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Benefit Plans | 9 Months Ended
--- | ---
Sep. 30, 2021
Retirement Benefits [Abstract] |
Benefit Plans |
Note 14 | 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) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Pension benefits |  |  |  |  |  |  |  |
Service cost |  | $ | 27 |  |  | $ | 25 |  |  | $ | 78 |  |  | $ | 78 |
Interest cost |  | 47 |  |  | 49 |  |  | 145 |  |  | 161 |
Expected return on plan assets |  | (112) |  |  | (104) |  |  | (338) |  |  | (303) |
Amortization of prior service credit |  | (13) |  |  | (14) |  |  | (38) |  |  | (42) |
Curtailment loss |  | — |  |  | 10 |  |  | — |  |  | 10 |
Costs and expenses |  | (51) |  |  | (34) |  |  | (153) |  |  | (96) |
Remeasurement of projected benefit obligation |  | (25) |  |  | 130 |  |  | (292) |  |  | 686 |
Remeasurement of plan assets |  | 68 |  |  | (202) |  |  | (99) |  |  | (391) |
Remeasurement (gains) losses |  | 43 |  |  | (72) |  |  | (391) |  |  | 295 |
Pension net (benefit) cost |  | $ | (8) |  |  | $ | (106) |  |  | $ | (544) |  |  | $ | 199 |
Postretirement benefits |  |  |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 4 |
Interest cost |  | 2 |  |  | 2 |  |  | 6 |  |  | 8 |
Amortization of prior service credit |  | (5) |  |  | (1) |  |  | (18) |  |  | (3) |
Curtailment gain |  | — |  |  | (8) |  |  | — |  |  | (8) |
Costs and expenses |  | (3) |  |  | (6) |  |  | (11) |  |  | 1 |
Remeasurement of projected benefit obligation |  | (3) |  |  | 1 |  |  | (13) |  |  | 25 |
Remeasurement of plan assets |  | — |  |  | — |  |  | — |  |  | — |
Remeasurement (gains) losses |  | (3) |  |  | 1 |  |  | (13) |  |  | 25 |
Postretirement net (benefit) cost |  | $ | (6) |  |  | $ | (5) |  |  | $ | (24) |  |  | $ | 26 |
Pension and postretirement benefits |  |  |  |  |  |  |  |
Costs and expenses |  | $ | (54) |  |  | $ | (40) |  |  | $ | (164) |  |  | $ | (95) |
Remeasurement (gains) losses |  | 40 |  |  | (71) |  |  | (404) |  |  | 320 |
Total net (benefit) cost |  | $ | (14) |  |  | $ | (111) |  |  | $ | (568) |  |  | $ | 225 |
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 and 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) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Remeasurement of projected benefit obligation (gains) losses: |  |  |  |  |  |  |  |
Discount rate |  | $ | (32) |  |  | $ | 57 |  |  | $ | (271) |  |  | $ | 454 |
Other assumptions |  | 4 |  |  | 74 |  |  | (34) |  |  | 257 |
Remeasurement of plan assets (gains) losses |  | 68 |  |  | (202) |  |  | (99) |  |  | (391) |
Remeasurement (gains) losses |  | $ | 40 |  |  | $ | (71) |  |  | $ | (404) |  |  | $ | 320 |
Remeasurement losses for the third quarter of 2021 primarily related to unfavorable asset performance compared to the expected return on plan assets, partially offset by an increase in the liability discount rate. Remeasurement gains in the first nine months of 2021 primarily related to an increase in the liability discount rate and favorable asset performance compared to the expected return on plan assets. The weighted average discount rate used to measure the benefit obligation increased to 2.90% at September 30, 2021 compared to 2.85% at June 30, 2021, decreased compared to 3.13% at March 31, 2021 and increased compared to 2.51% at December 31, 2020 resulting in gains for the third quarter and first nine months of 2021. For the third quarter of 2021, the actual return on plan assets was lower due to higher market yields resulting in decreased fixed income valuations and modest public equity performance. For the first nine months of 2021, the actual return on plan assets was higher primarily due to strong equity performance.

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