Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020, and December 31, 2019. We do not have any liabilities carried at fair value.

(Dollars in millions)	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
At March 31, 2020
Fixed maturities, available for sale:
Corporate	$	—	$	6,133	$	—	$	6,133
States, municipalities and political subdivisions	—		4,711		—		4,711
Commercial mortgage-backed	—		284		—		284
United States government	102		—		—		102
Government-sponsored enterprises	—		87		—		87
Foreign government	—		23		—		23
Subtotal	102		11,238		—		11,340
Common equities	6,017		—		—		6,017
Nonredeemable preferred equities	—		208		—		208
Separate accounts taxable fixed maturities	—		845		—		845
Top Hat savings plan mutual funds and common equity (included in Other assets)	38		—		—		38
Total	$	6,157	$	12,291	$	—	$	18,448
At December 31, 2019
Fixed maturities, available for sale:
Corporate	$	—	$	6,401	$	—	$	6,401
States, municipalities and political subdivisions	—		4,728		—		4,728
Commercial mortgage-backed	—		301		—		301
United States government	104		—		—		104
Government-sponsored enterprises	—		136		—		136
Foreign government	—		28		—		28
Subtotal	104		11,594		—		11,698
Common equities	7,518		—		—		7,518
Nonredeemable preferred equities	—		234		—		234
Separate accounts taxable fixed maturities	—		855		—		855
Top Hat savings plan mutual funds and common   equity (included in Other assets)	45		—		—		45
Total	$	7,667	$	12,683	$	—	$	20,350

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,
				2020		2019		2020		2019
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	370		370		374		374
Total				$	788	$	788	$	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)	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
At March 31, 2020
Note payable	$	—	$	114	$	—	$	114
6.900% senior debentures, due 2028	—		35		—		35
6.920% senior debentures, due 2028	—		525		—		525
6.125% senior notes, due 2034	—		501		—		501
Total	$	—	$	1,175	$	—	$	1,175
At December 31, 2019
Note payable	$	—	$	39	$	—	$	39
6.900% senior debentures, due 2028	—		34		—		34
6.920% senior debentures, due 2028	—		506		—		506
6.125% senior notes, due 2034	—		512		—		512
Total	$	—	$	1,091	$	—	$	1,091

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)	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
At March 31, 2020
Life policy loans	$	—	$	—	$	50	$	50
Deferred annuities	—		—		752		752
Structured settlements	—		201		—		201
Total	$	—	$	201	$	752	$	953
At December 31, 2019
Life policy loans	$	—	$	—	$	44	$	44
Deferred annuities	—		—		770		770
Structured settlements	—		212		—		212
Total	$	—	$	212	$	770	$	982