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Debt Securities (Tables) | 6 Months Ended
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Jun. 30, 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 |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 163.5 |  |  | $ | 0.1 |  |  | $ | (6.1 | ) |  | $ | 157.5 |
Municipal bonds |  |  | 1,382.3 |  |  |  | 5.9 |  |  |  | (143.2 | ) |  |  | 1,245.0 |
Foreign government bonds |  |  | 223.4 |  |  |  | 0.4 |  |  |  | (10.1 | ) |  |  | 213.7 |
Governmental agency bonds |  |  | 213.7 |  |  |  | — |  |  |  | (13.9 | ) |  |  | 199.8 |
Governmental agency mortgage-backed securities |  |  | 4,315.9 |  |  |  | 1.6 |  |  |  | (575.4 | ) |  |  | 3,742.1 |
U.S. corporate debt securities |  |  | 1,095.7 |  |  |  | 4.0 |  |  |  | (58.1 | ) |  |  | 1,041.6 |
Foreign corporate debt securities |  |  | 498.2 |  |  |  | 3.6 |  |  |  | (20.8 | ) |  |  | 481.0 |
|  | $ | 7,892.7 |  |  | $ | 15.6 |  |  | $ | (827.6 | ) |  | $ | 7,080.7 |
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 |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 94.9 |  |  | $ | (1.6 | ) |  | $ | 55.7 |  |  | $ | (4.5 | ) |  | $ | 150.6 |  |  | $ | (6.1 | )
Municipal bonds |  |  | 99.3 |  |  |  | (1.4 | ) |  |  | 1,010.8 |  |  |  | (141.8 | ) |  |  | 1,110.1 |  |  |  | (143.2 | )
Foreign government bonds |  |  | 57.3 |  |  |  | (0.1 | ) |  |  | 81.8 |  |  |  | (10.0 | ) |  |  | 139.1 |  |  |  | (10.1 | )
Governmental agency bonds |  |  | 82.5 |  |  |  | (0.7 | ) |  |  | 117.3 |  |  |  | (13.2 | ) |  |  | 199.8 |  |  |  | (13.9 | )
Governmental agency mortgage-backed securities |  |  | 363.7 |  |  |  | (3.7 | ) |  |  | 3,283.7 |  |  |  | (571.7 | ) |  |  | 3,647.4 |  |  |  | (575.4 | )
U.S. corporate debt securities |  |  | 161.3 |  |  |  | (1.9 | ) |  |  | 587.9 |  |  |  | (56.2 | ) |  |  | 749.2 |  |  |  | (58.1 | )
Foreign corporate debt securities |  |  | 68.5 |  |  |  | (0.8 | ) |  |  | 250.2 |  |  |  | (20.0 | ) |  |  | 318.7 |  |  |  | (20.8 | )
|  | $ | 927.5 |  |  | $ | (10.2 | ) |  | $ | 5,387.4 |  |  | $ | (817.4 | ) |  | $ | 6,314.9 |  |  | $ | (827.6 | )
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 June 30, 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 |  | $ | 6.7 |  |  | $ | 137.0 |  |  | $ | 4.7 |  |  | $ | 15.1 |  |  | $ | 163.5 |
Estimated fair value |  | $ | 6.7 |  |  | $ | 132.3 |  |  | $ | 4.7 |  |  | $ | 13.8 |  |  | $ | 157.5 |
Municipal bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 13.1 |  |  |  | 403.4 |  |  |  | 462.0 |  |  |  | 503.8 |  |  |  | 1,382.3 |
Estimated fair value |  |  | 12.9 |  |  |  | 370.2 |  |  |  | 393.3 |  |  |  | 468.6 |  |  |  | 1,245.0 |
Foreign government bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 8.9 |  |  |  | 139.2 |  |  |  | 68.7 |  |  |  | 6.6 |  |  |  | 223.4 |
Estimated fair value |  |  | 8.8 |  |  |  | 138.9 |  |  |  | 60.2 |  |  |  | 5.8 |  |  |  | 213.7 |
Governmental agency bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 36.3 |  |  |  | 130.3 |  |  |  | 1.5 |  |  |  | 45.6 |  |  |  | 213.7 |
Estimated fair value |  |  | 35.6 |  |  |  | 126.1 |  |  |  | 1.4 |  |  |  | 36.7 |  |  |  | 199.8 |
U.S. corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 18.7 |  |  |  | 723.7 |  |  |  | 272.6 |  |  |  | 80.7 |  |  |  | 1,095.7 |
