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Investments in Marketable Debt Securities (Tables)
12 Months Ended
Dec. 31, 2017
Investments Debt And Equity Securities [Abstract]  
Marketable Debt Securities

Marketable debt securities consisted of the following at December 31:

 

 

 

AMORTIZED

 

 

UNREALIZED

 

 

UNREALIZED

 

 

FAIR

 

2017

 

COST

 

 

GAINS

 

 

LOSSES

 

 

VALUE

 

U.S. tax-exempt securities

 

$

537.9

 

 

 

 

 

 

$

2.4

 

 

$

535.5

 

U.S. corporate securities

 

 

89.7

 

 

$

.2

 

 

 

.2

 

 

 

89.7

 

U.S. government and agency securities

 

 

48.9

 

 

 

 

 

 

 

.2

 

 

 

48.7

 

Non-U.S. corporate securities

 

 

459.4

 

 

 

1.3

 

 

 

1.4

 

 

 

459.3

 

Non-U.S. government securities

 

 

91.5

 

 

 

.3

 

 

 

.1

 

 

 

91.7

 

Other debt securities

 

 

142.8

 

 

 

.1

 

 

 

.7

 

 

 

142.2

 

 

 

$

1,370.2

 

 

$

1.9

 

 

$

5.0

 

 

$

1,367.1

 

 

 

 

AMORTIZED

 

 

UNREALIZED

 

 

UNREALIZED

 

 

FAIR

 

2016

 

COST

 

 

GAINS

 

 

LOSSES

 

 

VALUE

 

U.S. tax-exempt securities

 

$

597.9

 

 

$

.2

 

 

$

3.1

 

 

$

595.0

 

U.S. corporate securities

 

 

47.6

 

 

 

.2

 

 

 

 

 

 

 

47.8

 

U.S. government and agency securities

 

 

16.0

 

 

 

 

 

 

 

 

 

 

 

16.0

 

Non-U.S. corporate securities

 

 

306.9

 

 

 

1.5

 

 

 

.4

 

 

 

308.0

 

Non-U.S. government securities

 

 

97.6

 

 

 

.6

 

 

 

 

 

 

 

98.2

 

Other debt securities

 

 

75.9

 

 

 

.2

 

 

 

.2

 

 

 

75.9

 

 

 

$

1,141.9

 

 

$

2.7

 

 

$

3.7

 

 

$

1,140.9

 

 

Marketable Debt Securities Continuous Unrealized Losses

Marketable debt securities with continuous unrealized losses and their related fair values were as follows:

 

At December 31,

 

2017

 

 

2016

 

 

LESS THAN

TWELVE

MONTHS

 

 

TWELVE

MONTHS OR

GREATER

 

 

LESS THAN

TWELVE

MONTHS

 

 

TWELVE

MONTHS

OR GREATER

Fair value

 

$

908.5

 

 

$

18.4

 

 

$

615.5

 

 

 

Unrealized losses

 

 

4.8

 

 

 

.2

 

 

 

3.7

 

 

 

 

Contractual Maturities of Debt Securities

Contractual maturities on marketable debt securities at December 31, 2017 were as follows:

 

 

 

 

 

 

 

AMORTIZED

 

 

FAIR

 

Maturities:

 

 

 

 

 

COST

 

 

VALUE

 

Within one year

 

 

 

 

 

$

413.7

 

 

$

413.3

 

One to five years

 

 

 

 

 

 

939.6

 

 

 

936.9

 

More than ten years

 

 

 

 

 

 

16.9

 

 

 

16.9

 

 

 

 

 

 

 

$

1,370.2

 

 

$

1,367.1