Pension and Other Postretirement Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016

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)	2016			2015				2016			2015			2016			2015
Change in benefit obligation
Benefit obligation, beginning of year	$	(11,912	)	$	(12,536	)		$	(3,347	)	$	(3,640	)	$	(744	)	$	(842	)
Benefits earned during the year	(296		)	(340		)		(36		)	(37		)	—			(1		)
Interest cost on benefit obligations	(530		)	(498		)		(99		)	(112		)	(31		)	(31		)
Special termination benefits	—			—				—			(1		)	—			—
Employee contributions	NA			NA				(7		)	(7		)	(19		)	(25		)
Net gain/(loss)	(203		)	702				(540		)	146			4			71
Benefits paid	725			760				126			120			76			88
Plan settlements	—			—				21			—			—			—
Expected Medicare Part D subsidy receipts	NA			NA				NA			NA			—			(6		)
Foreign exchange impact and other	—			—				504			184			6			2
Benefit obligation, end of year	$	(12,216	)	$	(11,912	)		$	(3,378	)	$	(3,347	)	$	(708	)	$	(744	)
Change in plan assets
Fair value of plan assets, beginning of year	$	14,125		$	14,623			$	3,511		$	3,718		$	1,855		$	1,903
Actual return on plan assets	838			231				537			52			131			13
Firm contributions	34			31				52			45			2			2
Employee contributions	—			—				7			7			—			—
Benefits paid	(725		)	(760		)		(126		)	(120		)	(32		)	(63		)
Plan settlements	—			—				(21		)	—			—			—
Foreign exchange impact and other	—			—				(529		)	(191		)	—			—
Fair value of plan assets, end of year	$	14,272		$	14,125		(b)(c)	$	3,431		$	3,511		$	1,956		$	1,855
Net funded status(a)	$	2,056		$	2,213			$	53		$	164		$	1,248		$	1,111
Accumulated benefit obligation, end of year	$	(12,062	)	$	(11,774	)		$	(3,359	)	$	(3,322	)	NA			NA

(a) Represents plans with an aggregate overfunded balance of $4.0 billion and $4.1 billion at December 31, 2016 and 2015, respectively, and plans with an aggregate underfunded balance of $639 million and $636 million at December 31, 2016 and 2015, respectively.

(b) At December 31, 2016 and 2015, approximately $390 million and $533 million, respectively, of U.S. plan assets included participation rights under participating annuity contracts.

(c) At December 31, 2016 and 2015, defined benefit pension plan amounts that were not measured at fair value included $130 million and $74 million, respectively, of accrued receivables, and $224 million and $123 million, respectively, of accrued liabilities, for U.S. plans.

(d) Includes an unfunded accumulated postretirement benefit obligation of $35 million and $32 million at December 31, 2016 and 2015, 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)	2016			2015			2016			2015			2016		2015
Net gain/(loss)	$	(3,116	)	$	(3,096	)	$	(551	)	$	(513	)	$	138	$	109
Prior service credit/(cost)	34			68			8			9			—		—
Accumulated other comprehensive income/(loss), pretax, end of year	$	(3,082	)	$	(3,028	)	$	(543	)	$	(504	)	$	138	$	109

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)	2016			2015			2014			2016				2015				2014				2016			2015			2014
Components of net periodic benefit cost
Benefits earned during the year	$	296		$	340		$	281		$	36			$	37			$	33			$	—		$	1		$	—
Interest cost on benefit obligations	530			498			534			99				112				137				31			31			38
Expected return on plan assets	(891		)	(929		)	(985		)	(139		)		(150		)		(172		)		(105		)	(106		)	(101		)
Amortization:
Net (gain)/loss	235			247			25			22				35				47				—			—			—
Prior service cost/(credit)	(34		)	(34		)	(41		)	(2		)		(2		)		(2		)		—			—			(1		)
Special termination benefits	—			—			—			—				1				—				—			—			—
Settlement loss	—			—			—			4				—				—				—			—			—
Net periodic defined benefit cost	136			122			(186		)	20				33				43				(74		)	(74		)	(64		)
Other defined benefit pension plans(a)	14			14			14			11				10				6				NA			NA			NA
Total defined benefit plans	150			136			(172		)	31				43				49				(74		)	(74		)	(64		)
Total defined contribution plans	473			449			438			316				320				329				NA			NA			NA
Total pension and OPEB cost included in compensation expense	$	623		$	585		$	266		$	347			$	363			$	378			$	(74	)	$	(74	)	$	(64	)
Changes in plan assets and benefit obligations recognized in other comprehensive income
Net (gain)/loss arising during the year	$	255		$	(3	)	$	1,645		$	140			$	(47	)		$	57			$	(29	)	$	21		$	(5	)
Prior service credit arising during the year	—			—			53			—				—				—				—			—			—
Amortization of net loss	(235		)	(247		)	(25		)	(22		)		(35		)		(47		)		—			—			—
Amortization of prior service (cost)/credit	34			34			41			2				2				2				—			—			1
Settlement loss	—			—			—			(4		)		—				—				—			—			—
Foreign exchange impact and other	—			—			—			(77		)	(a)	(33		)	(a)	(39		)	(a)	—			—			—
Total recognized in other comprehensive income	$	54		$	(216	)	$	1,714		$	39			$	(113	)		$	(27	)		$	(29	)	$	21		$	(4	)
Total recognized in net periodic benefit cost and other comprehensive income	$	190		$	(94	)	$	1,528		$	59			$	(80	)		$	16			$	(103	)	$	(53	)	$	(68	)

