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RETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Components of 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:
 Pension plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars202120202019202120202019202120202019202120202019
Benefits earned during the year$— $— $1 $149 $147 $146 $— $— $— $6 $7 $8 
Interest cost on benefit obligation351 378 469 268 246 287 13 17 24 96 93 104 
Expected return on assets(683)(824)(821)(253)(245)(281)(13)(17)(18)(84)(77)(84)
Amortization of unrecognized:            
Prior service cost (benefit) 2 2 2 (6)5 (4)(9)(2)— (9)(9)(10)
Net actuarial loss (gain)228 233 200 62 70 61 (3)— — 13 20 23 
Curtailment loss (gain)(1)
— — 1 1 (8)(6)— — — — — — 
Settlement loss (gain)(1)
— — — 10 (1)6 — — — — — — 
Total net (benefit) expense$(102)$(211)$(148)$231 $214 $209 $(12)$(2)$6 $22 $34 $41 

(1)Losses (gains) due to curtailment and settlement relate to repositioning and divestiture activities.
The following table summarizes the net expense recognized in the Consolidated Statement of Income for the Company’s U.S. post employment plans:

In millions of dollars202120202019
Net expense $10 $9 $9 
Summary of entity's contributions The following table summarizes the Company’s actual contributions for the years ended December 31, 2021 and 2020, as well as expected Company contributions for 2022. Expected contributions are subject to change, since contribution decisions are affected by various factors, such as market performance, tax considerations and regulatory requirements.
Pension plans(1)
Postretirement benefit plans(1)
U.S. plans(2)
Non-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars202220212020202220212020202220212020202220212020
Contributions made by the Company$— $— $— $74 $104 $115 $— $— $— $3 $3 $4 
Benefits paid directly by (reimbursements to) the Company(3)
57 56 56 413 51 43 5 22 (15)6 5 5 

(1)    Amounts reported for 2022 are expected amounts.     
(2)     The U.S. pension plans include benefits paid directly by the Company for the nonqualified pension plans.
(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.
Summary of the funded status and amounts recognized in the Consolidated Balance Sheet for the Company's U.S. qualified, non-qualified plans, plans outside the U.S. and postemployment plans
The following table summarizes the funded status and amounts recognized on the Consolidated Balance Sheet for the Company’s pension and postretirement plans:

 Pension plansPostretirement benefit plans
U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20212020202120202021202020212020
Change in projected benefit obligation        
Projected benefit obligation at beginning of year$13,815 $13,453 $8,629 $8,105 $559 $692 $1,390 $1,384 
Benefits earned during the year— — 149 147 — — 6 7 
Interest cost on benefit obligation351 378 268 246 13 17 96 93 
Plan amendments(1)
— — 6 (4)— (104)— — 
Actuarial (gain) loss(2)
(447)950 (344)518 (28)(18)(110)30 
Benefits paid, net of participants’ contributions and government subsidy(3)
(953)(966)(345)(298)(43)(28)(78)(64)
Settlement gain(4)
— — (124)(110)— — — — 
Curtailment gain(4)
— — (30)(14)— — — — 
Foreign exchange impact and other— — (208)39 — — (135)(60)
Projected benefit obligation at year end$12,766 $13,815 $8,001 $8,629 $501 $559 $1,169 $1,390 
Change in plan assets        
Plan assets at fair value at beginning of year$13,309 $12,717 $7,831 $7,556 $331 $345 $1,146 $1,127 
Actual return on assets(2)
565 1,502 217 584 9 29 97 129 
Company contributions (reimbursements)56 56 155 158 22 (15)8 9 
Benefits paid, net of participants’ contributions and government subsidy(3)
(953)(966)(345)(298)(43)(28)(78)(64)
Settlement gain(4)
— — (124)(110)— — — — 
Foreign exchange impact and other— — (120)(59)— — (130)(55)
Plan assets at fair value at year end
$12,977 $13,309 $7,614 $7,831 $319 $331 $1,043 $1,146 
Funded status of the plans
Qualified plans(5)
$894 $230 $(387)$(798)$(182)$(228)$(126)$(244)
Nonqualified plans(6)
(683)(736)— — — — — — 
Funded status of the plans at year end
$211 $(506)$(387)$(798)$(182)$(228)$(126)$(244)
Net amount recognized        
Qualified plans
Benefit asset$894 $230 $963 $741 $— $— $165 $25 
Benefit liability— — (1,350)(1,539)(182)(228)(291)(269)
Qualified plans$894 $230 $(387)$(798)$(182)$(228)$(126)$(244)
Nonqualified plans(683)(736)— — — — — — 
Net amount recognized on the balance sheet
$211 $(506)$(387)$(798)$(182)$(228)$(126)$(244)
Amounts recognized in AOCI(7)
    
