INVESTMENTS (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
Schedule of Investments disclosures |
|
Schedule of Investments |
In millions of dollars |
|
2013 |
|
2012 |
|
Securities available-for-sale (AFS) |
|
$ |
286,511 |
|
$ |
288,695 |
|
Debt securities held-to-maturity (HTM)(1) |
|
10,599 |
|
10,130 |
|
Non-marketable equity securities carried at fair value(2) |
|
4,705 |
|
5,768 |
|
Non-marketable equity securities carried at cost(3) |
|
7,165 |
|
7,733 |
|
Total investments |
|
$ |
308,980 |
|
$ |
312,326 |
|
(1) Recorded at amortized cost less impairment for securities that have credit-related impairment.
(2) Unrealized gains and losses for non-marketable equity securities carried at fair value are recognized in earnings.
(3) Non-marketable equity securities carried at cost primarily consist of shares issued by the Federal Reserve Bank, Federal Home Loan Banks, foreign central banks and various clearing houses of which Citigroup is a member.
|
Interest and dividends on investments |
In millions of dollars |
|
2013 |
|
2012 |
|
2011 |
|
Taxable interest |
|
$ |
5,750 |
|
$ |
6,509 |
|
$ |
7,257 |
|
Interest exempt from U.S. federal income tax |
|
732 |
|
683 |
|
746 |
|
Dividends |
|
437 |
|
333 |
|
317 |
|
Total interest and dividends |
|
$ |
6,919 |
|
$ |
7,525 |
|
$ |
8,320 |
|
|
Realized gains and losses on investments |
In millions of dollars |
|
2013 |
|
2012 |
|
2011 |
|
Gross realized investment gains |
|
$ |
1,606 |
|
$ |
3,663 |
|
$ |
2,498 |
|
Gross realized investment losses |
|
(858 |
) |
(412 |
) |
(501 |
) |
Net realized gains |
|
$ |
748 |
|
$ |
3,251 |
|
$ |
1,997 |
|
|
Schedule of gain (loss) on HTM securities sold, securities reclassified to AFS and OTTI recorded on AFS securities reclassified |
In millions of dollars |
|
2013 |
|
2012 |
|
2011 |
|
Carrying value of HTM securities sold |
|
$ |
935 |
|
$ |
2,110 |
|
$ |
1,612 |
|
Net realized gain (loss) on sale of HTM securities |
|
(128 |
) |
(187 |
) |
(299 |
) |
Carrying value of securities reclassified to AFS |
|
989 |
|
244 |
|
— |
|
OTTI losses on securities reclassified to AFS |
|
(156 |
) |
(59 |
) |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost and fair value of AFS |
|
|
2013 |
|
2012 |
|
In millions of dollars |
|
Amortized
cost |
|
Gross
unrealized
gains(1) |
|
Gross
unrealized
losses(1) |
|
Fair
value |
|
Amortized
cost |
|
Gross
unrealized
gains(1) |
|
Gross
unrealized
losses(1) |
|
Fair
value |
|
Debt securities AFS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government-sponsored agency guaranteed |
|
$ |
42,494 |
|
$ |
391 |
|
$ |
888 |
|
$ |
41,997 |
|
$ |
46,001 |
|
$ |
1,507 |
|
$ |
163 |
|
$ |
47,345 |
|
Prime |
|
33 |
|
2 |
|
3 |
|
32 |
|
85 |
|
1 |
|
— |
|
86 |
|
Alt-A |
|
84 |
|
10 |
|
— |
|
94 |
|
1 |
|
— |
|
— |
|
1 |
|
Subprime |
|
12 |
|
— |
|
— |
|
12 |
|
— |
|
— |
|
— |
|
— |
|
Non-U.S. residential |
|
9,976 |
|
95 |
|
4 |
|
10,067 |
|
7,442 |
|
148 |
|
— |
|
7,590 |
|
Commercial |
|
455 |
|
6 |
|
8 |
|
453 |
|
436 |
|
16 |