(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 2017 are as follows.

	Defined benefit pension plans						OPEB plans
(in millions)	U.S.			Non-U.S.			U.S.		Non-U.S.
Net loss/(gain)	$	216		$	28		$	—	$	—
Prior service cost/(credit)	(34		)	(2		)	—		—
Total	$	182		$	26		$	—	$	—

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,	2016		2015		2014		2016	2015	2014
Actual rate of return:
Defined benefit pension plans	6.12	%	0.88	%	7.29	%	1.07 – 20.60%	(0.48) – 4.92%	5.62 – 17.69%
OPEB plans	7.29		1.16		9.84		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,	2016		2015		2016	2015
Discount rate:
Defined benefit pension plans	4.30	%	4.50	%	0.60 – 2.60%	0.80 – 3.70%
OPEB plans	4.20		4.40		—	—
Rate of compensation increase	2.30		3.50		2.25 – 3.00	2.25 – 4.30
Health care cost trend rate:
Assumed for next year	5.00		5.50		—	—
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,	2016		2015		2014		2016	2015	2014
Discount rate:
Defined benefit pension plans	4.50	%	4.00	%	5.00	%	0.90 – 3.70%	1.00 – 3.60%	1.10 – 4.40%
OPEB plans	4.40		4.10		4.90		—	—	—
Expected long-term rate of return on plan assets:
Defined benefit pension plans	6.50		6.50		7.00		0.80 – 4.60	0.90 – 4.80	1.20 – 5.30
OPEB plans	5.75		6.00		6.25		NA	NA	NA
Rate of compensation increase	3.50		3.50		3.50		2.25 – 4.30	2.75 – 4.20	2.75 – 4.60
Health care cost trend rate:
Assumed for next year	5.50		6.00		6.50		—	—	—
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, 2016, there was no material effect on total service and interest cost.

Year ended December 31, 2016 (in millions)	1-Percentage point increase		1-Percentage point decrease
Effect on accumulated postretirement benefit obligation	$	8	$	(7	)

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	2016		2015		Allocation		2016		2015		Allocation		2016		2015
Asset category
Debt securities(a)	0-80%	35	%	32	%	59	%	60	%	60	%	30-70%		50	%	50	%
Equity securities	0-85	47		48		40		39		38		30-70		50		50
Real estate	0-10	4		4		—		—		1		—		—		—
Alternatives(b)	0-35	14		16		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(h)
December 31, 2016 (in millions)	Level 1		Level 2			Level 3		Total fair value				Level 1		Level 2			Total fair value
Cash and cash equivalents	$	74	$	—		$	—	$	74			$	122	$	2		$	124
Equity securities	5,178		12			2		5,192				980		154			1,134
Common/collective trust funds(a)	266		—			—		266				118		—			118
Limited partnerships(b)	62		—			—		62				—		—			—
Corporate debt securities(c)	—		1,791			4		1,795				—		715			715
U.S. federal, state, local and non-U.S. government debt securities	926		234			—		1,160				213		570			783
Mortgage-backed securities	39		65			—		104				3		10			13
Derivative receivables	—		24			—		24				—		219			219
Other(d)	1,274		—			390		1,664				223		53			276
Total assets measured at fair value(e)	$	7,819	$	2,126		$	396	$	10,341		(f)	$	1,659	$	1,723		$	3,382
Derivative payables	$	—	$	(14	)	$	—	$	(14	)		$	—	$	(194	)	$	(194	)
Total liabilities measured at fair value	$	—	$	(14	)	$	—	$	(14	)	(g)	$	—	$	(194	)	$	(194	)

