Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022. We do not have any liabilities carried at fair value.

(Dollars in millions)	Level 1				Level 3
At December 31, 2023			Level 2				Total
Fixed maturities, available for sale:
Corporate	$	—	$	7,452	$	—	$	7,452
States, municipalities and political subdivisions	—		4,703		—		4,703
Government-sponsored enterprises	—		1,224		—		1,224
United States government	200		—		—		200
Mortgage-backed	—		187		—		187
Foreign government	—		25		—		25
Subtotal	200		13,591		—		13,791
Common equities	10,641		—		—		10,641
Nonredeemable preferred equities	—		348		—		348
Separate accounts taxable fixed maturities	—		854		—		854
Top Hat savings plan mutual funds and common   equity (included in Other assets)	67		—		—		67
Total	$	10,908	$	14,793	$	—	$	25,701
At December 31, 2022
Fixed maturities, available for sale:
Corporate	$	—	$	6,869	$	—	$	6,869
States, municipalities and political subdivisions	—		4,622		—		4,622
Government-sponsored enterprises	—		183		—		183
United States government	191		—		—		191
Mortgage-backed	—		234		—		234
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

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, 2023
Life policy loans	$	—	$	—	$	39	$	39
At December 31, 2022
Life policy loans	$	—	$	—	$	37	$	37

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, 2023
Note payable	$	—	$	25	$	—	$	25
6.900% senior debentures, due 2028	—		29		—		29
6.920% senior debentures, due 2028	—		420		—		420
6.125% senior notes, due 2034	—		394		—		394
Total	$	—	$	868	$	—	$	868
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

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, 2023
Deferred annuities	$	—	$	—	$	603	$	603
Structured settlements	—		141		—		141
Total	$	—	$	141	$	603	$	744
At December 31, 2022
Deferred annuities	$	—	$	—	$	621	$	621
Structured settlements	—		143		—		143
Total	$	—	$	143	$	621	$	764