Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Components of Long-Term Debt and Methods Used in Estimating Fair Values

The following table summarizes components of the Company’s long-term debt and methods used in estimating their fair values:

	Maturity Date	Valuation Methodology
4.25% Convertible senior notes	2037	Quoted price
3.90% Promissory note	2032	Discounted cash flow method/Level 3 inputs
4% Promissory note	2031	Discounted cash flow method/Level 3 inputs
3.75% Callable promissory note	2036	Discounted cash flow method/Level 3 inputs
4.55% Promissory note	2036	Discounted cash flow method/Level 3 inputs

Assets Measured at Estimated Fair Value on a Recurring Basis

The following table presents information about the Company’s financial assets measured at estimated fair value on a recurring basis. The table indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of June 30, 2020 and December 31, 2019:

	Fair Value Measurements Using
	(Level 1)		(Level 2)		(Level 3)		Total
As of June 30, 2020
Financial Assets:
Cash and cash equivalents	$	424,464	$	—	$	—	$	424,464
Restricted cash	$	700	$	—	$	—	$	700
Fixed-maturity securities:
U.S. Treasury and U.S. government agencies	$	10,899	$	1,543	$	—	$	12,442
Corporate bonds		74,409		—		—		74,409
State, municipalities, and political subdivisions		—		5,909		—		5,909
Exchange-traded debt		7,200		—		—		7,200
Redeemable preferred stock		33		—		—		33
Total available-for-sale securities	$	92,541	$	7,452	$	—	$	99,993
Equity securities	$	39,309	$	—	$	—	$	39,309

	Fair Value Measurements Using
	(Level 1)		(Level 2)		(Level 3)		Total
As of December 31, 2019
Financial Assets:
Cash and cash equivalents	$	229,218	$	—	$	—	$	229,218
Restricted cash	$	700	$	—	$	—	$	700
Short-term investments	$	491	$	—	$	—	$	491
Fixed-maturity securities:
U.S. Treasury and U.S. government agencies	$	25,294	$	1,001	$	—	$	26,295
Corporate bonds		159,364		—		—		159,364
State, municipalities, and political subdivisions		—		7,912		—		7,912
Exchange-traded debt		9,145		—		—		9,145
Redeemable preferred stock		123		—		—		123
Total available-for-sale securities	$	193,926	$	8,913	$	—	$	202,839
Equity securities	$	35,285	$	—	$	—	$	35,285

Schedule of Fair Value Information for Financial Assets and Liabilities Carried on Balance Sheet

The following tables present fair value information for assets and liabilities that are carried on the balance sheet at amounts other than fair value as of June 30, 2020 and December 31, 2019:

	Carrying		Fair Value Measurements Using						Estimated
	Value		(Level 1)		(Level 2)		(Level 3)		Fair Value
As of June 30, 2020
Financial Liabilities:
Revolving credit facility	$	23,750	$	—	$	23,750	$	—	$	23,750
Long-term debt:
4.25% Convertible senior notes	$	131,858	$	—	$	137,460	$	—	$	137,460
3.90% Promissory note		9,777		—		—		10,565		10,565
4% Promissory note		6,982		—		—		7,421		7,421
3.75% Callable promissory note		7,671		—		—		8,100		8,100
4.55% Promissory note		5,499		—		—		5,971		5,971
Total long-term debt	$	161,787	$	—	$	137,460	$	32,057	$	169,517

	Carrying		Fair Value Measurements Using						Estimated
	Value		(Level 1)		(Level 2)		(Level 3)		Fair Value
As of December 31, 2019
Financial Liabilities:
Revolving credit facility	$	9,750	$	—	$	9,750	$	—	$	9,750
Long-term debt:
4.25% Convertible senior notes	$	134,075	$	—	$	147,375	$	—	$	147,375
3.95% Promissory note		8,875		—		—		8,887		8,887
4% Promissory note		7,237		—		—		7,409		7,409
3.75% Callable promissory note		7,837		—		—		7,861		7,861
4.55% Promissory note		5,611		—		—		5,802		5,802
Total long-term debt	$	163,635	$	—	$	147,375	$	29,959	$	177,334