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INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments
The following table presents Citi’s investments by category:

December 31,
In millions of dollars20212020
Debt securities available-for-sale (AFS)$288,522 $335,084 
Debt securities held-to-maturity (HTM)(1)
216,963 104,943 
Marketable equity securities carried at fair value(2)
543 515 
Non-marketable equity securities carried at fair value(2)
489 551 
Non-marketable equity securities measured using the measurement alternative(3)
1,413 962 
Non-marketable equity securities carried at cost(4)
4,892 5,304 
Total investments$512,822 $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:

In millions of dollars202120202019
Taxable interest$6,975 $7,554 $9,269 
Interest exempt from U.S. federal income tax279 301 404 
Dividend income134 134 187 
Total interest and dividend income on investments$7,388 $7,989 $9,860 
Realized gains and losses on investments
The following table presents realized gains and losses on the sales of investments, which exclude impairment losses:

In millions of dollars202120202019
Gross realized investment gains$860 $1,895 $1,599 
Gross realized investment losses(195)(139)(125)
Net realized gains on sales of investments$665 $1,756 $1,474 
Amortized cost and fair value of AFS securities
The amortized cost and fair value of AFS debt securities were as follows:

 December 31, 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$33,064 $453 $301 $— $33,216 $42,836 $1,134 $52 $— $43,918 
Non-U.S. residential380 1 1 — 380 568 3 — — 571 
Commercial25 — — — 25 49 1 — — 50 
Total mortgage-backed securities$33,469 $454 $302 $— $33,621 $43,453 $1,138 $52 $— $44,539 
U.S. Treasury and federal agency securities
U.S. Treasury$122,669 $615 $844 $— $122,440 $144,094 $2,108 $49 $— $146,153 
Agency obligations— — — — — 50 1 — — 51 
Total U.S. Treasury
and federal agency securities		$122,669 $615 $844 $— $122,440 $144,144 $2,109 $49 $— $146,204 
State and municipal$2,643 $79 $101 $— $2,621 $3,753 $123 $157 $— $3,719 
Foreign government119,426 337 1,023 — 118,740 123,467 1,623 122 — 124,968 
Corporate5,972 33 77 8 5,920 10,444 152 91 5 10,500 
Asset-backed securities(1)
304 — 1 — 303 277 5 4 — 278 
Other debt securities4,880 1 4 — 4,877 4,871 5 — — 4,876 
Total debt securities AFS$289,363 $1,519 $2,352 $8 $288,522 $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. See Note 21 for mortgage- and asset-backed securitizations in which the Company has other involvement.
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
December 31, 2021      
Debt securities AFS      
Mortgage-backed securities      
U.S. government-sponsored agency guaranteed$17,039 $270 $698 $31 $17,737 $301 
Non-U.S. residential96 1 1 — 97 1 
Commercial— — — — — — 
Total mortgage-backed securities$17,135 $271 $699 $31 $17,834 $302 
U.S. Treasury and federal agency securities    
U.S. Treasury$56,448 $713 $6,310 $131 $62,758 $844 
Agency obligations— — — — — — 
Total U.S. Treasury and federal agency securities$56,448 $713 $6,310 $131 $62,758 $844 
State and municipal$229 $3 $874 $98 $1,103 $101 
Foreign government64,319 826 9,924 197 74,243 1,023 
Corporate2,655 77 22 — 2,677 77 
Asset-backed securities108 1 — — 108 1 
Other debt securities3,439 4 — — 3,439 4 
Total debt securities AFS$144,333 $1,895 $17,829 $457 $162,162 $2,352 
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:

December 31,
 20212020
In millions of dollarsAmortized
cost		Fair
value
Weighted average yield(1)
Amortized
cost		Fair
value
Mortgage-backed securities(2)
    
