v3.25.4
RETIREMENT BENEFITS
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
RETIREMENT BENEFITS RETIREMENT BENEFITS
Pension and Postretirement Benefit Plans
The Company has several non-contributory defined benefit pension plans covering certain U.S. employees and has various defined benefit pension and termination indemnity plans covering employees outside the U.S.
The U.S. qualified defined benefit pension plan was frozen effective January 1, 2008 for most employees. Accordingly, no additional compensation-based contributions have been credited to the cash balance portion of the plan for existing plan participants after 2007. However, certain employees covered under the prior final pay plan formula continue to accrue benefits. The Company also offers postretirement health care and life insurance benefits to certain eligible U.S. retired employees, as well as to certain eligible employees outside the U.S.
The Company also sponsors a number of non-contributory, nonqualified pension plans. These plans, which are unfunded, provide supplemental defined pension benefits to certain U.S. employees. With the exception of certain employees covered under the prior final pay plan formula, the benefits under these plans were frozen in prior years.
Prior to 2025, the plan obligations, plan assets and plan expense (benefit) for the Company’s most significant pension and postretirement benefit plans (Significant Plans) were measured and disclosed quarterly, instead of annually. The Significant Plans captured approximately 90% of the Company’s global pension and postretirement benefit plan obligations. All other plans (All Other Plans) were measured annually with a December 31 measurement date. Effective January 1, 2025, the plan obligations, plan assets and plan expense (benefit) for all plans are measured annually, unless certain conditions are met to trigger interim remeasurement of Significant Plans. No interim remeasurements occurred for the first, second and third quarters of 2025.

Net Expense (Benefit)
The following table summarizes the components of net expense (benefit) recognized in the Consolidated Statement of Income for the Company’s pension and postretirement benefit plans for Significant Plans and All Other Plans. Service cost is 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 dollars202520242023202520242023202520242023202520242023
Service cost$— $— $— $110 $115 $115 $— $— $— $1 $1 $1 
Interest cost on benefit obligation475 466 505 423 421 409 14 16 18 118 107 106 
Expected return on assets(602)(602)(640)(374)(326)(327)(10)(11)(13)(74)(80)(77)
Amortization of unrecognized:            
Prior service cost (benefit) 2 2 2 (3)(3)(5)(9)(9)(9)(6)(7)(9)
Net actuarial loss (gain)195 179 151 66 76 72 (12)(10)(12)11 10 (18)
Curtailment (gain)(1)
— — — (3)(3)(16)— — — — — — 
Settlement loss(1)
— — — 9 5 9 — — — — — — 
Total net expense (benefit)$70 $45 $18 $228 $285 $257 $(17)$(14)$(16)$50 $31 $3 

(1)Curtailment and settlement relate to divestiture and other wind-down activities.
Contributions
The Company’s funding practice for U.S. and non-U.S. pension and postretirement benefit plans is generally to fund to minimum funding requirements in accordance with applicable local laws and regulations. The Company may increase its contributions above the minimum required contribution, if appropriate. In addition, management has the ability to change its funding practices. For the U.S. pension plans, there were no required minimum cash contributions for 2025 or 2024.
The following table summarizes the Company’s actual contributions for the years ended December 31, 2025 and 2024, as well as expected Company contributions for 2026. 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. plans(3)
U.S. plans
Non-U.S. plans(3)
In millions of dollars202620252024202620252024202620252024202620252024
Contributions made by the Company$— $— $— $80 $310 $713 $— $— $— $4 $202 $4 
Benefits paid directly by the Company55 55 59 38 53 50 5 19 8 8 6 5 

(1)    Amounts reported for 2026 are expected amounts.
(2)     The U.S. plans include benefits paid directly by the Company for the nonqualified pension plans.
(3)    The Company made a discretionary contribution of approximately $600 million to a pension plan in Mexico Consumer/SBMM during the fourth quarter of 2024. The Company made a discretionary contribution of approximately $40 million and $210 million to a pension plan and a postretirement benefit plan, respectively, in Mexico Consumer/SBMM during the fourth quarter of 2025. The Company also made a contribution of approximately $190 million to a pension plan in Korea during 2025 due to legislative updates.
Funded Status and Accumulated Other Comprehensive Income (AOCI)
The following table summarizes the funded status and amounts recognized on the Consolidated Balance Sheet for the Company’s pension and postretirement benefit plans:

 Pension plansPostretirement benefit plans
U.S. plansNon-U.S. plansU.S. plansNon-U.S. plans
In millions of dollars20252024202520242025202420252024
Change in benefit obligation        
Benefit obligation at beginning of year
$8,956 $9,640 $6,052 $7,030 $292 $343 $1,014 $1,208 
Service cost— — 110 115 — — 1 1 
Interest cost on benefit obligation475 466 423 421 14 16 118 107 
Plan amendments— — 36 (1)— — — — 
Actuarial loss (gain) 227 (262)194 (335)10 (21)252 (1)
Benefits paid, net of participants’ contributions(861)(888)(432)(394)(49)(46)(101)(96)
Divestitures— — — (1)— — — — 
Settlement(1)(2)
— — (60)(47)— — (2)— 
Curtailment(2)
— — (3)(4)— — — — 
Foreign exchange impact and other — — 589 (732)— — 165 (205)
Benefit obligation at year end
$8,797 $8,956 $6,909 $6,052 $267 $292 $1,447 $1,014 
Change in plan assets        
Plan assets at fair value at beginning of year$9,647 $10,210 $6,258 $6,426 $202 $231 $755 $970 
Actual return on plan assets914 266 537 131 14 9 158 50 
Company contributions, net of reimbursements55 59 363 763 19 8 208 9 
Benefits paid, net of participants’ contributions(861)(888)(432)(394)(49)(46)(101)(96)
Divestitures— — — (1)— — — — 
Settlement(1)(2)
— — (60)(47)— — — — 
Foreign exchange impact and other— — 560 (620)— — 136 (178)
Plan assets at fair value at year end
$9,755 $9,647 $7,226 $6,258 $186 $202 $1,156 $755 
Funded status of the plans
Qualified plans(3)
$1,431 $1,181 $317 $206 $(81)$(90)$(291)$(259)
Nonqualified plans(4)
(473)(490)— — — — — — 
Funded status of the plans at year end
$958 $691 $317 $206 $(81)$(90)$(291)$(259)
Net amount recognized at year end        
Qualified plans
Benefit asset$1,431 $1,181 $952 $895 $— $— $— $— 
Benefit liability— — (635)(689)(81)(90)(291)(259)
Qualified plans$1,431 $1,181 $317 $206 $(81)$(90)$(291)$(259)
Nonqualified plans(473)(490)— — — — — — 
Net amount recognized on the balance sheet
$958 $691 $317 $206 $(81)$(90)$(291)$(259)
Amounts recognized in AOCI at year end(1)
    
Prior service (cost) benefit $(1)$(3)$(37)$(1)$54 $63 $17 $21 
Net actuarial (loss) gain(5,936)(6,215)(1,653)(1,513)108 125 (476)(263)
Net amount recognized in AOCI
$(5,937)$(6,218)$(1,690)$(1,514)$162 $188 $(459)$(242)
Accumulated benefit obligation at year end
$8,797 $8,956 $6,482 $5,716 $267 $292 $1,447 $1,014 

(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 plans are frozen and have no material service cost, settlement accounting may apply in the future.
(2)Curtailment and settlement relate to divestiture and other wind-down activities.
(3)The U.S. qualified plan was fully funded as of January 1, 2025 and no minimum funding was required for 2025. The plan is also expected to be fully funded as of January 1, 2026 with no expected minimum funding requirement for 2026.
(4)The nonqualified plans of the Company are unfunded.
The following table presents the change in AOCI related to the Company’s pension, postretirement and post employment plans:

