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v3.19.1

General (Tables) | 3 Months Ended
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Mar. 31, 2019
General [Abstract] |
Lease, Cost |
Other information related to operating leases
|  | As of March 31, 2019
Weighted average remaining lease term (years) |  | 6 |
Weighted average discount rate |  | 3.27 | %
Operating Lease, Liability, Maturity |
Maturity of lease liabilities
($ in millions) |  | Operating leases
2019 (1) |  | $ | 85 |
2020 |  | 135 |
2021 |  | 104 |
2022 |  | 86 |
2023 |  | 71 |
2024 |  | 55 |
Thereafter |  | 104 |
Total lease payments (2) |  | $ | 640 |
Less: interest |  | (68 | )
Present value of lease liabilities |  | $ | 572 |
(1) | Excludes maturity of lease liabilities for the three months ended March 31, 2019.
(2) Excludes operating leases that have not yet commenced of $11 million as of March 31, 2019.
Schedule Changes in Accounting Principles | The impacts of the adjustments on the financial statements are summarized in the following tables.
Condensed Consolidated Statements of Operations (unaudited)
|  | Previous accounting principle |  | Impact of change |  | As reported
($ in millions, except per share data) |  | Three months ended March 31, 2019
Property and casualty insurance claims and claims expense |  | $ | 5,829 |  |  | $ | (9 | ) |  | $ | 5,820 |
Operating costs and expenses |  | 1,388 |  |  | (8 | ) |  | 1,380 |
Pension and other postretirement remeasurement gains and losses |  | — |  |  | 15 |  |  | 15 |
Restructuring and related charges |  | 22 |  |  | (4 | ) |  | 18 |
Total costs and expenses |  | 9,377 |  |  | (6 | ) |  | 9,371 |
Income from operations before income tax expense |  | 1,614 |  |  | 6 |  |  | 1,620 |
Income tax expense |  | 327 |  |  | 1 |  |  | 328 |
Net income |  | 1,287 |  |  | 5 |  |  | 1,292 |
Net income applicable to common shareholders |  | $ | 1,256 |  |  | $ | 5 |  |  | $ | 1,261 |
Earnings per common share: |  |  |  |  |  |
Net income applicable to common shareholders per common share - Basic |  | $ | 3.78 |  |  | $ | 0.01 |  |  | $ | 3.79 |
Net income applicable to common shareholders per common share - Diluted |  | $ | 3.72 |  |  | $ | 0.02 |  |  | $ | 3.74 |
Condensed Consolidated Statements of Operations (unaudited)
|  | Previously reported |  | Impact of change |  | As adjusted
($ in millions, except per share data) |  | Three months ended March 31, 2018
Property and casualty insurance claims and claims expense |  | $ | 5,149 |  |  | $ | (20 | ) |  | $ | 5,129 |
Operating costs and expenses |  | 1,333 |  |  | (30 | ) |  | 1,303 |
Pension and other postretirement remeasurement gains and losses |  | — |  |  | 14 |  |  | 14 |
Restructuring and related charges |  | 22 |  |  | (3 | ) |  | 19 |
Total costs and expenses |  | 8,547 |  |  | (39 | ) |  | 8,508 |
Income from operations before income tax expense |  | 1,224 |  |  | 39 |  |  | 1,263 |
Income tax expense |  | 249 |  |  | 8 |  |  | 257 |
Net income |  | 975 |  |  | 31 |  |  | 1,006 |
Net income applicable to common shareholders |  | $ | 946 |  |  | $ | 31 |  |  | $ | 977 |
Earnings per common share: |  |  |  |  |  |
Net income applicable to common shareholders per common share - Basic |  | $ | 2.67 |  |  | $ | 0.09 |  |  | $ | 2.76 |
Net income applicable to common shareholders per common share - Diluted |  | $ | 2.63 |  |  | $ | 0.08 |  |  | $ | 2.71 |
Condensed Consolidated Statements of Comprehensive Income (unaudited)
|  | Previous accounting principle |  | Impact of change |  | As reported
($ in millions) |  | Three months ended March 31, 2019
Net income |  | $ | 1,287 |  |  | $ | 5 |  |  | $ | 1,292 |
Other comprehensive income (loss), after-tax |  |  |  |  |  |
Changes in: |  |  |  |  |  |
Unrealized net capital gains and losses |  | 974 |  |  | — |  |  | 974 |
Unrealized foreign currency translation adjustments |  | 7 |  |  | (2 | ) |  | 5 |
Unrecognized pension and other postretirement benefit cost (1) |  | 10 |  |  | (22 | ) |  | (12 | )
Other comprehensive income (loss), after-tax |  | 991 |  |  | (24 | ) |  | 967 |
Comprehensive income |  | $ | 2,278 |  |  | $ | (19 | ) |  | $ | 2,259 |
(1) Financial statement line item has been updated to “Unamortized pension and other postretirement prior service credit”.
