Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

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, 2019 and December 31, 2018:

(in thousands)	Total		Level 1		Level 2		Level 3
June 30, 2019
Debt securities:
U.S. Treasury bonds	$	245,282	$	—	$	245,282	$	—
Municipal bonds		1,086,531		—		1,086,531		—
Foreign government bonds		152,554		—		152,554		—
Governmental agency bonds		397,164		—		397,164		—
Governmental agency mortgage-backed securities		3,292,295		—		3,292,295		—
U.S. corporate debt securities		540,983		—		540,983		—
Foreign corporate debt securities		285,113		—		285,113		—
		5,999,922		—		5,999,922		—
Equity securities:
Preferred stocks		13,440		13,440		—		—
Common stocks		385,608		385,608		—		—
		399,048		399,048		—		—
Total assets	$	6,398,970	$	399,048	$	5,999,922	$	—

(in thousands)	Total		Level 1		Level 2		Level 3
December 31, 2018
Debt securities:
U.S. Treasury bonds	$	162,506	$	—	$	162,506	$	—
Municipal bonds		1,045,035		—		1,045,035		—
Foreign government bonds		157,297		—		157,297		—
Governmental agency bonds		316,167		—		316,167		—
Governmental agency mortgage-backed securities		3,202,599		—		3,202,599		—
U.S. corporate debt securities		561,260		—		561,260		—
Foreign corporate debt securities		268,947		—		268,947		—
		5,713,811		—		5,713,811		—
Equity securities:
Preferred stocks		14,162		14,162		—		—
Common stocks		339,373		339,373		—		—
		353,535		353,535		—		—
Total assets	$	6,067,346	$	353,535	$	5,713,811	$	—

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, 2019 and December 31, 2018:

	Carrying		Estimated fair value
(in thousands)	Amount		Total		Level 1		Level 2		Level 3
June 30, 2019
Assets:
Cash and cash equivalents	$	1,411,965	$	1,411,965	$	1,411,965	$	—	$	—
Deposits with banks	$	38,054	$	37,987	$	2,030	$	35,957	$	—
Notes receivable, net	$	13,008	$	13,150	$	—	$	—	$	13,150
Secured financings receivable	$	201,206	$	201,206	$	—	$	201,206	$	—
Liabilities:
Secured financings payable	$	190,114	$	190,114	$	—	$	190,114	$	—
Notes and contracts payable	$	729,614	$	762,708	$	—	$	757,887	$	4,821

	Carrying		Estimated fair value
(in thousands)	Amount		Total		Level 1		Level 2		Level 3
December 31, 2018
Assets:
Cash and cash equivalents	$	1,467,129	$	1,467,129	$	1,467,129	$	—	$	—
Deposits with banks	$	36,209	$	35,979	$	4,307	$	31,672	$	—
Notes receivable, net	$	13,237	$	12,805	$	—	$	—	$	12,805
Secured financings receivable	$	76,311	$	76,311	$	—	$	76,311	$	—
Liabilities:
Secured financings payable	$	76,313	$	76,313	$	—	$	76,313	$	—
Notes and contracts payable	$	732,019	$	741,839	$	—	$	736,048	$	5,791