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INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of investments by category
The following table presents Citi’s investments by category:

In millions of dollarsJune 30,
2024		December 31, 2023
Debt securities available-for-sale (AFS)$249,362 $256,936 
Debt securities held-to-maturity (HTM)(1)
251,125 254,247 
Marketable equity securities carried at fair value(2)
165 258 
Non-marketable equity securities carried at fair value(2)(5)
531 508 
Non-marketable equity securities measured using the measurement alternative(3)
1,717 1,639 
Non-marketable equity securities carried at cost(4)
5,376 5,497 
Total investments(6)
$508,276 $519,085 

(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 $26 million and $25 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 June 30, 2024 and December 31, 2023, respectively.
(6)    Not included in the balances above is approximately $2 billion of accrued interest receivable at June 30, 2024 and December 31, 2023, 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 quarters ended June 30, 2024 and 2023.
Interest and dividends on investments
The following table presents interest and dividend income on investments:

Three Months Ended June 30,Six Months Ended June 30,
In millions of dollars2024202320242023
Taxable interest$4,637 $4,284 $9,328 $8,284 
Interest exempt from U.S. federal income tax81 84 161 169 
Dividend income103 83 181 142 
Total interest and dividend income on investments$4,821 $4,451 $9,670 $8,595 
Realized gains and losses on investments excluding other-than-temporary impairment
The following table presents realized gains and losses on the sales of investments, which exclude impairment losses:

Three Months Ended June 30,Six Months Ended June 30,
In millions of dollars2024202320242023
Gross realized investment gains$144 $91 $286 $179 
Gross realized investment losses(121)(42)(148)(58)
Net realized gains on sales of investments$23 $49 $138 $121 
Amortized cost and fair value of AFS debt securities
The amortized cost and fair value of AFS debt securities were as follows:

 June 30, 2024December 31, 2023
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)(3)
$32,510 $92 $832 $— $31,770 $30,279 $170 $734 $— $29,715 
Residential590 — 2 — 588 426 — 3 — 423 
Commercial1 — — — 1 1 — — — 1 
Total mortgage-backed securities$33,101 $92 $834 $— $32,359 $30,706 $170 $737 $— $30,139 
U.S. Treasury and federal agency securities     
U.S. Treasury$70,604 $7 $979 $— $69,632 $81,684 $59 $1,382 $— $80,361 
Total U.S. Treasury and federal agency securities$70,604 $7 $979 $— $69,632 $81,684 $59 $1,382 $— $80,361 
State and municipal$1,970 $14 $95 $— $1,889 $2,204 $18 $91 $— $2,131 
Foreign government135,144 309 1,354 — 134,099 132,045 528 1,375 — 131,198 
Corporate5,471 20 176 13 5,302 5,610 18 208 8 5,412 
Asset-backed securities(1)
755 13 — — 768 921 17 — — 938 
Other debt securities5,315 2 4 — 5,313 6,754 4 1 — 6,757 
Total debt securities AFS$252,360 $457 $3,442 $13 $249,362 $259,924 $814 $3,794 $8 $256,936 

(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 21 for mortgage- and asset-backed securitizations in which the Company has other involvement.
(2)In January 2023, Citi adopted ASU 2022-01. Upon adoption, Citi transferred $3.3 billion of mortgage-backed securities from HTM classification to AFS classification as allowed under the ASU. At the time of transfer, the securities were in an unrealized gain position of $0.1 billion, which was recorded in AOCI upon transfer. See Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
(3)Amortized cost includes unallocated portfolio layer cumulative basis adjustments of $(0.2) billion as of June 30, 2024. Gross unrealized gains and gross unrealized (losses) on mortgage-backed securities excluding the effect of unallocated portfolio layer cumulative basis adjustments were $75 million and $(1.0) billion, respectively, as of June 30, 2024.
Fair value of securities in unrealized loss position
The following table presents 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
June 30, 2024      
Debt securities AFS      
Mortgage-backed securities      
U.S. government-sponsored agency guaranteed$12,369 $126 $8,991 $706 $21,360 $832 
Residential288 — 227 2 515 2 
Total mortgage-backed securities$12,657 $126 $9,218 $708 $21,875 $834 
U.S. Treasury and federal agency securities    
U.S. Treasury$18,190 $178 $45,988 $801 $64,178 $979 
Total U.S. Treasury and federal agency securities$18,190 $178 $45,988 $801 $64,178 $979 
State and municipal$342 $13 $807 $82 $1,149 $95 
Foreign government44,441 368 34,321 986 78,762 1,354 
Corporate2,345 66 1,801 110 4,146 176 
Asset-backed securities2 — — — 2 — 
Other debt securities2,803 4 — — 2,803 4 
Total debt securities AFS$80,780 $755 $92,135 $2,687 $172,915 $3,442 
December 31, 2023      
Debt securities AFS      
Mortgage-backed securities      
U.S. government-sponsored agency guaranteed$8,602 $86 $9,734 $648 $18,336 $734 
Residential352 1 34 2 386 3 
Total mortgage-backed securities$8,954 $87 $9,768 $650 $18,722 $737 
U.S. Treasury and federal agency securities     
U.S. Treasury$11,851 $113 $57,669 $1,269 $69,520 $1,382 
Total U.S. Treasury and federal agency securities$11,851 $113 $57,669 $1,269 $69,520 $1,382 
State and municipal$906 $17 $324 $74 $1,230 $91 
Foreign government42,250 540 29,176 835 71,426 1,375 
Corporate2,319 103 1,619 105 3,938 208 
Asset-backed securities154 — 16 — 170 — 
Other debt securities1,864 1 228 — 2,092 1 
Total debt securities AFS$68,298 $861 $98,800 $2,933 $167,098 $3,794 
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:

 June 30, 2024
In millions of dollarsAmortized costFair value
Mortgage-backed securities(1)
  
Due within 1 year$25 $25 
After 1 but within 5 years837 824 
After 5 but within 10 years583 554 
After 10 years31,869 30,956 
Total(2)
$33,314 $32,359 
U.S. Treasury and federal agency securities 
Due within 1 year$38,155 $37,980 
After 1 but within 5 years31,931 31,178 
After 5 but within 10 years518 474 
After 10 years— — 
Total$70,604 $69,632 
State and municipal  
Due within 1 year$12 $12 
After 1 but within 5 years129 124 
After 5 but within 10 years372 360 
After 10 years1,457 1,393 
Total$1,970 $1,889 
Foreign government  
Due within 1 year$63,763 $63,617 
After 1 but within 5 years65,845 65,097 
After 5 but within 10 years4,987 4,914 
After 10 years549 471 
Total$135,144 $134,099 
All other(3)
 
Due within 1 year$6,450 $6,427 
After 1 but within 5 years4,397 4,290 
After 5 but within 10 years634 635 
After 10 years60 31 
Total$11,541 $11,383 
Total debt securities AFS(2)
$252,573 $249,362 

(1)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. See Note 21 for additional information about mortgage- and asset-backed securitizations in which the Company has other involvement.
(2)Amortized cost excludes unallocated portfolio layer cumulative basis adjustments of $(0.2) billion as of June 30, 2024.
(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:

 June 30, 2024
In millions of dollars
Amortized cost(1)
Fair value
Mortgage-backed securities  
Due within 1 year$34 $34 
After 1 but within 5 years1,222 1,151 
After 5 but within 10 years590 534 
After 10 years75,741 65,292 
Total$77,587 $67,011 
U.S. Treasury securities
Due within 1 year$36,532 $35,562 
After 1 but within 5 years94,975 86,328 
After 5 but within 10 years— — 
After 10 years— — 
Total$131,507 $121,890 
State and municipal  
Due within 1 year$33 $33 
After 1 but within 5 years150 149 
After 5 but within 10 years1,502 1,415 
After 10 years7,314 6,782 
Total$8,999 $8,379 
Foreign government  
Due within 1 year$1,792 $1,770 
After 1 but within 5 years741 734 
After 5 but within 10 years— — 
After 10 years— — 
Total$2,533 $2,504 
All other(2)
Due within 1 year$— $— 
After 1 but within 5 years— — 
After 5 but within 10 years12,529 12,546 
After 10 years17,970 17,953 
Total$30,499 $30,499 
Total debt securities HTM$251,125 $230,283 

(1)Amortized cost is reported net of ACL of $99 million at June 30, 2024.
(2)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
June 30, 2024    
Debt securities HTM    
Mortgage-backed securities(2)
U.S. government-sponsored agency guaranteed(3)
$76,208 $8 $10,454 $65,762 
Non-U.S. residential145 — — 145 
Commercial1,234 2 132 1,104 
Total mortgage-backed securities$77,587 $10 $10,586 $67,011 
U.S. Treasury securities$131,507 $— $9,617 $121,890 
State and municipal8,999 31 651 8,379 
Foreign government2,533 — 29 2,504 
Asset-backed securities(2)
30,499 65 65 30,499 
Total debt securities HTM, net$251,125 $106 $20,948 $230,283 
December 31, 2023    
Debt securities HTM   
Mortgage-backed securities(2)
    
U.S. government-sponsored agency guaranteed$79,689 $7 $8,603 $71,093 
Non-U.S. residential198 — — 198 
Commercial1,146 2 156 992 
Total mortgage-backed securities$81,033 $9 $8,759 $72,283 
U.S. Treasury securities$131,776 $— $9,908 $121,868 
State and municipal9,182 73 477 8,778 
Foreign government2,210 — 58 2,152 
Asset-backed securities(2)
30,046 9 135 29,920 
Total debt securities HTM, net$254,247 $91 $19,337 $235,001 

(1)Amortized cost is reported net of ACL of $99 million and $95 million at June 30, 2024 and December 31, 2023, 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 21 for mortgage- and asset-backed securitizations in which the Company has other involvement.
(3)In January 2023, Citi adopted ASU 2022-01. Upon adoption, Citi transferred $3.3 billion (amortized cost) of mortgage-backed securities from HTM classification to AFS classification as allowed under the ASU. At the time of transfer, the securities were in an unrealized gain position of $0.1 billion, which was recorded in AOCI upon transfer. See Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
Total other-than-temporary impairments recognized
The following table presents total impairment on AFS investments recognized in earnings:

Three Months Ended June 30,Six Months Ended June 30,
In millions of dollars2024202320242023
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 exercise$9 $43 $23 $94 
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 June 30, 2024 and December 31, 2023:

In millions of dollarsJune 30, 2024December 31, 2023
Measurement alternative:
Carrying value$1,717 $1,639 
Below are amounts recognized in earnings and life-to-date amounts for non-marketable equity securities measured using the measurement alternative:

Three Months Ended June 30,Six Months Ended June 30,
In millions of dollars2024202320242023
Measurement alternative(1):
Impairment losses$8 $28 $24 $63 
Downward changes for observable prices1 — 1 20 
Upward changes for observable prices3 3 52 33 

(1)     See Note 23 for additional information on these nonrecurring fair value measurements.

Life-to-date amounts on securities still held
In millions of dollarsJune 30, 2024
Measurement alternative:
Impairment losses$356 
Downward changes for observable prices35 
Upward changes for observable prices1,002