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RETIREMENT BENEFITS (Tables)
 6 Months Ended
Jun. 30, 2023
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 period are reported in Compensation and benefits expenses and all other components of the net period benefit cost are reported in Other operating expenses in the Consolidated Statement of Income:
Three Months Ended June 30,
 Pension plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20232022202320222023202220232022
Service cost$— $— $30 $30 $— $— $— $— 
Interest cost on benefit obligation123 105 102 79 4 4 27 23 
Expected return on assets(160)(154)(82)(66)(4)(3)(20)(18)
Amortization of unrecognized:     
Prior service (benefit)— — (1)(1)(3)(3)(2)(1)
Net actuarial loss (gain)41 44 15 14 (2)(2)(5)1 
Curtailment (gain)(1)
— — — (23)— — — — 
Settlement loss (gain)(1)
— — 1 (10)— — — — 
Total net expense (benefit) $4 $(5)$65 $23 $(5)$(4)$— $5 

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

Six Months Ended June 30,
 Pension plansPostretirement benefit plans
 U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20232022202320222023202220232022
Service cost$— $— $58 $64 $— $— $1 $1 
Interest cost on benefit obligation250 191 200 152 9 7 52 46 
Expected return on assets(321)(308)(163)(132)(7)(6)(39)(38)
Amortization of unrecognized:     
Prior service cost (benefit)1 1 (3)(3)(5)(5)(4)(4)
Net actuarial loss (gain)79 100 34 27 (5)(3)(10)2 
Curtailment (gain)(1)
— — (8)(23)— — — — 
Settlement loss (gain)(1)
— — 4 (10)— — — — 
Total net expense (benefit) $9 $(16)$122 $75 $(8)$(7)$— $7 

(1)    Curtailment and settlement relate to divestiture and wind-down 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 June 30,Six Months Ended June 30,
In millions of dollars2023202220232022
Service-related expense
Amortization of unrecognized:
Net actuarial loss$1 $1 $1 $1 
Total service-related expense$1 $1 $1 $1 
Non-service-related expense— 1 5 6 
Total net expense $1 $2 $6 $7 
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 Plans:

Six Months Ended June 30, 2023
 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$9,741 $6,375 $375 $1,013 
Plans measured annually(19)(1,774)— (193)
Projected benefit obligation at beginning of year—Significant Plans
$9,722 $4,601 $375 $820 
First-quarter activity160 241 (1)70 
Projected benefit obligation at March 31, 2023—Significant Plans$9,882 $4,842 $374 $890 
Service cost— 12 — — 
Interest cost on benefit obligation122 84 4 23 
Actuarial (gain) loss(157)3 (20)23 
Benefits paid, net of participants’ contributions(230)(83)(11)(19)
Foreign exchange impact and other— 163 — 48 
Projected benefit obligation at period end—Significant Plans$9,617 $5,021 $347 $965 
Change in plan assets    
Plan assets at fair value at beginning of year$10,145 $6,086 $253 $855 
Plans measured annually— (1,226)— (7)
Plan assets at fair value at beginning of year—Significant Plans
$10,145 $4,860 $253 $848 
First-quarter activity143 225 5 73 
Plan assets at fair value at March 31, 2023—Significant Plans$10,288 $5,085 $258 $921 
Actual return on plan assets86 (75)2 (4)
Company contributions, net of reimbursements13 9 7 — 
Benefits paid, net of participants’ contributions(230)(83)(11)(19)
Foreign exchange impact and other— 143 — 47 
Plan assets at fair value at period end—Significant Plans$10,157 $5,079 $256 $945 
Qualified plans(1)
$1,063 $58 $(91)$(20)
Nonqualified plans(2)
(523)— — — 
Funded status of the plans at period end—Significant Plans$540 $58 $(91)$(20)
Net amount recognized at period end    
Benefit asset$1,063 $737 $— $— 
Benefit liability(523)(679)(91)(20)
Net amount recognized on the balance sheet—Significant Plans$540 $58 $(91)$(20)
Amounts recognized in AOCI at period end(3)
   
