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Pension and Other Postretirement Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
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)20232022
Projected benefit obligations$(14,740)$(13,545)
Fair value of plan assets22,013 19,890 
Net funded status7,273 6,345 
Accumulated other comprehensive income/(loss)(1,517)(1,916)
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)202320222021
Total net periodic defined benefit plan cost/(credit)(a)
$(393)$(192)
(b)
$(201)
(b)
Total defined contribution plans1,609 1,408 1,333 
Total pension and OPEB cost included in noninterest expense$1,216 $1,216 $1,132 
Total recognized in other comprehensive (income)/loss$(421)$1,459 $(1,129)
(a)The service cost component of net periodic defined benefit cost is reported in compensation expense; all other components of net periodic defined benefit costs are reported in other expense in the Consolidated statements of income.
(b)Includes pension settlement losses 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 31,202320222021
Discount rate5.14 %2.54 %2.17 %
Expected long-term rate of return on plan assets5.74 %3.68 %2.97 %
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
20232022
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 the fair value hierarchy
$6,521 $10,713 $3,124 $20,358 $5,308 $9,617 $2,613 $17,538 
Assets measured at fair value using NAV as a practical expedient
2,097 2,593 
Net defined benefit pension plan payables
(442)(241)
Total fair value of plan assets$22,013 $19,890 
(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, fund investments, and participating annuity contracts in 2023, and corporate-owned life insurance policies and participating annuity contracts in 2022.
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
2024$1,142 
20251,125 
20261,113 
20271,077 
20281,063 
Years 2029–20335,143