RETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2023

The following table summarizes the components of net (benefit) expense recognized in the Consolidated Statement of Income for the Company’s pension and postretirement benefit plans for Significant Plans and All Other Plans. Benefits earned during the year are reported in Compensation and benefits expenses and all other components of the net annual benefit cost are reported in Other operating expenses in the Consolidated Statement of Income:



	Pension plans												Postretirement benefit plans
	U.S. plans						Non-U.S. plans						U.S. plans						Non-U.S. plans
In millions of dollars	2023		2022		2021		2023		2022		2021		2023		2022		2021		2023		2022		2021

Service cost	$	—	$	—	$	—	$	115	$	116	$	149	$	—	$	—	$	—	$	1	$	2	$	6
Interest cost on benefit obligation	505		442		351		409		329		268		18		16		13		106		90		96
Expected return on assets	(640)		(612)		(683)		(327)		(263)		(253)		(13)		(11)		(13)		(77)		(69)		(84)
Amortization of:
Prior service cost (benefit)	2		2		2		(5)		(7)		(6)		(9)		(9)		(9)		(9)		(8)		(9)
Net actuarial loss (gain)	151		162		228		72		58		62		(12)		(9)		(3)		(18)		6		13
Curtailment (gain) loss(1)	—		—		—		(16)		(22)		1		—		—		—		—		—		—
Settlement loss (gain)(1)	—		—		—		9		(15)		10		—		—		—		—		—		—

Total net expense (benefit)	$	18	$	(6)	$	(102)	$	257	$	196	$	231	$	(16)	$	(13)	$	(12)	$	3	$	21	$	22

(1)Curtailment and settlement relate to divestiture and wind-down activities. Total 2023 net expense for non-U.S. plans include curtailment gains and settlement loss related to divestiture of Citi’s consumer businesses in India, Indonesia and Taiwan. Total 2022 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:


In millions of dollars	2023		2022		2021
Net expense	$	14	$	11	$	10

Summary of entity's contributions

The following table summarizes the Company’s actual contributions for the years ended December 31, 2023 and 2022, as well as expected Company contributions for 2024. 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. plans						U.S. plans						Non-U.S. plans
In millions of dollars	2024		2023		2022		2024		2023		2022		2024		2023		2022		2024		2023		2022
Contributions made by the Company	$	—	$	—	$	—	$	61	$	87	$	158	$	—	$	—	$	—	$	4	$	4	$	4
Benefits paid directly by the Company(3)	57		58		55		46		31		336		6		8		14		6		5		5

(1) Amounts reported for 2024 are expected amounts.

(2) The U.S. plans include benefits paid directly by the Company for the nonqualified pension plans.

(3) 2022 benefit payments include the wind-down of Citi’s consumer banking business in Korea.

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 benefit plans:



	Pension plans								Postretirement benefit plans
	U.S. plans				Non-U.S. plans				U.S. plans				Non-U.S. plans
In millions of dollars	2023		2022		2023		2022		2023		2022		2023		2022
Change in benefit obligation

Benefit obligation at beginning of year	$	9,741	$	12,766	$	6,375	$	8,001	$	375	$	501	$	1,013	$	1,169






Service cost	—		—		115		116		—		—		1		2
Interest cost on benefit obligation	505		442		409		329		18		16		106		90
Plan amendments	—		—		(2)		—		—		—		—		—
Actuarial loss (gain)(1)	282		(2,522)		273		(1,168)		(1)		(95)		27		(100)
Benefits paid, net of participants’ contributions	(888)		(945)		(368)		(397)		(49)		(47)		(77)		(72)

Divestitures	—		—		(77)		(22)		—		—		—		—
Settlement(2)(3)	—		—		(104)		(364)		—		—		—		—
Curtailment(3)	—		—		(33)		(35)		—		—		—		—

Foreign exchange impact and other	—		—		442		(85)		—		—		138		(76)


