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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI)
 6 Months Ended
Jun. 30, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI)
Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) were as follows:
Three Months Ended June 30, 2019
In millions of dollars
Net
unrealized
gains (losses)
on debt securities
Debt valuation adjustment (DVA)(1)
Cash flow hedges(2)
Benefit plans(3)
Foreign
currency
translation
adjustment (CTA), net of hedges(4)
Excluded component of fair value hedges(5)
Accumulated
other
comprehensive income (loss)
Balance, March 31, 2019
$
(1,115
)
$
(379
)
$
(442
)
$
(6,321
)
$
(28,012
)
$
(39
)
$
(36,308
)
Other comprehensive income before reclassifications
1,050

(14
)
414

(305
)
91

44

1,280

Increase (decrease) due to amounts reclassified from AOCI
(347
)
17

103

52

—

—

(175
)
Change, net of taxes
$
703

$
3

$
517

$
(253
)
$
91

$
44

$
1,105

Balance at June 30, 2019
$
(412
)
$
(376
)
$
75

$
(6,574
)
$
(27,921
)
$
5

$
(35,203
)
Six Months Ended June 30, 2019
In millions of dollars
Net
unrealized
gains (losses)
on debt securities
Debt valuation adjustment (DVA)(1)
Cash flow hedges(2)
Benefit plans(3)
Foreign
currency
translation
adjustment (CTA), net of hedges(4)
Excluded component of fair value hedges(5)
Accumulated
other
comprehensive income (loss)
Balance, December 31, 2018
$
(2,250
)
$
192

$
(728
)
$
(6,257
)
$
(28,070
)
$
(57
)
$
(37,170
)
Other comprehensive income before reclassifications
2,276

(589
)
600

(415
)
149

62

2,083

Increase (decrease) due to amounts reclassified from AOCI
(438
)
21

203

98

—

—

(116
)
Change, net of taxes 
$
1,838

$
(568
)
$
803

$
(317
)
$
149

$
62

$
1,967

Balance, June 30, 2019
$
(412
)
$
(376
)
$
75

$
(6,574
)
$
(27,921
)
$
5

$
(35,203
)
Note: Footnotes to the tables above appear on the following page.
Three Months Ended June 30, 2018
In millions of dollars
Net
unrealized
gains (losses)
on investment securities
Debt valuation adjustment (DVA)(1)
Cash flow hedges(2)
Benefit plans(3)
Foreign
currency
translation
adjustment (CTA), net of hedges(4)
Excluded Component of fair value hedges (5)
Accumulated
other
comprehensive income (loss)
Balance, March 31, 2018
$
(2,219
)
$
(793
)
$
(920
)
$
(6,095
)
$
(24,588
)
$
(4
)
$
(34,619
)
Other comprehensive income before reclassifications
(433
)
316

(36
)
261

(2,867
)
(28
)
(2,787
)
Increase (decrease) due to amounts reclassified from AOCI
(65
)
2

(65
)
40

—

—

(88
)
Change, net of taxes
$
(498
)
$
318

$
(101
)
$
301

$
(2,867
)
$
(28
)
$
(2,875
)
Balance at June 30, 2018
$
(2,717
)
$
(475
)
$
(1,021
)
$
(5,794
)
$
(27,455
)
$
(32
)
$
(37,494
)
Six Months Ended June 30, 2018
In millions of dollars
Net
unrealized
gains (losses)
on investment securities
Debt valuation adjustment (DVA)(1)
Cash flow hedges(2)
Benefit plans(3)
Foreign
currency
translation
adjustment (CTA), net of hedges(4)
Excluded Component of fair value hedges (5)
Accumulated
other
comprehensive income (loss)
Balance, December 31, 2017
$
(1,158
)
$
(921
)
$
(698
)
$
(6,183
)
$
(25,708
)
$
—

$
(34,668
)
Adjustment to opening balance, net of taxes(6)
(3
)
—

—

—

—

—

(3
)
Adjusted balance, beginning of period
$
(1,161
)
$
(921
)
$
(698
)
$
(6,183
)
$
(25,708
)
$
—

$
(34,671
)
Other comprehensive income before reclassifications
(1,383
)
417

(279
)
302

(1,747
)
(32
)
(2,722
)
Increase (decrease) due to amounts reclassified from AOCI
(173
)
29