Prior service (expense) benefit $— $(2)$78 $36 
Net actuarial (loss) gain(6,343)(1,561)127 (335)
Net amount recognized in equity (pretax)—Significant Plans$(6,343)$(1,563)$205 $(299)
Accumulated benefit obligation at period end—Significant Plans$9,617 $4,839 $347 $965 

(1)The U.S. qualified pension plan is fully funded under specified Employee Retirement Income Security Act of 1974, as amended (ERISA), funding rules as of January 1, 2023 and no minimum required funding is expected for 2023.
(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
June 30, 2023		Six Months Ended June 30, 2023Three Months Ended June 30, 2022Six Months Ended June 30, 2022
Beginning of period balance, net of tax(1)(2)
$(5,859)$(5,755)$(5,681)$(5,852)
Actuarial assumptions changes and plan experience154 (115)1,499 3,024 
Net asset (loss) due to difference between actual and expected returns(245)(62)(1,675)(3,137)
Net amortization45 88 52 116 
Curtailment/settlement loss (gain)(3)
1 (4)(32)(32)
Foreign exchange impact and other(111)(219)83 133 
Change in deferred taxes, net20 72 (16)(22)
Change, net of tax$(136)$(240)$(89)$82 
End of period balance, net of tax(1)(2)
$(5,995)$(5,995)$(5,770)$(5,770)

(1)See Note 18 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.
Assumptions used in determining benefit obligations and net benefit expense
Certain assumptions used in determining pension and postretirement benefit obligations and net benefit expense for the Significant Plans are as follows:

During the periodThree Months Ended
Jun. 30, 2023Mar. 31, 2023Jun. 30, 2022
Discount rate
U.S. plans
Qualified pension5.15%5.50%3.80%
Nonqualified pension5.205.553.85
Postretirement5.255.603.85
Non-U.S. plans  
Pension
2.05–10.65
2.20–10.60
1.10–10.00
Weighted average7.647.555.55
Postretirement10.7010.6010.10
Expected return on assets
U.S. plans
Qualified pension5.705.705.00
Postretirement
5.70/3.00
5.70/3.00
5.00/1.50
Non-U.S. plans
Pension
4.10–9.90
4.50–9.90
1.90–8.00
Weighted average6.266.404.15
Postretirement8.708.708.00
At period endedJun. 30, 2023Mar. 31, 2023Jun. 30, 2022
Discount rate
U.S. plans
Qualified pension5.40%5.15%4.80%
Nonqualified pension5.455.204.80
Postretirement5.505.254.75
Non-U.S. plans   
Pension
1.80–10.40
2.05–10.65
2.00–10.75
Weighted average7.727.646.68
Postretirement10.4010.7010.75
Expected return on assets
U.S. plans
Qualified pension5.705.705.00
Postretirement
5.70/3.00
5.70/3.00
5.00/1.50
Non-U.S. plans
Pension
4.50–9.90
4.10–9.90
2.00–8.00
Weighted average6.566.264.72
Postretirement8.708.708.00
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 expense of a one-percentage-point change in the discount rate:

Three Months Ended June 30, 2023
In millions of dollarsOne-percentage-point increaseOne-percentage-point decrease
Pension
U.S. plans$6 $(7)
Non-U.S. plans(1)3 
Postretirement
Non-U.S. plans(1)1 
Schedule of company contributions
The following table summarizes the Company’s actual contributions for the six months ended June 30, 2023 and 2022, as well as expected Company contributions for the remainder of 2023 and the actual contributions made in 2022:

 Pension plans Postretirement plans 
 
U.S. plans(1)
Non-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20232022202320222023202220232022
Company contributions (reimbursements)(2)(3) for the six months ended June 30
$28 $28 $60 $389 $20 $(1)$5 $5 
Company contributions made during the remainder of the year(3)
— 27 — 105 — 15 — 4 
Company contributions expected to be made during the remainder of the year32 52 2 5 

(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.
(3)2022 benefit payments have increased due to the wind-down of Citi’s consumer banking business in Korea, as it is expected that employees who elected the VERP will be withdrawing their pension plan assets.
Defined contribution plans
The following table summarizes the Company’s contributions for the defined contribution plans:

Three Months Ended June 30,Six Months Ended June 30,
In millions of dollars2023202220232022
U.S. plans$137 $119 $275 $238 
Non-U.S. plans114 99 228 205