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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