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RETIREMENT BENEFITS
 9 Months Ended
Sep. 30, 2020
Retirement Benefits [Abstract]  
RETIREMENT BENEFITS RETIREMENT BENEFITS
For additional information on Citi’s retirement benefits, see Note 8 to the Consolidated Financial Statements in Citi’s 2019 Annual Report on Form 10-K.

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:
Three Months Ended September 30,
 Pension plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20202019202020192020201920202019
Benefits earned during the period$— $1 $38 $37 $— $— $2 $2 
Interest cost on benefit obligation87 112 59 70 4 6 22 25 
Expected return on plan assets(205)(208)(62)(72)(4)(5)(18)(20)
Amortization of unrecognized:     
Prior service cost (benefit)— 1 (1)(1)— — (3)(2)
Net actuarial loss62 52 17 15 — — 5 5 
Settlement (gain) loss(1)
— 1 (6)(5)— — — — 
Total net (benefit) expense$(56)$(41)$45 $44 $— $1 $8 $10 

(1)    (Gains) losses due to settlement relate to repositioning and divestiture activities.



Nine Months Ended September 30,
 Pension plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20202019202020192020201920202019
Benefits earned during the period$— $1 $109 $108 $— $— $6 $6 
Interest cost on benefit obligation294 365 184 218 14 19 68 77 
Expected return on plan assets(619)(613)(183)(208)(13)(14)(56)(62)
Amortization of unrecognized:     
Prior service cost (benefit)1 1 (4)(3)— — (7)(7)
Net actuarial loss171 144 51 45 — — 15 16 
Curtailment loss (gain)(1)
— 1 — (5)— — — — 
Settlement (gain) loss(1)
— — (3)2 — — — — 
Total net (benefit) expense$(153)$(101)$154 $157 $1 $5 $26 $30 

(1)    Curtailment and settlement relate to repositioning and divestiture activities.
Funded Status and Accumulated Other Comprehensive Income (AOCI)
The following table summarizes the funded status and amounts recognized on the Consolidated Balance Sheet for the Company’s
Significant Plans:
Nine Months Ended September 30, 2020
 Pension plansPostretirement benefit plans
In millions of dollarsU.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
Change in projected benefit obligation     
Projected benefit obligation at beginning of year$13,453 $8,105 $692 $1,384 
Plans measured annually(26)(2,068)— (323)
Projected benefit obligation at beginning of year—Significant Plans
$13,427 $6,037 $692 $1,061 
First quarter activity
(78)(934)(13)(255)
Second quarter activity
511 473 — 105 
Projected benefit obligation at June 30, 2020—Significant Plans$13,860 $5,576 $679 $911 
Benefits earned during the period— 22 — 1 
Interest cost on benefit obligation87 50 4 20 
Actuarial loss (gain)71 (26)1 (20)
Benefits paid, net of participants’ contributions and government subsidy(229)(16)(11)(12)
Plan amendments— — (104)— 
Settlement gain(2)
— (81)— — 
Foreign exchange impact and other— 110 — 39 
Projected benefit obligation at period end—Significant Plans$13,789 $5,635 $569 $939 
Change in plan assets    
Plan assets at fair value at beginning of year$12,717 $7,556 345 1,127 
Plans measured annually— (1,349)— (9)
Plan assets at fair value at beginning of year—Significant Plans
$12,717 $6,207 $345 $1,118 
First quarter activity(864)(720)(24)(270)
Second quarter activity
576 376 3 94 
Plan assets at fair value at June 30, 2020—Significant Plans$12,429 $5,863 $324 $942 
Actual return on plan assets494 23 9 23 
Company contributions, net of reimbursements13 18 — — 
Benefits paid, net of participants’ contributions and government subsidy(229)(16)(11)(12)
Settlements gain(2)
— (81)— — 
Foreign exchange impact and other— 101 — 40 
Plan assets at fair value at period end—Significant Plans
$12,707 $5,908 $322 $993 
Funded status of the Significant Plans
Qualified plans(1)
$(369)$273 $(247)$54 
Nonqualified plans(713)— — — 
Funded status of the plans at period end—Significant Plans
$(1,082)$273 $(247)$54 
Net amount recognized at period end    
Benefit asset$— $895 $— $54 
Benefit liability(1,082)(622)(247)— 
Net amount recognized on the balance sheet—Significant Plans
$(1,082)$273 $(247)$54 
Amounts recognized in AOCI at period end
   
