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RETIREMENT BENEFITS
 3 Months Ended
Mar. 31, 2022
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 2021 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 March 31,
 Pension plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20222021202220212022202120222021
Benefits earned during the period$— $— $34 $39 $— $— $1 $2 
Interest cost on benefit obligation86 82 73 62 3 3 23 25 
Expected return on assets(154)(182)(66)(61)(3)(4)(20)(22)
Amortization of unrecognized:     
Prior service cost (benefit)1 1 (2)(1)(2)(2)(3)(2)
Net actuarial loss (gain)56 62 13 18 (1)— 1 5 
Total net (benefit) expense$(11)$(37)$52 $57 $(3)$(3)$2 $8 
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:

Three Months Ended March 31, 2022
 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$12,766 $8,001 $501 $1,169 
Plans measured annually(23)(2,071)— (298)
Projected benefit obligation at beginning of year—Significant Plans
$12,743 $5,930 $501 $871 
Benefits earned during the period— 18 — — 
Interest cost on benefit obligation86 62 3 21 
Actuarial gain(1)
(1,102)(362)(44)(8)
Benefits paid, net of participants’ contributions and government subsidy(218)(119)(9)(13)
Settlement gain(2)
— (56)— — 
Curtailment gain(2)
— (9)— — 
Foreign exchange impact and other— 181 — (71)
Projected benefit obligation at period end—Significant Plans$11,509 $5,645 $451 $800 
Change in plan assets    
Plan assets at fair value at beginning of year$12,977 $7,614 $319 $1,043 
Plans measured annually— (1,419)— (7)
Plan assets at fair value at beginning of year—Significant Plans
$12,977 $6,195 $319 $1,036 
Actual return on plan assets(825)(335)(15)(55)
Company contributions, net of reimbursements13 96 5 — 
Benefits paid, net of participants’ contributions and government subsidy(218)(119)(9)(13)
Settlements gain(2)
— (56)— — 
Foreign exchange impact and other— 188 — (67)
Plan assets at fair value at period end—Significant Plans
$11,947 $5,969 $300 $901 
Qualified plans(3)
$1,035 $324 $(151)$101 
Nonqualified plans(4)
(597)— — — 
Funded status of the plans at period end—Significant Plans
$438 $324 $(151)$101 
Net amount recognized at period end    
Benefit asset$1,035 $940 $— $101 
Benefit liability(597)(616)(151)— 
Net amount recognized on the balance sheet—Significant Plans
$438 $324 $(151)$101 
Amounts recognized in AOCI at period end(5)
   
Prior service benefit $— $1 $89 $39 
Net actuarial (loss) gain(6,389)(932)103 (197)
Net amount recognized in equity (pretax)—Significant Plans
$(6,389)$(931)$192 $(158)
Accumulated benefit obligation at period end—Significant Plans
$11,508 $5,407 $451 $800 

(1)During 2022, the actuarial gain is primarily due to the increase in global discount rates.
(2)Gains due to settlement and curtailment relate to divestiture activities.
(3)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, 2022 and no minimum required funding is expected for 2022.
(4)The nonqualified plans of the Company are unfunded.
(5)The framework for the Company’s pension oversight process includes monitoring of potential settlement charges for all plans. Settlement accounting is triggered when either the sum of all settlements (including lump sum payments) for the year is greater than service plus interest costs or if more than 10% of the plan’s projected benefit obligation will be settled. Because some of Citi’s significant plans are frozen and have no material service cost, settlement accounting may apply in the future.
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 March 31, 2022Twelve Months Ended December 31, 2021Three Months Ended March 31, 2021
Beginning of period balance, net of tax(1)(2)
$(5,852)$(6,864)$(6,864)
Actuarial assumptions changes and plan experience1,525 963 1,430 
Net asset loss due to difference between actual and expected returns(1,462)(148)(718)
Net amortization64 280 81 
Prior service cost— (7)— 
Curtailment/settlement gain(3)
— 11 — 
Foreign exchange impact and other50 153 114 
Change in deferred taxes, net(6)(240)(193)
Change, net of tax$171 $1,012 $714 
End of period balance, net of tax(1)(2)
$(5,681)$(5,852)$(6,150)

(1)See Note 17 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 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
Mar. 31, 2022Dec. 31, 2021
U.S. plans
Qualified pension2.80 %2.80 %
Nonqualified pension2.80 2.75 
Postretirement2.75 2.65 
Non-U.S. plans  
Pension
0.25–9.80
0.30–9.55
Weighted average4.56 4.37 
Postretirement10.00 9.80 

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 endedMar. 31, 2022Dec. 31, 2021Mar. 31, 2021
U.S. plans
Qualified pension3.80 %2.80 %3.10 %
Nonqualified pension3.85 2.80 3.00 
Postretirement3.85 2.75 2.85 
Non-U.S. plans   
Pension
1.10–10.00
0.25–9.80
0.25–9.30
Weighted average5.55 4.56 3.59 
Postretirement10.10 10.00 9.70 



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 March 31, 2022
In millions of dollarsOne-percentage-point increaseOne-percentage-point decrease
Pension
U.S. plans$8 $(12)
Non-U.S. plans(6)5 
Postretirement
U.S. plans— — 
Non-U.S. plans(1)1 



Contributions
For the U.S. pension plans, there were no required minimum cash contributions during the first three months of 2022.
The following table summarizes the Company’s actual contributions for the three months ended March 31, 2022 and 2021, as well as expected Company contributions for the remainder of 2022 and the actual contributions made in 2021:

 Pension plans Postretirement plans 
 
U.S. plans(1)
Non-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20222021202220212022202120222021
Company contributions(2) for the three months ended
March 31
$14 $14 $136 $37 $5 $5 $3 $2 
Company contributions (reimbursements) made during the
remainder of the year		— 42 — 118 — 17 — 6 
Company contributions expected to be made during the remainder of the year(3)
43 — 344 — 4 — 7 — 

(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.
(3)Estimated 2022 benefit payments have increased due to the wind-down of Citi’s consumer banking business in Korea, as it is expected that employees who elected the VERP will be withdrawing their pension plan assets. See Note 2 for additional information.


Defined Contribution Plans
The following table summarizes the Company’s contributions for the defined contribution plans:

Three Months Ended March 31,
In millions of dollars20222021
U.S. plans$119 $105 
Non-U.S. plans106 92 





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 March 31,
In millions of dollars20222021
Non-service-related expense$5 $5 
Total net expense $5 $5