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RETIREMENT BENEFITS (Tables)
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Components of net (benefit) expense
The following tables summarize the components of net expense (benefit) recognized in the Consolidated Statement of Income for the Company’s pension and postretirement benefit plans for Significant Plans and All Other Plans. Service cost is reported in Compensation and benefits expenses and all other components of the net periodic 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 dollars20242023202420232024202320242023
Service cost$— $— $28 $29 $— $— $— $— 
Interest cost on benefit obligation119 124 105 105 4 4 25 27 
Expected return on assets(150)(160)(80)(84)(3)(3)(19)(20)
Amortization of unrecognized:     
Prior service (benefit)— — (1)(1)(2)(2)(1)(2)
Net actuarial loss (gain)43 39 18 20 (2)(3)3 (4)
Settlement loss(1)
— — 4 5 — — — — 
Total net expense (benefit) $12 $3 $74 $74 $(3)$(4)$8 $1 

(1)    Settlement loss relates to divestiture activities.

Nine Months Ended September 30,
 Pension plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20242023202420232024202320242023
Service cost$— $— $87 $87 $— $— $1 $1 
Interest cost on benefit obligation355 374 323 305 12 13 82 79 
Expected return on assets(453)(481)(249)(247)(8)(10)(61)(59)
Amortization of unrecognized:     
Prior service cost (benefit)1 1 (3)(4)(7)(7)(5)(6)
Net actuarial loss (gain)134 118 61 54 (7)(8)8 (14)
Curtailment (gain)(1)
— — — (8)— — — — 
Settlement loss(1)
— — 6 9 — — — — 
Total net expense (benefit) $37 $12 $225 $196 $(10)$(12)$25 $1 

(1)    Curtailment and settlement relate to 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:

Three Months Ended September 30,Nine Months Ended September 30,
In millions of dollars2024202320242023
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 5 18 10 
Total net expense $6 $6 $20 $12 
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 pension and postretirement benefit plans:

Nine Months Ended September 30, 2024
 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$9,640 $7,030 $343 $1,208 
Plans measured annually(18)(1,663)— (219)
Projected benefit obligation at beginning of year—Significant Plans
$9,622 $5,367 $343 $989 
First-quarter activity(244)(76)(12)(3)
Second-quarter activity(231)(376)(11)(116)
Projected benefit obligation at June 30, 2024—Significant Plans$9,147 $4,915 $320 $870 
Service cost— 11 — — 
Interest cost on benefit obligation120 86 4 22 
Actuarial loss403 33 10 14 
Benefits paid, net of participants’ contributions(224)(84)(9)(22)
Foreign exchange impact— (90)— (62)
Projected benefit obligation at period end—Significant Plans$9,446 $4,871 $325 $822 
Change in plan assets    
Plan assets at fair value at beginning of year$10,210 $6,426 $231 $970 
Plans measured annually— (1,198)— (9)
Plan assets at fair value at beginning of year—Significant Plans
$10,210 $5,228 $231 $961 
First-quarter activity(201)(112)— (8)
Second-quarter activity(203)(275)(14)(88)
Plan assets at fair value at June 30, 2024—Significant Plans$9,806 $4,841 $217 $865 
Actual return on plan assets474 160 9 63 
Company contributions, net of reimbursements14 5 (2)— 
Benefits paid, net of participants’ contributions(224)(84)(9)(22)
Foreign exchange impact— (16)— (63)
Plan assets at fair value at period end—Significant Plans$10,070 $4,906 $215 $843 
Qualified plans(1)
$1,126 $35 $(110)$21 
Nonqualified plans(2)
(502)— — — 
Funded status of the plans at period end—Significant Plans$624 $35 $(110)$21 
Net amount recognized at period end    
Benefit asset$1,126 $797 $— $21 
Benefit liability(502)(762)(110)— 
Net amount recognized on the balance sheet—Significant Plans$624 $35 $(110)$21 
Amounts recognized in AOCI at period end(3)
   
