7.3 billion - Citigroup

CONSOLIDATED STATEMENT OF CASH FLOWSCitigroup Inc. and Subsidiaries(Unaudited) Three months ended March 31,In millions of dollars 2012 2011Cash flows from operating activities of continuing operationsNet income before attribution of noncontrolling interests $ 3,057 $ 3,071Net income attributable to noncontrolling interests 126 72Citigroup’s net income $ 2,931 $ 2,999Income (loss) from discontinued operations, net of taxes (4) 36Gain (loss) on sale, net of taxes (1) 4Income from continuing operations—excluding noncontrolling interests $ 2,936 $ 2,959Adjustments to reconcile net income to net cash provided by (used in) operating activities of continuingoperationsAmortization of deferred policy acquisition costs and present value of future profits $ 47 $ 62(Additions)/reductions to deferred policy acquisition costs 139 (25)Depreciation and amortization 738 671Provision for credit losses 2,790 2,924Realized gains from sales of investments (1,925) (580)Net impairment losses recognized in earnings 1,305 1,707Change in trading account assets (15,316) 4,162Change in trading account liabilities 9,874 17,292Change in federal funds sold and securities borrowed or purchased under agreements to resell (13,208) (14,403)Change in federal funds purchased and securities loaned or sold under agreements to repurchase 27,635 (1,733)Change in brokerage receivables net of brokerage payables (11,396) (11,043)Change in loans held-for-sale 3,861 (629)Change in other assets (2,196) 1,974Change in other liabilities 71 (4,019)Other, net 143 1,720Total adjustments $ 2,562 $ (1,920)Net cash provided by operating activities of continuing operations $ 5,498 $ 1,039Cash flows from investing activities of continuing operationsChange in deposits with banks $ (28,165) $ (1,166)Change in loans (3,858) 5,624Proceeds from sales and securitizations of loans 1,043 1,824Purchases of investments (62,929) (105,554)Proceeds from sales of investments 31,006 35,185Proceeds from maturities of investments 29,165 47,361Capital expenditures on premises and equipment and capitalized software (844) (688)Proceeds from sales of premises and equipment, subsidiaries and affiliates, and repossessed assets 163 422Net cash used in investing activities of continuing operations $ (34,419) $ (16,992)Cash flows from financing activities of continuing operationsDividends paid $ (34) $ (4)Issuance of ADIA Upper Decs equity units purchase contract — 1,875Treasury stock acquired (4) —Stock tendered for payment of withholding taxes (187) (220)Issuance of long-term debt 7,725 8,190Payments and redemptions of long-term debt (23,168) (14,189)Change in deposits 40,076 20,908Change in short-term borrowings 1,920 (1,068)Net cash provided by financing activities of continuing operations $ 26,328 $ 15,492Effect of exchange rate changes on cash and cash equivalents $ 397 $ 331Discontinued operationsNet cash provided by (used in) discontinued operations $ — $ —Change in cash and due from banks $ (2,196) $ (130)Cash and due from banks at beginning of period 28,701 27,972Cash and due from banks at end of period $ 26,505 $ 27,842Supplemental disclosure of cash flow information for continuing operationsCash paid/(received) during the year for income taxes $ 916 $ 874Cash paid during the year for interest $ 4,602 $ 4,608Non-cash investing activitiesTransfers to OREO and other repossessed assets $ 137 $ 432Transfers to trading account assets from investments (available-for-sale) — —Transfers to trading account assets from investments (held-to-maturity) — $ 12,700The Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.94CITIGROUP – 2012 FIRST QUARTER 10-Q