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DEBT
12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
DEBT
 DEBT
Short-Term Borrowings
 
December 31,

2017
2016
In millions of dollars
Balance
Weighted average coupon
Balance
Weighted average coupon
Commercial paper
$
9,940

1.28
%
$
9,989

0.79
%
Other borrowings(1)
34,512

1.62

20,712

1.39

Total
$
44,452

 
$
30,701




(1)
Includes borrowings from the Federal Home Loan Banks and other market participants. At December 31, 2017 and December 31, 2016, collateralized short-term advances from the Federal Home Loan Banks were $23.8 billion and $12.0 billion, respectively.

Borrowings under bank lines of credit may be at interest rates based on LIBOR, CD rates, the prime rate or bids submitted by the banks. Citigroup pays commitment fees for its lines of credit.
Some of Citigroup’s non-bank subsidiaries have credit facilities with Citigroup’s subsidiary depository institutions, including Citibank. Borrowings under these facilities are secured in accordance with Section 23A of the Federal Reserve Act.
Citigroup Global Markets Holdings Inc. (CGMHI) has borrowing agreements consisting of facilities that CGMHI has been advised are available, but where no contractual lending obligation exists. These arrangements are reviewed on an ongoing basis to ensure flexibility in meeting CGMHI’s short-term requirements.

Long-Term Debt



Balances at
December 31,
In millions of dollars
Weighted
average
coupon
Maturities
2017
2016
Citigroup Inc.(1)




Senior debt
4.15
%
2018-2098
$
123,488

$
118,881

Subordinated debt(2)
4.48

2018-2046
26,963

26,758

Trust preferred
    securities
6.90

2036-2067
1,712

1,694

Bank(3)
 
 
 
 
Senior debt
2.06

2018-2049
65,856

49,454

Broker-dealer(4)
 
 
 
 
Senior debt
3.44

2018-2057
18,666

9,387

Subordinated debt(2)
5.37

2021-2037
24

4

Total
3.57
%
 
$
236,709

$
206,178

Senior debt
 
 
$
208,010

$
177,722

Subordinated debt(2)
 
 
26,987

26,762

Trust preferred
    securities
 
 
1,712

1,694

Total
 
 
$
236,709

$
206,178


(1)
Represents the parent holding company.
(2)
Includes notes that are subordinated within certain countries, regions or subsidiaries.
(3)
Represents Citibank entities as well as other bank entities. At December 31, 2017 and December 31, 2016, collateralized long-term advances from the Federal Home Loan Banks were $19.3 billion and $21.6 billion, respectively.
(4)
Represents broker-dealer and other non-bank subsidiaries that are consolidated into Citigroup Inc., the parent holding company.

The Company issues both fixed- and variable-rate debt in a range of currencies. It uses derivative contracts, primarily interest rate swaps, to effectively convert a portion of its fixed-rate debt to variable-rate debt. The maturity structure of the derivatives generally corresponds to the maturity structure of the debt being hedged. In addition, the Company uses other derivative contracts to manage the foreign exchange impact of certain debt issuances. At December 31, 2017, the Company’s overall weighted average interest rate for long-term debt was 3.57% on a contractual basis and 2.70% 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
2018

2019

2020

2021

2022

Thereafter

Total

Citigroup Inc.
$
20,050

$
16,656

$
9,565

$
15,499

$
9,627

$
80,766

$
152,163

Bank
29,270

17,245

10,302

4,077

1,471

3,491

65,856

Broker-dealer
4,158

2,388

3,321

1,443

1,266

6,114

18,690

Total
$
53,478

$
36,289

$
23,188

$
21,019

$
12,364

$
90,371

$
236,709




The following table summarizes the Company’s outstanding trust preferred securities at December 31, 2017:
 
 
 
 
 
 
Junior subordinated debentures owned by trust
Trust
Issuance
date
Securities
issued
Liquidation
value(1)
Coupon
rate(2)
Common
shares
issued
to parent
Amount
Maturity
Redeemable
by issuer
beginning
 In millions of dollars, except share amounts









Citigroup Capital III
Dec. 1996
194,053

$
194

7.625
%
6,003

$
200

Dec. 1, 2036
Not redeemable
Citigroup Capital XIII
Sept. 2010
89,840,000

2,246

3 mo LIBOR + 637 bps

1,000

2,246

Oct. 30, 2040
Oct. 30, 2015
Citigroup Capital XVIII
June 2007
99,901

135

3 mo LIBOR + 88.75 bps

50

135

June 28, 2067
June 28, 2017
Total obligated
 
 

$
2,575

 
 
$
2,581

 
 

Note: Distributions on the trust preferred securities and interest on the subordinated debentures are payable semiannually for Citigroup Capital III and Citigroup Capital XVIII and quarterly for Citigroup Capital XIII.
(1)
Represents the notional value received by investors from the trusts at the time of issuance.
(2)
In each case, the coupon rate on the subordinated debentures is the same as that on the trust preferred securities.