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RETIREMENT BENEFITS (Tables)
12 Months Ended
Dec. 31, 2022
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 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 plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars202220212020202220212020202220212020202220212020
Service cost$ $— $— $116 $149 $147 $ $— $— $2 $$
Interest cost on benefit obligation442 351 378 329 268 246 16 13 17 90 96 93 
Expected return on assets(612)(683)(824)(263)(253)(245)(11)(13)(17)(69)(84)(77)
Amortization of unrecognized:            
Prior service cost (benefit) 2 (7)(6)(9)(9)(2)(8)(9)(9)
Net actuarial loss (gain)162 228 233 58 62 70 (9)(3)— 6 13 20 
Curtailment loss (gain)(1)
 — — (22)(8) — —  — — 
Settlement loss (gain)(1)
 — — (15)10 (1) — —  — — 
Total net (benefit) expense$(6)$(102)$(211)$196 $231 $214 $(13)$(12)$(2)$21 $22 $34 

(1)Curtailment and settlement relate 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:

In millions of dollars202220212020
Net expense $11 $10 $
Summary of entity's contributions The following table summarizes the Company’s actual contributions for the years ended December 31, 2022 and 2021, as well as expected Company contributions for 2023. 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. plansU.S. plansNon-U.S. plans
In millions of dollars202320222021202320222021202320222021202320222021
Contributions made by the Company$ $— $— $71 $158 $104 $ $— $— $4 $$
Benefits paid directly by (reimbursements to) the Company(3)
57 55 56 39 336 51 5 14 22 5 

(1)    Amounts reported for 2023 are expected amounts.
(2)     The U.S. pension plans include benefits paid directly by the Company for the nonqualified pension plans.
(3)    2022 benefit payments have increased due to the wind-down of Citi’s consumer banking business in Korea. See Note 2 for additional information.
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 plans:

 Pension plansPostretirement benefit plans
U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20222021202220212022202120222021
Change in benefit obligation        
Benefit obligation at beginning of year
$12,766 $13,815 $8,001 $8,629 $501 $559 $1,169 $1,390 
Service cost — 116 149  — 2 
Interest cost on benefit obligation442 351 329 268 16 13 90 96 
Plan amendments —   —  — 
Actuarial (gain)(2)
(2,522)(447)(1,168)(344)(95)(28)(100)(110)
Benefits paid, net of participants’ contributions(945)(953)(397)(345)(47)(43)(72)(78)
Divestitures — (22)—  —   
Settlement(4)
 — (364)(124) —  — 
Curtailment(4)
 — (35)(30) —  — 
Foreign exchange impact and other — (85)(208) — (76)(135)
Benefit obligation at year end
$9,741 $12,766 $6,375 $8,001 $375 $501 $1,013 $1,169 
Change in plan assets        
Plan assets at fair value at beginning of year$12,977 $13,309 $7,614 $7,831 $319 $331 $1,043 $1,146 
Actual return on assets(2)
(1,942)565 (1,212)217 (33)(75)97 
Company contributions, net of reimbursements55 56 495 155 14 22 9 
Benefits paid, net of participants’ contributions(945)(953)(397)(345)(47)(43)(72)(78)
Divestitures — (11)—  —  — 
Settlement(4)
 — (364)(124) —  — 
Foreign exchange impact and other — (39)(120) — (50)(130)
Plan assets at fair value at year end
$10,145 $12,977 $6,086 $7,614 $253 $319 $855 $1,043 
Funded status of the plans
Qualified plans(5)
$949 $894 $(289)$(387)$(122)$(182)$(158)$(126)
Nonqualified plans(3)
(545)(683) —  —  — 
Funded status of the plans at year end
$404 $211 $(289)$(387)$(122)$(182)$(158)$(126)
Net amount recognized at year end        
Qualified plans
Benefit asset$949 $894 $799 $963 $ $— $28 $165 
Benefit liability — (1,088)(1,350)(122)(182)(186)(291)
Qualified plans$949 $894 $(289)$(387)$(122)$(182)$(158)$(126)
Nonqualified plans(545)(683) —  —  — 
Net amount recognized on the balance sheet
$404 $211 $(289)$(387)$(122)$(182)$(158)$(126)
Amounts recognized in AOCI at year end(1)
    
Net transition obligation$ $— $ $— $ $— $ $— 
Prior service (cost) benefit (6)(8)7 82 92 36 47 
Net actuarial (loss) gain(6,445)(6,575)(1,671)(1,400)120 77 (206)(182)
Net amount recognized in equity (pretax)
$(6,451)$(6,583)$(1,664)$(1,395)$202 $169 $(170)$(135)
Accumulated benefit obligation at year end
$9,740 $12,765 $6,051 $7,559 $375 $501 $1,013 $1,169 

