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v3.23.2

Debt Securities (Tables) | 6 Months Ended
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Jun. 30, 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 |
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 130.9 |  |  | $ | — |  |  | $ | (6.5 | ) |  | $ | 124.4 |
Municipal bonds |  |  | 1,399.1 |  |  |  | 4.5 |  |  |  | (163.6 | ) |  |  | 1,240.0 |
Foreign government bonds |  |  | 229.5 |  |  |  | 0.3 |  |  |  | (13.9 | ) |  |  | 215.9 |
Governmental agency bonds |  |  | 242.3 |  |  |  | — |  |  |  | (17.8 | ) |  |  | 224.5 |
Governmental agency mortgage-backed securities |  |  | 4,968.1 |  |  |  | 1.4 |  |  |  | (658.1 | ) |  |  | 4,311.4 |
U.S. corporate debt securities |  |  | 972.7 |  |  |  | 1.9 |  |  |  | (76.9 | ) |  |  | 897.7 |
Foreign corporate debt securities |  |  | 470.9 |  |  |  | 1.8 |  |  |  | (32.1 | ) |  |  | 440.6 |
|  | $ | 8,413.5 |  |  | $ | 9.9 |  |  | $ | (968.9 | ) |  | $ | 7,454.5 |
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 |
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 58.9 |  |  | $ | (0.6 | ) |  | $ | 54.7 |  |  | $ | (5.9 | ) |  | $ | 113.6 |  |  | $ | (6.5 | )
Municipal bonds |  |  | 315.3 |  |  |  | (6.6 | ) |  |  | 822.1 |  |  |  | (157.0 | ) |  |  | 1,137.4 |  |  |  | (163.6 | )
Foreign government bonds |  |  | 88.6 |  |  |  | (1.0 | ) |  |  | 88.0 |  |  |  | (12.9 | ) |  |  | 176.6 |  |  |  | (13.9 | )
Governmental agency bonds |  |  | 113.7 |  |  |  | (2.9 | ) |  |  | 110.7 |  |  |  | (14.9 | ) |  |  | 224.4 |  |  |  | (17.8 | )
Governmental agency mortgage-backed securities |  |  | 884.3 |  |  |  | (40.7 | ) |  |  | 3,304.5 |  |  |  | (617.4 | ) |  |  | 4,188.8 |  |  |  | (658.1 | )
U.S. corporate debt securities |  |  | 174.3 |  |  |  | (3.6 | ) |  |  | 604.1 |  |  |  | (73.3 | ) |  |  | 778.4 |  |  |  | (76.9 | )
Foreign corporate debt securities |  |  | 93.6 |  |  |  | (2.3 | ) |  |  | 277.5 |  |  |  | (29.8 | ) |  |  | 371.1 |  |  |  | (32.1 | )
|  | $ | 1,728.7 |  |  | $ | (57.7 | ) |  | $ | 5,261.6 |  |  | $ | (911.2 | ) |  | $ | 6,990.3 |  |  | $ | (968.9 | )
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 June 30, 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 |  | $ | 13.9 |  |  | $ | 109.3 |  |  | $ | 3.1 |  |  | $ | 4.6 |  |  | $ | 130.9 |
Estimated fair value |  | $ | 13.7 |  |  | $ | 103.6 |  |  | $ | 2.7 |  |  | $ | 4.4 |  |  | $ | 124.4 |
Municipal bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 11.3 |  |  |  | 282.2 |  |  |  | 547.2 |  |  |  | 558.4 |  |  |  | 1,399.1 |
Estimated fair value |  |  | 11.2 |  |  |  | 257.0 |  |  |  | 471.3 |  |  |  | 500.5 |  |  |  | 1,240.0 |
Foreign government bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 40.6 |  |  |  | 105.5 |  |  |  | 74.1 |  |  |  | 9.3 |  |  |  | 229.5 |
Estimated fair value |  |  | 40.2 |  |  |  | 103.4 |  |  |  | 64.2 |  |  |  | 8.1 |  |  |  | 215.9 |
Governmental agency bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 25.0 |  |  |  | 158.3 |  |  |  | 6.5 |  |  |  | 52.5 |  |  |  | 242.3 |
Estimated fair value |  |  | 24.7 |  |  |  | 151.5 |  |  |  | 5.8 |  |  |  | 42.5 |  |  |  | 224.5 |
U.S. corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 7.0 |  |  |  | 709.2 |  |  |  | 194.4 |  |  |  | 62.1 |  |  |  | 972.7 |
Estimated fair value |  |  | 6.9 |  |  |  | 655.1 |  |  |  | 183.9 |  |  |  | 51.8 |  |  |  | 897.7 |
