Citibank 2013 Annual Report Download - page 255

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20. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Changes in each component of Citigroup’s Accumulated other comprehensive income (loss) for the three-year period ended December 31, 2013 are as follows:
In millions of dollars
Net
unrealized
gains (losses)
on investment
securities
Cash flow
hedges (1)
Benefit
plans (2)
Foreign
currency
translation
adjustment,
net of
hedges
(CTA) (3)
Accumulated
other
comprehensive
income (loss)
Balance at December 31, 2010 $(2,395) $(2,650) $(4,105) $ (7,127) $ (16,277)
Change, net of taxes 2,360 (170) (177) (3,524) (1,511)
Balance at December 31, 2011 $ (35) $(2,820) $(4,282) $ (10,651) $(17,788)
Change, net of taxes (4)(5) 632 527 (988) 721 892
Balance at December 31, 2012 $ 597 $(2,293) $(5,270) $ (9,930) $ (16,896)
Other comprehensive income before reclassifications $(2,046) $ 512 $ 1,098 $ (2,450) $ (2,886)
Increase (decrease) due to amounts reclassified from AOCI (275) 536 183 205 649
Change, net of taxes (6) (2,321) 1,048 1,281 (2,245) (2,237)
Balance at December 31, 2013 $(1,724) $(1,245) $(3,989) $(12,175) $(19,133)
(1) Primarily driven by Citigroup’s pay fixed/receive floating interest rate swap programs that hedge the floating rates on liabilities.
(2) Primarily reflects adjustments based on the final year-end actuarial valuations of the Company’s pension and postretirement plans and amortization of amounts previously recognized in other comprehensive income.
(3) Primarily reflects the movements in (by order of impact) the Japanese yen, Mexican peso, Australian dollar, and Indian rupee against the U.S. dollar, and changes in related tax effects and hedges in 2013. Primarily
reflects the movements in the Mexican peso, Japanese yen, Euro, and Brazilian real against the U.S. dollar, and changes in related tax effects and hedges in 2012. Primarily reflects the movements in the Mexican
peso, Turkish lira, Brazilian real, Indian rupee and Polish zloty against the U.S. dollar, and changes in related tax effects and hedges in 2011.
(4) Includes the after-tax impact of realized gains from the sales of minority investments: $672 million from the Company’s entire 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, during the six months ended June 30, 2012 was $667 million. See Note 14
to the Consolidated Financial Statements.
(6) On December 20, 2013, the sale of Credicard was completed. The total impact to the gross CTA (Net CTA including hedges) was a pretax loss of $314 million ($205 million net of tax).
The pretax and after-tax changes in each component of Accumulated other comprehensive income (loss) for the three-year period ended December 31,
2013 are as follows:
In millions of dollars Pretax Tax effect After-tax
Balance, December 31, 2010 $ (24,855) $ 8,578 $ (16,277)
Change in net unrealized gains (losses) on investment securities 3,855 (1,495) 2,360
Cash flow hedges (262) 92 (170)
Benefit plans (412) 235 (177)
Foreign currency translation adjustment (4,133) 609 (3,524)
Change $ (952) $ (559) $ (1,511)
Balance, December 31, 2011 $ (25,807) $ 8,019 $ (17,788)
Change in net unrealized gains (losses) on investment securities 1,001 (369) 632
Cash flow hedges 838 (311) 527
Benefit plans (1,378) 390 (988)
Foreign currency translation adjustment 12 709 721
Change $ 473 $ 419 $ 892
Balance, December 31, 2012 $ (25,334) $ 8,438 $ (16,896)
Change in net unrealized gains (losses) on investment securities (3,674) 1,353 (2,321)
Cash flow hedges 1,673 (625) 1,048
Benefit plans 1,979 (698) 1,281
Foreign currency translation adjustment (2,240) (5) (2,245)
Change $ (2,262) $ 25 $ (2,237)
Balance, December 31, 2013 $(27,596) $ 8,463 $(19,133)