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INCENTIVE PLANS (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Summary of the status of unvested stock awards
A summary of the status of unvested stock awards granted as discretionary annual incentive or sign-on and replacement awards is presented below:

Unvested stock awardsSharesWeighted-
average grant
date fair
value per share
Unvested at December 31, 202028,226,292 $69.25 
Granted(1)
17,535,978 62.10 
Canceled(1,453,029)67.01 
Vested(2)
(12,664,557)67.17 
Unvested at December 31, 202131,644,684 $66.22 

(1)The weighted-average fair value of the shares granted during 2020 and 2019 was $76.68 and $61.78, respectively.
(2)The weighted-average fair value of the shares vesting during 2021 was approximately $64.23 per share on the vesting date, compared to $67.17 on the grant date.
A summary of the performance share unit activity for 2021 is presented below:

Performance share unitsUnitsWeighted-
average grant
date fair
value per unit
Outstanding, beginning of year1,333,803 $79.39 
Granted(1)
418,098 78.55 
Canceled(344,131)83.24 
Payments(133,497)83.24 
Outstanding, end of year1,274,273 $77.67 

(1)     The weighted-average grant date fair value per unit awarded in 2020 and 2019 was $83.45 and $72.83, respectively.
Schedule of assumptions used Other significant assumptions for the awards are as follows:
Valuation assumptions202120202019
Expected volatility40.88 %22.26 %25.33 %
Expected dividend yield4.21 2.82 2.67 
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 end20212020
Discount rate  
U.S. plans   
Qualified pension2.80%2.45%
Nonqualified pension2.802.35
Postretirement2.752.20
Non-U.S. pension plans
Range(1)
 -0.10 to 11.95 -0.25 to 11.15
Weighted average3.963.14
Non-U.S. postretirement plans
Range
1.05 to 10.00
0.80 to 8.55
Weighted average8.287.42
Future compensation increase rate(2)
Non-U.S. pension plans
Range
1.30 to 11.25
1.20 to 11.25
Weighted average3.103.10
Expected return on assets
U.S. plans
Qualified pension5.005.80
Postretirement(3)
5.00/1.50
5.80/1.50
Non-U.S. pension plans
Range
0.00 to 11.50
0.00 to 11.50
Weighted average3.693.39
Non-U.S. postretirement plans
Range
6.00 to 8.00
5.95 to 8.00
Weighted average7.997.99

(1)    Due to historically low global interest rates, there were negative discount rates for plans with relatively short duration in certain major markets, such as the Eurozone and Switzerland.
(2)    Not material for U.S. plans.
(3)    For the years ended 2021 and 2020, the expected return on assets for the VEBA Trust was 1.50%.


During the year202120202019
Discount rate  
U.S. plans   
Qualified pension
2.45%/3.10%/ 2.75%/2.80%
3.25%/3.20%/ 2.60%/2.55%
4.25%/3.85%/ 3.45%/3.10%
Nonqualified pension
2.35/3.00/ 2.70/2.75
3.25/3.25/ 2.55/2.50
4.25/3.90/ 3.50/3.10
Postretirement
2.20/2.85/ 2.60/2.65
3.15/3.20/ 2.45/2.35
4.20/3.80/ 3.35/3.00
Non-U.S. pension plans(1)
Range(2)
-0.25 to 11.15 -0.10 to 11.30-0.05 to 12.00
Weighted average 3.143.654.47
Non-U.S. postretirement plans(1)
Range
0.80 to 9.80
0.90 to 9.75
1.75 to 10.75
Weighted average 7.427.769.05
Future compensation increase rate(3)
Non-U.S. pension plans(1)
Range
1.20 to 11.25
1.50 to 11.50
1.30 to 13.67
Weighted average 3.103.173.16
Expected return on assets
U.S. plans
Qualified pension(4)
5.80/5.60/5.60/5.00
6.70
6.70
Postretirement(4)
5.80/1.50
6.70/3.00
6.70/3.00
Non-U.S. pension plans(1)
Range
0.00 to 11.50
0.00 to 11.50
1.00 to 11.50
Weighted average 3.393.954.30
Non-U.S. postretirement plans(1)
Range
5.95 to 8.00
6.20 to 8.00
8.00 to 9.20
Weighted average 7.997.998.01

(1)    Reflects rates utilized to determine the quarterly expense for Significant non-U.S. pension and postretirement plans.
(2)    Due to historically low global interest rates, there were negative discount rates for plans with relatively short duration in certain major markets, such as the Eurozone and Switzerland.
(3)    Not material for U.S. plans.
(4)    The expected return on assets for the U.S. pension and postretirement plans was lowered from 5.80% to 5.60% effective April 1, 2021 and to 5.00% effective October 1, 2021 to reflect the change in target asset allocation.


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)
20222021202020212020
Equity securities(2)
0–22%
7 %16 %7 %16 %
Debt securities(3)
55–114
72 59 72 59 
Real estate
0–4
2 4 2 4 
Private equity
0–5
6 3 6 3 
Other investments
0–23
13 18 13 18 
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 2021 and 2020.
(3)The VEBA Trust for postretirement benefits is primarily invested in cash equivalents and debt securities in 2021 and 2020 and is not reflected in the table above.
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)
20222021202020212020
Equity securities
0–100%
0–100%
0–100%
16 %15 %
Debt securities
0–100
0–100
0–100
76 77 
Real estate
0–15
0–14
0–12
1 1 
Other investments
0–100
0–100
0–100
7 7 
Total100 %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)
20222021202020212020
Equity securities
0–42%
0–42%
0–38%
41 %38 %
Debt securities
54–100
53–100
56–100
53 56 
Other investments
0–4
0–6
0–6
6 6 
Total100 %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.
Information with respect to stock option activity under stock option awards The following table presents information with respect to stock option activity under Citigroup’s stock option programs: 
 202120202019
 OptionsWeighted-
average
exercise
price		Intrinsic
value
per share		OptionsWeighted-
average
exercise
price		Intrinsic
value
per share		OptionsWeighted-
average
exercise
price		Intrinsic
value
per share
Outstanding, beginning of year166,650 $47.42 $14.24 166,650 $47.42 $32.47 762,225 $101.84 $— 
Canceled— — — — — — (11,365)40.80 — 
Expired— — — — — — (449,916)142.30 — 
Exercised(166,650)52.50 20.49 — — — (134,294)39.00 23.50 
Outstanding, end of year— $— $— 166,650 $47.42 $14.24 166,650 $47.42 $32.47 
Exercisable, end of year—  166,650   166,650   
Components of compensation expense relating to stock-basked compensation programs and deferred cash award programs
The following table shows components of compensation expense, relating to certain of the incentive compensation programs described above:

In millions of dollars202120202019
Charges for estimated awards to retirement-eligible colleagues$807 $748 $683 
Amortization of deferred cash awards, deferred cash stock units and performance stock units384 201 355 
Immediately vested stock award expense(1)
99 95 82 
Amortization of restricted and deferred stock awards(2)
395 420 404 
Other variable incentive compensation435 627 666 
Total$2,120 $2,091 $2,190 

(1)    Represents expense for immediately vested stock awards that generally were stock payments in lieu of cash compensation. The expense is generally accrued as cash incentive compensation in the year prior to grant.
(2)    All periods include amortization expense for all unvested awards to non-retirement-eligible colleagues.