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Marketable Securities
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
Restricted marketable securities at both balance sheet dates represent restricted assets held at HCS, Ltd (“HCS”), our consolidated wholly owned offshore captive insurance company. HCS insures a substantial portion of Encompass Health’s professional liability, workers’ compensation, and other insurance claims. These funds are committed for payment of claims incurred, and the classification of these marketable securities as current or noncurrent depends on the classification of the corresponding claims liability. As of September 30, 2025, $34.1 million of restricted marketable securities are included in Other current assets and $105.7 million of restricted marketable securities are included in Other long-term assets in our condensed consolidated balance sheet. As of December 31, 2024, $39.0 million of restricted marketable securities are included in Other current assets and $91.9 million are included in Other long-term assets in our condensed consolidated balance sheet.
During the three and nine months ended September 30, 2025, $1.0 million and $1.8 million, respectively, of unrealized net gains (losses) were recognized in our condensed consolidated statements of operations on equity securities still held at the reporting date. During the three and nine months ended September 30, 2024, $2.8 million and $2.7 million, respectively, of unrealized net gains (losses) were recognized in our condensed consolidated statements of operations on equity securities still held at the reporting date.
A summary of our debt securities as of September 30, 2025 is as follows (in millions):
Amortized CostGross Unrealized GainsFair Value
Available-for-sale debt securities:
U.S. government and agency securities$44.6 $0.2 $44.8 
Corporate bonds and notes58.9 0.4 59.3 
During the three and nine months ended September 30, 2025, we did not record any impairment charges related to our debt securities. We did not have any debt securities during the three and nine months ended September 30, 2024.
Investing information related to our available-for-sale debt securities is as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Proceeds from sales and maturities$16.3 $— $25.0 $— 
The contractual maturities of our available-for-sale debt securities as of September 30, 2025 are as follows (in millions):
Amortized CostFair Value
Due in one year or less$23.9 $23.9 
Due after one year through five years69.5 69.9 
Due after five years through ten years4.7 4.8 
Due after ten years5.4 5.5 
Total$103.5 $104.1