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Debt Securities (Tables)

6 Months Ended

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.

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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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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

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-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

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-Topic 326
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-4

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

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