v3.25.4
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024, respectively.
Table 21.1: Changes in Benefit Obligation and Fair Value of Plan Assets
December 31, 2025December 31, 2024
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$7,476 325 269 8,126 375 287 
Service cost34 — — 29 — — 
Interest cost390 15 13 387 17 13 
Plan participants’ contributions— — 37 — — 33 
Actuarial loss (gain)159 18 (10)(379)(27)(1)
Benefits paid(702)(40)(72)(679)(40)(66)
Settlements, Curtailments, and Amendments1 — 21 (3)— 4 
Foreign exchange impact(5)— — (5)— (1)
Benefit obligation at end of period7,353 318 258 7,476 325 269 
Change in plan assets:
Fair value of plan assets at beginning of period8,136 — 496 8,634 — 497 
Actual return on plan assets668 — 40 167 — 26 
Employer contribution18 40 6 16 40 6 
Plan participants’ contributions— — 37 — — 33 
Benefits paid(702)(40)(72)(679)(40)(66)
Foreign exchange impact(1)— — (2)— — 
Fair value of plan assets at end of period8,119 — 507 8,136 — 496 
Funded status at end of period$766 (318)249 660 (325)227 
Amounts recognized on the consolidated balance sheet at end of period:
Assets$874 — 261 751 — 240 
Liabilities(108)(318)(12)(91)(325)(13)
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, 2025December 31, 2024
(in millions)Pension benefitsOther benefitsPension benefitsOther benefits
Projected benefit obligation$428 N/A473 N/A
Accumulated benefit obligation371 12 424 13 
Fair value of plan assets2 — 56 — 
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, 2025December 31, 2024December 31, 2023
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$34 — — 29 — — 25 — — 
Interest cost390 15 13 387 17 13 403 18 15 
Expected return on plan assets(492)— (28)(472)— (25)(503)— (25)
Amortization of net actuarial loss (gain)133 2 (25)138 5 (24)139 5 (25)
Amortization of prior service credit
— — (9)— — (10)— — (10)
Settlement loss— 1 — — — — — — — 
Curtailment gain
— — — (3)— — — — — 
Net periodic benefit cost65 18 (49)79 22 (46)64 23 (45)
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss (gain)(17)18 (22)(74)(27)(2)41 8 (27)
Amortization of net actuarial gain (loss)(133)(2)25 (138)(5)24 (139)(5)25 
Prior service cost1 — 21 — — 4 — — — 
Amortization of prior service credit
— — 9 — — 10 — — 10 
Settlement loss
— (1)— — — — — — — 
Total recognized in other comprehensive income(149)15 33 (212)(32)36 (98)3 8 
Total recognized in net periodic benefit cost and other comprehensive income$(84)33 (16)(133)(10)(10)(34)26 (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, 2025December 31, 2024
Pension benefits Pension benefits 
(in millions)Qualified Non- 
qualified 		Other 
benefits 		Qualified Non- 
qualified 		Other 
benefits 
Net actuarial loss (gain)$2,480 57 (381)2,630 42 (384)
Net prior service cost (credit)
1 — (62)— — (92)
Total$2,481 57 (443)2,630 42 (476)
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, 2025December 31, 2024
Pension benefits Pension benefits 
Qualified Non- 
qualified 		Other
benefits		Qualified Non- 
qualified 		Other
benefits
Discount rate5.40 %5.10 5.22 5.62 5.48 5.49 
Interest crediting rate4.34 3.98 N/A4.55 4.07 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, 2025December 31, 2024December 31, 2023
Pension benefits Pension benefits Pension benefits 
Qualified Non- 
qualified 		Other
benefits		Qualified Non- 
qualified 		Other
benefits		Qualified Non- 
qualified 		Other
 benefits
Discount rate5.43 %5.19 5.10 4.93 4.85 4.86 5.12 5.04 5.06 
Interest crediting rate4.55 4.03 N/A3.91 3.39 N/A4.10 3.58 N/A
Expected return on plan assets6.32 N/A5.72 5.71 N/A5.16 6.09 N/A5.34 
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,
2026$701 35 27 
2027674 35 26 
2028627 32 25 
2029604 32 24 
2030589 30 23 
2031-20352,818 127 99 
Pension and Other Benefit Plan Assets
Table 21.8 presents the classification of the fair value of the combined pension plan and other benefit plan assets in the fair value hierarchy. See Note 14 (Fair Value Measurements) for a description of the fair value hierarchy, including a summary of valuation methodologies used for assets measured at fair value. Level 3 assets were insignificant.
Table 21.8: Pension and Other Benefit Plan Assets
(in millions)Level 1 Level 2 Level 3 Total 
December 31, 2025
Debt securities (1)$1,518 4,615 — 6,133 
Equity securities and mutual funds818 — — 818 
Collective investment funds— 1,096 — 1,096 
Other2 228 34 264 
Total plan investments – excluding investments at NAV$2,338 5,939 34 8,311 
Investments at NAV as a practical expedient (2)247 
Net receivables68 
Total plan assets$8,626 
December 31, 2024
Debt securities (1)$1,581 4,561 — 6,142 
Equity securities and mutual funds983 — — 983 
Collective investment funds— 1,062 — 1,062 
Other2 112 34 148 
Total plan investments – excluding investments at NAV$2,566 5,735 34 8,335 
Investments at NAV as a practical expedient (2)246 
Net receivables 51 
Total plan assets$8,632 
(1)Level 1 includes securities of the U.S. Treasury and Level 2 includes corporate debt securities.
(2)Investments that are measured using the non-published net asset value (NAV) per share (or its equivalent) as a practical expedient are excluded from the fair value hierarchy.