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Marketable Securities Held in Trusts (Tables)
12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale securities The estimated fair value of the investments in the RCRA Trusts as of December 31, 2020 and December 31, 2019 are as follows:
December 31, 2020
(in millions)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Level 1
    Cash and cash equivalents $11.8 $— $— $11.8 
Level 2
    Corporate debt securities193.3 14.0 — 207.3 
    Municipal bonds190.5 8.8 (0.3)199.0 
    U.S. government bonds300.7 4.7 (0.1)305.3 
Total$696.3 $27.5 $(0.4)$723.4 
December 31, 2019
(in millions)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Level 1
    Cash and cash equivalents $3.4 $— $— $3.4 
Level 2
    Corporate debt securities194.2 5.8 (0.1)199.9 
    Municipal bonds188.3 4.4 (0.4)192.3 
    U.S. government bonds280.6 3.2 (2.5)281.3 
Total$666.5 $13.4 $(3.0)$676.9 
Fair value of available-for-sale debt securities in an unrealized loss position The following tables show gross unrealized losses and fair values of the RCRA Trusts’ available-for-sale securities that have been in a continuous unrealized loss position deemed to be temporary as of December 31, 2020 and December 31, 2019.
December 31, 2020December 31, 2019
Securities that have been in a continuous loss position for less than 12 months (in millions):
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Corporate debt securities$1.5 $— $17.9 $— 
Municipal bonds16.0 (0.2)11.7 (0.1)
U.S. government bonds120.3 (0.1)195.4 (2.5)
Total$137.8 $(0.3)$225.0 $(2.6)
December 31, 2020December 31, 2019
Securities that have been in a continuous loss position for more than 12 months (in millions):
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Corporate debt securities$— $— $20.7 $(0.1)
Municipal bonds4.6 (0.1)14.7 (0.3)
Total$4.6 $(0.1)$35.4 $(0.4)
Schedule of maturity dates for debt securities The following table summarizes the balance by contractual maturity of the available-for-sale debt securities invested by the RCRA Trusts as of December 31, 2020. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations before the underlying contracts mature.
(in millions)December 31, 2020
Due in one year or less$27.6 
Due after one year through five years274.5 
Due after five years through ten years367.3 
Due after ten years42.2 
Total debt securities$711.6