Prior service (expense) benefit $— $(8)$66 $24 
Net actuarial (loss) gain(6,287)(1,366)105 (221)
Net amount recognized in AOCI (pretax)—Significant Plans
$(6,287)$(1,374)$171 $(197)
Accumulated benefit obligation at period end—Significant Plans$9,423 $4,662 $325 $822 

(1)The U.S. qualified pension plan is fully funded under Employee Retirement Income Security Act of 1974, as amended, funding rules as of January 1, 2024 and no minimum required funding is expected for 2024.
(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.
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, 2024		Nine Months Ended September 30, 2024Three Months Ended
September 30, 2023		Nine Months Ended September 30, 2023
Beginning of period balance, net of tax(1)(2)
$(5,794)$(6,050)$(5,995)$(5,755)
Actuarial assumptions changes and plan experience(458)78 818 703 
Net gain (loss) due to difference between actual and expected returns466 (10)(614)(676)
Net amortization56 181 47 135 
Curtailment/settlement loss4 8 5 1 
Foreign exchange impact and other20 148 124 (95)
Change in deferred taxes, net(39)(100)(68)4 
Change, net of tax$49 $305 $312 $72 
End of period balance, net of tax(1)(2)
$(5,745)$(5,745)$(5,683)$(5,683)

(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.
Assumptions used in determining benefit obligations and net benefit expense
Certain assumptions used in determining pension and postretirement benefit obligations and net expense (benefit) for the Company’s Significant Plans are presented in the following tables:

During the periodThree Months Ended
Sept. 30, 2024Jun. 30, 2024Sep. 30, 2023
Discount rate
U.S. plans
Qualified pension5.50%5.30%5.40%
Nonqualified pension5.605.405.45
Postretirement benefit plan5.605.405.50
Non-U.S. pension plans  
Range
1.25–11.40
1.35–11.00
1.80–10.40
Weighted average8.087.927.72
Non-U.S. postretirement benefit plan11.4011.0510.40
Expected return on assets
U.S. plans
Qualified pension5.705.705.70
Postretirement benefit plan
5.70/3.00
5.70/3.00
5.70/3.00
Non-U.S. pension plans
Range
4.30–9.60
4.20–9.60
4.50–9.90
Weighted average6.486.516.56
Non-U.S. postretirement benefit plan9.409.408.70










At period ended(1)
Sept. 30, 2024Jun. 30, 2024Sep. 30, 2023
Discount rate
U.S. plans
Qualified pension4.90%5.50%6.05%
Nonqualified pension4.955.606.10
Postretirement benefit plan4.905.606.10
Non-U.S. pension plans   
Range
0.95–11.05
1.25–11.40
1.85–11.55
Weighted average7.778.088.35
Non-U.S. postretirement benefit plan11.2011.4011.55
Expected return on assets
U.S. plans
Qualified pension5.705.705.70
Postretirement benefit plan
5.70/3.00
5.70/3.00
5.70/3.00
Non-U.S. pension plans
Range
4.30–9.60
4.30–9.60
4.50–9.90
Weighted average6.426.486.70
Non-U.S. postretirement benefit plan9.409.408.70

(1)    Discount rates and expected return on assets at the end of each quarter are utilized in the following quarter’s expense.
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, 2024
In millions of dollarsOne-percentage-point increaseOne-percentage-point decrease
Pension
U.S. plans$6 $(6)
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, 2024 and 2023, as well as expected Company contributions for the remainder of 2024 and the actual contributions made in 2023:

 Pension plans Postretirement benefit plans 
 
U.S. plans(1)
Non-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20242023202420232024202320242023
Company contributions(2) for the nine months ended September 30
$43 $43 $80 $87 $8 $— $7 $7 
Company net contributions made during the remainder of the year— 15 — 31 — 8 — 2 
Company contributions expected to be made during the remainder of the year16 — 21 — 2 — 3 — 

(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.
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 dollars2024202320242023
U.S. plans$141 $138 $439 $413 
Non-U.S. plans110 114 354 342