Net transition obligation$— $— $— $— $— $— $— $— 
Prior service (cost) benefit (8)(10)5 12 92 101 47 63 
Net actuarial (loss) gain(6,575)(7,132)(1,400)(1,863)77 56 (182)(348)
Net amount recognized in equity (pretax)
$(6,583)$(7,142)$(1,395)$(1,851)$169 $157 $(135)$(285)
Accumulated benefit obligation at year end$12,765 $13,812 $7,559 $8,116 $501 $559 $1,169 $1,390 

(1)The U.S. postretirement benefit plan was amended in 2020 to move grandfathered Medicare-eligible retirees to the Medicare individual marketplace.
(2)During 2021, the actuarial gain was primarily due to the increase in global discount rates partially offset by lower than expected asset returns. During 2020, the actuarial loss was primarily due to the decline in global discount rates partially offset by favorable asset returns.
(3)U.S. postretirement benefit plans were net of Employer Group Waiver Plan subsidies of $11 million and $40 million in 2021 and 2020, respectively.
(4)Curtailment and settlement gains relate to repositioning and divestiture activities.
(5)The U.S. qualified pension plan was fully funded under specified Employee Retirement Income Security Act (ERISA) funding rules as of January 1, 2022 and no minimum required funding is expected for 2022.
(6)The nonqualified plans of the Company are unfunded.
(7)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 summarizes the funded status and amounts recognized on the Company’s Consolidated Balance Sheet:

In millions of dollars20212020
Funded status of the plan at year end$(41)$(40)
Net amount recognized in AOCI (pretax)
$(15)$(17)
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 dollars202120202019
Beginning of year balance, net of tax(1)(2)
$(6,864)$(6,809)$(6,257)
Actuarial assumptions changes and plan experience963 (1,464)(2,300)
Net asset gain (loss) due to difference between actual and expected returns(148)1,076 1,427 
Net amortization280 318 274 
Prior service credit (cost)(7)108 (7)
Curtailment/settlement gain(3)
11 (8)1 
Foreign exchange impact and other153 (108)(66)
Change in deferred taxes, net(240)23 119 
Change, net of tax$1,012 $(55)$(552)
End of year balance, net of tax(1)(2)
$(5,852)$(6,864)$(6,809)

(1)See Note 19 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.
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, 2021 and 2020, 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 assetsABO 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 dollars20212020202120202021202020212020
Projected benefit obligation$683 $736 $3,966 $4,849 $683 $736 $3,809 $4,723 
Accumulated benefit obligation682 734 3,574 4,400 682 734 3,477 4,329 
Fair value of plan assets— — 2,616 3,310 — — 2,486 3,212 

(1)As of December 31, 2021 and 2020, only the nonqualified plans’ PBO and ABO exceeded plan assets.
Assumptions used in determining benefit obligations and net benefit expense 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.
Schedule of expected long term rates of return on assets
The following table shows the expected return on assets used in determining the Company’s pension expense compared to the actual return on assets during 2021, 2020 and 2019 for the U.S. pension and postretirement plans:

