Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Amortized cost and fair values

The following tables present cost or amortized cost and fair values of investments as of March 31, 2021 and December 31, 2020 ($ in millions):

	Cost or Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
March 31, 2021
U.S. Government obligations	$	6.4	$	0.1	$	—	$	6.5
Total	$	6.4	$	0.1	$	—	$	6.5
December 31, 2020
U.S. Government obligations	$	6.4	$	0.2	$	—	$	6.6
Total	$	6.4	$	0.2	$	—	$	6.6

Contractual maturities of bonds

The following table presents the cost or amortized cost and estimated fair value of bonds as of March 31, 2021 by contractual maturity ($ in millions). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	March 31, 2021
	Cost or Amortized Cost		Fair Value
Due in one year or less	$	—	$	—
Due after one year through five years	6.4		6.5
Due after five years through ten years	—		—
Due after ten years	—		—
Total	$	6.4	$	6.5

Net investment income

An analysis of net investment income follows ($ in millions):

	Three Months Ended March 31,
	2021		2020
Interest on cash and cash equivalents	$	0.2	$	0.7
Short-term investments	—		0.2
Total net investment income	$	0.2	$	0.9

Aging of gross unrealized losses

The following table presents the gross unrealized losses and related fair values for the Company’s available-for-sale bond securities, grouped by duration of time in a continuous unrealized loss position as of March 31, 2021 and December 31, 2020 ($ in millions):

Less than 12 Months

12 Months or More

Total

Fair Value

Gross Unrealized Losses

Fair Value

Gross Unrealized Losses

Fair Value

Gross Unrealized Losses

December 31, 2020

U.S. Government obligations

$

—

$

—

$

—

$

—

$

—

$

—

Total

$

—

$

—

$

—

$

—

$

—

$

—