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

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)
Excluded component of fair value hedges
Long-duration insurance contracts(5)
Accumulated
other
comprehensive income (loss)
Three Months Ended
September 30, 2023
Balance, June 30, 2023$(5,036)$(102)$(1,990)$(5,995)$(32,773)$5 $26 $(45,865)
Other comprehensive income before reclassifications(176)290 366 274 (1,496)(3)23 (722)
Increase (decrease) due to amounts reclassified from AOCI
7 9 365 38 — (9)— 410 
Change, net of taxes
$(169)$299 $731 $312 $(1,496)$(12)$23 $(312)
Balance at September 30, 2023$(5,205)$197 $(1,259)$(5,683)$(34,269)$(7)$49 $(46,177)
Nine Months Ended September 30, 2023
Balance, December 31, 2022$(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 reclassifications812 (650)166 (28)(632)8 22 (302)
Increase (decrease) due to amounts reclassified from AOCI
(19)5 1,097 100 — (23)— 1,160 
Change, net of taxes$793 $(645)$1,263 $72 $(632)$(15)$22 $858 
Balance at September 30, 2023$(5,205)$197 $(1,259)$(5,683)$(34,269)$(7)$49 $(46,177)
In millions of dollarsNet
unrealized
gains (losses)
on debt securities
Debt valuation adjustment (DVA)(1)
Cash flow hedges(2)
Benefit plans(3)
CTA, net
of hedges(4)
Excluded component of fair value hedgesLong-duration insurance contractsAccumulated
other
comprehensive income (loss)
Three Months Ended September 30, 2022
Balance, June 30, 2022$(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)

(1)Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 22.
(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, Polish zloty and Brazilian real against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2023. Primarily reflects the movements in (by order of impact) the Mexican peso, Russian ruble, Japanese yen, South Korean won and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2023. 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. 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 September 30, 2023, the balance of the liability for future policyholder benefits, which is recorded within Other Liabilities, for this insurance subsidiary was approximately $519 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:

In millions of dollarsPretax
Tax effect(1)
After-tax
Three Months Ended September 30, 2023
Balance, June 30, 2023$(53,964)$8,099 $(45,865)
Change in net unrealized gains (losses) on debt securities(227)58 (169)
Debt valuation adjustment (DVA)395 (96)299 
Cash flow hedges958 (227)731 
Benefit plans380 (68)312 
Foreign currency translation adjustment (CTA)(1,532)36 (1,496)
Excluded component of fair value hedges(10)(2)(12)
Long-duration insurance contracts33 (10)23 
Change$(3)$(309)$(312)
Balance at September 30, 2023$(53,967)$7,790 $(46,177)
Nine Months Ended September 30, 2023
Balance, December 31, 2022$(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 securities1,095 (302)793 
DVA(875)230 (645)
Cash flow hedges1,670 (407)1,263 
Benefit plans68 4 72 
CTA(728)96 (632)
Excluded component of fair value hedges(14)(1)(15)
Long-duration insurance contracts31 (9)22 
Change$1,247 $(389)$858 
Balance at September 30, 2023$(53,967)$7,790 $(46,177)
In millions of dollarsPretax
Tax effect(1)
After-tax
Three Months Ended September 30, 2022
Balance, June 30, 2022$(53,566)$8,071 $(45,495)
Change in net unrealized gains (losses) on debt securities(850)270 (580)
DVA1,159 (287)872 
Cash flow hedges(1,025)262 (763)
Benefit plans(4)41 37 
CTA(2,238)(161)(2,399)
Excluded component of fair value hedges40 (10)30 
Long-duration insurance contracts— — — 
Change$(2,918)$115 $(2,803)
Balance, September 30, 2022$(56,484)$8,186 $(48,298)
Nine Months Ended September 30, 2022
Balance, December 31, 2021$(45,383)$6,618 $(38,765)
Change in net unrealized gains (losses) on debt securities(8,464)2,106 (6,358)
DVA4,800 (1,168)3,632 
Cash flow hedges(3,933)963 (2,970)
Benefit plans100 19 119 
CTA(3,720)(323)(4,043)
Excluded component of fair value hedges116 (29)87 
Long-duration insurance contracts— — — 
Change$(11,101)$1,568 $(9,533)
Balance, September 30, 2022$(56,484)$8,186 $(48,298)

(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 September 30,Nine Months Ended September 30,
In millions of dollars2023202220232022
Realized (gains) losses on sales of investments$(30)$(52)$(151)$(74)
Gross impairment losses43 74 137 254 
Subtotal, pretax$13 $22 $(14)$180 
Tax effect(6)(7)(5)(48)
Net realized (gains) losses on investments, after-tax(1)
$7 $15 $(19)$132 
Realized DVA (gains) losses on fair value option liabilities, pretax$12 $(3)$8 $(4)
Tax effect(3)1 (3)1 
Net realized DVA, after-tax$9 $(2)$5 $(3)
Interest rate contracts$480 $141 $1,444 $(344)
Foreign exchange contracts1 1 3 3 
Subtotal, pretax$481 $142 $1,447 $(341)
Tax effect(116)(35)(350)80 
Amortization of cash flow hedges, after-tax(2)
$365 $107 $1,097 $(261)
Amortization of unrecognized:
Prior service cost (benefit)$(6)$(6)$(17)$(17)
Net actuarial loss52 49 152 177 
Curtailment/settlement impact(3)
5 — 1 (33)
Subtotal, pretax$51 $43 $136 $127 
Tax effect(13)(11)(36)(34)
Amortization of benefit plans, after-tax(3)
$38 $32 $100 $93 
Excluded component of fair value hedges, pretax$(12)$(1)$(31)$9 
Tax effect3 — 8 (3)
Excluded component of fair value hedges, after-tax$(9)$(1)$(23)$6 
Long-duration insurance contracts, pretax$— $— $— $— 
Tax effect— — — — 
Long-duration insurance contracts, after-tax$— $— $— $— 
CTA, pretax$— $26 $— $423 
Tax effect— (2)— (54)
CTA, after-tax(4)
$— $24 $— $369 
Total amounts reclassified out of AOCI, pretax
$545 $229 $1,546 $394 
Total tax effect(135)(54)(386)(58)
Total amounts reclassified out of AOCI, after-tax
$410 $175 $1,160 $336 

(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 21 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 from the substantial liquidation of a legacy U.K. consumer operation. See Note 2 for additional details.