v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Assets Measured on Recurring Basis

The following tables present the fair values of the Company’s assets, measured on a recurring basis, as of June 30, 2026 and December 31, 2025:

(in millions)

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

June 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bonds

 

$

218.7

 

 

$

—

 

 

$

218.7

 

 

$

—

 

Municipal bonds

 

 

1,053.3

 

 

 

—

 

 

 

1,053.3

 

 

 

—

 

Foreign government bonds

 

 

233.3

 

 

 

—

 

 

 

233.3

 

 

 

—

 

Governmental agency bonds

 

 

374.6

 

 

 

—

 

 

 

374.6

 

 

 

—

 

Governmental agency mortgage-backed securities

 

 

6,130.6

 

 

 

—

 

 

 

6,130.6

 

 

 

—

 

U.S. corporate debt securities

 

 

1,269.9

 

 

 

—

 

 

 

1,269.9

 

 

 

—

 

Foreign corporate debt securities

 

 

494.3

 

 

 

—

 

 

 

494.3

 

 

 

—

 

 

 

 

9,774.7

 

 

 

—

 

 

 

9,774.7

 

 

 

—

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

Common stocks

 

 

484.7

 

 

 

484.7

 

 

 

—

 

 

 

—

 

Preferred stocks

 

 

9.8

 

 

 

9.8

 

 

 

—

 

 

 

—

 

 

 

 

494.5

 

 

 

494.5

 

 

 

—

 

 

 

—

 

Total

 

$

10,269.2

 

 

$

494.5

 

 

$

9,774.7

 

 

$

—

 

 

 

(in millions)

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bonds

 

$

243.6

 

 

$

—

 

 

$

243.6

 

 

$

—

 

Municipal bonds

 

 

960.1

 

 

 

—

 

 

 

960.1

 

 

 

—

 

Foreign government bonds

 

 

235.2

 

 

 

—

 

 

 

235.2

 

 

 

—

 

Governmental agency bonds

 

 

261.0

 

 

 

—

 

 

 

261.0

 

 

 

—

 

Governmental agency mortgage-backed securities

 

 

5,260.8

 

 

 

—

 

 

 

5,260.8

 

 

 

—

 

U.S. corporate debt securities

 

 

1,034.8

 

 

 

—

 

 

 

1,034.8

 

 

 

—

 

Foreign corporate debt securities

 

 

471.2

 

 

 

—

 

 

 

471.2

 

 

 

—

 

 

 

 

8,466.7

 

 

 

—

 

 

 

8,466.7

 

 

 

—

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

Common stocks

 

 

467.7

 

 

 

467.7

 

 

 

—

 

 

 

—

 

Preferred stocks

 

 

9.9

 

 

 

9.9

 

 

 

—

 

 

 

—

 

 

 

 

477.6

 

 

 

477.6

 

 

 

—

 

 

 

—

 

Total

 

$

8,944.3

 

 

$

477.6

 

 

$

8,466.7

 

 

$

—

 
Carrying Amounts and Estimated Fair Values of Financial Instruments Not Measured at Fair Value

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments not measured at fair value as of June 30, 2026 and December 31, 2025:

 

 

Carrying

 

 

Estimated fair value

 

(in millions)

 

Amount

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

June 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,624.8

 

 

$

2,624.8

 

 

$

2,624.8

 

 

$

—

 

 

$

—

 

Deposits with banks

 

$

103.3

 

 

$

103.1

 

 

$

30.8

 

 

$

72.3

 

 

$

—

 

Notes receivable, net

 

$

43.4

 

 

$

43.5

 

 

$

—

 

 

$

—

 

 

$

43.5

 

Secured financings receivable

 

$

1,152.2

 

 

$

1,152.2

 

 

$

—

 

 

$

1,152.2

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured financings payable

 

$

1,036.5

 

 

$

1,036.5

 

 

$

—

 

 

$

1,036.5

 

 

$

—

 

Notes and contracts payable

 

$

1,546.5

 

 

$

1,450.8

 

 

$

—

 

 

$

1,442.9

 

 

$

7.9

 

 

 

 

Carrying

 

 

Estimated fair value

 

(in millions)

 

Amount

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,387.3

 

 

$

1,387.3

 

 

$

1,387.3

 

 

$

—

 

 

$

—

 

Deposits with banks

 

$

78.5

 

 

$

78.2

 

 

$

9.9

 

 

$

68.3

 

 

$

—

 

Notes receivable, net

 

$

35.7

 

 

$

36.1

 

 

$

—

 

 

$

—

 

 

$

36.1

 

Secured financings receivable

 

$

986.1

 

 

$

986.1

 

 

$

—

 

 

$

986.1

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured financings payable

 

$

906.5

 

 

$

906.5

 

 

$

—

 

 

$

906.5

 

 

$

—

 

Notes and contracts payable

 

$

1,545.4

 

 

$

1,459.9

 

 

$

—

 

 

$

1,452.1

 

 

$

7.8

 

Assets measured at fair value on a non-recurring basis

 

Estimated fair value (2)

 

(in millions)

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

June 30, 2026

 

 

 

 

 

 

 

 

 

 

 

 

Non-marketable equity securities (1)

 

$

97.2

 

 

$

—

 

 

$

88.4

 

 

$

8.8

 

 

(1)
Excludes $117.2 million of non-marketable equity securities for which no observable price changes or impairment charges occurred during the six months ended June 30, 2026.
(2)
Estimated fair values were determined during the year as of the dates that either an observable transaction occurred or an impairment assessment was made.
Summary of Valuation Techniques and Significant Unobservable Inputs Used in Measuring Fair Value of Non-Marketable Equity Securities

The following table presents the valuation techniques and significant unobservable inputs used in measuring the fair value of non-marketable equity securities classified within Level 3 of the fair value hierarchy as of June 30, 2026:

 

(in millions)

 

Fair Value

 

 

Approach

 

Input

 

Range

 

Weighted Average (1)

Non-marketable equity securities

 

$

8.8

 

 

Market

 

Gross Profit Multiple

 

7.2-14.8

 

10.3

 

(1)
Weighted average is calculated based on the fair values of the non-marketable equity securities.