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Marketable Securities Held in Trusts (Tables)
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale investments
The estimated fair value of the investments in the RCRA Trusts as of March 31, 2020 and December 31, 2019 are as follows:
 
March 31, 2020
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Level 1
 
 
 
 
 
 
 
    Cash and cash equivalents
$
2.0

 
$
—

 
$
—

 
$
2.0

Level 2
 
 
 
 
 
 
 
    Corporate debt securities
194.3

 
4.5

 
(2.5
)
 
196.3

    Municipal bonds
190.7

 
3.7

 
(1.2
)
 
193.2

    U.S. government bonds
288.4

 
13.9

 
—

 
302.3

Total
$
675.4

 
$
22.1

 
$
(3.7
)
 
$
693.8

 
 
 
 
 
 
 
 
 
December 31, 2019
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Level 1
 
 
 
 
 
 
 
    Cash and cash equivalents
$
3.4

 
$
—

 
$
—

 
$
3.4

Level 2
 
 
 
 
 
 
 
    Corporate debt securities
194.2

 
5.8

 
(0.1
)
 
199.9

    Municipal bonds
188.3

 
4.4

 
(0.4
)
 
192.3

    U.S. government bonds
280.6

 
3.2

 
(2.5
)
 
281.3

Total
$
666.5

 
$
13.4

 
$
(3.0
)
 
$
676.9
Fair value of available-for-sale debt securities in an unrealized loss position
The following tables show gross unrealized losses and fair values of the RCRA Trusts' available-for-sale securities that have been in a continuous unrealized loss position deemed to be temporary as of March 31, 2020 and December 31, 2019:
 
March 31, 2020
 
December 31, 2019
(in millions)
Fair
Value
 
Gross
Unrealized
Losses(a)
 
Fair
Value
 
Gross
Unrealized
Losses(a)
Securities that have been in a continuous loss position for less than 12 months:
 
 
 
 
 
 
 
Corporate debt securities
$
68.1

 
$
(2.5
)
 
$
17.9

 
$
—

Municipal bonds
57.9

 
(0.9
)
 
11.7

 
(0.1
)
U.S. government bonds
0.1

 
—

 
195.4

 
(2.5
)
 
126.1

 
(3.4
)
 
225.0

 
(2.6
)
Securities that have been in a continuous loss position for more than 12 months:
 
 
 
 
 
 
 
Corporate debt securities
3.0

 
—

 
20.7

 
(0.1
)
Municipal bonds
5.8

 
(0.3
)
 
14.7

 
(0.3
)
U.S. government bonds
—

 
—

 
—

 
—

 
8.8

 
(0.3
)
 
35.4

 
(0.4
)
Total
$
134.9

 
$
(3.7
)
 
$
260.4

 
$
(3.0
)
Schedule of maturity dates for debt securities
The following table summarizes the balance by contractual maturity of the available-for-sale debt securities invested by the RCRA Trusts as of March 31, 2020. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations before the underlying contracts mature.
 
March 31, 2020
Due in one year or less
$
34.2

Due after one year through five years
291.1

Due after five years through ten years
329.8

Due after ten years
36.7

Total debt securities
$
691.8