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FAIR VALUE (Tables) | 12 Months Ended
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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 Value |  | Quoted 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 obligations | 2,667 |  |  | — |  |  | 2,667 |  |  | — |
Mortgage-backed securities | 3,522 |  |  | — |  |  | 3,522 |  |  | — |
Tax-exempt municipal securities | 858 |  |  | — |  |  | 858 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |
Residential | 400 |  |  | — |  |  | 396 |  |  | 4 |
Commercial | 1,345 |  |  | — |  |  | 1,345 |  |  | — |
Asset-backed securities | 1,771 |  |  | — |  |  | 1,733 |  |  | 38 |
Corporate debt securities | 6,445 |  |  | — |  |  | 6,269 |  |  | 176 |
Total debt securities | 17,008 |  |  | — |  |  | 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 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 |
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, 2023 | For 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 income | 3 |  | (14) |  |  |  |  |
Purchases | 115 |  | 47 |  |  |  |  |
Sales | — |  | — |  |  |  |  |
Settlements | — |  | — |  |  |  |  |
Transfers Out | (8) |  | — |  |  |  |  |
Transfers In | 7 |  | — |  |  |  |  |
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, 2023 | December 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 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.

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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