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RETIREMENT BENEFITS (Tables)
 9 Months Ended
Sep. 30, 2023
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. 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 September 30,
 Pension plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20232022202320222023202220232022
Service cost$— $— $29 $26 $— $— $— $1 
Interest cost on benefit obligation124 120 105 91 4 4 27 21 
Expected return on assets(160)(153)(84)(64)(3)(3)(20)(16)
Amortization of unrecognized:     
Prior service (benefit)— — (1)(2)(2)(2)(2)(2)
Net actuarial loss (gain)39 36 20 16 (3)(2)(4)2 
Settlement loss(1)
— — 5 — — — — — 
Total net expense (benefit) $3 $3 $74 $67 $(4)$(3)$1 $6 

(1)    Settlement relates to divestiture and wind-down activities.

Nine Months Ended September 30,
 Pension plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20232022202320222023202220232022
Service cost$— $— $87 $90 $— $— $1 $2 
Interest cost on benefit obligation374 311 305 243 13 11 79 67 
Expected return on assets(481)(461)(247)(196)(10)(9)(59)(54)
Amortization of unrecognized:     
Prior service cost (benefit)1 1 (4)(5)(7)(7)(6)(6)
Net actuarial loss (gain)118 136 54 43 (8)(5)(14)4 
Curtailment (gain)(1)
— — (8)(23)— — — — 
Settlement loss (gain)(1)
— — 9 (10)— — — — 
Total net expense (benefit) $12 $(13)$196 $142 $(12)$(10)$1 $13 

(1)    Curtailment and settlement relate to divestiture and wind-down activities. 2022 includes gains due to curtailment and settlement relating to divestiture activities. Total net expense for non-U.S. plans includes a $36 million net benefit related to the wind-down of Citi’s consumer banking business in Korea.
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 September 30,Nine Months Ended September 30,
In millions of dollars2023202220232022
Service-related expense
Amortization of unrecognized:
Net actuarial loss$1 $1 $2 $2 
Total service-related expense$1 $1 $2 $2 
Non-service-related expense5 2 10 8 
Total net expense $6 $3 $12 $10 
Summary of the funded status and amounts recognized in the Consolidated Balance Sheet for the Company's U.S. qualified, non-qualified plans and plans outside the U.S.
The following table summarizes the funded status and amounts recognized on the Consolidated Balance Sheet for the Company’s Significant Plans:

Nine Months Ended September 30, 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 
First-quarter activity160 241 (1)70 
Second-quarter activity(265)179 (27)75 
Projected benefit obligation at June 30, 2023—Significant Plans$9,617 $5,021 $347 $965 
Service cost— 12 — — 
Interest cost on benefit obligation124 86 4 24 
Actuarial (gain)(4)
(435)(264)(17)(95)
Benefits paid, net of participants’ contributions(217)(85)(11)(18)
Foreign exchange impact and other— (91)— (15)
Projected benefit obligation at period end—Significant Plans$9,089 $4,679 $323 $861 
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 
First-quarter activity143 225 5 73 
Second-quarter activity(131)(6)(2)24 
Plan assets at fair value at June 30, 2023—Significant Plans$10,157 $5,079 $256 $945 
Actual return on plan assets(215)(113)(3)(29)
Company contributions, net of reimbursements15 8 (20)— 
Benefits paid, net of participants’ contributions(217)(85)(11)(18)
Foreign exchange impact and other— (91)— (16)
Plan assets at fair value at period end—Significant Plans$9,740 $4,798 $222 $882 
Qualified plans(1)
$1,144 $119 $(101)$21 
Nonqualified plans(2)
(493)— — — 
Funded status of the plans at period end—Significant Plans$651 $119 $(101)$21 
Net amount recognized at period end    
Benefit asset$1,144 $738 $— $21 
Benefit liability(493)(619)(101)— 
Net amount recognized on the balance sheet—Significant Plans$651 $119 $(101)$21 
Amounts recognized in AOCI at period end(3)
   
