XML 49 R38.htm IDEA: XBRL DOCUMENT v3.23.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value of Assets Measured on Recurring Basis

The following tables present the fair values of the Company’s assets, measured on a recurring basis, as of June 30, 2023 and December 31, 2022:

(in millions)

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bonds

 

$

124.4

 

 

$

—

 

 

$

124.4

 

 

$

—

 

Municipal bonds

 

 

1,240.0

 

 

 

—

 

 

 

1,240.0

 

 

 

—

 

Foreign government bonds

 

 

215.9

 

 

 

—

 

 

 

215.9

 

 

 

—

 

Governmental agency bonds

 

 

224.5

 

 

 

—

 

 

 

224.5

 

 

 

—

 

Governmental agency mortgage-backed securities

 

 

4,311.4

 

 

 

—

 

 

 

4,311.4

 

 

 

—

 

U.S. corporate debt securities

 

 

897.7

 

 

 

—

 

 

 

897.7

 

 

 

—

 

Foreign corporate debt securities

 

 

440.6

 

 

 

—

 

 

 

440.6

 

 

 

—

 

 

 

 

7,454.5

 

 

 

—

 

 

 

7,454.5

 

 

 

—

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

Common stocks

 

 

419.4

 

 

 

419.4

 

 

 

—

 

 

 

—

 

Preferred stocks

 

 

11.5

 

 

 

11.5

 

 

 

—

 

 

 

—

 

 

 

 

430.9

 

 

 

430.9

 

 

 

—

 

 

 

—

 

Mortgage loans held for sale

 

 

13.7

 

 

 

—

 

 

 

12.5

 

 

 

1.2

 

Total

 

$

7,899.1

 

 

$

430.9

 

 

$

7,467.0

 

 

$

1.2

 

 

(in millions)

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bonds

 

$

302.8

 

 

$

—

 

 

$

302.8

 

 

$

—

 

Municipal bonds

 

 

1,478.7

 

 

 

—

 

 

 

1,478.7

 

 

 

—

 

Foreign government bonds

 

 

193.7

 

 

 

—

 

 

 

193.7

 

 

 

—

 

Governmental agency bonds

 

 

228.6

 

 

 

—

 

 

 

228.6

 

 

 

—

 

Governmental agency mortgage-backed securities

 

 

4,602.4

 

 

 

—

 

 

 

4,602.4

 

 

 

—

 

U.S. corporate debt securities

 

 

921.4

 

 

 

—

 

 

 

921.4

 

 

 

—

 

Foreign corporate debt securities

 

 

442.0

 

 

 

—

 

 

 

442.0

 

 

 

—

 

 

 

 

8,169.6

 

 

 

—

 

 

 

8,169.6

 

 

 

—

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

Common stocks

 

 

268.1

 

 

 

268.1

 

 

 

—

 

 

 

—

 

Preferred stocks

 

 

11.4

 

 

 

11.4

 

 

 

—

 

 

 

—

 

 

 

 

279.5

 

 

 

279.5

 

 

 

—

 

 

 

—

 

Mortgage loans held for sale

 

 

15.9

 

 

 

—

 

 

 

13.9

 

 

 

2.0

 

Total

 

$

8,465.0

 

 

$

279.5

 

 

$

8,183.5

 

 

$

2.0

 
Carrying Amounts and Estimated Fair Values of Financial Instruments Not Measured at Fair Value

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments not measured at fair value as of June 30, 2023 and December 31, 2022:

 

 

Carrying

 

 

Estimated fair value

 

(in millions)

 

Amount

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,245.9

 

 

$

2,245.9

 

 

$

2,245.9

 

 

$

—

 

 

$

—

 

Deposits with banks

 

$

55.9

 

 

$

55.3

 

 

$

4.3

 

 

$

51.0

 

 

$

—

 

Notes receivable, net

 

$

11.2

 

 

$

10.8

 

 

$

—

 

 

$

—

 

 

$

10.8

 

Secured financings receivable

 

$

694.4

 

 

$

694.4

 

 

$

—

 

 

$

694.4

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured financings payable

 

$

585.7

 

 

$

585.7

 

 

$

—

 

 

$

585.7

 

 

$

—

 

Notes and contracts payable

 

$

1,393.3

 

 

$

1,185.4

 

 

$

—

 

 

$

1,182.7

 

 

$

2.7

 

 

 

 

Carrying

 

 

Estimated fair value

 

(in millions)

 

Amount

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,223.5

 

 

$

1,223.5

 

 

$

1,223.5

 

 

$

—

 

 

$

—

 

Deposits with banks

 

$

63.4

 

 

$

62.7

 

 

$

8.5

 

 

$

54.2

 

 

$

—

 

Notes receivable, net

 

$

10.7

 

 

$

10.6

 

 

$

—

 

 

$

—

 

 

$

10.6

 

Secured financings receivable

 

$

422.7

 

 

$

422.7

 

 

$

—

 

 

$

422.7

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured financings payable

 

$

366.3

 

 

$

366.3

 

 

$

—

 

 

$

366.3

 

 

$

—

 

Notes and contracts payable

 

$

1,645.8

 

 

$

1,404.4

 

 

$

—

 

 

$

1,400.6

 

 

$

3.8