(44
)
87

—

—

(101
)
Change, net of taxes 
$
(1,556
)
$
446

$
(323
)
$
389

$
(1,747
)
$
(32
)
$
(2,823
)
Balance at June 30, 2018
$
(2,717
)
$
(475
)
$
(1,021
)
$
(5,794
)
$
(27,455
)
$
(32
)
$
(37,494
)
(1)
Changes in DVA are reflected as a component of AOCI, pursuant to the adoption of the provisions of ASU 2016-01 relating to the presentation of DVA on fair value options liabilities. See Note 1 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K.
(2)
Primarily driven by Citigroup’s pay fixed/receive floating interest rate swap programs that hedge the floating rates on liabilities.
(3)
Primarily reflects adjustments based on the quarterly actuarial valuations of the Company’s significant pension and postretirement plans, annual actuarial valuations of all other plans and amortization of amounts previously recognized in other comprehensive income.
(4)
Primarily reflects the movements in (by order of impact) the Japanese Yen, Mexican Peso, Euro and Polish Zloty against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2019. Primarily reflects the movements in (by order of impact) the Mexican Peso, Canadian Dollar, Chilean Peso, and Russian Ruble against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2019. Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Euro, and Korean Won against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2018. Primarily reflects the movements in (by order of impact) Brazilian real, Indian Rupee, Argentine peso, and Korean won against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2018. Amounts recorded in the CTA component of AOCI remain in AOCI until the sale or substantial liquidation of the foreign entity, at which point such amounts related to the foreign entity are reclassified into earnings.
(5)
Beginning in the first quarter of 2018, changes in the excluded component of fair value hedges are reflected as a component of AOCI, pursuant to the early adoption of ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities. See Note 1 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K for further information regarding this change.
(6)
Citi adopted ASU 2016-01 and ASU 2018-03 on January 1, 2018. Upon adoption, a cumulative effect adjustment was recorded from AOCI to Retained earnings for net unrealized gains on former AFS equity securities. For additional information, see Note 1 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K.

The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows:
Three Months Ended June 30, 2019
In millions of dollars
Pretax
Tax effect
After-tax
Balance, March 31, 2019
$
(42,904
)
$
6,596

$
(36,308
)
Change in net unrealized gains (losses) on debt securities
936

(233
)
703

Debt valuation adjustment (DVA)
3

—

3

Cash flow hedges
680

(163
)
517

Benefit plans
(329
)
76

(253
)
Foreign currency translation adjustment
83

8

91

Excluded component of fair value hedges
59

(15
)
44

Change
$
1,432

$
(327
)
$
1,105

Balance, June 30, 2019
$
(41,472
)
$
6,269

$
(35,203
)
Six Months Ended June 30, 2019
In millions of dollars
Pretax
Tax effect
After-tax
Balance, December 31, 2018
$
(44,082
)
$
6,912

$
(37,170
)
Change in net unrealized gains (losses) on debt securities
2,436

(598
)
1,838

Debt valuation adjustment (DVA)
(722
)
154

(568
)
Cash flow hedges
1,058

(255
)
803

Benefit plans
(397
)
80

(317
)
Foreign currency translation adjustment
152

(3
)
149

Excluded component of fair value hedges
83

(21
)
62

Change
$
2,610

$
(643
)
$
1,967

Balance, June 30, 2019
$
(41,472
)
$
6,269

$
(35,203
)

Three Months Ended June 30, 2018
In millions of dollars
Pretax
Tax effect(1)
After-tax
Balance, March 31, 2018
$
(41,519
)
$
6,900

$
(34,619
)
Change in net unrealized gains (losses) on debt securities
(671
)
173

(498
)
Debt valuation adjustment (DVA)
418

(100
)
318

Cash flow hedges
(132
)
31

(101
)
Benefit plans
403

(102
)
301

Foreign currency translation adjustment
(2,869
)
2

(2,867
)
Excluded component of fair value hedges
(37
)
9

(28
)
Change
$
(2,888
)
$
13

$
(2,875
)
Balance, June 30, 2018
$
(44,407
)
$
6,913

$
(37,494
)

Six Months Ended June 30, 2018
In millions of dollars
Pretax
Tax effect(1)
After-tax
Balance, December 31, 2017(1)
$
(41,228
)
$
6,560

$
(34,668
)
Adjustment to opening balance (2)
(4
)
1

(3
)
Adjusted balance, beginning of period
$
(41,232
)
$
6,561

$
(34,671
)
Change in net unrealized gains (losses) on debt securities
(2,051
)
495

(1,556
)
Debt valuation adjustment (DVA)
585

(139
)
446

Cash flow hedges
(422
)
99

(323
)
Benefit plans
494

(105
)
389

Foreign currency translation adjustment
(1,739
)
(8
)
(1,747
)
Excluded component of fair value hedges
(42
)
10

(32
)
Change
$
(3,175
)
$
352

$
(2,823
)
Balance, June 30, 2018
$
(44,407
)
$
6,913

$
(37,494
)
(1)
Includes the impact of ASU 2018-02, which transferred amounts from AOCI to Retained earnings. For additional information, see Note 19 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K.
(2)
Citi adopted ASU 2016-01 and ASU 2018-03 on January 1, 2018. Upon adoption, a cumulative effect adjustment was recorded from AOCI to Retained earnings for net unrealized gains on former AFS equity securities. For additional information, see Note 1 to the Consolidated Financial Statements in Citi’s 2018 Annual Report on Form 10-K.







