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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI)
 3 Months Ended
Mar. 31, 2025
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, 2025
Balance, December 31, 2024$(2,837)$(1,121)$(220)$(5,627)$(38,047)$(52)$52 $(47,852)
Other comprehensive income before reclassifications601 775 (136)(71)837 6 (1)2,011 
Increase (decrease) due to amounts reclassified from AOCI into earnings
(86)4 143 45 12 1 — 119 
Change, net of taxes
$515 $779 $7 $(26)$849 $7 $(1)$2,130 
Balance at March 31, 2025$(2,322)$(342)$(213)$(5,653)$(37,198)$(45)$51 $(45,722)

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)

(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 actuarial valuations of the Company’s significant pension and postretirement plans, actuarial valuations of all other plans and amortization of amounts previously recognized in other comprehensive income. Citigroup remeasures its significant pension and postretirement benefits plans’ obligations and assets by updating plan actuarial assumptions quarterly, when certain conditions are met to trigger interim remeasurement. No interim remeasurement occurred for the first quarter of 2025.
(4)Primarily reflects the movements in (by order of impact) the euro, Polish zloty, Japanese yen, Brazilian real, Chilean peso, British pound sterling and Singapore dollar against the U.S. dollar and changes in related tax effects and hedges for the three months ended March 31, 2025. 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. 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 $425 million and $546 million at March 31, 2025 and 2024, respectively.
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, 2025
Balance, December 31, 2024$(54,439)$6,587 $(47,852)
Change in net unrealized gains (losses) on debt securities744 (229)515 
Debt valuation adjustment (DVA)1,000 (221)779 
Cash flow hedges8 (1)7 
Benefit plans(18)(8)(26)
Foreign currency translation adjustment (CTA)764 85 849 
Excluded component of fair value hedges10 (3)7 
Long-duration insurance contracts(2)1 (1)
Change$2,506 $(376)$2,130 
Balance at March 31, 2025$(51,933)$6,211 $(45,722)

In millions of dollarsPretax
Tax effect(1)
After-tax
Three Months Ended March 31, 2024
Balance, December 31, 2023$(52,422)$7,622 $(44,800)
Change in net unrealized gains (losses) on debt securities124 (24)100 
DVA(750)187 (563)
Cash flow hedges650 (158)492 
Benefit plans68 9 77 
CTA(1,089)35 (1,054)
Excluded component of fair value hedges(4)2 (2)
Long-duration insurance contracts32 (11)21 
Change$(969)$40 $(929)
Balance, March 31, 2024$(53,391)$7,662 $(45,729)

(1)    Income tax effects of these items are released from AOCI contemporaneously with the related gross pretax amount.
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 dollars20252024
Realized (gains) losses on sales of investments$(121)$(115)
Gross impairment losses3 14 
Subtotal, pretax$(118)$(101)
Tax effect32 25 
Net realized (gains) losses on investments, after-tax(1)
$(86)$(76)
Realized DVA (gains) losses on fair value option liabilities, pretax$5 $13 
Tax effect(1)(3)
Net realized DVA, after-tax$4 $10 
Interest rate contracts$189 $342 
Foreign exchange contracts— 1 
Subtotal, pretax$189 $343 
Tax effect(46)(83)
Amortization of cash flow hedges, after-tax(2)
$143 $260 
Amortization of unrecognized:
Prior service cost (benefit)$(4)$(5)
Net actuarial loss64 68 
Curtailment/settlement impact(3)
— — 
Subtotal, pretax$60 $63 
Tax effect(15)(16)
Amortization of benefit plans, after-tax(3)
$45 $47 
Excluded component of fair value hedges, pretax$1 $(13)
Tax effect— 3 
Excluded component of fair value hedges, after-tax$1 $(10)
Long-duration contracts, pretax$— $— 
Tax effect— — 
Long-duration contracts, after-tax$— $— 
CTA, pretax$12 $— 
Tax effect— — 
CTA, after-tax(4)
$12 $— 
Total amounts reclassified out of AOCI, pretax
$149 $305 
Total tax effect(30)(74)
Total amounts reclassified out of AOCI, after-tax
$119 $231 

(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.
(4)The pretax amount is reclassified to Other revenue in the Consolidated Statement of Income.