| SUBSIDIARY GURANTEES |
SUBSIDIARY GUARANTEES Citigroup Inc. has fully and unconditionally guaranteed the payments due on debt securities issued by Citigroup Global Markets Holdings Inc. (CGMHI), a wholly owned subsidiary, under the Senior Debt Indenture dated as of March 8, 2016, between CGMHI, Citigroup Inc. and The Bank of New York Mellon, as trustee. In addition, Citigroup Capital III and Citigroup Capital XIII (collectively, the Capital Trusts), each of which is a wholly owned finance subsidiary of Citigroup Inc., have issued trust preferred securities. Citigroup Inc. has guaranteed the payments due on the trust preferred securities to the extent that the Capital Trusts have insufficient available funds to make payments on the trust preferred securities. The guarantee, together with Citigroup Inc.’s other obligations with respect to the trust preferred securities, effectively provides a full and unconditional guarantee of amounts due on the trust preferred securities (see Note 19). No other subsidiary of Citigroup Inc. guarantees the debt securities issued by CGMHI or the trust preferred securities issued by the Capital Trusts. Summarized financial information for Citigroup Inc. and CGMHI is presented in the tables below:
SUMMARIZED INCOME STATEMENT
| | | | | | | | | | 2023 | | In millions of dollars | Citigroup parent company | CGMHI | | Total revenues, net of interest expense | $ | 14,079 | | $ | 10,615 | | | Total operating expenses | 202 | | 11,593 | | | Provision for credit losses | — | | 53 | | | Equity in undistributed income of subsidiaries | (5,572) | | — | | | Income (loss) from continuing operations before income taxes | $ | 8,305 | | $ | (1,031) | | | Provision (benefit) for income taxes | (923) | | 57 | | | Net income | $ | 9,228 | | $ | (1,088) | |
SUMMARIZED BALANCE SHEET
| | | | | | | | | | | | | | | | December 31, 2023 | December 31, 2022 | | In millions of dollars | Citigroup parent company | CGMHI | Citigroup parent company | CGMHI | | Cash and deposits with banks | $ | 3,011 | | $ | 23,756 | | $ | 3,015 | | $ | 27,122 | | | Securities borrowed and purchased under resale agreements | — | | 283,174 | | — | | 306,273 | | | Trading account assets | 461 | | 273,379 | | 306 | | 209,957 | | | Advances to subsidiaries | 150,845 | | — | | 146,843 | | — | | | Investments in subsidiary bank holding company | 172,125 | | — | | 172,721 | | — | | | Investments in non-bank subsidiaries | 46,870 | | — | | 48,295 | | — | | | Other assets | 14,202 | | 167,609 | | 13,788 | | 163,819 | | | Total assets | $ | 387,514 | | $ | 747,918 | | $ | 384,968 | | $ | 707,171 | | | Securities loaned and sold under agreements to repurchase | $ | — | | $ | 309,862 | | $ | — | | $ | 245,916 | | | Trading account liabilities | 300 | | 111,233 | | 604 | | 115,929 | | | Short-term borrowings | — | | 20,481 | | — | | 43,850 | | | Long-term debt | 162,309 | | 184,083 | | 166,257 | | 172,068 | | | Advances from subsidiaries | 16,724 | | — | | 14,562 | | — | | | Other liabilities | 2,728 | | 85,079 | | 2,356 | | 90,570 | | | Stockholders’ equity | 205,453 | | 37,180 | | 201,189 | | 38,838 | | | Total liabilities and equity | $ | 387,514 | | $ | 747,918 | | $ | 384,968 | | $ | 707,171 | |
The following are the Condensed Statements of Income and Comprehensive Income for the years ended December 31, 2023, 2022 and 2021, Condensed Balance Sheet as of December 31, 2023 and 2022 and Condensed Statement of Cash Flows for the years ended December 31, 2023, 2022 and 2021 for Citigroup Inc., the parent holding company.
