 14,308 | 10,811 | |
Identifiable assets | 1,730,000 | 1,613,000 | 1,592,000 | |
Average loans | 291,000 | 287,000 | 298,000 | |
Average deposits | 830,000 | 828,000 | 780,000 | |
Operating Segments | Personal Banking and Wealth Management | ||||
Segment Reporting Information [Line Items] | ||||
Net interest revenue | 22,656 | 20,646 | 22,326 | |
Non-interest revenue | 1,561 | 2,681 | 2,814 | |
Total revenues, net of interest expense | 24,217 | 23,327 | 25,140 | |
Operating expense | 16,258 | 14,610 | 13,599 | |
Provisions for credit losses and for benefits and claims | 3,754 | (1,224) | 9,885 | |
Income (loss) from continuing operations before taxes | 4,205 | 9,941 | 1,656 | |
Tax effect | 886 | 2,207 | 334 | |
Income (loss) from continuing operations | 3,319 | 7,734 | 1,322 | |
Identifiable assets | 494,000 | 464,000 | 453,000 | |
Average loans | 321,000 | 307,000 | 304,000 | |
Average deposits | 435,000 | 417,000 | 358,000 | |
Operating Segments | Legacy Franchises | ||||
Segment Reporting Information [Line Items] | ||||
Net interest revenue | 5,691 | 6,250 | 6,973 | |
Non-interest revenue | 2,781 | 2,001 | 2,481 | |
Total revenues, net of interest expense | 8,472 | 8,251 | 9,454 | |
Operating expense | 7,782 | 8,259 | 6,890 | |
Provisions for credit losses and for benefits and claims | 571 | (62) | 2,739 | |
Income (loss) from continuing operations before taxes | 119 | 54 | (175) | |
Tax effect | 128 | 63 | (33) | |
Income (loss) from continuing operations | (9) | (9) | (142) | |
Identifiable assets | 97,000 | 125,000 | 131,000 | |
Average loans | 41,000 | 74,000 | 83,000 | |
Average deposits | 52,000 | 82,000 | 81,000 | |
Corporate/Other | ||||
Segment Reporting Information [Line Items] | ||||
Net interest revenue | 2,410 | 599 | (298) | |
Non-interest revenue | (967) | (129) | 112 | |
Total revenues, net of interest expense | 1,443 | 470 | (186) | |
Operating expense | 953 | 1,375 | 1,549 | |
Provisions for credit losses and for benefits and claims | 3 | (2) | 2 | |
Income (loss) from continuing operations before taxes | 487 | (903) | (1,737) | |
Tax effect | (630) | (888) | (853) | |
Income (loss) from continuing operations | 1,117 | (15) | (884) | |
Identifiable assets | 96,000 | 89,000 | 84,000 | |
Average loans | 0 | 0 | 0 | |
Average deposits | $ 16,000 | $ 8,000 | $ 11,000 | |
[1]This total excludes the provision for credit losses on AFS securities, which is disclosed separately above. |
INTEREST REVENUE AND EXPENSE (D
INTEREST REVENUE AND EXPENSE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest revenue | |||
Loan interest, including fees | $ 41,242 | $ 35,440 | $ 40,185 |
Deposits with banks | 4,515 | 577 | 928 |
Securities borrowed and purchased under agreements to resell | 7,154 | 1,052 | 2,283 |
Investments, including dividends | 11,214 | 7,388 | 7,989 |
Trading account assets | 7,418 | 5,365 | 6,125 |
Other interest-bearing assets | 2,865 | 653 | 579 |
Total interest revenue | 74,408 | 50,475 | 58,089 |
Interest expense | |||
Deposits | 11,559 | 2,896 | 5,334 |
Securities loaned and sold under agreements to repurchase | 4,455 | 1,012 | 2,077 |
Trading account liabilities | 1,437 | 482 | 628 |
Short-term borrowings and other interest-bearing liabilities | 2,488 | 121 | 630 |
Long-term debt | 5,801 | 3,470 | 4,669 |
Total interest expense | 25,740 | 7,981 | 13,338 |
Net interest income | 48,668 | 42,494 | 44,751 |
Provision for credit losses on loans | 4,745 | (3,103) | 15,922 |
Net interest revenue after provision for loan losses | 43,923 | 45,597 | 28,829 |
Consumer | |||
Interest revenue | |||
Loan interest, including fees | 28,391 | 26,408 | 27,763 |
Corporate | |||
Interest revenue | |||
Loan interest, including fees | $ 12,851 | $ 9,032 | $ 12,422 |
COMMISSIONS AND FEES; ADMINIS_3
COMMISSIONS AND FEES; ADMINISTRATION AND OTHER FIDUCIARY FEES - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Brokerage commissions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue recognized | $ 538 | $ 639 | $ 495 |
Insurance distribution revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue recognized | $ 201 | $ 260 | $ 290 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commissions and fees | |||
Commissions and fees revenue | $ 9,175 | $ 13,672 | $ 11,385 |
Investment banking | |||
Commissions and fees | |||
Commissions and fees revenue | 3,084 | 6,007 | 4,483 |
Brokerage commissions | |||
Commissions and fees | |||
Commissions and fees revenue | 2,546 | 3,236 | 2,960 |
Credit and bank card income, interchange fees | |||
Commissions and fees | |||
Commissions and fees revenue | 11,505 | 9,821 | 8,004 |
Credit and bank card income, card-related loan fees | |||
Commissions and fees | |||
Commissions and fees revenue | 589 | 695 | 649 |
Credit and bank card income, card rewards and partner payments | |||
Commissions and fees | |||
Commissions and fees revenue | (12,336) | (10,235) | (8,673) |
Deposit-related fees | |||
Commissions and fees | |||
Commissions and fees revenue | 1,274 | 1,331 | 1,334 |
Transactional service fees | |||
Commissions and fees | |||
Commissions and fees revenue | 1,169 | 1,098 | 974 |
Corporate finance | |||
Commissions and fees | |||
Commissions and fees revenue | 458 | 709 | 457 |
Insurance distribution revenue | |||
Commissions and fees | |||
Commissions and fees revenue | 346 | 473 | 503 |
Insurance premiums | |||
Commissions and fees | |||
Commissions and fees revenue | 91 | 94 | 125 |
Loan servicing | |||
Commissions and fees | |||
Commissions and fees revenue | 103 | 98 | 137 |
Other | |||
Commissions and fees | |||
Commissions and fees revenue | 346 | 345 | 432 |
Overdraft fees | |||
Commissions and fees | |||
Commissions and fees revenue | 59 | 107 | 100 |
Commissions and fees | |||
Commissions and fees | |||
Revenue not accounted for under ASC 606 | (11,008) | (8,516) | (7,160) |
Institutional Clients Group | |||
Commissions and fees | |||
Commissions and fees revenue | 7,911 | 10,986 | 8,870 |
Institutional Clients Group | Investment banking | |||
Commissions and fees | |||
Commissions and fees revenue | 3,084 | 6,007 | 4,483 |
Institutional Clients Group | Brokerage commissions | |||
Commissions and fees | |||
Commissions and fees revenue | 1,570 | 1,770 | 1,700 |
Institutional Clients Group | Credit and bank card income, interchange fees | |||
Commissions and fees | |||
Commissions and fees revenue | 1,207 | 817 | 704 |
Institutional Clients Group | Credit and bank card income, card-related loan fees | |||
Commissions and fees | |||
Commissions and fees revenue | 44 | 27 | 22 |
Institutional Clients Group | Credit and bank card income, card rewards and partner payments | |||
Commissions and fees | |||
Commissions and fees revenue | (625) | (405) | (380) |
Institutional Clients Group | Deposit-related fees | |||
Commissions and fees | |||
Commissions and fees revenue | 1,061 | 1,034 | 936 |
Institutional Clients Group | Transactional service fees | |||
Commissions and fees | |||
Commissions and fees revenue | 1,057 | 968 | 857 |
Institutional Clients Group | Corporate finance | |||
Commissions and fees | |||
Commissions and fees revenue | 454 | 705 | 453 |
Institutional Clients Group | Insurance distribution revenue | |||
Commissions and fees | |||
Commissions and fees revenue | 0 | 0 | 0 |
Institutional Clients Group | Insurance premiums | |||
Commissions and fees | |||
Commissions and fees revenue | 0 | 0 | 0 |
Institutional Clients Group | Loan servicing | |||
Commissions and fees | |||
Commissions and fees revenue | 39 | 43 | 80 |
Institutional Clients Group | Other | |||
Commissions and fees | |||
Commissions and fees revenue | 20 | 20 | 15 |
Personal Banking and Wealth Management | |||
Commissions and fees | |||
Commissions and fees revenue | (26) | 915 | 884 |
Personal Banking and Wealth Management | Investment banking | |||
Commissions and fees | |||
Commissions and fees revenue | 0 | 0 | 0 |
Personal Banking and Wealth Management | Brokerage commissions | |||
Commissions and fees | |||
Commissions and fees revenue | 767 | 1,035 | 874 |
Personal Banking and Wealth Management | Credit and bank card income, interchange fees | |||
Commissions and fees | |||
Commissions and fees revenue | 9,452 | 8,119 | 6,526 |
Personal Banking and Wealth Management | Credit and bank card income, card-related loan fees | |||
Commissions and fees | |||
Commissions and fees revenue | 256 | 292 | 241 |
Personal Banking and Wealth Management | Credit and bank card income, card rewards and partner payments | |||
Commissions and fees | |||
Commissions and fees revenue | (11,133) | (9,296) | (7,688) |
Personal Banking and Wealth Management | Deposit-related fees | |||
Commissions and fees | |||
Commissions and fees revenue | 157 | 196 | 255 |
Personal Banking and Wealth Management | Transactional service fees | |||
Commissions and fees | |||
Commissions and fees revenue | 17 | 22 | 20 |
Personal Banking and Wealth Management | Corporate finance | |||
Commissions and fees | |||
Commissions and fees revenue | 4 | 4 | 4 |
Personal Banking and Wealth Management | Insurance distribution revenue | |||
Commissions and fees | |||
Commissions and fees revenue | 217 | 309 | 318 |
Personal Banking and Wealth Management | Insurance premiums | |||
Commissions and fees | |||
Commissions and fees revenue | 4 | 10 | 6 |
Personal Banking and Wealth Management | Loan servicing | |||
Commissions and fees | |||
Commissions and fees revenue | 48 | 38 | 28 |
Personal Banking and Wealth Management | Other | |||
Commissions and fees | |||
Commissions and fees revenue | 185 | 186 | 300 |
Legacy Franchises | |||
Commissions and fees | |||
Commissions and fees revenue | 1,290 | 1,771 | 1,631 |
Legacy Franchises | Investment banking | |||
Commissions and fees | |||
Commissions and fees revenue | 0 | 0 | 0 |
Legacy Franchises | Brokerage commissions | |||
Commissions and fees | |||
Commissions and fees revenue | 209 | 431 | 386 |
Legacy Franchises | Credit and bank card income, interchange fees | |||
Commissions and fees | |||
Commissions and fees revenue | 846 | 885 | 774 |
Legacy Franchises | Credit and bank card income, card-related loan fees | |||
Commissions and fees | |||
Commissions and fees revenue | 289 | 376 | 386 |
Legacy Franchises | Credit and bank card income, card rewards and partner payments | |||
Commissions and fees | |||
Commissions and fees revenue | (578) | (534) | (605) |
Legacy Franchises | Deposit-related fees | |||
Commissions and fees | |||
Commissions and fees revenue | 56 | 101 | 143 |
Legacy Franchises | Transactional service fees | |||
Commissions and fees | |||
Commissions and fees revenue | 95 | 108 | 97 |
Legacy Franchises | Corporate finance | |||
Commissions and fees | |||
Commissions and fees revenue | 0 | 0 | 0 |
Legacy Franchises | Insurance distribution revenue | |||
Commissions and fees | |||
Commissions and fees revenue | 129 | 164 | 185 |
Legacy Franchises | Insurance premiums | |||
Commissions and fees | |||
Commissions and fees revenue | 87 | 84 | 119 |
Legacy Franchises | Loan servicing | |||
Commissions and fees | |||
Commissions and fees revenue | 16 | 17 | 29 |
Legacy Franchises | Other | |||
Commissions and fees | |||
Commissions and fees revenue | $ 141 | $ 139 | $ 117 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commissions and fees | |||
Administration and other fiduciary fees | $ 3,784 | $ 3,943 | $ 3,472 |
Corporate/Other | |||
Commissions and fees | |||
Administration and other fiduciary fees | 38 | ||
Custody fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 1,877 | 1,898 | 1,657 |
Fiduciary fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 1,350 | 1,464 | 1,274 |
Guarantee fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 557 | 581 | 541 |
Administration and other fiduciary fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 3,784 | 3,943 | 3,472 |
Revenue not accounted for under ASC 606 | 557 | 581 | 541 |
Institutional Clients Group | Custody fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 1,781 | 1,793 | 1,557 |
Institutional Clients Group | Fiduciary fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 284 | 250 | 234 |
Institutional Clients Group | Guarantee fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 508 | 528 | 495 |
Institutional Clients Group | Administration and other fiduciary fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 2,573 | 2,571 | 2,286 |
Personal Banking and Wealth Management | Custody fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 87 | 91 | 80 |
Personal Banking and Wealth Management | Fiduciary fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 752 | 778 | 623 |
Personal Banking and Wealth Management | Guarantee fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 43 | 45 | 38 |
Personal Banking and Wealth Management | Administration and other fiduciary fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 882 | 914 | 741 |
Legacy Franchises | Custody fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 9 | 14 | 20 |
Legacy Franchises | Fiduciary fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 314 | 436 | 417 |
Legacy Franchises | Guarantee fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | 6 | 8 | 8 |
Legacy Franchises | Administration and other fiduciary fees | |||
Commissions and fees | |||
Administration and other fiduciary fees | $ 329 | $ 458 | $ 445 |
PRINCIPAL TRANSACTIONS (Details
PRINCIPAL TRANSACTIONS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Principal transactions revenue | |||
Principal transactions revenue | $ 14,159 | $ 10,154 | $ 13,885 |
Interest rate risks | |||
Principal transactions revenue | |||
Principal transactions revenue | 3,940 | 1,993 | 4,668 |
Foreign exchange risks | |||
Principal transactions revenue | |||
Principal transactions revenue | 6,593 | 4,668 | 4,923 |
Equity risks | |||
Principal transactions revenue | |||
Principal transactions revenue | 1,858 | 2,197 | 1,431 |
Commodity and other risks | |||
Principal transactions revenue | |||
Principal transactions revenue | 1,801 | 1,123 | 1,140 |
Credit products and risks | |||
Principal transactions revenue | |||
Principal transactions revenue | $ (33) | $ 173 | $ 1,723 |
INCENTIVE PLANS - Annual Incent
INCENTIVE PLANS - Annual Incentive Awards and Compensation Allowances (Details) - Annual Incentive Awards | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
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) | $ 75,000 |
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 |
Highly compensated employees | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of incentive pay required to be deferred | 15% |
Highly compensated employees | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of incentive pay required to be deferred | 60% |
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% |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted- average grant date fair value per share (in dollars per share): | |||
Granted (in dollars per share) | $ 62.10 | $ 76.68 | |
Vested (in dollars per share) | $ 67.17 | ||
Weighted-average market value, vested (in dollars per share) | 64.13 | ||
Vested, weighted-average grant date fair value (in dollars per share) | $ 67.17 | ||
Unrecognized compensation cost of unvested stock awards | $ 862 | ||
Weighted-average period of recognition of unrecognized compensation cost of unvested stock awards (in years) | 1 year 8 months 12 days | ||
Unvested Stock Awards | |||
Unvested stock awards (in shares): | |||
Beginning balance (in shares) | 31,644,684 | ||
Granted (in shares) | 25,729,643 | ||
Canceled (in shares) | (2,007,260) | ||
Vested (in shares) | (13,458,860) | ||
Ending balance (in shares) | 41,908,207 | 31,644,684 | |
Weighted- average grant date fair value per share (in dollars per share): | |||
Beginning balance (in dollars per share) | $ 66.22 | ||
Granted (in dollars per share) | 65.07 | ||
Canceled (in dollars per share) | 65.94 | ||
Vested (in dollars per share) | 67.17 | ||
Ending balance (in dollars per share) | 65.23 | $ 66.22 | |
Vested, weighted-average grant date fair value (in dollars per share) | $ 67.17 |
INCENTIVE PLANS - Performance S
INCENTIVE PLANS - Performance Share Units (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted- average grant date fair value per share (in dollars per share): | |||
Granted (in dollars per share) | $ 62.10 | $ 76.68 | |
Weighted-average market value, vested (in dollars per share) | $ 64.13 | ||
Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period used for calculation of performance goals | 3 years | ||
Percentage of target shares earned | 100% | ||
Number of shares of common stock equivalent to each target share | 1 | ||
Valuation Assumptions | |||
Expected volatility | 37.01% | 40.88% | 22.26% |
Expected dividend yield | 2.96% | 4.21% | 2.82% |
Unvested stock awards (in shares): | |||
Beginning balance (in shares) | 1,274,273 | ||
Granted (in shares) | 531,824 | ||
Canceled (in shares) | (62,875) | ||
Payments (in shares) | (461,087) | ||
Ending balance (in shares) | 1,282,135 | 1,274,273 | |
Weighted- average grant date fair value per share (in dollars per share): | |||
Beginning balance (in dollars per share) | $ 77.67 | ||
Granted (in dollars per share) | 71.04 | ||
Canceled (in dollars per share) | 72.83 | ||
Payments (in dollars per share) | 72.83 | ||
Ending balance (in dollars per share) | $ 76.90 | $ 77.67 | |
Weighted-average market value, vested (in dollars per share) | $ 78.55 | $ 83.45 | |
Value of the payments | $ 32 | ||
Minimum | Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of target shares earned | 0% | ||
Maximum | Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of target shares earned | 150% |
INCENTIVE PLANS - Incentive Com
INCENTIVE PLANS - Incentive Compensation Cost (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Number of shares available for grant (in shares) | 48 | ||
Incentive compensation cost | $ 2,143 | $ 2,120 | $ 2,091 |
Immediately vested stock award | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Incentive compensation cost | 101 | 99 | 95 |
Amortization of deferred cash awards, deferred cash stock units and performance stock units | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Incentive compensation cost | 463 | 384 | 201 |
Other variable incentive compensation | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Incentive compensation cost | 304 | 435 | 627 |
Charges for estimated awards to retirement-eligible employees | Restricted and deferred stock awards | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Incentive compensation cost | 742 | 807 | 748 |
Amortization of restricted and deferred stock awards | Restricted and deferred stock awards | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Incentive compensation cost | $ 533 | $ 395 | $ 420 |
RETIREMENT BENEFITS - Net (Bene
RETIREMENT BENEFITS - Net (Benefit) Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure | |||
Percentage of the significant plans over global pension and postretirement liabilities, which utilize quarterly measurement policy | 90% | ||
Net (benefit) expense, location | Other operating | Other operating | Other operating |
Amortization of unrecognized | |||
Total net expense (benefit) | $ 11 | $ 10 | $ 9 |
Citibank Korea Inc. | |||
Amortization of unrecognized | |||
Curtailment and settlement benefit | 36 | ||
U.S. | Pension Plans | |||
Defined Benefit Plan, Net Periodic Benefit Cost | |||
Service cost | 0 | 0 | 0 |
Interest cost on benefit obligation | 442 | 351 | 378 |
Expected return on assets | (612) | (683) | (824) |
Amortization of unrecognized | |||
Prior service cost (benefit) | 2 | 2 | 2 |
Net actuarial loss (gain) | 162 | 228 | 233 |
Curtailment loss (gain) | 0 | 0 | 0 |
Settlement loss (gain) | 0 | 0 | 0 |
Total net expense (benefit) | (6) | (102) | (211) |
U.S. | Postretirement Benefit Plans | |||
Defined Benefit Plan, Net Periodic Benefit Cost | |||
Service cost | 0 | 0 | 0 |
Interest cost on benefit obligation | 16 | 13 | 17 |
Expected return on assets | (11) | (13) | (17) |
Amortization of unrecognized | |||
Prior service cost (benefit) | (9) | (9) | (2) |
Net actuarial loss (gain) | (9) | (3) | 0 |
Curtailment loss (gain) | 0 | 0 | 0 |
Settlement loss (gain) | 0 | 0 | 0 |
Total net expense (benefit) | (13) | (12) | (2) |
Non-U.S. | Pension Plans | |||
Defined Benefit Plan, Net Periodic Benefit Cost | |||
Service cost | 116 | 149 | 147 |
Interest cost on benefit obligation | 329 | 268 | 246 |
Expected return on assets | (263) | (253) | (245) |
Amortization of unrecognized | |||
Prior service cost (benefit) | (7) | (6) | 5 |
Net actuarial loss (gain) | 58 | 62 | 70 |
Curtailment loss (gain) | (22) | 1 | (8) |
Settlement loss (gain) | (15) | 10 | (1) |
Total net expense (benefit) | 196 | 231 | 214 |
Non-U.S. | Postretirement Benefit Plans | |||
Defined Benefit Plan, Net Periodic Benefit Cost | |||
Service cost | 2 | 6 | 7 |
Interest cost on benefit obligation | 90 | 96 | 93 |
Expected return on assets | (69) | (84) | (77) |
Amortization of unrecognized | |||
Prior service cost (benefit) | (8) | (9) | (9) |
Net actuarial loss (gain) | 6 | 13 | 20 |
Curtailment loss (gain) | 0 | 0 | 0 |
Settlement loss (gain) | 0 | 0 | 0 |
Total net expense (benefit) | $ 21 | $ 22 | $ 34 |
RETIREMENT BENEFITS - Contribut
RETIREMENT BENEFITS - Contributions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. | Pension Plans | |||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |||
Estimated future contributions made by the Company | $ 0 | ||
Cash contributions made by the Company | $ 0 | $ 0 | |
Estimated benefits paid directly by (reimbursements to) the Company | 57 | ||
Benefits paid directly by (reimbursements to) the Company | 55 | 56 | |
U.S. | Postretirement Benefit Plans | |||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |||
Estimated future contributions made by the Company | 0 | ||
Cash contributions made by the Company | 0 | 0 | |
Estimated benefits paid directly by (reimbursements to) the Company | 5 | ||
Benefits paid directly by (reimbursements to) the Company | 14 | 22 | |
Non-U.S. | Pension Plans | |||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |||
Estimated future contributions made by the Company | 71 | ||
Cash contributions made by the Company | 158 | 104 | |
Estimated benefits paid directly by (reimbursements to) the Company | 39 | ||
Benefits paid directly by (reimbursements to) the Company | 336 | 51 | |
Non-U.S. | Postretirement Benefit Plans | |||
Defined Benefit Plan, Expected Future Employer Contributions [Abstract] | |||
Estimated future contributions made by the Company | 4 | ||
Cash contributions made by the Company | 4 | $ 3 | |
Estimated benefits paid directly by (reimbursements to) the Company | 5 | ||
Benefits paid directly by (reimbursements to) the Company | $ 5 | $ 5 |
RETIREMENT BENEFITS - Funded St
RETIREMENT BENEFITS - Funded Status and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. | |||
Change in plan assets | |||
Plan assets at fair value at beginning of year | $ 13,296 | ||
Plan assets at fair value at year end | 10,398 | $ 13,296 | |
Amounts recognized in AOCI | |||
Net amount recognized in equity (pretax) | 16 | 15 | |
U.S. | Pension Plans | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 12,766 | 13,815 | |
Service cost | 0 | 0 | $ 0 |
Interest cost on benefit obligation | 442 | 351 | 378 |
Plan amendments | 0 | 0 | |
Actuarial (gain) | (2,522) | (447) | |
Benefits paid, net of participants’ contributions | (945) | (953) | |
Divestitures | 0 | 0 | |
Settlement | 0 | 0 | |
Curtailment | 0 | 0 | |
Foreign exchange impact and other | 0 | 0 | |
Projected benefit obligation at period end | 9,741 | 12,766 | 13,815 |
Change in plan assets | |||
Plan assets at fair value at beginning of year | 12,977 | 13,309 | |
Actual return on assets | (1,942) | 565 | |
Company contributions, net of reimbursements | 55 | 56 | |
Benefits paid, net of participants’ contributions | (945) | (953) | |
Divestitures | 0 | 0 | |
Settlement | 0 | 0 | |
Foreign exchange impact and other | 0 | 0 | |
Plan assets at fair value at year end | 10,145 | 12,977 | 13,309 |
Funded status of the plans at year end | 404 | 211 | |
Net amount recognized at year end | |||
Net amount recognized on the balance sheet | 404 | 211 | |
Amounts recognized in AOCI | |||
Net transition obligation | 0 | 0 | |
Prior service (cost) benefit | (6) | (8) | |
Net actuarial (loss) gain | (6,445) | (6,575) | |
Net amount recognized in equity (pretax) | (6,451) | (6,583) | |
Accumulated benefit obligation at period end | 9,740 | 12,765 | |
U.S. | Postretirement Benefit Plans | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 501 | 559 | |
Service cost | 0 | 0 | 0 |
Interest cost on benefit obligation | 16 | 13 | 17 |
Plan amendments | 0 | 0 | |
Actuarial (gain) | (95) | (28) | |
Benefits paid, net of participants’ contributions | (47) | (43) | |
Divestitures | 0 | 0 | |
Settlement | 0 | 0 | |
Curtailment | 0 | 0 | |
Foreign exchange impact and other | 0 | 0 | |
Projected benefit obligation at period end | 375 | 501 | 559 |
Change in plan assets | |||
Plan assets at fair value at beginning of year | 319 | 331 | |
Actual return on assets | (33) | 9 | |
Company contributions, net of reimbursements | 14 | 22 | |
Benefits paid, net of participants’ contributions | (47) | (43) | |
Divestitures | 0 | 0 | |
Settlement | 0 | 0 | |
Foreign exchange impact and other | 0 | 0 | |
Plan assets at fair value at year end | 253 | 319 | 331 |
Funded status of the plans at year end | (122) | (182) | |
Net amount recognized at year end | |||
Net amount recognized on the balance sheet | (122) | (182) | |
Amounts recognized in AOCI | |||
Net transition obligation | 0 | 0 | |
Prior service (cost) benefit | 82 | 92 | |
Net actuarial (loss) gain | 120 | 77 | |
Net amount recognized in equity (pretax) | 202 | 169 | |
Accumulated benefit obligation at period end | 375 | 501 | |
Non-U.S. | |||
Change in plan assets | |||
Plan assets at fair value at beginning of year | 8,657 | ||
Plan assets at fair value at year end | 6,941 | 8,657 | |
Non-U.S. | Pension Plans | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 8,001 | 8,629 | |
Service cost | 116 | 149 | 147 |
Interest cost on benefit obligation | 329 | 268 | 246 |
Plan amendments | 0 | 6 | |
Actuarial (gain) | (1,168) | (344) | |
Benefits paid, net of participants’ contributions | (397) | (345) | |
Divestitures | (22) | 0 | |
Settlement | (364) | (124) | |
Curtailment | (35) | (30) | |
Foreign exchange impact and other | (85) | (208) | |
Projected benefit obligation at period end | 6,375 | 8,001 | 8,629 |
Change in plan assets | |||
Plan assets at fair value at beginning of year | 7,614 | 7,831 | |
Actual return on assets | (1,212) | 217 | |
Company contributions, net of reimbursements | 495 | 155 | |
Benefits paid, net of participants’ contributions | (397) | (345) | |
Divestitures | (11) | 0 | |
Settlement | (364) | (124) | |
Foreign exchange impact and other | (39) | (120) | |
Plan assets at fair value at year end | 6,086 | 7,614 | 7,831 |
Funded status of the plans at year end | (289) | (387) | |
Net amount recognized at year end | |||
Net amount recognized on the balance sheet | (289) | (387) | |
Amounts recognized in AOCI | |||
Net transition obligation | 0 | 0 | |
Prior service (cost) benefit | 7 | 5 | |
Net actuarial (loss) gain | (1,671) | (1,400) | |
Net amount recognized in equity (pretax) | (1,664) | (1,395) | |
Accumulated benefit obligation at period end | 6,051 | 7,559 | |
Non-U.S. | Postretirement Benefit Plans | |||
Change in projected benefit obligation | |||
Projected benefit obligation at beginning of year | 1,169 | 1,390 | |
Service cost | 2 | 6 | 7 |
Interest cost on benefit obligation | 90 | 96 | 93 |
Plan amendments | 0 | 0 | |
Actuarial (gain) | (100) | (110) | |
Benefits paid, net of participants’ contributions | (72) | (78) | |
Divestitures | 0 | 0 | |
Settlement | 0 | 0 | |
Curtailment | 0 | 0 | |
Foreign exchange impact and other | (76) | (135) | |
Projected benefit obligation at period end | 1,013 | 1,169 | 1,390 |
Change in plan assets | |||
Plan assets at fair value at beginning of year | 1,043 | 1,146 | |
Actual return on assets | (75) | 97 | |
Company contributions, net of reimbursements | 9 | 8 | |
Benefits paid, net of participants’ contributions | (72) | (78) | |
Divestitures | 0 | 0 | |
Settlement | 0 | 0 | |
Foreign exchange impact and other | (50) | (130) | |
Plan assets at fair value at year end | 855 | 1,043 | $ 1,146 |
Funded status of the plans at year end | (158) | (126) | |
Net amount recognized at year end | |||
Net amount recognized on the balance sheet | (158) | (126) | |
Amounts recognized in AOCI | |||
Net transition obligation | 0 | 0 | |
Prior service (cost) benefit | 36 | 47 | |
Net actuarial (loss) gain | (206) | (182) | |
Net amount recognized in equity (pretax) | (170) | (135) | |
Accumulated benefit obligation at period end | 1,013 | 1,169 | |
Qualified | U.S. | Pension Plans | |||
Change in plan assets | |||
Funded status of the plans at year end | 949 | 894 | |
Net amount recognized at year end | |||
Benefit asset | 949 | 894 | |
Benefit liability | 0 | 0 | |
Net amount recognized on the balance sheet | 949 | 894 | |
Qualified | U.S. | Postretirement Benefit Plans | |||
Change in plan assets | |||
Funded status of the plans at year end | (122) | (182) | |
Net amount recognized at year end | |||
Benefit asset | 0 | 0 | |
Benefit liability | (122) | (182) | |
Net amount recognized on the balance sheet | (122) | (182) | |
Qualified | Non-U.S. | Pension Plans | |||
Change in plan assets | |||
Funded status of the plans at year end | (289) | (387) | |
Net amount recognized at year end | |||
Benefit asset | 799 | 963 | |
Benefit liability | (1,088) | (1,350) | |
Net amount recognized on the balance sheet | (289) | (387) | |
Qualified | Non-U.S. | Postretirement Benefit Plans | |||
Change in plan assets | |||
Funded status of the plans at year end | (158) | (126) | |
Net amount recognized at year end | |||
Benefit asset | 28 | 165 | |
Benefit liability | (186) | (291) | |
Net amount recognized on the balance sheet | (158) | (126) | |
Nonqualified | U.S. | Pension Plans | |||
Change in plan assets | |||
Funded status of the plans at year end | (545) | (683) | |
Net amount recognized at year end | |||
Net amount recognized on the balance sheet | (545) | (683) | |
Nonqualified | U.S. | Postretirement Benefit Plans | |||
Change in plan assets | |||
Funded status of the plans at year end | 0 | 0 | |
Net amount recognized at year end | |||
Net amount recognized on the balance sheet | 0 | 0 | |
Nonqualified | Non-U.S. | Pension Plans | |||
Change in plan assets | |||
Funded status of the plans at year end | 0 | 0 | |
Net amount recognized at year end | |||
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 at year end | 0 | 0 | |
Net amount recognized at year end | |||
Net amount recognized on the balance sheet | $ 0 | $ 0 |
RETIREMENT BENEFITS - Accumulat
RETIREMENT BENEFITS - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Change in accumulated other comprehensive income (loss) | ||||
Beginning of year balance, net of tax | $ 202,672 | $ 200,200 | ||
Change, net of tax | [1] | 97 | 1,012 | $ (55) |
End of year balance, net of tax | 201,838 | 202,672 | 200,200 | |
Benefit plans | ||||
Change in accumulated other comprehensive income (loss) | ||||
Beginning of year balance, net of tax | (5,852) | (6,864) | (6,809) | |
Actuarial assumptions changes and plan experience | 3,923 | 963 | (1,464) | |
Net asset gain (loss) due to difference between actual and expected returns | (4,225) | (148) | 1,076 | |
Net amortization | 198 | 280 | 318 | |
Prior service credit (cost) | 0 | (7) | 108 | |
Curtailment/settlement gain (loss) | (37) | 11 | (8) | |
Foreign exchange impact and other | 172 | 153 | (108) | |
Change in deferred taxes, net | 66 | (240) | 23 | |
Change, net of tax | 97 | 1,012 | (55) | |
End of year balance, net of tax | $ (5,755) | $ (5,852) | $ (6,864) | |
[1]See Note 8. |
RETIREMENT BENEFITS - PBO and A
RETIREMENT BENEFITS - PBO and ABO Exceed Fair Value of Plan Assets (Details) - Pension Plans - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
U.S. | ||
PBO exceeds fair value of plan assets | ||
Projected benefit obligation | $ 545 | $ 683 |
Accumulated benefit obligation | 545 | 683 |
Fair value of plan assets | 0 | 0 |
ABO exceeds fair value of plan assets | ||
Projected benefit obligation | 545 | 683 |
Accumulated benefit obligation | 545 | 682 |
Fair value of plan assets | 0 | 0 |
Non-U.S. | ||
PBO exceeds fair value of plan assets | ||
Projected benefit obligation | 3,463 | 3,966 |
Accumulated benefit obligation | 3,179 | 3,574 |
Fair value of plan assets | 2,374 | 2,616 |
ABO exceeds fair value of plan assets | ||
Projected benefit obligation | 3,315 | 3,809 |
Accumulated benefit obligation | 3,088 | 3,477 |
Fair value of plan assets | $ 2,252 | $ 2,486 |
RETIREMENT BENEFITS - Assumptio
RETIREMENT BENEFITS - Assumptions Used (Details) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Jan. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2021 | Apr. 01, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
VEBA Trust | |||||||||||||||||||||
Plan Assumptions - During the year | |||||||||||||||||||||
Expected return on assets (as a percent) | 1.50% | 3% | |||||||||||||||||||
U.S. | Postretirement Benefit Plans | |||||||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||||||
Discount rate (as a percent) | 5.60% | 5.60% | 2.75% | 5.60% | 2.75% | ||||||||||||||||
Expected return on assets (as a percent) | 5.70% | 5.70% | 5% | 5.70% | 5% | ||||||||||||||||
Plan Assumptions - During the year | |||||||||||||||||||||
Discount rate (as a percent) | 5.65% | 4.75% | 3.85% | 2.75% | 2.65% | 2.60% | 2.85% | 2.20% | 2.35% | 2.45% | 3.20% | 3.15% | |||||||||
Expected return on assets (as a percent) | 5% | 1.50% | 5% | 5.60% | 5.80% | 5% | 6.70% | ||||||||||||||
U.S. | Postretirement Benefit Plans | Subsequent event | |||||||||||||||||||||
Plan Assumptions - During the year | |||||||||||||||||||||
Expected return on assets (as a percent) | 5.70% | ||||||||||||||||||||
U.S. | VEBA Trust | |||||||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||||||
Expected return on assets (as a percent) | 3% | 3% | 1.50% | 3% | 1.50% | ||||||||||||||||
Plan Assumptions - During the year | |||||||||||||||||||||
Expected return on assets (as a percent) | 1.50% | 1.50% | 3% | ||||||||||||||||||
U.S. | VEBA Trust | Subsequent event | |||||||||||||||||||||
Plan Assumptions - During the year | |||||||||||||||||||||
Expected return on assets (as a percent) | 3% | ||||||||||||||||||||
Non-U.S. | Pension Plans | Weighted Average | |||||||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||||||
Discount rate (as a percent) | 6.66% | 6.66% | 3.96% | 6.66% | 3.96% | ||||||||||||||||
Future compensation increase rate (as a percent) | 3.76% | 3.76% | 3.10% | 3.76% | 3.10% | ||||||||||||||||
Expected return on assets (as a percent) | 6.05% | 6.05% | 3.69% | 6.05% | 3.69% | ||||||||||||||||
Plan Assumptions - During the year | |||||||||||||||||||||
Discount rate (as a percent) | 3.96% | 3.14% | 3.65% | ||||||||||||||||||
Future compensation increase rate (as a percent) | 3.10% | 3.10% | 3.17% | ||||||||||||||||||
Expected return on assets (as a percent) | 3.69% | 3.39% | 3.95% | ||||||||||||||||||
Non-U.S. | Pension Plans | Minimum | |||||||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||||||
Discount rate, plans with relatively short duration (as a percent) | 1.75% | 1.75% | (0.10%) | 1.75% | (0.10%) | ||||||||||||||||
Future compensation increase rate (as a percent) | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% | ||||||||||||||||
Expected return on assets (as a percent) | 1% | 1% | 0% | 1% | 0% | ||||||||||||||||
Plan Assumptions - During the year | |||||||||||||||||||||
Discount rate, plans with relatively short duration (as a percent) | (0.10%) | (0.25%) | (0.10%) | ||||||||||||||||||
Future compensation increase rate (as a percent) | 1.30% | 1.20% | 1.50% | ||||||||||||||||||
Expected return on assets (as a percent) | 0% | 0% | 0% | ||||||||||||||||||
Non-U.S. | Pension Plans | Maximum | |||||||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||||||
Discount rate, plans with relatively short duration (as a percent) | 25.20% | 25.20% | 11.95% | 25.20% | 11.95% | ||||||||||||||||
Future compensation increase rate (as a percent) | 23.11% | 23.11% | 11.25% | 23.11% | 11.25% | ||||||||||||||||
Expected return on assets (as a percent) | 11.50% | 11.50% | 11.50% | 11.50% | 11.50% | ||||||||||||||||
Plan Assumptions - During the year | |||||||||||||||||||||
Discount rate, plans with relatively short duration (as a percent) | 11.95% | 11.15% | 11.30% | ||||||||||||||||||
Future compensation increase rate (as a percent) | 11.25% | 11.25% | 11.50% | ||||||||||||||||||
Expected return on assets (as a percent) | 11.50% | 11.50% | 11.50% | ||||||||||||||||||
Non-U.S. | Postretirement Benefit Plans | Weighted Average | |||||||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||||||
Discount rate (as a percent) | 9.80% | 9.80% | 8.28% | 9.80% | 8.28% | ||||||||||||||||
Expected return on assets (as a percent) | 8.70% | 8.70% | 7.99% | 8.70% | 7.99% | ||||||||||||||||
Plan Assumptions - During the year | |||||||||||||||||||||
Discount rate (as a percent) | 8.28% | 7.42% | 7.76% | ||||||||||||||||||
Expected return on assets (as a percent) | 7.99% | 7.99% | 7.99% | ||||||||||||||||||
Non-U.S. | Postretirement Benefit Plans | Minimum | |||||||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||||||
Discount rate (as a percent) | 3.25% | 3.25% | 1.05% | 3.25% | 1.05% | ||||||||||||||||
Expected return on assets (as a percent) | 8.70% | 8.70% | 6% | 8.70% | 6% | ||||||||||||||||
Plan Assumptions - During the year | |||||||||||||||||||||
Discount rate (as a percent) | 1.05% | 0.80% | 0.90% | ||||||||||||||||||
Expected return on assets (as a percent) | 6% | 5.95% | 6.20% | ||||||||||||||||||
Non-U.S. | Postretirement Benefit Plans | Maximum | |||||||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||||||
Discount rate (as a percent) | 10.60% | 10.60% | 10% | 10.60% | 10% | ||||||||||||||||
Expected return on assets (as a percent) | 9.10% | 9.10% | 8% | 9.10% | 8% | ||||||||||||||||
Plan Assumptions - During the year | |||||||||||||||||||||
Discount rate (as a percent) | 11.25% | 9.80% | 9.75% | ||||||||||||||||||
Expected return on assets (as a percent) | 8% | 8% | 8% | ||||||||||||||||||
Qualified | U.S. | Pension Plans | |||||||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||||||
Discount rate (as a percent) | 5.50% | 5.50% | 2.80% | 5.50% | 2.80% | ||||||||||||||||
Expected return on assets (as a percent) | 5.70% | 5.70% | 5% | 5.70% | 5% | ||||||||||||||||
Plan Assumptions - During the year | |||||||||||||||||||||
Discount rate (as a percent) | 5.65% | 4.80% | 3.80% | 2.80% | 2.80% | 2.75% | 3.10% | 2.45% | 2.55% | 2.60% | 3.20% | 3.25% | |||||||||
Expected return on assets (as a percent) | 5% | 5% | 5.60% | 5.80% | 6.70% | 5% | 5.60% | 5.60% | 5.80% | 5% | 6.70% | ||||||||||
Qualified | U.S. | Pension Plans | Subsequent event | |||||||||||||||||||||
Plan Assumptions - During the year | |||||||||||||||||||||
Expected return on assets (as a percent) | 5.70% | ||||||||||||||||||||
Qualified | U.S. | Postretirement Benefit Plans | |||||||||||||||||||||
Plan Assumptions - During the year | |||||||||||||||||||||
Expected return on assets (as a percent) | 5% | 5.60% | 5.80% | 6.70% | |||||||||||||||||
Nonqualified | U.S. | Pension Plans | |||||||||||||||||||||
Plan Assumptions - At year end | |||||||||||||||||||||
Discount rate (as a percent) | 5.55% | 5.55% | 2.80% | 5.55% | 2.80% | ||||||||||||||||
Plan Assumptions - During the year | |||||||||||||||||||||
Discount rate (as a percent) | 5.60% | 4.80% | 3.85% | 2.80% | 2.75% | 2.70% | 3% | 2.35% | 2.50% | 2.55% | 3.25% | 3.25% |
RETIREMENT BENEFITS - Discount
RETIREMENT BENEFITS - Discount Rate and Expected Rate of Return (Details) | 3 Months Ended | 12 Months Ended | ||||||
Jan. 01, 2023 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension and Postretirement Plan | U.S. | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||||||
Expected return on assets during period (as a percent) | 5% | 5.60% | 5.60% | 5.80% | 500% | 6.70% | ||
Actual rate of return (as a percent) | (15.52%) | 5.14% | 12.84% | |||||
VEBA Trust | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||||||
Expected return on assets during period (as a percent) | 1.50% | 3% | ||||||
VEBA Trust | U.S. | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||||||
Expected return on assets during period (as a percent) | 1.50% | 1.50% | 3% | |||||
Actual rate of return (as a percent) | 1.40% | 1.52% | 2.11% | |||||
VEBA Trust | U.S. | Subsequent event | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||||||||
Expected return on assets during period (as a percent) | 3% |
RETIREMENT BENEFITS - Sensitivi
RETIREMENT BENEFITS - Sensitivities of Certain Key Assumptions (Details) - Pension Plans - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Effect of one-percentage-point increase in discount rates | $ 27 | $ 35 | $ 34 |
Effect of one-percentage-point decrease in discount rates | (34) | (49) | (52) |
Effect of one-percentage-point increase on benefits earned and interest cost for U.S. postretirement plans | (123) | (124) | (123) |
Effect of one-percentage-point decrease on benefits earned and interest cost for U.S. postretirement plans | 123 | 124 | 123 |
Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Effect of one-percentage-point increase in discount rates | (5) | (4) | (16) |
Effect of one-percentage-point decrease in discount rates | 15 | 25 | 25 |
Effect of one-percentage-point increase on benefits earned and interest cost for U.S. postretirement plans | (60) | (70) | (66) |
Effect of one-percentage-point decrease on benefits earned and interest cost for U.S. postretirement plans | $ 60 | $ 70 | $ 66 |
RETIREMENT BENEFITS - Health Ca
RETIREMENT BENEFITS - Health Care Cost-Trend Rate (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Health care cost increase following year (as a percent) | 7% | 6.25% |
Ultimate rate to which cost increase is assumed to decline (as a percent) | 5% | 5% |
Year in which the ultimate rate is reached | 2031 | 2027 |
Non-U.S. | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Health care cost increase following year (as a percent) | 7.05% | 6.92% |
Ultimate rate to which cost increase is assumed to decline (as a percent) | 7.05% | 6.92% |
Year in which the ultimate rate is reached | 2023 | 2022 |
RETIREMENT BENEFITS - Interest
RETIREMENT BENEFITS - Interest Crediting Rate (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Weighted average interest crediting rate | 4.50% | 1.80% | 1.45% |
Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Weighted average interest crediting rate | 1.73% | 1.61% | 1.60% |
RETIREMENT BENEFITS - Plan Asse
RETIREMENT BENEFITS - Plan Assets (Details) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
U.S. | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 100% | 100% | |
U.S. | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 100% | 100% | |
U.S. | Equity securities | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 7% | 7% | |
U.S. | Equity securities | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 7% | 7% | |
U.S. | Equity securities | Forecast | Minimum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0% | ||
U.S. | Equity securities | Forecast | Maximum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 22% | ||
U.S. | Debt securities | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 71% | 72% | |
U.S. | Debt securities | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 71% | 72% | |
U.S. | Debt securities | Forecast | Minimum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 55% | ||
U.S. | Debt securities | Forecast | Maximum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 114% | ||
U.S. | Real estate | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 3% | 2% | |
U.S. | Real estate | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 3% | 2% | |
U.S. | Real estate | Forecast | Minimum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0% | ||
U.S. | Real estate | Forecast | Maximum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 4% | ||
U.S. | Private equity | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 7% | 6% | |
U.S. | Private equity | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 7% | 6% | |
U.S. | Private equity | Forecast | Minimum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0% | ||
U.S. | Private equity | Forecast | Maximum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 5% | ||
U.S. | Other investments | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 12% | 13% | |
U.S. | Other investments | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 12% | 13% | |
U.S. | Other investments | Forecast | Minimum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0% | ||
U.S. | Other investments | Forecast | Maximum | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 23% | ||
Non-U.S. | Weighted Average | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 100% | 100% | |
Non-U.S. | Weighted Average | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 100% | 100% | |
Non-U.S. | Equity securities | Minimum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0% | 0% | |
Non-U.S. | Equity securities | Minimum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0% | 0% | |
Non-U.S. | Equity securities | Maximum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 63% | 100% | |
Non-U.S. | Equity securities | Maximum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 48% | 42% | |
Non-U.S. | Equity securities | Weighted Average | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 19% | 16% | |
Non-U.S. | Equity securities | Weighted Average | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 47% | 41% | |
Non-U.S. | Equity securities | Forecast | Minimum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0% | ||
Non-U.S. | Equity securities | Forecast | Minimum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0% | ||
Non-U.S. | Equity securities | Forecast | Maximum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 100% | ||
Non-U.S. | Equity securities | Forecast | Maximum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 46% | ||
Non-U.S. | Debt securities | Minimum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0% | 0% | |
Non-U.S. | Debt securities | Minimum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 45% | 53% | |
Non-U.S. | Debt securities | Maximum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 100% | 100% | |
Non-U.S. | Debt securities | Maximum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 100% | 100% | |
Non-U.S. | Debt securities | Weighted Average | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 73% | 76% | |
Non-U.S. | Debt securities | Weighted Average | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 49% | 53% | |
Non-U.S. | Debt securities | Forecast | Minimum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0% | ||
Non-U.S. | Debt securities | Forecast | Minimum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 50% | ||
Non-U.S. | Debt securities | Forecast | Maximum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 100% | ||
Non-U.S. | Debt securities | Forecast | Maximum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 100% | ||
Non-U.S. | Real estate | Minimum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0% | 0% | |
Non-U.S. | Real estate | Maximum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 15% | 14% | |
Non-U.S. | Real estate | Weighted Average | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 1% | 1% | |
Non-U.S. | Real estate | Forecast | Minimum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0% | ||
Non-U.S. | Real estate | Forecast | Maximum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 15% | ||
Non-U.S. | Other investments | Minimum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0% | 0% | |
Non-U.S. | Other investments | Minimum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0% | 0% | |
Non-U.S. | Other investments | Maximum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 100% | 100% | |
Non-U.S. | Other investments | Maximum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 7% | 6% | |
Non-U.S. | Other investments | Weighted Average | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 7% | 7% | |
Non-U.S. | Other investments | Weighted Average | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Weighted average allocation (as a percent) | 4% | 6% | |
Non-U.S. | Other investments | Forecast | Minimum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0% | ||
Non-U.S. | Other investments | Forecast | Minimum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 0% | ||
Non-U.S. | Other investments | Forecast | Maximum | Pension Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 100% | ||
Non-U.S. | Other investments | Forecast | Maximum | Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure | |||
Target asset allocation (as a percent) | 4% |
RETIREMENT BENEFITS - Fair Valu
RETIREMENT BENEFITS - Fair Value Disclosure (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. | |||
Defined Benefit Plan Disclosure | |||
Total net assets | $ 10,398 | $ 13,296 | |
U.S. | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 7,797 | 10,374 | |
U.S. | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 1,782 | 2,805 | |
U.S. | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 6,008 | 7,540 | |
U.S. | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 7 | 29 | $ 58 |
U.S. | Total investments | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 7,250 | 9,746 | |
U.S. | Total investments | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 1,753 | 2,787 | |
U.S. | Total investments | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 5,490 | 6,930 | |
