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Debt Securities (Tables) | 12 Months Ended
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Dec. 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 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 203.3 |  |  | $ | 0.5 |  |  | $ | (4.5 | ) |  | $ | 199.3 |
Municipal bonds |  |  | 1,373.7 |  |  |  | 8.8 |  |  |  | (136.7 | ) |  |  | 1,245.8 |
Foreign government bonds |  |  | 228.4 |  |  |  | 1.4 |  |  |  | (10.5 | ) |  |  | 219.3 |
Governmental agency bonds |  |  | 207.7 |  |  |  | 0.2 |  |  |  | (12.5 | ) |  |  | 195.4 |
Governmental agency mortgage-backed securities |  |  | 4,396.2 |  |  |  | 6.3 |  |  |  | (526.8 | ) |  |  | 3,875.7 |
U.S. corporate debt securities |  |  | 1,007.0 |  |  |  | 6.6 |  |  |  | (55.2 | ) |  |  | 958.4 |
Foreign corporate debt securities |  |  | 478.9 |  |  |  | 5.8 |  |  |  | (21.1 | ) |  |  | 463.6 |
|  | $ | 7,895.2 |  |  | $ | 29.6 |  |  | $ | (767.3 | ) |  | $ | 7,157.5 |
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 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 8.2 |  |  | $ | (0.1 | ) |  | $ | 55.4 |  |  | $ | (4.4 | ) |  | $ | 63.6 |  |  | $ | (4.5 | )
Municipal bonds |  |  | 107.4 |  |  |  | (0.9 | ) |  |  | 956.8 |  |  |  | (135.8 | ) |  |  | 1,064.2 |  |  |  | (136.7 | )
Foreign government bonds |  |  | 33.3 |  |  |  | (0.1 | ) |  |  | 101.4 |  |  |  | (10.4 | ) |  |  | 134.7 |  |  |  | (10.5 | )
Governmental agency bonds |  |  | 0.4 |  |  |  | — |  |  |  | 118.9 |  |  |  | (12.5 | ) |  |  | 119.3 |  |  |  | (12.5 | )
Governmental agency mortgage-backed securities |  |  | 338.3 |  |  |  | (6.6 | ) |  |  | 3,225.3 |  |  |  | (520.2 | ) |  |  | 3,563.6 |  |  |  | (526.8 | )
U.S. corporate debt securities |  |  | 45.1 |  |  |  | (0.4 | ) |  |  | 602.5 |  |  |  | (54.8 | ) |  |  | 647.6 |  |  |  | (55.2 | )
Foreign corporate debt securities |  |  | 19.3 |  |  |  | (0.1 | ) |  |  | 267.3 |  |  |  | (21.0 | ) |  |  | 286.6 |  |  |  | (21.1 | )
|  | $ | 552.0 |  |  | $ | (8.2 | ) |  | $ | 5,327.6 |  |  | $ | (759.1 | ) |  | $ | 5,879.6 |  |  | $ | (767.3 | )
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 December 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 |  | $ | 39.1 |  |  | $ | 147.0 |  |  | $ | 0.4 |  |  | $ | 16.8 |  |  | $ | 203.3 |
Estimated fair value |  | $ | 39.1 |  |  | $ | 143.3 |  |  | $ | 0.4 |  |  | $ | 16.5 |  |  | $ | 199.3 |
Municipal bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 9.8 |  |  |  | 361.8 |  |  |  | 509.9 |  |  |  | 492.2 |  |  |  | 1,373.7 |
Estimated fair value |  |  | 9.7 |  |  |  | 333.5 |  |  |  | 444.2 |  |  |  | 458.4 |  |  |  | 1,245.8 |
Foreign government bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 51.5 |  |  |  | 97.8 |  |  |  | 70.5 |  |  |  | 8.6 |  |  |  | 228.4 |
Estimated fair value |  |  | 51.3 |  |  |  | 98.1 |  |  |  | 62.4 |  |  |  | 7.5 |  |  |  | 219.3 |
Governmental agency bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | — |  |  |  | 154.4 |  |  |  | 6.6 |  |  |  | 46.7 |  |  |  | 207.7 |
Estimated fair value |  |  | — |  |  |  | 150.8 |  |  |  | 6.1 |  |  |  | 38.5 |  |  |  | 195.4 |
U.S. corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 10.5 |  |  |  | 696.3 |  |  |  | 224.7 |  |  |  | 75.5 |  |  |  | 1,007.0 |
