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Nonoperating Income (Expense) | 12 Months Ended
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Dec. 31, 2023
Other Income and Expenses [Abstract] |
Nonoperating Income (Expense) | NONOPERATING INCOME (EXPENSE) The following sets forth the components of the Company’s other income (expense), net ($ in millions):
| 2023 |  | 2022 |  | 2021
Other components of net periodic benefit costs | $ | 7 |  |  | $ | 44 |  |  | $ | 44 |
Investment gains (losses): |  |  |  |  |
Realized investment gains (losses) | 89 |  |  | 123 |  |  | 120 |
Unrealized investment gains (losses) | (271) |  |  | (394) |  |  | 281 |
Total investment gains (losses) | (182) |  |  | (271) |  |  | 401 |
Gain on sale of product lines | — |  |  | — |  |  | 5 |
Total other income (expense), net | $ | (175) |  |  | $ | (227) |  |  | $ | 450 |
Other Components of Net Period Benefit Costs The Company disaggregates the service cost component of net periodic benefit costs of noncontributory defined benefit pension plans and other postretirement employee benefit plans and presents the other components of net periodic benefit costs in other income (expense), net. These other components of net period benefit costs include the assumed rate of return on plan assets, partially offset by amortization of actuarial losses. The Company’s net periodic benefit costs for the year ended December 31, 2022 includes a settlement loss of $10 million ($9 million after-tax), as a result of the transfer of a portion of its non-U.S. pension liabilities related to one defined benefit plan to a third-party. Investment Gains (Losses) The Company estimates the fair value of investments in equity securities using the Fair Value Alternative and records adjustments to fair value within net earnings. Additionally, the Company is a limited partner in partnerships that invest primarily in early stage companies. While the partnerships record these investments at fair value, the Company’s investments in the partnerships are accounted for under the equity method of accounting. The investment gains (losses) include realized and unrealized gains and losses related to changes in the fair value of the Company’s investments in equity securities and the Company’s equity in earnings of the partnerships that reflect the changes in fair value of the investments of the partnerships and related management fees and operating expenses. In addition, during 2023 and 2022 the Company recorded impairments of $31 million and $91 million, respectively, related to equity method investments that are reflected in unrealized investment gains (losses). Gain on Sale of Product Lines During 2021 the Company divested certain product lines and recognized a pretax gain on sale of $5 million ($4 million after-tax). The divestiture of these product lines did not represent a strategic shift with a major effect on the Company’s operations and financial results and therefore is not reported as a discontinued operation. Loss on Early Extinguishment of Borrowings In the fourth quarter of 2021, the Company redeemed the €800 million aggregate principal amount of 2.5% senior unsecured notes due 2025 at a redemption price equal to the outstanding principal amount and a make-whole premium as specified in the applicable indenture, plus accrued and unpaid interest. The Company recorded a loss on early extinguishment of these borrowings related to the payment of the make-whole premiums and deferred costs in connection with the redemption of $96 million which is reflected as a loss on early extinguishment of borrowings in the accompanying Consolidated Statements of Earnings.

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- Definition The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 610 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//610/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 720 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//720/tableOfContent + Details
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