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RETIREMENT BENEFITS (Tables)
 3 Months Ended
Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
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 March 31,
In millions of dollars
2015
 
2014
Service-related expense
 

 
 

Benefits earned during the period
$
—

 
$
—

Interest cost on benefit obligation
1

 
1

Amortization of unrecognized
 
 
 
    Prior service cost (benefit)
(7
)
 
(7
)
    Net actuarial loss
3

 
3

Total service-related expense (benefit)
$
(3
)
 
$
(3
)
Non-service-related expense
$
9

 
$
8

Total net expense
$
6

 
$
5

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 and postretirement plans and plans outside the United States, for Significant Plans and All Other Plans, for the periods indicated.

 
Three Months Ended March 31,
 
Pension plans
 
Postretirement benefit plans
 
U.S. plans
 
Non-U.S. plans
 
U.S. plans
 
Non-U.S. plans
In millions of dollars
2015
2014
 
2015
2014
 
2015
2014
 
2015
2014
Qualified plans
 

 

 
 

 

 
 

 

 
 

 

Benefits earned during the period
$
2

$
2

 
$
44

$
46

 
$
—

$
—

 
$
4

$
4

Interest cost on benefit obligation
137

140

 
80

96

 
8

8

 
27

29

Expected return on plan assets
(222
)
(217
)
 
(84
)
(95
)
 
—

(1
)
 
(29
)
(30
)
Amortization of unrecognized
 

 

 
 

 

 
 

 

 
 

 

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

1

 
—

—

 
(3
)
(3
)
Net actuarial loss
37

23

 
21

20

 
—

(1
)
 
11

9

Net qualified plans (benefit) expense
$
(47
)
$
(53
)

$
61

$
68

 
$
8

$
6

 
$
10

$
9

Nonqualified plans expense
12

12

 
—

—

 
—

—

 
—

—

Total net (benefit) expense
$
(35
)
$
(41
)
 
$
61

$
68

 
$
8

$
6

 
$
10

$
9
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
 
Three months ended March 31, 2015
 
Pension plans
 
Postretirement benefit plans
 
U.S. plans
 
Non-U.S. plans
 
U.S. plans
 
Non-U.S. plans
In millions of dollars
2015
 
2015
 
2015
 
2015
Change in projected benefit obligation
 

 
 

 
 

 
 

Projected benefit obligation at beginning of year
$
14,839

 
$
7,252

 
$
917

 
$
1,527

Plans measured annually
—

 
(2,070
)
 
—

 
(348
)
Projected benefit obligation at beginning of year - Significant Plans
$
14,839

 
$
5,182

 
$
917

 
$
1,179

Benefits earned during the year
3

 
25

 
—

 
3

Interest cost on benefit obligation
144

 
66

 
8

 
23

Plan amendments
—

 
6

 
—

 
—

Actuarial (gain) loss
252

 
144

 
19

 
—

Benefits paid, net of participants’ contributions
(198
)
 
(56
)
 
(24
)
 
(10
)
Foreign exchange impact and other
—

 
(232
)
 
—

 
(41
)
Projected benefit obligation at period end - Significant Plans
$
15,040

 
$
5,135


$
920

 
$
1,154


 
Three Months Ended March 31, 2015
 
Pension plans
 
Postretirement benefit plans
 
U.S. plans
 
Non-U.S. plans
 
U.S. plans
 
Non-U.S. plans
In millions of dollars
2015
 
2015
 
2015
 
2015
Change in plan assets
 

 
 

 
 

 
 

Plan assets at fair value at beginning of year
$
13,071

 
$
7,057

 
$
10

 
$
1,384

Plans measured annually
—

 
(1,406
)
 
—

 
(9
)
Plan assets at fair value at beginning of year - Significant Plans
$
13,071

 
$
5,651

 
$
10

 
$
1,375

Actual return on plan assets
314

 
169

 
—

 
3

Company contributions
13

 
13

 
20

 
—

Plan participants’ contributions
—

 
1

 
—

 
—

Benefits paid
(198
)
 
(56
)
 
(24
)
 
(10
)
Foreign exchange impact and other
—

 
(281
)
 
—

 
(47
)
Plan assets at fair value at period end - Significant Plans
$
13,200

 
$
5,497

 
$
6

 
$
1,321

 
 
 
 
 
 
 
 
Funded status of the plans
 
 
 
 
 
 
 
Qualified plans
$
(1,051
)
 
$
362

 
$
(914
)
 
$
167

Nonqualified plans
(789
)
 
