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Pension and Other Postretirement Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Changes in benefit obligations and plan assets and funded status amounts
The following table presents the pretax changes in benefit obligations, plan assets, the net funded status, and the amounts recorded in AOCI on the Consolidated balance sheets for the Firm’s defined benefit pension and OPEB plans.
As of or for the year ended December 31,Defined benefit
pension and OPEB plans
(in millions)20202019
Change in projected and accumulated benefit obligations, U.S. defined benefit pension plans
Benefit obligation, beginning of year$(13,277)$(12,173)
Benefits earned during the year(2)(327)
Interest cost on benefit obligations(422)(518)
Plan amendments— (5)
Net gain/(loss)(1,086)(944)
Benefits paid640 690 
Benefit obligations, end of year, U.S. defined benefit pension plans$(14,147)$(13,277)
Benefit obligations, other defined benefit pension and OPEB plans(4,990)(4,428)
Benefit obligations, end of year$(19,137)$(17,705)
Change in plan assets, U.S. defined benefit pension plans
Fair value of plan assets, beginning of year$16,329 $14,521 
Actual return on plan assets1,901 2,465 
Firm contributions29 33 
Benefits paid(640)(690)
Fair value of plan assets, end of year, U.S. defined benefit pension plans$17,619 $16,329 
Fair value of plan assets, other defined benefit pension and OPEB plans7,798 7,037 
Fair value of plan assets, end of year$25,417 $23,366 
Net funded status, U.S. defined benefit pension plans$3,472 $3,052 
Net funded status, other defined benefit pension and OPEB plans2,808 2,609 
Net funded status$6,280 $5,661 
Amounts recorded in accumulated other comprehensive income/(loss), U.S. defined benefit pension plans
Net gain/(loss), U.S. defined benefit pension plans$(1,558)$(1,745)
Prior service credit/(cost), U.S. defined benefit pension plans(4)(5)
Accumulated other comprehensive income/(loss), end of year, U.S. defined benefit pension plans$(1,562)$(1,750)
Accumulated other comprehensive income/(loss), other defined benefit pension and OPEB plans(24)(66)
Accumulated other comprehensive income/(loss)$(1,586)$(1,816)
Weighted-average actuarial assumptions
The following table presents the weighted-average actuarial assumptions used to value the benefit obligations for the U.S. defined benefit pension plans.
U.S. defined benefit
pension plans
As of December 31, 20202019
Discount rate
 2.50%
 3.30%
Rate of compensation increase
 NA
 NA
Interest crediting rate
 4.65
 4.65
The following table presents the weighted-average actuarial assumptions used to determine the net periodic benefit costs for the U.S. defined benefit pension plans.
U.S. defined benefit pension plans
Year ended December 31, (in millions)202020192018
Discount rate
3.30%
4.30%
3.70 / 4.50%
Expected long-term rate of return on plan assets
4.00
5.50
5.50
Rate of compensation increase
NA
2.30
2.30
Interest crediting rate
4.65
4.90
4.90
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 for the Firm’s defined benefit pension, defined contribution and OPEB plans, and in other comprehensive income for the defined benefit pension and OPEB plans.
Pension and OPEB plans
Year ended December 31, (in millions)202020192018
Components of net periodic benefit cost, U.S. defined benefit pension plans
Benefits earned during the year$2 $327 $323 
Interest cost on benefit obligations422 518 478 
Expected return on plan assets(634)(776)(836)
Amortization:
Net (gain)/loss6 147 80 
Prior service (credit)/cost— — (21)
Curtailment (gain)/loss— — 21 
Net periodic defined benefit plan cost/(credit), U.S. defined benefit pension plans$(204)$216 $45 
Other defined benefit pension and OPEB plans(81)(72)(72)
Total net periodic defined benefit plan cost/(credit)$(285)$144 $(27)
Total defined contribution plans1,332 952 872 
Total pension and OPEB cost included in noninterest expense$1,047 $1,096 $845 
Changes recognized in other comprehensive income, U.S. defined benefit pension plans
Prior service (credit)/cost arising during the year— 5 — 
Net (gain)/loss arising during the year(181)(745)453 
Amortization of net (loss)/gain(6)(147)(80)
Amortization of prior service (cost)/credit— — 21 
Curtailment (loss)/gain— — (21)
Total recognized in other comprehensive income, U.S. defined benefit pension plans$(187)$(887)$373 
Other defined benefit pension and OPEB plans(27)(270)77 
Total recognized in other comprehensive income$(214)$(1,157)$450 
Total recognized in net periodic defined benefit plan cost/(credit) and other comprehensive income$(499)$(1,013)$423 
Schedule of effect of 25-basis point decline on estimated future defined benefit plan expense and postretirement benefit obligations
The following table represents the effect of a 25-basis point decline in the expected long-term rate of return of 3.00% and discount rate of 2.50%.
