Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Compensation and Retirement Disclosure [Abstract]

The following table presents a reconciliation of benefit obligations and plan assets.



	Pension Benefits						Postretirement Benefits
(In millions)	2015			2014			2015			2014
Benefit obligation as of January 1	$	3,019		$	2,943		$	29		$	40
Changes in benefit obligation:
Service cost	4			9			—			—
Interest cost	112			132			1			1
Participants' contributions	—			—			4			5
Plan amendments	(55		)	(3		)	—			(7		)
Actuarial (gain) loss	(79		)	367			(3		)	1
Benefits paid	(173		)	(165		)	(8		)	(11		)
Settlements	—			(257		)	—			—
Foreign currency translation and other	(7		)	(7		)	—			—
Benefit obligation as of December 31	2,821			3,019			23			29
Fair value of plan assets as of January 1	2,456			2,656			—			—
Change in plan assets:
Actual return on plan assets	(18		)	216			—			—
Company contributions	10			12			4			6
Participants' contributions	—			—			4			5
Benefits paid	(173		)	(165		)	(8		)	(11		)
Settlements	—			(257		)	—			—
Foreign currency translation and other	(8		)	(6		)	—			—
Fair value of plan assets as of December 31	2,267			2,456			—			—
Funded status	$	(554	)	$	(563	)	$	(23	)	$	(29	)
Amounts recognized on the Consolidated Balance Sheets as of December 31:
Other assets	$	12		$	9		$	—		$	—
Other liabilities	(566		)	(572		)	(23		)	(29		)
Net amount recognized	$	(554	)	$	(563	)	$	(23	)	$	(29	)
Amounts recognized in Accumulated other comprehensive income, not yet recognized in net periodic cost (benefit):
Prior service credit	$	—		$	—		$	(6	)	$	(9	)
Net actuarial loss	999			974			3			8
Net amount recognized	$	999		$	974		$	(3	)	$	(1	)

Components of net periodic cost (benefit)

The components of net periodic cost (benefit) are presented in the following table.



Years ended December 31
(In millions)	2015			2014			2013
Pension cost (benefit)
Service cost	$	4		$	9		$	12
Interest cost on projected benefit obligation	112			132			121
Expected return on plan assets	(174		)	(191		)	(181		)
Amortization of net actuarial loss	34			25			47
Settlement loss	—			84			3
Net periodic pension cost (benefit)	$	(24	)	$	59		$	2

Postretirement cost (benefit)
Service cost	$	—		$	—		$	1
Interest cost on projected benefit obligation	1			1			1
Amortization of prior service credit	(3		)	(10		)	(18		)
Amortization of net actuarial loss	1			1			2
Curtailment gain	—			(86		)	—
Net periodic postretirement cost (benefit)	$	(1	)	$	(94	)	$	(14	)

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)	2015			2014			2013
Pension and postretirement benefits
Amounts arising during the period	$	(111	)	$	(337	)	$	422
Curtailment and other	56			(81		)	—
Settlement	—			84			—
Reclassification adjustment relating to prior service credit	(3		)	(10		)	(18		)
Reclassification adjustment relating to actuarial loss	35			26			49
Total increase (decrease) in Other comprehensive income	$	(23	)	$	(318	)	$	453

Schedule of estimated amounts to be recognized from Accumulated other comprehensive income into net periodic cost (benefit) during next fiscal year

The table below presents the estimated amounts to be recognized from AOCI into net periodic cost (benefit) during 2016.



(In millions)	Pension Benefits		Postretirement Benefits
Amortization of prior service credit	$	—	$	(2	)
Amortization of net actuarial loss	37		—
Total estimated amounts to be recognized	$	37	$	(2	)

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.