|
3 |
|
449 |
|
Total mortgage-backed securities |
|
$ |
53,054 |
|
$ |
504 |
|
$ |
903 |
|
$ |
52,655 |
|
$ |
53,965 |
|
$ |
1,672 |
|
$ |
166 |
|
$ |
55,471 |
|
U.S. Treasury and federal agency securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury |
|
$ |
68,891 |
|
$ |
476 |
|
$ |
147 |
|
$ |
69,220 |
|
$ |
64,667 |
|
$ |
943 |
|
$ |
16 |
|
$ |
65,594 |
|
Agency obligations |
|
18,320 |
|
123 |
|
67 |
|
18,376 |
|
26,014 |
|
237 |
|
4 |
|
26,247 |
|
Total U.S. Treasury and federal agency securities |
|
$ |
87,211 |
|
$ |
599 |
|
$ |
214 |
|
$ |
87,596 |
|
$ |
90,681 |
|
$ |
1,180 |
|
$ |
20 |
|
$ |
91,841 |
|
State and municipal(3) |
|
$ |
20,761 |
|
$ |
184 |
|
$ |
2,005 |
|
$ |
18,940 |
|
$ |
20,020 |
|
$ |
132 |
|
$ |
1,820 |
|
$ |
18,332 |
|
Foreign government |
|
96,745 |
|
403 |
|
677 |
|
96,471 |
|
93,298 |
|
903 |
|
154 |
|
94,047 |
|
Corporate |
|
11,039 |
|
210 |
|
119 |
|
11,130 |
|
9,302 |
|
398 |
|
26 |
|
9,674 |
|
Asset-backed securities(2) |
|
15,352 |
|
42 |
|
120 |
|
15,274 |
|
14,188 |
|
85 |
|
143 |
|
14,130 |
|
Other debt securities |
|
710 |
|
1 |
|
— |
|
711 |
|
256 |
|
2 |
|
— |
|
258 |
|
Total debt securities AFS |
|
$ |
284,872 |
|
$ |
1,943 |
|
$ |
4,038 |
|
$ |
282,777 |
|
$ |
281,710 |
|
$ |
4,372 |
|
$ |
2,329 |
|
$ |
283,753 |
|
Marketable equity securities AFS |
|
$ |
3,832 |
|
$ |
85 |
|
$ |
183 |
|
$ |
3,734 |
|
$ |
4,643 |
|
$ |
444 |
|
$ |
145 |
|
$ |
4,942 |
|
Total securities AFS |
|
$ |
288,704 |
|
$ |
2,028 |
|
$ |
4,221 |
|
$ |
286,511 |
|
$ |
286,353 |
|
$ |
4,816 |
|
$ |
2,474 |
|
$ |
288,695 |
|
(1) Gross unrealized gains and losses, as presented, do not include the impact of minority investments and the related allocations and pick-up of unrealized gains and losses of AFS securities. These amounts totaled $36 million and $32 million of unrealized gains as of December 31, 2013 and 2012, respectively.
(2) The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 22 to the Consolidated Financial Statements.
(3) The unrealized losses on state and municipal debt securities are primarily attributable to the effects of fair value hedge accounting. Specifically, Citi hedges the LIBOR-benchmark interest rate component of certain fixed-rate tax-exempt state and municipal debt securities utilizing LIBOR-based interest rate swaps. During the hedge period, losses incurred on the LIBOR-hedging swaps recorded in earnings were substantially offset by gains on the state and municipal debt securities attributable to changes in the LIBOR Swap Rate being hedged. However, because the LIBOR Swap Rate decreased significantly during the hedge period while the overall fair value of the municipal debt securities was relatively unchanged, the effect of reclassifying fair value gains on these securities from Accumulated other comprehensive income (AOCI) to earnings, attributable solely to changes in the LIBOR Swap Rate, resulted in net unrealized losses remaining in AOCI that relate to the unhedged components of these securities.
