v3.26.3
Benefit Plans
 9 Months Ended
Sep. 30, 2026
Retirement Benefits [Abstract]  
Benefit Plans
Note 12 Benefit Plans
Components of net cost (benefit) for pension and other postretirement plans
Three months ended September 30,Nine months ended September 30,
($ in millions)2026202520262025
Pension benefits
Service cost$29 $28 $87 $79 
Interest cost59 58 176 177 
Expected return on plan assets(82)(77)(243)(233)
Costs and expenses6 9 20 23 
Remeasurement of projected benefit obligation(244)20 (283)128 
Remeasurement of plan assets222 (127)135 (158)
Remeasurement (gains) losses(22)(107)(148)(30)
Pension net benefit$(16)$(98)$(128)$(7)
Postretirement benefits
Service cost$— $— $— $— 
Interest cost1 2 5 6 
Amortization of prior service credit— (1)(1)(1)
Costs and expenses1 1 4 5 
Remeasurement of benefit obligation
(6)(1)(7)— 
Remeasurement (gains) losses(6)(1)(7)— 
Postretirement net (benefit) cost$(5)$— $(3)$5 
Pension and postretirement benefits
Costs and expenses$7 $10 $24 $28 
Remeasurement (gains) losses(28)(108)(155)(30)
Total net benefit$(21)$(98)$(131)$(2)
Differences in actual experience and changes in other assumptions affect our pension and other postretirement obligations and expenses. Differences
between expected and actual returns on plan assets affect remeasurement (gains) losses.
Pension and other postretirement service cost, interest cost, expected return on plan assets and amortization of prior service credit are reported in property and casualty insurance claims and claims
expense, operating costs and expenses, net investment income and (if applicable) restructuring and related charges on the Condensed Consolidated Statements of Operations.
Pension and postretirement benefits remeasurement gains and losses
Three months ended September 30,Nine months ended September 30,
($ in millions)2026202520262025
Remeasurement of benefit obligation (gains) losses:
Discount rate$(274)$29 $(343)$93 
Other assumptions24 (10)53 35 
Remeasurement of plan assets (gains) losses222 (127)135 (158)
Remeasurement (gains) losses$(28)$(108)$(155)$(30)
Remeasurement gains of $28 million and $155 million for the third quarter and first nine months of 2026, respectively, are primarily related to an increase in the liability discount rate, partially offset by unfavorable asset performance compared to expected return on plan assets and changes in other actuarial assumptions.
For the third quarter of 2026, the actual return on plan assets was lower than the expected return due to lower fixed income valuations. For the first nine months of 2026, the actual return on plan assets was lower than the expected return due to lower fixed income
valuations, partially offset by higher public equity valuations.
The weighted average discount rate used to measure the pension benefit obligation increased to 6.55% on September 30, 2026 compared to 5.73% on June 30, 2026 and 5.52% at December 31, 2025, resulting in gains for the third quarter and first nine months of 2026.
The Company made a discretionary contribution of $35 million to the qualified pension plan in September 2026.