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FAIR VALUE (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 and 2023, 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, 2024 |  |  |  |  |  |  |
Cash equivalents | $ | 2,048 |  |  | $ | 2,048 |  |  | $ | — |  |  | $ | — |
Debt securities: |  |  |  |  |  |  |
U.S. Treasury and other U.S. government corporations and agencies: |  |  |  |  |  |  |
U.S. Treasury and agency obligations | 3,227 |  |  | — |  |  | 3,227 |  |  | — |
Mortgage-backed securities | 3,995 |  |  | — |  |  | 3,995 |  |  | — |
Tax-exempt municipal securities | 526 |  |  | — |  |  | 526 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |
Residential | 522 |  |  | — |  |  | 522 |  |  | — |
Commercial | 1,206 |  |  | — |  |  | 1,199 |  |  | 7 |
Asset-backed securities | 1,403 |  |  | — |  |  | 1,330 |  |  | 73 |
Corporate debt securities | 7,756 |  |  | — |  |  | 7,514 |  |  | 242 |
Total debt securities | 18,635 |  |  | — |  |  | 18,313 |  |  | 322 |
Securities lending invested collateral | 418 |  |  | 418 |  |  | — |  |  | — |
Total invested assets | $ | 21,101 |  |  | $ | 2,466 |  |  | $ | 18,313 |  |  | $ | 322 |
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 |
Total invested assets | $ | 21,590 |  |  | $ | 4,582 |  |  | $ | 16,790 |  |  | $ | 218 |
Schedule of Changes in Fair Value of Assets Measured using Significant Unobservable Inputs (Level 3) | During the years ended December 31, 2024 and 2023, 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, 2024 | For the year ended December 31, 2023 |  |  |  |
| Private Placements |  |  |  |
| (in millions)
Beginning balance at January 1 | $ | 218 |  | $ | 101 |  |  |  |  |
Total gains or losses: |  |  |  |  |  |
Realized in earnings | (1) |  | — |  |  |  |  |
Unrealized in other comprehensive income | (1) |  | 3 |  |  |  |  |
Purchases | 114 |  | 115 |  |  |  |  |
Sales | (3) |  | — |  |  |  |  |
Settlements | (5) |  | — |  |  |  |  |
Transfers Out | — |  | (8) |  |  |  |  |
Transfers In | — |  | 7 |  |  |  |  |
Balance at December 31 | $ | 322 |  | $ | 218 |  |  |  |  |
Schedule of Notional Amounts of Senior Notes Under Swap Agreements | The following table summarizes the notional amounts at December 31, 2024 and December 31, 2023, respectively, for our senior notes under the swap agreements:
| Notional amount at
Senior Notes Under Swap Agreements | December 31, 2024 | December 31, 2023
| (in millions)
$750 million, 5.875% due March 1, 2033 | $ | 650 |  | $ | 650 |
$850 million, 5.950% due March 15, 2034 | 800 |  | 400 |
$500 million, 3.950% due August 15, 2049 | 450 |  | 450 |
$750 million, 5.500% due March 15, 2053 | 700 |  | 300 |
$400 million, 4.625% due December 1, 2042 | 400 |  | — |
$750 million, 4.950% due October 1, 2044 | 400 |  | — |
$1,250 million, 5.375% due April, 15, 2031 | 700 |  | — |
$400 million, 4.800% due March 15, 2047 | 200 |  | — |
$1,000 million, 5.750% due April 15, 2054 | 700 |  | — |
Schedule of Assumptions Used For Inputs In Fair Value Measurement | The table below presents the assumptions used for December 31, 2024 and 2023, respectively:
| December 31, 2024 | December 31, 2023 |  |  |
Annualized volatility | 17.5% - 18.9% | 16.1% to 17.8% |  |  |
Credit spread | 0.9% - 1.5% | 0.9% to 1.1% |  |  |
Revenue exit multiple | 1.5x - 2.5x | 1.5x - 2.5x |  |  |
Weighted average cost of capital | 11.0% - 14.5% | 11.0% to 12.5% |  |  |
Long term growth rate | 3.0 | % | 3.0 | % |  |  |

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