Pension and Other Postretirement Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2013

General Discussion of Pension and Other Postretirement Benefits [Abstract]

Changes in benefit obligations and plan assets and funded status amounts

The following table presents the changes in benefit obligations, plan assets and funded status amounts reported on the Consolidated Balance Sheets for the Firm’s U.S. and non-U.S. defined benefit pension and OPEB plans.

	Defined benefit pension plans
As of or for the year ended December 31,	U.S.								Non-U.S.								OPEB plans(d)
(in millions)	2013				2012				2013				2012				2013			2012
Change in benefit obligation
Benefit obligation, beginning of year	$	(11,478	)		$	(9,043	)		$	(3,243	)		$	(2,829	)		$	(990	)	$	(999	)
Benefits earned during the year	(314		)		(272		)		(34		)		(41		)		(1		)	(1		)
Interest cost on benefit obligations	(447		)		(466		)		(125		)		(126		)		(35		)	(44		)
Plan amendments	—				—				—				6				—			—
WaMu Global Settlement	—				(1,425		)		—				—				—			—
Employee contributions	NA				NA				(7		)		(5		)		(72		)	(74		)
Net gain/(loss)	794				(864		)		(62		)		(244		)		138			(9		)
Benefits paid	669				592				106				108				144			149
Expected Medicare Part D subsidy receipts	NA				NA				NA				NA				(10		)	(10		)
Foreign exchange impact and other	—				—				(68		)		(112		)		—			(2		)
Benefit obligation, end of year	$	(10,776	)		$	(11,478	)		$	(3,433	)		$	(3,243	)		$	(826	)	$	(990	)
Change in plan assets
Fair value of plan assets, beginning of year	$	13,012			$	10,472			$	3,330			$	2,989			$	1,563		$	1,435
Actual return on plan assets	1,979				1,292				187				237				211			142
Firm contributions	32				31				45				86				2			2
WaMu Global Settlement	—				1,809				—				—				—			—
Employee contributions	—				—				7				5				—			—
Benefits paid	(669		)		(592		)		(106		)		(108		)		(19		)	(16		)
Foreign exchange impact and other	—				—				69				121				—			—
Fair value of plan assets, end of year	$	14,354		(b)(c)	$	13,012		(b)(c)	$	3,532		(c)	$	3,330		(c)	$	1,757		$	1,563
Funded/(unfunded) status(a)	$	3,578			$	1,534			$	99			$	87			$	931		$	573
Accumulated benefit obligation, end of year	$	(10,685	)		$	(11,447	)		$	(3,406	)		$	(3,221	)		NA			NA

(a) Represents plans with an aggregate overfunded balance of $5.1 billion and $2.8 billion at December 31, 2013 and 2012, respectively, and plans with an aggregate underfunded balance of $540 million and $612 million at December 31, 2013 and 2012, respectively.

(b) At December 31, 2013 and 2012, approximately $429 million and $418 million, respectively, of U.S. plan assets included participation rights under participating annuity contracts.

(c) At December 31, 2013 and 2012, defined benefit pension plan amounts not measured at fair value included $96 million and $137 million, respectively, of accrued receivables, and $104 million and $310 million, respectively, of accrued liabilities, for U.S. plans; and at December 31, 2012, $47 million of accrued receivables, and $46 million of accrued liabilities, for non-U.S. plans.

(d) Includes an unfunded accumulated postretirement benefit obligation of $34 million and $31 million at December 31, 2013 and 2012, respectively, for the U.K. plan.

Pretax pension and OPEB amounts recorded in AOCI

The following table presents pretax pension and OPEB amounts recorded in AOCI.

	Defined benefit pension plans
December 31,	U.S.						Non-U.S.						OPEB plans
(in millions)	2013			2012			2013			2012			2013		2012
Net gain/(loss)	$	(1,726	)	$	(3,814	)	$	(658	)	$	(676	)	$	125	$	(133	)
Prior service credit/(cost)	196			237			14			18			1		1
Accumulated other comprehensive income/(loss), pretax, end of year	$	(1,530	)	$	(3,577	)	$	(644	)	$	(658	)	$	126	$	(132	)

Components of net periodic benefit costs reported in the Consolidated Statements of Income and other comprehensive income

The following table presents the components of net periodic benefit costs reported in the Consolidated Statements of Income and other comprehensive income for the Firm’s U.S. and non-U.S. defined benefit pension, defined contribution and OPEB plans.

