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Investments in Marketable Securities (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Marketable securities at September 30, 2025 and December 31, 2024 consisted of the following:
|  |  |  |  | UNREALIZED |  |  | UNREALIZED |  |  | FAIR |
At September 30, 2025 |  | COST |  |  | GAINS |  |  | LOSSES |  |  | VALUE |
Marketable debt securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. tax-exempt securities |  | $ | 331.2 |  |  | $ | 4.8 |  |  | $ | .1 |  |  | $ | 335.9 |
U.S. taxable municipal / non-U.S. provincial bonds |  |  | 389.4 |  |  |  | 4.2 |  |  |  | .3 |  |  |  | 393.3 |
U.S. corporate securities |  |  | 909.4 |  |  |  | 8.7 |  |  |  | .4 |  |  |  | 917.7 |
U.S. government securities |  |  | 299.4 |  |  |  | 2.0 |  |  |  | .2 |  |  |  | 301.2 |
Non-U.S. corporate securities |  |  | 596.0 |  |  |  | 5.9 |  |  |  | .3 |  |  |  | 601.6 |
Non-U.S. government securities |  |  | 203.1 |  |  |  | 1.2 |  |  |  | .2 |  |  |  | 204.1 |
Other debt securities |  |  | 185.9 |  |  |  | 1.6 |  |  |  | .2 |  |  |  | 187.3 |
Marketable equity securities |  |  | 10.0 |  |  |  |  |  |  | 4.6 |  |  |  | 5.4 |
Total marketable securities |  | $ | 2,924.4 |  |  | $ | 28.4 |  |  | $ | 6.3 |  |  | $ | 2,946.5 |
|  |  |  |  | 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:
|  | September 30, 2025 |  |  | December 31, 2024 |
|  | LESS THAN |  |  | TWELVE MONTHS |  |  | LESS THAN |  |  | TWELVE MONTHS |
|  | TWELVE MONTHS |  |  | OR GREATER |  |  | TWELVE MONTHS |  |  | OR GREATER |
Fair value |  | $ | 154.2 |  |  | $ | 123.1 |  |  | $ | 932.9 |  |  | $ | 365.5 |
Unrealized losses |  |  | .3 |  |  |  | 1.4 |  |  |  | 5.5 |  |  |  | 6.2 |
Contractual Maturities of Debt Securities | Contractual maturities of marketable debt securities at September 30, 2025 were as follows:
|  | AMORTIZED |  |  | FAIR |
|  | COST |  |  | VALUE |
Within one year |  | $ | 549.0 |  |  | $ | 550.6 |
One to five years |  |  | 2,362.0 |  |  |  | 2,387.3 |
Six to ten years |  |  | .8 |  |  |  | .8 |
More than ten years |  |  | 2.6 |  |  |  | 2.4 |
|  | $ | 2,914.4 |  |  | $ | 2,941.1 |

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