| 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 dollars | Net
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
June 30, 2025 | | | | | | | | | | Balance, March 31, 2025 | $ | (2,322) | | $ | (342) | | $ | (213) | | $ | (5,653) | | $ | (37,198) | | $ | (45) | | $ | 51 | | $ | (45,722) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other comprehensive income before reclassifications | 378 | | (344) | | (56) | | (80) | | 1,966 | | (2) | | (1) | | 1,861 | | Increase (decrease) due to amounts reclassified from AOCI into earnings | (100) | | 2 | | 128 | | 43 | | — | | 2 | | — | | 75 | | Change, net of taxes | $ | 278 | | $ | (342) | | $ | 72 | | $ | (37) | | $ | 1,966 | | $ | — | | $ | (1) | | $ | 1,936 | | | Balance at June 30, 2025 | $ | (2,044) | | $ | (684) | | $ | (141) | | $ | (5,690) | | $ | (35,232) | | $ | (45) | | $ | 50 | | $ | (43,786) | | Six Months Ended
June 30, 2025 | | | | | | | | | | Balance, December 31, 2024 | $ | (2,837) | | $ | (1,121) | | $ | (220) | | $ | (5,627) | | $ | (38,047) | | $ | (52) | | $ | 52 | | $ | (47,852) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other comprehensive income before reclassifications | 979 | | 431 | | (192) | | (151) | | 2,803 | | 4 | | (2) | | 3,872 | | Increase (decrease) due to amounts reclassified from AOCI | (186) | | 6 | | 271 | | 88 | | 12 | | 3 | | — | | 194 | | | Change, net of taxes | $ | 793 | | $ | 437 | | $ | 79 | | $ | (63) | | $ | 2,815 | | $ | 7 | | $ | (2) | | $ | 4,066 | | | Balance at June 30, 2025 | $ | (2,044) | | $ | (684) | | $ | (141) | | $ | (5,690) | | $ | (35,232) | | $ | (45) | | $ | 50 | | $ | (43,786) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | In millions of dollars | Net
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
June 30, 2024 | | | | | | | | | | Balance at March 31, 2024 | $ | (3,644) | | $ | (1,272) | | $ | (914) | | $ | (5,973) | | $ | (33,939) | | $ | (42) | | $ | 55 | | $ | (45,729) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other comprehensive income before reclassifications | (24) | | 254 | | 87 | | 135 | | (1,634) | | 4 | | 2 | | (1,176) | | Increase (decrease) due to amounts reclassified from AOCI | (14) | | 2 | | 198 | | 44 | | — | | (1) | | (1) | | 228 | | Change, net of taxes | $ | (38) | | $ | 256 | | $ | 285 | | $ | 179 | | $ | (1,634) | | $ | 3 | | $ | 1 | | $ | (948) | | | Balance at June 30, 2024 | $ | (3,682) | | $ | (1,016) | | $ | (629) | | $ | (5,794) | | $ | (35,573) | | $ | (39) | | $ | 56 | | $ | (46,677) | | Six Months Ended
June 30, 2024 | | | | | | | | | | Balance, December 31, 2023 | $ | (3,744) | | $ | (709) | | $ | (1,406) | | $ | (6,050) | | $ | (32,885) | | $ | (40) | | $ | 34 | | $ | (44,800) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other comprehensive income before reclassifications | 152 | | (319) | | 319 | | 163 | | (2,688) | | 12 | | 23 | | (2,338) | | Increase (decrease) due to amounts reclassified from AOCI | (90) | | 12 | | 458 | | 93 | | — | | (11) | | (1) | | 461 | | | Change, net of taxes | $ | 62 | | $ | (307) | | $ | 777 | | $ | 256 | | $ | (2,688) | | $ | 1 | | $ | 22 | | $ | (1,877) | | | Balance at June 30, 2024 | $ | (3,682) | | $ | (1,016) | | $ | (629) | | $ | (5,794) | | $ | (35,573) | | $ | (39) | | $ | 56 | | $ | (46,677) | |
(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 second quarter of 2025. (4)Primarily reflects the movements in (by order of impact) the euro, Mexican peso, Polish zloty, South Korean won, Singapore dollar, Brazilian real, British pound sterling and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2025. Primarily reflects the movements in (by order of impact) the euro, Mexican peso, Polish zloty, South Korean won, Brazilian real, Japanese yen, Singapore dollar, British pound sterling and Chilean peso against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 2025. Primarily reflects the movement in (by order of impact) the Mexican peso, Brazilian real, Japanese yen and euro against the U.S. dollar and changes in related tax effects and hedges for the three months ended June 30, 2024. Primarily reflects the movement in (by order of impact) the Mexican peso, Egyptian pound, Brazilian real, euro, Japanese yen, Chilean peso and South Korean won against the U.S. dollar and changes in related tax effects and hedges for the six months ended June 30, 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 within Banamex 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 $464 million and $474 million at June 30, 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 dollars | Pretax | Tax effect(1) | After-tax | | Three Months Ended June 30, 2025 | | | | | Balance, March 31, 2025 | $ | (51,933) | | $ | 6,211 | | $ | (45,722) | | | | | | | | | | | Change in net unrealized gains (losses) on debt securities | 363 | | (85) | | 278 | | | Debt valuation adjustment (DVA) | (391) | | 49 | | (342) | | | Cash flow hedges | 88 | | (16) | | 72 | | | Benefit plans | (57) | | 20 | | (37) | | | Foreign currency translation adjustment (CTA) | 2,003 | | (37) | | 1,966 | | | Excluded component of fair value hedges | (2) | | 2 | | — | | | Long-duration insurance contracts | 2 | | (3) | | (1) | | | Change | $ | 2,006 | | $ | (70) | | $ | 1,936 | | | Balance at June 30, 2025 | $ | (49,927) | | $ | 6,141 | | $ | (43,786) | | | Six Months Ended June 30, 2025 | | | | | Balance, December 31, 2024 | $ | (54,439) | | $ | 6,587 | | $ | (47,852) | | | | | | | | | | | Change in net unrealized gains (losses) on debt securities | 1,107 | | (314) | | 793 | | | DVA | 609 | | (172) | | 437 | | | Cash flow hedges | 96 | | (17) | | 79 | | | Benefit plans | (75) | | 12 | | (63) | | | CTA | 2,767 | | 48 | | 2,815 | | | Excluded component of fair value hedges | 8 | | (1) | | 7 | | | Long-duration insurance contracts | — | | (2) | | (2) | | | Change | $ | 4,512 | | $ | (446) | | $ | 4,066 | | | Balance at June 30, 2025 | $ | (49,927) | | $ | 6,141 | | $ | (43,786) | |
| | | | | | | | | | | | | In millions of dollars | Pretax | Tax effect(1) | After-tax | | Three Months Ended June 30, 2024 | | | | | Balance at March 31, 2024 | $ | (53,391) | | $ | 7,662 | | $ | (45,729) | | | | | | | | | | | Change in net unrealized gains (losses) on debt securities | (52) | | 14 | | (38) | | | DVA | 343 | | (87) | | 256 | | | Cash flow hedges | 364 | | (79) | | 285 | | | Benefit plans | 250 | | (71) | | 179 | | | CTA | (1,622) | | (12) | | (1,634) | | | Excluded component of fair value hedges | 2 | | 1 | | 3 | | | Long-duration insurance contracts | 4 | | (3) | | 1 | | | Change | $ | (711) | | $ | (237) | | $ | (948) | | | Balance, June 30, 2024 | $ | (54,102) | | $ | 7,425 | | $ | (46,677) | | | Six Months Ended June 30, 2024 | | | | | Balance, December 31, 2023 | $ | (52,422) | | $ | 7,622 | | $ | (44,800) | | | | | | | | | | | Change in net unrealized gains (losses) on debt securities | 72 | | (10) | | 62 | | | DVA | (407) | | 100 | | (307) | | | Cash flow hedges | 1,014 | | (237) | | 777 | | | Benefit plans | 318 | | (62) | | 256 | | | CTA | (2,711) | | 23 | | (2,688) | | | Excluded component of fair value hedges | (2) | | 3 | | 1 | | | Long-duration insurance contracts | 36 | | (14) | | 22 | | | Change | $ | (1,680) | | $ | (197) | | $ | (1,877) | | | Balance, June 30, 2024 | $ | (54,102) | | $ | 7,425 | | $ | (46,677) | |
(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 June 30, | Six Months Ended June 30, | | In millions of dollars | 2025 | 2024 | 2025 | 2024 | | Realized (gains) losses on sales of investments | $ | (138) | | $ | (23) | | $ | (259) | | $ | (138) | | | Gross impairment losses | 2 | | 9 | | 5 | | 23 | | | Subtotal, pretax | $ | (136) | | $ | (14) | | $ | (254) | | $ | (115) | | | Tax effect | 36 | | — | | 68 | | 25 | | Net realized (gains) losses on investments, after-tax(1) | $ | (100) | | $ | (14) | | $ | (186) | | $ | (90) | | | Realized DVA (gains) losses on fair value option liabilities, pretax | $ | 2 | | $ | 3 | | $ | 7 | | $ | 16 | | | Tax effect | — | | (1) | | (1) | | (4) | | | Net realized DVA, after-tax | $ | 2 | | $ | 2 | | $ | 6 | | $ | 12 | | | Interest rate contracts | $ | 168 | | $ | 260 | | $ | 357 | | $ | 602 | | | Foreign exchange contracts | — | | 1 | | — | | 2 | | | Subtotal, pretax | $ | 168 | | $ | 261 | | $ | 357 | | $ | 604 | | | Tax effect | (40) | | (63) | | (86) | | (146) | | Amortization of cash flow hedges, after-tax(2) | $ | 128 | | $ | 198 | | $ | 271 | | $ | 458 | | | Amortization of unrecognized: | | | | | | Prior service cost (benefit) | $ | (5) | | $ | (5) | | $ | (9) | | $ | (10) | | | Net actuarial loss | 66 | | 64 | | 130 | | 134 | | | | | | | Curtailment/settlement impact(3) | — | | 2 | | — | | 2 | | | Subtotal, pretax | $ | 61 | | $ | 61 | | $ | 121 | | $ | 126 | | | Tax effect | (18) | | (17) | | (33) | | (33) | | Amortization of benefit plans, after-tax(3) | $ | 43 | | $ | 44 | | $ | 88 | | $ | 93 | | | Excluded component of fair value hedges, pretax | $ | 2 | | $ | (1) | | $ | 3 | | $ | (14) | | | Tax effect | — | | — | | — | | 3 | | | Excluded component of fair value hedges, after-tax | $ | 2 | | $ | (1) | | $ | 3 | | $ | (11) | | | Long-duration contracts, pretax | $ | — | | $ | (1) | | $ | — | | $ | (1) | | | Tax effect | — | | — | | — | | — | | | Long-duration contracts, after-tax | $ | — | | $ | (1) | | $ | — | | $ | (1) | | | CTA, pretax | $ | — | | $ | — | | $ | 12 | | $ | — | | | Tax effect | — | | — | | — | | — | | CTA, after-tax(4) | $ | — | | $ | — | | $ | 12 | | $ | — | | Total amounts reclassified out of AOCI, pretax | $ | 97 | | $ | 309 | | $ | 246 | | $ | 616 | | | Total tax effect | (22) | | (81) | | (52) | | (155) | | Total amounts reclassified out of AOCI, after-tax | $ | 75 | | $ | 228 | | $ | 194 | | $ | 461 | |
(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.
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