Summary
Citigroup Inc. (C) filed a Form 8-K on May 17, 2013, to provide updated historical audited consolidated financial statements for the fiscal year ended December 31, 2012. These updated statements, attached as Exhibit 99.01, reflect re-allocations of certain administrative and funding costs among Citigroup's business segments, effective January 1, 2013. These changes are primarily within Note 4 to the Consolidated Financial Statements and do not alter the previously reported Consolidated Income Statement, Balance Sheet, or Cash Flow Statement for 2012. The primary purpose of this filing is to conform the previously issued 2012 financial statements to the new business segment reporting structure. Investors should note that while the segment allocations have been updated for comparability, the overall financial performance and position of Citigroup as reported in its 2012 10-K and Q1 2013 10-Q remain unchanged by these specific reclassifications. The updated Exhibit 99.01 will be used for future filings until the 2013 Form 10-K is released.
Key Highlights
- 1Citigroup is reclassifying certain administrative and funding costs among its business segments, effective January 1, 2013.
- 2Updated historical audited consolidated financial statements for the fiscal year ended December 31, 2012, are provided as Exhibit 99.01.
- 3These updates are primarily in Note 4 to the Consolidated Financial Statements within the 2012 Form 10-K.
- 4The reclassifications do not restate or revise the Consolidated Income Statement, Balance Sheet, or Statement of Cash Flows from the original 2012 10-K filing.
- 5The purpose is to ensure comparability with current reporting structures as required by ASC 280 (Segment Reporting).
- 6Exhibit 99.01 will serve as the historical consolidated financial statements for future filings until the 2013 annual report.
- 7The Report of Independent Registered Public Accounting Firm is dated March 1, 2013, with an update for Note 4 as of May 17, 2013.