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INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments by category
The following table presents Citi’s investments by category:
In millions of dollarsJune 30,
2021		December 31, 2020
Debt securities available-for-sale (AFS)$302,977 $335,084 
Debt securities held-to-maturity (HTM)(1)
176,742 104,943 
Marketable equity securities carried at fair value(2)
195 515 
Non-marketable equity securities carried at fair value(2)
598 551 
Non-marketable equity securities measured using the measurement alternative(3)
1,381 962 
Non-marketable equity securities carried at cost(4)
5,170 5,304 
Total investments$487,063 $447,359 

(1)Carried at adjusted amortized cost basis, net of any ACL.
(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 June 30,Six Months Ended June 30,
In millions of dollars2021202020212020
Taxable interest$1,723 $1,984 $3,375 $4,163 
Interest exempt from U.S. federal income tax57 70 123 146 
Dividend income38 43 72 69 
Total interest and dividend income on investments$1,818 $2,097 $3,570 $4,378 
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 June 30,Six Months Ended June 30,
In millions of dollars2021202020212020
Gross realized investment gains$155 $775 $615 $1,237 
Gross realized investment losses(18)(27)(77)(57)
Net realized gains on sales of investments$137 $748 $538 $1,180 
Amortized cost and fair value of AFS debt securities
The amortized cost and fair value of AFS debt securities were as follows:

 June 30, 2021December 31, 2020
In millions of dollarsAmortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Allowance for credit lossesFair
value		Amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Allowance for credit lossesFair
value
Debt securities AFS        
Mortgage-backed securities(1)
        
U.S. government-sponsored agency guaranteed$38,842 $697 $229 $— $39,310 $42,836 $1,134 $52 $— $43,918 
Non-U.S. residential403 1 — — 404 568 3 — — 571 
Commercial43 — — — 43 49 1 — — 50 
Total mortgage-backed securities$39,288 $698 $229 $— $39,757 $43,453 $1,138 $52 $— $44,539 
U.S. Treasury and federal agency securities     
U.S. Treasury$125,224 $1,336 $413 $— $126,147 $144,094 $2,108 $49 $— $146,153 
Agency obligations— — — — — 50 1 — — 51 
Total U.S. Treasury and federal agency securities$125,224 $1,336 $413 $— $126,147 $144,144 $2,109 $49 $— $146,204 
State and municipal$3,096 $95 $112 $— $3,079 $3,753 $123 $157 $— $3,719 
Foreign government120,122 587 492 — 120,217 123,467 1,623 122 — 124,968 
Corporate7,902 74 68 5 7,903 10,444 152 91 5 10,500 
Asset-backed securities(1)
211 — — — 211 277 5 4 — 278 
Other debt securities5,661 2 — — 5,663 4,871 5 — — 4,876 
Total debt securities AFS$301,504 $2,792 $1,314 $5 $302,977 $330,409 $5,155 $475 $5 $335,084 

(1)The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions. 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
June 30, 2021      
Debt securities AFS      
Mortgage-backed securities      
U.S. government-sponsored agency guaranteed$14,217 $208 $343 $21 $14,560 $229 
Non-U.S. residential22 — — — 22 — 
Total mortgage-backed securities$14,239 $208 $343 $21 $14,582 $229 
U.S. Treasury$52,548 $413 $— $— $52,548 $413 
State and municipal101 2 1,107 110 1,208 112 
Foreign government43,680 363 6,510 129 50,190 492 
Corporate1,896 67 19 1 1,915 68 
Asset-backed securities3 — — — 3 — 
Other debt securities2,263 — — — 2,263 — 
Total debt securities AFS$114,730 $1,053 $7,979 $261 $122,709 $1,314 
December 31, 2020      
Debt securities AFS      
Mortgage-backed securities      
U.S. government-sponsored agency guaranteed$3,588 $30 $298 $22 $3,886 $52 
Non-U.S. residential1 — — — 1 — 
Commercial7 — 4 — 11 — 
Total mortgage-backed securities$3,596 $30 $302 $22 $3,898 $52 
U.S. Treasury and federal agency securities     
U.S. Treasury$25,031 $49 $— $— $25,031 $49 
Agency obligations50 — — — 50 — 
Total U.S. Treasury and federal agency securities$25,081 $49 $— $— $25,081 $49 
State and municipal$836 $34 $893 $123 $1,729 $157 
Foreign government29,344 61 3,502 61 32,846 122 
Corporate1,083 90 24 1 1,107 91 
Asset-backed securities194 3 39 1 233 4 
Other debt securities182 — — — 182 — 
Total debt securities AFS$60,316 $267 $4,760 $208 $65,076 $475 
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:
 June 30, 2021December 31, 2020
In millions of dollarsAmortized
cost		Fair
value		Amortized
cost		Fair
value
Mortgage-backed securities(1)
  
