XML 37 R25.htm IDEA: XBRL DOCUMENT v3.24.2.u1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023:

			June 30, 2024
			Level 1						Level 2						Level 3						Total Fair Value
			(dollars in millions)
Assets
Fixed maturities:
U.S. Treasury securities and agencies			$	27.7					$	0.7					$	—					$	28.4
Municipal securities			—						23.1						—						23.1
Corporate debt securities			—						83.3						—						83.3
Residential mortgage-backed securities			—						20.7						—						20.7
Commercial mortgage-backed securities			—						41.4						—						41.4
Other debt obligations			—						26.9						—						26.9
Total fixed maturities			27.7						196.1						—						223.8
Short-term investments			10.8						0.9						—						11.7
Cash equivalents			411.8						—						—						411.8
Total assets at fair value			$	450.3					$	197.0					$	—					$	647.3
			December 31, 2023
			Level 1						Level 2						Level 3						Total Fair Value
			(dollars in millions)
Assets
Fixed maturities:
U.S. Treasury securities and agencies			$	13.3					$	1.3					$	—					$	14.6
Municipal securities			—						24.1						—						24.1
Corporate debt securities			—						65.2						—						65.2
Residential mortgage-backed securities			—						11.9						—						11.9
Commercial mortgage-backed securities			—						29.8						—						29.8
Other debt obligations			—						20.3						—						20.3
Total fixed maturities			13.3						152.6						—						165.9
Short-term investments			0.9						—						—						0.9
Cash equivalents			439.6						—						—						439.6
Total assets at fair value			$	453.8					$	152.6					$	—					$	606.4

Schedule of Carrying Amounts and Fair Values of Financial Instruments

As of June 30, 2024 and December 31, 2023, the carrying amounts and fair values of these financial instruments were as follows:

			Carrying Amount as of June 30, 2024						Estimated Fair Value as of June 30, 2024						Carrying Amount as of December 31, 2023						Estimated Fair Value as of December 31, 2023
			(dollars in millions)
Long-term debt			$	300.1					$	306.7					$	299.0					$	305.2

X

- 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
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2003/role/disclosureRef
-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/2003/role/disclosureRef
-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

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration