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FAIR VALUE (Tables)

6 Months Ended

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 input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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