Benefit obligation at year end	$	9,640	$	9,741	$	7,030	$	6,375	$	343	$	375	$	1,208	$	1,013
Change in plan assets

Plan assets at fair value at beginning of year	$	10,145	$	12,977	$	6,086	$	7,614	$	253	$	319	$	855	$	1,043






Actual return on plan assets(1)	895		(1,942)		352		(1,212)		19		(33)		56		(75)
Company contributions, net of reimbursements	58		55		118		495		8		14		9		9

Benefits paid, net of participants’ contributions	(888)		(945)		(368)		(397)		(49)		(47)		(77)		(72)
Divestitures	—		—		(19)		(11)		—		—		—		—
Settlement(2)(3)	—		—		(104)		(364)		—		—		—		—
Foreign exchange impact and other	—		—		361		(39)		—		—		127		(50)
Plan assets at fair value at year end	$	10,210	$	10,145	$	6,426	$	6,086	$	231	$	253	$	970	$	855

Funded status of the plans
Qualified plans(4)	$	1,107	$	949	$	(604)	$	(289)	$	(112)	$	(122)	$	(238)	$	(158)
Nonqualified plans(5)	(537)		(545)		—		—		—		—		—		—
Funded status of the plans at year end	$	570	$	404	$	(604)	$	(289)	$	(112)	$	(122)	$	(238)	$	(158)

Net amount recognized at year end
Qualified plans
Benefit asset	$	1,107	$	949	$	832	$	799	$	—	$	—	$	—	$	28
Benefit liability	—		—		(1,436)		(1,088)		(112)		(122)		(238)		(186)
Qualified plans	$	1,107	$	949	$	(604)	$	(289)	$	(112)	$	(122)	$	(238)	$	(158)
Nonqualified plans	(537)		(545)		—		—		—		—		—		—
Net amount recognized on the balance sheet	$	570	$	404	$	(604)	$	(289)	$	(112)	$	(122)	$	(238)	$	(158)

Amounts recognized in AOCI at year end(2)


Prior service (cost) benefit	$	(5)	$	(6)	$	5	$	7	$	73	$	82	$	33	$	36
Net actuarial (loss) gain	(6,320)		(6,445)		(1,990)		(1,671)		114		120		(311)		(206)


Net amount recognized in AOCI	$	(6,325)	$	(6,451)	$	(1,985)	$	(1,664)	$	187	$	202	$	(278)	$	(170)
Accumulated benefit obligation at year end	$	9,640	$	9,740	$	6,686	$	6,051	$	343	$	375	$	1,208	$	1,013

(1)In 2022, the actuarial gain was primarily due to the increase in global discount rates partially offset by lower than expected asset returns.

(2)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.

(3)Curtailment and settlement relate to divestiture and other wind-down activities.

(4)The U.S. qualified plan was fully funded as of January 1, 2023 and no minimum funding was required for 2023. The plan is also expected to be fully funded as of January 1, 2024 with no expected minimum funding requirement for 2024.

(5)The nonqualified plans of the Company are unfunded.

The following table summarizes the funded status and amounts recognized on the Company’s Consolidated Balance Sheet:


In millions of dollars	2023		2022
Funded status of the plan at year end	$	(46)	$	(48)
Net amount recognized in AOCI (pretax)	$	(13)	$	(16)

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 dollars	2023		2022		2021

Beginning of year balance, net of tax(1)(2)	$	(5,755)	$	(5,852)	$	(6,864)

Actuarial assumptions changes and plan experience	(547)		3,923		963
Net asset gain (loss) due to difference between actual and expected returns	263		(4,225)		(148)
Net amortization	175		198		280
Prior service benefit (cost)	2		—		(7)
Curtailment/settlement (loss) gain(3)	(7)		(37)		11
Foreign exchange impact and other	(239)		172		153
Change in deferred taxes, net	58		66		(240)
Change, net of tax	$	(295)	$	97	$	1,012
End of year balance, net of tax(1)(2)	$	(6,050)	$	(5,755)	$	(5,852)

(1)See Note 21 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 and wind-down activities, including $36 million related to the Korea wind-down in 2022.

