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Pension and Other Postretirement Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Compensation and Retirement Disclosure [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)
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Change in benefit obligation
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation, beginning of year
$
(10,776
)
 
$
(11,478
)
 
$
(3,433
)
 
$
(3,243
)
 
$
(826
)
 
$
(990
)
Benefits earned during the year
(281
)
 
(314
)
 
(33
)
 
(34
)
 
—

 
(1
)
Interest cost on benefit obligations
(534
)
 
(447
)
 
(137
)
 
(125
)
 
(38
)
 
(35
)
Plan amendments
(53
)
 
—

 
—

 
—

 
—

 
—

Special termination benefits
—

 
—

 
(1
)
 
—

 
—

 
—

Curtailments
—

 
—

 
—

 
—

 
(3
)
 
—

Employee contributions
NA

 
NA

 
(7
)
 
(7
)
 
(62
)
 
(72
)
Net gain/(loss)
(1,669
)
 
794

 
(408
)
 
(62
)
 
(58
)
 
138

Benefits paid
777

 
669

 
119

 
106

 
145

 
144

Expected Medicare Part D subsidy receipts
NA

 
NA

 
NA

 
NA

 
(2
)
 
(10
)
Foreign exchange impact and other
—

 
—

 
260

 
(68
)
 
2

 
—

Benefit obligation, end of year
$
(12,536
)
 
$
(10,776
)
 
$
(3,640
)
 
$
(3,433
)
 
$
(842
)
 
$
(826
)
Change in plan assets
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets, beginning of year
$
14,354

 
$
13,012

 
$
3,532

 
$
3,330

 
$
1,757

 
$
1,563

Actual return on plan assets
1,010

 
1,979

 
518

 
187

 
159

 
211

Firm contributions
36

 
32

 
46

 
45

 
3

 
2

Employee contributions
—

 
—

 
7

 
7

 
—

 
—

Benefits paid
(777
)
 
(669
)
 
(119
)
 
(106
)
 
(16
)
 
(19
)
Foreign exchange impact and other
—

 
—

 
(266
)
 
69

 
—

 
—

Fair value of plan assets, end of year
$
14,623

 
$
14,354

(b)(c) 
$
3,718

 
$
3,532

 
$
1,903

 
$
1,757

Net funded status(a)
$
2,087

 
$
3,578

 
$
78

 
$
99

 
$
1,061

 
$
931

Accumulated benefit obligation, end of year
$
(12,375
)
 
$
(10,685
)
 
$
(3,615
)
 
$
(3,406
)
 
NA

 
NA

(a)
Represents plans with an aggregate overfunded balance of $3.9 billion and $5.1 billion at December 31, 2014 and 2013, respectively, and plans with an aggregate underfunded balance of $708 million and $540 million at December 31, 2014 and 2013, respectively.
(b)
At December 31, 2014 and 2013, approximately $336 million and $429 million, respectively, of U.S. plan assets included participation rights under participating annuity contracts.
(c)
At December 31, 2014 and 2013, defined benefit pension plan amounts not measured at fair value included $106 million and $96 million, respectively, of accrued receivables, and $257 million and $104 million, respectively, of accrued liabilities, for U.S. plans.
(d)
Includes an unfunded accumulated postretirement benefit obligation of $37 million and $34 million at December 31, 2014 and 2013, 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)
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Net gain/(loss)
$
(3,346
)
 
$
(1,726
)
 
$
(628
)
 
$
(658
)
 
$
130

 
$
125

Prior service credit/(cost)
102

 
196

 
11

 
14

 
—

 
1

Accumulated other comprehensive income/(loss), pretax, end of year
$
(3,244
)
 
$
(1,530
)
 
$
(617
)
 
$
(644
)
 
$
130

 
$
126
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)
2014

2013

2012

 
2014

 
2013

 
2012

 
2014

2013

2012

Components of net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
 
 
Benefits earned during the year
$
281

$
314

$
272

 
$
33

 
$
34

 
$
41

 
$
—

$
1

$
1

Interest cost on benefit obligations
534

447

466

 
137

 
125

 
126

 
38

35

44

Expected return on plan assets
(985
)
(956
)
(861
)
 
