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DISCONTINUED OPERATIONS, SIGNIFICANT DISPOSALS AND OTHER BUSINESS EXITS (Tables)
9 Months Ended
Sep. 30, 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:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2022202120222021
Total revenues, net of interest expense$ $— $ $— 
Income (loss) from discontinued operations(1)
$(6)$(1)$(270)$
Benefit for income taxes — (41)— 
Income (loss) from discontinued operations,
net of taxes
$(6)$(1)$(229)$

(1)Amounts in each period relate to the sale of the Egg Banking business in 2011.
All sale transactions that have yet to close in the table below are subject to regulatory approvals and other closing conditions.
September 30, 2022
In millions of dollarsAssetsLiabilities
Consumer banking business inSale agreement dateExpected closeCash and deposits with banks
Loans(1)
Goodwill(2)
Other assets, advances to/from subsidiariesOther assetsTotal assetsDepositsLong-term debtOther liabilitiesTotal liabilities
Australia(3)
8/9/21closed 6/1/2022$ $ $ $ $ $ $ $ $ $ 
Philippines(4)
12/23/21closed 8/1/2022          
Thailand(5)
1/14/22closed 11/1/2022$16 $2,374 $145 $199 $81 $2,815 $865 $ $135 $1,000 
Taiwan(5)
1/28/22second half 202396 7,455 192 4,727 190 12,660 9,851  214 10,065 
India(5)
3/30/22first half 202324 3,431 313 2,134 99 6,001 5,472  191 5,663 
Income (loss) before taxes(6)
Three Months Ended
September 30,
Nine Months Ended
September 30,
In millions of dollars2022
2021
20222021
Australia(3)
$ $95 $193 $236 
Philippines(4)
7 47 72 114 
Thailand28 17 106 108 
Taiwan15 71 111 221 
India37 59 161 157 

(1)    Loans, net of allowance as of September 30, 2022: Thailand $67 million, Taiwan $56 million and India $44 million.
(2)    For Thailand, includes intangible assets.
(3)    On June 1, 2022, Citi completed the sale of its Australia consumer banking business, which was part of Legacy Franchises. The Australia consumer banking 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 $780 million ($650 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 currency translation adjustment (CTA) loss (net of hedges) ($470 million after-tax) already reflected in the Accumulated other comprehensive income (AOCI) component of equity. The sale closed on June 1, 2022, and the CTA-related balance was removed from the AOCI component of equity, resulting in a neutral CTA impact to Citi’s Common Equity Tier 1 Capital. The income before taxes shown in the above table for Australia reflects Citi’s ownership through June 1, 2022.
(4)    On August 1, 2022, Citi completed the sale of its Philippines consumer banking business, which was part of Legacy Franchises. The Philippines consumer banking 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 $616 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.
(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, excludes the pretax gain on sale.
Schedule of 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 dollarsEmployee termination costs
Total Citigroup (pretax)
Original charges$1,052 
Utilization(1)
Foreign exchange
Balance at December 31, 2021$1,054 
Additional charges$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$