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INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments
The following table presents Citi’s investments by category:

December 31,
In millions of dollars20222021
Debt securities available-for-sale (AFS)$249,679 $288,522 
Debt securities held-to-maturity (HTM)(1)
268,863 216,963 
Marketable equity securities carried at fair value(2)
429 543 
Non-marketable equity securities carried at fair value(2)(5)
466 489 
Non-marketable equity securities measured using the measurement alternative(3)
1,676 1,413 
Non-marketable equity securities carried at cost(4)
5,469 4,892 
Total investments(6)
$526,582 $512,822 

(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.
(5)Includes $27 million and $145 million of investments in funds for which the fair values are estimated using the net asset value of the Company’s ownership interest in the funds at December 31, 2022 and 2021, respectively.
(6)Not included in the balances above is approximately $2 billion of accrued interest receivable at December 31, 2022, which is included in Other assets on the Consolidated Balance Sheet. The Company does not recognize an allowance for credit losses on accrued interest receivable for AFS and HTM debt securities, consistent with its non-accrual policy, which results in timely write-off of accrued interest. The Company did not reverse through interest income any accrued interest receivables for the years ended December 31, 2022 and 2021.
Interest and dividends on investments
The following table presents interest and dividend income on investments:

In millions of dollars202220212020
Taxable interest$10,643 $6,975 $7,554 
Interest exempt from U.S. federal income tax348 279 301 
Dividend income223 134 134 
Total interest and dividend income on investments$11,214 $7,388 $7,989 
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 dollars202220212020
Gross realized investment gains$323 $860 $1,895 
Gross realized investment losses(256)(195)(139)
Net realized gains on sales of investments$67 $665 $1,756 
Amortized cost and fair value of AFS securities
The amortized cost and fair value of AFS debt securities were as follows:

 December 31, 2022December 31, 2021
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(2)
$12,009 $8 $755 $— $11,262 $33,064 $453 $301 $— $33,216 
Residential488 — 3 — 485 380 1 1 — 380 
Commercial2 — — — 2 25 — — — 25 
Total mortgage-backed securities$12,499 $8 $758 $— $11,749 $33,469 $454 $302 $— $33,621 
U.S. Treasury and federal agency securities
U.S. Treasury$94,732 $50 $2,492 $— $92,290 $122,669 $615 $844 $— $122,440 
Agency obligations— — — — — — — — — — 
Total U.S. Treasury
and federal agency securities		$94,732 $50 $2,492 $— $92,290 $122,669 $615 $844 $— $122,440 
State and municipal(2)
$2,363 $19 $159 $— $2,223 $2,643 $79 $101 $— $2,621 
Foreign government135,648 569 2,940 — 133,277 119,426 337 1,023 — 118,740 
Corporate5,146 19 246 3 4,916 5,972 33 77 8 5,920 
Asset-backed securities(1)
1,022 12 4 — 1,030 304 — 1 — 303 
Other debt securities4,198 1 5 — 4,194 4,880 1 4 — 4,877 
Total debt securities AFS$255,608 $678 $6,604 $3 $249,679 $289,363 $1,519 $2,352 $8 $288,522 

(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 22 for mortgage- and asset-backed securitizations in which the Company has other involvement.
(2)In 2022, Citibank transferred $21.5 billion of agency residential mortgage-backed securities and $165 million of municipal bonds from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities and bonds were in an unrealized loss position of $2.3 billion and $12 million, respectively. The loss amounts will remain in AOCI and will be amortized over the remaining life of the securities and bonds.
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, 2022      
Debt securities AFS      
Mortgage-backed securities      
U.S. government-sponsored agency guaranteed$7,908 $412 $3,290 $343 $11,198 $755 
Residential158 3 1 — 159 3 
Commercial1 — 1 — 2 — 
Total mortgage-backed securities$8,067 $415 $3,292 $343 $11,359 $758 
U.S. Treasury and federal agency securities    
U.S. Treasury$40,701 $1,001 $34,692 $1,491 $75,393 $2,492 
Agency obligations— — — — — — 
Total U.S. Treasury and federal agency securities$40,701 $1,001 $34,692 $1,491 $75,393 $2,492 
State and municipal$896 $31 $707 $128 $1,603 $159 
Foreign government82,900 2,332 14,220 608 97,120 2,940 
Corporate3,082 209 784 37 3,866 246 
Asset-backed securities708 4 — — 708 4 
Other debt securities2,213 5 — — 2,213 5 
Total debt securities AFS$138,567 $3,997 $53,695 $2,607 $192,262 $6,604 
December 31, 2021      
Debt securities AFS      
Mortgage-backed securities      
U.S. government-sponsored agency guaranteed$17,039 $270 $698 $31 $17,737 $301 
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 
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,
 20222021
In millions of dollarsAmortized
cost		Fair
value
Weighted average yield(1)
Amortized
cost		Fair
value
Weighted average yield(1)
Mortgage-backed securities(2)
    