U.S. | Total investments | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 7 | 29 | |
U.S. | U.S. equities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 233 | 358 | |
U.S. | U.S. equities | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 233 | 358 | |
U.S. | U.S. equities | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
U.S. | U.S. equities | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
U.S. | Non-U.S. equities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 346 | 460 | |
U.S. | Non-U.S. equities | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 346 | 460 | |
U.S. | Non-U.S. equities | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
U.S. | Non-U.S. equities | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
U.S. | Mutual funds and other registered investment companies | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 243 | 297 | |
U.S. | Mutual funds and other registered investment companies | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 243 | 297 | |
U.S. | Mutual funds and other registered investment companies | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
U.S. | Mutual funds and other registered investment companies | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
U.S. | Commingled funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 818 | 1,143 | |
U.S. | Commingled funds | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
U.S. | Commingled funds | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 818 | 1,143 | |
U.S. | Commingled funds | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
U.S. | Debt securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 5,567 | 7,427 | |
U.S. | Debt securities | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 929 | 1,657 | |
U.S. | Debt securities | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 4,638 | 5,770 | |
U.S. | Debt securities | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | ||
U.S. | Annuity contracts | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 3 | 4 | |
U.S. | Annuity contracts | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
U.S. | Annuity contracts | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
U.S. | Annuity contracts | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 3 | 4 | 1 |
U.S. | Derivatives | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 36 | 19 | |
U.S. | Derivatives | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 2 | 2 | |
U.S. | Derivatives | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 34 | 17 | |
U.S. | Derivatives | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
U.S. | Other investments | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 4 | 38 | |
U.S. | Other investments | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 13 | |
U.S. | Other investments | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
U.S. | Other investments | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 4 | 25 | 57 |
U.S. | Cash and short-term investments | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 602 | 652 | |
U.S. | Cash and short-term investments | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 39 | 25 | |
U.S. | Cash and short-term investments | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 563 | 627 | |
U.S. | Cash and short-term investments | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
U.S. | Other investment liabilities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | (55) | (24) | |
U.S. | Other investment liabilities | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | (10) | (7) | |
U.S. | Other investment liabilities | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | (45) | (17) | |
U.S. | Other investment liabilities | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
U.S. | Other investment liabilities redeemed at NAV | Net Asset Value | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 21 | ||
U.S. | Other investment receivables redeemed at NAV | Net Asset Value | |||
Defined Benefit Plan Disclosure | |||
Total net assets | (29) | ||
U.S. | Securities | Net Asset Value | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 2,580 | 2,951 | |
Non-U.S. | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 6,941 | 8,657 | |
Non-U.S. | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 6,925 | 8,638 | |
Non-U.S. | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 6,296 | 8,129 | |
Non-U.S. | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 367 | 187 | |
Non-U.S. | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 262 | 322 | 319 |
Non-U.S. | Total investments | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 9,286 | 10,094 | |
Non-U.S. | Total investments | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 6,227 | 8,012 | |
Non-U.S. | Total investments | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 2,797 | 1,760 | |
Non-U.S. | Total investments | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 262 | 322 | |
Non-U.S. | U.S. equities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 131 | 146 | |
Non-U.S. | U.S. equities | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 121 | 127 | |
Non-U.S. | U.S. equities | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 10 | 19 | |
Non-U.S. | U.S. equities | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
Non-U.S. | Non-U.S. equities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 737 | 805 | |
Non-U.S. | Non-U.S. equities | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 718 | 713 | |
Non-U.S. | Non-U.S. equities | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 19 | 92 | |
Non-U.S. | Non-U.S. equities | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
Non-U.S. | Mutual funds and other registered investment companies | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 2,712 | 2,954 | |
Non-U.S. | Mutual funds and other registered investment companies | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 2,416 | 2,888 | |
Non-U.S. | Mutual funds and other registered investment companies | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 296 | 66 | |
Non-U.S. | Mutual funds and other registered investment companies | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
Non-U.S. | Commingled funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 13 | 21 | |
Non-U.S. | Commingled funds | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 13 | 21 | |
Non-U.S. | Commingled funds | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
Non-U.S. | Commingled funds | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
Non-U.S. | Debt securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 3,939 | 5,604 | |
Non-U.S. | Debt securities | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 2,959 | 4,263 | |
Non-U.S. | Debt securities | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 980 | 1,341 | |
Non-U.S. | Debt securities | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
Non-U.S. | Real estate | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 4 | 5 | |
Non-U.S. | Real estate | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
Non-U.S. | Real estate | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 2 | 3 | |
Non-U.S. | Real estate | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 2 | 2 | 2 |
Non-U.S. | Annuity contracts | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 2 | 2 | |
Non-U.S. | Annuity contracts | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
Non-U.S. | Annuity contracts | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
Non-U.S. | Annuity contracts | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 2 | 2 | 5 |
Non-U.S. | Derivatives | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 1,490 | 239 | |
Non-U.S. | Derivatives | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
Non-U.S. | Derivatives | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 1,490 | 239 | |
Non-U.S. | Derivatives | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
Non-U.S. | Other investments | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 258 | 318 | |
Non-U.S. | Other investments | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
Non-U.S. | Other investments | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
Non-U.S. | Other investments | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 258 | 318 | 312 |
Non-U.S. | Cash and short-term investments | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 75 | 122 | |
Non-U.S. | Cash and short-term investments | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 69 | 117 | |
Non-U.S. | Cash and short-term investments | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 6 | 5 | |
Non-U.S. | Cash and short-term investments | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
Non-U.S. | Other investment liabilities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | (2,436) | (1,578) | |
Non-U.S. | Other investment liabilities | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
Non-U.S. | Other investment liabilities | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | (2,436) | (1,578) | |
Non-U.S. | Other investment liabilities | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 0 | 0 | |
Non-U.S. | Securities | Net Asset Value | |||
Defined Benefit Plan Disclosure | |||
Total net assets | 16 | 19 | |
Pension Plans | U.S. | |||
Defined Benefit Plan Disclosure | |||
Total net assets | $ 10,145 | $ 12,977 | 13,309 |
Allocable interest (as a percent) | 98% | 98% | |
Pension Plans | Non-U.S. | |||
Defined Benefit Plan Disclosure | |||
Total net assets | $ 6,086 | $ 7,614 | 7,831 |
Postretirement Benefit Plans | U.S. | |||
Defined Benefit Plan Disclosure | |||
Total net assets | $ 253 | $ 319 | 331 |
Allocable interest (as a percent) | 2% | 2% | |
Postretirement Benefit Plans | Non-U.S. | |||
Defined Benefit Plan Disclosure | |||
Total net assets | $ 855 | $ 1,043 | $ 1,146 |
RETIREMENT BENEFITS - Level 3 R
RETIREMENT BENEFITS - Level 3 Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of year | $ 13,296 | |
Plan assets at fair value at year end | 10,398 | $ 13,296 |
U.S. | 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 year | 29 | 58 |
Realized (losses) | (3) | (6) |
Unrealized gains (losses) | 2 | 2 |
Purchases, sales, and issuances | (21) | (25) |
Transfers in and/or out of Level 3 | 0 | 0 |
Plan assets at fair value at year end | 7 | 29 |
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 year | 4 | 1 |
Realized (losses) | 0 | 0 |
Unrealized gains (losses) | 0 | 0 |
Purchases, sales, and issuances | (1) | 3 |
Transfers in and/or out of Level 3 | 0 | 0 |
Plan assets at fair value at year end | 3 | 4 |
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 year | 25 | 57 |
Realized (losses) | (3) | (6) |
Unrealized gains (losses) | 2 | 2 |
Purchases, sales, and issuances | (20) | (28) |
Transfers in and/or out of Level 3 | 0 | 0 |
Plan assets at fair value at year end | 4 | 25 |
Non-U.S. | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at fair value at beginning of year | 8,657 | |
Plan assets at fair value at year end | 6,941 | 8,657 |
Non-U.S. | 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 year | 322 | 319 |
Unrealized gains (losses) | 0 | 4 |
Purchases, sales, and issuances | (60) | (1) |
Transfers in and/or out of Level 3 | 0 | 0 |
Plan assets at fair value at year end | 262 | 322 |
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 year | 2 | 2 |
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 year end | 2 | 2 |
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 year | 2 | 5 |
Unrealized gains (losses) | 0 | 0 |
Purchases, sales, and issuances | 0 | (3) |
Transfers in and/or out of Level 3 | 0 | 0 |
Plan assets at fair value at year end | 2 | 2 |
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 year | 318 | 312 |
Unrealized gains (losses) | 0 | 4 |
Purchases, sales, and issuances | (60) | 2 |
Transfers in and/or out of Level 3 | 0 | 0 |
Plan assets at fair value at year end | $ 258 | $ 318 |
RETIREMENT BENEFITS - Estimated
RETIREMENT BENEFITS - Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2022 USD ($) |
U.S. | Pension Plans | |
Defined Benefit Plan, Postretirement Medical Plan with Prescription Drug Benefits [Abstract] | |
2023 | $ 964 |
2024 | 964 |
2025 | 969 |
2026 | 942 |
2027 | 921 |
2028–2032 | 4,038 |
U.S. | Postretirement Benefit Plans | |
Defined Benefit Plan, Postretirement Medical Plan with Prescription Drug Benefits [Abstract] | |
2023 | 55 |
2024 | 46 |
2025 | 43 |
2026 | 40 |
2027 | 38 |
2028–2032 | 150 |
Non-U.S. | Pension Plans | |
Defined Benefit Plan, Postretirement Medical Plan with Prescription Drug Benefits [Abstract] | |
2023 | 536 |
2024 | 518 |
2025 | 489 |
2026 | 499 |
2027 | 508 |
2028–2032 | 2,623 |
Non-U.S. | Postretirement Benefit Plans | |
Defined Benefit Plan, Postretirement Medical Plan with Prescription Drug Benefits [Abstract] | |
2023 | 72 |
2024 | 76 |
2025 | 79 |
2026 | 83 |
2027 | 87 |
2028–2032 | $ 494 |
RETIREMENT BENEFITS - Post Empl
RETIREMENT BENEFITS - Post Employment and Defined Contribution Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Net Expense (Benefit) | |||
Net expense | $ 11,000,000 | $ 10,000,000 | $ 9,000,000 |
Defined Contribution Plans | |||
Maximum percentage contribution by employer of employees eligible pay | 6% | 6% | |
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% | ||
U.S. | |||
Defined Benefit Plan Disclosure | |||
Funded status | $ (48,000,000) | $ (41,000,000) | |
Net amount recognized in AOCI (pretax) | (16,000,000) | (15,000,000) | |
Defined Contribution Plans | |||
Company contributions | 471,000,000 | 436,000,000 | 414,000,000 |
Non-U.S. | |||
Defined Contribution Plans | |||
Company contributions | $ 399,000,000 | $ 364,000,000 | $ 304,000,000 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current | |||
Federal | $ 407 | $ 522 | $ 305 |
Non-U.S. | 4,106 | 3,288 | 4,113 |
State | 270 | 228 | 440 |
Total current income taxes | 4,783 | 4,038 | 4,858 |
Deferred | |||
Federal | (807) | 1,059 | (1,430) |
Non-U.S. | 353 | 8 | (690) |
State | (687) | 346 | (213) |
Total deferred income taxes | (1,141) | 1,413 | (2,333) |
Provision for income tax on continuing operations before non-controlling interests | 3,642 | 5,451 | 2,525 |
Provision (benefit) for income taxes on: | |||
Discontinued operations | (41) | 0 | 0 |
Gains (losses) included in AOCI, but excluded from net income | (1,573) | (1,684) | 1,520 |
Employee stock plans | (8) | (6) | (4) |
Opening adjustment to Retained earnings | 0 | 0 | (911) |
Provision (benefit) for effect of securities transactions | 14 | 169 | 454 |
Benefit for effect of other-than-temporary-impairment losses | $ (137) | $ (57) | $ (14) |
INCOME TAXES - Effective Income
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Federal statutory rate | 21% | 21% | 21% |
State income taxes, net of federal benefit | 2% | 2.10% | 1.30% |
Non-U.S. income tax rate differential | 4.30% | 1.60% | 3.50% |
Tax audit resolutions | (3.20%) | (0.40%) | 0.30% |
Nondeductible FDIC premiums | 1% | 0.60% | 1.30% |
Tax advantaged investments | (3.00%) | (2.30%) | (4.40%) |
Valuation allowance releases | (2.30%) | (1.70%) | (4.40%) |
Other, net | (0.40%) | (1.10%) | (0.10%) |
Effective income tax rate | 19.40% | 19.80% | 18.50% |
INCOME TAXES - Deferred Income
INCOME TAXES - Deferred Income Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets | ||
Credit loss deduction | $ 5,162 | $ 5,330 |
Deferred compensation and employee benefits | 2,059 | 2,335 |
U.S. tax on non-U.S. earnings | 1,191 | 1,138 |
Investment and loan basis differences | 5,149 | 2,970 |
Tax credit and net operating loss carry-forwards | 14,623 | 15,620 |
Fixed assets and leases | 3,551 | 3,064 |
Other deferred tax assets | 4,055 | 3,549 |
Gross deferred tax assets | 35,790 | 34,006 |
Valuation allowance | 2,438 | 4,194 |
Deferred tax assets after valuation allowance | 33,352 | 29,812 |
Deferred tax liabilities | ||
Intangibles and leases | (2,271) | (2,446) |
Non-U.S. withholding taxes | (1,142) | (987) |
Debt issuances | (595) | (126) |
Other deferred tax liabilities | (1,672) | (1,464) |
Gross deferred tax liabilities | (5,680) | (5,023) |
Net deferred tax assets | $ 27,672 | $ 24,789 |
INCOME TAXES - Unrecognized Tax
INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Total unrecognized tax benefits at January 1 | $ 1,296 | $ 861 | $ 721 |
Increases for current year’s tax positions | 55 | 97 | 51 |
Increases for prior years’ tax positions | 168 | 515 | 217 |
Decreases for prior years’ tax positions | (119) | (107) | (74) |
Amounts of decreases relating to settlements | (50) | (64) | (40) |
Reductions due to lapse of statutes of limitation | (26) | (2) | (13) |
Foreign exchange, acquisitions and dispositions | (13) | (4) | (1) |
Total unrecognized tax benefits at December 31 | $ 1,311 | $ 1,296 | $ 861 |
INCOME TAXES - Unrecognized T_2
INCOME TAXES - Unrecognized Tax Benefits Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Amount of unrecognized tax benefit which would impact effective tax rate if recognized | $ 1,000 | $ 1,000 | $ 700 | |
Income Tax Examination | ||||
Potential range of amounts that could impact effective tax rate | $ 168 | $ 515 | $ 217 | |
Minimum | Forecast | ||||
Income Tax Examination | ||||
Potential range of amounts that could impact effective tax rate | $ 0 | |||
Maximum | Forecast | ||||
Income Tax Examination | ||||
Potential range of amounts that could impact effective tax rate | $ 500 |
INCOME TAXES - Interest and Pen
INCOME TAXES - Interest and Penalties (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract] | |||
Total interest and penalties in the Consolidated Balance Sheet at January 1, Pretax | $ 214 | $ 118 | $ 100 |
Total interest and penalties in the Consolidated Statement of Income, Pretax | 27 | 32 | 14 |
Total interest and penalties in the Consolidated Balance Sheet at December 31, Pretax | 234 | 214 | 118 |
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 | 164 | 96 | 82 |
Total interest and penalties in the Consolidated Statement of Income, Net of tax | 16 | 24 | 10 |
Total interest and penalties in the Consolidated Balance Sheet at December 31, Net of tax | 176 | 164 | 96 |
Foreign penalties included in total interest and penalties in the balance sheet | 3 | 3 | 4 |
State penalties included in total interest and penalties | $ 0 | $ 0 | $ 1 |
INCOME TAXES - Foreign Earnings
INCOME TAXES - Foreign Earnings (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Foreign pretax earnings | $ 16.2 | $ 12.9 | $ 13.8 |
Accumulated undistributed profits of non-U.S. subsidiaries considered indefinitely reinvested | 5.9 | ||
Additional tax liability to be provided should be undistributed earnings of foreign subsidiaries which were indefinitely invested were remitted currently | $ 2.4 |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation Allowance [Line Items] | ||
Valuation allowance | $ 2,438 | $ 4,194 |
Increase (decrease) in valuation allowance | (1,800) | |
Foreign Tax Credit Carryforward U.S. Residual Deferred Tax Asset Related to Non-U.S. Branches | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 1,000 | |
Foreign Tax Credit Carryforward Local Non-U.S. Deferred Tax Assets | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 400 | |
Foreign Tax Credit Carryforwards, Branch Basket | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 900 | |
Increase (decrease) in valuation allowance | (800) | |
State Net Operating Loss Carryforwards | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 100 | |
Foreign Tax Credit Carryforwards, General Basket | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 800 | |
Local Non-U.S. Deferred Tax Assets | ||
Valuation Allowance [Line Items] | ||
Increase (decrease) in valuation allowance | $ (200) |
INCOME TAXES - Deferred Tax A_2
INCOME TAXES - Deferred Tax Assets by Jurisdiction (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Tax Assets by Jurisdiction | ||
Net deferred tax assets | $ 27,672 | $ 24,789 |
U.S. federal | ||
Deferred Tax Assets by Jurisdiction | ||
Net operating losses (NOLs) | 3,300 | 3,200 |
Foreign tax credits (FTCs) | 1,900 | 2,800 |
General business credits (GBCs) | 5,200 | 4,500 |
Future tax deductions and credits | 10,100 | 8,400 |
Net deferred tax assets | 20,500 | 18,900 |
Deferred tax liability to be reversed in carry forward period | 3,300 | |
State and Local | ||
Deferred Tax Assets by Jurisdiction | ||
Future tax deductions and credits | 2,200 | 1,800 |
Net deferred tax assets | 4,300 | 3,200 |
New York | ||
Deferred Tax Assets by Jurisdiction | ||
Net operating losses (NOLs) | 1,900 | 1,200 |
Other state | ||
Deferred Tax Assets by Jurisdiction | ||
Net operating losses (NOLs) | 200 | 200 |
Foreign | ||
Deferred Tax Assets by Jurisdiction | ||
Net operating losses (NOLs) | 700 | 500 |
Future tax deductions and credits | 2,200 | 2,200 |
Net deferred tax assets | $ 2,900 | $ 2,700 |
INCOME TAXES - Tax Credit Carry
INCOME TAXES - Tax Credit Carryforward and Expiration Dates (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss and Tax Carryforwards | ||
Net DFA | $ 27,672 | $ 24,789 |
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% | |
Domestic losses allowed to be reclassified as foreign source income | $ 8,000 | |
Foreign | ||
Operating Loss and Tax Carryforwards | ||
Operating loss carryforward | 1,100 | 1,100 |
Net DFA | 2,900 | 2,700 |
U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 5,200 | 4,500 |
Operating loss carryforward | 15,800 | 15,100 |
FTC | ||
Operating Loss and Tax Carryforwards | ||
Net DFA | 20,500 | 18,900 |
Foreign tax credits (FTCs) | 1,900 | 2,800 |
Gross foreign tax credits | 2,800 | 5,300 |
2027 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Operating loss carryforward | 100 | 100 |
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 | ||
Tax credit carryforward | 400 | 400 |
2033 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 300 | 300 |
Operating loss carryforward | 1,600 | 1,600 |
2034 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 200 | 200 |
Operating loss carryforward | 2,000 | 2,000 |
2034 | New York State | ||
Operating Loss and Tax Carryforwards | ||
Operating loss carryforward | 11,500 | 6,600 |
2034 | New York City | ||
Operating Loss and Tax Carryforwards | ||
Operating loss carryforward | 10,300 | 7,200 |
2035 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 200 | 200 |
Operating loss carryforward | 3,300 | 3,300 |
2036 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 200 | 200 |
Operating loss carryforward | 2,100 | 2,100 |
2037 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 500 | 500 |
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 | 700 |
2040 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 700 | 700 |
2041 | U.S. federal | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 800 | 800 |
2042 | 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 | $ 5,300 | 4,600 |
Minimum | ||
Operating Loss and Tax Carryforwards | ||
Limit on domestic losses to be reclassified as foreign source income (as a percent) | 50% | |
Maximum | ||
Operating Loss and Tax Carryforwards | ||
Limit on domestic losses to be reclassified as foreign source income (as a percent) | 100% | |
General Basket | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | $ 1,900 | 3,500 |
General Basket | 2022 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 0 | 500 |
General Basket | 2023 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 0 | 400 |
General Basket | 2025 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 800 | 1,500 |
General Basket | 2027 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 1,100 | 1,100 |
Branch Basket | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 900 | 1,800 |
Branch Basket | 2022 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 0 | 1,000 |
Branch Basket | 2028 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | 700 | 600 |
Branch Basket | 2029 | Foreign | ||
Operating Loss and Tax Carryforwards | ||
Tax credit carryforward | $ 200 | $ 200 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Earnings Per Share [Abstract] | ||||
Income from continuing operations before attribution of noncontrolling interests | $ 15,165 | $ 22,018 | $ 11,107 | |
Noncontrolling interests | 89 | 73 | 40 | |
Net income from continuing operations (for EPS purposes) | 15,076 | 21,945 | 11,067 | |
Loss from discontinued operations, net of taxes | (231) | 7 | (20) | |
Citigroup’s net income | 14,845 | 21,952 | 11,047 | |
Less: Preferred dividends | 1,032 | 1,040 | 1,095 | |
Net income available to common shareholders | 13,813 | 20,912 | 9,952 | |
Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares with rights to dividends, applicable to basic EPS | 113 | 154 | 73 | |
Net income allocated to common shareholders for basic EPS | $ 13,700 | $ 20,758 | $ 9,879 | |
Weighted-average common shares outstanding applicable to basic EPS (in shares) | 1,946.7 | 2,033 | 2,085.8 | |
Basic earnings per share | ||||
Income from continuing operations (in dollars per share) | [1] | $ 7.16 | $ 10.21 | $ 4.75 |
Discontinued operations (in dollars per share) | [1] | (0.12) | 0 | (0.01) |
Net income (in dollars per share) | [1] | $ 7.04 | $ 10.21 | $ 4.74 |
Add back: Dividends allocated to employee restricted and deferred shares with rights to dividends that are forfeitable | $ 41 | $ 31 | $ 30 | |
Net income allocated to common shareholders for diluted EPS | $ 13,741 | $ 20,789 | $ 9,909 | |
Effect of dilutive securities | ||||
Options (in shares) | 0 | 0 | 0.1 | |
Other employee plans (in shares) | 17.6 | 16.4 | 13.1 | |
Adjusted weighted-average common shares outstanding applicable to diluted EPS (in shares) | 1,964.3 | 2,049.4 | 2,099 | |
Diluted earnings per share | ||||
Income from continuing operations (in dollars per share) | [1] | $ 7.11 | $ 10.14 | $ 4.73 |
Discontinued operations (in dollars per share) | [1] | (0.12) | 0 | (0.01) |
Net income (in dollars per share) | [1] | $ 7 | $ 10.14 | $ 4.72 |
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 | 0 | 0.1 | |
Antidilutive securities exercise price (in dollars per share) | $ 56.25 | |||
[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 - Securities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities purchased under agreements to resell | $ 291,272 | $ 236,252 |
Deposits paid for securities borrowed | 74,165 | 91,042 |
Total, net | 365,437 | 327,294 |
Allowance for credit losses on securities purchased and borrowed | (36) | (6) |
Total, net of allowance | 365,401 | 327,288 |
Securities sold under agreements to repurchase | 183,827 | 174,255 |
Deposits received for securities loaned | 18,617 | 17,030 |
Total, net | 202,444 | 191,285 |
Securities-for-securities lending transactions | $ 4,400 | $ 3,600 |
SECURITIES BORROWED, LOANED A_4
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Offsetting (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Securities purchased under agreements to resell | ||
Gross amounts of recognized assets | $ 403,663 | $ 367,594 |
Gross amounts offset on the Consolidated Balance Sheet | 112,391 | 131,342 |
Net amounts of assets included on the Consolidated Balance Sheet | 291,272 | 236,252 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 204,077 | 205,349 |
Net amounts | 87,195 | 30,903 |
Deposits paid for securities borrowed | ||
Gross amounts of recognized assets | 88,817 | 107,041 |
Gross amounts offset on the Consolidated Balance Sheet | 14,652 | 15,999 |
Net amounts of assets included on the Consolidated Balance Sheet | 74,165 | 91,042 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 13,844 | 17,326 |
Net amounts | 60,321 | 73,716 |
Total | ||
Total | 492,480 | 474,635 |
Gross amounts offset on the Consolidated Balance Sheet | 127,043 | 147,341 |
Net amounts of assets included on the Consolidated Balance Sheet | 365,437 | 327,294 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 217,921 | 222,675 |
Net amounts | 147,516 | 104,619 |
Securities sold under agreements to repurchase | ||
Gross amounts of recognized liabilities | 296,218 | 305,597 |
Gross amounts offset on the Consolidated Balance Sheet | 112,391 | 131,342 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 183,827 | 174,255 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 71,635 | 85,184 |
Net amounts | 112,192 | 89,071 |
Deposits received for securities loaned | ||
Gross amounts of recognized liabilities | 33,269 | 33,029 |
Gross amounts offset on the Consolidated Balance Sheet | 14,652 | 15,999 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 18,617 | 17,030 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 2,542 | 2,868 |
Net amounts | 16,075 | 14,162 |
Total | ||
Gross amounts of recognized liabilities | 329,487 | 338,626 |
Gross amounts offset on the Consolidated Balance Sheet | 127,043 | 147,341 |
Net amounts of liabilities included on the Consolidated Balance Sheet | 202,444 | 191,285 |
Amounts not offset on the Consolidated Balance Sheet but eligible for offsetting upon counterparty default | 74,177 | 88,052 |
Net amounts | $ 128,267 | $ 103,233 |
SECURITIES BORROWED, LOANED A_5
SECURITIES BORROWED, LOANED AND SUBJECT TO REPURCHASE AGREEMENTS - Repurchase Agreements (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | $ 296,218 | $ 305,597 |
Securities lending agreements | 33,269 | 33,029 |
Total | 329,487 | 338,626 |
U.S. Treasury and federal agency securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 99,979 | 85,861 |
Securities lending agreements | 106 | 90 |
Total | 100,085 | 85,951 |
State and municipal | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 1,911 | 1,053 |
Securities lending agreements | 0 | 0 |
Total | 1,911 | 1,053 |
Foreign government | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 123,826 | 133,352 |
Securities lending agreements | 13 | 212 |
Total | 123,839 | 133,564 |
Corporate bonds | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 14,308 | 20,398 |
Securities lending agreements | 45 | 152 |
Total | 14,353 | 20,550 |
Equity securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 9,749 | 25,653 |
Securities lending agreements | 33,096 | 32,517 |
Total | 42,845 | 58,170 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 36,225 | 33,573 |
Securities lending agreements | 0 | 0 |
Total | 36,225 | 33,573 |
Asset-backed securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 1,755 | 1,681 |
Securities lending agreements | 0 | 0 |
Total | 1,755 | 1,681 |
Other debt securities | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 8,465 | 4,026 |
Securities lending agreements | 9 | 58 |
Total | 8,474 | 4,084 |
Open and overnight | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 138,710 | 127,679 |
Securities lending agreements | 25,388 | 23,387 |
Total | 164,098 | 151,066 |
Up to 30 days | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 86,819 | 93,257 |
Securities lending agreements | 267 | 6 |
Total | 87,086 | 93,263 |
31–90 days | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 25,119 | 32,908 |
Securities lending agreements | 2,121 | 1,392 |
Total | 27,240 | 34,300 |
Greater than 90 days | ||
Assets Sold under Agreements to Repurchase | ||
Repurchase agreements | 45,570 | 51,753 |
Securities lending agreements | 5,493 | 8,244 |
Total | $ 51,063 | $ 59,997 |
BROKERAGE RECEIVABLES AND BRO_3
BROKERAGE RECEIVABLES AND BROKERAGE PAYABLES (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Broker-Dealer [Abstract] | ||
Receivables from customers | $ 15,462 | $ 26,403 |
Receivables from brokers, dealers and clearing organizations | 38,730 | 27,937 |
Total brokerage receivables | 54,192 | 54,340 |
Payables to customers | 55,747 | 52,158 |
Payables to brokers, dealers and clearing organizations | 13,471 | 9,272 |
Total brokerage payables | $ 69,218 | $ 61,430 |
INVESTMENTS - Overview (Details
INVESTMENTS - Overview (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Investment Holdings | ||||||
Investments | $ 526,582 | $ 512,822 | ||||
Accrued interest receivable | 2,000 | |||||
Interest and dividends on investments | ||||||
Taxable interest | 10,643 | 6,975 | $ 7,554 | |||
Interest exempt from U.S. federal income tax | 348 | 279 | 301 | |||
Dividend income | 223 | 134 | 134 | |||
Total interest and dividend income on investments | 11,214 | 7,388 | 7,989 | |||
Gross realized investments losses, excluding losses from other-than-temporary impairment | ||||||
Gross realized investment gains | 323 | 860 | 1,895 | |||
Gross realized investment losses | (256) | (195) | (139) | |||
Net realized gains on sales of investments | 67 | 665 | 1,756 | |||
Securities available-for-sale | ||||||
Amortized cost | 255,608 | 289,363 | ||||
Allowance for credit losses | 3 | 8 | 5 | $ 0 | ||
Fair value | 249,679 | 288,522 | ||||
Less than 12 months | $ 3,997 | 1,895 | ||||
Percentage of investments gross-unrealized loss position for less than a year, rated investment grade | 73% | |||||
12 months or longer | $ 2,607 | 457 | ||||
Percentage of gross-unrealized loss position for a year or more rated investment grade | 99% | |||||
Fair value of securities transferred from AFS to HTM | [1],[2] | $ 21,688 | 0 | 0 | ||
Debt securities available-for-sale (AFS) | ||||||
Investment Holdings | ||||||
Investments | 249,679 | 288,522 | ||||
HTM debt securities | ||||||
Investment Holdings | ||||||
Investments | 268,863 | 216,963 | ||||
Non-marketable equity securities measured using the measurement alternative | ||||||
Investment Holdings | ||||||
Investments | 1,676 | 1,413 | ||||
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||||||
Securities available-for-sale | ||||||
Amortized cost | 12,009 | 33,064 | ||||
Gross unrealized gains | 8 | 453 | ||||
Gross unrealized losses | 755 | 301 | ||||
Allowance for credit losses | 0 | 0 | ||||
Fair value | 11,262 | 33,216 | ||||
Less than 12 months | 412 | 270 | ||||
12 months or longer | 343 | 31 | ||||
Fair value of securities transferred from AFS to HTM | $ 21,500 | |||||
Securities transferred from AFS to HTM, unrealized loss | 2,300 | |||||
Mortgage-backed securities - Residential | ||||||
Securities available-for-sale | ||||||
Amortized cost | 488 | 380 | ||||
Gross unrealized gains | 0 | 1 | ||||
Gross unrealized losses | 3 | 1 | ||||
Allowance for credit losses | 0 | 0 | ||||
Fair value | 485 | 380 | ||||
Less than 12 months | 3 | 1 | ||||
12 months or longer | 0 | 0 | ||||
Mortgage-backed securities - Commercial | ||||||
Securities available-for-sale | ||||||
Amortized cost | 2 | 25 | ||||
Gross unrealized gains | 0 | 0 | ||||
Gross unrealized losses | 0 | 0 | ||||
Allowance for credit losses | 0 | 0 | ||||
Fair value | 2 | 25 | ||||
Less than 12 months | 0 | 0 | ||||
12 months or longer | 0 | 0 | ||||
Mortgage-backed securities | ||||||
Securities available-for-sale | ||||||
Amortized cost | 12,499 | 33,469 | ||||
Gross unrealized gains | 8 | 454 | ||||
Gross unrealized losses | 758 | 302 | ||||
Allowance for credit losses | 0 | 0 | 0 | 0 | ||
Fair value | 11,749 | 33,621 | ||||
Less than 12 months | 415 | 271 | ||||
12 months or longer | 343 | 31 | ||||
U.S. Treasury | ||||||
Securities available-for-sale | ||||||
Amortized cost | 94,732 | 122,669 | ||||
Gross unrealized gains | 50 | 615 | ||||
Gross unrealized losses | 2,492 | 844 | ||||
Allowance for credit losses | 0 | 0 | ||||
Fair value | 92,290 | 122,440 | ||||
Less than 12 months | 1,001 | 713 | ||||
12 months or longer | 1,491 | 131 | ||||
Agency obligations | ||||||
Securities available-for-sale | ||||||
Amortized cost | 0 | 0 | ||||
Gross unrealized gains | 0 | 0 | ||||
Gross unrealized losses | 0 | 0 | ||||
Allowance for credit losses | 0 | 0 | ||||
Fair value | 0 | 0 | ||||
Less than 12 months | 0 | 0 | ||||
12 months or longer | 0 | 0 | ||||
U.S. Treasury and federal agency securities | ||||||
Securities available-for-sale | ||||||
Amortized cost | 94,732 | 122,669 | ||||
Gross unrealized gains | 50 | 615 | ||||
Gross unrealized losses | 2,492 | 844 | ||||
Allowance for credit losses | 0 | 0 | 0 | 0 | ||
Fair value | 92,290 | 122,440 | ||||
Less than 12 months | 1,001 | 713 | ||||
12 months or longer | 1,491 | 131 | ||||
State and municipal | ||||||
Securities available-for-sale | ||||||
Amortized cost | 2,363 | 2,643 | ||||
Gross unrealized gains | 19 | 79 | ||||
Gross unrealized losses | 159 | 101 | ||||
Allowance for credit losses | 0 | 0 | 0 | 0 | ||
Fair value | 2,223 | 2,621 | ||||
Less than 12 months | 31 | 3 | ||||
12 months or longer | 128 | 98 | ||||
Fair value of securities transferred from AFS to HTM | 165 | |||||
Securities transferred from AFS to HTM, unrealized loss | $ 12 | |||||
Foreign government | ||||||
Securities available-for-sale | ||||||
Amortized cost | 135,648 | 119,426 | ||||
Gross unrealized gains | 569 | 337 | ||||
Gross unrealized losses | 2,940 | 1,023 | ||||
Allowance for credit losses | 0 | 0 | $ 0 | $ 0 | ||
Fair value | 133,277 | 118,740 | ||||
Less than 12 months | 2,332 | 826 | ||||
12 months or longer | 608 | 197 | ||||
Corporate | ||||||
Securities available-for-sale | ||||||
Amortized cost | 5,146 | 5,972 | ||||
Gross unrealized gains | 19 | 33 | ||||
Gross unrealized losses | 246 | 77 | ||||
Allowance for credit losses | 3 | 8 | ||||
Fair value | 4,916 | 5,920 | ||||
Less than 12 months | 209 | 77 | ||||
12 months or longer | 37 | 0 | ||||
Asset-backed securities | ||||||
Securities available-for-sale | ||||||
Amortized cost | 1,022 | 304 | ||||
Gross unrealized gains | 12 | 0 | ||||
Gross unrealized losses | 4 | 1 | ||||
Allowance for credit losses | 0 | 0 | ||||
Fair value | 1,030 | 303 | ||||
Less than 12 months | 4 | 1 | ||||
12 months or longer | 0 | 0 | ||||
Other debt securities | ||||||
Securities available-for-sale | ||||||
Amortized cost | 4,198 | 4,880 | ||||
Gross unrealized gains | 1 | 1 | ||||
Gross unrealized losses | 5 | 4 | ||||
Allowance for credit losses | 0 | 0 | ||||
Fair value | 4,194 | 4,877 | ||||
Less than 12 months | 5 | 4 | ||||
12 months or longer | 0 | 0 | ||||
Debt securities | ||||||
Securities available-for-sale | ||||||
Amortized cost | 255,608 | 289,363 | ||||
Gross unrealized gains | 678 | 1,519 | ||||
Gross unrealized losses | 6,604 | 2,352 | ||||
Allowance for credit losses | 3 | 8 | ||||
Fair value | 249,679 | 288,522 | ||||
Fair value | Marketable equity securities | ||||||
Investment Holdings | ||||||
Investments | 429 | 543 | ||||
Fair value | Non-marketable equity securities | ||||||
Investment Holdings | ||||||
Investments | 466 | 489 | ||||
Fair value | Non-marketable equity securities measured using the measurement alternative | ||||||
Investment Holdings | ||||||
Alternative investment funds, fair value | 27 | 145 | ||||
Carried at cost | Non-marketable equity securities | ||||||
Investment Holdings | ||||||
Investments | $ 5,469 | $ 4,892 | ||||
[1]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 28 for more information and balances as of December 31, 2022 and 2021, respectively.[2]See Note 2 for further information on significant disposals. |
INVESTMENTS - Fair Value of AFS
INVESTMENTS - Fair Value of AFS Securities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair value | ||
Less than 12 months | $ 138,567 | $ 144,333 |
12 months or longer | 53,695 | 17,829 |
Total | 192,262 | 162,162 |
Gross unrealized losses | ||
Less than 12 months | 3,997 | 1,895 |
12 months or longer | 2,607 | 457 |
Total | 6,604 | 2,352 |
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Fair value | ||
Less than 12 months | 7,908 | 17,039 |
12 months or longer | 3,290 | 698 |
Total | 11,198 | 17,737 |
Gross unrealized losses | ||
Less than 12 months | 412 | 270 |
12 months or longer | 343 | 31 |
Total | 755 | 301 |
Mortgage-backed securities - Residential | ||
Fair value | ||
Less than 12 months | 158 | 96 |
12 months or longer | 1 | 1 |
Total | 159 | 97 |
Gross unrealized losses | ||
Less than 12 months | 3 | 1 |
12 months or longer | 0 | 0 |
Total | 3 | 1 |
Mortgage-backed securities - Commercial | ||
Fair value | ||
Less than 12 months | 1 | 0 |
12 months or longer | 1 | 0 |
Total | 2 | 0 |
Gross unrealized losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | 0 | 0 |
Total | 0 | 0 |
Mortgage-backed securities | ||
Fair value | ||
Less than 12 months | 8,067 | 17,135 |
12 months or longer | 3,292 | 699 |
Total | 11,359 | 17,834 |
Gross unrealized losses | ||
Less than 12 months | 415 | 271 |
12 months or longer | 343 | 31 |
Total | 758 | 302 |
U.S. Treasury | ||
Fair value | ||
Less than 12 months | 40,701 | 56,448 |
12 months or longer | 34,692 | 6,310 |
Total | 75,393 | 62,758 |
Gross unrealized losses | ||
Less than 12 months | 1,001 | 713 |
12 months or longer | 1,491 | 131 |
Total | 2,492 | 844 |
Agency obligations | ||
Fair value | ||
Less than 12 months | 0 | 0 |
12 months or longer | 0 | 0 |
Total | 0 | 0 |
Gross unrealized losses | ||
Less than 12 months | 0 | 0 |
12 months or longer | 0 | 0 |
Total | 0 | 0 |
U.S. Treasury and federal agency securities | ||
Fair value | ||
Less than 12 months | 40,701 | 56,448 |
12 months or longer | 34,692 | 6,310 |
Total | 75,393 | 62,758 |
Gross unrealized losses | ||
Less than 12 months | 1,001 | 713 |
12 months or longer | 1,491 | 131 |
Total | 2,492 | 844 |
State and municipal | ||
Fair value | ||
Less than 12 months | 896 | 229 |
12 months or longer | 707 | 874 |
Total | 1,603 | 1,103 |
Gross unrealized losses | ||
Less than 12 months | 31 | 3 |
12 months or longer | 128 | 98 |
Total | 159 | 101 |
Foreign government | ||
Fair value | ||
Less than 12 months | 82,900 | 64,319 |
12 months or longer | 14,220 | 9,924 |
Total | 97,120 | 74,243 |
Gross unrealized losses | ||
Less than 12 months | 2,332 | 826 |
12 months or longer | 608 | 197 |
Total | 2,940 | 1,023 |
Corporate | ||
Fair value | ||
Less than 12 months | 3,082 | 2,655 |
12 months or longer | 784 | 22 |
Total | 3,866 | 2,677 |
Gross unrealized losses | ||
Less than 12 months | 209 | 77 |
12 months or longer | 37 | 0 |
Total | 246 | 77 |
Asset-backed securities | ||
Fair value | ||
Less than 12 months | 708 | 108 |
12 months or longer | 0 | 0 |
Total | 708 | 108 |
Gross unrealized losses | ||
Less than 12 months | 4 | 1 |
12 months or longer | 0 | 0 |
Total | 4 | 1 |
Other debt securities | ||
Fair value | ||
Less than 12 months | 2,213 | 3,439 |
12 months or longer | 0 | 0 |
Total | 2,213 | 3,439 |
Gross unrealized losses | ||
Less than 12 months | 5 | 4 |
12 months or longer | 0 | 0 |
Total | $ 5 | $ 4 |
INVESTMENTS - Fair Value of A_2
INVESTMENTS - Fair Value of AFS Debt Securities by Contractual Maturity Date (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Available for Sale Securities, Debt Maturities, Amortized Cost | ||
Amortized cost | $ 255,608 | $ 289,363 |
Available for Sale Securities, Debt Maturities, Fair Value | ||
Total fair value | $ 249,679 | $ 288,522 |
Available for Sale Securities, Debt Maturities, Weighted Average Yield | ||
Total | 3.34% | 1.94% |
Mortgage-backed securities | ||
Available for Sale Securities, Debt Maturities, Amortized Cost | ||
Due within 1 year, amortized cost | $ 42 | $ 188 |
After 1 but within 5 years, amortized cost | 523 | 211 |
After 5 but within 10 years, amortized cost | 468 | 523 |
After 10 years, amortized cost | 11,466 | 32,547 |
Amortized cost | 12,499 | 33,469 |
Available for Sale Securities, Debt Maturities, Fair Value | ||
Due within 1 year, fair value | 44 | 189 |
After 1 but within 5 years, fair value | 513 | 211 |
After 5 but within 10 years, fair value | 440 | 559 |
After 10 Years, fair value | 10,752 | 32,662 |
Total fair value | $ 11,749 | $ 33,621 |
Available for Sale Securities, Debt Maturities, Weighted Average Yield | ||
Due within 1 year, weighted average yield | 2.02% | 0.79% |
After 1 but within 5 years, weighted average yield | 2.31% | 1.07% |
After 5 but within 10 years, weighted average yield | 3.46% | 3.41% |
After 10 Years, weighted average yield | 3.46% | 2.73% |
Total | 3.41% | 2.72% |
U.S. Treasury and federal agency securities | ||
Available for Sale Securities, Debt Maturities, Amortized Cost | ||
Due within 1 year, amortized cost | $ 25,935 | $ 34,321 |
After 1 but within 5 years, amortized cost | 68,455 | 87,987 |
After 5 but within 10 years, amortized cost | 342 | 361 |
After 10 years, amortized cost | 0 | 0 |
Amortized cost | 94,732 | 122,669 |
Available for Sale Securities, Debt Maturities, Fair Value | ||
Due within 1 year, fair value | 25,829 | 34,448 |
After 1 but within 5 years, fair value | 66,166 | 87,633 |
After 5 but within 10 years, fair value | 295 | 359 |
After 10 Years, fair value | 0 | 0 |
Total fair value | $ 92,290 | $ 122,440 |
Available for Sale Securities, Debt Maturities, Weighted Average Yield | ||
Due within 1 year, weighted average yield | 2.81% | 1.05% |
After 1 but within 5 years, weighted average yield | 1.17% | 0.81% |
After 5 but within 10 years, weighted average yield | 2.53% | 1.42% |
After 10 Years, weighted average yield | 0% | 0% |
Total | 1.62% | 0.87% |
State and municipal | ||
Available for Sale Securities, Debt Maturities, Amortized Cost | ||
Due within 1 year, amortized cost | $ 19 | $ 40 |
After 1 but within 5 years, amortized cost | 94 | 121 |
After 5 but within 10 years, amortized cost | 305 | 156 |
After 10 years, amortized cost | 1,945 | 2,326 |
Amortized cost | 2,363 | 2,643 |
Available for Sale Securities, Debt Maturities, Fair Value | ||
Due within 1 year, fair value | 18 | 40 |
After 1 but within 5 years, fair value | 92 | 124 |
After 5 but within 10 years, fair value | 302 | 161 |
After 10 Years, fair value | 1,811 | 2,296 |
Total fair value | $ 2,223 | $ 2,621 |
Available for Sale Securities, Debt Maturities, Weighted Average Yield | ||
Due within 1 year, weighted average yield | 1.79% | 2.09% |
After 1 but within 5 years, weighted average yield | 3.07% | 3.16% |
After 5 but within 10 years, weighted average yield | 3.55% | 3.18% |
After 10 Years, weighted average yield | 3.51% | 3.15% |
Total | 3.49% | 3.14% |
Foreign government | ||
Available for Sale Securities, Debt Maturities, Amortized Cost | ||
Due within 1 year, amortized cost | $ 64,795 | $ 49,263 |
After 1 but within 5 years, amortized cost | 67,935 | 64,555 |
After 5 but within 10 years, amortized cost | 2,491 | 3,736 |
After 10 years, amortized cost | 427 | 1,872 |
Amortized cost | 135,648 | 119,426 |
Available for Sale Securities, Debt Maturities, Fair Value | ||
Due within 1 year, fair value | 64,479 | 49,223 |
After 1 but within 5 years, fair value | 66,150 | 63,961 |
After 5 but within 10 years, fair value | 2,250 | 3,656 |
After 10 Years, fair value | 398 | 1,900 |
Total fair value | $ 133,277 | $ 118,740 |
Available for Sale Securities, Debt Maturities, Weighted Average Yield | ||
Due within 1 year, weighted average yield | 4.25% | 2.53% |
After 1 but within 5 years, weighted average yield | 4.80% | 3.14% |
After 5 but within 10 years, weighted average yield | 2.86% | 1.72% |
After 10 Years, weighted average yield | 3.80% | 1.52% |
Total | 4.50% | 2.82% |
All other | ||
Available for Sale Securities, Debt Maturities, Amortized Cost | ||
Due within 1 year, amortized cost | $ 4,452 | $ 5,175 |
After 1 but within 5 years, amortized cost | 5,162 | 5,177 |
After 5 but within 10 years, amortized cost | 695 | 750 |
After 10 years, amortized cost | 57 | 54 |
Amortized cost | 10,366 | 11,156 |
Available for Sale Securities, Debt Maturities, Fair Value | ||
Due within 1 year, fair value | 4,441 | 5,180 |
After 1 but within 5 years, fair value | 4,988 | 5,149 |
After 5 but within 10 years, fair value | 693 | 750 |
After 10 Years, fair value | 18 | 21 |
Total fair value | $ 10,140 | $ 11,100 |
Available for Sale Securities, Debt Maturities, Weighted Average Yield | ||
Due within 1 year, weighted average yield | 1.52% | 0.94% |
After 1 but within 5 years, weighted average yield | 4.82% | 1.91% |
After 5 but within 10 years, weighted average yield | 11.35% | 2.08% |
After 10 Years, weighted average yield | 3.81% | 4.28% |
Total | 3.83% | 1.48% |
INVESTMENTS - Debt Securities H
INVESTMENTS - Debt Securities Held-to-Maturity (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Debt Securities Held-to-maturity | |||||
Carrying value | $ 268,863 | $ 216,963 | |||
Gross unrecognized gains | 101 | 1,714 | |||
Gross unrecognized losses | 25,316 | 2,639 | |||
Fair value | 243,648 | 216,038 | |||
Fair value of securities transferred from AFS to HTM | [1],[2] | 21,688 | 0 | $ 0 | |
Mortgage-backed securities - U.S. government-sponsored agency guaranteed | |||||
Debt Securities Held-to-maturity | |||||
Carrying value | 90,063 | 63,885 | |||
Gross unrecognized gains | 58 | 1,076 | |||
Gross unrecognized losses | 10,033 | 925 | |||
Fair value | 80,088 | 64,036 | |||
Fair value of securities transferred from AFS to HTM | $ 21,500 | ||||
Securities transferred from AFS to HTM, unrealized loss | 2,300 | ||||
Mortgage-backed securities - Non-U.S. residential | |||||
Debt Securities Held-to-maturity | |||||
Carrying value | 445 | 736 | |||
Gross unrecognized gains | 0 | 3 | |||
Gross unrecognized losses | 0 | 0 | |||
Fair value | 445 | 739 | |||
Mortgage-backed securities - Commercial | |||||
Debt Securities Held-to-maturity | |||||
Carrying value | 1,114 | 1,070 | |||
Gross unrecognized gains | 5 | 4 | |||
Gross unrecognized losses | 1 | 2 | |||
Fair value | 1,118 | 1,072 | |||
Mortgage-backed securities | |||||
Debt Securities Held-to-maturity | |||||
Carrying value | 91,622 | 65,691 | |||
Gross unrecognized gains | 63 | 1,083 | |||
Gross unrecognized losses | 10,034 | 927 | |||
Fair value | 81,651 | 65,847 | |||
US Treasury securities | |||||
Debt Securities Held-to-maturity | |||||
Carrying value | 134,961 | 111,819 | |||
Gross unrecognized gains | 0 | 30 | |||
Gross unrecognized losses | 13,722 | 1,632 | |||
Fair value | 121,239 | 110,217 | |||
State and municipal | |||||
Debt Securities Held-to-maturity | |||||
Carrying value | 9,237 | 8,923 | |||
Gross unrecognized gains | 34 | 589 | |||
Gross unrecognized losses | 764 | 12 | |||
Fair value | 8,507 | 9,500 | |||