Condensed Consolidated Statements of Comprehensive Income (unaudited)
|  | Previously reported |  | Impact of change |  | As adjusted
($ in millions) |  | Three months ended March 31, 2018
Net income |  | $ | 975 |  |  | $ | 31 |  |  | $ | 1,006 |
Other comprehensive loss, after-tax |  |  |  |  |  |
Changes in: |  |  |  |  |  |
Unrealized net capital gains and losses |  | (565 | ) |  | — |  |  | (565 | )
Unrealized foreign currency translation adjustments |  | (4 | ) |  | 2 |  |  | (2 | )
Unrecognized pension and other postretirement benefit cost |  | 23 |  |  | (37 | ) |  | (14 | )
Other comprehensive loss, after-tax |  | (546 | ) |  | (35 | ) |  | (581 | )
Comprehensive income |  | $ | 429 |  |  | $ | (4 | ) |  | $ | 425 |
Condensed Consolidated Statements of Financial Position (unaudited)
|  | Previous accounting principle |  | Impact of change |  | As reported
($ in millions) |  | March 31, 2019
Deferred income taxes |  | $ | 822 |  |  | $ | (5 | ) |  | $ | 817 |
Other liabilities and accrued expenses |  | 8,953 |  |  | 24 |  |  | 8,977 |
Total liabilities |  | 92,397 |  |  | 19 |  |  | 92,416 |
Retained income |  | 46,818 |  |  | (1,670 | ) |  | 45,148 |
Unrealized foreign currency translation adjustments |  | (57 | ) |  | 13 |  |  | (44 | )
Unrecognized pension and other postretirement benefit cost (1) |  | (1,481 | ) |  | 1,638 |  |  | 157 |
Total AOCI |  | (566 | ) |  | 1,651 |  |  | 1,085 |
Total shareholders’ equity |  | $ | 23,437 |  |  | $ | (19 | ) |  | $ | 23,418 |
Condensed Consolidated Statements of Financial Position (unaudited)
|  | Previously reported |  | Impact of change |  | As adjusted
($ in millions) |  | December 31, 2018
Retained income |  | $ | 45,708 |  |  | $ | (1,675 | ) |  | $ | 44,033 |
Unrealized foreign currency translation adjustments |  | (64 | ) |  | 15 |  |  | (49 | )
Unrecognized pension and other postretirement benefit cost |  | (1,491 | ) |  | 1,660 |  |  | 169 |
Total AOCI |  | $ | (1,557 | ) |  | $ | 1,675 |  |  | $ | 118 |
Condensed Consolidated Statements of Shareholders’ Equity (unaudited)
|  | Previous accounting principle |  | Impact of change |  | As reported
($ in millions) |  | Three months ended March 31, 2019
Retained income |  |  |  |  |  |
Balance, beginning of period |  | $ | 45,708 |  |  | $ | (1,675 | ) |  | $ | 44,033 |
Cumulative effect of change in accounting principle |  | 21 |  |  | — |  |  | 21 |
Net income |  | 1,287 |  |  | 5 |  |  | 1,292 |
Dividends on common stock |  | (167 | ) |  | — |  |  | (167 | )
Dividends on preferred stock |  | (31 | ) |  | — |  |  | (31 | )
Balance, end of period |  | 46,818 |  |  | (1,670 | ) |  | 45,148 |
Accumulated other comprehensive income (loss) |  |  |  |  |  |
Balance, beginning of period |  | (1,557 | ) |  | 1,675 |  |  | 118 |
Cumulative effect of change in accounting principle |  | — |  |  | — |  |  | — |
Change in unrealized net capital gains and losses |  | 974 |  |  | — |  |  | 974 |
Change in unrealized foreign currency translation adjustments |  | 7 |  |  | (2 | ) |  | 5 |
Change in unrecognized pension and other postretirement benefit cost (1) |  | 10 |  |  | (22 | ) |  | (12 | )
Balance, end of period |  | (566 | ) |  | 1,651 |  |  | 1,085 |
Total shareholders’ equity |  | $ | 23,437 |  |  | $ | (19 | ) |  | $ | 23,418 |
(1) Financial statement line item has been updated to “Change in unamortized pension and other postretirement prior service credit”.
Condensed Consolidated Statements of Shareholders’ Equity (unaudited)
|  | Previously reported |  | Impact of change |  | As adjusted
($ in millions) |  | Three months ended March 31, 2018
Retained income |  |  |  |  |  |
Balance, beginning of period |  | $ | 43,162 |  |  | $ | (1,583 | ) |  | $ | 41,579 |
Cumulative effect of change in accounting principle |  | 1,088 |  |  | — |  |  | 1,088 |
Net income |  | 975 |  |  | 31 |  |  | 1,006 |
Dividends on common stock |  | (165 | ) |  | — |  |  | (165 | )
Dividends on preferred stock |  | (29 | ) |  | — |  |  | (29 | )
Balance, end of period |  | 45,031 |  |  | (1,552 | ) |  | 43,479 |
Accumulated other comprehensive income (loss) |  |  |  |  |  |
Balance, beginning of period |  | 306 |  |  | 1,583 |  |  | 1,889 |
Cumulative effect of change in accounting principle |  | (910 | ) |  | — |  |  | (910 | )
Change in unrealized net capital gains and losses |  | (565 | ) |  | — |  |  | (565 | )
Change in unrealized foreign currency translation adjustments |  | (4 | ) |  | 2 |  |  | (2 | )
Change in unrecognized pension and other postretirement benefit cost |  | 23 |  |  | (37 | ) |  | (14 | )
Balance, end of period |  | (1,150 | ) |  | 1,548 |  |  | 398 |
Total shareholders’ equity |  | $ | 23,277 |  |  | $ | (4 | ) |  | $ | 23,273 |
Condensed Consolidated Statements of Cash Flows (unaudited) |  |
|  | Previous accounting principle |  | Impact of change |  | As reported
($ in millions) |  | Three months ended March 31, 2019
Cash flows from operating activities |  |  |  |  |  |
Net income |  | $ | 1,287 |  |  | $ | 5 |  |  | $ | 1,292 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Pension and other postretirement remeasurement gains and losses |  | — |  |  | 15 |  |  | 15 |
Income taxes |  | 302 |  |  | 1 |  |  | 303 |
Other operating assets and liabilities |  | (389 | ) |  | (21 | ) |  | (410 | )
Net cash provided by operating activities |  | $ | 714 |  |  | $ | — |  |  | $ | 714 |
Condensed Consolidated Statements of Cash Flows (unaudited) |  |  |  |  |  |
|  | Previously reported |  | Impact of change |  | As adjusted
($ in millions) |  | Three months ended March 31, 2018
Cash flows from operating activities |  |  |  |  |  |
Net income |  | $ | 975 |  |  | $ | 31 |  |  | $ | 1,006 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Pension and other postretirement remeasurement gains and losses |  | — |  |  | 14 |  |  | 14 |
Income taxes |  | 181 |  |  | 8 |  |  | 189 |
Other operating assets and liabilities |  | (318 | ) |  | (53 | ) |  | (371 | )
Net cash provided by operating activities |  | $ | 626 |  |  | $ | — |  |  | $ | 626 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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