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INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments by category
The following table presents Citi’s investments by category:
In millions of dollarsSeptember 30,
2020		December 31,
2019
Debt securities available-for-sale (AFS)$343,690 $280,265 
Debt securities held-to-maturity (HTM)(1)
96,065 80,775 
Marketable equity securities carried at fair value(2)
693 458 
Non-marketable equity securities carried at fair value(2)
505 704 
Non-marketable equity securities measured using the measurement alternative(3)
865 700 
Non-marketable equity securities carried at cost(4)
5,706 5,661 
Total investments$447,524 $368,563 

(1)Carried at adjusted amortized cost basis, net of any allowance for credit losses.
(2)Unrealized gains and losses are recognized in earnings.
(3)Impairment losses and adjustments to the carrying value as a result of observable price changes are recognized in earnings. See ”Non-Marketable Equity Securities Not Carried at Fair Value” below.
(4)    Represents shares issued by the Federal Reserve Bank, Federal Home Loan Banks and certain exchanges of which Citigroup is a member.
Interest and dividends on investments
The following table presents interest and dividend income on investments:
Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2020201920202019
Taxable interest$1,752 $2,291 $5,915 $6,987 
Interest exempt from U.S. federal income tax85 75 231 328 
Dividend income33 45 102 149 
Total interest and dividend income$1,870 $2,411 $6,248 $7,464 
Realized gains and losses on investments excluding other-than-temporary impairment
The following table presents realized gains and losses on the sales of investments, which exclude impairment losses:
Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2020201920202019
Gross realized investment gains$381 $393 $1,619 $1,036 
Gross realized investment losses(77)(32)(135)(77)
Net realized gains on sale of investments$304 $361 $1,484 $959 
Amortized cost and fair value of AFS debt securities
The amortized cost and fair value of AFS debt securities were as follows:
 September 30, 2020December 31, 2019
In millions of dollarsAmortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Allowance for credit lossesFair
value		Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
Debt securities AFS        
Mortgage-backed securities(1)
        
U.S. government-sponsored agency guaranteed$41,621 $1,186 $89 $— $42,718 $34,963 $547 $280 $35,230 
Non-U.S. residential578 3 — — 581 789 3 — 792 
Commercial61 — — — 61 75 — — 75 
Total mortgage-backed securities$42,260 $1,189 $89 $— $43,360 $35,827 $550 $280 $36,097 
U.S. Treasury and federal agency securities     
U.S. Treasury$157,561 $2,471 $12 $— $160,020 $106,429 $50 $380 $106,099 
Agency obligations96 1 — — 97 5,336 3 20 5,319 
Total U.S. Treasury and federal agency securities$157,657 $2,472 $12 $— $160,117 $111,765 $53 $400 $111,418 
State and municipal$4,204 $13 $101 $— $4,116 $5,024 $43 $89 $4,978 
Foreign government119,261 1,501 199 — 120,563 110,958 586 241 111,303 
Corporate10,676 153 94 5 10,730 11,266 52 101 11,217 
Asset-backed securities(1)
277 4 6 — 275 524 — 2 522 
Other debt securities4,523 6 — — 4,529 4,729 1 — 4,730 
Total debt securities AFS$338,858 $5,338 $501 $5 $343,690 $280,093 $1,285 $1,113 $280,265 
(1)The Company invests in mortgage- and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage- and asset-backed securitizations in which the Company has other involvement, see Note 18 to the Consolidated Financial Statements.
Fair value of securities in unrealized loss position
The following table shows the fair value of AFS debt securities that have been in an unrealized loss position:
 Less than 12 months12 months or longerTotal
In millions of dollarsFair
value		Gross
unrealized
losses		Fair
value		Gross
unrealized
losses		Fair
value		Gross
unrealized
losses
September 30, 2020      
Debt securities AFS      
Mortgage-backed securities      
U.S. government-sponsored agency guaranteed$6,833 $67 $318 $22 $7,151 $89 
Non-U.S. residential4 — — — 4 — 
Commercial10 — 5 — 15 — 
Total mortgage-backed securities$6,847 $67 $323 $22 $7,170 $89 
U.S. Treasury and federal agency securities24,817 12 — — 24,817 12 
State and municipal3,302 100 24 1 3,326 101 
Foreign government28,879 144 2,902 55 31,781 199 
Corporate1,836 92 24 2 1,860 94 
Asset-backed securities240 6 1 — 241 6 
Other debt securities356 — — — 356 — 
Total debt securities AFS$66,277 $421 $3,274 $80 $69,551 $501 
December 31, 2019      
Debt securities AFS      
Mortgage-backed securities      
U.S. government-sponsored agency guaranteed$9,780 $242 $1,877 $38 $11,657 $280 
Non-U.S. residential208 — 1 — 209 — 
Commercial16 — 27 — 43 — 
Total mortgage-backed securities$10,004 $242 $1,905 $38 $11,909 $280 
U.S. Treasury and federal agency securities     
U.S. Treasury$45,484 $248 $26,907 $132 $72,391 $380 
Agency obligations781 2 3,897 18 4,678 20 
Total U.S. Treasury and federal agency securities$46,265 $250 $30,804 $150 $77,069 $400 
State and municipal$362 $62 $266 $27 $628 $89 
Foreign government35,485 149 8,170 92 43,655 241 
Corporate2,916 98 123 3 3,039 101 
Asset-backed securities112 1 166 1 278 2 
Other debt securities1,307 — — — 1,307 — 
Total debt securities AFS$96,451 $802 $41,434 $311 $137,885 $1,113 
The table below shows the fair value of debt securities HTM that have been in an unrecognized loss position at December 31, 2019:
 Less than 12 months12 months or longerTotal
In millions of dollarsFair
value		Gross
unrecognized
losses		Fair
value		Gross
unrecognized
losses		Fair
value		Gross
unrecognized
losses
December 31, 2019      
Debt securities held-to-maturity      
Mortgage-backed securities$3,590 $10 $1,116 $11 $4,706 $21 
State and municipal34 1 1,125 27 1,159 28 
Foreign government1,970 1 — — 1,970 1 
Asset-backed securities7,972 11 765 48 8,737 59 
Total debt securities held-to-maturity$13,566 $23 $3,006 $86 $16,572 $109 
Note: Excluded from the gross unrecognized losses presented in the table above is $(582) million of net unrealized losses recorded in AOCI as of December 31, 2019, primarily related to the difference between the amortized cost and carrying value of HTM debt securities that were reclassified from AFS. Substantially all of these net unrecognized losses relate to securities that have been in a loss position for 12 months or longer at December 31, 2019.
Amortized cost and fair value of debt securities by contractual maturity dates
The following table presents the amortized cost and fair value of AFS debt securities by contractual maturity dates:
 September 30, 2020December 31, 2019
In millions of dollarsAmortized
cost		Fair
value		Amortized
cost		Fair
value
Mortgage-backed securities(1)
  
