FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

The following table summarizes our fair value measurements at June 30, 2022 and December 31, 2021, 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)
June 30, 2022
Cash equivalents	$	4,730	$	4,730	$	—	$	—
Debt securities:
U.S. Treasury and other U.S. government     corporations and agencies:
U.S. Treasury and agency obligations	525		—		525		—
Mortgage-backed securities	2,940		—		2,940		—
Tax-exempt municipal securities	743		—		743		—
Mortgage-backed securities:
Residential	439		—		439		—
Commercial	1,473		—		1,473		—
Asset-backed securities	1,714		—		1,714		—
Corporate debt securities	5,498		—		5,396		102
Total debt securities	13,332		—		13,230		102
Common stock	85		85		—		—
Total invested assets	$	18,147	$	4,815	$	13,230	$	102
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

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

During the year ended June 30, 2022, the changes in the fair value of the assets measured using significant unobservable inputs (Level 3) were comprised of the following:

	For the six months ended June 30,
	Private Placements
	(in millions)
Beginning balance at January 1	$	68
Total gains or losses:
Realized in earnings	—
Unrealized in other comprehensive income	(10)
Purchases	44
Sales	—
Settlements	—
Balance at June 30	$	102

Schedule of Assumptions Used For Inputs In Fair Value Measurement

The table below presents the assumptions used for each reporting period.

	June 30, 2022		December 31, 2021
Annualized volatility	23.2% - 23.3%		22.4	%
Credit spread	1.5% - 1.6%		0.9	%
Revenue exit multiple	1.5x - 2.5x		1.5x - 2.5x
Weighted average cost of capital	13.0	%	12.5	%
Long term growth rate	3.0	%	3.0	%