Foreign corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 16.9 |  |  |  | 317.3 |  |  |  | 100.0 |  |  |  | 36.7 |  |  |  | 470.9 |
Estimated fair value |  |  | 16.6 |  |  |  | 297.4 |  |  |  | 94.2 |  |  |  | 32.4 |  |  |  | 440.6 |
Total debt securities (excluding mortgage-backed securities) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 114.7 |  |  | $ | 1,681.8 |  |  | $ | 925.3 |  |  | $ | 723.6 |  |  | $ | 3,445.4 |
Estimated fair value |  | $ | 113.3 |  |  | $ | 1,568.0 |  |  | $ | 822.1 |  |  | $ | 639.7 |  |  | $ | 3,143.1 |
Total mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,968.1 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,311.4 |
Total debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,413.5 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,454.5 |
Composition of Debt Securities Portfolio by Credit Rating Agencies | The composition of the debt securities portfolio at June 30, 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 |  | $ | 124.4 |  |  |  | 100.0 | % |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  | $ | 124.4 |
Municipal bonds |  |  | 1,192.3 |  |  |  | 96.2 |  |  |  | 47.4 |  |  |  | 3.8 |  |  |  | 0.3 |  |  |  | — |  |  |  | 1,240.0 |
Foreign government bonds |  |  | 210.4 |  |  |  | 97.5 |  |  |  | 4.8 |  |  |  | 2.2 |  |  |  | 0.7 |  |  |  | 0.3 |  |  |  | 215.9 |
Governmental agency bonds |  |  | 224.5 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 224.5 |
Governmental agency mortgage- backed securities |  |  | 4,311.4 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,311.4 |
U.S. corporate debt securities |  |  | 433.5 |  |  |  | 48.3 |  |  |  | 324.7 |  |  |  | 36.2 |  |  |  | 139.5 |  |  |  | 15.5 |  |  |  | 897.7 |
Foreign corporate debt securities |  |  | 210.2 |  |  |  | 47.7 |  |  |  | 195.0 |  |  |  | 44.3 |  |  |  | 35.4 |  |  |  | 8.0 |  |  |  | 440.6 |
|  | $ | 6,706.7 |  |  |  | 89.9 | % |  | $ | 571.9 |  |  |  | 7.7 | % |  | $ | 175.9 |  |  |  | 2.4 | % |  | $ | 7,454.5 |
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 June 30, 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 |  | $ | 113.6 |  |  |  | 100.0 | % |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  | $ | 113.6 |
Municipal bonds |  |  | 1,099.2 |  |  |  | 96.7 |  |  |  | 37.9 |  |  |  | 3.3 |  |  |  | 0.3 |  |  |  | — |  |  |  | 1,137.4 |
Foreign government bonds |  |  | 174.6 |  |  |  | 98.9 |  |  |  | 1.3 |  |  |  | 0.7 |  |  |  | 0.7 |  |  |  | 0.4 |  |  |  | 176.6 |
Governmental agency bonds |  |  | 224.4 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 224.4 |
Governmental agency mortgage- backed securities |  |  | 4,188.8 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,188.8 |
U.S. corporate debt securities |  |  | 410.7 |  |  |  | 52.8 |  |  |  | 286.0 |  |  |  | 36.7 |  |  |  | 81.7 |  |  |  | 10.5 |  |  |  | 778.4 |
Foreign corporate debt securities |  |  | 190.2 |  |  |  | 51.3 |  |  |  | 156.3 |  |  |  | 42.1 |  |  |  | 24.6 |  |  |  | 6.6 |  |  |  | 371.1 |
|  | $ | 6,401.5 |  |  |  | 91.6 | % |  | $ | 481.5 |  |  |  | 6.9 | % |  | $ | 107.3 |  |  |  | 1.5 | % |  | $ | 6,990.3 |

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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 -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-4 + 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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