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Equity Securities | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Equity Securities | NOTE 4. Equity Securities: Investments in equity securities, by accounting classification, are summarized as follows:
|  | December 31, |
(in millions) |  | 2023 |  |  | 2022 |
Marketable equity securities |  | $ | 436.9 |  |  | $ | 279.5 |
Non-marketable equity securities |  |  | 224.1 |  |  |  | 395.8 |
Equity method investments |  |  | 74.6 |  |  |  | 78.9 |
|  | $ | 735.6 |  |  | $ | 754.2 |
Investments in marketable equity securities are summarized as follows:
(in millions) |  | Cost |  |  | Unrealized losses |  |  | Estimated fair value |
December 31, 2023 |  |  |  |  |  |  |  |  |
Common stocks |  | $ | 429.4 |  |  | $ | (4.9 | ) |  | $ | 424.5 |
Preferred stocks |  |  | 15.7 |  |  |  | (3.3 | ) |  |  | 12.4 |
|  | $ | 445.1 |  |  | $ | (8.2 | ) |  | $ | 436.9 |
December 31, 2022 |  |  |  |  |  |  |  |  |
Common stocks |  | $ | 323.7 |  |  | $ | (55.6 | ) |  | $ | 268.1 |
Preferred stocks |  |  | 15.3 |  |  |  | (3.9 | ) |  |  | 11.4 |
|  | $ | 339.0 |  |  | $ | (59.5 | ) |  | $ | 279.5 |
Net gains of $54.9 million and net losses of $262.5 million resulting from changes in the fair values of marketable equity securities were recognized for the years ended December 31, 2023 and 2022, respectively, which included net unrealized gains of $51.2 million and net unrealized losses of $237.2 million on securities still held at December 31, 2023 and 2022, respectively. Included in net losses/gains during the years ended December 31, 2023 and 2022 were unrealized gains of $12.7 million and unrealized losses of $190.9 million, respectively, related to the Company's investment in Offerpad Solutions Inc. ("Offerpad"), a tech-enabled real estate company. During the year ended December 31, 2023, the Company paid $25.0 million to purchase additional shares of Offerpad common stock. The cost and fair values of the Company’s investment in Offerpad at December 31, 2023 totaled $110.0 million and $52.5 million, respectively, and, at December 31, 2022, totaled $85.0 million and $14.8 million, respectively. A summary of the changes in the carrying amount of non-marketable equity securities for the years ended December 31, 2023 and 2022, is as follows:
|  | Year ended December 31, |
(in millions) |  | 2023 |  |  | 2022 |
Carrying amount, beginning of period |  | $ | 395.8 |  |  | $ | 441.3 |
Net (sales) additions |  |  | (4.0 | ) |  |  | 91.8 |
Gross unrealized gains |  |  | 1.5 |  |  |  | 16.1 |
Gross unrealized losses and impairments |  |  | (169.2 | ) |  |  | (153.4 | )
Carrying amount, end of period |  | $ | 224.1 |  |  | $ | 395.8 |
Cumulative unrealized losses and impairment charges and cumulative unrealized gains related to the Company's non-marketable equity securities totaled $322.4 million and $243.3 million, respectively, at December 31, 2023, and $153.2 million and $241.8 million, respectively, at December 31, 2022. Also, during the year ended December 31, 2022, the Company realized a gain of $51.1 million and cash proceeds of $63.0 million related to the sale of an investment in a title insurance business.

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