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FAIR VALUE (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets Measured at Fair Value on Recurring Basis
The following table summarizes our fair value measurements at March 31, 2023 and December 31, 2022, 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)
March 31, 2023
Cash equivalents$13,613 $13,613 $— $— 
Debt securities:
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations1,356 — 1,356 — 
Mortgage-backed securities3,503 — 3,503 — 
Tax-exempt municipal securities736 — 736 — 
Mortgage-backed securities:
Residential397 — 397 — 
Commercial1,413 — 1,413 — 
Asset-backed securities1,853 — 1,853 — 
Corporate debt securities6,045 — 5,946 99 
Total debt securities15,303 — 15,204 99 
Common stock— — — — 
Total invested assets$28,916 $13,613 $15,204 $99 
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 obligations1,039 — 1,039 — 
Mortgage-backed securities3,230 — 3,230 — 
Tax-exempt municipal securities728 — 728 — 
Mortgage-backed securities:
Residential401 — 401 — 
Commercial1,399 — 1,399 — 
Asset-backed securities1,731 — 1,731 — 
Corporate debt securities5,726 — 5,625 101 
Total debt securities14,254 — 14,153 101 
Common stock7 7 — — 
Total invested assets$19,093 $4,839 $14,153 $101 
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation During the year ended March 31, 2023, the changes in the fair value of the assets measured using significant unobservable inputs (Level 3) were comprised of the following:
For the three months ended March 31, 2023For the three months ended March 31, 2022
Private Placements
(in millions)
Beginning balance at January 1$101 $68 
Total gains or losses:
Unrealized in other comprehensive income1 (4)
Purchases1 17 
Sales— (1)
Transfer out(4)— 
Balance at March 31$99 $80 
Schedule of Assumptions Used For Inputs In Fair Value Measurement The table below presents the assumptions used for each reporting period.
March 31, 2023December 31, 2022
Annualized volatility
16.7% - 19.3%
16.7% - 20.8%
Credit spread
1.2% - 1.4%
1.3% - 1.5%
Revenue exit multiple
1.5x - 2.5x
1.5x - 2.5x
Weighted average cost of capital
12.0% - 13.0%
11.5% - 12.5%
Long term growth rate3.0 %3.0 %