Fair value of securities transferred from AFS to HTM | 165 | ||||
Securities transferred from AFS to HTM, unrealized loss | $ 12 | ||||
Foreign government | |||||
Debt Securities Held-to-maturity | |||||
Carrying value | 2,075 | 1,651 | |||
Gross unrecognized gains | 0 | 4 | |||
Gross unrecognized losses | 93 | 36 | |||
Fair value | 1,982 | 1,619 | |||
Asset-backed securities | |||||
Debt Securities Held-to-maturity | |||||
Carrying value | 30,968 | 28,879 | |||
Gross unrecognized gains | 4 | 8 | |||
Gross unrecognized losses | 703 | 32 | |||
Fair value | $ 30,269 | $ 28,855 | |||
[1]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 28 for more information and balances as of December 31, 2022 and 2021, respectively.[2]See Note 2 for further information on significant disposals. |
INVESTMENTS - Carrying Value an
INVESTMENTS - Carrying Value and Fair Value of HTM Debt Securities by Contractual Maturity Dates (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Held-to-maturity Securities, Debt Maturities, Amortized Cost | ||||
Carrying value | $ 268,863 | $ 216,963 | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | ||||
Fair value | $ 243,648 | $ 216,038 | ||
Held-to-maturity Securities, Debt Maturities, Weighted Average Yield | ||||
Total | 1.94% | 1.65% | ||
Allowance for credit losses on HTM debt securities | $ 120 | $ 87 | $ 86 | $ 0 |
Mortgage-backed securities | ||||
Held-to-maturity Securities, Debt Maturities, Amortized Cost | ||||
Due within 1 year, amortized cost | 27 | 152 | ||
After 1 but within 5 years, amortized cost | 520 | 684 | ||
After 5 but within 10 years, amortized cost | 1,496 | 1,655 | ||
After 10 years, amortized cost | 89,579 | 63,200 | ||
Carrying value | 91,622 | 65,691 | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | ||||
Due within 1 year, fair value | 27 | 151 | ||
After 1 but within 5 years, fair value | 505 | 725 | ||
After 5 but within 10 years, fair value | 1,374 | 1,739 | ||
After 10 years, fair value | 79,745 | 63,232 | ||
Fair value | $ 81,651 | $ 65,847 | ||
Held-to-maturity Securities, Debt Maturities, Weighted Average Yield | ||||
Due within 1 year, weighted average yield | 2.93% | 1.70% | ||
After 1 but within 5 years, weighted average yield | 3.84% | 3.01% | ||
After 5 but within 10 years, weighted average yield | 2.74% | 2.74% | ||
After 10 years, weighted average yield | 2.89% | 2.55% | ||
Total | 2.90% | 2.56% | ||
Allowance for credit losses on HTM debt securities | $ 1 | $ 6 | 3 | 0 |
US Treasury securities | ||||
Held-to-maturity Securities, Debt Maturities, Amortized Cost | ||||
Due within 1 year, amortized cost | 3,148 | 0 | ||
After 1 but within 5 years, amortized cost | 86,617 | 65,498 | ||
After 5 but within 10 years, amortized cost | 45,196 | 46,321 | ||
After 10 years, amortized cost | 0 | 0 | ||
Carrying value | 134,961 | 111,819 | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | ||||
Due within 1 year, fair value | 3,017 | 0 | ||
After 1 but within 5 years, fair value | 79,104 | 64,516 | ||
After 5 but within 10 years, fair value | 39,118 | 45,701 | ||
After 10 years, fair value | 0 | 0 | ||
Fair value | $ 121,239 | $ 110,217 | ||
Held-to-maturity Securities, Debt Maturities, Weighted Average Yield | ||||
Due within 1 year, weighted average yield | 0.18% | 0% | ||
After 1 but within 5 years, weighted average yield | 1.04% | 0.69% | ||
After 5 but within 10 years, weighted average yield | 1.16% | 1.15% | ||
After 10 years, weighted average yield | 0% | 0% | ||
Total | 1.06% | 0.88% | ||
State and municipal | ||||
Held-to-maturity Securities, Debt Maturities, Amortized Cost | ||||
Due within 1 year, amortized cost | $ 22 | $ 51 | ||
After 1 but within 5 years, amortized cost | 102 | 166 | ||
After 5 but within 10 years, amortized cost | 1,002 | 908 | ||
After 10 years, amortized cost | 8,111 | 7,798 | ||
Carrying value | 9,237 | 8,923 | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | ||||
Due within 1 year, fair value | 21 | 50 | ||
After 1 but within 5 years, fair value | 100 | 170 | ||
After 5 but within 10 years, fair value | 967 | 951 | ||
After 10 years, fair value | 7,419 | 8,329 | ||
Fair value | $ 8,507 | $ 9,500 | ||
Held-to-maturity Securities, Debt Maturities, Weighted Average Yield | ||||
Due within 1 year, weighted average yield | 2.73% | 3.82% | ||
After 1 but within 5 years, weighted average yield | 2.99% | 2.82% | ||
After 5 but within 10 years, weighted average yield | 3.16% | 3.23% | ||
After 10 years, weighted average yield | 3.32% | 2.65% | ||
Total | 3.30% | 2.72% | ||
Allowance for credit losses on HTM debt securities | $ 113 | $ 75 | 74 | 0 |
Foreign government | ||||
Held-to-maturity Securities, Debt Maturities, Amortized Cost | ||||
Due within 1 year, amortized cost | 143 | 292 | ||
After 1 but within 5 years, amortized cost | 1,932 | 1,359 | ||
After 5 but within 10 years, amortized cost | 0 | 0 | ||
After 10 years, amortized cost | 0 | 0 | ||
Carrying value | 2,075 | 1,651 | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | ||||
Due within 1 year, fair value | 139 | 291 | ||
After 1 but within 5 years, fair value | 1,843 | 1,328 | ||
After 5 but within 10 years, fair value | 0 | 0 | ||
After 10 years, fair value | 0 | 0 | ||
Fair value | $ 1,982 | $ 1,619 | ||
Held-to-maturity Securities, Debt Maturities, Weighted Average Yield | ||||
Due within 1 year, weighted average yield | 10.83% | 7.86% | ||
After 1 but within 5 years, weighted average yield | 9.94% | 6.30% | ||
After 5 but within 10 years, weighted average yield | 0% | 0% | ||
After 10 years, weighted average yield | 0% | 0% | ||
Total | 10% | 6.58% | ||
Allowance for credit losses on HTM debt securities | $ 3 | $ 4 | $ 6 | $ 0 |
All other | ||||
Held-to-maturity Securities, Debt Maturities, Amortized Cost | ||||
Due within 1 year, amortized cost | 0 | 0 | ||
After 1 but within 5 years, amortized cost | 0 | 0 | ||
After 5 but within 10 years, amortized cost | 11,751 | 11,520 | ||
After 10 years, amortized cost | 19,217 | 17,359 | ||
Carrying value | 30,968 | 28,879 | ||
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 | 11,583 | 11,515 | ||
After 10 years, fair value | 18,686 | 17,340 | ||
Fair value | $ 30,269 | $ 28,855 | ||
Held-to-maturity Securities, Debt Maturities, Weighted Average Yield | ||||
Due within 1 year, weighted average yield | 0% | 0% | ||
After 1 but within 5 years, weighted average yield | 0% | 0% | ||
After 5 but within 10 years, weighted average yield | 2.81% | 2.78% | ||
After 10 years, weighted average yield | 1.53% | 1.34% | ||
Total | 2.02% | 1.92% |
INVESTMENTS - Recognition and M
INVESTMENTS - Recognition and Measurement of Impairment Losses (Details) - AFS debt securities - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OTTI on Investments disclosures | |||
Total impairment 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 more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise | 360 | 181 | 109 |
Total impairment losses recognized in earnings | $ 360 | $ 181 | $ 109 |
INVESTMENTS - Schedule of Allow
INVESTMENTS - Schedule of Allowance for Credit Losses for AFS Debt Securities (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses at beginning of year | $ 8 | $ 5 | $ 0 | |
Gross write-offs | 0 | 0 | 0 | |
Gross recoveries | 5 | 0 | 2 | |
Net credit losses (NCLs) | 5 | 0 | 2 | |
Credit losses on securities without previous credit losses | 2 | 3 | 8 | |
Net reserve builds (releases) on securities with previous credit losses | (2) | 0 | (3) | |
Total provision for credit losses | [1] | (5) | 3 | 3 |
Initial allowance on newly purchased credit-deteriorated securities during the year | 0 | 0 | 0 | |
Allowance for credit losses at end of year | 3 | 8 | 5 | |
Mortgage-backed securities | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses at beginning of year | 0 | 0 | 0 | |
Gross write-offs | 0 | 0 | 0 | |
Gross recoveries | 0 | 0 | 0 | |
Net credit losses (NCLs) | 0 | 0 | 0 | |
Credit losses on securities without previous credit losses | 0 | 0 | 0 | |
Net reserve builds (releases) on securities with previous credit losses | 0 | 0 | 0 | |
Total provision for credit losses | 0 | 0 | 0 | |
Initial allowance on newly purchased credit-deteriorated securities during the year | 0 | 0 | 0 | |
Allowance for credit losses at end of year | 0 | 0 | 0 | |
U.S. Treasury and federal agency securities | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses at beginning of year | 0 | 0 | 0 | |
Gross write-offs | 0 | 0 | 0 | |
Gross recoveries | 0 | 0 | 0 | |
Net credit losses (NCLs) | 0 | 0 | 0 | |
Credit losses on securities without previous credit losses | 0 | 0 | 0 | |
Net reserve builds (releases) on securities with previous credit losses | 0 | 0 | 0 | |
Total provision for credit losses | 0 | 0 | 0 | |
Initial allowance on newly purchased credit-deteriorated securities during the year | 0 | 0 | 0 | |
Allowance for credit losses at end of year | 0 | 0 | 0 | |
State and municipal | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses at beginning of year | 0 | 0 | 0 | |
Gross write-offs | 0 | 0 | 0 | |
Gross recoveries | 0 | 0 | 0 | |
Net credit losses (NCLs) | 0 | 0 | 0 | |
Credit losses on securities without previous credit losses | 0 | 0 | 0 | |
Net reserve builds (releases) on securities with previous credit losses | 0 | 0 | 0 | |
Total provision for credit losses | 0 | 0 | 0 | |
Initial allowance on newly purchased credit-deteriorated securities during the year | 0 | 0 | 0 | |
Allowance for credit losses at end of year | 0 | 0 | 0 | |
Foreign government | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses at beginning of year | 0 | 0 | 0 | |
Gross write-offs | 0 | 0 | 0 | |
Gross recoveries | 0 | 0 | 0 | |
Net credit losses (NCLs) | 0 | 0 | 0 | |
Credit losses on securities without previous credit losses | 0 | 0 | 3 | |
Net reserve builds (releases) on securities with previous credit losses | 0 | 0 | (3) | |
Total provision for credit losses | 0 | 0 | 0 | |
Initial allowance on newly purchased credit-deteriorated securities during the year | 0 | 0 | 0 | |
Allowance for credit losses at end of year | 0 | 0 | 0 | |
Corporate | ||||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit losses at beginning of year | 8 | 5 | 0 | |
Gross write-offs | 0 | 0 | 0 | |
Gross recoveries | 5 | 0 | 2 | |
Net credit losses (NCLs) | 5 | 0 | 2 | |
Credit losses on securities without previous credit losses | 2 | 3 | 5 | |
Net reserve builds (releases) on securities with previous credit losses | (2) | 0 | 0 | |
Total provision for credit losses | (5) | 3 | 3 | |
Initial allowance on newly purchased credit-deteriorated securities during the year | 0 | 0 | 0 | |
Allowance for credit losses at end of year | $ 3 | $ 8 | $ 5 | |
[1]n accordance with ASC 326, which requires the provision for credit losses on AFS securities to be included in revenue. |
INVESTMENTS - Carrying Value of
INVESTMENTS - Carrying Value of Non-marketable Equity Securities Measured Using the Measurement Alternative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Securities without Readily Determinable Fair Value, Annual Amount [Abstract] | ||
Measurement alternative - carrying value | $ 1,676,000,000 | $ 1,413,000,000 |
Measurement alternative - impairment losses | 139,000,000 | 25,000,000 |
Measurement alternative - downward changes for observable prices | 3,000,000 | 0 |
Measurement alternative - upward changes for observable prices | 177,000,000 | 406,000,000 |
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount [Abstract] | ||
Measurement alternative - impairment losses | 219,000,000 | |
Measurement alternative - downward changes for observable prices | 6,000,000 | |
Measurement alternative - upward changes for observable prices | 867,000,000 | |
Impairment loss recognized in earnings for non-marketable equity securities carried at cost | $ 0 | $ 0 |
LOANS - Consumer Loan Delinquen
LOANS - Consumer Loan Delinquency and Non-Accruals (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) category payment | Dec. 31, 2021 USD ($) | |
Loans receivable | ||
Number of loan categories | category | 2 | |
Total loans | $ 657,221 | $ 667,767 |
Loans held at fair value | 5,360 | 6,082 |
Accrued interest receivable | $ 1,000 | |
Accrued interest receivable, location | Other assets | |
Reversal of accrued interest | $ 600 | 800 |
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 | |
Total loans | $ 368,067 | 376,534 |
Non-accrual loans for which there is no ACLL | 140 | 200 |
Non-accrual loans for which there is an ACLL | 1,177 | 1,626 |
Total non-accrual | 1,317 | 1,826 |
90 days past due and accruing | 1,658 | 1,326 |
Loans held at fair value | 237 | 12 |
Unearned income related to consumer loans | 712 | 629 |
Consumer | Classifiably managed | ||
Loans receivable | ||
Total loans | $ 31,478 | 35,324 |
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 | Current | ||
Loans receivable | ||
Total loans | $ 363,256 | 372,140 |
Consumer | Past due | Past due government guaranteed | ||
Loans receivable | ||
Total loans | 286 | 432 |
Consumer | 30 to 89 days past due | ||
Loans receivable | ||
Total loans | 2,372 | 1,999 |
Consumer | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total loans | 2,153 | 1,963 |
Consumer | In North America offices | ||
Loans receivable | ||
Total loans | 289,014 | 263,687 |
Non-accrual loans for which there is no ACLL | 140 | 200 |
Non-accrual loans for which there is an ACLL | 608 | 850 |
Total non-accrual | 748 | 1,050 |
90 days past due and accruing | 1,589 | 1,183 |
Consumer | In North America offices | Current | ||
Loans receivable | ||
Total loans | 284,782 | 260,216 |
Consumer | In North America offices | Past due | Past due government guaranteed | ||
Loans receivable | ||
Total loans | 286 | 432 |
Consumer | In North America offices | 30 to 89 days past due | ||
Loans receivable | ||
Total loans | 2,058 | 1,497 |
Consumer | In North America offices | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total loans | 1,888 | 1,542 |
Consumer | In North America offices | Equal to greater than 90 days past due | Personal Banking and Wealth Management | ||
Loans receivable | ||
Total loans | 31,500 | 35,300 |
Consumer | In offices outside North America | ||
Loans receivable | ||
Total loans | 79,053 | 112,847 |
Non-accrual loans for which there is no ACLL | 0 | 0 |
Non-accrual loans for which there is an ACLL | 569 | 776 |
Total non-accrual | 569 | 776 |
90 days past due and accruing | 69 | 143 |
Consumer | In offices outside North America | Classifiably managed | ||
Loans receivable | ||
Total loans | 17,762 | 24,482 |
Consumer | In offices outside North America | Current | ||
Loans receivable | ||
Total loans | 78,474 | 111,924 |
Consumer | In offices outside North America | Past due | Past due government guaranteed | ||
Loans receivable | ||
Total loans | 0 | 0 |
Consumer | In offices outside North America | 30 to 89 days past due | ||
Loans receivable | ||
Total loans | 314 | 502 |
Consumer | In offices outside North America | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total loans | 265 | 421 |
Consumer | In offices outside North America | Equal to greater than 90 days past due | Personal Banking and Wealth Management | ||
Loans receivable | ||
Total loans | $ 17,800 | 24,500 |
Consumer | Residential first mortgages | ||
Loans receivable | ||
Number of days past due, non-accrual status | 90 days | |
Total loans | $ 96,039 | 83,361 |
Loans held at fair value | 237 | 12 |
Consumer | Residential first mortgages | Classifiably managed | ||
Loans receivable | ||
Total loans | ||
Consumer | Residential first mortgages | In North America offices | ||
Loans receivable | ||
Total loans | 96,039 | 83,361 |
Non-accrual loans for which there is no ACLL | 86 | 134 |
Non-accrual loans for which there is an ACLL | 434 | 559 |
Total non-accrual | 520 | 693 |
90 days past due and accruing | 163 | 282 |
Residential first mortgage loans in process of foreclosure | 100 | 100 |
Consumer | Residential first mortgages | In North America offices | Current | ||
Loans receivable | ||
Total loans | 95,023 | 82,087 |
Consumer | Residential first mortgages | In North America offices | Past due | Past due government guaranteed | ||
Loans receivable | ||
Total loans | 279 | 394 |
Consumer | Residential first mortgages | In North America offices | 30 to 89 days past due | ||
Loans receivable | ||
Total loans | 421 | 381 |
Consumer | Residential first mortgages | In North America offices | 30 to 89 days past due | Past due government guaranteed | ||
Loans receivable | ||
Total loans | 100 | 100 |
Consumer | Residential first mortgages | In North America offices | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total loans | 316 | 499 |
Consumer | Residential first mortgages | In North America offices | Equal to greater than 90 days past due | Past due government guaranteed | ||
Loans receivable | ||
Total loans | 200 | 300 |
Consumer | Residential first mortgages | In offices outside North America | ||
Loans receivable | ||
Total loans | 28,114 | 37,889 |
Non-accrual loans for which there is no ACLL | 0 | 0 |
Non-accrual loans for which there is an ACLL | 305 | 409 |
Total non-accrual | 305 | 409 |
90 days past due and accruing | 13 | 10 |
Residential first mortgage loans in process of foreclosure | 0 | 100 |
Consumer | Residential first mortgages | In offices outside North America | Classifiably managed | ||
Loans receivable | ||
Total loans | 0 | 0 |
Consumer | Residential first mortgages | In offices outside North America | Global Wealth Management Business | ||
Loans receivable | ||
Total loans | 19,800 | 19,800 |
Consumer | Residential first mortgages | In offices outside North America | Current | ||
Loans receivable | ||
Total loans | 27,946 | 37,566 |
Consumer | Residential first mortgages | In offices outside North America | Past due | Past due government guaranteed | ||
Loans receivable | ||
Total loans | 0 | 0 |
Consumer | Residential first mortgages | In offices outside North America | 30 to 89 days past due | ||
Loans receivable | ||
Total loans | 62 | 165 |
Consumer | Residential first mortgages | In offices outside North America | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total loans | $ 106 | 158 |
Consumer | Home equity loans | ||
Loans receivable | ||
Number of days past due, non-accrual status | 90 days | |
Total loans | $ 4,580 | 5,745 |
Consumer | Home equity loans | Classifiably managed | ||
Loans receivable | ||
Total loans | ||
Consumer | Home equity loans | In North America offices | ||
Loans receivable | ||
Total loans | 4,580 | 5,745 |
Non-accrual loans for which there is no ACLL | 51 | 64 |
Non-accrual loans for which there is an ACLL | 151 | 221 |
Total non-accrual | 202 | 285 |
90 days past due and accruing | 0 | 0 |
Home equity loans in process of foreclosure | 100 | 100 |
Consumer | Home equity loans | In North America offices | Current | ||
Loans receivable | ||
Total loans | 4,407 | 5,546 |
Consumer | Home equity loans | In North America offices | Past due | Past due government guaranteed | ||
Loans receivable | ||
Total loans | 0 | 0 |
Consumer | Home equity loans | In North America offices | 30 to 89 days past due | ||
Loans receivable | ||
Total loans | 38 | 43 |
Consumer | Home equity loans | In North America offices | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total loans | $ 135 | 156 |
Consumer | Credit cards | ||
Loans receivable | ||
Number of days past due, non-accrual status | 180 days | |
Total loans | $ 150,098 | 133,351 |
Consumer | Credit cards | Classifiably managed | ||
Loans receivable | ||
Total loans | ||
Consumer | Credit cards | In North America offices | ||
Loans receivable | ||
Total loans | 150,643 | 133,868 |
Non-accrual loans for which there is no ACLL | 0 | 0 |
Non-accrual loans for which there is an ACLL | 0 | 0 |
Total non-accrual | 0 | 0 |
90 days past due and accruing | 1,415 | 871 |
Consumer | Credit cards | In North America offices | Current | ||
Loans receivable | ||
Total loans | 147,717 | 132,050 |
Consumer | Credit cards | In North America offices | Past due | Past due government guaranteed | ||
Loans receivable | ||
Total loans | 0 | 0 |
Consumer | Credit cards | In North America offices | 30 to 89 days past due | ||
Loans receivable | ||
Total loans | 1,511 | 947 |
Consumer | Credit cards | In North America offices | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total loans | 1,415 | 871 |
Consumer | Credit cards | In offices outside North America | ||
Loans receivable | ||
Total loans | 12,955 | 17,808 |
Non-accrual loans for which there is no ACLL | 0 | 0 |
Non-accrual loans for which there is an ACLL | 127 | 140 |
Total non-accrual | 127 | 140 |
90 days past due and accruing | 56 | 133 |
Consumer | Credit cards | In offices outside North America | Classifiably managed | ||
Loans receivable | ||
Total loans | 0 | 0 |
Consumer | Credit cards | In offices outside North America | Current | ||
Loans receivable | ||
Total loans | 12,659 | 17,428 |
Consumer | Credit cards | In offices outside North America | Past due | Past due government guaranteed | ||
Loans receivable | ||
Total loans | 0 | 0 |
Consumer | Credit cards | In offices outside North America | 30 to 89 days past due | ||
Loans receivable | ||
Total loans | 147 | 192 |
Consumer | Credit cards | In offices outside North America | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total loans | $ 149 | 188 |
Consumer | Personal, small business and other | ||
Loans receivable | ||
Number of days past due, non-accrual status | 90 days | |
Total loans | $ 36,812 | 39,806 |
Consumer | Personal, small business and other | Classifiably managed | ||
Loans receivable | ||
Total loans | 31,478 | 35,324 |
Consumer | Personal, small business and other | In North America offices | ||
Loans receivable | ||
Total loans | 37,752 | 40,713 |
Non-accrual loans for which there is no ACLL | 3 | 2 |
Non-accrual loans for which there is an ACLL | 23 | 70 |
Total non-accrual | 26 | 72 |
90 days past due and accruing | 11 | 30 |
Consumer | Personal, small business and other | In North America offices | Global Wealth Management Business | ||
Loans receivable | ||
Total loans | 34,000 | 37,900 |
Consumer | Personal, small business and other | In North America offices | Global Wealth Management Business | Classifiably managed | ||
Loans receivable | ||
Total loans | $ 31,500 | $ 35,300 |
Consumer | Personal, small business and other | In North America offices | Global Wealth Management Business | Internal Investment Grade | ||
Loans receivable | ||
Percentage internal risk rating | 98% | 95% |
Consumer | Personal, small business and other | In North America offices | Current | ||
Loans receivable | ||
Total loans | $ 37,635 | $ 40,533 |
Consumer | Personal, small business and other | In North America offices | Past due | Past due government guaranteed | ||
Loans receivable | ||
Total loans | 7 | 38 |
Consumer | Personal, small business and other | In North America offices | 30 to 89 days past due | ||
Loans receivable | ||
Total loans | 88 | 126 |
Consumer | Personal, small business and other | In North America offices | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total loans | 22 | 16 |
Consumer | Personal, small business and other | In offices outside North America | ||
Loans receivable | ||
Total loans | 37,984 | 57,150 |
Non-accrual loans for which there is no ACLL | 0 | 0 |
Non-accrual loans for which there is an ACLL | 137 | 227 |
Total non-accrual | 137 | 227 |
90 days past due and accruing | 0 | 0 |
Consumer | Personal, small business and other | In offices outside North America | Classifiably managed | ||
Loans receivable | ||
Total loans | $ 17,762 | $ 24,482 |
Consumer | Personal, small business and other | In offices outside North America | Internal Investment Grade | ||
Loans receivable | ||
Percentage internal risk rating | 98% | 95% |
Consumer | Personal, small business and other | In offices outside North America | Global Wealth Management Business | ||
Loans receivable | ||
Total loans | $ 26,600 | $ 34,600 |
Consumer | Personal, small business and other | In offices outside North America | Global Wealth Management Business | Classifiably managed | ||
Loans receivable | ||
Total loans | $ 17,800 | $ 24,500 |
Consumer | Personal, small business and other | In offices outside North America | Global Wealth Management Business | Internal Investment Grade | ||
Loans receivable | ||
Percentage internal risk rating | 94% | 94% |
Consumer | Personal, small business and other | In offices outside North America | Current | ||
Loans receivable | ||
Total loans | $ 37,869 | $ 56,930 |
Consumer | Personal, small business and other | In offices outside North America | Past due | Past due government guaranteed | ||
Loans receivable | ||
Total loans | 0 | 0 |
Consumer | Personal, small business and other | In offices outside North America | 30 to 89 days past due | ||
Loans receivable | ||
Total loans | 105 | 145 |
Consumer | Personal, small business and other | In offices outside North America | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total loans | $ 10 | $ 75 |
Consumer | Mortgage loans other than federal housing administration-insured loans | ||
Loans receivable | ||
Number of days past due, non-accrual status | 60 days | |
Consumer | Unsecured revolving loans | ||
Loans receivable | ||
Number of days past due, non-accrual status | 180 days |
LOANS - Schedule of Interest In
LOANS - Schedule of Interest Income Recognized for Non-Accrual Consumer Loans (Details) - Consumer - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | $ 27 | $ 21 |
Loans sold and/or reclassified to held-for-sale | 582 | 1,473 |
In North America offices | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | 19 | 20 |
In offices outside North America | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | 8 | 1 |
Residential first mortgages | In North America offices | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | 12 | 13 |
Residential first mortgages | In offices outside North America | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | 4 | 1 |
Home equity loans | In North America offices | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | 5 | 7 |
Credit cards | In North America offices | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | 0 | 0 |
Credit cards | In offices outside North America | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | 0 | 0 |
Personal, small business and other | In North America offices | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | 2 | 0 |
Personal, small business and other | In offices outside North America | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Interest income | $ 4 | $ 0 |
LOANS - Credit Quality Indicato
LOANS - Credit Quality Indicators (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Loans receivable | ||
Total | $ 657,221 | $ 667,767 |
Consumer | ||
Loans receivable | ||
Total | 368,067 | 376,534 |
Consumer | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total | 2,153 | 1,963 |
Consumer | In North America offices | ||
Loans receivable | ||
Total | 289,014 | 263,687 |
Consumer | In North America offices | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total | 1,888 | 1,542 |
Consumer | In North America offices | Equal to greater than 90 days past due | Personal Banking and Wealth Management | ||
Loans receivable | ||
Total | 31,500 | 35,300 |
Consumer | In offices outside North America | ||
Loans receivable | ||
Total | 79,053 | 112,847 |
Consumer | In offices outside North America | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total | 265 | 421 |
Consumer | In offices outside North America | Equal to greater than 90 days past due | Personal Banking and Wealth Management | ||
Loans receivable | ||
Total | 17,800 | 24,500 |
Consumer | Residential first mortgages | ||
Loans receivable | ||
Total | 96,039 | 83,361 |
Consumer | Residential first mortgages | In North America offices | ||
Loans receivable | ||
Total | 96,039 | 83,361 |
Consumer | Residential first mortgages | In North America offices | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total | 316 | 499 |
Consumer | Residential first mortgages | In offices outside North America | ||
Loans receivable | ||
Total | 28,114 | 37,889 |
Consumer | Residential first mortgages | In offices outside North America | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total | 106 | 158 |
Consumer | Home equity loans | ||
Loans receivable | ||
Total | 4,580 | 5,745 |
Consumer | Home equity loans | In North America offices | ||
Loans receivable | ||
Total | 4,580 | 5,745 |
Consumer | Home equity loans | In North America offices | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total | 135 | 156 |
Consumer | Credit cards | ||
Loans receivable | ||
Total | 150,098 | 133,351 |
Consumer | Credit cards | In North America offices | ||
Loans receivable | ||
Total | 150,643 | 133,868 |
Consumer | Credit cards | In North America offices | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total | 1,415 | 871 |
Consumer | Credit cards | In offices outside North America | ||
Loans receivable | ||
Total | 12,955 | 17,808 |
Consumer | Credit cards | In offices outside North America | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total | 149 | 188 |
Consumer | Credit cards | Outside U.S. | ||
Loans receivable | ||
Revolving loans converted to term loans | 75 | 313 |
Consumer | Personal, small business and other | ||
Loans receivable | ||
Revolving loans converted to term loans | 67 | 74 |
Total | 36,812 | 39,806 |
Consumer | Personal, small business and other | In North America offices | ||
Loans receivable | ||
Total | 37,752 | 40,713 |
Consumer | Personal, small business and other | In North America offices | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total | 22 | 16 |
Consumer | Personal, small business and other | In offices outside North America | ||
Loans receivable | ||
Total | $ 37,984 | $ 57,150 |
Consumer | Personal, small business and other | In offices outside North America | Internal Investment Grade | ||
Loans receivable | ||
Percentage internal risk rating | 98% | 95% |
Consumer | Personal, small business and other | In offices outside North America | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total | $ 10 | $ 75 |
Consumer | Less than or equal to 80% | ||
Loans receivable | ||
Total | 90,741 | 83,339 |
Consumer | Less than or equal to 80% | Residential first mortgages | ||
Loans receivable | ||
Current fiscal year | 15,644 | 18,107 |
One year prior to current fiscal year | 19,104 | 18,715 |
Two years prior to current fiscal year | 16,935 | 10,047 |
Three years prior to current fiscal year | 8,789 | 4,117 |
Four years prior to current fiscal year | 3,598 | 4,804 |
Prior | 22,367 | 22,161 |
Total | 86,437 | 77,951 |
Consumer | Less than or equal to 80% | Residential first mortgages | In offices outside North America | ||
Loans receivable | ||
Current fiscal year | 3,106 | 6,334 |
One year prior to current fiscal year | 4,144 | 5,996 |
Two years prior to current fiscal year | 3,293 | 5,293 |
Three years prior to current fiscal year | 3,048 | 3,729 |
Four years prior to current fiscal year | 2,074 | 2,739 |
Prior | 9,201 | 12,190 |
Total | $ 24,866 | $ 36,281 |
Loan to value ratio | 51% | 46% |
Consumer | Less than or equal to 80% | Home equity loans (pre-reset) | ||
Loans receivable | ||
Total | $ 3,677 | $ 2,637 |
Consumer | Less than or equal to 80% | Home equity loans (post-reset) | ||
Loans receivable | ||
Total | 627 | 2,751 |
Consumer | Less than or equal to 80% | Home equity loans | ||
Loans receivable | ||
Total | 4,304 | 5,388 |
Consumer | 80% but less than or equal to 100% | ||
Loans receivable | ||
Total | 8,385 | 3,903 |
Consumer | 80% but less than or equal to 100% | Residential first mortgages | ||
Loans receivable | ||
Current fiscal year | 6,497 | 2,723 |
One year prior to current fiscal year | 1,227 | 446 |
Two years prior to current fiscal year | 267 | 269 |
Three years prior to current fiscal year | 140 | 136 |
Four years prior to current fiscal year | 74 | 103 |
Prior | 132 | 128 |
Total | 8,337 | 3,805 |
Consumer | 80% but less than or equal to 100% | Residential first mortgages | In offices outside North America | ||
Loans receivable | ||
Current fiscal year | 975 | 989 |
One year prior to current fiscal year | 964 | 292 |
Two years prior to current fiscal year | 502 | 116 |
Three years prior to current fiscal year | 92 | 32 |
Four years prior to current fiscal year | 48 | 38 |
Prior | 36 | 102 |
Total | 2,617 | 1,569 |
Consumer | 80% but less than or equal to 100% | Home equity loans (pre-reset) | ||
Loans receivable | ||
Total | 36 | 46 |
Consumer | 80% but less than or equal to 100% | Home equity loans (post-reset) | ||
Loans receivable | ||
Total | 12 | 52 |
Consumer | 80% but less than or equal to 100% | Home equity loans | ||
Loans receivable | ||
Total | 48 | 98 |
Consumer | Greater than 100% | ||
Loans receivable | ||
Total | 263 | 193 |
Consumer | Greater than 100% | Residential first mortgages | ||
Loans receivable | ||
Current fiscal year | 40 | 34 |
One year prior to current fiscal year | 33 | 0 |
Two years prior to current fiscal year | 1 | 29 |
Three years prior to current fiscal year | 23 | 11 |
Four years prior to current fiscal year | 9 | 4 |
Prior | 74 | 14 |
Total | 180 | 92 |
Consumer | Greater than 100% | Residential first mortgages | In offices outside North America | ||
Loans receivable | ||
Current fiscal year | 294 | 0 |
One year prior to current fiscal year | 273 | 0 |
Two years prior to current fiscal year | 25 | 1 |
Three years prior to current fiscal year | 1 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 7 | 14 |
Total | 600 | 15 |
Consumer | Greater than 100% | Home equity loans (pre-reset) | ||
Loans receivable | ||
Total | 56 | 69 |
Consumer | Greater than 100% | Home equity loans (post-reset) | ||
Loans receivable | ||
Total | 27 | 32 |
Consumer | Greater than 100% | Home equity loans | ||
Loans receivable | ||
Total | 83 | 101 |
Consumer | LTV not available | ||
Loans receivable | ||
Total | 1,230 | 1,671 |
Consumer | LTV not available | Residential first mortgages | ||
Loans receivable | ||
Total | 1,085 | 1,513 |
Consumer | LTV not available | Residential first mortgages | In offices outside North America | ||
Loans receivable | ||
Total | 31 | 24 |
Consumer | LTV not available | Home equity loans | ||
Loans receivable | ||
Total | 145 | 158 |
Consumer | Total | ||
Loans receivable | ||
Total | 100,619 | 89,106 |
Consumer | Less than 680 | ||
Loans receivable | ||
Total | 34,306 | 28,598 |
Consumer | Less than 680 | Residential first mortgages | ||
Loans receivable | ||
Current fiscal year | 691 | 626 |
One year prior to current fiscal year | 639 | 508 |
Two years prior to current fiscal year | 431 | 373 |
Three years prior to current fiscal year | 321 | 394 |
Four years prior to current fiscal year | 302 | 343 |
Prior | 2,020 | 2,053 |
Total | 4,404 | 4,297 |
Consumer | Less than 680 | Home equity loans (pre-reset) | ||
Loans receivable | ||
Total | 552 | 659 |
Consumer | Less than 680 | Home equity loans (post-reset) | ||
Loans receivable | ||
Total | 62 | 75 |
Consumer | Less than 680 | Home equity term loans | ||
Loans receivable | ||
Current fiscal year | 0 | 0 |
One year prior to current fiscal year | 0 | 0 |
Two years prior to current fiscal year | 1 | 1 |
Three years prior to current fiscal year | 1 | 1 |
Four years prior to current fiscal year | 1 | 1 |
Prior | 103 | 165 |
Total | 106 | 168 |
Consumer | Less than 680 | Home equity loans | ||
Loans receivable | ||
Total | 720 | 902 |
Consumer | Less than 680 | Credit cards | ||
Loans receivable | ||
Total | 27,901 | 22,342 |
Consumer | Less than 680 | Credit cards | ||
Loans receivable | ||
Revolving loans converted to term loans | 766 | 773 |
Total | 28,667 | 23,115 |
Consumer | Less than 680 | Credit cards | Canada | ||
Loans receivable | ||
Total | 545 | 517 |
Consumer | Less than 680 | Personal, small business and other | ||
Loans receivable | ||
Current fiscal year | 247 | 59 |
One year prior to current fiscal year | 96 | 22 |
Two years prior to current fiscal year | 15 | 42 |
Three years prior to current fiscal year | 21 | 34 |
Four years prior to current fiscal year | 10 | 7 |
Prior | 126 | 120 |
Total | 515 | 284 |
Consumer | Less than 680 | Personal, small business and other | Canada | ||
Loans receivable | ||
Total | 940 | 907 |
Consumer | 680 to 760 | ||
Loans receivable | ||
Total | 89,490 | 79,581 |
Consumer | 680 to 760 | Residential first mortgages | ||
Loans receivable | ||
Current fiscal year | 7,530 | 6,729 |
One year prior to current fiscal year | 5,933 | 5,102 |
Two years prior to current fiscal year | 4,621 | 3,074 |
Three years prior to current fiscal year | 2,505 | 1,180 |
Four years prior to current fiscal year | 1,072 | 1,455 |
Prior | 6,551 | 6,540 |
Total | 28,212 | 24,080 |
Consumer | 680 to 760 | Home equity loans (pre-reset) | ||
Loans receivable | ||
Total | 1,536 | 1,795 |
Consumer | 680 to 760 | Home equity loans (post-reset) | ||
Loans receivable | ||
Total | 65 | 72 |
Consumer | 680 to 760 | Home equity term loans | ||
Loans receivable | ||
Current fiscal year | 0 | 1 |
One year prior to current fiscal year | 1 | 3 |
Two years prior to current fiscal year | 2 | 2 |
Three years prior to current fiscal year | 2 | 2 |
Four years prior to current fiscal year | 2 | 2 |
Prior | 144 | 201 |
Total | 151 | 210 |
Consumer | 680 to 760 | Home equity loans | ||
Loans receivable | ||
Total | 1,752 | 2,077 |
Consumer | 680 to 760 | Credit cards | ||
Loans receivable | ||
Total | 58,213 | 52,481 |
Consumer | 680 to 760 | Credit cards | ||
Loans receivable | ||
Revolving loans converted to term loans | 354 | 426 |
Total | 58,567 | 52,907 |
Consumer | 680 to 760 | Personal, small business and other | ||
Loans receivable | ||
Current fiscal year | 546 | 201 |
One year prior to current fiscal year | 170 | 41 |
Two years prior to current fiscal year | 20 | 53 |
Three years prior to current fiscal year | 23 | 35 |
Four years prior to current fiscal year | 10 | 8 |
Prior | 190 | 179 |
Total | 959 | 517 |
Consumer | Greater than 760 | ||
Loans receivable | ||
Total | 120,733 | 106,515 |
Consumer | Greater than 760 | Residential first mortgages | ||
Loans receivable | ||
Current fiscal year | 12,928 | 12,349 |
One year prior to current fiscal year | 12,672 | 12,153 |
Two years prior to current fiscal year | 10,936 | 6,167 |
Three years prior to current fiscal year | 5,445 | 2,216 |
Four years prior to current fiscal year | 1,899 | 2,568 |
Prior | 12,649 | 12,586 |
Total | 56,529 | 48,039 |
Consumer | Greater than 760 | Home equity loans (pre-reset) | ||
Loans receivable | ||
Total | 1,876 | 2,506 |
Consumer | Greater than 760 | Home equity loans (post-reset) | ||
Loans receivable | ||
Total | 40 | 37 |
Consumer | Greater than 760 | Home equity term loans | ||
Loans receivable | ||
Current fiscal year | 0 | 1 |
One year prior to current fiscal year | 1 | 2 |
Two years prior to current fiscal year | 2 | 2 |
Three years prior to current fiscal year | 2 | 1 |
Four years prior to current fiscal year | 1 | 2 |
Prior | 111 | 149 |
Total | 117 | 156 |
Consumer | Greater than 760 | Home equity loans | ||
Loans receivable | ||
Total | 2,033 | 2,699 |
Consumer | Greater than 760 | Credit cards | ||
Loans receivable | ||
Total | 60,896 | 55,076 |
Consumer | Greater than 760 | Credit cards | ||
Loans receivable | ||
Revolving loans converted to term loans | 54 | 61 |
Total | 60,950 | 55,137 |
Consumer | Greater than 760 | Personal, small business and other | ||
Loans receivable | ||
Current fiscal year | 800 | 319 |
One year prior to current fiscal year | 210 | 64 |
Two years prior to current fiscal year | 30 | 68 |
Three years prior to current fiscal year | 28 | 37 |
Four years prior to current fiscal year | 9 | 9 |
Prior | 144 | 143 |
Total | 1,221 | 640 |
Consumer | Classifiably managed | ||
Loans receivable | ||
Total | 31,478 | 35,324 |
Consumer | Classifiably managed | In offices outside North America | ||
Loans receivable | ||
Total | 17,762 | 24,482 |
Consumer | Classifiably managed | Residential first mortgages | ||
Loans receivable | ||
Total | ||
Consumer | Classifiably managed | Residential first mortgages | In offices outside North America | ||
Loans receivable | ||
Total | 0 | 0 |
Consumer | Classifiably managed | Home equity loans | ||
Loans receivable | ||
Total | ||
Consumer | Classifiably managed | Credit cards | ||
Loans receivable | ||
Total | ||
Consumer | Classifiably managed | Credit cards | In offices outside North America | ||
Loans receivable | ||
Total | 0 | 0 |
Consumer | Classifiably managed | Personal, small business and other | ||
Loans receivable | ||
Total | 31,478 | 35,324 |
Consumer | Classifiably managed | Personal, small business and other | In offices outside North America | ||
Loans receivable | ||
Total | 17,762 | 24,482 |
Consumer | FICO not available | ||
Loans receivable | ||
Total | 11,522 | 12,245 |
Consumer | FICO not available | Residential first mortgages | ||
Loans receivable | ||
Total | 6,894 | 6,945 |
Consumer | FICO not available | Home equity loans | ||
Loans receivable | ||
Total | 75 | 67 |
Consumer | FICO not available | Credit cards | ||
Loans receivable | ||
Total | 1,914 | 2,192 |
Consumer | FICO not available | Personal, small business and other | ||
Loans receivable | ||
Total | 2,639 | 3,041 |
Consumer | Total loans | ||
Loans receivable | ||
Total | $ 287,529 | $ 262,263 |
LOANS - Consumer Loans Outside
LOANS - Consumer Loans Outside of North America (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Loans receivable | ||
Total loans | $ 657,221 | $ 667,767 |
Consumer | ||
Loans receivable | ||
Total loans | 368,067 | 376,534 |
Consumer | 30 to 89 days past due | ||
Loans receivable | ||
Total loans | 2,372 | 1,999 |
Consumer | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total loans | 2,153 | 1,963 |
Consumer | Classifiably managed | ||
Loans receivable | ||
Total loans | 31,478 | 35,324 |
Consumer | Residential first mortgages | ||
Loans receivable | ||
Total loans | 96,039 | 83,361 |
Consumer | Residential first mortgages | Classifiably managed | ||
Loans receivable | ||
Total loans | ||
Consumer | Credit cards | ||
Loans receivable | ||
Total loans | 150,098 | 133,351 |
Consumer | Credit cards | Classifiably managed | ||
Loans receivable | ||
Total loans | ||
Consumer | Personal, small business and other | ||
Loans receivable | ||
Total loans | 36,812 | 39,806 |
Consumer | Personal, small business and other | Classifiably managed | ||
Loans receivable | ||
Total loans | 31,478 | 35,324 |
In offices outside North America | Consumer | ||
Loans receivable | ||
Total loans | $ 79,053 | $ 112,847 |
NCL ratio | 0.91% | 0.88% |
In offices outside North America | Consumer | 30 to 89 days past due | ||
Loans receivable | ||
Total loans | $ 314 | $ 502 |
Past due ratio | 0.51% | 0.57% |
In offices outside North America | Consumer | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total loans | $ 265 | $ 421 |
Past due ratio | 0.43% | 0.48% |
In offices outside North America | Consumer | Classifiably managed | ||
Loans receivable | ||
Total loans | $ 17,762 | $ 24,482 |
In offices outside North America | Consumer | FICO Score, Delinquency Managed Loans | ||
Loans receivable | ||
Total loans | 61,291 | 88,365 |
In offices outside North America | Consumer | Classifiably managed | ||
Loans receivable | ||
Total loans | 80,500 | 114,300 |
In offices outside North America | Consumer | Residential first mortgages | ||
Loans receivable | ||
Total loans | $ 28,114 | $ 37,889 |
NCL ratio | 0.10% | 0.08% |
In offices outside North America | Consumer | Residential first mortgages | 30 to 89 days past due | ||
Loans receivable | ||
Total loans | $ 62 | $ 165 |
Past due ratio | 0.22% | 0.44% |
In offices outside North America | Consumer | Residential first mortgages | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total loans | $ 106 | $ 158 |
Past due ratio | 0.38% | 0.42% |
In offices outside North America | Consumer | Residential first mortgages | Classifiably managed | ||
Loans receivable | ||
Total loans | $ 0 | $ 0 |
In offices outside North America | Consumer | Residential first mortgages | FICO Score, Delinquency Managed Loans | ||
Loans receivable | ||
Total loans | 28,114 | 37,889 |
In offices outside North America | Consumer | Residential first mortgages | Global Wealth Management Business | ||
Loans receivable | ||
Total loans | 19,800 | 19,800 |
In offices outside North America | Consumer | Credit cards | ||
Loans receivable | ||
Total loans | $ 12,955 | $ 17,808 |
NCL ratio | 3.18% | 3.06% |
In offices outside North America | Consumer | Credit cards | 30 to 89 days past due | ||
Loans receivable | ||
Total loans | $ 147 | $ 192 |
Past due ratio | 1.13% | 1.08% |
In offices outside North America | Consumer | Credit cards | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total loans | $ 149 | $ 188 |
Past due ratio | 1.15% | 1.06% |
In offices outside North America | Consumer | Credit cards | Classifiably managed | ||
Loans receivable | ||
Total loans | $ 0 | $ 0 |
In offices outside North America | Consumer | Credit cards | FICO Score, Delinquency Managed Loans | ||
Loans receivable | ||
Total loans | 12,955 | 17,808 |
In offices outside North America | Consumer | Personal, small business and other | ||
Loans receivable | ||
Total loans | $ 37,984 | $ 57,150 |
NCL ratio | 0.76% | 0.72% |
In offices outside North America | Consumer | Personal, small business and other | Internal Investment Grade | ||
Loans receivable | ||
Percentage internal risk rating | 98% | 95% |
In offices outside North America | Consumer | Personal, small business and other | 30 to 89 days past due | ||
Loans receivable | ||
Total loans | $ 105 | $ 145 |
Past due ratio | 0.52% | 0.44% |
In offices outside North America | Consumer | Personal, small business and other | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total loans | $ 10 | $ 75 |
Past due ratio | 0.05% | 0.23% |
In offices outside North America | Consumer | Personal, small business and other | Classifiably managed | ||
Loans receivable | ||
Total loans | $ 17,762 | $ 24,482 |
In offices outside North America | Consumer | Personal, small business and other | FICO Score, Delinquency Managed Loans | ||
Loans receivable | ||
Total loans | 20,222 | 32,668 |
In offices outside North America | Consumer | Personal, small business and other | Global Wealth Management Business | ||
Loans receivable | ||
Total loans | $ 26,600 | $ 34,600 |
In offices outside North America | Consumer | Personal, small business and other | Global Wealth Management Business | Internal Investment Grade | ||
Loans receivable | ||
Percentage internal risk rating | 94% | 94% |
In offices outside North America | Consumer | Personal, small business and other | Global Wealth Management Business | Classifiably managed | ||
Loans receivable | ||
Total loans | $ 17,800 | $ 24,500 |
In offices outside North America | Consumer | Personal, small business and other | Global Wealth Management Business | Classifiably managed | ||
Loans receivable | ||
Total loans | $ 26,600 | $ 34,600 |
LOANS - Impaired Consumer Loans
LOANS - Impaired Consumer Loans (Details) - Consumer $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) quarter | |
Financing receivable impaired | ||
Recorded investment | $ 2,921 | $ 3,748 |
Unpaid principal balance | 3,116 | 4,009 |
Related specific allowance | 596 | 813 |
Average carrying value | 2,910 | 4,200 |
Interest income recognized | 205 | $ 265 |
Number of quarters used to calculate the average recorded investment balance | quarter | 4 | |
Residential first mortgages | ||
Financing receivable impaired | ||
Recorded investment | 1,305 | $ 1,521 |
Unpaid principal balance | 1,430 | 1,595 |
Related specific allowance | 58 | 87 |
Average carrying value | 1,283 | 1,564 |
Interest income recognized | 115 | 88 |
Recorded investment, impaired financing receivable without specific allowance | 152 | 190 |
Home equity loans | ||
Financing receivable impaired | ||
Recorded investment | 254 | 191 |
Unpaid principal balance | 322 | 344 |
Related specific allowance | (1) | |
Related specific allowance (recovery) | 0 | |
Average carrying value | 261 | 336 |
Interest income recognized | 10 | 9 |
Recorded investment, impaired financing receivable without specific allowance | 73 | 94 |
Credit cards | ||
Financing receivable impaired | ||
Recorded investment | 1,255 | 1,582 |
Unpaid principal balance | 1,256 | 1,609 |
Related specific allowance | 491 | 594 |
Average carrying value | 1,246 | 1,795 |
Interest income recognized | 62 | 116 |
Personal, small business and other | ||
Financing receivable impaired | ||
Recorded investment | 107 | 454 |
Unpaid principal balance | 108 | 461 |
Related specific allowance | 47 | 133 |
Average carrying value | 120 | 505 |
Interest income recognized | $ 18 | $ 52 |
LOANS - Consumer Troubled Debt
LOANS - Consumer Troubled Debt Restructurings (Details) - Consumer $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) 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 | 178,411 | 167,624 |
Post-modification recorded investment | $ 1,085 | $ 1,056 |
Loans in default | $ 290 | $ 321 |
In North America offices | Residential first mortgages | ||
Loans receivable | ||
Number of loans modified | loan | 1,133 | 1,335 |
Post-modification recorded investment | $ 263 | $ 230 |
Average interest rate reduction (as a percent) | 0% | 1% |
Post-modification recorded investment for borrowers that have gone through Chapter 7 bankruptcy | $ 5 | $ 15 |
Loans in default | 35 | 57 |
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 | $ 3.8 | $ 5 |
In North America offices | Home equity loans | ||
Loans receivable | ||
Number of loans modified | loan | 451 | 191 |
Post-modification recorded investment | $ 40 | $ 19 |
Average interest rate reduction (as a percent) | 0% | 0% |
Loans in default | $ 4 | $ 8 |
In North America offices | Credit cards | ||