Prior service benefit $— $7 $104 $54 
Net actuarial (loss) gain(7,653)(883)33 (281)
Net amount recognized in equity (pretax)—Significant Plans
$(7,653)$(876)$137 $(227)
Accumulated benefit obligation at period end—Significant Plans
$13,786 $5,329 $569 $939 
(1)The U.S. qualified pension plan is fully funded pursuant to the Employee Retirement Income Security Act of 1974, as amended (ERISA), funding rules as of January 1, 2020 and no minimum required funding is expected for 2020.
(2)Gains due to settlement relate to repositioning and divestiture activities.
The following table shows the change in AOCI related to the Company’s pension, postretirement and post-employment plans:
In millions of dollarsThree Months Ended September 30, 2020Nine Months Ended
September 30, 2020
Beginning of period balance, net of tax(1)(2)
$(7,172)$(6,809)
Actuarial assumptions changes and plan experience(26)(826)
Net asset gain due to difference between actual and expected returns271 249 
Net amortization81 229 
Prior service cost104 120 
Curtailment/settlement gain(3)
(5)(2)
Foreign exchange impact and other(80)64 
Change in deferred taxes, net(99)49 
Change, net of tax$246 $(117)
End of period balance, net of tax(1)(2)
$(6,926)$(6,926)

(1)See Note 17 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.

Plan Assumptions
The discount rates utilized during the period in determining the pension and postretirement net (benefit) expense for the Significant Plans are as follows:
Net (benefit) expense assumed discount rates during the periodThree Months Ended
Sept. 30, 2020Sept.. 30, 2019
U.S. plans
Qualified pension2.60 %3.45 %
Nonqualified pension2.55 3.50 
Postretirement2.45 3.35 
Non-U.S. plans  
Pension
0.20-8.40
0.30-9.55
Weighted average3.68 4.52 
Postretirement8.80 9.70 

The discount rates utilized at period-end in determining the pension and postretirement benefit obligations for the Significant Plans are as follows:
Plan obligations assumed discount rates at period endedSept. 30, 2020Jun. 30, 2020Mar. 31, 2020
U.S. plans
Qualified pension2.55 %2.60 %3.20 %
Nonqualified pension2.50 2.55 3.25 
Postretirement2.35 2.45 3.20 
Non-U.S. plans   
Pension
0.05-8.55
0.20-8.40
0.45-9.45
Weighted average3.74 3.68 4.38 
Postretirement9.00 8.80 9.75 






Sensitivities of Certain Key Assumptions
The following table summarizes the estimated effect on the Company’s Significant Plans quarterly expense of a one-percentage-point change in the discount rate:
Three Months Ended September 30, 2020
In millions of dollarsOne-percentage-point increaseOne-percentage-point decrease
Pension
   U.S. plans$9 $(14)
   Non-U.S. plans(2)3 
Postretirement
   U.S. plans1 (1)
   Non-U.S. plans(2)2 



















Contributions
For the U.S. pension plans, there were no required minimum cash contributions during the first nine months of 2020. The Company made discretionary contributions of $425 million and $220 million to the U.S. qualified defined benefit plan and Mexico—Banco Nacional Healthcare Postretirement Plan, respectively, during the second quarter of 2019.
The following table summarizes the Company’s actual contributions for the nine months ended September 30, 2020 and 2019, as well as expected Company contributions for the remainder of 2020 and the actual contributions made in 2019:
 Pension plans Postretirement plans 
 
U.S. plans(1)
Non-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20202019202020192020201920202019
Company contributions(2) for the nine months ended
  September 30
$42 $467 $111 $98 $— $4 $6 $225 
Company contributions made during the remainder
of the year		— 14 — 52 — — — — 
Company contributions expected to be made during
the remainder of the year		16 — 37 — — — 3 — 

(1)The U.S. 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 by the Company.

Defined Contribution Plans
The following table summarizes the Company’s contributions for the defined contribution plans:
Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2020201920202019
U.S. plans$101 $99 $304 296 
Non-U.S. plans73 71 223 209 

Post-Employment Plans
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:
Three Months Ended September 30,Nine Months
Ended
September 30,
In millions of dollars2020201920202019
Service-related expense
Interest cost on benefit obligation$1 $— $1 $1 
Expected return on plan assets— — — (1)
Amortization of unrecognized:
   Net actuarial loss— 1 1 2 
Total service-related expense$1 $1 $2 $2 
Non-service-related expense$4 $4 $12 $10 
Total net expense $5 $5 $14 $12