XML 43 R25.htm IDEA: XBRL DOCUMENT
v3.24.3

Benefit Plans | 9 Months Ended
--- | ---
Sep. 30, 2024
Retirement Benefits [Abstract] |
Benefit Plans |
Note 16 | Benefit Plans
For the first nine months of 2024, service cost includes a $38 million refund of premiums previously paid to the Pension Benefit Guaranty Corporation (“PBGC”). The PBGC insures defined benefit plans offered by private-sector employers. PBGC premiums are required to be paid annually and are calculated using a predefined calculation that includes interest rates to discount a plan’s vested benefits. During the second quarter of 2024, the Company’s defined benefit pension plan elected to use an alternative methodology to calculate the prescribed interest rate in determining premiums for plan year 2023, which resulted in a refund of $38 million in previously paid premiums.
Components of net cost (benefit) for pension and other postretirement plans |  |  |  |
|  | Three months ended September 30, |  | Nine months ended September 30,
($ in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Pension benefits |  |  |  |  |  |  |  |
Service cost |  | $ | 26 |  |  | $ | 34 |  |  | $ | 52 |  |  | $ | 99 |
Interest cost |  | 59 |  |  | 58 |  |  | 175 |  |  | 176 |
Expected return on plan assets |  | (74) |  |  | (78) |  |  | (227) |  |  | (234) |
Costs and expenses |  | 11 |  |  | 14 |  |  | — |  |  | 41 |
Remeasurement of projected benefit obligation |  | 233 |  |  | (211) |  |  | 140 |  |  | (156) |
Remeasurement of plan assets |  | (214) |  |  | 369 |  |  | (129) |  |  | 219 |
Remeasurement (gains) losses |  | 19 |  |  | 158 |  |  | 11 |  |  | 63 |
Pension net cost |  | $ | 30 |  |  | $ | 172 |  |  | $ | 11 |  |  | $ | 104 |
Postretirement benefits |  |  |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  | 2 |  |  | 3 |  |  | 7 |  |  | 8 |
Amortization of prior service credit |  | — |  |  | (6) |  |  | (1) |  |  | (18) |
Costs and expenses |  | 2 |  |  | (3) |  |  | 6 |  |  | (10) |
Remeasurement of benefit obligation |  | 7 |  |  | (9) |  |  | 4 |  |  | (7) |
Remeasurement of plan assets |  | — |  |  | — |  |  | — |  |  | — |
Remeasurement (gains) losses |  | 7 |  |  | (9) |  |  | 4 |  |  | (7) |
Postretirement net cost (benefit) |  | $ | 9 |  |  | $ | (12) |  |  | $ | 10 |  |  | $ | (17) |
Pension and postretirement benefits |  |  |  |  |  |  |  |
Costs and expenses |  | $ | 13 |  |  | $ | 11 |  |  | $ | 6 |  |  | $ | 31 |
Remeasurement (gains) losses |  | 26 |  |  | 149 |  |  | 15 |  |  | 56 |
Total net cost |  | $ | 39 |  |  | $ | 160 |  |  | $ | 21 |  |  | $ | 87 |
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) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Remeasurement of benefit obligation (gains) losses: |  |  |  |  |  |  |  |
Discount rate |  | $ | 213 |  |  | $ | (231) |  |  | $ | 115 |  |  | $ | (180) |
Other assumptions |  | 27 |  |  | 11 |  |  | 29 |  |  | 17 |
Remeasurement of plan assets (gains) losses |  | (214) |  |  | 369 |  |  | (129) |  |  | 219 |
Remeasurement (gains) losses |  | $ | 26 |  |  | $ | 149 |  |  | $ | 15 |  |  | $ | 56 |
Remeasurement losses of $26 million and $15 million for the third quarter and first nine months of 2024, respectively, related to a decrease in the liability discount rate and changes in other assumptions, partially offset by favorable asset performance compared to expected return on plan assets. The weighted average discount rate used to measure the pension benefit obligation decreased to 5.02% at September 30, 2024 compared to 5.62% at June 30, 2024 and 5.35% at December 31, 2023 resulting in losses for the third quarter and first nine months of 2024. For the third quarter of 2024, the actual return on plan assets was higher than the expected return due to higher fixed income valuations from lower market yields and higher public equity returns. For the first nine months of 2024, the actual return on plan assets was higher than the expected return due to higher equity valuations and tighter credit spreads, partially offset by higher rates.

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480794/715-70-50-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480266/715-60-50-3 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration