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INCENTIVE PLANS (Tables)
12 Months Ended
Dec. 31, 2020
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 long-term retention awards is presented below:
Unvested stock awardsSharesWeighted-
average grant
date fair
value per share
Unvested at December 31, 201930,194,715 $61.30 
Granted(1)
12,361,412 76.68 
Canceled(606,918)69.22 
Vested(2)
(13,722,917)58.45 
Unvested at December 31, 202028,226,292 $69.25 

(1)The weighted-average fair value of the shares granted during 2019 and 2018 was $61.78 and $73.87, respectively.
(2)The weighted-average fair value of the shares vesting during 2020 was approximately $79.68 per share.
A summary of the performance share unit activity for 2020 is presented below:
Performance share unitsUnitsWeighted-
average grant
date fair
value per unit
Outstanding, beginning of
year
1,492,000 $71.69 
Granted(1)
440,349 78.06 
Canceled  
Payments(598,546)59.22 
Outstanding, end of year1,333,803 $79.39 

(1)     Grant activity for 2020 includes additional units earned on the 2017 grant. The weighted-average grant price for the 2020 grant alone was $83.45. The weighted-average grant date fair value per unit awarded in 2019 and 2018 was $72.83 and $83.24, respectively.
Schedule of assumptions used Other significant assumptions for the awards are as follows:
Valuation assumptions202020192018
Expected volatility22.26 %25.33 %24.93 %
Expected dividend yield2.82 2.67 1.75 
Certain assumptions used in determining pension and postretirement benefit obligations and net benefit expense for the Company’s plans are shown in the following table:
At year end20202019
Discount rate  
U.S. plans   
Qualified pension2.45%3.25%
Nonqualified pension2.353.25
Postretirement2.203.15
Non-U.S. pension plans
Range(1)
 -0.25 to 11.15-0.10 to 11.30
Weighted average3.143.65
Non-U.S. postretirement plans
Range
0.80 to 8.55
0.90 to 9.10
Weighted average7.427.76
Future compensation increase rate(2)
Non-U.S. pension plans
Range
1.20 to 11.25
1.50 to 11.50
Weighted average3.103.17
Expected return on assets
U.S. plans
Qualified pension5.806.70
Postretirement(3)
5.80/1.50
6.70/3.00
Non-U.S. pension plans
Range
0.00 to 11.50
0.00 to 11.50
Weighted average3.393.95
Non-U.S. postretirement plans
Range
5.95 to 8.00
6.20 to 8.00
Weighted average7.997.99

(1)    Due to substantial downward movement in yields, there were negative discount rates for plans with relatively short duration in major markets, such as the Eurozone and Switzerland.
(2)    Not material for U.S. plans.
(3)    For the year ended 2020 and 2019, the expected return on assets for the VEBA Trust was 1.50% and 3.00% respectively.


During the year202020192018
Discount rate  
U.S. plans   
Qualified pension
3.25%/3.20%/ 2.60%/2.55%
4.25%/3.85%/ 3.45%/3.10%
3.60%/3.95%/ 4.25%/4.30%
Nonqualified pension
3.25/3.25/ 2.55/2.50
4.25/3.90/ 3.50/3.10
3.60/3.95/ 4.25/4.30
Postretirement
3.15/3.20/ 2.45/2.35
4.20/3.80/ 3.35/3.00
3.50/3.90/ 4.20/4.20
Non-U.S. pension plans(1)
Range(2)
-0.10 to 11.30-0.05 to 12.00
0.00 to 10.75
Weighted average 3.654.474.17
Non-U.S. postretirement plans(1)
Range
0.90 to 9.75
1.75 to 10.75
1.75 to 10.10
Weighted average 7.769.058.10
Future compensation increase rate(3)
Non-U.S. pension plans(1)
Range
1.50 to 11.50
1.30 to 13.67
1.17 to 13.67
Weighted average 3.173.163.08
Expected return on assets
U.S. plans
Qualified pension(4)
6.706.70
6.80/6.70
Postretirement(4)
6.70/3.00
6.70/3.00
6.80/6.70/3.00
Non-U.S. pension plans(1)
Range
0.00 to 11.50
1.00 to 11.50
0.00 to 11.60
Weighted average 3.954.304.52
Non-U.S. postretirement plans(1)
Range
6.20 to 8.00
8.00 to 9.20
8.00 to 9.80
Weighted average 7.998.018.01

