Net Expense for Citigroup (C)

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C » Topics » Net Expense

This excerpt taken from the C 10-Q filed May 4, 2007.

Net Expense

		Three Months Ended March 31,
		Pension Plans												Postretirement Benefit Plans
		U.S. Plans(1) (2)						Plans Outside U.S.						U.S. Plans						Plans Outside U.S.
In millions of dollars		2007			2006			2007			2006			2007			2006			2007			2006
Benefits earned during the period		$	67		$	68		$	44		$	43		$	1		$	1		$	6		$	4
Interest cost on benefit obligation			163			157			74			68			15			16			18			14
Expected return on plan assets			(222	)		(212	)		(107	)		(84	)		(3	)		(3	)		(24	)		(14	)
Amortization of unrecognized:
	Net transition obligation		—			—			1			—			—			—			—			—
	Prior service cost		(1	)		(6	)		—			1			(1	)		(1	)		—			—
	Net actuarial loss		27			44			13			14			1			3			2			2

Net expense		$	34		$	51		$	25		$	42		$	13		$	16		$	2		$	6

(1): The U.S. plans exclude nonqualified pension plans, for which the net expense was $12 million and $14 million for the three months ended March 31, 2007 and 2006, respectively.
(2): In 2006, the Company announced that commencing January 1, 2008, the U.S. qualified pension plan would be frozen. Accordingly, no additional contributions would be credited to the cash balance plan for existing plan participants. However, employees still covered under the prior final pay plan will continue to accrue benefits.

This excerpt taken from the C 10-Q filed Aug 4, 2006.

Net Expense

		Three Months Ended June 30,
		Pension Plans												Postretirement Benefit Plans(2)
		U.S. Plans(1)						Plans Outside U.S.						U.S. Plans
In millions of dollars		U.S. Plans(1)						Plans Outside U.S.						U.S. Plans
In millions of dollars		2006			2005			2006			2005			2006			2005
Benefits earned during the period		$	67		$	68		$	45		$	42		$	—		$	—
Interest cost on benefit obligation			158			150			68			60			14			16
Expected return on plan assets			(212	)		(202	)		(84	)		(69	)		(3	)		(4	)
Amortization of unrecognized:
	Net transition obligation		—			—			—			—			—			—
	Prior service cost		(6	)		(6	)		—			—			(1	)		(1	)
	Net actuarial loss		43			35			14			13			3			3

Net expense		$	50		$	45		$	43		$	46		$	13		$	14

		Six Months Ended June 30,
					Pension Plans									Postretirement Benefit Plans(2)
		U.S. Plans(1)						Plans Outside U.S.						U.S. Plans
In millions of dollars		U.S. Plans(1)						Plans Outside U.S.						U.S. Plans
In millions of dollars		2006			2005			2006			2005			2006			2005
Benefits earned during the period		$	135		$	135		$	88		$	83		$	1		$	1
Interest cost on benefit obligation			315			300			136			120			30			31
Expected return on plan assets			(424	)		(404	)		(168	)		(139	)		(6	)		(7	)
Amortization of unrecognized:
	Net transition obligation		—			—			—			1			—			—
	Prior service cost		(12	)		(12	)		1			—			(2	)		(2	)
	Net actuarial loss		87			71			28			27			6			6

Net expense		$	101		$	90		$	85		$	92		$	29		$	29

(1): The U.S. plans exclude nonqualified pension plans, for which the net expense was $13 million and $11 million for the three months ended June 30, 2006 and 2005, respectively, and $27 million and $22 million during the first six months of 2006 and 2005, respectively.
(2): For plans outside the U.S., net postretirement benefit expense was $6 million and $3 million for the three months ended June 30, 2006 and 2005, respectively, and $12 million and $7 million during the first six months of 2006 and 2005, respectively.

This excerpt taken from the C 10-Q filed May 5, 2006.

