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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables)
 3 Months Ended
Mar. 31, 2021
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 Months Ended March 31, 2021

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)
Balance, December 31, 2020$3,320 $(1,419)$1,593 $(6,864)$(28,641)$(47)$(32,058)
Other comprehensive income before
reclassifications		(1,519)(84)(344)653 (1,274)(10)(2,578)
Increase (decrease) due to amounts
reclassified from AOCI
(266)42 (212)61 — — (375)
Change, net of taxes
$(1,785)$(42)$(556)$714 $(1,274)$(10)$(2,953)
Balance at March 31, 2021$1,535 $(1,461)$1,037 $(6,150)$(29,915)$(57)$(35,011)

Three Months Ended March 31, 2020
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)
Balance, December 31, 2019$(265)$(944)$123 $(6,809)$(28,391)$(32)$(36,318)
Other comprehensive income before
reclassifications		3,417 3,116 1,898 (344)(4,109)27 4,005 
Increase (decrease) due to amounts
reclassified from AOCI
(289)24 (1)58 — — (208)
Change, net of taxes
$3,128 $3,140 $1,897 $(286)$(4,109)$27 $3,797 
Balance at March 31, 2020$2,863 $2,196 $2,020 $(7,095)$(32,500)$(5)$(32,521)
(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 Mexican peso, Euro, South Korean won, Japanese yen, Polish zloty and Brazilian real against the U.S. dollar and changes in related tax effects and hedges for the three months ended March 31, 2021. Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Australian dollar, South Korean won and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the three months ended March 31, 2020. 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 Months Ended March 31, 2021
In millions of dollarsPretaxTax effectAfter-tax
Balance, December 31, 2020$(36,992)$4,934 $(32,058)
Change in net unrealized gains (losses) on debt securities(2,427)642 (1,785)
Debt valuation adjustment (DVA)(38)(4)(42)
Cash flow hedges(729)173 (556)
Benefit plans907 (193)714 
Foreign currency translation adjustment(1,339)65 (1,274)
Excluded component of fair value hedges(13)3 (10)
Change$(3,639)$686 $(2,953)
Balance at March 31, 2021$(40,631)$5,620 $(35,011)

Three Months Ended March 31, 2020
In millions of dollarsPretaxTax effectAfter-tax
Balance, December 31, 2019$(42,772)$6,454 $(36,318)
Change in net unrealized gains (losses) on debt securities4,121 (993)3,128 
Debt valuation adjustment (DVA)4,188 (1,048)3,140 
Cash flow hedges2,484 (587)1,897 
Benefit plans(418)132 (286)
Foreign currency translation adjustment(4,055)(54)(4,109)
Excluded component of fair value hedges33 (6)27 
Change$6,353 $(2,556)$3,797 
Balance, March 31, 2020$(36,419)$3,898 $(32,521)
Summary of amounts reclassified out of accumulated other comprehensive income (loss) into the consolidated statement of income
The Company recognized pretax gains (losses) related to amounts in AOCI reclassified to the Consolidated Statement of Income as follows:
Increase (decrease) in AOCI due to
amounts reclassified to
Consolidated Statement of Income
Three Months Ended March 31,
In millions of dollars20212020
Realized (gains) losses on sales of investments$(401)$(432)
Gross impairment losses69 52 
Subtotal, pretax$(332)$(380)
Tax effect66 91 
Net realized (gains) losses on investments after-tax(1)
$(266)$(289)
Realized DVA (gains) losses on fair value option liabilities, pretax$56 $32 
Tax effect(14)(8)
Net realized debt valuation adjustment, after-tax$42 $24 
Interest rate contracts$(278)$(3)
Foreign exchange contracts1 1 
Subtotal, pretax$(277)$(2)
Tax effect65 1 
Amortization of cash flow hedges, after-tax(2)
$(212)$(1)
Amortization of unrecognized:
Prior service cost (benefit)$(6)$(3)
Net actuarial loss87 79 
Curtailment/settlement impact(3)
— — 
Subtotal, pretax$81 $76 
Tax effect(20)(18)
Amortization of benefit plans, after-tax(3)
$61 $58 
Excluded component of fair value hedges, pretax$— $— 
Tax effect— — 
   Excluded component of fair value hedges, after-tax$— $— 
Foreign currency translation adjustment, pretax$— $— 
Tax effect— — 
   Foreign currency translation adjustment, after-tax $— $— 
Total amounts reclassified out of AOCI, pretax
$(472)$(274)
Total tax effect97 66 
Total amounts reclassified out of AOCI, after-tax
$(375)$(208)
(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.