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RETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Components of net (benefit) expense
The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s pension and postretirement plans, for Significant Plans and All Other Plans:

 
Pension plans
Postretirement benefit plans
 
U.S. plans
Non-U.S. plans
U.S. plans
Non-U.S. plans
In millions of dollars
2018
2017
2016
2018
2017
2016
2018
2017
2016
2018
2017
2016
Benefits earned during the year
$
1

$
3

$
4

$
146

$
153

$
154

$
—

$
—

$
—

$
9

$
9

$
10

Interest cost on benefit obligation
514

533

548

292

295

282

26

26

25

102

101

94

Expected return on plan assets
(844
)
(865
)
(886
)
(291
)
(299
)
(287
)
(14
)
(6
)
(9
)
(88
)
(89
)
(86
)
Amortization of unrecognized
 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost (benefit)
2

2

2

(4
)
(3
)
(1
)
—

—

—

(10
)
(10
)
(10
)
Net actuarial loss (gain)
165

173

169

53

61

69

(1
)
—

(1
)
29

35

30

Curtailment loss (gain)(1)
1

6

13

(1
)
—

(2
)
—

—

—

—

—

—

Settlement loss(1)
—

—

—

7

12

6

—

—

—

—

—

—

Total net (benefit) expense
$
(161
)
$
(148
)
$
(150
)
$
202

$
219

$
221

$
11

$
20

$
15

$
42

$
46

$
38


(1)
Losses and gains due to curtailment and settlement relate to repositioning and divestiture actions.

The following table summarizes the components of net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans:
 
Net expense
In millions of dollars
2018
2017
2016
Service-related expense
 

 

 

Interest cost on benefit obligation
$
2

$
2

$
3

Expected return on plan assets
(1
)
—

—

Amortization of unrecognized
 
 
 
   Prior service (benefit) cost
(23
)
(31
)
(31
)
   Net actuarial loss
2

2

5

Total service-related benefit
$
(20
)
$
(27
)
$
(23
)
Non-service-related expense
2

30

21

Total net expense (benefit)
$
(18
)
$
3

$
(2
)
Summary of entity's contributions
The following table summarizes the actual Company contributions for the years ended December 31, 2018 and 2017, as well as estimated expected Company contributions for 2019. Expected contributions are subject to change, since contribution decisions are affected by various factors, such as market performance, tax considerations and regulatory requirements.


 
Pension plans(1)
Postretirement benefit plans(1)
 
U.S. plans(2)
Non-U.S. plans
U.S. plans
Non-U.S. plans
In millions of dollars
2019
2018
2017
2019
2018
2017
2019
2018
2017
2019
2018
2017
Contributions made by the Company
$
—

$
—

$
50

$
97

$
140

$
90

$
—

$
145

$
140

$
4

$
3

$
4

Benefits paid directly by the Company
57

55

55

47

42

45

6

5

36

6

6

5


(1)
Amounts reported for 2019 are expected amounts.     
(2)
The U.S. pension plans include benefits paid directly by the Company for the nonqualified pension plans.

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 tables summarize the funded status and amounts recognized in the Consolidated Balance Sheet for the Company’s pension and postretirement plans:
 
Pension plans
Postretirement benefit plans
 
U.S. plans
Non-U.S. plans
U.S. plans
Non-U.S. plans
In millions of dollars
2018
2017
2018
2017
2018
2017
2018
2017
Change in projected benefit obligation
 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of year
$
14,040

$
14,000

$
7,433

$
6,522

$
699

$
686

$
1,261

$
1,141

Benefits earned during the year
1

3

146

153

—

—

9

9

Interest cost on benefit obligation
514

533

292

295

26

26

102

101

Plan amendments
—

—

7

4

—

—

—

—

Actuarial (gain) loss
(1,056
)
536

(99
)
127

(1
)
43

(123
)
19

Benefits paid, net of participants’ contributions and government subsidy(1)
(845
)
(769
)
(293
)
(278
)
(62
)
(56
)
(68
)
(64
)
Divestitures
—

