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FAIR VALUE (Tables)
3 Months Ended
Mar. 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 March 31, 2024 and December 31, 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)
March 31, 2024
Cash equivalents$5,594 $5,594 $— $— 
Debt securities:
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations2,844 — 2,844 — 
Mortgage-backed securities3,439 — 3,439 — 
Tax-exempt municipal securities826 — 826 — 
Mortgage-backed securities:
Residential394 — 391 
Commercial1,308 — 1,308 — 
Asset-backed securities1,517 — 1,479 38 
Corporate debt securities6,749 — 6,564 185 
Total debt securities17,077 — 16,851 226 
Total invested assets$22,671 $5,594 $16,851 $226 
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 obligations2,667 — 2,667 — 
Mortgage-backed securities3,522 — 3,522 — 
Tax-exempt municipal securities858 — 858 — 
Mortgage-backed securities:
Residential400 — 396 
Commercial1,345 — 1,345 — 
Asset-backed securities1,771 — 1,733 38 
Corporate debt securities6,445 — 6,269 176 
Total debt securities17,008 — 16,790 218 
Total invested assets$21,590 $4,582 $16,790 $218 
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation During the three months ended
March 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 three months ended March 31, 2024For the three months ended March 31, 2023
Private Placements
(in millions)
Beginning balance at January 1$218 $101 
Total gains or losses:
Realized in earnings— — 
Unrealized in other comprehensive income(2)
Purchases11 
Sales— — 
Settlements(1)— 
Transfer out— (4)
Balance at March 31$226 $99 
Schedule of Notional Amounts of Outstanding Derivative Positions The following table summarizes the notional amounts at March 31, 2024 and December 31, 2023, respectively, for our senior notes under the swap agreements:
March 31, 2024December 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 
$1,000 million, 5.750% due April 15, 2054
400 — 
Schedule of Assumptions Used For Inputs In Fair Value Measurement The table below presents the assumptions used for each reporting period.
March 31, 2024December 31, 2023
Annualized volatility
17.0% - 18.8%
16.1% - 17.8%
Credit spread
1.0% - 1.3%
0.9% - 1.1%
Revenue exit multiple
1.5x - 2.5x
1.5x - 2.5x
Weighted average cost of capital
11.0% - 12.5%
11.0% - 12.5%
Long term growth rate3.0 %3.0 %