The Company recognized pretax gains (losses) related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows:
 
Increase (decrease) in AOCI due to
amounts reclassified to
Consolidated Statement of Income
 
Three Months Ended June 30,
Six Months Ended June 30,
In millions of dollars
2019
2019
Realized (gains) losses on sales of investments
$
(468
)
$
(598
)
Gross impairment losses
2

5

Subtotal, pretax
$
(466
)
$
(593
)
Tax effect
119

155

Net realized (gains) losses on investments after-tax(1)
$
(347
)
$
(438
)
Realized DVA (gains) losses on fair value option liabilities
$
22

$
27

Subtotal, pretax
$
22

$
27

Tax effect
(5
)
(6
)
Net realized debt valuation adjustment, after-tax
$
17

$
21

Interest rate contracts
$
134

$
264

Foreign exchange contracts
2

4

Subtotal, pretax
$
136

$
268

Tax effect
(33
)
(65
)
Amortization of cash flow hedges, after-tax(2)
$
103

$
203

Amortization of unrecognized
 
 
Prior service cost (benefit)
$
(2
)
$
(6
)
Net actuarial loss
69

134

Curtailment/settlement impact(3)
2

2

Subtotal, pretax
$
69

$
130

Tax effect
(17
)
(32
)
Amortization of benefit plans, after-tax(3)
$
52

$
98

Foreign currency translation adjustment
$
—

$
—

Tax effect
—

—

   Foreign currency translation adjustment
$
—

$
—

Total amounts reclassified out of AOCI, pretax
$
(239
)
$
(168
)
Total tax effect
64

52

Total amounts reclassified out of AOCI, after-tax
$
(175
)
$
(116
)
(1)
The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses in the Consolidated Statement of Income. See Note 12 to the Consolidated Financial Statements for additional details.
(2)
See Note 19 to the Consolidated Financial Statements for additional details.
(3)
See Note 8 to the Consolidated Financial Statements for additional details.
The Company recognized pretax gains (losses) related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows:
 
Increase (decrease) in AOCI due to
amounts reclassified to
Consolidated Statement of Income
 
Three Months Ended June 30,
Six Months Ended June 30,
In millions of dollars
2018
2018
Realized (gains) losses on sales of investments
$
(102
)
$
(272
)
OTTI gross impairment losses
15

43

Subtotal, pretax
$
(87
)
$
(229
)
Tax effect
22

56

Net realized (gains) losses on investment securities, after-tax(1)
$
(65
)
$
(173
)
Realized DVA (gains) losses on fair value option liabilities
$
2

$
37

Subtotal, pretax
$
2

$
37

Tax effect
—

(8
)
Net realized debt valuation adjustment, after-tax
$
2

$
29

Interest rate contracts
$
(82
)
$
(51
)
Foreign exchange contracts
(4
)
(6
)
Subtotal, pretax
$
(86
)
$
(57
)
Tax effect
21

13

Amortization of cash flow hedges, after-tax(2)
$
(65
)
$
(44
)
Amortization of unrecognized
 
 
Prior service cost (benefit)
$
(11
)
$
(22
)
Net actuarial loss
64

133

Curtailment/settlement impact(3)
2

6

Subtotal, pretax
$
55

$
117

Tax effect
(15
)
(30
)
Amortization of benefit plans, after-tax(3)
$
40

$
87

Foreign currency translation adjustment
$
—

$
—

Tax effect
—

—

   Foreign currency translation adjustment
$
—

$
—

Total amounts reclassified out of AOCI, pretax
$
(116
)
$
(132
)
Total tax effect
28

31

Total amounts reclassified out of AOCI, after-tax
$
(88
)
$
(101
)

(1)
The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses in the Consolidated Statement of Income. See Note 12 to the Consolidated Financial Statements for additional details.
(2)
See Note 19 to the Consolidated Financial Statements for additional details.
(3)
See Note 8 to the Consolidated Financial Statements for additional details.