XML 40 R16.htm IDEA: XBRL DOCUMENT v3.21.2
RETIREMENT BENEFITS
 6 Months Ended
Jun. 30, 2021
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 2020 Annual Report on Form 10-K.

Net (Benefit) Expense
The following tables summarize 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 June 30,
 Pension plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20212020202120202021202020212020
Benefits earned during the period$— $— $38 $34 $— $— $2 $2 
Interest cost on benefit obligation95 101 70 61 3 5 24 22 
Expected return on assets(174)(206)(63)(56)(3)(4)(21)(18)
Amortization of unrecognized:     
Prior service benefit— — (2)(2)(2)— (3)(2)
Net actuarial loss (gain)54 53 14 17 (1)— 3 5 
Settlement loss(1)
— — 4 3 — — — — 
Total net (benefit) expense$(25)$(52)$61 $57 $(3)$1 $5 $9 

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

Six Months Ended June 30,
 Pension plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20212020202120202021202020212020
Benefits earned during the period$— $— $77 $71 $— $— $4 $4 
Interest cost on benefit obligation177 207 132 125 6 10 49 46 
Expected return on assets(356)(414)(124)(121)(7)(9)(43)(38)
Amortization of unrecognized:     
Prior service cost (benefit)1 1 (3)(3)(4)— (5)(4)
Net actuarial loss116 109 32 34 (1)— 8 10 
Settlement loss(1)
— — 4 3 — — — — 
Total net (benefit) expense$(62)$(97)$118 $109 $(6)$1 $13 $18 

(1)    Losses due to 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:
Six Months Ended June 30, 2021
 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$13,815 $8,629 $559 $1,390 
Plans measured annually(25)(2,248)— (277)
Projected benefit obligation at beginning of year—Significant Plans
$13,790 $6,381 $559 $1,113 
First quarter activity
(983)(572)(37)(146)
Projected benefit obligation at March 31, 2021—Significant Plans$12,807 $5,809 $522 $967 
Benefits earned during the period— 22 — 1 
Interest cost on benefit obligation95 59 3 23 
Actuarial loss(1)
429 25 — 20 
Benefits paid, net of participants’ contributions and government subsidy(259)(76)(9)(18)
Foreign exchange impact and other— 108 — 27 
Projected benefit obligation at period end—Significant Plans$13,072 $5,947 $516 $1,020 
Change in plan assets    
Plan assets at fair value at beginning of year$13,309 $7,831 $331 $1,146 
Plans measured annually— (1,500)— (8)
Plan assets at fair value at beginning of year—Significant Plans
$13,309 $6,331 $331 $1,138 
First quarter activity(435)(404)(8)(44)
Plan assets at fair value at March 31, 2021—Significant Plans$12,874 $5,927 $323 $1,094 
Actual return on plan assets566 157 10 24 
Company contributions, net of reimbursements13 18 4 — 
Benefits paid, net of participants’ contributions and government subsidy(259)(76)(9)(18)
Foreign exchange impact and other— 114 — 29 
Plan assets at fair value at period end—Significant Plans
$13,194 $6,140 $328 $1,129 
Funded status of the Significant Plans
Qualified plans(2)
$802 $193 $(188)$109 
Nonqualified plans(3)
(680)— — — 
Funded status of the plans at period end—Significant Plans
$122 $193 $(188)$109 
Net amount recognized at period end    
Benefit asset$802 $789 $— $109 
Benefit liability(680)(596)(188)— 
Net amount recognized on the balance sheet—Significant Plans
$122 $193 $(188)$109 
Amounts recognized in AOCI at period end
   
Prior service benefit $— $— $97 $54 
Net actuarial (loss) gain(6,611)(976)85 (243)
Net amount recognized in equity (pretax)—Significant Plans
$(6,611)$(976)$182 $(189)
Accumulated benefit obligation at period end—Significant Plans
$13,071 $5,641 $516 $1,020 

(1)Actuarial loss is associated with the decrease in global discount rates from March to June.
(2)The U.S. qualified pension plan is fully funded under specified Employee Retirement Income Security Act of 1974, as amended (ERISA), funding rules as of January 1, 2021 and no minimum required funding is expected for 2021.
(3)The nonqualified plans of the Company are unfunded.
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 June 30, 2021Six Months Ended June 30, 2021
Beginning of period balance, net of tax(1)(2)
$(6,150)$(6,864)
Actuarial assumptions changes and plan experience(480)950 
Net asset gain (loss) due to difference between actual and expected returns509 (209)
Net amortization66 147 
Curtailment/settlement loss(3)
(4)(4)
Foreign exchange impact and other(7)107 
Change in deferred taxes, net3 (190)
Change, net of tax$87 $801 
End of period balance, net of tax(1)(2)
$(6,063)$(6,063)

(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
Jun. 30, 2021Jun. 30, 2020
U.S. plans
Qualified pension3.10 %3.20 %
Nonqualified pension3.00 3.25 
Postretirement2.85 3.20 
Non-U.S. plans  
Pension
0.25–9.30
0.45–9.45
Weighted average4.26 4.38 
Postretirement9.70 9.75 

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 endedJun. 30, 2021Mar. 31, 2021Dec. 31, 2020
U.S. plans
Qualified pension2.75 %3.10 %2.45 %
Nonqualified pension2.70 3.00 2.35 
Postretirement2.60 2.85 2.20 
Non-U.S. plans   
Pension
0.25–9.25
0.25–9.30
0.05–8.15
Weighted average4.23 4.26 3.60 
Postretirement9.50 9.70 8.55 




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 June 30, 2021
In millions of dollarsOne-percentage-point increaseOne-percentage-point decrease
Pension
   U.S. plans$8 $(11)
   Non-U.S. plans— 5 
Postretirement
   U.S. plans— — 
   Non-U.S. plans(2)2 



















Contributions
For the U.S. pension plans, there were no required minimum cash contributions during the first six months of 2021.
The following table summarizes the Company’s actual contributions for the six months ended June 30, 2021 and 2020, as well as expected Company contributions for the remainder of 2021 and the actual contributions made in 2020:
 Pension plans Postretirement plans 
 
U.S. plans(1)
Non-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20212020202120202021202020212020
Company contributions(2) for the six months ended June 30
$27 $28 $78 $72 $9 $— $4 $5 
Company contributions (reimbursements) made during the
remainder of the year		— 28 — 86 — (15)— 4 
Company contributions expected to be made during
the remainder of the year		32 — 78 — 3 — 4 — 

(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 June 30,Six Months
Ended June 30,
In millions of dollars2021202020212020
U.S. plans$106 $101 $211 $203 
Non-U.S. plans91 74 183 150 

Post Employment Plans
The following table summarizes the net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans:
Three Months Ended June 30,Six Months
Ended June 30,
In millions of dollars2021202020212020
Service-related expense
Amortization of unrecognized:
   Net actuarial loss$1 $1 $1 $1 
Total service-related expense$1 $1 $1 $1 
Non-service-related (benefit) expense$(1)$3 $4 $8 
Total net expense $— $4 $5 $9