In millions of dollars202520242023
Beginning of year balance, net of tax(1)(2)
$(5,627)$(6,050)$(5,755)
Actuarial assumptions changes and plan experience(681)625 (547)
Net gain (loss) due to difference between actual and expected returns565 (562)263 
Net amortization245 239 175 
Prior service (cost) benefit (36)1 2 
Curtailment/settlement gain (loss)(3)
6 2 (7)
Banamex equity interest sale(4)
214 — — 
Foreign exchange impact and other(155)271 (239)
Change in deferred taxes, net(35)(153)58 
Change, net of tax$123 $423 $(295)
End of year balance, net of tax(1)(2)
$(5,504)$(5,627)$(6,050)

(1)See Note 21 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 and other wind-down activities.
(4)See “Sale of 25% Equity Stake in Banamex” in Note 2.

At December 31, 2025 and 2024, 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 dollars20252024202520242025202420252024
Projected benefit obligation$473 $490 $3,430 $2,968 $473 $490 $3,093 $2,745 
Accumulated benefit obligation473 490 3,104 2,679 473 490 2,883 2,523 
Fair value of plan assets— — 2,795 2,279 — — 2,551 2,095 

(1)As of December 31, 2025 and 2024, only the nonqualified plans’ PBO and ABO exceeded plan assets.

Plan Assumptions
The Company utilizes a number of assumptions to determine plan obligations and expenses. Changes in one or a combination of these assumptions will have an impact on the Company’s pension and postretirement PBO, funded status and expense (benefit). Changes in the plans’ funded status resulting from changes in the PBO and fair value of plan assets will have a corresponding impact on AOCI.
The actuarial assumptions at the respective years ended December 31 in the table below are used to measure the year-end PBO and the net expense (benefit) for the subsequent year (period). 
The 2024 and 2023 net expense (benefit) for the Significant Plans was calculated at each respective quarter end based on the preceding quarter-end rates (as presented below for the U.S. and non-U.S. pension and postretirement benefit plans) as a result of the quarterly measurement process. The actuarial assumptions are measured annually for all plans in 2025 and All Other Plans in 2024 and 2023.

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

At year end20252024
Discount rate  
U.S. plans   
Qualified pension5.26%5.55%
Nonqualified pension5.305.60
Postretirement benefit plan5.185.55
Non-U.S. pension plans
Range
 1.15 to 12.75
 0.85 to 12.50
Weighted average7.247.31
Non-U.S. postretirement benefit plan
Range
4.00 to 11.00
3.25 to 12.20
Weighted average10.3711.21
Future compensation increase rate(1)
Non-U.S. pension plans
Range
1.50 to 12.40
1.60 to 12.40
Weighted average3.963.80
Expected return on assets
U.S. plans
Qualified pension6.006.00
Postretirement benefit plan(2)
6.00/3.00
6.00/3.00
Non-U.S. pension plans
Range
1.00 to 11.50
2.00 to 11.50
Weighted average6.706.27
Non-U.S. postretirement benefit plan
Range
9.60 to 10.00
8.60 to 9.40
Weighted average9.609.39
Interest crediting rate (weighted average)(3)
U.S. plans4.264.55
Non-U.S. plans1.801.77

(1)    Not material for U.S. plans.
(2)    For the years ended 2025 and 2024, 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 year202520242023
Discount rate  
U.S. plans(1)
  
Qualified pension
5.55%
5.10%/5.30%/ 5.50%/4.90%
5.50%/5.15%/ 5.40%/6.05%
Nonqualified pension
5.60
5.15/5.40/ 5.60/4.95
5.55/5.20/ 5.45/6.10
Postretirement benefit plan
5.55
5.20/5.40/ 5.60/4.90
5.60/5.25/ 5.50/6.10
Non-U.S. pension plans(2)
Range
0.85 to 12.50
 1.35 to 14.55
1.75 to 25.20
Weighted average 7.316.916.66
Non-U.S. postretirement benefit plan(2)
Range
3.25 to 12.20
3.80 to 11.40
3.25 to 11.55
Weighted average 11.219.909.80
Future compensation increase rate(3)
Non-U.S. pension plans(2)
Range
1.60 to 12.40
1.30 to 12.40
1.30 to 23.11
Weighted average 3.803.843.76
Expected return on assets
U.S. plans
Qualified pension(4)
6.00
5.70
5.70
Postretirement benefit plan(4)
6.00/3.00
5.70/3.00
5.70/3.00
Non-U.S. pension plans(2)
Range
2.00 to 11.50
2.00 to 11.50
1.00 to 11.50
Weighted average 6.276.626.05
Non-U.S. postretirement benefit plan(2)
Range
8.60 to 9.40
8.60 to 9.40
8.70 to 9.10
Weighted average 9.399.398.70
Interest crediting rate (weighted average)(5)
U.S. plans(1)
4.55
4.10/4.30/ 4.50/3.90
4.50/4.15/ 4.40/5.05
Non-U.S. plans1.771.781.73

