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v3.25.3

Benefit Plans | 9 Months Ended
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Sep. 30, 2025
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) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Pension benefits |  |  |  |  |  |  |  |
Service cost (1) |  | $ | 28 |  |  | $ | 26 |  |  | $ | 79 |  |  | $ | 52 |
Interest cost |  | 58 |  |  | 59 |  |  | 177 |  |  | 175 |
Expected return on plan assets |  | (77) |  |  | (74) |  |  | (233) |  |  | (227) |
Costs and expenses |  | 9 |  |  | 11 |  |  | 23 |  |  | — |
Remeasurement of projected benefit obligation |  | 20 |  |  | 233 |  |  | 128 |  |  | 140 |
Remeasurement of plan assets |  | (127) |  |  | (214) |  |  | (158) |  |  | (129) |
Remeasurement (gains) losses |  | (107) |  |  | 19 |  |  | (30) |  |  | 11 |
Pension net (benefit) cost |  | $ | (98) |  |  | $ | 30 |  |  | $ | (7) |  |  | $ | 11 |
Postretirement benefits |  |  |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  | 2 |  |  | 2 |  |  | 6 |  |  | 7 |
Amortization of prior service credit |  | (1) |  |  | — |  |  | (1) |  |  | (1) |
Costs and expenses |  | 1 |  |  | 2 |  |  | 5 |  |  | 6 |
Remeasurement of benefit obligation |  | (1) |  |  | 7 |  |  | — |  |  | 4 |
Remeasurement of plan assets |  | — |  |  | — |  |  | — |  |  | — |
Remeasurement (gains) losses |  | (1) |  |  | 7 |  |  | — |  |  | 4 |
Postretirement net cost |  | $ | — |  |  | $ | 9 |  |  | $ | 5 |  |  | $ | 10 |
Pension and postretirement benefits |  |  |  |  |  |  |  |
Costs and expenses |  | $ | 10 |  |  | $ | 13 |  |  | $ | 28 |  |  | $ | 6 |
Remeasurement (gains) losses |  | (108) |  |  | 26 |  |  | (30) |  |  | 15 |
Total net (benefit) cost |  | $ | (98) |  |  | $ | 39 |  |  | $ | (2) |  |  | $ | 21 |
(1) For the first nine months of 2024, service cost includes a $38 million refund of premiums previously paid to the Pension Benefit Guaranty Corporation. Differences in actual experience and changes in other assumptions affect our pension and other postretirement obligations and expenses. Differences between expected and actual returns on plan assets affect remeasurement (gains) losses. Pension and other postretirement service cost, interest cost, expected return on plan assets and amortization of prior service credit are reported in property and casualty insurance claims and claims expense, operating costs and expenses, net investment income and (if applicable) restructuring and related charges on the Condensed Consolidated Statements of Operations.
Pension and postretirement benefits remeasurement gains and losses |  |  |  |
|  | Three months ended September 30, |  | Nine months ended September 30,
($ in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Remeasurement of benefit obligation (gains) losses: |  |  |  |  |  |  |  |
Discount rate |  | $ | 29 |  |  | $ | 213 |  |  | $ | 93 |  |  | $ | 115 |
Other assumptions |  | (10) |  |  | 27 |  |  | 35 |  |  | 29 |
Remeasurement of plan assets (gains) losses |  | (127) |  |  | (214) |  |  | (158) |  |  | (129) |
Remeasurement (gains) losses |  | $ | (108) |  |  | $ | 26 |  |  | $ | (30) |  |  | $ | 15 |
Remeasurement gains of $108 million for the third quarter of 2025 are primarily related to favorable asset performance compared to expected return on plan assets and changes in actuarial assumptions, partially offset by a decrease in the liability discount rate. Remeasurement gains of $30 million in the first nine months of 2025 are primarily related to favorable asset performance compared to expected return on plan assets, partially offset by a decrease in the liability discount rate and changes in actuarial assumptions. The weighted average discount rate used to measure the pension benefit obligation decreased to 5.44% on September 30, 2025 compared to 5.51% on June 30, 2025 and 5.71% at December 31, 2024 resulting in losses for the third quarter and first nine months of 2025. For the third quarter of 2025, the actual return on plan assets was higher than the expected return due to higher public equity valuations and higher fixed income valuations driven by lower rates and tighter credit spreads. For the first nine months of 2025, the actual return on plan assets was higher than the expected return due to higher public equity valuations and higher fixed income valuations driven by lower rates and tighter credit spreads, partially offset by lower performance-based equity valuations. The Company made a discretionary contribution of $35 million to the qualified pension plan in September 2025.

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