—

—

(29
)
—

—

—

(4
)
Settlement gain(2)
—

—

(121
)
(192
)
—

—

—

—

Curtailment loss (gain)(2)
1

6

(1
)
(3
)
—

—

—

—

Foreign exchange impact and other(3)
—

(269
)
(215
)
834

—

—

(22
)
59

Projected benefit obligation at year end
$
12,655

$
14,040

$
7,149

$
7,433

$
662

$
699

$
1,159

$
1,261

Change in plan assets
 

 

 

 

 

 

 

 

Plan assets at fair value at beginning of year
$
12,725

$
12,363

$
7,128

$
6,149

$
262

$
129

$
1,119

$
1,015

Actual return on plan assets
(445
)
1,295

(11
)
462

(5
)
13

(26
)
113

Company contributions
55

105

182

135

150

176

9

9

Benefits paid, net of participants’ contributions and government subsidy(1)
(845
)
(769
)
(293
)
(278
)
(62
)
(56
)
(68
)
(64
)
Divestitures
—

—

—

(31
)
—

—

—

—

Settlement(2)
—

—

(121
)
(192
)
—

—

—

—

Foreign exchange impact and other(3)
—

(269
)
(186
)
883

—

—

2

46

Plan assets at fair value at year end
$
11,490

$
12,725

$
6,699

$
7,128

$
345

$
262

$
1,036

$
1,119

Funded status of the plans
 
 
 
 
 
 
 
 
Qualified plans(4)
$
(483
)
$
(565
)
$
(450
)
$
(305
)
$
(317
)
$
(437
)
$
(123
)
$
(142
)
Nonqualified plans(5)
(682
)
(750
)
—

—

—

—

—

—

Funded status of the plans at year end
$
(1,165
)
$
(1,315
)
$
(450
)
$
(305
)
$
(317
)
$
(437
)
$
(123
)
$
(142
)
Net amount recognized
 

 

 

 

 

 

 

 

Qualified plans
 
 
 
 
 
 
 
 
Benefit asset
$
—

$
—

$
806

$
900

$
—

$
—

$
175

$
181

Benefit liability
(483
)
(565
)
(1,256
)
(1,205
)
(317
)
(437
)
(298
)
(323
)
Qualified plans
$
(483
)
$
(565
)
$
(450
)
$
(305
)
$
(317
)
$
(437
)
$
(123
)
$
(142
)
Nonqualified plans
(682
)
(750
)
—

—

—

—

—

—

Net amount recognized on the balance sheet
$
(1,165
)
$
(1,315
)
$
(450
)
$
(305
)
$
(317
)
$
(437
)
$
(123
)
$
(142
)
Amounts recognized in AOCI
 

 

 

 

Net transition obligation
$
—

$
—

$
(1
)
$
(1
)
$
—

$
—

$
—

$
—

Prior service benefit
(13
)
(15
)
12

22

—

—

83

92

Net actuarial (loss) gain
(6,892
)
(6,823
)
(1,420
)
(1,318
)
53

72

(340
)
(382
)
Net amount recognized in equity (pretax)
$
(6,905
)
$
(6,838
)
$
(1,409
)
$
(1,297
)
$
53

$
72

$
(257
)
$
(290
)
 
 
 
 
 
 
 
 
 
Accumulated benefit obligation at year end

$
12,646

$
14,034

$
6,720

$
7,038

$
662

$
699

$
1,159

$
1,261



(1)
U.S. Postretirement benefit plans was net of Employer Group Waiver Plan subsidy of $15 million in 2018 and 2017.
(2)
Curtailment and settlement (gains) losses relate to repositioning and divestiture activities.
(3)
With respect to the U.S. Plan, de-risking activities during 2017 resulted in a reduction to plan obligations and assets.
(4)
The U.S. qualified pension plan is fully funded under specified Employee Retirement Income Security Act (ERISA) funding rules as of January 1, 2019 and no minimum required funding is expected for 2019.
(5)
The nonqualified plans of the Company are unfunded.
Change in accumulated other comprehensive income (loss)
The following table shows the change in AOCI related to the Company’s pension, postretirement and post employment plans:
In millions of dollars
2018
2017
2016
Beginning of year balance, net of tax(1)(2)
$
(6,183
)
$
(5,164
)
$
(5,116
)
Actuarial assumptions changes and plan experience
1,288

