Citibank 2009 Annual Report Download - page 166

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Net Amount Recognized
Pension plans Post retirement benefit plans
U.S. plans (1) Non-U.S. plans U.S. plans Non-U.S. plans
In millions of dollars 2009 2008 2009 2008 2009 2008 2009 2008
Change in projected benefit obligation
Projected benefit obligation at beginning of year $ 11,010 $11,029 $4,563 $ 6,007 $1,062 $1,042 $ 937 $1,193
Benefits earned during the year 18 23 148 201 1126 36
Interest cost on benefit obligation 649 674 301 354 60 62 89 96
Plan amendments ——(2) 2——(4) —
Actuarial loss (gain) 559 (167) 533 (625) 43 157 (79)
Benefits paid (1,105) (607) (225) (282) (93) (72) (42) (41)
Expected Medicare Part D subsidy ————13 11 ——
Acquisitions ———206 ————
Divestitures ——(170) (380) ————
Settlements ——(94) (65) ————
Curtailments (2) 47 58 13 3—17 (3) (2)
Foreign exchange impact ——333 (858) ——81 (266)
Projected benefit obligation at year end $ 11,178 $11,010 $5,400 $ 4,563 $1,086 $1,062 $1,141 $ 937
Change in plan assets
Plan assets at fair value at beginning of year $ 11,516 $12,840 $4,536 $ 6,629 $ 143 $ 191 $ 671 $1,008
Actual return on plan assets (488) (730) 728 (883) (7) (7) 194 (182)
Company contributions (3) 11 13 382 286 71 31 91 72
Employee contributions ——56————
Acquisitions ———165 ————
Divestitures ——(122) (380) ————
Settlements ——(95) (57) ————
Benefits paid (1,105) (607) (225) (282) (93) (72) (42) (42)
Foreign exchange impact ——383 (948) ——53 (185)
Plan assets at fair value at year end $ 9,934 $11,516 $5,592 $ 4,536 $ 114 $ 143 $ 967 $ 671
Funded status of the plan at year end (4) $ (1,244) $ 506 $ 192 $ (27) $ (972) $ (919) $ (174) $ (266)
Net amount recognized
Benefit asset $ — $ 506 $ 684 $ 511 $ — $ — $ 57 $ —
Benefit liability (1,244) —(492) (538) (972) (919) (231) (266)
Net amount recognized on the balance sheet $ (1,244) $ 506 $ 192 $ (27) $ (972) $ (919) $ (174) $ (266)
Amounts recognized in Accumulated
other comprehensive income (loss)
Net transition obligation $ — $ — $ (4)$ (5)$ — $ — $ 1 $ 1
Prior service cost (benefit) (2) (4) 23 29 (10) (10) (5) (1)
Net actuarial loss 3,927 1,978 1,280 1,219 99 41 393 442
Net amount recognized in equity—pretax $ 3,925 $ 1,974 $1,299 $ 1,243 $ 89 $ 31 $ 389 $ 442
Accumulated benefit obligation at year end $ 11,129 $10,937 $4,902 $ 4,145 $1,086 $1,062 $1,141 $ 937
(1) The U.S. plans exclude nonqualified pension plans, for which the aggregate projected benefit obligation was $637 million and $586 million and the aggregate accumulated benefit obligation was $636 million and
$580 million at December 31, 2009 and 2008, respectively. These plans are unfunded. As such, the funded status of these plans is $(637) million and $(586) million at December 31, 2009 and 2008, respectively.
Accumulated other comprehensive income (loss) reflects pretax charges of $137 million and $72 million at December 31, 2009 and 2008, respectively, that primarily relate to net actuarial loss.
(2) Changes in projected benefit obligation due to curtailments in the non-U.S. pension plans in 2009 include $(3) million and $(9) million in curtailment gains and $16 million and $12 million in special termination costs
during 2009 and 2008, respectively.
(3) Company contributions to the U.S. pension plan include $11 million and $13 million during 2009 and 2008, respectively, relating to certain investment advisory fees and administrative costs that were absorbed by the
Company. Company contributions to the non-U.S. pension plans include $29 million and $55 million of benefits directly paid by the Company during 2009 and 2008, respectively.
(4) The U.S. qualified pension plan is fully funded under specified ERISA funding rules as of January 1, 2009 and projected to be fully funded under these rules as of December 31, 2009.