INCENTIVE PLANS (Tables)

12 Months Ended

Dec. 31, 2023

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 awards	Shares	Weighted- average grant date fair value per share
Unvested at December 31, 2022	41,908,207	$	65.23
Granted(1)	37,029,558	49.36
Canceled	(2,332,517)	57.00
Vested(2)	(16,747,915)	63.93
Unvested at December 31, 2023	59,857,333	$	56.09

(1)The weighted-average fair value of the shares granted during 2022 and 2021 was $65.07 and $62.10, respectively.

(2)The weighted-average fair value of the shares vesting during 2023 was approximately $49.86 per share on the vesting date, compared to $63.93 on the grant date.

A summary of the performance share unit activity for 2023 is presented below:

Performance share units	Units	Weighted- average grant date fair value per unit
Outstanding, beginning of year	1,282,135	$	76.90
Granted(1)	1,093,234	47.15
Canceled	(332,213)	84.19
Payments(2)	—	—
Outstanding, end of year	2,043,156	$	59.79

(1)     The weighted-average grant date fair value per unit awarded in 2022 and 2021 was $71.04 and $78.55, respectively.

(2)    No payments were processed for this program in 2023.

Schedule of assumptions used

Other significant assumptions for the awards are as follows:

Valuation assumptions—weighted average	2023		2022		2021
Expected volatility	35.97	%	37.01	%	40.88	%
Expected dividend yield	4.13		2.96		4.21

Certain assumptions used in determining pension and postretirement benefit obligations and net benefit expense for the Company’s plans are presented in the following table:

At year end	2023	2022
Discount rate
U.S. plans
Qualified pension	5.10%	5.50%
Nonqualified pension	5.15	5.55
Postretirement benefit plan	5.20	5.60
Non-U.S. pension plans
Range	1.35 to 14.55	1.75 to 25.20
Weighted average	6.91	6.66
Non-U.S. postretirement benefit plans
Range	3.80 to 10.70	3.25 to 10.60
Weighted average	9.90	9.80
Future compensation increase rate(1)
Non-U.S. pension plans
Range	1.30 to 12.40	1.30 to 23.11
Weighted average	3.84	3.76
Long-term expected return on assets
U.S. plans
Qualified pension	5.70	5.70
Postretirement benefit plan(2)	5.70/3.00	5.70/3.00
Non-U.S. pension plans
Range	2.00 to 11.50	1.00 to 11.50
Weighted average	6.62	6.05
Non-U.S. postretirement benefit plans
Range	8.60 to 9.40	8.70 to 9.10
Weighted average	9.39	8.70
Interest crediting rate (weighted average)(3)
U.S. plans	4.10	4.50
Non-U.S. plans	1.78	1.73

(1)    Not material for U.S. plans.

(2)    For the years ended 2023 and 2022, 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 year	2023	2022	2021
Discount rate
U.S. plans
Qualified pension	5.50%/5.15%/ 5.40%/6.05%	2.80%/3.80%/ 4.80%/5.65%	2.45%/3.10%/ 2.75%/2.80%
Nonqualified pension	5.55/5.20/ 5.45/6.10	2.80/3.85/ 4.80/5.60	2.35/3.00/ 2.70/2.75
Postretirement benefit plan	5.60/5.25/ 5.50/6.10	2.75/3.85/ 4.75/5.65	2.20/2.85/ 2.60/2.65
Non-U.S. pension plans(1)
Range(2)	1.75 to 25.20	-0.10 to 11.95	-0.25 to 11.15
Weighted average	6.66	3.96	3.14
Non-U.S. postretirement benefit plans(1)
Range	3.25 to 11.55	1.05 to 11.25	0.80 to 9.80
Weighted average	9.80	8.28	7.42
Future compensation increase rate(3)
Non-U.S. pension plans(1)
Range	1.30 to 23.11	1.30 to 11.25	1.20 to 11.25
Weighted average	3.76	3.10	3.10
Long-term expected return on assets
U.S. plans
Qualified pension(4)	5.70	5.00	5.80/5.60/5.60/5.00
Postretirement benefit plan(4)	5.70/3.00	5.00/1.50	5.80/5.60/5.00/1.50
Non-U.S. pension plans(1)
Range	1.00 to 11.50	0.00 to 11.50	0.00 to 11.50
Weighted average	6.05	3.69	3.39
Non-U.S. postretirement benefit plans(1)
Range	8.70 to 9.10	6.00 to 8.00	5.95 to 8.00
Weighted average	8.70	7.99	7.99
Interest crediting rate (weighted average)(5)
U.S. plans	4.50/4.15/ 4.40/5.05	1.80/2.80/ 3.80/4.65	1.45/2.10/ 1.75/1.80
Non-U.S. plans	1.73	1.61	1.60

(1)    Reflects rates utilized to determine the quarterly expense for Significant non-U.S. pension and postretirement benefit 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)    Effective January 1, 2024, there is no change in the expected return on assets for the U.S. pension and postretirement benefit plans of 5.70%. 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. The expected return on assets for the U.S. pension and postretirement benefit plans changed from 6.70% to 5.80% effective January 1, 2021, reduced to 5.60% effective April 1, 2021 and further reduced to 5.00% effective October 1, 2021. For the year 2023, the expected return on assets for the VEBA Trust was 3.00% and for 2021 and 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)	2024	2023		2022		2023		2022
Equity securities(2)	0–22%	7	%	7	%	7	%	7	%
Debt securities(3)	55–105	71		71		71		71
Real estate	0–4	2		3		2		3
Private equity	0–5	8		7		8		7
Other investments	0–23	12		12		12		12
Total		100	%	100	%	100	%	100	%

(1)Target asset allocations are set by investment strategy, whereas pension and postretirement assets as of December 31, 2023 and 2022 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 benefit plans do not include any Citigroup common stock at the end of 2023 and 2022.

(3)The VEBA Trust for postretirement benefits is primarily invested in cash equivalents and debt securities in 2023 and 2022 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)	2024	2023	2022	2023		2022
Equity securities	0–48%	0–48%	0–63%	19	%	19	%
Debt securities	0–100	0–100	0–100	73		73
Real estate	0–17	0–17	0–15	1		1
Other investments	0–100	0–100	0–100	7		7
Total				100	%	100	%

	Non-U.S. postretirement benefit plans
	Target asset allocation	Actual range at December 31,		Weighted average at December 31,
Asset category(1)	2024	2023	2022	2023		2022
Equity securities	0–46%	0–46%	0–48%	45	%	47	%
Debt securities	50–100	49–100	45–100	50		49
Other investments	0–4	0–5	0–7	5		4
Total				100	%	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 dollars	2023		2022		2021
Charges for estimated awards to retirement-eligible employees	$	663	$	742	$	807
Amortization of deferred cash awards, deferred cash stock units and performance stock units	340		463		384
Immediately vested stock award expense(1)	127		101		99
Amortization of restricted and deferred stock awards(2)	689		533		395
Other variable incentive compensation	286		304		435
Total(3)	$	2,105	$	2,143	$	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.

(3)    Citigroup recognized an additional $46 million of share-based compensation costs in 2023 that is reflected in the Restructuring line (not reflected in the above totals). See Note 9.