Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Assets Measured on Recurring Basis

The following tables present the fair values of the Company’s assets, measured on a recurring basis, as of March 31, 2024 and December 31, 2023:

(in millions)	Total		Level 1		Level 2		Level 3
March 31, 2024
Debt securities:
U.S. Treasury bonds	$	157.2	$	—	$	157.2	$	—
Municipal bonds		1,249.3		—		1,249.3		—
Foreign government bonds		199.4		—		199.4		—
Governmental agency bonds		200.4		—		200.4		—
Governmental agency mortgage-backed securities		3,745.9		—		3,745.9		—
U.S. corporate debt securities		1,021.2		—		1,021.2		—
Foreign corporate debt securities		481.0		—		481.0		—
		7,054.4		—		7,054.4		—
Equity securities:
Common stocks		401.0		401.0		—		—
Preferred stocks		14.0		14.0		—		—
		415.0		415.0		—		—
Mortgage loans held for sale		13.0		—		11.7		1.3
Total	$	7,482.4	$	415.0	$	7,066.1	$	1.3

(in millions)	Total		Level 1		Level 2		Level 3
December 31, 2023
Debt securities:
U.S. Treasury bonds	$	199.3	$	—	$	199.3	$	—
Municipal bonds		1,245.8		—		1,245.8		—
Foreign government bonds		219.3		—		219.3		—
Governmental agency bonds		195.4		—		195.4		—
Governmental agency mortgage-backed securities		3,875.7		—		3,875.7		—
U.S. corporate debt securities		958.4		—		958.4		—
Foreign corporate debt securities		463.6		—		463.6		—
		7,157.5		—		7,157.5		—
Equity securities:
Common stocks		424.5		424.5		—		—
Preferred stocks		12.4		12.4		—		—
		436.9		436.9		—		—
Mortgage loans held for sale		13.1		—		11.8		1.3
Total	$	7,607.5	$	436.9	$	7,169.3	$	1.3

Carrying Amounts and Estimated Fair Values of Financial Instruments Not Measured at Fair Value

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments not measured at fair value as of March 31, 2024 and December 31, 2023:

	Carrying		Estimated fair value
(in millions)	Amount		Total		Level 1		Level 2		Level 3
March 31, 2024
Assets:
Cash and cash equivalents	$	1,506.4	$	1,506.4	$	1,506.4	$	—	$	—
Deposits with banks	$	77.1	$	77.0	$	20.1	$	56.9	$	—
Notes receivable, net	$	23.8	$	24.6	$	—	$	—	$	24.6
Secured financings receivable	$	831.4	$	831.4	$	—	$	831.4	$	—
Liabilities:
Secured financings payable	$	688.8	$	688.8	$	—	$	688.8	$	—
Notes and contracts payable	$	1,396.0	$	1,226.3	$	—	$	1,220.5	$	5.8

	Carrying		Estimated fair value
(in millions)	Amount		Total		Level 1		Level 2		Level 3
December 31, 2023
Assets:
Cash and cash equivalents	$	3,605.3	$	3,605.3	$	3,605.3	$	—	$	—
Deposits with banks	$	55.8	$	55.6	$	4.0	$	51.6	$	—
Notes receivable, net	$	22.4	$	23.2	$	—	$	—	$	23.2
Secured financings receivable	$	636.5	$	636.5	$	—	$	636.5	$	—
Liabilities:
Secured financings payable	$	553.3	$	553.3	$	—	$	553.3	$	—
Notes and contracts payable	$	1,393.9	$	1,219.6	$	—	$	1,215.4	$	4.2