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Debt Securities (Tables) | 9 Months Ended
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Sep. 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 |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 191.8 |  |  | $ | 1.6 |  |  | $ | (3.0 | ) |  | $ | 190.4 |
Municipal bonds |  |  | 777.2 |  |  |  | 9.5 |  |  |  | (55.3 | ) |  |  | 731.4 |
Foreign government bonds |  |  | 230.7 |  |  |  | 2.5 |  |  |  | (6.6 | ) |  |  | 226.6 |
Governmental agency bonds |  |  | 229.6 |  |  |  | 0.1 |  |  |  | (7.7 | ) |  |  | 222.0 |
Governmental agency mortgage-backed securities |  |  | 4,468.8 |  |  |  | 23.0 |  |  |  | (205.9 | ) |  |  | 4,285.9 |
U.S. corporate debt securities |  |  | 865.2 |  |  |  | 15.4 |  |  |  | (16.1 | ) |  |  | 864.5 |
Foreign corporate debt securities |  |  | 493.4 |  |  |  | 9.8 |  |  |  | (8.7 | ) |  |  | 494.5 |
|  | $ | 7,256.7 |  |  | $ | 61.9 |  |  | $ | (303.3 | ) |  | $ | 7,015.3 |
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 |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 1.3 |  |  | $ | — |  |  | $ | 57.9 |  |  | $ | (3.0 | ) |  | $ | 59.2 |  |  | $ | (3.0 | )
Municipal bonds |  |  | 49.7 |  |  |  | (0.2 | ) |  |  | 455.5 |  |  |  | (55.1 | ) |  |  | 505.2 |  |  |  | (55.3 | )
Foreign government bonds |  |  | 10.4 |  |  |  | — |  |  |  | 78.2 |  |  |  | (6.6 | ) |  |  | 88.6 |  |  |  | (6.6 | )
Governmental agency bonds |  |  | 172.8 |  |  |  | (0.4 | ) |  |  | 40.4 |  |  |  | (7.3 | ) |  |  | 213.2 |  |  |  | (7.7 | )
Governmental agency mortgage-backed securities |  |  | 1,351.7 |  |  |  | (9.7 | ) |  |  | 1,419.2 |  |  |  | (196.2 | ) |  |  | 2,770.9 |  |  |  | (205.9 | )
U.S. corporate debt securities |  |  | 189.5 |  |  |  | (0.7 | ) |  |  | 140.9 |  |  |  | (15.4 | ) |  |  | 330.4 |  |  |  | (16.1 | )
Foreign corporate debt securities |  |  | 68.4 |  |  |  | (0.5 | ) |  |  | 140.6 |  |  |  | (8.2 | ) |  |  | 209.0 |  |  |  | (8.7 | )
|  | $ | 1,843.8 |  |  | $ | (11.5 | ) |  | $ | 2,332.7 |  |  | $ | (291.8 | ) |  | $ | 4,176.5 |  |  | $ | (303.3 | )
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 September 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 |  | $ | 40.6 |  |  | $ | 133.8 |  |  | $ | 4.7 |  |  | $ | 12.7 |  |  | $ | 191.8 |
Estimated fair value |  | $ | 40.4 |  |  | $ | 132.7 |  |  | $ | 4.9 |  |  | $ | 12.4 |  |  | $ | 190.4 |
Municipal bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 8.6 |  |  |  | 52.2 |  |  |  | 231.6 |  |  |  | 484.8 |  |  |  | 777.2 |
Estimated fair value |  |  | 8.6 |  |  |  | 50.9 |  |  |  | 207.7 |  |  |  | 464.2 |  |  |  | 731.4 |
Foreign government bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 17.0 |  |  |  | 136.7 |  |  |  | 70.3 |  |  |  | 6.7 |  |  |  | 230.7 |
Estimated fair value |  |  | 16.9 |  |  |  | 138.8 |  |  |  | 64.8 |  |  |  | 6.1 |  |  |  | 226.6 |
Governmental agency bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 8.5 |  |  |  | 76.4 |  |  |  | 99.8 |  |  |  | 44.9 |  |  |  | 229.6 |
Estimated fair value |  |  | 8.5 |  |  |  | 76.4 |  |  |  | 99.3 |  |  |  | 37.8 |  |  |  | 222.0 |
U.S. corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 13.6 |  |  |  | 495.3 |  |  |  | 272.0 |  |  |  | 84.3 |  |  |  | 865.2 |
Estimated fair value |  |  | 13.6 |  |  |  | 497.7 |  |  |  | 275.0 |  |  |  | 78.2 |  |  |  | 864.5 |
