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RETIREMENT BENEFITS
 6 Months Ended
Jun. 30, 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. Benefits earned during the period are reported in Compensation and benefits expenses and all other components of the net period benefit cost are reported in Other operating expenses in the Consolidated Statement of Income:
Three Months Ended June 30,
 Pension plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20222021202220212022202120222021
Benefits earned during the period$— $— $30 $38 $— $— $— $2 
Interest cost on benefit obligation105 95 79 70 4 3 23 24 
Expected return on assets(154)(174)(66)(63)(3)(3)(18)(21)
Amortization of unrecognized:     
Prior service benefit— — (1)(2)(3)(2)(1)(3)
Net actuarial loss (gain)44 54 14 14 (2)(1)1 3 
Curtailment (gain)(1)
— — (23)— — — — — 
Settlement (gain) loss(1)
— — (10)4 — — — — 
Total net (benefit) expense$(5)$(25)$23 $61 $(4)$(3)$5 $5 

(1)    (Gains) losses due to curtailment and settlement relate to divestiture activities. Total net expense for non-U.S. plans includes a $28 million net benefit related to the wind-down of Citi’s consumer banking business in Korea.

Six Months Ended June 30,
 Pension plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20222021202220212022202120222021
Benefits earned during the period$— $— $64 $77 $— $— $1 4 
Interest cost on benefit obligation191 177 152 132 7 6 46 49 
Expected return on plan assets(308)(356)(132)(124)(6)(7)(38)(43)
Amortization of unrecognized:    
Prior service cost (benefit)1 1 (3)$(3)(5)(4)(4)(5)
Net actuarial loss (gain)100 116 27 32 (3)(1)2 8 
Curtailment (gain)(1)
— — (23)— — — — — 
Settlement (gain) loss(1)
— — (10)4 — — — — 
Total net (benefit) expense$(16)$(62)$75 $118 $(7)$(6)$7 $13 

(1)    (Gains) losses due to curtailment and settlement relate to divestiture activities. Total net expense for non-U.S. plans includes a $28 million net benefit related to the wind-down of Citi’s consumer banking business in Korea.
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, 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 
First quarter activity
(1,234)(285)(50)(71)
Projected benefit obligation at June 30, 2022—Significant Plans$11,509 $5,645 $451 $800 
Benefits earned during the period— 15 — — 
Interest cost on benefit obligation105 68 4 20 
Actuarial (gain)(1)
(903)(489)(36)(43)
Benefits paid, net of participants’ contributions and government subsidy(253)(69)(13)(17)
Settlement (gain)(2)
— (246)— — 
Curtailment (gain)(2)
— (23)— — 
Foreign exchange impact and other— (163)— (9)
Projected benefit obligation at period end—Significant Plans$10,458 $4,738 $406 $751 
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 
First quarter activity(1,030)(226)(19)(135)
Plan assets at fair value at June 30, 2022—Significant Plans$11,947 $5,969 $300 $901 
Actual return on plan assets(868)(512)(15)(45)
Company contributions, net of reimbursements13 208 (6)— 
Benefits paid, net of participants’ contributions and government subsidy(253)(69)(13)(17)
Settlement (gain)(2)
— (246)— — 
Foreign exchange impact and other— (143)— (11)
Plan assets at fair value at period end—Significant Plans
$10,839 $5,207 $266 $828 
Qualified plans(3)
$940 $469 $(140)$77 
Nonqualified plans(4)
(559)— — — 
Funded status of the plans at period end—Significant Plans
$381 $469 $(140)$77 
Net amount recognized at period end    
Benefit asset$940 $844 $— $77 
Benefit liability(559)(375)(140)— 
Net amount recognized on the balance sheet—Significant Plans
$381 $469 $(140)$77 
Amounts recognized in AOCI at period end(5)
   
Prior service benefit $— $— $87 $37 
Net actuarial (loss) gain(6,464)(992)119 (213)
Net amount recognized in equity (pretax)—Significant Plans
$(6,464)$(992)$206 $(176)
Accumulated benefit obligation at period end—Significant Plans
$10,457 $4,563 $406 $751 

(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 June 30, 2022Six Months Ended June 30, 2022
Beginning of period balance, net of tax(1)(2)
$(5,681)$(5,852)
Actuarial assumptions changes and plan experience1,499 3,024 
Net asset (loss) due to difference between actual and expected returns(1,675)(3,137)
Net amortization52 116 
Curtailment/settlement (gain)(3)
(32)(32)
Foreign exchange impact and other83 133 
Change in deferred taxes, net(16)(22)
Change, net of tax$(89)$82 
End of period balance, net of tax(1)(2)
$(5,770)$(5,770)

(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
Jun. 30, 2022Jun. 30, 2021
U.S. plans
Qualified pension3.80 %3.10 %
Nonqualified pension3.85 3.00 
Postretirement3.85 2.85 
Non-U.S. plans  
Pension
1.10–10.00
0.25–9.30
Weighted average5.55 4.26 
Postretirement10.10 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 endedJun. 30, 2022Mar. 31, 2022Dec. 31, 2021
U.S. plans
Qualified pension4.80 %3.80 %2.80 %
Nonqualified pension4.80 3.85 2.80 
Postretirement4.75 3.85 2.75 
Non-U.S. plans   
Pension
2.00–10.75
1.10–10.00
0.25–9.80
Weighted average6.68 5.55 4.56 
Postretirement10.75 10.10 10.00 

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, 2022
In millions of dollarsOne-percentage-point increaseOne-percentage-point decrease
Pension
U.S. plans$7 $(9)
Non-U.S. plans5 6 
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 six months of 2022.
The following table summarizes the Company’s actual contributions for the six months ended June 30, 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 (reimbursements)(2)(3) for the six months ended June 30
$28 $27 $389 $78 $(1)$9 $5 $4 
Company contributions during the remainder of the year— 29 — 77 — 13 — 4 
Company contributions expected to be made during the remainder of the year(3)
31 — 52 — 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.
(3)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.


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 dollars2022202120222021
U.S. plans$119 $106 $238 $211 
Non-U.S. plans99 91 205 183 











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 dollars2022202120222021
Service-related expense
Amortization of unrecognized:
Net actuarial loss$1 $1 $1 $1 
Total service-related expense$1 $1 $1 $1 
Non-service-related expense (benefit) $1 $(1)$6 $4 
Total net expense $2 $— $7 $5