—

 
—

 
—

Funded status of the plans at period end - Significant Plans
$
(1,840
)
 
$
362

 
$
(914
)
 
$
167

 
 
 
 
 
 
 
 
Net amount recognized
 

 
 

 
 

 
 

Benefit asset
$
—

 
$
362

 
$
—

 
$
167

Benefit liability
(1,840
)
 
—

 
(914
)
 
—

Net amount recognized on the balance sheet - Significant Plans
$
(1,840
)
 
$
362

 
$
(914
)
 
$
167

 
 
 
 
 
 
 
 
Amounts recognized in Accumulated other comprehensive income (loss)
 
 

 
 

 
 

Prior service benefit (cost)
$
(1
)
 
$
15

 
$
—

 
$
134

Net actuarial gain (loss)
(6,060
)
 
(1,145
)
 
(75
)
 
(541
)
Net amount recognized in equity (pretax) - Significant Plans
$
(6,061
)
 
$
(1,130
)
 
$
(75
)
 
$
(407
)
 
 
 
 
 
 
 
 
Accumulated benefit obligation at period end - Significant Plans
$
15,021

 
$
4,811

 
N/A

 
N/A
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
Year Ended
In millions of dollars
March 31, 2015
December 31, 2014
Beginning of period balance, net of tax (1) (2)
$
(5,159
)
$
(3,989
)
Actuarial assumptions changes and plan experience
(416
)
(3,404
)
Net asset gain (loss) due to difference between actual and expected returns
165

833

Net amortizations
64

202

Prior service credit
(6
)
13

Curtailment/ settlement loss (3)
—

67

Foreign exchange impact and other
72

459

Change in deferred taxes, net
31

660

Change, net of tax
$
(90
)
$
(1,170
)
End of period balance, net of tax (1) (2)
$
(5,249
)
$
(5,159
)
(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 U.S.
(3)
Curtailment and settlement losses relate to repositioning actions.
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:
 
Three months ended
Three months ended
Net benefit (expense) assumed discount rates during the period(1)
Mar. 31, 2015
Dec. 31, 2014
U.S. plans
 
 
Qualified pension
4.00%
4.25%
Nonqualified pension
3.90
4.75
Postretirement
3.80
4.00
Non-U.S. plans
 
 
Pension
1.00 - 12.00
2.20 - 11.90
Weighted average
5.44
6.02
Postretirement
8.00
8.70

(1) The Company uses a quarterly remeasurement approach for its Significant Plans. The rates for the three months ended December 31, 2014 shown above were utilized to calculate the fourth quarter expense in 2014. The rates for the three months ended March 31, 2015 shown above were utilized to calculate the first quarter expense.



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)
Mar. 31, 2015
Dec. 31, 2014
U.S. plans
 
 
Qualified pension
3.85%
4.00%
Nonqualified pension
3.70
3.90
Postretirement
3.65
3.80
Non-U.S. plans
 
 
Pension
0.70 - 12.25
1.00 - 12.00
Weighted average
5.14
5.44
Postretirement
8.00
8.00

  
(1) For the Significant Plans, the rates at March 31, 2015 shown above are utilized to calculate the March 31, 2015 benefit obligation and will be utilized to calculate the 2015 second quarter expense.
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 March 31, 2015
In millions of dollars
One-percentage-point increase
One-percentage-point decrease
Pension
 
 
   U.S. plans
$7
$(11)
   Non-U.S. plans
(7)
9
 
 
 
Postretirement
 
 
   U.S. plans
$1
$(1)
   Non-U.S. plans
(3)
3
 
 
 
Summary of entity's contributions
The following table summarizes the actual Company contributions for the three months ended March 31, 2015 and 2014, as well as estimated expected Company contributions for the remainder of 2015 and the contributions made in the second, third and fourth quarters of 2014. Expected contributions are subject to change since contribution decisions are affected by various factors, such as market performance and regulatory requirements.

Summary of Company Contributions
 
Pension plans 
 
Postretirement plans 
 
U.S. plans (1)
 
Non-U.S. plans
 
U.S. plans
 
Non-U.S. plans
In millions of dollars
2015
2014
 
2015
2014
 
2015
2014
 
2015
2014
Company contributions(2) for the three months ended March 31
$
11

$
11

 
$
26

$
43

 
$
20

$
10

 
$
7

$
3

Company contributions made or expected to be made in the remainder of the year
$
35

$
32

 
$
129

$
127

 
$
47

$
47

 
$
2

$
7


(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.