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RETIREMENT BENEFITS
 3 Months Ended
Mar. 31, 2023
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 2022 Form 10-K.

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. 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 March 31,
 Pension plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20232022202320222023202220232022
Service cost$— $— $28 $34 $— $— $— $1 
Interest cost on benefit obligation127 86 98 73 5 3 25 23 
Expected return on assets(161)(154)(81)(66)(3)(3)(19)(20)
Amortization of unrecognized:     
Prior service cost (benefit)1 1 (2)(2)(2)(2)(2)(3)
Net actuarial loss (gain)38 56 18 13 (3)(1)(4)1 
Curtailment (gain)(1)
— — (8)— — — — — 
Settlement loss(1)
— — 3 — — — — — 
Total net (benefit) expense$5 $(11)$56 $52 $(3)$(3)$— $2 

(1)    Curtailment and settlement relate to 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:

Three Months Ended March 31, 2023
 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$9,741 $6,375 $375 $1,013 
Plans measured annually(19)(1,774)— (193)
Projected benefit obligation at beginning of year—Significant Plans
$9,722 $4,601 $375 $820 
Service cost— 10 — — 
Interest cost on benefit obligation127 80 5 22 
Actuarial (gain) loss253 20 9 (8)
Benefits paid, net of participants’ contributions(220)(68)(15)(12)
Foreign exchange impact and other— 199 — 68 
Projected benefit obligation at period end—Significant Plans$9,882 $4,842 $374 $890 
Change in plan assets    
Plan assets at fair value at beginning of year$10,145 $6,086 $253 $855 
Plans measured annually— (1,226)— (7)
Plan assets at fair value at beginning of year—Significant Plans
$10,145 $4,860 $253 $848 
Actual return on plan assets349 115 7 15 
Company contributions, net of reimbursements14 11 13 — 
Benefits paid, net of participants’ contributions(220)(68)(15)(12)
Foreign exchange impact and other— 167 — 70 
Plan assets at fair value at period end—Significant Plans$10,288 $5,085 $258 $921 
Qualified plans(1)
$938 $243 $(116)$31 
Nonqualified plans(2)
(532)— — — 
Funded status of the plans at period end—Significant Plans$406 $243 $(116)$31 
Net amount recognized at period end    
Benefit asset$938 $787 $— $31 
Benefit liability(532)(544)(116)— 
Net amount recognized on the balance sheet—Significant Plans$406 $243 $(116)$31 
Amounts recognized in AOCI at period end(3)
   
Prior service (expense) benefit $— $(2)$80 $36 
Net actuarial (loss) gain(6,467)(1,363)112 (274)
Net amount recognized in equity (pretax)—Significant Plans$(6,467)$(1,365)$192 $(238)
Accumulated benefit obligation at period end—Significant Plans$9,881 $4,688 $374 $890 

(1)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, 2023 and no minimum required funding is expected for 2023.
(2)The nonqualified plans of the Company are unfunded.
(3)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, 2023		Twelve Months Ended
December 31, 2022		Three Months Ended March 31, 2022
Beginning of period balance, net of tax(1)(2)
$(5,755)$(5,852)$(5,852)
Actuarial assumptions changes and plan experience(269)3,923 1,525 
Net asset gain (loss) due to difference between actual and expected returns183 (4,225)(1,462)
Net amortization43 198 64 
Curtailment/settlement (gain)(3)
(5)(37)— 
Foreign exchange impact and other(108)172 50 
Change in deferred taxes, net52 66 (6)
Change, net of tax$(104)$97 $171 
End of period balance, net of tax(1)(2)
$(5,859)$(5,755)$(5,681)

(1)See Note 18 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
Certain assumptions used in determining pension and postretirement benefit obligations and net benefit expense for the Significant Plans are as follows:

During the periodThree Months Ended
Mar. 31, 2023Dec. 31, 2022Mar. 31, 2022
Discount rate
U.S. plans
Qualified pension5.50%5.65%2.80%
Nonqualified pension5.555.602.80
Postretirement5.605.652.75
Non-U.S. plans  
Pension
2.20–10.60
2.10–11.30
0.25–9.80
Weighted average7.557.644.56
Postretirement10.6011.2510.00
Expected return on assets
U.S. plans
Qualified pension5.705.005.00
Postretirement
5.70/3.00
5.00/1.50
5.00/1.50
Non-U.S. plans
Pension
4.50–9.90
2.00–8.00
1.50–8.00
Weighted average6.405.483.78
Postretirement8.708.008.00










At period endedMar. 31, 2023Dec. 31, 2022Mar. 31, 2022
Discount rate
U.S. plans
Qualified pension5.15%5.50%3.80%
Nonqualified pension5.205.553.85
Postretirement5.255.603.85
Non-U.S. plans   
Pension
2.05–10.65
2.20–10.60
1.10–10.00
Weighted average7.647.555.55
Postretirement10.7010.6010.10
Expected return on assets
U.S. plans
Qualified pension5.705.705.50
Postretirement
5.70/3.00
5.70/3.00
5.50/1.50
Non-U.S. plans
Pension
4.10–9.90
4.50–9.90
1.90–8.00
Weighted average6.266.404.15
Postretirement8.708.708.00

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 March 31, 2023
In millions of dollarsOne-percentage-point increaseOne-percentage-point decrease
Pension
U.S. plans$6 $(7)
Non-U.S. plans(1)3 
Postretirement
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 2023.
The following table summarizes the Company’s actual contributions for the three months ended March 31, 2023 and 2022, as well as expected Company contributions for the remainder of 2023 and the actual contributions made in 2022:

 Pension plans Postretirement plans 
 
U.S. plans(1)
Non-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20232022202320222023202220232022
Company contributions (reimbursements)(2)(3) for the three months ended March 31
$14 $14 $34 $136 $13 $5 $2 $3 
Company contributions made during the remainder of the year(3)
— 41 — 358 — 9 — 6 
Company contributions expected to be made during the remainder of the year43 88 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)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 March 31,
In millions of dollars20232022
U.S. plans$138 $119 
Non-U.S. plans114 106 
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 dollars20232022
Non-service-related expense$5 $5 
Total net expense $5 $5