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Pension and Other Postretirement Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
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,
(in millions)20242023
Projected benefit obligations$(14,459)$(14,740)
Fair value of plan assets22,201 22,013 
Net funded status7,742 7,273 
Accumulated other comprehensive income/(loss)(1,649)(1,517)
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.
Year ended December 31, (in millions)202420232022
Total net periodic defined benefit plan cost/(credit)(a)
$(462)$(393)$(192)
(b)
Total defined contribution plans1,733 1,609 1,408 
Total pension and OPEB cost included in noninterest expense$1,271 $1,216 $1,216 
Total recognized in other comprehensive (income)/loss$131 $(421)$1,459 
(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 for the year ended December 31, 2022.
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.
Year ended December 31,202420232022
Discount rate5.16 %5.14 %2.54 %
Expected long-term rate of return on plan assets6.15 %5.74 %3.68 %
Pension and OPEB plan assets and liabilities measured at fair value
Defined benefit pension and OPEB plans assets and liabilities measured at fair value
20242023
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
$6,910 $9,693 $3,956 $20,559 $6,521 $10,713 $3,124 $20,358 
Assets measured at fair value using NAV as a practical expedient
2,101 2,097 
Net defined benefit pension plan payables
(459)(442)
Total fair value of plan assets$22,201 $22,013 
(a) Consists predominantly of equity securities, U.S. federal, state, and local and non-U.S. government debt securities, and cash equivalents.
(b) Consists of corporate debt securities, fund investments, mortgage-backed securities, and U.S. federal, state, and local and non-U.S. government debt securities.
(c) Consists predominantly of corporate-owned life insurance policies
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)
2025$1,186 
20261,155 
20271,134 
20281,095 
20291,093 
Years 2030–20345,229