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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI)
 12 Months Ended
Dec. 31, 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:

In millions of dollarsNet
unrealized
gains (losses)
on debt securities
Debt valuation adjustment (DVA)(1)
Cash flow hedges(2)
Benefit plans(3)
CTA, net of hedges(4)(5)
Excluded component of fair value hedgesAccumulated
other
comprehensive income (loss)
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)
Other comprehensive income before reclassifications(5,599)2,047 (2,718)(19)(2,855)49 (9,095)
Increase (decrease) due to amounts
reclassified from AOCI
215 (18)95 116 384 6 798 
Change, net of taxes $(5,384)$2,029 $(2,623)$97 $(2,471)$55 $(8,297)
Balance, December 31, 2022
$(5,998)$842 $(2,522)$(5,755)$(33,637)$8 $(47,062)

(1)Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 25.
(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 Indian rupee, South Korean won, Euro, Chinese yuan, Russian ruble, Japanese yen and British pound sterling against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2022. 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. 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, 2022 reflects a reduction from an approximate $470 million (after-tax) ($620 million pretax) 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 CET1 Capital.
The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) were as follows:

In millions of dollarsPretax
Tax effect(1)
After-tax
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)
CTA(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 $(32,058)
Change in net unrealized gains (losses) on debt securities(5,301)1,367 (3,934)
Debt valuation adjustment (DVA)296 (64)232 
Cash flow hedges(1,969)477 (1,492)
Benefit plans1,252 (240)1,012 
CTA(2,671)146 (2,525)
Excluded component of fair value hedges2 (2)— 
Change$(8,391)$1,684 $(6,707)
Balance, December 31, 2021
$(45,383)$6,618 $(38,765)
Change in net unrealized gains (losses) on debt securities(7,178)1,794 (5,384)
Debt valuation adjustment (DVA)2,685 (656)2,029 
Cash flow hedges(3,477)854 (2,623)
Benefit plans31 66 97 
CTA(2,004)(467)(2,471)
Excluded component of fair value hedges73 (18)55 
Change$(9,870)$1,573 $(8,297)
Balance, December 31, 2022
$(55,253)$8,191 $(47,062)

(1)    Income tax effects of these items are released from AOCI contemporaneously with the related gross pretax amount.
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 dollars202220212020
Realized (gains) losses on sales of investments$(67)$(665)$(1,756)
Gross impairment losses360 181 109 
Subtotal, pretax$293 $(484)$(1,647)
Tax effect(78)106 395 
Net realized (gains) losses on investments, after-tax(1)
$215 $(378)$(1,252)
Realized DVA (gains) losses on fair value option liabilities, pretax$(25)$144 $20 
Tax effect7 (33)(5)
Net realized DVA, after-tax$(18)$111 $15 
Interest rate contracts$125 $(1,075)$(734)
Foreign exchange contracts4 4 4 
Subtotal, pretax$129 $(1,071)$(730)
Tax effect(34)258 173 
Amortization of cash flow hedges, after-tax(2)
$95 $(813)$(557)
Amortization of unrecognized:
Prior service cost (benefit)$(23)$(23)$(5)
Net actuarial loss221 302 322 
Curtailment/settlement impact(3)
(37)11 (8)
Subtotal, pretax$161 $290 $309 
Tax effect(45)(75)(77)
Amortization of benefit plans, after-tax(3)
$116 $215 $232 
Excluded component of fair value hedges, pretax$9 $15 $— 
Tax effect(3)(4)— 
Excluded component of fair value hedges, after-tax$6 $11 $— 
CTA, pretax$438 $19 $— 
Tax effect(54)(7)— 
CTA, after-tax(4)
$384 $12 $— 
Total amounts reclassified out of AOCI, pretax
$1,005 $(1,087)$(2,048)
Total tax effect(207)245 486 
Total amounts reclassified out of AOCI, after-tax
$798 $(842)$(1,562)

(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 for additional details.
(2)See Note 23 for additional details.
(3)See Note 8 for additional details.
(4)The pretax amount is reclassified to Discontinued operations and Other revenue in the Consolidated Statement of Income, and results primarily from the substantial liquidation of a legacy U.K. consumer operation and divestitures of certain legacy foreign operations. See Note 2 for additional details.