|
Carrying value and fair value of debt securities HTM |
In millions of dollars |
|
Amortized
cost(1) |
|
Net unrealized
losses
recognized in
AOCI |
|
Carrying
value(2) |
|
Gross
unrealized
gains |
|
Gross
unrealized
losses |
|
Fair
value |
|
December 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt securities held-to-maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Prime |
|
$ |
72 |
|
$ |
16 |
|
$ |
56 |
|
$ |
5 |
|
$ |
2 |
|
$ |
59 |
|
Alt-A |
|
1,379 |
|
287 |
|
1,092 |
|
449 |
|
263 |
|
1,278 |
|
Subprime |
|
2 |
|
— |
|
2 |
|
1 |
|
— |
|
3 |
|
Non-U.S. residential |
|
1,372 |
|
206 |
|
1,166 |
|
60 |
|
20 |
|
1,206 |
|
Commercial |
|
10 |
|
— |
|
10 |
|
1 |
|
— |
|
11 |
|
Total mortgage-backed securities |
|
$ |
2,835 |
|
$ |
509 |
|
$ |
2,326 |
|
$ |
516 |
|
$ |
285 |
|
$ |
2,557 |
|
State and municipal |
|
$ |
1,394 |
|
$ |
62 |
|
$ |
1,332 |
|
$ |
50 |
|
$ |
70 |
|
$ |
1,312 |
|
Foreign government |
|
5,628 |
|
— |
|
5,628 |
|
70 |
|
10 |
|
5,688 |
|
Corporate |
|
818 |
|
78 |
|
740 |
|
111 |
|
— |
|
851 |
|
Asset-backed securities(3) |
|
599 |
|
26 |
|
573 |
|
22 |
|
10 |
|
585 |
|
Total debt securities held-to-maturity |
|
$ |
11,274 |
|
$ |
675 |
|
$ |
10,599 |
|
$ |
769 |
|
$ |
375 |
|
$ |
10,993 |
|
December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt securities held-to-maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Prime |
|
$ |
258 |
|
$ |
49 |
|
$ |
209 |
|
$ |
30 |
|
$ |
4 |
|
$ |
235 |
|
Alt-A |
|
2,969 |
|
837 |
|
2,132 |
|
653 |
|
250 |
|
2,535 |
|
Subprime |
|
201 |
|
43 |
|
158 |
|
13 |
|
21 |
|
150 |
|
Non-U.S. residential |
|
2,488 |
|
401 |
|
2,087 |
|
50 |
|
81 |
|
2,056 |
|
Commercial |
|
123 |
|
— |
|
123 |
|
1 |
|
2 |
|
122 |
|
Total mortgage-backed securities |
|
$ |
6,039 |
|
$ |
1,330 |
|
$ |
4,709 |
|
$ |
747 |
|
$ |
358 |
|
$ |
5,098 |
|
State and municipal |
|
$ |
1,278 |
|
$ |
73 |
|
$ |
1,205 |
|
$ |
89 |
|
$ |
37 |
|
$ |
1,257 |
|
Foreign government |
|
2,987 |
|
— |
|
2,987 |
|
— |
|
— |
|
2,987 |
|
Corporate |
|
829 |
|
103 |
|
726 |
|
73 |
|
— |
|
799 |
|
Asset-backed securities(3) |
|
529 |
|
26 |
|
503 |
|
8 |
|
8 |
|
503 |
|
Total debt securities held-to-maturity |
|
$ |
11,662 |
|
$ |
1,532 |
|
$ |
10,130 |
|
$ |
917 |
|
$ |
403 |
|
$ |
10,644 |
|
(1) For securities transferred to HTM from Trading account assets, amortized cost is defined as the fair value of the securities at the date of transfer plus any accretion income and less any impairments recognized in earnings subsequent to transfer. For securities transferred to HTM from AFS, amortized cost is defined as the original purchase cost, plus or minus any accretion or amortization of a purchase discount or premium, less any impairment recognized in earnings.
(2) HTM securities are carried on the Consolidated Balance Sheet at amortized cost, plus or minus any unamortized unrealized gains and losses recognized in AOCI prior to reclassifying the securities from AFS to HTM. The changes in the values of these securities are not reported in the financial statements, except for other-than-temporary impairments. For HTM securities, only the credit loss component of the impairment is recognized in earnings, while the remainder of the impairment is recognized in AOCI.
