CONDENSED PARENT COMPANY FINANCIAL STATEMENTS (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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Condensed consolidating statements of income and comprehensive income |
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 | |
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Condensed consolidating balance sheet |
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 | |
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.
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Condensed consolidating statement of cash flows |
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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