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RETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [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. post employment plans:
 
Net expense
In millions of dollars
2019
2018
2017
Service-related expense
 

 

 

Interest cost on benefit obligation
$
2

$
2

$
2

Expected return on plan assets
(1
)
(1
)
—

Amortization of unrecognized:
 
 
 
   Prior service cost
—

(23
)
(31
)
   Net actuarial loss
2

2

2

Total service-related (benefit) expense
$
3

$
(20
)
$
(27
)
Non-service-related expense (benefit)
$
6

$
2

$
30

Total net expense (benefit)
$
9

$
(18
)
$
3


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
2019
2018
2017
2019
2018
2017
2019
2018
2017
2019
2018
2017
Benefits earned during the year
$
1

$
1

$
3

$
146

$
146

$
153

$
—

$
—

$
—

$
8

$
9

$
9

Interest cost on benefit obligation
469

514

533

287

292

295

24

26

26

104

102

101

Expected return on plan assets
(821
)
(844
)
(865
)
(281
)
(291
)
(299
)
(18
)
(14
)
(6
)
(84
)
(88
)
(89
)
Amortization of unrecognized:
 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost (benefit)
2

2

2

(4
)
(4
)
(3
)
—

—

—

(10
)
(10
)
(10
)
Net actuarial loss
200

165

173

61

53

61

—

(1
)
—

23

29

35

Curtailment loss (gain)(1)
1

1

6

(6
)
(1
)
—

—

—

—

—

—

—

Settlement loss(1)
—

—

—

6

7

12

—

—

—

—

—

—

Total net (benefit) expense
$
(148
)
$
(161
)
$
(148
)
$
209

$
202

$
219

$
6

$
11

$
20

$
41

$
42

$
46


(1)
Curtailment and settlement relate to repositioning and divestiture actions.
Summary of entity's contributions

The following table summarizes the actual Company contributions for the years ended December 31, 2019 and 2018, as well as estimated expected Company contributions for 2020. 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
2020
2019
2018
2020
2019
2018
2020
2019
2018
2020
2019
2018
Contributions made by the Company
$
—

$
425

$
—

$
111

$
111

$
140

$
—

$
—

$
145

$
4

$
221

$
3

Benefits paid directly by the Company
58

56

55

53

39

42

6

4

5

6

4

6


(1)
Amounts reported for 2020 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 table summarizes 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
2019
2018
2019
2018
2019
2018
2019
2018
Change in projected benefit obligation
 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of year
$
12,655

$
14,040

$
7,149

$
7,433

$
662

$
699

$
1,159

$
1,261

Benefits earned during the year
1

1

146

146

—

—

8

9

Interest cost on benefit obligation
469

514

287

292

24

26

104

102

Plan amendments
—

—

7

7

—

—

—

—

Actuarial loss (gain)( 1)
1,263

(1,056
)
861

(99
)
46

(1
)
140

(123
)
Benefits paid, net of participants’ contributions and government subsidy(2)
(936
)
(845
)
(304
)
(293
)
(40
)
(62
)
(72
)
(68
)
Settlement gain(3)
—



(84
)
(121
)
—

—

—

—

Curtailment loss (gain)(3)
1

1

(4
)
(1
)
—

—

—

—

Foreign exchange impact and other
—

—

47

(215
)
—

—

45

(22
)
Projected benefit obligation at year end
$
13,453

$
12,655

$
8,105

$
7,149

$
692

$
662

$
1,384

$
1,159

Change in plan assets
 

 

 

 

 

 

 

 

Plan assets at fair value at beginning of year
$
11,490

$
12,725

$
6,699

$
7,128

$
345

$
262

$
1,036

$
1,119

Actual return on plan assets(1)
1,682

(445
)
781

(11
)
36

(5
)
138

(26
)
Company contributions
481

55

150

182

4

150

225

9

Benefits paid, net of participants’ contributions and government subsidy(2)
(936
)
(845
)
(304
)
(293
)
(40
)
(62
)
(72
)
(68
)
Settlement gain(3)
—