Estimated fair value |  |  | 10.4 |  |  |  | 659.5 |  |  |  | 220.6 |  |  |  | 67.9 |  |  |  | 958.4 |
Foreign corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 21.7 |  |  |  | 302.3 |  |  |  | 117.8 |  |  |  | 37.1 |  |  |  | 478.9 |
Estimated fair value |  |  | 21.3 |  |  |  | 291.7 |  |  |  | 116.4 |  |  |  | 34.2 |  |  |  | 463.6 |
Total debt securities, excluding mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 132.6 |  |  | $ | 1,759.6 |  |  | $ | 929.9 |  |  | $ | 676.9 |  |  | $ | 3,499.0 |
Estimated fair value |  | $ | 131.8 |  |  | $ | 1,676.9 |  |  | $ | 850.1 |  |  | $ | 623.0 |  |  | $ | 3,281.8 |
Total mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,396.2 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,875.7 |
Total debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,895.2 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,157.5 |
Composition of Debt Securities Portfolio by Credit Rating Agencies | The composition of the debt securities portfolio at December 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 |  | $ | 199.3 |  |  |  | 100.0 | % |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  | $ | 199.3 |
Municipal bonds |  |  | 1,218.3 |  |  |  | 97.8 |  |  |  | 25.8 |  |  |  | 2.1 |  |  |  | 1.7 |  |  |  | 0.1 |  |  |  | 1,245.8 |
Foreign government bonds |  |  | 213.7 |  |  |  | 97.4 |  |  |  | 4.8 |  |  |  | 2.2 |  |  |  | 0.8 |  |  |  | 0.4 |  |  |  | 219.3 |
Governmental agency bonds |  |  | 195.4 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 195.4 |
Governmental agency mortgage-backed securities |  |  | 3,875.7 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,875.7 |
U.S. corporate debt securities |  |  | 467.3 |  |  |  | 48.7 |  |  |  | 347.6 |  |  |  | 36.3 |  |  |  | 143.5 |  |  |  | 15.0 |  |  |  | 958.4 |
Foreign corporate debt securities |  |  | 242.9 |  |  |  | 52.4 |  |  |  | 187.5 |  |  |  | 40.4 |  |  |  | 33.2 |  |  |  | 7.2 |  |  |  | 463.6 |
|  | $ | 6,412.6 |  |  |  | 89.6 | % |  | $ | 565.7 |  |  |  | 7.9 | % |  | $ | 179.2 |  |  |  | 2.5 | % |  | $ | 7,157.5 |
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 December 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 |  | $ | 63.6 |  |  |  | 100.0 | % |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  | $ | 63.6 |
Municipal bonds |  |  | 1,046.8 |  |  |  | 98.4 |  |  |  | 17.1 |  |  |  | 1.6 |  |  |  | 0.3 |  |  |  | — |  |  |  | 1,064.2 |
Foreign government bonds |  |  | 132.6 |  |  |  | 98.4 |  |  |  | 1.3 |  |  |  | 1.0 |  |  |  | 0.8 |  |  |  | 0.6 |  |  |  | 134.7 |
Governmental agency bonds |  |  | 119.3 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 119.3 |
Governmental agency mortgage-backed securities |  |  | 3,563.6 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,563.6 |
U.S. corporate debt securities |  |  | 364.4 |  |  |  | 56.3 |  |  |  | 229.4 |  |  |  | 35.4 |  |  |  | 53.8 |  |  |  | 8.3 |  |  |  | 647.6 |
Foreign corporate debt securities |  |  | 168.0 |  |  |  | 58.7 |  |  |  | 104.7 |  |  |  | 36.5 |  |  |  | 13.9 |  |  |  | 4.8 |  |  |  | 286.6 |
|  | $ | 5,458.3 |  |  |  | 92.8 | % |  | $ | 352.5 |  |  |  | 6.0 | % |  | $ | 68.8 |  |  |  | 1.2 | % |  | $ | 5,879.6 |

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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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