17. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Changes in each component of Accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2013 and 2012 are as follows:

Three months ended September 30, 2013 *In millions of dollars*	Net unrealized gains (losses) on investment securities			Cash flow hedges			Benefit plans			Foreign currency translation adjustment, net of hedges			Accumulated other comprehensive income (loss)

Balance at June 30, 2013	$	(1,290	)	$	(1,671	)	$	(4,615	)	$	(12,348	)	$	(19,924	)

Other comprehensive income before reclassifications	$	(51	)	$	177		$	261		$	564		$	951
Increase (decrease) due to amounts reclassified from AOCI		(15	)		153			37			—			175

Change, net of taxes(1)(2)(3)		(66	)		330			298			564			1,126

Balance at September 30, 2013	$	(1,356	)	$	(1,341	)	$	(4,317	)	$	(11,784	)	$	(18,798	)

Nine months ended September 30, 2013: *In millions of dollars*

Balance at December 31, 2012	$	597		$	(2,293	)	$	(5,270	)	$	(9,930	)	$	(16,896	)

Other comprehensive income before reclassifications	$	(1,629	)	$	509		$	836		$	(1,854	)	$	(2,138	)
Increase (decrease) due to amounts reclassified from AOCI		(324	)		443			117			—			236

Change, net of taxes(1)(2)(3)		(1,953	)		952			953			(1,854	)		(1,902	)

Balance at September 30, 2013	$	(1,356	)	$	(1,341	)	$	(4,317	)	$	(11,784	)	$	(18,798	)

Three months ended September 30, 2012: *In millions of dollars*

Balance at June 30, 2012	$	(245	)	$	(2,689	)	$	(4,265	)	$	(10,550	)	$	(17,749	)
Change, net of taxes(1)(2)(3)		776			186			(24	)		1,245			2,183

Balance at September 30, 2012	$	531		$	(2,503	)	$	(4,289	)	$	(9,305	)	$	(15,566	)

Nine months ended September 30, 2012: *In millions of dollars*

Balance at December 31, 2011	$	(35	)	$	(2,820	)	$	(4,282	)	$	(10,651	)	$	(17,788	)
Change, net of taxes(1)(2)(3)(4)(5)		566			317			(7	)		1,346			2,222

Balance at September 30, 2012	$	531		$	(2,503	)	$	(4,289	)	$	(9,305	)	$	(15,566	)

(1): For the third quarter of 2013, primarily reflects the movements in (by order of impact) the Korean won, Euro, British pound, Mexican peso and Polish zloty against the U.S. dollar, and changes in related tax effects and hedges. For the second quarter of 2013, primarily reflects the movements in (by order of impact) the Mexican peso, Australian dollar, Indian rupee, and Brazilian real against the U.S. dollar, and changes in related tax effects and hedges. For the first quarter of 2013, primarily reflects the movements in (by order of impact) the Mexican peso, Japanese yen, British pound, and Korean won against the U.S. dollar, and changes in related tax effects and hedges. For the third quarter of 2012, the foreign currency translation adjustment primarily reflected the movements in (by order of impact) the Mexican peso, British pound, Chilean peso and Korean won against the U.S. dollar, and changes in related tax effects and hedges. For the second quarter of 2012, primarily reflected the movements in (by order of impact) the Mexican peso, Brazilian real, Indian rupee, Russian ruble and Polish zloty against the U.S. dollar, and changes in related tax effects and hedges. For the first quarter of 2012, primarily reflected the movements in (by order of impact) the Mexican peso, Turkish lira, Japanese yen, Euro and Polish zloty against the U.S. dollar, and changes in related tax effects and hedges.
(2): For cash flow hedges, primarily driven by Citigroup's pay fixed/receive floating interest rate swap programs that are hedging the floating rates on liabilities.
(3): For the benefit plans, primarily reflects adjustments based on the periodic actuarial valuations of the Company's benefit plans and amortization of amounts previously recognized in other comprehensive income.
(4): For net unrealized gains (losses) on investment securities, includes the after-tax impact of realized gains from the sales of minority investments: $672 million from the Company's remaining interest in Housing Development Finance Corporation Ltd. (HDFC); and $421 million from the Company's entire interest in Shanghai Pudong Development Bank (SPDB).
(5): The after-tax impact due to impairment charges and the loss related to Akbank, included within the foreign currency translation adjustment, was $667 million during the nine months ended September 30, 2012. See Note 12 to the Consolidated Financial Statements.

