Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Hierarchy for Assets Measured at Fair Value on a Recurring Basis

The following tables illustrate the fair value hierarchy for those assets measured at fair value on a recurring basis at December 31, 2022 and 2021. We do not have any liabilities carried at fair value.

(Dollars in millions)	Level 1				Level 3
At December 31, 2022			Level 2				Total
Fixed maturities, available for sale:
Corporate	$	—	$	6,869	$	—	$	6,869
States, municipalities and political subdivisions	—		4,622		—		4,622
Commercial mortgage-backed	—		234		—		234
United States government	191		—		—		191
Government-sponsored enterprises	—		183		—		183
Foreign government	—		33		—		33
Subtotal	191		11,941		—		12,132
Common equities	9,454		—		—		9,454
Nonredeemable preferred equities	—		387		—		387
Separate accounts taxable fixed maturities	—		815		—		815
Top Hat savings plan mutual funds and common   equity (included in Other assets)	57		—		—		57
Total	$	9,702	$	13,143	$	—	$	22,845
At December 31, 2021
Fixed maturities, available for sale:
Corporate	$	—	$	7,497	$	—	$	7,497
States, municipalities and political subdivisions	—		5,095		—		5,095
Commercial mortgage-backed	—		273		—		273
United States government	123		—		—		123
Government-sponsored enterprises	—		8		—		8
Foreign government	—		26		—		26
Subtotal	123		12,899		—		13,022
Common equities	10,862		—		—		10,862
Nonredeemable preferred equities	—		453		—		453
Separate accounts taxable fixed maturities	—		948		—		948
Top Hat savings plan mutual funds and common   equity (included in Other assets)	64		—		—		64
Total	$	11,049	$	14,300	$	—	$	25,349

Fair Value of Life Policy Loans

The following table shows the fair value of our life policy loans, included in other invested assets:

(Dollars in millions)	Level 1		Level 2		Level 3		Total
At December 31, 2022
Life policy loans	$	—	$	—	$	37	$	37
At December 31, 2021
Life policy loans	$	—	$	—	$	44	$	44

Deferred Annuities and Structured Settlements

Fair Values of Deferred Annuities, Structured Settlements and Other Items

The following table shows fair value of our deferred annuities and structured settlements included in life policy and investment contract reserves:

(Dollars in millions)	Level 1		Level 2		Level 3		Total
At December 31, 2022
Deferred annuities	$	—	$	—	$	621	$	621
Structured settlements	—		143		—		143
Total	$	—	$	143	$	621	$	764
At December 31, 2021
Deferred annuities	$	—	$	—	$	778	$	778
Structured settlements	—		201		—		201
Total	$	—	$	201	$	778	$	979

Debt

Fair Values of Deferred Annuities, Structured Settlements and Other Items

The following table shows fair values of our note payable and long-term debt:

(Dollars in millions)	Level 1		Level 2		Level 3		Total
At December 31, 2022
Note payable	$	—	$	50	$	—	$	50
6.900% senior debentures, due 2028	—		29		—		29
6.920% senior debentures, due 2028	—		418		—		418
6.125% senior notes, due 2034	—		388		—		388
Total	$	—	$	885	$	—	$	885
At December 31, 2021
Note payable	$	—	$	54	$	—	$	54
6.900% senior debentures, due 2028	—		34		—		34
6.920% senior debentures, due 2028	—		501		—		501
6.125% senior notes, due 2034	—		510		—		510
Total	$	—	$	1,099	$	—	$	1,099