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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables)
 9 Months Ended
Sep. 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 Nine Months Ended September 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)(5)
Excluded component of fair value hedgesAccumulated
other
comprehensive income (loss)
Three Months Ended September 30, 2021
Balance, June 30, 2021$1,061 $(1,523)$864 $(6,063)$(29,392)$(67)$(35,120)
Other comprehensive income before
reclassifications		(204)(138)2 84 (1,325)7 (1,574)
Increase (decrease) due to amounts
reclassified from AOCI
(75)56 (203)51 13 1 (157)
Change, net of taxes
$(279)$(82)$(201)$135 $(1,312)$8 $(1,731)
Balance at September 30, 2021$782 $(1,605)$663 $(5,928)$(30,704)$(59)$(36,851)
Nine Months Ended September 30, 2021
Balance, December 31, 2020$3,320 $(1,419)$1,593 $(6,864)$(28,641)$(47)$(32,058)
Other comprehensive income before
reclassifications		(2,101)(295)(318)773 (2,076)(14)(4,031)
Increase (decrease) due to amounts
reclassified from AOCI
(437)109 (612)163 13 2 (762)
Change, net of taxes$(2,538)$(186)$(930)$936 $(2,063)$(12)$(4,793)
Balance at September 30, 2021$782 $(1,605)$663 $(5,928)$(30,704)$(59)$(36,851)

Footnotes to the table above appear on the following page.
Three and Nine Months Ended September 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 September 30, 2020
Balance, June 30, 2020$3,700 $(36)$2,094 $(7,172)$(31,939)$8 $(33,345)
Other comprehensive income before
reclassifications		(72)(313)(41)189 897 (39)621 
Increase (decrease) due to amounts
reclassified from AOCI
(210)6 (194)57 — — (341)
Change, net of taxes
$(282)$(307)$(235)$246 $897 $(39)$280 
Balance at September 30, 2020$3,418 $(343)$1,859 $(6,926)$(31,042)$(31)$(33,065)
Nine Months Ended September 30, 2020
Balance, December 31, 2019$(265)$(944)$123 $(6,809)$(28,391)$(32)$(36,318)
Other comprehensive income before
reclassifications		4,735 599 2,083 (287)(2,651)1 4,480 
Increase (decrease) due to amounts
reclassified from AOCI
(1,052)2 (347)170 — — (1,227)
Change, net of taxes$3,683 $601 $1,736 $(117)$(2,651)$1 $3,253 
Balance at September 30, 2020$3,418 $(343)$1,859 $(6,926)$(31,042)$(31)$(33,065)

(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, South Korean won, Euro, Chilean peso and Brazilian real against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2021. Primarily reflects the movements in (by order of impact) the Mexican peso, South Korean won, Euro, Chilean peso and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2021. Primarily reflects the movements in (by order of impact) the Mexican peso, Euro, South Korean won, Australian dollar and Chinese yuan against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2020. Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, Indian rupee, Russian ruble and South African rand against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 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.
(5)September 30, 2021 includes an approximate $475 million (after-tax) currency translation adjustment (CTA) loss (net of hedges) associated with the sale of the consumer banking business in Australia (see Note 2 to the Consolidated Financial Statements). The transaction generated a pretax loss on sale of approximately $680 million upon classification as held-for-sale ($580 million after-tax), subject to closing adjustments. The loss on sale primarily reflects the impact of the pretax $625 million CTA loss (net of hedges) ($475 million after-tax) already reflected in the AOCI component of equity. Upon closing, the CTA-related balance will be removed from the AOCI component of equity, resulting in a neutral impact from CTA to Citi’s Common Equity Tier 1 Capital.
Schedule of pretax and after-tax changes in each component of accumulated other comprehensive income (loss)
The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows:
Three and Nine Months Ended September 30, 2021
In millions of dollarsPretaxTax effectAfter-tax
Three Months Ended September 30, 2021
Balance, June 30, 2021$(41,087)$5,967 $(35,120)
Change in net unrealized gains (losses) on debt securities(374)95 (279)
Debt valuation adjustment (DVA)(107)25 (82)
Cash flow hedges(265)64 (201)
Benefit plans175 (40)135 
Foreign currency translation adjustment(1,325)13 (1,312)
Excluded component of fair value hedges12 (4)8 
Change$(1,884)$153 $(1,731)
Balance at September 30, 2021$(42,971)$6,120 $(36,851)
Nine Months Ended September 30, 2021
Balance, December 31, 2020$(36,992)$4,934 $(32,058)
Change in net unrealized gains (losses) on debt securities(3,439)901 (2,538)
Debt valuation adjustment (DVA)(256)70 (186)
Cash flow hedges(1,219)289 (930)
Benefit plans1,166 (230)936 
Foreign currency translation adjustment(2,217)154 (2,063)
Excluded component of fair value hedges(14)2 (12)
Change$(5,979)$1,186 $(4,793)
Balance at September 30, 2021$(42,971)$6,120 $(36,851)

