Pension Plans, Retirement Benefits and Savings Plans

9 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

Pension Plans, Retirement Benefits and Savings Plans

PENSION PLANS, RETIREMENT BENEFITS AND SAVINGS PLANS

The following table summarizes the components of net periodic benefit cost for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income for the three months ended September 30, 2019 and 2018.

	Pension Plans						Postretirement Benefit Plans
(for the three months ended September 30, in millions)	2019			2018			2019			2018
Net Periodic Benefit Cost:
Service cost	$	30		$	33		$	—		$	—
Non-service cost (benefit):
Interest cost on benefit obligation	$	35		$	32		$	2		$	1
Expected return on plan assets	(69		)	(66		)	—			—
Amortization of unrecognized:
Prior service benefit	—			—			(1		)	(1		)
Net actuarial loss	14			22			—			—
Total non-service cost (benefit)	(20		)	(12		)	1			—
Net periodic benefit cost	$	10		$	21		$	1		$	—

The following table indicates the line items in which the respective service cost and non-service cost (benefit) are presented in the consolidated statement of income for the three months ended September 30, 2019 and 2018.

	Pension Plans						Postretirement Benefit Plans
(for the three months ended September 30, in millions)	2019			2018			2019		2018
Service Cost:
Claims and claim adjustment expenses	$	13		$	13		$	—	$	—
General and administrative expenses	17			20			—		—
Total service cost	30			33			—		—
Non-Service Cost (Benefit):
Claims and claim adjustment expenses	(9		)	(4		)	—		—
General and administrative expenses	(11		)	(8		)	1		—
Total non-service cost (benefit)	(20		)	(12		)	1		—
Net periodic benefit cost	$	10		$	21		$	1	$	—

The following table summarizes the components of net periodic benefit cost for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income for the nine months ended September 30, 2019 and 2018.

	Pension Plans						Postretirement Benefit Plans
(for the nine months ended September 30, in millions)	2019			2018			2019			2018
Net Periodic Benefit Cost:
Service cost	$	89		$	99		$	—		$	—
Non-service cost (benefit):
Interest cost on benefit obligation	105			95			6			5
Expected return on plan assets	(206		)	(198		)	—			—
Amortization of unrecognized:
Prior service benefit	(1		)	(1		)	(3		)	(3		)
Net actuarial loss	42			68			—			—
Total non-service cost (benefit)	(60		)	(36		)	3			2
Net periodic benefit cost	$	29		$	63		$	3		$	2

The following table indicates the line items in which the respective service cost and non-service cost (benefit) are presented in the consolidated statement of income for the nine months ended September 30, 2019 and 2018.

	Pension Plans						Postretirement Benefit Plans
(for the nine months ended September 30, in millions)	2019			2018			2019		2018
Service Cost:
Claims and claim adjustment expenses	$	37		$	40		$	—	$	—
General and administrative expenses	52			59			—		—
Total service cost	89			99			—		—
Non-Service Cost (Benefit):
Claims and claim adjustment expenses	(25		)	(14		)	1		1
General and administrative expenses	(35		)	(22		)	2		1
Total non-service cost (benefit)	(60		)	(36		)	3		2
Net periodic benefit cost	$	29		$	63		$	3	$	2