Loans receivable | ||
Number of loans modified | loan | 176,252 | 165,098 |
Post-modification recorded investment | $ 775 | $ 794 |
Average interest rate reduction (as a percent) | 18% | 18% |
Loans in default | $ 250 | $ 252 |
In North America offices | Personal, small business and other | ||
Loans receivable | ||
Number of loans modified | loan | 575 | 1,000 |
Post-modification recorded investment | $ 7 | $ 13 |
Average interest rate reduction (as a percent) | 5% | 3% |
Loans in default | $ 1 | $ 4 |
In offices outside the U.S. | ||
Loans receivable | ||
Number of loans modified | loan | 19,121 | 104,385 |
Post-modification recorded investment | $ 118 | $ 627 |
Loans in default | $ 25 | $ 286 |
In offices outside the U.S. | Residential first mortgages | ||
Loans receivable | ||
Number of loans modified | loan | 683 | 1,975 |
Post-modification recorded investment | $ 21 | $ 86 |
Average interest rate reduction (as a percent) | 0% | 0% |
Loans in default | $ 10 | $ 38 |
In offices outside the U.S. | Credit cards | ||
Loans receivable | ||
Number of loans modified | loan | 16,006 | 74,202 |
Post-modification recorded investment | $ 68 | $ 339 |
Average interest rate reduction (as a percent) | 25% | 13% |
Loans in default | $ 12 | $ 152 |
In offices outside the U.S. | Personal, small business and other | ||
Loans receivable | ||
Number of loans modified | loan | 2,432 | 28,208 |
Post-modification recorded investment | $ 29 | $ 202 |
Average interest rate reduction (as a percent) | 8% | 10% |
Loans in default | $ 3 | $ 96 |
Deferred principal | In North America offices | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In North America offices | Residential first mortgages | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
Deferred principal | In North America offices | Home equity loans | ||
Loans receivable | ||
Post-modification recorded investment | 0 | 0 |
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 | 2 | 20 |
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 | 1 | 13 |
Principal forgiveness | In offices outside the U.S. | Personal, small business and other | ||
Loans receivable | ||
Post-modification recorded investment | $ 1 | $ 7 |
LOANS - Schedule of Purchased C
LOANS - Schedule of Purchased Credit Deteriorated Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Credit cards | ||
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price [Abstract] | ||
Purchase price | $ 0 | $ 0 |
Allowance for credit losses at acquisition date | 0 | 0 |
Discount or premium attributable to non-credit factors | 0 | 0 |
Par value (amortized cost basis) | 0 | 0 |
Mortgage loans | ||
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price [Abstract] | ||
Purchase price | 23 | 23 |
Allowance for credit losses at acquisition date | 0 | 0 |
Discount or premium attributable to non-credit factors | 0 | 0 |
Par value (amortized cost basis) | 23 | 23 |
Installment and other | ||
Financing Receivable, Purchased with Credit Deterioration, Amount at Purchase Price [Abstract] | ||
Purchase price | 0 | 0 |
Allowance for credit losses at acquisition date | 0 | 0 |
Discount or premium attributable to non-credit factors | 0 | 0 |
Par value (amortized cost basis) | $ 0 | $ 0 |
LOANS - Corporate Loans (Detail
LOANS - Corporate Loans (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loans | ||
Loans, net of unearned income | $ 657,221 | $ 667,767 |
Accrued interest receivable | 1,000 | |
Lease financing | ||
Loans | ||
Loans, net of unearned income | 400 | 500 |
Corporate | ||
Loans | ||
Loans, net of unearned income | 289,154 | 291,233 |
Unearned income | (797) | (770) |
Accrued interest receivable | 2,000 | |
Loans sold and/or reclassified to held-for-sale | 5,000 | 5,900 |
Corporate | Commercial and industrial | ||
Loans | ||
Loans, net of unearned income | 147,803 | 147,004 |
Corporate | Financial institutions | ||
Loans | ||
Loans, net of unearned income | 64,907 | 71,767 |
Corporate | Mortgage and real estate | ||
Loans | ||
Loans, net of unearned income | 21,949 | 20,291 |
Corporate | Lease financing | ||
Loans | ||
Loans, net of unearned income | 354 | 455 |
In U.S. offices | Corporate | ||
Loans | ||
Loans, net of unearned income | 141,479 | 134,691 |
In U.S. offices | Corporate | Commercial and industrial | ||
Loans | ||
Loans, net of unearned income | 56,176 | 48,364 |
In U.S. offices | Corporate | Financial institutions | ||
Loans | ||
Loans, net of unearned income | 43,399 | 49,804 |
In U.S. offices | Corporate | Mortgage and real estate | ||
Loans | ||
Loans, net of unearned income | 17,829 | 15,965 |
In U.S. offices | Corporate | Installment and other | ||
Loans | ||
Loans, net of unearned income | 23,767 | 20,143 |
In U.S. offices | Corporate | Lease financing | ||
Loans | ||
Loans, net of unearned income | 308 | 415 |
In offices outside the U.S. | Corporate | ||
Loans | ||
Loans, net of unearned income | 147,675 | 156,542 |
In offices outside the U.S. | Corporate | Commercial and industrial | ||
Loans | ||
Loans, net of unearned income | 93,967 | 102,735 |
In offices outside the U.S. | Corporate | Financial institutions | ||
Loans | ||
Loans, net of unearned income | 21,931 | 22,158 |
In offices outside the U.S. | Corporate | Mortgage and real estate | ||
Loans | ||
Loans, net of unearned income | 4,179 | 4,374 |
In offices outside the U.S. | Corporate | Installment and other | ||
Loans | ||
Loans, net of unearned income | 23,347 | 22,812 |
In offices outside the U.S. | Corporate | Lease financing | ||
Loans | ||
Loans, net of unearned income | 46 | 40 |
In offices outside the U.S. | Corporate | Government and official institutions | ||
Loans | ||
Loans, net of unearned income | $ 4,205 | $ 4,423 |
LOANS - Corporate Lease Financi
LOANS - Corporate Lease Financing (Details) $ in Billions | Dec. 31, 2022 USD ($) |
Corporate | |
Lessor, Lease, Description [Line Items] | |
Direct financing and leveraged assets, financing receivable | $ 0.4 |
LOANS - Corporate Loan Delinque
LOANS - Corporate Loan Delinquency and Non-Accruals (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loans receivable | ||
Total loans | $ 657,221 | $ 667,767 |
Loans held at fair value | 5,360 | 6,082 |
Lease financing | ||
Loans receivable | ||
Total loans | $ 400 | 500 |
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 | $ 1,898 | 1,895 |
Loans, total non-accrual | 1,122 | 1,553 |
Total loans | 289,154 | 291,233 |
Loans held at fair value | $ 5,123 | 6,070 |
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 | $ 1,357 | 1,311 |
Loans, total non-accrual | 860 | 1,263 |
Total loans | 147,803 | 147,004 |
Corporate | Financial institutions | ||
Loans receivable | ||
Total loans past due and accruing | 335 | 486 |
Loans, total non-accrual | 152 | 2 |
Total loans | 64,907 | 71,767 |
Corporate | Mortgage and real estate | ||
Loans receivable | ||
Total loans past due and accruing | 42 | 2 |
Loans, total non-accrual | 33 | 136 |
Total loans | 21,949 | 20,291 |
Corporate | Lease financing | ||
Loans receivable | ||
Total loans past due and accruing | 1 | 0 |
Loans, total non-accrual | 10 | 14 |
Total loans | 354 | 455 |
Corporate | Other | ||
Loans receivable | ||
Total loans past due and accruing | 163 | 96 |
Loans, total non-accrual | 67 | 138 |
Total loans | 49,018 | 45,646 |
Corporate | 30 to 89 days past due | ||
Loans receivable | ||
Total loans past due and accruing | 1,171 | 1,470 |
Corporate | 30 to 89 days past due | Commercial and industrial | ||
Loans receivable | ||
Total loans past due and accruing | 763 | 1,072 |
Corporate | 30 to 89 days past due | Financial institutions | ||
Loans receivable | ||
Total loans past due and accruing | 233 | 320 |
Corporate | 30 to 89 days past due | Mortgage and real estate | ||
Loans receivable | ||
Total loans past due and accruing | 30 | 1 |
Corporate | 30 to 89 days past due | Lease financing | ||
Loans receivable | ||
Total loans past due and accruing | 0 | 0 |
Corporate | 30 to 89 days past due | Other | ||
Loans receivable | ||
Total loans past due and accruing | 145 | 77 |
Corporate | Equal to greater than 90 days past due | ||
Loans receivable | ||
Total loans past due and accruing | 727 | 425 |
Corporate | Equal to greater than 90 days past due | Commercial and industrial | ||
Loans receivable | ||
Total loans past due and accruing | 594 | 239 |
Corporate | Equal to greater than 90 days past due | Financial institutions | ||
Loans receivable | ||
Total loans past due and accruing | 102 | 166 |
Corporate | Equal to greater than 90 days past due | Mortgage and real estate | ||
Loans receivable | ||
Total loans past due and accruing | 12 | 1 |
Corporate | Equal to greater than 90 days past due | Lease financing | ||
Loans receivable | ||
Total loans past due and accruing | 1 | 0 |
Corporate | Equal to greater than 90 days past due | Other | ||
Loans receivable | ||
Total loans past due and accruing | 18 | 19 |
Corporate | Current | ||
Loans receivable | ||
Total loans | 281,011 | 281,715 |
Corporate | Current | Commercial and industrial | ||
Loans receivable | ||
Total loans | 145,586 | 144,430 |
Corporate | Current | Financial institutions | ||
Loans receivable | ||
Total loans | 64,420 | 71,279 |
Corporate | Current | Mortgage and real estate | ||
Loans receivable | ||
Total loans | 21,874 | 20,153 |
Corporate | Current | Lease financing | ||
Loans receivable | ||
Total loans | 343 | 441 |
Corporate | Current | Other | ||
Loans receivable | ||
Total loans | $ 48,788 | $ 45,412 |
LOANS - Corporate Loans Credit
LOANS - Corporate Loans Credit Quality Indicators (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Loans receivable | ||
Total | $ 657,221 | $ 667,767 |
Loans held at fair value | 5,360 | 6,082 |
Lease financing | ||
Loans receivable | ||
Total | 400 | 500 |
Corporate | ||
Loans receivable | ||
Total | 289,154 | 291,233 |
Total non-accrual | 1,122 | 1,553 |
Loans held at fair value | 5,123 | 6,070 |
Corporate | Commercial and industrial | ||
Loans receivable | ||
Total | 147,803 | 147,004 |
Total non-accrual | 860 | 1,263 |
Corporate | Financial institutions | ||
Loans receivable | ||
Total | 64,907 | 71,767 |
Total non-accrual | 152 | 2 |
Corporate | Mortgage and real estate | ||
Loans receivable | ||
Total | 21,949 | 20,291 |
Total non-accrual | 33 | 136 |
Corporate | Lease financing | ||
Loans receivable | ||
Total | 354 | 455 |
Total non-accrual | 10 | 14 |
Corporate | Other | ||
Loans receivable | ||
Total | 49,018 | 45,646 |
Total non-accrual | 67 | 138 |
Corporate | Corporate loans, net of unearned income | ||
Loans receivable | ||
Current fiscal year | 113,347 | 90,549 |
One year prior to current fiscal year | 19,129 | 17,944 |
Two years prior to current fiscal year | 9,785 | 15,094 |
Three years prior to current fiscal year | 5,883 | 13,278 |
Four years prior to current fiscal year | 4,000 | 7,071 |
Prior | 7,848 | 21,190 |
Revolving line of credit arrangements | 124,039 | 120,037 |
Total | 289,154 | 291,233 |
Loans held at fair value | 5,123 | 6,070 |
Corporate | Investment Grade | ||
Loans receivable | ||
Current fiscal year | 83,211 | 66,744 |
One year prior to current fiscal year | 13,937 | 13,966 |
Two years prior to current fiscal year | 7,140 | 10,317 |
Three years prior to current fiscal year | 4,294 | 9,599 |
Four years prior to current fiscal year | 2,678 | 4,872 |
Prior | 6,760 | 15,635 |
Revolving line of credit arrangements | 102,781 | 93,086 |
Total | 220,801 | 214,219 |
Corporate | Investment Grade | Commercial and industrial | ||
Loans receivable | ||
Current fiscal year | 50,086 | 42,422 |
One year prior to current fiscal year | 5,716 | 5,529 |
Two years prior to current fiscal year | 2,454 | 4,642 |
Three years prior to current fiscal year | 2,348 | 3,757 |
Four years prior to current fiscal year | 1,129 | 2,911 |
Prior | 1,776 | 8,392 |
Revolving line of credit arrangements | 38,359 | 30,588 |
Total | 101,868 | 98,241 |
Corporate | Investment Grade | Financial institutions | ||
Loans receivable | ||
Current fiscal year | 13,547 | 12,862 |
One year prior to current fiscal year | 3,174 | 1,678 |
Two years prior to current fiscal year | 813 | 1,183 |
Three years prior to current fiscal year | 593 | 1,038 |
Four years prior to current fiscal year | 284 | 419 |
Prior | 713 | 1,354 |
Revolving line of credit arrangements | 37,463 | 43,630 |
Total | 56,587 | 62,164 |
Corporate | Investment Grade | Mortgage and real estate | ||
Loans receivable | ||
Current fiscal year | 7,321 | 2,423 |
One year prior to current fiscal year | 3,876 | 3,660 |
Two years prior to current fiscal year | 3,379 | 3,332 |
Three years prior to current fiscal year | 1,205 | 2,015 |
Four years prior to current fiscal year | 577 | 1,212 |
Prior | 775 | 1,288 |
Revolving line of credit arrangements | 152 | 141 |
Total | 17,285 | 14,071 |
Corporate | Investment Grade | Other | ||
Loans receivable | ||
Current fiscal year | 12,257 | 9,037 |
One year prior to current fiscal year | 1,171 | 3,099 |
Two years prior to current fiscal year | 494 | 1,160 |
Three years prior to current fiscal year | 148 | 2,789 |
Four years prior to current fiscal year | 688 | 330 |
Prior | 3,496 | 4,601 |
Revolving line of credit arrangements | 26,807 | 18,727 |
Total | 45,061 | 39,743 |
Corporate | Non-investment grade, accrual | Commercial and industrial | ||
Loans receivable | ||
Current fiscal year | 21,877 | 16,783 |
One year prior to current fiscal year | 3,114 | 2,281 |
Two years prior to current fiscal year | 1,371 | 2,343 |
Three years prior to current fiscal year | 800 | 2,024 |
Four years prior to current fiscal year | 661 | 1,412 |
Prior | 402 | 3,981 |
Revolving line of credit arrangements | 16,850 | 18,676 |
Total | 45,075 | 47,500 |
Corporate | Non-investment grade, accrual | Financial institutions | ||
Loans receivable | ||
Current fiscal year | 5,110 | 4,325 |
One year prior to current fiscal year | 626 | 347 |
Two years prior to current fiscal year | 247 | 567 |
Three years prior to current fiscal year | 65 | 101 |
Four years prior to current fiscal year | 36 | 71 |
Prior | 11 | 511 |
Revolving line of credit arrangements | 2,073 | 3,679 |
Total | 8,168 | 9,601 |
Corporate | Non-investment grade, accrual | Mortgage and real estate | ||
Loans receivable | ||
Current fiscal year | 1,081 | 1,275 |
One year prior to current fiscal year | 989 | 869 |
Two years prior to current fiscal year | 470 | 1,228 |
Three years prior to current fiscal year | 556 | 1,018 |
Four years prior to current fiscal year | 562 | 493 |
Prior | 501 | 586 |
Revolving line of credit arrangements | 472 | 615 |
Total | 4,631 | 6,084 |
Corporate | Non-investment grade, accrual | Other | ||
Loans receivable | ||
Current fiscal year | 1,938 | 1,339 |
One year prior to current fiscal year | 360 | 349 |
Two years prior to current fiscal year | 466 | 554 |
Three years prior to current fiscal year | 107 | 364 |
Four years prior to current fiscal year | 7 | 119 |
Prior | 64 | 245 |
Revolving line of credit arrangements | 1,292 | 3,236 |
Total | 4,234 | 6,206 |
Corporate | Non-investment grade, non-accrual | Commercial and industrial | ||
Loans receivable | ||
Current fiscal year | 80 | 53 |
One year prior to current fiscal year | 31 | 119 |
Two years prior to current fiscal year | 90 | 64 |
Three years prior to current fiscal year | 53 | 104 |
Four years prior to current fiscal year | 44 | 94 |
Prior | 83 | 117 |
Revolving line of credit arrangements | 479 | 712 |
Total non-accrual | 860 | 1,263 |
Corporate | Non-investment grade, non-accrual | Financial institutions | ||
Loans receivable | ||
Current fiscal year | 41 | 0 |
One year prior to current fiscal year | 35 | 0 |
Two years prior to current fiscal year | 0 | 0 |
Three years prior to current fiscal year | 0 | 0 |
Four years prior to current fiscal year | 0 | 0 |
Prior | 0 | 0 |
Revolving line of credit arrangements | 76 | 2 |
Total non-accrual | 152 | 2 |
Corporate | Non-investment grade, non-accrual | Mortgage and real estate | ||
Loans receivable | ||
Current fiscal year | 2 | 11 |
One year prior to current fiscal year | 11 | 8 |
Two years prior to current fiscal year | 0 | 2 |
Three years prior to current fiscal year | 0 | 49 |
Four years prior to current fiscal year | 2 | 10 |
Prior | 18 | 25 |
Revolving line of credit arrangements | 0 | 31 |
Total non-accrual | 33 | 136 |
Corporate | Non-investment grade, non-accrual | Other | ||
Loans receivable | ||
Current fiscal year | 7 | 19 |
One year prior to current fiscal year | 26 | 5 |
Two years prior to current fiscal year | 1 | 19 |
Three years prior to current fiscal year | 8 | 19 |
Four years prior to current fiscal year | 10 | 0 |
Prior | 9 | 90 |
Revolving line of credit arrangements | 16 | 0 |
Total non-accrual | 77 | 152 |
Corporate | Non-Investment Grade | ||
Loans receivable | ||
Current fiscal year | 30,136 | 23,805 |
One year prior to current fiscal year | 5,192 | 3,978 |
Two years prior to current fiscal year | 2,645 | 4,777 |
Three years prior to current fiscal year | 1,589 | 3,679 |
Four years prior to current fiscal year | 1,322 | 2,199 |
Prior | 1,088 | 5,555 |
Revolving line of credit arrangements | 21,258 | 26,951 |
Total | $ 63,230 | $ 70,944 |
LOANS - Non-accrual Corporate L
LOANS - Non-accrual Corporate Loans (Details) - Corporate - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | $ 1,122 | $ 1,553 | |
Unpaid principal balance | 1,777 | 2,377 | |
Related specific allowance | 323 | 212 | |
Average carrying value | 1,533 | 2,161 | |
Interest income recognized | 66 | 54 | $ 35 |
Recorded investment, impaired financing receivable with specific allowance | 765 | 703 | |
Recorded investment, impaired financing receivable without specific allowance | 357 | 850 | |
Commercial and industrial | |||
Financing receivable impaired | |||
Recorded investment | 860 | 1,263 | |
Unpaid principal balance | 1,440 | 1,858 | |
Related specific allowance | 268 | 198 | |
Average carrying value | 1,210 | 1,839 | |
Interest income recognized | 56 | 37 | |
Recorded investment, impaired financing receivable with specific allowance | 583 | 637 | |
Recorded investment, impaired financing receivable without specific allowance | 277 | 626 | |
Financial institutions | |||
Financing receivable impaired | |||
Recorded investment | 152 | 2 | |
Unpaid principal balance | 205 | 55 | |
Related specific allowance | 51 | 0 | |
Average carrying value | 115 | 4 | |
Interest income recognized | 0 | 0 | |
Recorded investment, impaired financing receivable with specific allowance | 149 | 0 | |
Recorded investment, impaired financing receivable without specific allowance | 3 | 2 | |
Mortgage and real estate | |||
Financing receivable impaired | |||
Recorded investment | 33 | 136 | |
Unpaid principal balance | 33 | 285 | |
Related specific allowance | 4 | 10 | |
Average carrying value | 85 | 163 | |
Interest income recognized | 4 | 0 | |
Recorded investment, impaired financing receivable with specific allowance | 33 | 29 | |
Recorded investment, impaired financing receivable without specific allowance | 0 | 107 | |
Lease financing | |||
Financing receivable impaired | |||
Recorded investment | 10 | 14 | |
Unpaid principal balance | 10 | 14 | |
Related specific allowance | 0 | 0 | |
Average carrying value | 12 | 21 | |
Interest income recognized | 0 | 0 | |
Recorded investment, impaired financing receivable without specific allowance | 10 | 14 | |
Other | |||
Financing receivable impaired | |||
Recorded investment | 67 | 138 | |
Unpaid principal balance | 89 | 165 | |
Related specific allowance | 0 | 4 | |
Average carrying value | 111 | 134 | |
Interest income recognized | 6 | 17 | |
Recorded investment, impaired financing receivable with specific allowance | 0 | 37 | |
Recorded investment, impaired financing receivable without specific allowance | $ 67 | $ 101 |
LOANS - Corporate Troubled Debt
LOANS - Corporate Troubled Debt Restructurings (Details) - Corporate - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financing receivable impaired | ||
Troubled debt restructurings | $ 93 | $ 92 |
Period within which default occurred post-modification | 1 year | |
Number of days past due, default status | 60 days | |
TDR balances | $ 110 | 284 |
TDR in payment default | $ 0 | 0 |
Commercial banking | ||
Financing receivable impaired | ||
Number of days past due, default status | 90 days | |
Commercial and industrial | ||
Financing receivable impaired | ||
Troubled debt restructurings | $ 61 | 82 |
TDR balances | 85 | 236 |
TDR in payment default | 0 | 0 |
Mortgage and real estate | ||
Financing receivable impaired | ||
Troubled debt restructurings | 2 | 4 |
TDR balances | 13 | 20 |
TDR in payment default | 0 | 0 |
Other | ||
Financing receivable impaired | ||
Troubled debt restructurings | 30 | 6 |
TDR balances | 12 | 28 |
TDR in payment default | 0 | 0 |
TDRs involving changes in the amount and/or timing of principal payments | ||
Financing receivable impaired | ||
Troubled debt restructurings | 1 | 0 |
TDRs involving changes in the amount and/or timing of principal payments | Commercial and industrial | ||
Financing receivable impaired | ||
Troubled debt restructurings | 0 | 0 |
TDRs involving changes in the amount and/or timing of principal payments | Mortgage and real estate | ||
Financing receivable impaired | ||
Troubled debt restructurings | 1 | 0 |
TDRs involving changes in the amount and/or timing of principal payments | Other | ||
Financing receivable impaired | ||
Troubled debt restructurings | 0 | 0 |
TDRs involving vhanges in the amount and/or timing of interest payments | ||
Financing receivable impaired | ||
Troubled debt restructurings | 0 | 0 |
TDRs involving vhanges in the amount and/or timing of interest payments | Commercial and industrial | ||
Financing receivable impaired | ||
Troubled debt restructurings | 0 | 0 |
TDRs involving vhanges in the amount and/or timing of interest payments | Mortgage and real estate | ||
Financing receivable impaired | ||
Troubled debt restructurings | 0 | 0 |
TDRs involving vhanges in the amount and/or timing of interest payments | Other | ||
Financing receivable impaired | ||
Troubled debt restructurings | ||
TDRs invovling changes in the amount and/or timing of both principal and interest payments | ||
Financing receivable impaired | ||
Troubled debt restructurings | 92 | 92 |
TDRs invovling changes in the amount and/or timing of both principal and interest payments | Commercial and industrial | ||
Financing receivable impaired | ||
Troubled debt restructurings | 61 | 82 |
TDRs invovling changes in the amount and/or timing of both principal and interest payments | Mortgage and real estate | ||
Financing receivable impaired | ||
Troubled debt restructurings | 1 | 4 |
TDRs invovling changes in the amount and/or timing of both principal and interest payments | Other | ||
Financing receivable impaired | ||
Troubled debt restructurings | $ 30 | $ 6 |
ALLOWANCE FOR CREDIT LOSSES - A
ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses Roll Forward (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Jan. 01, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | $ 16,541 | $ 16,541 | $ 16,455 | $ 24,956 | $ 16,541 | ||
Gross credit losses on loans | (5,156) | (6,720) | (9,263) | ||||
Gross recoveries on loans | 1,367 | 1,825 | 1,652 | ||||
Net credit losses on loans (NCLs) | (3,789) | (4,895) | (7,611) | ||||
Net reserve builds (releases) for loans | 937 | (7,283) | 7,635 | ||||
Net specific reserve builds (releases) for loans | 19 | (715) | 676 | ||||
Total provision for credit losses on loans (PCLL) | 4,745 | (3,103) | 15,922 | ||||
Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period | 0 | 0 | 4 | ||||
Other, net | (437) | (503) | 100 | ||||
ACLL at end of year | 16,974 | 16,455 | 24,956 | ||||
Allowance for credit losses on unfunded commitments | |||||||
Allowance for credit losses on unfunded commitments (ACLUC) at beginning of period | 1,456 | 1,456 | 1,871 | 2,655 | 1,456 | ||
Provision (release) for credit losses on unfunded lending commitments | 291 | (788) | 1,446 | ||||
Other, net | (11) | 4 | (53) | ||||
ACLUC at end of period | 2,151 | 1,871 | 2,655 | ||||
Total allowance for credit losses on loans, leases and unfunded lending commitments | 19,125 | 18,326 | 27,611 | ||||
Sales or transfers of various consumer loan portfolios to held-for-sale | |||||||
Other liabilities, at fair value | 87,873 | 74,920 | |||||
Previously reported | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | 12,783 | 12,783 | 12,783 | ||||
Variable post-charge-off third-party collection costs | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | (443) | $ (426) | (443) | (443) | |||
Total provision for credit losses on loans (PCLL) | 122 | $ 339 | (18) | ||||
ACLL at end of year | (443) | $ (122) | $ (426) | ||||
Revision | |||||||
Allowance for credit losses on unfunded commitments | |||||||
Allowance for credit losses on unfunded commitments (ACLUC) at beginning of period | (68) | ||||||
ACLUC at end of period | (68) | ||||||
Sales or transfers of various consumer loan portfolios to held-for-sale | |||||||
Other liabilities, at fair value | 68 | ||||||
Cumulative effect of adoption | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | 4,201 | 4,201 | 4,201 | ||||
Net reserve builds (releases) for loans | 4,900 | ||||||
ACLL at end of year | 4,100 | ||||||
Allowance for credit losses on unfunded commitments | |||||||
Allowance for credit losses on unfunded commitments (ACLUC) at beginning of period | (194) | (194) | (194) | ||||
Adjusted balance | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | 24,956 | ||||||
ACLL at end of year | 24,956 | ||||||
Corporate | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | 1,911 | 1,911 | 2,415 | 4,776 | 1,911 | ||
Gross credit losses on loans | (278) | (500) | (976) | ||||
Gross recoveries on loans | 100 | 114 | 76 | ||||
Net credit losses on loans (NCLs) | (178) | (386) | (900) | ||||
Net reserve builds (releases) for loans | 374 | (2,075) | 2,551 | ||||
Net specific reserve builds (releases) for loans | 65 | (255) | 249 | ||||
Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period | 0 | 0 | 0 | ||||
Other, net | 1 | (31) | 65 | ||||
ACLL at end of year | 2,855 | 2,415 | 4,776 | ||||
Sales or transfers of various consumer loan portfolios to held-for-sale | |||||||
FX translation | (87) | (133) | 104 | ||||
Corporate | Previously reported | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | 2,727 | 2,727 | 2,727 | ||||
Corporate | Variable post-charge-off third-party collection costs | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | 0 | 0 | 0 | ||||
Corporate | Cumulative effect of adoption | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | (816) | (816) | (816) | ||||
Consumer | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | 14,630 | 14,630 | 14,040 | 20,180 | 14,630 | ||
Gross credit losses on loans | (4,878) | (6,220) | (8,287) | ||||
Gross recoveries on loans | 1,267 | 1,711 | 1,576 | ||||
Net credit losses on loans (NCLs) | (3,611) | (4,509) | (6,711) | ||||
Net reserve builds (releases) for loans | 563 | (5,208) | 5,084 | ||||
Net specific reserve builds (releases) for loans | (46) | (460) | 427 | ||||
Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period | 0 | 0 | 4 | ||||
Other, net | (438) | (472) | 35 | ||||
ACLL at end of year | 14,119 | 14,040 | 20,180 | ||||
Sales or transfers of various consumer loan portfolios to held-for-sale | |||||||
Transfer of real estate loan portfolios | 0 | 0 | (4) | ||||
Reclasses of consumer ACLL to HFS | (350) | (370) | (4) | ||||
Consumer | Previously reported | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | 10,056 | 10,056 | 10,056 | ||||
Consumer | Variable post-charge-off third-party collection costs | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | (443) | (443) | (443) | ||||
Consumer | Asia Consumer Loan | |||||||
Sales or transfers of various consumer loan portfolios to held-for-sale | |||||||
Reclass consumer to held-for sale | (350) | 0 | 0 | ||||
Consumer | Australia Consumer Loan | |||||||
Sales or transfers of various consumer loan portfolios to held-for-sale | |||||||
Reclass consumer to held-for sale | 0 | (280) | 0 | ||||
Consumer | Philippines Consumer Loan | |||||||
Sales or transfers of various consumer loan portfolios to held-for-sale | |||||||
Reclass consumer to held-for sale | $ 0 | $ (90) | 0 | ||||
Consumer | Cumulative effect of adoption | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | $ 5,017 | $ 5,017 | $ 5,017 |
ALLOWANCE FOR CREDIT LOSSES -_2
ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses Roll Forward by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Jan. 01, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2023 | Sep. 30, 2020 | Jun. 30, 2020 | |
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | $ 16,541 | $ 16,455 | $ 24,956 | $ 16,541 | |||
Gross credit losses on loans | (5,156) | (6,720) | (9,263) | ||||
Gross recoveries on loans | 1,367 | 1,825 | 1,652 | ||||
Replenishment of NCLs | 3,789 | 4,895 | 7,611 | ||||
Net reserve builds (releases) for loans | 937 | (7,283) | 7,635 | ||||
Net specific reserve builds (releases) for loans | 19 | (715) | 676 | ||||
Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period | 0 | 0 | 4 | ||||
Other | (437) | (503) | 100 | ||||
ACLL at end of year | 16,974 | 16,455 | 24,956 | ||||
Allowance for credit losses on loans | |||||||
Collectively evaluated | 16,053 | 15,430 | |||||
Individually evaluated | 919 | 1,025 | |||||
Total allowance for credit losses on loans | 16,974 | 16,455 | 24,956 | ||||
Loans, net of unearned income | |||||||
Collectively evaluated | 647,704 | 656,265 | |||||
Individually evaluated | 4,043 | 5,301 | |||||
Loans held at fair value | 5,360 | 6,082 | |||||
Total | 657,221 | 667,767 | |||||
Variable post-charge-off third-party collection costs | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | (443) | (443) | |||||
ACLL at end of year | (443) | ||||||
Allowance for credit losses on loans | |||||||
Total allowance for credit losses on loans | (443) | $ (122) | $ (426) | ||||
Purchased credit deteriorated | |||||||
Allowance for credit losses on loans | |||||||
Purchased credit deteriorated | 2 | 0 | |||||
Loans, net of unearned income | |||||||
Purchased credit deteriorated | 114 | 119 | |||||
Corporate | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | 1,911 | 2,415 | 4,776 | 1,911 | |||
Gross credit losses on loans | (278) | (500) | (976) | ||||
Gross recoveries on loans | 100 | 114 | 76 | ||||
Replenishment of NCLs | 178 | 386 | 900 | ||||
Net reserve builds (releases) for loans | 374 | (2,075) | 2,551 | ||||
Net specific reserve builds (releases) for loans | 65 | (255) | 249 | ||||
Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period | 0 | 0 | 0 | ||||
Other | 1 | (31) | 65 | ||||
ACLL at end of year | 2,855 | 2,415 | 4,776 | ||||
Allowance for credit losses on loans | |||||||
Collectively evaluated | 2,532 | 2,203 | |||||
Individually evaluated | 323 | 212 | |||||
Total allowance for credit losses on loans | 2,855 | 2,415 | 4,776 | ||||
Loans, net of unearned income | |||||||
Collectively evaluated | 282,909 | 283,610 | |||||
Individually evaluated | 1,122 | 1,553 | |||||
Loans held at fair value | 5,123 | 6,070 | |||||
Total | 289,154 | 291,233 | |||||
Corporate | Variable post-charge-off third-party collection costs | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | 0 | 0 | |||||
Allowance for credit losses on loans | |||||||
Total allowance for credit losses on loans | |||||||
Corporate | Purchased credit deteriorated | |||||||
Allowance for credit losses on loans | |||||||
Purchased credit deteriorated | 0 | 0 | |||||
Loans, net of unearned income | |||||||
Purchased credit deteriorated | 0 | 0 | |||||
Consumer | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | 14,630 | 14,040 | 20,180 | 14,630 | |||
Gross credit losses on loans | (4,878) | (6,220) | (8,287) | ||||
Gross recoveries on loans | 1,267 | 1,711 | 1,576 | ||||
Replenishment of NCLs | 3,611 | 4,509 | 6,711 | ||||
Net reserve builds (releases) for loans | 563 | (5,208) | 5,084 | ||||
Net specific reserve builds (releases) for loans | (46) | (460) | 427 | ||||
Initial allowance for credit losses on newly purchased credit-deteriorated assets during the period | 0 | 0 | 4 | ||||
Other | (438) | (472) | 35 | ||||
ACLL at end of year | 14,119 | 14,040 | 20,180 | ||||
Allowance for credit losses on loans | |||||||
Collectively evaluated | 13,521 | 13,227 | |||||
Individually evaluated | 596 | 813 | |||||
Total allowance for credit losses on loans | 14,119 | 14,040 | 20,180 | ||||
Loans, net of unearned income | |||||||
Collectively evaluated | 364,795 | 372,655 | |||||
Individually evaluated | 2,921 | 3,748 | |||||
Loans held at fair value | 237 | 12 | |||||
Total | 368,067 | 376,534 | |||||
Consumer | Variable post-charge-off third-party collection costs | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | (443) | (443) | |||||
Allowance for credit losses on loans | |||||||
Total allowance for credit losses on loans | |||||||
Consumer | Purchased credit deteriorated | |||||||
Allowance for credit losses on loans | |||||||
Purchased credit deteriorated | 2 | 0 | |||||
Loans, net of unearned income | |||||||
Purchased credit deteriorated | $ 114 | 119 | |||||
Cumulative effect of adoption | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | 4,201 | 4,201 | |||||
Net reserve builds (releases) for loans | 4,900 | ||||||
ACLL at end of year | 4,100 | ||||||
Allowance for credit losses on loans | |||||||
Total allowance for credit losses on loans | 4,100 | $ (350) | |||||
Cumulative effect of adoption | Corporate | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | (816) | (816) | |||||
Allowance for credit losses on loans | |||||||
Total allowance for credit losses on loans | |||||||
Cumulative effect of adoption | Consumer | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | $ 5,017 | 5,017 | |||||
Allowance for credit losses on loans | |||||||
Total allowance for credit losses on loans | |||||||
Adjusted balance | |||||||
Allowance for credit losses | |||||||
Allowance for credit losses on loans (ACLL) at beginning of year | $ 24,956 | ||||||
ACLL at end of year | 24,956 | ||||||
Allowance for credit losses on loans | |||||||
Total allowance for credit losses on loans | $ 24,956 |
ALLOWANCE FOR CREDIT LOSSES - N
ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for loan losses disclosures | ||||
Allowance for credit losses on loans, leases and unfunded lending commitments | $ 19,125 | $ 18,326 | $ 27,611 | |
Allowance for credit losses on loans | 16,974 | 16,455 | 24,956 | $ 16,541 |
Allowance for credit losses on unfunded commitments (ACLUC) | 2,151 | 1,871 | 2,655 | 1,456 |
Consumer | ||||
Allowance for loan losses disclosures | ||||
Allowance for credit losses on loans | 14,119 | 14,040 | 20,180 | 14,630 |
Corporate | ||||
Allowance for loan losses disclosures | ||||
Allowance for credit losses on loans | $ 2,855 | $ 2,415 | $ 4,776 | $ 1,911 |
ALLOWANCE FOR CREDIT LOSSES - S
ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses for HTM Debt Securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses on HTM debt securities at beginning of year | $ 87 | $ 86 | $ 0 |
Gross credit losses | 0 | 0 | 0 |
Gross recoveries | 0 | 3 | 0 |
Net credit losses (NCLs) | 0 | 3 | 0 |
Net reserve builds (releases) | 33 | 4 | 7 |
Net specific reserve builds (releases) | 0 | (4) | 0 |
Total provision for credit losses on HTM debt securities | 33 | (3) | 7 |
Other, net | 0 | 1 | 9 |
Allowance for credit losses on HTM debt securities at end of year | 120 | 87 | 86 |
Cumulative effect of adoption | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses on HTM debt securities at beginning of year | 70 | ||
Mortgage-backed securities | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses on HTM debt securities at beginning of year | 6 | 3 | 0 |
Gross credit losses | 0 | 0 | 0 |
Gross recoveries | 0 | 3 | 0 |
Net credit losses (NCLs) | 0 | 3 | 0 |
Net reserve builds (releases) | (5) | 7 | (2) |
Net specific reserve builds (releases) | 0 | (4) | 0 |
Total provision for credit losses on HTM debt securities | (5) | 0 | (2) |
Other, net | 0 | 0 | 5 |
Allowance for credit losses on HTM debt securities at end of year | 1 | 6 | 3 |
Mortgage-backed securities | Cumulative effect of adoption | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses on HTM debt securities at beginning of year | 0 | ||
State and municipal | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses on HTM debt securities at beginning of year | 75 | 74 | 0 |
Gross credit losses | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 |
Net reserve builds (releases) | 37 | 1 | 10 |
Net specific reserve builds (releases) | 0 | 0 | 0 |
Total provision for credit losses on HTM debt securities | 37 | 1 | 10 |
Other, net | 1 | 0 | 3 |
Allowance for credit losses on HTM debt securities at end of year | 113 | 75 | 74 |
State and municipal | Cumulative effect of adoption | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses on HTM debt securities at beginning of year | 61 | ||
Foreign government | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses on HTM debt securities at beginning of year | 4 | 6 | 0 |
Gross credit losses | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 |
Net reserve builds (releases) | 0 | (2) | (2) |
Net specific reserve builds (releases) | 0 | 0 | 0 |
Total provision for credit losses on HTM debt securities | 0 | (2) | (2) |
Other, net | (1) | 0 | 4 |
Allowance for credit losses on HTM debt securities at end of year | 3 | 4 | 6 |
Foreign government | Cumulative effect of adoption | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses on HTM debt securities at beginning of year | 4 | ||
Asset-backed | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses on HTM debt securities at beginning of year | 2 | 3 | 0 |
Gross credit losses | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 |
Net reserve builds (releases) | 1 | (2) | 1 |
Net specific reserve builds (releases) | 0 | 0 | 0 |
Total provision for credit losses on HTM debt securities | 1 | (2) | 1 |
Other, net | 0 | 1 | (3) |
Allowance for credit losses on HTM debt securities at end of year | 3 | 2 | 3 |
Asset-backed | Cumulative effect of adoption | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses on HTM debt securities at beginning of year | 5 | ||
All other debt securities | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses on HTM debt securities at beginning of year | 0 | 0 | 0 |
Gross credit losses | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 |
Net reserve builds (releases) | 0 | 0 | 0 |
Net specific reserve builds (releases) | 0 | 0 | 0 |
Total provision for credit losses on HTM debt securities | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Allowance for credit losses on HTM debt securities at end of year | $ 0 | $ 0 | 0 |
All other debt securities | Cumulative effect of adoption | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses on HTM debt securities at beginning of year | $ 0 |
ALLOWANCE FOR CREDIT LOSSES -_3
ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Credit Losses for Other Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | |||
Allowance for credit losses on other assets at beginning of year | $ 53 | $ 55 | $ 0 |
Gross credit losses | (24) | (2) | 0 |
Gross recoveries | 3 | 0 | 0 |
Net credit losses (NCLs) | (21) | (2) | 0 |
Net reserve builds (releases) | 55 | (2) | 7 |
Total provision for credit losses | 76 | 0 | 7 |
Other, net | 15 | 0 | 22 |
Allowance for credit losses on other assets at end of year | 123 | 53 | 55 |
Transferred in | 30 | ||
Cash and due from banks | |||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | |||
Allowance for credit losses on other assets at beginning of year | 0 | 0 | |
Gross credit losses | 0 | ||
Gross recoveries | 0 | ||
Net credit losses (NCLs) | 0 | ||
Net reserve builds (releases) | (6) | ||
Total provision for credit losses | (6) | ||
Other, net | 0 | ||
Allowance for credit losses on other assets at end of year | 0 | ||
Deposits with banks | |||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | |||
Allowance for credit losses on other assets at beginning of year | 21 | 20 | 0 |
Gross credit losses | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 |
Net reserve builds (releases) | 30 | 2 | 5 |
Total provision for credit losses | 30 | 2 | 5 |
Other, net | 0 | (1) | 1 |
Allowance for credit losses on other assets at end of year | 51 | 21 | 20 |
Securities borrowed or purchased under agreements to resell | |||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | |||
Allowance for credit losses on other assets at beginning of year | 6 | 10 | 0 |
Gross credit losses | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 |
Net reserve builds (releases) | 14 | (4) | 8 |
Total provision for credit losses | 14 | (4) | 8 |
Other, net | 16 | 0 | 0 |
Allowance for credit losses on other assets at end of year | 36 | 6 | 10 |
Brokerage receivables | |||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | |||
Allowance for credit losses on other assets at beginning of year | 0 | 0 | 0 |
Gross credit losses | 0 | 0 | 0 |
Gross recoveries | 0 | 0 | 0 |
Net credit losses (NCLs) | 0 | 0 | 0 |
Net reserve builds (releases) | 0 | 0 | (1) |
Total provision for credit losses | 0 | 0 | (1) |
Other, net | 0 | 0 | 0 |
Allowance for credit losses on other assets at end of year | 0 | 0 | 0 |
All other assets | |||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | |||
Allowance for credit losses on other assets at beginning of year | 26 | 25 | 0 |
Gross credit losses | (24) | (2) | 0 |
Gross recoveries | 3 | 0 | 0 |
Net credit losses (NCLs) | (21) | (2) | 0 |
Net reserve builds (releases) | 11 | 0 | 1 |
Total provision for credit losses | 32 | 2 | 1 |
Other, net | (1) | 1 | 21 |
Allowance for credit losses on other assets at end of year | $ 36 | $ 26 | 25 |
Cumulative effect of adoption | |||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | |||
Allowance for credit losses on other assets at beginning of year | 26 | ||
Cumulative effect of adoption | Cash and due from banks | |||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | |||
Allowance for credit losses on other assets at beginning of year | 6 | ||
Cumulative effect of adoption | Deposits with banks | |||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | |||
Allowance for credit losses on other assets at beginning of year | 14 | ||
Cumulative effect of adoption | Securities borrowed or purchased under agreements to resell | |||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | |||
Allowance for credit losses on other assets at beginning of year | 2 | ||
Cumulative effect of adoption | Brokerage receivables | |||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | |||
Allowance for credit losses on other assets at beginning of year | 1 | ||
Cumulative effect of adoption | All other assets | |||
Financing Receivable, Other Assets, Allowance For Credit Loss [Roll Forward] | |||
Allowance for credit losses on other assets at beginning of year | $ 3 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill | ||||
Balance of goodwill at beginning of period | $ 21,299 | $ 21,299 | $ 22,162 | $ 22,126 |
Foreign exchange translation | (200) | (383) | 36 | |
Divestitures | (873) | (480) | ||
Impairment of goodwill | (535) | (535) | 0 | 0 |
Balance of goodwill at end of period | 19,691 | 21,299 | 22,162 | |
Goodwill impairment, after-tax | 489 | |||
Institutional Clients Group | ||||
Goodwill | ||||
Balance of goodwill at beginning of period | 9,215 | 9,215 | 9,481 | 9,482 |
Foreign exchange translation | (229) | (266) | (1) | |
Divestitures | 0 | 0 | ||
Impairment of goodwill | 0 | |||
Balance of goodwill at end of period | 8,986 | 9,215 | 9,481 | |
Personal Banking and Wealth Management | ||||
Goodwill | ||||
Balance of goodwill at beginning of period | 9,717 | 9,717 | 10,022 | 10,015 |
Foreign exchange translation | 24 | (296) | 7 | |
Divestitures | 0 | (9) | ||
Impairment of goodwill | 0 | |||
Balance of goodwill at end of period | 9,741 | 9,717 | 10,022 | |
Legacy Franchises | ||||
Goodwill | ||||
Balance of goodwill at beginning of period | 2,367 | 2,367 | 2,659 | 2,629 |
Foreign exchange translation | 5 | 179 | 30 | |
Divestitures | (873) | (471) | ||
Impairment of goodwill | $ (535) | (535) | ||
Balance of goodwill at end of period | $ 964 | $ 2,367 | $ 2,659 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Goodwill Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill: | |||||
Goodwill impairment | $ 535 | $ 535 | $ 0 | $ 0 | |
Goodwill | 19,691 | 21,299 | 22,162 | $ 22,126 | |
Legacy Franchises | |||||
Goodwill: | |||||
Goodwill impairment | $ 535 | 535 | |||
Goodwill | 964 | 2,367 | 2,659 | 2,629 | |
Institutional Clients Group | |||||
Goodwill: | |||||
Goodwill impairment | 0 | ||||
Goodwill | $ 8,986 | $ 9,215 | $ 9,481 | $ 9,482 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Components of Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite and Indefinite-lived Intangible Assets | |||
Gross carrying amount of Intangible assets (excluding MSRs) | $ 10,078 | $ 10,210 | |
Accumulated amortization of Intangible assets (excluding MSRs) | 6,315 | 6,119 | |
Net carrying amount of intangible assets (excluding MSRs) | 3,763 | 4,091 | |
Gross carrying amount, Mortgage servicing rights (MSRs) | 665 | 404 | |
Mortgage servicing rights (MSRs) | 665 | 404 | |
Gross carrying amount of Intangible assets | 10,743 | 10,614 | |
Accumulated amortization of intangible assets | 6,315 | 6,119 | |
Total intangible assets | 4,428 | 4,495 | |
Intangible assets amortization expense | 352 | 360 | $ 419 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Expected amortization next year | 373 | ||
Expected amortization in two years | 381 | ||
Expected amortization in three years | 388 | ||
Expected amortization in four years | 348 | ||
Expected amortization in five years | 341 | ||
Indefinite-lived intangible assets | |||
Finite and Indefinite-lived Intangible Assets | |||
Gross carrying amount of Intangible assets (excluding MSRs) | 192 | 183 | |
Net carrying amount of intangible assets (excluding MSRs) | 192 | 183 | |
Purchased credit card relationships | |||
Finite and Indefinite-lived Intangible Assets | |||
Gross carrying amount of Intangible assets (excluding MSRs) | 5,513 | 5,579 | |
Accumulated amortization of Intangible assets (excluding MSRs) | 4,426 | 4,348 | |
Net carrying amount of intangible assets (excluding MSRs) | 1,087 | 1,231 | |
Credit card contract related intangibles | |||
Finite and Indefinite-lived Intangible Assets | |||
Gross carrying amount of Intangible assets (excluding MSRs) | 3,903 | 3,912 | |
Accumulated amortization of Intangible assets (excluding MSRs) | 1,518 | 1,372 | |
Net carrying amount of intangible assets (excluding MSRs) | 2,385 | 2,540 | |
Core deposit intangibles | |||
Finite and Indefinite-lived Intangible Assets | |||
Gross carrying amount of Intangible assets (excluding MSRs) | 37 | 39 | |
Accumulated amortization of Intangible assets (excluding MSRs) | 37 | 39 | |
Net carrying amount of intangible assets (excluding MSRs) | 0 | 0 | |
Other customer relationships | |||
Finite and Indefinite-lived Intangible Assets | |||
Gross carrying amount of Intangible assets (excluding MSRs) | 373 | 429 | |
Accumulated amortization of Intangible assets (excluding MSRs) | 283 | 305 | |
Net carrying amount of intangible assets (excluding MSRs) | 90 | 124 | |
Present value of future profits | |||
Finite and Indefinite-lived Intangible Assets | |||
Gross carrying amount of Intangible assets (excluding MSRs) | 32 | 31 | |
Accumulated amortization of Intangible assets (excluding MSRs) | 31 | 29 | |
Net carrying amount of intangible assets (excluding MSRs) | 1 | 2 | |
Other | |||
Finite and Indefinite-lived Intangible Assets | |||
Gross carrying amount of Intangible assets (excluding MSRs) | 28 | 37 | |
Accumulated amortization of Intangible assets (excluding MSRs) | 20 | 26 | |
Net carrying amount of intangible assets (excluding MSRs) | $ 8 | $ 11 | |
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 | 97% | 97% |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Changes in Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | $ 4,091 | |
Acquisitions/ renewals/ divestitures | 46 | |
Amortization | (352) | |
Impairments | 0 | |
FX translation and other | (22) | |
Ending balance | 3,763 | $ 4,091 |
Mortgage servicing rights (MSRs) | 665 | 404 |
Total intangible assets | 4,428 | 4,495 |
Purchased credit card relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 1,231 | |
Acquisitions/ renewals/ divestitures | 3 | |
Amortization | (140) | |
Impairments | 0 | |
FX translation and other | (7) | |
Ending balance | 1,087 | 1,231 |
Credit card contract related intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 2,540 | |
Acquisitions/ renewals/ divestitures | 0 | |
Amortization | (154) | |
Impairments | 0 | |
FX translation and other | (1) | |
Ending balance | 2,385 | 2,540 |
Core deposit intangibles | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 0 | |
Acquisitions/ renewals/ divestitures | 0 | |
Amortization | 0 | |
Impairments | 0 | |
FX translation and other | 0 | |
Ending balance | 0 | 0 |
Other customer relationships | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 124 | |
Acquisitions/ renewals/ divestitures | 10 | |
Amortization | (24) | |
Impairments | 0 | |
FX translation and other | (20) | |
Ending balance | 90 | 124 |
Present value of future profits | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 2 | |
Acquisitions/ renewals/ divestitures | 0 | |
Amortization | (1) | |
Impairments | 0 | |
FX translation and other | 0 | |
Ending balance | 1 | 2 |
Other | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 11 | |
Acquisitions/ renewals/ divestitures | 33 | |
Amortization | (33) | |
Impairments | 0 | |
FX translation and other | (3) | |
Ending balance | 8 | 11 |
Indefinite-lived intangible assets | ||
Finite and Indefinite-lived Intangible Assets | ||
