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General (Tables)
 3 Months Ended
Mar. 31, 2019
General [Abstract]  
Lease, Cost
Other information related to operating leases
 
 
As of March 31, 2019
Weighted average remaining lease term (years)
 
6

Weighted average discount rate
 
3.27
%
Operating Lease, Liability, Maturity
Maturity of lease liabilities
($ in millions)
 
Operating leases
2019 (1)
 
$
85

2020
 
135

2021
 
104

2022
 
86

2023
 
71

2024
 
55

Thereafter
 
104

Total lease payments (2)
 
$
640

Less: interest
 
(68
)
Present value of lease liabilities
 
$
572

(1) 
Excludes maturity of lease liabilities for the three months ended March 31, 2019.
(2) 
Excludes operating leases that have not yet commenced of $11 million as of March 31, 2019.
Schedule Changes in Accounting Principles The impacts of the adjustments on the financial statements are summarized in the following tables.
Condensed Consolidated Statements of Operations (unaudited)
 
 
Previous accounting principle
 
Impact of change
 
As reported
($ in millions, except per share data)
 
Three months ended March 31, 2019
Property and casualty insurance claims and claims expense
 
$
5,829

 
$
(9
)
 
$
5,820

Operating costs and expenses
 
1,388

 
(8
)
 
1,380

Pension and other postretirement remeasurement gains and losses
 
—

 
15

 
15

Restructuring and related charges
 
22

 
(4
)
 
18

Total costs and expenses
 
9,377

 
(6
)
 
9,371

Income from operations before income tax expense
 
1,614

 
6

 
1,620

Income tax expense
 
327

 
1

 
328

Net income
 
1,287

 
5

 
1,292

Net income applicable to common shareholders
 
$
1,256

 
$
5

 
$
1,261

 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
Net income applicable to common shareholders per common share - Basic
 
$
3.78

 
$
0.01

 
$
3.79

Net income applicable to common shareholders per common share - Diluted
 
$
3.72

 
$
0.02

 
$
3.74

Condensed Consolidated Statements of Operations (unaudited)
 
 
Previously reported
 
Impact of change
 
As adjusted
($ in millions, except per share data)
 
Three months ended March 31, 2018
Property and casualty insurance claims and claims expense
 
$
5,149

 
$
(20
)
 
$
5,129

Operating costs and expenses
 
1,333

 
(30
)
 
1,303

Pension and other postretirement remeasurement gains and losses
 
—

 
14

 
14

Restructuring and related charges
 
22

 
(3
)
 
19

Total costs and expenses
 
8,547

 
(39
)
 
8,508

Income from operations before income tax expense
 
1,224

 
39

 
1,263

Income tax expense
 
249

 
8

 
257

Net income
 
975

 
31

 
1,006

Net income applicable to common shareholders
 
$
946

 
$
31

 
$
977

 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
Net income applicable to common shareholders per common share - Basic
 
$
2.67

 
$
0.09

 
$
2.76

Net income applicable to common shareholders per common share - Diluted
 
$
2.63

 
$
0.08

 
$
2.71

Condensed Consolidated Statements of Comprehensive Income (unaudited)
 
 
Previous accounting principle
 
Impact of change
 
As reported
($ in millions)
 
Three months ended March 31, 2019
Net income
 
$
1,287

 
$
5

 
$
1,292

Other comprehensive income (loss), after-tax
 
 
 
 
 
 
Changes in:
 
 
 
 
 
 
Unrealized net capital gains and losses
 
974

 
—

 
974

Unrealized foreign currency translation adjustments
 
7

 
(2
)
 
5

Unrecognized pension and other postretirement benefit cost (1)
 
10

 
(22
)
 
(12
)
Other comprehensive income (loss), after-tax
 
991

 
(24
)
 
967

Comprehensive income
 
$
2,278

 
$
(19
)
 
$
2,259

(1) Financial statement line item has been updated to “Unamortized pension and other postretirement prior service credit”.
Condensed Consolidated Statements of Comprehensive Income (unaudited)
 
 
Previously reported
 
Impact of change
 
As adjusted
($ in millions)
 
Three months ended March 31, 2018
Net income
 
$
975

 
$
31

 
$
1,006

Other comprehensive loss, after-tax
 
 
 
 
 
 
Changes in:
 
 
 
 
 
 
Unrealized net capital gains and losses
 
(565
)
 
—

 
(565
)
Unrealized foreign currency translation adjustments
 
(4
)
 
2

 
(2
)
Unrecognized pension and other postretirement benefit cost 
 
23

 
(37
)
 
(14
)
Other comprehensive loss, after-tax
 
(546
)
 
(35
)
 
(581
)
Comprehensive income
 
$
429

 
$
(4
)
 
$
425

Condensed Consolidated Statements of Financial Position (unaudited)
 
 
Previous accounting principle
 
Impact of change
 
As reported
($ in millions)
 
March 31, 2019
Deferred income taxes
 
$
822

 
$
(5
)
 
$
817

Other liabilities and accrued expenses
 
8,953

 
24

 
8,977

Total liabilities
 
92,397

 
19

 
92,416

Retained income
 
46,818

 
(1,670
)
 