Prior service (expense) benefit $— $(3)$75 $34 
Net actuarial (loss) gain(6,244)(1,438)136 (281)
Net amount recognized in equity (pretax)—Significant Plans$(6,244)$(1,441)$211 $(247)
Accumulated benefit obligation at period end—Significant Plans$9,089 $4,501 $323 $861 

(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.
(4)During 2023, the actuarial gain is primarily due to the increase in global discount rates.
Change in accumulated other comprehensive income (loss)
The following table presents the change in AOCI related to the Company’s pension, postretirement and post employment plans:

In millions of dollarsThree Months Ended
September 30, 2023		Nine Months Ended September 30, 2023Three Months Ended September 30, 2022Nine Months Ended September 30, 2022
Beginning of period balance, net of tax(1)(2)
$(5,995)$(5,755)$(5,770)$(5,852)
Actuarial assumptions changes and plan experience818 703 977 4,001 
Net asset (loss) due to difference between actual and expected returns(614)(676)(1,084)(4,221)
Net amortization47 135 43 159 
Curtailment/settlement loss (gain)(3)
5 1 — (32)
Foreign exchange impact and other124 (95)60 193 
Change in deferred taxes, net(68)4 41 19 
Change, net of tax$312 $72 $37 $119 
End of period balance, net of tax(1)(2)
$(5,683)$(5,683)$(5,733)$(5,733)

(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, including $36 million related to the Korea wind-down in the nine-month period ended September 30, 2022.
Assumptions used in determining benefit obligations and net benefit expense
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
Sept. 30, 2023Jun. 30, 2023Sept. 30, 2022
Discount rate
U.S. plans
Qualified pension5.40%5.15%4.80%
Nonqualified pension5.455.204.80
Postretirement5.505.254.75
Non-U.S. plans  
Pension
1.80–10.40
2.05–10.65
2.00–10.75
Weighted average7.727.646.68
Postretirement10.4010.7010.75
Expected return on assets
U.S. plans
Qualified pension5.705.705.00
Postretirement
5.70/3.00
5.70/3.00
5.00/1.50
Non-U.S. plans
Pension
4.50–9.90
4.10–9.90
2.00–8.00
Weighted average6.566.264.72
Postretirement8.708.708.00
At period ended(1)
Sept. 30, 2023Jun. 30, 2023Sept. 30, 2022
Discount rate
U.S. plans
Qualified pension6.05%5.40%5.65%
Nonqualified pension6.105.455.60
Postretirement6.105.505.65
Non-U.S. plans   
Pension
1.85–11.55
1.80–10.40
2.10–11.30
Weighted average8.357.727.64
Postretirement11.5510.4011.25
Expected return on assets
U.S. plans
Qualified pension5.705.705.00
Postretirement
5.70/3.00
5.70/3.00
5.00/1.50
Non-U.S. plans
Pension
4.50–9.90
4.50–9.90
2.00–8.00
Weighted average6.706.565.48
Postretirement8.708.708.00

(1)    The assumptions for the discount rate and expected return on assets at the end of each quarter are used in the following quarter.
Effect of one-percentage-point change in the discount rates on pension expense
The following table summarizes the estimated effect on the Company’s Significant Plans quarterly net expense (benefit) of a one-percentage-point change in the discount rate:

Three Months Ended September 30, 2023
In millions of dollarsOne-percentage-point increaseOne-percentage-point decrease
Pension
U.S. plans$6 $(7)
Non-U.S. plans(2)3 
Postretirement
Non-U.S. plans(1)1 
Schedule of company contributions
The following table summarizes the Company’s actual contributions for the nine months ended September 30, 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(2)(3) for the nine months ended September 30
$43 $41 $87 $417 $— $5 $7 $7 
Company contributions made during the remainder of the year(3)
— 14 — 77 — 9 — 2 
Company contributions expected to be made during the remainder of the year16 — 25 — 1 — 2 — 

(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 increased due to the wind-down of Citi’s consumer banking business in Korea.
Defined contribution plans
The following table summarizes the Company’s contributions for the defined contribution plans:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2023202220232022
U.S. plans$138 $119 $413 $356 
Non-U.S. plans114 98 342 303