Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025, and December 31, 2024. We do not have any liabilities carried at fair value.


(Dollars in millions)	Level 1		Level 2		Level 3		Total
At March 31, 2025
Fixed maturities, available for sale:
Corporate	$	—	$	8,633	$	—	$	8,633
States, municipalities and political subdivisions	—		4,692		—		4,692
Government-sponsored enterprises	—		2,310		—		2,310
Asset-backed	—		645		—		645
United States government	216		—		—		216
Foreign government	—		27		—		27


Subtotal	216		16,307		—		16,523
Common equities	10,782		—		—		10,782
Nonredeemable preferred equities	—		336		—		336
Separate accounts taxable fixed maturities	—		895		—		895
Short-term investments	100		—		—		100
Top Hat savings plan mutual funds and common equity (included in Other assets)	89		—		—		89
Total	$	11,187	$	17,538	$	—	$	28,725

At December 31, 2024
Fixed maturities, available for sale:
Corporate	$	—	$	8,380	$	—	$	8,380
States, municipalities and political subdivisions	—		4,721		—		4,721
Government-sponsored enterprises	—		2,274		—		2,274
Asset-backed	—		551		—		551
United States government	226		—		—		226
Foreign government	—		30		—		30

Subtotal	226		15,956		—		16,182
Common equities	10,836		—		—		10,836
Nonredeemable preferred equities	—		349		—		349
Separate accounts taxable fixed maturities	—		876		—		876
Short-term investments	298		—		—		298
Top Hat savings plan mutual funds and common equity (included in Other assets)	87		—		—		87
Total	$	11,447	$	17,181	$	—	$	28,628

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

This table summarizes the book value and principal amounts of our long-term debt:


(Dollars in millions)			Book value				Principal amount
Interest rate	Year of issue		March 31,		December 31,		March 31,		December 31,
			2025		2024		2025		2024
6.900%	1998	Senior debentures, due 2028	$	27	$	27	$	28	$	28
6.920%	2005	Senior debentures, due 2028	391		391		391		391
6.125%	2004	Senior notes, due 2034	372		372		374		374
Total			$	790	$	790	$	793	$	793

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 March 31, 2025
Note payable	$	—	$	25	$	—	$	25
6.900% senior debentures, due 2028	—		29		—		29
6.920% senior debentures, due 2028	—		419		—		419
6.125% senior notes, due 2034	—		394		—		394
Total	$	—	$	867	$	—	$	867

At December 31, 2024
Note payable	$	—	$	25	$	—	$	25
6.900% senior debentures, due 2028	—		29		—		29
6.920% senior debentures, due 2028	—		416		—		416
6.125% senior notes, due 2034	—		390		—		390
Total	$	—	$	860	$	—	$	860

Fair Value of Life Policy Loans

The following table shows the fair value of our life policy loans included in other invested assets and the fair values 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 March 31, 2025
Life policy loans	$	—	$	—	$	42	$	42

Deferred annuities	$	—	$	—	$	551	$	551
Structured settlements	—		127		—		127
Total	$	—	$	127	$	551	$	678

At December 31, 2024
Life policy loans	$	—	$	—	$	41	$	41

Deferred annuities	$	—	$	—	$	561	$	561
Structured settlements	—		127		—		127
Total	$	—	$	127	$	561	$	688