Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020:

(in thousands)	Total		Level 1		Level 2		Level 3
March 31, 2021
Debt securities:
U.S. Treasury bonds	$	156,117	$	—	$	156,117	$	—
Municipal bonds		1,453,618		—		1,453,618		—
Foreign government bonds		205,292		—		205,292		—
Governmental agency bonds		303,505		—		303,505		—
Governmental agency mortgage-backed securities		4,015,850		—		4,015,850		—
U.S. corporate debt securities		660,334		—		660,334		—
Foreign corporate debt securities		416,782		—		416,782		—
		7,211,498		—		7,211,498		—
Equity securities:
Preferred stocks		20,920		20,920		—		—
Common stocks		398,686		398,686		—		—
		419,606		419,606		—		—
Total assets	$	7,631,104	$	419,606	$	7,211,498	$	—

(in thousands)	Total		Level 1		Level 2		Level 3
December 31, 2020
Debt securities:
U.S. Treasury bonds	$	80,846	$	—	$	80,846	$	—
Municipal bonds		1,248,808		—		1,248,808		—
Foreign government bonds		199,530		—		199,530		—
Governmental agency bonds		263,922		—		263,922		—
Governmental agency mortgage-backed securities		3,474,618		—		3,474,618		—
U.S. corporate debt securities		680,697		—		680,697		—
Foreign corporate debt securities		406,401		—		406,401		—
		6,354,822		—		6,354,822		—
Equity securities:
Preferred stocks		19,479		19,479		—		—
Common stocks		444,647		444,647		—		—
		464,126		464,126		—		—
Total assets	$	6,818,948	$	464,126	$	6,354,822	$	—

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 March 31, 2021 and December 31, 2020:

	Carrying		Estimated fair value
(in thousands)	Amount		Total		Level 1		Level 2		Level 3
March 31, 2021
Assets:
Cash and cash equivalents	$	2,026,024	$	2,026,024	$	2,026,024	$	—	$	—
Deposits with banks	$	45,359	$	45,947	$	6,092	$	39,855	$	—
Notes receivable, net	$	39,355	$	39,613	$	—	$	—	$	39,613
Secured financings receivable	$	745,813	$	745,813	$	—	$	745,813	$	—
Liabilities:
Secured financings payable	$	645,530	$	645,530	$	—	$	645,530	$	—
Notes and contracts payable	$	1,009,447	$	1,102,170	$	—	$	1,096,598	$	5,572

	Carrying		Estimated fair value
(in thousands)	Amount		Total		Level 1		Level 2		Level 3
December 31, 2020
Assets:
Cash and cash equivalents	$	1,275,466	$	1,275,466	$	1,275,466	$	—	$	—
Deposits with banks	$	45,856	$	45,947	$	6,092	$	39,855	$	—
Notes receivable, net	$	29,912	$	30,279	$	—	$	—	$	30,279
Secured financings receivable	$	748,312	$	748,312	$	—	$	748,312	$	—
Liabilities:
Secured financings payable	$	516,155	$	516,155	$	—	$	516,155	$	—
Notes and contracts payable	$	1,010,756	$	1,131,356	$	—	$	1,125,128	$	6,228