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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Funded status
The following table presents a reconciliation of benefit obligations and plan assets.
 
Pension Benefits
 
Postretirement Benefits
(In millions)
2018
 
2017
 
2018
 
2017
Benefit obligation as of January 1
$
2,749

 
$
2,729

 
$
11

 
$
15

Changes in benefit obligation:
 
 
 
 
 
 
 
Service cost
—

 
—

 
—

 
—

Interest cost
93

 
103

 
—

 
—

Participants' contributions
—

 
—

 
3

 
4

Actuarial (gain) loss
(187
)
 
99

 
—

 
(1
)
Benefits paid
(166
)
 
(170
)
 
(5
)
 
(7
)
Foreign currency translation and other
(7
)
 
10

 
—

 
—

Settlements
(16
)
 
(22
)
 
—

 
—

Benefit obligation as of December 31
2,466

 
2,749


9


11

Fair value of plan assets as of January 1
2,261

 
2,193

 
—

 
—

Change in plan assets:
 
 
 
 
 
 
 
Actual return on plan assets
(69
)
 
221

 
—

 
—

Company contributions
23

 
29

 
2

 
3

Participants' contributions
—

 
—

 
3

 
4

Benefits paid
(166
)
 
(170
)
 
(5
)
 
(7
)
Foreign currency translation and other
(8
)
 
10

 
—

 
—

Settlements
(16
)
 
(22
)
 
—

 
—

Fair value of plan assets as of December 31
2,025

 
2,261

 
—

 
—

Funded status
$
(441
)
 
$
(488
)
 
$
(9
)
 
$
(11
)
Amounts recognized on the Consolidated Balance Sheets as of December 31:
 
 
 
 
 
 
 
Other assets
$
9

 
$
4

 
$
—

 
$
—

Other liabilities
(450
)
 
(492
)
 
(9
)
 
(11
)
Net amount recognized
$
(441
)
 
$
(488
)
 
$
(9
)
 
$
(11
)
Amounts recognized in Accumulated other comprehensive income, not yet recognized in net periodic cost (benefit):
 
 
 
 
 
 
 
Prior service credit
$
—

 
$
—

 
$
—

 
$
(2
)
Net actuarial (gain) loss
984

 
987

 
(3
)
 
(4
)
Net amount recognized
$
984

 
$
987

 
$
(3
)
 
$
(6
)
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)
2018
 
2017
 
2016
Net periodic pension cost (benefit)
 
 
 
 
 
Service cost
$
—

 
$
—

 
$
—

Non-service cost (benefit):
 
 
 
 
 
Interest cost on projected benefit obligation
93

 
103

 
113

Expected return on plan assets
(159
)
 
(154
)
 
(160
)
Amortization of net actuarial (gain) loss
37

 
35

 
37

Settlement loss
6

 
9

 
—

Total non-service cost (benefit)
(23
)
 
(7
)
 
(10
)
Total net periodic pension cost (benefit)
$
(23
)
 
$
(7
)
 
$
(10
)
The components of net periodic postretirement cost (benefit) are presented in the following table.
Years ended December 31
 
 
 
 
 
(In millions)
2018
 
2017
 
2016
Net periodic postretirement cost (benefit)
 
 
 
 
 
Service cost
$
—

 
$
—

 
$
—

Non-service cost (benefit):
 
 
 
 
 
Amortization of prior service credit
(1
)
 
(2
)
 
(2
)
Amortization of net actuarial (gain) loss
(1
)
 
—

 
—

Total non-service cost (benefit)
(2
)
 
(2
)
 
(2
)
Total net periodic postretirement cost (benefit)
$
(2
)
 
$
(2
)
 
$
(2
)
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)
2018
 
2017
 
2016
Pension and postretirement benefits
 
 
 
 
 
Amounts arising during the period
$
(41
)
 
$
(31
)
 
$
(29
)
Settlement
6

 
9

 
(2
)
Reclassification adjustment relating to prior service credit
(2
)
 
(2
)
 
(2
)
Reclassification adjustment relating to actuarial loss
36

 
35

 
37

Total increase (decrease) in Other comprehensive income
$
(1
)
 
$
11

 
$
4
Schedule of estimated amounts to be recognized from Accumulated other comprehensive income into net periodic cost (benefit) during next fiscal year
The amounts recognized in Other comprehensive income are presented in the following table.
Years ended December 31
 
 
 
 
 
(In millions)
2018
 
2017
 
2016
Pension and postretirement benefits
 
 
 
 
 
Amounts arising during the period
$
(41
)
 
$
(31
)
 
$
(29
)
Settlement
6

 
9

 
(2
)
Reclassification adjustment relating to prior service credit
(2
)
 
(2
)
 
(2
)
Reclassification adjustment relating to actuarial loss
36

 
35

 
37

Total increase (decrease) in Other comprehensive income
$
(1
)
 
$
11

 
$
4
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
2018
 
2017
Pension benefits
 
 
 
Discount rate
4.250
%
 
3.550
%
Expected long term rate of return
7.500

 
7.500

Interest crediting rate
5.000

 
5.000

Postretirement benefits
 
 
 
Discount rate
3.550
%
 
2.750
%
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
2018
 
2017
 
2016
Pension benefits
 
 
 
 
 
Discount rate
3.550
%
 
3.950
%
 
4.150
%
Expected long term rate of return
7.500

 
7.500

 
7.500

Interest crediting rate
5.000

 
5.000

 
5.000

Postretirement benefits
 
 
 
 
 
Discount rate
2.750
%
 
2.750
%
 
2.750
%
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, 2018
 
 
 
 
 
 
 
 
(In millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
Corporate bonds and other
 
$
—

 
$
472

 
$
10

 
$
482

States, municipalities and political subdivisions
 
—

 
58

 
—

 
58

Asset-backed
 
—

 
165

 
—

 
165

Total fixed maturity securities
 
—

 
695

 
10

 
705

Equity securities
 
331

 
110

 
—

 
441

Short term investments
 
27

 
54

 
—

 
81

Other assets
 
—

 
9

 
—

 
9

Total assets measured at fair value
 
$
358

 
$
868

 
$
10

 
1,236

Total limited partnerships measured at net asset value (1)
 
 
 
 
 
 
 
789

Total plan assets
 
 
 
 
 
 
 
$
2,025

December 31, 2017
 
 
 
 
 
 
 
 
(In millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
 
Corporate bonds and other
 
$
—

 
$
522

 
$
10

 
$
532

States, municipalities and political subdivisions
 
—

 
62

 
—

 
62

Asset-backed
 
—

 
180

 
—

 
180

Total fixed maturity securities
 
—

 
764

 
10

 
774

Equity securities
 
405

 
122

 
—

 
527

Short term investments
 
23

 
11

 
—

 
34

Other assets
 
—

 
9

 
—

 
9

Cash
 
13

 
—

 
—

 
13

Total assets measured at fair value
 
$
441

 
$
906

 
$
10

 
1,357

Total limited partnerships measured at net asset value (1)
 


 


 


 
904

Total plan assets
 

 

 

 
$
2,261

(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, 2018.
(In millions)
Pension Benefits
 
Postretirement Benefits
2019
$
175

 
$
2

2020
174

 
2

2021
175

 
1

2022
177

 
1

2023
177

 
1

2024-2028
850

 
2