Pension Plans, Retirement Benefits and Savings Plans

6 Months Ended

Jun. 30, 2022

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 (benefit) for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income for the three months ended June 30, 2022 and 2021.

	Pension Plans				Postretirement Benefit Plans
(for the three months ended June 30, in millions)	2022		2021		2022		2021
Net Periodic Benefit Cost (Benefit):
Service cost	$	37	$	36	$	—	$	—
Non-service cost (benefit):
Interest cost on benefit obligation	$	26	$	20	$	1	$	—
Expected return on plan assets	(74)		(68)		—		—
Amortization of unrecognized:
Prior service benefit	—		—		(1)		(1)
Net actuarial (gain) loss	13		27		(1)		—
Total non-service cost (benefit)	(35)		(21)		(1)		(1)
Net periodic benefit cost (benefit)	$	2	$	15	$	(1)	$	(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 June 30, 2022 and 2021.

 

	Pension Plans				Postretirement Benefit Plans
(for the three months ended June 30, in millions)	2022		2021		2022		2021
Service Cost:
Claims and claim adjustment expenses	$	15	$	15	$	—	$	—
General and administrative expenses	22		21		—		—
Total service cost	37		36		—		—
Non-Service Cost (Benefit):
Claims and claim adjustment expenses	(14)		(8)		(1)		(1)
General and administrative expenses	(21)		(13)		—		—
Total non-service cost (benefit)	(35)		(21)		(1)		(1)
Net periodic benefit cost (benefit)	$	2	$	15	$	(1)	$	(1)

The following table summarizes the components of net periodic benefit cost (benefit) for the Company’s pension and postretirement benefit plans recognized in the consolidated statement of income for the six months ended June 30, 2022 and 2021.

	Pension Plans				Postretirement Benefit Plans
(for the six months ended June 30, in millions)	2022		2021		2022		2021
Net Periodic Benefit Cost (Benefit):
Service cost	$	73	$	71	$	—	$	—
Non-service cost (benefit):
Interest cost on benefit obligation	51		41		2		1
Expected return on plan assets	(148)		(137)		—		—
Amortization of unrecognized:
Prior service benefit	—		—		(2)		(2)
Net actuarial (gain) loss	25		54		(2)		(1)
Total non-service cost (benefit)	(72)		(42)		(2)		(2)
Net periodic benefit cost (benefit)	$	1	$	29	$	(2)	$	(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 six months ended June 30, 2022 and 2021.

	Pension Plans				Postretirement Benefit Plans
(for the six months ended June 30, in millions)	2022		2021		2022		2021
Service Cost:
Claims and claim adjustment expenses	$	30	$	29	$	—	$	—
General and administrative expenses	43		42		—		—
Total service cost	73		71		—		—
Non-Service Cost (Benefit):
Claims and claim adjustment expenses	(29)		(17)		(1)		(1)
General and administrative expenses	(43)		(25)		(1)		(1)
Total non-service cost (benefit)	(72)		(42)		(2)		(2)
Net periodic benefit cost (benefit)	$	1	$	29	$	(2)	$	(2)