(3) The Company invests in mortgage-backed and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage-backed and asset-backed securitizations in which the Company has other involvement, see Note 22 to the Consolidated Financial Statements.
|
Total other-than-temporary impairments recognized |
OTTI on Investments and Other Assets |
|
Year ended December 31, 2013 |
|
In millions of dollars |
|
AFS(1) |
|
HTM |
|
Other
Assets (2) |
|
Total |
|
Impairment losses related to securities that the Company does not intend to sell nor will likely be required to sell: |
|
|
|
|
|
|
|
|
|
Total OTTI losses recognized during the year ended December 31, 2013 |
|
$ |
9 |
|
$ |
154 |
|
$ |
— |
|
$ |
163 |
|
Less: portion of impairment loss recognized in AOCI (before taxes) |
|
— |
|
98 |
|
— |
|
98 |
|
Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell |
|
$ |
9 |
|
$ |
56 |
|
$ |
— |
|
$ |
65 |
|
Impairment losses recognized in earnings for securities that the Company intends to sell or more-likely-than-not will be required to sell before recovery(2) |
|
269 |
|
— |
|
201 |
|
470 |
|
Total impairment losses recognized in earnings |
|
$ |
278 |
|
$ |
56 |
|
$ |
201 |
|
$ |
535 |
|
(1) Includes OTTI on non-marketable equity securities.
(2) The year ended December 31, 2013 included $192 million of impairment charges related to the carrying value of Citi’s then-remaining 35% interest in the MSSB joint venture, which was offset by the equity pickup from the joint venture in the respective quarter, which was recorded in Other revenue. See “MSSB” above for further discussion.
OTTI on Investments and Other Assets |
|
Year ended December 31, 2012 |
|
In millions of dollars |
|
AFS(1) |
|
HTM |
|
Other
Assets (2) |
|
Total |
|
Impairment losses related to securities that the Company does not intend to sell nor will likely be required to sell: |
|
|
|
|
|
|
|
|
|
Total OTTI losses recognized during the year ended December 31, 2012 |
|
$ |
17 |
|
$ |
365 |
|
$ |
— |
|
$ |
382 |
|
Less: portion of impairment loss recognized in AOCI (before taxes) |
|
1 |
|
65 |
|
— |
|
66 |
|
Net impairment losses recognized in earnings for securities that the Company does not intend to sell nor will likely be required to sell |
|
$ |
16 |
|
$ |
300 |
|
$ |
— |
|
$ |
316 |
|
Impairment losses recognized in earnings for securities that the Company intends to sell or more-likely-than-not will be required to sell before recovery(2) |
|
139 |
|
— |
|
4,516 |
|
4,655 |
|
Total impairment losses recognized in earnings |
|
$ |
155 |
|
$ |
300 |
|
$ |
4,516 |
|
$ |
4,971 |
|
(1) Includes OTTI on non-marketable equity securities.
(2) The year ended December 31, 2012 included the recognition of a $3.4 billion ($2.1 billion after-tax) impairment charge related to the carrying value of Citi’s then-remaining 35% interest in MSSB, and $1.2 billion pretax ($763 million after-tax) impairment charge relating to its total investment in Akbank. See “MSSB” and “Akbank” above for further discussion.
