Fair Value (Tables)

9 Months Ended

Sep. 30, 2017

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, 2017 and December 31, 2016 is as follows:



	Level I		Level II			Level III		Total
September 30, 2017
Assets:
Cash equivalents	$	4,126.4	$	—		$	—	$	4,126.4
Investments available-for-sale:
Fixed maturity securities:
United States Government securities	576.5		—			—		576.5
Government sponsored securities	—		71.3			—		71.3
States, municipalities and political subdivisions, tax-exempt	—		5,872.5			—		5,872.5
Corporate securities	483.6		8,454.0			230.3		9,167.9
Residential mortgage-backed securities	—		2,513.3			4.9		2,518.2
Commercial mortgage-backed securities	—		77.9			—		77.9
Other securities	59.0		875.5			11.8		946.3
Total fixed maturity securities	1,119.1		17,864.5			247.0		19,230.6
Equity securities	1,094.6		110.3			280.0		1,484.9
Other invested assets, current	16.9		—			—		16.9
Securities lending collateral	575.7		331.5			—		907.2
Derivatives	—		7.2			—		7.2
Total assets	$	6,932.7	$	18,313.5		$	527.0	$	25,773.2
Liabilities:
Derivatives	$	—	$	(79.9	)	$	—	$	(79.9	)
Total liabilities	$	—	$	(79.9	)	$	—	$	(79.9	)

December 31, 2016
Assets:
Cash equivalents	$	1,546.0	$	—		$	—	$	1,546.0
Investments available-for-sale:
Fixed maturity securities:
United States Government securities	558.5		—			—		558.5
Government sponsored securities	—		40.0			—		40.0
States, municipalities and political subdivisions, tax-exempt	—		6,105.3			—		6,105.3
Corporate securities	79.9		7,775.9			238.8		8,094.6
Residential mortgage-backed securities	—		1,917.3			12.0		1,929.3
Commercial mortgage-backed securities	—		214.3			—		214.3
Other securities	53.4		649.3			42.8		745.5
Total fixed maturity securities	691.8		16,702.1			293.6		17,687.5
Equity securities	1,200.2		111.9			187.8		1,499.9
Other invested assets, current	15.8		—			—		15.8
Securities lending collateral	726.0		353.8			—		1,079.8
Derivatives	—		758.7			—		758.7
Total assets	$	4,179.8	$	17,926.5		$	481.4	$	22,587.7
Liabilities:
Derivatives	$	—	$	(241.9	)	$	—	$	(241.9	)
Total liabilities	$	—	$	(241.9	)	$	—	$	(241.9	)

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, 2017 and 2016 is as follows:



	Corporate Securities			Residential Mortgage- backed Securities			Other Securities			Equity Securities			Total
Three months ended September 30, 2017
Beginning balance at July 1, 2017	$	238.2		$	2.9		$	34.8		$	244.5		$	520.4
Total (losses) gains:
Recognized in net income	(0.4		)	—			(0.1		)	—			(0.5		)
Recognized in accumulated other comprehensive loss	(1.4		)	—			0.1			6.1			4.8
Purchases	11.5			2.1			4.8			29.5			47.9
Sales	(2.8		)	—			(0.4		)	(0.1		)	(3.3		)
Settlements	(14.3		)	(0.1		)	(4.2		)	—			(18.6		)
Transfers into Level III	—			—			4.1			—			4.1
Transfers out of Level III	(0.5		)	—			(27.3		)	—			(27.8		)
Ending balance at September 30, 2017	$	230.3		$	4.9		$	11.8		$	280.0		$	527.0
Change in unrealized losses included in net income related to assets still held for the three months ended September 30, 2017	$	(0.6	)	$	—		$	—		$	—		$	(0.6	)

