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Investments in Marketable Securities (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Marketable securities at June 30, 2023 and December 31, 2022 consisted of the following:
|  |  |  |  | UNREALIZED |  |  | UNREALIZED |  |  | FAIR |
At June 30, 2023 |  | COST |  |  | GAINS |  |  | LOSSES |  |  | VALUE |
Marketable debt securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. tax-exempt securities |  | $ | 333.2 |  |  | $ | .1 |  |  | $ | 6.2 |  |  | $ | 327.1 |
U.S. taxable municipal / non-U.S. provincial bonds |  |  | 230.2 |  |  |  |  |  |  | 9.7 |  |  |  | 220.5 |
U.S. corporate securities |  |  | 309.4 |  |  |  | .1 |  |  |  | 10.4 |  |  |  | 299.1 |
U.S. government and agency securities |  |  | 150.6 |  |  |  |  |  |  | 4.0 |  |  |  | 146.6 |
Non-U.S. corporate securities |  |  | 500.8 |  |  |  |  |  |  | 16.9 |  |  |  | 483.9 |
Non-U.S. government securities |  |  | 113.4 |  |  |  | .1 |  |  |  | 3.2 |  |  |  | 110.3 |
Other debt securities |  |  | 104.5 |  |  |  |  |  |  | 4.4 |  |  |  | 100.1 |
Marketable equity securities |  |  | 10.0 |  |  |  |  |  |  | 7.1 |  |  |  | 2.9 |
Total marketable securities |  | $ | 1,752.1 |  |  | $ | .3 |  |  | $ | 61.9 |  |  | $ | 1,690.5 |
|  |  |  |  | UNREALIZED |  |  | UNREALIZED |  |  | FAIR |
At December 31, 2022 |  | COST |  |  | GAINS |  |  | LOSSES |  |  | VALUE |
Marketable debt securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. tax-exempt securities |  | $ | 452.8 |  |  | $ | .5 |  |  | $ | 8.2 |  |  | $ | 445.1 |
U.S. taxable municipal / non-U.S. provincial bonds |  |  | 191.6 |  |  |  |  |  |  | 10.8 |  |  |  | 180.8 |
U.S. corporate securities |  |  | 262.5 |  |  |  | .1 |  |  |  | 11.6 |  |  |  | 251.0 |
U.S. government and agency securities |  |  | 118.0 |  |  |  | .1 |  |  |  | 3.1 |  |  |  | 115.0 |
Non-U.S. corporate securities |  |  | 467.9 |  |  |  |  |  |  | 17.9 |  |  |  | 450.0 |
Non-U.S. government securities |  |  | 78.9 |  |  |  | .2 |  |  |  | 2.7 |  |  |  | 76.4 |
Other debt securities |  |  | 99.4 |  |  |  |  |  |  | 4.7 |  |  |  | 94.7 |
Marketable equity securities |  |  | 10.0 |  |  |  |  |  |  | 8.8 |  |  |  | 1.2 |
Total marketable securities |  | $ | 1,681.1 |  |  | $ | .9 |  |  | $ | 67.8 |  |  | $ | 1,614.2 |
Marketable Debt Securities Continuous Unrealized Losses | Marketable debt securities with continuous unrealized losses and their related fair values were as follows:
|  | June 30, 2023 |  |  | December 31, 2022 |
|  | LESS THAN |  |  | TWELVE MONTHS |  |  | LESS THAN |  |  | TWELVE MONTHS |
|  | TWELVE MONTHS |  |  | OR GREATER |  |  | TWELVE MONTHS |  |  | OR GREATER |
Unrealized losses |  | $ | 14.7 |  |  | $ | 40.1 |  |  | $ | 21.5 |  |  | $ | 37.5 |
Fair value |  |  | 772.3 |  |  |  | 764.9 |  |  |  | 889.2 |  |  |  | 608.4 |
Contractual Maturities of Debt Securities | Contractual maturities of marketable debt securities at June 30, 2023 were as follows:
|  | AMORTIZED |  |  | FAIR |
|  | COST |  |  | VALUE |
Within one year |  | $ | 440.9 |  |  | $ | 433.8 |
One to five years |  |  | 1,287.4 |  |  |  | 1,241.6 |
Six to ten years |  |  | 1.3 |  |  |  | 1.3 |
More than ten years |  |  | 12.5 |  |  |  | 10.9 |
|  | $ | 1,742.1 |  |  | $ | 1,687.6 |

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