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Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Funded status | The following table presents a reconciliation of benefit obligations and plan assets.
| Pension Benefits |  | Postretirement Benefits
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Benefit obligation as of January 1 | $ | 2,769 |  |  | $ | 2,661 |  |  | $ | 7 |  |  | $ | 8 |
Changes in benefit obligation: |  |  |  |  |  |  |
Interest cost | 62 |  |  | 80 |  |  | — |  |  | — |
Participants' contributions | — |  |  | — |  |  | 3 |  |  | 2 |
Actuarial (gain) loss | (84) |  |  | 205 |  |  | 1 |  |  | 2 |
Benefits paid | (182) |  |  | (173) |  |  | (5) |  |  | (5) |
Foreign currency translation and other | (2) |  |  | 3 |  |  | — |  |  | — |
Settlements | (2) |  |  | (7) |  |  | — |  |  | — |
Benefit obligation as of December 31 | 2,561 |  |  | 2,769 |  |  | 6 |  |  | 7 |
Fair value of plan assets as of January 1 | 2,420 |  |  | 2,285 |  |  | — |  |  | — |
Change in plan assets: |  |  |  |  |  |  |
Actual return on plan assets | 332 |  |  | 295 |  |  | — |  |  | — |
Company contributions | 10 |  |  | 16 |  |  | 2 |  |  | 3 |
Participants' contributions | — |  |  | — |  |  | 3 |  |  | 2 |
Benefits paid | (182) |  |  | (173) |  |  | (5) |  |  | (5) |
Foreign currency translation and other | (1) |  |  | 4 |  |  | — |  |  | — |
Settlements | (2) |  |  | (7) |  |  | — |  |  | — |
Fair value of plan assets as of December 31 | 2,577 |  |  | 2,420 |  |  | — |  |  | — |
Funded status | $ | 16 |  |  | $ | (349) |  |  | $ | (6) |  |  | $ | (7) |
Amounts recognized on the Consolidated Balance Sheets as of December 31: |  |  |  |  |  |  |
Other assets | $ | 77 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Other liabilities | (61) |  |  | (351) |  |  | (6) |  |  | (7) |
Net amount recognized | $ | 16 |  |  | $ | (349) |  |  | $ | (6) |  |  | $ | (7) |
Amounts recognized in Accumulated other comprehensive income, not yet recognized in net periodic cost (benefit): |  |  |  |  |  |  |
Net actuarial (gain) loss | $ | 763 |  |  | $ | 1,073 |  |  | $ | 1 |  |  | $ | — |
Net amount recognized | $ | 763 |  |  | $ | 1,073 |  |  | $ | 1 |  |  | $ | — |
Components of net periodic cost (benefit) | The components of net periodic pension cost (benefit) are presented in the following table.
Years ended December 31 |  |  |  |  |
(In millions) | 2021 |  | 2020 |  | 2019
Net periodic pension cost (benefit) |  |  |  |  |
Interest cost on projected benefit obligation | $ | 62 |  |  | $ | 80 |  |  | $ | 100 |
Expected return on plan assets | (154) |  |  | (155) |  |  | (142) |
Amortization of net actuarial (gain) loss | 46 |  |  | 45 |  |  | 39 |
Settlement loss | 1 |  |  | 3 |  |  | — |
Total net periodic pension cost (benefit) | $ | (45) |  |  | $ | (27) |  |  | $ | (3) |
The following table indicates the line items in which the non-service cost (benefit) is presented in the Consolidated Statements of Operations.
Years ended December 31 |  |  |  |  |
(In millions) | 2021 |  | 2020 |  | 2019
Non-Service Cost (benefit): |  |  |  |  |
Insurance claims and policyholder's benefits | $ | (13) |  |  | $ | (8) |  |  | $ | (1) |
Other operating expenses | (32) |  |  | (19) |  |  | (2) |
Total net periodic pension cost (benefit) | $ | (45) |  |  | $ | (27) |  |  | $ | (3) |
Schedule of amounts recognized in Other comprehensive income | The amounts recognized in Other comprehensive income are presented in the following table.