	Pension plans
	U.S.									Non-U.S.										OPEB plans
Year ended December 31, (in millions)	2013			2012			2011			2013				2012			2011			2013			2012			2011
Components of net periodic benefit cost
Benefits earned during the year	$	314		$	272		$	249		$	34			$	41		$	36		$	1		$	1		$	1
Interest cost on benefit obligations	447			466			451			125				126			133			35			44			51
Expected return on plan assets	(956		)	(861		)	(791		)	(142		)		(137		)	(141		)	(92		)	(90		)	(88		)
Amortization:
Net (gain)/loss	271			289			165			49				36			48			1			(1		)	1
Prior service cost/(credit)	(41		)	(41		)	(43		)	(2		)		—			(1		)	—			—			(8		)
Net periodic defined benefit cost	35			125			31			64				66			75			(55		)	(46		)	(43		)
Other defined benefit pension plans(a)	15			15			19			14				8			12			NA			NA			NA
Total defined benefit plans	50			140			50			78				74			87			(55		)	(46		)	(43		)
Total defined contribution plans	447			409			370			321				302			285			NA			NA			NA
Total pension and OPEB cost included in compensation expense	$	497		$	549		$	420		$	399			$	376		$	372		$	(55	)	$	(46	)	$	(43	)
Changes in plan assets and benefit obligations recognized in other comprehensive income
Net (gain)/loss arising during the year	$	(1,817	)	$	434		$	1,207		$	19			$	146		$	25		$	(257	)	$	(43	)	$	58
Prior service credit arising during the year	—			—			—			—				(6		)	—			—			—			—
Amortization of net loss	(271		)	(289		)	(165		)	(49		)		(36		)	(48		)	(1		)	1			(1		)
Amortization of prior service (cost)/credit	41			41			43			2				—			1			—			—			8
Foreign exchange impact and other	—			—			—			14			(a)	22			1			—			(1		)	—
Total recognized in other comprehensive income	$	(2,047	)	$	186		$	1,085		$	(14	)		$	126		$	(21	)	$	(258	)	$	(43	)	$	65
Total recognized in net periodic benefit cost and other comprehensive income	$	(2,012	)	$	311		$	1,116		$	50			$	192		$	54		$	(313	)	$	(89	)	$	22

(a) Includes various defined benefit pension plans which are individually immaterial.

Estimated pretax amounts that will be amortized from AOCI into net periodic benefit cost

The estimated pretax amounts that will be amortized from AOCI into net periodic benefit cost in 2014 are as follows.

	Defined benefit pension plans						OPEB plans
(in millions)	U.S.			Non-U.S.			U.S.		Non-U.S.
Net loss/(gain)	$	35		$	47		$	—	$	—
Prior service cost/(credit)	(41		)	(2		)	—		—
Total	$	(6	)	$	45		$	—	$	—

Actual rate of return on plan assets

The following table presents the actual rate of return on plan assets for the U.S. and non-U.S. defined benefit pension and OPEB plans.

	U.S.						Non-U.S.
Year ended December 31,	2013		2012		2011		2013	2012	2011
Actual rate of return:
Defined benefit pension plans	15.95	%	12.66	%	0.72	%	3.74 - 23.80%	7.21 - 11.72%	(4.29)-13.12%
OPEB plans	13.88		10.10		5.22		NA	NA	NA

Weighted-average assumptions used to determine benefit obligations

Weighted-average assumptions used to determine benefit obligations
	U.S.				Non-U.S.
December 31,	2013		2012		2013	2012
Discount rate:
Defined benefit pension plans	5.00	%	3.90	%	1.10 - 4.40%	1.40 - 4.40%
OPEB plans	4.90		3.90		—	—
Rate of compensation increase	3.50		4.00		2.75 - 4.60	2.75 - 4.10
Health care cost trend rate:
Assumed for next year	6.50		7.00		—	—
Ultimate	5.00		5.00		—	—
Year when rate will reach ultimate	2017		2017		—	—

