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Benefit Plans | 9 Months Ended
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Sep. 30, 2020
Retirement Benefits [Abstract] |
Benefit Plans |
Note 13 | Benefit Plans
Components of net cost (benefit) for pension and other postretirement plans |  |  |  |
|  | Three months ended September 30, |  | Nine months ended September 30,
($ in millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Pension benefits |  |  |  |  |  |  |  |
Service cost |  | $ | 25 |  |  | $ | 30 |  |  | $ | 78 |  |  | $ | 86 |
Interest cost |  | 49 |  |  | 58 |  |  | 161 |  |  | 185 |
Expected return on plan assets |  | (104 | ) |  | (103 | ) |  | (303 | ) |  | (297 | )
Amortization of prior service credit |  | (14 | ) |  | (14 | ) |  | (42 | ) |  | (42 | )
Curtailment loss |  | 10 |  |  | — |  |  | 10 |  |  | — |
Costs and expenses |  | (34 | ) |  | (29 | ) |  | (96 | ) |  | (68 | )
Remeasurement of projected benefit obligation |  | 130 |  |  | 323 |  |  | 686 |  |  | 1,054 |
Remeasurement of plan assets |  | (202 | ) |  | (136 | ) |  | (391 | ) |  | (752 | )
Remeasurement (gains) losses |  | (72 | ) |  | 187 |  |  | 295 |  |  | 302 |
Pension net (benefit) cost |  | $ | (106 | ) |  | $ | 158 |  |  | $ | 199 |  |  | $ | 234 |
Postretirement benefits |  |  |  |  |  |  |  |
Service cost |  | $ | 1 |  |  | $ | 2 |  |  | $ | 4 |  |  | $ | 6 |
Interest cost |  | 2 |  |  | 4 |  |  | 8 |  |  | 11 |
Amortization of prior service credit |  | (1 | ) |  | — |  |  | (3 | ) |  | (2 | )
Curtailment gain |  | (8 | ) |  | — |  |  | (8 | ) |  | — |
Costs and expenses |  | (6 | ) |  | 6 |  |  | 1 |  |  | 15 |
Remeasurement of projected benefit obligation |  | 1 |  |  | 38 |  |  | 25 |  |  | 63 |
Remeasurement of plan assets |  | — |  |  | — |  |  | — |  |  | — |
Remeasurement (gains) losses |  | 1 |  |  | 38 |  |  | 25 |  |  | 63 |
Postretirement net (benefit) cost |  | $ | (5 | ) |  | $ | 44 |  |  | $ | 26 |  |  | $ | 78 |
Pension and postretirement benefits |  |  |  |  |  |  |  |
Costs and expenses |  | $ | (40 | ) |  | $ | (23 | ) |  | $ | (95 | ) |  | $ | (53 | )
Remeasurement (gains) losses |  | (71 | ) |  | 225 |  |  | 320 |  |  | 365 |
Total net (benefit) cost |  | $ | (111 | ) |  | $ | 202 |  |  | $ | 225 |  |  | $ | 312 |
Differences between expected and actual returns on plan assets and changes in assumptions affect the Company’s pension and other postretirement obligations, plan assets and expenses. Pension and other postretirement service cost, interest cost, expected return on plan assets, amortization of prior service credit and curtailment gains (losses) are reported in property and casualty insurance claims and claims expense, operating costs and expenses, net investment income and (if applicable) restructuring and related charges on the Condensed Consolidated Statement of Operations.
Pension and postretirement benefits remeasurement gains and losses |  |  |  |
|  | Three months ended September 30, |  | Nine months ended September 30,
($ in millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Remeasurement of projected benefit obligation (gains) losses: |  |  |  |  |  |  |  |
Discount rate |  | $ | 57 |  |  | $ | 237 |  |  | $ | 454 |  |  | $ | 730 |
Other assumptions |  | 74 |  |  | 124 |  |  | 257 |  |  | 387 |
Remeasurement of plan assets (gains) losses |  | (202 | ) |  | (136 | ) |  | (391 | ) |  | (752 | )
Remeasurement (gains) losses |  | $ | (71 | ) |  | $ | 225 |  |  | $ | 320 |  |  | $ | 365 |
Remeasurement gains for the third quarter of 2020 primarily related to favorable asset performance compared to the expected return on plan assets, partially offset by changes in actuarial assumptions and a decrease in the discount rate. Remeasurement losses for the first nine months of 2020 primarily related to a decrease in the discount rate and changes in actuarial assumptions, partially offset by favorable asset performance compared to the expected return on plan assets. The weighted average discount rate used to measure the benefit obligation decreased to 2.65% at September 30, 2020 compared to 2.74% at June 30, 2020, 3.37% at March 31, 2020 and 3.31% at December 31, 2019 resulting in losses for the third quarter and first nine months of 2020. Remeasurement losses for other assumptions in the third quarter of 2020 are primarily due to changes in the estimated percentage of employees taking lump sum distributions due to changes in the interest rate. Remeasurement losses for the first nine months of 2020 primarily related to a decrease in lump sum interest rates and changes in the estimated percentage of employees taking lump sum distributions. For the third quarter of 2020, the actual return on plan assets was higher than the expected return due to tightening of credit spreads which increased the fair value of fixed income investments and improved public equity market performance. For the first nine months of 2020, the actual return on plan assets was higher than the expected return primarily due to a decline in interest rates.

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