Due within 1 year$40 $40 $20 $20 
After 1 but within 5 years572 575 573 574 
After 5 but within 10 years702 776 594 626 
After 10 years(2)
40,946 41,969 34,640 34,877 
Total$42,260 $43,360 $35,827 $36,097 
U.S. Treasury and federal agency securities    
Due within 1 year$51,342 $51,490 $40,757 $40,688 
After 1 but within 5 years104,573 106,840 70,128 69,850 
After 5 but within 10 years1,742 1,787 854 851 
After 10 years(2)
— — 26 29 
Total$157,657 $160,117 $111,765 $111,418 
State and municipal    
Due within 1 year$396 $397 $932 $932 
After 1 but within 5 years535 544 714 723 
After 5 but within 10 years251 276 195 215 
After 10 years(2)
3,022 2,899 3,183 3,108 
Total$4,204 $4,116 $5,024 $4,978 
Foreign government    
Due within 1 year$47,862 $47,993 $42,611 $42,666 
After 1 but within 5 years63,739 64,797 58,820 59,071 
After 5 but within 10 years5,766 5,845 8,192 8,198 
After 10 years(2)
1,894 1,928 1,335 1,368 
Total$119,261 $120,563 $110,958 $111,303 
All other(3)
    
Due within 1 year$5,696 $5,720 $7,306 $7,311 
After 1 but within 5 years8,533 8,615 8,279 8,275 
After 5 but within 10 years1,120 1,108 818 797 
After 10 years(2)
127 91 116 86 
Total$15,476 $15,534 $16,519 $16,469 
Total debt securities AFS$338,858 $343,690 $280,093 $280,265 
(1)Includes mortgage-backed securities of U.S. government-sponsored agencies.
(2)Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment rights.
(3)Includes corporate, asset-backed and other debt securities.
The following table presents the carrying value and fair value of HTM debt securities by contractual maturity dates:
 September 30, 2020December 31, 2019
In millions of dollars
Amortized cost(1)
Fair valueAmortized costFair value
Mortgage-backed securities    
Due within 1 year$113 $116 $17 $17 
After 1 but within 5 years367 382 458 463 
After 5 but within 10 years1,640 1,823 1,662 1,729 
After 10 years(2)
46,586 48,796 46,121 47,081 
Total$48,706 $51,117 $48,258 $49,290 
U.S. Treasury securities
Due within 1 year$— $— $— $— 
After 1 but within 5 years14,917 14,893 — — 
After 5 but within 10 years— — — — 
After 10 years(2)
— — — — 
Total$14,917 $14,893 $— $— 
State and municipal    
Due within 1 year$7 $7 $2 $26 
After 1 but within 5 years90 93 123 160 
After 5 but within 10 years660 699 597 590 
After 10 years(2)
8,440 9,074 8,382 8,755 
Total$9,197 $9,873 $9,104 $9,531 
Foreign government    
Due within 1 year$284 $291 $650 $652 
After 1 but within 5 years1,455 1,522 1,284 1,318 
After 5 but within 10 years— — — — 
After 10 years(2)
— — — — 
Total$1,739 $1,813 $1,934 $1,970 
All other(3)
  
