XML 83 R57.htm IDEA: XBRL DOCUMENT v3.24.3
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Tables)
 9 Months Ended
Sep. 30, 2024
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, 2024
Balance, June 30, 2024$(3,682)$(1,016)$(629)$(5,794)$(35,573)$(39)$56 $(46,677)
Other comprehensive income before reclassifications1,381 (155)(305)1 416 (8)(17)1,313 
Increase (decrease) due to amounts reclassified from AOCI
(46)5 161 48 — (1)— 167 
Change, net of taxes
$1,335 $(150)$(144)$49 $416 $(9)$(17)$1,480 
Balance at September 30, 2024$(2,347)$(1,166)$(773)$(5,745)$(35,157)$(48)$39 $(45,197)
Nine Months Ended
September 30, 2024
Balance, December 31, 2023$(3,744)$(709)$(1,406)$(6,050)$(32,885)$(40)$34 $(44,800)
Other comprehensive income before reclassifications1,533 (474)14 164 (2,272)4 6 (1,025)
Increase (decrease) due to amounts reclassified from AOCI
(136)17 619 141 — (12)(1)628 
Change, net of taxes$1,397 $(457)$633 $305 $(2,272)$(8)$5 $(397)
Balance at September 30, 2024$(2,347)$(1,166)$(773)$(5,745)$(35,157)$(48)$39 $(45,197)

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)

(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 movement in (by order of impact) the Mexican peso, euro, Japanese yen, Singapore dollar, Malaysian ringgit, Polish zloty and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the three months ended September 30, 2024. Primarily reflects the movement in (by order of impact) the Mexican peso, Egyptian pound, Brazilian real, Malaysian ringgit and Taiwan dollar against the U.S. dollar and changes in related tax effects and hedges for the nine months ended September 30, 2024. Primarily reflects the movement 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 movement 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. 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 $463 million and $519 million at September 30, 2024 and September 30, 2023, respectively.
(6)See “Accounting Changes” in Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
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, 2024
Balance, June 30, 2024$(54,102)$7,425 $(46,677)
Change in net unrealized gains (losses) on debt securities1,781 (446)1,335 
Debt valuation adjustment (DVA)(201)51 (150)
Cash flow hedges(171)27 (144)
Benefit plans88 (39)49 
Foreign currency translation adjustment (CTA)638 (222)416 
Excluded component of fair value hedges(10)1 (9)
Long-duration insurance contracts(26)9 (17)
Change$2,099 $(619)$1,480 
Balance at September 30, 2024$(52,003)$6,806 $(45,197)
Nine Months Ended September 30, 2024
Balance, December 31, 2023$(52,422)$7,622 $(44,800)
Change in net unrealized gains (losses) on debt securities1,853 (456)1,397 
DVA(608)151 (457)
Cash flow hedges843 (210)633 
Benefit plans405 (100)305 
CTA(2,071)(201)(2,272)
Excluded component of fair value hedges(12)4 (8)
Long-duration insurance contracts9 (4)5 
Change$419 $(816)$(397)
Balance at September 30, 2024$(52,003)$6,806 $(45,197)
In millions of dollarsPretax
Tax effect(1)
After-tax
Three Months Ended September 30, 2023
Balance, June 30, 2023$(53,964)$8,099 $(45,865)
Change in net unrealized gains (losses) on debt securities(227)58 (169)
DVA395 (96)299 
Cash flow hedges958 (227)731 
Benefit plans380 (68)312 
CTA(1,532)36 (1,496)
Excluded component of fair value hedges(10)(2)(12)
Long-duration insurance contracts33 (10)23 
Change$(3)$(309)$(312)
Balance, 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)$858 
Balance, September 30, 2023$(53,967)$7,790 $(46,177)

(1)    Income tax effects of these items are released from AOCI contemporaneously with the related gross pretax amount.
(2)    See Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
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 dollars2024202320242023
Realized (gains) losses on sales of investments$(72)$(30)$(210)$(151)
Gross impairment losses13 43 36 137 
Subtotal, pretax$(59)$13 $(174)$(14)
Tax effect13 (6)38 (5)
Net realized (gains) losses on investments, after-tax(1)
$(46)$7 $(136)$(19)
Realized DVA (gains) losses on fair value option liabilities, pretax$7 $12 $23 $8 
Tax effect(2)(3)(6)(3)
Net realized DVA, after-tax$5 $9 $17 $5 
Interest rate contracts$212 $480 $814 $1,444 
Foreign exchange contracts1 1 3 3 
Subtotal, pretax$213 $481 $817 $1,447 
Tax effect(52)(116)(198)(350)
Amortization of cash flow hedges, after-tax(2)
$161 $365 $619 $1,097 
Amortization of unrecognized:
Prior service cost (benefit)$(4)$(6)$(14)$(17)
Net actuarial loss62 52 196 152 
Curtailment/settlement impact(3)
4 5 6 1 
Subtotal, pretax$62 $51 $188 $136 
Tax effect(14)(13)(47)(36)
Amortization of benefit plans, after-tax(3)
$48 $38 $141 $100 
Excluded component of fair value hedges, pretax$(2)$(12)$(16)$(31)
Tax effect1 3 4 8 
Excluded component of fair value hedges, after-tax$(1)$(9)$(12)$(23)
Long-duration contracts, pretax$— $— $(1)$— 
Tax effect— — — — 
Long-duration contracts, after-tax$— $— $(1)$— 
CTA, pretax$— $— $— $— 
Tax effect— — — — 
CTA, after-tax$— $— $— $— 
Total amounts reclassified out of AOCI, pretax
$221 $545 $837 $1,546 
Total tax effect(54)(135)(209)(386)
Total amounts reclassified out of AOCI, after-tax
$167 $410 $628 $1,160 

(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.