Pension and Other Postretirement Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine months ended September 30,
	2021		2020		2021		2020
	Pension and OPEB plans				Pension and OPEB plans
Components of net periodic benefit cost, U.S. defined benefit pension plans
Benefits earned during the period	$	—	$	—	$	1	$	1
Interest cost on benefit obligations	85		105		256		316
Expected return on plan assets	(129)		(158)		(387)		(475)
Amortization:
Net (gain)/loss	3		2		8		5
Net periodic defined benefit plan cost/(credit), U.S. defined benefit pension plans	(41)		(51)		(122)		(153)
Other defined benefit pension and OPEB plans	(24)		(23)		(62)		(65)
Total net periodic defined benefit plan cost/(credit)	(65)		(74)		(184)		(218)
Total defined contribution plans	327		340		998		960
Total pension and OPEB cost included in noninterest expense	$	262	$	266	$	814	$	742

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)	September 30, 2021		December 31, 2020
Fair value of plan assets
U.S. defined benefit pension plans	$	17.5	$	17.6
Other defined benefit pension and OPEB plans	7.9		7.8