| 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) | 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 reclassifications | 2,266 | | (1,553) | | (327) | | (416) | | 752 | | (16) | | 7 | | 713 | | Increase (decrease) due to amounts reclassified from AOCI | (12) | | 2 | | 1,443 | | 121 | | — | | (32) | | — | | 1,522 | | Change, net of taxes | $ | 2,254 | | $ | (1,551) | | $ | 1,116 | | $ | (295) | | $ | 752 | | $ | (48) | | $ | 7 | | $ | 2,235 | | Balance, December 31, 2023 | $ | (3,744) | | $ | (709) | | $ | (1,406) | | $ | (6,050) | | $ | (32,885) | | $ | (40) | | $ | 34 | | $ | (44,800) | | | | | | | | | | | | | | | | | | | | | Other comprehensive income before reclassifications | 913 | | (429) | | 405 | | 242 | | (5,162) | | 2 | | 19 | | (4,010) | | Increase (decrease) due to amounts reclassified from AOCI | (6) | | 17 | | 781 | | 181 | | — | | (14) | | (1) | | 958 | | Change, net of taxes | $ | 907 | | $ | (412) | | $ | 1,186 | | $ | 423 | | $ | (5,162) | | $ | (12) | | $ | 18 | | $ | (3,052) | | Balance, December 31, 2024 | $ | (2,837) | | $ | (1,121) | | $ | (220) | | $ | (5,627) | | $ | (38,047) | | $ | (52) | | $ | 52 | | $ | (47,852) | | | | | | | | | | | | | | | | | | | | Banamex equity interest sale(7) | (34) | | — | | — | | 214 | | 2,243 | | 1 | | (11) | | 2,413 | | | Other comprehensive income before reclassifications | 1,842 | | (1,058) | | (202) | | (276) | | 2,775 | | 15 | | (11) | | 3,085 | | Increase (decrease) due to amounts reclassified from AOCI | (211) | | 36 | | 432 | | 185 | | 13 | | 2 | | — | | 457 | | | Change, net of taxes | $ | 1,597 | | $ | (1,022) | | $ | 230 | | $ | 123 | | $ | 5,031 | | $ | 18 | | $ | (22) | | $ | 5,955 | | Balance, December 31, 2025 | $ | (1,240) | | $ | (2,143) | | $ | 10 | | $ | (5,504) | | $ | (33,016) | | $ | (34) | | $ | 30 | | $ | (41,897) | | | | | | | | | | | Change in Noncontrolling interests’ AOCI, not included above: | | | | | | | | | | For the years ended December 31, | | | | | | | | | | 2025 | $ | 19 | | $ | — | | $ | — | | $ | (23) | | $ | 129 | | $ | — | | $ | — | | $ | 125 | | | 2024 | (11) | | — | | — | | — | | (50) | | — | | — | | (61) | | | 2023 | 43 | | — | | — | | — | | 41 | | — | | — | | 84 | |
(1)Reflects the after-tax valuation of Citi’s fair value option liabilities. See “Market Valuation Adjustments” in Note 26. (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 pension and postretirement plans and amortization of amounts previously recognized in other comprehensive income. (4)Primarily reflects the movements in (by order of impact) the Mexican peso, euro, Polish zloty, Singapore dollar, Brazilian real and South Korean won against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2025. Primarily reflects the movements in (by order of impact) the Mexican peso, Brazilian real, euro, Egyptian pound, Chilean peso, Japanese yen and South Korean won against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 2024. Primarily reflects the movements in (by order of impact) the Mexican peso, Polish zloty, euro, Brazilian real, Russian ruble and Japanese yen against the U.S. dollar and changes in related tax effects and hedges for the year ended December 31, 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 Banamex insurance subsidiary within Mexico Consumer/SBMM 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 $501 million and $413 million at December 31, 2025 and 2024, respectively. (6)See “Accounting Changes” in Note 1. (7)Represents Banamex equity interest sale on sale effective date. See “Sale of 25% Equity Stake in Banamex” in Note 2. 