U.S. plans
(During the year)
202120202019
Expected return on assets
U.S. pension and postretirement trust
5.80%/5.60%/5.60%/5.00%
6.70%6.70%
VEBA trust1.503.003.00
Actual return on assets(1)
U.S. pension and postretirement trust5.1412.8415.20
VEBA trust1.522.11
1.91 to 2.76

(1)Actual return on assets is presented net of fees.
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 dollars202120202019
U.S. plans$35 $34 $28 
Non-U.S. plans(4)(16)(19)
 One-percentage-point decrease
In millions of dollars202120202019
U.S. plans$(49)$(52)$(44)
Non-U.S. plans25 25 32 
Schedule of effect of one percentage point change in expected rates of return
The following tables summarize the effect on pension expense:

Expected return on assets
 One-percentage-point increase
In millions of dollars202120202019
U.S. plans$(124)$(123)$(123)
Non-U.S. plans(70)(66)(64)
 One-percentage-point decrease
In millions of dollars202120202019
U.S. plans$124 $123 $123 
Non-U.S. plans70 66 64 
Schedule of health care cost trend rates
Assumed health care cost trend rates were as follows:

 20212020
Health care cost increase rate for 
U.S. plans		  
Following year6.25%6.50%
Ultimate rate to which cost increase is assumed to decline5.005.00
Year in which the ultimate rate is
reached		20272027
Health care cost increase rate for 
non-U.S. plans (weighted average)		  
Following year6.92%6.85%
Ultimate rate to which cost increase is
assumed to decline		6.926.85
Year in which the ultimate rate
is reached		20222021
Schedule of interest crediting rate for cash balance and other plans
The Company has cash balance plans and other plans with promised interest crediting rates. For these plans, the interest crediting rates are set in line with plan rules or country legislation and do not change with market conditions.

Weighted average interest crediting rate
At year end202120202019
U.S. plans1.80%1.45%2.25%
Non-U.S. plans1.611.601.61
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 dollarsFair value measurement at December 31, 2021
Asset categoriesLevel 1Level 2Level 3Total
U.S. equities$358 $— $— $358 
Non-U.S. equities460 — — 460 
Mutual funds and other registered investment companies297 — — 297 
Commingled funds— 1,143 — 1,143 
Debt securities1,657 5,770 — 7,427 
Annuity contracts— — 4 4 
Derivatives2 17 — 19 
Other investments13 — 25 38 
Total investments$2,787 $6,930 $29 $9,746 
Cash and short-term investments$635 $75 $— $710 
Other investment liabilities(7)(17)— (24)
Net investments at fair value$3,415 $6,988 $29 $10,432 
Other investment liabilities redeemed at NAV$(87)
Securities valued at NAV2,951 
Total net assets$13,296 

(1)The investments of the U.S. pension and postretirement plans are commingled in one trust. At December 31, 2021, 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 dollarsFair value measurement at December 31, 2020
Asset categoriesLevel 1Level 2Level 3Total
U.S. equities$813 $— $— $813 
Non-U.S. equities725 — — 725 
Mutual funds and other registered investment companies447 — — 447 
Commingled funds— 1,056 — 1,056 
Debt securities1,275 4,430 — 5,705 
Annuity contracts— — 1 1 
Derivatives8 6 — 14 
Other investments16 — 57 73 
Total investments$3,284 $5,492 $58 $8,834 
Cash and short-term investments$72 $1,035 $— $1,107 
Other investment liabilities(2)(10)— (12)
Net investments at fair value$3,354 $6,517 $58 $9,929 
Other investment receivables redeemed at NAV$99 
Securities valued at NAV 3,612 
Total net assets$13,640 

