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Debt Securities (Tables)

9 Months Ended

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.

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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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
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-Name Accounting Standards Codification
-Section 55
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