Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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:

(in thousands)	Total		Level 1		Level 2		Level 3
September 30, 2021
Debt securities:
U.S. Treasury bonds	$	171,743	$	—	$	171,743	$	—
Municipal bonds		1,613,801		—		1,613,801		—
Foreign government bonds		231,375		—		231,375		—
Governmental agency bonds		211,507		—		211,507		—
Governmental agency mortgage-backed securities		5,373,158		—		5,373,158		—
U.S. corporate debt securities		1,022,389		—		1,022,389		—
Foreign corporate debt securities		471,833		—		471,833		—
		9,095,806		—		9,095,806		—
Marketable equity securities:
Preferred stocks		16,944		16,944		—		—
Common stocks		743,814		743,814		—		—
		760,758		760,758		—		—
Total assets	$	9,856,564	$	760,758	$	9,095,806	$	—

(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		—
Marketable 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:

	Carrying		Estimated fair value
(in thousands)	Amount		Total		Level 1		Level 2		Level 3
September 30, 2021
Assets:
Cash and cash equivalents	$	1,953,987	$	1,953,987	$	1,953,987	$	—	$	—
Deposits with banks	$	51,119	$	51,235	$	8,362	$	42,873	$	—
Notes receivable, net	$	38,204	$	38,686	$	—	$	—	$	38,686
Secured financings receivable	$	651,048	$	651,048	$	—	$	651,048	$	—
Liabilities:
Secured financings payable	$	593,607	$	593,607	$	—	$	593,607	$	—
Notes and contracts payable	$	1,648,863	$	1,732,520	$	—	$	1,728,170	$	4,350

	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