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C » Topics » Tangible Common Equity

This excerpt taken from the C 10-Q filed Nov 6, 2009.

Tangible Common Equity

        TCE, as defined by Citigroup, represents Common equity less Goodwill and Intangible assets (excluding MSRs) net of the related net deferred tax liabilities. Other companies may calculate TCE in a manner different from Citigroup. Citi's TCE was $102.3 billion at September 30, 2009 and $31.1 billion at December 31, 2008.

        The TCE ratio (TCE divided by risk-weighted assets—see "Components of Capital Under Regulatory Guidelines" above) was 10.3% at September 30, 2009 and 3.1% at December 31, 2008. A reconciliation of Citigroup's total stockholders' equity to TCE follows:

In millions of dollars, except ratio   September 30,
2009 		  December 31,
2008 		 

Total Citigroup Stockholders' Equity

   $ 140,842   $ 141,630  

Less:

              
 

Preferred Stock

     312     70,664  
           

Common Equity

   $ 140,530   $ 70,966  

Less:

              
 

Goodwill—as reported

     25,423     27,132  
 

Intangible Assets (other than MSRs)—as reported

     8,957     14,159  
 

Goodwill and Intangible Assets—recorded as Assets of Discontinued Operations Held for Sale

     3,856     —  
 

Goodwill and Intangible Assets— recorded as Assets held-for-sale

     1,377     —  
   

Less: Related Net Deferred Tax Liabilities

     1,381     1,382  
           

Tangible Common Equity (TCE)

   $ 102,298   $ 31,057  
           

Tangible Assets

              

GAAP Assets—as reported

   $ 1,888,599   $ 1,938,470  

Less:

              
 

Goodwill—as reported

     25,423     27,132  
 

Intangible Assets (other than MSRs)—as reported

     8,957     14,159  
 

Goodwill and Intangible Assets— recorded as Assets of Discontinued Operations Held for Sale

     3,856     —  
 

Goodwill and Intangible Assets— recorded as Assets held-for-sale

     1,377     —  
 

Related deferred tax assets

     1,272     1,285  
           

Tangible Assets (TA)

   $ 1,847,714   $ 1,895,894  
           

Risk-Weighted Assets (RWA) under "Components of Capital Under Regulatory Guidelines"

   $ 989,711   $ 996,247  
           

TCE/TA RATIO

     5.5 %   1.6 %
           

TCE RATIO (TCE/RWA)

     10.3 %   3.1 %
           

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This excerpt taken from the C 10-Q filed Aug 7, 2009.

Tangible Common Equity

        Citigroup's management believes TCE is useful because it is a measure utilized by regulators and market analysts in evaluating a company's financial condition and capital strength. TCE, as defined by Citigroup, represents Common equity less Goodwill and Intangible assets (excluding MSRs) net of the related net deferred tax liabilities. Other companies may calculate TCE in a manner different from Citigroup. TCE was $40.0 billion at June 30, 2009 and $31.1 billion at December 31, 2008.

        The TCE ratio (TCE divided by risk-weighted assets, see "Components of Capital Under Regulatory Guidelines" above) was 4.0% at June 30, 2009 and 3.1% at December 31, 2008. A reconciliation of Citigroup's total stockholders' equity to TCE follows:

In millions of dollars, except ratio   June 30,
2009 		  December 31,
2008 		 

Total Citigroup Stockholders' Equity

   $ 152,302   $ 141,630  

Less:

              
 

Preferred Stock

     74,301     70,664  
           

Common Equity

   $ 78,001   $ 70,966  

Less:

              
 

Goodwill—as reported

     25,578     27,132  
 

Intangible Assets (other than MSRs)—as reported

     10,098     14,159  
 

Goodwill and Intangible Assets—recorded as Assets of Discontinued Operations Held for Sale

     3,618     —  
   

Less: Related Net Deferred Tax Liabilities

     1,296     1,382  
           

Tangible Common Equity (TCE)

   $ 40,003   $ 31,057  
           

Tangible Assets

              

GAAP Assets

   $ 1,848,533   $ 1,938,470  

Less:

              
 

Goodwill—as reported

     25,578     27,132  
 

Intangible Assets (other than MSRs)—as reported

     10,098     14,159  
 

Goodwill and Intangible Assets— recorded as Assets of Discontinued Operations Held for Sale

     3,618     —  
 

Related deferred tax assets

     1,283     1,285  
           

Tangible Assets (TA)(1)

   $ 1,807,956   $ 1,895,894  
           

Risk-Weighted Assets (RWA) under "Components of Capital Under Regulatory Guidelines"

   $ 995,414   $ 996,247  
           

TCE/TA RATIO

     2.2 %   1.6 %
           

TCE RATIO (TCE/RWA)

     4.0 %   3.1 %
           
(1)
GAAP Assets less Goodwill and Intangible Assets excluding MSRs, and the related deferred tax assets.

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EXCERPTS ON THIS PAGE:

10-Q
Nov 6, 2009
10-Q
Aug 7, 2009

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