Fair Value Measurements

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 12 – Fair Value Measurements

Certain of the Company’s assets are carried at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The Company categorizes its assets and liabilities carried at fair value using a three-level hierarchy for fair value measurements that distinguishes between market participant assumptions developed based on market data obtained from sources independent of the Company (observable inputs) and the Company’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The hierarchy for inputs used in determining fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. The hierarchy level assigned to the assets and liabilities is based on management’s assessment of the transparency and reliability of the inputs used to estimate the fair values at the measurement date. The three hierarchy levels are defined as follows:

Level 1—Valuations based on unadjusted quoted market prices in active markets for identical assets or liabilities.

Level 2—Valuations based on observable inputs (other than Level 1 prices), such as quoted prices for similar assets or liabilities at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly.

Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement and involve management judgment.

If the inputs used to measure fair value fall into different levels of the fair value hierarchy, the hierarchy level assigned is based upon the lowest level of input that is significant to the fair value measurement.

The following tables present the fair values of the Company’s assets, measured on a recurring basis, as of June 30, 2025 and December 31, 2024:

(in millions)	Total		Level 1		Level 2		Level 3
June 30, 2025
Debt securities:
U.S. Treasury bonds	$	170.2	$	—	$	170.2	$	—
Municipal bonds		876.7		—		876.7		—
Foreign government bonds		225.5		—		225.5		—
Governmental agency bonds		206.3		—		206.3		—
Governmental agency mortgage-backed securities		5,037.9		—		5,037.9		—
U.S. corporate debt securities		1,010.0		—		1,010.0		—
Foreign corporate debt securities		492.3		—		492.3		—
		8,018.9		—		8,018.9		—
Equity securities:
Common stocks		384.2		384.2		—		—
Preferred stocks		11.8		11.8		—		—
		396.0		396.0		—		—
Total	$	8,414.9	$	396.0	$	8,018.9	$	—

(in millions)	Total		Level 1		Level 2		Level 3
December 31, 2024
Debt securities:
U.S. Treasury bonds	$	175.6	$	—	$	175.6	$	—
Municipal bonds		776.5		—		776.5		—
Foreign government bonds		211.6		—		211.6		—
Governmental agency bonds		189.8		—		189.8		—
Governmental agency mortgage-backed securities		4,502.3		—		4,502.3		—
U.S. corporate debt securities		925.6		—		925.6		—
Foreign corporate debt securities		484.5		—		484.5		—
		7,265.9		—		7,265.9		—
Equity securities:
Common stocks		374.7		374.7		—		—
Preferred stocks		12.1		12.1		—		—
		386.8		386.8		—		—
Total	$	7,652.7	$	386.8	$	7,265.9	$	—

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments not measured at fair value as of June 30, 2025 and December 31, 2024:

	Carrying		Estimated fair value
(in millions)	Amount		Total		Level 1		Level 2		Level 3
June 30, 2025
Assets:
Cash and cash equivalents	$	2,031.2	$	2,031.2	$	2,031.2	$	—	$	—
Deposits with banks	$	82.7	$	82.5	$	13.8	$	68.7	$	—
Notes receivable, net	$	41.1	$	41.9	$	—	$	—	$	41.9
Secured financings receivable	$	975.1	$	975.1	$	—	$	975.1	$	—
Liabilities:
Secured financings payable	$	883.8	$	883.8	$	—	$	883.8	$	—
Notes and contracts payable	$	1,546.8	$	1,436.7	$	—	$	1,426.4	$	10.3

	Carrying		Estimated fair value
(in millions)	Amount		Total		Level 1		Level 2		Level 3
December 31, 2024
Assets:
Cash and cash equivalents	$	1,718.1	$	1,718.1	$	1,718.1	$	—	$	—
Deposits with banks	$	85.4	$	85.3	$	20.7	$	64.6	$	—
Notes receivable, net	$	34.4	$	34.6	$	—	$	—	$	34.6
Secured financings receivable	$	690.0	$	690.0	$	—	$	690.0	$	—
Liabilities:
Secured financings payable	$	643.8	$	643.8	$	—	$	643.8	$	—
Notes and contracts payable	$	1,546.6	$	1,399.4	$	—	$	1,388.4	$	11.0

Assets measured at fair value on a non-recurring basis

During the six months ended June 30, 2025, the Company recorded impairment losses on property and equipment totaling $35.5 million related to internally developed software due to either abandonment or the carrying amount no longer deemed recoverable and exceeding its fair value as a result of either being replaced with new technologies or determined to be of diminished value due to a change in management strategy. These impairment losses, which were included in the title insurance and services segment, are included in net investment losses on the condensed consolidated statements of income.