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v3.23.1

Debt Securities (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments Debt And Equity Securities [Abstract] |
Investments in Debt Securities, Classified as Available-For-Sale | Investments in debt securities, classified as available-for-sale, are as follows:
|  | Amortized |  |  | Gross unrealized |  |  | Estimated |
(in millions) |  | cost |  |  | Gains |  |  | Losses |  |  | fair value |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 226.1 |  |  | $ | 0.5 |  |  | $ | (5.4 | ) |  | $ | 221.2 |
Municipal bonds |  |  | 1,397.1 |  |  |  | 5.8 |  |  |  | (153.8 | ) |  |  | 1,249.1 |
Foreign government bonds |  |  | 206.6 |  |  |  | 0.7 |  |  |  | (11.2 | ) |  |  | 196.1 |
Governmental agency bonds |  |  | 246.8 |  |  |  | — |  |  |  | (16.3 | ) |  |  | 230.5 |
Governmental agency mortgage-backed securities |  |  | 5,023.0 |  |  |  | 3.8 |  |  |  | (581.9 | ) |  |  | 4,444.9 |
U.S. corporate debt securities |  |  | 906.3 |  |  |  | 3.0 |  |  |  | (71.0 | ) |  |  | 838.3 |
Foreign corporate debt securities |  |  | 472.3 |  |  |  | 2.5 |  |  |  | (30.2 | ) |  |  | 444.6 |
|  | $ | 8,478.2 |  |  | $ | 16.3 |  |  | $ | (869.8 | ) |  | $ | 7,624.7 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 308.5 |  |  | $ | 1.4 |  |  | $ | (7.1 | ) |  | $ | 302.8 |
Municipal bonds |  |  | 1,670.6 |  |  |  | 3.2 |  |  |  | (195.1 | ) |  |  | 1,478.7 |
Foreign government bonds |  |  | 208.0 |  |  |  | 0.1 |  |  |  | (14.4 | ) |  |  | 193.7 |
Governmental agency bonds |  |  | 247.9 |  |  |  | — |  |  |  | (19.3 | ) |  |  | 228.6 |
Governmental agency mortgage-backed securities |  |  | 5,253.4 |  |  |  | 1.7 |  |  |  | (652.7 | ) |  |  | 4,602.4 |
U.S. corporate debt securities |  |  | 1,004.4 |  |  |  | 1.5 |  |  |  | (84.5 | ) |  |  | 921.4 |
Foreign corporate debt securities |  |  | 476.8 |  |  |  | 1.6 |  |  |  | (36.4 | ) |  |  | 442.0 |
|  | $ | 9,169.6 |  |  | $ | 9.5 |  |  | $ | (1,009.5 | ) |  | $ | 8,169.6 |
Gross Unrealized Losses on Investments in Debt Securities | Investments in debt securities in an unrealized loss position, and their respective length of time in such position, are as follows:
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
(in millions) |  | Estimated fair value |  |  | Unrealized losses |  |  | Estimated fair value |  |  | Unrealized losses |  |  | Estimated fair value |  |  | Unrealized losses |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 40.1 |  |  | $ | (0.1 | ) |  | $ | 55.5 |  |  | $ | (5.3 | ) |  | $ | 95.6 |  |  | $ | (5.4 | )
Municipal bonds |  |  | 299.8 |  |  |  | (5.9 | ) |  |  | 794.6 |  |  |  | (147.9 | ) |  |  | 1,094.4 |  |  |  | (153.8 | )
Foreign government bonds |  |  | 45.3 |  |  |  | (0.4 | ) |  |  | 96.8 |  |  |  | (10.8 | ) |  |  | 142.1 |  |  |  | (11.2 | )
Governmental agency bonds |  |  | 146.2 |  |  |  | (3.3 | ) |  |  | 84.1 |  |  |  | (13.0 | ) |  |  | 230.3 |  |  |  | (16.3 | )
Governmental agency mortgage-backed securities |  |  | 1,004.1 |  |  |  | (53.3 | ) |  |  | 3,230.9 |  |  |  | (528.6 | ) |  |  | 4,235.0 |  |  |  | (581.9 | )
U.S. corporate debt securities |  |  | 142.4 |  |  |  | (4.3 | ) |  |  | 582.4 |  |  |  | (66.7 | ) |  |  | 724.8 |  |  |  | (71.0 | )
Foreign corporate debt securities |  |  | 85.3 |  |  |  | (2.6 | ) |  |  | 268.2 |  |  |  | (27.6 | ) |  |  | 353.5 |  |  |  | (30.2 | )
|  | $ | 1,763.2 |  |  | $ | (69.9 | ) |  | $ | 5,112.5 |  |  | $ | (799.9 | ) |  | $ | 6,875.7 |  |  | $ | (869.8 | )
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 108.0 |  |  | $ | (1.4 | ) |  | $ | 49.5 |  |  | $ | (5.7 | ) |  | $ | 157.5 |  |  | $ | (7.1 | )
Municipal bonds |  |  | 813.4 |  |  |  | (55.8 | ) |  |  | 540.0 |  |  |  | (139.3 | ) |  |  | 1,353.4 |  |  |  | (195.1 | )