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, 2023 and 2022, 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 assets								ABO 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 dollars	2023		2022		2023		2022		2023		2022		2023		2022
Projected benefit obligation	$	537	$	545	$	3,747	$	3,463	$	537	$	545	$	3,510	$	3,315
Accumulated benefit obligation	537		545		3,453		3,179		537		545		3,258		3,088
Fair value of plan assets	—		—		2,311		2,374		—		—		2,100		2,252

(1)As of December 31, 2023 and 2022, 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 assumptions—weighted average	2023		2022		2021
Expected volatility	35.97	%	37.01	%	40.88	%
Expected dividend yield	4.13		2.96		4.21

Certain assumptions used in determining pension and postretirement benefit obligations and net benefit expense for the Company’s plans are presented in the following table:


At year end	2023	2022
Discount rate
U.S. plans
Qualified pension	5.10%	5.50%
Nonqualified pension	5.15	5.55
Postretirement benefit plan	5.20	5.60
Non-U.S. pension plans
Range	1.35 to 14.55	1.75 to 25.20
Weighted average	6.91	6.66
Non-U.S. postretirement benefit plans
Range	3.80 to 10.70	3.25 to 10.60
Weighted average	9.90	9.80
Future compensation increase rate(1)
Non-U.S. pension plans
Range	1.30 to 12.40	1.30 to 23.11
Weighted average	3.84	3.76
Long-term expected return on assets
U.S. plans
Qualified pension	5.70	5.70
Postretirement benefit plan(2)	5.70/3.00	5.70/3.00
Non-U.S. pension plans
Range	2.00 to 11.50	1.00 to 11.50
Weighted average	6.62	6.05
Non-U.S. postretirement benefit plans
Range	8.60 to 9.40	8.70 to 9.10
Weighted average	9.39	8.70
Interest crediting rate (weighted average)(3)
U.S. plans	4.10	4.50
Non-U.S. plans	1.78	1.73

(1) Not material for U.S. plans.

(2) For the years ended 2023 and 2022, the expected return on assets for the Voluntary Employees Beneficiary Association (VEBA) Trust was 3.00%.

(3) 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.


During the year	2023	2022	2021
Discount rate
U.S. plans
Qualified pension	5.50%/5.15%/ 5.40%/6.05%	2.80%/3.80%/ 4.80%/5.65%	2.45%/3.10%/ 2.75%/2.80%
Nonqualified pension	5.55/5.20/ 5.45/6.10	2.80/3.85/ 4.80/5.60	2.35/3.00/ 2.70/2.75
Postretirement benefit plan	5.60/5.25/ 5.50/6.10	2.75/3.85/ 4.75/5.65	2.20/2.85/ 2.60/2.65
Non-U.S. pension plans(1)
Range(2)	1.75 to 25.20	-0.10 to 11.95	-0.25 to 11.15
Weighted average	6.66	3.96	3.14
Non-U.S. postretirement benefit plans(1)
Range	3.25 to 11.55	1.05 to 11.25	0.80 to 9.80
Weighted average	9.80	8.28	7.42
Future compensation increase rate(3)
Non-U.S. pension plans(1)
Range	1.30 to 23.11	1.30 to 11.25	1.20 to 11.25
Weighted average	3.76	3.10	3.10
Long-term expected return on assets
U.S. plans
Qualified pension(4)	5.70	5.00	5.80/5.60/5.60/5.00
Postretirement benefit plan(4)	5.70/3.00	5.00/1.50	5.80/5.60/5.00/1.50
Non-U.S. pension plans(1)
Range	1.00 to 11.50	0.00 to 11.50	0.00 to 11.50
Weighted average	6.05	3.69	3.39
Non-U.S. postretirement benefit plans(1)
Range	8.70 to 9.10	6.00 to 8.00	5.95 to 8.00
Weighted average	8.70	7.99	7.99
Interest crediting rate (weighted average)(5)
U.S. plans	4.50/4.15/ 4.40/5.05	1.80/2.80/ 3.80/4.65	1.45/2.10/ 1.75/1.80
Non-U.S. plans	1.73	1.61	1.60

(1) Reflects rates utilized to determine the quarterly expense for Significant non-U.S. pension and postretirement benefit plans.

