Restricted Securities Available For Sale

3 Months Ended

Mar. 31, 2014

Restricted Securities Available For Sale [Abstract]

Restricted Securities Available For Sale

4.           RESTRICTED SECURITIES AVAILABLE FOR SALE

Restricted securities available for sale consist of amounts held in trusts related to VSC Re.  We determine the appropriate classification of our investments in debt securities at the time of purchase and reevaluate such determinations at each balance sheet date.  Debt securities for which we do not have the intent or ability to hold to maturity are classified as available for sale, and stated at fair value with unrealized gains and losses, net of income taxes included in the determination of comprehensive income and reported as a component of shareholders’ equity.

Restricted securities available for sale consisted of the following:

(In millions)	As of March 31, 2014
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	24.1	$	–	$	–	$	24.1
US Government and agency securities		19.9		–		(0.1)		19.8
Certificates of deposit		5.1		–		–		5.1
Corporate bonds		3.4		–		(0.1)		3.3
Total restricted securities available for sale		52.5		–		(0.2)		52.3
(In millions)	As of December 31, 2013
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	23.9	$	–	$	–	$	23.9
US Government and agency securities		22.3		–		(0.2)		22.1
Certificates of deposit		4.6		–		–		4.6
Corporate bonds		3.1		–		(0.1)		3.0
Total restricted securities available for sale		53.9		–		(0.3)		53.6

The fair value and gross unrealized losses for restricted securities available for sale, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows:

(In millions)	Securities Available for Sale with Gross Unrealized Losses as of March 31, 2014
	Less than 12 Months				12 Months or More
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses			Total Estimated Fair Value		Total Gross Unrealized Losses
Commercial paper	$	6.9	$	–	$	–	$	–		$	6.9	$	-
US Government and agency securities		5.8		(0.1)		1.1		–			6.9		(0.1)
Certificates of deposit		1.0		–		–		–			1.0		–
Corporate bonds		1.3		-		0.9		(0.1	)		2.2		(0.1)
Total restricted securities available for sale		15.0		(0.1)		2.0		(0.1	)		17.0		(0.2)
(In millions)	Securities Available for Sale with Gross Unrealized Losses as of December 31, 2013
	Less than 12 Months				12 Months or More
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses			Total Estimated Fair Value		Total Gross Unrealized Losses
Commercial paper	$	10.0	$	–	$	–	$	–		$	10.0	$	–
US Government and agency securities		11.8		(0.2)		–		–			11.8		(0.2)
Certificates of deposit		1.9		–		–		–			1.9		–
Corporate bonds		2.3		(0.1)		–		–			2.3		(0.1)
Total restricted securities available for sale		26.0		(0.3)		–		–			26.0		(0.3)

The cost and estimated fair values of debt securities by contractual maturity were as follows (securities with multiple maturity dates are classified in the period of final maturity). Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

(In millions)	As of
	March 31, 2014				December 31, 2013
	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Contractual Maturity
Within one year	$	39.0	$	39.0	$	41.6	$	41.6
Over one year to five years		8.7		8.6		7.8		7.8
Over five years to ten years		4.6		4.5		4.5		4.2
Over ten years		0.2		0.2		–		–
Total restricted securities available for sale	$	52.5	$	52.3	$	53.9	$	53.6