(760
)
(854
)
Net asset (loss) gain due to difference between actual and expected returns
(1,732
)
625

400

Net amortization
214

229

232

Prior service (cost) credit
(7
)
(4
)
28

Curtailment/settlement gain(3)
7

17

17

Foreign exchange impact and other
136

(93
)
99

Impact of Tax Reform(4)
—

(1,020
)
—

Change in deferred taxes, net
20

(13
)
30

Change, net of tax
$
(74
)
$
(1,019
)
$
(48
)
End of year balance, net of tax(1)(2)
$
(6,257
)
$
(6,183
)
$
(5,164
)
(1)
See Note 19 to the Consolidated Financial Statements for further discussion of net AOCI balance.
(2)
Includes net-of-tax amounts for certain profit sharing plans outside the U.S.
(3)
Curtailment and settlement relate to repositioning and divestiture activities.
(4)
In the fourth quarter of 2017, Citi adopted ASU 2018-02, which transferred these amounts from AOCI to Retained earnings. See Note 1 to the Consolidated Financial Statements.
Aggregate projected benefit obligation (PBO), accumulated benefit obligation (ABO), and fair value of plan assets for pension plans with a PBO or ABO that exceeds the fair value of plan assets
At December 31, 2018 and 2017, the aggregate projected benefit obligation (PBO), the aggregate accumulated benefit obligation (ABO) and the aggregate fair value of plan assets are presented for all defined benefit pension plans with a PBO in excess of plan assets and for all defined benefit pension plans with an ABO in excess of plan assets as follows:
 
PBO exceeds fair value of plan assets
ABO exceeds fair value of plan assets
 
U.S. plans(1)
Non-U.S. plans
U.S. plans(1)
Non-U.S. plans
In millions of dollars
2018
2017
2018
2017
2018
2017
2018
2017
Projected benefit obligation
$
12,655

$
14,040

$
3,904

$
2,721

$
12,655

$
14,040

$
3,718

$
2,596

Accumulated benefit obligation
12,646

14,034

3,528

2,381

12,646

14,034

3,387

2,296

Fair value of plan assets
11,490

12,725

2,648

1,516

11,490

12,725

2,478

1,407

(1)
At December 31, 2018 and 2017, for both the U.S. qualified plan and nonqualified plans, the aggregate PBO and the aggregate ABO exceeded plan assets.
Assumptions used in determining benefit obligations and net benefit expense
Other significant assumptions for the awards are as follows:
Valuation assumptions
2018
2017
2016
Expected volatility
24.93
%
25.79
%
24.37
%
Expected dividend yield
1.75

1.30

0.40

Certain assumptions used in determining pension and postretirement benefit obligations and net benefit expense for the Company’s plans are shown in the following table:
At year end
2018
2017
Discount rate
 
 
U.S. plans
 
 
Qualified pension
4.25%
3.60%
Nonqualified pension
4.25
3.60
Postretirement
4.20
3.50
Non-U.S. pension plans
 
 
Range
0.25 to 12.00
0.00 to 10.20
Weighted average
4.47
4.17
Non-U.S. postretirement plans
 
 
 
Range
1.75 to 10.75
1.75 to 10.10
Weighted average
9.05
8.10
Future compensation increase rate(1)
 
Non-U.S. pension plans
 
 
Range
1.30 to 13.67
1.17 to 13.67
Weighted average
3.16
3.08
Expected return on assets
 
 
U.S. plans


Qualified pension
6.70
6.80
Postretirement(2)
6.70/3.00
6.80/3.00
Non-U.S. pension plans
 
 
Range
1.00 to 11.50
0.00 to 11.50
Weighted average
4.30
4.52
Non-U.S. postretirement plans
 
 
Range
8.00 to 9.20
8.00 to 9.80
Weighted average
8.01
8.01

(1)
Not material for U.S. plans.
(2)
The expected rate of return for the VEBA Trust was 3.00%.