(1)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.
(2)Actuarial gain was primarily due to the increase in global discount rates partially offset by lower than expected asset returns.
(3)The nonqualified plans of the Company are unfunded.
(4)Curtailment and settlement relate to divestiture activities.
(5)The U.S. qualified plan was fully funded as of January 1, 2022 and no minimum funding was required for 2022. The plan is also expected to be fully funded as of January 1, 2023 with no expected minimum funding requirement for 2023.
The following table summarizes the funded status and amounts recognized on the Company’s Consolidated Balance Sheet:

In millions of dollars20222021
Funded status of the plan at year end$(48)$(41)
Net amount recognized in AOCI (pretax)
$(16)$(15)
Change in accumulated other comprehensive income (loss)
The following table shows the change in AOCI related to the Company’s pension, postretirement and post employment plans:

In millions of dollars202220212020
Beginning of year balance, net of tax(1)(2)
$(5,852)$(6,864)$(6,809)
Actuarial assumptions changes and plan experience3,923 963 (1,464)
Net asset gain (loss) due to difference between actual and expected returns(4,225)(148)1,076 
Net amortization198 280 318 
Prior service credit (cost) (7)108 
Curtailment/settlement gain (loss)(3)
(37)11 (8)
Foreign exchange impact and other172 153 (108)
Change in deferred taxes, net66 (240)23 
Change, net of tax$97 $1,012 $(55)
End of year balance, net of tax(1)(2)
$(5,755)$(5,852)$(6,864)

(1)See Note 20 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.
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, 2022 and 2021, 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 assetsABO 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 dollars20222021202220212022202120222021
Projected benefit obligation$545 $683 $3,463 $3,966 $545 $683 $3,315 $3,809 
Accumulated benefit obligation545 683 3,179 3,574 545 682 3,088 3,477 
Fair value of plan assets — 2,374 2,616  — 2,252 2,486 

(1)As of December 31, 2022 and 2021, 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 assumptions202220212020
Expected volatility37.01 %40.88 %22.26 %
Expected dividend yield2.96 4.21 2.82 
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 end20222021
Discount rate  
U.S. plans   
Qualified pension5.50%2.80%
Nonqualified pension5.552.80
Postretirement5.602.75
Non-U.S. pension plans
Range(1)
 1.75 to 25.20
 -0.10 to 11.95
Weighted average6.663.96
Non-U.S. postretirement plans
Range
3.25 to 10.60
1.05 to 10.00
Weighted average9.808.28
Future compensation increase rate(2)
Non-U.S. pension plans
Range
1.30 to 23.11
1.30 to 11.25
Weighted average3.763.10
Expected return on assets
U.S. plans
Qualified pension5.705.00
Postretirement(3)
5.70/3.00
5.00/1.50
Non-U.S. pension plans
Range
1.00 to 11.50
0.00 to 11.50
Weighted average6.053.69
Non-U.S. postretirement plans
Range
8.70 to 9.10
6.00 to 8.00
Weighted average8.707.99

(1)    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.
(2)    Not material for U.S. plans.
(3)    For the years ended 2022 and 2021, the expected return on assets for the VEBA Trust was 3.00% and 1.50%, respectively.
During the year202220212020
Discount rate  
U.S. plans   
Qualified pension
2.80%/3.80%/ 4.80%/5.65%
2.45%/3.10%/ 2.75%/2.80%
3.25%/3.20%/ 2.60%/2.55%
Nonqualified pension
2.80/3.85/ 4.80/5.60
2.35/3.00/ 2.70/2.75
3.25/3.25/ 2.55/2.50
Postretirement
2.75/3.85/ 4.75/5.65
2.20/2.85/ 2.60/2.65
3.15/3.20/ 2.45/2.35
Non-U.S. pension plans(1)
Range(2)
-0.10 to 11.95
 -0.25 to 11.15
-0.10 to 11.30
Weighted average 3.963.143.65
Non-U.S. postretirement plans(1)
Range
1.05 to 11.25
0.80 to 9.80
0.90 to 9.75
Weighted average 8.287.427.76
Future compensation increase rate(3)
Non-U.S. pension plans(1)
Range
1.30 to 11.25
1.20 to 11.25
1.50 to 11.50
Weighted average 3.103.103.17
Expected return on assets
U.S. plans
Qualified pension(4)
5.00
5.80/5.60/ 5.60/5.00
6.70
Postretirement(4)
5.00/1.50
5.80/5.60/ 5.00/1.50
6.70/3.00
Non-U.S. pension plans(1)
Range
0.00 to 11.50
0.00 to 11.50
0.00 to 11.50
Weighted average 3.693.393.95
Non-U.S. postretirement plans(1)
Range
6.00 to 8.00
5.95 to 8.00
6.20 to 8.00
Weighted average 7.997.997.99

