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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI)
 12 Months Ended
Dec. 31, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI)
Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) were as follows:

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)
Balance, December 31, 2018
$(2,250)$192 $(728)$(6,257)$(28,070)$(57)$(37,170)
Other comprehensive income before reclassifications3,065 (1,151)549 (758)(321)25 1,409 
Increase (decrease) due to amounts
reclassified from AOCI
(1,080)15 302 206 — — (557)
Change, net of taxes
$1,985 $(1,136)$851 $(552)$(321)$25 $852 
Balance, December 31, 2019
$(265)$(944)$123 $(6,809)$(28,391)$(32)$(36,318)
Other comprehensive income before reclassifications4,837 (490)2,027 (287)(250)(15)5,822 
Increase (decrease) due to amounts
reclassified from AOCI
(1,252)15 (557)232 — — (1,562)
Change, net of taxes
$3,585 $(475)$1,470 $(55)$(250)$(15)$4,260 
Balance, December 31, 2020
$3,320 $(1,419)$1,593 $(6,864)$(28,641)$(47)$(32,058)
Other comprehensive income before reclassifications(3,556)121 (679)797 (2,537)(11)(5,865)
Increase (decrease) due to amounts
reclassified from AOCI
(378)111 (813)215 12 11 (842)
Change, net of taxes $(3,934)$232 $(1,492)$1,012 $(2,525)$— $(6,707)
Balance, December 31, 2021
$(614)$(1,187)$101 $(5,852)$(31,166)$(47)$(38,765)

(1)Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 24 to the Consolidated Financial Statements.
(2)Primarily driven by Citi’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, Chilean peso and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2021. Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, South Korean won and Euro against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2020. Primarily reflects the movements in (by order of impact) the Indian rupee, Brazilian real, Chilean peso and Euro against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2019. 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)December 31, 2021 includes an approximate $475 million (after-tax) ($625 million pretax) currency translation adjustment (CTA) loss (net of hedges) associated with Citi’s agreement to sell its consumer banking business in Australia (see Note 2 to the Consolidated Financial Statements). The loss on sale primarily reflects the impact of the CTA loss (net of hedges) already reflected in AOCI. Upon closing, the CTA-related balance will be removed from AOCI, resulting in a neutral impact from CTA to Citi’s Common Equity Tier 1 Capital.
The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows:

In millions of dollarsPretaxTax effectAfter-tax
Balance, December 31, 2018
$(44,082)$6,912 $(37,170)
Change in net unrealized gains (losses) on debt securities2,633 (648)1,985 
Debt valuation adjustment (DVA)(1,473)337 (1,136)
Cash flow hedges1,120 (269)851 
Benefit plans(671)119 (552)
Foreign currency translation adjustment(332)11 (321)
Excluded component of fair value hedges33 (8)25 
Change$1,310 $(458)$852 
Balance, December 31, 2019
$(42,772)$6,454 $(36,318)
Change in net unrealized gains (losses) on debt securities4,799 (1,214)3,585 
Debt valuation adjustment (DVA)(616)141 (475)
Cash flow hedges1,925 (455)1,470 
Benefit plans(78)23 (55)
Foreign currency translation adjustment(227)(23)(250)
Excluded component of fair value hedges(23)8 (15)
Change$5,780 $(1,520)$4,260 
Balance, December 31, 2020
$(36,992)$4,934 $(32,058)
Change in net unrealized gains (losses) on debt securities(5,301)1,367 (3,934)
Debt valuation adjustment (DVA)296 (64)232 
Cash flow hedges(1,969)477 (1,492)
Benefit plans1,252 (240)1,012 
Foreign currency translation adjustment(2,671)146 (2,525)
Excluded component of fair value hedges2 (2)— 
Change$(8,391)$1,684 $(6,707)
Balance, December 31, 2021
$(45,383)$6,618 $(38,765)
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
Year ended December 31,
In millions of dollars202120202019
Realized (gains) losses on sales of investments$(665)$(1,756)$(1,474)
Gross impairment losses181 109 23 
Subtotal, pretax$(484)$(1,647)$(1,451)
Tax effect106 395 371 
Net realized (gains) losses on investments, after-tax(1)
$(378)$(1,252)$(1,080)
Realized DVA (gains) losses on fair value option liabilities, pretax$144 $20 $20 
Tax effect(33)(5)(5)
Net realized DVA, after-tax$111 $15 $15 
Interest rate contracts$(1,075)$(734)$384 
Foreign exchange contracts4 4 7 
Subtotal, pretax$(1,071)$(730)$391 
Tax effect258 173 (89)
Amortization of cash flow hedges, after-tax(2)
$(813)$(557)$302 
Amortization of unrecognized:
Prior service cost (benefit)$(23)$(5)$(12)
Net actuarial loss302 322 286 
Curtailment/settlement impact(3)
11 (8)1 
Subtotal, pretax$290 $309 $275 
Tax effect(75)(77)(69)
Amortization of benefit plans, after-tax(3)
$215 $232 $206 
Excluded component of fair value hedges, pretax$15 $— $— 
Tax effect(4)— — 
Excluded component of fair value hedges, after-tax$11 $— $— 
Foreign currency translation adjustment, pretax$19 $— $— 
Tax effect(7)— — 
Foreign currency translation adjustment, after-tax $12 $— $— 
Total amounts reclassified out of AOCI, pretax
$(1,087)$(2,048)$(765)
Total tax effect245 486 208 
Total amounts reclassified out of AOCI, after-tax
$(842)$(1,562)$(557)

(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 13 to the Consolidated Financial Statements for additional details.
(2)See Note 22 to the Consolidated Financial Statements for additional details.
(3)See Note 8 to the Consolidated Financial Statements for additional details.