Fair Value (Tables)

12 Months Ended

Dec. 31, 2015

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 December 31, 2015 and 2014 is as follows:



	Level I		Level II			Level III		Total
December 31, 2015
Assets:
Cash equivalents	$	701.0	$	—		$	—	$	701.0
Investments available-for-sale:
Fixed maturity securities:
United States Government securities	349.9		—			—		349.9
Government sponsored securities	—		75.9			—		75.9
States, municipalities and political subdivisions, tax-exempt	—		6,251.6			—		6,251.6
Corporate securities	77.6		7,629.3			186.2		7,893.1
Residential mortgage-backed securities	—		1,750.9			—		1,750.9
Commercial mortgage-backed securities	—		402.4			1.9		404.3
Other debt securities	55.7		671.2			25.6		752.5
Total fixed maturity securities	483.2		16,781.3			213.7		17,478.2
Equity securities	1,253.8		116.9			102.1		1,472.8
Other invested assets, current	19.1		—			—		19.1
Securities lending collateral	708.1		592.3			—		1,300.4
Derivatives (reported with other assets)	—		159.1			—		159.1
Total assets	$	3,165.2	$	17,649.6		$	315.8	$	21,130.6
Liabilities:
Derivatives (reported with other liabilities)	$	—	$	(259.4	)	$	—	$	(259.4	)
Total liabilities	$	—	$	(259.4	)	$	—	$	(259.4	)

December 31, 2014
Assets:
Cash equivalents	$	573.2	$	—		$	—	$	573.2
Investments available-for-sale:
Fixed maturity securities:
United States Government securities	320.0		—			—		320.0
Government sponsored securities	—		95.0			—		95.0
States, municipalities and political subdivisions, tax-exempt	—		5,733.6			—		5,733.6
Corporate securities	7.1		8,180.8			144.6		8,332.5
Options embedded in convertible securities	—		98.7			—		98.7
Residential mortgage-backed securities	—		2,159.0			—		2,159.0
Commercial mortgage-backed securities	—		506.6			3.3		509.9
Other debt securities	89.2		627.3			6.6		723.1
Total fixed maturity securities	416.3		17,401.0			154.5		17,971.8
Equity securities	1,696.9		192.9			48.3		1,938.1
Other invested assets, current	20.2		—			—		20.2
Securities lending collateral	808.3		706.9			—		1,515.2
Derivatives excluding embedded options (reported with other assets)	—		224.8			—		224.8
Total assets	$	3,514.9	$	18,525.6		$	202.8	$	22,243.3
Liabilities:
Derivatives (reported with other liabilities)	$	—	$	(260.4	)	$	—	$	(260.4	)
Total liabilities	$	—	$	(260.4	)	$	—	$	(260.4	)

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 years ended December 31, 2015, 2014 and 2013 is as follows:



	Corporate Securities			Residential Mortgage- backed Securities			Commercial Mortgage- backed Securities			Other Debt Securities			Equity Securities			Total
Year ended December 31, 2015
Beginning balance at January 1, 2015	$	144.6		$	—		$	3.3		$	6.6		$	48.3		$	202.8
Total (losses) gains:
Recognized in net income	1.4			—			—			0.2			(1.5		)	0.1
Recognized in accumulated other comprehensive income	0.7			—			—			(0.2		)	3.9			4.4
Purchases	132.6			—			1.1			28.3			52.1			214.1
Sales	(11.7		)	—			(1.1		)	(0.9		)	(13.8		)	(27.5		)
Settlements	(51.6		)	—			(1.4		)	(0.2		)	—			(53.2		)
Transfers into Level III	4.8			—			—			—			13.1			17.9
Transfers out of Level III	(34.6		)	—			—			(8.2		)	—			(42.8		)
Ending balance at December 31, 2015	$	186.2		$	—		$	1.9		$	25.6		$	102.1		$	315.8
Change in unrealized losses included in net income related to assets still held for the year ended December 31, 2015	$	(0.6	)	$	—		$	—		$	—		$	(1.4	)	$	(2.0	)

Year ended December 31, 2014
Beginning balance at January 1, 2014	$	115.2		$	—		$	6.5		$	14.8		$	41.4		$	177.9
Total (losses) gains:
Recognized in net income	(4.4		)	—			—			—			(0.7		)	(5.1		)
Recognized in accumulated other comprehensive income	8.5			—			—			0.4			2.8			11.7
Purchases	68.9			—			3.6			6.5			15.9			94.9
Sales	(48.0		)	—			—			(3.6		)	(10.6		)	(62.2		)
Settlements	(11.0		)	—			(3.7		)	(0.4		)	—			(15.1		)
Transfers into Level III	24.8			—			—			—			—			24.8
Transfers out of Level III	(9.4		)	—			(3.1		)	(11.1		)	(0.5		)	(24.1		)
Ending balance at December 31, 2014	$	144.6		$	—		$	3.3		$	6.6		$	48.3		$	202.8
Change in unrealized losses included in net income related to assets still held for the year ended December 31, 2014	$	(11.1	)	$	—		$	—		$	—		$	(0.7	)	$	(11.8	)

Year Ended December 31, 2013
Beginning balance at January 1, 2013	$	121.1		$	4.3		$	—		$	3.9		$	26.2		$	155.5
Total (losses) gains:
Recognized in net income	(30.3		)	—			—			(0.1		)	(4.8		)	(35.2		)
Recognized in accumulated other comprehensive income	(3.5		)	—			—			0.6			9.5			6.6
Purchases	51.9			—			—			1.6			17.6			71.1
Sales	(4.8		)	—			—			—			(7.1		)	(11.9		)
Settlements	(15.5		)	(1.9		)	(6.1		)	(0.7		)	—			(24.2		)
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 December 31, 2013	$	115.2		$	—		$	6.5		$	14.8		$	41.4		$	177.9
Change in unrealized losses included in net income related to assets still held for the year ended December 31, 2013	$	(30.8	)	$	—		$	—		$	(0.1	)	$	(6.5	)	$	(37.4	)

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 December 31, 2015 and 2014 are as follows:



	Carrying Value		Estimated Fair Value
			Level I		Level II		Level III		Total
December 31, 2015
Assets:
Other invested assets, long-term	$	2,041.1	$	—	$	—	$	2,041.1	$	2,041.1
Liabilities:
Debt:
Short-term borrowings	540.0		—		540.0		—		540.0
Commercial paper	682.2		—		682.2		—		682.2
Notes	14,311.6		—		14,523.2		—		14,523.2
Convertible debentures	330.7		—		980.1		—		980.1

December 31, 2014
Assets:
Other invested assets, long-term	$	1,695.9	$	—	$	—	$	1,695.9	$	1,695.9
Liabilities:
Debt:
Short-term borrowings	400.0		—		400.0		—		400.0
Notes	13,777.8		—		14,794.8		—		14,794.8
Convertible debentures	974.4		—		2,581.9		—		2,581.9