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Employee Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Weighted-Average Assumptions Used for Benefit Obligations | This is a summary of the weighted-average assumptions used to determine our benefit obligations at December 31 for the plans:
|  | Qualified Pension Plan |  | SERP
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Discount rate |  | 5.04 | % |  | 5.34 | % |  | 5.11 | % |  | 5.42 | %
Rate of compensation increase |  | 4.00 |  |  | 4.50 |  |  | 4.00 |  |  | 4.50 |
Assumptions of Net Benefit Costs | This is a summary of the weighted-average assumptions used to determine our net periodic benefit cost for the plans:
|  | Qualified Pension Plan |  | SERP
|  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate |  | 5.34 | % |  | 2.97 | % |  | 2.68 | % |  | 5.42 | % |  | 2.90 | % |  | 2.52 | %
Expected return on plan assets |  | 7.00 |  |  | 7.00 |  |  | 7.00 |  |  | n/a |  | n/a |  | n/a
Rate of compensation increase |  | 4.50 |  |  | 2.25-3.25 |  | 2.25-3.25 |  | 4.50 |  |  | 2.25-3.25 |  | 2.25-3.25
Benefit Obligation Activity Using An Actuarial Measurement Date For Qualified Plan And SERP | Benefit obligation activity using an actuarial measurement date for our qualified pension plan and SERP at December 31 follows:
(Dollars in millions) |  | At December 31,
|  | 2023 |  | 2022
Change in projected benefit obligation: |  |  |  |
Benefit obligation, January 1 |  | $ | 282 |  |  | $ | 362 |
Service cost |  | 6 |  |  | 9 |
Interest cost |  | 13 |  |  | 10 |
Actuarial loss (gain) |  | 10 |  |  | (70) |
Benefits paid |  | (48) |  |  | (29) |
Projected benefit obligation, December 31 |  | $ | 263 |  |  | $ | 282 |
Change in plan assets: |  |  |  |
Fair value of plan assets, January 1 |  | $ | 332 |  |  | $ | 397 |
Actual return on plan assets |  | 33 |  |  | (36) |
Benefits paid |  | (48) |  |  | (29) |
Fair value of plan assets, December 31 |  | $ | 317 |  |  | $ | 332 |
Funded status, December 31 |  | $ | 54 |  |  | $ | 50 |
Accumulated benefit obligation |  | $ | 247 |  |  | $ | 264 |
Reconciliation Of The Funded Status For Qualified Plan And SERP | A reconciliation follows of the funded status for our qualified plan and SERP at the end of the measurement period to the amounts recognized in the consolidated balance sheets at December 31:
(Dollars in millions) |  | At December 31,
|  | 2023 |  | 2022
Pension amounts recognized in the consolidated balance sheets: |  |  |  |
Other assets |  | $ | 54 |  |  | $ | 50 |
Total |  | $ | 54 |  |  | $ | 50 |
Pension amounts recognized in accumulated other comprehensive income: |  |  |  |
Net actuarial gain |  | $ | (31) |  |  | $ | (36) |
Prior service cost |  | 1 |  |  | — |
Total |  | $ | (30) |  |  | $ | (36) |
Components Of Net Periodic Benefit Cost As Well As Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income For Qualified Plan And SERP | Below are the components of our net periodic benefit cost, as well as other changes in plan assets and benefit obligations recognized in other comprehensive income for our qualified plan and SERP at December 31:
(Dollars in millions) |  | Years ended December 31,
|  | 2023 |  | 2022 |  | 2021
Net periodic benefit cost: |  |  |  |  |  |
Service cost |  | $ | 6 |  |  | $ | 9 |  |  | $ | 10 |
Non-service costs (benefit): |  |  |  |  |  |
Interest cost |  | 13 |  |  | 10 |  |  | 10 |
Expected return on plan assets |  | (21) |  |  | (22) |  |  | (21) |
Amortization of actuarial (gain) loss and prior service cost |  | (2) |  |  | — |  |  | 6 |
Other |  | (6) |  |  | (3) |  |  | 1 |
Net periodic benefit cost |  | $ | (10) |  |  | $ | (6) |  |  | $ | 6 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |
Current year actuarial gain |  | $ | (2) |  |  | $ | (12) |  |  | $ | (62) |
Amortization and recognition of actuarial gain (loss) |  | 8 |  |  | 3 |  |  | (7) |
Current year prior service cost |  | — |  |  | — |  |  | 1 |
Total recognized in other comprehensive (income) loss |  | $ | 6 |  |  | $ | (9) |  |  | $ | (68) |
Total recognized in net periodic benefit cost and other comprehensive income |  | $ | (4) |  |  | $ | (15) |  |  | $ | (62) |
Fair Value Hierarchy Of Assets Measured At Fair Value On A Recurring Basis |
(Dollars in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
At December 31, 2023 |  |  |  |
Fixed maturities, available for sale: |  |  |  |  |  |  |  |
United States government |  | $ | 22 |  |  | $ | — |  |  | $ | — |  |  | $ | 22 |
Corporate |  | — |  |  | 4 |  |  | — |  |  | 4 |
States, municipalities and political subdivisions |  | — |  |  | 6 |  |  | — |  |  | 6 |
Total fixed maturities, available for sale |  | 22 |  |  | 10 |  |  | — |  |  | 32 |
Common equities |  | 269 |  |  | — |  |  | — |  |  | 269 |
Total |  | $ | 291 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 301 |
At December 31, 2022 |  |  |  |  |  |  |  |
Fixed maturities, available for sale: |  |  |  |  |  |  |  |
United States government |  | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | 31 |
Corporate |  | — |  |  | 7 |  |  | — |  |  | 7 |
States, municipalities and political subdivisions |  | — |  |  | 6 |  |  | — |  |  | 6 |
Total fixed maturities, available for sale |  | 31 |  |  | 13 |  |  | — |  |  | 44 |
Common equities |  | 245 |  |  | — |  |  | — |  |  | 245 |
Total |  | $ | 276 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 289 |
Expected Future Benefit Payments For Qualified Plan And SERP | We expect to make the following benefit payments for our qualified plan and SERP, reflecting expected future service:
(Dollars in millions) |  | Years ended December 31,
|  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 - 2033
Expected future benefit payments |  | $ | 37 |  |  | $ | 27 |  |  | $ | 30 |  |  | $ | 30 |  |  | $ | 31 |  |  | $ | 128 |

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