Due within 1 year$188 $189 0.79 %$27 $27 
After 1 but within 5 years211 211 1.07 567 571 
After 5 but within 10 years523 559 3.41 688 757 
After 10 years32,547 32,662 2.73 42,171 43,184 
Total$33,469 $33,621 2.72 %$43,453 $44,539 
U.S. Treasury and federal agency securities    
Due within 1 year$34,321 $34,448 1.05 %$34,834 $34,951 
After 1 but within 5 years87,987 87,633 0.81 108,160 110,091 
After 5 but within 10 years361 359 1.42 1,150 1,162 
After 10 years— — — — — 
Total$122,669 $122,440 0.87 %$144,144 $146,204 
State and municipal    
Due within 1 year$40 $40 2.09 %$427 $428 
After 1 but within 5 years121 124 3.16 189 198 
After 5 but within 10 years156 161 3.18 276 267 
After 10 years2,326 2,296 3.15 2,861 2,826 
Total$2,643 $2,621 3.14 %$3,753 $3,719 
Foreign government    
Due within 1 year$49,263 $49,223 2.53 %$48,133 $48,258 
After 1 but within 5 years64,555 63,961 3.14 67,365 68,586 
After 5 but within 10 years3,736 3,656 1.72 5,908 6,011 
After 10 years1,872 1,900 1.52 2,061 2,113 
Total$119,426 $118,740 2.82 %$123,467 $124,968 
All other(3)
    
Due within 1 year$5,175 $5,180 0.94 %$6,661 $6,665 
After 1 but within 5 years5,177 5,149 1.91 7,814 7,891 
After 5 but within 10 years750 750 2.08 1,018 1,034 
After 10 years54 21 4.28 99 64 
Total$11,156 $11,100 1.48 %$15,592 $15,654 
Total debt securities AFS$289,363 $288,522 1.94 %$330,409 $335,084 

(1)Weighted average yields are weighted based on the amortized cost of each security. The average yield considers the contractual coupon, amortization of premiums and accretion of discounts and excludes the effects of any related hedging derivatives.
(2)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.
(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:

December 31,
 20212020
In millions of dollars
Amortized cost(1)
Fair value
Weighted average yield(2)
Amortized cost(1)
Fair value
Mortgage-backed securities    
Due within 1 year$152 $151 1.70 %$81 $81 
After 1 but within 5 years684 725 3.01 463 477 
After 5 but within 10 years1,655 1,739 2.74 1,699 1,873 
After 10 years63,200 63,232 2.55 48,710 50,671 
Total$65,691 $65,847 2.56 %$50,953 $53,102 
U.S. Treasury securities
After 1 but within 5 years$65,498 $64,516 0.69 %$18,955 $19,127 
After 5 but within 10 years46,321 45,701 1.15 2,338 2,115 
After 10 years— — — — — 
Total$111,819 $110,217 0.88 %$21,293 $21,242 
State and municipal  
Due within 1 year$51 $50 3.82 %$6 $6 
After 1 but within 5 years166 170 2.82 139 142 
After 5 but within 10 years908 951 3.23 818 869 
After 10 years7,798 8,329 2.65 8,222 8,912 
Total$8,923 $9,500 2.72 %$9,185 $9,929 
Foreign government  
Due within 1 year$292 $291 7.86 %$361 $360 
After 1 but within 5 years1,359 1,328 6.30 1,570 1,662 
After 5 but within 10 years— — — — — 
After 10 years— — — — — 
Total$1,651 $1,619 6.58 %$1,931 $2,022 
All other(3)
  
Due within 1 year$— $— — %$— $— 
After 1 but within 5 years— — — — — 
After 5 but within 10 years11,520 11,515 2.78 11,795 15,020 
After 10 years17,359 17,340 1.34 9,786 6,475 
Total$28,879 $28,855 1.92 %$21,581 $21,495 
Total debt securities HTM$216,963 $216,038 1.65 %$104,943 $107,790 

(1)Amortized cost is reported net of ACL of $87 million and $86 million at December 31, 2021 and December 30, 2020, respectively.
(2)Weighted average yields are weighted based on the amortized cost of each security. The average yield considers the contractual coupon, amortization of premiums and accretion of discounts and excludes the effects of any related hedging derivatives.
(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
December 31, 2021    
Debt securities HTM    
Mortgage-backed securities(2)
    
