Pension and Other Postretirement Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Components of net periodic benefit costs reported in the Consolidated Statements of 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.

(in millions)	Three months ended March 31,
	2021		2020
	Pension and OPEB plans
Components of net periodic benefit cost, U.S. defined benefit pension plans
Benefits earned during the period	$	—	$	—
Interest cost on benefit obligations	85		105
Expected return on plan assets	(129)		(158)
Amortization:
Net (gain)/loss	3		2
Prior service (credit)/cost	—		—
Net periodic defined benefit plan cost/(credit), U.S. defined benefit pension plans	(41)		(51)
Other defined benefit pension and OPEB plans	(18)		(21)
Total net periodic defined benefit plan cost/(credit)	(59)		(72)
Total defined contribution plans	321		299
Total pension and OPEB cost included in noninterest expense	$	262	$	227

Schedule of Fair Values of Plan Assets

The following table presents the fair values of plan assets for the Firm's defined benefit pension and OPEB plans.

(in billions)	March 31, 2021		December 31, 2020
Fair value of plan assets
U.S. defined benefit pension plans	$	16.9	$	17.6
Other defined benefit pension and OPEB plans	7.6		7.8