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Benefit Plans | 3 Months Ended
--- | ---
Mar. 31, 2024
Retirement Benefits [Abstract] |
Benefit Plans |
Note 14 | Benefit Plans
Components of net cost (benefit) for pension and other postretirement plans |  |  |  |
|  | Three months ended March 31, |  |
($ in millions) |  | 2024 |  | 2023 |  |  |  |
Pension benefits |  |  |  |  |  |  |  |
Service cost |  | $ | 33 |  |  | $ | 33 |  |  |  |  |
Interest cost |  | 58 |  |  | 60 |  |  |  |  |
Expected return on plan assets |  | (77) |  |  | (77) |  |  |  |  |
Amortization of prior service credit |  | — |  |  | — |  |  |  |  |
Costs and expenses |  | 14 |  |  | 16 |  |  |  |  |
Remeasurement of projected benefit obligation |  | (25) |  |  | 123 |  |  |  |  |
Remeasurement of plan assets |  | 25 |  |  | (180) |  |  |  |  |
Remeasurement (gains) losses |  | — |  |  | (57) |  |  |  |  |
Pension net cost (benefit) |  | $ | 14 |  |  | $ | (41) |  |  |  |  |
Postretirement benefits |  |  |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | — |  |  |  |  |
Interest cost |  | 2 |  |  | 3 |  |  |  |  |
Amortization of prior service credit |  | — |  |  | (6) |  |  |  |  |
Costs and expenses |  | 2 |  |  | (3) |  |  |  |  |
Remeasurement of projected benefit obligation |  | (2) |  |  | 4 |  |  |  |  |
Remeasurement of plan assets |  | — |  |  | — |  |  |  |  |
Remeasurement (gains) losses |  | (2) |  |  | 4 |  |  |  |  |
Postretirement net cost |  | $ | — |  |  | $ | 1 |  |  |  |  |
Pension and postretirement benefits |  |  |  |  |  |  |  |
Costs and expenses |  | $ | 16 |  |  | $ | 13 |  |  |  |  |
Remeasurement (gains) losses |  | (2) |  |  | (53) |  |  |  |  |
Total net cost (benefit) |  | $ | 14 |  |  | $ | (40) |  |  |  |  |
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 March 31, |  |
($ in millions) |  | 2024 |  | 2023 |  |  |  |
Remeasurement of projected benefit obligation (gains) losses: |  |  |  |  |  |  |  |
Discount rate |  | $ | (41) |  |  | $ | 124 |  |  |  |  |
Other assumptions |  | 14 |  |  | 3 |  |  |  |  |
Remeasurement of plan assets (gains) losses |  | 25 |  |  | (180) |  |  |  |  |
Remeasurement (gains) losses |  | $ | (2) |  |  | $ | (53) |  |  |  |  |
Remeasurement gains for the first quarter of 2024 are primarily related to an increase in the liability discount rate, partially offset by unfavorable asset performance compared to expected return on plan assets. The weighted average discount rate used to measure the pension benefit obligation increased to 5.45% at March 31, 2024 compared to 5.35% at December 31, 2023, resulting in gains for the first quarter of 2024. For the first quarter of 2024, the actual return on plan assets was lower than the expected return due to lower fixed income valuations from higher market yields, partially offset by strong public equity returns.

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