—

(84
)
(121
)
—

—

—

—

Foreign exchange impact and other
—

—

314

(186
)
—

—

(200
)
2

Plan assets at fair value at year end
$
12,717

$
11,490

$
7,556

$
6,699

$
345

$
345

$
1,127

$
1,036

Funded status of the plans
 
 
 
 
 
 
 
 
Qualified plans(4)
$
(23
)
$
(483
)
$
(549
)
$
(450
)
$
(347
)
$
(317
)
$
(257
)
$
(123
)
Nonqualified plans(5)
(713
)
(682
)
—

—

—

—

—

—

Funded status of the plans at year end
$
(736
)
$
(1,165
)
$
(549
)
$
(450
)
$
(347
)
$
(317
)
$
(257
)
$
(123
)
Net amount recognized
 

 

 

 

 

 

 

 

Qualified plans
 
 
 
 
 
 
 
 
Benefit asset
$
—

$
—

$
808

$
806

$
—

$
—

$
57

$
175

Benefit liability
(23
)
(483
)
(1,357
)
(1,256
)
(347
)
(317
)
(314
)
(298
)
Qualified plans
$
(23
)
$
(483
)
$
(549
)
$
(450
)
$
(347
)
$
(317
)
$
(257
)
$
(123
)
Nonqualified plans
(713
)
(682
)
—

—

—

—

—

—

Net amount recognized on the balance sheet
$
(736
)
$
(1,165
)
$
(549
)
$
(450
)
$
(347
)
$
(317
)
$
(257
)
$
(123
)
Amounts recognized in AOCI
 
 
 
 
 

 

 

 

Net transition obligation
$
—

$
—

$
—

$
(1
)
$
—

$
—

$
—

$
—

Prior service (cost) benefit
(12
)
(13
)
1

12

—

—

76

83

Net actuarial (loss) gain
(7,092
)
(6,892
)
(1,735
)
(1,420
)
24

53

(416
)
(340
)
Net amount recognized in equity (pretax)
$
(7,104
)
$
(6,905
)
$
(1,734
)
$
(1,409
)
$
24

$
53

$
(340
)
$
(257
)
Accumulated benefit obligation at year end

$
13,447

$
12,646

$
7,618

$
6,720

$
692

$
662

$
1,384

$
1,159



(1)
During 2019, the actuarial loss is primarily due to the decline in global discount rates and actual return on plan assets due to favorable asset returns.
(2)
U.S. postretirement benefit plans were net of Employer Group Waiver Plan subsidy of $22 million and $15 million in 2019 and 2018, respectively.
(3)
Curtailment and settlement (gains) losses relate to repositioning and divestiture activities.
(4)
The U.S. qualified pension plan is fully funded under specified Employee Retirement Income Security Act (ERISA) funding rules as of January 1, 2020 and no minimum required funding is expected for 2020.
(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
2019
2018
2017
Beginning of year balance, net of tax(1)(2)
$
(6,257
)
$
(6,183
)
$
(5,164
)
Actuarial assumptions changes and plan experience
(2,300
)
1,288

(760
)
Net asset gain (loss) due to difference between actual and expected returns
1,427

(1,732
)
625

Net amortization
274

214

229

Prior service (cost) credit
(7
)
(7
)
(4
)
Curtailment/settlement gain(3)
1

7

17

Foreign exchange impact and other
(66
)
136

(93
)
Impact of Tax Reform(4)
—

—

(1,020
)
Change in deferred taxes, net
119

20

(13
)
Change, net of tax
$
(552
)
$
(74
)
$
(1,019
)
End of year balance, net of tax(1)(2)
$
(6,809
)
$
(6,257
)
$
(6,183
)
(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, 2019 and 2018, 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
2019
2018
2019
2018
2019
2018
2019
2018
Projected benefit obligation
$
13,453