Beginning balance | 183 | |
Acquisitions/ renewals/ divestitures | 0 | |
Amortization | 0 | |
Impairments | 0 | |
FX translation and other | 9 | |
Ending balance | $ 192 | $ 183 |
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 | 97% | 97% |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deposit Liability [Line Items] | ||
Non-interest-bearing deposits in U.S. offices | $ 122,655 | $ 158,552 |
Interest-bearing deposits in U.S. offices (including $903 and $879 as of December 31, 2022 and 2021, respectively, at fair value) | 607,470 | 543,283 |
Total deposits in U.S. offices | 730,125 | 701,835 |
Non-interest-bearing deposits in offices outside the U.S. | 95,182 | 97,270 |
Interest-bearing deposits in offices outside the U.S. (including $972 and $787 as of December 31, 2022 and 2021, respectively, at fair value) | 540,647 | 518,125 |
Total deposits in offices outside the U.S. | 635,829 | 615,395 |
Total deposits | 1,365,954 | 1,317,230 |
Time deposits that met or exceeded insured limit | 214,341 | 86,851 |
U.S. | ||
Deposit Liability [Line Items] | ||
Time deposits that met or exceeded insured limit | 63,420 | 9,153 |
Offices outside the U.S. | ||
Deposit Liability [Line Items] | ||
Time deposits that met or exceeded insured limit | 150,921 | 77,698 |
Fair value | ||
Deposit Liability [Line Items] | ||
Interest-bearing deposits in U.S. offices (including $903 and $879 as of December 31, 2022 and 2021, respectively, at fair value) | 903 | 879 |
Interest-bearing deposits in offices outside the U.S. (including $972 and $787 as of December 31, 2022 and 2021, respectively, at fair value) | 972 | 787 |
Total deposits | $ 1,345,400 | $ 1,316,200 |
DEPOSITS - Maturities of Time D
DEPOSITS - Maturities of Time Deposits (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Deposit Liability [Line Items] | |
2023 | $ 233,925 |
2024 | 6,769 |
2025 | 564 |
2026 | 412 |
2027 | 128 |
After 5 years | 442 |
Time Deposits | 242,240 |
U.S. | |
Deposit Liability [Line Items] | |
2023 | 84,321 |
2024 | 5,751 |
2025 | 300 |
2026 | 386 |
2027 | 122 |
After 5 years | 439 |
Time Deposits | 91,319 |
Outside U.S. | |
Deposit Liability [Line Items] | |
2023 | 149,604 |
2024 | 1,018 |
2025 | 264 |
2026 | 26 |
2027 | 6 |
After 5 years | 3 |
Time Deposits | $ 150,921 |
DEBT - Short-Term Borrowings (D
DEBT - Short-Term Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Short-Term Borrowings: | ||
Commercial paper | $ 25,530 | $ 16,018 |
Other borrowings | 21,566 | 11,955 |
Total short-term borrowings | 47,096 | 27,973 |
Collateralized short-term advances from Federal Home Loan Bank | $ 12,000 | $ 0 |
Commercial paper | ||
Short-Term Borrowings: | ||
Weighted average coupon | 4.29% | 0.22% |
Other borrowings | ||
Short-Term Borrowings: | ||
Weighted average coupon | 4.23% | 0.91% |
Bank | ||
Short-Term Borrowings: | ||
Commercial paper | $ 11,185 | $ 9,026 |
Broker-dealer and other | ||
Short-Term Borrowings: | ||
Commercial paper | $ 14,345 | $ 6,992 |
DEBT - Long-Term Debt (Details)
DEBT - Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument | ||
Weighted average interest rate | 3.72% | |
Long-term debt | $ 271,606 | $ 254,374 |
Weighted average interest rate after effect of derivative contract | 4.10% | |
Senior debt | ||
Debt Instrument | ||
Long-term debt | $ 247,242 | 227,080 |
Subordinated debt | ||
Debt Instrument | ||
Long-term debt | 22,758 | 25,560 |
Trust preferred securities | ||
Debt Instrument | ||
Long-term debt | 1,606 | 1,734 |
Citigroup Inc. | ||
Debt Instrument | ||
Long-term debt | $ 166,257 | |
Citigroup Inc. | Senior debt | ||
Debt Instrument | ||
Weighted average interest rate | 3.38% | |
Long-term debt | $ 141,893 | 137,651 |
Citigroup Inc. | Subordinated debt | ||
Debt Instrument | ||
Weighted average interest rate | 4.77% | |
Long-term debt | $ 22,758 | 25,560 |
Citigroup Inc. | Trust preferred securities | ||
Debt Instrument | ||
Weighted average interest rate | 10.53% | |
Long-term debt | $ 1,606 | 1,734 |
Bank | ||
Debt Instrument | ||
Long-term debt | $ 21,113 | |
Bank | Senior debt | ||
Debt Instrument | ||
Weighted average interest rate | 3.98% | |
Long-term debt | $ 21,113 | 23,567 |
Collateralized long-term advances from Federal Home Loan Bank | 7,300 | 5,300 |
Broker-dealer | ||
Debt Instrument | ||
Long-term debt | $ 84,236 | |
Broker-dealer | Senior debt | ||
Debt Instrument | ||
Weighted average interest rate | 3.95% | |
Long-term debt | $ 84,236 | $ 65,862 |
DEBT - Maturities of Long-term
DEBT - Maturities of Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument | ||
2023 | $ 32,459 | |
2024 | 40,516 | |
2025 | 32,749 | |
2026 | 32,790 | |
2027 | 20,772 | |
Thereafter | 112,320 | |
Total | 271,606 | $ 254,374 |
Bank | ||
Debt Instrument | ||
2023 | 7,029 | |
2024 | 8,152 | |
2025 | 1,867 | |
2026 | 197 | |
2027 | 788 | |
Thereafter | 3,080 | |
Total | 21,113 | |
Broker-dealer | ||
Debt Instrument | ||
2023 | 18,543 | |
2024 | 20,043 | |
2025 | 11,758 | |
2026 | 4,680 | |
2027 | 7,383 | |
Thereafter | 21,829 | |
Total | 84,236 | |
Citigroup Inc. | ||
Debt Instrument | ||
2023 | 6,887 | |
2024 | 12,321 | |
2025 | 19,124 | |
2026 | 27,913 | |
2027 | 12,601 | |
Thereafter | 87,411 | |
Total | $ 166,257 |
DEBT - Trust Preferred Securiti
DEBT - Trust Preferred Securities (Details) $ in Millions | Dec. 31, 2022 USD ($) shares |
Trust Preferred Securities | |
Liquidation value | $ 2,440 |
Junior subordinated debentures owned by the Trust, amount | $ 2,446 |
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 |
REGULATORY CAPITAL - Regulatory
REGULATORY CAPITAL - Regulatory Capital Compliance (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 Capital ratio, stated minimum | 4.50% | |
Tier 1 Capital ratio, stated minimum | 0.060 | |
Total Capital ratio, stated minimum | 0.080 | |
Tier 1 Leverage ratio, stated minimum | 0.040 | |
Supplementary leverage ratio, stated minimum | 3% | |
Dividends received from Citibank N.A. | $ 8,500 | $ 6,200 |
Citibank, N.A. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 Capital | 149,593 | 148,548 |
Tier 1 Capital | 151,720 | 150,679 |
Quarterly Adjusted Average Total Assets | 1,738,744 | 1,716,596 |
Total Leverage Exposure | $ 2,189,541 | $ 2,236,839 |
CET1 Capital ratio | 14.90% | 13.93% |
CET1 Capital ratio, well capitalized minimum | 6.50% | |
Tier 1 Capital ratio, well capitalized minimum | 0.080 | |
Tier 1 Capital ratio | 0.1512 | 0.1413 |
Total Capital ratio, well capitalized minimum | 0.100 | |
Total Capital ratio | 0.1645 | 0.1640 |
Tier 1 Leverage ratio | 0.0873 | 0.0878 |
Tier 1 Leverage ratio, well capitalized minimum | 0.050 | |
Supplementary leverage ratio | 0.0693 | 0.0674 |
Supplementary leverage ratio, well capitalized minimum | 6% | |
Citigroup Inc. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 Capital | $ 148,930 | $ 149,305 |
Tier 1 Capital | 169,145 | 169,568 |
Quarterly Adjusted Average Total Assets | 2,395,863 | 2,351,434 |
Total Leverage Exposure | $ 2,906,773 | $ 2,957,764 |
CET1 Capital ratio | 13.03% | 12.25% |
Tier 1 Capital ratio, well capitalized minimum | 0.060 | |
Tier 1 Capital ratio | 0.1480 | 0.1391 |
Total Capital ratio, well capitalized minimum | 0.100 | |
Total Capital ratio | 0.1546 | 0.1604 |
Tier 1 Leverage ratio | 0.0706 | 0.0721 |
Supplementary leverage ratio | 0.0582 | 0.0573 |
Standardized Approach | Citibank, N.A. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (Tier 1 Capital and Tier 2 Capital) | $ 172,647 | $ 175,427 |
Total Risk-Weighted Assets | 982,914 | 1,066,015 |
Standardized Approach | Citigroup Inc. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (Tier 1 Capital and Tier 2 Capital) | 197,543 | 203,838 |
Total Risk-Weighted Assets | 1,142,985 | 1,219,175 |
Advanced Approach | Citibank, N.A. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (Tier 1 Capital and Tier 2 Capital) | 165,131 | 166,921 |
Total Risk-Weighted Assets | 1,003,747 | 1,017,774 |
Advanced Approach | Citigroup Inc. | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (Tier 1 Capital and Tier 2 Capital) | 188,839 | 194,006 |
Total Risk-Weighted Assets | $ 1,221,538 | $ 1,209,374 |
CHANGES IN ACCUMULATED OTHER _3
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Change in Each Component of AOCI (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in accumulated other comprehensive income (loss) | ||||
Beginning of year balance, net of tax | $ 202,672 | $ 200,200 | ||
End of year balance, net of tax | 201,838 | 202,672 | $ 200,200 | |
Discontinued Operations, Held-for-sale | Australia Consumer Banking Business | ||||
Change in accumulated other comprehensive income (loss) | ||||
Loss on sale of business, foreign currency translation adjustments, after-tax | $ 470 | |||
Loss on sale of business, foreign currency translation adjustments, pretax | $ 620 | |||
Net unrealized gains (losses) on investment securities | ||||
Change in accumulated other comprehensive income (loss) | ||||
Beginning of year balance, net of tax | (614) | 3,320 | (265) | |
Other comprehensive income before reclassifications | (5,599) | (3,556) | 4,837 | |
Increase (decrease) due to amounts reclassified from AOCI | 215 | (378) | (1,252) | |
Change, net of taxes | (5,384) | (3,934) | 3,585 | |
End of year balance, net of tax | (5,998) | (614) | 3,320 | |
Debt valuation adjustment (DVA) | ||||
Change in accumulated other comprehensive income (loss) | ||||
Beginning of year balance, net of tax | (1,187) | (1,419) | (944) | |
Other comprehensive income before reclassifications | 2,047 | 121 | (490) | |
Increase (decrease) due to amounts reclassified from AOCI | (18) | 111 | 15 | |
Change, net of taxes | 2,029 | 232 | (475) | |
End of year balance, net of tax | 842 | (1,187) | (1,419) | |
Cash flow hedges | ||||
Change in accumulated other comprehensive income (loss) | ||||
Beginning of year balance, net of tax | 101 | 1,593 | 123 | |
Other comprehensive income before reclassifications | (2,718) | (679) | 2,027 | |
Increase (decrease) due to amounts reclassified from AOCI | 95 | (813) | (557) | |
Change, net of taxes | (2,623) | (1,492) | 1,470 | |
End of year balance, net of tax | (2,522) | 101 | 1,593 | |
Benefit plans | ||||
Change in accumulated other comprehensive income (loss) | ||||
Beginning of year balance, net of tax | (5,852) | (6,864) | (6,809) | |
Other comprehensive income before reclassifications | (19) | 797 | (287) | |
Increase (decrease) due to amounts reclassified from AOCI | 116 | 215 | 232 | |
Change, net of taxes | 97 | 1,012 | (55) | |
End of year balance, net of tax | (5,755) | (5,852) | (6,864) | |
CTA, net of hedges | ||||
Change in accumulated other comprehensive income (loss) | ||||
Beginning of year balance, net of tax | (31,166) | (28,641) | (28,391) | |
Other comprehensive income before reclassifications | (2,855) | (2,537) | (250) | |
Increase (decrease) due to amounts reclassified from AOCI | 384 | 12 | 0 | |
Change, net of taxes | (2,471) | (2,525) | (250) | |
End of year balance, net of tax | (33,637) | (31,166) | (28,641) | |
Excluded component of fair value hedges | ||||
Change in accumulated other comprehensive income (loss) | ||||
Beginning of year balance, net of tax | (47) | (47) | (32) | |
Other comprehensive income before reclassifications | 49 | (11) | (15) | |
Increase (decrease) due to amounts reclassified from AOCI | 6 | 11 | 0 | |
Change, net of taxes | 55 | 0 | (15) | |
End of year balance, net of tax | 8 | (47) | (47) | |
Accumulated other comprehensive income (loss) | ||||
Change in accumulated other comprehensive income (loss) | ||||
Beginning of year balance, net of tax | (38,765) | (32,058) | (36,318) | |
Other comprehensive income before reclassifications | (9,095) | (5,865) | 5,822 | |
Increase (decrease) due to amounts reclassified from AOCI | 798 | (842) | (1,562) | |
Change, net of taxes | (8,297) | (6,707) | 4,260 | |
End of year balance, net of tax | $ (47,062) | $ (38,765) | $ (32,058) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in accumulated other comprehensive income (loss) | |||
Beginning of year balance, net of tax | $ 202,672 | $ 200,200 | |
End of year balance, net of tax | 201,838 | 202,672 | $ 200,200 |
Net unrealized gains (losses) on investment securities | |||
Change in accumulated other comprehensive income (loss), pretax | |||
Pretax | (7,178) | (5,301) | 4,799 |
Change in accumulated other comprehensive income (loss), tax effect | |||
Tax effect | 1,794 | 1,367 | (1,214) |
Change in accumulated other comprehensive income (loss) | |||
Beginning of year balance, net of tax | (614) | 3,320 | (265) |
Change, net of taxes | (5,384) | (3,934) | 3,585 |
End of year balance, net of tax | (5,998) | (614) | 3,320 |
Debt valuation adjustment (DVA) | |||
Change in accumulated other comprehensive income (loss), pretax | |||
Pretax | 2,685 | 296 | (616) |
Change in accumulated other comprehensive income (loss), tax effect | |||
Tax effect | (656) | (64) | 141 |
Change in accumulated other comprehensive income (loss) | |||
Beginning of year balance, net of tax | (1,187) | (1,419) | (944) |
Change, net of taxes | 2,029 | 232 | (475) |
End of year balance, net of tax | 842 | (1,187) | (1,419) |
Cash flow hedges | |||
Change in accumulated other comprehensive income (loss) | |||
Beginning of year balance, net of tax | 101 | 1,593 | 123 |
Change, net of taxes | (2,623) | (1,492) | 1,470 |
End of year balance, net of tax | (2,522) | 101 | 1,593 |
Benefit plans | |||
Change in accumulated other comprehensive income (loss), pretax | |||
Pretax | 31 | 1,252 | (78) |
Change in accumulated other comprehensive income (loss), tax effect | |||
Tax effect | 66 | (240) | 23 |
Change in accumulated other comprehensive income (loss) | |||
Beginning of year balance, net of tax | (5,852) | (6,864) | (6,809) |
Change, net of taxes | 97 | 1,012 | (55) |
End of year balance, net of tax | (5,755) | (5,852) | (6,864) |
CTA | |||
Change in accumulated other comprehensive income (loss), pretax | |||
Pretax | (2,004) | (2,671) | (227) |
Change in accumulated other comprehensive income (loss), tax effect | |||
Tax effect | (467) | 146 | (23) |
Change in accumulated other comprehensive income (loss) | |||
Beginning of year balance, net of tax | (31,166) | (28,641) | (28,391) |
Change, net of taxes | (2,471) | (2,525) | (250) |
End of year balance, net of tax | (33,637) | (31,166) | (28,641) |
Excluded component of fair value hedges | |||
Change in accumulated other comprehensive income (loss) | |||
Beginning of year balance, net of tax | (47) | (47) | (32) |
Change, net of taxes | 55 | 0 | (15) |
End of year balance, net of tax | 8 | (47) | (47) |
Accumulated other comprehensive income (loss) | |||
Change in accumulated other comprehensive income (loss), pretax | |||
AOCI, beginning balance, pretax | (45,383) | (36,992) | (42,772) |
Pretax | (9,870) | (8,391) | 5,780 |
AOCI, ending balance, pretax | (55,253) | (45,383) | (36,992) |
Change in accumulated other comprehensive income (loss), tax effect | |||
Balance, beginning of period, tax effect | 6,618 | 4,934 | 6,454 |
Tax effect | 1,573 | 1,684 | (1,520) |
Balance, end of period, tax effect | 8,191 | 6,618 | 4,934 |
Change in accumulated other comprehensive income (loss) | |||
Beginning of year balance, net of tax | (38,765) | (32,058) | (36,318) |
Change, net of taxes | (8,297) | (6,707) | 4,260 |
End of year balance, net of tax | (47,062) | (38,765) | (32,058) |
Cash flow hedges | Cash flow hedges | |||
Change in accumulated other comprehensive income (loss), pretax | |||
Pretax | (3,477) | (1,969) | 1,925 |
Change in accumulated other comprehensive income (loss), tax effect | |||
Tax effect | 854 | 477 | (455) |
Change in accumulated other comprehensive income (loss) | |||
Change, net of taxes | (2,623) | (1,492) | 1,470 |
Fair value hedges | Excluded component of fair value hedges | |||
Change in accumulated other comprehensive income (loss), pretax | |||
Pretax | 73 | 2 | (23) |
Change in accumulated other comprehensive income (loss), tax effect | |||
Tax effect | (18) | (2) | 8 |
Change in accumulated other comprehensive income (loss) | |||
Change, net of taxes | $ 55 | $ 0 | $ (15) |
CHANGES IN ACCUMULATED OTHER _5
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) - Reclassification out of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||
Realized (gains) losses on sales of investments | $ (67) | $ (665) | $ (1,756) |
Tax effect | 3,642 | 5,451 | 2,525 |
Income (loss) from continuing operations | (15,165) | (22,018) | (11,107) |
Realized gains (losses) on investment securities | |||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||
Total amounts reclassified out of AOCI, after-tax | 215 | (378) | (1,252) |
Realized gains (losses) on investment securities | (Gain) loss reclassified from AOCI | |||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||
Realized (gains) losses on sales of investments | (67) | (665) | (1,756) |
Gross impairment losses | 360 | 181 | 109 |
Income from continuing operations before income taxes | 293 | (484) | (1,647) |
Tax effect | (78) | 106 | 395 |
Income (loss) from continuing operations | 215 | (378) | (1,252) |
Debt valuation adjustment (DVA) | |||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||
Total amounts reclassified out of AOCI, after-tax | (18) | 111 | 15 |
Debt valuation adjustment (DVA) | (Gain) loss reclassified from AOCI | |||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||
Realized (gains) losses on sales of investments | (25) | 144 | 20 |
Tax effect | 7 | (33) | (5) |
Income (loss) from continuing operations | (18) | 111 | 15 |
Cash flow hedges | |||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||
Total amounts reclassified out of AOCI, after-tax | 95 | (813) | (557) |
Cash flow hedges | (Gain) loss reclassified from AOCI | |||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||
Income from continuing operations before income taxes | 129 | (1,071) | (730) |
Tax effect | (34) | 258 | 173 |
Cash flow hedges | (Gain) loss reclassified from AOCI | Interest rate contracts | |||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||
Income from continuing operations before income taxes | 125 | (1,075) | (734) |
Cash flow hedges | (Gain) loss reclassified from AOCI | Foreign exchange contracts | |||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||
Income from continuing operations before income taxes | 4 | 4 | 4 |
Benefit plans | |||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||
Total amounts reclassified out of AOCI, pretax | 161 | 290 | 309 |
Total tax effect | (45) | (75) | (77) |
Total amounts reclassified out of AOCI, after-tax | 116 | 215 | 232 |
Prior service cost (benefit) | |||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||
Total amounts reclassified out of AOCI, pretax | (23) | (23) | (5) |
Net actuarial loss | |||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||
Total amounts reclassified out of AOCI, pretax | 221 | 302 | 322 |
Curtailment/settlement impact | |||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||
Total amounts reclassified out of AOCI, pretax | (37) | 11 | (8) |
Excluded component of fair value hedges | |||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||
Total amounts reclassified out of AOCI, after-tax | 6 | 11 | 0 |
Excluded component of fair value hedges | (Gain) loss reclassified from AOCI | |||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||
Income from continuing operations before income taxes | 9 | 15 | 0 |
Tax effect | (3) | (4) | 0 |
Total amounts reclassified out of AOCI, after-tax | 6 | 11 | 0 |
CTA | |||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||
Total amounts reclassified out of AOCI, after-tax | 384 | 12 | 0 |
CTA | (Gain) loss reclassified from AOCI | |||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||
Income from continuing operations before income taxes | 438 | 19 | 0 |
Tax effect | (54) | (7) | 0 |
Citigroup's accumulated other comprehensive income (loss) | |||
Pretax and after-tax amounts reclassified out of accumulated other comprehensive income (loss) | |||
Total amounts reclassified out of AOCI, pretax | 1,005 | (1,087) | (2,048) |
Total tax effect | (207) | 245 | 486 |
Total amounts reclassified out of AOCI, after-tax | $ 798 | $ (842) | $ (1,562) |
PREFERRED STOCK - Schedule of P
PREFERRED STOCK - Schedule of Preferred Stock Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||
Carrying value | $ 18,995 | $ 18,995 |
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) | $ 1,000 | $ 1,000 |
Number of depositary shares (in shares) | 1,500,000 | 1,500,000 |
Carrying value | $ 1,500 | $ 1,500 |
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) | $ 1,000 | $ 1,000 |
Number of depositary shares (in shares) | 750,000 | 750,000 |
Carrying value | $ 750 | $ 750 |
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) | $ 1,000 | $ 1,000 |
Number of depositary shares (in shares) | 1,250,000 | 1,250,000 |
Carrying value | $ 1,250 | $ 1,250 |
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) | $ 25 | $ 25 |
Number of depositary shares (in shares) | 38,000,000 | 38,000,000 |
Carrying value | $ 950 | $ 950 |
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) | $ 25 | $ 25 |
Number of depositary shares (in shares) | 59,800,000 | 59,800,000 |
Carrying value | $ 1,495 | $ 1,495 |
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) | $ 1,000 | $ 1,000 |
Number of depositary shares (in shares) | 1,750,000 | 1,750,000 |
Carrying value | $ 1,750 | $ 1,750 |
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) | $ 1,000 | $ 1,000 |
Number of depositary shares (in shares) | 2,000,000 | 2,000,000 |
Carrying value | $ 2,000 | $ 2,000 |
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) | $ 1,000 | $ 1,000 |
Number of depositary shares (in shares) | 1,500,000 | 1,500,000 |
Carrying value | $ 1,500 | $ 1,500 |
Series U | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 5% | 5% |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | $ 1,000 |
Number of depositary shares (in shares) | 1,500,000 | 1,500,000 |
Carrying value | $ 1,500 | $ 1,500 |
Series V | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 4.70% | 4.70% |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | $ 1,000 |
Number of depositary shares (in shares) | 1,500,000 | 1,500,000 |
Carrying value | $ 1,500 | $ 1,500 |
Series W | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 4% | 4% |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | $ 1,000 |
Number of depositary shares (in shares) | 1,500,000 | 1,500,000 |
Carrying value | $ 1,500 | $ 1,500 |
Series X | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 3.875% | 3.875% |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | $ 1,000 |
Number of depositary shares (in shares) | 2,300,000 | 2,300,000 |
Carrying value | $ 2,300 | $ 2,300 |
Series Y | ||
Class of Stock [Line Items] | ||
Dividend rate (as a percent) | 4.15% | 4.15% |
Redemption price per depositary share/ preference share (in dollars per share) | $ 1,000 | $ 1,000 |
Number of depositary shares (in shares) | 1,000,000 | 1,000,000 |
Carrying value | $ 1,000 | $ 1,000 |
SECURITIZATIONS AND VARIABLE _3
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity | ||
Total involvement with SPE assets | $ 511,990 | $ 500,212 |
Consolidated VIE / SPE assets | 62,201 | 58,637 |
Significant unconsolidated VIE assets | 449,789 | 441,575 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 50,861 | 41,528 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 4,170 | 4,756 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 15,322 | 17,266 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 61 | 268 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 70,414 | 63,818 |
Private equity | ||
Variable Interest Entity | ||
Significant unconsolidated VIE assets | 69,000 | 100,000 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 498 | 497 |
Venture capital funds | ||
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 33,600 | 55,600 |
Credit card securitizations | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 32,021 | 31,518 |
Consolidated VIE / SPE assets | 32,021 | 31,518 |
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 | 117,358 | 113,641 |
Consolidated VIE / SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 117,358 | 113,641 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,052 | 1,582 |
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 | 48 | 43 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 2,100 | 1,625 |
Mortgage securitizations - Non-agency-sponsored | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 67,704 | 60,851 |
Consolidated VIE / SPE assets | 0 | 632 |
Significant unconsolidated VIE assets | 67,704 | 60,219 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 3,294 | 2,479 |
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 | 5 |
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 | 3,294 | 2,484 |
Citi-administered asset-backed commercial paper conduits (ABCP) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 19,621 | 14,018 |
Consolidated VIE / SPE assets | 19,621 | 14,018 |
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 | 7,600 | 8,302 |
Consolidated VIE / SPE assets | 0 | 0 |
Significant unconsolidated VIE assets | 7,600 | 8,302 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,601 | 2,636 |
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 | 2,601 | 2,636 |
Asset-based financing | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 242,348 | 246,632 |
Consolidated VIE / SPE assets | 9,672 | 11,085 |
Significant unconsolidated VIE assets | 232,676 | 235,547 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 40,121 | 32,242 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 1,022 | 1,139 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 10,726 | 12,189 |
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 | 51,869 | 45,570 |
Municipal securities tender option bond trusts (TOBs) | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 2,155 | 3,251 |
Consolidated VIE / SPE assets | 672 | 905 |
Significant unconsolidated VIE assets | 1,483 | 2,346 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2 | 2 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 0 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 1,108 | 1,498 |
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 | 1,110 | 1,500 |
Municipal investments | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 22,167 | 20,597 |
Consolidated VIE / SPE assets | 3 | 3 |
Significant unconsolidated VIE assets | 22,164 | 20,594 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2,731 | 2,512 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 3,143 | 3,617 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 3,420 | 3,562 |
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 | 9,294 | 9,691 |
Client intermediation | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 482 | 904 |
Consolidated VIE / SPE assets | 121 | 297 |
Significant unconsolidated VIE assets | 361 | 607 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 58 | 75 |
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 | 13 | 224 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 71 | 299 |
Investment funds | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 534 | 498 |
Consolidated VIE / SPE assets | 91 | 179 |
Significant unconsolidated VIE assets | 443 | 319 |
Funded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, debt investments | 2 | 0 |
Maximum exposure to loss in significant unconsolidated VIEs, equity investments | 5 | 0 |
Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs, funding commitments | 68 | 12 |
Maximum exposure to loss in significant unconsolidated VIEs, guarantees and derivatives | 0 | 1 |
Funded and Unfunded Exposure | ||
Maximum exposure to loss in significant unconsolidated VIEs | 75 | 13 |
Other | ||
Variable Interest Entity | ||
Total involvement with SPE assets | 0 | 0 |
Consolidated VIE / SPE assets | 0 | 0 |
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 |
SECURITIZATIONS AND VARIABLE _4
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Assets and Liabilities of VIEs (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||
Cash | $ 30,577 | $ 27,515 | $ 26,349 | |
Trading account assets | 334,114 | 331,945 | ||
Investments | 526,582 | 512,822 | ||
Total loans | 657,221 | 667,767 | ||
Allowance for credit losses on loans (ACLL) | (16,974) | (16,455) | (24,956) | $ (16,541) |
Total loans, net | 640,247 | 651,312 | ||
Other assets | 103,743 | 101,551 | ||
Consolidated VIE / SPE assets | 62,201 | 58,637 | ||
Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | ||||
Short-term borrowings | 47,096 | 27,973 | ||
Long-term debt | 271,606 | 254,374 | ||
Other liabilities | 87,873 | 74,920 | ||
Total liabilities | 2,214,838 | 2,088,741 | ||
Consumer | ||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||
Total loans | 368,067 | 376,534 | ||
Allowance for credit losses on loans (ACLL) | (14,119) | (14,040) | (20,180) | (14,630) |
Corporate | ||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||
Total loans | 289,154 | 291,233 | ||
Allowance for credit losses on loans (ACLL) | (2,855) | (2,415) | $ (4,776) | $ (1,911) |
Variable Interest Entity, Primary Beneficiary | ||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||
Cash | 61 | 260 | ||
Trading account assets | 9,153 | 10,038 | ||
Investments | 594 | 844 | ||
Total loans | 54,808 | 48,989 | ||
Allowance for credit losses on loans (ACLL) | (2,520) | (2,668) | ||
Total loans, net | 52,288 | 46,321 | ||
Other assets | 105 | 1,174 | ||
Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup | ||||
Short-term borrowings | 9,807 | 8,376 | ||
Long-term debt | 10,324 | 12,579 | ||
Other liabilities | 622 | 694 | ||
Total liabilities | 20,753 | 21,649 | ||
Variable Interest Entity, Primary Beneficiary | Consumer | ||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||
Total loans | 35,026 | 34,677 | ||
Variable Interest Entity, Primary Beneficiary | Corporate | ||||
Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs | ||||
Total loans | $ 19,782 | $ 14,312 |
SECURITIZATIONS AND VARIABLE _5
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 15,322 | $ 17,266 |
Liquidity facilities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 1,108 | 1,498 |
Loan / equity commitments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 14,214 | 15,768 |
Non-agency-sponsored mortgage securitizations | Liquidity facilities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Non-agency-sponsored mortgage securitizations | Loan / equity commitments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 5 |
Asset-based financing | Liquidity facilities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Asset-based financing | Loan / equity commitments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 10,726 | 12,189 |
Municipal securities tender option bond trusts (TOBs) | Liquidity facilities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 1,108 | 1,498 |
Municipal securities tender option bond trusts (TOBs) | Loan / equity commitments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Municipal investments | Liquidity facilities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Municipal investments | Loan / equity commitments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 3,420 | 3,562 |
Investment funds | Liquidity facilities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Investment funds | Loan / equity commitments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 68 | 12 |
Other | Liquidity facilities | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | 0 | 0 |
Other | Loan / equity commitments | ||
Funding Commitments for Significant Unconsolidated VIEs | ||
Notional amount | $ 0 | $ 0 |
SECURITIZATIONS AND VARIABLE _6
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Carrying Amounts and Classifications of Consolidated Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity | |||
Cash | $ 30,577 | $ 27,515 | $ 26,349 |
Trading account assets | 334,114 | 331,945 | |
Investments | 526,582 | 512,822 | |
Total loans, net of allowance | 640,247 | 651,312 | |
Other assets | 103,743 | 101,551 | |
Total assets | 2,416,676 | 2,291,413 | $ 2,260,000 |
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity | |||
Cash | 0 | 0 | |
Trading account assets | 1,600 | 1,400 | |
Investments | 8,600 | 8,800 | |
Total loans, net of allowance | 44,200 | 35,400 | |
Other assets | 600 | 800 | |
Total assets | $ 55,000 | $ 46,400 |
SECURITIZATIONS AND VARIABLE _7
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Credit Card Securitizations (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) trust | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
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 | $ 7,900,000,000 | $ 9,700,000,000 | |
Retained by Citigroup as trust-issued securities | 6,400,000,000 | 7,200,000,000 | |
Retained by Citigroup via non-certificated interests | 19,500,000,000 | 16,100,000,000 | |
Total ownership interests in principal amount of trust credit card receivables | 33,800,000,000 | 33,000,000,000 | |
Credit card securitizations | |||
Securitized credit card receivables | |||
Gains (losses) recognized on the securitization | 0 | ||
Cash Flows Between Transferor and Transferee | |||
Proceeds from new securitizations | 300,000,000 | 0 | $ 300,000,000 |
Pay down of maturing notes | $ (2,100,000,000) | $ (6,000,000,000) | $ (4,300,000,000) |
SECURITIZATIONS AND VARIABLE _8
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Funding, Liquidity Facilities and Subordinated Interests (Details) $ in Billions | 12 Months Ended | |
Dec. 31, 2022 USD ($) trust | Dec. 31, 2021 USD ($) | |
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 6 months | 3 years 7 months 6 days |
Term notes issued to third parties | $ 6.3 | $ 8.4 |
Term notes retained by Citigroup affiliates | 1.6 | 2.2 |
Total Trust liabilities | $ 7.9 | $ 10.6 |
Citibank OMNI Master Trust (Omni Trust) | ||
Funding, Liquidity Facilities and Subordinated Interests | ||
Weighted average maturity of term notes | 2 years 2 months 12 days | 1 year 7 months 6 days |
Term notes issued to third parties | $ 1.6 | $ 1.3 |
Term notes retained by Citigroup affiliates | 4.8 | 5 |
Total Trust liabilities | $ 6.4 | $ 6.3 |
SECURITIZATIONS AND VARIABLE _9
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Securitizations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. government-sponsored agency guaranteed | |||
Cash Flows Between Transferor and Transferee | |||
Principal securitized | $ 6,900 | $ 6,100 | $ 9,400 |
Proceeds from new securitizations | 6,700 | 6,400 | 10,000 |
Contractual servicing fees received | 100 | 100 | 100 |
Cash flows received on retained interests and other net cash flows | 0 | 0 | 0 |
Purchases of previously transferred financial assets | $ 100 | $ 200 | 400 |
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Weighted average life | 9 years | 7 years 4 months 24 days | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Weighted average life | 7 years 8 months 12 days | 5 years 1 month 6 days | |
Sensitivity analysis of fair value of interests continued to be held by transferor | |||
Carrying value of retained interests | $ 659 | $ 374 | |
Carrying value of retained interests, impact of 10% adverse change in discount rate | (19) | (6) | |
Carrying value of retained interests, impact of 20% adverse change in discount rate | (37) | (11) | |
Carrying value of retained interests, impact of 10% adverse change in constant prepayment rate | (15) | (19) | |
Carrying value of retained interests, impact of 20% adverse change in constant prepayment rate | $ (30) | $ (37) | |
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 | 8.80% | 8.70% | |
Constant prepayment rate | 2.70% | 5.50% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Discount rate | 5.30% | 3.70% | |
Constant prepayment rate | 5.80% | 14.50% | |
Mortgage securitizations - Non-agency-sponsored | |||
Cash Flows Between Transferor and Transferee | |||
Principal securitized | $ 13,900 | $ 25,200 | 11,300 |
Proceeds from new securitizations | 13,400 | 25,400 | 11,400 |
Contractual servicing fees received | 0 | 0 | 0 |
Cash flows received on retained interests and other net cash flows | 200 | 100 | 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 | 5 years 6 months | 3 years 10 months 24 days | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Weighted average life | 10 years 3 months 18 days | 8 years 9 months 18 days | 18 years |
Sensitivity analysis of fair value of interests continued to be held by transferor | |||
Carrying value of retained interests | $ 1,119 | $ 1,452 | |
Carrying value of retained interests, impact of 10% adverse change in discount rate | 0 | (1) | |
Carrying value of retained interests, impact of 20% adverse change in discount rate | 0 | (1) | |
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 | 3.20% | 2.20% | |
Constant prepayment rate | 6% | 6.30% | |
Anticipated net credit losses | 2% | 1.80% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Discount rate | 13.80% | 16.20% | |
Constant prepayment rate | 4% | 6.80% | |
Anticipated net credit losses | 1% | 1% | |
Subordinated interests | |||
Key assumptions used in measuring fair value of retained interests at date of sale or securitization of mortgage receivables | |||
Weighted average life | 5 years 7 months 6 days | 5 years 4 months 24 days | |
Sensitivity analysis of fair value of interests continued to be held by transferor | |||
Carrying value of retained interests | $ 943 | $ 955 | |
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 | 0 | 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 | 4.10% | 2.80% | |
Constant prepayment rate | 11.40% | 11% | |
Anticipated net credit losses | 0.40% | 1% | |
Key assumptions used in measuring fair value related to transferor's continuing involvement | |||
Discount rate | 4% | ||
Constant prepayment rate | 9% | ||
Anticipated net credit losses | 2% | ||
Personal loan | |||
Sensitivity analysis of fair value of interests continued to be held by transferor | |||
Carrying value of retained interests | $ 28 | ||
Citicorp | U.S. government-sponsored agency guaranteed | |||
Cash Flows Between Transferor and Transferee | |||
Gains recognized on the securitization | 1.3 | $ 3.9 | $ 88.4 |
Citicorp | Mortgage securitizations - Non-agency-sponsored | |||
Cash Flows Between Transferor and Transferee | |||
Gains recognized on the securitization | $ 154.8 | $ 493.4 | $ 139.4 |
SECURITIZATIONS AND VARIABLE_10
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Loan Delinquencies and Liquidation Losses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Mortgage securitizations - Non-agency-sponsored | ||
Variable Interest Entity | ||
Securitized assets past due | $ 59,600 | $ 55,400 |
Securitized assets liquidation losses | 2.9 | 10.6 |
Mortgage securitizations - Non-agency-sponsored | 90 days past due | ||
Variable Interest Entity | ||
Securitized assets past due | 500 | 400 |
Residential mortgages | ||
Variable Interest Entity | ||
Securitized assets past due | 30,800 | 29,200 |
Securitized assets liquidation losses | 2.9 | 10.6 |
Residential mortgages | 90 days past due | ||
Variable Interest Entity | ||
Securitized assets past due | 500 | 400 |
Commercial and other | ||
Variable Interest Entity | ||
Securitized assets past due | 28,800 | 26,200 |
Securitized assets liquidation losses | 0 | 0 |
Commercial and other | 90 days past due | ||
Variable Interest Entity | ||
Securitized assets past due | 0 | $ 0 |
Personal loan | ||
Variable Interest Entity | ||
Securitized assets past due | $ 100 |
SECURITIZATIONS AND VARIABLE_11
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Mortgage Servicing Rights (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
MSR fees | |||
Servicing fees, location | Commissions and fees | Commissions and fees | Commissions and fees |
Mortgage servicing rights | |||
Classification of Securitizations | |||
Fair value of capitalized mortgage servicing rights | $ 665 | $ 404 | |
Principal amount of loans and other financial instruments | 51,000 | 47,000 | |
Capitalized MSRs | |||
Balance at beginning of period | 404 | 336 | |
Originations | 120 | 92 | |
Changes in fair value of MSRs due to changes in inputs and assumptions | 201 | 43 | |
Other changes | (60) | (67) | |
Sale of MSRs | 0 | 0 | |
Balance at end of period | 665 | 404 | $ 336 |
MSR fees | |||
Servicing fees | 122 | 131 | 142 |
Late fees | 4 | 3 | 5 |
Total MSR fees | 126 | 134 | $ 147 |
Mortgage-backed securities - U.S. agency-sponsored | |||
Re-securitizations | |||
Securities transferred to re-securitization entities | 24,100 | 46,600 | |
Fair value of re-securitizations deals in which the entity holds a retained interest | 1,400 | 1,200 | |
Market value of retained interest related to re-securitization transaction | 802 | 641 | |
Original fair value of re-securitizations deals in which the entity holds a retained interest | $ 79,400 | $ 78,400 |
SECURITIZATIONS AND VARIABLE_12
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset-Backed Commercial Paper Conduits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Classification of Other Securitization Details | ||
Commercial paper | $ 25,530,000,000 | $ 16,018,000,000 |
Citi-administered asset-backed commercial paper conduits (ABCP) | ||
Classification of Other Securitization Details | ||
Purchased assets outstanding under conduits | 19,600,000,000 | 14,000,000,000 |
Incremental funding commitments with clients | $ 13,900,000,000 | $ 18,300,000,000 |
Weighted average life of commercial paper issued by conduits | 64 days | 70 days |
Citi-administered asset-backed commercial paper conduits (ABCP) | Minimum | ||
Classification of Other Securitization Details | ||
Letters of credit as percentage of conduit assets | 8% | |
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% | |
Citi-administered asset-backed consolidated commercial paper conduits (ABCP) | ||
Classification of Other Securitization Details | ||
Letters of credit provided to conduits | $ 1,900,000,000 | $ 1,300,000,000 |
Commercial paper | $ 8,600,000,000 | $ 4,900,000,000 |
SECURITIZATIONS AND VARIABLE_13
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Collateralized Debt and Loan Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Variable Interest Entity | |||
Term of collateralized loan obligation | 12 years | ||
Collateralized loan obligations (CLOs) | |||
Variable Interest Entity | |||
Principal securitized | $ 0 | $ 0 | $ 100 |
Proceeds from new securitizations | 0 | 0 | 100 |
Cash flows received on retained interests and other net cash flows | 300 | 1,100 | 0 |
Purchases of previously transferred financial assets | 0 | 200 | 0 |
Carrying value of retained interests | $ 681 | $ 921 | $ 1,611 |
SECURITIZATIONS AND VARIABLE_14
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Asset Based Financing (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity | ||
Total unconsolidated VIE assets | $ 449,789 | $ 441,575 |
Maximum exposure to unconsolidated VIEs | 70,414 | 63,818 |
Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 232,676 | 235,547 |
Maximum exposure to unconsolidated VIEs | 51,869 | 45,570 |
Commercial and other real estate | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 43,236 | 32,932 |
Maximum exposure to unconsolidated VIEs | 8,806 | 7,461 |
Corporate loans | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 23,120 | 18,257 |
Maximum exposure to unconsolidated VIEs | 15,077 | 12,581 |
Other (including investment funds, airlines and shipping) | Asset-based financing | ||
Variable Interest Entity | ||
Total unconsolidated VIE assets | 166,320 | 184,358 |
Maximum exposure to unconsolidated VIEs | $ 27,986 | $ 25,528 |
SECURITIZATIONS AND VARIABLE_15
SECURITIZATIONS AND VARIABLE INTEREST ENTITIES - Municipal Securities Tender Option Bond Trusts (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) trust | Dec. 31, 2021 USD ($) | |
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 | 1,100,000,000 | 1,500,000,000 |
Notional amount of offsetting reimbursement agreements | 700,000,000 | 600,000,000 |
Liquidity agreements, other trusts | $ 1,400,000,000 | $ 2,000,000,000 |
Minimum | 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% |
DERIVATIVES - Derivative Notion
DERIVATIVES - Derivative Notionals (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative assets, location | Trading account assets | Trading account assets |
Derivative liabilities, location | Trading account liabilities | Trading account liabilities |
Hedging instruments under ASC 815 | ||
Derivatives | ||
Derivative notionals | $ 349,195 | $ 367,355 |
Hedging instruments under ASC 815 | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 255,280 | 267,035 |
Hedging instruments under ASC 815 | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 255,280 | 267,035 |
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 Protection 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 | 92,344 | 98,224 |
Hedging instruments under ASC 815 | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 48,678 | 47,298 |
Hedging instruments under ASC 815 | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 43,666 | 50,926 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Written or Protection Sold | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
Hedging instruments under ASC 815 | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 0 | 0 |
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 Protection 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 | 1,571 | 2,096 |
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 | 1,571 | 2,096 |
Hedging instruments under ASC 815 | Commodity and other contract options | Written or Protection 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 Protection 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 | 45,032,245 | 41,989,120 |
Other derivative instruments, Trading derivatives | Interest rate contracts | ||
Derivatives | ||
Derivative notionals | 30,565,052 | 27,270,067 |
Other derivative instruments, Trading derivatives | Interest rate swaps | ||
Derivatives | ||
Derivative notionals | 23,780,711 | 21,873,538 |
Other derivative instruments, Trading derivatives | Interest rate futures and forwards | ||
Derivatives | ||
Derivative notionals | 2,966,025 | 2,383,702 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Written or Protection Sold | ||
Derivatives | ||
Derivative notionals | 1,937,025 | 1,584,451 |
Other derivative instruments, Trading derivatives | Interest rate contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 1,881,291 | 1,428,376 |
Other derivative instruments, Trading derivatives | Foreign exchange contracts | ||
Derivatives | ||
Derivative notionals | 11,669,079 | 11,921,335 |
Other derivative instruments, Trading derivatives | Foreign exchange swaps | ||
Derivatives | ||
Derivative notionals | 6,746,070 | 6,288,193 |
Other derivative instruments, Trading derivatives | Foreign exchange futures, forwards and spot | ||
Derivatives | ||
Derivative notionals | 3,350,341 | 4,316,242 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Written or Protection Sold | ||
Derivatives | ||
Derivative notionals | 789,077 | 664,942 |
Other derivative instruments, Trading derivatives | Foreign exchange contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 783,591 | 651,958 |
Other derivative instruments, Trading derivatives | Equity contracts | ||
Derivatives | ||
Derivative notionals | 1,213,082 | 1,230,987 |
Other derivative instruments, Trading derivatives | Equity swaps | ||
Derivatives | ||
Derivative notionals | 266,115 | 269,062 |
Other derivative instruments, Trading derivatives | Equity futures and forwards | ||
Derivatives | ||
Derivative notionals | 76,935 | 71,363 |
Other derivative instruments, Trading derivatives | Equity contract options | Written or Protection Sold | ||
Derivatives | ||
Derivative notionals | 482,266 | 492,433 |
Other derivative instruments, Trading derivatives | Equity contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 387,766 | 398,129 |
Other derivative instruments, Trading derivatives | Commodity and other contracts | ||
Derivatives | ||
Derivative notionals | 350,257 | 348,249 |
Other derivative instruments, Trading derivatives | Commodity and other swaps | ||
Derivatives | ||
Derivative notionals | 90,884 | 91,962 |
Other derivative instruments, Trading derivatives | Commodity and other futures and forwards | ||
Derivatives | ||
Derivative notionals | 165,314 | 157,195 |
Other derivative instruments, Trading derivatives | Commodity and other contract options | Written or Protection Sold | ||
Derivatives | ||
Derivative notionals | 45,862 | 51,224 |
Other derivative instruments, Trading derivatives | Commodity and other contract options | Purchased | ||
Derivatives | ||
Derivative notionals | 48,197 | 47,868 |
Other derivative instruments, Trading derivatives | Credit derivatives | ||
Derivatives | ||
Derivative notionals | 1,234,775 | 1,218,482 |
Other derivative instruments, Trading derivatives | Credit derivatives | Written or Protection Sold | ||
Derivatives | ||
Derivative notionals | 593,136 | 572,486 |
Other derivative instruments, Trading derivatives | Credit derivatives | Purchased | ||
Derivatives | ||
Derivative notionals | $ 641,639 | $ 645,996 |
DERIVATIVES - Derivative Mark-t
DERIVATIVES - Derivative Mark-to-Market (MTM) Receivables/Payables (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Derivative receivables | $ 444,987 | $ 386,851 |
Less: Netting agreements to assets | (346,545) | (292,628) |
Less: Netting of cash collateral received | (23,136) | (24,447) |
Net receivables included on consolidated balance sheet | 75,306 | 69,776 |
Less: Cash collateral received | (1,455) | (907) |
Less: Non-cash collateral received | (5,923) | (5,777) |
Total net receivables | 67,928 | 63,092 |
Liabilities | ||
Derivative payables | 436,493 | 377,450 |
