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RETIREMENT BENEFITS (Tables)
 9 Months Ended
Sep. 30, 2014
Defined Benefit Plan Disclosure  
Summary of the funded status and amounts recognized in the Consolidated Balance Sheet for the Company's U.S. qualified, non-qualified plans and plans outside the U.S.
The following table summarizes the funded status and amounts recognized in the Consolidated Balance Sheet for the Company’s Significant Plans.

Net Amount Recognized
 
Nine months ended September 30, 2014
 
Pension plans
 
Postretirement benefit plans
In millions of dollars
U.S. plans
 
Non-U.S. plans
 
U.S. plans
 
Non-U.S. plans
Change in projected benefit obligation
 

 
 

 
 

 
 

Projected benefit obligation at beginning of year
$
12,829

 
$
7,194

 
$
780

 
$
1,411

Plans measured annually
(692
)
 
(3,473
)
 
—

 
(357
)
Projected benefit obligation at beginning of year - Significant Plans
$
12,137

 
$
3,721

 
$
780

 
$
1,054

First quarter activity
215

 
69

 
1

 
56

Second quarter activity
350

 
191

 
62

 
106

Projected benefit obligation at June 30, 2014 - Significant Plans
$
12,702

 
$
3,981

 
$
843

 
$
1,216

Benefits earned during the period
1

 
10

 
—

 
3

Interest cost on benefit obligation
132

 
56

 
8

 
24

Actuarial (gain) loss
—

 
13

 
1

 
(43
)
Benefits paid, net of participants’ contributions
(177
)
 
(44
)
 
(21
)
 
(14
)
Curtailment (gain) loss
12

 
—

 
—

 
—

Foreign exchange impact and other
—

 
(178
)
 
—

 
(41
)
Projected benefit obligation at September 30, 2014 - Significant Plans
$
12,670

 
$
3,838

 
$
831

 
$
1,145


 
Nine Months Ended September 30, 2014
 
Pension plans
 
Postretirement benefit plans
In millions of dollars
U.S. plans
 
Non-U.S. plans
 
U.S. plans
 
Non-U.S. plans
Change in plan assets
 

 
 

 
 

 
 

Plan assets at fair value at beginning of year
$
12,731

 
$
6,918

 
$
32

 
$
1,472

Plans measured annually
—

 
(2,589
)
 
—

 
(11
)
Plan assets at fair value at beginning of year - Significant Plans
$
12,731

 
$
4,329

 
$
32

 
$
1,461

First quarter activity
96

 
69

 
(4
)
 
(10
)
Second quarter activity
192

 
241

 
(4
)
 
89

Plan assets at fair value at June 30, 2014 - Significant Plans
$
13,019

 
$
4,639

 
$
24

 
$
1,540

Actual return on plan assets
66

 
174

 
—

 
(14
)
Company contributions
100

 
13

 
14

 
—

Benefits paid
(177
)
 
(44
)
 
(21
)
 
(182
)
Foreign exchange impact and other
—

 
(212
)
 
—

 
115

Plan assets at fair value at September 30, 2014 - Significant Plans
$
13,008

 
$
4,570

 
$
17

 
$
1,459

Funded status of the plans at September 30, 2014 (1) - Significant Plans
$
338

 
$
732

 
$
(814
)
 
$
314

Net amount recognized
 

 
 

 
 

 
 

Benefit asset
$
338

 
$
732

 
$
—

 
$
314

Benefit liability
—

 
—

 
(814
)
 
—

Net amount recognized on the balance sheet - Significant Plans
$
338

 
$
732

 
$
(814
)
 
$
314

Amounts recognized in Accumulated other comprehensive income (loss)
 

 
 

 
 

 
 

Prior service benefit (cost)
$
4

 
$
27

 
$
—

 
$
158

Net actuarial gain (loss)
(4,419
)
 
(986
)
 
51

 
(499
)
Net amount recognized in equity (pretax) - Significant Plans
$
(4,415
)
 
$
(959
)
 
$
51

 
$
(341
)
Accumulated benefit obligation at September 30, 2014 - Significant Plans
$
12,661

 
$
3,735

 
N/A

 
N/A

(1)
The U.S. qualified pension plan is fully funded under specified Employee Retirement Income Security Act (ERISA) funding rules as of January 1, 2014 and no minimum required funding is expected for 2014.
Assumptions used in determining benefit obligations and net benefit expense
The discount rates used during the period in determining the pension and postretirement net (benefit) expense for the Significant Plans are shown in the following table:
Net benefit (expense) assumed discount rates during the period(1)
Three Months Ended
Year Ended
Sept. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
U.S. plans
 
 
 
 
Pension
4.25%
4.55%
4.75%
4.80%
Postretirement
3.95
4.15
4.35
4.30
Non-U.S. plans
 
 
 
 
Pension
4.30 - 8.00
4.40 - 8.50
4.50 - 8.80
4.50 - 8.90
Weighted average
5.95
6.21
6.41
6.49
Postretirement
8.40
8.90
9.40
8.90

(1) As disclosed above, effective April 1, 2013, the Company changed to a quarterly remeasurement approach for its Significant Plans. The 2013 rates shown above were utilized to calculate the fourth quarter expense in 2013. The 2014 rates shown above for the three months ended March 31, 2014, June 30, 2014 and September 30, 2014 were utilized to calculate the first, second and third quarter expense for 2014, respectively.

