8-KOther EventsExhibits & Filings

CITIGROUP INC 8-K Report, Corporate Update (Aug 30, 2013)

Filed August 30, 2013For Securities:CC-PNC-PR

Summary

Citigroup Inc. filed an 8-K on August 30, 2013, primarily to provide updated financial statements that reflect the reclassification of its Brazilian credit card and consumer finance business, Credicard, as discontinued operations. This change impacts prior period reporting, aligning it with disclosures made in the company's second-quarter 2013 Form 10-Q. Investors should note that while this reclassification impacts the presentation of discontinued operations and certain segment disclosures, it does not restate or revise Citigroup's previously reported consolidated net income, earnings per share, total assets, or total equity for the fiscal year ended December 31, 2012. The filing also includes updated segment disclosures due to a re-allocation of administrative and funding costs, effective January 1, 2013. These adjustments are intended to provide a more accurate representation of business segment performance. The historical audited consolidated financial statements, as updated, will be used for future filings until Citigroup's 2013 annual report.

Key Highlights

  • 1Citigroup is reclassifying its Brazilian Credicard business and consumer finance operations as discontinued operations for all periods presented, as previously reported in the Q2 2013 10-Q.
  • 2This 8-K filing provides updated historical audited consolidated financial statements to reflect this reclassification and other immaterial adjustments.
  • 3The reclassification of Credicard as discontinued operations does not alter previously reported consolidated net income, EPS, total assets, or total equity for fiscal year 2012.
  • 4Updated business segment disclosures are included, reflecting a re-allocation of certain administrative and funding costs effective January 1, 2013.
  • 5The provided historical financial statements will be used for future filings until the 2013 Form 10-K is filed.
  • 6The filing includes various exhibits, such as a Five Year Summary of Selected Financial Data and XBRL formatted financial statements.
  • 7This report is intended to supplement, and should be read in conjunction with, Citigroup's 2012 Form 10-K and Q2 2013 Form 10-Q.

Frequently Asked Questions

The primary purpose of this 8-K filing is to provide updated historical audited consolidated financial statements. These updates reflect the reclassification of Citigroup's Brazilian Credicard business and consumer finance operations as discontinued operations for all comparative prior periods, aligning with previous disclosures. It also includes adjustments for re-allocated administrative and funding costs across business segments.

No, the filing explicitly states that it does not restate or revise Citigroup's previously reported consolidated net income, earnings per share, total assets, or total equity for the fiscal year ended December 31, 2012. The changes are primarily presentational, reflecting the discontinued operations status and updated segment allocations.

Discontinued operations refer to a component of an entity that either has been disposed of, or is classified as held for sale, and that represents a separate major line of business or geographical area of operations. In this case, Citigroup's Credicard business and consumer finance operations in Brazil are being treated as discontinued operations, meaning their financial results are presented separately from continuing operations.

Exhibit 99.02, which contains the historical audited consolidated financial statements reflecting the discontinued operations and updated segment disclosures, will be used for existing and future filings made pursuant to the Securities Act of 1933 until Citigroup files its Annual Report on Form 10-K for the fiscal year ending December 31, 2013.