XML 70 R49.htm IDEA: XBRL DOCUMENT v3.22.0.1
Fair Values of Financial Instruments Private Equity Partnerships (Details) - Private Equity Partnerships - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
Alternative Investments $ 978.6 $ 747.5
Alternative Investments, Unfunded Commitments 753.2 590.7
Private Credit    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
Alternative Investments 279.4 273.7
Alternative Investments, Unfunded Commitments 150.5 180.2
Private Credit | Not Redeemable    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
Alternative Investments 240.6 [1] 233.3
Alternative Investments, Unfunded Commitments 143.7 178.9
Private Credit | Quarterly after 2 year lock with 90 days notice    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
Alternative Investments 38.8 40.4
Alternative Investments, Unfunded Commitments 6.8 1.3
Private Equity Limited Partnership    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
Alternative Investments 384.6 241.8
Alternative Investments, Unfunded Commitments 324.6 225.3
Private Equity Limited Partnership | Not Redeemable    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
Alternative Investments 365.8 [2] 232.6
Alternative Investments, Unfunded Commitments 274.3 191.0
Private Equity Limited Partnership | Quarterly after 5.5 year lock with 90 days notice    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
Alternative Investments 18.8 9.2
Alternative Investments, Unfunded Commitments 50.3 34.3
Real Assets    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
Alternative Investments 314.6 232.0
Alternative Investments, Unfunded Commitments 278.1 185.2
Real Assets | Not Redeemable    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
Alternative Investments 256.2 [3] 176.3
Alternative Investments, Unfunded Commitments 278.1 185.2
Real Assets | Quarterly    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share    
Alternative Investments 58.4 55.7
Alternative Investments, Unfunded Commitments $ 0.0 $ 0.0
[1] Private Credit - The limited partnerships described in this category employ various investment strategies, generally providing direct lending or other forms of debt financing including first-lien, second-lien, mezzanine, and subordinated loans. The limited partnerships have credit exposure to corporates, physical assets, and/or financial assets within a variety of industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail) in North America and, to a lesser extent, outside of North America.  As of December 31, 2021, the estimated remaining life of the investments that do not allow for redemptions is approximately 39 percent in the next 3 years, 51 percent during the period from 3 to 5 years, 8 percent during the period from 5 to 10 years, and 2 percent during the period from 10 to 15 years.
[2] Private Equity - The limited partnerships described in this category employ various strategies generally investing in controlling or minority control equity positions directly in companies and/or assets across various industries (including manufacturing, healthcare, energy, business services, technology, materials, and retail), primarily in private markets within North America and, to a lesser extent, outside of North America.  As of December 31, 2021, the estimated remaining life of the investments that do not allow for redemptions is approximately 32 percent in the next 3 years, 20 percent during the period from 3 to 5 years, 46 percent during the period from 5 to 10 years, and 2 percent during the period from 10 to 15 years.
[3] Real Assets - The limited partnerships described in this category employ various strategies, which include investing in the equity and/or debt financing of physical assets, including infrastructure (energy, power, water/wastewater, communications), transportation (including airports, ports, toll roads, aircraft, railcars) and real estate in North America, Europe, South America, and Asia.  As of December 31, 2021, the estimated remaining life of the investments that do not allow for redemptions is approximately 9 percent in the next 3 years, 29 percent during period from 3 to 5 years, 58 percent during the period from 5 to 10 years, and 4 percent during the period from 10 to 15 years.We record changes in our share of net asset value of the partnerships in net investment income. We receive financial information related to our investments in partnerships and generally record investment income on a one-quarter lag in accordance with our accounting policy.