The discount rates used at period end in determining the pension and postretirement benefit obligations for the Significant Plans are shown in the following table:
Plan obligations assumed discount rates at period ended (1)
 
 
 
 
Sept. 30, 2014
Jun. 30, 2014
Mar. 30, 2014
Dec. 31, 2013
U.S. plans
 
 
 
Pension
4.25%
4.25%
4.55%
4.75%
Postretirement
4.00
3.95
4.15
4.35
Non-U.S. plans
 
 
 
 
Pension
4.10 - 8.30
4.30 - 8.00
4.40 - 8.50
4.50 - 8.80
Weighted average
5.94
5.95
6.21
6.41
Postretirement
8.70
8.40
8.90
9.40

(1)
For the Significant Plans, the September 30, 2014 rates shown above are utilized to calculate the September 30, 2014 benefit obligation and will be utilized to calculate the 2014 fourth quarter expense. The rates shown above for the year ended 2013 were utilized to calculate the first quarter 2014 expense. The March 31 and June 30, 2014 rates were utilized to calculate the 2014 second and third quarter expense, respectively.
Effect of one-percentage-point change in the discount rates on pension expense
The following table summarizes the estimated effect on the Company’s Significant Plans quarterly pension expense of a one-percentage-point change in the discount rate:
 
Three Months Ended September 30, 2014
In millions of dollars
One-percentage-point increase
One-percentage-point decrease
U.S. plans
$7
$(11)
Non-U.S. plans
(3)
4
Pension Plans and Postretirement Benefit Plans
  
Defined Benefit Plan Disclosure  
Components of net (benefit) expense
Net (Benefit) Expense
The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s U.S. qualified and nonqualified pension plans, postretirement plans and plans outside the United States, for Significant Plans and All Other Plans, for the periods indicated.

 
Three Months Ended September 30,
 
Pension plans
 
Postretirement benefit plans
 
U.S. plans
 
Non-U.S. plans
 
U.S. plans
 
Non-U.S. plans
In millions of dollars
2014
2013
 
2014
2013
 
2014
2013
 
2014
2013
Qualified plans
 

 

 
 

 

 
 

 

 
 

 

Benefits earned during the period
$
1

$
—

 
$
43

$
51

 
$
—

$
—

 
$
4

$
6

Interest cost on benefit obligation
132

140

 
93

95

 
8

8

 
30

31

Expected return on plan assets
(220
)
(216
)
 
(98
)
(93
)
 
—

1

 
(31
)
(29
)
Amortization of unrecognized
 

 

 
 

 

 
 

 

 
 

 

Prior service (benefit) cost
(1
)
(1
)
 
—

2

 
—

(1
)
 
(3
)
—

Net actuarial loss
29

23

 
20

24

 
—

—

 
10

9

Curtailment loss (1)
11

17

 
(5
)
—

 
—

—

 
—

—

Settlement (gain) loss (1)
—

—

 
26

—

 
—

—

 
—

—

Special termination benefits (1)
—

—

 
8

1

 
—

—

 
—

—

Net qualified plans (benefit) expense
$
(48
)
$
(37
)

$
87

$
80


$
8

$
8


$
10

$
17

Nonqualified plans expense
$
10

$
10

 
$
—

$
—

 
$
—

$
—

 
$
—

$
—

Total net (benefit) expense
$
(38
)
$
(27
)
 
$
87

$
80

 
$
8

$
8

 
$
10

$
17

(1)
Losses due to curtailment, settlement and special termination benefits relate to repositioning actions in the U.S. and certain countries outside the U.S.

