Percentage of the significant plans over global pension and postretirement liabilities, which utilize quarterly measurement policy

  
8. RETIREMENT BENEFITS  
Pension and Postretirement PlansThe 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 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.The plan obligations, plan assets and periodic plan expense for the Company’s most significant pension and postretirement benefit plans (Significant Plans) are measured and disclosed quarterly, instead of annually. The Significant Plans captured approximately 90% of the Company’s global pension and postretirement plan obligations as of December 31, 2021. All other plans (All Other Plans) are measured annually with a December 31 measurement date.   
Net (Benefit) ExpenseThe 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:  


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|  |  |
|   | Pension plans | Postretirement benefit plans |
|   | U.S. plans | Non-U.S. plans | U.S. plans | Non-U.S. plans |
| In millions of dollars | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Benefits earned during the year | $ | —  |  | $ | —  |  | $ | 1  |  | $ | 149  |  | $ | 147  |  | $ | 146  |  | $ | —  |  | $ | —  |  | $ | —  |  | $ | 6  |  | $ | 7  |  | $ | 8  |  |
| Interest cost on benefit obligation | 351  |  | 378  |  | 469  |  | 268  |  | 246  |  | 287  |  | 13  |  | 17  |  | 24  |  | 96  |  | 93  |  | 104  |  |
| Expected return on assets | (683) |  | (824) |  | (821) |  | (253) |  | (245) |  | (281) |  | (13) |  | (17) |  | (18) |  | (84) |  | (77) |  | (84) |  |
| Amortization of unrecognized: |   |   |   |   |   |   |   |   |   |   |   |   |
| Prior service cost (benefit)  | 2  |  | 2  |  | 2  |  | (6) |  | 5  |  | (4) |  | (9) |  | (2) |  | —  |  | (9) |  | (9) |  | (10) |  |
| Net actuarial loss (gain) | 228  |  | 233  |  | 200  |  | 62  |  | 70  |  | 61  |  | (3) |  | —  |  | —  |  | 13  |  | 20  |  | 23  |  |
| Curtailment loss (gain)(1) | —  |  | —  |  | 1  |  | 1  |  | (8) |  | (6) |  | —  |  | —  |  | —  |  | —  |  | —  |  | —  |  |
| Settlement loss (gain)(1) | —  |  | —  |  | —  |  | 10  |  | (1) |  | 6  |  | —  |  | —  |  | —  |  | —  |  | —  |  | —  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total net (benefit) expense | $ | (102) |  | $ | (211) |  | $ | (148) |  | $ | 231  |  | $ | 214  |  | $ | 209  |  | $ | (12) |  | $ | (2) |  | $ | 6  |  | $ | 22  |  | $ | 34  |  | $ | 41  |  |

  
(1)Losses (gains) due to curtailment and settlement relate to repositioning and divestiture activities.  
ContributionsThe Company’s funding practice for U.S. and non-U.S. pension and postretirement 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 2021 or 2020. The following table summarizes the Company’s actual contributions for the years ended December 31, 2021 and 2020, as well as expected Company contributions for 2022. Expected contributions are subject to change, since contribution decisions are affected by various factors, such as market performance, tax considerations and regulatory requirements.  
  


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|  | Pension plans(1) | Postretirement benefit plans(1) |
|  | U.S. plans(2) | Non-U.S. plans | U.S. plans | Non-U.S. plans |
| In millions of dollars | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 |
| Contributions made by the Company | $ | —  |  | $ | —  |  | $ | —  |  | $ | 74  |  | $ | 104  |  | $ | 115  |  | $ | —  |  | $ | —  |  | $ | —  |  | $ | 3  |  | $ | 3  |  | $ | 4  |  |
| Benefits paid directly by (reimbursements to) the Company(3) | 57  |  | 56  |  | 56  |  | 413  |  | 51  |  | 43  |  | 5  |  | 22  |  | (15) |  | 6  |  | 5  |  | 5  |  |

  
(1)    Amounts reported for 2022 are expected amounts.     (2)     The U.S. pension plans include benefits paid directly by the Company for the nonqualified pension plans. (3)    Estimated 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 plan will be withdrawing their pension plan assets. See Note 2 to the Consolidated Financial Statements for additional information.  
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