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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS Our assets and liabilities measured at fair value on a recurring basis include debt securities mainly supporting obligations to annuitants and policyholders in our run-off insurance operations, our equity interests in AerCap and derivatives.
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS
Level 1Level 2Level 3(a)Netting
adjustment(b)		Net balance(c)
December 312024202320242023202420232024202320242023
Investment securities$14 $4,767 $33,635 $32,098 $5,074 $6,841 $— $— $38,723 $43,706 
Derivatives— — 243 270 — — (55)(28)188 243 
Total assets$14 $4,767 $33,878 $32,368 $5,074 $6,841 $(55)$(28)$38,911 $43,949 
Derivatives$— $— $131 $78 $— $— $(54)$(26)$77 $53 
Other(d)— — 367 311 — — — — 367 311 
Total liabilities$— $— $498 $389 $— $— $(54)$(26)$444 $364 
(a)Included $1,627 million of U.S. corporate debt securities, $1,935 million of Mortgage and asset-backed debt securities, and the $982 million AerCap note at December 31, 2024. Included $3,873 million of U.S. corporate debt securities, $1,491 million of Mortgage and asset-backed debt securities, and the $944 million AerCap note at December 31, 2023.
(b)The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amounts include fair value adjustments related to our own and counterparty non-performance risk.
(c)Included investment securities in our run-off insurance operations of $37,352 million and $37,592 million as of December 31, 2024 and 2023, respectively, which are Level 2 and 3. See Notes 3 and 22 for further information on the composition of our investment securities and derivative portfolios.
(d)Primarily represents the liabilities associated with certain of our deferred incentive compensation plans.

LEVEL 3 INSTRUMENTS. The majority of our Level 3 balances comprised debt securities classified as available-for-sale with changes in fair value recorded in Other comprehensive income.
Balance at
January 1
Net realized/unrealized gains(losses)(a)
Purchases(b)
Sales & Settlements
Transfers
into
Level 3
Transfers
out of
Level 3(c)
Balance at
December 31
2024
Investment securities$6,841 $20 $1,505 $(768)$12 $(2,536)$5,074 
2023
Investment securities$6,421 $195 $617 $(398)$37 $(30)$6,841 
(a)Primarily included net unrealized gains (losses) of $(29) million and $134 million in Other comprehensive income for the years ended December 31, 2024 and 2023, respectively.
(b)Included $491 million of U.S. corporate debt securities and $600 million of Mortgage and asset-backed debt securities for the year ended December 31, 2024. Included $379 million of U.S. corporate debt securities and $177 million of Mortgage and asset-backed debt securities for the year ended December 31, 2023.
(c)Transfers out of Level 3 during the year ended December 31, 2024, related to increases in the observability of external information used in determining fair value. These transfers were in our run-off insurance operations and primarily included certain investments in private placement U.S. and non-U.S. corporate debt securities.
The majority of these Level 3 securities are fair valued using non-binding broker quotes or other third-party sources that utilize a number of different unobservable inputs not subject to meaningful aggregation.