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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI)
 3 Months Ended
Mar. 31, 2024
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)
Excluded component of fair value hedges
Long-duration insurance contracts(5)
Accumulated
other
comprehensive income (loss)
Three Months Ended
March 31, 2024
Balance, December 31, 2023$(3,744)$(709)$(1,406)$(6,050)$(32,885)$(40)$34 $(44,800)
Other comprehensive income before reclassifications176 (573)232 30 (1,054)8 21 (1,160)
Increase (decrease) due to amounts reclassified from AOCI
(76)10 260 47 — (10)— 231 
Change, net of taxes
$100 $(563)$492 $77 $(1,054)$(2)$21 $(929)
Balance at March 31, 2024$(3,644)$(1,272)$(914)$(5,973)$(33,939)$(42)$55 $(45,729)

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
March 31, 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 reclassifications855 (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)

(1)Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 23.
(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 Egyptian pound, Chilean peso, Euro and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the three months ended March 31, 2024. 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. 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. The balance of the liability for future policyholder benefits, which is recorded within Other Liabilities, for this insurance subsidiary was approximately $546 million and $525 million at March 31, 2024 and March 31, 2023, respectively.
(6)See Note 1.
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 March 31, 2024
Balance, December 31, 2023$(52,422)$7,622 $(44,800)
Change in net unrealized gains (losses) on debt securities124 (24)100 
Debt valuation adjustment (DVA)(750)187 (563)
Cash flow hedges650 (158)492 
Benefit plans68 9 77 
Foreign currency translation adjustment (CTA)(1,089)35 (1,054)
Excluded component of fair value hedges(4)2 (2)
Long-duration insurance contracts32 (11)21 
Change$(969)$40 $(929)
Balance at March 31, 2024$(53,391)$7,662 $(45,729)

In millions of dollarsPretax
Tax effect(1)
After-tax
Three Months Ended March 31, 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 securities1,113 (277)836 
DVA(433)108 (325)
Cash flow hedges479 (118)361 
Benefit plans(156)52 (104)
CTA788 53 841 
Excluded component of fair value hedges(26)6 (20)
Long-duration insurance contracts6 (1)5 
Change$1,771 $(177)$1,594 
Balance, March 31, 2023$(53,443)$8,002 $(45,441)

(1)    Income tax effects of these items are released from AOCI contemporaneously with the related gross pretax amount.
(2)    See Note 1.
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 dollars20242023
Realized (gains) losses on sales of investments$(115)$(72)
Gross impairment losses14 51 
Subtotal, pretax$(101)$(21)
Tax effect25 2 
Net realized (gains) losses on investments, after-tax(1)
$(76)$(19)
Realized DVA (gains) losses on fair value option liabilities, pretax$13 $3 
Tax effect(3)(1)
Net realized DVA, after-tax$10 $2 
Interest rate contracts$342 $469 
Foreign exchange contracts1 1 
Subtotal, pretax$343 $470 
Tax effect(83)(115)
Amortization of cash flow hedges, after-tax(2)
$260 $355 
Amortization of unrecognized:
Prior service cost (benefit)$(5)$(6)
Net actuarial loss68 49 
Curtailment/settlement impact(3)
— (5)
Subtotal, pretax$63 $38 
Tax effect(16)(10)
Amortization of benefit plans, after-tax(3)
$47 $28 
Excluded component of fair value hedges, pretax$(13)$(6)
Tax effect3 2 
Excluded component of fair value hedges, after-tax$(10)$(4)
Long-duration contracts, pretax$— $— 
Tax effect— — 
Long-duration contracts, after-tax$— $— 
CTA, pretax$— $— 
Tax effect— — 
CTA, after-tax$— $— 
Total amounts reclassified out of AOCI, pretax
$305 $484 
Total tax effect(74)(122)
Total amounts reclassified out of AOCI, after-tax
$231 $362 

(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.
(2)See Note 22.
(3)See Note 8.