Citibank 2015 Annual Report Download - page 152

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CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY Citigroup Inc. and Subsidiaries
Years ended December 31,
Amounts Shares
In millions of dollars, except shares in thousands 2015 2014 2013 2015 2014 2013
Preferred stock at aggregate liquidation value
Balance, beginning of year $ 10,468 $ 6,738 $ 2,562 419 270 102
Issuance of new preferred stock 6,250 3,730 4,270 250 149 171
Redemption of preferred stock —— (94) —— (3)
Balance, end of period $ 16,718 $ 10,468 $ 6,738 669 419 270
Common stock and additional paid-in capital
Balance, beginning of year $108,010 $107,224 $106,421 3,082,038 3,062,099 3,043,153
Employee benefit plans 357 798 878 17,438 19,928 18,930
Preferred stock issuance expense (23) (31) (78) —— —
Other (25) 19 3 611 16
Balance, end of period $108,319 $108,010 $107,224 3,099,482 3,082,038 3,062,099
Retained earnings
Balance, beginning of year $117,852 $110,821 $ 97,809
Adjustment to opening balance, net of taxes (1) —— (332)
Adjusted balance, beginning of period $117,852 $110,821 $ 97,477
Citigroup’s net income 17,242 7,310 13,659
Common dividends (2) (484) (122) (120)
Preferred dividends (769) (511) (194)
Tax benefit —353 —
Other —1 (1)
Balance, end of period $133,841 $117,852 $110,821
Treasury stock, at cost
Balance, beginning of year $ (2,929) $ (1,658) $ (847) (58,119) (32,856) (14,269)
Employee benefit plans (3) 704 (39) 26 13,318 (483) (1,629)
Treasury stock acquired (4) (5,452) (1,232) (837) (101,402) (24,780) (16,958)
Balance, end of period $ (7,677) $ (2,929) $ (1,658) (146,203) (58,119) (32,856)
Citigroup’s accumulated other comprehensive income (loss)
Balance, beginning of year $ (23,216) $ (19,133) $ (16,896)
Citigroup’s total other comprehensive income (loss) (6,128) (4,083) (2,237)
Balance, end of period $ (29,344) $ (23,216) $ (19,133)
Total Citigroup common stockholders’ equity $205,139 $199,717 $197,254 2,953,279 3,023,919 3,029,243
Total Citigroup stockholders’ equity $221,857 $210,185 $203,992
Noncontrolling interests
Balance, beginning of year $ 1,511 $ 1,794 $ 1,948
Initial origination of a noncontrolling interest —— 6
Transactions between noncontrolling-interest shareholders and
the related consolidated subsidiary —— (2)
Transactions between Citigroup and the noncontrolling-interest shareholders (164) (96) (118)
Net income attributable to noncontrolling-interest shareholders 90 192 227
Dividends paid to noncontrolling-interest shareholders (78) (91) (63)
Other comprehensive income (loss) attributable to noncontrolling-interest shareholders (83) (106) (17)
Other (41) (182) (187)
Net change in noncontrolling interests $ (276) $ (283) $ (154)
Balance, end of period $ 1,235 $ 1,511 $ 1,794
Total equity $223,092 $211,696 $205,786
(1) Citi adopted ASU 2014-01 Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Affordable Housing, in the first quarter of 2015 on a retrospective basis. This adjustment to opening
Retained earnings represents the impact to periods prior to January 1, 2013 and is shown as an adjustment to the opening balance since 2013 is the earliest period presented in this statement. See Note 1 to the
Consolidated Financial Statements for additional information.
(2) Common dividends declared were $0.01 per share in the first quarter and $0.05 both in the second, third and fourth quarters of 2015 and $0.01 per share in each quarter of 2014.
(3) Includes treasury stock related to (i) certain activity on employee stock option program exercises where the employee delivers existing shares to cover the option exercise, or (ii) under Citi’s employee restricted or
deferred stock programs where shares are withheld to satisfy tax requirements.
(4) For the twelve months ended December 31, 2015, 2014 and 2013, primarily consists of open market purchases under Citi’s Board of Directors-approved common stock repurchase program.
The Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.