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Debt Securities (Tables) | 3 Months Ended
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Mar. 31, 2024
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 |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 163.1 |  |  | $ | — |  |  | $ | (5.9 | ) |  | $ | 157.2 |
Municipal bonds |  |  | 1,381.2 |  |  |  | 7.1 |  |  |  | (139.0 | ) |  |  | 1,249.3 |
Foreign government bonds |  |  | 209.9 |  |  |  | 0.2 |  |  |  | (10.7 | ) |  |  | 199.4 |
Governmental agency bonds |  |  | 214.3 |  |  |  | — |  |  |  | (13.9 | ) |  |  | 200.4 |
Governmental agency mortgage-backed securities |  |  | 4,316.7 |  |  |  | 2.2 |  |  |  | (573.0 | ) |  |  | 3,745.9 |
U.S. corporate debt securities |  |  | 1,075.4 |  |  |  | 4.4 |  |  |  | (58.6 | ) |  |  | 1,021.2 |
Foreign corporate debt securities |  |  | 498.4 |  |  |  | 4.0 |  |  |  | (21.4 | ) |  |  | 481.0 |
|  | $ | 7,859.0 |  |  | $ | 17.9 |  |  | $ | (822.5 | ) |  | $ | 7,054.4 |
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 |
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 |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 101.2 |  |  | $ | (1.3 | ) |  | $ | 50.4 |  |  | $ | (4.6 | ) |  | $ | 151.6 |  |  | $ | (5.9 | )
Municipal bonds |  |  | 133.1 |  |  |  | (1.5 | ) |  |  | 970.8 |  |  |  | (137.5 | ) |  |  | 1,103.9 |  |  |  | (139.0 | )
Foreign government bonds |  |  | 68.3 |  |  |  | (0.2 | ) |  |  | 96.1 |  |  |  | (10.5 | ) |  |  | 164.4 |  |  |  | (10.7 | )
Governmental agency bonds |  |  | 83.0 |  |  |  | (0.6 | ) |  |  | 117.4 |  |  |  | (13.3 | ) |  |  | 200.4 |  |  |  | (13.9 | )
Governmental agency mortgage-backed securities |  |  | 490.3 |  |  |  | (15.4 | ) |  |  | 3,103.7 |  |  |  | (557.6 | ) |  |  | 3,594.0 |  |  |  | (573.0 | )
U.S. corporate debt securities |  |  | 127.1 |  |  |  | (1.6 | ) |  |  | 598.1 |  |  |  | (57.0 | ) |  |  | 725.2 |  |  |  | (58.6 | )
Foreign corporate debt securities |  |  | 64.8 |  |  |  | (0.6 | ) |  |  | 257.7 |  |  |  | (20.8 | ) |  |  | 322.5 |  |  |  | (21.4 | )
|  | $ | 1,067.8 |  |  | $ | (21.2 | ) |  | $ | 5,194.2 |  |  | $ | (801.3 | ) |  | $ | 6,262.0 |  |  | $ | (822.5 | )
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 | )
Investments in Debt Securities by Contractual Maturity | Investments in debt securities at March 31, 2024, 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 |  | $ | 5.7 |  |  | $ | 136.9 |  |  | $ | 0.4 |  |  | $ | 20.1 |  |  | $ | 163.1 |
Estimated fair value |  | $ | 5.7 |  |  | $ | 132.1 |  |  | $ | 0.3 |  |  | $ | 19.1 |  |  | $ | 157.2 |
Municipal bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 12.6 |  |  |  | 382.4 |  |  |  | 478.4 |  |  |  | 507.8 |  |  |  | 1,381.2 |
Estimated fair value |  |  | 12.5 |  |  |  | 351.1 |  |  |  | 413.1 |  |  |  | 472.6 |  |  |  | 1,249.3 |
Foreign government bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 31.2 |  |  |  | 104.5 |  |  |  | 67.5 |  |  |  | 6.7 |  |  |  | 209.9 |
Estimated fair value |  |  | 31.0 |  |  |  | 103.8 |  |  |  | 58.6 |  |  |  | 6.0 |  |  |  | 199.4 |
Governmental agency bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | — |  |  |  | 166.6 |  |  |  | 1.6 |  |  |  | 46.1 |  |  |  | 214.3 |
Estimated fair value |  |  | — |  |  |  | 161.6 |  |  |  | 1.5 |  |  |  | 37.3 |  |  |  | 200.4 |
U.S. corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 13.9 |  |  |  | 732.1 |  |  |  | 245.6 |  |  |  | 83.8 |  |  |  | 1,075.4 |
