Citibank 2009 Annual Report Download - page 63

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CONTRACTUAL OBLIGATIONS
The following table includes aggregated information about Citigroup’s
contractual obligations that impact its short- and long-term liquidity
and capital needs. The table includes information about payments due
under specified contractual obligations, aggregated by type of contractual
obligation. It includes the maturity profile of Citigroup’s consolidated
long-term debt, leases and other long-term liabilities.
Citigroup’s contractual obligations include purchase obligations that
are enforceable and legally binding for Citi. For the purposes of the table
below, purchase obligations are included through the termination date
of the respective agreements, even if the contract is renewable. Many of
the purchase agreements for goods or services include clauses that would
allow Citigroup to cancel the agreement with specified notice; however, that
impact is not included in the table (unless Citigroup has already notified the
counterparty of its intention to terminate the agreement).
Other liabilities reflected on Citigroup’s Consolidated Balance Sheet
include obligations for goods and services that have already been received,
uncertain tax positions, as well as other long-term liabilities that have been
incurred and will ultimately be paid in cash.
Excluded from the following table are obligations that are generally
short-term in nature, including deposit liabilities and securities sold under
agreements to repurchase. The table also excludes certain insurance and
investment contracts subject to mortality and morbidity risks or without
defined maturities, such that the timing of payments and withdrawals is
uncertain. The liabilities related to these insurance and investment contracts
are included on the Consolidated Balance Sheet as Insurance Policy and
Claims Reserves, Contractholder Funds, and Separate and Variable Accounts.
Citigroup’s funding policy for pension plans is generally to fund to the
minimum amounts required by the applicable laws and regulations. At
December 31, 2009, there were no minimum required contributions, and no
contributions are currently planned for the U.S. pension plans. Accordingly,
no amounts have been included in the table below for future contributions
to the U.S. pension plans. For the non-U.S. pension plans, discretionary
contributions in 2010 are anticipated to be approximately $160 million. The
anticipated cash contributions in 2010 related to the non-U.S. postretirement
benefit plans are $72 million. These amounts are included in the purchase
obligations in the table below. The estimated pension and postretirement
plan contributions are subject to change, since contribution decisions are
affected by various factors, such as market performance, regulatory and
legal requirements, and management’s ability to change funding policy. For
additional information regarding Citi’s retirement benefit obligations, see
Note 9 to the Consolidated Financial Statements.
Contractual obligations by year
In millions of dollars at year end 2010 2011 2012 2013 2014 Thereafter
Long-term debt obligations (1) $47,162 $59,656 $69,344 $28,132 $34,895 $124,830
Lease obligations 1,247 1,110 1,007 900 851 2,770
Purchase obligations 1,032 446 331 267 258 783
Other long-term liabilities reflected on Citi’s Consolidated Balance Sheet (2) 34,218 156 36 35 36 3,009
Total $83,659 $61,368 $70,718 $29,334 $36,040 $131,392
(1) For additional information about long-term debt and trust preferred securities, see Note 20 to the Consolidated Financial Statements.
(2) Relates primarily to accounts payable and accrued expenses included in Other liabilities in Citi’s Consolidated Balance Sheet.