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 | Balance, December 31, 2022 | $ | (55,253) | | $ | 8,191 | | $ | (47,062) | | Adjustment to opening balance(2) | 39 | | (12) | | 27 | | | Adjusted balance, beginning of year | $ | (55,214) | | $ | 8,179 | | $ | (47,035) | | | Change in net unrealized gains (losses) on debt securities | 3,136 | | (882) | | 2,254 | | | Debt valuation adjustment (DVA) | (2,078) | | 527 | | (1,551) | | | Cash flow hedges | 1,480 | | (364) | | 1,116 | | | Benefit plans | (353) | | 58 | | (295) | | | Foreign currency translation adjustment (CTA) | 665 | | 87 | | 752 | | | Excluded component of fair value hedges | (70) | | 22 | | (48) | | | Long-duration insurance contracts | 12 | | (5) | | 7 | | | Change | $ | 2,792 | | $ | (557) | | $ | 2,235 | | Balance, December 31, 2023 | $ | (52,422) | | $ | 7,622 | | $ | (44,800) | | | | | | | | | | | Change in net unrealized gains (losses) on debt securities | 1,160 | | (253) | | 907 | | | DVA | (573) | | 161 | | (412) | | | Cash flow hedges | 1,570 | | (384) | | 1,186 | | | Benefit plans | 576 | | (153) | | 423 | | | CTA | (4,759) | | (403) | | (5,162) | | | Excluded component of fair value hedges | (19) | | 7 | | (12) | | | Long-duration insurance contracts | 28 | | (10) | | 18 | | | Change | $ | (2,017) | | $ | (1,035) | | $ | (3,052) | | Balance, December 31, 2024 | $ | (54,439) | | $ | 6,587 | | $ | (47,852) | | | | | | | | | | | Change in net unrealized gains (losses) on debt securities | 2,059 | | (462) | | 1,597 | | | DVA | (1,285) | | 263 | | (1,022) | | | Cash flow hedges | 290 | | (60) | | 230 | | | Benefit plans | 158 | | (35) | | 123 | | | CTA | 5,071 | | (40) | | 5,031 | | | Excluded component of fair value hedges | 22 | | (4) | | 18 | | | Long-duration insurance contracts | (32) | | 10 | | (22) | | | Change | $ | 6,283 | | $ | (328) | | $ | 5,955 | | Balance, December 31, 2025 | $ | (48,156) | | $ | 6,259 | | $ | (41,897) | |
(1) Income tax effects of these items are released from AOCI contemporaneously with the related pretax amount. (2) See “Accounting Changes” in Note 1. 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 | | Year ended December 31, | | In millions of dollars | 2025 | 2024 | 2023 | | Realized (gains) losses on sales of investments | $ | (471) | | $ | (328) | | $ | (188) | | | Gross impairment losses | 184 | | 323 | | 188 | | | Subtotal, pretax | $ | (287) | | $ | (5) | | $ | — | | | Tax effect | 76 | | (1) | | (12) | | Net realized (gains) losses on investments, after-tax(1) | $ | (211) | | $ | (6) | | $ | (12) | | | Realized DVA (gains) losses on fair value option liabilities, pretax | $ | 58 | | $ | 23 | | $ | 3 | | | Tax effect | (22) | | (6) | | (1) | | | Net realized DVA, after-tax | $ | 36 | | $ | 17 | | $ | 2 | | | Interest rate contracts | $ | 556 | | $ | 1,027 | | $ | 1,897 | | | Foreign exchange contracts | 13 | | 3 | | 4 | | | Subtotal, pretax | $ | 569 | | $ | 1,030 | | $ | 1,901 | | | Tax effect | (137) | | (249) | | (458) | | Amortization of cash flow hedges, after-tax(2) | $ | 432 | | $ | 781 | | $ | 1,443 | | | Amortization of unrecognized: | | | | | Prior service cost (benefit) | $ | (16) | | $ | (17) | | $ | (22) | | | Net actuarial loss | 262 | | 256 | | 196 | | Curtailment/settlement impact(3) | 6 | | 2 | | (7) | | | Subtotal, pretax | $ | 252 | | $ | 241 | | $ | 167 | | | Tax effect | (67) | | (60) | | (46) | | Amortization of benefit plans, after-tax(3) | $ | 185 | | $ | 181 | | $ | 121 | | | Excluded component of fair value hedges, pretax | $ | 2 | | $ | (18) | | $ | (43) | | | Tax effect | — | | 4 | | 11 | | | Excluded component of fair value hedges, after-tax | $ | 2 | | $ | (14) | | $ | (32) | | | Long-duration contracts, pretax | $ | — | | $ | (1) | | $ | — | | | Tax effect | — | | — | | — | | | Long-duration contracts, after-tax | $ | — | | $ | (1) | | $ | — | | | CTA, pretax | $ | 14 | | $ | — | | $ | — | | | Tax effect | (1) | | — | | — | | CTA, after-tax(4) | $ | 13 | | $ | — | | $ | — | | Total amounts reclassified out of AOCI, pretax | $ | 608 | | $ | 1,270 | | $ | 2,028 | | | Total tax effect | (151) | | (312) | | (506) | | Total amounts reclassified out of AOCI, after-tax | $ | 457 | | $ | 958 | | $ | 1,522 | |
(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 14. (2)See Note 24. (3)See Note 8. (4)The pretax amount is reclassified to Other revenue in the Consolidated Statement of Income.
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