Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Carrying Amounts and Fair Values of Financial Instruments

The carrying amounts and fair values of the Company’s financial instruments as of June 30, 2014 and December 31, 2013 are presented in the following table:

	June 30, 2014				December 31, 2013
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Assets:
Cash and cash equivalents	$	1,041,259	$	1,041,259	$	834,837	$	834,837
Accounts and accrued income receivable, net	$	291,607	$	291,607	$	236,895	$	236,895
Loans receivable, net	$	58,841	$	60,223	$	73,755	$	73,397
Investments:
Deposits with banks	$	24,108	$	24,204	$	23,492	$	23,601
Debt securities	$	2,947,204	$	2,947,204	$	2,819,817	$	2,819,817
Equity securities	$	313,289	$	313,289	$	358,043	$	358,043
Notes receivable, net	$	10,108	$	9,927	$	10,542	$	9,953
Financial Liabilities:
Deposits	$	1,962,711	$	1,962,839	$	1,692,932	$	1,693,138
Accounts payable and accrued liabilities	$	361,730	$	361,730	$	406,819	$	406,819
Notes and contracts payable	$	454,681	$	458,571	$	310,285	$	301,007

Fair Value of Financial Instruments, Classified Using Three-Level Hierarchy

The following table presents the fair value of the Company’s financial instruments as of June 30, 2014 and December 31, 2013, classified using the three-level hierarchy for fair value measurements:

(in thousands)	Fair Value		Level 1		Level 2		Level 3
June 30, 2014
Financial Assets:
Cash and cash equivalents	$	1,041,259	$	1,041,259	$	—	$	—
Accounts and accrued income receivable, net	$	291,607	$	291,607	$	—	$	—
Loans receivable, net	$	60,223	$	—	$	—	$	60,223
Investments:
Deposits with banks	$	24,204	$	3,046	$	21,158	$	—
Debt securities	$	2,947,204	$	—	$	2,929,210	$	17,994
Equity securities	$	313,289	$	313,289	$	—	$	—
Notes receivable, net	$	9,927	$	—	$	—	$	9,927
Financial Liabilities:
Deposits	$	1,962,839	$	1,943,463	$	19,376	$	—
Accounts payable and accrued liabilities	$	361,730	$	361,730	$	—	$	—
Notes and contracts payable	$	458,571	$	—	$	448,090	$	10,481

(in thousands)	Fair Value		Level 1		Level 2		Level 3
December 31, 2013
Financial Assets:
Cash and cash equivalents	$	834,837	$	834,837	$	—	$	—
Accounts and accrued income receivable, net	$	236,895	$	236,895	$	—	$	—
Loans receivable, net	$	73,397	$	—	$	—	$	73,397
Investments:
Deposits with banks	$	23,601	$	2,070	$	21,531	$	—
Debt securities	$	2,819,817	$	—	$	2,800,795	$	19,022
Equity securities	$	358,043	$	358,043	$	—	$	—
Notes receivable, net	$	9,953	$	—	$	—	$	9,953
Financial Liabilities:
Deposits	$	1,693,138	$	1,666,336	$	26,802	$	—
Accounts payable and accrued liabilities	$	406,819	$	406,819	$	—	$	—
Notes and contracts payable	$	301,007	$	—	$	294,221	$	6,786