$
12,655

$
4,445

$
3,904

$
13,453

$
12,655

$
2,748

$
3,718

Accumulated benefit obligation
13,447

12,646

4,041

3,528

13,447

12,646

2,435

3,387

Fair value of plan assets
12,717

11,490

3,089

2,648

12,717

11,490

1,429

2,478

(1)
At December 31, 2019 and 2018, 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
2019
2018
2017
Expected volatility
25.33
%
24.93
%
25.79
%
Expected dividend yield
2.67

1.75

1.30

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)
2020
2019
2018
2019
2018
Equity securities
0–100%
0–100%
0–66%
13
%
13
%
Debt securities
0–100
0–100
0–100
80

80

Real estate
0–15
0–15
0–12
1

1

Other investments
0–100
0–100
0–100
6

6

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)
2020
2019
2018
2019
2018
Equity securities
0–38%
0–31%
0–35%
27
%
35
%
Debt securities
56–100
66–100
62–100
71

62

Other investments
0–6
0–3
0–3
2

3

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.

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
2019
2018
Discount rate
 
 
U.S. plans
 
 
Qualified pension
3.25%
4.25%
Nonqualified pension
3.25
4.25
Postretirement
3.15
4.20
Non-U.S. pension plans
 
 
Range(1)
-0.10 to 11.30
0.25 to 12.00
Weighted average
3.65
4.47
Non-U.S. postretirement plans
 
 
 
Range
0.90 to 9.10
1.75 to 10.75
Weighted average
7.76
9.05
Future compensation increase rate(2)
 
Non-U.S. pension plans
 
 
Range
1.50 to 11.50
1.30 to 13.67
Weighted average
3.17
3.16
Expected return on assets
 
 
U.S. plans


Qualified pension
6.70
6.70
Postretirement(3)
6.70/3.00
6.70/3.00
Non-U.S. pension plans
 
 
Range
0.00 to 11.50
1.00 to 11.50
Weighted average
3.95
4.30
Non-U.S. postretirement plans
 
 
Range
6.20 to 8.00
8.00 to 9.20
Weighted average
7.99
8.01

(1)
Due to substantial downward movement in yields, there were negative discount rates for plans with relatively short duration in major markets, such as the Eurozone and Switzerland.
(2)
Not material for U.S. plans.
(3)
In 2019 and 2018, the expected rate of return for the VEBA Trust was 3.00%.

During the year
2019
2018
2017
Discount rate
 
 
 
U.S. plans
 
 
 
Qualified pension
4.25%/3.85%/ 3.45%/3.10%
3.60%/3.95%/ 4.25%/4.30%
4.10%/4.05%/ 3.80%/3.75%
Nonqualified pension
4.25/3.90/ 3.50/3.10
3.60/3.95/ 4.25/4.30
4.00/3.95/ 3.75/3.65
Postretirement
4.20/3.80/ 3.35/3.00
3.50/3.90/ 4.20/4.20
3.90/3.85/ 3.60/3.55
Non-U.S. pension plans(1)
 
 
Range(2)
-0.05 to 12.00
0.00 to 10.75
0.25 to 72.50
Weighted average
4.47
4.17
4.40
Non-U.S. postretirement plans(1)
 
 
Range
1.75 to 10.75
1.75 to 10.10
1.75 to 11.05
Weighted average
9.05
8.10
8.27
Future compensation increase rate(3)
 
Non-U.S. pension plans(1)
 
 
Range
1.30 to 13.67
1.17 to 13.67
1.25 to 70.00
Weighted average
3.16
3.08
3.21
Expected return on assets
 
 
U.S. plans



Qualified pension(4)
6.70
6.80/6.70
6.80
Postretirement(4)(5)
6.70/3.00
6.80/6.70/3.00
6.80
Non-U.S. pension plans(1)
 
 
Range
1.00 to 11.50
0.00 to 11.60
1.00 to 11.50
Weighted average
4.30
4.52
4.55
Non-U.S. postretirement plans(1)
 