Foreign government bonds |  |  | 142.1 |  |  |  | (5.9 | ) |  |  | 45.7 |  |  |  | (8.5 | ) |  |  | 187.8 |  |  |  | (14.4 | )
Governmental agency bonds |  |  | 172.7 |  |  |  | (8.2 | ) |  |  | 55.8 |  |  |  | (11.1 | ) |  |  | 228.5 |  |  |  | (19.3 | )
Governmental agency mortgage-backed securities |  |  | 1,859.6 |  |  |  | (141.4 | ) |  |  | 2,626.8 |  |  |  | (511.3 | ) |  |  | 4,486.4 |  |  |  | (652.7 | )
U.S. corporate debt securities |  |  | 528.3 |  |  |  | (38.2 | ) |  |  | 325.2 |  |  |  | (46.3 | ) |  |  | 853.5 |  |  |  | (84.5 | )
Foreign corporate debt securities |  |  | 241.6 |  |  |  | (17.5 | ) |  |  | 137.1 |  |  |  | (18.9 | ) |  |  | 378.7 |  |  |  | (36.4 | )
|  | $ | 3,865.7 |  |  | $ | (268.4 | ) |  | $ | 3,780.1 |  |  | $ | (741.1 | ) |  | $ | 7,645.8 |  |  | $ | (1,009.5 | )
Investments in Debt Securities by Contractual Maturity | Investments in debt securities at March 31, 2023, by contractual maturities, are as follows:
(in millions) |  | Due in one year or less |  |  | Due after one through five years |  |  | Due after five through ten years |  |  | Due after ten years |  |  | Total |
U.S. Treasury bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 144.4 |  |  | $ | 70.8 |  |  | $ | 4.5 |  |  | $ | 6.4 |  |  | $ | 226.1 |
Estimated fair value |  | $ | 144.3 |  |  | $ | 66.6 |  |  | $ | 4.0 |  |  | $ | 6.3 |  |  | $ | 221.2 |
Municipal bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 10.7 |  |  |  | 257.0 |  |  |  | 564.4 |  |  |  | 565.0 |  |  |  | 1,397.1 |
Estimated fair value |  |  | 10.7 |  |  |  | 237.2 |  |  |  | 494.2 |  |  |  | 507.0 |  |  |  | 1,249.1 |
Foreign government bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 30.8 |  |  |  | 97.8 |  |  |  | 68.7 |  |  |  | 9.3 |  |  |  | 206.6 |
Estimated fair value |  |  | 30.6 |  |  |  | 96.7 |  |  |  | 60.6 |  |  |  | 8.2 |  |  |  | 196.1 |
Governmental agency bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 25.8 |  |  |  | 157.6 |  |  |  | 6.7 |  |  |  | 56.7 |  |  |  | 246.8 |
Estimated fair value |  |  | 25.4 |  |  |  | 152.1 |  |  |  | 6.0 |  |  |  | 47.0 |  |  |  | 230.5 |
U.S. corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 9.3 |  |  |  | 646.1 |  |  |  | 191.0 |  |  |  | 59.9 |  |  |  | 906.3 |
Estimated fair value |  |  | 9.2 |  |  |  | 596.6 |  |  |  | 182.1 |  |  |  | 50.4 |  |  |  | 838.3 |
Foreign corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 18.5 |  |  |  | 313.6 |  |  |  | 101.3 |  |  |  | 38.9 |  |  |  | 472.3 |
Estimated fair value |  |  | 18.2 |  |  |  | 295.4 |  |  |  | 96.5 |  |  |  | 34.5 |  |  |  | 444.6 |
Total debt securities (excluding mortgage-backed securities) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 239.5 |  |  | $ | 1,542.9 |  |  | $ | 936.6 |  |  | $ | 736.2 |  |  | $ | 3,455.2 |
Estimated fair value |  | $ | 238.4 |  |  | $ | 1,444.6 |  |  | $ | 843.4 |  |  | $ | 653.4 |  |  | $ | 3,179.8 |
Total mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,023.0 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,444.9 |
Total debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,478.2 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,624.7 |
Composition of Debt Securities Portfolio by Credit Rating Agencies | The composition of the debt securities portfolio at March 31, 2023, by credit rating, is as follows:
|  | A- or higher |  |  | BBB+ to BBB- |  |  | Non-Investment Grade |  |  | Total |
(dollars in millions) |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |
U.S. Treasury bonds |  | $ | 221.2 |  |  |  | 100.0 | % |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  | $ | 221.2 |
