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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI)
 9 Months Ended
Sep. 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 September 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, June 30, 2019
$
(412
)
$
(376
)
$
75

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

$
(35,203
)
Other comprehensive income before reclassifications
566

215

172

(300
)
(1,442
)
(10
)
(799
)
Increase (decrease) due to amounts reclassified from AOCI
(259
)
(5
)
81

50

—

—

(133
)
Change, net of taxes
$
307

$
210

$
253

$
(250
)
$
(1,442
)
$
(10
)
$
(932
)
Balance at September 30, 2019
$
(105
)
$
(166
)
$
328

$
(6,824
)
$
(29,363
)
$
(5
)
$
(36,135
)
Nine Months Ended September 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
2,842

(374
)
772

(715
)
(1,293
)
52

1,284

Increase (decrease) due to amounts reclassified from AOCI
(697
)
16

284

148

—

—

(249
)
Change, net of taxes 
$
2,145

$
(358
)
$
1,056

$
(567
)
$
(1,293
)
$
52

$
1,035

Balance at September 30, 2019
$
(105
)
$
(166
)
$
328

$
(6,824
)
$
(29,363
)
$
(5
)
$
(36,135
)
Note: Footnotes to the tables above appear on the following page.
Three Months Ended September 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, June 30, 2018
$
(2,717
)
$
(475
)
$
(1,021
)
$
(5,794
)
$
(27,455
)
$
(32
)
$
(37,494
)
Other comprehensive income before reclassifications
(603
)
(294
)
(114
)
(14
)
(221
)
10

(1,236
)
Increase (decrease) due to amounts reclassified from AOCI
(2
)
7

40

40

—

—

85

Change, net of taxes
$
(605
)
$
(287
)
$
(74
)
$
26

$
(221
)
$
10

$
(1,151
)
Balance at September 30, 2018
$
(3,322
)
$
(762
)
$
(1,095
)
$
(5,768
)
$
(27,676
)
$
(22
)
$
(38,645
)
Nine Months Ended September 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
(1,984
)
123

(512
)
288

(1,968
)
(22
)
(4,075
)
Increase (decrease) due to amounts reclassified from AOCI
(177
)
36

115

127

—

—

101

Change, net of taxes 
$
(2,161
)
$
159

$
(397
)
$
415

$
(1,968
)
$
(22
)
$
(3,974
)
Balance at September 30, 2018
$
(3,322
)
$
(762
)
$
(1,095
)
$
(5,768
)
$
(27,676
)
$
(22
)
$
(38,645
)
(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 Mexican peso, Brazilian real, Euro, Korean won and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2019. Primarily reflects the movements in (by order of impact) the Korean won, Euro, Brazilian real, Mexican peso, and Indian rupee against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2019. Primarily reflects the movements in (by order of impact) the Indian rupee, Chinese yuan renminbi, Turkish lira and Brazilian real against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2018. Primarily reflects the movements in (by order of impact) the Brazilian real, Indian rupee, Australian dollar and Argentine peso against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 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 September 30, 2019
In millions of dollars
Pretax
Tax effect
After-tax
Balance, June 30, 2019
$
(41,472
)
$
6,269

$
(35,203
)
Change in net unrealized gains (losses) on debt securities
419

(112
)
307

Debt valuation adjustment (DVA)
273

(63
)
210

Cash flow hedges
333

(80
)
253

Benefit plans
(356
)
106

(250
)
Foreign currency translation adjustment
(1,442
)
—

(1,442
)
Excluded component of fair value hedges
(10
)
—

(10
)
Change
$
(783
)
$
(149
)
$
(932
)
Balance at September 30, 2019
$
(42,255
)
$
6,120

$
(36,135
)
Nine Months Ended September 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
2,855

(710
)
2,145

Debt valuation adjustment (DVA)
(449
)
91

(358
)
Cash flow hedges
1,391

(335
)
1,056

Benefit plans
(753
)
186

(567
)
Foreign currency translation adjustment
(1,290
)
(3
)
(1,293
)
Excluded component of fair value hedges
73

(21
)
52

Change
$
1,827

$
(792
)
$
1,035

Balance at September 30, 2019
$
(42,255
)
$
6,120

$
(36,135
)

Three Months Ended September 30, 2018
In millions of dollars
Pretax
Tax effect(1)
After-tax
Balance, June 30, 2018
$
(44,407
)
$
6,913