Due within 1 year$— $— $— $— 
After 1 but within 5 years— — — — 
After 5 but within 10 years10,312 10,243 8,545 8,543 
After 10 years(2)
11,194 11,075 12,934 12,889 
Total$21,506 $21,318 $21,479 $21,432 
Total debt securities HTM$96,065 $99,014 $80,775 $82,223 
(1)Amortized cost is reported net of allowance for credit losses of $98 million at September 30, 2020.
(2)Investments with no stated maturities are included as contractual maturities of greater than 10 years. Actual maturities may differ due to call or prepayment rights.
(3)Includes corporate and asset-backed securities.
Carrying value and fair value of debt securities HTM
The carrying value and fair value of debt securities HTM were as follows:
In millions of dollars
Amortized
cost, net(1)
Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
September 30, 2020    
Debt securities HTM    
Mortgage-backed securities(2)
U.S. government-sponsored agency guaranteed$46,833 $2,422 $12 $49,243 
Non-U.S. residential1,099 3 2 1,100 
Commercial774 1 1 774 
Total mortgage-backed securities$48,706 $2,426 $15 $51,117 
U.S. Treasury securities(3)
$14,917 $2 $26 $14,893 
State and municipal9,197 693 17 9,873 
Foreign government1,739 74 — 1,813 
Asset-backed securities(2)
21,506 5 193 21,318 
Total debt securities HTM, net$96,065 $3,200 $251 $99,014 
December 31, 2019    
Debt securities HTM   
Mortgage-backed securities(2)
    
U.S. government-sponsored agency guaranteed$46,637 $1,047 $21 $47,663 
Non-U.S. residential1,039 5 — 1,044 
Commercial582 1 — 583 
Total mortgage-backed securities$48,258 $1,053 $21 $49,290 
State and municipal$9,104 $455 $28 $9,531 
Foreign government1,934 37 1 1,970 
Asset-backed securities(2)
21,479 12 59 21,432 
Total debt securities HTM$80,775 $1,557 $109 $82,223 
(1)Amortized cost is reported net of allowance for credit losses of $98 million at September 30, 2020. There was no allowance as of December 31, 2019.
(2)The Company invests in mortgage- and asset-backed securities. These securitizations are generally considered VIEs. The Company’s maximum exposure to loss from these VIEs is equal to the carrying amount of the securities, which is reflected in the table above. For mortgage- and asset-backed securitizations in which the Company has other involvement, see Note 18 to the Consolidated Financial Statements.
(3)In August 2020, Citibank transferred $13.1 billion of investments in U.S. Treasury securities from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities were in an unrealized gain position of $144 million. The gain amounts will remain in AOCI and will be amortized over the remaining life of the securities.
Total other-than-temporary impairments recognized
The following tables present total impairment on Investments recognized in earnings:
Three Months Ended
September 30, 2020		Three Months Ended
September 30, 2019
In millions of dollarsAFSOther
assets		TotalAFSHTMOther assetsTotal
Impairment losses related to debt securities that the Company does not intend to sell nor will likely be required to sell:
   