During the year
2018
2017
2016
Discount rate
 
 
 
U.S. plans
 
 
 
Qualified pension
3.60%/3.95%/ 4.25%/4.30%
4.10%/4.05%/ 3.80%/3.75%
4.40%/3.95%/ 3.65%/3.55%
Nonqualified pension
3.60/3.95/ 4.25/4.30
4.00/3.95/ 3.75/3.65
4.35/3.90/ 3.55/3.45
Postretirement
3.50/3.90/ 4.20/4.20
3.90/3.85/ 3.60/3.55
4.20/3.75/ 3.40/3.30
Non-U.S. pension plans(1)
 
 
Range
0.00 to 10.75
0.25 to 72.50
0.25 to 42.00
Weighted average
4.17
4.40
4.76
Non-U.S. postretirement plans(1)
 
 
Range
1.75 to 10.10
1.75 to 11.05
2.00 to 13.20
Weighted average
8.10
8.27
7.90
Future compensation increase rate(2)
 
Non-U.S. pension plans(1)
 
 
Range
1.17 to 13.67
1.25 to 70.00
1.00 to 40.00
Weighted average
3.08
3.21
3.24
Expected return on assets
 
 
U.S. plans



Qualified pension(3)
6.80/6.70
6.80
7.00
Postretirement(3)(4)
6.80/6.70/3.00
6.80
7.00
Non-U.S. pension plans(1)
 
 
Range
0.00 to 11.60
1.00 to 11.50
1.60 to 11.50
Weighted average
4.52
4.55
4.95
Non-U.S. postretirement plans(1)
 
 
Range
8.00 to 9.80
8.00 to 10.30
8.00 to 10.70
Weighted average
8.01
8.02
8.01


(1)
Reflects rates utilized to determine the quarterly expense for Significant non-U.S. pension and postretirement plans.
(2)
Not material for U.S. plans.
(3)
The expected rate of return for the U.S. pension and postretirement plans was lowered from 6.80% to 6.70% effective in the second quarter of 2018 to reflect a change in target asset allocation.
(4)
In 2017, the VEBA Trust was funded with an expected rate of return on assets of 3.00%.
Citigroup’s pension and postretirement plans’ weighted-average asset allocations for the non-U.S. plans and the actual ranges, and the weighted-average target allocations by asset category based on asset fair values, are as follows:
 
Non-U.S. pension plans
 
Target asset
allocation
Actual range
at December 31,
Weighted-average
at December 31,
Asset category(1)
2019
2018
2017
2018
2017
Equity securities
0–63%
0–66%
0–67%
13
%
15
%
Debt securities
0–100
0–100
0–99
80

79

Real estate
0–15
0–12
0–18
1

1

Other investments
0–100
0–100
0–100
6

5

Total



100
%
100
%
 
(1)
Similar to the U.S. plans, asset allocations for certain non-U.S. plans are set by investment strategy, not by investment product.
 
Non-U.S. postretirement plans
 
Target asset
allocation
Actual range
at December 31,
Weighted-average
at December 31,
Asset category(1)
2019
2018
2017
2018
2017
Equity securities
0–30%
0–35%
0–38%
35
%
38
%
Debt securities
64–100
62–100
58–100
62

58

Other investments
0–6
0–3
0–4
3

4

Total



100
%
100
%
(1)
Similar to the U.S. plans, asset allocations for certain non-U.S. plans are set by investment strategy, not by investment product.

