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Debt Securities (Tables)

12 Months Ended

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.

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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

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-Topic 326
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-Name Accounting Standards Codification
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