December 31	2015		2014
Pension benefits
Discount rate	4.150	%	3.850	%
Expected long term rate of return	7.500		7.500
Rate of compensation increases	N/A		3.920
Postretirement benefits
Discount rate	2.750	%	2.500	%

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	2015		2014		2013
Pension benefits
Discount rate	3.850%/4.000%		4.650	%	3.800	%
Expected long term rate of return	7.500		7.500		7.750
Rate of compensation increases	3.920		3.990		4.066
Postretirement benefits
Discount rate	2.500	%	3.600%/3.100%		2.800	%

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, 2015
(In millions)	Level 1		Level 2		Level 3		Total Assets at Fair Value
Assets
Fixed maturity securities:
Corporate and other bonds	$	—	$	455	$	10	$	465
States, municipalities and political subdivisions	—		106		—		106
Asset-backed:
Residential mortgage-backed	—		133		—		133
Commercial mortgage-backed	—		69		—		69
Other asset-backed	—		11		—		11
Total asset-backed	—		213		—		213
U.S. Treasury and obligations of government-sponsored enterprises	—		—		—		—
Total fixed maturity securities	—		774		10		784
Equity securities	336		107		—		443
Derivative financial instruments	1		—		—		1
Short term investments	24		28		—		52
Limited partnerships:
Hedge funds	—		516		296		812
Private equity	—		—		123		123
Total limited partnerships	—		516		419		935
Other assets	—		52		—		52
Total assets	$	361	$	1,477	$	429	$	2,267



December 31, 2014
(In millions)	Level 1		Level 2		Level 3		Total Assets at Fair Value
Assets
Fixed maturity securities:
Corporate and other bonds	$	—	$	463	$	15	$	478
States, municipalities and political subdivisions	—		80		—		80
Asset-backed:
Residential mortgage-backed	—		123		—		123
Commercial mortgage-backed	—		75		—		75
Other asset-backed	—		12		—		12
Total asset-backed	—		210		—		210
U.S. Treasury and obligations of government-sponsored enterprises	25		—		—		25
Total fixed maturity securities	25		753		15		793
Equity securities	389		118		—		507
Derivative financial instruments	1		—		—		1
Short term investments	33		101		—		134
Limited partnerships:
Hedge funds	—		562		303		865
Private equity	—		—		113		113
Total limited partnerships	—		562		416		978
Other assets	—		30		—		30
Cash	13		—		—		13
Total assets	$	461	$	1,564	$	431	$	2,456

Reconciliation of level 3 plan assets

The tables below present a reconciliation for all pension plan assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3).



Level 3 (In millions)	Balance as of January 1, 2015		Actual return on assets still held as of December 31, 2015		Actual return on assets sold during the year ended December 31, 2015		Purchases, sales and settlements			Net transfers into (out of) Level 3			Balance as of December 31, 2015
Fixed maturity securities:
Corporate and other bonds	$	15	$	—	$	—	$	—		$	(5	)	$	10
Limited partnerships:
Hedge funds	303		18		—		(25		)	—			296
Private equity	113		9		—		1			—			123
Total limited partnerships	416		27		—		(24		)	—			419
Total	$	431	$	27	$	—	$	(24	)	$	(5	)	$	429



Level 3 (In millions)	Balance as of January 1, 2014		Actual return on assets still held as of December 31, 2014		Actual return on assets sold during the year ended December 31, 2014		Purchases, sales and settlements			Net transfers into (out of) Level 3		Balance as of December 31, 2014
Fixed maturity securities:
Corporate and other bonds	$	15	$	—	$	—	$	—		$	—	$	15
Equity securities	8		—		—		(8		)	—		—
Limited partnerships:
Hedge funds	322		19		—		(38		)	—		303
Private equity	114		19		—		(20		)	—		113
Total limited partnerships	436		38		—		(58		)	—		416
Total	$	459	$	38	$	—	$	(66	)	$	—	$	431

Estimated future minimum benefit payments to participants

The table below presents the estimated future minimum benefit payments to participants as of December 31, 2015.



(In millions)	Pension Benefits		Postretirement Benefits
2016	$	180	$	4
2017	183		4
2018	184		3
2019	183		3
2020	185		2
2021-2025	915		7