Total impairment losses recognized during the period$— $— $— $— $— $— $— 
Less: portion of impairment loss recognized in AOCI (before taxes)
— — — — — — — 
Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell
$— $— $— $— $— $— $— 
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise
30 — 30 13 — — 13 
Total impairment losses recognized in earnings$30 $— $30 $13 $— $— $13 
Nine Months Ended
September 30, 2020		Nine Months Ended
September 30, 2019
In millions of dollarsAFSOther
assets		TotalAFSHTMOther assetsTotal
Impairment losses related to debt securities that the Company does not intend to sell nor will likely be required to sell:
Total impairment losses recognized during the period$— $— $— $— $— $— $— 
Less: portion of impairment loss recognized in AOCI (before taxes)
— — — — — — — 
Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell
$— $— $— $— $— $— $— 
Impairment losses recognized in earnings for debt securities that the Company intends to sell, would more-likely-than-not be required to sell or will be subject to an issuer call deemed probable of exercise
101 — 101 18 — — 18 
Total impairment losses recognized in earnings$101 $— $101 $18 $— $— $18 
Cumulative other-than-temporary impairment credit losses recognized in earnings
The following are the three- and nine-month rollforwards of the credit-related impairments recognized in earnings for AFS debt securities held that the Company does not intend to sell nor will likely be required to sell at September 30, 2019:

Cumulative OTTI credit losses recognized in earnings on debt securities still held
Three Months Ended September 30, 2019
In millions of dollarsJune 30, 2019 balanceCredit
impairments
recognized in
earnings on
securities not
previously
impaired		Credit
impairments
recognized in
earnings on
securities that
have
been previously
impaired		Changes due to
credit-impaired
securities sold,
transferred or
matured		September 30, 2019 balance
AFS debt securities
Mortgage-backed securities(1)
$1 $— $— $— $1 
State and municipal— — — — — 
Foreign government securities— — — — — 
Corporate4 — — — 4 
All other debt securities— — — — — 
Total OTTI credit losses recognized for AFS debt securities$5 $— $— $— $5 
HTM debt securities
Mortgage-backed securities$— $— $— $— $— 
State and municipal— — — — — 
Total OTTI credit losses recognized for HTM debt securities$— $— $— $— $— 
Nine Months Ended September 30, 2019
In millions of dollarsDecember 31, 2018 balanceCredit
impairments
recognized in
earnings on
securities not
previously
impaired		Credit
impairments
recognized in
earnings on
securities that
have
been previously
impaired		Changes due to
credit-impaired
securities sold,
transferred or
matured		September 30, 2019 balance
AFS debt securities
Mortgage-backed securities(1)
$1 $— $— $— $1 
State and municipal— — — — — 
Foreign government securities— — — — — 
Corporate4 — — — 4 
All other debt securities— — — — — 
Total OTTI credit losses recognized for AFS debt securities$5 $— $— $— $5 
HTM debt securities
Mortgage-backed securities$— $— $— $— $— 
State and municipal— — — — — 
Total OTTI credit losses recognized for HTM debt securities$— $— $— $— $— 

(1)    Primarily consists of Prime securities.
Carrying value of non-marketable equity securities measured using the measurement alternative
Below is the carrying value of non-marketable equity securities measured using the measurement alternative at September 30, 2020 and December 31, 2019:
In millions of dollarsSeptember 30, 2020December 31, 2019
Measurement alternative:
Carrying value$865 $700 
Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative:
Three Months Ended
September 30,		Nine Months
Ended
September 30,
In millions of dollars2020201920202019
Measurement alternative(1):
Impairment losses$2 $1 $55 $9 
Downward changes for observable prices— 4 19 16 
Upward changes for observable prices40 23 82 108 

(1)     See Note 20 to the Consolidated Financial Statements for additional information on these nonrecurring fair value measurements.

Life-to-date amounts on securities still held
In millions of dollarsSeptember 30, 2020
Measurement alternative:
Impairment losses$67 
Downward changes for observable prices52 
Upward changes for observable prices424 
Investments in alternative investment funds
Fair valueUnfunded
commitments		Redemption frequency
(if currently eligible)
monthly, quarterly, annually		Redemption 
notice
period
In millions of dollarsSeptember 30,
2020		December 31, 2019September 30,
2020		December 31, 2019
Hedge funds$— $— $— $— Generally quarterly
10–95 days
Private equity funds(1)(2)
114 134 62 62 ——
Real estate funds(2)(3)
9 10 20 18 ——
Mutual/collective investment funds19 26 — — ——
Total$142 $170 $82 $80 ——
(1)Private equity funds include funds that invest in infrastructure, emerging markets and venture capital.
(2)With respect to the Company’s investments in private equity funds and real estate funds, distributions from each fund will be received as the underlying assets held by these funds are liquidated. It is estimated that the underlying assets of these funds will be liquidated over a period of several years as market conditions allow. Private equity and real estate funds do not allow redemption of investments by their investors. Investors are permitted to sell or transfer their investments, subject to the approval of the general partner or investment manager of these funds, which generally may not be unreasonably withheld.
(3)Includes several real estate funds that invest primarily in commercial real estate in the U.S., Europe and Asia.