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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Fair Value of Assets Measured on Recurring Basis | The following tables present the fair values of the Company’s assets, measured on a recurring basis, as of December 31, 2024 and 2023:
(in millions) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 175.6 |  |  | $ | — |  |  | $ | 175.6 |  |  | $ | — |
Municipal bonds |  |  | 776.5 |  |  |  | — |  |  |  | 776.5 |  |  |  | — |
Foreign government bonds |  |  | 211.6 |  |  |  | — |  |  |  | 211.6 |  |  |  | — |
Governmental agency bonds |  |  | 189.8 |  |  |  | — |  |  |  | 189.8 |  |  |  | — |
Governmental agency mortgage-backed securities |  |  | 4,502.3 |  |  |  | — |  |  |  | 4,502.3 |  |  |  | — |
U.S. corporate debt securities |  |  | 925.6 |  |  |  | — |  |  |  | 925.6 |  |  |  | — |
Foreign corporate debt securities |  |  | 484.5 |  |  |  | — |  |  |  | 484.5 |  |  |  | — |
|  |  | 7,265.9 |  |  |  | — |  |  |  | 7,265.9 |  |  |  | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Common stocks |  |  | 374.7 |  |  |  | 374.7 |  |  |  | — |  |  |  | — |
Preferred stocks |  |  | 12.1 |  |  |  | 12.1 |  |  |  | — |  |  |  | — |
|  |  | 386.8 |  |  |  | 386.8 |  |  |  | — |  |  |  | — |
Total |  | $ | 7,652.7 |  |  | $ | 386.8 |  |  | $ | 7,265.9 |  |  | $ | — |
(in millions) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds |  | $ | 199.3 |  |  | $ | — |  |  | $ | 199.3 |  |  | $ | — |
Municipal bonds |  |  | 1,245.8 |  |  |  | — |  |  |  | 1,245.8 |  |  |  | — |
Foreign government bonds |  |  | 219.3 |  |  |  | — |  |  |  | 219.3 |  |  |  | — |
Governmental agency bonds |  |  | 195.4 |  |  |  | — |  |  |  | 195.4 |  |  |  | — |
Governmental agency mortgage-backed securities |  |  | 3,875.7 |  |  |  | — |  |  |  | 3,875.7 |  |  |  | — |
U.S. corporate debt securities |  |  | 958.4 |  |  |  | — |  |  |  | 958.4 |  |  |  | — |
Foreign corporate debt securities |  |  | 463.6 |  |  |  | — |  |  |  | 463.6 |  |  |  | — |
|  |  | 7,157.5 |  |  |  | — |  |  |  | 7,157.5 |  |  |  | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Common stocks |  |  | 424.5 |  |  |  | 424.5 |  |  |  | — |  |  |  | — |
Preferred stocks |  |  | 12.4 |  |  |  | 12.4 |  |  |  | — |  |  |  | — |
|  |  | 436.9 |  |  |  | 436.9 |  |  |  | — |  |  |  | — |
Mortgage loans held for sale |  |  | 13.1 |  |  |  | — |  |  |  | 11.8 |  |  |  | 1.3 |
Total |  | $ | 7,607.5 |  |  | $ | 436.9 |  |  | $ | 7,169.3 |  |  | $ | 1.3 |
Carrying Amounts and Estimated Fair Values of Financial Instruments Not Measured at Fair Value | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments not measured at fair value as of December 31, 2024 and 2023:
|  | Carrying |  |  | Estimated fair value |
(in millions) |  | Amount |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,718.1 |  |  | $ | 1,718.1 |  |  | $ | 1,718.1 |  |  | $ | — |  |  | $ | — |
Deposits with banks |  | $ | 85.4 |  |  | $ | 85.3 |  |  | $ | 20.7 |  |  | $ | 64.6 |  |  | $ | — |
Notes receivable, net |  | $ | 34.4 |  |  | $ | 34.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 34.6 |
Secured financings receivable |  | $ | 690.0 |  |  | $ | 690.0 |  |  | $ | — |  |  | $ | 690.0 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured financings payable |  | $ | 643.8 |  |  | $ | 643.8 |  |  | $ | — |  |  | $ | 643.8 |  |  | $ | — |
Notes and contracts payable |  | $ | 1,546.6 |  |  | $ | 1,399.4 |  |  | $ | — |  |  | $ | 1,388.4 |  |  | $ | 11.0 |
|  | Carrying |  |  | Estimated fair value |
(in millions) |  | Amount |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3,605.3 |  |  | $ | 3,605.3 |  |  | $ | 3,605.3 |  |  | $ | — |  |  | $ | — |
Deposits with banks |  | $ | 55.8 |  |  | $ | 55.6 |  |  | $ | 4.0 |  |  | $ | 51.6 |  |  | $ | — |
Notes receivable, net |  | $ | 22.4 |  |  | $ | 23.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 23.2 |
Secured financings receivable |  | $ | 636.5 |  |  | $ | 636.5 |  |  | $ | — |  |  | $ | 636.5 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured financings payable |  | $ | 553.3 |  |  | $ | 553.3 |  |  | $ | — |  |  | $ | 553.3 |  |  | $ | — |
Notes and contracts payable |  | $ | 1,393.9 |  |  | $ | 1,219.6 |  |  | $ | — |  |  | $ | 1,215.4 |  |  | $ | 4.2 |
Assets measured at fair value on a non-recurring basis
|  | Estimated fair value (3) |
(in millions) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Non-marketable equity securities (1) |  | $ | 23.4 |  |  | $ | — |  |  | $ | 5.1 |  |  | $ | 18.3 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Non-marketable equity securities (2) |  | $ | 95.1 |  |  | $ | — |  |  | $ | 56.5 |  |  | $ | 38.6 |
(1) Excludes $179.0 million of non-marketable equity securities for which no observable price changes or impairment charges occurred during the year. (2) Excludes $129.0 million of non-marketable equity securities for which no observable price changes or impairment charges occurred during the year. (3) Estimated fair values were determined during the year as of the dates that either an observable transaction occurred or an impairment assessment was made.
Summary of Valuation Techniques and Significant Unobservable Inputs Used in Measuring Fair Value of Non-Marketable Equity Securities |
(in millions) |  | Fair Value |  |  | Approach |  | Input |  | Range |  | Weighted Average (1)
Non-marketable equity securities |  | $ | 18.3 |  |  | Market |  | Revenue Multiple |  | 12.2-12.3 |  | 12.2
(1) Weighted average is calculated based on the fair values of the non-marketable equity securities.

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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