(1)    Reflects rates utilized to determine the quarterly expense for Significant non-U.S. pension and postretirement 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)    The expected return on assets for the U.S. pension and postretirement 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 plans changed from 6.70% to 5.80% effective as of January 1, 2021, reduced to 5.60% effective April 1, 2021 and further reduced to 5.00% effective October 1, 2021.

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)
20232022202120222021
Equity securities(2)
0–22%
7 %%7 %%
Debt securities(3)
55–114
71 72 71 72 
Real estate
0–4
3 3 
Private equity
0–5
7 7 
Other investments
0–23
12 13 12 13 
Total 100 %100 %100 %100 %

(1)Target asset allocations are set by investment strategy, whereas pension and postretirement assets as of December 31, 2022 and 2021 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 plans do not include any Citigroup common stock at the end of 2022 and 2021.
(3)The VEBA Trust for postretirement benefits is primarily invested in cash equivalents and debt securities in 2022 and 2021 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)
20232022202120222021
Equity securities
0–100%
0–63%
0–100%
19 %16 %
Debt securities
0–100
0–100
0–100
73 76 
Real estate
0–15
0–15
0–14
1 
Other investments
0–100
0–100
0–100
7 
Total100 %100 %

 Non-U.S. postretirement plans
 Target asset
allocation
Actual range
at December 31,
Weighted-average
at December 31,
Asset category(1)
20232022202120222021
Equity securities
0–46%
0–48%
0–42%
47 %41 %
Debt securities
50–100
45–100
53–100
49 53 
Other investments
0–4
0–7
0–6
4 
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.
Schedule of expected long term rates of return on assets
The following table shows the expected return on assets used in determining the Company’s pension expense compared to the actual return on assets during 2022, 2021 and 2020 for the U.S. pension and postretirement plans:

U.S. plans
(During the year)
202220212020
Expected return on assets
U.S. pension and postretirement trust5.00%
5.80%/5.60%/5.60%/5.00%
6.70%
VEBA Trust(2)
1.501.503.00
Actual return on assets(1)
U.S. pension and postretirement trust(15.52)5.1412.84
VEBA Trust1.401.522.11

(1)Actual return on assets is presented net of fees.
(2)The expected return on assets for the VEBA Trust was adjusted from 1.50% to 3.00% effective January 1, 2023 to reflect significant change in economic condition.
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 dollars202220212020
U.S. plans$27 $35 $34 
Non-U.S. plans(5)(4)(16)
 One-percentage-point decrease
In millions of dollars202220212020
U.S. plans$(34)$(49)$(52)
Non-U.S. plans15 25 25 
Schedule of effect of one percentage point change in expected rates of return
The following tables summarize the effect on pension expense:

Expected return on assets
 One-percentage-point increase
In millions of dollars202220212020
U.S. plans$(123)$(124)$(123)
Non-U.S. plans(60)(70)(66)
 One-percentage-point decrease
In millions of dollars202220212020
U.S. plans$123 $124 $123 
Non-U.S. plans60 70 66 
Schedule of health care cost trend rates
Assumed health care cost trend rates were as follows:

 20222021
Health care cost increase rate for 
U.S. plans
  
Following year7.00%6.25%
Ultimate rate to which cost increase is assumed to decline5.005.00
Year in which the ultimate rate is
reached
20312027
Health care cost increase rate for 
non-U.S. plans (weighted average)
  
Following year7.05%6.92%
Ultimate rate to which cost increase is
assumed to decline
7.056.92
Year in which the ultimate rate
is reached
20232022
Schedule of interest crediting rate for cash balance and other plans
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 and do not change with market conditions.

