XML 84 R55.htm IDEA: XBRL DOCUMENT v3.22.4
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Changes in Benefit Obligation and Fair Value of Plan Assets Table 21.1 presents the changes in the benefit obligation and the fair value of plan assets, the funded status, and the amounts recognized on our consolidated balance sheet. Changes in the benefit obligation for the qualified plans were driven by the amounts of benefits paid and changes in the actuarial loss (gain) amounts, which are driven by changes in the discount rates at December 31, 2022 and 2021, respectively.Table 21.1: Changes in Benefit Obligation and Fair Value of Plan Assets
December 31, 2022December 31, 2021
Pension benefits Pension benefits 
(in millions)Qualified 
Non- 
qualified 
Other 
benefits 
Qualified 
Non- 
qualified 
Other 
benefits 
Change in benefit obligation:
Benefit obligation at beginning of period$11,032 501 439 11,956 556 491 
Service cost19 — — 17 — — 
Interest cost348 12 9 296 12 11 
Plan participants’ contributions— — 39 — — 40 
Actuarial loss (gain)(2,256)(76)(103)(414)(18)(34)
Benefits paid(966)(46)(75)(818)(49)(69)
Settlements, Curtailments, and Amendments(29)— — (2)— — 
Foreign exchange impact(7)— — (3)— — 
Benefit obligation at end of period8,141 391 309 11,032 501 439 
Change in plan assets:
Fair value of plan assets at beginning of period11,581 — 550 12,061 — 549 
Actual return on plan assets(1,998)— (45)324 — 25 
Employer contribution16 46 7 15 49 5 
Plan participants’ contributions— — 39 — — 40 
Benefits paid(966)(46)(75)(818)(49)(69)
Settlement(29)— — — — — 
Foreign exchange impact(4)— — (1)— — 
Fair value of plan assets at end of period8,600 — 476 11,581 — 550 
Funded status at end of period$459 (391)167 549 (501)111 
Amounts recognized on the consolidated balance sheet at end of period:
Assets$522 — 181 620 — 133 
Liabilities(63)(391)(14)(71)(501)(22)
Plans with Benefit Obligations in Excess of Plan Assets
Table 21.2 provides information for pension and postretirement plans with benefit obligations in excess of plan assets.
Table 21.2: Plans with Benefit Obligations in Excess of Plan Assets
December 31, 2022December 31, 2021
(in millions)Pension BenefitsOther BenefitsPension BenefitsOther Benefits
Projected benefit obligation$539 N/A664 N/A
Accumulated benefit obligation509 14 631 22 
Fair value of plan assets86 — 91 — 
Net Periodic Benefit Cost and Other Comprehensive Income
Table 21.3 presents the components of net periodic benefit cost and OCI. Service cost is reported in personnel expense and all other components of net periodic benefit cost are reported in
other noninterest expense on our consolidated statement of income.
Table 21.3: Net Periodic Benefit Cost and Other Comprehensive Income
December 31, 2022December 31, 2021December 31, 2020
Pension benefits Pension benefits Pension benefits 
(in millions)Qualified 
Non- 
qualified 
Other 
benefits 
Qualified 
Non- 
qualified 
Other 
benefits 
Qualified 
Non- 
qualified 
Other 
 benefits 
Service cost$19 — — 17 — — 14 — — 
Interest cost348 12 9 296 12 11 325 16 16 
Expected return on plan assets(511)— (22)(598)— (19)(603)— (21)
Amortization of net actuarial loss (gain)136 11 (22)140 15 (20)157 14 (19)
Amortization of prior service cost (credit)1 — (10)— — (10)— — (10)
Settlement loss226 1 — 134 2 — 121 3 — 
Net periodic benefit cost
219 24 (45)(11)29 (38)14 33 (34)
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss (gain)253 (76)(36)(142)(18)(40)517 25 (32)
Amortization of net actuarial gain (loss)
(136)(11)22 (140)(15)20 (157)(14)19 
Amortization of prior service credit (cost)(1)— 10 — — 10 — — 10 
Settlement (loss)(226)(1)— (134)(2)— (121)(3)— 
Total recognized in other comprehensive income
(110)(88)(4)(416)(35)(10)239 8 (3)
Total recognized in net periodic benefit cost and other comprehensive income
$109 (64)(49)(427)(6)(48)253 41 (37)
Benefits Recognized in Accumulated OCI
Table 21.4 provides the amounts recognized in AOCI
(pre-tax).


Table 21.4: Benefits Recognized in Accumulated OCI
December 31, 2022December 31, 2021
Pension benefits Pension benefits 
(in millions)Qualified 
Non- 
qualified 
Other 
benefits 
Qualified 
Non- 
qualified 
Other 
benefits 
Net actuarial loss (gain)$2,940 71 (404)3,049 159 (390)
Net prior service cost (credit)— — (116)1 — (126)
Total$2,940 71 (520)3,050 159 (516)
Weighted-Average Assumptions Used to Estimate Projected Benefit Obligation and Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost Table 21.5 presents the weighted-average assumptions used to estimate the projected benefit obligation.
Table 21.5: Weighted-Average Assumptions Used to Estimate Projected Benefit Obligation
December 31, 2022December 31, 2021
Pension benefits Pension benefits 
Qualified 
Non- 
qualified 
Other
benefits		Qualified 
Non- 
qualified 
Other
benefits
Discount rate5.18 %5.08 5.12 2.85 2.60 2.71 
Interest crediting rate4.10 3.58 N/A2.69 1.25 N/A

Table 21.6 presents the weighted-average assumptions used to determine the net periodic benefit cost, including the impact of interim re-measurements as applicable.