Three months ended September 30, 2016
Beginning balance at July 1, 2016	$	208.1		$	1.6		$	32.3		$	165.7		$	407.7
Total (losses) gains:
Recognized in net income	—			—			—			(0.5		)	(0.5		)
Recognized in accumulated other comprehensive loss	0.2			—			(0.1		)	(0.7		)	(0.6		)
Purchases	46.7			3.6			—			19.4			69.7
Sales	(3.3		)	—			—			(8.1		)	(11.4		)
Settlements	(6.0		)	—			(0.5		)	(0.1		)	(6.6		)
Transfers into Level III	2.2			—			11.6			—			13.8
Transfers out of Level III	—			—			—			—			—
Ending balance at September 30, 2016	$	247.9		$	5.2		$	43.3		$	175.7		$	472.1
Change in unrealized losses included in net income related to assets still held for the three months ended September 30, 2016	$	(0.1	)	$	—		$	—		$	—		$	(0.1	)

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, 2017 and 2016 is as follows:



	Corporate Securities			Residential Mortgage- backed Securities			Commercial Mortgage- backed Securities			Other Securities			Equity Securities			Total
Nine Months Ended September 30, 2017
Beginning balance at January 1, 2017	$	238.8		$	12.0		$	—		$	42.8		$	187.8		$	481.4
Total (losses) gains:
Recognized in net income	(0.8		)	—			—			(0.1		)	(0.2		)	(1.1		)
Recognized in accumulated other comprehensive loss	2.3			—			—			0.3			6.1			8.7
Purchases	71.7			3.6			—			35.6			86.8			197.7
Sales	(42.7		)	(5.4		)	—			(1.2		)	(0.5		)	(49.8		)
Settlements	(49.9		)	(0.4		)	—			(5.3		)	—			(55.6		)
Transfers into Level III	13.4			1.2			—			5.3			—			19.9
Transfers out of Level III	(2.5		)	(6.1		)	—			(65.6		)	—			(74.2		)
Ending balance at September 30, 2017	$	230.3		$	4.9		$	—		$	11.8		$	280.0		$	527.0
Change in unrealized losses included in net income related to assets still held for the nine months ended September 30, 2017	$	(3.2	)	$	—		$	—		$	—		$	—		$	(3.2	)

Nine Months Ended September 30, 2016
Beginning balance at January 1, 2016	$	186.2		$	—		$	1.9		$	25.6		$	102.1		$	315.8
Total (losses) gains:
Recognized in net income	(1.6		)	—			—			—			1.7			0.1
Recognized in accumulated other comprehensive loss	(1.1		)	—			—			(0.4		)	(1.1		)	(2.6		)
Purchases	138.6			3.6			—			—			91.7			233.9
Sales	(5.1		)	—			—			—			(18.6		)	(23.7		)
Settlements	(27.2		)	—			—			(0.5		)	(0.1		)	(27.8		)
Transfers into Level III	5.1			1.6			—			28.8			—			35.5
Transfers out of Level III	(47.0		)	—			(1.9		)	(10.2		)	—			(59.1		)
Ending balance at September 30, 2016	$	247.9		$	5.2		$	—		$	43.3		$	175.7		$	472.1
Change in unrealized losses included in net income related to assets still held for the nine months ended September 30, 2016	$	(1.9	)	$	—		$	—		$	—		$	—		$	(1.9	)

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, 2017 and December 31, 2016 is as follows:



	Carrying Value		Estimated Fair Value
			Level I		Level II		Level III		Total
September 30, 2017
Assets:
Other invested assets, long-term	$	2,442.1	$	—	$	—	$	2,442.1	$	2,442.1
Liabilities:
Debt:
Short-term borrowings	1,180.0		—		1,180.0		—		1,180.0
Commercial paper	1,315.5		—		1,315.5		—		1,315.5
Notes	13,399.0		—		14,596.6		—		14,596.6
Convertible debentures	336.2		—		1,330.2		—		1,330.2

December 31, 2016
Assets:
Other invested assets, long-term	$	2,240.5	$	—	$	—	$	2,240.5	$	2,240.5
Liabilities:
Debt:
Short-term borrowings	440.0		—		440.0		—		440.0
Commercial paper	629.0		—		629.0		—		629.0
Notes	14,323.8		—		14,858.4		—		14,858.4
Convertible debentures	334.1		—		1,020.2		—		1,020.2