Less: Netting agreements to liabilities | (346,545) | (292,628) |
Netting of cash collateral paid | (30,032) | (29,306) |
Total derivative liabilities | 59,916 | 55,516 |
Less: Cash collateral paid | (2,272) | (538) |
Less: Non-cash collateral paid | (13,475) | (13,607) |
Total net payables | 44,169 | 41,371 |
Trading accounts assets | ||
Liabilities | ||
Does not meet applicable offsetting guidance, assets | 14,000 | 10,000 |
Trading accounts liabilities | ||
Liabilities | ||
Does not meet applicable offsetting guidance, liabilities | 11,000 | 11,000 |
Over-the-counter | Trading accounts assets | ||
Assets | ||
Less: Netting agreements to assets | (276,000) | (259,000) |
Liabilities | ||
Less: Netting agreements to liabilities | (259,000) | |
Over-the-counter | Trading accounts liabilities | ||
Liabilities | ||
Less: Netting agreements to liabilities | (276,000) | |
Cleared | Trading accounts assets | ||
Assets | ||
Less: Netting agreements to assets | (49,000) | (14,000) |
Liabilities | ||
Less: Netting agreements to liabilities | (14,000) | |
Cleared | Trading accounts liabilities | ||
Liabilities | ||
Less: Netting agreements to liabilities | (49,000) | |
Exchange traded | Trading accounts assets | ||
Assets | ||
Less: Netting agreements to assets | (22,000) | (20,000) |
Liabilities | ||
Less: Netting agreements to liabilities | (20,000) | |
Exchange traded | Trading accounts liabilities | ||
Liabilities | ||
Less: Netting agreements to liabilities | (22,000) | |
Derivatives instruments designated as ASC 815 hedges | ||
Assets | ||
Derivative receivables | 2,888 | 2,633 |
Liabilities | ||
Derivative payables | 1,871 | 1,567 |
Derivatives instruments designated as ASC 815 hedges | Interest rate hedges | ||
Assets | ||
Derivative receivables | 597 | 1,289 |
Liabilities | ||
Derivative payables | 102 | 95 |
Derivatives instruments designated as ASC 815 hedges | Foreign exchange contracts | ||
Assets | ||
Derivative receivables | 2,291 | 1,344 |
Liabilities | ||
Derivative payables | 1,769 | 1,472 |
Derivatives instruments designated as ASC 815 hedges | Over-the-counter | Interest rate hedges | ||
Assets | ||
Derivative receivables | 468 | 1,167 |
Liabilities | ||
Derivative payables | 1 | 6 |
Derivatives instruments designated as ASC 815 hedges | Over-the-counter | Foreign exchange contracts | ||
Assets | ||
Derivative receivables | 2,288 | 1,338 |
Liabilities | ||
Derivative payables | 1,766 | 1,472 |
Derivatives instruments designated as ASC 815 hedges | Cleared | Interest rate hedges | ||
Assets | ||
Derivative receivables | 129 | 122 |
Liabilities | ||
Derivative payables | 101 | 89 |
Derivatives instruments designated as ASC 815 hedges | Cleared | Foreign exchange contracts | ||
Assets | ||
Derivative receivables | 3 | 6 |
Liabilities | ||
Derivative payables | 3 | 0 |
Derivatives not designated in a qualifying hedging relationship | ||
Assets | ||
Derivative receivables | 442,099 | 384,218 |
Liabilities | ||
Derivative payables | 434,622 | 375,883 |
Derivatives not designated in a qualifying hedging relationship | Interest rate hedges | ||
Assets | ||
Derivative receivables | 177,607 | 164,199 |
Liabilities | ||
Derivative payables | 172,518 | 149,979 |
Derivatives not designated in a qualifying hedging relationship | Foreign exchange contracts | ||
Assets | ||
Derivative receivables | 185,372 | 134,205 |
Liabilities | ||
Derivative payables | 184,226 | 133,826 |
Derivatives not designated in a qualifying hedging relationship | Equity contracts | ||
Assets | ||
Derivative receivables | 42,407 | 45,252 |
Liabilities | ||
Derivative payables | 43,783 | 49,684 |
Derivatives not designated in a qualifying hedging relationship | Commodity and other contract options | ||
Assets | ||
Derivative receivables | 28,324 | 30,344 |
Liabilities | ||
Derivative payables | 26,318 | 31,379 |
Derivatives not designated in a qualifying hedging relationship | Credit derivatives | ||
Assets | ||
Derivative receivables | 8,389 | 10,218 |
Liabilities | ||
Derivative payables | 7,777 | 11,015 |
Derivatives not designated in a qualifying hedging relationship | Over-the-counter | Interest rate hedges | ||
Assets | ||
Derivative receivables | 126,844 | 152,524 |
Liabilities | ||
Derivative payables | 119,854 | 138,114 |
Derivatives not designated in a qualifying hedging relationship | Over-the-counter | Foreign exchange contracts | ||
Assets | ||
Derivative receivables | 184,869 | 133,357 |
Liabilities | ||
Derivative payables | 183,578 | 133,548 |
Derivatives not designated in a qualifying hedging relationship | Over-the-counter | Equity contracts | ||
Assets | ||
Derivative receivables | 19,674 | 23,452 |
Liabilities | ||
Derivative payables | 21,871 | 28,352 |
Derivatives not designated in a qualifying hedging relationship | Over-the-counter | Commodity and other contract options | ||
Assets | ||
Derivative receivables | 27,285 | 29,279 |
Liabilities | ||
Derivative payables | 24,912 | 29,833 |
Derivatives not designated in a qualifying hedging relationship | Over-the-counter | Credit derivatives | ||
Assets | ||
Derivative receivables | 6,836 | 6,896 |
Liabilities | ||
Derivative payables | 5,807 | 6,959 |
Derivatives not designated in a qualifying hedging relationship | Cleared | Interest rate hedges | ||
Assets | ||
Derivative receivables | 50,515 | 11,579 |
Liabilities | ||
Derivative payables | 52,566 | 11,821 |
Derivatives not designated in a qualifying hedging relationship | Cleared | Foreign exchange contracts | ||
Assets | ||
Derivative receivables | 502 | 848 |
Liabilities | ||
Derivative payables | 643 | 278 |
Derivatives not designated in a qualifying hedging relationship | Cleared | Equity contracts | ||
Assets | ||
Derivative receivables | 1 | 19 |
Liabilities | ||
Derivative payables | 4 | 0 |
Derivatives not designated in a qualifying hedging relationship | Cleared | Credit derivatives | ||
Assets | ||
Derivative receivables | 1,553 | 3,322 |
Liabilities | ||
Derivative payables | 1,970 | 4,056 |
Derivatives not designated in a qualifying hedging relationship | Exchange traded | Interest rate hedges | ||
Assets | ||
Derivative receivables | 248 | 96 |
Liabilities | ||
Derivative payables | 98 | 44 |
Derivatives not designated in a qualifying hedging relationship | Exchange traded | Equity contracts | ||
Assets | ||
Derivative receivables | 22,732 | 21,781 |
Liabilities | ||
Derivative payables | 21,908 | 21,332 |
Derivatives not designated in a qualifying hedging relationship | Exchange traded | Commodity and other contract options | ||
Assets | ||
Derivative receivables | 1,039 | 1,065 |
Liabilities | ||
Derivative payables | 1,406 | $ 1,546 |
Derivatives not designated in a qualifying hedging relationship | Exchange traded | Trading accounts assets | Foreign exchange contracts | ||
Assets | ||
Derivative receivables | 1 | |
Derivatives not designated in a qualifying hedging relationship | Exchange traded | Trading accounts liabilities | Foreign exchange contracts | ||
Liabilities | ||
Derivative payables | $ 5 |
DERIVATIVES - Gains (Losses) In
DERIVATIVES - Gains (Losses) Included in Other Revenue (Details) - Other revenue - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative gain (losses) | |||
Gains (losses) included in Other revenue | $ 85 | $ (172) | $ 6 |
Interest rate hedges | |||
Derivative gain (losses) | |||
Gains (losses) included in Other revenue | 141 | (70) | 63 |
Foreign exchange | |||
Derivative gain (losses) | |||
Gains (losses) included in Other revenue | $ (56) | $ (102) | $ (57) |
DERIVATIVES - Fair Value Hedges
DERIVATIVES - Fair Value Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gain (loss) on fair value hedges | |||
Gain (loss) on derivatives, mark to market approach | $ 86 | ||
Gain (loss) on derivatives, amortization approach | 8 | ||
Other revenue | |||
Gain (loss) on fair value hedges | |||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | (3,245) | $ (4,610) | $ 1,278 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 3,242 | 4,601 | (1,278) |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 265 | 84 | 58 |
Net interest income | |||
Gain (loss) on fair value hedges | |||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | (8,322) | (5,425) | 4,189 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 8,087 | 5,043 | (4,537) |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 0 | (9) | (23) |
Interest rate hedges | Other revenue | |||
Gain (loss) on fair value hedges | |||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | 0 | 0 | 0 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 | 0 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 0 | 0 | 0 |
Interest rate hedges | Net interest income | |||
Gain (loss) on fair value hedges | |||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | (8,322) | (5,425) | 4,189 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 8,087 | 5,043 | (4,537) |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 0 | (9) | (23) |
Foreign exchange contracts | |||
Gain (loss) on fair value hedges | |||
Cross-currency basis included in accumulated other comprehensive income | 73 | 2 | |
Foreign exchange contracts | Other revenue | |||
Gain (loss) on fair value hedges | |||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | (1,375) | (627) | 1,442 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 1,372 | 628 | (1,442) |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 171 | 79 | (73) |
Foreign exchange contracts | Net interest income | |||
Gain (loss) on fair value hedges | |||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | 0 | 0 | 0 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 | 0 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 0 | 0 | 0 |
Commodity hedges | Other revenue | |||
Gain (loss) on fair value hedges | |||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | (1,870) | (3,983) | (164) |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 1,870 | 3,973 | 164 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | 94 | 5 | 131 |
Commodity hedges | Net interest income | |||
Gain (loss) on fair value hedges | |||
Gain (loss) on the hedging derivatives included in assessment of the effectiveness of fair value hedges | 0 | 0 | 0 |
Gain (loss) on the hedged item in designated and qualifying fair value hedges | 0 | 0 | 0 |
Net gain (loss) on the hedging derivatives excluded from assessment of the effectiveness of fair value hedges | $ 0 | $ 0 | $ 0 |
DERIVATIVES - Cumulative Basis
DERIVATIVES - Cumulative Basis Adjustment (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Debt securities AFS, carrying amount of hedged asset | $ 98,837 | $ 62,733 |
Debt securities AFS, cumulative fair value hedging adjustment increasing (decreasing) the carrying amount, active | (2,976) | 149 |
Debt securities AFS, cumulative fair value hedging adjustment increasing (decreasing) the carrying amount, de-designated | (333) | 212 |
Long-term debt, carrying amount of hedged liability | 144,549 | 149,305 |
Long-term debt, cumulative fair value hedging adjustment increasing (decreasing) the carrying amount, active | (5,040) | 623 |
Long-term debt, cumulative fair value hedging adjustment increasing (decreasing) the carrying amount, de-designated | (3,399) | 3,936 |
Cumulative basis adjustment within active hedges | (91) | 24 |
Cumulative basis adjustment within de-designated hedges | (309) | (92) |
Amount of designated hedged items | 3,000 | 6,000 |
Carrying value of closed portfolios used in hedging relations | $ 11,000 | $ 25,000 |
DERIVATIVES - Cash Flow Hedges
DERIVATIVES - Cash Flow Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pretax change in accumulated other comprehensive income (loss) | |||
Total gain (loss) recognized in AOCI | $ (3,606) | $ (898) | $ 2,655 |
Other revenue | (21) | 1,165 | 420 |
Net interest revenue | 48,668 | 42,494 | 44,751 |
Cash flow hedges expected to be reclassified within 12 months | $ (1,700) | ||
Maximum length of time hedged in cash flow hedge | 10 years | ||
Interest rate contracts | |||
Pretax change in accumulated other comprehensive income (loss) | |||
Total gain (loss) recognized in AOCI | $ (3,640) | (847) | 2,670 |
Foreign exchange contracts | |||
Pretax change in accumulated other comprehensive income (loss) | |||
Total gain (loss) recognized in AOCI | 34 | (51) | (15) |
Cash flow hedges | |||
Pretax change in accumulated other comprehensive income (loss) | |||
Net interest revenue | (3,477) | (1,969) | 1,925 |
Amount of gain (loss) reclassified from AOCI to earnings | Cash flow hedges | |||
Pretax change in accumulated other comprehensive income (loss) | |||
Other revenue | (4) | (4) | (4) |
Net interest revenue | (125) | 1,075 | 734 |
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 | 0 |
Net interest revenue | (125) | 1,075 | 734 |
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 | (4) | (4) | (4) |
Net interest revenue | $ 0 | $ 0 | $ 0 |
DERIVATIVES - Net Investment He
DERIVATIVES - Net Investment Hedges (Details) - Net Investment Hedging - CTA - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative gain (losses) | |||
Gain (loss) recognized in OCI, effective portion, net | $ 370 | $ 855 | $ (600) |
Pretax loss reclassified from AOCI into earnings | $ 36 |
DERIVATIVES - Credit Derivative
DERIVATIVES - Credit Derivatives (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) counterparty agency | Dec. 31, 2021 USD ($) | |
Credit Derivative | ||
Percentage of receivables from counterparties with collateral agreements | 98% | 99% |
Number of top counterparties which are banks, financial institutions, and other dealers | counterparty | 15 | |
Fair values, Receivable | $ 8,389 | $ 10,218 |
Fair values, Payable | 7,777 | 11,015 |
Notionals, Protection purchased | 641,639 | 645,996 |
Notionals, Protection sold | 593,136 | 572,486 |
Fair value of derivative in liability position | 18,000 | 19,000 |
Fair value of collateral already posted | $ 15,000 | 16,000 |
Number of rating agencies | agency | 3 | |
Additional collateral to be posted | $ 900 | |
Collateral to be segregated | 15 | |
Aggregate cash obligations and collateral requirements | 900 | |
Fair value gross derivative assets | 346,545 | 292,628 |
Purchased | ||
Credit Derivative | ||
Fair values, Receivable | 5,094 | 3,705 |
Fair values, Payable | 3,573 | 7,354 |
Sold | ||
Credit Derivative | ||
Fair values, Receivable | 3,295 | 6,513 |
Fair values, Payable | 4,204 | 3,661 |
Within 1 year | ||
Credit Derivative | ||
Fair values, Receivable | 1,753 | 878 |
Fair values, Payable | 1,801 | 1,462 |
Notionals, Protection purchased | 147,031 | 133,866 |
Notionals, Protection sold | 148,721 | 115,603 |
From 1 to 5 years | ||
Credit Derivative | ||
Fair values, Receivable | 4,577 | 6,674 |
Fair values, Payable | 4,134 | 6,638 |
Notionals, Protection purchased | 443,113 | 454,617 |
Notionals, Protection sold | 407,293 | 413,174 |
After 5 years | ||
Credit Derivative | ||
Fair values, Receivable | 2,059 | 2,666 |
Fair values, Payable | 1,842 | 2,915 |
Notionals, Protection purchased | 51,495 | 57,513 |
Notionals, Protection sold | 37,122 | 43,709 |
Investment Grade | ||
Credit Derivative | ||
Fair values, Receivable | 3,796 | 4,149 |
Fair values, Payable | 2,970 | 4,258 |
Notionals, Protection purchased | 499,339 | 511,652 |
Notionals, Protection sold | 462,873 | 448,944 |
Non-Investment Grade | ||
Credit Derivative | ||
Fair values, Receivable | 4,593 | 6,069 |
Fair values, Payable | 4,807 | 6,757 |
Notionals, Protection purchased | 142,300 | 134,344 |
Notionals, Protection sold | 130,263 | 123,542 |
Credit default swaps and options | ||
Credit Derivative | ||
Fair values, Receivable | 6,867 | 9,923 |
Fair values, Payable | 7,360 | 10,234 |
Notionals, Protection purchased | 623,981 | 628,136 |
Notionals, Protection sold | 586,504 | 565,131 |
Total return swaps and other | ||
Credit Derivative | ||
Fair values, Receivable | 1,522 | 295 |
Fair values, Payable | 417 | 781 |
Notionals, Protection purchased | 17,658 | 17,860 |
Notionals, Protection sold | 6,632 | 7,355 |
Banks | ||
Credit Derivative | ||
Fair values, Receivable | 1,835 | 2,375 |
Fair values, Payable | 2,479 | 3,031 |
Notionals, Protection purchased | 100,628 | 108,415 |
Notionals, Protection sold | 96,143 | 103,756 |
Broker-dealers | ||
Credit Derivative | ||
Fair values, Receivable | 1,893 | 1,962 |
Fair values, Payable | 1,478 | 1,139 |
Notionals, Protection purchased | 48,760 | 44,364 |
Notionals, Protection sold | 44,148 | 40,068 |
Non-financial | ||
Credit Derivative | ||
Fair values, Receivable | 47 | 113 |
Fair values, Payable | 15 | 306 |
Notionals, Protection purchased | 1,562 | 2,785 |
Notionals, Protection sold | 1,585 | 2,728 |
Insurance and other financial institutions | ||
Credit Derivative | ||
Fair values, Receivable | 4,614 | 5,768 |
Fair values, Payable | 3,805 | 6,539 |
Notionals, Protection purchased | 490,689 | 490,432 |
Notionals, Protection sold | 451,260 | 425,934 |
Interest rate swaps | ||
Credit Derivative | ||
Amount derecognized | 1,400 | 2,900 |
Cash proceeds received for assets derecognized | 1,400 | 2,900 |
Fair value of derecognized assets | 1,400 | 2,900 |
Fair value gross derivative assets | 27 | 13 |
Trading derivatives, liability | $ 32 | $ 58 |
CONCENTRATIONS OF CREDIT RISK (
CONCENTRATIONS OF CREDIT RISK (Details) - Total investments - Geographic - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. | ||
Concentration Risk [Line Items] | ||
Credit exposure from investment securities, loans and trading assets | $ 431.6 | $ 414.5 |
Germany | ||
Concentration Risk [Line Items] | ||
Credit exposure from investment securities, loans and trading assets | 48.3 | 48.9 |
Japan | ||
Concentration Risk [Line Items] | ||
Credit exposure from investment securities, loans and trading assets | 40 | 30.1 |
United Kingdom | ||
Concentration Risk [Line Items] | ||
Credit exposure from investment securities, loans and trading assets | 31.7 | 31.1 |
State and Municipalities | ||
Concentration Risk [Line Items] | ||
Credit exposure from investment securities, loans and trading assets | $ 20.1 | $ 22 |
FAIR VALUE MEASUREMENT - Market
FAIR VALUE MEASUREMENT - Market Valuation Adjustments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Credit and funding valuation adjustments contra-liability (contra-asset) | |||
Counterparty CVA | $ (816) | $ (705) | |
Asset FVA | (622) | (433) | |
Citigroup (own credit) CVA | 607 | 379 | |
Liability FVA | 263 | 110 | |
Total CVA and FVA—derivative instruments | (568) | (649) | |
Credit, Funding and Debt Valuation Adjustments Gain (Loss) [Abstract] | |||
Counterparty CVA | (227) | 79 | $ (101) |
Asset FVA | (102) | 96 | (95) |
Own credit CVA | 157 | (33) | 133 |
Liability FVA | 155 | (22) | (6) |
Total CVA and FVA—derivative instruments | (17) | 120 | (69) |
DVA related to own FVO liabilities | 2,685 | 296 | (616) |
Total CVA, DVA and FVA | $ 2,668 | $ 416 | $ (685) |
FAIR VALUE MEASUREMENT - Items
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets, Fair Value Disclosure [Abstract] | ||
Securities borrowed and purchased under resale agreements | $ 365,401 | $ 327,288 |
Securities borrowed and purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell, Netting | (112,391) | (131,342) |
Trading account assets | 334,114 | 331,945 |
Less: Netting agreements to assets | (346,545) | (292,628) |
Less: Netting of cash collateral received | (23,136) | (24,447) |
Trading derivatives | 75,306 | 69,776 |
Investments | 526,582 | 512,822 |
Loans | 5,360 | 6,082 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Securities loaned and sold under agreements to repurchase, netting | (112,391) | (131,342) |
Netting agreements | (346,545) | (292,628) |
Netting of cash collateral paid | (30,032) | (29,306) |
Total derivative liabilities | 59,916 | 55,516 |
Short-term borrowings | 47,096 | 27,973 |
Long-term debt | 271,606 | 254,374 |
Brokerage payable, at fair value | 69,218 | 61,430 |
Fair value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Securities borrowed and purchased under resale agreements | 239,527 | 216,466 |
Securities borrowed and purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell | 125,900 | 110,800 |
Loans | 634,900 | 659,600 |
Non-trading derivatives and other financial assets measured on a recurring basis, net | 427,100 | 351,900 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Securities loaned and sold under agreements to repurchase | 131,600 | 134,600 |
Short-term borrowings | 6,222 | 7,358 |
Long-term debt | 160,500 | 184,600 |
Long-term debt | 105,995 | 82,609 |
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | 142,400 | 111,100 |
Brokerage payable, at fair value | 4,439 | 3,575 |
Non-marketable equity securities | Fair value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 466 | 489 |
Level 1 | Fair value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Securities borrowed and purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell | 0 | 0 |
Loans | 0 | 0 |
Non-trading derivatives and other financial assets measured on a recurring basis, net | 320,000 | 242,100 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Securities loaned and sold under agreements to repurchase | 0 | 0 |
Long-term debt | 0 | 0 |
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | 0 | 0 |
Level 2 | Fair value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Securities borrowed and purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell | 125,900 | 106,400 |
Loans | 0 | 0 |
Non-trading derivatives and other financial assets measured on a recurring basis, net | 22,000 | 19,900 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Securities loaned and sold under agreements to repurchase | 131,600 | 134,500 |
Long-term debt | 151,100 | 171,900 |
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | 26,500 | 17,000 |
Level 3 | Fair value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Securities borrowed and purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell | 0 | 4,400 |
Loans | 634,900 | 659,600 |
Non-trading derivatives and other financial assets measured on a recurring basis, net | 85,100 | 89,900 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Securities loaned and sold under agreements to repurchase | 0 | 100 |
Long-term debt | 9,400 | 12,700 |
Non-trading derivatives and other financial liabilities measured on a recurring basis, gross | 115,900 | 94,100 |
Fair Value Measured at Net Asset Value Per Share | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Alternative investment funds, fair value | 27 | 145 |
Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Securities borrowed and purchased under agreements to resell | 350,294 | 342,261 |
Securities borrowed and purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell, Netting | (110,767) | (125,795) |
Securities borrowed and purchased under agreements to resell, selected portfolios of securities purchased under agreements to resell | 216,466 | |
Investments | 250,547 | 289,409 |
Loans | 5,360 | 6,082 |
Mortgage servicing rights | 665 | 404 |
Total assets before netting | 1,321,319 | 1,299,518 |
Total assets, Netting | (480,448) | (442,870) |
Total assets | 840,871 | 856,648 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | 1,875 | 1,666 |
Securities loaned and sold under agreements to repurchase, gross | 156,853 | 174,961 |
Securities loaned and sold under agreements to repurchase, netting | (85,967) | (118,267) |
Securities loaned and sold under agreements to repurchase | 70,886 | 56,694 |
Securities sold, not yet purchased | 110,720 | 106,008 |
Other trading liabilities | 110,731 | 106,013 |
Short-term borrowings | 6,222 | 7,358 |
Long-term debt | 105,995 | 82,609 |
Total liabilities, gross | 822,608 | 753,632 |
Total liabilities, netting | (462,544) | (440,201) |
Total liabilities | 360,064 | 313,431 |
Recurring | Trading derivatives liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 436,493 | 377,450 |
Netting agreements | (346,545) | (292,628) |
Netting of cash collateral paid | (30,032) | (29,306) |
Total trading derivatives—after netting and collateral, gross | 436,493 | 377,450 |
Netting, Liabilities, total of netting agreements and cash collateral received | (376,577) | (321,934) |
Total derivative liabilities | 59,916 | 55,516 |
Recurring | Trading derivatives liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 172,620 | 150,074 |
Recurring | Trading derivatives liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 185,995 | 135,298 |
Recurring | Trading derivatives liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 43,783 | 49,684 |
Recurring | Trading derivatives liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 26,318 | 31,379 |
Recurring | Trading derivatives liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 7,777 | 11,015 |
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 | 4,439 | 3,575 |
Total non-trading derivatives and other financial liabilities measured on recurring basis | 3,575 | |
Recurring | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 35,478 | 35,030 |
Investments | 11,262 | 33,216 |
Recurring | Mortgage-backed securities - Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,988 | 748 |
Investments | 485 | 380 |
Recurring | Mortgage-backed securities - Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 943 | 859 |
Investments | 2 | 25 |
Recurring | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 38,409 | 36,637 |
Investments | 11,749 | 33,621 |
Recurring | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 67,581 | 48,134 |
Investments | 92,290 | 122,440 |
Recurring | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,263 | 2,032 |
Investments | 2,223 | 2,621 |
Recurring | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 64,352 | 70,684 |
Investments | 133,277 | 118,740 |
Recurring | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 13,942 | 18,112 |
Investments | 4,916 | 5,920 |
Recurring | Marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 54,361 | 64,054 |
Investments | 429 | 543 |
Recurring | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,265 | 1,594 |
Investments | 1,030 | 303 |
Recurring | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 15,635 | 20,922 |
Investments | 4,194 | 4,877 |
Recurring | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 439 | 344 |
Recurring | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other trading liabilities | 11 | 5 |
Recurring | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 258,808 | 262,169 |
Recurring | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 444,987 | 386,851 |
Trading derivative, asset, after netting and collateral | 444,987 | 386,851 |
Less: Netting agreements to assets | (346,545) | (292,628) |
Less: Netting of cash collateral received | (23,136) | (24,447) |
Netting, assets | (369,681) | (317,075) |
Trading derivatives | 75,306 | 69,776 |
Recurring | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 178,204 | 165,488 |
Recurring | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 187,663 | 135,549 |
Recurring | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 42,407 | 45,252 |
Recurring | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 28,324 | 30,344 |
Recurring | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 8,389 | 10,218 |
Recurring | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Netting, assets | 0 | 0 |
Total Non-trading derivatives and other financial assets measured on a recurring basis, gross | 10,658 | 12,342 |
Non-trading derivatives and other financial assets measured on a recurring basis, net | 12,342 | |
Recurring | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Securities borrowed and purchased under agreements to resell | 0 | 0 |
Investments | 152,754 | 182,324 |
Loans | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Total assets before netting | $ 304,439 | $ 325,984 |
Total as a percentage of gross assets | 23% | 29% |
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 | 97,559 | 82,675 |
Other trading liabilities | 97,559 | 82,675 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Total liabilities, gross | $ 102,003 | $ 86,365 |
Total as a percentage of gross liabilities | 12.40% | 11.50% |
Recurring | Level 1 | Trading derivatives liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 247 | $ 116 |
Recurring | Level 1 | Trading derivatives liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 175 | 56 |
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 | 70 | 60 |
Recurring | Level 1 | Trading derivatives liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 2 | 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 | 4,197 | 3,574 |
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 | 1 | 1 |
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 | 1 | 1 |
Investments | 0 | 0 |
Recurring | Level 1 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 63,067 | 44,900 |
Investments | 91,851 | 122,271 |
Recurring | Level 1 | State and municipal | ||
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 | 38,383 | 39,176 |
Investments | 58,419 | 56,842 |
Recurring | Level 1 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,593 | 1,544 |
Investments | 2,230 | 2,861 |
Recurring | Level 1 | Marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 43,990 | 53,833 |
Investments | 254 | 350 |
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 | 24 | 0 |
Investments | 0 | 0 |
Recurring | Level 1 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 0 | 0 |
Recurring | Level 1 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other trading liabilities | 0 | 0 |
Recurring | Level 1 | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 147,058 | 139,454 |
Recurring | Level 1 | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 317 | 131 |
Recurring | Level 1 | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 297 | 90 |
Recurring | Level 1 | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 0 | 0 |
Recurring | Level 1 | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 20 | 41 |
Recurring | Level 1 | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 0 | 0 |
Recurring | Level 1 | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 0 | 0 |
Recurring | Level 1 | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Non-trading derivatives and other financial assets measured on a recurring basis, gross | 4,310 | 4,075 |
Recurring | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Securities borrowed and purchased under agreements to resell | 350,145 | 342,030 |
Investments | 95,744 | 104,858 |
Loans | 3,999 | 5,371 |
Mortgage servicing rights | 0 | 0 |
Total assets before netting | $ 1,001,032 | $ 958,810 |
Total as a percentage of gross assets | 75.80% | 69.90% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 1,860 | $ 1,483 |
Securities loaned and sold under agreements to repurchase, gross | 155,822 | 174,318 |
Securities sold, not yet purchased | 13,111 | 23,268 |
Other trading liabilities | 13,119 | 23,273 |
Short-term borrowings | 6,184 | 7,253 |
Long-term debt | 69,878 | 57,100 |
Total liabilities, gross | $ 674,144 | $ 632,091 |
Total as a percentage of gross liabilities | 82% | 83.90% |
Recurring | Level 2 | Trading derivatives liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 427,041 | $ 368,664 |
Recurring | Level 2 | Trading derivatives liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 169,049 | 147,846 |
Recurring | Level 2 | Trading derivatives liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 185,279 | 134,572 |
Recurring | Level 2 | Trading derivatives liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 40,905 | 46,177 |
Recurring | Level 2 | Trading derivatives liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 25,093 | 30,004 |
Recurring | Level 2 | Trading derivatives liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 6,715 | 10,065 |
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 | 240 | 0 |
Recurring | Level 2 | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 34,878 | 34,534 |
Investments | 11,232 | 33,165 |
Recurring | Level 2 | Mortgage-backed securities - Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,821 | 643 |
Investments | 444 | 286 |
Recurring | Level 2 | Mortgage-backed securities - Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 798 | 778 |
Investments | 2 | 25 |
Recurring | Level 2 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 37,497 | 35,955 |
Investments | 11,678 | 33,476 |
Recurring | Level 2 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 4,513 | 3,230 |
Investments | 439 | 168 |
Recurring | Level 2 | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,256 | 1,995 |
Investments | 1,637 | 1,849 |
Recurring | Level 2 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 25,850 | 31,485 |
Investments | 74,250 | 61,112 |
Recurring | Level 2 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 11,955 | 16,156 |
Investments | 2,343 | 2,871 |
Recurring | Level 2 | Marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 10,179 | 10,047 |
Investments | 165 | 177 |
Recurring | Level 2 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1,597 | 981 |
Investments | 1,029 | 300 |
Recurring | Level 2 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 14,963 | 20,346 |
Investments | 4,194 | 4,877 |
Recurring | Level 2 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 9 | 28 |
Recurring | Level 2 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other trading liabilities | 8 | 5 |
Recurring | Level 2 | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 108,810 | 120,195 |
Recurring | Level 2 | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 436,043 | 378,162 |
Recurring | Level 2 | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 174,156 | 161,500 |
Recurring | Level 2 | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 186,897 | 134,912 |
Recurring | Level 2 | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 40,683 | 43,904 |
Recurring | Level 2 | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 26,823 | 28,547 |
Recurring | Level 2 | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 7,484 | 9,299 |
Recurring | Level 2 | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Non-trading derivatives and other financial assets measured on a recurring basis, gross | 6,291 | 8,194 |
Recurring | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Securities borrowed and purchased under agreements to resell | 149 | 231 |
Investments | 2,049 | 2,227 |
Loans | 1,361 | 711 |
Mortgage servicing rights | 665 | 404 |
Total assets before netting | $ 15,848 | $ 14,724 |
Total as a percentage of gross assets | 1.20% | 1.10% |
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest-bearing deposits | $ 15 | $ 183 |
Securities loaned and sold under agreements to repurchase, gross | 1,031 | 643 |
Securities sold, not yet purchased | 50 | 65 |
Other trading liabilities | 53 | 65 |
Short-term borrowings | 38 | 105 |
Long-term debt | 36,117 | 25,509 |
Total liabilities, gross | $ 46,461 | $ 35,176 |
Total as a percentage of gross liabilities | 5.60% | 4.70% |
Recurring | Level 3 | Trading derivatives liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | $ 9,205 | $ 8,670 |
Recurring | Level 3 | Trading derivatives liabilities | Interest rate contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 3,396 | 2,172 |
Recurring | Level 3 | Trading derivatives liabilities | Foreign exchange contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 716 | 726 |
Recurring | Level 3 | Trading derivatives liabilities | Equity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 2,808 | 3,447 |
Recurring | Level 3 | Trading derivatives liabilities | Commodity contracts | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 1,223 | 1,375 |
Recurring | Level 3 | Trading derivatives liabilities | Credit derivatives | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Trading derivatives, liability | 1,062 | 950 |
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 | 2 | 1 |
Recurring | Level 3 | Mortgage-backed securities - U.S. government-sponsored agency guaranteed | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 600 | 496 |
Investments | 30 | 51 |
Recurring | Level 3 | Mortgage-backed securities - Residential | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 166 | 104 |
Investments | 41 | 94 |
Recurring | Level 3 | Mortgage-backed securities - Commercial | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 145 | 81 |
Investments | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 911 | 681 |
Investments | 71 | 145 |
Recurring | Level 3 | U.S. Treasury and federal agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 1 | 4 |
Investments | 0 | 1 |
Recurring | Level 3 | State and municipal | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 7 | 37 |
Investments | 586 | 772 |
Recurring | Level 3 | Foreign government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 119 | 23 |
Investments | 608 | 786 |
Recurring | Level 3 | Corporate | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 394 | 412 |
Investments | 343 | 188 |
Recurring | Level 3 | Marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 192 | 174 |
Investments | 10 | 16 |
Recurring | Level 3 | Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 668 | 613 |
Investments | 1 | 3 |
Recurring | Level 3 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 648 | 576 |
Investments | 0 | 0 |
Recurring | Level 3 | Non-marketable equity securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 430 | 316 |
Recurring | Level 3 | Trading account liabilities | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Other trading liabilities | 3 | 0 |
Recurring | Level 3 | Trading securities (excluding trading account derivatives) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading account assets | 2,940 | 2,520 |
Recurring | Level 3 | Trading account assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 8,627 | 8,558 |
Recurring | Level 3 | Trading account assets | Interest rate contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 3,751 | 3,898 |
Recurring | Level 3 | Trading account assets | Foreign exchange contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 766 | 637 |
Recurring | Level 3 | Trading account assets | Equity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 1,704 | 1,307 |
Recurring | Level 3 | Trading account assets | Commodity contracts | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 1,501 | 1,797 |
Recurring | Level 3 | Trading account assets | Credit derivatives | ||
Assets, Fair Value Disclosure [Abstract] | ||
Trading derivatives, asset, before netting and collateral | 905 | 919 |
Recurring | Level 3 | Non-trading derivatives and other financial assets | ||
Assets, Fair Value Disclosure [Abstract] | ||
Non-trading derivatives and other financial assets measured on a recurring basis, gross | $ 57 | $ 73 |
FAIR VALUE MEASUREMENT - Level
FAIR VALUE MEASUREMENT - Level 3 Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Gains (losses), location | Realized gains on sales of investments, net | |
Equity contracts | ||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||
Transfers out of Level 3 | $ (1,900) | |
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 | $ (112) | (1,207) |
Net realized/unrealized gains (losses) included in principal transactions | 3,070 | 918 |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | (774) | (978) |
Transfers out of Level 3 | (726) | 2,175 |
Purchases | 201 | 773 |
Issuances | 27 | (84) |
Sales | (961) | (928) |
Settlements | (1,303) | (781) |
Balance at end of period, asset (liability), net | (578) | (112) |
Unrealized gains (losses) still held | 603 | (587) |
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 | 1,726 | 1,614 |
Net realized/unrealized gains (losses) included in principal transactions | 176 | (376) |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | 33 | 102 |
Transfers out of Level 3 | (792) | 562 |
Purchases | (163) | 27 |
Issuances | 7 | (84) |
Sales | 79 | 0 |
Settlements | (711) | (119) |
Balance at end of period, asset (liability), net | 355 | 1,726 |
Unrealized gains (losses) still held | (588) | 4 |
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 | (89) | 52 |
Net realized/unrealized gains (losses) included in principal transactions | 734 | (8) |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | (422) | (57) |
Transfers out of Level 3 | (22) | 104 |
Purchases | 124 | 220 |
Issuances | 20 | 0 |
Sales | (459) | (326) |
Settlements | 164 | (74) |
Balance at end of period, asset (liability), net | 50 | (89) |
Unrealized gains (losses) still held | (81) | 7 |
Trading account assets and liabilities | Equity contracts | ||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset (liability), net | (2,140) | (3,213) |
Net realized/unrealized gains (losses) included in principal transactions | 1,604 | 964 |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | (572) | (1,101) |
Transfers out of Level 3 | 673 | 1,923 |
Purchases | 176 | 364 |
Issuances | 0 | 0 |
Sales | (370) | (364) |
Settlements | (475) | (713) |
Balance at end of period, asset (liability), net | (1,104) | (2,140) |
Unrealized gains (losses) still held | 1,057 | (729) |
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Transfers into Level 3 | 1,100 | |
Trading account assets and liabilities | Commodity contracts | ||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period, asset (liability), net | 422 | 292 |
Net realized/unrealized gains (losses) included in principal transactions | 822 | 474 |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | 194 | 174 |
Transfers out of Level 3 | (716) | (454) |
Purchases | 100 | 162 |
Issuances | 0 | 0 |
Sales | (211) | (238) |
Settlements | (333) | 12 |
Balance at end of period, asset (liability), net | 278 | 422 |
Unrealized gains (losses) still held | 413 | 261 |
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 | (31) | 48 |
Net realized/unrealized gains (losses) included in principal transactions | (266) | (136) |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | (7) | (96) |
Transfers out of Level 3 | 131 | 40 |
Purchases | (36) | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 52 | 113 |
Balance at end of period, asset (liability), net | (157) | (31) |
Unrealized gains (losses) still held | (198) | (130) |
Interest-bearing deposits | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 183 | 206 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations Other | 6 | (18) |
Transfers into Level 3 | 8 | 0 |
Transfers out of Level 3 | (122) | (44) |
Purchases | 0 | 0 |
Issuance | 20 | 38 |
Sales | 0 | 0 |
Settlements | (68) | (35) |
Balance at end of period | 15 | 183 |
Unrealized gains (losses) still held | 0 | (19) |
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 | 643 | 631 |
Net realized/unrealized gains (losses) included in principal transactions | 86 | (9) |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | 3 | 183 |
Transfers out of Level 3 | (3) | (483) |
Purchases | 453 | 488 |
Issuance | 196 | 0 |
Sales | 0 | 0 |
Settlements | (175) | (185) |
Balance at end of period | 1,031 | 643 |
Unrealized gains (losses) still held | 7 | 32 |
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 | 65 | 214 |
Net realized/unrealized gains (losses) included in principal transactions | 2 | 48 |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | 55 | 87 |
Transfers out of Level 3 | (36) | (34) |
Purchases | 135 | 59 |
Issuance | 0 | 0 |
Sales | 0 | 0 |
Settlements | (167) | (213) |
Balance at end of period | 50 | 65 |
Unrealized gains (losses) still held | (65) | (4) |
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 | 26 |
Net realized/unrealized gains (losses) included in principal transactions | (3) | 26 |
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 | 3 | 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 | 105 | 219 |
Net realized/unrealized gains (losses) included in principal transactions | 109 | 43 |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | 46 | 137 |
Transfers out of Level 3 | (69) | (57) |
Purchases | 0 | 0 |
Issuance | 96 | 49 |
Sales | 0 | 0 |
Settlements | (31) | (200) |
Balance at end of period | 38 | 105 |
Unrealized gains (losses) still held | (14) | (2) |
Long-term debt | ||
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||
Transfers into Level 3 | 9,900 | 8,600 |
Transfers out of Level 3 | (7,600) | (9,800) |
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 25,509 | 25,210 |
Net realized/unrealized gains (losses) included in principal transactions | 9,796 | 2,774 |
Net realized/unrealized gains (losses) included in locations Other | 0 | 0 |
Transfers into Level 3 | 9,873 | 8,611 |
Transfers out of Level 3 | (7,612) | (9,771) |
Purchases | 0 | 0 |
Issuance | 18,847 | 10,262 |
Sales | 0 | 0 |
Settlements | (704) | (6,029) |
Balance at end of period | 36,117 | 25,509 |
Unrealized gains (losses) still held | 7,805 | 1,756 |
Other financial liabilities | ||
Fair value, liabilities measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 1 | 1 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in locations Other | (6) | (3) |
Transfers into Level 3 | 5 | 0 |
Transfers out of Level 3 | (5) | (4) |
Purchases | 0 | 0 |
Issuance | 2 | 14 |
Sales | 0 | 0 |
Settlements | (7) | (13) |
Balance at end of period | 2 | 1 |
Unrealized gains (losses) still held | 0 | 0 |
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 | 231 | 320 |
Net realized/unrealized gains (losses) included in principal transactions | 12 | (36) |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 3 | 45 |
Transfers out of Level 3 | 0 | (49) |
Purchases | 252 | 362 |
Issuance | 0 | 0 |
Sales | 0 | 0 |
Settlements | (349) | (411) |
Balance at end of period | 149 | 231 |
Unrealized gains (losses) still held | 18 | 0 |
Trading non-derivative assets | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 2,520 | 3,647 |
Net realized/unrealized gains (losses) included in principal transactions | 219 | 690 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 2,220 | 1,655 |
Transfers out of Level 3 | (2,391) | (1,633) |
Purchases | 4,290 | 4,169 |
Issuance | 27 | 4 |
Sales | (3,932) | (6,008) |
Settlements | (13) | (4) |
Balance at end of period | 2,940 | 2,520 |
Unrealized gains (losses) still held | (422) | (79) |
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 | 496 | 27 |
Net realized/unrealized gains (losses) included in principal transactions | (81) | 8 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 244 | 355 |
Transfers out of Level 3 | (475) | (131) |
Purchases | 969 | 447 |
Issuance | 0 | 0 |
Sales | (553) | (210) |
Settlements | 0 | 0 |
Balance at end of period | 600 | 496 |
Unrealized gains (losses) still held | (59) | 11 |
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 | 104 | 340 |
Net realized/unrealized gains (losses) included in principal transactions | (5) | 25 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 112 | 89 |
Transfers out of Level 3 | (87) | (96) |
Purchases | 187 | 282 |
Issuance | 0 | 0 |
Sales | (145) | (536) |
Settlements | 0 | 0 |
Balance at end of period | 166 | 104 |
Unrealized gains (losses) still held | (1) | 13 |
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 | 81 | 136 |
Net realized/unrealized gains (losses) included in principal transactions | (13) | 23 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 167 | 96 |
Transfers out of Level 3 | (78) | (58) |
Purchases | 37 | 62 |
Issuance | 0 | 0 |
Sales | (49) | (178) |
Settlements | 0 | 0 |
Balance at end of period | 145 | 81 |
Unrealized gains (losses) still held | (3) | 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 | 681 | 503 |
Net realized/unrealized gains (losses) included in principal transactions | (99) | 56 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 523 | 540 |
Transfers out of Level 3 | (640) | (285) |
Purchases | 1,193 | 791 |
Issuance | 0 | 0 |
Sales | (747) | (924) |
Settlements | 0 | 0 |
Balance at end of period | 911 | 681 |
Unrealized gains (losses) still held | (63) | 24 |
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 | 4 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | (4) | 0 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 2 | 4 |
Transfers out of Level 3 | (1) | 0 |
Purchases | 1 | 0 |
Issuance | 0 | 0 |
Sales | 0 | 0 |
Settlements | (1) | 0 |
Balance at end of period | 1 | 4 |
Unrealized gains (losses) still held | (1) | 0 |
Trading non-derivative assets | State and municipal | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 37 | 94 |
Net realized/unrealized gains (losses) included in principal transactions | 9 | (4) |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 77 | 20 |
Transfers out of Level 3 | (35) | (29) |
Purchases | 16 | 17 |
Issuance | 0 | 0 |
Sales | (97) | (61) |
Settlements | 0 | 0 |
Balance at end of period | 7 | 37 |
Unrealized gains (losses) still held | 0 | (6) |
Trading non-derivative assets | Foreign government | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 23 | 51 |
Net realized/unrealized gains (losses) included in principal transactions | (41) | 29 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 308 | 143 |
Transfers out of Level 3 | (326) | (129) |
Purchases | 248 | 83 |
Issuance | 0 | 0 |
Sales | (93) | (154) |
Settlements | 0 | 0 |
Balance at end of period | 119 | 23 |
Unrealized gains (losses) still held | (22) | (2) |
Trading non-derivative assets | Corporate | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 412 | 375 |
Net realized/unrealized gains (losses) included in principal transactions | 101 | 74 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 499 | 461 |
Transfers out of Level 3 | (451) | (384) |
Purchases | 1,068 | 867 |
Issuance | 0 | 0 |
Sales | (1,235) | (981) |
Settlements | 0 | 0 |
Balance at end of period | 394 | 412 |
Unrealized gains (losses) still held | (136) | (38) |
Trading non-derivative assets | Equity securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 174 | 73 |
