Fair Value (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]

Fair Value Measurements By Level For Assets Measured At Fair Value On A Recurring Basis

A summary of fair value measurements by level for assets and liabilities measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012 is as follows:

	Level I		Level II			Level III		Total
September 30, 2013:
Assets:
Cash equivalents	$	774.5	$	—		$	—	$	774.5
Investments available-for-sale:
Fixed maturity securities:
United States Government securities	466.7		—			—		466.7
Government sponsored securities	—		194.6			—		194.6
States, municipalities and political subdivisions, tax-exempt	—		6,283.3			—		6,283.3
Corporate securities	—		7,736.3			134.3		7,870.6
Options embedded in convertible debt securities	—		81.0			—		81.0
Residential mortgage-backed securities	—		2,218.3			—		2,218.3
Commercial mortgage-backed securities	—		485.7			10.3		496.0
Other debt securities	24.3		326.3			14.7		365.3
Total fixed maturity securities	491.0		17,325.5			159.3		17,975.8
Equity securities	1,303.5		174.6			37.1		1,515.2
Other invested assets, current	15.0		—			—		15.0
Securities lending collateral	424.7		412.9			—		837.6
Derivatives excluding embedded options (reported with other assets)	—		40.3			—		40.3
Total assets	$	3,008.7	$	17,953.3		$	196.4	$	21,158.4
Liabilities:
Derivatives excluding embedded options (reported with other liabilities)	$	—	$	(20.6	)	$	—	$	(20.6	)
Total liabilities	$	—	$	(20.6	)	$	—	$	(20.6	)
December 31, 2012:
Assets:
Cash equivalents	$	728.3	$	—		$	—	$	728.3
Investments available-for-sale:
Fixed maturity securities:
United States Government securities	343.2		—			—		343.2
Government sponsored securities	—		156.2			—		156.2
States, municipalities and political subdivisions, tax-exempt	—		5,882.2			—		5,882.2
Corporate securities	—		7,882.9			121.1		8,004.0
Options embedded in convertible debt securities	—		67.2			—		67.2
Residential mortgage-backed securities	—		2,300.5			4.3		2,304.8
Commercial mortgage-backed securities	—		345.7			—		345.7
Other debt securities	33.8		203.4			3.9		241.1
Total fixed maturity securities	377.0		16,838.1			129.3		17,344.4
Equity securities	1,103.1		113.2			26.2		1,242.5
Other invested assets, current	14.8		—			—		14.8
Securities lending collateral	231.7		332.9			—		564.6
Derivatives excluding embedded options (reported with other assets)	—		58.6			—		58.6
Total assets	$	2,454.9	$	17,342.8		$	155.5	$	19,953.2
Liabilities:
Derivatives excluding embedded options (reported with other liabilities)	$	—	$	(0.1	)	$	—	$	(0.1	)
Total liabilities	$	—	$	(0.1	)	$	—	$	(0.1	)

Reconciliation Of The Beginning And Ending Balances Of Assets Measured At Fair Value On A Recurring Basis Using Level III Inputs

A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level III inputs for the three months ended September 30, 2013 and 2012 is as follows:

	Corporate Securities			Residential Mortgage- backed Securities			Commercial Mortgage- backed Securities			Other Debt Securities			Equity Securities			Total
Three Months Ended September 30, 2013:
Beginning balance at July 1, 2013	$	139.2		$	12.6		$	—		$	5.4		$	35.8		$	193.0
Total gains (losses):
Recognized in net income	(14.9		)	—			—			(0.1		)	—			(15.0		)
Recognized in accumulated other comprehensive income	4.9			—			—			0.1			(2.4		)	2.6
Purchases	6.4			—			—			—			3.7			10.1
Sales	(1.6		)	—			—			—			—			(1.6		)
Issuances	—			—			—			—			—			—
Settlements	(2.7		)	—			(2.3		)	(0.2		)	—			(5.2		)
Transfers into Level III	3.0			—			12.6			9.8			—			25.4
Transfers out of Level III	—			(12.6		)	—			(0.3		)	—			(12.9		)
Ending balance at September 30, 2013	$	134.3		$	—		$	10.3		$	14.7		$	37.1		$	196.4
Change in unrealized losses included in net income related to assets still held for the three months ended September 30, 2013	$	(14.9	)	$	—		$	—		$	(0.1	)	$	—		$	(15.0	)
Three Months Ended September 30, 2012:
Beginning balance at July 1, 2012	$	127.7		$	1.4		$	5.3		$	3.9		$	28.8		$	167.1
Total gains (losses):
Recognized in net income	(0.2		)	—			—			—			(0.2		)	(0.4		)
Recognized in accumulated other comprehensive income	2.0			—			0.1			0.6			(5.5		)	(2.8		)
Purchases	15.6			—			—			—			4.2			19.8
Sales	(21.2		)	—			—			—			—			(21.2		)
Issuances	—			—			—			—			—			—
Settlements	(5.7		)	—			(0.1		)	(0.2		)	—			(6.0		)
Transfers into Level III	—			—			—			10.0			—			10.0
Transfers out of Level III	(5.8		)	—			—			—			—			(5.8		)
Ending balance at September 30, 2012	$	112.4		$	1.4		$	5.3		$	14.3		$	27.3		$	160.7
Change in unrealized losses included in net income related to assets still held for the three months ended September 30, 2012	$	—		$	—		$	—		$	—		$	(0.2	)	$	(0.2	)