Citigroup’s pension and postretirement plans’ asset allocations for the U.S. plans and the target allocations by asset category based on asset fair values, are as follows:
 
Target asset
allocation
U.S. pension assets
at December 31,
U.S. postretirement assets
at December 31,
Asset category(1)
2019
2018
2017
2018
2017
Equity securities(2)
0–26%
15
%
20
%
15
%
20
%
Debt securities(3)
35–82
57

48

57

48

Real estate
0–7
5

5

5

5

Private equity
0–10
3

3

3

3

Other investments
0–30
20

24

20

24

Total
 
100
%
100
%
100
%
100
%
(1)
Asset allocations for the U.S. plans are set by investment strategy, not by investment product. For example, private equities with an underlying investment in real estate are classified in the real estate asset category, not private equity.
(2)
Equity securities in the U.S. pension and postretirement plans do not include any Citigroup common stock at the end of 2018 and 2017.
(3)
The VEBA Trust for postretirement benefits are primarily invested in debt securities which are not reflected in the table above.
The following table summarizes certain assumptions used in determining the post employment benefit obligations and net benefit expense for the Company’s U.S. post employment plans: 
 
2018
2017
Discount rate
3.95%
3.20%
Expected return on assets
3.00
3.00
 
 
 
Health care cost increase rate
 
 
Following year
7.00
6.50
Ultimate rate to which cost increase is assumed to decline
5.00
5.00
Year in which the ultimate rate is reached
2027
2023
Schedule of expected long term rates of return on assets
The following table shows the expected rates of return used in determining the Company’s pension expense compared to the actual rate of return on plan assets during 2018, 2017 and 2016 for the U.S. pension and postretirement plans:
 U.S. plans
2018
2017
2016
Expected rate of return



U.S. pension and postretirement trust
6.80%/6.70%
6.80%
7.00%
VEBA trust(1)
3.00
3.00
—
Actual rate of return(2)



U.S. pension and postretirement trust
-3.40
10.90
4.90
VEBA trust(1)
0.43 to 1.41
—
—
(1)
In December 2017, the VEBA Trust was funded for postretirement benefits with an expected rate of return on assets of 3.00%.
(2)
Actual rates of return are presented net of fees.
Retirement plan and mortality projections
At December 31, 2018, the Company maintained the Retirement Plan 2014 (RP-2014) mortality table and adopted the Mortality Projection 2018 (MP-2018) projection table for the U.S. plans.
 U.S. plans
2018(1)
2017(2)
Mortality
 
 
Pension
RP-2014/MP-2018
RP-2014/MP-2017
Postretirement
RP-2014/MP-2018
RP-2014/MP-2017

(1)
The RP-2014 table is the white-collar RP-2014 table. The MP-2018 projection scale is projected from 2006, with convergence to 0.75% ultimate rate of annual improvement by 2034.
(2)
The RP-2014 table is the white-collar RP-2014 table, The MP-2017 projection scale is projected from 2006, with convergence to 0.75% ultimate rate of annual improvement by 2033.
Effect of one-percentage-point change in the discount rates on pension expense
The following tables summarize the effect on pension expense of a one-percentage-point change in the discount rate:
 
One-percentage-point increase
In millions of dollars
2018
2017
2016
U.S. plans
$
25

$
29

$
31

Non-U.S. plans
(22
)
(27
)
(33
)
 
One-percentage-point decrease
In millions of dollars
2018
2017
2016
U.S. plans
$
(37
)
$
(44
)
$
(47
)
Non-U.S. plans
32

41

37
Schedule of effect of one percentage point change in expected rates of return
The following tables summarize the effect on pension expense of a one-percentage-point change in the expected rates of return:
 
One-percentage-point increase
In millions of dollars
2018
2017
2016
U.S. plans
$
(126
)
$
(127
)
$
(127
)
Non-U.S. plans
(64
)
(64
)
(61
)
 
One-percentage-point decrease
In millions of dollars
2018
2017
2016
U.S. plans
$
126

$
127

$
127

Non-U.S. plans
64

64

61
Schedule of health care cost trend rates
Assumed health care cost trend rates were as follows:
 
2018
2017
Health care cost increase rate for 
  U.S. plans
 
 
Following year
7.00%
6.50%
Ultimate rate to which cost increase is
  assumed to decline
5.00
5.00
Year in which the ultimate rate is
  reached
2027
2023
 
 
 
Health care cost increase rate for 
  Non-U.S. plans (weighted average)
 
 
Following year
6.90%
6.87%
Ultimate rate to which cost increase is
  assumed to decline
6.90
6.87
Range of years in which the ultimate rate
  is reached
2019
2018–2019
Schedule of interest crediting rate for cash balance and other plans
 