(1)    Reflects rates utilized to determine the quarterly expense for Significant non-U.S. pension and postretirement plans.
(2)    Due to substantial downward movement in yields, there were negative discount rates for plans with relatively short duration in major markets, such as the Eurozone and Switzerland.
(3)    Not material for U.S. plans.
(4)    The expected return on assets for the U.S. pension and postretirement plans was lowered from 6.70% to 5.80% effective January 1, 2021 to reflect the lower interest rate environment and a change in target asset allocation.


Citigroup’s pension and postretirement 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)
20212020201920202019
Equity securities(2)
0–26%
16 %17 %16 %17 %
Debt securities(3)
35–82
59 58 59 58 
Real estate
0–7
4 4 
Private equity
0–10
3 3 
Other investments
0–30
18 18 18 18 
Total 100 %100 %100 %100 %
(1)Asset allocations for the U.S. plans are set by investment strategy, not by investment product. For example, private equities with an underlying investment in real estate are classified in the real estate asset category, not private equity.
(2)Equity securities in the U.S. pension and postretirement plans do not include any Citigroup common stock at the end of 2020 and 2019.
(3)The VEBA Trust for postretirement benefits is primarily invested in cash equivalents and debt securities in 2020 and 2019 and is not reflected in the table above.
Citigroup’s pension and postretirement 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)
20212020201920202019
Equity securities
0–100%
0–100%
0–100%
15 %13 %
Debt securities
0–100
0–100
0–100
77 80 
Real estate
0–15
0–12
0–15
1 
Other investments
0–100
0–100
0–100
7 
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.
 Non-U.S. postretirement plans
 Target asset
allocation
Actual range
at December 31,
Weighted-average
at December 31,
Asset category(1)
20212020201920202019
Equity securities
0–38%
0–38%
0–31%
38 %27 %
Debt securities
56–100
56–100
66–100
56 71 
Other investments
0–6
0–6
0–3
6 
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.
Information with respect to stock option activity under stock option awards
The following table presents information with respect to stock option activity under Citigroup’s stock option programs: 
 202020192018
 OptionsWeighted-
average
exercise
price
Intrinsic
value
per share
OptionsWeighted-
average
exercise
price
Intrinsic
value
per share
OptionsWeighted-
average
exercise
price
Intrinsic
value
per share
Outstanding, beginning of year166,650 $47.42 $32.47 762,225 $101.84 $— 1,138,813 $161.96 $— 
Canceled   (11,365)40.80 — — — — 
Expired   (449,916)142.30 — (376,588)283.63 — 
Exercised   (134,294)39.00 23.50 — — — 
Outstanding, end of year166,650 $47.42 $14.24 166,650 $47.42 $32.47 762,225 $101.84 $— 
Exercisable, end of year166,650  166,650   762,225   
Summary of information about stock options outstanding under stock option programs
The following table summarizes information about stock options outstanding under Citigroup’s stock option programs at December 31, 2020:
  Options outstandingOptions exercisable
Range of exercise pricesNumber
outstanding
Weighted-average
contractual life
remaining
Weighted-average
exercise price
Number
exercisable
Weighted-average
exercise price
$41.54–$60.00
166,650 0.4 years$47.42 166,650 $47.42 
Total at December 31, 2020166,650 0.4 years$47.42 166,650 $47.42 
Components of compensation expense relating to stock-basked compensation programs and deferred cash award programs
The following table shows components of compensation expense, relating to certain of the incentive compensation programs described above:
In millions of dollars202020192018
Charges for estimated awards to retirement-eligible colleagues$748 $683 $669 
Amortization of deferred cash awards, deferred cash stock units and performance stock units201 355 202 
Immediately vested stock award expense(1)
95 82 75 
Amortization of restricted and deferred stock awards(2)
420 404 435 
Other variable incentive compensation627 666 640 
Total$2,091 $2,190 $2,021 
(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 colleagues.