v3.26.1
Benefit Plans
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Benefit Plans
Note 12Benefit Plans
Components of net cost (benefit) for pension and other postretirement plans
Three months ended June 30,Six months ended June 30,
($ in millions)2026202520262025
Pension benefits
Service cost$28 $26 $58 $51 
Interest cost59 59 117 119 
Expected return on plan assets(79)(78)(161)(156)
Costs and expenses8 7 14 14 
Remeasurement of projected benefit obligation43 55 (39)108 
Remeasurement of plan assets(190)(54)(87)(31)
Remeasurement (gains) losses(147)1 (126)77 
Pension net (benefit) cost$(139)$8 $(112)$91 
Postretirement benefits
Service cost$— $— $— $— 
Interest cost2 2 4 4 
Amortization of prior service credit— — (1)— 
Costs and expenses2 2 3 4 
Remeasurement of benefit obligation
1 (1)(1)1 
Remeasurement (gains) losses1 (1)(1)1 
Postretirement net cost$3 $1 $2 $5 
Pension and postretirement benefits
Costs and expenses$10 $9 $17 $18 
Remeasurement (gains) losses(146)— (127)78 
Total net (benefit) cost$(136)$9 $(110)$96 
Differences in actual experience and changes in other assumptions affect our pension and other postretirement obligations and expenses. Differences between expected and actual returns on plan assets affect remeasurement (gains) losses.
Pension and other postretirement service cost, interest cost, expected return on plan assets and amortization of prior service credit are reported in property and casualty insurance claims and claims expense, operating costs and expenses, net
investment income and (if applicable) restructuring and related charges on the Condensed Consolidated Statements of Operations.
Pension and postretirement benefits remeasurement gains and losses
Three months ended June 30,Six months ended June 30,
($ in millions)2026202520262025
Remeasurement of benefit obligation (gains) losses:
Discount rate$4 $5 $(69)$64 
Other assumptions40 49 29 45 
Remeasurement of plan assets (gains) losses(190)(54)(87)(31)
Remeasurement (gains) losses$(146)$— $(127)$78 
Remeasurement gains of $146 million for the second quarter of 2026 are primarily related to favorable asset performance compared to expected return on plan assets. Remeasurement gains of $127 million in the first six months of 2026 are primarily related to favorable asset performance compared to expected return on plan assets and an increase in the liability discount rate.
For the second quarter of 2026, the actual return on plan assets was higher than the expected return
due to higher public equity valuations. For the first six months of 2026, the actual return on plan assets was higher than the expected return due to higher public equity valuations, partially offset by lower fixed income valuations.
The weighted average discount rate used to measure the pension benefit obligation was 5.73% on June 30, 2026 and March 31, 2026 and increased from 5.52% at December 31, 2025 resulting in gains for the first six months of 2026.