Weighted average interest crediting rate
At year end
2018
2017
2016
U.S. plans
3.25%
2.60%
3.10%
Non-U.S. plans
1.68
1.74
1.75
Schedule of fair value of plan assets by measurement levels
Plan assets by detailed asset categories and the fair value hierarchy are as follows:
 
U.S. pension and postretirement benefit plans(1)
In millions of dollars
Fair value measurement at December 31, 2018
Asset categories
Level 1
Level 2
Level 3
Total
U.S. equities

$
625

$
—

$
—

$
625

Non-U.S. equities

481

—

—

481

Mutual funds and other registered investment companies

215

—

—

215

Commingled funds

—

1,344

—

1,344

Debt securities

1,346

3,475

—

4,821

Annuity contracts
—

—

1

1

Derivatives
16

252

—

268

Other investments
—

—

127

127

Total investments
$
2,683

$
5,071

$
128

$
7,882

Cash and short-term investments
$
93

$
865

$
—

$
958

Other investment liabilities
(100
)
(254
)
—

(354
)
Net investments at fair value
$
2,676

$
5,682

$
128

$
8,486

Other investment receivables redeemed at NAV
 
 
 
$
80

Securities valued at NAV
 
 
 
3,269

Total net assets
 
 
 
$
11,835

(1)
The investments of the U.S. pension and postretirement plans are commingled in one trust. At December 31, 2018, the allocable interests of the U.S. pension and postretirement plans were 98.0% and 2.0%, respectively. The investments of the VEBA Trust for the postretirement benefits are reflected in the above table.
 
U.S. pension and postretirement benefit plans(1)
In millions of dollars
Fair value measurement at December 31, 2017
Asset categories
Level 1
Level 2
Level 3
Total
U.S. equities

$
726

$
—

$
—

$
726

Non-U.S. equities

821

—

—

821

Mutual funds and other registered investment companies


376

—

—

376

Commingled funds
—

1,184

—

1,184

Debt securities
1,381

3,080

—

4,461

Annuity contracts
—

—

1

1

Derivatives
11

323

—

334

Other investments
—

—

148

148

Total investments
$
3,315

$
4,587

$
149

$
8,051

Cash and short-term investments
$
257

$
1,004

$
—

$
1,261

Other investment liabilities
(60
)
(343
)
—

(403
)
Net investments at fair value
$
3,512

$
5,248

$
149

$
8,909

Other investment receivables redeemed at NAV
 
 
 
$
16

Securities valued at NAV 
 
 
 
4,062

Total net assets
 
 
 
$
12,987

(1)
The investments of the U.S. pension and postretirement plans are commingled in one trust. At December 31, 2017, the allocable interests of the U.S. pension and postretirement plans were 99.0% and 1.0%, respectively. The investments of the VEBA Trust for the postretirement benefits are reflected in the above table.
 
Non-U.S. pension and postretirement benefit plans
In millions of dollars
Fair value measurement at December 31, 2018
Asset categories
Level 1
Level 2
Level 3
Total
U.S. equities
$
4

$
9

$
—

$
13

Non-U.S. equities
100

100

—

200

Mutual funds and other registered investment companies
2,887

63

—

2,950

Commingled funds
21

—

—

21

Debt securities
5,145

1,500

9

6,654

Real estate
—

3

1

4

Annuity contracts
—

1

10

11

Derivatives
—

156

—

156

Other investments
1

—

210

211

Total investments
$
8,158

$
1,832

$
230

$
10,220

Cash and short-term investments
$
91

$
3

$
—

$
94

Other investment liabilities
(1
)
(2,589
)
—

(2,590
)
Net investments at fair value
$
8,248

$
(754
)
$
230

$
7,724

Securities valued at NAV 
 
 
 
$
11

Total net assets
 
 
 
$
7,735

 
 
Non-U.S. pension and postretirement benefit plans
In millions of dollars
Fair value measurement at December 31, 2017
Asset categories
Level 1
Level 2
Level 3
Total
U.S. equities
$
4

