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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI)
 12 Months Ended
Dec. 31, 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:
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, 2016
$
(799
)
$
(352
)
$
(560
)
$
(5,164
)
$
(25,506
)
$
—

$
(32,381
)
Adjustment to opening balance, net
  of taxes(6)
$
504

$
—

$
—

$
—

$
—

$
—

$
504

Adjusted balance, beginning of period
$
(295
)
$
(352
)
$
(560
)
$
(5,164
)
$
(25,506
)
$
—

$
(31,877
)
Impact of Tax Reform(7)
$
(223
)
$
(139
)
$
(113
)
$
(1,020
)
$
(1,809
)
$
—

$
(3,304
)
Other comprehensive income before
  reclassifications
(186
)
(426
)
(111
)
(158
)
1,607

—

726

Increase (decrease) due to amounts
  reclassified from AOCI 
(454
)
(4
)
86

159

—

—

(213
)
Change, net of taxes 
$
(863
)
$
(569
)
$
(138
)
$
(1,019
)
$
(202
)
$
—

$
(2,791
)
Balance, December 31, 2017
$
(1,158
)
$
(921
)
$
(698
)
$
(6,183
)
$
(25,708
)
$
—

$
(34,668
)
Adjustment to opening balance, net
  of taxes(8)
$
(3
)
$
—

$
—

$
—

$
—

$
—

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

$
(34,671
)
Other comprehensive income before reclassifications
(866
)
1,081

(135
)
(240
)
(2,607
)
(57
)
(2,824
)
Increase (decrease) due to amounts reclassified from AOCI(9)
(223
)
32

105

166

245

—

325

Change, net of taxes 
$
(1,089
)
$
1,113

$
(30
)
$
(74
)
$
(2,362
)
$
(57
)
$
(2,499
)
Balance at December 31, 2018
$
(2,250
)
$
192

$
(728
)
$
(6,257
)
$
(28,070
)
$
(57
)
$
(37,170
)
Other comprehensive income before
  reclassifications
3,065

(1,151
)
549

(758
)
(647
)
25

1,083

Increase (decrease) due to amounts
  reclassified from AOCI
(1,080
)
15

302

206

326

—

(231
)
Change, net of taxes
$
1,985

$
(1,136
)
$
851

$
(552
)
$
(321
)
$
25

$
852

Balance at December 31, 2019
$
(265
)
$
(944
)
$
123

$
(6,809
)
$
(28,391
)
$
(32
)
$
(36,318
)
(1)
Changes in DVA are reflected as a component of AOCI, pursuant to the adoption of ASU 2016-01 relating to the presentation of DVA on fair value option liabilities.
(2)
Primarily driven by Citi’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 Indian rupee, Brazilian real, Chilean peso, and Euro against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2019. Primarily reflects the movements in (by order of impact) the Brazilian real, Indian rupee, Mexican peso, and Australian dollar against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2018. Primarily reflects the movements in (by order of impact) the Euro, Mexican peso, Polish zloty and South Korean won against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2017. 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 of the Consolidated Financial Statements for further information regarding this change.
(6)
In the second quarter of 2017, Citi early adopted ASU 2017-08. Upon adoption, a cumulative effect adjustment was recorded to reduce Retained earnings, effective January 1, 2017, for the incremental amortization of cumulative fair value hedge adjustments on callable state and municipal debt securities. See Note 1 to the Consolidated Financial Statements.
(7)
In the fourth quarter of 2017, Citi adopted ASU 2018-02, which transferred these amounts from AOCI to Retained earnings. See Note 1 to the Consolidated Financial Statements.
(8)
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.
(9)
Includes the impact of the release of foreign currency translation adjustment, net of hedges, upon meeting the accounting trigger for substantial liquidation of Citi’s Japan Consumer Finance business during the fourth quarter of 2018. See Note 1 to the Consolidated Financial Statements.
The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows:
In millions of dollars
Pretax
Tax effect(1)
After-tax
Balance, December 31, 2016
$
(42,035
)
$
9,654

$
(32,381
)
Adjustment to opening balance(2)
803

(299
)
504

Adjusted balance, beginning of period

$
(41,232
)
$
9,355

$
(31,877
)
Change in net unrealized gains (losses) on investment securities
(1,088
)
225