Due within 1 year$107 $107 $27 $27 
After 1 but within 5 years315 317 567 571 
After 5 but within 10 years679 732 688 757 
After 10 years(2)
38,187 38,601 42,171 43,184 
Total$39,288 $39,757 $43,453 $44,539 
U.S. Treasury and federal agency securities    
Due within 1 year$30,179 $30,264 $34,834 $34,951 
After 1 but within 5 years93,736 94,589 108,160 110,091 
After 5 but within 10 years1,309 1,294 1,150 1,162 
After 10 years(2)
— — — — 
Total$125,224 $126,147 $144,144 $146,204 
State and municipal    
Due within 1 year$379 $379 $427 $428 
After 1 but within 5 years92 94 189 198 
After 5 but within 10 years245 250 276 267 
After 10 years(2)
2,380 2,356 2,861 2,826 
Total$3,096 $3,079 $3,753 $3,719 
Foreign government    
Due within 1 year$48,404 $48,458 $48,133 $48,258 
After 1 but within 5 years64,721 64,846 67,365 68,586 
After 5 but within 10 years4,900 4,803 5,908 6,011 
After 10 years(2)
2,097 2,110 2,061 2,113 
Total$120,122 $120,217 $123,467 $124,968 
All other(3)
    
Due within 1 year$6,436 $6,435 $6,661 $6,665 
After 1 but within 5 years6,200 6,234 7,814 7,891 
After 5 but within 10 years1,078 1,080 1,018 1,034 
After 10 years(2)
60 28 99 64 
Total$13,774 $13,777 $15,592 $15,654 
Total debt securities AFS$301,504 $302,977 $330,409 $335,084 

(1)Includes mortgage-backed securities of U.S. government-sponsored agencies. The Company invests in mortgage- and asset-backed securities, which are typically issued by VIEs through securitization transactions.
(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:
 June 30, 2021December 31, 2020
In millions of dollars
Amortized cost(1)
Fair value
Amortized cost(1)
Fair value
Mortgage-backed securities    
Due within 1 year$307 $304 $81 $81 
After 1 but within 5 years855 919 463 477 
After 5 but within 10 years1,571 1,676 1,699 1,873 
After 10 years(2)
64,302 65,190 48,710 50,671 
Total$67,035 $68,089 $50,953 $53,102 
U.S. Treasury securities
Due within 1 year$— $— $— $— 
After 1 but within 5 years32,125 31,742 18,955 19,127 
After 5 but within 10 years40,217 40,268 2,338 2,115 
After 10 years(2)
— — — — 
Total$72,342 $72,010 $21,293 $21,242 
State and municipal    
Due within 1 year$11 $11 $6 $6 
After 1 but within 5 years193 197 139 142 
After 5 but within 10 years742 785 818 869 
After 10 years(2)
8,084 8,683 8,222 8,912 
Total$9,030 $9,676 $9,185 $9,929 
Foreign government    
Due within 1 year$344 $347 $361 $360 
After 1 but within 5 years1,411 1,419 1,570 1,662 
After 5 but within 10 years— — — — 
After 10 years(2)
— — — — 
Total$1,755 $1,766 $1,931 $2,022 
All other(3)
  