The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2013 and 2012 are as follows:

Three months ended September 30, 2013: *In millions of dollars*	Pretax			Tax effect			After-tax

Balance, June 30, 2013	$	(28,846	)	$	8,922		$	(19,924	)
Change in net unrealized gains (losses) on investment securities		(114	)		48			(66	)
Cash flow hedges		514			(184	)		330
Benefit plans		326			(28	)		298
Foreign currency translation adjustment		432			132			564

Change	$	1,158		$	(32	)	$	1,126

Balance, September 30, 2013	$	(27,688	)	$	8,890		$	(18,798	)

Nine months ended September 30, 2013:

Balance, December 31, 2012	$	(25,334	)	$	8,438		$	(16,896	)
Change in net unrealized gains (losses) on investment securities		(3,090	)		1,137			(1,953	)
Cash flow hedges		1,519			(567	)		952
Benefit plans		1,323			(370	)		953
Foreign currency translation adjustment		(2,106	)		252			(1,854	)

Change	$	(2,354	)	$	452		$	(1,902	)

Balance, September 30, 2013	$	(27,688	)	$	8,890		$	(18,798	)

Three months ended September 30, 2012:

Balance, June 30, 2012	$	(25,892	)	$	8,143		$	(17,749	)
Change in net unrealized gains (losses) on investment securities		1,189			(413	)		776
Cash flow hedges		294			(108	)		186
Benefit plans		(33	)		9			(24	)
Foreign currency translation adjustment		1,016			229			1,245

Change	$	2,466		$	(283	)	$	2,183

Balance, September 30, 2012	$	(23,426	)	$	7,860		$	(15,566	)

Nine months ended September 30, 2012:

Balance, December 31, 2011	$	(25,807	)	$	8,019		$	(17,788	)
Change in net unrealized gains (losses) on investment securities		930			(364	)		566
Cash flow hedges		512			(195	)		317
Benefit plans		125			(132	)		(7	)
Foreign currency translation adjustment		814			532			1,346

Change	$	2,381		$	(159	)	$	2,222

Balance, September 30, 2012	$	(23,426	)	$	7,860		$	(15,566	)

During the three and nine months ended September 30, 2013, the Company recognized a pretax loss of $286 million ($175 million net of tax) and $416 million ($236 million net of tax), respectively, related to amounts reclassified out of Accumulated other comprehensive income (loss) into the Consolidated Statement of income.

	Increase (decrease) in AOCI due to amounts reclassified to Consolidated Statement of Income

*In millions of dollars*	Three months ended September 30, 2013			Nine months ended September 30, 2013
Realized (gains) losses on sales of investments	$	(63	)	$	(764	)
OTTI gross impairment losses		39			270

Subtotal	$	(24	)	$	(494	)
Tax effect		9			170

Net realized (gains) losses on investment securities(1)	$	(15	)	$	(324	)

Interest rate contracts	$	211		$	596
Foreign exchange contracts		38			124

Subtotal	$	249		$	720
Tax effect		(96	)		(277	)

Amortization of cash flow hedges(2)	$	153		$	443

Amortization of unrecognized
Prior service cost (benefit)	$	2		$	7
Net actuarial loss		61			205
Curtailment/settlement impact		(2	)		(2	)
Cumulative effect of change in accounting policy(3)(4)		—			(20	)

Subtotal	$	61		$	190
Tax effect		(24	)		(73	)

Amortization of benefit plans(3)	$	37		$	117

Foreign currency translation adjustment	$	—		$	—

Total amounts reclassified out of AOCI—pretax	$	286		$	416
Total tax effect		(111	)		(180	)

Total amounts reclassified out of AOCI—after-tax	$	175		$	236

(1): The pretax amount is reclassified to Realized gains (losses) on sales of investments, net and Gross impairment losses on the Consolidated Statement of Income. See Note 12 to the Consolidated Financial Statements for additional details.
(2): See Note 20 to the Consolidated Financial Statements for additional details.
(3): See Note 8 to the Consolidated Financial Statements for additional details.
(4): See Note 1 to the Consolidated Financial Statements for additional details.