Municipal bonds |  |  | 1,200.0 |  |  |  | 96.1 |  |  |  | 48.8 |  |  |  | 3.9 |  |  |  | 0.3 |  |  |  | — |  |  |  | 1,249.1 |
Foreign government bonds |  |  | 190.5 |  |  |  | 97.1 |  |  |  | 4.9 |  |  |  | 2.5 |  |  |  | 0.7 |  |  |  | 0.4 |  |  |  | 196.1 |
Governmental agency bonds |  |  | 230.5 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 230.5 |
Governmental agency mortgage- backed securities |  |  | 4,444.9 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,444.9 |
U.S. corporate debt securities |  |  | 386.2 |  |  |  | 46.1 |  |  |  | 316.8 |  |  |  | 37.8 |  |  |  | 135.3 |  |  |  | 16.1 |  |  |  | 838.3 |
Foreign corporate debt securities |  |  | 196.9 |  |  |  | 44.3 |  |  |  | 211.4 |  |  |  | 47.5 |  |  |  | 36.3 |  |  |  | 8.2 |  |  |  | 444.6 |
|  | $ | 6,870.2 |  |  |  | 90.1 | % |  | $ | 581.9 |  |  |  | 7.6 | % |  | $ | 172.6 |  |  |  | 2.3 | % |  | $ | 7,624.7 |
Composition of Debt Securities Portfolio in Unrealized Loss Position by Credit Rating Agencies | The composition of the debt securities portfolio in an unrealized loss position at March 31, 2023, by credit rating, is as follows:
|  | A- or higher |  |  | BBB+ to BBB- |  |  | Non-Investment Grade |  |  | Total |
(dollars in millions) |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |  |  | Percentage |  |  | Estimated fair value |
U.S. Treasury bonds |  | $ | 95.6 |  |  |  | 100.0 | % |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  | $ | 95.6 |
Municipal bonds |  |  | 1,056.8 |  |  |  | 96.6 |  |  |  | 37.3 |  |  |  | 3.4 |  |  |  | 0.3 |  |  |  | — |  |  |  | 1,094.4 |
Foreign government bonds |  |  | 140.1 |  |  |  | 98.6 |  |  |  | 1.3 |  |  |  | 0.9 |  |  |  | 0.7 |  |  |  | 0.5 |  |  |  | 142.1 |
Governmental agency bonds |  |  | 230.3 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 230.3 |
Governmental agency mortgage- backed securities |  |  | 4,235.0 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,235.0 |
U.S. corporate debt securities |  |  | 356.2 |  |  |  | 49.1 |  |  |  | 265.4 |  |  |  | 36.6 |  |  |  | 103.2 |  |  |  | 14.3 |  |  |  | 724.8 |
Foreign corporate debt securities |  |  | 164.5 |  |  |  | 46.5 |  |  |  | 160.0 |  |  |  | 45.3 |  |  |  | 29.0 |  |  |  | 8.2 |  |  |  | 353.5 |
|  | $ | 6,278.5 |  |  |  | 91.3 | % |  | $ | 464.0 |  |  |  | 6.7 | % |  | $ | 133.2 |  |  |  | 2.0 | % |  | $ | 6,875.7 |

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- Definition Tabular disclosure of the fair value of debt securities portfolio and in an unrealized loss position by credit quality indicator. The credit quality indicator is a statistic about the credit quality of investments. Examples include, but not limited to, credit-rating-agency ratings, an entity's internal credit risk grades, collateral, collection experience and other internal metrics. + References No definition available. + Details
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- Definition Tabular disclosure of the fair value of debt securities by credit quality indicator. The credit quality indicator is a statistic about the credit quality of investments. Examples include, but not limited to, credit-rating-agency ratings, an entity's internal credit risk grades, collateral, collection experience and other internal metrics. + References No definition available. + Details
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- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 55 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455 + Details
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- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
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- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
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