XML 44 R37.htm IDEA: XBRL DOCUMENT v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
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 September 30, 2025 and December 31, 2024:

(in millions)

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bonds

 

$

248.9

 

 

$

—

 

 

$

248.9

 

 

$

—

 

Municipal bonds

 

 

910.3

 

 

 

—

 

 

 

910.3

 

 

 

—

 

Foreign government bonds

 

 

223.6

 

 

 

—

 

 

 

223.6

 

 

 

—

 

Governmental agency bonds

 

 

235.7

 

 

 

—

 

 

 

235.7

 

 

 

—

 

Governmental agency mortgage-backed securities

 

 

5,090.6

 

 

 

—

 

 

 

5,090.6

 

 

 

—

 

U.S. corporate debt securities

 

 

1,050.2

 

 

 

—

 

 

 

1,050.2

 

 

 

—

 

Foreign corporate debt securities

 

 

488.9

 

 

 

—

 

 

 

488.9

 

 

 

—

 

 

 

 

8,248.2

 

 

 

—

 

 

 

8,248.2

 

 

 

—

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

Common stocks

 

 

396.8

 

 

 

396.8

 

 

 

—

 

 

 

—

 

Preferred stocks

 

 

10.4

 

 

 

10.4

 

 

 

—

 

 

 

—

 

 

 

 

407.2

 

 

 

407.2

 

 

 

—

 

 

 

—

 

Total

 

$

8,655.4

 

 

$

407.2

 

 

$

8,248.2

 

 

$

—

 

 

 

(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

 

 

$

—

 
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 September 30, 2025 and December 31, 2024:

 

 

Carrying

 

 

Estimated fair value

 

(in millions)

 

Amount

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,911.5

 

 

$

2,911.5

 

 

$

2,911.5

 

 

$

—

 

 

$

—

 

Deposits with banks

 

$

80.0

 

 

$

79.7

 

 

$

12.9

 

 

$

66.8

 

 

$

—

 

Notes receivable, net

 

$

38.6

 

 

$

39.3

 

 

$

—

 

 

$

—

 

 

$

39.3

 

Secured financings receivable

 

$

1,171.0

 

 

$

1,171.0

 

 

$

—

 

 

$

1,171.0

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured financings payable

 

$

1,078.4

 

 

$

1,078.4

 

 

$

—

 

 

$

1,078.4

 

 

$

—

 

Notes and contracts payable

 

$

1,545.5

 

 

$

1,459.3

 

 

$

—

 

 

$

1,450.9

 

 

$

8.4

 

 

 

 

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