Weighted-average assumptions used to determine net periodic benefit costs

Weighted-average assumptions used to determine net periodic benefit costs
	U.S.						Non-U.S.
Year ended December 31,	2013		2012		2011		2013	2012	2011
Discount rate:
Defined benefit pension plans	3.90	%	4.60	%	5.50	%	1.40 - 4.40%	1.50 - 4.80%	1.60-5.50%
OPEB plans	3.90		4.70		5.50		—	—	—
Expected long-term rate of return on plan assets:
Defined benefit pension plans	7.50		7.50		7.50		2.40 - 4.90	2.50 - 4.60	2.40-5.40
OPEB plans	6.25		6.25		6.25		NA	NA	NA
Rate of compensation increase	4.00		4.00		4.00		2.75 - 4.10	2.75 - 4.20	3.00-4.50
Health care cost trend rate:
Assumed for next year	7.00		7.00		7.00		—	—	—
Ultimate	5.00		5.00		5.00		—	—	—
Year when rate will reach ultimate	2017		2017		2017		—	—	—

Effect of a one-percentage-point change in the assumed health care cost trend rate on the Firm's total service and interest cost and accumulated postretirement benefit obligation

The following table presents the effect of a one-percentage-point change in the assumed health care cost trend rate on JPMorgan Chase’s total service and interest cost and accumulated postretirement benefit obligation.

Year ended December 31, 2013 (in millions)	1-Percentage point increase		1-Percentage point decrease
Effect on total service and interest cost	$	1	$	(1	)
Effect on accumulated postretirement benefit obligation	31		(26		)

Weighted-average asset allocation of the fair values of total plan assets

The following table presents the weighted-average asset allocation of the fair values of total plan assets at December 31 for the years indicated, as well as the respective approved range/target allocation by asset category, for the Firm’s U.S. and non-U.S. defined benefit pension and OPEB plans.

	Defined benefit pension plans
	U.S.					Non-U.S.						OPEB plans(c)
	Target	% of plan assets				Target		% of plan assets				Target		% of plan assets
December 31,	Allocation	2013		2012		Allocation		2013		2012		Allocation		2013		2012
Asset category
Debt securities(a)	0-80%	25	%	20	%	64	%	63	%	72	%	50	%	50	%	50	%
Equity securities	0-85	48		41		35		36		27		50		50		50
Real estate	0-10	4		5		—		—		—		—		—		—
Alternatives(b)	0-50	23		34		1		1		1		—		—		—
Total	100%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%

(a) Debt securities primarily include corporate debt, U.S. federal, state, local and non-U.S. government, and mortgage-backed securities.

(b) Alternatives primarily include limited partnerships.

(c) Represents the U.S. OPEB plan only, as the U.K. OPEB plan is unfunded.

Pension and OPEB plan assets and liabilities measured at fair value

Pension and OPEB plan assets and liabilities measured at fair value
	U.S. defined benefit pension plans										Non-U.S. defined benefit pension plans(i)
December 31, 2013 (in millions)	Level 1		Level 2			Level 3		Total fair value			Level 1		Level 2			Total fair value
Cash and cash equivalents	$	62	$	—		$	—	$	62		$	221	$	3		$	224
Equity securities:
Capital equipment	1,084		—			—		1,084			86		17			103
Consumer goods	1,085		—			—		1,085			225		50			275
Banks and finance companies	737		—			—		737			233		29			262
Business services	510		—			—		510			209		14			223
Energy	292		—			—		292			64		20			84
Materials	344		—			—		344			36		9			45
Real Estate	38		—			—		38			—		1			1
Other	1,337		18			4		1,359			25		103			128
Total equity securities	5,427		18			4		5,449			878		243			1,121
Common/collective trust funds(a)	—		1,308			4		1,312			98		248			346
Limited partnerships:(b)
Hedge funds	—		355			718		1,073			—		—			—
Private equity	—		—			1,969		1,969			—		—			—
Real estate	—		—			558		558			—		—			—
Real assets(c)	—		—			271		271			—		—			—
Total limited partnerships	—		355			3,516		3,871			—		—			—
Corporate debt securities(d)	—		1,223			7		1,230			—		787			787
U.S. federal, state, local and non-U.S. government debt securities	343		299			—		642			—		777			777
Mortgage-backed securities	37		50			—		87			73		—			73
Derivative receivables	—		30			—		30			—		302			302
Other(e)	1,214		41			430		1,685			148		52			200
Total assets measured at fair value(f)(g)	$	7,083	$	3,324		$	3,961	$	14,368		$	1,418	$	2,412		$	3,830
Derivative payables	$	—	$	(6	)	$	—	$	(6	)	$	—	$	(298	)	$	(298	)
Total liabilities measured at fair value(h)	$	—	$	(6	)	$	—	$	(6	)	$	—	$	(298	)	$	(298	)

