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FAIR VALUE (Tables)
 12 Months Ended
Dec. 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 December 31, 2023 and 2022, respectively, for financial assets measured at fair value on a recurring basis:
  Fair Value Measurements Using
 Fair ValueQuoted Prices
in Active
Markets
(Level 1)		Other
Observable
Inputs
(Level 2)		Unobservable
Inputs
(Level 3)
 (in millions)
December 31, 2023
Cash equivalents$4,582 $4,582 $— $— 
Debt securities:
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations2,667 — 2,667 — 
Mortgage-backed securities3,522 — 3,522 — 
Tax-exempt municipal securities858 — 858 — 
Mortgage-backed securities:
Residential400 — 396 4 
Commercial1,345 — 1,345 — 
Asset-backed securities1,771 — 1,733 38 
Corporate debt securities6,445 — 6,269 176 
Total debt securities17,008 — 16,790 218 
Common stock— — — — 
Total invested assets$21,590 $4,582 $16,790 $218 
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 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation During the years ended December 31, 2023 and 2022, 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, 2023For the year ended December 31, 2022
Private
Placements
(in millions)
Beginning balance at January 1$101 $68 
Total gains or losses:
Realized in earnings— — 
Unrealized in other comprehensive income3 (14)
Purchases115 47 
Sales— — 
Settlements— — 
Transfers Out(8)— 
Transfers In7 — 
Balance at December 31$218 $101 
Schedule of Assumptions Used For Inputs In Fair Value Measurement The table below presents the assumptions used for December 31, 2023 and 2022, respectively:
December 31, 2023December 31, 2022
Annualized volatility
16.1% - 17.8%
16.7% to 20.8%
Credit spread
0.9% - 1.1%
1.3% to 1.5%
Revenue exit multiple
1.5x - 2.5x
1.5x - 2.5x
Weighted average cost of capital
11.0% - 12.5%
11.5% to 12.5%
Long term growth rate3.0 %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.