$
12

$
—

$
16

Non-U.S. equities
103

122

1

226

Mutual funds and other registered investment companies

3,098

74

—

3,172

Commingled funds
24

—

—

24

Debt securities
3,999

1,555

7

5,561

Real estate
—

3

1

4

Annuity contracts
—

1

9

10

Derivatives
1

3,102

—

3,103

Other investments
1

—

214

215

Total investments
$
7,230

$
4,869

$
232

$
12,331

Cash and short-term investments
$
119

$
3

$
—

$
122

Other investment liabilities
(2
)
(4,220
)
—

(4,222
)
Net investments at fair value
$
7,347

$
652

$
232

$
8,231

Securities valued at NAV 
 
 
 
$
16

Total net assets
 
 
 
$
8,247
Schedule of effect of significant unobservable inputs, changes in plan assets
The reconciliations of the beginning and ending balances during the year for Level 3 assets are as follows:
In millions of dollars
U.S. pension and postretirement benefit plans
Asset categories
Beginning Level 3 fair value at
Dec. 31, 2017
Realized gains (losses)
Unrealized gains (losses)
Purchases, sales and issuances
Transfers in and/or out of Level 3
Ending Level 3 fair value at Dec. 31, 2018
Annuity contracts
$
1

$
—

$
—

$
—

$
—

$
1

Other investments
148

(2
)
(18
)
(1
)
—

127

Total investments
$
149

$
(2
)
$
(18
)
$
(1
)
$
—

$
128

 

In millions of dollars
U.S. pension and postretirement benefit plans
Asset categories
Beginning Level 3 fair value at
Dec. 31, 2016
Realized gains (losses)
Unrealized gains (losses)
Purchases, sales and issuances
Transfers in and/or out of Level 3
Ending Level 3 fair value at Dec. 31, 2017
Annuity contracts
$
1

$
—

$
—

$
—

$
—

$
1

Other investments
129

—

—

19

—

148

Total investments
$
130

$
—

$
—

$
19

$
—

$
149


 
 In millions of dollars
Non-U.S. pension and postretirement benefit plans
Asset categories
Beginning Level 3 fair value at
Dec. 31, 2017
Unrealized gains (losses)
Purchases, sales and issuances
Transfers in and/or out of Level 3
Ending Level 3 fair value at
Dec. 31, 2018
Non-U.S. equities
$
1

$
—

$
—

$
(1
)
$
—

Debt securities
7

(1
)
3

—

9

Real estate
1

—

—

—

1

Annuity contracts
9

(1
)
1

1

10

Other investments
214

(3
)
(1
)
—

210

Total investments
$
232

$
(5
)
$
3

$
—

$
230



 In millions of dollars
Non-U.S. pension and postretirement benefit plans
Asset categories
Beginning Level 3 fair value at
Dec. 31, 2016
Unrealized gains (losses)
Purchases, sales and issuances
Transfers in and/or out of Level 3
Ending Level 3 fair value at Dec. 31, 2017
Non-U.S. equities
$
1

$
—

$
—

$
—

$
1

Debt securities
7

—

—

—

7

Real estate
1

—

—

—

1

Annuity contracts
8

1

—

—

9

Other investments
187

31

(4
)
—

214

Total investments
$
204

$
32

$
(4
)
$
—

$
232
Schedule of expected benefit payments
The Company expects to pay the following estimated benefit payments in future years:
 
Pension plans
Postretirement benefit plans
In millions of dollars
U.S. plans
Non-U.S. plans
U.S. plans
Non-U.S. plans
2019
$
797

$
435

$
62

$
70

2020
828

417

62

75

2021
847

426

61

80

2022
857

448

59

86

2023
873

471

57

92

2024–2028
4,365

2,557

252

547
Defined contribution plans
The following table summarizes the Company contributions for the defined contribution plans:
 
U.S. plans
In millions of dollars
2018
2017
2016
Company contributions
$
396

$
383

$
371

 
 
 
 
 
Non-U.S. plans
In millions of dollars
2018
2017
2016
Company contributions
$
283

$
270

$
268