Estimated fair value |  |  | 18.6 |  |  |  | 686.5 |  |  |  | 266.5 |  |  |  | 70.0 |  |  |  | 1,041.6 |
Foreign corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 28.7 |  |  |  | 312.5 |  |  |  | 125.0 |  |  |  | 32.0 |  |  |  | 498.2 |
Estimated fair value |  |  | 28.2 |  |  |  | 302.5 |  |  |  | 121.9 |  |  |  | 28.4 |  |  |  | 481.0 |
Total debt securities (excluding mortgage-backed securities) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 112.4 |  |  | $ | 1,846.1 |  |  | $ | 934.5 |  |  | $ | 683.8 |  |  | $ | 3,576.8 |
Estimated fair value |  | $ | 110.8 |  |  | $ | 1,756.5 |  |  | $ | 848.0 |  |  | $ | 623.3 |  |  | $ | 3,338.6 |
Total mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,315.9 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,742.1 |
Total debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,892.7 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,080.7 |
Composition of Debt Securities Portfolio by Credit Rating Agencies | The composition of the debt securities portfolio at June 30, 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 |  | $ | 157.5 |  |  |  | 100.0 | % |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  | $ | 157.5 |
Municipal bonds |  |  | 1,220.9 |  |  |  | 98.1 |  |  |  | 22.4 |  |  |  | 1.8 |  |  |  | 1.7 |  |  |  | 0.1 |  |  |  | 1,245.0 |
Foreign government bonds |  |  | 208.4 |  |  |  | 97.5 |  |  |  | 4.6 |  |  |  | 2.2 |  |  |  | 0.7 |  |  |  | 0.3 |  |  |  | 213.7 |
Governmental agency bonds |  |  | 199.8 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 199.8 |
Governmental agency mortgage- backed securities |  |  | 3,742.1 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,742.1 |
U.S. corporate debt securities |  |  | 494.8 |  |  |  | 47.5 |  |  |  | 386.0 |  |  |  | 37.1 |  |  |  | 160.8 |  |  |  | 15.4 |  |  |  | 1,041.6 |
Foreign corporate debt securities |  |  | 250.9 |  |  |  | 52.1 |  |  |  | 190.8 |  |  |  | 39.7 |  |  |  | 39.3 |  |  |  | 8.2 |  |  |  | 481.0 |
|  | $ | 6,274.4 |  |  |  | 88.6 | % |  | $ | 603.8 |  |  |  | 8.5 | % |  | $ | 202.5 |  |  |  | 2.9 | % |  | $ | 7,080.7 |
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 June 30, 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 |  | $ | 150.6 |  |  |  | 100.0 | % |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  | $ | 150.6 |
Municipal bonds |  |  | 1,092.5 |  |  |  | 98.4 |  |  |  | 17.3 |  |  |  | 1.6 |  |  |  | 0.3 |  |  |  | — |  |  |  | 1,110.1 |
Foreign government bonds |  |  | 137.2 |  |  |  | 98.6 |  |  |  | 1.2 |  |  |  | 0.9 |  |  |  | 0.7 |  |  |  | 0.5 |  |  |  | 139.1 |
Governmental agency bonds |  |  | 199.8 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 199.8 |
Governmental agency mortgage- backed securities |  |  | 3,647.4 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,647.4 |
U.S. corporate debt securities |  |  | 400.7 |  |  |  | 53.5 |  |  |  | 295.5 |  |  |  | 39.4 |  |  |  | 53.0 |  |  |  | 7.1 |  |  |  | 749.2 |
Foreign corporate debt securities |  |  | 184.7 |  |  |  | 58.0 |  |  |  | 117.7 |  |  |  | 36.9 |  |  |  | 16.3 |  |  |  | 5.1 |  |  |  | 318.7 |
|  | $ | 5,812.9 |  |  |  | 92.1 | % |  | $ | 431.7 |  |  |  | 6.8 | % |  | $ | 70.3 |  |  |  | 1.1 | % |  | $ | 6,314.9 |

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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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