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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables)
 6 Months Ended
Jun. 30, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Changes in each component of accumulated other comprehensive income (loss)
Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) were as follows:

Three and Six Months Ended June 30, 2020

In millions of dollarsNet
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 hedgesAccumulated
other
comprehensive income (loss)
Three Months Ended June 30, 2020
Balance, March 31, 2020$2,863  $2,196  $2,020  $(7,095) $(32,500) $(5) $(32,521) 
Other comprehensive income before
reclassifications		1,391  (2,204) 226  (132) 561  13  (145) 
Increase (decrease) due to amounts
  reclassified from AOCI
(554) (28) (152) 55  —  —  (679) 
Change, net of taxes
$837  $(2,232) $74  $(77) $561  $13  $(824) 
Balance at June 30, 2020$3,700  $(36) $2,094  $(7,172) $(31,939) $8  $(33,345) 
Six Months Ended June 30, 2020
Balance, December 31, 2019$(265) $(944) $123  $(6,809) $(28,391) $(32) $(36,318) 
Other comprehensive income before
reclassifications		4,795  913  2,124  (476) (3,548) 40  3,848  
Increase (decrease) due to amounts
  reclassified from AOCI
(830) (5) (153) 113  —  —  (875) 
Change, net of taxes$3,965  $908  $1,971  $(363) $(3,548) $40  $2,973  
Balance at June 30, 2020$3,700  $(36) $2,094  $(7,172) $(31,939) $8  $(33,345) 
Footnotes to the table above appear on the following page.
Three and Six Months Ended June 30, 2019
In millions of dollarsNet
unrealized
gains (losses)
on investment securities
Debt valuation adjustment (DVA)(1)
Cash flow hedges(2)
Benefit plans(3)
Foreign
currency
translation
adjustment (CTA), net of hedges(4)
Excluded component of fair value hedgesAccumulated
other
comprehensive income (loss)
Three Months Ended June 30, 2019
Balance, March 31, 2019$(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  $(35,203) 
Six Months Ended June 30, 2019
Balance, December 31, 2019$(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  $1,967  
Balance at June 30, 2019$(412) $(376) $75  $(6,574) $(27,921) $5  $(35,203) 
(1)Reflects the after-tax valuation of Citi’s fair value options liabilities. See “Market Valuation Adjustments” in Note 20 to the Consolidated Financial Statements.
(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 Australian dollar, South Korean won, Indonesian rupiah and Euro against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2020. Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Indian rupee and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2020. 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. 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.
Schedule of pretax and after-tax changes in each component of Accumulated other comprehensive income (loss)
The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows:
Three and Six Months Ended June 30, 2020
In millions of dollarsPretaxTax effectAfter-tax
Three Months Ended June 30, 2020
Balance, March 31, 2020$(36,419) $3,898  $(32,521) 
Change in net unrealized gains (losses) on debt securities1,178  (341) 837  
Debt valuation adjustment (DVA)(2,935) 703  (2,232) 
Cash flow hedges90  (16) 74  
Benefit plans(93) 16  (77) 
Foreign currency translation adjustment485  76  561  
Excluded component of fair value hedges16  (3) 13  
Change$(1,259) $435  $(824) 
Balance at June 30, 2020$(37,678) $4,333  $(33,345) 
Six Months Ended June 30, 2020
Balance, December 31, 2019$(42,772) $6,454  $(36,318) 
Change in net unrealized gains (losses) on debt securities5,298  (1,333) 3,965  
Debt valuation adjustment (DVA)1,253  (345) 908  
Cash flow hedges2,574  (603) 1,971  
Benefit plans(510) 147  (363) 
Foreign currency translation adjustment(3,570) 22  (3,548) 
Excluded component of fair value hedges49  (9) 40  
Change$5,094  $(2,121) $2,973  
Balance at June 30, 2020$(37,678) $4,333  $(33,345) 
Three and Six Months Ended June 30, 2019
In millions of dollarsPretaxTax effectAfter-tax
Three Months Ended June 30, 2019
Balance, March 31, 2019$(42,904) $6,596  $(36,308) 
Change in net unrealized gains (losses) on debt securities936  (233) 703  
Debt valuation adjustment (DVA)3  —  3  
Cash flow hedges680  (163) 517  
Benefit plans(329) 76  (253) 
Foreign currency translation adjustment83  8  91  
Excluded component of fair value hedges59  (15) 44  
Change$1,432  $(327) $1,105  
Balance, June 30, 2019$(41,472) $6,269  $(35,203) 
Six Months Ended June 30, 2019
Balance, December 31, 2018$(44,082) $6,912  $(37,170) 
Change in net unrealized gains (losses) on debt securities2,436  (598) 1,838  
Debt valuation adjustment (DVA)(722) 154  (568) 
Cash flow hedges1,058  (255) 803  
Benefit plans(397) 80  (317) 
Foreign currency translation adjustment152  (3) 149  
Excluded component of fair value hedges83  (21) 62  
Change$2,610  $(643) $1,967  
Balance, June 30, 2019$(41,472) $6,269  $(35,203) 
Summary of amounts reclassified out of accumulated other comprehensive income (loss) into the consolidated statement of income
The Company recognized pretax gains (losses) related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows:
Increase (decrease) in AOCI due to
amounts reclassified to
Consolidated Statement of Income
Three Months Ended June 30,Six Months Ended June 30,
In millions of dollars2020201920202019
Realized (gains) losses on sales of investments$(748) $(468) $(1,180) $(598) 
Gross impairment losses19  2  71  5  
Subtotal, pretax$(729) $(466) $(1,109) $(593) 
Tax effect175  119  279  155  
Net realized (gains) losses on investments after-tax(1)
$(554) $(347) $(830) $(438) 
Realized DVA (gains) losses on fair value option liabilities, pretax$(37) $22  $(6) $27  
Tax effect9  (5) 1  (6) 
Net realized debt valuation adjustment, after-tax$(28) $17  $(5) $21  
Interest rate contracts$(200) $134  $(203) $264  
Foreign exchange contracts1  2  2  4  
Subtotal, pretax$(199) $136  $(201) $268  
Tax effect47  (33) 48  (65) 
Amortization of cash flow hedges, after-tax(2)
$(152) $103  $(153) $203  
Amortization of unrecognized:
Prior service cost (benefit)$(3) $(2) $(6) $(6) 
Net actuarial loss75  69  154  134  
Curtailment/settlement impact(3)
3  2  3  2  
Subtotal, pretax$75  $69  $151  $130  
Tax effect(20) (17) (38) (32) 
Amortization of benefit plans, after-tax(3)
$55  $52  $113  $98  
Excluded component of fair value hedges, pretax$—  $—  $—  $—  
Tax effect—  —  —  —  
   Excluded component of fair value hedges, after-tax$—  $—  $—  $—  
Foreign currency translation adjustment, pretax$—  $—  $—  $—  
Tax effect—  —  —  —  
   Foreign currency translation adjustment, after-tax $—  $—  $—  $—  
Total amounts reclassified out of AOCI, pretax
$(890) $(239) $(1,165) $(168) 
Total tax effect211  64  290  52  
Total amounts reclassified out of AOCI, after-tax
$(679) $(175) $(875) $(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.