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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 dollars202220212020
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 loans1,367 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 loans937 (7,283)7,635 
Net specific reserve builds (releases) for loans19 (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
 — 
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 commitments291 (788)1,446 
Other, net(3)
(11)(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 dollars202220212020
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 dollarsCorporateConsumerTotal
ACLL at beginning of year$2,415 $14,040 $16,455 
Gross credit losses on loans(278)(4,878)(5,156)
Gross recoveries on loans100 1,267 1,367 
Replenishment of NCLs178 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
during the year
   
Other1 (438)(437)
Ending balance$2,855 $14,119 $16,974 
ACLL   
Collectively evaluated$2,532 $13,521 $16,053 
Individually evaluated323 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 evaluated1,122 2,921 4,043 
Purchased credit deteriorated 114 114 
Held at fair value5,123 237 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 dollarsCorporateConsumerTotal
ACLL at beginning of year$4,776 $20,180 $24,956 
Gross credit losses on loans(500)(6,220)(6,720)
Gross recoveries on loans114 1,711 1,825 
Replenishment of NCLs386 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
during the year
— — — 
Other(31)(472)(503)
Ending balance$2,415 $14,040 $16,455 
ACLL   
Collectively evaluated$2,203 $13,227 $15,430 
Individually evaluated212 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 evaluated1,553 3,748 5,301 
Purchased credit deteriorated— 119 119 
Held at fair value6,070 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 dollarsCorporateConsumerTotal
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 year1,911 14,630 16,541 
Gross credit losses on loans(976)(8,287)(9,263)
Gross recoveries on loans76 1,576 1,652 
Replenishment of NCLs900 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
during the year
— 
Other65 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 dollarsMortgage-backedState and municipalForeign governmentAsset-backedAll other debt securitiesTotal 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 dollarsMortgage-backedState and municipalForeign governmentAsset-
backed
All other debt securitiesTotal HTM
Allowance for credit losses on HTM debt securities at beginning of year$$74 $$$— $86 
Gross credit losses— — — — — — 
Gross recoveries— — — — 
Net credit losses (NCLs)$$— $— $— $— $
Replenishment of NCLs$(3)$— $— $— $— $(3)
Net reserve builds (releases)(2)(2)— 
Net specific reserve builds (releases)(4)— — — — (4)
Total provision for credit losses on HTM debt securities$— $$(2)$(2)$— $(3)
Other, net$— $— $— $$— $
Allowance for credit losses on HTM debt securities at
end of year
$$75 $$$— $87 

Year ended December 31, 2020
In millions of dollarsMortgage-backedState and municipalForeign governmentAsset-
backed
All other debt securitiesTotal HTM
Allowance for credit losses on HTM debt securities at beginning of year$— $— $— $— $— $— 
Adjustment to opening balance for CECL adoption— 61 — 70 
Gross credit losses— — — — — — 
Gross recoveries— — — — — — 
Net credit losses (NCLs)$— $— $— $— $— $— 
Replenishment of NCLs$— $— $— $— $— $— 
Net reserve builds (releases)(2)10 (2)— 
Net specific reserve builds (releases)— — — — — — 
Total provision for credit losses on HTM debt securities$(2)$10 $(2)$$— $
Other, net$$$$(3)$— $
Allowance for credit losses on HTM debt securities at
end of year
$$74 $$$— $86 
Allowance for Credit Losses on Other Assets

Year ended December 31, 2022
In millions of dollarsDeposits with banksSecurities borrowed and purchased under agreements
to resell
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 dollarsDeposits with banksSecurities borrowed and purchased under agreements
to resell
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$— $— $— $$
Net reserve builds (releases)(4)— — (2)
Total provision for credit losses$$(4)$— $$— 
Other, net$(1)$— $— $$— 
Allowance for credit losses on other assets at end of year$21 $$— $26 $53 

(1)Primarily accounts receivable.

Year ended December 31, 2020
In millions of dollarsCash and
due from banks
Deposits with banksSecurities borrowed and purchased under agreements
to resell
Brokerage receivables
All other assets(1)
Total
Allowance for credit losses on other assets at beginning of year$— $— $— $— $— $— 
Adjustment to opening balance for CECL adoption14 26 
Gross credit losses— — — — — — 
Gross recoveries— — — — — — 
Net credit losses (NCLs)$— $— $— $— $— $— 
Replenishment of NCLs$— $— $— $— $— $— 
Net reserve builds (releases)(6)(1)
Total provision for credit losses$(6)$$$(1)$$
Other, net$— $$— $— $21 $22 
Allowance for credit losses on other assets at end of year$— $20 $10 $— $25 $55 

(1)Primarily accounts receivable.
For ACL on AFS debt securities, see Note 13.