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Benefit Plans
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Benefit Plans
Note 13Benefit Plans
Components of net cost (benefit) for pension and other postretirement plans
Three months ended September 30,Nine months ended September 30,
($ in millions)2025202420252024
Pension benefits
Service cost (1)
$28 $26 $79 $52 
Interest cost58 59 177 175 
Expected return on plan assets(77)(74)(233)(227)
Costs and expenses9 11 23 — 
Remeasurement of projected benefit obligation20 233 128 140 
Remeasurement of plan assets(127)(214)(158)(129)
Remeasurement (gains) losses(107)19 (30)11 
Pension net (benefit) cost$(98)$30 $(7)$11 
Postretirement benefits
Service cost$— $— $— $— 
Interest cost2 2 6 7 
Amortization of prior service credit(1)— (1)(1)
Costs and expenses1 2 5 6 
Remeasurement of benefit obligation
(1)7 — 4 
Remeasurement of plan assets— — — — 
Remeasurement (gains) losses(1)7 — 4 
Postretirement net cost$— $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)2025202420252024
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.