	U.S. defined benefit pension plans											Non-U.S. defined benefit pension plans(h)
December 31, 2015 (in millions)	Level 1		Level 2			Level 3		Total fair value				Level 1		Level 2			Total fair value
Cash and cash equivalents	$	112	$	—		$	—	$	112			$	114	$	1		$	115
Equity securities	4,826		5			2		4,833				1,002		157			1,159
Common/collective trust funds(a)	339		—			—		339				135		—			135
Limited partnerships(b)	53		—			—		53				—		—			—
Corporate debt securities(c)	—		1,619			2		1,621				—		758			758
U.S. federal, state, local and non-U.S. government debt securities	580		108			—		688				212		504			716
Mortgage-backed securities	—		67			1		68				2		26			28
Derivative receivables	—		104			—		104				—		209			209
Other(d)	1,760		27			534		2,321				257		53			310
Total assets measured at fair value(e)	$	7,670	$	1,930		$	539	$	10,139		(f)	$	1,722	$	1,708		$	3,430
Derivative payables	$	—	$	(35	)	$	—	$	(35	)		$	—	$	(153	)	$	(153	)
Total liabilities measured at fair value	$	—	$	(35	)	$	—	$	(35	)	(g)	$	—	$	(153	)	$	(153	)

(a) At December 31, 2016 and 2015, 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 $735 million and $895 million for 2016 and 2015, respectively.

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

(d) Other consists primarily of money market funds and participating and non-participating annuity contracts. Money market 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 a lack of market mechanisms for transferring each policy and surrender restrictions.

(e) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At December 31, 2016 and 2015, the fair values of these investments, which include certain limited partnerships and common/collective trust funds, were $4.0 billion and $4.1 billion, respectively, of U.S. defined benefit pension plan investments, and $243 million and $234 million, respectively, of non-U.S. defined benefit pension plan investments.

(f) At December 31, 2016 and 2015, excluded U.S. defined benefit pension plan receivables for investments sold and dividends and interest receivables of $130 million and $74 million, respectively.

(g) At December 31, 2016 and 2015, excluded $203 million and $106 million, respectively, of U.S. defined benefit pension plan payables for investments purchased; and $21 million and $17 million, respectively, of other liabilities.

(h) There were zero assets or liabilities classified as level 3 for the non-U.S. defined benefit pension plans as of December 31, 2016 and 2015.

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, 2016 (in millions)	Fair value, January 1, 2016		Actual return on plan assets					Purchases, sales and settlements, net			Transfers in and/or out of level 3		Fair value, December 31, 2016
			Realized gains/(losses)		Unrealized gains/(losses)
U.S. defined benefit pension plans
Equity securities	$	2	$	—	$	—		$	—		$	—	$	2
Corporate debt securities	2		—		—			1			1		4
Mortgage-backed securities	1		—		—			(1		)	—		—
Other	534		—		(157		)	—			13		390
Total U.S. defined benefit pension plans	$	539	$	—	$	(157	)	$	—		$	14	$	396
OPEB plans
COLI	$	1,855	$	—	$	102		$	—		$	—	$	1,957
Total OPEB plans	$	1,855	$	—	$	102		$	—		$	—	$	1,957

Year ended December 31, 2015 (in millions)	Fair value, January 1, 2015		Actual return on plan assets					Purchases, sales and settlements, net			Transfers in and/or out of level 3		Fair value, December 31, 2015
			Realized gains/(losses)		Unrealized gains/(losses)
U.S. defined benefit pension plans
Equity securities	$	4	$	—	$	(2	)	$	—		$	—	$	2
Corporate debt securities	9		—		—			(7		)	—		2
Mortgage-backed securities	1		—		—			—			—		1
Other	337		—		197			—			—		534
Total U.S. defined benefit pension plans	$	351	$	—	$	195		$	(7	)	$	—	$	539
OPEB plans
COLI	$	1,903	$	—	$	(48	)	$	—		$	—	$	1,855
Total OPEB plans	$	1,903	$	—	$	(48	)	$	—		$	—	$	1,855

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
Equity securities	$	4	$	—		$	—		$	—	$	—		$	4
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	$	441	$	(2	)	$	(91	)	$	5	$	(2	)	$	351
OPEB plans
COLI	$	1,749	$	—		$	154		$	—	$	—		$	1,903
Total OPEB plans	$	1,749	$	—		$	154		$	—	$	—		$	1,903

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
2017	$	766	$	103	$	68	$	1
2018	768		104		65		1
2019	758		107		63		1
2020	765		113		60		1
2021	775		117		58		1
Years 2022–2026	3,961		646		250		2