XML 98 R65.htm IDEA: XBRL DOCUMENT v3.24.0.1
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables)
 12 Months Ended
Dec. 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:

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 hedges
Long-duration insurance contracts(6)
Accumulated
other
comprehensive income (loss)
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 $— $(47,062)
Adjustment to opening balance, net of taxes(7)
— — — — — — 27 27 
Adjusted balance, beginning of period$(5,998)$842 $(2,522)$(5,755)$(33,637)$8 $27 $(47,035)
Other comprehensive income before reclassifications2,266 (1,553)(327)(416)752 (16)7 713 
Increase (decrease) due to amounts reclassified from AOCI
(12)2 1,443 121 — (32)— 1,522 
Change, net of taxes $2,254 $(1,551)$1,116 $(295)$752 $(48)$7 $2,235 
Balance, December 31, 2023
$(3,744)$(709)$(1,406)$(6,050)$(32,885)$(40)$34 $(44,800)

(1)Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 26.
(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, Polish zloty, Euro, Brazilian real, Russian ruble and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2023. 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. 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.
(6)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 December 31, 2023, the balance of the liability for future policyholder benefits, which is recorded within Other liabilities, for this insurance subsidiary was approximately $557 million.
(7)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
Balance, December 31, 2020
$(36,992)$4,934 $(32,058)
Change in net unrealized gains (losses) on debt securities(5,301)1,367 (3,934)
Debt valuation adjustment (DVA)296 (64)232 
Cash flow hedges(1,969)477 (1,492)
Benefit plans1,252 (240)1,012 
CTA(2,671)146 (2,525)
Excluded component of fair value hedges2 (2)— 
Long-duration insurance contracts— — — 
Change$(8,391)$1,684 $(6,707)
Balance, December 31, 2021
$(45,383)$6,618 $(38,765)
Change in net unrealized gains (losses) on debt securities(7,178)1,794 (5,384)
DVA2,685 (656)2,029 
Cash flow hedges(3,477)854 (2,623)
Benefit plans31 66 97 
CTA(2,004)(467)(2,471)
Excluded component of fair value hedges73 (18)55 
Long-duration insurance contracts— — — 
Change$(9,870)$1,573 $(8,297)
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 securities3,136 (882)2,254 
DVA(2,078)527 (1,551)
Cash flow hedges1,480 (364)1,116 
Benefit plans(353)58 (295)
CTA665 87 752 
Excluded component of fair value hedges(70)22 (48)
Long-duration insurance contracts12 (5)7 
Change$2,792 $(557)$2,235 
Balance, December 31, 2023
$(52,422)$7,622 $(44,800)

(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
Year ended December 31,
In millions of dollars202320222021
Realized (gains) losses on sales of investments$(188)$(67)$(665)
Gross impairment losses188 360 181 
Subtotal, pretax$— $293 $(484)
Tax effect(12)(78)106 
Net realized (gains) losses on investments, after-tax(1)
$(12)$215 $(378)
Realized DVA (gains) losses on fair value option liabilities, pretax$3 $(25)$144 
Tax effect(1)7 (33)
Net realized DVA, after-tax$2 $(18)$111 
Interest rate contracts$1,897 $125 $(1,075)
Foreign exchange contracts4 4 4 
Subtotal, pretax$1,901 $129 $(1,071)
Tax effect(458)(34)258 
Amortization of cash flow hedges, after-tax(2)
$1,443 $95 $(813)
Amortization of unrecognized:
Prior service cost (benefit)$(22)$(23)$(23)
Net actuarial loss196 221 302 
Curtailment/settlement impact(3)
(7)(37)11 
Subtotal, pretax$167 $161 $290 
Tax effect(46)(45)(75)
Amortization of benefit plans, after-tax(3)
$121 $116 $215 
Excluded component of fair value hedges, pretax$(43)$9 $15 
Tax effect11 (3)(4)
Excluded component of fair value hedges, after-tax$(32)$6 $11 
Long-duration contracts, pretax$— $— $— 
Tax effect— — — 
Long-duration contracts, after-tax$— $— $— 
CTA, pretax$— $438 $19 
Tax effect— (54)(7)
CTA, after-tax(4)
$— $384 $12 
Total amounts reclassified out of AOCI, pretax
$2,028 $1,005 $(1,087)
Total tax effect(506)(207)245 
Total amounts reclassified out of AOCI, after-tax
$1,522 $798 $(842)

(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 14.
(2)See Note 24.
(3)See Note 8.
(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.