(2) In 2021, 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) Effective January 1, 2024, there is no change in the expected return on assets for the U.S. pension and postretirement benefit plans of 5.70%. The expected return on assets for the U.S. pension and postretirement benefit plans was adjusted from 5.00% to 5.70% effective January 1, 2023 to reflect a significant change in economic market conditions. The expected return on assets for the U.S. pension and postretirement benefit plans changed from 6.70% to 5.80% effective January 1, 2021, reduced to 5.60% effective April 1, 2021 and further reduced to 5.00% effective October 1, 2021. For the year 2023, the expected return on assets for the VEBA Trust was 3.00% and for 2021 and 2022 it was 1.50%.

(5) 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.

Citigroup’s pension and postretirement benefit 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)	2024	2023		2022		2023		2022
Equity securities(2)	0–22%	7	%	7	%	7	%	7	%
Debt securities(3)	55–105	71		71		71		71
Real estate	0–4	2		3		2		3
Private equity	0–5	8		7		8		7
Other investments	0–23	12		12		12		12
Total		100	%	100	%	100	%	100	%

(1)Target asset allocations are set by investment strategy, whereas pension and postretirement assets as of December 31, 2023 and 2022 are based on the underlying investment product. For example, the private equity investment strategy may include underlying investments in real estate within the target asset allocation; however, within pension and postretirement assets, the underlying investment in real estate is reflected in the real estate category and not private equity.

(2)Equity securities in the U.S. pension and postretirement benefit plans do not include any Citigroup common stock at the end of 2023 and 2022.

(3)The VEBA Trust for postretirement benefits is primarily invested in cash equivalents and debt securities in 2023 and 2022 and is not reflected in the table above.

Citigroup’s pension and postretirement benefit 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)	2024	2023	2022	2023		2022
Equity securities	0–48%	0–48%	0–63%	19	%	19	%
Debt securities	0–100	0–100	0–100	73		73
Real estate	0–17	0–17	0–15	1		1
Other investments	0–100	0–100	0–100	7		7
Total				100	%	100	%


	Non-U.S. postretirement benefit plans
	Target asset allocation	Actual range at December 31,		Weighted average at December 31,
Asset category(1)	2024	2023	2022	2023		2022
Equity securities	0–46%	0–46%	0–48%	45	%	47	%
Debt securities	50–100	49–100	45–100	50		49
Other investments	0–4	0–5	0–7	5		4
Total				100	%	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 presents the expected return on assets used in determining the Company’s pension expense compared to the actual return on assets during 2023, 2022 and 2021 for the U.S. pension and postretirement benefit plans:


U.S. plans (during the year)	2023	2022	2021
Expected return on assets
U.S. pension and postretirement trust	5.70%	5.00%	5.80%/5.60%/5.60%/5.00%
VEBA Trust(1)	3.00	1.50	1.50
Actual return on assets(2)
U.S. pension and postretirement trust	9.83	(15.52)	5.14
VEBA Trust	5.87	1.40	1.52

(1)The expected return on assets for the VEBA Trust was adjusted from 1.50% to 3.00% effective January 1, 2023 to reflect the significant change in economic conditions.