45,148

Unrealized foreign currency translation adjustments
 
(57
)
 
13

 
(44
)
Unrecognized pension and other postretirement benefit cost (1)
 
(1,481
)
 
1,638

 
157

Total AOCI
 
(566
)
 
1,651

 
1,085

Total shareholders’ equity
 
$
23,437

 
$
(19
)
 
$
23,418

 
 
 
 
 
 
 
Condensed Consolidated Statements of Financial Position (unaudited)
 
 
Previously reported
 
Impact of change
 
As adjusted
($ in millions)
 
December 31, 2018
Retained income
 
$
45,708

 
$
(1,675
)
 
$
44,033

Unrealized foreign currency translation adjustments
 
(64
)
 
15

 
(49
)
Unrecognized pension and other postretirement benefit cost 
 
(1,491
)
 
1,660

 
169

Total AOCI
 
$
(1,557
)
 
$
1,675

 
$
118

Condensed Consolidated Statements of Shareholders’ Equity (unaudited)

 
 
Previous accounting principle
 
Impact of change
 
As reported
($ in millions)
 
Three months ended March 31, 2019
Retained income
 
 
 
 
 
 
Balance, beginning of period
 
$
45,708

 
$
(1,675
)
 
$
44,033

Cumulative effect of change in accounting principle
 
21

 
—

 
21

Net income
 
1,287

 
5

 
1,292

Dividends on common stock
 
(167
)
 
—

 
(167
)
Dividends on preferred stock
 
(31
)
 
—

 
(31
)
Balance, end of period
 
46,818

 
(1,670
)
 
45,148

 
 
 
 
 
 
 
Accumulated other comprehensive income (loss)
 
 
 
 
 
 
Balance, beginning of period
 
(1,557
)
 
1,675

 
118

Cumulative effect of change in accounting principle
 
—

 
—

 
—

Change in unrealized net capital gains and losses
 
974

 
—

 
974

Change in unrealized foreign currency translation adjustments
 
7

 
(2
)
 
5

Change in unrecognized pension and other postretirement benefit cost (1)
 
10

 
(22
)
 
(12
)
Balance, end of period
 
(566
)
 
1,651

 
1,085

Total shareholders’ equity
 
$
23,437

 
$
(19
)
 
$
23,418

(1) Financial statement line item has been updated to “Change in unamortized pension and other postretirement prior service credit”.
Condensed Consolidated Statements of Shareholders’ Equity (unaudited)

 
 
Previously reported
 
Impact of change
 
As adjusted
($ in millions)
 
Three months ended March 31, 2018
Retained income
 
 
 
 
 
 
Balance, beginning of period
 
$
43,162

 
$
(1,583
)
 
$
41,579

Cumulative effect of change in accounting principle
 
1,088

 
—

 
1,088

Net income
 
975

 
31

 
1,006

Dividends on common stock
 
(165
)
 
—

 
(165
)
Dividends on preferred stock
 
(29
)
 
—

 
(29
)
Balance, end of period
 
45,031

 
(1,552
)
 
43,479

 
 
 
 
 
 
 
Accumulated other comprehensive income (loss)
 
 
 
 
 
 
Balance, beginning of period
 
306

 
1,583

 
1,889

Cumulative effect of change in accounting principle
 
(910
)
 
—

 
(910
)
Change in unrealized net capital gains and losses
 
(565
)
 
—

 
(565
)
Change in unrealized foreign currency translation adjustments
 
(4
)
 
2

 
(2
)
Change in unrecognized pension and other postretirement benefit cost
 
23

 
(37
)
 
(14
)
Balance, end of period
 
(1,150
)
 
1,548

 
398

Total shareholders’ equity
 
$
23,277

 
$
(4
)
 
$
23,273

Condensed Consolidated Statements of Cash Flows (unaudited)
 
 
 
 
Previous accounting principle
 
Impact of change
 
As reported
($ in millions)
 
Three months ended March 31, 2019
Cash flows from operating activities
 
 
 
 
 
 
Net income
 
$
1,287

 
$
5

 
$
1,292

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
 
Pension and other postretirement remeasurement gains and losses
 
—

 
15

 
15

Income taxes
 
302

 
1

 
303

Other operating assets and liabilities
 
(389
)
 
(21
)
 
(410
)
Net cash provided by operating activities
 
$
714

 
$
—

 
$
714

 
 
 
 
 
 
 
Condensed Consolidated Statements of Cash Flows (unaudited)
 
 
 
 
 
 
 
 
Previously reported
 
Impact of change
 
As adjusted
($ in millions)
 
Three months ended March 31, 2018
Cash flows from operating activities
 
 
 
 
 
 
Net income
 
$
975

 
$
31

 
$
1,006

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
 
Pension and other postretirement remeasurement gains and losses
 
—

 
14

 
14

Income taxes
 
181

 
8

 
189

Other operating assets and liabilities
 
(318
)
 
(53
)
 
(371
)
Net cash provided by operating activities
 
$
626

 
$
—

 
$
626