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v3.22.2.2

Benefit Plans | 9 Months Ended
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Sep. 30, 2022
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) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Pension benefits |  |  |  |  |  |  |  |
Service cost |  | $ | 22 |  |  | $ | 27 |  |  | $ | 79 |  |  | $ | 78 |
Interest cost |  | 59 |  |  | 47 |  |  | 157 |  |  | 145 |
Expected return on plan assets |  | (85) |  |  | (112) |  |  | (295) |  |  | (338) |
Amortization of prior service credit |  | (2) |  |  | (13) |  |  | (27) |  |  | (38) |
Costs and expenses |  | (6) |  |  | (51) |  |  | (86) |  |  | (153) |
Remeasurement of projected benefit obligation |  | (254) |  |  | (25) |  |  | (1,427) |  |  | (292) |
Remeasurement of plan assets |  | 335 |  |  | 68 |  |  | 1,563 |  |  | (99) |
Remeasurement (gains) losses |  | 81 |  |  | 43 |  |  | 136 |  |  | (391) |
Pension net cost (benefit) |  | $ | 75 |  |  | $ | (8) |  |  | $ | 50 |  |  | $ | (544) |
Postretirement benefits |  |  |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
Interest cost |  | 3 |  |  | 2 |  |  | 7 |  |  | 6 |
Amortization of prior service credit |  | (7) |  |  | (5) |  |  | (19) |  |  | (18) |
Costs and expenses |  | (4) |  |  | (3) |  |  | (11) |  |  | (11) |
Remeasurement of projected benefit obligation |  | (2) |  |  | (3) |  |  | (45) |  |  | (13) |
Remeasurement of plan assets |  | — |  |  | — |  |  | — |  |  | — |
Remeasurement (gains) losses |  | (2) |  |  | (3) |  |  | (45) |  |  | (13) |
Postretirement net benefit |  | $ | (6) |  |  | $ | (6) |  |  | $ | (56) |  |  | $ | (24) |
Pension and postretirement benefits |  |  |  |  |  |  |  |
Costs and expenses |  | $ | (10) |  |  | $ | (54) |  |  | $ | (97) |  |  | $ | (164) |
Remeasurement (gains) losses |  | 79 |  |  | 40 |  |  | 91 |  |  | (404) |
Total net cost (benefit) |  | $ | 69 |  |  | $ | (14) |  |  | $ | (6) |  |  | $ | (568) |
Differences in actual experience and changes in other assumptions affect our pension and other postretirement obligations and expenses. Differences between expected and actual returns on plan assets affect remeasurement (gains) losses. Pension and other postretirement service cost, interest cost, expected return on plan assets and amortization of prior service credit 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 Statements of Operations.
Pension and postretirement benefits remeasurement gains and losses |  |  |  |
|  | Three months ended September 30, |  | Nine months ended September 30,
($ in millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Remeasurement of projected benefit obligation (gains) losses: |  |  |  |  |  |  |  |
Discount rate |  | $ | (284) |  |  | $ | (32) |  |  | $ | (1,289) |  |  | $ | (271) |
Other assumptions |  | 28 |  |  | 4 |  |  | (183) |  |  | (34) |
Remeasurement of plan assets (gains) losses |  | 335 |  |  | 68 |  |  | 1,563 |  |  | (99) |
Remeasurement (gains) losses |  | $ | 79 |  |  | $ | 40 |  |  | $ | 91 |  |  | $ | (404) |
Remeasurement losses for the third quarter of 2022 are primarily related to unfavorable asset performance compared to expected return on plan assets, partially offset by a reduction in the projected benefit obligation due to an increase in the liability discount rate. Remeasurement losses in the first nine months of 2022 are primarily related to unfavorable asset performance compared to expected return on plan assets, partially offset by a reduction in the projected benefit obligation due to an increase in the liability discount rate and changes in other assumptions, primarily related to an increase in the long-term lump sum interest rate. The weighted average discount rate used to measure the benefit obligation increased to 5.72% at September 30, 2022 compared to 4.92% at June 30, 2022, 3.97% at March 31, 2022 and 2.93% at December 31, 2021 resulting in gains for the third quarter and first nine months of 2022. For the third quarter and first nine months of 2022, the actual return on plan assets was lower than the expected return due to higher interest rates, widening credit spreads and weak equity market performance.

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