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Marketable Securities Held in Trusts (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of maturity dates for debt securities

The following table summarizes the balance by contractual maturity of the available-for-sale debt securities invested by the RCRA Trusts as of September 30, 2023. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations before the underlying contracts mature.

			September 30, 2023
Due in one year or less			$	16.8
Due after one year through five years			264.2
Due after five years through ten years			331.4
Due after ten years			36.8
Total debt securities			$	649.2

Schedule of Unrealized Loss on Investments

The following tables show gross unrealized losses and fair values of the RCRA Trusts’ available-for-sale securities that have been in a continuous unrealized loss position for which an allowance for credit losses has not been recorded as of September 30, 2023 and December 31, 2022:

			September 30, 2023												December 31, 2022
(in millions)			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Securities that have been in a continuous loss position for less than 12 months:
Corporate debt securities			$	62.1					$	(1.9)					$	105.6					$	(6.5)
Municipal bonds			102.1						(3.3)						104.7						(2.9)
U.S. government bonds			262.3						(9.1)						264.9						(3.5)
			$	426.5					$	(14.3)					$	475.2					$	(12.9)
Securities that have been in a continuous loss position for more than 12 months:
Corporate debt securities			$	124.4					$	(13.5)					$	72.8					$	(10.6)
Municipal bonds			91.3						(7.5)						61.9						(5.1)
U.S. government bonds			—						—						0.8						(0.1)
			$	215.7					$	(21.0)					$	135.5					$	(15.8)

Unrealized Gain (Loss) on Investments

The estimated fair value of the investments in the RCRA Trusts as of September 30, 2023 and December 31, 2022 are as follows:

			September 30, 2023
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Level 1
Cash and cash equivalents			$	(0.2)					$	—					$	—					$	(0.2)
Level 2
Corporate debt securities			205.1						—						(15.4)						189.7
Municipal bonds			207.2						—						(10.8)						196.4
U.S. government bonds			272.2						—						(9.1)						263.1
Total			$	684.3					$	—					$	(35.3)					$	649.0
			December 31, 2022
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Level 1
Cash and cash equivalents			$	7.7					$	—					$	—					$	7.7
Level 2
Corporate debt securities			203.8						0.1						(17.1)						186.8
Municipal bonds			197.0						0.4						(8.0)						189.4
U.S. government bonds			269.6						—						(3.6)						266.0
Other holdings			0.2						—						—						0.2
Total			$	678.3					$	0.5					$	(28.7)					$	650.1

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

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Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
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