Years ended December 31 |  |  |  |  |
(In millions) | 2021 |  | 2020 |  | 2019
Pension and postretirement benefits |  |  |  |  |
Amounts arising during the period | $ | 262 |  |  | $ | (67) |  |  | $ | (112) |
Settlement | 1 |  |  | 3 |  |  | — |
Reclassification adjustment relating to prior service credit | — |  |  | — |  |  | — |
Reclassification adjustment relating to actuarial loss | 46 |  |  | 45 |  |  | 39 |
Total increase (decrease) in Other comprehensive income | $ | 309 |  |  | $ | (19) |  |  | $ | (73) |
Actuarial assumptions for benefit obligations and for net cost or benefit | Actuarial assumptions used for the CNA Retirement Plan and CNA Health and Group Benefits Program to determine benefit obligations are presented in the following table. The interest crediting rate is the weighted average interest rate applied to the individual pension balances for employees who elected to cease accruals effective December 31, 1999.
December 31 | 2021 |  | 2020
Pension benefits |  |  |
Discount rate | 2.750 | % |  | 2.350 | %
Interest crediting rate | 3.000 |  |  | 3.000 |
Postretirement benefits |  |  |
Discount rate | 2.250 | % |  | 1.600 | %
Actuarial assumptions used for the CNA Retirement Plan and CNA Health and Group Benefits Program to determine net cost or benefit are presented in the following table.
Years ended December 31 | 2021 |  | 2020 |  | 2019
Pension benefits |  |  |  |  |
Discount rate | 2.350 | % |  | 3.150 | % |  | 4.250 | %
Expected long term rate of return | 6.750 |  |  | 7.250 |  |  | 7.500 |
Interest crediting rate | 3.000 |  |  | 5.000 |  |  | 5.000 |
Postretirement benefits |  |  |  |  |
Discount rate | 1.600 | % |  | 2.300 | % |  | 3.550 | %
Fair value of plan assets measured on a recurring basis | Pension plan assets measured at fair value on a recurring basis as well as cash are presented in the following tables.
December 31, 2021 |  |  |  |  |  |  |  |
(In millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |
Corporate bonds and other |  | $ | — |  |  | $ | 645 |  |  | $ | 8 |  |  | $ | 653 |
States, municipalities and political subdivisions |  | — |  |  | 30 |  |  | — |  |  | 30 |
Asset-backed |  | — |  |  | 110 |  |  | — |  |  | 110 |
Total fixed maturity securities |  | — |  |  | 785 |  |  | 8 |  |  | 793 |
Equity securities |  | 732 |  |  | 141 |  |  | — |  |  | 873 |
Short term investments |  | 45 |  |  | — |  |  | — |  |  | 45 |
Other assets |  | — |  |  | 8 |  |  | — |  |  | 8 |
Cash |  | — |  |  | — |  |  | — |  |  | — |
Total assets measured at fair value |  | $ | 777 |  |  | $ | 934 |  |  | $ | 8 |  |  | 1,719 |
Total equity securities measured at net asset value(1) |  |  |  |  |  |  |  | 20 |
Total limited partnerships measured at net asset value (1) |  |  |  |  |  |  |  | 838 |
Total |  |  |  |  |  |  |  | $ | 2,577 |
December 31, 2020 |  |  |  |  |  |  |  |
(In millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |
Corporate bonds and other |  | $ | — |  |  | $ | 643 |  |  | $ | 9 |  |  | $ | 652 |
States, municipalities and political subdivisions |  | — |  |  | 32 |  |  | — |  |  | 32 |
Asset-backed |  | — |  |  | 98 |  |  | — |  |  | 98 |
Total fixed maturity securities |  | — |  |  | 773 |  |  | 9 |  |  | 782 |
Equity securities |  | 666 |  |  | 137 |  |  | — |  |  | 803 |
Short term investments |  | 20 |  |  | 38 |  |  | — |  |  | 58 |
Other assets |  | — |  |  | 8 |  |  | — |  |  | 8 |
Cash |  | 13 |  |  | — |  |  | — |  |  | 13 |
Total assets measured at fair value |  | $ | 699 |  |  | $ | 956 |  |  | $ | 9 |  |  | 1,664 |
Total limited partnerships measured at net asset value (1) |  |  |  |  |  |  |  | 756 |
Total |  |  |  |  |  |  |  | $ | 2,420 |
(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Plan's Statement of Financial Position.
Schedule of expected benefit payments | The table below presents the estimated future minimum benefit payments to participants as of December 31, 2021.
(In millions) | Pension Benefits |  | Postretirement Benefits
2022 | $ | 182 |  |  | $ | 1 |
2023 | 179 |  |  | 1 |
2024 | 177 |  |  | 1 |
2025 | 175 |  |  | — |
2026 | 173 |  |  | — |
2027-2031 | 798 |  |  | 1 |

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