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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables)
 3 Months Ended
Mar. 31, 2022
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, 2022

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, 2021$(614)$(1,187)$101 $(5,852)$(31,166)$(47)$(38,765)
Other comprehensive income before
reclassifications		(4,283)793 (1,324)292 (14)46 (4,490)
Increase (decrease) due to amounts
reclassified from AOCI
6 — (217)(121)— 2 (330)
Change, net of taxes
$(4,277)$793 $(1,541)$171 $(14)$48 $(4,820)
Balance at March 31, 2022$(4,891)$(394)$(1,440)$(5,681)$(31,180)$1 $(43,585)
Three Months Ended March 31, 2021

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, 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)

(1)Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 20.
(2)Primarily driven by Citi’s pay floating/receive fixed interest rate swap programs that hedge certain floating rates on assets.
(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 Brazilian real, Japanese yen, Mexican peso, South Korean won, Euro, Chilean peso and Indian rupee against the U.S. dollar and changes in related tax effects and hedges for the three months ended March 31, 2022. 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. 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)March 31, 2022 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). 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.
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, 2022

In millions of dollarsPretaxTax effectAfter-tax
Balance, December 31, 2021$(45,383)$6,618 $(38,765)
Change in net unrealized gains (losses) on debt securities(5,624)1,347 (4,277)
Debt valuation adjustment (DVA)1,050 (257)793 
Cash flow hedges(2,022)481 (1,541)
Benefit plans177 (6)171 
Foreign currency translation adjustment(69)55 (14)
Excluded component of fair value hedges64 (16)48 
Change$(6,424)$1,604 $(4,820)
Balance at March 31, 2022$(51,807)$8,222 $(43,585)

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 $(2,953)
Balance, March 31, 2021$(40,631)$5,620 $(35,011)
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 dollars20222021
Realized (gains) losses on sales of investments$(80)$(401)
Gross impairment losses90 69 
Subtotal, pretax$10 $(332)
Tax effect(4)66 
Net realized (gains) losses on investments after-tax(1)
$6 $(266)
Realized DVA (gains) losses on fair value option liabilities, pretax$— $56 
Tax effect— (14)
Net realized DVA, after-tax$— $42 
Interest rate contracts$(286)$(278)
Foreign exchange contracts1 1 
Subtotal, pretax$(285)$(277)
Tax effect68 65 
Amortization of cash flow hedges, after-tax(2)
$(217)$(212)
Amortization of unrecognized:
Prior service cost (benefit)$(6)$(6)
Net actuarial loss70 87 
Curtailment/settlement impact(3)
(216)— 
Subtotal, pretax$(152)$81 
Tax effect31 (20)
Amortization of benefit plans, after-tax(3)
$(121)$61 
Excluded component of fair value hedges, pretax$3 $— 
Tax effect(1)— 
Excluded component of fair value hedges, after-tax$2 $— 
Foreign currency translation adjustment, pretax$— $— 
Tax effect— — 
Foreign currency translation adjustment, after-tax $— $— 
Total amounts reclassified out of AOCI, pretax
$(424)$(472)
Total tax effect94 97 
Total amounts reclassified out of AOCI, after-tax
$(330)$(375)

(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 for additional details.
(2)See Note 19 for additional details.
(3)See Note 8 for additional details.