	U.S. defined benefit pension plans										Non-U.S. defined benefit pension plans(i)
December 31, 2012 (in millions)	Level 1		Level 2			Level 3		Total fair value			Level 1			Level 2		Total fair value
Cash and cash equivalents	$	162	$	—		$	—	$	162		$	142		$	—	$	142
Equity securities:
Capital equipment	702		6			—		708			115			15		130
Consumer goods	744		4			—		748			136			32		168
Banks and finance companies	425		54			—		479			94			23		117
Business services	424		—			—		424			125			8		133
Energy	192		—			—		192			54			12		66
Materials	211		—			—		211			30			6		36
Real estate	18		—			—		18			10			—		10
Other	1,107		42			4		1,153			19			71		90
Total equity securities	3,823		106			4		3,933			583			167		750
Common/collective trust funds(a)	412		1,660			199		2,271			62			192		254
Limited partnerships:(b)
Hedge funds	—		878			1,166		2,044			—			—		—
Private equity	—		—			1,743		1,743			—			—		—
Real estate	—		—			467		467			—			—		—
Real assets(c)	—		—			311		311			—			—		—
Total limited partnerships	—		878			3,687		4,565			—			—		—
Corporate debt securities(d)	—		1,114			1		1,115			—			765		765
U.S. federal, state, local and non-U.S. government debt securities	—		537			—		537			—			1,237		1,237
Mortgage-backed securities	107		30			—		137			100			—		100
Derivative receivables	3		5			—		8			109			—		109
Other(e)	7		34			420		461			21			67		88
Total assets measured at fair value(f)(g)	$	4,514	$	4,364		$	4,311	$	13,189		$	1,017		$	2,428	$	3,445
Derivative payables	$	—	$	(4	)	$	—	$	(4	)	$	(116	)	$	—	$	(116	)
Total liabilities measured at fair value(h)	$	—	$	(4	)	$	—	$	(4	)	$	(116	)	$	—	$	(116	)

(a) At December 31, 2013 and 2012, common/collective trust funds primarily included a mix of short-term investment funds, domestic and international equity investments (including index) and real estate funds.

(b) Unfunded commitments to purchase limited partnership investments for the plans were $1.6 billion and $1.4 billion for 2013 and 2012, respectively.

(c) Real assets include investments in productive assets such as agriculture, energy rights, mining and timber properties and exclude raw land to be developed for real estate purposes.

(d) Corporate debt securities include debt securities of U.S. and non-U.S. corporations.

(e) Other consists of money markets, exchange-traded funds and participating and non-participating annuity contracts. Money markets and exchange-traded funds are primarily classified within level 1 of the fair value hierarchy given they are valued using market observable prices. Participating and non-participating annuity contracts are classified within level 3 of the fair value hierarchy due to lack of market mechanisms for transferring each policy and surrender restrictions.

(f) At December 31, 2013 and 2012, the fair value of investments valued at NAV were $2.7 billion and $4.4 billion, respectively, which were classified within the valuation hierarchy as follows: $100 million and $400 million in level 1, $1.9 billion and $2.5 billion in level 2 and $700 million and $1.5 billion in level 3.

(g) At December 31, 2013 and 2012, excluded U.S. defined benefit pension plan receivables for investments sold and dividends and interest receivables of $96 million and $137 million, respectively; and at December 31, 2012, excluded non-U.S. defined benefit pension plan receivables for investments sold and dividends and interest receivables of $47 million.

(h) At December 31, 2013 and 2012, excluded $102 million and $306 million, respectively, of U.S. defined benefit pension plan payables for investments purchased; and $2 million and $4 million, respectively, of other liabilities; and at December 31, 2012, excluded non-U.S. defined benefit pension plan payables for investments purchased of $46 million.

(i) There were no assets or liabilities classified as level 3 for the non-U.S. defined benefit pension plans as of December 31, 2013 and 2012.

Changes in level 3 fair value measurements using significant unobservable inputs

Changes in level 3 fair value measurements using significant unobservable inputs
Year ended December 31, 2013 (in millions)	Fair value, January 1, 2013		Actual return on plan assets					Purchases, sales and settlements, net			Transfers in and/or out of level 3			Fair value, December 31, 2013
			Realized gains/(losses)		Unrealized gains/(losses)
U.S. defined benefit pension plans
Equities	$	4	$	—	$	—		$	—		$	—		$	4
Common/collective trust funds	199		59		(32		)	(222		)	—			4
Limited partnerships:
Hedge funds	1,166		137		14			(593		)	(6		)	718
Private equity	1,743		108		170			(4		)	(48		)	1,969
Real estate	467		21		44			26			—			558
Real assets	311		4		12			(98		)	42			271
Total limited partnerships	3,687		270		240			(669		)	(12		)	3,516
Corporate debt securities	1		—		—			—			6			7
Other	420		—		10			—			—			430
Total U.S. defined benefit pension plans	$	4,311	$	329	$	218		$	(891	)	$	(6	)	$	3,961
OPEB plans
COLI	$	1,554	$	—	$	195		$	—		$	—		$	1,749
Total OPEB plans	$	1,554	$	—	$	195		$	—		$	—		$	1,749

Year ended December 31, 2012 (in millions)	Fair value, January 1, 2012		Actual return on plan assets					Purchases, sales and settlements, net			Transfers in and/or out of level 3		Fair value, December 31, 2012
			Realized gains/(losses)		Unrealized gains/(losses)
U.S. defined benefit pension plans
Equities	$	1	$	—	$	(1	)	$	—		$	4	$	4
Common/collective trust funds	202		2		22			(27		)	—		199
Limited partnerships:
Hedge funds	1,039		1		71			55			—		1,166
Private equity	1,367		59		54			263			—		1,743
Real estate	306		16		1			144			—		467
Real assets	264		—		10			37			—		311
Total limited partnerships	2,976		76		136			499			—		3,687
Corporate debt securities	2		—		—			(1		)	—		1
Other	427		—		(7		)	—			—		420
Total U.S. defined benefit pension plans	$	3,608	$	78	$	150		$	471		$	4	$	4,311
OPEB plans
COLI	$	1,427	$	—	$	127		$	—		$	—	$	1,554
Total OPEB plans	$	1,427	$	—	$	127		$	—		$	—	$	1,554

Year ended December 31, 2011 (in millions)	Fair value, January 1, 2011		Actual return on plan assets						Purchases, sales and settlements, net			Transfers in and/or out of level 3			Fair value, December 31, 2011
			Realized gains/(losses)			Unrealized gains/(losses)
U.S. defined benefit pension plans
Equities	$	—	$	—		$	—		$	—		$	1		$	1
Common/collective trust funds	194		35			1			(28		)	—			202
Limited partnerships:
Hedge funds	1,160		(16		)	27			(76		)	(56		)	1,039
Private equity	1,232		56			2			77			—			1,367
Real estate	304		8			40			14			(60		)	306
Real assets	—		5			(7		)	150			116			264
Total limited partnerships	2,696		53			62			165			—			2,976
Corporate debt securities	1		—			—			1			—			2
Other	387		—			41			(1		)	—			427
Total U.S. defined benefit pension plans	$	3,278	$	88		$	104		$	137		$	1		$	3,608
OPEB plans
COLI	$	1,381	$	—		$	70		$	(24	)	$	—		$	1,427
Total OPEB plans	$	1,381	$	—		$	70		$	(24	)	$	—		$	1,427

Estimated future benefit payments

The following table presents benefit payments expected to be paid, which include the effect of expected future service, for the years indicated. The OPEB medical and life insurance payments are net of expected retiree contributions.

Year ended December 31, (in millions)	U.S. defined benefit pension plans		Non-U.S. defined benefit pension plans		OPEB before Medicare Part D subsidy		Medicare Part D subsidy
2014	$	703	$	112	$	86	$	10
2015	731		118		85		11
2016	872		123		83		12
2017	907		129		81		12
2018	931		140		78		13
Years 2019–2023	4,139		785		345		47