CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023

In millions of dollars	Net unrealized gains (losses) on debt securities		Debt valuation adjustment (DVA)(1)		Cash flow hedges(2)		Benefit plans(3)		CTA, net of hedges(4)		Excluded component of fair value hedges		Long-duration insurance contracts(5)		Accumulated other comprehensive income (loss)
Balance, December 31, 2022	$	(5,998)	$	842	$	(2,522)	$	(5,755)	$	(33,637)	$	8	$	—	$	(47,062)
Adjustment to opening balance, net of taxes(6)	—		—		—		—		—		—		27		27
Adjusted balance, beginning of period	$	(5,998)	$	842	$	(2,522)	$	(5,755)	$	(33,637)	$	8	$	27	$	(47,035)
Other comprehensive income before reclassifications	855		(327)		6		(132)		841		(16)		5		1,232
Increase (decrease) due to amounts reclassified from AOCI	(19)		2		355		28		—		(4)		—		362
Change, net of taxes	$	836	$	(325)	$	361	$	(104)	$	841	$	(20)	$	5	$	1,594
Balance at March 31, 2023	$	(5,162)	$	517	$	(2,161)	$	(5,859)	$	(32,796)	$	(12)	$	32	$	(45,441)

Three Months Ended March 31, 2022

In millions of dollars	Net unrealized gains (losses) on debt securities		Debt valuation adjustment (DVA)(1)		Cash flow hedges(2)		Benefit plans(3)		CTA, net of hedges(4)		Excluded component of fair value hedges		Long-duration insurance contracts		Accumulated 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)

(1)Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 21.

(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 Mexican peso, Chilean peso, Euro, South Korean won and Russian ruble against the U.S. dollar and changes in related tax effects and hedges for the three months ended March 31, 2023. 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. 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)Reflects the change in the liability for future policyholder benefits for certain long-duration life-contingent annuity contracts that are issued by a regulated Citi insurance subsidiary in Mexico and reported within Legacy Franchises. The amount reflects the change in the liability after discounting using an upper-medium grade fixed income instrument yield that reflects the duration characteristics of the liability. As of March 31, 2023, the balance of the liability for future policyholder benefits, which is recorded within Other Liabilities, for this insurance subsidiary was approximately $525 million.

(6)See Note 1.

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, 2023

In millions of dollars	Pretax		Tax effect(1)		After-tax
Balance, December 31, 2022	$	(55,253)	$	8,191	$	(47,062)
Adjustment to opening balance(2)	39		(12)		27
Adjusted balance, beginning of period	$	(55,214)	$	8,179	$	(47,035)
Change in net unrealized gains (losses) on debt securities	1,113		(277)		836
Debt valuation adjustment (DVA)	(433)		108		(325)
Cash flow hedges	479		(118)		361
Benefit plans	(156)		52		(104)
Foreign currency translation adjustment (CTA)	788		53		841
Excluded component of fair value hedges	(26)		6		(20)
Long-duration insurance contracts	6		(1)		5
Change	$	1,771	$	(177)	$	1,594
Balance at March 31, 2023	$	(53,443)	$	8,002	$	(45,441)

Three Months Ended March 31, 2022

In millions of dollars	Pretax		Tax effect(1)		After-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)
DVA	1,050		(257)		793
Cash flow hedges	(2,022)		481		(1,541)
Benefit plans	177		(6)		171
CTA	(69)		55		(14)
Excluded component of fair value hedges	64		(16)		48
Long-duration insurance contracts	—		—		—
Change	$	(6,424)	$	1,604	$	(4,820)
Balance, March 31, 2022	$	(51,807)	$	8,222	$	(43,585)

(1)    Income tax effects of these items are released from AOCI contemporaneously with the related gross pretax amount.

(2)    See Note 1.

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 dollars	2023		2022
Realized (gains) losses on sales of investments	$	(72)	$	(80)
Gross impairment losses	51		90
Subtotal, pretax	$	(21)	$	10
Tax effect	2		(4)
Net realized (gains) losses on investments after-tax(1)	$	(19)	$	6
Realized DVA (gains) losses on fair value option liabilities, pretax	$	3	$	—
Tax effect	(1)		—
Net realized DVA, after-tax	$	2	$	—
Interest rate contracts	$	469	$	(286)
Foreign exchange contracts	1		1
Subtotal, pretax	$	470	$	(285)
Tax effect	(115)		68
Amortization of cash flow hedges, after-tax(2)	$	355	$	(217)
Amortization of unrecognized:
Prior service cost (benefit)	$	(6)	$	(6)
Net actuarial loss	49		70
Curtailment/settlement impact(3)	(5)		(216)
Subtotal, pretax	$	38	$	(152)
Tax effect	(10)		31
Amortization of benefit plans, after-tax(3)	$	28	$	(121)
Excluded component of fair value hedges, pretax	$	(6)	$	3
Tax effect	2		(1)
Excluded component of fair value hedges, after-tax	$	(4)	$	2
Long-duration insurance contracts, pretax	$	—	$	—
Tax effect	—		—
Long-duration insurance contracts, after-tax	$	—	$	—
CTA, pretax	$	—	$	—
Tax effect	—		—
CTA, after-tax	$	—	$	—
Total amounts reclassified out of AOCI, pretax	$	484	$	(424)
Total tax effect	(122)		94
Total amounts reclassified out of AOCI, after-tax	$	362	$	(330)

(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 20 for additional details.

(3)See Note 8 for additional details.