|
Cumulative Other-Than-Temporary Impairment Credit Losses Recognized in Earnings |
|
|
Cumulative OTTI credit losses recognized in earnings |
|
In millions of dollars |
|
Dec. 31, 2012
balance |
|
Credit
impairments
recognized in
earnings on
securities not
previously
impaired |
|
Credit
impairments
recognized in
earnings on
securities that
have
been previously
impaired |
|
Reductions due to
credit-impaired
securities sold,
transferred or
matured |
|
Dec. 31, 2013
balance |
|
AFS debt securities |
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
$ |
295 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
295 |
|
Foreign government securities |
|
169 |
|
— |
|
2 |
|
— |
|
171 |
|
Corporate |
|
116 |
|
— |
|
— |
|
(3 |
) |
113 |
|
All other debt securities |
|
137 |
|
7 |
|
— |
|
— |
|
144 |
|
Total OTTI credit losses recognized for AFS debt securities |
|
$ |
717 |
|
$ |
7 |
|
$ |
2 |
|
$ |
(3 |
) |
$ |
723 |
|
HTM debt securities |
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities(1) |
|
$ |
869 |
|
$ |
47 |
|
$ |
7 |
|
$ |
(245 |
) |
$ |
678 |
|
Corporate |
|
56 |
|
— |
|
— |
|
— |
|
56 |
|
All other debt securities |
|
135 |
|
2 |
|
— |
|
(4 |
) |
133 |
|
Total OTTI credit losses recognized for HTM debt securities |
|
$ |
1,060 |
|
$ |
49 |
|
$ |
7 |
|
$ |
(249 |
) |
$ |
867 |
|
(1) Primarily consists of Alt-A securities.
|
Investments in Alternative Investment Funds |
|
|
Fair value |
|
Unfunded
commitments |
|
Redemption frequency
(if currently eligible) |
|
Redemption notice |
|
In millions of dollars |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
monthly, quarterly, annually |
|
period |
|
Hedge funds |
|
$ |
751 |
|
$ |
1,316 |
|
$ |
— |
|
$ |
— |
|
Generally quarterly |
|
10-95 days |
|
Private equity funds(1)(2) |
|
794 |
|
837 |
|
170 |
|
342 |
|
— |
|
— |
|
Real estate funds (2)(3) |
|
294 |
|
228 |
|
36 |
|
57 |
|
— |
|
— |
|
Total(4) |
|
$ |
1,839 |
|
$ |
2,381 |
|
$ |
206 |
|
$ |
399 |
|
— |
|
— |
|
(1) Private equity funds include funds that invest in infrastructure, leveraged buyout transactions, emerging markets and venture capital.
(2) With respect to the Company’s investments in private equity funds and real estate funds, distributions from each fund will be received as the underlying assets held by these funds are liquidated. It is estimated that the underlying assets of these funds will be liquidated over a period of several years as market conditions allow. Private equity and real estate funds do not allow redemption of investments by their investors. Investors are permitted to sell or transfer their investments, subject to the approval of the general partner or investment manager of these funds, which generally may not be unreasonably withheld.
(3) Includes several real estate funds that invest primarily in commercial real estate in the U.S., Europe and Asia.
(4) Included in the total fair value of investments above are $1.6 billion and $0.4 billion of fund assets that are valued using NAVs provided by third-party asset managers as of December 31, 2013 and December 31, 2012, respectively. The increase in the investments valued using NAVs provided by third party asset managers was primarily driven by the sale of certain of the Citi Capital Advisors business as discussed in Note 2 to the Consolidated Financial Statements. Amounts presented exclude investments in funds that are consolidated by Citi.