(1)The investments of the U.S. pension and postretirement plans are commingled in one trust. At December 31, 2020, 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 dollarsFair value measurement at December 31, 2021
Asset categoriesLevel 1Level 2Level 3Total
U.S. equities$127 $19 $— $146 
Non-U.S. equities713 92 — 805 
Mutual funds and other registered investment companies2,888 66 — 2,954 
Commingled funds21 — — 21 
Debt securities4,263 1,341 — 5,604 
Real estate— 3 2 5 
Annuity contracts— — 2 2 
Derivatives— 239 — 239 
Other investments— — 318 318 
Total investments$8,012 $1,760 $322 $10,094 
Cash and short-term investments$117 $5 $— $122 
Other investment liabilities— (1,578)— (1,578)
Net investments at fair value$8,129 $187 $322 $8,638 
Securities valued at NAV $19 
Total net assets$8,657 
 
Non-U.S. pension and postretirement benefit plans
In millions of dollarsFair value measurement at December 31, 2020
Asset categoriesLevel 1Level 2Level 3Total
U.S. equities$5 $16 $— $21 
Non-U.S. equities105 670 — 775 
Mutual funds and other registered investment companies3,137 73 — 3,210 
Commingled funds24 — — 24 
Debt securities6,705 1,420 — 8,125 
Real estate— 2 2 4 
Annuity contracts— — 5 5 
Derivatives— 1,005 — 1,005 
Other investments— — 312 312 
Total investments$9,976 $3,186 $319 $13,481 
Cash and short-term investments$129 $3 $— $132 
Other investment liabilities— (4,650)— (4,650)
Net investments at fair value$10,105 $(1,461)$319 $8,963 
Securities valued at NAV $14 
Total net assets$8,977 
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 dollarsU.S. pension and postretirement benefit plans
Asset categoriesBeginning Level 3 fair value at
Dec. 31, 2020		Realized (losses)Unrealized gains Purchases, sales and issuancesTransfers in and/or out of Level 3Ending Level 3 fair value at
Dec. 31, 2021
Annuity contracts$1 $— $— $3 $— $4 
Other investments57 (6)2 (28)— 25 
Total investments$58 $(6)$2 $(25)$— $29 
 
In millions of dollarsU.S. pension and postretirement benefit plans
Asset categoriesBeginning Level 3 fair value at
Dec. 31, 2019		Realized (losses)Unrealized (losses)Purchases, sales and
issuances		Transfers in and/or out of Level 3Ending Level 3 fair value at
Dec. 31, 2020
Annuity contracts$1 $— $— $— $— $1 
Other investments75 (3)3 (18)— 57 
Total investments$76 $(3)$3 $(18)$— $58 
 In millions of dollarsNon-U.S. pension and postretirement benefit plans
Asset categoriesBeginning Level 3 fair value at
Dec. 31, 2020		Unrealized gains Purchases, sales and issuancesTransfers in and/or out of Level 3Ending Level 3
fair value at
Dec. 31, 2021
Debt securities$— $— $— $— $— 
Real estate2 — — — 2 
Annuity contracts5 — (3)— 2 
Other investments312 4 2 — 318 
Total investments$319 $4 $(1)$— $322 

 In millions of dollarsNon-U.S. pension and postretirement benefit plans
Asset categoriesBeginning Level 3 fair value at
Dec. 31, 2019		Unrealized (losses)Purchases, sales and issuancesTransfers in and/or out of Level 3Ending Level 3
fair value at
Dec. 31, 2020
Debt securities$10 $— $(10)$— $— 
Real estate1 1 — — 2 
Annuity contracts5 — — — 5 
Other investments274 23 15 — 312 
Total investments$290 $24 $5 $— $319 
Schedule of expected benefit payments
The Company expects to pay the following estimated benefit payments in future years:
 Pension plansPostretirement benefit plans
In millions of dollarsU.S. plans
Non-U.S. plans(1)
U.S. plansNon-U.S. plans
2022$956 $958 $64 $71 
2023837 452 50 74 
2024844 460 47 78 
2025846 462 44 82 
2026838 467 41 86 
2027–20313,946 2,428 164 493 

(1)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 tables summarize the Company contributions for the defined contribution plans:
 U.S. plans
In millions of dollars202120202019
Company contributions$436 $414 $404 
 Non-U.S. plans
In millions of dollars202120202019
Company contributions$364 $304 $281