Estimated fair value |  |  | 13.8 |  |  |  | 693.1 |  |  |  | 239.8 |  |  |  | 74.5 |  |  |  | 1,021.2 |
Foreign corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 31.9 |  |  |  | 313.5 |  |  |  | 121.2 |  |  |  | 31.8 |  |  |  | 498.4 |
Estimated fair value |  |  | 31.3 |  |  |  | 302.6 |  |  |  | 118.5 |  |  |  | 28.6 |  |  |  | 481.0 |
Total debt securities (excluding mortgage-backed securities) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 95.3 |  |  | $ | 1,836.0 |  |  | $ | 914.7 |  |  | $ | 696.3 |  |  | $ | 3,542.3 |
Estimated fair value |  | $ | 94.3 |  |  | $ | 1,744.3 |  |  | $ | 831.8 |  |  | $ | 638.1 |  |  | $ | 3,308.5 |
Total mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,316.7 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,745.9 |
Total debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,859.0 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,054.4 |
Composition of Debt Securities Portfolio by Credit Rating Agencies | The composition of the debt securities portfolio at March 31, 2024, 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 |  | $ | 157.2 |  |  |  | 100.0 | % |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  | $ | 157.2 |
Municipal bonds |  |  | 1,223.0 |  |  |  | 97.9 |  |  |  | 24.6 |  |  |  | 2.0 |  |  |  | 1.7 |  |  |  | 0.1 |  |  |  | 1,249.3 |
Foreign government bonds |  |  | 193.9 |  |  |  | 97.2 |  |  |  | 4.7 |  |  |  | 2.4 |  |  |  | 0.8 |  |  |  | 0.4 |  |  |  | 199.4 |
Governmental agency bonds |  |  | 200.4 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 200.4 |
Governmental agency mortgage- backed securities |  |  | 3,745.9 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,745.9 |
U.S. corporate debt securities |  |  | 492.0 |  |  |  | 48.1 |  |  |  | 380.5 |  |  |  | 37.3 |  |  |  | 148.7 |  |  |  | 14.6 |  |  |  | 1,021.2 |
Foreign corporate debt securities |  |  | 251.9 |  |  |  | 52.3 |  |  |  | 193.2 |  |  |  | 40.2 |  |  |  | 35.9 |  |  |  | 7.5 |  |  |  | 481.0 |
|  | $ | 6,264.3 |  |  |  | 88.8 | % |  | $ | 603.0 |  |  |  | 8.5 | % |  | $ | 187.1 |  |  |  | 2.7 | % |  | $ | 7,054.4 |
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 March 31, 2024, 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 |  | $ | 151.6 |  |  |  | 100.0 | % |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  | $ | 151.6 |
Municipal bonds |  |  | 1,084.3 |  |  |  | 98.3 |  |  |  | 19.3 |  |  |  | 1.7 |  |  |  | 0.3 |  |  |  | — |  |  |  | 1,103.9 |
Foreign government bonds |  |  | 162.3 |  |  |  | 98.7 |  |  |  | 1.3 |  |  |  | 0.8 |  |  |  | 0.8 |  |  |  | 0.5 |  |  |  | 164.4 |
Governmental agency bonds |  |  | 200.4 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 200.4 |
Governmental agency mortgage- backed securities |  |  | 3,594.0 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,594.0 |
U.S. corporate debt securities |  |  | 394.5 |  |  |  | 54.4 |  |  |  | 273.8 |  |  |  | 37.8 |  |  |  | 56.9 |  |  |  | 7.8 |  |  |  | 725.2 |
Foreign corporate debt securities |  |  | 188.3 |  |  |  | 58.4 |  |  |  | 116.2 |  |  |  | 36.0 |  |  |  | 18.0 |  |  |  | 5.6 |  |  |  | 322.5 |
|  | $ | 5,775.4 |  |  |  | 92.2 | % |  | $ | 410.6 |  |  |  | 6.6 | % |  | $ | 76.0 |  |  |  | 1.2 | % |  | $ | 6,262.0 |

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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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