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INCENTIVE PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of the status of unvested stock awards
A summary of the status of unvested stock awards granted as discretionary annual incentive or sign-on and replacement stock awards is presented below:

Unvested stock awardsSharesWeighted-
average grant
date fair
value per share
Unvested at December 31, 2023
59,857,333 $56.09 
Granted(1)
32,164,458 53.00 
Canceled(2,693,522)55.04 
Vested(2)
(21,641,734)58.59 
Unvested at December 31, 2024
67,686,535 $53.87 

(1)The weighted-average fair value of the shares granted during 2023 and 2022 was $49.36 and $65.07, respectively.
(2)The total fair value of stock awards that vested during the years ending 2024, 2023 and 2022 was $1.1 billion, $835 million and $863 million, respectively.
A summary of the performance share unit activity for 2024 is presented below:

Performance share unitsUnits
Outstanding, beginning of year2,043,156 
Granted1,234,835 
Canceled— 
Payments(1)
(418,098)
Outstanding, end of year2,859,893 

(1)    $24.6 million in payments were processed for this program in 2024.
Schedule of assumptions used Other significant assumptions for the awards are as follows:
Valuation assumptions—weighted average202420232022
Expected volatility26.82 %35.97 %37.01 %
Expected dividend yield3.84 4.13 2.96 
Certain assumptions used in determining pension and postretirement benefit obligations and net benefit expense for the Company’s plans are presented in the following tables:

At year end20242023
Discount rate  
U.S. plans   
Qualified pension5.55%5.10%
Nonqualified pension5.605.15
Postretirement benefit plan5.555.20
Non-U.S. pension plans
Range
 0.85 to 12.50
 1.35 to 14.55
Weighted average7.316.91
Non-U.S. postretirement benefit plan
Range
3.25 to 12.20
3.80 to 10.70
Weighted average11.219.90
Future compensation increase rate(1)
Non-U.S. pension plans
Range
1.60 to 12.40
1.30 to 12.40
Weighted average3.803.84
Expected return on assets
U.S. plans
Qualified pension6.005.70
Postretirement benefit plan(2)
6.00/3.00
5.70/3.00
Non-U.S. pension plans
Range
2.00 to 11.50
2.00 to 11.50
Weighted average6.276.62
Non-U.S. postretirement benefit plan
Range
8.60 to 9.40
8.60 to 9.40
Weighted average9.399.39
Interest crediting rate (weighted average)(3)
U.S. plans4.554.10
Non-U.S. plans1.771.78

(1)    Not material for U.S. plans.
(2)    For the years ended 2024 and 2023, 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 year202420232022
Discount rate  
U.S. plans(1)
  
Qualified pension
5.10%/5.30%/ 5.50%/4.90%
5.50%/5.15%/ 5.40%/6.05%
2.80%/3.80%/ 4.80%/5.65%
Nonqualified pension
5.15/5.40/ 5.60/4.95
5.55/5.20/ 5.45/6.10
2.80/3.85/ 4.80/5.60
Postretirement benefit plan
5.20/5.40/ 5.60/4.90
5.60/5.25/ 5.50/6.10
2.75/3.85/ 4.75/5.65
Non-U.S. pension plans(2)
Range
1.35 to 14.55
 1.75 to 25.20
-0.10 to 11.95
Weighted average 6.916.663.96
Non-U.S. postretirement benefit plan(2)
Range
3.80 to 11.40
3.25 to 11.55
1.05 to 11.25
Weighted average 9.909.808.28
Future compensation increase rate(3)
Non-U.S. pension plans(2)
Range
1.30 to 12.40
1.30 to 23.11
1.30 to 11.25
Weighted average 3.843.763.10
Expected return on assets
U.S. plans
Qualified pension(4)
5.70
5.70
5.00
Postretirement benefit plan(4)
5.70/3.00
5.70/3.00
5.00/1.50
Non-U.S. pension plans(2)
Range
2.00 to 11.50
1.00 to 11.50
0.00 to 11.50
Weighted average 6.626.053.69
Non-U.S. postretirement benefit plan(2)
Range
8.60 to 9.40
8.70 to 9.10
6.00 to 8.00
Weighted average 9.398.707.99
Interest crediting rate (weighted average)(5)
U.S. plans(1)
4.10/4.30/ 4.50/3.90
4.50/4.15/ 4.40/5.05
1.80/2.80/ 3.80/4.65
Non-U.S. plans1.781.731.61

(1)    Represents rates used in quarterly remeasurements.
(2)    Reflects rates utilized to determine the quarterly expense for Significant non-U.S. pension and postretirement benefit plans.
(3)    Not material for U.S. plans.
(4)    The expected return on assets for the U.S. pension and postretirement benefit plans was adjusted from 5.70% to 6.00% effective January 1, 2025 to reflect a change in economic market conditions. 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. For the years 2024 and 2023, the expected return on assets for the VEBA Trust was 3.00% and for 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)
20252024202320242023
Equity securities(2)
0–22%
7 %7 %7 %7 %
Debt securities(3)
55–100
71 71 71 71 
Real assets(1)
0–13
5 2 5 2 
Private equity
0–5
7 8 7 8 
Other investments
0–14
10 12 10 12 
Total 100 %100 %100 %100 %

(1)Target asset allocations are set by investment strategy, whereas pension and postretirement assets as of December 31, 2024 and 2023 are based on the underlying investment product. For example, the private equity investment strategy may include underlying investments in real assets (includes real estate, infrastructure and natural resources) within the target asset allocation; however, within pension and postretirement assets, the underlying investment in real assets is reflected in the real assets 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 2024 and 2023.
(3)The VEBA Trust for postretirement benefits is primarily invested in cash equivalents and debt securities in 2024 and 2023 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)
20252024202320242023
Equity securities
0–49%
0–49%
0–48%
18 %19 %
Debt securities
0–100
0–100
0–100
73 73 
Real assets
0–16
0–16
0–17
1 1 
Other investments
0–100
0–100
0–100
8 7 
Total100 %100 %

 Non-U.S. postretirement benefit plans
 Target asset
allocation		Actual range
at December 31,		Weighted average
at December 31,
Asset category(1)
20252024202320242023
Equity securities
0–46%
0–37%
0–46%
36 %45 %
Debt securities
50–100
59–100
49–100
60 50 
Other investments
0–4
0–4
0–5
4 5 
Total100 %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.
Components of compensation expense relating to stock-basked compensation programs and deferred cash award programs
The following table presents components of compensation expense, relating to the incentive compensation programs described above:

In millions of dollars202420232022
Charges for estimated awards to retirement-eligible employees$741 $663 $742 
Amortization of deferred cash awards, deferred cash stock units and performance stock units186 340 463 
Immediately vested stock award expense(1)
130 127 101 
Amortization of restricted and deferred stock awards(2)
718 689 533 
Other variable incentive compensation355 286 304 
Total$2,130 $2,105 $2,091 

(1)    Represents expense for immediately vested stock awards that generally were stock payments in lieu of cash compensation. The expense is generally accrued as cash incentive compensation in the year prior to grant.
(2)    All periods include amortization expense for all unvested awards to non-retirement-eligible employees.