Citibank 2010 Annual Report Download - page 194

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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 2010 2009 2010 2009 2010 2009 2010 2009
Change in projected benefit obligation
Projected benefit obligation at beginning of year $11,178 $11,010 $5,400 $4,563 $ 1,086 $1,062 $ 1,141 $ 937
Benefits earned during the year 14 18 167 148 1123 26
Interest cost on benefit obligation 644 649 342 301 59 60 105 89
Plan amendments ——8(2) ———(4)
Actuarial loss 537 559 459 533 108 43 120 57
Benefits paid (643) (1,105) (264) (225) (87) (93) (47) (42)
Expected Medicare Part D subsidy ————12 13 ——
Divestitures ———(170) ————
Settlements ——(49) (94) ————
Curtailments (2) —47 —13 ———(3)
Foreign exchange impact and other ——126 333 ——53 81
Projected benefit obligation at year end $11,730 $11,178 $6,189 $5,400 $ 1,179 $1,086 $ 1,395 $1,141
Change in plan assets
Plan assets at fair value at beginning of year $ 9,934 $11,516 $5,592 $4,536 $ 114 $ 143 $ 967 $ 671
Actual return on plan assets 1,271 (488) 432 728 10 (7) 126 194
Company contributions (3) 999 11 305 382 58 71 75 91
Employee contributions ——65————
Divestitures ———(122) ————
Settlements ——(49) (95) ————
Benefits paid (643) (1,105) (264) (225) (87) (93) (47) (42)
Foreign exchange impact and other ——123 383 ——55 53
Plan assets at fair value at year end $11,561 $ 9,934 $6,145 $5,592 $ 95 $ 114 $1,176 $ 967
Funded status of the plan at year end (4) $ (169) $ (1,244) $ (44) $ 192 $(1,084) $ (972) $ (219) $ (174)
Net amount recognized
Benefit asset $ — $ — $ 528 $ 684 $ — $ — $ 52 $ 57
Benefit liability (169) (1,244) (572) (492) (1,084) (972) (271) (231)
Net amount recognized on the balance sheet $ (169) $ (1,244) $ (44) $ 192 $(1,084) $ (972) $ (219) $ (174)
Amounts recognized in Accumulated
other comprehensive income (loss)
Net transition obligation $ — $ — $ (2) $ (4) $ — $ — $ 1 $ 1
Prior service cost (benefit) (1) (2) 26 23 (6) (10) (6) (5)
Net actuarial loss 4,021 3,927 1,652 1,280 194 99 486 393
Net amount recognized in equity—pretax $ 4,020 $ 3,925 $1,676 $1,299 $ 188 $ 89 $ 481 $ 389
Accumulated benefit obligation at year end $11,689 $11,129 $5,576 $4,902 $ 1,179 $1,086 $ 1,395 $1,141
(1) The U.S. plans exclude nonqualified pension plans, for which the aggregate projected benefit obligation was $658 million and $637 million and the aggregate accumulated benefit obligation was $648 million and
$636 million at December 31, 2010 and 2009, respectively. These plans are unfunded. As such, the funded status of these plans is $(658) million and $(637) million at December 31, 2010 and 2009, respectively.
Accumulated other comprehensive income (loss) reflects pretax charges of $167 million and $137 million at December 31, 2010 and 2009, 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 2010 include $(5) million and $(3) million in curtailment gains and $5 million and $16 million in special termination costs
during 2010 and 2009, respectively.
(3) Company contributions to the U.S. pension plan include $999 million and $11 million during 2010 and 2009, respectively. This includes a discretionary cash contribution of $995 million in 2010 and advisory fees paid
to Citi Alternative Investments. Company contributions to the non-U.S. pension plans include $40 million and $29 million of benefits paid directly by the Company during 2010 and 2009, respectively.
(4) The U.S. qualified pension plan is fully funded under specified ERISA funding rules as of January 1, 2010 and projected to be fully funded under these rules as of December 31, 2010.