(863
)
Debt valuation adjustment (DVA)
(680
)
111

(569
)
Cash flow hedges
(37
)
(101
)
(138
)
Benefit plans
14

(1,033
)
(1,019
)
Foreign currency translation adjustment
1,795

(1,997
)
(202
)
Change
$
4

$
(2,795
)
$
(2,791
)
Balance, December 31, 2017
$
(41,228
)
$
6,560

$
(34,668
)
Adjustment to opening balance(3)
(4
)
1

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

$
(34,671
)
Change in net unrealized gains (losses) on investment securities
(1,435
)
346

(1,089
)
Debt valuation adjustment (DVA)
1,415

(302
)
1,113

Cash flow hedges
(38
)
8

(30
)
Benefit plans
(94
)
20

(74
)
Foreign currency translation adjustment
(2,624
)
262

(2,362
)
Excluded component of fair value hedges

(74
)
17

(57
)
Change
$
(2,850
)
$
351

$
(2,499
)
Balance, December 31, 2018
$
(44,082
)
$
6,912

$
(37,170
)
Change in net unrealized gains (losses) on AFS debt securities
2,633

(648
)
1,985

Debt valuation adjustment (DVA)
(1,473
)
337

(1,136
)
Cash flow hedges
1,120

(269
)
851

Benefit plans
(671
)
119

(552
)
Foreign currency translation adjustment
(332
)
11

(321
)
Excluded component of fair value hedges
33

(8
)
25

Change
$
1,310

$
(458
)
$
852

Balance, December 31, 2019
$
(42,772
)
$
6,454

$
(36,318
)

(1)
Includes the impact of ASU 2018-02, which transferred amounts from AOCI to Retained earnings. See Note 1 to the Consolidated Financial Statements.
(2)
In the second quarter of 2017, Citi early adopted ASU 2017-08. Upon adoption, a cumulative effect adjustment was recorded to reduce Retained earnings, effective January 1, 2017, for the incremental amortization of cumulative fair value hedge adjustments on callable state and municipal debt securities. See Note 1 to the Consolidated Financial Statements.
(3)
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.





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
 
Year ended December 31,
In millions of dollars
2019
2018
2017
Realized (gains) losses on sales of investments
$
(1,474
)
$
(421
)
$
(778
)
Gross impairment losses
23

125

63

Subtotal, pretax
$
(1,451
)
$
(296
)
$
(715
)
Tax effect
371

73

261

Net realized (gains) losses on investments, after-tax(1)
$
(1,080
)
$
(223
)
$
(454
)
Realized DVA (gains) losses on fair value option liabilities, pretax
$
20

$
41

$
(7
)
Tax effect
(5
)
(9
)
3

Net realized DVA, after-tax
$
15

$
32

$
(4
)
Interest rate contracts
$
384

$
301

$
126

Foreign exchange contracts
7

17

10

Subtotal, pretax
$
391

$
318

$
136

Tax effect
(89
)
(213
)
(50
)
Amortization of cash flow hedges, after-tax(2)
$
302

$
105

$
86

Amortization of unrecognized
 
 
 
Prior service cost (benefit)
$
(12
)
$
(34
)
$
(42
)
Net actuarial loss
286

248

271

Curtailment/settlement impact(3)
1

6

17

Subtotal, pretax
$
275

$
220

$
246

Tax effect
(69
)
(54
)
(87
)
Amortization of benefit plans, after-tax(3)
$
206

$
166

$
159

Foreign currency translation adjustment
$
—

$
34

$
—

Tax effect
326

211

—

Foreign currency translation adjustment
$
326

$
245

$
—

Total amounts reclassified out of AOCI, pretax
$
(765
)
$
317

$
(340
)
Total tax effect
534

8

127

Total amounts reclassified out of AOCI, after-tax
$
(231
)
$
325

$
(213
)
(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 13 to the Consolidated Financial Statements for additional details.
(2)
See Note 22 to the Consolidated Financial Statements for additional details.
(3)
See Note 8 to the Consolidated Financial Statements for additional details.