 
Range
8.00 to 9.20
8.00 to 9.80
8.00 to 10.30
Weighted average
8.01
8.01
8.02


(1)
Reflects rates utilized to determine the quarterly expense for Significant non-U.S. pension and postretirement plans.
(2)
Due to substantial downward movement in yields, there were negative discount rates for plans with relatively short duration in major markets, such as the Eurozone and Switzerland.
(3)
Not material for U.S. plans.
(4)
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.
(5)
In 2017, the VEBA Trust was funded with an expected rate of return on assets of 3.00%.
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)
2020
2019
2018
2019
2018
Equity securities(2)
0–26%
17
%
15
%
17
%
15
%
Debt securities(3)
35–82
58

57

58

57

Real estate
0–7
4

5

4

5

Private equity
0–10
3

3

3

3

Other investments
0–30
18

20

18

20

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 2019 and 2018.
(3)
The VEBA Trust for postretirement benefits are primarily invested in cash equivalents and debt securities in 2019 and 2018, respectively, and 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: 
 
2019
2018
Discount rate
2.90%
3.95%
Expected return on assets
3.00
3.00
Health care cost increase rate
 
 
Following year
6.75
7.00
Ultimate rate to which cost increase is assumed to decline
5.00
5.00
Year in which the ultimate rate is reached
2027
2027
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 2019, 2018 and 2017 for the U.S. pension and postretirement plans:
 U.S. plans
2019
2018
2017
Expected rate of return



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



U.S. pension and postretirement trust
15.20
-3.40
10.90
VEBA trust(1)
1.91 to 2.76
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, 2019, the Company adopted the Private Retirement Plans (PRI-2012) mortality table and the Mortality Projection 2019 (MP-2019) projection table for the U.S. plans.
 U.S. plans
2019(1)
2018(2)
Mortality
 
 
Pension
PRI-2012/MP-2019
RP-2014/MP-2018
Postretirement
PRI-2012/MP-2019
RP-2014/MP-2018

(1)
The PRI-2012 table is the white-collar PRI-2012 table. The MP-2019 projection scale is projected from 2012, with convergence to 0.75% ultimate rate of annual improvement by 2035.
(2)
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.
Effect of one-percentage-point change in the discount rates on pension expense
The following tables summarize the effect on pension expense:
 
Discount rate
 
One-percentage-point increase
In millions of dollars
2019
2018
2017
U.S. plans
$
28

$
25

$
29

Non-U.S. plans
(19
)
(22
)
(27
)
 
One-percentage-point decrease
In millions of dollars
2019
2018
2017
U.S. plans
$
(44
)
$
(37
)
$
(44
)
Non-U.S. plans
32

32

41
Schedule of effect of one percentage point change in expected rates of return
The following tables summarize the effect on pension expense:
 
Expected rate of return
 
One-percentage-point increase
In millions of dollars
2019
2018
2017
U.S. plans
$
(123
)
$
(126
)
$
(127
)
Non-U.S. plans
(64
)
(64
)
(64
)
 
One-percentage-point decrease
In millions of dollars
2019
2018
2017
U.S. plans
$
123

$
126

$
127

Non-U.S. plans
64

64

64
Schedule of health care cost trend rates
Assumed health care cost trend rates were as follows:
 
2019
2018
Health care cost increase rate for 
  U.S. plans
 
 
Following year
6.75%
7.00%
Ultimate rate to which cost increase is
  assumed to decline
5.00
5.00
Year in which the ultimate rate is
reached
2027
2027
 
 
 
Health care cost increase rate for 
  Non-U.S. plans (weighted average)
 
 
Following year
6.85%
6.90%
Ultimate rate to which cost increase is
  assumed to decline
6.85
6.90
Year in which the ultimate rate
  is reached
2020
2019
Schedule of interest crediting rate for cash balance and other plans
 
Weighted average interest crediting rate
At year end
2019
2018
2017
U.S. plans
2.25%
3.25%
2.60%
Non-U.S. plans
1.61
1.68
1.74
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, 2019
Asset categories
Level 1
Level 2
Level 3
Total
U.S. equities