|
AFS debt securities
|
|
Schedule of Investments disclosures |
|
Fair value of securities in unrealized loss position |
|
|
Less than 12 months |
|
12 months or longer |
|
Total |
|
In millions of dollars |
|
Fair
value |
|
Gross
unrealized
losses |
|
Fair
value |
|
Gross
unrealized
losses |
|
Fair
value |
|
Gross
unrealized
losses |
|
December 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities AFS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government-sponsored agency guaranteed |
|
$ |
19,377 |
|
$ |
533 |
|
$ |
5,643 |
|
$ |
355 |
|
$ |
25,020 |
|
$ |
888 |
|
Prime |
|
85 |
|
3 |
|
3 |
|
— |
|
88 |
|
3 |
|
Non-U.S. residential |
|
2,103 |
|
4 |
|
5 |
|
— |
|
2,108 |
|
4 |
|
Commercial |
|
206 |
|
6 |
|
28 |
|
2 |
|
234 |
|
8 |
|
Total mortgage-backed securities |
|
$ |
21,771 |
|
$ |
546 |
|
$ |
5,679 |
|
$ |
357 |
|
$ |
27,450 |
|
$ |
903 |
|
U.S. Treasury and federal agency securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury |
|
$ |
34,780 |
|
$ |
133 |
|
$ |
268 |
|
$ |
14 |
|
$ |
35,048 |
|
$ |
147 |
|
Agency obligations |
|
6,692 |
|
66 |
|
101 |
|
1 |
|
6,793 |
|
67 |
|
Total U.S. Treasury and federal agency securities |
|
$ |
41,472 |
|
$ |
199 |
|
$ |
369 |
|
$ |
15 |
|
$ |
41,841 |
|
$ |
214 |
|
State and municipal |
|
$ |
595 |
|
$ |
29 |
|
$ |
11,447 |
|
$ |
1,976 |
|
$ |
12,042 |
|
$ |
2,005 |
|
Foreign government |
|
35,783 |
|
614 |
|
5,778 |
|
63 |
|
41,561 |
|
677 |
|
Corporate |
|
4,565 |
|
108 |
|
387 |
|
11 |
|
4,952 |
|
119 |
|
Asset-backed securities |
|
11,207 |
|
57 |
|
1,931 |
|
63 |
|
13,138 |
|
120 |
|
Marketable equity securities AFS |
|
1,271 |
|
92 |
|
806 |
|
91 |
|
2,077 |
|
183 |
|
Total securities AFS |
|
$ |
116,664 |
|
$ |
1,645 |
|
$ |
26,397 |
|
$ |
2,576 |
|
$ |
143,061 |
|
$ |
4,221 |
|
December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities AFS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government-sponsored agency guaranteed |
|
$ |
8,759 |
|
$ |
138 |
|
$ |
464 |
|
$ |
25 |
|
$ |
9,223 |
|
$ |
163 |
|
Prime |
|
15 |
|
— |
|
5 |
|
— |
|
20 |
|
— |
|
Non-U.S. residential |
|
5 |
|
— |
|
7 |
|
— |
|
12 |
|
— |
|
Commercial |
|
29 |
|
— |
|
24 |
|
3 |
|
53 |
|
3 |
|
Total mortgage-backed securities |
|
$ |
8,808 |
|
$ |
138 |
|
$ |
500 |
|
$ |
28 |
|
$ |
9,308 |
|
$ |
166 |
|
U.S. Treasury and federal agency securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury |
|
$ |
9,374 |
|
$ |
11 |
|
$ |
105 |
|
$ |
5 |
|
$ |
9,479 |
|
$ |
16 |
|
Agency obligations |
|
1,001 |
|
4 |
|
— |
|
— |
|
1,001 |
|
4 |
|
Total U.S. Treasury and federal agency securities |
|
$ |
10,375 |
|
$ |
15 |
|
$ |
105 |
|
$ |
5 |
|
$ |
10,480 |
|
$ |
20 |
|
State and municipal |
|
$ |
10 |
|
$ |
— |
|
$ |
11,095 |
|
$ |
1,820 |
|
$ |
11,105 |
|
$ |
1,820 |
|
Foreign government |
|
24,235 |
