Pension Plans, Retirement Benefits and Savings Plans (Tables)

12 Months Ended

Dec. 31, 2023

Summary of the funded status, obligations and amounts recognized in the consolidated balance sheet for the Company's benefit plans [Table Text Block]

The following tables summarize the funded status, obligations and amounts recognized in the consolidated balance sheet for the Company’s benefit plans. The Company uses a December 31 measurement date for its pension and postretirement benefit plans.


(at and for the year ended December 31, in millions)	Qualified Domestic Pension Plan				Nonqualified and Foreign Pension Plans				Total
	2023		2022		2023		2022		2023		2022
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	3,400	$	4,212	$	180	$	259	$	3,580	$	4,471
Benefits earned	104		137		4		8		108		145
Interest cost on benefit obligation	167		95		9		6		176		101
Actuarial (gain) loss	123		(781)		1		(64)		124		(845)
Benefits paid	(340)		(263)		(13)		(14)		(353)		(277)
Settlement	—		—		—		(3)		—		(3)

Foreign currency exchange rate change	—		—		3		(12)		3		(12)
Benefit obligation at end of year	$	3,454	$	3,400	$	184	$	180	$	3,638	$	3,580
Change in plan assets:
Fair value of plan assets at beginning of year	$	3,938	$	4,902	$	95	$	134	$	4,033	$	5,036
Actual return on plan assets	551		(701)		(2)		(22)		549		(723)
Company contributions	—		—		13		13		13		13
Benefits paid	(340)		(263)		(13)		(14)		(353)		(277)
Settlement	—		—		—		(3)		—		(3)
Foreign currency exchange rate change	—		—		4		(13)		4		(13)
Fair value of plan assets at end of year	4,149		3,938		97		95		4,246		4,033
Funded status of plan at end of year	$	695	$	538	$	(87)	$	(85)	$	608	$	453
Amounts recognized in the consolidated balance sheet consist of:
Accrued over-funded benefit plan assets	$	695	$	538	$	27	$	23	$	722	$	561
Accrued under-funded benefit plan liabilities	—		—		(114)		(108)		(114)		(108)
Total	$	695	$	538	$	(87)	$	(85)	$	608	$	453
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss	$	663	$	785	$	13	$	5	$	676	$	790
Prior service cost (benefit)	—		(1)		1		1		1		—
Total	$	663	$	784	$	14	$	6	$	677	$	790


	Postretirement Benefit Plans
(at and for the year ended December 31, in millions)	2023		2022
Change in accumulated benefit obligation:
Benefit obligation at beginning of year	$	99	$	149
Benefits earned	—		—
Interest cost on benefit obligation	5		3
Actuarial gain	(6)		(45)
Benefits paid	(6)		(7)
Foreign currency exchange rate change	—		(1)
Benefit obligation at end of year	$	92	$	99
Change in plan assets:
Fair value of plan assets at beginning of year	$	8	$	9
Actual return on plan assets	—		—
Company contributions	5		6
Benefits paid	(6)		(7)
Fair value of plan assets at end of year	7		8
Funded status of plan at end of year	$	(85)	$	(91)
Amounts recognized in the consolidated balance sheet consist of:
Accrued under-funded benefit plan liability	$	(85)	$	(91)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial gain	$	(91)	$	(94)
Prior service benefit	(8)		(11)
Total	$	(99)	$	(105)

Summary of the components of net periodic benefit cost (benefit) and other amounts recognized in other comprehensive income (loss) related to the benefit plans [Table Text Block]

The following table summarizes the components of net periodic benefit cost (benefit) and other amounts recognized in other comprehensive income (loss) related to the benefit plans.


	Pension Plans						Postretirement Benefit Plans
(for the year ended December 31, in millions)	2023		2022		2021		2023		2022		2021
Net Periodic Benefit Cost (Benefit):
Service cost	$	108	$	145	$	141	$	—	$	—	$	—
Non-service cost (benefit):
Interest cost on benefit obligation	176		101		83		5		3		3
Expected return on plan assets	(311)		(296)		(274)		—		—		—

Amortization of unrecognized:
Prior service benefit	(1)		(1)		(1)		(3)		(3)		(4)
Net actuarial (gain) loss	—		49		109		(9)		(4)		(2)
Total non-service cost (benefit)	(136)		(147)		(83)		(7)		(4)		(3)
Net periodic benefit cost (benefit)	(28)		(2)		58		(7)		(4)		(3)
Other Changes in Benefit Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):
Prior service benefit	—		—		—		—		—		—
Net actuarial (gain) loss	(114)		174		(338)		(6)		(45)		(16)
Foreign currency exchange rate change	—		(2)		—		—		1		—

Amortization of prior service benefit	1		1		1		3		3		4
Amortization of net actuarial gain (loss)	—		(49)		(109)		9		4		2
Total other changes recognized in other comprehensive income (loss)	(113)		124		(446)		6		(37)		(10)
Total other changes recognized in net periodic benefit cost (benefit) and other comprehensive income (loss)	$	(141)	$	122	$	(388)	$	(1)	$	(41)	$	(13)

Consolidated statement of income line items impacted by service costs and non-service cost (benefit) [Table Text Block]

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 years ended December 31, 2023, 2022 and 2021.