Effect on U.S. defined benefit pension plans

(in millions)		Pension expenseBenefit obligation
Expected long-term rate of return
$43 NA
Discount rate
(20)404 
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 asset allocation ranges by asset class.
U.S. defined benefit pension plan(c)
Asset% of plan assets
December 31,Allocation20202019
Asset class
Debt securities(a)
42-100%
77 %74 %
Equity securities
0-40
15 16 
Real estate
0-4
1 1 
Alternatives(b)
0-15
7 9 
Total100 %100 %100 %
(a)Debt securities primarily includes cash and cash equivalents, corporate debt, U.S. federal, state, local and non-U.S. government, asset-backed and mortgage-backed securities.
(b)Alternatives primarily include limited partnerships.
(c)Represents the U.S. defined benefit pension plan only as it is the most significant plan. The other U.S. defined benefit pension plans are unfunded. The weighted-average asset allocation for the U.S. OPEB plan was 59% debt securities and 41% equity securities and 60% debt securities and 40% equity securities at December 31, 2020 and 2019, respectively.
Pension and OPEB plan assets and liabilities measured at fair value
Pension plan assets and liabilities measured at fair value
Defined benefit pension and OPEB plans
20202019
December 31,
(in millions)
Level 1Level 2Level 3Total fair valueLevel 1Level 2Level 3Total fair value
Equity securities
$2,353 $— $2 $2,355 $2,259 $3 $2 $2,264 
Corporate debt securities— 7,414 11 7,425 — 6,474 2 6,476 
U.S. federal, state, local and non-U.S. government debt securities
1,395 360 — 1,755 1,616 401 — 2,017 
Mortgage-backed securities461 1,184 31 1,676 312 681 4 997 
Other(a)
788 861 201 1,850 718 49 250 1,017 
U.S. defined benefit pension plans(b)
$4,997 $9,819 $245 $15,061 $4,905 $7,608 $258 $12,771 
Other defined benefit pension and OPEB
plans(c)
2,034 2,565 2,707 7,306 1,834 2,307 2,431 6,572 
Total assets measured at fair value$7,031 $12,384 $2,952 $22,367 $6,739 $9,915 $2,689 $19,343 
(a)Other consists primarily of mutual funds, money market funds and participating annuity contracts.
(b)At December 31, 2020 and 2019, excludes $3.2 billion and $3.9 billion, respectively, of certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient, and $606 million and $343 million, respectively, of net defined benefit pension plan payables, primarily for investments sold and purchased, which are not required to be classified in the fair value hierarchy. Investments in level 3 of the valuation hierarchy include $199 million and $250 million of participating annuity contracts at December 31, 2020 and 2019, respectively.
(c)At December 31, 2020 and 2019, excludes $487 million and $465 million, respectively, of certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. Investments in level 3 of the valuation hierarchy include $2.7 billion and $2.4 billion of COLI policies at December 31, 2020 and 2019, respectively.
Estimated future benefit payments
The following table presents benefit payments expected to be paid for the U.S. defined benefit pension plans for the years indicated.
Year ended December 31,
(in millions)		U.S. defined benefit pension plans
2021$912 
2022918 
2023897 
2024847 
2025829 
Years 2026–20303,843