|
78 |
|
3,910 |
|
76 |
|
28,145 |
|
154 |
|
Corporate |
|
1,420 |
|
8 |
|
225 |
|
18 |
|
1,645 |
|
26 |
|
Asset-backed securities |
|
1,942 |
|
4 |
|
2,888 |
|
139 |
|
4,830 |
|
143 |
|
Marketable equity securities AFS |
|
15 |
|
1 |
|
764 |
|
144 |
|
779 |
|
145 |
|
Total securities AFS |
|
$ |
46,805 |
|
$ |
244 |
|
$ |
19,487 |
|
$ |
2,230 |
|
$ |
66,292 |
|
$ |
2,474 |
|
|
Amortized cost and fair value of debt securities by contractual maturity dates |
|
|
2013 |
|
2012 |
|
In millions of dollars |
|
Amortized
cost |
|
Fair
value |
|
Amortized
cost |
|
Fair
value |
|
Mortgage-backed securities(1) |
|
|
|
|
|
|
|
|
|
Due within 1 year |
|
$ |
87 |
|
$ |
87 |
|
$ |
10 |
|
$ |
10 |
|
After 1 but within 5 years |
|
346 |
|
354 |
|
365 |
|
374 |
|
After 5 but within 10 years |
|
2,898 |
|
2,932 |
|
1,992 |
|
2,124 |
|
After 10 years(2) |
|
49,723 |
|
49,282 |
|
51,598 |
|
52,963 |
|
Total |
|
$ |
53,054 |
|
$ |
52,655 |
|
$ |
53,965 |
|
$ |
55,471 |
|
U.S. Treasury and federal agency securities |
|
|
|
|
|
|
|
|
|
Due within 1 year |
|
$ |
15,789 |
|
$ |
15,853 |
|
$ |
9,387 |
|
$ |
9,499 |
|
After 1 but within 5 years |
|
66,232 |
|
66,457 |
|
76,454 |
|
77,267 |
|
After 5 but within 10 years |
|
2,129 |
|
2,185 |
|
2,171 |
|
2,408 |
|
After 10 years(2) |
|
3,061 |
|
3,101 |
|
2,669 |
|
2,667 |
|
Total |
|
$ |
87,211 |
|
$ |
87,596 |
|
$ |
90,681 |
|
$ |
91,841 |
|
State and municipal |
|
|
|
|
|
|
|
|
|
Due within 1 year |
|
$ |
576 |
|
$ |
581 |
|
$ |
208 |
|
$ |
208 |
|
After 1 but within 5 years |
|
3,731 |
|
3,735 |
|
3,221 |
|
3,223 |
|
After 5 but within 10 years |
|
439 |
|
482 |
|
155 |
|
165 |
|
After 10 years(2) |
|
16,015 |
|
14,142 |
|
16,436 |
|
14,736 |
|
Total |
|
$ |
20,761 |
|
$ |
18,940 |
|
$ |
20,020 |
|
$ |
18,332 |
|
Foreign government |
|
|
|
|
|
|
|
|
|
Due within 1 year |
|
$ |
37,022 |
|
$ |
36,959 |
|
$ |
34,873 |
|
$ |
34,869 |
|
After 1 but within 5 years |
|
51,446 |
|
51,304 |
|
49,587 |
|
49,933 |
|
After 5 but within 10 years |
|
7,332 |
|
7,216 |
|
7,239 |
|
7,380 |
|
After 10 years(2) |
|
945 |
|
992 |
|
1,599 |
|
1,865 |
|
Total |
|
$ |
96,745 |
|
$ |
96,471 |
|
$ |
93,298 |
|
$ |
94,047 |
|
All other(3) |
|
|
|
|
|
|
|
|
|
Due within 1 year |
|
$ |
2,786 |
|
$ |
2,733 |
|
$ |
1,001 |
|
$ |
1,009 |
|
After 1 but within 5 years |
|
10,934 |
|
11,020 |
|
11,285 |
|
11,351 |
|
After 5 but within 10 years |
|
5,632 |
|
5,641 |
|
4,330 |
|
4,505 |
|
After 10 years(2) |
|
7,749 |
|
7,721 |
|
7,130 |
|
7,197 |
|
Total |
|
$ |
27,101 |
|
$ |
27,115 |
|
$ |
23,746 |
|
$ |
24,062 |
|
Total debt securities AFS |
|
$ |
284,872 |
|
$ |
282,777 |
|
$ |
281,710 |
|
$ |
283,753 |
|
(1) Includes mortgage-backed securities of U.S. government-sponsored agencies.
(2) Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment rights.