(172
)
 
(142
)
 
(137
)
 
(101
)
(92
)
(90
)
Amortization:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (gain)/loss
25

271

289

 
47

 
49

 
36

 
—

1

(1
)
Prior service cost/(credit)
(41
)
(41
)
(41
)
 
(2
)
 
(2
)
 
—

 
(1
)
—

—

Net periodic defined benefit cost
(186
)
35

125

 
43

 
64

 
66

 
(64
)
(55
)
(46
)
Other defined benefit pension plans(a)
14

15

15

 
6

 
14

 
8

 
NA

NA

NA

Total defined benefit plans
(172
)
50

140

 
49

 
78

 
74

 
(64
)
(55
)
(46
)
Total defined contribution plans
438

447

409

 
329

 
321

 
302

 
NA

NA

NA

Total pension and OPEB cost included in compensation expense
$
266

$
497

$
549

 
$
378

 
$
399

 
$
376

 
$
(64
)
$
(55
)
$
(46
)
Changes in plan assets and benefit obligations recognized in other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (gain)/loss arising during the year
$
1,645

$
(1,817
)
$
434

 
$
57

 
$
19

 
$
146

 
$
(5
)
$
(257
)
$
(43
)
Prior service credit arising during the year
53

—

—

 
—

 
—

 
(6
)
 
—

—

—

Amortization of net loss
(25
)
(271
)
(289
)
 
(47
)
 
(49
)
 
(36
)
 
—

(1
)
1

Amortization of prior service (cost)/credit
41

41

41

 
2

 
2

 
—

 
1

—

—

Foreign exchange impact and other
—

—

—

 
(39
)
(a) 
14

(a) 
22

(a) 
—

—

(1
)
Total recognized in other comprehensive income
$
1,714

$
(2,047
)
$
186

 
$
(27
)
 
$
(14
)
 
$
126

 
$
(4
)
$
(258
)
$
(43
)
Total recognized in net periodic benefit cost and other comprehensive income
$
1,528

$
(2,012
)
$
311

 
$
16

 
$
50

 
$
192

 
$
(68
)
$
(313
)
$
(89
)
(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 2015 are as follows.
 
 
Defined benefit pension plans
 
OPEB plans
(in millions)
 
U.S.
 
Non-U.S.
 
U.S.
 
Non-U.S.
Net loss/(gain)
 
$
257

 
$
37

 
$
—

 
$
—

Prior service cost/(credit)
 
(34
)
 
(2
)
 
—

 
—

Total
 
$
223

 
$
35

 
$
—

 
$
—
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,
2014

 
2013

 
2012

 
2014
 
2013
 
2012
Actual rate of return:
 
 
 
 
 
 
 
 
 
 
 
Defined benefit pension plans
7.29
%
 
15.95
%
 
12.66
%
 
5.62 - 17.69%
 
3.74 - 23.80%
 
7.21 - 11.72%
OPEB plans
9.84

 
13.88

 
10.10

 
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,
2014

 
2013

 
2014

 
2013

Discount rate:
 
 
 
 
 
 
 
Defined benefit pension plans
4.00
%
 
5.00
%
 
1.00 - 3.60%

 
1.10 - 4.40%

OPEB plans
4.10

 
4.90

 
—

 
—

Rate of compensation increase
3.50

 
3.50

 
2.75 - 4.20

 
2.75 - 4.60

Health care cost trend rate:
 
 
 
 
 
 
 
Assumed for next year
6.00

 
6.50

 
—

 
—

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,
2014

 
2013

 
2012

 
2014

 
2013

 
2012

Discount rate:
 
 
 
 
 
 
 
 
 
 
 
Defined benefit pension plans
5.00
%
 
3.90
%
 
4.60
%
 
1.10 - 4.40%

 
1.40 - 4.40%

 
1.50 - 4.80%

OPEB plans
4.90

 
3.90

 
4.70

 
—

 
—

 
—

Expected long-term rate of return on plan assets:
 