	Pension Plans						Postretirement Benefit Plans
(for the year ended December 31, in millions)	2023		2022		2021		2023		2022		2021
Service Cost:
Net investment income	$	—	$	1	$	1	$	—	$	—	$	—
Claims and claim adjustment expenses	44		58		57		—		—		—
General and administrative expenses	64		86		83		—		—		—
Total service cost	108		145		141		—		—		—

Non-Service Cost (Benefit):
Net investment income	(1)		(1)		—		—		—		—
Claims and claim adjustment expenses	(54)		(59)		(34)		(3)		(2)		(1)
General and administrative expenses	(81)		(87)		(49)		(4)		(2)		(2)
Total non-service cost (benefit)	(136)		(147)		(83)		(7)		(4)		(3)
Net periodic benefit cost (benefit)	$	(28)	$	(2)	$	58	$	(7)	$	(4)	$	(3)

Benefit obligations assumptions, net periodic benefit cost assumptions and health care cost trend rates [Table Text Block]

The following table summarizes assumptions used with regard to the Company’s qualified and nonqualified domestic pension plans and the domestic postretirement benefit plans.


(at and for the year ended December 31,)	2023		2022
Assumptions used to determine benefit obligations
Discount rate:
Qualified domestic pension plan	5.02	%	5.19	%
Nonqualified domestic pension plan	4.94	%	5.13	%
Domestic postretirement benefit plan	4.88	%	5.08	%
Cash balance interest crediting rate	4.01	%	4.01	%
Future compensation increase rate	4.00	%	4.00	%
Assumptions used to determine net periodic benefit cost
Discount rate:
Qualified domestic pension plan:
Service cost	5.27	%	3.18	%
Interest cost	5.18	%	2.34	%
Nonqualified domestic pension plan:
Service cost	5.16	%	2.92	%
Interest cost	5.11	%	2.23	%
Domestic postretirement benefit plan:
Interest cost	5.03	%	2.08	%
Expected long-term rate of return on assets:
Pension plan	7.00	%	6.50	%
Postretirement benefit plan	4.00	%	4.00	%
Assumed health care cost trend rates (1)
Following year	(2.78)	%	9.50	%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2033		2032

___________________________________________

(1)The 2024 assumed health care cost trend rate of (2.78)% reflects known negotiated medical premium rate changes to the Company's baseline health care cost trend rate of 8.00%. After 2024, assumed health care cost trend rates are expected to increase in the subsequent year and then are expected to decrease in a linear pattern until the rate reaches the ultimate trend rate of 4.50% in 2033.

Level within the fair value hierarchy at which the financial assets of the Company's pension plans are measured [Table Text Block]

The following tables present the level within the fair value hierarchy at which the financial assets of the Company’s pension plans are measured on a recurring basis.


(at December 31, 2023, in millions)	Total		Level 1		Level 2		Level 3
Invested assets:
Fixed maturities
Obligations of U.S. states, municipalities and political subdivisions	$	105	$	—	$	105	$	—
Debt securities issued by foreign governments	32		—		32		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	8		—		8		—
Corporate and all other bonds	776		—		776		—
Total fixed maturities	921		—		921		—
Mutual funds
Equity mutual funds	1,207		1,201		6		—
Bond mutual funds	658		655		3		—
Total mutual funds	1,865		1,856		9		—
Equity securities	1,302		1,302		—		—
Other investments	1		—		—		1
Cash and short-term securities
U.S. Treasury securities	—		—		—		—

Other	157		114		43		—
Total cash and short-term securities	157		114		43		—
Total	$	4,246	$	3,272	$	973	$	1


(at December 31, 2022, in millions)	Total		Level 1		Level 2		Level 3
Invested assets:
Fixed maturities
Obligations of U.S. states, municipalities and political subdivisions	$	80	$	—	$	80	$	—
Debt securities issued by foreign governments	25		—		25		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	4		—		4		—
Corporate and all other bonds	713		—		713		—
Total fixed maturities	822		—		822		—
Mutual funds
Equity mutual funds	1,157		1,151		6		—
Bond mutual funds	754		751		3		—
Total mutual funds	1,911		1,902		9		—
Equity securities	1,116		1,116		—		—
Other investments	1		—		—		1
Cash and short-term securities
U.S. Treasury securities	—		—		—		—

Other	183		131		52		—
Total cash and short-term securities	183		131		52		—
Total	$	4,033	$	3,149	$	883	$	1

Estimated future benefit payments [Table Text Block]

The following table presents the estimated benefits expected to be paid by the Company’s pension and postretirement benefit plans for the next ten years (reflecting estimated future employee service).


	Benefits Expected to be Paid
(in millions)	Pension Plans		Postretirement Benefit Plans
2024	$	285	$	8
2025	283		8
2026	288		8
2027	290		8
2028	291		8
2029 through 2033	1,424		38