(1)    Represents rates used in annual remeasurement in 2025 and in quarterly remeasurements for 2024 and 2023.
(2)    Reflects rates utilized to determine the net expense (benefit) for 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 asset allocation. For the years 2025, 2024 and 2023, the expected return on assets for the VEBA Trust was 3.00%.
(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.


Discount Rate
The discount rates for the U.S. pension and postretirement benefit plans were selected by reference to a Citigroup-specific analysis using each plan’s specific cash flows and a hypothetical bond portfolio of U.S. high-quality corporate bonds that match each plan’s projected cash flows. The discount rates for the non-U.S. pension and postretirement benefit plans are selected by reference to each plan’s specific cash flows and a market-based yield curve developed from the available local high-quality corporate bonds. However, where developed corporate bond markets do not exist, the discount rates are selected by reference to local government bonds with an estimated premium added to reflect the additional risk for corporate bonds in certain countries. Where available, the resulting plan yields by jurisdiction are compared with published, high-quality corporate bond indices for reasonableness.

Expected Return on Assets
The Company determines its assumptions for the expected return on assets for its U.S. pension and postretirement benefit plans using a “building block” approach, which focuses on ranges of anticipated rates of return for each asset class. A weighted-average range of nominal rates is then determined based on target allocations to each asset class. Market performance over a number of earlier years is evaluated covering a wide range of economic conditions to determine whether there are sound reasons for projecting any past trends.
The Company considers the expected return on assets to be a long-term assessment of return expectations and does not anticipate changing this assumption unless there are significant changes in investment strategy or economic conditions. This contrasts with the selection of the discount rate and certain other assumptions, which are reconsidered annually (or quarterly for the Significant Plans, when certain conditions are met to trigger interim remeasurement) in accordance with GAAP.
The expected return on assets reflects the expected annual appreciation of the plan assets and reduces the Company’s annual pension expense. The expected return on assets is deducted from the sum of service cost, interest cost and other components of pension expense to arrive at the net pension expense (benefit).
The following table presents the expected return on assets used in determining the Company’s pension expense (benefit) compared to the actual return on assets during 2025, 2024 and 2023 for the U.S. pension and postretirement benefit plans:

U.S. plans (during the year)
202520242023
Expected return on assets(1)
U.S. pension and postretirement trust6.00%5.70%5.70%
VEBA Trust3.003.003.00
Actual return on assets(1)
U.S. pension and postretirement trust10.642.559.83
VEBA Trust5.476.015.87

(1)Expected return on assets and actual return on assets is presented net of fees.
Sensitivities of Certain Key Assumptions
The U.S. Qualified Pension Plan is frozen, and as a result, pension expense is primarily driven by interest cost. An increase in the discount rate would increase pension expense, while a decrease in the discount rate would decrease pension expense.
For Non-U.S. Pension Plans that are not frozen (in countries such as Mexico, the U.K. and South Korea), there is more service cost. The pension expense for the Non-U.S. Plans is driven by both service cost and interest cost. An increase in the discount rate generally decreases pension expense due to the greater impact of service cost compared to interest cost.
The following tables summarize the effect on pension expense:

Discount rate
 One-percentage-point increase
In millions of dollars202520242023
U.S. plans$23 $23 $22 
Non-U.S. plans(10)(13)(12)
 One-percentage-point decrease
In millions of dollars202520242023
U.S. plans$(26)$(27)$(26)
Non-U.S. plans19 21 20 

Expected return on assets
 One-percentage-point increase
In millions of dollars202520242023
U.S. plans$(100)$(106)$(112)
Non-U.S. plans(59)(53)(54)
 One-percentage-point decrease
In millions of dollars202520242023
U.S. plans$100 $106 $112 
Non-U.S. plans59 53 54 

Health Care Cost Trend Rate
Assumed health care cost trend rates were as follows:

 20252024
Health care cost increase rate for 
U.S. plans		  
Following year7.50%6.50%
Ultimate rate to which cost increase is assumed to decline5.005.00
Year in which the ultimate rate is
reached		20362031
Health care cost increase rate for 
non-U.S. plans (weighted average)		  
Following year8.14%9.20%
Ultimate rate to which cost increase is
assumed to decline		7.826.93
Year in which the ultimate rate
is reached		20302030
Plan Assets
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)
20262025202420252024
Equity securities(2)
0–13%
7 %7 %7 %7 %
Debt securities(3)
62–100
71 71 71 71 
Real assets(1)
0–9
5 5 5 5 
Private equity
0–7
7 7 7 7 
Other investments
0–13
10 10 10 10 
Total 100 %100 %100 %100 %

(1)Target asset allocations are set by investment strategy, whereas pension and postretirement assets as of December 31, 2025 and 2024 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 2025 and 2024.
(3)The VEBA Trust for postretirement benefits is primarily invested in cash equivalents and debt securities in 2025 and 2024 and is not reflected in the table above.


Third-party investment managers and advisors provide their services to Citigroup’s U.S. pension and postretirement benefit plans. Assets are rebalanced as the Company’s Pension Plan Investment Committee deems appropriate. Citigroup’s investment strategy, with respect to its assets, is to maintain a globally diversified investment portfolio across several asset classes that, when combined with Citigroup’s contributions to the plans, will maintain the plans’ ability to meet all required benefit obligations.
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)
20262025202420252024
Equity securities
0–46%
0–46%
0–49%
11 %18 %
Debt securities
0–100
0–100
0–100
78 73 
Real assets
0–15
0–12
0–16
1 1 
Other investments
0–100
0–100
0–100
10 8 
Total100 %100 %

 Non-U.S. postretirement benefit plans
 Target asset
allocation		Actual range
at December 31,		Weighted average
at December 31,
Asset category(1)
20262025202420252024
Equity securities
0–16%
0–12%
0–37%
12 %36 %
Debt securities
79–100
83–100
59–100
84 60 
Other investments
0–5
0–4
0–4
4 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.
Fair Value Disclosure
For information on fair value measurements, including descriptions of Levels 1, 2 and 3 of the fair value hierarchy and the valuation methodology utilized by the Company, see Notes 1 (“Fair Value” and “Fair Value Hedges”) and 26. Investments measured using the NAV per share practical expedient are excluded from Level 1, Level 2 and Level 3 in the tables below.

Certain investments may transfer between the fair value hierarchy classifications during the year due to changes in valuation methodology and pricing sources.
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, 2025
Asset categoriesLevel 1Level 2Level 3Total
U.S. equities$349 $— $— $349 
Non-U.S. equities296 — — 296 
Mutual funds and other registered investment companies193 — — 193 
Commingled funds— 534 — 534 
Debt securities323 5,107 — 5,430 
Annuity contracts— — 3 3 
Derivatives3 41 — 44 
Other investments— — 1 1 
Total investments at fair value$1,164 $5,682 $4 $6,850 
Cash and short-term investments$32 $432 $— $464 
Other investment liabilities(4)(37)— (41)
Net investments at fair value$1,192 $6,077 $4 $7,273 
Other investment receivables redeemed at NAV$43 
Securities valued at NAV2,625 
Total net assets$9,941 