A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level III inputs for the nine months ended September 30, 2013 and 2012 is as follows:

	Corporate Securities			Residential Mortgage- backed Securities			Commercial Mortgage- backed Securities			Other Debt Securities			Equity Securities			Total
Nine Months Ended September 30, 2013:
Beginning balance at January 1, 2013	$	121.1		$	4.3		$	—		$	3.9		$	26.2		$	155.5
Total gains (losses):
Recognized in net income	(16.0		)	—			—			(0.1		)	(1.0		)	(17.1		)
Recognized in accumulated other comprehensive income	1.8			—			—			0.4			4.8			7.0
Purchases	45.3			—			—			1.6			9.6			56.5
Sales	(1.6		)	—			—			—			(2.5		)	(4.1		)
Issuances	—			—			—			—			—			—
Settlements	(12.6		)	(1.9		)	(2.3		)	(0.6		)	—			(17.4		)
Transfers into Level III	3.0			13.1			12.6			9.8			—			38.5
Transfers out of Level III	(6.7		)	(15.5		)	—			(0.3		)	—			(22.5		)
Ending balance at September 30, 2013	$	134.3		$	—		$	10.3		$	14.7		$	37.1		$	196.4
Change in unrealized losses included in net income related to assets still held for the nine months ended September 30, 2013	$	(16.5	)	$	—		$	—		$	(0.1	)	$	(3.0	)	$	(19.6	)
Nine Months Ended September 30, 2012:
Beginning balance at January 1, 2012	$	195.1		$	—		$	6.3		$	59.0		$	24.4		$	284.8
Total gains (losses):
Recognized in net income	15.3			—			—			0.1			(0.5		)	14.9
Recognized in accumulated other comprehensive income	(15.5		)	—			0.1			0.8			(13.2		)	(27.8		)
Purchases	61.8			—			3.4			—			4.5			69.7
Sales	(26.3		)	—			—			(6.6		)	(0.4		)	(33.3		)
Issuances	—			—			—			—			—			—
Settlements	(64.5		)	—			(0.1		)	(1.0		)	—			(65.6		)
Transfers into Level III	1.7			1.4			1.9			12.0			12.5			29.5
Transfers out of Level III	(55.2		)	—			(6.3		)	(50.0		)	—			(111.5		)
Ending balance at September 30, 2012	$	112.4		$	1.4		$	5.3		$	14.3		$	27.3		$	160.7
Change in unrealized losses included in net income related to assets still held for the nine months ended September 30, 2012	$	—		$	—		$	—		$	—		$	(0.6	)	$	(0.6	)

Carrying And Fair Values By Level Of Financial Instruments Not Recorded At Fair Value On Consolidated Balance Sheet

A summary of the carrying values and fair values by level of financial instruments not recorded at fair value on our consolidated balance sheets at September 30, 2013 and December 31, 2012 are as follows:

	Carrying Value		Fair Value
			Level I		Level II		Level III		Total
September 30, 2013
Assets:
Other invested assets, long-term	$	1,516.8	$	—	$	—	$	1,516.8	$	1,516.8
Liabilities:
Debt:
Short-term borrowings	350.0		—		350.0		—		350.0
Commercial paper	794.9		—		794.9		—		794.9
Notes	12,755.1		—		13,071.5		—		13,071.5
Convertible debentures	964.0		—		1,909.7		—		1,909.7
December 31, 2012
Assets:
Other invested assets, long-term	$	1,387.7	$	—	$	—	$	1,387.7	$	1,387.7
Liabilities:
Debt:
Short-term borrowings	250.0		—		250.0		—		250.0
Commercial paper	570.9		—		570.9		—		570.9
Notes	13,198.9		—		14,407.1		—		14,407.1
Convertible debentures	958.1		—		1,613.4		—		1,613.4