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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
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 June 30, 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 June 30, 2025 |  |  |  |
Fixed maturities, available for sale: |  |  |  |  |  |  |  |
Corporate |  | $ | — |  |  | $ | 8,987 |  |  | $ | — |  |  | $ | 8,987 |
States, municipalities and political subdivisions |  | — |  |  | 4,708 |  |  | — |  |  | 4,708 |
Government-sponsored enterprises |  | — |  |  | 2,447 |  |  | — |  |  | 2,447 |
Asset-backed |  | — |  |  | 732 |  |  | — |  |  | 732 |
United States government |  | 183 |  |  | — |  |  | — |  |  | 183 |
Foreign government |  | — |  |  | 20 |  |  | — |  |  | 20 |
Subtotal |  | 183 |  |  | 16,894 |  |  | — |  |  | 17,077 |
Common equities |  | 11,309 |  |  | — |  |  | — |  |  | 11,309 |
Nonredeemable preferred equities |  | — |  |  | 340 |  |  | — |  |  | 340 |
Separate accounts taxable fixed maturities |  | 19 |  |  | 902 |  |  | — |  |  | 921 |
Short-term investments |  | 100 |  |  | — |  |  | — |  |  | 100 |
Top Hat savings plan mutual funds and common equity (included in Other assets) |  | 94 |  |  | — |  |  | — |  |  | 94 |
Total |  | $ | 11,705 |  |  | $ | 18,136 |  |  | $ | — |  |  | $ | 29,841 |
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 |  |  |  | June 30, |  | December 31, |  | June 30, |  | 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 June 30, 2025 |  |  |  |
Note payable |  | $ | — |  |  | $ | 25 |  |  | $ | — |  |  | $ | 25 |
6.900% senior debentures, due 2028 |  | — |  |  | 29 |  |  | — |  |  | 29 |
6.920% senior debentures, due 2028 |  | — |  |  | 421 |  |  | — |  |  | 421 |
6.125% senior notes, due 2034 |  | — |  |  | 399 |  |  | — |  |  | 399 |
Total |  | $ | — |  |  | $ | 874 |  |  | $ | — |  |  | $ | 874 |
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 June 30, 2025 |  |  |  |
Life policy loans |  | $ | — |  |  | $ | — |  |  | $ | 42 |  |  | $ | 42 |
Deferred annuities |  | $ | — |  |  | $ | — |  |  | $ | 549 |  |  | $ | 549 |
Structured settlements |  | — |  |  | 125 |  |  | — |  |  | 125 |
Total |  | $ | — |  |  | $ | 125 |  |  | $ | 549 |  |  | $ | 674 |
At December 31, 2024 |  |  |  |  |  |  |  |
Life policy loans |  | $ | — |  |  | $ | — |  |  | $ | 41 |  |  | $ | 41 |
Deferred annuities |  | $ | — |  |  | $ | — |  |  | $ | 561 |  |  | $ | 561 |
Structured settlements |  | — |  |  | 127 |  |  | — |  |  | 127 |
Total |  | $ | — |  |  | $ | 127 |  |  | $ | 561 |  |  | $ | 688 |

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- Definition Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of liabilities measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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