Due within 1 year$— $— $— $— 
After 1 but within 5 years— — — — 
After 5 but within 10 years10,452 10,449 11,795 15,020 
After 10 years(2)
16,128 16,112 9,786 6,475 
Total$26,580 $26,561 $21,581 $21,495 
Total debt securities HTM$176,742 $178,102 $104,943 $107,790 

(1)Amortized cost is reported net of ACL of $83 million and $86 million at June 30, 2021 and December 31, 2020, respectively.
(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
June 30, 2021    
Debt securities HTM    
Mortgage-backed securities(2)
U.S. government-sponsored agency guaranteed$65,387 $1,525 $472 $66,440 
Non-U.S. residential757 1 — 758 
Commercial891 2 2 891 
Total mortgage-backed securities$67,035 $1,528 $474 $68,089 
U.S. Treasury securities$72,342 $120 $452 $72,010 
State and municipal(3)
9,030 655 9 9,676 
Foreign government1,755 25 14 1,766 
Asset-backed securities(2)
26,580 12 31 26,561 
Total debt securities HTM, net$176,742 $2,340 $980 $178,102 
December 31, 2020    
Debt securities HTM   
Mortgage-backed securities(2)
    
U.S. government-sponsored agency guaranteed$49,004 $2,162 $15 $51,151 
Non-U.S. residential1,124 3 1 1,126 
Commercial825 1 1 825 
Total mortgage-backed securities$50,953 $2,166 $17 $53,102 
U.S. Treasury securities(4)
$21,293 $4 $55 $21,242 
State and municipal9,185 755 11 9,929 
Foreign government1,931 91 — 2,022 
Asset-backed securities(2)
21,581 6 92 21,495 
Total debt securities HTM, net$104,943 $3,022 $175 $107,790 

(1)Amortized cost is reported net of ACL of $83 million and $86 million at June 30, 2021 and December 31, 2020, respectively.
(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 February 2021, Citibank transferred $237 million of state and municipal bonds 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 $14 million. The gain amounts will remain in AOCI and will be amortized over the remaining life of the securities.
(4)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 $144 million. The gain amounts will remain in AOCI and will be amortized over the remaining life of the securities.
Total other-than-temporary impairments recognized
The following tables present total impairment on Investments recognized in earnings:
Three Months Ended
June 30, 2021		Three Months Ended
June 30, 2020
In millions of dollarsAFSOther
assets		TotalAFSOther assetsTotal
Impairment losses related to debt securities that the Company does not intend to sell nor will likely be required to sell:   
Total impairment losses recognized during the period$— $— $— $— $— $— 
Less: portion of impairment loss recognized in AOCI (before taxes)
— — — — — — 
Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell$— $— $— $— $— $— 
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 9 — 9 19 — 19 
Total impairment losses recognized in earnings$9 $— $9 $19 $— $19 
Six Months Ended
June 30, 2021		Six Months Ended
 June 30, 2020
In millions of dollarsAFSOther
assets		TotalAFSOther assetsTotal
Impairment losses related to debt securities that the Company does not intend to sell nor will likely be required to sell:
Total impairment losses recognized during the period$— $— $— $— $— $— 
Less: portion of impairment loss recognized in AOCI (before taxes)
— — — — — — 
Net impairment losses recognized in earnings for debt securities that the Company does not intend to sell nor will likely be required to sell$— $— $— $— $— $— 
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 78 — 78 71 — 71 
Total impairment losses recognized in earnings$78 $— $78 $71 $— $71 
Schedule of allowance for credit losses on available for sale securities
Allowance for Credit Losses on AFS Debt Securities
Three Months Ended June 30, 2021
In millions of dollarsMortgage-backedU.S. Treasury and federal agencyState and municipalForeign governmentCorporateTotal AFS
Allowance for credit losses at beginning of period$— $— $— $— $5 $5 
Less: Write-offs— — — — — — 
Recoveries of amounts written-off— — — — — — 
Net credit losses (NCLs)$— $— $— $— $— $— 
NCLs$— $— $— $— $— $— 
Credit losses on securities without previous credit losses— — — — — — 
Net reserve builds (releases) on securities with previous credit losses— — — — — — 
Total provision for credit losses$— $— $— $— $— $— 
Initial allowance on newly purchased credit-deteriorated securities during the period— — — — — — 
Allowance for credit losses at end of period$— $— $— $— $5 $5 