Table 21.6: Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
December 31, 2022December 31, 2021December 31, 2020
Pension benefits Pension benefits Pension benefits 
Qualified 
Non- 
qualified 
Other
benefits		Qualified 
Non- 
qualified 
Other
benefits		Qualified 
Non- 
qualified 
Other
 benefits
Discount rate3.93 %2.34 2.11 2.63 2.32 2.31 2.95 3.12 3.10 
Interest crediting rate3.37 1.51 N/A2.68 1.08 N/A2.68 1.46 N/A
Expected return on plan assets5.35 N/A4.00 5.17 N/A3.50 5.74 N/A4.00 
Projected Benefit Payments
Future benefits that we expect to pay under the pension and other benefit plans are presented in Table 21.7.
 
Table 21.7: Projected Benefit Payments
Pension benefits
(in millions)Qualified 
Non- 
qualified 
Other benefits
Period ended December 31,
2023$690 43 31 
2024654 42 30 
2025646 40 30 
2026643 38 28 
2027640 37 27 
2028-20323,052 155 119 
Pension and Other Benefit Plan Assets Table 21.8 presents the classification of the fair value of the pension plan and other benefit plan assets in the fair value hierarchy. See Note 15 (Fair Values of Assets and Liabilities) for a description of the fair value hierarchy.
Table 21.8: Pension and Other Benefit Plan Assets
Carrying value at year end
Pension plan assetsOther benefits plan assets
(in millions)Level 1 Level 2 Level 3 Total Level 1 Level 2Level 3 Total 
December 31, 2022
Cash and cash equivalents$214 4 — 218 41 135 — 176 
Long duration fixed income (1) 1,398 4,919 — 6,317 — — — — 
Intermediate (core) fixed income — 227 — 227 — 154 — 154 
High-yield fixed income— 91 — 91 — — — — 
International fixed income— 84 — 84 — — — — 
Domestic large-cap stocks 232 35 — 267 — 60 — 60 
Domestic mid-cap stocks74 40 — 114 — 16 — 16 
Domestic small-cap stocks64 4 — 68 — 9 — 9 
Global stocks — 152 — 152 — — — — 
International stocks 105 141 — 246 9 19 — 28 
Emerging market stocks29 57 — 86 — — — — 
Real estate46 — — 46 — — — — 
Hedge funds/absolute return— 42 — 42 — — — — 
Other90 23 10 123 6 — 24 30 
Plan investments – excluding investments at NAV$2,252 5,819 10 8,081 56 393 24 473 
Investments at NAV (2)415 — 
Net receivables104 3 
Total plan assets$8,600 476 
December 31, 2021
Cash and cash equivalents$2 242 — 244 40 143 — 183 
Long duration fixed income (1)1,562 6,827 1 8,390 — — — — 
Intermediate (core) fixed income— 429 — 429 — 193 — 193 
High-yield fixed income— 134 — 134 — — — — 
International fixed income— 83 — 83 — — — — 
Domestic large-cap stocks378 57 — 435 11 67 — 78 
Domestic mid-cap stocks104 60 — 164 — 20 — 20 
Domestic small-cap stocks94 6 — 100 — 11 — 11 
Global stocks— 204 — 204 — — — — 
International stocks139 216 — 355 11 24 — 35 
Emerging market stocks30 96 — 126 — — — — 
Real estate87 28 1 116 — — — — 
Hedge funds/absolute return— 54 — 54 — — — — 
Other111 45 9 165 6 — 24 30 
Plan investments – excluding investments at NAV$2,507 8,481 11 10,999 68 458 24 550 
Investments at NAV (2)533 — 
Net receivables 49 — 
Total plan assets$11,581 550 
(1)This category includes a diversified mix of assets, which are being managed in accordance with a duration target of approximately 9 years and 11 years for December 31, 2022 and 2021, respectively, and an emphasis on corporate credit bonds combined with investments in U.S. Treasury securities and other U.S. agency and non-agency bonds.
(2)Consists of certain investments that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.
Fair Value Level 3 Pension and Other Benefit Plan Assets
Table 21.9 presents the changes in Level 3 pension plan and other benefit plan assets measured at fair value.

Table 21.9: Fair Value Level 3 Pension and Other Benefit Plan Assets
Balance beginning
 of year		Gains
(losses) (1)		Purchases, sales and settlements (net)Transfer into/(out of) Level 3
Balance 
 end of 
 year 
(in millions)
Period ended December 31, 2022
Pension plan assets$11 — — (1)10 
Other benefits plan assets24 — — — 24 
Period ended December 31, 2021
Pension plan assets$12 6 (8)1 11 
Other benefits plan assets24 — — — 24 
(1)Represents unrealized and realized gains (losses).