Net Expense

		Three Months Ended March 31,
		Pension Plans												Postretirement Benefit Plans(2)
		U.S. Plans(1)						Plans Outside U.S.						U.S. Plans
In millions of dollars		U.S. Plans(1)						Plans Outside U.S.						U.S. Plans
In millions of dollars		2006			2005			2006			2005			2006			2005
Benefits earned during the period		$	68		$	67		$	43		$	41		$	1		$	1
Interest cost on benefit obligation			157			150			68			60			16			15
Expected return on plan assets			(212	)		(202	)		(84	)		(70	)		(3	)		(3	)
Amortization of unrecognized:
	Net transition obligation		—			—			—			1			—			—
	Prior service cost		(6	)		(6	)		1			—			(1	)		(1	)
	Net actuarial loss		44			36			14			14			3			3

Net expense		$	51		$	45		$	42		$	46		$	16		$	15

(1): The U.S. plans exclude nonqualified pension plans, for which the net expense was $14 million and $11 million for the three months ended March 31, 2006 and 2005, respectively.
(2): For plans outside the U.S., net postretirement benefit expense was $6 million and $4 million for the three months ended March 31, 2006 and 2005, respectively.

This excerpt taken from the C 10-K filed Feb 24, 2006.

Net Expense

	Pension Plans																		Postretirement Benefit Plans(2)
	U.S. Plans(1)									Plans Outside U.S.									U.S. Plans
	2005			2004			2003			2005			2004			2003			2005			2004			2003
	In millions of dollars
Benefits earned during the year	$	257		$	241		$	208		$	163		$	147		$	118		$	2		$	2		$	3
Interest cost on benefit obligation		599			581			548			261			222			190			63			66			72
Expected return on plan assets		(806	)		(750	)		(700	)		(315	)		(251	)		(209	)		(14	)		(16	)		(18	)
Amortization of unrecognized:
Net transition obligation		—			—			—			2			3			5			—			—			—
Prior service cost (benefit)		(24	)		(25	)		(25	)		1			—			—			(4	)		(4	)		(4	)
Net actuarial loss		161			105			24			69			60			48			13			8			8
Curtailment loss		—			—			—			1			4			6			—			—			—

Net expense	$	187		$	152		$	55		$	182		$	185		$	158		$	60		$	56		$	61

(1): The U.S. plans exclude nonqualified pension plans, for which the net expense was $50 million in 2005, $44 million in 2004, and $46 million in 2003.
(2): For plans outside the U.S., net postretirement benefit expense was $13 million in 2005, $19 million in 2004, and $36 million in 2003.

147

This excerpt taken from the C 10-Q filed Nov 4, 2005.

Net Expense

		Three Months Ended September 30,
		Pension Plans												Postretirement Benefit Plans(2)
		U.S. Plans(1)						Plans Outside U.S.						U.S. Plans
In millions of dollars		U.S. Plans(1)						Plans Outside U.S.						U.S. Plans
In millions of dollars		2005			2004			2005			2004			2005			2004
Benefits earned during the period		$	58		$	60		$	43		$	40		$	1		$	—
Interest cost on benefit obligation			149			144			73			56			16			15
Expected return on plan assets			(201	)		(201	)		(93	)		(64	)		(4	)		(4	)
	Amortization of unrecognized:
	Net transition obligation		—			—			1			1			—			—
	Prior service cost		(6	)		(6	)		1			—			(1	)		(1	)
	Net actuarial loss		50			27			27			17			4			—

Net expense		$	50		$	24		$	52		$	50		$	16		$	10

		Nine Months Ended September 30,
		Pension Plans												Postretirement Benefit Plans⁽²⁾
		U.S. Plans⁽¹⁾						Plans Outside U.S.						U.S. Plans
In millions of dollars		U.S. Plans⁽¹⁾						Plans Outside U.S.						U.S. Plans
In millions of dollars		2005			2004			2005			2004			2005			2004
Benefits earned during the period		$	193		$	182		$	126		$	104		$	2		$	2
Interest cost on benefit obligation			449			438			193			160			47			51
Expected return on plan assets			(605	)		(551	)		(232	)		(180	)		(11	)		(12	)
	Amortization of unrecognized:
	Net transition obligation		—			—			2			3			—			—
	Prior service cost		(18	)		(18	)		1			—			(3	)		(3	)
	Net actuarial loss		121			77			54			41			10			8

Net expense		$	140		$	128		$	144		$	128		$	45		$	46

(1): The U.S. plans exclude nonqualified pension plans for which the net expense was $15 million and $10 million for the three months ended September 30, 2005 and 2004, respectively, and $37 million and $34 million during the first nine months of 2005 and 2004, respectively.
(2): For plans outside the U.S., net postretirement benefit expense was $3 million and $2 million for the three months ended September 30, 2005 and 2004, respectively, and $10 million and $17 million during the first nine months of 2005 and 2004, respectively.