Weighted average interest crediting rate
At year end202220212020
U.S. plans4.50%1.80%1.45%
Non-U.S. plans1.731.611.60
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 dollarsFair value measurement at December 31, 2022
Asset categoriesLevel 1Level 2Level 3Total
U.S. equities$233 $ $ $233 
Non-U.S. equities346   346 
Mutual funds and other registered investment companies243   243 
Commingled funds 818  818 
Debt securities929 4,638 5,567 
Annuity contracts  3 3 
Derivatives2 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 NAV2,580 
Total net assets$10,398 

(1)The investments of the U.S. pension and postretirement plans are commingled in one trust. At December 31, 2022, the allocable interests of the U.S. pension and postretirement 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 dollarsFair value measurement at December 31, 2021
Asset categoriesLevel 1Level 2Level 3Total
U.S. equities$358 $— $— $358 
Non-U.S. equities460 — — 460 
Mutual funds and other registered investment companies297 — — 297 
Commingled funds— 1,143 — 1,143 
Debt securities1,657 5,770 — 7,427 
Annuity contracts— — 
Derivatives17 — 19 
Other investments13 — 25 38 
Total investments$2,787 $6,930 $29 $9,746 
Cash and short-term investments$25 $627 $— $652 
Other investment liabilities(7)(17)— (24)
Net investments at fair value$2,805 $7,540 $29 $10,374 
Other investment liabilities redeemed at NAV$(29)
Securities valued at NAV 2,951 
Total net assets$13,296 

(1)The investments of the U.S. pension and postretirement plans are commingled in one trust. At December 31, 2021, the allocable interests of the U.S. pension and postretirement 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 dollarsFair value measurement at December 31, 2022
Asset categoriesLevel 1Level 2Level 3Total
U.S. equities$121 $10 $ $131 
Non-U.S. equities718 19  737 
Mutual funds and other registered investment companies2,416 296  2,712 
Commingled funds13   13 
Debt securities2,959 980  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 
 
Non-U.S. pension and postretirement benefit plans
In millions of dollarsFair value measurement at December 31, 2021
Asset categoriesLevel 1Level 2Level 3Total
U.S. equities$127 $19 $— $146 
Non-U.S. equities713 92 — 805 
Mutual funds and other registered investment companies2,888 66 — 2,954 
Commingled funds21 — — 21 
Debt securities4,263 1,341 — 5,604 
Real estate— 
Annuity contracts— — 
Derivatives— 239 — 239 
Other investments— — 318 318 
Total investments$8,012 $1,760 $322 $10,094 
Cash and short-term investments$117 $$— $122 
Other investment liabilities— (1,578)— (1,578)
Net investments at fair value$8,129 $187 $322 $8,638 
Securities valued at NAV $19 
Total net assets$8,657 
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 dollarsU.S. pension and postretirement benefit plans
Asset categoriesBeginning Level 3 fair value at
Dec. 31, 2021
Realized (losses)Unrealized gains Purchases, sales and issuancesTransfers in and/or out of Level 3Ending Level 3 fair value at
Dec. 31, 2022
Annuity contracts$$— $— $(1)$— $3 
Other investments25 (3)(20)— 4 
Total investments$29 $(3)$$(21)$— $7 
 
In millions of dollarsU.S. pension and postretirement benefit plans
Asset categoriesBeginning Level 3 fair value at
Dec. 31, 2020
Realized (losses)Unrealized gainsPurchases, sales and
issuances
Transfers in and/or out of Level 3Ending Level 3 fair value at
Dec. 31, 2021
Annuity contracts$$— $— $$— $
Other investments57 (6)(28)— 25 
Total investments$58 $(6)$$(25)$— $29 

 In millions of dollarsNon-U.S. pension and postretirement benefit plans
Asset categoriesBeginning Level 3 fair value at
Dec. 31, 2021
Unrealized gains Purchases, sales and issuancesTransfers in and/or out of Level 3Ending Level 3
fair value at
Dec. 31, 2022
Real estate$$— $— $— $2 
Annuity contracts— — — 2 
Other investments318 — (60)— 258 
Total investments$322 $— $(60)$— $262 

 In millions of dollarsNon-U.S. pension and postretirement benefit plans
Asset categoriesBeginning Level 3 fair value at
Dec. 31, 2020
Unrealized gainsPurchases, sales and issuancesTransfers in and/or out of Level 3Ending Level 3
fair value at
Dec. 31, 2021
Real estate$$— $— $— $
Annuity contracts— (3)— 
Other investments312 — 318 
Total investments$319 $$(1)$— $322 
Schedule of expected benefit payments
The Company expects to pay the following estimated benefit payments in future years:

 Pension plansPostretirement benefit plans
In millions of dollarsU.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
2023$964 $536 $55 $72 
2024964 518 46 76 
2025969 489 43 79 
2026942 499 40 83 
2027921 508 38 87 
2028–20324,038 2,623 150 494 
Defined contribution plans The following tables summarize the Company contributions for the defined contribution plans:
 U.S. plans
In millions of dollars202220212020
Company contributions$471 $436 $414 
 Non-U.S. plans
In millions of dollars202220212020
Company contributions$399 $364 $304