 
Nine Months Ended September 30,
 
Pension plans
 
Postretirement benefit plans
 
U.S. plans
 
Non-U.S. plans
 
U.S. plans
 
Non-U.S. plans
In millions of dollars
2014
2013
 
2014
2013
 
2014
2013
 
2014
2013
Qualified plans
 

 

 
 

 

 
 

 

 
 

 

Benefits earned during the period
$
4

$
6

 
$
136

$
158

 
$
—

$
—

 
$
11

$
31

Interest cost on benefit obligation
410

398

 
287

287

 
25

25

 
90

107

Expected return on plan assets
(656
)
(645
)
 
(291
)
(298
)
 
(1
)
(1
)
 
(92
)
(101
)
Amortization of unrecognized
 

 

 
 
 

 
 

 

 
 
 

Prior service (benefit) cost
(3
)
(3
)
 
2

4

 
—

(1
)
 
(9
)
—

Net actuarial loss
78

82

 
60

70

 
—

—

 
30

31

Curtailment loss (1)
11

17

 
12

—

 
—

—

 
—

—

Settlement (gain) loss (1)
—

—

 
39

—

 
—

—

 
(2
)
—

Special termination benefits (1)
—

—

 
8

1

 
—

—

 
—

—

Net qualified plans (benefit) expense
$
(156
)
$
(145
)
 
$
253

$
222

 
$
24

$
23

 
$
28

$
68

Nonqualified plans expense
$
34

$
34

 
$
—

$
—

 
$
—

$
—

 
$
—

$
—

Total net (benefit) expense
$
(122
)
$
(111
)
 
$
253

$
222

 
$
24

$
23

 
$
28

$
68

Cumulative effect of change in
—

(23
)
 
—

—

 
—

—

 
—

3

accounting policy(2)
 
 
 
 
 
 
 
 
 
 
 
Total adjusted net (benefit) expense
$
(122
)
$
(134
)
 
$
253

$
222

 
$
24

$
23

 
$
28

$
71

(1)
Losses due to curtailment, settlement and special termination benefits relate to repositioning actions in the U.S. and certain countries outside the U.S.
(2)
See Note 1 to the Consolidated Financial Statements in the Company’s 2013 Annual Report on Form 10-K for additional information on the change in accounting policy.

Change in Accumulated other comprehensive income (loss)
The following table shows the change in Accumulated other comprehensive income (loss) related to Citi’s pension and postretirement benefit plans (for Significant Plans and All Other Plans) for the periods indicated.
 
Three Months Ended
Nine Months Ended
In millions of dollars
September 30, 2014
September 30, 2014
Beginning of period balance, net of tax (1) (2)
$
(4,166
)
$
(3,989
)
Actuarial assumptions changes and plan experience
23

(988
)
Net asset gain (loss) due to difference between actual and expected returns
(103
)
328

Net amortizations
52

151

Curtailment/ settlement loss (3)
30

58

Foreign exchange impact and other
105

264

Change in deferred taxes, net
(36
)
81

Change, net of tax
$
71

$
(106
)
End of period balance, net of tax (1) (2)
$
(4,095
)
$
(4,095
)
(1)    See Note 18 to the Consolidated Financial Statements for further discussion of net Accumulated other comprehensive income (loss) balance.
(2)    Includes net-of-tax amounts for certain profit sharing plans outside the United States.
(3)
Curtailment and settlement losses relate to repositioning actions in the U.S. and certain countries outside the U.S.
Summary of entity's contributions
Summary of Company Contributions
 
Pension plans
 
Postretirement benefit plans
 
U.S. plans (1)
 
Non-U.S. plans
 
U.S. plans
 
Non-U.S. plans
In millions of dollars
2014
 
  2013 (3)
 
2014
 
  2013 (3)
 
2014
 
  2013 (3)
 
2014
 
  2013 (3)
Company contributions(2) for the nine months ended September 30
$
139

 
$
32

 
$
164

 
$
282

 
$
34

 
$
49

 
$
2

 
$
244

Company contributions expected for the remainder of the year
$
12

 
$
11

 
$
43

 
$
57

 
$
17

 
$
16

 
$
10

 
$
1


(1)
The U.S. pension plans include benefits paid directly by the Company for the nonqualified pension plans.     
(2)
Company contributions are composed of cash contributions made to the plans and benefits paid directly to participants by the Company.
Postemployment Plans
  
Defined Benefit Plan Disclosure  
Components of net (benefit) expense
The following table summarizes the components of net expense recognized in the Consolidated Statement of Income for the Company’s U.S. postemployment plans.
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
In millions of dollars
2014
 
2013
 
2014
 
2013
Service related expense
 
 
 
 
 
 
 
Benefits earned during the period
$
—

 
$
6

 
$
—

 
$
19

Interest cost on benefit obligation
2

 
3

 
4

 
9

Amortization of unrecognized
 
 
 
 
 
 
 
Prior service cost
(8
)
 
1

 
(23
)
 
5

Net actuarial loss
3

 
4

 
10

 
10

Total service related (benefit) expense
$
(3
)
 
$
14

 
$
(9
)
 
$
43

Non-service related expense
$
4

 
$
7

 
$
21

 
$
20

Total net expense
$
1

 
$
21

 
$
12

 
$
63