U.S. government-sponsored agency guaranteed$63,885 $1,076 $925 $64,036 
Non-U.S. residential736 3 — 739 
Commercial1,070 4 2 1,072 
Total mortgage-backed securities$65,691 $1,083 $927 $65,847 
U.S. Treasury securities$111,819 $30 $1,632 $110,217 
State and municipal(3)
8,923 589 12 9,500 
Foreign government1,651 4 36 1,619 
Asset-backed securities(2)
28,879 8 32 28,855 
Total debt securities HTM, net$216,963 $1,714 $2,639 $216,038 
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$104,943 $3,022 $175 $107,790 

(1)Amortized cost is reported net of ACL of $87 million and $86 million at December 31, 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. See Note 21 for mortgage- and asset-backed securitizations in which the Company has other involvement.
(3)In February 2021, the Company 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:

Year ended
 December 31, 2021
In millions of dollarsAFSOther
assets		Total
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 exercise181 — 181 
Total impairment losses recognized in earnings$181 $— $181 

Year ended
 December 31, 2020
In millions of dollarsAFSHTMOther
assets		Total
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 exercise109 — — 109 
Total impairment losses recognized in earnings$109 $— $— $109 

Year ended
December 31, 2019
In millions of dollarsAFSHTMOther
assets		Total
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$1 $— $1 $2 
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$1 $— $1 $2 
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 exercise20 — 1 21 
Total impairment losses recognized in earnings$21 $— $2 $23 
Schedule of allowance for credit losses on available for sale securities
The following presents the credit-related impairments recognized in earnings for AFS securities held that the Company does not intend to sell nor will likely be required to sell at December 31, 2021 and 2020:

Allowance for Credit Losses on AFS Debt Securities

Year ended December 31, 2021
In millions of dollarsMortgage-backedU.S. Treasury and federal agencyState and municipalForeign governmentCorporateTotal AFS
Allowance for credit losses at beginning of year$— $— $— $— $5 $5 
Gross write-offs— — — — — — 
Gross recoveries— — — — — — 
Net credit losses (NCLs)$— $— $— $— $— $— 
NCLs$— $— $— $— $— $— 
Credit losses on securities without previous credit losses— — — — 3 3 
Net reserve builds (releases) on securities with previous credit losses— — — — — — 
Total provision for credit losses$— $— $— $— $3 $3 
Initial allowance on newly purchased credit-deteriorated securities during the year— — — — — — 
Allowance for credit losses at end of year$— $— $— $— $8 $8 

Year ended December 31, 2020
In millions of dollarsMortgage-backedU.S. Treasury and federal agencyState and municipalForeign governmentCorporateTotal AFS
Allowance for credit losses at beginning of year$— $— $— $— $— $— 
Gross write-offs— — — — — — 
Gross recoveries— — — — 2 2 
Net credit losses (NCLs)$— $— $— $— $2 $2 
NCLs$— $— $— $— $(2)$(2)
Credit losses on securities without previous credit losses— — — 3 5 8 
Net reserve builds (releases) on securities with previous credit losses— — — (3)— (3)
Total provision for credit losses$— $— $— $— $3 $3 
Initial allowance on newly purchased credit-deteriorated securities during the year— — — — — — 
Allowance for credit losses at end of year$— $— $— $— $5 $5 
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 December 31, 2021 and 2020:

In millions of dollarsDecember 31, 2021December 31, 2020
Measurement alternative:
Carrying value$1,413 $962 

Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative:

Years ended December 31,
In millions of dollars20212020
Measurement alternative(1):
Impairment losses$25 $56 
Downward changes for observable prices— 19 
Upward changes for observable prices406 144 

(1)     See Note 24 for additional information on these nonrecurring fair value measurements.


Life-to-date amounts on securities still held
In millions of dollarsDecember 31, 2021
Measurement alternative:
Impairment losses$87 
Downward changes for observable prices3 
Upward changes for observable prices699 
Investments in alternative investment funds
Fair valueUnfunded
commitments		Redemption frequency
(if currently eligible)
monthly, quarterly, annually		Redemption 
notice
period
In millions of dollarsDecember 31, 2021December 31, 2020December 31, 2021December 31, 2020
Private equity funds(1)(2)
$123 $123 $60 $62 ——
Real estate funds(2)(3)
2 9 1 20 ——
Mutual/collective investment funds20 20 — — 
Total$145 $152 $61 $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.