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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables)
 6 Months Ended
Jun. 30, 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 and Six Months Ended June 30, 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)
Three Months Ended June 30, 2021
Balance, March 31, 2021$1,535 $(1,461)$1,037 $(6,150)$(29,915)$(57)$(35,011)
Other comprehensive income before
reclassifications		(379)(72)28 36 523 (11)125 
Increase (decrease) due to amounts
reclassified from AOCI
(95)10 (201)51 — 1 (234)
Change, net of taxes
$(474)$(62)$(173)$87 $523 $(10)$(109)
Balance at June 30, 2021$1,061 $(1,523)$864 $(6,063)$(29,392)$(67)$(35,120)
Six Months Ended June 30, 2021
Balance, December 31, 2020$3,320 $(1,419)$1,593 $(6,864)$(28,641)$(47)$(32,058)
Other comprehensive income before
reclassifications		(1,898)(156)(316)689 (751)(21)(2,453)
Increase (decrease) due to amounts
reclassified from AOCI
(361)52 (413)112 — 1 (609)
Change, net of taxes$(2,259)$(104)$(729)$801 $(751)$(20)$(3,062)
Balance at June 30, 2021$1,061 $(1,523)$864 $(6,063)$(29,392)$(67)$(35,120)

Footnotes to the table above appear on the following page.
Three and Six Months Ended June 30, 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)
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)

(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, Brazilian real, Polish zloty, New Taiwan dollar, Euro and Indian rupee against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2021. Primarily reflects the movements in (by order of impact) the South Korean won, Japanese yen, Euro, Indian rupee, Mexican peso and New Taiwan dollar against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2021. 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. 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, 2021
In millions of dollarsPretaxTax effectAfter-tax
Three Months Ended June 30, 2021
Balance, March 31, 2021$(40,631)$5,620 $(35,011)
Change in net unrealized gains (losses) on debt securities(638)164 (474)
Debt valuation adjustment (DVA)(110)48 (62)
Cash flow hedges(224)51 (173)
Benefit plans84 3 87 
Foreign currency translation adjustment445 78 523 
Excluded component of fair value hedges(13)3 (10)
Change$(456)$347 $(109)
Balance at June 30, 2021$(41,087)$5,967 $(35,120)
Six Months Ended June 30, 2021
Balance, December 31, 2020$(36,992)$4,934 $(32,058)
Change in net unrealized gains (losses) on debt securities(3,065)806 (2,259)
Debt valuation adjustment (DVA)(148)44 (104)
Cash flow hedges(953)224 (729)
Benefit plans991 (190)801 
Foreign currency translation adjustment(894)143 (751)
Excluded component of fair value hedges(26)6 (20)
Change$(4,095)$1,033 $(3,062)
Balance at June 30, 2021$(41,087)$5,967 $(35,120)

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 $(824)
Balance, June 30, 2020$(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)$2,973 
Balance, June 30, 2020$(37,678)$4,333 $(33,345)
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 dollars2021202020212020
Realized (gains) losses on sales of investments$(137)$(748)$(538)$(1,180)
Gross impairment losses9 19 78 71 
Subtotal, pretax$(128)$(729)$(460)$(1,109)
Tax effect33 175 99 279 
Net realized (gains) losses on investments after-tax(1)
$(95)$(554)$(361)$(830)
Realized DVA (gains) losses on fair value option liabilities, pretax$13 $(37)$69 $(6)
Tax effect(3)9 (17)1 
Net realized debt valuation adjustment, after-tax$10 $(28)$52 $(5)
Interest rate contracts$(266)$(200)$(544)$(203)
Foreign exchange contracts1 1 2 2 
Subtotal, pretax$(265)$(199)$(542)$(201)
Tax effect64 47 129 48 
Amortization of cash flow hedges, after-tax(2)
$(201)$(152)$(413)$(153)
Amortization of unrecognized:
Prior service cost (benefit)$(6)$(3)$(12)$(6)
Net actuarial loss71 75 158 154 
Curtailment/settlement impact(3)
4 3 4 3 
Subtotal, pretax$69 $75 $150 $151 
Tax effect(18)(20)(38)(38)
Amortization of benefit plans, after-tax(3)
$51 $55 $112 $113 
Excluded component of fair value hedges, pretax$1 $1 
Tax effect— — — — 
   Excluded component of fair value hedges, after-tax$1 $— $1 $— 
Foreign currency translation adjustment, pretax$— $— $— $— 
Tax effect— — — — 
   Foreign currency translation adjustment, after-tax $— $— $— $— 
Total amounts reclassified out of AOCI, pretax
$(310)$(890)$(782)$(1,165)
Total tax effect76 211 173 290 
Total amounts reclassified out of AOCI, after-tax
$(234)$(679)$(609)$(875)

(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.