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Pension and Other Postretirement Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Summary of benefit obligations, plan assets, net funded status and amounts recorded in AOCI
The following table presents the pretax benefit obligations, plan assets, the net funded status, and the amounts recorded in AOCI on the Consolidated balance sheets for the Firm’s significant defined benefit pension and OPEB plans.
As of or for the year ended December 31,Defined benefit
pension and OPEB plans
(in millions)20222021
Projected benefit obligations$(13,545)$(18,046)
Fair value of plan assets19,890 25,692 
Net funded status6,345 7,646 
Accumulated other comprehensive income/(loss)(1,916)(453)
Components of net periodic benefit costs reported in the Consolidated statements of income and other comprehensive income
The following table presents the 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)202220212020
Total net periodic defined benefit plan cost/(credit)(a)
$(192)$(201)$(285)
Total defined contribution plans1,408 1,333 1,332 
Total pension and OPEB cost included in noninterest expense$1,216 $1,132 $1,047 
Total recognized in other comprehensive (income)/loss$1,459 $(1,129)$(214)
(a) Includes pension settlement loss of $92 million and $33 million, respectively, for the years ended December 31, 2022 and 2021.
Weighted-average actuarial assumptions
The following table presents the weighted-average actuarial assumptions used to determine the net periodic benefit costs for the defined benefit pension and OPEB plans.
Defined benefit pension and OPEB plans
Year ended December 31,202220212020
Discount rate2.54 %2.17 %2.93 %
Expected long-term rate of return on plan assets3.68 %2.97 %3.91 %
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
20222021
December 31,
(in millions)
Level 1(a)
Level 2(b)
Level 3(c)
Total fair value
Level 1(a)
Level 2(b)
Level 3(c)
Total fair value
Assets measured at fair value classified in fair value hierarchy$5,308 $9,617 $2,613 $17,538 $6,541 $12,315 $3,172 $22,028 
Assets measured at fair value using NAV as practical expedient not classified in fair value hierarchy2,593 3,960 
Net defined benefit pension plan payables not classified in fair value hierarchy(241)(296)
Total fair value of plan assets$19,890 $25,692 
(a) Consists predominantly of equity securities, U.S. federal, state, and local and non-U.S. government debt securities, and cash equivalents.
(b) Consists predominantly of corporate debt securities and U.S. federal, state, and local and non-U.S. government debt securities.
(c) Consists of corporate-owned life insurance policies and participating annuity contracts.
Estimated future benefit payments The following table presents benefit payments expected to be paid for the defined benefit pension and OPEB plans for the years indicated.
Year ended December 31,
(in millions)		Defined benefit pension and OPEB plans
2023$1,022 
20241,016 
20251,007 
2026980 
2027977 
Years 2028–20324,720