(2)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 dollars	2023		2022		2021
U.S. plans	$	22	$	27	$	35
Non-U.S. plans	(12)		(5)		(4)
	One-percentage-point decrease
In millions of dollars	2023		2022		2021
U.S. plans	$	(26)	$	(34)	$	(49)
Non-U.S. plans	20		15		25

Schedule of effect of one percentage point change in expected rates of return


	Expected return on assets
	One-percentage-point increase
In millions of dollars	2023		2022		2021
U.S. plans	$	(112)	$	(123)	$	(124)
Non-U.S. plans	(54)		(60)		(70)
	One-percentage-point decrease
In millions of dollars	2023		2022		2021
U.S. plans	$	112	$	123	$	124
Non-U.S. plans	54		60		70

Schedule of health care cost trend rates

Assumed health care cost trend rates were as follows:


	2023	2022
Health care cost increase rate for U.S. plans
Following year	6.75%	7.00%
Ultimate rate to which cost increase is assumed to decline	5.00	5.00
Year in which the ultimate rate is reached	2031	2031
Health care cost increase rate for non-U.S. plans (weighted average)
Following year	7.60%	7.05%
Ultimate rate to which cost increase is assumed to decline	7.02	7.05
Year in which the ultimate rate is reached	2030	2023

Schedule of interest crediting rate for cash balance and other plans

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 dollars	Fair value measurement at December 31, 2023
Asset categories	Level 1		Level 2		Level 3		Total
U.S. equities	$	262	$	—	$	—	$	262
Non-U.S. equities	315		—		—		315
Mutual funds and other registered investment companies	244		—		—		244
Commingled funds	—		622		—		622
Debt securities	690		5,041		—		5,731
Annuity contracts	—		—		3		3
Derivatives	38		164		—		202
Other investments	—		—		2		2
Total investments	$	1,549	$	5,827	$	5	$	7,381
Cash and short-term investments	$	11	$	651	$	—	$	662
Other investment liabilities	(3)		(171)		—		(174)
Net investments at fair value	$	1,557	$	6,307	$	5	$	7,869
Other investment liabilities redeemed at NAV							$	(127)
Securities valued at NAV							2,699
Total net assets							$	10,441

(1)The investments of the U.S. pension and postretirement benefit plans are commingled in one trust. At December 31, 2023, the allocable interests of the U.S. pension and postretirement benefit 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 dollars	Fair value measurement at December 31, 2022
Asset categories	Level 1		Level 2		Level 3		Total
U.S. equities	$	233	$	—	$	—	$	233
Non-U.S. equities	346		—		—		346
Mutual funds and other registered investment companies	243		—		—		243
Commingled funds	—		818		—		818
Debt securities	929		4,638		—		5,567
Annuity contracts	—		—		3		3
Derivatives	2		34		—		36
Other investments	—		—		4		4
Total investments	$	1,753	$	5,490	$	7	$	7,250
Cash and short-term investments	$	39	$	563	$	—	$	602
Other investment liabilities	(10)		(45)		—		(55)
Net investments at fair value	$	1,782	$	6,008	$	7	$	7,797
Other investment receivables redeemed at NAV							$	21
Securities valued at NAV							2,580
Total net assets							$	10,398

(1)The investments of the U.S. pension and postretirement benefit plans are commingled in one trust. At December 31, 2022, the allocable interests of the U.S. pension and postretirement benefit 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 dollars	Fair value measurement at December 31, 2023
Asset categories	Level 1		Level 2		Level 3		Total
U.S. equities	$	133	$	—	$	—	$	133
Non-U.S. equities	722		—		—		722
Mutual funds and other registered investment companies	2,706		310		—		3,016
Commingled funds	12		—		—		12
Debt securities	2,620		1,016		—		3,636
Real estate	—		—		2		2
Annuity contracts	—		—		2		2
Derivatives	—		1,137		—		1,137
Other investments	—		—		231		231
Total investments	$	6,193	$	2,463	$	235	$	8,891
Cash and short-term investments	$	83	$	—	$	—	$	83
Other investment liabilities	—		(1,594)		—		(1,594)
Net investments at fair value	$	6,276	$	869	$	235	$	7,380
Securities valued at NAV							$	16
Total net assets							$	7,396