(3) Includes corporate, asset-backed and other debt securities.
|
HTM debt securities
|
|
Schedule of Investments disclosures |
|
Fair value of securities in unrealized loss position |
|
|
Less than 12 months |
|
12 months or longer |
|
Total |
|
In millions of dollars |
|
Fair
value |
|
Gross
unrecognized
losses |
|
Fair
value |
|
Gross
unrecognized
losses |
|
Fair
value |
|
Gross
unrecognized
losses |
|
December 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt securities held-to-maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
$ |
— |
|
$ |
— |
|
$ |
358 |
|
$ |
285 |
|
$ |
358 |
|
$ |
285 |
|
State and municipal |
|
235 |
|
20 |
|
302 |
|
50 |
|
537 |
|
70 |
|
Foreign government |
|
920 |
|
10 |
|
— |
|
— |
|
920 |
|
10 |
|
Asset-backed securities |
|
98 |
|
6 |
|
198 |
|
4 |
|
296 |
|
10 |
|
Total debt securities held-to-maturity |
|
$ |
1,253 |
|
$ |
36 |
|
$ |
858 |
|
$ |
339 |
|
$ |
2,111 |
|
$ |
375 |
|
December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt securities held-to-maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
|
$ |
88 |
|
$ |
7 |
|
$ |
1,522 |
|
$ |
351 |
|
$ |
1,610 |
|
$ |
358 |
|
State and municipal |
|
— |
|
— |
|
383 |
|
37 |
|
383 |
|
37 |
|
Foreign government |
|
294 |
|
— |
|
— |
|
— |
|
294 |
|
— |
|
Asset-backed securities |
|
— |
|
— |
|
406 |
|
8 |
|
406 |
|
8 |
|
Total debt securities held-to-maturity |
|
$ |
382 |
|
$ |
7 |
|
$ |
2,311 |
|
$ |
396 |
|
$ |
2,693 |
|
$ |
403 |
|
|
Amortized cost and fair value of debt securities by contractual maturity dates |
|
|
2013 |
|
2012 |
|
In millions of dollars |
|
Carrying value |
|
Fair value |
|
Carrying value |
|
Fair value |
|
Mortgage-backed securities |
|
|
|
|
|
|
|
|
|
Due within 1 year |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
After 1 but within 5 years |
|
— |
|
— |
|
69 |
|
67 |
|
After 5 but within 10 years |
|
10 |
|
11 |
|
54 |
|
54 |
|
After 10 years(1) |
|
2,316 |
|
2,546 |
|
4,586 |
|
4,977 |
|
Total |
|
$ |
2,326 |
|
$ |
2,557 |
|
$ |
4,709 |
|
$ |
5,098 |
|
State and municipal |
|
|
|
|
|
|
|
|
|
Due within 1 year |
|
$ |
8 |
|
$ |
9 |
|
$ |
14 |
|
$ |
15 |
|
After 1 but within 5 years |
|
17 |
|
17 |
|
36 |
|
37 |
|
After 5 but within 10 years |
|
69 |
|
72 |
|
58 |
|
62 |
|
After 10 years(1) |
|
1,238 |
|
1,214 |
|
1,097 |
|
1,143 |
|
Total |
|
$ |
1,332 |
|
$ |
1,312 |
|
$ |
1,205 |
|
$ |
1,257 |
|
Foreign government |
|
|
|
|
|
|
|
|
|
Due within 1 year |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
After 1 but within 5 years |
|
5,628 |
|
5,688 |
|
2,987 |
|
2,987 |
|
After 5 but within 10 years |
|
— |
|
— |
|
— |
|
— |
|
After 10 years(1) |
|
— |
|
— |
|
— |
|
— |
|
Total |
|
$ |
5,628 |
|
$ |
5,688 |
|
$ |
2,987 |
|
$ |
2,987 |
|
All other(2) |
|
|
|
|
|
|
|
|
|
Due within 1 year |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
After 1 but within 5 years |
|
740 |
|
851 |
|
728 |
|
802 |
|
After 5 but within 10 years |
|
— |
|
— |
|
— |
|
— |
|
After 10 years(1) |
|
573 |
|
585 |
|
501 |
|
500 |
|
Total |
|
$ |
1,313 |
|
$ |
1,436 |
|
$ |
1,229 |
|
$ |
1,302 |
|
Total debt securities held-to-maturity |
|
$ |
10,599 |
|
$ |
10,993 |
|
$ |
10,130 |
|
$ |
10,644 |
|
(1) Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment rights.
(2) Includes corporate and asset-backed securities.
|