Investments in Marketable Securities

9 Months Ended

Sep. 30, 2021

Investments Debt And Equity Securities [Abstract]

Investments in Marketable Securities

Marketable securities at September 30, 2021 and December 31, 2020 consisted of the following:

			UNREALIZED		UNREALIZED		FAIR
At September 30, 2021	COST		GAINS		LOSSES		VALUE
Marketable debt securities
U.S. tax-exempt securities	$	494.1	$	2.4	$	.6	$	495.9
U.S. corporate securities		208.5		1.3		.3		209.5
U.S. government and agency securities		85.6		1.1				86.7
Non-U.S. corporate securities		435.1		2.4		.8		436.7
Non-U.S. government securities		64.0		.1		.1		64.0
Other debt securities		251.8		1.9		.3		253.4
Marketable equity securities		5.4				2.2		3.2
Total marketable securities	$	1,544.5	$	9.2	$	4.3	$	1,549.4

			UNREALIZED		UNREALIZED		FAIR
At December 31, 2020	COST		GAINS		LOSSES		VALUE
U.S. tax-exempt securities	$	388.1	$	4.4	$	.1	$	392.4
U.S. corporate securities		229.6		3.3				232.9
U.S. government and agency securities		92.1		2.3				94.4
Non-U.S. corporate securities		406.0		5.5				411.5
Non-U.S. government securities		77.0		.5				77.5
Other debt securities		216.9		3.4				220.3
Total marketable securities	$	1,409.7	$	19.4	$	.1	$	1,429.0

The cost of marketable debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Amortization, accretion, interest and dividend income and realized gains and losses are included in investment income. The cost of securities sold is based on the specific identification method. Gross realized gains were $1.6 and $1.9 and gross realized losses were $.1 and $.3 for the nine months periods ended September 30, 2021 and 2020, respectively.

There were no realized gains (losses) on marketable equity securities for both the three and nine months periods ended September 30, 2021.

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

	September 30, 2021				December 31, 2020
	LESS THAN		TWELVE MONTHS		LESS THAN		TWELVE MONTHS
	TWELVE MONTHS		OR GREATER		TWELVE MONTHS		OR GREATER
Fair value	$	591.6	$	2.5	$	81.1	$	1.3
Unrealized losses		2.0		.1		.1

The unrealized losses on marketable debt securities above were due to higher yields on certain securities. The Company did not identify any indicators of a credit loss in its assessments. Accordingly, no allowance for credit losses was recorded at September 30, 2021 and December 31, 2020. The Company does not currently intend, and it is more likely than not that it will not be required to sell the investment securities before recovery of the unrealized losses. The Company expects that the contractual principal and interest will be received on the investment securities.

Contractual maturities of marketable debt securities at September 30, 2021 were as follows:

	AMORTIZED		FAIR
	COST		VALUE
Within one year	$	432.9	$	434.7
One to five years		1,083.7		1,089.1
Six to ten years		10.8		10.8
More than ten years		11.7		11.6
	$	1,539.1	$	1,546.2