(1)The investments of the U.S. pension and postretirement benefit plans are commingled in one trust. At December 31, 2025, the allocable interests of the U.S. pension and postretirement benefit plans were 99.0% and 1.0%, 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, 2024
Asset categoriesLevel 1Level 2Level 3Total
U.S. equities$315 $— $— $315 
Non-U.S. equities269 — — 269 
Mutual funds and other registered investment companies188 — — 188 
Commingled funds— 515 — 515 
Debt securities390 5,145 — 5,535 
Annuity contracts— — 3 3 
Derivatives1 35 — 36 
Other investments1 — 1 2 
Total investments$1,164 $5,695 $4 $6,863 
Cash and short-term investments$46 $439 $— $485 
Other investment liabilities(10)(39)— (49)
Net investments at fair value$1,200 $6,095 $4 $7,299 
Other investment receivables redeemed at NAV$18 
Securities valued at NAV 2,532 
Total net assets$9,849 

(1)The investments of the U.S. pension and postretirement benefit plans are commingled in one trust. At December 31, 2024, the allocable interests of the U.S. pension and postretirement benefit 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, 2025
Asset categoriesLevel 1Level 2Level 3Total
U.S. equities$13 $— $— $13 
Non-U.S. equities276 — — 276 
Mutual funds and other registered investment companies4,202 388 — 4,590 
Debt securities2,363 933 — 3,296 
Real assets— — 2 2 
Annuity contracts— — 2 2 
Derivatives— 189 — 189 
Other investments— — 378 378 
Total investments$6,854 $1,510 $382 $8,746 
Cash and short-term investments$96 $— $— $96 
Other investment liabilities— (489)— (489)
Net investments at fair value$6,950 $1,021 $382 $8,353 
Securities valued at NAV $29 
Total net assets$8,382 
 
Non-U.S. pension and postretirement benefit plans
In millions of dollarsFair value measurement at December 31, 2024
Asset categoriesLevel 1Level 2Level 3Total
U.S. equities$46 $— $— $46 
Non-U.S. equities435 — — 435 
Mutual funds and other registered investment companies2,990 318 — 3,308 
Debt securities2,303 1,021 — 3,324 
Real assets— — 2 2 
Annuity contracts— — 2 2 
Derivatives— 1,208 — 1,208 
Other investments— — 236 236 
Total investments$5,774 $2,547 $240 $8,561 
Cash and short-term investments$113 $— $— $113 
Other investment liabilities— (1,678)— (1,678)
Net investments at fair value$5,887 $869 $240 $6,996 
Securities valued at NAV $17 
Total net assets$7,013 
Level 3 Rollforward
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, 2024		Realized gains (losses)Unrealized gains (losses)Purchases, sales and issuancesTransfers in and/or out of Level 3Ending Level 3 fair value at
Dec. 31, 2025
Annuity contracts$3 $— $— $— $— $3 
Other investments1 — — — — 1 
Total investments$4 $— $— $— $— $4 
 
In millions of dollarsU.S. pension and postretirement benefit plans
Asset categoriesBeginning Level 3 fair value at
Dec. 31, 2023		Realized gains (losses)Unrealized gains (losses)Purchases, sales and
issuances		Transfers in and/or out of Level 3Ending Level 3 fair value at
Dec. 31, 2024
Annuity contracts$3 $— $— $— $— $3 
Other investments2 — 1 (2)— 1 
Total investments$5 $— $1 $(2)$— $4 


 In millions of dollarsNon-U.S. pension and postretirement benefit plans
Asset categoriesBeginning Level 3 fair value at
Dec. 31, 2024		Unrealized gains (losses)Purchases, sales and issuancesTransfers in and/or out of Level 3Ending Level 3
fair value at
Dec. 31, 2025
Real assets$2 $— $— $— $2 
Annuity contracts2 — — — 2 
Other investments236 16 126 — 378 
Total investments$240 $16 $126 $— $382 

