FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

The following table summarizes our fair value measurements at December 31, 2021 and 2020, respectively, for financial assets measured at fair value on a recurring basis:

			Fair Value Measurements Using
	Fair Value		Quoted Prices in Active Markets (Level 1)		Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
	(in millions)
December 31, 2021
Cash equivalents	$	3,322	$	3,322	$	—	$	—
Debt securities:
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	602		—		602		—
Mortgage-backed securities	3,229		—		3,229		—
Tax-exempt municipal securities	841		—		841		—
Mortgage-backed securities:
Residential	367		—		367		—
Commercial	1,410		—		1,410		—
Asset-backed securities	1,348		—		1,348		—
Corporate debt securities	5,700		—		5,632		68
Total debt securities	13,497		—		13,429		68
Common stock	475		475		—		—
Total invested assets	$	17,294	$	3,797	$	13,429	$	68
December 31, 2020
Cash equivalents	$	4,548	$	4,548	$	—	$	—
Debt securities:
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	616		—		616		—
Mortgage-backed securities	3,254		—		3,254		—
Tax-exempt municipal securities	1,447		—		1,447		—
Mortgage-backed securities:
Residential	17		—		17		—
Commercial	1,318		—		1,318		—
Asset-backed securities	1,372		—		1,372		—
Corporate debt securities	4,927		—		4,927		—
Total debt securities	12,951		—		12,951		—
Common stock	815		815		—		—
Total invested assets	$	18,314	$	5,363	$	12,951	$	—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

During the year ended December 31, 2021, the changes in the fair value of the assets measured using significant unobservable inputs (Level 3) were comprised of the following:

	For the year ended December 31, 2021
	Private Placements
	(in millions)
Beginning balance at January 1	$	—
Total gains or losses:
Realized in earnings	—
Unrealized in other comprehensive income	(1)
Purchases	69
Sales	—
Settlements	—
Balance at December 31	$	68

Schedule of Assumptions Used For Inputs In Fair Value Measurement

The table below presents the assumptions used for December 31, 2020.

	December 31, 2020
Annualized volatility	29.9	%
Secured credit rate	0.4	%
NOPAT	12.0	%
Weighted average cost of capital	9.5	%
Long term growth rate	3.0	%

The table below presents the assumptions used for December 31, 2021.

	December 31, 2021
Annualized volatility	22.4	%
Credit spread	0.9	%
Revenue exit multiple	1.5x - 2.5x
Weighted average cost of capital	12.5	%
Long term growth rate	3.0	%