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Investments in Marketable Securities (Tables) | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Marketable securities at March 31, 2025 and December 31, 2024 consisted of the following:
|  |  |  |  | UNREALIZED |  |  | UNREALIZED |  |  | FAIR |
At March 31, 2025 |  | COST |  |  | GAINS |  |  | LOSSES |  |  | VALUE |
Marketable debt securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. tax-exempt securities |  | $ | 296.6 |  |  | $ | .7 |  |  | $ | .5 |  |  | $ | 296.8 |
U.S. taxable municipal / non-U.S. provincial bonds |  |  | 400.5 |  |  |  | 2.7 |  |  |  | 1.0 |  |  |  | 402.2 |
U.S. corporate securities |  |  | 904.0 |  |  |  | 6.1 |  |  |  | 1.5 |  |  |  | 908.6 |
U.S. government securities |  |  | 241.7 |  |  |  | 1.1 |  |  |  | .4 |  |  |  | 242.4 |
Non-U.S. corporate securities |  |  | 605.5 |  |  |  | 4.6 |  |  |  | .9 |  |  |  | 609.2 |
Non-U.S. government securities |  |  | 178.0 |  |  |  | 1.7 |  |  |  | .3 |  |  |  | 179.4 |
Other debt securities |  |  | 180.6 |  |  |  | 1.2 |  |  |  | .6 |  |  |  | 181.2 |
Marketable equity securities |  |  | 10.0 |  |  |  |  |  |  | 3.3 |  |  |  | 6.7 |
Total marketable securities |  | $ | 2,816.9 |  |  | $ | 18.1 |  |  | $ | 8.5 |  |  | $ | 2,826.5 |
|  |  |  |  | UNREALIZED |  |  | UNREALIZED |  |  | FAIR |
At December 31, 2024 |  | COST |  |  | GAINS |  |  | LOSSES |  |  | VALUE |
Marketable debt securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. tax-exempt securities |  | $ | 304.5 |  |  | $ | .6 |  |  | $ | 1.4 |  |  | $ | 303.7 |
U.S. taxable municipal / non-U.S. provincial bonds |  |  | 381.1 |  |  |  | 1.2 |  |  |  | 2.2 |  |  |  | 380.1 |
U.S. corporate securities |  |  | 864.3 |  |  |  | 3.1 |  |  |  | 3.2 |  |  |  | 864.2 |
U.S. government securities |  |  | 287.1 |  |  |  | .1 |  |  |  | 1.5 |  |  |  | 285.7 |
Non-U.S. corporate securities |  |  | 606.6 |  |  |  | 3.5 |  |  |  | 2.0 |  |  |  | 608.1 |
Non-U.S. government securities |  |  | 163.5 |  |  |  | 1.4 |  |  |  | .6 |  |  |  | 164.3 |
Other debt securities |  |  | 166.4 |  |  |  | .8 |  |  |  | .8 |  |  |  | 166.4 |
Marketable equity securities |  |  | 10.0 |  |  |  |  |  |  | 3.7 |  |  |  | 6.3 |
Total marketable securities |  | $ | 2,783.5 |  |  | $ | 10.7 |  |  | $ | 15.4 |  |  | $ | 2,778.8 |
Marketable Debt Securities Continuous Unrealized Losses | Marketable debt securities with continuous unrealized losses and their related fair values were as follows:
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | LESS THAN |  |  | TWELVE MONTHS |  |  | LESS THAN |  |  | TWELVE MONTHS |
|  | TWELVE MONTHS |  |  | OR GREATER |  |  | TWELVE MONTHS |  |  | OR GREATER |
Fair value |  | $ | 533.3 |  |  | $ | 264.7 |  |  | $ | 932.9 |  |  | $ | 365.5 |
Unrealized losses |  |  | 1.6 |  |  |  | 3.6 |  |  |  | 5.5 |  |  |  | 6.2 |
Contractual Maturities on Debt Securities | Contractual maturities on marketable debt securities at March 31, 2025 were as follows:
|  | AMORTIZED |  |  | FAIR |
|  | COST |  |  | VALUE |
Within one year |  | $ | 525.9 |  |  | $ | 526.0 |
One to five years |  |  | 2,275.0 |  |  |  | 2,288.3 |
Six to ten years |  |  | 1.0 |  |  |  | 1.0 |
More than ten years |  |  | 5.0 |  |  |  | 4.5 |
|  | $ | 2,806.9 |  |  | $ | 2,819.8 |

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