 In millions of dollarsNon-U.S. pension and postretirement benefit plans
Asset categoriesBeginning Level 3 fair value at
Dec. 31, 2023		Unrealized gains (losses)Purchases, sales and issuancesTransfers in and/or out of Level 3Ending Level 3
fair value at
Dec. 31, 2024
Real assets$2 $— $— $— $2 
Annuity contracts2 — — — 2 
Other investments231 2 3 — 236 
Total investments$235 $2 $3 $— $240 
Investment Strategy
The Company’s global pension and postretirement funds’ investment strategy is to invest in a prudent manner for the exclusive purpose of providing benefits to participants. The investment strategies are targeted to produce a total return that, when combined with the Company’s contributions to the funds, will maintain the funds’ ability to meet all required benefit obligations. Risk is controlled through diversification of asset types and investments in domestic and international equities, fixed income securities and cash and short-term investments. The target asset allocation in most locations outside the U.S. is primarily in equity and debt securities. These allocations may vary by geographic region and country depending on the nature of applicable obligations and various other regional considerations. The wide variation in the actual range of plan asset allocations for the funded non-U.S. plans is a result of differing local statutory requirements and economic conditions. For example, in certain countries local law requires that all pension plan assets must be invested in fixed income investments, government funds or local-country securities.

Significant Concentrations of Risk in Plan Assets
The assets of the Company’s pension plans are diversified to limit the impact of any individual investment. The U.S. qualified pension plan is diversified across multiple asset classes, with publicly traded fixed income, hedge funds, private equity and publicly traded equity representing the most significant asset allocations. Investments in these four asset classes are further diversified across funds, managers, strategies, vintages, sectors and geographies, depending on the specific characteristics of each asset class. The pension assets for the Company’s non-U.S. Significant Plans are primarily invested in publicly traded fixed income and publicly traded equity securities.

Oversight and Risk Management Practices
The framework for the Company’s pension oversight process includes monitoring of retirement plans by plan fiduciaries and/or management at the global, cluster or country level, as appropriate. Independent Risk Management contributes to the risk oversight and monitoring for the Company’s U.S. Qualified Pension Plan and non-U.S. Significant Pension Plans. Although the specific components of the oversight process are tailored to the requirements of each cluster, country and plan, the following elements are common to the Company’s monitoring and risk management process:
 
•periodic asset/liability management studies and strategic asset allocation reviews
•periodic monitoring of funding levels and funding ratios
•periodic monitoring of compliance with asset allocation guidelines
•periodic monitoring of asset class and/or investment manager performance against benchmarks
•periodic risk capital analysis and stress testing


Estimated Future 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
2026$999 $642 $49 $108 
2027981 561 33 114 
2028961 567 31 120 
2029923 575 29 126 
2030866 583 26 131 
2031–20353,660 3,003 99 746 

Post Employment Plans
The Company sponsors U.S. post employment plans that provide income continuation and health and welfare benefits to certain eligible U.S. employees on long-term disability.
The following table summarizes the funded status and amounts recognized on the Company’s Consolidated Balance Sheet:
In millions of dollars20252024
Funded status of the plan at year end$(50)$(49)
Net amount recognized in AOCI (pretax)
$(11)$(12)

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 dollars202520242023
Net expense $26 $28 $14 

Defined Contribution Plans
The Company sponsors defined contribution plans in the U.S. and in certain non-U.S. locations, all of which are administered in accordance with local laws. The most significant defined contribution plan is the Citi Retirement Savings Plan sponsored by the Company in the U.S.
Under the Citi Retirement Savings Plan, eligible U.S. employees received matching contributions of up to 6% of their eligible compensation for 2025 and 2024, subject to statutory limits. Effective January 1, 2025, plan participants’ eligible annual compensation is limited to $200,000. In addition, for eligible employees whose eligible compensation is $100,000 or less, a fixed contribution of up to 2% of eligible compensation is provided. All Company contributions are invested according to participants’ individual elections. The following tables summarize the Company contributions for the defined contribution plans:
 U.S. plans
In millions of dollars202520242023
Company contributions$517 $591 $546 
 Non-U.S. plans
In millions of dollars202520242023
Company contributions$489 $461 $453