Six Months Ended June 30, 2021
In millions of dollarsMortgage-backedU.S. Treasury and federal agencyState and municipalForeign governmentCorporateTotal AFS
Allowance for credit losses at beginning of period$— $— $— $— $5 $5 
Less: Write-offs— — — — — — 
Recoveries of amounts written-off— — — — — — 
Net credit losses (NCLs)$— $— $— $— $— $— 
NCLs$— $— $— $— $— $— 
Credit losses on securities without previous credit losses— — — — — — 
Net reserve builds (releases) on securities with previous credit losses— — — — — — 
Total provision for credit losses$— $— $— $— $— $— 
Initial allowance on newly purchased credit-deteriorated securities during the period— — — — — — 
Allowance for credit losses at end of period$— $— $— $— $5 $5 
Three Months Ended June 30, 2020
In millions of dollarsMortgage-backedU.S. Treasury and federal agencyState and municipalForeign governmentCorporateTotal AFS
Allowance for credit losses at beginning of period$— $— $— $— $— $— 
Less: Write-offs— — — — — — 
Recoveries of amounts written-off— — — — — — 
Net credit losses (NCLs)$— $— $— $— $— $— 
NCLs$— $— $— $— $— $— 
Credit losses on securities without previous credit losses— — — 3 5 8 
Net reserve builds (releases) on securities with previous credit losses— — — — — — 
Total provision for credit losses$— $— $— $3 $5 $8 
Initial allowance on newly purchased credit-deteriorated securities during the period— — — — — — 
Allowance for credit losses at end of period$— $— $— $3 $5 $8 


Six Months Ended June 30, 2020
In millions of dollarsMortgage-backedU.S. Treasury and federal agencyState and municipalForeign governmentCorporateTotal AFS
Allowance for credit losses at beginning of period$— $— $— $— $— $— 
Less: Write-offs— — — — — — 
Recoveries of amounts written-off— — — — — — 
Net credit losses (NCLs)$— $— $— $— $— $— 
NCLs$— $— $— $— $— $— 
Credit losses on securities without previous credit losses— — — 3 5 8 
Net reserve builds (releases) on securities with previous credit losses— — — — — — 
Total provision for credit losses$— $— $— $3 $5 $8 
Initial allowance on newly purchased credit-deteriorated securities during the period— — — — — — 
Allowance for credit losses at end of period$— $— $— $3 $5 $8 
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 June 30, 2021 and December 31, 2020:
In millions of dollarsJune 30, 2021December 31, 2020
Measurement alternative:
Carrying value$1,381 $962 
Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative:
Three Months Ended
June 30,		Six Months
Ended
June 30,
In millions of dollars2021202020212020
Measurement alternative:(1)
Impairment losses$4 $50 $4 $53 
Downward changes for observable prices— 19 — 19 
Upward changes for observable prices215 17 296 42 

(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 dollarsJune 30, 2021
Measurement alternative:
Impairment losses$73 
Downward changes for observable prices53 
Upward changes for observable prices783 
Investments in alternative investment funds
Fair valueUnfunded
commitments		Redemption frequency
(if currently eligible)
monthly, quarterly, annually		Redemption 
notice
period
In millions of dollarsJune 30,
2021		December 31, 2020June 30,
2021		December 31, 2020
Private equity funds(1)(2)
$124 $123 $60 $62 ——
Real estate funds(2)(3)
2 9 3 20 ——
Mutual/collective investment funds21 20 — — ——
Total$147 $152 $63 $82 ——

(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.