Three and Nine Months Ended September 30, 2020
In millions of dollarsPretaxTax effectAfter-tax
Three Months Ended September 30, 2020
Balance, June 30, 2020$(37,678)$4,333 $(33,345)
Change in net unrealized gains (losses) on debt securities(393)111 (282)
Debt valuation adjustment (DVA)(452)145 (307)
Cash flow hedges(307)72 (235)
Benefit plans344 (98)246 
Foreign currency translation adjustment918 (21)897 
Excluded component of fair value hedges(51)12 (39)
Change$59 $221 $280 
Balance, September 30, 2020$(37,619)$4,554 $(33,065)
Nine Months Ended September 30, 2020
Balance, December 31, 2019$(42,772)$6,454 $(36,318)
Change in net unrealized gains (losses) on debt securities4,905 (1,222)3,683 
Debt valuation adjustment (DVA)801 (200)601 
Cash flow hedges2,267 (531)1,736 
Benefit plans(166)49 (117)
Foreign currency translation adjustment(2,652)1 (2,651)
Excluded component of fair value hedges(2)3 1 
Change$5,153 $(1,900)$3,253 
Balance, September 30, 2020$(37,619)$4,554 $(33,065)
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 September 30,Nine Months Ended September 30,
In millions of dollars2021202020212020
Realized (gains) losses on sales of investments$(117)$(304)$(655)$(1,484)
Gross impairment losses21 30 99 101 
Subtotal, pretax$(96)$(274)$(556)$(1,383)
Tax effect21 64 119 331 
Net realized (gains) losses on investments after-tax(1)
$(75)$(210)$(437)$(1,052)
Realized DVA (gains) losses on fair value option liabilities, pretax$72 $8 $141 $3 
Tax effect(16)(2)(32)(1)
Net realized debt valuation adjustment, after-tax$56 $6 $109 $2 
Interest rate contracts$(269)$(256)$(809)$(459)
Foreign exchange contracts1 1 3 3 
Subtotal, pretax$(268)$(255)$(806)$(456)
Tax effect65 61 194 109 
Amortization of cash flow hedges, after-tax(2)
$(203)$(194)$(612)$(347)
Amortization of unrecognized:
Prior service cost (benefit)$(5)$(4)$(17)$(10)
Net actuarial loss74 85 232 239 
Curtailment/settlement impact(3)
1 (5)5 (2)
Subtotal, pretax$70 $76 $220 $227 
Tax effect(19)(19)(57)(57)
Amortization of benefit plans, after-tax(3)
$51 $57 $163 $170 
Excluded component of fair value hedges, pretax$1 $— $2 $— 
Tax effect— — — — 
   Excluded component of fair value hedges, after-tax$1 $— $2 $— 
Foreign currency translation adjustment, pretax$20 $— $20 $— 
Tax effect(7)— (7)— 
   Foreign currency translation adjustment, after-tax $13 $— $13 $— 
Total amounts reclassified out of AOCI, pretax
$(201)$(445)$(979)$(1,609)
Total tax effect44 104 217 382 
Total amounts reclassified out of AOCI, after-tax
$(157)$(341)$(762)$(1,227)

(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.