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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2021
Fair Value Disclosures [Abstract] |
Schedule of fair value | The following tables provide information about our financial assets measured and reported at fair value as of March 31, 2021 and December 31, 2020:
| March 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
| (dollars in millions)
Assets |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |
U.S. Treasury securities and agencies | $ | 16.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 16.0 |
Municipal securities | — |  |  | 20.5 |  |  | — |  |  | 20.5 |
Corporate debt securities | — |  |  | 51.7 |  |  | — |  |  | 51.7 |
Residential mortgage-backed securities | — |  |  | 6.1 |  |  | — |  |  | 6.1 |
Commercial mortgage-backed securities | — |  |  | 31.9 |  |  | — |  |  | 31.9 |
Other debt obligations | — |  |  | 10.1 |  |  | — |  |  | 10.1 |
Total fixed maturities | 16.0 |  |  | 120.3 |  |  | — |  |  | 136.3 |
Short-term investments | 2.2 |  |  | 0.8 |  |  | — |  |  | 3.0 |
Cash equivalents | 485.7 |  |  | — |  |  | — |  |  | 485.7 |
Total assets at fair value | $ | 503.9 |  |  | $ | 121.1 |  |  | $ | — |  |  | $ | 625.0 |
| December 31, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
| (dollars in millions)
Assets |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |
U.S. Treasury securities and agencies | $ | 17.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 17.0 |
Municipal securities | — |  |  | 23.4 |  |  | — |  |  | 23.4 |
Corporate debt securities | — |  |  | 90.5 |  |  | — |  |  | 90.5 |
Residential mortgage-backed securities | — |  |  | 7.8 |  |  | — |  |  | 7.8 |
Commercial mortgage-backed securities | — |  |  | 58.4 |  |  | — |  |  | 58.4 |
Other debt obligations | — |  |  | 23.9 |  |  | — |  |  | 23.9 |
Total fixed maturities | 17.0 |  |  | 204.0 |  |  | — |  |  | 221.0 |
Short-term investments | 2.2 |  |  | 0.8 |  |  | — |  |  | 3.0 |
Cash equivalents | 568.4 |  |  | — |  |  | — |  |  | 568.4 |
Total assets at fair value | $ | 587.6 |  |  | $ | 204.8 |  |  | $ | — |  |  | $ | 792.4 |
Schedule of carrying amounts and fair values of financial instruments | As of March 31, 2021 and December 31, 2020 the carrying amounts and fair values of these financial instruments were as follows:
| Carrying Amount as of March 31, 2021 |  | Estimated Fair Value as of March 31, 2021 |  | Carrying Amount as of December 31, 2020 |  | Estimated Fair Value as of December 31, 2020
| (dollars in millions)
Long-term debt | $ | 192.2 |  |  | $ | 211.5 |  |  | $ | 188.2 |  |  | $ | 209.0 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of liabilities measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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