Due within 1 year$42 $44 2.02 %$188 $189 0.79 %
After 1 but within 5 years523 513 2.31 211 211 1.07 
After 5 but within 10 years468 440 3.46 523 559 3.41 
After 10 years11,466 10,752 3.46 32,547 32,662 2.73 
Total$12,499 $11,749 3.41 %$33,469 $33,621 2.72 %
U.S. Treasury and federal agency securities    
Due within 1 year$25,935 $25,829 2.81 %$34,321 $34,448 1.05 %
After 1 but within 5 years68,455 66,166 1.17 87,987 87,633 0.81 
After 5 but within 10 years342 295 2.53 361 359 1.42 
After 10 years— — — — — — 
Total$94,732 $92,290 1.62 %$122,669 $122,440 0.87 %
State and municipal    
Due within 1 year$19 $18 1.79 %$40 $40 2.09 %
After 1 but within 5 years94 92 3.07 121 124 3.16 
After 5 but within 10 years305 302 3.55 156 161 3.18 
After 10 years1,945 1,811 3.51 2,326 2,296 3.15 
Total$2,363 $2,223 3.49 %$2,643 $2,621 3.14 %
Foreign government    
Due within 1 year$64,795 $64,479 4.25 %$49,263 $49,223 2.53 %
After 1 but within 5 years67,935 66,150 4.80 64,555 63,961 3.14 
After 5 but within 10 years2,491 2,250 2.86 3,736 3,656 1.72 
After 10 years427 398 3.80 1,872 1,900 1.52 
Total$135,648 $133,277 4.50 %$119,426 $118,740 2.82 %
All other(3)
    
Due within 1 year$4,452 $4,441 1.52 %$5,175 $5,180 0.94 %
After 1 but within 5 years5,162 4,988 4.82 5,177 5,149 1.91 
After 5 but within 10 years695 693 11.35 750 750 2.08 
After 10 years57 18 3.81 54 21 4.28 
Total$10,366 $10,140 3.83 %$11,156 $11,100 1.48 %
Total debt securities AFS$255,608 $249,679 3.34 %$289,363 $288,522 1.94 %

(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,
 20222021
In millions of dollars
Amortized cost(1)
Fair value
Weighted average yield(2)
Amortized cost(1)
Fair value
Weighted average yield(2)
Mortgage-backed securities    
Due within 1 year$27 $27 2.93 %$152 $151 1.70 %
After 1 but within 5 years520 505 3.84 684 725 3.01 
After 5 but within 10 years1,496 1,374 2.74 1,655 1,739 2.74 
After 10 years89,579 79,745 2.89 63,200 63,232 2.55 
Total$91,622 $81,651 2.90 %$65,691 $65,847 2.56 %
U.S. Treasury securities
Due within 1 year$3,148 $3,017 0.18 %$— $— — %
After 1 but within 5 years86,617 79,104 1.04 65,498 64,516 0.69 
After 5 but within 10 years45,196 39,118 1.16 46,321 45,701 1.15 
After 10 years— — — — — — 
Total$134,961 $121,239 1.06 %$111,819 $110,217 0.88 %
State and municipal  
Due within 1 year$22 $21 2.73 %$51 $50 3.82 %
After 1 but within 5 years102 100 2.99 166 170 2.82 
After 5 but within 10 years1,002 967 3.16 908 951 3.23 
After 10 years8,111 7,419 3.32 7,798 8,329 2.65 
Total$9,237 $8,507 3.30 %$8,923 $9,500 2.72 %
Foreign government  
Due within 1 year$143 $139 10.83 %$292 $291 7.86 %
After 1 but within 5 years1,932 1,843 9.94 1,359 1,328 6.30 
After 5 but within 10 years— — — — — — 
After 10 years— — — — — — 
Total$2,075 $1,982 10.00 %$1,651 $1,619 6.58 %
All other(3)
  
