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FAIR VALUE (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025 and December 31, 2024, 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, 2025 |  |  |  |  |  |  |
Cash equivalents | $ | 4,074 |  |  | $ | 4,074 |  |  | $ | — |  |  | $ | — |
Debt securities: |  |  |  |  |  |  |
U.S. Treasury and other U.S. government corporations and agencies: |  |  |  |  |  |  |
U.S. Treasury and agency obligations | 2,999 |  |  | — |  |  | 2,999 |  |  | — |
Mortgage-backed securities | 3,973 |  |  | — |  |  | 3,973 |  |  | — |
Tax-exempt municipal securities | 497 |  |  | — |  |  | 497 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |
Residential | 545 |  |  | — |  |  | 545 |  |  | — |
Commercial | 1,155 |  |  | — |  |  | 1,139 |  |  | 16 |
Asset-backed securities | 1,354 |  |  | — |  |  | 1,266 |  |  | 88 |
Corporate debt securities | 7,775 |  |  | — |  |  | 7,493 |  |  | 282 |
Total debt securities | 18,298 |  |  | — |  |  | 17,912 |  |  | 386 |
Securities lending invested collateral | 594 |  |  | 594 |  |  | — |  |  | — |
Total invested assets | $ | 22,966 |  |  | $ | 4,668 |  |  | $ | 17,912 |  |  | $ | 386 |
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 |
Schedule of Changes in Fair Value of Assets Measured using Significant Unobservable Inputs (Level 3) | During the three months ended March 31, 2025 and 2024, the changes in the fair value of the assets measured using significant unobservable inputs (Level 3) were comprised of the following:
| Private Placements |  |  |  |
| For the three months ended March 31, 2025 | For the three months ended March 31, 2024 |  |  |  |
| (in millions)
Beginning balance at January 1 | $ | 322 |  | $ | 218 |  |  |  |  |
Total gains or losses: |  |  |  |  |  |
Realized in earnings | — |  | — |  |  |  |  |
Unrealized in other comprehensive income | 3 |  | (2) |  |  |  |  |
Purchases | 63 |  | 11 |  |  |  |  |
Maturities | (2) |  | — |  |  |  |  |
Sales | — |  | — |  |  |  |  |
Settlements | — |  | (1) |  |  |  |  |
Balance at March 31 | $ | 386 |  | $ | 226 |  |  |  |  |
Schedule of Notional Amounts of Senior Notes Under Swap Agreements | The following table summarizes the notional amounts at March 31, 2025 and December 31, 2024, respectively, for our senior notes under the swap agreements:
| Notional amount at
Senior Notes Under Swap Agreements | March 31, 2025 | December 31, 2024
| (in millions)
$1,500 million, 5.375% due April 15, 2031 | $ | 700 |  | $ | 700 |
$750 million, 5.875% due March 1, 2033 | 650 |  | 650 |
$850 million, 5.950% due March 15, 2034 | 800 |  | 800 |
$750 million, 5.550% due May 1, 2035 | 200 |  | — |
$400 million, 4.625% due December 1, 2042 | 400 |  | 400 |
$750 million, 4.950% due October 1, 2044 | 400 |  | 400 |
$400 million, 4.800% due March 15, 2047 | 200 |  | 200 |
$500 million, 3.950% due August 15, 2049 | 450 |  | 450 |
$750 million, 5.500% due March 15, 2053 | 700 |  | 700 |
$1,000 million, 5.750% due April 15, 2054 | 700 |  | 700 |
Total Senior Notes Under Swap Agreements | $ | 5,200 |  | $ | 5,000 |
Schedule of Assumptions Used For Inputs In Fair Value Measurement | The table below presents the assumptions used for each reporting period.
| March 31, 2025 | December 31, 2024 |  |  |
Annualized volatility | 17.4% - 18.9% | 17.5% - 18.9% |  |  |
Credit spread | 0.9% - 1.6% | 0.9% - 1.5% |  |  |
Revenue exit multiple | 1.5x - 2.5x | 1.5x - 2.5x |  |  |
Weighted average cost of capital | 11.0% - 14.5% | 11.0% - 14.5% |  |  |
Long term growth rate | 3.0 | % | 3.0 | % |  |  |

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