FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2022 and 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)
December 31, 2022
Cash equivalents	$	4,832	$	4,832	$	—	$	—
Debt securities:
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations	1,039		—		1,039		—
Mortgage-backed securities	3,230		—		3,230		—
Tax-exempt municipal securities	728		—		728		—
Mortgage-backed securities:
Residential	401		—		401		—
Commercial	1,399		—		1,399		—
Asset-backed securities	1,731		—		1,731		—
Corporate debt securities	5,726		—		5,625		101
Total debt securities	14,254		—		14,153		101
Common stock	7		7		—		—
Total invested assets	$	19,093	$	4,839	$	14,153	$	101
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 years ended December 31, 2022 and 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, 2022		For the year ended December 31, 2021
	Private Placements
	(in millions)
Beginning balance at January 1	$	68	$	—
Total gains or losses:
Realized in earnings	—		—
Unrealized in other comprehensive income	(14)		(1)
Purchases	47		69
Sales	—		—
Settlements	—		—
Balance at December 31	$	101	$	68

Schedule of Assumptions Used For Inputs In Fair Value Measurement

The table below presents the assumptions used for December 31, 2022 and 2021, respectively:

	December 31, 2022		December 31, 2021
Annualized volatility	16.7% - 20.8%		22.4	%
Credit spread	1.3% - 1.5%		0.9	%
Revenue exit multiple	1.5x - 2.5x		1.5x - 2.5x
Weighted average cost of capital	11.5% - 12.5%		12.5	%
Long term growth rate	3.0	%	3.0	%

The assumptions used for annualized volatility, credit spread and weighted average cost of capital reflect the lowest and highest values where they differ significantly across the series of put and call options due to their expected exercise dates.