 
 
 
 
 
 

 
 
 
 
Defined benefit pension plans
7.00

 
7.50

 
7.50

 
1.20 - 5.30

 
2.40 - 4.90

 
2.50 - 4.60

OPEB plans
6.25

 
6.25

 
6.25

 
NA

 
NA

 
NA

Rate of compensation increase
3.50

 
4.00

 
4.00

 
2.75 - 4.60

 
2.75 - 4.10

 
2.75 - 4.20

Health care cost trend rate:
 
 
 
 
 
 
 

 
 
 
 
Assumed for next year
6.50

 
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 accumulated postretirement benefit obligation. As of December 31, 2014, there was no material effect on total service and interest cost.
Year ended December 31, 2014
(in millions)
1-Percentage point increase
 
1-Percentage point decrease
Effect on accumulated postretirement benefit obligation
$
9

 
$
(8
)
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
 
2014

 
2013

 
Allocation
 
2014

 
2013

 
Allocation
 
2014

 
2013

Asset category
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities(a)
0-80%
 
31
%
 
25
%
 
62
%
 
61
%
 
63
%
 
30-70%

 
50
%
 
50
%
Equity securities
0-85
 
46

 
48

 
37

 
38

 
36

 
30-70

 
50

 
50

Real estate
0-10
 
4

 
4

 
—

 
—

 
—

 
—

 
—

 
—

Alternatives(b)
0-35
 
19

 
23

 
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
For information on fair value measurements, including descriptions of level 1, 2, and 3 of the fair value hierarchy and the valuation methods employed by the Firm, see Note 3.
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, 2014
(in millions)
Level 1
 
Level 2
 
Level 3
 
Total fair value
 
Level 1
 
Level 2
 
Total fair value
Cash and cash equivalents
$
87

 
$
—

 
$
—

 
$
87

 
$
128

 
$
1

 
$
129

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital equipment
1,249

 
—

 
—

 
1,249

 
96

 
24

 
120

Consumer goods
1,198

 
8

 
—

 
1,206

 
250

 
32

 
282

Banks and finance companies
778

 
7

 
—

 
785

 
279

 
31

 
310

Business services
458

 
—

 
—

 
458

 
277

 
18

 
295

Energy
267

 
—

 
—

 
267

 
50

 
15

 
65

Materials
319

 
1

 
—

 
320

 
40

 
9

 
49

Real Estate
46

 
—

 
—

 
46

 
1

 
—

 
1

Other
971

 
4

 
4

 
979

 
26

 
40

 
66

Total equity securities
5,286

 
20

 
4

 
5,310

 
1,019

 
169

 
1,188

Common/collective trust funds(a)
345

 
1,277

 
8

 
1,630

 
112

 
251

 
363

Limited partnerships:(b)
 
 
 
 
 
 
 
 
 
 
 
 
 
Hedge funds
—

 
26

 
77

 
103

 
—

 
—

 
—

Private equity
—

 
—

 
2,208

 
2,208

 
—

 
—

 
—

Real estate
—

 
—

 
533

 
533

 
—

 
—

 
—

Real assets(c)
70

 
—

 
202

 
272

 
—

 
—

 
—

Total limited partnerships
70

 
26

 
3,020

 
3,116

 
—

 
—

 
—

Corporate debt securities(d)
—

 
1,454

 
9

 
1,463

 
—

 
724

 
724

U.S. federal, state, local and non-U.S. government debt securities
446

 
161

 
—

 
607

 
235

 
540

 
775

Mortgage-backed securities
1

 
73

 
1

 
75

 
2

 
77

 
79

Derivative receivables
—

 
114

 
—

 
114

 
—

 
258

 
258

Other(e)
2,031

 
27

 
337

 
2,395

 
283

 
58

 
341

Total assets measured at fair value(f)
$
8,266

 
$
3,152

 
$
3,379

 
$
14,797

(g) 
$
1,779

 
$
2,078

 
$
3,857

Derivative payables
$
—

 
$
(23
)
 