Due within 1 year$— $— — %$— $— — %
After 1 but within 5 years— — — — — — 
After 5 but within 10 years11,751 11,583 2.81 11,520 11,515 2.78 
After 10 years19,217 18,686 1.53 17,359 17,340 1.34 
Total$30,968 $30,269 2.02 %$28,879 $28,855 1.92 %
Total debt securities HTM$268,863 $243,648 1.94 %$216,963 $216,038 1.65 %

(1)Amortized cost is reported net of ACL of $120 million and $87 million at December 31, 2022 and 2021, 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, 2022    
Debt securities HTM    
Mortgage-backed securities(2)
    
U.S. government-sponsored agency guaranteed(3)
$90,063 $58 $10,033 $80,088 
Non-U.S. residential445 — — 445 
Commercial1,114 5 1 1,118 
Total mortgage-backed securities$91,622 $63 $10,034 $81,651 
U.S. Treasury securities$134,961 $— $13,722 $121,239 
State and municipal(4)
9,237 34 764 8,507 
Foreign government2,075 — 93 1,982 
Asset-backed securities(2)
30,968 4 703 30,269 
Total debt securities HTM, net$268,863 $101 $25,316 $243,648 
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 municipal8,923 589 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 

(1)Amortized cost is reported net of ACL of $120 million and $87 million at December 31, 2022 and December 31, 2021, 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 22 for mortgage- and asset-backed securitizations in which the Company has other involvement.
(3)In 2022, Citibank transferred $21.5 billion of agency residential mortgage-backed securities and $165 million of municipal bonds from AFS classification to HTM classification in accordance with ASC 320. At the time of transfer, the securities and bonds were in an unrealized loss position of $2.3 billion and $12 million, respectively. The loss amounts will remain in AOCI and will be amortized over the remaining life of the securities and bonds.
Total other-than-temporary impairments recognized
The following table presents total impairment on AFS investments recognized in earnings:

Year ended
In millions of dollars202220212020
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 exercise360 181 109 
Total impairment losses recognized in earnings$360 $181 $109 
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, 2022 and 2021:

Allowance for Credit Losses on AFS Debt Securities

Year ended December 31, 2022
In millions of dollarsMortgage-backedU.S. Treasury and federal agencyState and municipalForeign governmentCorporateTotal AFS
Allowance for credit losses at beginning of year$— $— $— $— $8 $8 
Gross write-offs— — — — — — 
Gross recoveries— — — — 5 5 
Net credit losses (NCLs)$— $— $— $— $5 $5 
NCLs$— $— $— $— $(5)$(5)
Credit losses on securities without previous credit losses— — — — 2 2 
Net reserve builds (releases) on securities with previous credit losses— — — — (2)(2)
Total provision for credit losses$— $— $— $— $(5)$(5)
Initial allowance on newly purchased credit-deteriorated securities during the year— — — — — — 
Allowance for credit losses at end of year$— $— $— $— $3 $3 

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, 2022 and 2021:

In millions of dollarsDecember 31, 2022December 31, 2021
Measurement alternative:
Carrying value$1,676 $1,413 

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 dollars20222021
Measurement alternative(1):
Impairment losses$139 $25 
Downward changes for observable prices3 — 
Upward changes for observable prices177 406 

(1)     See Note 25 for additional information on these nonrecurring fair value measurements.

Life-to-date amounts on securities still held
In millions of dollarsDecember 31, 2022
Measurement alternative:
Impairment losses$219 
Downward changes for observable prices6 
Upward changes for observable prices867