Condensed Statements of Income and Comprehensive Income Parent Company Only
| | | | | | | | | | | | | Year ended December 31, | | In millions of dollars | 2023 | 2022 | 2021 | | Revenues | | | | | Dividends from subsidiaries | $ | 16,811 | | $ | 8,992 | | $ | 6,482 | | | Interest revenue—intercompany | 6,955 | | 4,628 | | 3,757 | | | Interest expense | 6,339 | | 5,250 | | 4,791 | | | Interest expense—intercompany | 1,460 | | 715 | | 294 | | | Net interest income | $ | (844) | | $ | (1,337) | | $ | (1,328) | | | Commissions and fees | $ | — | | $ | — | | $ | — | | | Commissions and fees—intercompany | (31) | | (1) | | (36) | | | Principal transactions | (928) | | 5,147 | | 976 | | | Principal transactions—intercompany | (771) | | (5,686) | | (1,375) | | | Other revenue | (23) | | 210 | | (64) | | | Other revenue—intercompany | (135) | | (220) | | (133) | | | Total non-interest revenues | $ | (1,888) | | $ | (550) | | $ | (632) | | | Total revenues, net of interest expense | $ | 14,079 | | $ | 7,105 | | $ | 4,522 | | | Operating expenses | | | | | Compensation and benefits | $ | 9 | | $ | 9 | | $ | 10 | | | Compensation and benefits—intercompany | 18 | | 12 | | 69 | | | Other operating | 160 | | 85 | | 83 | | | Other operating—intercompany | 15 | | 15 | | 11 | | | Total operating expenses | $ | 202 | | $ | 121 | | $ | 173 | | | Equity in undistributed income of subsidiaries | $ | (5,572) | | $ | 6,173 | | $ | 16,596 | | | Income from continuing operations before income taxes | $ | 8,305 | | $ | 13,157 | | $ | 20,945 | | | Provision (benefit) for income taxes | (923) | | (1,688) | | (1,007) | | | Net income | $ | 9,228 | | $ | 14,845 | | $ | 21,952 | | | Comprehensive income | | | | | Add: Other comprehensive income (loss) | 2,235 | | (8,297) | | (6,707) | | | Total Citigroup comprehensive income | $ | 11,463 | | $ | 6,548 | | $ | 15,245 | |
Condensed Balance Sheet Parent Company Only
| | | | | | | | | | December 31, | | In millions of dollars | 2023 | 2022 | | Assets | | | | Cash and due from banks | $ | — | | $ | — | | | Cash and due from banks—intercompany | 11 | | 15 | | | Deposits with banks—intercompany | 3,000 | | 3,000 | | | Trading account assets | 113 | | 130 | | | Trading account assets—intercompany | 348 | | 176 | | | Investments, net of allowance | 1 | | 1 | | | Advances to subsidiaries | $ | 150,845 | | $ | 146,843 | | | Investments in subsidiary bank holding company | 172,125 | | 172,721 | | | Investments in non-bank subsidiaries | 46,870 | | 48,295 | | Other assets, net of allowance(1) | 10,031 | | 10,441 | | | Other assets—intercompany | 4,170 | | 3,346 | | | Total assets | $ | 387,514 | | $ | 384,968 | | | Liabilities and equity | | | | Trading account liabilities | $ | 34 | | $ | 23 | | | Trading account liabilities—intercompany | 266 | | 581 | | | Long-term debt | 162,309 | | 166,257 | | | Advances from subsidiary bank holding company | 8,677 | | 6,629 | | | Advances from non-bank subsidiaries | 8,047 | | 7,933 | | | Other liabilities | 2,560 | | 2,321 | | | Other liabilities—intercompany | 168 | | 35 | | | Stockholders’ equity | 205,453 | | 201,189 | | | Total liabilities and equity | $ | 387,514 | | $ | 384,968 | |
(1)Citigroup parent company at December 31, 2023 and 2022 included $56.9 billion and $40.2 billion, respectively, of placements to Citibank and its branches, of which $33.8 billion and $29.2 billion, respectively, had a remaining term of less than 30 days. Condensed Statement of Cash Flows Parent Company Only
| | | | | | | | | | | | | Year ended December 31, | | In millions of dollars | 2023 | 2022 | 2021 | | Net cash provided by operating activities of continuing operations | $ | 17,163 | | $ | 156 | | $ | 3,947 | | | Cash flows from investing activities of continuing operations | | | | | Changes in investments and advances—intercompany | $ | (3,450) | | $ | (7,815) | | $ | 8,260 | | | | | | | Net cash provided by (used in) investing activities of continuing operations | $ | (3,450) | | $ | (7,815) | | $ | 8,260 | | | Cash flows from financing activities of continuing operations | | | | | Dividends paid | $ | (5,212) | | $ | (5,003) | | $ | (5,198) | | | Issuance of preferred stock | 2,739 | | — | | 3,300 | | Redemption of preferred stock | (4,145) | | — | | (3,785) | | | Treasury stock acquired | (1,977) | | (3,250) | | (7,601) | | | Proceeds (repayments) from issuance of long-term debt, net | (6,955) | | 14,661 | | (86) | | | Net change in short-term borrowings and other advances—intercompany | 2,162 | | 1,093 | | 501 | | | | | | | Other financing activities | (329) | | (344) | | (337) | | | Net cash provided by (used in) financing activities of continuing operations | $ | (13,717) | | $ | 7,157 | | $ | (13,206) | | | Change in cash and due from banks and deposits with banks | $ | (4) | | $ | (502) | | $ | (999) | | | Cash and due from banks and deposits with banks at beginning of year | 3,015 | | 3,517 | | 4,516 | | | Cash and due from banks and deposits with banks at end of year | $ | 3,011 | | $ | 3,015 | | $ | 3,517 | | | Cash and due from banks (including segregated cash and other deposits) | $ | 11 | | $ | 15 | | $ | 17 | | | Deposits with banks, net of allowance | 3,000 | | 3,000 | | 3,500 | | | Cash and due from banks and deposits with banks at end of year | $ | 3,011 | | $ | 3,015 | | $ | 3,517 | | | Supplemental disclosure of cash flow information for continuing operations | | | | | Cash paid (received) during the year for income taxes | $ | (2,000) | | $ | (1,269) | | $ | (2,406) | | Cash paid during the year for interest | 5,704 | | 1,309 | | (3,101) | |
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