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INVESTMENTS

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

Our investment portfolio is primarily funded by product premiums from the sale of our TCA F&I products. The amortized cost, gross unrealized gains and losses and estimated fair values of debt securities available-for-sale and other investments measured at net asset value are as follows:

			As of December 31, 2024
			Amortized Cost												Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(In millions)
Short-term investments			$	14.4											$	—					$	—					$	14.4
U.S Treasury			2.6												—						—						2.6
Municipal			10.6												0.1						(0.1)						10.6
Corporate			152.0												0.8						(0.9)						151.9
Mortgage and other asset-backed securities			170.1												0.6						(1.7)						169.1
Total investments			$	349.8											$	1.6					$	(2.7)					$	348.6

			As of December 31, 2023
			Amortized Cost												Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(In millions)
Short-term investments			$	6.3											$	—					$	(0.1)					$	6.2
U.S Treasury			13.6												0.1						(0.1)						13.5
Municipal			30.1												0.2						(0.2)						30.1
Corporate			131.5												1.6						(0.9)						132.2
Mortgage and other asset-backed securities			150.1												1.6						(0.9)						150.9
Total investments			$	331.6											$	3.5					$	(2.2)					$	332.9

As of December 31, 2024 and 2023, the Company had $2.8 million and $2.5 million of accrued interest receivable, respectively, which is included in other current assets on the consolidated balance sheets. The Company does not consider accrued interest receivable in the carrying amount of financial assets held at amortized cost basis or in the allowance for credit losses.

A summary of amortized costs and fair value of investments by time to maturity, is as follows:

			As of December 31, 2024
			Amortized Costs						Fair Value
			(In millions)
Due in 1 year or less			$	14.4					$	14.4
Due in 1-5 years			108.5						108.6
Due in 6-10 years			54.7						54.5
Due after 10 years			2.0						2.0
Total by maturity			179.6						179.5
Mortgage and other asset-backed securities			170.1						169.1
Total investment securities			$	349.8					$	348.6

During the year ended December 31, 2024, we recorded $1.2 million gross gains and $0.6 million gross losses realized related to the sales of available-for-sale debt securities carried at fair value.

During the year ended December 31, 2023, we recorded $0.5 million gross gains and $1.5 million gross losses realized related to the sales of available-for-sale debt securities carried at fair value. During the year ended December 31, 2023, we recorded $3.7 million gross gains and $0.9 million gross losses realized related to the sales of equity securities carried at fair value.

During the year ended December 31, 2022, we recorded $0.1 million gross gains and $2.0 million gross losses realized related to the sales of available-for-sale debt securities carried at fair value. During the year ended December 31, 2022, we recorded $10.1 million gross gains and $3.6 million gross losses realized related to the sales of equity securities carried at fair value.

The following tables summarize the amount of unrealized losses, defined as the amount by which the amortized cost exceeds fair value, and the related fair value of investments with unrealized losses. The investments were segregated into two categories: those that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position of 12 or more months. The reference point for determining how long an investment was in an unrealized loss position was December 31, 2024.

			As of December 31, 2024
			Less than 12 Months												Greater than 12 Months												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
			(In millions)
Short-term investments			$	0.3					$	—					$	3.9					$	—					$	4.1					$	—
U.S Treasury			1.1						—						1.4						—						2.5						—
Municipal			3.4						(0.1)						1.6						—						4.9						(0.1)
Corporate			64.3						(0.5)						26.6						(0.4)						90.9						(0.9)
Mortgage and other asset-backed securities			78.5						(1.0)						26.4						(0.7)						104.9						(1.7)
Total debt securities			$	147.5					$	(1.6)					$	59.8					$	(1.2)					$	207.3					$	(2.7)

			As of December 31, 2023
			Less than 12 Months												Greater than 12 Months												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
			(In millions)
Short-term investments			$	—					$	—					$	6.0					$	(0.1)					$	6.0					$	(0.1)
U.S Treasury			3.4						(0.1)						5.0						(0.1)						8.5						(0.1)
Municipal			6.4						(0.1)						10.4						(0.1)						16.8						(0.2)
Corporate			11.4						(0.1)						48.0						(0.8)						59.4						(0.9)
Mortgage and other asset-backed securities			29.8						(0.4)						33.1						(0.5)						62.9						(0.9)
Total debt securities			$	51.1					$	(0.7)					$	102.5					$	(1.6)					$	153.6					$	(2.2)

The credit loss model applicable to the available-for-sale debt securities, requires the recognition of credit losses through an allowance account, which are recognized once securities become impaired. The Company reviews the investment securities portfolio at the security level on a quarterly basis for potential credit losses, which takes into consideration numerous factors as described in Note 1. The decline in fair value identified in the tables above are a result of widening market spreads and not a result of credit quality. Additionally, the Company has determined it has both the intent and ability to hold these investments until the market price recovers or until maturity and does not believe it will be required to sell the securities before maturity. Accordingly, no credit losses were recognized on these securities during the years ended December 31, 2024, 2023, and 2022

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The entire disclosure for investments in certain debt and equity securities.

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-Name Regulation S-K (SK)
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