Net realized/unrealized gains (losses) included in principal transactions | 45 | 67 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 161 | 156 |
Transfers out of Level 3 | (105) | (52) |
Purchases | 155 | 118 |
Issuance | 0 | 0 |
Sales | (238) | (188) |
Settlements | 0 | 0 |
Balance at end of period | 192 | 174 |
Unrealized gains (losses) still held | (42) | 23 |
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 | 613 | 1,606 |
Net realized/unrealized gains (losses) included in principal transactions | (41) | 371 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 243 | 173 |
Transfers out of Level 3 | (239) | (297) |
Purchases | 835 | 1,313 |
Issuance | 0 | 0 |
Sales | (743) | (2,553) |
Settlements | 0 | 0 |
Balance at end of period | 668 | 613 |
Unrealized gains (losses) still held | (36) | (43) |
Trading non-derivative assets | Other trading assets | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 576 | 945 |
Net realized/unrealized gains (losses) included in principal transactions | 249 | 97 |
Net realized/unrealized gains (losses) included in Other | 0 | 0 |
Transfers into Level 3 | 407 | 158 |
Transfers out of Level 3 | (594) | (457) |
Purchases | 774 | 980 |
Issuance | 27 | 4 |
Sales | (779) | (1,147) |
Settlements | (12) | (4) |
Balance at end of period | 648 | 576 |
Unrealized gains (losses) still held | (122) | (37) |
Investments | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 2,227 | 1,542 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | (150) | (130) |
Transfers into Level 3 | 588 | 904 |
Transfers out of Level 3 | (509) | (739) |
Purchases | 980 | 1,012 |
Issuance | 0 | 0 |
Sales | (1,087) | (362) |
Settlements | 0 | 0 |
Balance at end of period | 2,049 | 2,227 |
Unrealized gains (losses) still held | (104) | (19) |
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 | 51 | 30 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | (7) | 2 |
Transfers into Level 3 | 1 | 42 |
Transfers out of Level 3 | (10) | (10) |
Purchases | 7 | 3 |
Issuance | 0 | 0 |
Sales | (12) | (16) |
Settlements | 0 | 0 |
Balance at end of period | 30 | 51 |
Unrealized gains (losses) still held | (24) | 2 |
Investments | Mortgage-backed securities - Residential | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 94 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | (5) | 0 |
Transfers into Level 3 | 0 | 54 |
Transfers out of Level 3 | (42) | (12) |
Purchases | 3 | 52 |
Issuance | 0 | 0 |
Sales | (9) | 0 |
Settlements | 0 | 0 |
Balance at end of period | 41 | 94 |
Unrealized gains (losses) still held | (5) | (1) |
Investments | Mortgage-backed securities - Commercial | ||
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 | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 145 | 30 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | (12) | 2 |
Transfers into Level 3 | 1 | 96 |
Transfers out of Level 3 | (52) | (22) |
Purchases | 10 | 55 |
Issuance | 0 | 0 |
Sales | (21) | (16) |
Settlements | 0 | 0 |
Balance at end of period | 71 | 145 |
Unrealized gains (losses) still held | (29) | 1 |
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 | 1 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | (1) | 0 |
Transfers into Level 3 | 0 | 1 |
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 | 1 |
Unrealized gains (losses) still held | 0 | 0 |
Investments | State and municipal | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 772 | 834 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | (65) | (21) |
Transfers into Level 3 | 82 | 58 |
Transfers out of Level 3 | (164) | (108) |
Purchases | 2 | 49 |
Issuance | 0 | 0 |
Sales | (41) | (40) |
Settlements | 0 | 0 |
Balance at end of period | 586 | 772 |
Unrealized gains (losses) still held | (49) | (12) |
Investments | Foreign government | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 786 | 268 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | (72) | (49) |
Transfers into Level 3 | 256 | 512 |
Transfers out of Level 3 | (276) | (565) |
Purchases | 706 | 871 |
Issuance | 0 | 0 |
Sales | (792) | (251) |
Settlements | 0 | 0 |
Balance at end of period | 608 | 786 |
Unrealized gains (losses) still held | (23) | (2) |
Investments | Corporate | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 188 | 60 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | (4) | (14) |
Transfers into Level 3 | 197 | 183 |
Transfers out of Level 3 | (4) | (44) |
Purchases | 24 | 37 |
Issuance | 0 | 0 |
Sales | (58) | (34) |
Settlements | 0 | 0 |
Balance at end of period | 343 | 188 |
Unrealized gains (losses) still held | (2) | 2 |
Investments | Equity securities | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 16 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | (7) | 0 |
Transfers into Level 3 | 0 | 16 |
Transfers out of Level 3 | 0 | 0 |
Purchases | 1 | 0 |
Issuance | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Balance at end of period | 10 | 16 |
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 | 3 | 1 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | 22 | (21) |
Transfers into Level 3 | 41 | 36 |
Transfers out of Level 3 | (1) | 0 |
Purchases | 0 | 0 |
Issuance | 0 | 0 |
Sales | (64) | (13) |
Settlements | 0 | 0 |
Balance at end of period | 1 | 3 |
Unrealized gains (losses) still held | (5) | (2) |
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 | 82 | 0 |
Issuance | 0 | 0 |
Sales | (82) | 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 | 316 | 349 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | (11) | (27) |
Transfers into Level 3 | 11 | 2 |
Transfers out of Level 3 | (12) | 0 |
Purchases | 155 | 0 |
Issuance | 0 | 0 |
Sales | (29) | (8) |
Settlements | 0 | 0 |
Balance at end of period | 430 | 316 |
Unrealized gains (losses) still held | 4 | (6) |
Loans | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 711 | 1,985 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | 15 | 90 |
Transfers into Level 3 | 426 | 311 |
Transfers out of Level 3 | (208) | (2,071) |
Purchases | 0 | 0 |
Issuance | 569 | 529 |
Sales | 0 | 0 |
Settlements | (152) | (133) |
Balance at end of period | 1,361 | 711 |
Unrealized gains (losses) still held | 145 | (77) |
Fair value, Derivative assets (liabilities) measured on recurring basis, level 3 fair-value category reconciliation | ||
Transfers out of Level 3 | (2,100) | |
Mortgage servicing rights | ||
Fair value, assets measured on recurring basis, level 3 fair-value category reconciliation | ||
Balance at beginning of period | 404 | 336 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | 201 | 43 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Purchases | 0 | 0 |
Issuance | 120 | 92 |
Sales | 0 | 0 |
Settlements | (60) | (67) |
Balance at end of period | 665 | 404 |
Unrealized gains (losses) still held | 199 | 52 |
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 | 73 | 0 |
Net realized/unrealized gains (losses) included in principal transactions | 0 | 0 |
Net realized/unrealized gains (losses) included in Other | (12) | 6 |
Transfers into Level 3 | 29 | 65 |
Transfers out of Level 3 | (26) | (27) |
Purchases | 46 | 58 |
Issuance | 39 | 0 |
Sales | (26) | (26) |
Settlements | (66) | (3) |
Balance at end of period | 57 | 73 |
Unrealized gains (losses) still held | $ 0 | $ 0 |
FAIR VALUE MEASUREMENT - Leve_2
FAIR VALUE MEASUREMENT - Level 3 Roll Forward Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity contracts | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers out of Level 3, assets | $ 1,900 | |
Loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers out of Level 3, assets | 2,100 | |
Long-term debt | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers out of Level 3, assets | $ 7,600 | 9,800 |
Transfers into Level 3 | 9,900 | 8,600 |
Transfers into Level 3, liabilities | 9,873 | 8,611 |
Transfers out of Level 3, liabilities | 7,612 | 9,771 |
Long-term debt | Measurement Input, Option Volatility | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers into Level 3, liabilities | 7,000 | 7,200 |
Long-term debt | Equity volatility | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers into Level 3, liabilities | 2,900 | 1,000 |
Trading account assets and liabilities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers out of Level 3, assets | 726 | (2,175) |
Transfers into Level 3 | (774) | (978) |
Trading account assets and liabilities | Equity contracts | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers out of Level 3, assets | (673) | (1,923) |
Transfers into Level 3 | (572) | (1,101) |
Transfers into Level 3, liabilities | 1,100 | |
Trading account assets and liabilities | Interest rate hedges | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers out of Level 3, assets | 792 | (562) |
Transfers into Level 3 | $ 33 | $ 102 |
FAIR VALUE MEASUREMENT - Valuat
FAIR VALUE MEASUREMENT - Valuation Techniques and Inputs for Level 3 Fair Value Measurements (Details) | Dec. 31, 2022 USD ($) year | Dec. 31, 2021 USD ($) year |
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Marketable equity securities | $ 895,000,000 | $ 1,032,000,000 |
Derivatives | 75,306,000,000 | 69,776,000,000 |
Model-based | Level 3 | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities borrowed and purchased under agreements to resell | 146,000,000 | 231,000,000 |
State and municipal, foreign government, corporate and other debt securities | 415,000,000 | |
Marketable equity securities | 31,000,000 | 43,000,000 |
Non-marketable equities | 83,000,000 | |
Loans and leases | 1,059,000,000 | 691,000,000 |
Mortgage servicing rights | 84,000,000 | 73,000,000 |
Interest-bearing deposits | 15,000,000 | 183,000,000 |
Securities loaned and sold under agreements to repurchase | 970,000,000 | 643,000,000 |
Securities sold, not yet purchased and other trading liabilities | 6,000,000 | |
Short-term borrowings and long-term debt | 36,155,000,000 | 25,514,000,000 |
Model-based | Level 3 | Interest rate contracts | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 7,108,000,000 | 6,054,000,000 |
Model-based | Level 3 | Foreign exchange risks | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 1,437,000,000 | 1,364,000,000 |
Model-based | Level 3 | Equity contracts | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 4,430,000,000 | 4,690,000,000 |
Model-based | Level 3 | Commodity contracts | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 2,724,000,000 | 3,172,000,000 |
Model-based | Level 3 | Credit derivatives | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | $ 1,520,000,000 | $ 1,480,000,000 |
Model-based | Credit spread | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities borrowed and purchased under agreements to resell, measurement input | 0.15% | 0.15% |
Model-based | Credit spread | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities borrowed and purchased under agreements to resell, measurement input | 0.15% | 0.15% |
Model-based | Credit spread | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities borrowed and purchased under agreements to resell, measurement input | 0.15% | 0.15% |
Model-based | Credit spread | Level 3 | Foreign exchange risks | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.0116 | 0.0140 |
Model-based | Credit spread | Level 3 | Foreign exchange risks | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.0626 | 0.0696 |
Model-based | Credit spread | Level 3 | Foreign exchange risks | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.0594 | 0.0639 |
Model-based | Credit spread | Level 3 | Credit derivatives | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.000250 | 0.000100 |
Model-based | Credit spread | Level 3 | Credit derivatives | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.095510 | 0.087472 |
Model-based | Credit spread | Level 3 | Credit derivatives | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.010127 | 0.006883 |
Model-based | Interest rate | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities borrowed and purchased under agreements to resell, measurement input | 2.61% | 0.26% |
Securities loaned and sold under agreements to repurchase, measurement input | 0.0401 | 0.0012 |
Model-based | Interest rate | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities borrowed and purchased under agreements to resell, measurement input | 2.61% | 0.72% |
Securities loaned and sold under agreements to repurchase, measurement input | 0.0497 | 0.0195 |
Model-based | Interest rate | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities borrowed and purchased under agreements to resell, measurement input | 2.61% | 0.50% |
Securities loaned and sold under agreements to repurchase, measurement input | 0.0407 | 0.0147 |
Model-based | Price | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input value | $ 3 | |
Model-based | Price | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input value | 2,601 | |
Model-based | Price | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input value | $ 2,029 | |
Model-based | WAL | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Marketable equity securities, measurement input | 2.24 | 1.73 |
Mortgage servicing rights, measurement input | year | 3.92 | 2.75 |
Model-based | WAL | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Marketable equity securities, measurement input | 2.24 | 1.73 |
Mortgage servicing rights, measurement input | year | 9.33 | 5.86 |
Model-based | WAL | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Marketable equity securities, measurement input | 2.24 | 1.73 |
Mortgage servicing rights, measurement input | year | 7.71 | 5.14 |
Model-based | WAL | Level 3 | Equity contracts | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 2.24 | |
Model-based | WAL | Level 3 | Equity contracts | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 2.24 | |
Model-based | WAL | Level 3 | Equity contracts | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 2.24 | |
Model-based | Recovery | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Marketable equity securities, measurement input | 7,148,000,000 | |
Marketable equity securities, measurement input value | $ 7,148,000,000 | |
Model-based | Recovery | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Marketable equity securities, measurement input | 7,148,000,000 | |
Marketable equity securities, measurement input value | 7,148,000,000 | |
Model-based | Recovery | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Marketable equity securities, measurement input | 7,148,000,000 | |
Marketable equity securities, measurement input value | $ 7,148,000,000 | |
Model-based | Recovery | Level 3 | Equity contracts | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input value | $ 7,148,000,000 | |
Model-based | Recovery | Level 3 | Equity contracts | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input value | 7,148,000,000 | |
Model-based | Recovery | Level 3 | Equity contracts | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input value | $ 7,148,000,000 | |
Model-based | Cost of capital | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 0.1750 | |
Model-based | Cost of capital | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 0.2000 | |
Model-based | Cost of capital | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 0.1757 | |
Model-based | Revenue multiple | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 19.80 | |
Model-based | Revenue multiple | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 30 | |
Model-based | Revenue multiple | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 20.48 | |
Model-based | Adjustment factor | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 0.33 | |
Model-based | Adjustment factor | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 0.44 | |
Model-based | Adjustment factor | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 0.34 | |
Model-based | IR normal volatility | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest-bearing deposits, measurement input | 0.0034 | |
Short-term borrowings and long-term debt, measurement input | 0.0033 | 0.0007 |
Model-based | IR normal volatility | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest-bearing deposits, measurement input | 0.0088 | |
Short-term borrowings and long-term debt, measurement input | 0.0182 | 0.0088 |
Model-based | IR normal volatility | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest-bearing deposits, measurement input | 0.0068 | |
Short-term borrowings and long-term debt, measurement input | 0.0089 | 0.0060 |
Model-based | IR normal volatility | Level 3 | Interest rate contracts | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.0033 | 0.0024 |
Model-based | IR normal volatility | Level 3 | Interest rate contracts | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.0182 | 0.0094 |
Model-based | IR normal volatility | Level 3 | Interest rate contracts | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.0096 | 0.0070 |
Model-based | IR normal volatility | Level 3 | Foreign exchange risks | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.0033 | 0.0024 |
Model-based | IR normal volatility | Level 3 | Foreign exchange risks | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.0147 | 0.0074 |
Model-based | IR normal volatility | Level 3 | Foreign exchange risks | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.0067 | 0.0058 |
Model-based | IR Basis | Level 3 | Foreign exchange risks | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | (0.0423) | |
Model-based | IR Basis | Level 3 | Foreign exchange risks | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.0968 | |
Model-based | IR Basis | Level 3 | Foreign exchange risks | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | (0.0003) | |
Model-based | FX volatility | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased and other trading liabilities, measurement input | 0.0200 | |
Short-term borrowings and long-term debt, measurement input | 0.0006 | |
Model-based | FX volatility | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased and other trading liabilities, measurement input | 0.4000 | |
Short-term borrowings and long-term debt, measurement input | 0.4176 | |
Model-based | FX volatility | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Securities sold, not yet purchased and other trading liabilities, measurement input | 0.1285 | |
Short-term borrowings and long-term debt, measurement input | 0.0938 | |
Model-based | FX volatility | Level 3 | Foreign exchange risks | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.0213 | |
Model-based | FX volatility | Level 3 | Foreign exchange risks | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 1.0742 | |
Model-based | FX volatility | Level 3 | Foreign exchange risks | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.1121 | |
Model-based | Equity volatility | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
State and municipal, foreign government, corporate and other debt securities, measurement input | 0.0008 | |
Loans and leases, measurement input | 0.0005 | 0.2248 |
Interest-bearing deposits, measurement input | 0.0008 | |
Short-term borrowings and long-term debt, measurement input | 0.0008 | |
Model-based | Equity volatility | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
State and municipal, foreign government, corporate and other debt securities, measurement input | 2.9064 | |
Loans and leases, measurement input | 3.0072 | 0.8544 |
Interest-bearing deposits, measurement input | 2.9064 | |
Short-term borrowings and long-term debt, measurement input | 2.9064 | |
Model-based | Equity volatility | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
State and municipal, foreign government, corporate and other debt securities, measurement input | 0.5394 | |
Loans and leases, measurement input | 0.4262 | 0.5056 |
Interest-bearing deposits, measurement input | 0.5405 | |
Short-term borrowings and long-term debt, measurement input | 0.5321 | |
Model-based | Equity volatility | Level 3 | Foreign exchange risks | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.0005 | |
Model-based | Equity volatility | Level 3 | Foreign exchange risks | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 3.0072 | |
Model-based | Equity volatility | Level 3 | Foreign exchange risks | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.3391 | |
Model-based | Equity volatility | Level 3 | Equity contracts | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.0005 | 0.0008 |
Model-based | Equity volatility | Level 3 | Equity contracts | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 3.0072 | 2.9064 |
Model-based | Equity volatility | Level 3 | Equity contracts | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.4147 | 0.4767 |
Model-based | Equity forward | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest-bearing deposits, measurement input | 0.5799 | |
Model-based | Equity forward | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest-bearing deposits, measurement input | 1.6583 | |
Model-based | Equity forward | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Interest-bearing deposits, measurement input | 0.8939 | |
Model-based | Equity forward | Level 3 | Equity contracts | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.6834 | 0.5799 |
Model-based | Equity forward | Level 3 | Equity contracts | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 2.7161 | 1.6583 |
Model-based | Equity forward | Level 3 | Equity contracts | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 1.0350 | 0.8945 |
Model-based | Equity-FX Correlation | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Short-term borrowings and long-term debt, measurement input | (0.9500) | |
Model-based | Equity-FX Correlation | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Short-term borrowings and long-term debt, measurement input | 0.8000 | |
Model-based | Equity-FX Correlation | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Short-term borrowings and long-term debt, measurement input | (0.1598) | |
Model-based | Equity-FX Correlation | Level 3 | Equity contracts | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | (0.9500) | (0.9500) |
Model-based | Equity-FX Correlation | Level 3 | Equity contracts | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.5000 | 0.8000 |
Model-based | Equity-FX Correlation | Level 3 | Equity contracts | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | (0.1633) | (0.1600) |
Model-based | Equity-Equity Correlation | Level 3 | Equity contracts | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | (0.0398) | (0.0649) |
Model-based | Equity-Equity Correlation | Level 3 | Equity contracts | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.9868 | 0.9900 |
Model-based | Equity-Equity Correlation | Level 3 | Equity contracts | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.8563 | 0.8561 |
Model-based | Equity-IR correlation | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Short-term borrowings and long-term debt, measurement input | (0.0353) | |
Model-based | Equity-IR correlation | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Short-term borrowings and long-term debt, measurement input | 0.6000 | |
Model-based | Equity-IR correlation | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Short-term borrowings and long-term debt, measurement input | 0.3212 | |
Model-based | Equity-IR correlation | Level 3 | Equity contracts | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | (0.1883) | |
Model-based | Equity-IR correlation | Level 3 | Equity contracts | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.6000 | |
Model-based | Equity-IR correlation | Level 3 | Equity contracts | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.3237 | |
Model-based | Forward price | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases, measurement input | 0.2695 | |
Interest-bearing deposits, measurement input | 1 | |
Model-based | Forward price | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases, measurement input | 3.3308 | |
Interest-bearing deposits, measurement input | 1.0130 | |
Model-based | Forward price | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases, measurement input | 1.0697 | |
Interest-bearing deposits, measurement input | 1.0007 | |
Model-based | Forward price | Level 3 | Commodity contracts | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.1427 | 0.0800 |
Model-based | Forward price | Level 3 | Commodity contracts | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 3.8550 | 5.9944 |
Model-based | Forward price | Level 3 | Commodity contracts | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 1.0608 | 1.2322 |
Model-based | Commodity volatility | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases, measurement input | 0.1087 | |
Model-based | Commodity volatility | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases, measurement input | 1.8830 | |
Model-based | Commodity volatility | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases, measurement input | 0.2685 | |
Model-based | Commodity volatility | Level 3 | Commodity contracts | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.1043 | 0.1087 |
Model-based | Commodity volatility | Level 3 | Commodity contracts | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 1.5150 | 1.8830 |
Model-based | Commodity volatility | Level 3 | Commodity contracts | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.3355 | 0.2685 |
Model-based | Commodity correlation | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases, measurement input | (0.5052) | |
Model-based | Commodity correlation | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases, measurement input | 0.8983 | |
Model-based | Commodity correlation | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases, measurement input | (0.0711) | |
Model-based | Commodity correlation | Level 3 | Commodity contracts | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | (0.3200) | (0.5052) |
Model-based | Commodity correlation | Level 3 | Commodity contracts | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.9194 | 0.8983 |
Model-based | Commodity correlation | Level 3 | Commodity contracts | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.3670 | (0.0711) |
Price-based | Level 3 | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage-backed securities | $ 228,000,000 | $ 279,000,000 |
State and municipal, foreign government, corporate and other debt securities | 2,360,000,000 | 2,264,000,000 |
Marketable equity securities | 147,000,000 | 128,000,000 |
Asset-backed securities | 304,000,000 | 386,000,000 |
Non-marketable equities | 101,000,000 | 121,000,000 |
Non-trading derivatives and other financial assets and liabilities measured on a recurring basis (gross) | 57,000,000 | 69,000,000 |
Loans and leases | 304,000,000 | |
Securities sold, not yet purchased and other trading liabilities | 47,000,000 | 63,000,000 |
Price-based | Level 3 | Credit derivatives | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives | 439,000,000 | 427,000,000 |
Price-based | Price | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage-backed securities, measurement input value | 1.04 | 4 |
State and municipal, foreign government, corporate and other debt securities, measurement input value | 0.01 | 0 |
Marketable equity securities, measurement input value | 0 | 0 |
Asset-backed securities, measurement input, value | 10.50 | 5 |
Non-trading derivatives and other financial assets and liabilities measured on a recurring basis (gross), measurement input, value | $ 80.16 | $ 94 |
Loans and leases, measurement input | 0.01 | |
Securities sold, not yet purchased and other trading liabilities, measurement input | 0 | 0 |
Price-based | Price | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage-backed securities, measurement input value | $ 99.71 | $ 118 |
State and municipal, foreign government, corporate and other debt securities, measurement input value | 994.68 | 995 |
Marketable equity securities, measurement input value | 9,087.76 | 73,000 |
Asset-backed securities, measurement input, value | 145 | 754 |
Non-trading derivatives and other financial assets and liabilities measured on a recurring basis (gross), measurement input, value | $ 105.32 | $ 2,598 |
Loans and leases, measurement input | 100.53 | |
Securities sold, not yet purchased and other trading liabilities, measurement input | 9,087.76 | 12,875,000,000 |
Price-based | Price | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage-backed securities, measurement input value | $ 51.51 | $ 79 |
State and municipal, foreign government, corporate and other debt securities, measurement input value | 245.85 | 193 |
Marketable equity securities, measurement input value | 114.29 | 6,477 |
Asset-backed securities, measurement input, value | 74.97 | 87 |
Non-trading derivatives and other financial assets and liabilities measured on a recurring basis (gross), measurement input, value | $ 92.65 | $ 591 |
Loans and leases, measurement input | 84.77 | |
Securities sold, not yet purchased and other trading liabilities, measurement input | 41.22 | 1,707,000,000 |
Price-based | Price | Level 3 | Credit derivatives | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input value | $ 31.71 | $ 40 |
Price-based | Price | Level 3 | Credit derivatives | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input value | 99 | 103 |
Price-based | Price | Level 3 | Credit derivatives | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input value | $ 78.75 | $ 80 |
Price-based | Illiquidity discount | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 0.1000 | |
Price-based | Illiquidity discount | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 0.3600 | |
Price-based | Illiquidity discount | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 0.2643 | |
Price-based | PE ratio | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 14 | |
Price-based | PE ratio | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 15.70 | |
Price-based | PE ratio | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 15.16 | |
Price-based | Cost of capital | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 0.0810 | |
Price-based | Cost of capital | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 0.1750 | |
Price-based | Cost of capital | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 0.1044 | |
Price-based | Revenue multiple | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 3.60 | |
Price-based | Revenue multiple | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 13.90 | |
Price-based | Revenue multiple | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 12.40 | |
Price-based | Equity forward | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases, measurement input | 0.6834 | |
Price-based | Equity forward | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases, measurement input | 2.7161 | |
Price-based | Equity forward | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases, measurement input | 1.0349 | |
Price-based | Forward price | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases, measurement input | 0.1427 | |
Price-based | Forward price | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases, measurement input | 3.2485 | |
Price-based | Forward price | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Loans and leases, measurement input | 1.0507 | |
Price-based | Recovery rate | Level 3 | Credit derivatives | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.2500 | 0.2000 |
Price-based | Recovery rate | Level 3 | Credit derivatives | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.7500 | 0.7500 |
Price-based | Recovery rate | Level 3 | Credit derivatives | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.4227 | 0.4472 |
Price-based | Credit correlation | Level 3 | Credit derivatives | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.2500 | 0.3000 |
Price-based | Credit correlation | Level 3 | Credit derivatives | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.8000 | 0.8000 |
Price-based | Credit correlation | Level 3 | Credit derivatives | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.4238 | 0.5457 |
Price-based | Credit spread volatility | Level 3 | Credit derivatives | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.3558 | |
Price-based | Credit spread volatility | Level 3 | Credit derivatives | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.6479 | |
Price-based | Credit spread volatility | Level 3 | Credit derivatives | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.4047 | |
Price-based | Upfront points | Level 3 | Credit derivatives | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.0274 | |
Price-based | Upfront points | Level 3 | Credit derivatives | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.9996 | |
Price-based | Upfront points | Level 3 | Credit derivatives | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Derivatives, measurement input | 0.5937 | |
Cash flow | Level 3 | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage servicing rights | $ 580,000,000 | $ 331,000,000 |
Cash flow | Yield | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage servicing rights, measurement input | (0.0040) | (0.0120) |
Cash flow | Yield | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage servicing rights, measurement input | 0.1320 | 0.1210 |
Cash flow | Yield | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage servicing rights, measurement input | 0.0536 | 0.0451 |
Comparables analysis | Level 3 | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities | $ 287,000,000 | $ 112,000,000 |
Comparables analysis | Illiquidity discount | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 0.0860 | |
Comparables analysis | Illiquidity discount | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 0.1700 | |
Comparables analysis | Illiquidity discount | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 0.1016 | |
Comparables analysis | PE ratio | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 11 | |
Comparables analysis | PE ratio | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 29 | |
Comparables analysis | PE ratio | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Non-marketable equities, measurement input | 15.42 | |
Yield analysis | Level 3 | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage-backed securities | $ 732,000,000 | $ 526,000,000 |
Asset-backed securities | $ 308,000,000 | $ 208,000,000 |
Yield analysis | Yield | Level 3 | Minimum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage-backed securities, measurement input | 4.41% | 1.43% |
Asset-backed securities, measurement input | 5.76% | 2.43% |
Yield analysis | Yield | Level 3 | Maximum | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage-backed securities, measurement input | 20.30% | 23.79% |
Asset-backed securities, measurement input | 18.58% | 19.35% |
Yield analysis | Yield | Level 3 | Weighted Average | ||
Fair Value Inputs Assets Liabilities Quantitative Information | ||
Mortgage-backed securities, measurement input | 9.74% | 7.25% |
Asset-backed securities, measurement input | 9.34% | 8.18% |
FAIR VALUE MEASUREMENT - Item_2
FAIR VALUE MEASUREMENT - Items Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Items Measured at Fair Value on a Nonrecurring Basis | ||
Non-marketable equity securities measured using the measurement alternative | $ 8,040 | $ 7,337 |
Nonrecurring | Level 2 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 457 | 986 |
Other real estate owned | 0 | 0 |
Loans | 0 | 0 |
Non-marketable equity securities measured using the measurement alternative | 0 | 104 |
Total assets | 457 | 1,090 |
Nonrecurring | Level 3 | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 1,879 | 1,312 |
Other real estate owned | 1 | 11 |
Loans | 69 | 144 |
Non-marketable equity securities measured using the measurement alternative | 597 | 551 |
Total assets | 2,546 | 2,018 |
Fair value | Nonrecurring | ||
Items Measured at Fair Value on a Nonrecurring Basis | ||
Loans held-for-sale | 2,336 | 2,298 |
Other real estate owned | 1 | 11 |
Loans | 69 | 144 |
Non-marketable equity securities measured using the measurement alternative | 597 | 655 |
Total assets | $ 3,003 | $ 3,108 |
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, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Nonrecurring fair value changes included in earnings | ||
Nonrecurring fair value measurements included in earnings | $ 270,000,000 | $ 446,000,000 |
Loans held-for-sale | ||
Nonrecurring fair value changes included in earnings | ||
Nonrecurring fair value measurements included in earnings | (58,000,000) | (31,000,000) |
Other real estate owned | ||
Nonrecurring fair value changes included in earnings | ||
Nonrecurring fair value measurements included in earnings | 0 | 0 |
Loans | ||
Nonrecurring fair value changes included in earnings | ||
Nonrecurring fair value measurements included in earnings | 13,000,000 | 9,000,000 |
Non-marketable equity securities | ||
Nonrecurring fair value changes included in earnings | ||
Nonrecurring fair value measurements included in earnings | 315,000,000 | 468,000,000 |
Level 3 | Price-based | ||
Valuation techniques and inputs | ||
Non-marketable equities | 101,000,000 | 121,000,000 |
Level 3 | Comparables analysis | ||
Valuation techniques and inputs | ||
Non-marketable equities | 287,000,000 | 112,000,000 |
Nonrecurring | Level 3 | ||
Valuation techniques and inputs | ||
Loans held-for-sale | 1,879,000,000 | 1,312,000,000 |
Nonrecurring | Level 3 | Price-based | ||
Valuation techniques and inputs | ||
Loans held-for-sale | 1,830,000,000 | 1,312,000,000 |
Other real estate owned | 1,000,000 | 4,000,000 |
Loans | 24,000,000 | 24,000,000 |
Non-marketable equities | 551,000,000 | |
Nonrecurring | Level 3 | Recovery analysis | ||
Valuation techniques and inputs | ||
Other real estate owned | 5,000,000 | |
Loans | 45,000,000 | 120,000,000 |
Price | Nonrecurring | Level 3 | Price-based | ||
Valuation techniques and inputs | ||
Non-marketable equities | 363,000,000 | |
Price | Nonrecurring | Level 3 | Price-based | Low | ||
Valuation techniques and inputs | ||
Loans held-for-sale, measurement input, value | 0.88 | 89 |
Loans, measurement input, value | ||
Non-marketable equities, measurement input | 0.46 | |
Price | Nonrecurring | Level 3 | Price-based | High | ||
Valuation techniques and inputs | ||
Loans held-for-sale, measurement input, value | $ 100.23 | 100 |
Loans, measurement input, value | ||
Non-marketable equities, measurement input | 2,416.43 | |
Price | Nonrecurring | Level 3 | Price-based | Weighted average | ||
Valuation techniques and inputs | ||
Loans held-for-sale, measurement input, value | $ 65.91 | 99 |
Loans, measurement input, value | ||
Non-marketable equities, measurement input | 557.86 | |
Price | Nonrecurring | Level 3 | Recovery analysis | Low | ||
Valuation techniques and inputs | ||
Loans, measurement input, value | 10,000 | |
Price | Nonrecurring | Level 3 | Recovery analysis | High | ||
Valuation techniques and inputs | ||
Loans, measurement input, value | 3,900,000 | |
Price | Nonrecurring | Level 3 | Recovery analysis | Weighted average | ||
Valuation techniques and inputs | ||
Loans, measurement input, value | 247,018 | |
Appraised value | Nonrecurring | Level 3 | Price-based | Low | ||
Valuation techniques and inputs | ||
Other real estate owned, measurement input, value | $ 30,000 | 14,000 |
Loans, measurement input, value | 3 | |
Appraised value | Nonrecurring | Level 3 | Price-based | High | ||
Valuation techniques and inputs | ||
Other real estate owned, measurement input, value | 441,750 | 2,392,464 |
Loans, measurement input, value | 75 | |
Appraised value | Nonrecurring | Level 3 | Price-based | Weighted average | ||
Valuation techniques and inputs | ||
Other real estate owned, measurement input, value | 310,552 | 1,660,120 |
Loans, measurement input, value | $ 35 | |
Appraised value | Nonrecurring | Level 3 | Recovery analysis | Low | ||
Valuation techniques and inputs | ||
Loans, measurement input, value | 12,000 | |
Appraised value | Nonrecurring | Level 3 | Recovery analysis | High | ||
Valuation techniques and inputs | ||
Loans, measurement input, value | 14,022,820 | |
Appraised value | Nonrecurring | Level 3 | Recovery analysis | Weighted average | ||
Valuation techniques and inputs | ||
Loans, measurement input, value | $ 3,714,342 | |
Recovery rate | Nonrecurring | Level 3 | Price-based | Low | ||
Valuation techniques and inputs | ||
Loans, measurement input | 84% | |
Recovery rate | Nonrecurring | Level 3 | Price-based | High | ||
Valuation techniques and inputs | ||
Loans, measurement input | 100% | |
Recovery rate | Nonrecurring | Level 3 | Price-based | Weighted average | ||
Valuation techniques and inputs | ||
Loans, measurement input | 84% | |
Revenue multiple | Level 3 | Price-based | Low | ||
Valuation techniques and inputs | ||
Non-marketable equities, measurement input | 3.60 | |
Revenue multiple | Level 3 | Price-based | High | ||
Valuation techniques and inputs | ||
Non-marketable equities, measurement input | 13.90 | |
Revenue multiple | Level 3 | Price-based | Weighted average | ||
Valuation techniques and inputs | ||
Non-marketable equities, measurement input | 12.40 | |
Revenue multiple | Nonrecurring | Level 3 | Price-based | ||
Valuation techniques and inputs | ||
Non-marketable equities | $ 234,000,000 | |
Revenue multiple | Nonrecurring | Level 3 | Price-based | Low | ||
Valuation techniques and inputs | ||
Non-marketable equities, measurement input | 4.95 | 6 |
Revenue multiple | Nonrecurring | Level 3 | Price-based | High | ||
Valuation techniques and inputs | ||
Non-marketable equities, measurement input | 73.10 | 1,339 |
Revenue multiple | Nonrecurring | Level 3 | Price-based | Weighted average | ||
Valuation techniques and inputs | ||
Non-marketable equities, measurement input | 19.68 | 52 |
Illiquidity discount | Level 3 | Price-based | Low | ||
Valuation techniques and inputs | ||
Non-marketable equities, measurement input | 0.1000 | |
Illiquidity discount | Level 3 | Price-based | High | ||
Valuation techniques and inputs | ||
Non-marketable equities, measurement input | 0.3600 | |
Illiquidity discount | Level 3 | Price-based | Weighted average | ||
Valuation techniques and inputs | ||
Non-marketable equities, measurement input | 0.2643 | |
Illiquidity discount | Level 3 | Comparables analysis | Low | ||
Valuation techniques and inputs | ||
Non-marketable equities, measurement input | 0.0860 | |
Illiquidity discount | Level 3 | Comparables analysis | High | ||
Valuation techniques and inputs | ||
Non-marketable equities, measurement input | 0.1700 | |
Illiquidity discount | Level 3 | Comparables analysis | Weighted average | ||
Valuation techniques and inputs | ||
Non-marketable equities, measurement input | 0.1016 |
FAIR VALUE MEASUREMENT - Estima
FAIR VALUE MEASUREMENT - Estimate Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||||
Loans | $ 5,360 | $ 6,082 | ||
Liabilities | ||||
Deposits | 1,365,954 | 1,317,230 | ||
Purchased credit deteriorated | 16,974 | 16,455 | $ 24,956 | $ 16,541 |
Total loans | 657,221 | 667,767 | ||
Corporate | ||||
Assets | ||||
Loans | 5,123 | 6,070 | ||
Liabilities | ||||
Purchased credit deteriorated | 2,855 | 2,415 | $ 4,776 | $ 1,911 |
Total loans | 289,154 | 291,233 | ||
Carrying value | ||||
Assets | ||||
Investments, net of allowance | 274,300 | 221,900 | ||
Securities borrowed and purchased under agreements to resell | 125,900 | 110,800 | ||
Loans | 634,500 | 644,800 | ||
Other financial assets | 427,100 | 351,900 | ||
Liabilities | ||||
Deposits | 1,364,100 | 1,315,600 | ||
Securities loaned and sold under agreements to repurchase | 131,600 | 134,600 | ||
Long-term debt | 165,600 | 171,800 | ||
Other financial liabilities | 142,400 | 111,100 | ||
Fair value | ||||
Assets | ||||
Investments, net of allowance | 249,200 | 221,000 | ||
Securities borrowed and purchased under agreements to resell | 125,900 | 110,800 | ||
Loans | 634,900 | 659,600 | ||
Other financial assets | 427,100 | 351,900 | ||
Liabilities | ||||
Deposits | 1,345,400 | 1,316,200 | ||
Securities loaned and sold under agreements to repurchase | 131,600 | 134,600 | ||
Long-term debt | 160,500 | 184,600 | ||
Other financial liabilities | 142,400 | 111,100 | ||
Fair value | Corporate | ||||
Liabilities | ||||
Total loans | 5,123 | 6,070 | ||
Fair value | Level 1 | ||||
Assets | ||||
Investments, net of allowance | 123,200 | 111,800 | ||
Securities borrowed and purchased under agreements to resell | 0 | 0 | ||
Loans | 0 | 0 | ||
Other financial assets | 320,000 | 242,100 | ||
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, net of allowance | 123,100 | 106,400 | ||
Securities borrowed and purchased under agreements to resell | 125,900 | 106,400 | ||
Loans | 0 | 0 | ||
Other financial assets | 22,000 | 19,900 | ||
Liabilities | ||||
Deposits | 1,159,400 | 1,153,900 | ||
Securities loaned and sold under agreements to repurchase | 131,600 | 134,500 | ||
Long-term debt | 151,100 | 171,900 | ||
Other financial liabilities | 26,500 | 17,000 | ||
Fair value | Level 3 | ||||
Assets | ||||
Investments, net of allowance | 2,900 | 2,800 | ||
Securities borrowed and purchased under agreements to resell | 0 | 4,400 | ||
Loans | 634,900 | 659,600 | ||
Other financial assets | 85,100 | 89,900 | ||
Liabilities | ||||
Deposits | 186,000 | 162,300 | ||
Securities loaned and sold under agreements to repurchase | 0 | 100 | ||
Long-term debt | 9,400 | 12,700 | ||
Other financial liabilities | 115,900 | 94,100 | ||
Fair value | Level 3 | Corporate | ||||
Fair value measurements additional disclosures | ||||
Unfunded lending commitments | 13,700 | 8,100 | ||
Lease financing | ||||
Liabilities | ||||
Total loans | 400 | 500 | ||
Lease financing | Corporate | ||||
Liabilities | ||||
Total loans | $ 354 | $ 455 |
FAIR VALUE ELECTIONS - Changes
FAIR VALUE ELECTIONS - Changes in Fair Value Gains (Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Total assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Gains (losses) from changes in fair value | $ (2,423) | $ (86) |
Securities borrowed and purchased under agreements to resell | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Gains (losses) from changes in fair value | (109) | (87) |
Trading account assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Gains (losses) from changes in fair value | (296) | 59 |
Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Gains (losses) from changes in fair value | 0 | 0 |
Total loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Gains (losses) from changes in fair value | (1,764) | (171) |
Corporate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Gains (losses) from changes in fair value | (1,763) | (171) |
Consumer loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Gains (losses) from changes in fair value | (1) | 0 |
Total other assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Gains (losses) from changes in fair value | (254) | 113 |
Mortgage servicing rights | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Gains (losses) from changes in fair value | 201 | 43 |
Certain mortgage loans (HFS) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Gains (losses) from changes in fair value | (455) | 70 |
Total liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Gains (losses) from changes in fair value | 16,926 | 1,026 |
Interest-bearing deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Gains (losses) from changes in fair value | 42 | (118) |
Securities loaned and sold under agreements to repurchase | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Gains (losses) from changes in fair value | 110 | 66 |
Trading account liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Gains (losses) from changes in fair value | (239) | 17 |
Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Gains (losses) from changes in fair value | 1,424 | 675 |
Long-term debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions. | ||
Gains (losses) from changes in fair value | $ 15,589 | $ 386 |
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, 2022 | Dec. 31, 2021 | |
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 | $ 2,685 | $ 296 |
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 loss | 155 | 21 |
Certain loans and other credit product | Trading assets | ||
Fair Value Option Quantitative Disclosures | ||
Aggregate unpaid principal balance in excess of (less than) fair value | 167 | (100) |
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 | 51 | 226 |
Balance of non-accrual loans or loans more than 90 days past due | 2 | 1 |
Aggregate unpaid principal balance in excess of (less than) fair value for non-accrual loans or loans more than 90 days past due | 1 | 0 |
Certain debt host contracts across unallocated precious metals accounts | ||
Fair Value Option Quantitative Disclosures | ||
Carrying amount reported on the Consolidated Balance Sheet | 300 | 300 |
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Purchased | ||
Fair Value Option Quantitative Disclosures | ||
Derivative notionals | 18,600 | |
Certain Investments in Unallocated Precious Metals | Forward derivative contract | Sold | ||
Fair Value Option Quantitative Disclosures | ||
Derivative notionals | 10,800 | |
Mortgage loans | ||
Fair Value Option Quantitative Disclosures | ||
Aggregate unpaid principal balance in excess of (less than) fair value | (10) | 70 |
Carrying amount | Certain loans and other credit product | Trading assets | ||
Fair Value Option Quantitative Disclosures | ||
Carrying amount reported on the Consolidated Balance Sheet | 6,011 | 9,530 |
Carrying amount | Certain loans and other credit product | Loans | ||
Fair Value Option Quantitative Disclosures | ||
Carrying amount reported on the Consolidated Balance Sheet | 5,360 | 6,082 |
Carrying amount | Certain mortgage loans (HFS) | ||
Fair Value Option Quantitative Disclosures | ||