$
739

$
—

$
—

$
739

Non-U.S. equities

553

—

—

553

Mutual funds and other registered investment companies

280

—

—

280

Commingled funds

—

1,410

—

1,410

Debt securities

1,534

4,046

—

5,580

Annuity contracts
—

—

1

1

Derivatives
10

245

—

255

Other investments
—

—

75

75

Total investments
$
3,116

$
5,701

$
76

$
8,893

Cash and short-term investments
$
93

$
1,080

$
—

$
1,173

Other investment liabilities
(87
)
(249
)
—

(336
)
Net investments at fair value
$
3,122

$
6,532

$
76

$
9,730

Other investment receivables redeemed at NAV
 
 
 
$
22

Securities valued at NAV
 
 
 
3,310

Total net assets
 
 
 
$
13,062

(1)
The investments of the U.S. pension and postretirement plans are commingled in one trust. At December 31, 2019, 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 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, 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

3,443

—

4,789

Annuity contracts
—

—

1

1

Derivatives
16

252

—

268

Other investments
—

—

127

127

Total investments
$
2,683

$
5,039

$
128

$
7,850

Cash and short-term investments
$
93

$
897

$
—

$
990

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 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, 2019
Asset categories
Level 1
Level 2
Level 3
Total
U.S. equities
$
4

$
12

$
—

$
16

Non-U.S. equities
127

262

—

389

Mutual funds and other registered investment companies
3,223

63

—

3,286

Commingled funds
23

—

—

23

Debt securities
4,307

1,615

10

5,932

Real estate
—

3

1

4

Annuity contracts
—

—

5

5

Derivatives
—

1,590

—

1,590

Other investments
1

—

274

275

Total investments
$
7,685

$
3,545

$
290

$
11,520

Cash and short-term investments
$
86

$
3

$
—

$
89

Other investment liabilities
(3
)
(2,938
)
—

(2,941
)
Net investments at fair value
$
7,768

$
610

$
290

$
8,668

Securities valued at NAV 
 
 
 
$
15

Total net assets
 
 
 
$
8,683

 
 
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
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, 2018
Realized (losses)
Unrealized gains
Purchases, sales and issuances
Transfers in and/or out of Level 3
Ending Level 3 fair value at Dec. 31, 2019
Annuity contracts
$
1

$
—

$
—

$
—

$
—

$
1

Other investments
127

(7
)
12

(57
)
—

75

Total investments
$
128

$
(7
)
$
12

$
(57
)
$
—

$
76

 

In millions of dollars
U.S. pension and postretirement benefit plans
Asset categories
Beginning Level 3 fair value at
Dec. 31, 2017
Realized (losses)
Unrealized (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
Non-U.S. pension and postretirement benefit plans
Asset categories
Beginning Level 3 fair value at
Dec. 31, 2018
Unrealized gains
Purchases, sales and issuances
Transfers in and/or out of Level 3
Ending Level 3 fair value at Dec. 31, 2019
Debt securities
$
9

$
1

$
—

$
—

$
10

Real estate
1

—

—

—

1

Annuity contracts
10

—

(5
)
—

5

Other investments
210

7

57

—

274

Total investments
$
230

$
8

$
52

$
—

$
290



 In millions of dollars
Non-U.S. pension and postretirement benefit plans
Asset categories
Beginning Level 3 fair value at
Dec. 31, 2017
Unrealized (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
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
2020
$
821

$
476

$
64

$
75

2021
840

434

63

80

2022
851

464

61

85

2023
866

480

59

91

2024
873

495

57

97

2025–2029
4,282

2,651

244

567
Defined contribution plans The following tables summarize the Company contributions for the defined contribution plans:
 
U.S. plans
In millions of dollars
2019
2018
2017
Company contributions
$
404

$
396

$
383

 
 
 
 
 
Non-U.S. plans
In millions of dollars
2019
2018
2017
Company contributions
$
281

$
283

$
270