Fair Value (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value, Assets, Liabilities and Stockholders' Equity 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, 2014 and December 31, 2013 is as follows:

	Level I		Level II			Level III		Total
September 30, 2014:
Assets:
Cash equivalents	$	591.4	$	—		$	—	$	591.4
Investments available-for-sale:
Fixed maturity securities:
United States Government securities	345.8		—			—		345.8
Government sponsored securities	4.0		123.0			—		127.0
States, municipalities and political subdivisions, tax-exempt	—		6,017.7			—		6,017.7
Corporate securities	11.9		8,599.9			145.5		8,757.3
Options embedded in convertible debt securities	—		100.4			—		100.4
Residential mortgage-backed securities	—		2,217.5			—		2,217.5
Commercial mortgage-backed securities	—		506.0			3.4		509.4
Other debt securities	85.1		617.1			8.7		710.9
Total fixed maturity securities	446.8		18,181.6			157.6		18,786.0
Equity securities	1,630.0		206.8			43.2		1,880.0
Other invested assets, current	19.0		—			—		19.0
Securities lending collateral	768.1		930.5			—		1,698.6
Derivatives excluding embedded options (reported with other assets)	—		0.9			—		0.9
Total assets	$	3,455.3	$	19,319.8		$	200.8	$	22,975.9
Liabilities:
Derivatives excluding embedded options (reported with other liabilities)	$	—	$	(19.3	)	$	—	$	(19.3	)
Total liabilities	$	—	$	(19.3	)	$	—	$	(19.3	)
December 31, 2013:
Assets:
Cash equivalents	$	632.3	$	—		$	—	$	632.3
Investments available-for-sale:
Fixed maturity securities:
United States Government securities	299.9		—			—		299.9
Government sponsored securities	—		173.5			—		173.5
States, municipalities and political subdivisions, tax-exempt	—		6,002.7			—		6,002.7
Corporate securities	—		7,593.4			115.2		7,708.6
Options embedded in convertible debt securities	—		89.2			—		89.2
Residential mortgage-backed securities	—		2,268.9			—		2,268.9
Commercial mortgage-backed securities	—		480.1			6.5		486.6
Other debt securities	35.6		408.3			14.8		458.7
Total fixed maturity securities	335.5		17,016.1			136.5		17,488.1
Equity securities	1,475.7		249.7			41.4		1,766.8
Other invested assets, current	16.3		—			—		16.3
Securities lending collateral	408.5		561.3			—		969.8
Derivatives excluding embedded options (reported with other assets)	—		58.4			—		58.4
Total assets	$	2,868.3	$	17,885.5		$	177.9	$	20,931.7
Liabilities:
Derivatives excluding embedded options (reported with other liabilities)	$	—	$	(20.7	)	$	—	$	(20.7	)
Total liabilities	$	—	$	(20.7	)	$	—	$	(20.7	)

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, 2014 and 2013 is as follows:

	Corporate Securities			Residential Mortgage- backed Securities			Commercial Mortgage- backed Securities			Other Debt Securities			Equity Securities			Long-term Receivable			Total
Three Months Ended September 30, 2014:
Beginning balance at July 1, 2014	$	150.4		$	—		$	3.6		$	17.8		$	43.1		$	32.2		$	247.1
Total gains (losses):
Recognized in net income	(0.8		)	—			—			—			—			(32.2		)	(33.0		)
Recognized in accumulated other comprehensive income	(0.5		)	—			—			0.1			0.1			—			(0.3		)
Purchases	19.6			—			—			3.5			0.1			—			23.2
Sales	(20.8		)	—			—			(1.6		)	(0.1		)	—			(22.5		)
Settlements	(3.0		)	—			(0.2		)	—			—			—			(3.2		)
Transfers into Level III	0.6			—			—			—			—			—			0.6
Transfers out of Level III	—			—			—			(11.1		)	—			—			(11.1		)
Ending balance at September 30, 2014	$	145.5		$	—		$	3.4		$	8.7		$	43.2		$	—		$	200.8
Change in unrealized losses included in net income related to assets still held for the three months ended September 30, 2014	$	(3.5	)	$	—		$	—		$	—		$	—		$	—		$	(3.5	)
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		)
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	)

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, 2014 and 2013 is as follows:

	Corporate Securities			Residential Mortgage- backed Securities			Commercial Mortgage- backed Securities			Other Debt Securities			Equity Securities			Long-term Receivable		Total
Nine Months Ended September 30, 2014:
Beginning balance at January 1, 2014	$	115.2		$	—		$	6.5		$	14.8		$	41.4		$	—	$	177.9
Total gains (losses):
Recognized in net income	(7.1		)	—			—			—			(0.7		)	—		(7.8		)
Recognized in accumulated other comprehensive income	12.2			—			—			0.4			1.4			—		14.0
Purchases	40.5			—			3.6			6.5			10.8			—		61.4
Sales	(27.0		)	—			—			(1.6		)	(9.7		)	—		(38.3		)
Settlements	(6.6		)	—			(3.6		)	(0.3		)	—			—		(10.5		)
Transfers into Level III	24.8			—			—			—			—			—		24.8
Transfers out of Level III	(6.5		)	—			(3.1		)	(11.1		)	—			—		(20.7		)
Ending balance at September 30, 2014	$	145.5		$	—		$	3.4		$	8.7		$	43.2		$	—	$	200.8
Change in unrealized losses included in net income related to assets still held for the nine months ended September 30, 2014	$	(11.1	)	$	—		$	—		$	—		$	(0.7	)	$	—	$	(11.8	)
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		)
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	)

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

A summary of the estimated fair values by level of each class of financial instrument that is recorded at its carrying value on our consolidated balance sheets at September 30, 2014 and December 31, 2013 are as follows:

	Carrying Value		Estimated Fair Value
			Level I		Level II		Level III		Total
September 30, 2014:
Assets:
Other invested assets, long-term	$	1,691.8	$	—	$	—	$	1,691.8	$	1,691.8
Liabilities:
Debt:
Short-term borrowings	100.0		—		100.0		—		100.0
Commercial paper	425.8		—		425.8		—		425.8
Notes	13,765.2		—		14,396.1		—		14,396.1
Convertible debentures	972.3		—		2,470.3		—		2,470.3
December 31, 2013:
Assets:
Other invested assets, long-term	$	1,542.6	$	—	$	—	$	1,542.6	$	1,542.6
Liabilities:
Debt:
Short-term borrowings	400.0		—		400.0		—		400.0
Commercial paper	379.2		—		379.2		—		379.2
Notes	12,746.4		—		13,014.3		—		13,014.3
Convertible debentures	966.0		—		2,030.6		—		2,030.6