$
—

 
$
(23
)
 
$
—

 
$
(139
)
 
$
(139
)
Total liabilities measured at fair value
$
—

 
$
(23
)
 
$
—

 
$
(23
)
(h) 
$
—

 
$
(139
)
 
$
(139
)


 
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)
$
7,083

 
$
3,324

 
$
3,961

 
$
14,368

(g) 
$
1,418

 
$
2,412

 
$
3,830

Derivative payables
$
—

 
$
(6
)
 
$
—

 
$
(6
)
 
$
—

 
$
(298
)
 
$
(298
)
Total liabilities measured at fair value
$
—

 
$
(6
)
 
$
—

 
$
(6
)
(h) 
$
—

 
$
(298
)
 
$
(298
)
(a)
At December 31, 2014 and 2013, 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 $1.2 billion and $1.6 billion for 2014 and 2013, 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, 2014 and 2013, the fair value of investments valued at NAV were $2.1 billion and $2.7 billion, respectively, which were classified within the valuation hierarchy as follows: $500 million and $100 million in level 1, $1.6 billion and $1.9 billion in level 2, zero and $700 million in level 3.
(g)
At December 31, 2014 and 2013, excluded U.S. defined benefit pension plan receivables for investments sold and dividends and interest receivables of $106 million and $96 million, respectively.
(h)
At December 31, 2014 and 2013, excluded $241 million and $102 million, respectively, of U.S. defined benefit pension plan payables for investments purchased; and $16 million and $2 million, respectively, of other liabilities.
(i)
There were no assets or liabilities classified as level 3 for the non-U.S. defined benefit pension plans as of December 31, 2014 and 2013.
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, 2014
(in millions)
 
Fair value, January 1, 2014
 
Actual return on plan assets
 
Purchases, sales and settlements, net
 
Transfers in and/or out of level 3
 
Fair value, December 31, 2014
Realized gains/(losses)
 
Unrealized gains/(losses)
U.S. defined benefit pension plans
 
 
 
 
 
 
 
 
 
 
 
 
Equities
 
$
4

 
$
—

 
$
—

 
$
—

 
$
—

 
$
4

Common/collective trust funds
 
4

 
—

 
1

 
3

 
—

 
8

Limited partnerships:
 
 
 
 
 
 
 
 
 
 
 
 
Hedge funds
 
718

 
193

 
(180
)
 
(662
)
 
8

 
77

Private equity
 
1,969

 
192

 
173

 
(126
)
 
—

 
2,208

Real estate
 
558

 
29

 
36

 
(90
)
 
—

 
533

Real assets
 
271

 
27

 
(6
)
 
(90
)
 
—

 
202

Total limited partnerships
 
3,516

 
441

 
23

 
(968
)
 
8

 
3,020

Corporate debt securities
 
7

 
(2
)
 
2

 
4

 
(2
)
 
9

Mortgage-backed securities
 
—

 
—

 
—

 
1

 
—

 
1

Other
 
430

 
—

 
(93
)
 
—

 
—

 
337

Total U.S. defined benefit pension plans
 
$
3,961

 
$
439

 
$
(67
)
 
$
(960
)
 
$
6

 
$
3,379

OPEB plans
 
 
 
 
 
 
 
 
 
 
 
 
COLI
 
$
1,749

 
$
—

 
$
154

 
$
—

 
$
—

 
$
1,903

Total OPEB plans
 
$
1,749

 
$
—

 
$
154

 
$
—

 
$
—

 
$
1,903

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

Mortgage-backed securities
 
—

 
—

 
—

 
—

 
—

 
—

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

Mortgage-backed securities
 
—

 
—

 
—

 
—

 
—

 
—

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
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
2015
 
$
712

 
$
110

 
$
73

 
$
1

2016
 
765

 
113

 
71

 
1

2017
 
899

 
118

 
70

 
1

2018
 
926

 
128

 
68

 
1

2019
 
966

 
132

 
66

 
1

Years 2020–2024
 
4,357

 
746

 
293

 
5