Foreign corporate debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 34.2 |  |  |  | 299.7 |  |  |  | 129.7 |  |  |  | 29.8 |  |  |  | 493.4 |
Estimated fair value |  |  | 34.0 |  |  |  | 301.9 |  |  |  | 130.8 |  |  |  | 27.8 |  |  |  | 494.5 |
Total debt securities (excluding mortgage-backed securities) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 122.5 |  |  | $ | 1,194.1 |  |  | $ | 808.1 |  |  | $ | 663.2 |  |  | $ | 2,787.9 |
Estimated fair value |  | $ | 122.0 |  |  | $ | 1,198.4 |  |  | $ | 782.5 |  |  | $ | 626.5 |  |  | $ | 2,729.4 |
Total mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,468.8 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,285.9 |
Total debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,256.7 |
Estimated fair value |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,015.3 |
Composition of Debt Securities Portfolio by Credit Rating Agencies | The composition of the debt securities portfolio at September 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 |  | $ | 190.4 |  |  |  | 100.0 | % |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  | $ | 190.4 |
Municipal bonds |  |  | 708.9 |  |  |  | 97.0 |  |  |  | 20.8 |  |  |  | 2.8 |  |  |  | 1.7 |  |  |  | 0.2 |  |  |  | 731.4 |
Foreign government bonds |  |  | 221.0 |  |  |  | 97.5 |  |  |  | 4.8 |  |  |  | 2.1 |  |  |  | 0.8 |  |  |  | 0.4 |  |  |  | 226.6 |
Governmental agency bonds |  |  | 222.0 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 222.0 |
Governmental agency mortgage- backed securities |  |  | 4,285.9 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,285.9 |
U.S. corporate debt securities |  |  | 384.4 |  |  |  | 44.4 |  |  |  | 325.7 |  |  |  | 37.7 |  |  |  | 154.4 |  |  |  | 17.9 |  |  |  | 864.5 |
Foreign corporate debt securities |  |  | 256.5 |  |  |  | 51.9 |  |  |  | 194.4 |  |  |  | 39.3 |  |  |  | 43.6 |  |  |  | 8.8 |  |  |  | 494.5 |
|  | $ | 6,269.1 |  |  |  | 89.3 | % |  | $ | 545.7 |  |  |  | 7.8 | % |  | $ | 200.5 |  |  |  | 2.9 | % |  | $ | 7,015.3 |
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 September 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 |  | $ | 59.2 |  |  |  | 100.0 | % |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  | $ | 59.2 |
Municipal bonds |  |  | 489.2 |  |  |  | 96.8 |  |  |  | 15.7 |  |  |  | 3.1 |  |  |  | 0.3 |  |  |  | 0.1 |  |  |  | 505.2 |
Foreign government bonds |  |  | 86.5 |  |  |  | 97.6 |  |  |  | 1.3 |  |  |  | 1.5 |  |  |  | 0.8 |  |  |  | 0.9 |  |  |  | 88.6 |
Governmental agency bonds |  |  | 213.2 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 213.2 |
Governmental agency mortgage- backed securities |  |  | 2,770.9 |  |  |  | 100.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,770.9 |
U.S. corporate debt securities |  |  | 154.5 |  |  |  | 46.8 |  |  |  | 136.9 |  |  |  | 41.4 |  |  |  | 39.0 |  |  |  | 11.8 |  |  |  | 330.4 |
Foreign corporate debt securities |  |  | 118.6 |  |  |  | 56.7 |  |  |  | 77.5 |  |  |  | 37.1 |  |  |  | 12.9 |  |  |  | 6.2 |  |  |  | 209.0 |
|  | $ | 3,892.1 |  |  |  | 93.2 | % |  | $ | 231.4 |  |  |  | 5.5 | % |  | $ | 53.0 |  |  |  | 1.3 | % |  | $ | 4,176.5 |

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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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