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Fair Value Measurements (Tables) | 12 Months Ended
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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 |

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