Pension Plans, Retirement Benefits and Savings Plans

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and 2022.

	Pension Plans				Postretirement Benefit Plans
(for the three months ended March 31, in millions)	2023		2022		2023		2022
Net Periodic Benefit Cost (Benefit):
Service cost	$	27	$	36	$	—	$	—
Non-service cost (benefit):
Interest cost on benefit obligation	$	44	$	25	$	1	$	1
Expected return on plan assets	(78)		(74)		—		—
Amortization of unrecognized:
Prior service benefit	—		—		(1)		(1)
Net actuarial (gain) loss	—		12		(2)		(1)
Total non-service cost (benefit)	(34)		(37)		(2)		(1)
Net periodic benefit cost (benefit)	$	(7)	$	(1)	$	(2)	$	(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 March 31, 2023 and 2022.

 

	Pension Plans				Postretirement Benefit Plans
(for the three months ended March 31, in millions)	2023		2022		2023		2022
Service Cost:
Claims and claim adjustment expenses	$	11	$	15	$	—	$	—
General and administrative expenses	16		21		—		—
Total service cost	27		36		—		—
Non-Service Cost (Benefit):
Claims and claim adjustment expenses	(14)		(15)		(1)		—
General and administrative expenses	(20)		(22)		(1)		(1)
Total non-service cost (benefit)	(34)		(37)		(2)		(1)
Net periodic benefit cost (benefit)	$	(7)	$	(1)	$	(2)	$	(1)