	Non-U.S. pension and postretirement benefit plans
In millions of dollars	Fair value measurement at December 31, 2022
Asset categories	Level 1		Level 2		Level 3		Total
U.S. equities	$	121	$	10	$	—	$	131
Non-U.S. equities	718		19		—		737
Mutual funds and other registered investment companies	2,416		296		—		2,712
Commingled funds	13		—		—		13
Debt securities	2,959		980		—		3,939
Real estate	—		2		2		4
Annuity contracts	—		—		2		2
Derivatives	—		1,490		—		1,490
Other investments	—		—		258		258
Total investments	$	6,227	$	2,797	$	262	$	9,286
Cash and short-term investments	$	69	$	6	$	—	$	75
Other investment liabilities	—		(2,436)		—		(2,436)
Net investments at fair value	$	6,296	$	367	$	262	$	6,925
Securities valued at NAV							$	16
Total net assets							$	6,941

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 dollars	U.S. pension and postretirement benefit plans

Asset categories	Beginning Level 3 fair value at Dec. 31, 2022		Realized (losses)		Unrealized gains		Purchases, sales and issuances		Transfers in and/or out of Level 3		Ending Level 3 fair value at Dec. 31, 2023

Annuity contracts	$	3	$	—	$	—	$	—	$	—	$	3
Other investments	4		—		—		(2)		—		2


Total investments	$	7	$	—	$	—	$	(2)	$	—	$	5


In millions of dollars	U.S. pension and postretirement benefit plans

Asset categories	Beginning Level 3 fair value at Dec. 31, 2021		Realized (losses)		Unrealized gains		Purchases, sales and issuances		Transfers in and/or out of Level 3		Ending Level 3 fair value at Dec. 31, 2022

Annuity contracts	$	4	$	—	$	—	$	(1)	$	—	$	3

Other investments	25		(3)		2		(20)		—		4

Total investments	$	29	$	(3)	$	2	$	(21)	$	—	$	7


In millions of dollars	Non-U.S. pension and postretirement benefit plans
Asset categories	Beginning Level 3 fair value at Dec. 31, 2022		Unrealized gains		Purchases, sales and issuances		Transfers in and/or out of Level 3		Ending Level 3 fair value at Dec. 31, 2023


Real estate	$	2	$	—	$	—	$	—	$	2
Annuity contracts	2		—		—		—		2
Other investments	258		6		(33)		—		231
Total investments	$	262	$	6	$	(33)	$	—	$	235


In millions of dollars	Non-U.S. pension and postretirement benefit plans
Asset categories	Beginning Level 3 fair value at Dec. 31, 2021		Unrealized gains		Purchases, sales and issuances		Transfers in and/or out of Level 3		Ending Level 3 fair value at Dec. 31, 2022


Real estate	$	2	$	—	$	—	$	—	$	2
Annuity contracts	2		—		—		—		2
Other investments	318		—		(60)		—		258
Total investments	$	322	$	—	$	(60)	$	—	$	262

Schedule of expected benefit payments

The Company expects to pay the following estimated benefit payments in future years:


	Pension plans				Postretirement benefit plans
In millions of dollars	U.S. plans		Non-U.S. plans		U.S. plans		Non-U.S. plans
2024	$	1,000	$	638	$	57	$	89
2025	1,005		558		41		93
2026	985		553		39		98
2027	962		566		36		102
2028	937		569		34		107
2029–2033	3,974		3,207		131		601

Defined contribution plans

The following tables summarize the Company contributions for the defined contribution plans:


	U.S. plans
In millions of dollars	2023		2022		2021
Company contributions	$	546	$	471	$	436
	Non-U.S. plans
In millions of dollars	2023		2022		2021
Company contributions	$	453	$	399	$	364