XML 88 R55.htm IDEA: XBRL DOCUMENT v3.25.4
Pension and Other Postretirement Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
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)20252024
Projected benefit obligations$(14,724)$(14,459)
Fair value of plan assets23,603 22,201 
Net funded status8,879 7,742 
Accumulated other comprehensive income/(loss)
(965)(1,649)
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)202520242023
Total net periodic defined benefit plan credit(a)
$(184)
(b)
$(462)$(393)
Total defined contribution plans1,925 1,733 1,609 
Total pension and OPEB cost included in noninterest expense$1,741 $1,271 $1,216 
Total recognized in other comprehensive (income)/loss$(691)$131 $(421)
(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 $78 million for the year ended December 31, 2025.
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 31,202520242023
Discount rate5.49 %5.16 %5.14 %
Expected long-term rate of return on plan assets5.44 %6.15 %5.74 %
Pension and OPEB plan assets and liabilities measured at fair value
Defined benefit pension and OPEB plans assets and liabilities measured at fair value
20252024
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$7,834 $9,809 $4,160 $21,803 $6,910 $9,693 $3,956 $20,559 
Assets measured at fair value using NAV as a practical expedient2,388 2,101 
Net defined benefit pension plan payables
(588)(459)
Total fair value of plan assets$23,603 $22,201 
(a)Consists predominantly of equity securities, fund investments, U.S. federal and non-U.S. government debt securities, and cash equivalents.
(b)Consists of corporate debt securities, mortgage-backed securities, fund investments, and U.S. state, 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)
2026$2,253 
20271,074 
20281,061 
20291,031 
20301,017 
Years 2031–20354,834