$
(37,494
)
Change in net unrealized gains (losses) on debt securities
(810
)
205

(605
)
Debt valuation adjustment (DVA)
(377
)
90

(287
)
Cash flow hedges
(97
)
23

(74
)
Benefit plans
55

(29
)
26

Foreign currency translation adjustment
(192
)
(29
)
(221
)
Excluded component of fair value hedges
13

(3
)
10

Change
$
(1,408
)
$
257

$
(1,151
)
Balance at September 30, 2018
$
(45,815
)
$
7,170

$
(38,645
)

Nine Months Ended September 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
(2,861
)
700

(2,161
)
Debt valuation adjustment (DVA)
208

(49
)
159

Cash flow hedges
(519
)
122

(397
)
Benefit plans
549

(134
)
415

Foreign currency translation adjustment
(1,931
)
(37
)
(1,968
)
Excluded component of fair value hedges
(29
)
7

(22
)
Change
$
(4,583
)
$
609

$
(3,974
)
Balance at September 30, 2018
$
(45,815
)
$
7,170

$
(38,645
)
(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 September 30,
Nine Months Ended September 30,
In millions of dollars
2019
2019
Realized (gains) losses on sales of investments
$
(361
)
$
(959
)
Gross impairment losses
13

18

Subtotal, pretax
$
(348
)
$
(941
)
Tax effect
89

244

Net realized (gains) losses on investments after-tax(1)
$
(259
)
$
(697
)
Realized DVA (gains) losses on fair value option liabilities
$
(6
)
$
21

Subtotal, pretax
$
(6
)
$
21

Tax effect
1

(5
)
Net realized debt valuation adjustment, after-tax
$
(5
)
$
16

Interest rate contracts
$
96

$
360

Foreign exchange contracts
2

6

Subtotal, pretax
$
98

$
366

Tax effect
(17
)
(82
)
Amortization of cash flow hedges, after-tax(2)
$
81

$
284

Amortization of unrecognized
 
 
Prior service cost (benefit)
$
(3
)
$
(9
)
Net actuarial loss
73

207

Curtailment/settlement impact(3)
(4
)
(2
)
Subtotal, pretax
$
66

$
196

Tax effect
(16
)
(48
)
Amortization of benefit plans, after-tax(3)
$
50

$
148

Excluded component of fair value hedges, pretax
$
—

$
—

Tax effect
—

—

   Excluded component of fair value hedges, after-tax
$
—

$
—

Foreign currency translation adjustment
$
—

$
—

Tax effect
—

—

   Foreign currency translation adjustment
$
—

$
—

Total amounts reclassified out of AOCI, pretax
$
(190
)
$
(358
)
Total tax effect
57

109

Total amounts reclassified out of AOCI, after-tax
$
(133
)
$
(249
)
(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 September 30,
Nine Months Ended September 30,
In millions of dollars
2018
2018
Realized (gains) losses on sales of investments
$
(69
)
$
(341
)
OTTI gross impairment losses
70

109

Subtotal, pretax
$
1

$
(232
)
Tax effect
(3
)
55

Net realized (gains) losses on investment securities, after-tax(1)
$
(2
)
$
(177
)
Realized DVA (gains) losses on fair value option liabilities
$
9

$
46

Subtotal, pretax
$
9

$
46

Tax effect
(2
)
(10
)
Net realized debt valuation adjustment, after-tax
$
7

$
36

Interest rate contracts
$
54

$
142

Foreign exchange contracts
(2
)
8

Subtotal, pretax
$
52

$
150

Tax effect
(12
)
(35
)
Amortization of cash flow hedges, after-tax(2)
$
40

$
115

Amortization of unrecognized
 
 
Prior service cost (benefit)
$
(10
)
$
(32
)
Net actuarial loss
60

193

Curtailment/settlement impact(3)
—

6

Subtotal, pretax
$
50

$
167

Tax effect
(10
)
(40
)
Amortization of benefit plans, after-tax(3)
$
40

$
127

Foreign currency translation adjustment
$
—

$
—

Tax effect
—

—

   Foreign currency translation adjustment
$
—

$
—

Total amounts reclassified out of AOCI, pretax
$
112

$
131

Total tax effect
(27
)
(30
)
Total amounts reclassified out of AOCI, after-tax
$
85

$
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.