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FAIR VALUE (Tables)
 9 Months Ended
Sep. 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 September 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)
September 30, 2022
Cash equivalents$13,357 $13,357 $— $— 
Debt securities:
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations599 — 599 — 
Mortgage-backed securities3,040 — 3,040 — 
Tax-exempt municipal securities715 — 715 — 
Mortgage-backed securities:
Residential404 — 404 — 
Commercial1,408 — 1,408 — 
Asset-backed securities1,834 — 1,834 — 
Corporate debt securities5,487 — 5,387 100 
Total debt securities13,487 — 13,387 100 
Common stock12 12 — — 
Total invested assets$26,856 $13,369 $13,387 $100 
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 obligations602 — 602 — 
Mortgage-backed securities3,229 — 3,229 — 
Tax-exempt municipal securities841 — 841 — 
Mortgage-backed securities:
Residential367 — 367 — 
Commercial1,410 — 1,410 — 
Asset-backed securities1,348 — 1,348 — 
Corporate debt securities5,700 — 5,632 68 
Total debt securities13,497 — 13,429 68 
Common stock475 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 September 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 nine months ended September 30, 2022
Private Placements
(in millions)
Beginning balance at January 1$68 
Total gains or losses:
Realized in earnings— 
Unrealized in other comprehensive income(12)
Purchases44 
Sales— 
Settlements— 
Balance at September 30$100 
Schedule of Assumptions Used For Inputs In Fair Value Measurement The table below presents the assumptions used for each reporting period.
September 30, 2022December 31, 2021
Annualized volatility
23.4% - 23.5%
22.4 %
Credit spread
1.2% - 1.4%
0.9 %
Revenue exit multiple
1.5x - 2.5x
1.5x - 2.5x
Weighted average cost of capital13.0 %12.5 %
Long term growth rate3.0 %3.0 %