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Debt Securities (Tables)

3 Months Ended

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

X

- 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.

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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.

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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

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-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

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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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