Carrying amount reported on the Consolidated Balance Sheet | 793 | 3,035 |
Fair value | Certain loans and other credit product | ||
Fair Value Option Quantitative Disclosures | ||
Unfunded lending commitments | $ 729 | $ 719 |
FAIR VALUE ELECTIONS - Certain
FAIR VALUE ELECTIONS - Certain Structured and Non-Structured Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 106,000 | $ 82,600 |
Long-term debt | ||
Certain non-structured liabilities | ||
Aggregate unpaid principal balance in excess of (less than) fair value | (2,944) | (2,459) |
Long-term debt | Carrying amount | ||
Certain non-structured liabilities | ||
Carrying amount reported on the Consolidated Balance Sheet | 105,995 | 82,609 |
Short-term borrowings | ||
Certain non-structured liabilities | ||
Aggregate unpaid principal balance in excess of (less than) fair value | (9) | (644) |
Short-term borrowings | Carrying amount | ||
Certain non-structured liabilities | ||
Carrying amount reported on the Consolidated Balance Sheet | 6,222 | 7,358 |
Interest rate linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 53,400 | 38,900 |
Foreign exchange linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 100 | 0 |
Equity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 42,500 | 36,100 |
Commodity linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | 5,000 | 3,900 |
Credit linked | ||
Carrying value of structured notes, disaggregated by type of embedded derivative instrument | ||
Carrying value of structured notes | $ 5,000 | $ 3,700 |
PLEDGED ASSETS, RESTRICTED CA_3
PLEDGED ASSETS, RESTRICTED CASH, COLLATERAL, GUARANTEES AND COMMITMENTS - Pledged Assets and Collateral (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying Values of Significant Components of Pledged Assets | ||
Investment securities | $ 246,252 | $ 252,192 |
Loans | 261,450 | 232,319 |
Trading account assets | 135,978 | 140,980 |
Total | 643,680 | 625,491 |
Fair value of collateral received that may be resold or repledged | 725,500 | 650,800 |
Pledged collateral that may not be sold or repledged | $ 502,000 | $ 481,000 |
PLEDGED ASSETS, RESTRICTED CA_4
PLEDGED ASSETS, RESTRICTED CASH, COLLATERAL, GUARANTEES AND COMMITMENTS - Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 16,976 | $ 13,422 |
Asset pledged as collateral | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Financial instruments owned, at fair value | 1,800 | |
Cash and due from banks | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 4,820 | 2,786 |
Deposits with banks, net of allowance | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 12,156 | $ 10,636 |
PLEDGED ASSETS, RESTRICTED CA_5
PLEDGED ASSETS, RESTRICTED CASH, COLLATERAL, GUARANTEES AND COMMITMENTS - Supplemental Cash Flow (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Pledged Assets, Collateral, Guarantees and Commitments [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 725 | $ 806 |
Lease liability | $ 775 | $ 845 |
PLEDGED ASSETS, RESTRICTED CA_6
PLEDGED ASSETS, RESTRICTED CASH, COLLATERAL, GUARANTEES AND COMMITMENTS - Guarantees (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) trust margin | Dec. 31, 2021 USD ($) | |
Maximum potential amount of future payments | ||
Expire Within One Year | $ 281,500,000,000 | $ 298,800,000,000 |
Expire After One Year | 104,600,000,000 | 128,200,000,000 |
Total amount outstanding | 386,100,000,000 | 427,000,000,000 |
Carrying value | 1,376,000,000 | 1,409,000,000 |
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 | |
Liability related to long-term care insurance indemnification | $ 0 | 0 |
Amount of cash initial margin collected and remitted | 18,000,000,000 | 18,700,000,000 |
Cash collateral available to reimburse losses realized under guarantees and indemnifications | 51,800,000,000 | 56,500,000,000 |
Available-for-sale securities, pledged to creditors | 63,700,000,000 | 84,200,000,000 |
Letters of credit in favor of the Company held as collateral | 3,700,000,000 | 4,100,000,000 |
Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 87,200,000,000 | 91,900,000,000 |
Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 21,300,000,000 | 25,800,000,000 |
Not Rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 277,600,000,000 | 309,300,000,000 |
Financial standby letters of credit | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 31,300,000,000 | 34,300,000,000 |
Expire After One Year | 58,300,000,000 | 58,400,000,000 |
Total amount outstanding | 89,600,000,000 | 92,700,000,000 |
Carrying value | 905,000,000 | 791,000,000 |
Financial standby letters of credit | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 77,900,000,000 | 81,400,000,000 |
Financial standby letters of credit | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 10,400,000,000 | 11,300,000,000 |
Financial standby letters of credit | Not Rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 1,300,000,000 | 0 |
Performance guarantees | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 6,100,000,000 | 6,600,000,000 |
Expire After One Year | 5,600,000,000 | 6,400,000,000 |
Total amount outstanding | 11,700,000,000 | 13,000,000,000 |
Carrying value | 65,000,000 | 47,000,000 |
Performance guarantees | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 9,300,000,000 | 10,500,000,000 |
Performance guarantees | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 2,400,000,000 | 2,500,000,000 |
Performance guarantees | Not Rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Derivative instruments deemed to be guarantees | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 18,500,000,000 | 14,600,000,000 |
Expire After One Year | 30,000,000,000 | 48,900,000,000 |
Total amount outstanding | 48,500,000,000 | 63,500,000,000 |
Carrying value | 353,000,000 | 514,000,000 |
Derivative instruments deemed to be guarantees | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Derivative instruments deemed to be guarantees | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Derivative instruments deemed to be guarantees | Not Rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 48,500,000,000 | 63,500,000,000 |
Loans sold with recourse | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 0 | 0 |
Expire After One Year | 1,700,000,000 | 1,700,000,000 |
Total amount outstanding | 1,700,000,000 | 1,700,000,000 |
Carrying value | 13,000,000 | 15,000,000 |
Repurchase reserve for Consumer mortgages representations and warranties | 10,000,000 | 19,000,000 |
Loans sold with recourse | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Loans sold with recourse | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Loans sold with recourse | Not Rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 1,700,000,000 | 1,700,000,000 |
Securities lending indemnifications | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 95,900,000,000 | 121,900,000,000 |
Expire After One Year | 0 | 0 |
Total amount outstanding | 95,900,000,000 | 121,900,000,000 |
Carrying value | 0 | 0 |
Securities lending indemnifications | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Securities lending indemnifications | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Securities lending indemnifications | Not Rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 95,900,000,000 | 121,900,000,000 |
Credit card merchant processing | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 129,600,000,000 | 119,400,000,000 |
Expire After One Year | 0 | 0 |
Total amount outstanding | 129,600,000,000 | 119,400,000,000 |
Carrying value | 1,000,000 | 1,000,000 |
Credit card merchant processing | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Credit card merchant processing | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Credit card merchant processing | Not Rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 129,600,000,000 | 119,400,000,000 |
Credit card arrangements with partners | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 0 | 0 |
Expire After One Year | 600,000,000 | 800,000,000 |
Total amount outstanding | 600,000,000 | 800,000,000 |
Carrying value | 7,000,000 | 7,000,000 |
Credit card arrangements with partners | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Credit card arrangements with partners | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Credit card arrangements with partners | Not Rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 600,000,000 | 800,000,000 |
Other | ||
Maximum potential amount of future payments | ||
Expire Within One Year | 100,000,000 | 2,000,000,000 |
Expire After One Year | 8,400,000,000 | 12,000,000,000 |
Total amount outstanding | 8,500,000,000 | 14,000,000,000 |
Carrying value | 32,000,000 | 34,000,000 |
Other | Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 0 | 0 |
Other | Non-Investment Grade | ||
Maximum potential amount of future payments | ||
Total amount outstanding | 8,500,000,000 | 12,000,000,000 |
Other | Not Rated | ||
Maximum potential amount of future payments | ||
Total amount outstanding | $ 0 | $ 2,000,000,000 |
Futures and over the counter derivatives clearing | ||
Maximum potential amount of future payments | ||
Number of types of margin | margin | 2 |
PLEDGED ASSETS, RESTRICTED CA_7
PLEDGED ASSETS, RESTRICTED CASH, COLLATERAL, GUARANTEES AND COMMITMENTS - Credit Commitments and Lines of Credit (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Credit Commitments | ||
Credit commitments | $ 1,015,564 | $ 1,062,781 |
Unsettled reverse repurchase and securities borrowing agreements | 111,600 | 126,600 |
Unsettled repurchase and securities lending agreements | 37,300 | 41,100 |
Commercial and similar letters of credit | ||
Credit Commitments | ||
Credit commitments | 5,316 | 5,910 |
One-to four-family residential mortgages | ||
Credit Commitments | ||
Credit commitments | 2,394 | 4,351 |
Revolving open-end loans secured by one-to four-family residential properties | ||
Credit Commitments | ||
Credit commitments | 6,380 | 7,913 |
Commercial real estate, construction and land development | ||
Credit Commitments | ||
Credit commitments | 15,170 | 17,843 |
Credit card lines | ||
Credit Commitments | ||
Credit commitments | 683,232 | 700,559 |
Commercial and other consumer loan commitments | ||
Credit Commitments | ||
Credit commitments | 297,399 | 320,556 |
Other commitments and contingencies | ||
Credit Commitments | ||
Credit commitments | 5,673 | $ 5,649 |
U.S. | ||
Credit Commitments | ||
Credit commitments | 821,312 | |
U.S. | Commercial and similar letters of credit | ||
Credit Commitments | ||
Credit commitments | 650 | |
U.S. | One-to four-family residential mortgages | ||
Credit Commitments | ||
Credit commitments | 906 | |
U.S. | Revolving open-end loans secured by one-to four-family residential properties | ||
Credit Commitments | ||
Credit commitments | 5,719 | |
U.S. | Commercial real estate, construction and land development | ||
Credit Commitments | ||
Credit commitments | 13,275 | |
U.S. | Credit card lines | ||
Credit Commitments | ||
Credit commitments | 603,975 | |
U.S. | Commercial and other consumer loan commitments | ||
Credit Commitments | ||
Credit commitments | 191,318 | |
U.S. | Other commitments and contingencies | ||
Credit Commitments | ||
Credit commitments | 5,469 | |
Outside U.S. | ||
Credit Commitments | ||
Credit commitments | 194,252 | |
Outside U.S. | Commercial and similar letters of credit | ||
Credit Commitments | ||
Credit commitments | 4,666 | |
Outside U.S. | One-to four-family residential mortgages | ||
Credit Commitments | ||
Credit commitments | 1,488 | |
Outside U.S. | Revolving open-end loans secured by one-to four-family residential properties | ||
Credit Commitments | ||
Credit commitments | 661 | |
Outside U.S. | Commercial real estate, construction and land development | ||
Credit Commitments | ||
Credit commitments | 1,895 | |
Outside U.S. | Credit card lines | ||
Credit Commitments | ||
Credit commitments | 79,257 | |
Outside U.S. | Commercial and other consumer loan commitments | ||
Credit Commitments | ||
Credit commitments | 106,081 | |
Outside U.S. | Other commitments and contingencies | ||
Credit Commitments | ||
Credit commitments | $ 204 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
ROU asset, location | Premises and equipment, net of depreciation and amortization | Premises and equipment, net of depreciation and amortization |
Lease liabilities, location | Other liabilities | Other liabilities |
Weighted Average | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease term | 6 years |
LEASES - Right of Use Asset and
LEASES - Right of Use Asset and Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
ROU asset | $ 2,892 | $ 2,914 |
Lease liability | $ 3,076 | $ 3,116 |
Weighted Average | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease term | 6 years |
LEASES - Operating Lease Expens
LEASES - Operating Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating lease expense | $ 1,048 | $ 1,061 | $ 1,054 |
Sublease income | $ 3 | $ 12 | $ 27 |
LEASES - Cash Flow Supplemental
LEASES - Cash Flow Supplemental Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 725 | $ 806 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 775 | $ 845 |
LEASES - Lease Commitments (Det
LEASES - Lease Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 704 | |
2024 | 635 | |
2025 | 541 | |
2026 | 437 | |
2027 | 319 | |
Thereafter | 769 | |
Total future lease payments | 3,405 | |
Less imputed interest (based on weighted-average discount rate of 3.1%) | (329) | |
Lease liability | $ 3,076 | $ 3,116 |
Discount rate | 3.10% |
CONTINGENCIES (Details)
CONTINGENCIES (Details) € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2020 EUR (€) | Dec. 31, 2019 USD ($) | Dec. 31, 2015 EUR (€) | Dec. 31, 2008 USD ($) | Dec. 31, 2007 USD ($) | Dec. 31, 2022 USD ($) | |
Contingencies | ||||||
Possible unaccrued loss | $ 1,200 | |||||
Hong Kong Private Bank Litigation | ||||||
Contingencies | ||||||
Loss contingency damages sought | $ 51 | |||||
Interchange Fees Litigation | ||||||
Contingencies | ||||||
Damages awarded | $ 6,240 | |||||
Reduction in settlement amount awarded to other party | 700 | |||||
Parmalat | ||||||
Contingencies | ||||||
Loss contingency damages sought | € | € 990 | € 1,800 | ||||
Damages awarded | $ 431 | $ 431 |
CONDENSED CONSOLIDATING FINAN_3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statements of Income and Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Revenues | ||||
Dividends from subsidiaries | $ 0 | $ 0 | $ 0 | |
Interest revenue | 74,408 | 50,475 | 58,089 | |
Interest revenue—intercompany | 0 | 0 | 0 | |
Interest expense | 25,740 | 7,981 | 13,338 | |
Interest expense—intercompany | 0 | 0 | 0 | |
Net interest income | 48,668 | 42,494 | 44,751 | |
Commissions and fees | 9,175 | 13,672 | 11,385 | |
Commissions and fees—intercompany | 0 | 0 | 0 | |
Principal transactions | 14,159 | 10,154 | 13,885 | |
Principal transactions—intercompany | 0 | 0 | 0 | |
Other revenue | 3,336 | 5,564 | 5,480 | |
Other revenue—intercompany | 0 | 0 | 0 | |
Total non-interest revenues | 26,670 | 29,390 | 30,750 | |
Total revenues, net of interest expense | 75,338 | 71,884 | 75,501 | |
Provisions for credit losses and for benefits and claims | [1] | 5,239 | (3,778) | 17,495 |
Operating expenses | ||||
Compensation and benefits | 26,655 | 25,134 | 22,214 | |
Compensation and benefits—intercompany | 0 | 0 | 0 | |
Other operating | 24,637 | 23,059 | 22,160 | |
Other operating—intercompany | 0 | 0 | 0 | |
Total operating expenses | 51,292 | 48,193 | 44,374 | |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | |
Income from continuing operations before income taxes | 18,807 | 27,469 | 13,632 | |
Provision for income taxes | 3,642 | 5,451 | 2,525 | |
Income from continuing operations | 15,165 | 22,018 | 11,107 | |
Income (loss) from discontinued operations, net of taxes | (231) | 7 | (20) | |
Net income before attribution of noncontrolling interests | 14,934 | 22,025 | 11,087 | |
Noncontrolling interests | 89 | 73 | 40 | |
Citigroup’s net income | 14,845 | 21,952 | 11,047 | |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | (8,297) | (6,707) | 4,260 | |
Citigroup’s total comprehensive income | 6,548 | 15,245 | 15,307 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | (58) | (99) | 26 | |
Add: Net income attributable to noncontrolling interests | 89 | 73 | 40 | |
Total comprehensive income | 6,579 | 15,219 | 15,373 | |
Consolidating adjustments | ||||
Revenues | ||||
Dividends from subsidiaries | (8,992) | (6,482) | (2,355) | |
Interest revenue | 0 | 0 | 0 | |
Interest revenue—intercompany | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | |
Interest expense—intercompany | 0 | 0 | 0 | |
Net interest income | 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 revenue | 0 | 0 | 0 | |
Other revenue—intercompany | 0 | 0 | 0 | |
Total non-interest revenues | 0 | 0 | 0 | |
Total revenues, net of interest expense | (8,992) | (6,482) | (2,355) | |
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 | (6,173) | (16,596) | (9,894) | |
Income from continuing operations before income taxes | (15,165) | (23,078) | (12,249) | |
Provision for income taxes | 0 | 0 | 0 | |
Income from continuing operations | (15,165) | (23,078) | (12,249) | |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | |
Net income before attribution of noncontrolling interests | (15,165) | (23,078) | (12,249) | |
Noncontrolling interests | 0 | 0 | 0 | |
Citigroup’s net income | (15,165) | (23,078) | (12,249) | |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | 4,174 | 526 | (4,021) | |
Citigroup’s total comprehensive income | (10,991) | (22,552) | (16,270) | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |
Add: Net income attributable to noncontrolling interests | 0 | 0 | 0 | |
Total comprehensive income | (10,991) | (22,552) | (16,270) | |
Citigroup parent company | Reportable legal entities | ||||
Revenues | ||||
Dividends from subsidiaries | 8,992 | 6,482 | 2,355 | |
Interest revenue | 0 | 0 | 0 | |
Interest revenue—intercompany | 4,628 | 3,757 | 4,162 | |
Interest expense | 5,250 | 4,791 | 4,992 | |
Interest expense—intercompany | 715 | 294 | 502 | |
Net interest income | (1,337) | (1,328) | (1,332) | |
Commissions and fees | 0 | 0 | 0 | |
Commissions and fees—intercompany | (1) | (36) | (36) | |
Principal transactions | 5,147 | 976 | (1,254) | |
Principal transactions—intercompany | (5,686) | (1,375) | 693 | |
Other revenue | 210 | (64) | (127) | |
Other revenue—intercompany | (220) | (133) | 111 | |
Total non-interest revenues | (550) | (632) | (613) | |
Total revenues, net of interest expense | 7,105 | 4,522 | 410 | |
Provisions for credit losses and for benefits and claims | 0 | 0 | 0 | |
Operating expenses | ||||
Compensation and benefits | 9 | 10 | (5) | |
Compensation and benefits—intercompany | 12 | 69 | 191 | |
Other operating | 85 | 83 | 37 | |
Other operating—intercompany | 15 | 11 | 15 | |
Total operating expenses | 121 | 173 | 238 | |
Equity in undistributed income of subsidiaries | 6,173 | 16,596 | 9,894 | |
Income from continuing operations before income taxes | 13,157 | 20,945 | 10,066 | |
Provision for income taxes | (1,688) | (1,007) | (981) | |
Income from continuing operations | 14,845 | 21,952 | 11,047 | |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | |
Net income before attribution of noncontrolling interests | 14,845 | 21,952 | 11,047 | |
Noncontrolling interests | 0 | 0 | 0 | |
Citigroup’s net income | 14,845 | 21,952 | 11,047 | |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | (8,297) | (6,707) | 4,260 | |
Citigroup’s total comprehensive income | 6,548 | 15,245 | 15,307 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |
Add: Net income attributable to noncontrolling interests | 0 | 0 | 0 | |
Total comprehensive income | 6,548 | 15,245 | 15,307 | |
CGMHI | Reportable legal entities | ||||
Revenues | ||||
Dividends from subsidiaries | 0 | 0 | ||
Interest revenue | 10,021 | 3,566 | 5,364 | |
Interest revenue—intercompany | 2,324 | 531 | 920 | |
Interest expense | 5,938 | 778 | 1,989 | |
Interest expense—intercompany | 4,358 | 1,320 | 2,170 | |
Net interest income | 2,049 | 1,999 | 2,125 | |
Commissions and fees | 4,617 | 7,770 | 6,216 | |
Commissions and fees—intercompany | 127 | 407 | 290 | |
Principal transactions | 13,895 | 10,140 | (4,252) | |
Principal transactions—intercompany | (10,532) | (6,721) | 9,064 | |
Other revenue | 493 | 576 | 706 | |
Other revenue—intercompany | (58) | (60) | 23 | |
Total non-interest revenues | 8,542 | 12,112 | 12,047 | |
Total revenues, net of interest expense | 10,591 | 14,111 | 14,172 | |
Provisions for credit losses and for benefits and claims | 10 | 6 | (1) | |
Operating expenses | ||||
Compensation and benefits | 5,450 | 5,251 | 4,941 | |
Compensation and benefits—intercompany | 0 | 0 | 0 | |
Other operating | 2,962 | 2,868 | 2,393 | |
Other operating—intercompany | 2,705 | 2,826 | 2,317 | |
Total operating expenses | 11,117 | 10,945 | 9,651 | |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | |
Income from continuing operations before income taxes | (536) | 3,160 | 4,522 | |
Provision for income taxes | (290) | 625 | 1,249 | |
Income from continuing operations | (246) | 2,535 | 3,273 | |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | |
Net income before attribution of noncontrolling interests | (246) | 2,535 | 3,273 | |
Noncontrolling interests | 0 | 0 | 0 | |
Citigroup’s net income | (246) | 2,535 | 3,273 | |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | 946 | (76) | (223) | |
Citigroup’s total comprehensive income | 700 | 2,459 | 3,050 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |
Add: Net income attributable to noncontrolling interests | 0 | 0 | 0 | |
Total comprehensive income | 700 | 2,459 | 3,050 | |
Other Citigroup subsidiaries and eliminations | Reportable legal entities | ||||
Revenues | ||||
Dividends from subsidiaries | 0 | 0 | 0 | |
Interest revenue | 64,387 | 46,909 | 52,725 | |
Interest revenue—intercompany | (6,952) | (4,288) | (5,082) | |
Interest expense | 14,552 | 2,412 | 6,357 | |
Interest expense—intercompany | (5,073) | (1,614) | (2,672) | |
Net interest income | 47,956 | 41,823 | 43,958 | |
Commissions and fees | 4,558 | 5,902 | 5,169 | |
Commissions and fees—intercompany | (126) | (371) | (254) | |
Principal transactions | (4,883) | (962) | 19,391 | |
Principal transactions—intercompany | 16,218 | 8,096 | (9,757) | |
Other revenue | 2,633 | 5,052 | 4,901 | |
Other revenue—intercompany | 278 | 193 | (134) | |
Total non-interest revenues | 18,678 | 17,910 | 19,316 | |
Total revenues, net of interest expense | 66,634 | 59,733 | 63,274 | |
Provisions for credit losses and for benefits and claims | 5,229 | (3,784) | 17,496 | |
Operating expenses | ||||
Compensation and benefits | 21,196 | 19,873 | 17,278 | |
Compensation and benefits—intercompany | (12) | (69) | (191) | |
Other operating | 21,590 | 20,108 | 19,730 | |
Other operating—intercompany | (2,720) | (2,837) | (2,332) | |
Total operating expenses | 40,054 | 37,075 | 34,485 | |
Equity in undistributed income of subsidiaries | 0 | 0 | 0 | |
Income from continuing operations before income taxes | 21,351 | 26,442 | 11,293 | |
Provision for income taxes | 5,620 | 5,833 | 2,257 | |
Income from continuing operations | 15,731 | 20,609 | 9,036 | |
Income (loss) from discontinued operations, net of taxes | (231) | 7 | (20) | |
Net income before attribution of noncontrolling interests | 15,500 | 20,616 | 9,016 | |
Noncontrolling interests | 89 | 73 | 40 | |
Citigroup’s net income | 15,411 | 20,543 | 8,976 | |
Comprehensive income | ||||
Add: Other comprehensive income (loss) | (5,120) | (450) | 4,244 | |
Citigroup’s total comprehensive income | 10,291 | 20,093 | 13,220 | |
Add: Other comprehensive income (loss) attributable to noncontrolling interests | (58) | (99) | 26 | |
Add: Net income attributable to noncontrolling interests | 89 | 73 | 40 | |
Total comprehensive income | $ 10,322 | $ 20,067 | $ 13,286 | |
[1]This total excludes the provision for credit losses on AFS securities, which is disclosed separately above. |
CONDENSED CONSOLIDATING FINAN_4
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||||
Cash and due from banks | $ 30,577 | $ 27,515 | ||
Cash and due from banks—intercompany | 0 | 0 | ||
Deposits with banks, net of allowances | 311,448 | 234,518 | ||
Deposits with banks—intercompany | 0 | 0 | ||
Securities borrowed and purchased under resale agreements | 365,401 | 327,288 | ||
Securities borrowed and purchased under resale agreements—intercompany | 0 | 0 | ||
Trading account assets | 334,114 | 331,945 | ||
Trading account assets—intercompany | 0 | 0 | ||
Investments, net of allowance | 526,582 | 512,822 | ||
Loans, net of unearned income | 657,221 | 667,767 | ||
Loans, net of unearned income—intercompany | 0 | 0 | ||
Allowance for credit losses on loans (ACLL) | (16,974) | (16,455) | $ (24,956) | $ (16,541) |
Total loans, net | 640,247 | 651,312 | ||
Advances to subsidiaries | 0 | 0 | ||
Other assets, net of allowance | 208,307 | 206,013 | ||
Other assets—intercompany | 0 | 0 | ||
Total assets | 2,416,676 | 2,291,413 | 2,260,000 | |
Liabilities and equity | ||||
Deposits | 1,365,954 | 1,317,230 | ||
Deposits—intercompany | 0 | 0 | ||
Securities loaned and sold under agreements to repurchase, at fair value | 202,444 | 191,285 | ||
Securities loaned and sold under repurchase agreements—intercompany | 0 | 0 | ||
Trading account liabilities | 170,647 | 161,529 | ||
Trading account liabilities—intercompany | 0 | 0 | ||
Short-term borrowings | 47,096 | 27,973 | ||
Short-term borrowings—intercompany | 0 | 0 | ||
Long-term debt | 271,606 | 254,374 | ||
Long-term debt—intercompany | 0 | 0 | ||
Other liabilities | 157,091 | 136,350 | ||
Other liabilities—intercompany | 0 | 0 | ||
Stockholders’ equity | 201,838 | 202,672 | $ 200,200 | |
Total liabilities and equity | 2,416,676 | 2,291,413 | ||
Other assets | 103,743 | 101,551 | ||
Subsidiary Holding Company | ||||
Assets | ||||
Investments in subsidiary bank holding company | 0 | 0 | ||
Liabilities and equity | ||||
Advances from non-bank subsidiaries | 0 | 0 | ||
Non-Bank Subsidiaries | ||||
Assets | ||||
Investments in subsidiary bank holding company | 0 | 0 | ||
Liabilities and equity | ||||
Advances from non-bank subsidiaries | 0 | 0 | ||
Consolidating adjustments | ||||
Assets | ||||
Cash and due from banks | 0 | 0 | ||
Cash and due from banks—intercompany | 0 | 0 | ||
Deposits with banks, net of allowances | 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, net of allowance | 0 | 0 | ||
Loans, net of unearned income | 0 | 0 | ||
Loans, net of unearned income—intercompany | 0 | 0 | ||
Allowance for credit losses on loans (ACLL) | 0 | 0 | ||
Total loans, net | 0 | 0 | ||
Advances to subsidiaries | 0 | 0 | ||
Other assets, net of allowance | 0 | 0 | ||
Other assets—intercompany | 0 | 0 | ||
Total assets | (221,016) | (223,303) | ||
Liabilities and equity | ||||
Deposits | 0 | 0 | ||
Deposits—intercompany | 0 | 0 | ||
Securities loaned and 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 | ||
Other liabilities | 0 | 0 | ||
Other liabilities—intercompany | 0 | 0 | ||
Stockholders’ equity | (221,016) | (223,303) | ||
Total liabilities and equity | (221,016) | (223,303) | ||
Consolidating adjustments | Subsidiary Holding Company | ||||
Assets | ||||
Investments in subsidiary bank holding company | (172,721) | (175,849) | ||
Liabilities and equity | ||||
Advances from non-bank subsidiaries | 0 | 0 | ||
Consolidating adjustments | Non-Bank Subsidiaries | ||||
Assets | ||||
Investments in subsidiary bank holding company | (48,295) | (47,454) | ||
Liabilities and equity | ||||
Advances from non-bank subsidiaries | 0 | 0 | ||
Citigroup parent company | ||||
Liabilities and equity | ||||
Long-term debt | 166,257 | |||
Other assets | 40,200 | 30,500 | ||
Citigroup parent company | Reportable legal entities | ||||
Assets | ||||
Cash and due from banks | 0 | 0 | ||
Cash and due from banks—intercompany | 17 | |||
Deposits with banks, net of allowances | 0 | 0 | ||
Deposits with banks—intercompany | 3,000 | 3,500 | ||
Securities borrowed and purchased under resale agreements | 0 | 0 | ||
Securities borrowed and purchased under resale agreements—intercompany | 0 | 0 | ||
Trading account assets | 130 | 248 | ||
Trading account assets—intercompany | 176 | 1,215 | ||
Investments, net of allowance | 1 | 1 | ||
Loans, net of unearned income | 0 | 0 | ||
Loans, net of unearned income—intercompany | 0 | 0 | ||
Allowance for credit losses on loans (ACLL) | 0 | 0 | ||
Total loans, net | 0 | 0 | ||
Advances to subsidiaries | 146,843 | 142,144 | ||
Other assets, net of allowance | 10,441 | 10,589 | ||
Other assets—intercompany | 3,346 | 2,737 | ||
Total assets | 384,968 | 383,754 | ||
Liabilities and equity | ||||
Deposits | 0 | 0 | ||
Deposits—intercompany | 0 | 0 | ||
Securities loaned and sold under agreements to repurchase, at fair value | 0 | 0 | ||
Securities loaned and sold under repurchase agreements—intercompany | 0 | 0 | ||
Trading account liabilities | 23 | 17 | ||
Trading account liabilities—intercompany | 581 | 777 | ||
Short-term borrowings | 0 | 0 | ||
Short-term borrowings—intercompany | 0 | 0 | ||
Long-term debt | 166,257 | 164,945 | ||
Long-term debt—intercompany | 0 | 0 | ||
Other liabilities | 2,321 | 2,574 | ||
Other liabilities—intercompany | 35 | 0 | ||
Stockholders’ equity | 201,189 | 201,972 | ||
Total liabilities and equity | 384,968 | 383,754 | ||
Citigroup parent company | Reportable legal entities | Subsidiary Holding Company | ||||
Assets | ||||
Investments in subsidiary bank holding company | 172,721 | 175,849 | ||
Liabilities and equity | ||||
Advances from non-bank subsidiaries | 6,629 | 5,426 | ||
Citigroup parent company | Reportable legal entities | Non-Bank Subsidiaries | ||||
Assets | ||||
Investments in subsidiary bank holding company | 48,295 | 47,454 | ||
Liabilities and equity | ||||
Advances from non-bank subsidiaries | 7,933 | 8,043 | ||
CGMHI | Reportable legal entities | ||||
Assets | ||||
Cash and due from banks | 955 | 834 | ||
Cash and due from banks—intercompany | 7,448 | 6,890 | ||
Deposits with banks, net of allowances | 7,902 | 7,936 | ||
Deposits with banks—intercompany | 10,816 | 11,005 | ||
Securities borrowed and purchased under resale agreements | 286,724 | 269,608 | ||
Securities borrowed and purchased under resale agreements—intercompany | 19,549 | 23,362 | ||
Trading account assets | 202,678 | 189,841 | ||
Trading account assets—intercompany | 7,279 | 1,438 | ||
Investments, net of allowance | 265 | 224 | ||
Loans, net of unearned income | 1,749 | 2,293 | ||
Loans, net of unearned income—intercompany | 337 | 0 | ||
Allowance for credit losses on loans (ACLL) | 0 | 0 | ||
Total loans, net | 2,086 | 2,293 | ||
Advances to subsidiaries | 0 | 0 | ||
Other assets, net of allowance | 66,753 | 69,312 | ||
Other assets—intercompany | 94,716 | 60,567 | ||
Total assets | 707,171 | 643,310 | ||
Liabilities and equity | ||||
Deposits | 0 | 0 | ||
Deposits—intercompany | 0 | 0 | ||
Securities loaned and sold under agreements to repurchase, at fair value | 181,765 | 171,818 | ||
Securities loaned and sold under repurchase agreements—intercompany | 64,151 | 62,197 | ||
Trading account liabilities | 108,940 | 122,383 | ||
Trading account liabilities—intercompany | 6,989 | 500 | ||
Short-term borrowings | 20,382 | 13,425 | ||
Short-term borrowings—intercompany | 23,468 | 17,230 | ||
Long-term debt | 88,844 | 61,416 | ||
Long-term debt—intercompany | 83,224 | 76,335 | ||
Other liabilities | 75,040 | 68,206 | ||
Other liabilities—intercompany | 15,530 | 11,774 | ||
Stockholders’ equity | 38,838 | 38,026 | ||
Total liabilities and equity | 707,171 | 643,310 | ||
CGMHI | Reportable legal entities | Subsidiary Holding Company | ||||
Assets | ||||
Investments in subsidiary bank holding company | 0 | 0 | ||
Liabilities and equity | ||||
Advances from non-bank subsidiaries | 0 | 0 | ||
CGMHI | Reportable legal entities | Non-Bank Subsidiaries | ||||
Assets | ||||
Investments in subsidiary bank holding company | 0 | 0 | ||
Liabilities and equity | ||||
Advances from non-bank subsidiaries | 0 | 0 | ||
Other Citigroup subsidiaries and eliminations | Reportable legal entities | ||||
Assets | ||||
Cash and due from banks | 29,622 | 26,681 | ||
Cash and due from banks—intercompany | (7,463) | (6,907) | ||
Deposits with banks, net of allowances | 303,546 | 226,582 | ||
Deposits with banks—intercompany | (13,816) | (14,505) | ||
Securities borrowed and purchased under resale agreements | 78,677 | 57,680 | ||
Securities borrowed and purchased under resale agreements—intercompany | (19,549) | (23,362) | ||
Trading account assets | 131,306 | 141,856 | ||
Trading account assets—intercompany | (7,455) | (2,653) | ||
Investments, net of allowance | 526,316 | 512,597 | ||
Loans, net of unearned income | 655,472 | 665,474 | ||
Loans, net of unearned income—intercompany | (337) | 0 | ||
Allowance for credit losses on loans (ACLL) | (16,974) | (16,455) | ||
Total loans, net | 638,161 | 649,019 | ||
Advances to subsidiaries | (146,843) | (142,144) | ||
Other assets, net of allowance | 131,113 | 126,112 | ||
Other assets—intercompany | (98,062) | (63,304) | ||
Total assets | 1,545,553 | 1,487,652 | ||
Liabilities and equity | ||||
Deposits | 1,365,954 | 1,317,230 | ||
Deposits—intercompany | 0 | 0 | ||
Securities loaned and sold under agreements to repurchase, at fair value | 20,679 | 19,467 | ||
Securities loaned and sold under repurchase agreements—intercompany | (64,151) | (62,197) | ||
Trading account liabilities | 61,684 | 39,129 | ||
Trading account liabilities—intercompany | (7,570) | (1,277) | ||
Short-term borrowings | 26,714 | 14,548 | ||
Short-term borrowings—intercompany | (23,468) | (17,230) | ||
Long-term debt | 16,505 | 28,013 | ||
Long-term debt—intercompany | (83,224) | (76,335) | ||
Other liabilities | 79,730 | 65,570 | ||
Other liabilities—intercompany | (15,565) | (11,774) | ||
Stockholders’ equity | 182,827 | 185,977 | ||
Total liabilities and equity | 1,545,553 | 1,487,652 | ||
Other Citigroup subsidiaries and eliminations | Reportable legal entities | Subsidiary Holding Company | ||||
Assets | ||||
Investments in subsidiary bank holding company | 0 | 0 | ||
Liabilities and equity | ||||
Advances from non-bank subsidiaries | (6,629) | (5,426) | ||
Other Citigroup subsidiaries and eliminations | Reportable legal entities | Non-Bank Subsidiaries | ||||
Assets | ||||
Investments in subsidiary bank holding company | 0 | 0 | ||
Liabilities and equity | ||||
Advances from non-bank subsidiaries | (7,933) | (8,043) | ||
Up to 30 days | Citigroup parent company | ||||
Liabilities and equity | ||||
Placements with term of less than 30 days | $ 29,200 | $ 19,500 |
CONDENSED CONSOLIDATING FINAN_5
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by operating activities of continuing operations | [1] | $ 25,069 | $ 47,090 | $ (23,488) |
Available-for-sale debt securities | ||||
Purchases of investments | [1],[2] | (218,747) | (205,980) | (306,801) |
Proceeds from sales of investments | [2] | 79,687 | 125,895 | 144,035 |
Proceeds from maturities of investments | [2] | 140,934 | 120,936 | 110,941 |
Held-to-maturity debt securities | ||||
Purchases of investments | [2] | (42,903) | (136,450) | (25,586) |
Proceeds from maturities of investments | [2] | 12,188 | 21,164 | 15,215 |
Change in loans | (16,591) | (1,173) | 14,249 | |
Proceeds from sales and securitizations of loans | 4,709 | 2,918 | 1,495 | |
Proceeds from divestitures | [3] | 5,741 | 0 | 0 |
Change in securities borrowed and purchased under agreements to resell | (38,113) | (32,576) | (43,390) | |
Changes in investments and advances—intercompany | 0 | 0 | 0 | |
Other investing activities | (6,360) | (5,480) | (2,603) | |
Net cash used in investing activities of continuing operations | [1] | (79,455) | (110,746) | (92,445) |
Cash flows from financing activities of continuing operations | ||||
Dividends paid | (5,003) | (5,198) | (5,352) | |
Issuance of preferred stock | 0 | 3,300 | 2,995 | |
Redemption of preferred stock | 0 | (3,785) | (1,500) | |
Treasury stock acquired | (3,250) | (7,601) | (2,925) | |
Proceeds (repayments) from issuance of long-term debt, net | 47,663 | (4,292) | 13,056 | |
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 0 | 0 | 0 | |
Change in deposits | 68,415 | 44,966 | 210,081 | |
Change in securities loaned and sold under agreements to repurchase | 11,159 | (8,240) | 33,186 | |
Change in short-term borrowings | 19,123 | (1,541) | (15,535) | |
Net change in short-term borrowings and other advances—intercompany | 0 | 0 | 0 | |
Capital contributions from (to) parent | 0 | 0 | ||
Other financing activities | (344) | (337) | (411) | |
Net cash provided by financing activities of continuing operations | 137,763 | 17,272 | 233,595 | |
Effect of exchange rate changes on cash and due from banks | (3,385) | (1,198) | (1,966) | |
Change in cash, due from banks and deposits with banks | 79,992 | (47,582) | 115,696 | |
Cash, due from banks and deposits with banks at beginning of year | 262,033 | 309,615 | 193,919 | |
Cash, due from banks and deposits with banks at end of year | 342,025 | 262,033 | 309,615 | |
Cash and due from banks (including segregated cash and other deposits) | 30,577 | 27,515 | 26,349 | |
Deposits with banks, net of allowance | 311,448 | 234,518 | 283,266 | |
Cash, due from banks and deposits with banks at end of period | 342,025 | 262,033 | 309,615 | |
Supplemental disclosure of cash flow information for continuing operations | ||||
Cash paid during the year for income taxes | 3,733 | 4,028 | 4,797 | |
Cash paid during the year for interest | 22,615 | 7,143 | 12,094 | |
Non-cash investing and financing activities | ||||
Transfer of investment securities from AFS to HTM | [3],[4] | 21,688 | 0 | 0 |
Decrease in goodwill associated with divestitures reclassified to HFS | [3],[4] | 876 | 0 | 0 |
Transfers to loans HFS (Other assets) from loans | [3],[4] | 5,582 | 7,414 | 2,614 |
Decrease in long-term debt associated with divestitures reclassified to HFS | [3] | 0 | 479 | 0 |
Decrease in deposits associated with divestitures reclassified to HFS | [3] | 19,691 | 8,407 | 0 |
Decrease in net loans associated with divestitures reclassified to HFS | [3],[4] | 16,956 | 9,945 | 0 |
Consolidating adjustments | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by operating activities of continuing operations | 0 | 0 | 0 | |
Available-for-sale debt securities | ||||
Purchases of investments | 0 | 0 | 0 | |
Proceeds from sales of investments | 0 | 0 | 0 | |
Proceeds from maturities of investments | 0 | 0 | 0 | |
Held-to-maturity debt securities | ||||
Purchases 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 divestitures | 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 | 0 | |
Redemption of preferred stock | 0 | 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 | ||
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, due from banks and deposits with banks | 0 | 0 | 0 | |
Cash, due from banks and deposits with banks at beginning of year | 0 | 0 | 0 | |
Cash, due from banks and deposits with banks at end of year | 0 | 0 | 0 | |
Cash and due from banks (including segregated cash and other deposits) | 0 | 0 | 0 | |
Deposits with banks, net of allowance | 0 | 0 | 0 | |
Cash, due from banks and deposits with banks at end of period | 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 and financing activities | ||||
Transfer of investment securities from AFS to HTM | 0 | |||
Decrease in net loans associated with divestitures reclassified to HFS | 0 | |||
Decrease in goodwill associated with divestitures reclassified to HFS | 0 | |||
Transfers to loans HFS (Other assets) from loans | 0 | 0 | 0 | |
Decrease in long-term debt associated with divestitures reclassified to HFS | 0 | |||
Decrease in deposits associated with divestitures reclassified to HFS | 0 | 0 | ||
Decrease in net loans associated with divestitures reclassified to HFS | 0 | |||
Citigroup parent company | Reportable legal entities | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by operating activities of continuing operations | 156 | 3,947 | 5,002 | |
Available-for-sale debt securities | ||||
Purchases of investments | 0 | 0 | 0 | |
Proceeds from sales of investments | 0 | 0 | 0 | |
Proceeds from maturities of investments | 0 | 0 | 0 | |
Held-to-maturity debt securities | ||||
Purchases 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 divestitures | 0 | |||
Change in securities borrowed and purchased under agreements to resell | 0 | 0 | 0 | |
Changes in investments and advances—intercompany | (7,815) | 8,260 | (5,584) | |
Other investing activities | 0 | 0 | 0 | |
Net cash used in investing activities of continuing operations | (7,815) | 8,260 | (5,584) | |
Cash flows from financing activities of continuing operations | ||||
Dividends paid | (5,003) | (5,198) | (5,352) | |
Issuance of preferred stock | 0 | 3,300 | 2,995 | |
Redemption of preferred stock | 0 | (3,785) | (1,500) | |
Treasury stock acquired | (3,250) | (7,601) | (2,925) | |
Proceeds (repayments) from issuance of long-term debt, net | 14,661 | (86) | 16,798 | |
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 | 1,093 | 501 | (7,528) | |
Capital contributions from (to) parent | 0 | 0 | ||
Other financing activities | (344) | (337) | (411) | |
Net cash provided by financing activities of continuing operations | 7,157 | (13,206) | 2,077 | |
Effect of exchange rate changes on cash and due from banks | 0 | 0 | 0 | |
Change in cash, due from banks and deposits with banks | (502) | (999) | 1,495 | |
Cash, due from banks and deposits with banks at beginning of year | 3,517 | 4,516 | 3,021 | |
Cash, due from banks and deposits with banks at end of year | 3,015 | 3,517 | 4,516 | |
Cash and due from banks (including segregated cash and other deposits) | 15 | 17 | 16 | |
Deposits with banks, net of allowance | 3,000 | 3,500 | 4,500 | |
Cash, due from banks and deposits with banks at end of period | 3,015 | 3,517 | 4,516 | |
Supplemental disclosure of cash flow information for continuing operations | ||||
Cash paid during the year for income taxes | (1,269) | (2,406) | (1,883) | |
Cash paid during the year for interest | 1,309 | 3,101 | 2,681 | |
Non-cash investing and financing activities | ||||
Transfer of investment securities from AFS to HTM | 0 | |||
Decrease in net loans associated with divestitures reclassified to HFS | 0 | |||
Decrease in goodwill associated with divestitures reclassified to HFS | 0 | |||
Transfers to loans HFS (Other assets) from loans | 0 | 0 | 0 | |
Decrease in long-term debt associated with divestitures reclassified to HFS | 0 | |||
Decrease in deposits associated with divestitures reclassified to HFS | 0 | 0 | ||
Decrease in net loans associated with divestitures reclassified to HFS | 0 | |||
CGMHI | Reportable legal entities | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by operating activities of continuing operations | (18,505) | 43,227 | (26,195) | |
Available-for-sale debt securities | ||||
Purchases of investments | 0 | 0 | 0 | |
Proceeds from sales of investments | 0 | 0 | 0 | |
Proceeds from maturities of investments | 0 | 0 | 0 | |
Held-to-maturity debt securities | ||||
Purchases 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 divestitures | 0 | |||
Change in securities borrowed and purchased under agreements to resell | (13,303) | (29,944) | (46,044) | |
Changes in investments and advances—intercompany | (33,929) | (9,040) | (6,917) | |
Other investing activities | (65) | (2) | (54) | |
Net cash used in investing activities of continuing operations | (47,297) | (38,986) | (53,015) | |
Cash flows from financing activities of continuing operations | ||||
Dividends paid | (281) | (196) | (172) | |
Issuance of preferred stock | 0 | 0 | 0 | |
Redemption of preferred stock | 0 | 0 | 0 | |
Treasury stock acquired | 0 | 0 | 0 | |
Proceeds (repayments) from issuance of long-term debt, net | 34,162 | 15,071 | 6,349 | |
Proceeds (repayments) from issuance of long-term debt—intercompany, net | 11,089 | 14,410 | 3,960 | |
Change in deposits | 0 | 0 | 0 | |
Change in securities loaned and sold under agreements to repurchase | 11,901 | (27,241) | 79,322 | |
Change in short-term borrowings | 6,957 | 1,102 | 1,228 | |
Net change in short-term borrowings and other advances—intercompany | 2,038 | (917) | (7,806) | |
Capital contributions from (to) parent | 380 | 71 | ||
Other financing activities | 12 | 12 | 0 | |
Net cash provided by financing activities of continuing operations | 66,258 | 2,312 | 82,881 | |
Effect of exchange rate changes on cash and due from banks | 0 | 0 | 0 | |
Change in cash, due from banks and deposits with banks | 456 | 6,553 | 3,671 | |
Cash, due from banks and deposits with banks at beginning of year | 26,665 | 20,112 | 16,441 | |
Cash, due from banks and deposits with banks at end of year | 27,121 | 26,665 | 20,112 | |
Cash and due from banks (including segregated cash and other deposits) | 8,403 | 7,724 | 6,709 | |
Deposits with banks, net of allowance | 18,718 | 18,941 | 13,403 | |
Cash, due from banks and deposits with banks at end of period | 27,121 | 26,665 | 20,112 | |
Supplemental disclosure of cash flow information for continuing operations | ||||
Cash paid during the year for income taxes | 363 | 919 | 1,138 | |
Cash paid during the year for interest | 9,936 | 2,210 | 4,516 | |
Non-cash investing and financing activities | ||||
Transfer of investment securities from AFS to HTM | 0 | |||
Decrease in net loans associated with divestitures reclassified to HFS | 0 | |||
Decrease in goodwill associated with divestitures reclassified to HFS | 0 | |||
Transfers to loans HFS (Other assets) from loans | 0 | 0 | 0 | |
Decrease in long-term debt associated with divestitures reclassified to HFS | 0 | |||
Decrease in deposits associated with divestitures reclassified to HFS | 0 | 0 | ||
Decrease in net loans associated with divestitures reclassified to HFS | 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 | 43,418 | (84) | (2,295) | |
Available-for-sale debt securities | ||||
Purchases of investments | (218,747) | (205,980) | (306,801) | |
Proceeds from sales of investments | 79,687 | 125,895 | 144,035 | |
Proceeds from maturities of investments | 140,934 | 120,936 | 110,941 | |
Held-to-maturity debt securities | ||||
Purchases of investments | (42,903) | (136,450) | (25,586) | |
Proceeds from maturities of investments | 12,188 | 21,164 | 15,215 | |
Change in loans | (16,591) | (1,173) | 14,249 | |
Proceeds from sales and securitizations of loans | 4,709 | 2,918 | 1,495 | |
Proceeds from divestitures | 5,741 | |||
Change in securities borrowed and purchased under agreements to resell | (24,810) | (2,632) | 2,654 | |
Changes in investments and advances—intercompany | 41,744 | 780 | 12,501 | |
Other investing activities | (6,295) | (5,478) | (2,549) | |
Net cash used in investing activities of continuing operations | (24,343) | (80,020) | (33,846) | |
Cash flows from financing activities of continuing operations | ||||
Dividends paid | 281 | 196 | 172 | |
Issuance of preferred stock | 0 | 0 | 0 | |
Redemption of preferred stock | 0 | 0 | 0 | |
Treasury stock acquired | 0 | 0 | 0 | |
Proceeds (repayments) from issuance of long-term debt, net | (1,160) | (19,277) | (10,091) | |
Proceeds (repayments) from issuance of long-term debt—intercompany, net | (11,089) | (14,410) | (3,960) | |
Change in deposits | 68,415 | 44,966 | 210,081 | |
Change in securities loaned and sold under agreements to repurchase | (742) | 19,001 | (46,136) | |
Change in short-term borrowings | 12,166 | (2,643) | (16,763) | |
Net change in short-term borrowings and other advances—intercompany | (3,131) | 416 | 15,334 | |
Capital contributions from (to) parent | (380) | (71) | ||
Other financing activities | (12) | (12) | 0 | |
Net cash provided by financing activities of continuing operations | 64,348 | 28,166 | 148,637 | |
Effect of exchange rate changes on cash and due from banks | (3,385) | (1,198) | (1,966) | |
Change in cash, due from banks and deposits with banks | 80,038 | (53,136) | 110,530 | |
Cash, due from banks and deposits with banks at beginning of year | 231,851 | 284,987 | 174,457 | |
Cash, due from banks and deposits with banks at end of year | 311,889 | 231,851 | 284,987 | |
Cash and due from banks (including segregated cash and other deposits) | 22,159 | 19,774 | 19,624 | |
Deposits with banks, net of allowance | 289,730 | 212,077 | 265,363 | |
Cash, due from banks and deposits with banks at end of period | 311,889 | 231,851 | 284,987 | |
Supplemental disclosure of cash flow information for continuing operations | ||||
Cash paid during the year for income taxes | 4,639 | 5,515 | 5,542 | |
Cash paid during the year for interest | 11,370 | 1,832 | 4,897 | |
Non-cash investing and financing activities | ||||
Transfer of investment securities from AFS to HTM | 21,688 | |||
Decrease in net loans associated with divestitures reclassified to HFS | 16,956 | |||
Decrease in goodwill associated with divestitures reclassified to HFS | 876 | |||
Transfers to loans HFS (Other assets) from loans | 5,582 | 7,414 | $ 2,614 | |
Decrease in long-term debt associated with divestitures reclassified to HFS | 479 | |||
Decrease in deposits associated with divestitures reclassified to HFS | $ 19,691 | 8,407 | ||
Decrease in net loans associated with divestitures reclassified to HFS | $ 9,945 | |||
[1]See “Statement of Cash Flows” in Note 1.[2]Citi has revised the Consolidated Statement of Cash Flows to present purchases of investments, sales of investments and proceeds from maturities of investments separately between AFS debt securities and HTM debt securities. Citi had no sales of HTM debt securities during the periods presented.[3]See Note 2 for further information on significant disposals.[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 28 for more information and balances as of December 31, 2022 and 2021, respectively. |