Citibank 2008 Annual Report Download - page 134
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computed after giving consideration to the weighted average dilutive effect of
the Company’s stock options and the shares issued under the Company’s
Capital Accumulation Program and other restricted stock plans.
Use of Estimates
Management must make estimates and assumptions that affect the
Consolidated Financial Statements and the related footnote disclosures. Such
estimates are used in connection with certain fair value measurements. See
Note 26 on page 192 for further discussions on estimates used in the
determination of fair value. The Company also uses estimates in
determining consolidation decisions for special purpose entities as discussed
in Note 23 on page 175. Moreover, estimates are significant in determining
the amounts of other-than-temporary impairments, impairments of goodwill
and other intangible assets, provisions for potential losses that may arise
from credit-related exposures and probable and estimable losses related to
litigation and regulatory proceedings in accordance with SFAS No. 5,
Accounting for Contingencies, and tax reserves in accordance with
SFAS No. 109, Accounting for Income Taxes, and FIN 48, “Accounting for
Uncertainty in Income Taxes,” and SFAS 114, Accounting by Creditors for
Impairment of a Loan. While management makes its best judgment, actual
amounts or results could differ from those estimates. Current market
conditions increase the risk and complexity of the judgments in these
estimates.
Cash Flows
Cash equivalents are defined as those amounts included in cash and due
from banks. Cash flows from risk management activities are classified in the
same category as the related assets and liabilities.
Related Party Transactions
The Company has related party transactions with certain of its subsidiaries
and affiliates. These transactions, which are primarily short-term in nature,
include cash accounts, collateralized financing transactions, margin
accounts, derivative trading, charges for operational support and the
borrowing and lending of funds and are entered into in the ordinary course
of business.
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