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FAIR VALUE (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 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)
June 30, 2025 |  |  |  |  |  |  |
Cash equivalents | $ | 3,855 |  |  | $ | 3,855 |  |  | $ | — |  |  | $ | — |
Debt securities: |  |  |  |  |  |  |
U.S. Treasury and other U.S. government corporations and agencies: |  |  |  |  |  |  |
U.S. Treasury and agency obligations | 3,058 |  |  | — |  |  | 3,058 |  |  | — |
Mortgage-backed securities | 4,017 |  |  | — |  |  | 4,017 |  |  | — |
Tax-exempt municipal securities | 464 |  |  | — |  |  | 464 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |
Residential | 536 |  |  | — |  |  | 536 |  |  | — |
Commercial | 1,053 |  |  | — |  |  | 1,037 |  |  | 16 |
Asset-backed securities | 1,261 |  |  | — |  |  | 1,173 |  |  | 88 |
Corporate debt securities | 7,710 |  |  | — |  |  | 7,420 |  |  | 290 |
Total debt securities | 18,099 |  |  | — |  |  | 17,705 |  |  | 394 |
Securities lending invested collateral | 467 |  |  | 467 |  |  | — |  |  | — |
Total invested assets | $ | 22,421 |  |  | $ | 4,322 |  |  | $ | 17,705 |  |  | $ | 394 |
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 six months ended June 30, 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 six months ended June 30, 2025 | For the six months ended June 30, 2024 |  |  |  |
| (in millions)
Beginning balance at January 1 | $ | 322 |  | $ | 218 |  |  |  |  |
Total gains or losses: |  |  |  |  |  |
Realized in earnings | — |  | — |  |  |  |  |
Unrealized in other comprehensive income | 3 |  | (1) |  |  |  |  |
Purchases | 71 |  | 40 |  |  |  |  |
Maturities | (2) |  | — |  |  |  |  |
Sales | — |  | — |  |  |  |  |
Settlements | — |  | (1) |  |  |  |  |
Balance at June 30 | $ | 394 |  | $ | 256 |  |  |  |  |
Schedule of Notional Amounts of Senior Notes Under Swap Agreements | The following table summarizes the notional amounts at June 30, 2025 and December 31, 2024, respectively, for our senior notes under the swap agreements:
| Notional amount at
Senior Notes Under Swap Agreements | June 30, 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 | 600 |  | — |
$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 | 800 |  | 700 |
$500 million, 6.000% due May 1, 2055 | 300 |  | — |
Total Senior Notes Under Swap Agreements | $ | 6,000 |  | $ | 5,000 |
Schedule of Assumptions Used For Inputs In Fair Value Measurement | The table below presents the assumptions used for each reporting period.
| June 30, 2025 | December 31, 2024 |  |  |
Annualized volatility | 18.4% - 19.5% | 17.5% - 18.9% |  |  |
Credit spread | 1.1% - 2.0% | 0.9% - 1.5% |  |  |
Revenue exit multiple | 1.5x - 2.5x | 1.5x - 2.5x |  |  |
Weighted average cost of capital | 11.0% - 14.0% | 11.0% - 14.5% |  |  |
Long term growth rate | 3.0 | % | 3.0 | % |  |  |

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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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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