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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI)
 9 Months Ended
Sep. 30, 2022
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:

Three and Nine Months Ended September 30, 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)
Three Months Ended September 30, 2022
Balance, June 30, 2022$(6,392)$1,573 $(2,106)$(5,770)$(32,810)$10 $(45,495)
Other comprehensive income before
reclassifications		(595)874 (870)5 (2,423)31 (2,978)
Increase (decrease) due to amounts
reclassified from AOCI
15 (2)107 32 24 (1)175 
Change, net of taxes
$(580)$872 $(763)$37 $(2,399)$30 $(2,803)
Balance at September 30, 2022$(6,972)$2,445 $(2,869)$(5,733)$(35,209)$40 $(48,298)
Nine Months Ended September 30, 2022
Balance, December 31, 2021$(614)$(1,187)$101 $(5,852)$(31,166)$(47)$(38,765)
Other comprehensive income before
reclassifications		(6,490)3,635 (2,709)26 (4,412)81 (9,869)
Increase (decrease) due to amounts
reclassified from AOCI
132 (3)(261)93 369 6 336 
Change, net of taxes$(6,358)$3,632 $(2,970)$119 $(4,043)$87 $(9,533)
Balance at September 30, 2022$(6,972)$2,445 $(2,869)$(5,733)$(35,209)$40 $(48,298)
Footnotes to the table above appear on the following page.
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)
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)

(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 South Korean won, Euro, Russian ruble, Mexican peso, Polish zloty and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2022. Primarily reflects the movements in (by order of impact) the South Korean won, Euro, Japanese yen, Indian rupee, Chinese yuan and British pound sterling against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2022. 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. 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, 2022 reflects a reduction of approximately $470 million (after-tax) ($620 million pretax) currency translation adjustment (CTA) loss (net of hedges) recorded in June 2022, associated with the closing of Citi’s sale of its consumer banking business in Australia (see Note 2). The reduction from AOCI had a neutral impact on 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:

Three and Nine Months Ended September 30, 2022

In millions of dollarsPretaxTax effectAfter-tax
Three Months Ended September 30, 2022
Balance, June 30, 2022$(53,566)$8,071 $(45,495)
Change in net unrealized gains (losses) on debt securities(850)270 (580)
Debt valuation adjustment (DVA)1,159 (287)872 
Cash flow hedges(1,025)262 (763)
Benefit plans(4)41 37 
Foreign currency translation adjustment(2,238)(161)(2,399)
Excluded component of fair value hedges40 (10)30 
Change$(2,918)$115 $(2,803)
Balance at September 30, 2022$(56,484)$8,186 $(48,298)
Nine Months Ended September 30, 2022
Balance, December 31, 2021$(45,383)$6,618 $(38,765)
Change in net unrealized gains (losses) on debt securities(8,464)2,106 (6,358)
Debt valuation adjustment (DVA)4,800 (1,168)3,632 
Cash flow hedges(3,933)963 (2,970)
Benefit plans100 19 119 
Foreign currency translation adjustment(3,720)(323)(4,043)
Excluded component of fair value hedges116 (29)87 
Change$(11,101)$1,568 $(9,533)
Balance at September 30, 2022$(56,484)$8,186 $(48,298)

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 $(1,731)
Balance, September 30, 2021$(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 $(4,793)
Balance, September 30, 2021$(42,971)$6,120 $(36,851)
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 dollars2022202120222021
Realized (gains) losses on sales of investments$(52)$(117)$(74)$(655)
Gross impairment losses74 21 254 99 
Subtotal, pretax$22 $(96)$180 $(556)
Tax effect(7)21 (48)119 
Net realized (gains) losses on investments after-tax(1)
$15 $(75)$132 $(437)
Realized DVA (gains) losses on fair value option liabilities, pretax$(3)$72 $(4)$141 
Tax effect1 (16)1 (32)
Net realized DVA, after-tax$(2)$56 $(3)$109 
Interest rate contracts$141 $(269)$(344)$(809)
Foreign exchange contracts1 1 3 3 
Subtotal, pretax$142 $(268)$(341)$(806)
Tax effect(35)65 80 194 
Amortization of cash flow hedges, after-tax(2)
$107 $(203)$(261)$(612)
Amortization of unrecognized:
Prior service cost (benefit)$(6)$(5)$(17)$(17)
Net actuarial loss49 74 177 232 
Curtailment/settlement impact(3)
— 1 (33)5 
Subtotal, pretax$43 $70 $127 $220 
Tax effect(11)(19)(34)(57)
Amortization of benefit plans, after-tax(3)
$32 $51 $93 $163 
Excluded component of fair value hedges, pretax$(1)$1 $9 $2 
Tax effect— — (3)— 
Excluded component of fair value hedges, after-tax$(1)$1 $6 $2 
Foreign currency translation adjustment, pretax$26 $20 $423 $20 
Tax effect(2)(7)(54)(7)
Foreign currency translation adjustment, after-tax $24 $13 $369 $13 
Total amounts reclassified out of AOCI, pretax
$229 $(201)$394 $(979)
Total tax effect(54)44 (58)217 
Total amounts reclassified out of AOCI, after-tax
$175 $(157)$336 $(762)

(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.